0000950170-23-005506 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 23, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	DRIL-QUIP, INC.
Entity Central Index Key	0001042893
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 874,700,000
Entity Common Stock, Shares Outstanding		34,171,856
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	DRQ
Security Exchange Name	NYSE
Entity File Number	001-13439
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2162088
Entity Address, Address Line One	2050 West Sam Houston Parkway S.
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Country	US
Entity Address, Postal Zip Code	77042
City Area Code	713
Local Phone Number	939-7711
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement for its 2023 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A are incorporated by reference in Part III of this Form 10-K
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Houston, Texas
Auditor Firm ID	238

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues from products and services	$ 320,037	$ 287,903	$ 334,411
Total revenues	362,070	322,945	364,973
Cost of sales:
Total cost of sales	265,935	242,356	269,698
Selling, general and administrative	94,206	115,036	95,057
Engineering and product development	11,740	15,104	18,920
Impairments	0	0	7,719
Restructuring and other charges	11,443	78,933	35,380
Gain on sale of property, plant and equipment	(20,019)	(4,482)	(587)
Foreign currency transaction (gain) loss	(3,756)	836	2,345
Total costs and expenses	359,549	447,783	428,532
Operating income (loss)	2,521	(124,838)	(63,559)
Interest income	4,465	575	2,131
Interest expense	(216)	(787)	(621)
Income (loss) before income taxes	6,770	(125,050)	(62,049)
Income tax provision (benefit)	6,327	2,946	(31,281)
Net income (loss)	$ 443	$ (127,996)	$ (30,768)
Income (loss) per common share:
Basic	$ 0.01	$ (3.62)	$ (0.87)
Diluted	$ 0.01	$ (3.62)	$ (0.87)
Weighted average common shares outstanding:
Basic	34,237	35,331	35,260
Diluted	34,467	35,331	35,260
Products
Revenues:
Revenues from products and services	$ 240,842	$ 213,760	$ 258,834
Cost of sales:
Total cost of sales	203,759	178,494	200,758
Services
Revenues:
Revenues from products and services	79,195	74,143	75,577
Cost of sales:
Total cost of sales	32,046	33,173	37,449
Leasing
Revenues:
Leasing	42,033	35,042	30,562
Cost of sales:
Total cost of sales	$ 30,130	$ 30,689	$ 31,491

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 443	$ (127,996)	$ (30,768)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(12,024)	(6,874)	(6,148)
Total comprehensive loss	$ (11,581)	$ (134,870)	$ (36,916)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 264,804	$ 355,451
Short-Term Investments	32,232	0
Trade receivables, net	91,504	100,987
Unbilled receivables	144,428	102,597
Inventories, net	146,004	145,724
Prepaids expenses	19,874	9,624
Other current assets	34,359	31,166
Assets held for sale	19,383	0
Total current assets	752,588	745,549
Operating lease right of use assets	4,872	5,258
Property, plant and equipment, net	181,270	216,200
Deferred income taxes	4,488	11,381
Intangible assets	23,348	26,446
Other assets	5,949	5,592
Total assets	972,515	1,010,426
Current liabilities:
Accounts payable	43,019	35,232
Accrued income taxes	4,868	4,102
Contract liabilities	8,020	9,746
Accrued compensation	5,796	6,291
Operating lease liabilities	1,054	1,046
Other accrued liabilities	24,798	37,246
Total current liabilities	87,555	93,663
Deferred income taxes	3,756	3,925
Income tax payable	823	9,627
Operating lease liabilities, long-term	3,807	4,170
Other long-term liabilities	1,658	1,933
Total liabilities	97,599	113,318
Contingencies (Note 14)
Stockholders' equity:
Preferred stock: 10,000,000 shares authorized at $0.01 par value (none issued)	0	0
Common stock:
100,000,000 shares authorized at $0.01 par value, 34,157,057 and 34,774,156 shares issued and outstanding at December 31, 2022 and December 31, 2021	343	352
Additional paid-in capital	90,450	80,254
Retained earnings	952,732	973,087
Accumulated other comprehensive losses	(168,609)	(156,585)
Total stockholders' equity	874,916	897,108
Total liabilities and stockholders' equity	$ 972,515	$ 1,010,426

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	34,157,057	34,774,156
Common stock, shares outstanding (in shares)	34,157,057	34,774,156

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income (loss)	$ 443	$ (127,996)	$ (30,768)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	29,421	30,381	32,389
Stock-based compensation expense	10,363	14,895	12,914
Impairments	0	0	7,719
Restructuring and other charges	7,829	75,214	35,380
Gain on sale of property, plant and equipment	(20,019)	(4,482)	(587)
Deferred income taxes	6,401	(8,701)	4,950
Changes in operating assets and liabilities:
Trade receivables, net	8,420	13,469	(9,522)
Unbilled receivables	(43,077)	37,721	216
Inventories, net	(1,151)	(5,482)	(28,290)
Prepaids and other assets	(14,466)	10,650	(24,930)
Accounts payable and accrued expenses	(20,768)	3,015	(20,387)
Other, net	(167)	(256)	(172)
Net cash provided by (used in) operating activities	(36,771)	38,428	(21,088)
Investing activities
Purchase of property, plant and equipment	(18,866)	(9,990)	(11,943)
Proceeds from sale of property, plant and equipment	20,993	6,783	6,315
Purchase of short-term investments	(32,232)	0	0
Net cash used in investing activities	(30,105)	(3,207)	(5,628)
Financing activities
Repurchase of common shares	(20,807)	(24,191)	(25,000)
Other	(83)	(109)	(183)
Net cash used in financing activities	(20,890)	(24,300)	(25,183)
Effect of exchange rate changes on cash activities	(2,881)	(1,425)	(1,092)
Increase (decrease) in cash and cash equivalents	(90,647)	9,496	(52,991)
Cash and cash equivalents at beginning of year	355,451	345,955	398,946
Cash and cash equivalents at end of year	$ 264,804	$ 355,451	$ 345,955

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Losses
Beginning Balance at Dec. 31, 2019	$ 1,090,701	$ 371	$ 52,870	$ 1,181,023	$ (143,563)
Foreign currency translation adjustment	(6,148)				(6,148)
Net income (loss)	(30,768)			(30,768)
Comprehensive loss	(36,916)
Repurchase of common stock	(25,000)	(8)		(24,992)
Payroll taxes for shares withheld	(171)		(171)
Stock-based compensation expense	12,914		12,914
Ending Balance at Dec. 31, 2020	1,041,528	363	65,613	1,125,263	(149,711)
Foreign currency translation adjustment	(6,874)				(6,874)
Net income (loss)	(127,996)			(127,996)
Comprehensive loss	(134,870)
Repurchase of common stock	(24,191)	(11)		(24,180)
Payroll taxes for shares withheld	(254)		(254)
Stock-based compensation expense	14,895		14,895
Ending Balance at Dec. 31, 2021	897,108	352	80,254	973,087	(156,585)
Foreign currency translation adjustment	(12,024)				(12,024)
Net income (loss)	443			443
Comprehensive loss	(11,581)
Repurchase of common stock	(20,807)	(9)		(20,798)
Payroll taxes for shares withheld	(167)		(167)
Stock-based compensation expense	10,363		10,363
Ending Balance at Dec. 31, 2022	$ 874,916	$ 343	$ 90,450	$ 952,732	$ (168,609)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Treasury stock shares (in shares)	888,197	1,109,187	808,389

Organization

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Dril-Quip, Inc., a Delaware corporation (the “Company” or “Dril-Quip”), designs, manufactures, sells and services highly engineered drilling and production equipment for both offshore and onshore applications. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors, diverters and safety valves. Dril-Quip’s products are used by major integrated, large independent and foreign national oil and gas companies and drilling contractors throughout the world. Dril-Quip also provides technical advisory assistance on an as-requested basis during installation of its products, as well as rework and reconditioning services for customer-owned Dril-Quip products. In addition, Dril-Quip’s customers may rent or purchase running tools from the Company for use in the installation and retrieval of the Company’s products.

The Company’s operations are organized into three geographic segments — Western Hemisphere (including North and South America; headquartered in Houston, Texas), Eastern Hemisphere (including Europe and Africa; headquartered in Aberdeen, Scotland) and Asia-Pacific (including the Pacific Rim, Southeast Asia, Australia, India and the Middle East; headquartered in Singapore). Each of these segments sells similar products and services, and the Company has manufacturing facilities in all three of its regional headquarter locations, as well as in Macae, Brazil. The Company’s major subsidiaries are Dril-Quip (Europe) Limited, located in Aberdeen with branches in Azerbaijan, Denmark, Norway and Holland; Dril-Quip Asia-Pacific PTE Ltd., located in Singapore; and Dril-Quip do Brasil LTDA, located in Macae, Brazil. Other operating subsidiaries include TIW Corporation (TIW), located in Houston, Texas; DQ Holdings Pty. Ltd., located in Perth, Australia; Dril-Quip Cross (Ghana) Ltd., located in Takoradi, Ghana; PT DQ Oilfield Services Indonesia, located in Jakarta, Indonesia; Dril-Quip Egypt for Petroleum Services S.A.E., located in Alexandria, Egypt; Dril-Quip TIW Saudi Arabia Limited, located in Dammam, Kingdom of Saudi Arabia; Dril-Quip Oilfield Services (Tianjin) Co. Ltd., located in Tianjin, China, with branches in Shenzhen and Beijing, China; Dril-Quip Qatar LLC, located in Doha, Qatar; Dril-Quip TIW Mexico S. de R.L.C.V., located in Villahermosa, Mexico; Dril-Quip Venezuela S.C.A., located in Anaco, Venezuela and with a registered branch located in Ecuador; TIW (UK) Limited, located in Aberdeen, Scotland; and TIW International LLC, with a registered branch located in Singapore.

For a listing of all of Dril-Quip’s subsidiaries, please see Exhibit 21.1 to this report.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.

Certain prior year amounts have been reclassified to conform to the current year presentation on the Consolidated Statements of Income (Loss), Consolidated Balance Sheets and the Consolidated Statements of Cash Flows.

Reclassifications. We reclassified approximately $9.6 million of prepaid expenses for the year ended December 31, 2021 from 'Prepaids and other current assets' to 'Prepaid expenses'. This reclassification to the prior period was made to conform to the current period presentation and did not have an impact on our Consolidated Statements of Income (Loss), Consolidated Balance Sheets, Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Stockholders’ Equity and Consolidated Statements of Cash Flows.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition and slow moving and excess inventories.

Cash and Cash Equivalents

Short-term investments that have a maturity of three months or less from the date of purchase are classified as cash equivalents. The Company invests excess cash in interest bearing accounts, money market mutual funds and funds which invest in U.S. Treasury obligations and repurchase agreements backed by U.S. Treasury obligations. The Company’s investment objectives continue to be the preservation of capital and the maintenance of liquidity.

Short-term investments

Short-term investments that have a maturity greater than three months and less than a year from the date of purchase are comprised primarily of time deposits, certificates of deposit, commercial paper, bonds and notes, substantially all of which are denominated in U.S. dollars and are stated at cost plus accrued interest, which approximates fair value. The Company expects to hold all of its Short-term investments to maturity.

For purposes of the Consolidated Financial Statements, the Company does not consider Short-term investments to be cash equivalents.

Trade Receivables

The Company maintains an allowance for doubtful accounts on trade receivables equal to amounts estimated to be uncollectible. This estimate is based upon historical collection experience combined with a specific review of each customer’s outstanding trade receivable balance. The allowance estimate includes expected recoveries of amounts previously written off and expected to be written off in the valuation account. Management believes that the allowance for doubtful accounts is adequate; however, actual write-offs may exceed the recorded allowance.

Inventories

Inventory costs are determined principally by the use of the first-in, first-out (FIFO) costing method and are stated at the lower of cost or net realizable value. Inventory purchased from third-party vendors is principally valued at the weighted average cost. Company manufactured inventory is valued principally using standard costs, which are calculated based upon direct costs incurred and overhead allocations to approximate actual costs.

Inventory Reserves

Periodically, obsolescence reviews are performed on slow moving and excess inventories and reserves are established based on current assessments about future demands and market conditions. The Company determines the reserve percentages based on an analysis of stocking levels, historical sales levels and future sales forecasts anticipated for inventory items by product type. The inventory values have been reduced by a reserve for slow moving, excess and obsolete inventories of $75.9 million and $129.0 million as of December 31, 2022 and 2021, respectively. If market conditions are less favorable than those projected by management, additional inventory reserves may be required.

Property, Plant and Equipment

Property, plant and equipment are carried at cost, with depreciation provided on a straight-line basis over their estimated useful lives. We capitalize costs incurred to enhance, improve and extend the useful lives of our property and equipment and expense costs incurred to repair and maintain the existing condition of our assets.

Goodwill and intangible assets

For goodwill and intangible assets, an assessment for impairment is performed annually or when there is an indication an impairment may have occurred. Goodwill is not amortized but rather tested for impairment annually on October 1 or when events occur or circumstances change that would trigger such a review. The impairment test entails an assessment of qualitative factors to determine whether it is more likely than not that an impairment exists. If it is more likely than not that an impairment exists, then a quantitative impairment test is performed. Impairment exists when the carrying amount of a reporting unit exceeds its fair value.

In March 2020, the overall offshore market conditions declined primarily due to the outbreak of the COVID-19 pandemic and the developments in the global oil markets. This decline was evidenced by lower commodity prices, decline in expected offshore rig counts, decrease in our customers’ capital budgets and potential contract delays. As a result, an interim goodwill impairment analysis was performed in connection with the preparation and review of financial statements during the first quarter of 2020. Based on this analysis, we fully impaired our goodwill balance of $7.7 million, all of which was in the Eastern Hemisphere reporting unit. These charges are reflected as “Impairments” in our Consolidated Statements of Income (Loss).

Impairment of Long-Lived Assets

Long-lived assets, including property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of an asset exceeds the estimated undiscounted future cash flows expected to be generated by the asset, an impairment charge is recognized by reflecting the asset at its fair value. We review the recoverability of the carrying value of our assets based upon estimated future cash flows while taking into consideration assumptions and estimates, including the future use of the asset, remaining useful life of the asset and service potential of the asset.

Restructuring and other charges

Income Taxes

The Company accounts for income taxes using the asset and liability method. Current income taxes are provided on income reported for financial statement purposes, adjusted for transactions that do not enter into the computation of income taxes payable in the same year. Deferred tax assets and liabilities are measured using enacted tax rates for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred income tax assets to the amounts that are expected more likely than not to be realized in the future. The Company classifies interest and penalties related to uncertain tax positions as income taxes in its financial statements.

Revenue Recognition

Product revenues

The Company recognizes product revenues from two methods:

•

product revenues are recognized over time as control is transferred to the customer; and

•

product revenues from the sale of products that do not qualify for the over time method are recognized as point in time.

Revenues recognized under the over time method

The Company uses the over time method on long-term project contracts that have the following characteristics:

•

the contracts call for products which are designed to customer specifications;

•

the structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;

•

the contracts contain specific terms as to milestones, progress billings and delivery dates;

•

product requirements cannot be filled directly from the Company’s standard inventory; and

•

The Company has an enforceable right to payment for any work completed to date and the enforceable payment includes a reasonable profit margin.

For each project, the Company prepares a detailed analysis of estimated costs, profit margin, completion date and risk factors which include availability of material, production efficiencies and other factors that may impact the project. On a quarterly basis, management reviews the progress of each project, which may result in revisions of previous estimates, including revenue recognition. The Company calculates the percentage complete and applies the percentage to determine the revenues earned and the appropriate portion of total estimated costs to be recognized. Losses, if any, are recorded in full in the period they become known. Historically, the Company’s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.

Under the over time method, billings may not correlate directly to the revenue recognized. Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in customer prepayments as a liability on the Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings in which case the amounts are reported in unbilled receivables. Unbilled revenues are expected to be billed and collected within one year. At December 31, 2022 and 2021, unbilled receivables included $92.6 million and $58.7 million of unbilled receivables related to products accounted for using the over time method of accounting, respectively. For the year ended December 31, 2022, there were 79 projects representing approximately 34.7% of the Company’s total revenues and approximately 52.1% of its product revenues, and 54 projects during 2021 representing approximately 21.7% of the Company’s total revenues and approximately 32.7% of its product revenues, which were accounted for using over time method of accounting.

Revenues recognized under the point in time method

Revenues from the sale of standard inventory products, not accounted for under the over time method, are recorded at the point in time that the customer obtains control of the promised asset and the Company satisfies its performance obligation. This point in time recognition aligns with when the product is available to the customer, which is when the Company typically has a present right to payment, title transfers to the customer, the customer or its carrier has physical possession and the customer has significant risks and rewards of ownership. The Company may provide product storage to some customers. Revenues for these products are recognized at the point in time that control of the product transfers to the customer, the reason for storage is requested by the customer, the product is separately identified, the product is ready for physical transfer to the customer and the Company does not have the ability to use or direct the use of the product. This point in time typically occurs when the products are moved to storage. We receive payment after control of the products has transferred to the customer.

Service revenues

The Company recognizes service revenues from two sources:

•

technical advisory assistance; and

•

rework and reconditioning of customer-owned Dril-Quip products.

The Company generally does not install products for its customers, but it does provide technical advisory assistance.

The Company normally negotiates contracts for products, including those accounted for under the over time method, and services separately. For all product sales, it is the customer’s decision as to the timing of the product installation as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company’s technical advisory assistance services. The customer may use a third party or their own personnel. The contracts for these services are typically considered day-to-day.

Rework and reconditioning service revenues are recorded using the over time method based on the remaining steps that need to be completed as the refurbishment process is performed. The measurement of progress considers, among other things, the time necessary for completion of each step in the reconditioning plan, the materials to be purchased, labor and ordering procedures. We receive payment after the services have been performed by billing customers periodically (typically monthly).

Leasing revenues

The Company earns leasing revenues from the rental of running tools. Revenues from rental of running tools are recognized within leasing revenues on a day rate basis over the lease term, which is generally between one to three months.

Practical Expedients

As permitted under Accounting Standards Update (ASU) 2016-02 “Leases (Topic 842),” we elected the package of practical expedients permitted under the transition guidance which, among other things, allows companies to carry forward their historical lease classification.

Foreign Currency

The financial statements of foreign subsidiaries are translated into U.S. dollars at period-end exchange rates except for revenues and expenses, which are translated at average monthly rates. Translation adjustments are reflected as a separate component of stockholders’ equity and have no effect on current earnings or cash flows.

Foreign currency exchange transactions are recorded using the exchange rate at the date of the settlement. The Company had, net of income taxes, a transaction gain of $3.0 million in 2022, a transaction loss of $0.7 million in 2021 and a transaction loss of $1.9 million in 2020.

Fair Value of Financial Instruments

The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, receivables and payables. The carrying values of these financial instruments approximate their respective fair values as they are short-term in nature.

Concentration of Credit Risk

Financial instruments which subject the Company to concentrations of credit risk primarily include trade receivables. The Company grants credit to its customers, which operate primarily in the oil and gas industry. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company maintains reserves for potential losses, and actual losses have historically been within management’s expectations.

In addition, the Company invests excess cash in interest bearing accounts, money market mutual funds and funds which invest in obligations of the U.S. Treasury and repurchase agreements backed by U.S. Treasury obligations. Changes in the financial markets and interest rates could affect the interest earned on short-term investments.

Earnings Per Share

Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed considering the dilutive effect of stock options and awards using the treasury stock method.

Revenue Recognition

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

3. Revenue Recognition

Revenues from contracts with customers (excludes leasing) consisted of the following:


	Twelve Months Ended
	December 31, 2022
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Total
	(In thousands)
Product Revenues	$	152,941	$	49,641	$	38,260	$	240,842
Service Revenues		55,183		13,398		10,614		79,195
Total	$	208,124	$	63,039	$	48,874	$	320,037

	Twelve Months Ended
	December 31, 2021
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Total
	(In thousands)
Product Revenues	$	146,609	$	34,912	$	32,239	$	213,760
Service Revenues		45,680		10,268		18,195		74,143
Total	$	192,289	$	45,180	$	50,434	$	287,903

	Twelve Months Ended
	December 31, 2020
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Total
	(In thousands)
Product Revenues	$	151,351	$	56,038	$	51,445	$	258,834
Service Revenues		45,536		14,332		15,709		75,577
Total	$	196,887	$	70,370	$	67,154	$	334,411

Contract Balances

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)


Contract Assets at December 31, 2021	$	97,716
Additions		139,456
Transfers to Accounts Receivable		(98,580	)
Contract Assets at December 31, 2022	$	138,592

Contract Liabilities (amounts shown in thousands)


Contract Liabilities at December 31, 2021	$	9,222
Additions		2,800
Revenue Recognized		(5,198	)
Contract Liabilities at December 31, 2022	$	6,824

Contract asset receivables were $138.6 million and $97.7 million for the years ended December 31, 2022 and 2021, respectively. Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method which were approximately $92.6 million and $58.7 million at December 31, 2022 and 2021, respectively. Unbilled contract assets are transferred to the trade receivables, net, when the rights become unconditional. The contract liabilities primarily relate to advance payments from customers.

Obligations for returns and refunds were considered immaterial as of December 31, 2022.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $75.1 million as of December 31, 2022. The Company expects to recognize revenue on approximately 79.7% of the remaining performance obligations over the next 12 months and the remaining 20.3% thereafter.

The Company applies the practical expedient available under the new revenue standard and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Inventories, net

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories, net

4. Inventories, net

Inventories consist of the following:


	December 31,
	2022			2021
	(In thousands)
Raw materials and supplies	$	29,995		$	27,398
Work in progress		41,700			28,361
Finished goods		150,170			218,946
		221,865			274,705
Less: allowance for slow moving and excess inventory		(75,861	)		(128,981	)
Total inventory	$	146,004		$	145,724

Assets Held For Sale

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

5. Assets Held for Sale

In the second quarter of 2022, the Company actively marketed for sale its corporate administrative building, forge facilities and aftermarket facilities in connection with the consolidation of its operations into a smaller footprint at its campus in Houston, Texas. In September 2022, we sold our forge facility for a net amount of approximately $18.9 million. The Company expects to sell the remaining two facilities within a year.

In accordance with the applicable accounting guidance, FASB ASC 360-10-45-9, the Company reclassified the buildings’ net carrying amount from Property, plant and equipment, net, to Assets held for sale on the Consolidated Balance Sheets at December 31, 2022. Of the $19.4 million classified as Assets Held for Sale, $10.8 million was held in DQ Corporate and $8.6 million in the Western Hemisphere. We wrote down approximately $3.2 million in the year ended December 31, 2022 to reflect the net carrying amount of the corporate administrative building assets to their estimated fair value, less estimated costs to sell the building. The long-lived asset write-downs are included in the “Restructuring and other charges” line item of the Consolidated Statements of Income (Loss) for the year ended December 31, 2022.

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

6. Property, Plant and Equipment, net

Property, plant and equipment consists of:


	Estimated Useful	December 31,
	Lives	2022			2021
		(In thousands)
Land improvements	10-25 years	$	7,240		$	7,374
Buildings	15-40 years		169,315			206,037
Machinery, equipment and other	3-10 years		385,745			398,995
			562,300			612,406
Less accumulated depreciation			(410,850	)		(419,834	)
			151,450			192,572
Land			9,858			12,261
Construction work in process			19,962			11,367
Total property, plant and equipment		$	181,270		$	216,200

Depreciation expense totaled $26.6 million, $27.2 million and $28.7 million for 2022, 2021 and 2020, respectively.

Restructuring and Other Charges

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

7. Restructuring and Other Charges

Restructuring and other charges consist of costs associated with our 2021 global strategic plan initiated in the fourth quarter of 2021, in an effort to realign our subsea product business with the market conditions. Prior to the 2021 global strategic plan, restructuring and other charges were incurred as part of the 2018 global strategic plan, initiated to realign our manufacturing facilities globally and which concluded as of the third quarter of 2021. During 2022, the Company incurred $11.4 million of additional costs under the 2021 global strategic plan. These charges were primarily related to write-downs of long-lived assets, severance and other charges. Long-lived asset write-downs consisted of $3.2 million for the Houston corporate administrative building and $2.5 million for obsolete machinery and equipment. Other charges totaled $4.8 million and consisted of consulting and legal fees, office moves, site cleanup and preparation costs. Severance charges totaled approximately $0.9 million for the year.

During 2021, the Company incurred restructuring charges under the 2018 global strategic plan as we exited from certain underperforming countries and markets and shifted from manufacturing in-house to a vendor outsourcing model which resulted in inventory write-downs of approximately $19.3 million, severance charges of $2.7 million and other charges of $4.0 million, consisting of facilities-related market exit costs and consulting fees. Additionally, as part of the 2021 global strategic plan we discontinued certain product categories which resulted in inventory write-downs, long-lived asset write-downs and severance charges of approximately $47.7 million, $4.2 million, and $1.0 million, respectively, during the fourth quarter of 2021.

During 2020, the overall offshore market conditions declined as a result of the COVID-19 pandemic and developments in global oil markets and decreases in our customers’ capital budgets. As such, we incurred additional costs under our existing 2018 global strategic plan to realign our manufacturing facilities globally. We incurred restructuring and other charges of $35.4 million related to non-cash inventory write-downs, severance, long-lived asset write-downs and other charges of approximately $17.3 million, $8.4 million, $8.3 million, and $1.4 million, respectively, for the year ended December 31, 2020. Other charges consisted primarily of professional fees related to the global strategic plan.

The following table summarizes the components of charges included in “Restructuring and other charges” in our Consolidated Statements of Income (Loss) for the year ended December 31, 2022, 2021 and 2020 (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Inventory write-down	$	-	$	66,910	$	17,272
Severance		951		3,760		8,462
Long-lived asset write-down		5,678		4,240		8,269
Other		4,814		4,023		1,377
	$	11,443	$	78,933	$	35,380

The following table summarizes the changes to our accrued liability balances related to restructuring and other charges as of December 30, 2022 (in thousands):


	December 31, 2022
Balance at January 1, 2022	$	4,000
Additions for costs expensed		5,765
Reductions for payments		(5,968	)
Other		5
Ending balance at December 31, 2022	$	3,802

Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

8. Intangible Assets

Intangible assets, the majority of which were acquired in the acquisition of TIW and OilPatch Technologies (OPT), consist of the following:


	Estimated Useful Lives	2022
		Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	15 years	$	8,233	$	(2,118	)	$	(79	)	$	6,036
Patents	15 - 30 years		6,055		(3,699	)		-			2,356
Customer relationships	5 - 15 years		26,028		(10,878	)		(234	)		14,916
Organizational Costs	3 years		183		(131	)		(12	)		40
		$	40,499	$	(16,826	)	$	(325	)	$	23,348


	Estimated Useful Lives	2021
		Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	15 years	$	8,257	$	(1,579	)	$	(23	)	$	6,655
Patents	15 - 30 years		6,058		(3,285	)		(1	)		2,772
Customer relationships	5 - 15 years		26,078		(9,128	)		(38	)		16,912
Organizational costs	3 years		185		(76	)		(2	)		107
		$	40,578	$	(14,068	)	$	(64	)	$	26,446

Amortization expense was $2.8 million, $3.0 million, $3.0 million, respectively for each of the years 2022, 2021 and 2020. Based on the carrying value of intangible assets at December 31, 2022, amortization expense for the subsequent five years is estimated to be as follows: 2023 — $2.8 million; 2024 — $2.7 million; 2025 — $2.7 million; 2026 — $2.7 million; and 2027 — $2.5 million.

Leases and Lease Commitments

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases and Lease Commitments

9. Leases and Lease Commitments

We lease facilities related to sales and service, manufacturing, reconditioning, certain office spaces, apartments and warehouse, all of which we classify as operating leases. In addition, we also lease certain office equipment and vehicles, which we classify as financing leases. Leases with an initial term of 12 months or less are not recorded on the Company’s Consolidated Balance Sheets; short-term lease expense for the twelve months ended December 31, 2022 was approximately $0.6 million.

Most leases include one or more options to renew, with renewal terms that can extend the lease term on a monthly, annual or longer basis. The exercise of lease renewal options is at the Company’s sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements is limited by the expected lease term unless there is a transfer of title or purchase option that is reasonably certain of being exercised.

Certain lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.


		December 31, 2022		December 31, 2021
	Classification	(In thousands)		(In thousands)
Assets
Operating	Operating lease right of use assets	$	4,872	$	5,258
Finance	Other assets		132		164
Total lease assets		$	5,004	$	5,422

Liabilities
Current
Operating	Operating lease liabilities	$	1,054	$	1,046
Finance	Other accrued liabilities		43		127

Noncurrent
Operating	Operating lease liabilities, long-term		3,807		4,170
Finance	Other long-term liabilities		98		52
Total lease liabilities		$	5,002	$	5,395

As most of our leases do not provide an implicit rate, we use our incremental borrowing rate.

Our lease costs are as follows:


		Twelve Months Ended
		December 31, 2022		December 31, 2021		December 31, 2020
		(In thousands)		(In thousands)		(In thousands)
	Classification
Operating lease cost	Selling, general and administrative	$	1,910	$	1,602	$	1,617
Short-term lease costs	Selling, general and administrative		621		1,296		2,173
Amortization of leased assets	Selling, general and administrative		86		114		186
Interest on lease liabilities	Net interest expense		11		59		14
Total lease cost		$	2,628	$	3,071	$	3,990

The Company leases certain offices, shop and warehouse facilities, automobiles and equipment. Total lease expense incurred was $2.5 million, $2.9 million, and $3.8 million in 2022, 2021 and 2020, respectively. The five year and beyond maturity of our lease obligations is presented below:


	Twelve months ended
	December 31, 2022
	Operating		Finance
	Leases		Leases		Total
	(In thousands)
2023	$	1,241	$	48	$	1,289
2024		721		43		764
2025		510		24		534
2026		478		35		513
2027		478		-		478
After 2027		2,820		-		2,820
Total lease payments		6,248		150		6,398
Less: interest		1,387		9		1,396
Present value of lease liabilities	$	4,861	$	141	$	5,002

The lease term and discount rate for our operating and finance leases is as follows:


	December 31, 2022
Weighted average remaining lease term (years)
Operating leases		10.7
Finance leases		3.4

Weighted average discount rate
Operating leases		5.1	%
Finance leases		4.4	%

We had no material non-cash financing or operating leases entered into during the twelve months ended December 31, 2022.

Other information pertaining to our lease obligations is as follows:


	December 31, 2022		December 31, 2021		December 31, 2020
	(In thousands)		(In thousands)		(In thousands)
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,949	$	1,591	$	1,615
Operating cash flows from finance leases		11		59		16
Financing cash flows from finance leases		83		109		183

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

Income (loss) before income taxes consisted of the following:


	Year Ended December 31,
	2022			2021			2020
	(In thousands)
Domestic	$	(33,082	)	$	(135,403	)	$	(76,056	)
Foreign		39,852			10,353			14,007
Total	$	6,770		$	(125,050	)	$	(62,049	)

The income tax provision (benefit) consists of the following:


	Year Ended December 31,
	2022			2021			2020
	(In thousands)
Current:
Federal	$	(8,632	)	$	833		$	(44,752	)
Foreign		8,635			10,579			8,454
Total current		3			11,412			(36,298	)
Deferred:
Federal		(289	)		(56	)		-
Foreign		6,613			(8,410	)		5,017
Total deferred		6,324			(8,466	)		5,017
Total	$	6,327		$	2,946		$	(31,281	)

The Company’s effective income tax rate fluctuates from the U.S. statutory tax rate based on, among other factors, changes in pretax income in jurisdictions with varying statutory tax rates, impact of valuation allowances, changes in tax legislation, and other

permanent differences related to the recognition of income and expense between U.S. GAAP and applicable tax rules. The difference between the effective income tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows:


	Year Ended December 31,
	2022			2021			2020
Federal income tax statutory rate		21.00	%		21.00	%		21.00	%
CARES Act NOL rate differential (2019 and 2020)		-			-			32.60
Change in withholding tax reserve		(3.14	)		0.79			(5.15	)
Foreign income tax rate differential		21.89			-			(1.03	)
Foreign development tax incentive		8.56			(0.24	)		(0.38	)
Nondeductible goodwill impairment		-			-			(2.42	)
Exempt income		(3.16	)		0.54			1.25
Foreign taxes and inclusions (net of FTC)		57.41			(1.15	)		(9.26	)
Nondeductible expenses		26.90			(2.82	)		(5.35	)
Manufacturing benefit		-			-			(7.32	)
Change in valuation allowance		234.01			(21.87	)		28.26
Changes to prior year accruals		26.09			0.23			(3.15	)
Deferred tax rate change		0.53			0.11			(0.10	)
Change in uncertain tax positions		(292.09	)		(0.19	)		(0.83	)
Interest on net equity		-			0.41			-
General business credits		(9.66	)		1.31			2.32
Branch income		6.90			(0.29	)		(0.31	)
Other		(1.78	)		(0.19	)		0.28
Effective tax rate		93.46	%		-2.36	%		50.41	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred tax assets (liabilities) are as follows:


	As of December 31,
	2022			2021
	(In thousands)
Deferred tax assets:
Foreign tax credit carryforward	$	17,577		$	9,190
General business credit carryforward		7,053			3,853
Inventory		9,564			22,178
Net operating losses		32,278			21,348
Allowance for doubtful accounts		970			1,043
Reserve for accrued liabilities		2,769			3,161
Stock options and awards		904			868
Unrealized gain/loss		810			1,217
Disallowed interest carryforward		2,662			2,071
Capitalized R&D costs		3,282			-
Other		820			221
Total deferred tax assets		78,689			65,150
Valuation allowance		(59,952	)		(44,235	)
Deferred tax liabilities:
Property, plant and equipment		(7,652	)		(7,233	)
Goodwill & Intangibles		(1,519	)		(1,796	)
Deferred revenue		(2,728	)		(1,258	)
Reserve for unremitted earnings		(2,244	)		(2,586	)
Other		(3,862	)		(586	)
Total deferred tax liability		(18,005	)		(13,459	)
Net deferred tax asset	$	732		$	7,456

The Company has $17.6 million of excess foreign tax credits of which $14.2 million will expire in years ending 2024-2032 and $3.4 million are carried forward indefinitely. The Company has $7.1 million of general business credits which expire in tax years ending 2037-2042.

Tax operating loss carryforwards totaled $150.4 million (gross) at December 31, 2022. These operating losses will expire as shown in the table below.


Tax operating losses		Expiration
(in thousands)
$	2,176	2022-2027
	1,449	2028-2034
	1,797	2035-2040
	144,939	Indefinite
$	150,361

The United States gross loss carryforwards of approximately $138.8 million, includes $137.7 million of losses which are indefinite.

In assessing the realizability of our deferred tax assets, the Company has assessed whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. In making this determination, the Company considered taxable income in prior years, if carryback is permitted, the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies. The Company has a three-year cumulative loss at December 31, 2022 in the United States and certain foreign jurisdictions and has recorded a valuation allowance at December 31, 2022 of $60.0 million against deferred tax assets in those jurisdictions.

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020 and includes tax relief provisions and incentives for businesses impacted by COVID-19. The CARES Act includes provisions relating to net operating loss carryback (“NOLs”) periods. The Company has $15.8 million in outstanding NOL carryback claims as of December 31, 2022 including the estimated carryback claim relating to the 2020 tax year, which is reflected in “Other current assets” on the Consolidated Balance Sheets. The Company expects to receive carryback claims by the end of 2023.

As the Company no longer asserts the indefinite reinvestment assertion, we maintain a deferred foreign tax liability, which had a balance of $2.2 million as of December 31, 2022. It is primarily related to estimated foreign withholding tax associated with repatriating all non-U.S. earnings back to the United States.

U.S. Tax Reform subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income (GILTI). We have elected to account for GILTI in the year that the tax is incurred as a period expense.

The Company operates in multiple jurisdictions with complex tax and regulatory environments and our tax returns are periodically audited or subjected to review by tax authorities. We monitor tax law changes and the potential impact to our results of operations.

The Company evaluates uncertain tax positions for recognition and measurement in the consolidated financial statements. To recognize a tax position, the Company determines whether it is more likely than not that the tax positions will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. A tax position that meets the more likely than not threshold is measured to determine the amount of benefit to be recognized in the consolidated financial statements. The amount of tax benefit recognized with respect to any tax position is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. The Company had an accrual for uncertain tax position of $0.6 million at December 31, 2022 due to uncertainty in tax positions taken in the U.S. and certain foreign tax jurisdictions. The tax years which remain subject to examination by major tax jurisdictions are the years ended March 31, 2016 through December 31, 2022.

A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions is as follows:


	2022			2021			2020
	(In thousands)
Balance at beginning of year	$	18,618		$	18,665		$	18,665
Additions for tax positions related to the current year		482			3			3
Reductions for tax positions related to the prior year		(18,469	)		(50	)		(3	)
Balance at end of year	$	631		$	18,618		$	18,665

The amounts above exclude accrued interest and penalties of $0.2 million, $2.4 million and $2.1 million at December 31, 2022, 2021 and 2020 respectively. The Company classifies interest and penalties relating to uncertain tax positions within “Income tax provision (benefit)” in the Consolidated Statements of Income (Loss).

It is reasonably possible that the Company’s existing liabilities for unrecognized tax benefits may increase or decrease in the year ending December 31, 2022, primarily due to the progression of any audits and the expiration of statutes of limitation. However, the Company cannot reasonably estimate a range of potential changes in its existing liabilities for unrecognized tax benefits due to various uncertainties, such as the unresolved nature of any possible audits. As of December 31, 2022, if recognized, $0.6 million of the Company’s unrecognized tax benefits would favorably impact the effective tax rate.

The Company paid net income taxes of $1.3 million in 2022, paid net income taxes of $2.0 million and received net income tax refund of $18.2 million in 2021 and 2020, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Other Accrued Liabilities

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Accrued Liabilities

11. Other Accrued Liabilities

Current other accrued liabilities consist of the following:


	December 31,
	2022		2021
	(In thousands)
Accrued vendor costs	$	4,357	$	13,359
Property, sales and other taxes		4,341		5,911
Commissions payable		1,289		1,450
Payroll taxes		2,521		3,621
Accrued restructuring costs		2,812		3,000
Accrued severance		990		1,001
Accrued bonus		5,500		5,700
Other		2,988		3,204
Total	$	24,798	$	37,246

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Postemployment Benefits [Abstract]

Employee Benefit Plans

12. Employee Benefit Plans

The Company sponsors a defined-contribution (cash balance) 401(k) plan covering domestic employees and a defined-contribution pension plan covering certain foreign employees. The Company generally makes contributions to the plans equal to each participant’s eligible contributions for the plan year up to a specified percentage of the participant’s annual compensation. The Company’s contribution expense under these plans was $2.8 million, $1.0 million and $2.5 million in 2022, 2021 and 2020, respectively.

Credit Facility

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Credit Facility

13. Credit Facility

The Company’s ABL Credit Facility, dated February 23, 2018, as amended, was terminated effective February 22, 2022. In addition, we opened a new cash collateral account with JPMorgan Chase Bank, N.A., in which cash was transferred to facilitate our existing letters of credit. As of December 31, 2022, the cash balance in that account was approximately $5.4 million. The Company is required to maintain a balance equal to the outstanding letters of credit plus 5% at all times, which is considered as restricted cash and is included in “Cash and cash equivalents” in our consolidated balance sheets as at December 31, 2022 and December 31, 2021. Withdrawals from this cash collateral account are only allowed at such point that a given letter of credit has expired or has been cancelled.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Contingencies

14. Contingencies

Brazilian Tax Issue

From 2002 to 2007, the Company’s Brazilian subsidiary imported goods through, and paid taxes on such imports to, the State of Espirito Santo in Brazil. Upon the final sale of these goods, the Company’s Brazilian subsidiary collected taxes from customers and remitted them to the State of Rio de Janeiro net of the taxes paid on importation of those goods to the State of Espirito Santo in accordance with the Company’s understanding of Brazilian tax laws. In December 2010 and January 2011, the Company’s Brazilian subsidiary was served with two assessments totaling approximately $13.0 million from the State of Rio de Janeiro to cancel the credits associated with the tax payments to the State of Espirito Santo on the importation of goods from July 2005 to October 2007. The Company’s Brazilian subsidiary objected to these assessments and filed appeals with a State of Rio de Janeiro judicial court to annul both of these tax assessments.

In the first quarter of 2021, the relevant governmental agencies of the State of Rio de Janeiro authorized an amnesty program with interest discounts and reduced fines. The Company’s Brazilian subsidiary elected to participate in this amnesty program and recorded the settlement amount of approximately $2.1 million as of March 31, 2021. As a result of settling these tax assessments with the relevant governmental agencies pursuant to the amnesty program, the security amounts previously deposited with the court totaling approximately $6 million at current exchange rates were returned to our Brazilian subsidiary during the second and third quarter of 2021.

FMC Technologies Lawsuit

On October 5, 2020, FMC Technologies, Inc. (“FMC”) sued the Company alleging misappropriation of trade secrets and sought money damages and injunctive relief in the 127th District Court of Harris County in an action styled FMC Technologies, Inc. v. Richard Murphy and Dril-Quip, Inc., Cause No. 2020-63081. FMC alleged that its former employee communicated FMC trade secrets to the Company and the Company used those trade secrets in its VXTe subsea tree systems. On April 29, 2021, the jury returned a verdict in favor of the Company. FMC filed a notice of appeal on August 20, 2021. The Company intends to continue its vigorous defense of this matter on appeal.

General

The Company operates its business and markets its products and services in most of the significant oil and gas producing areas in the world and is, therefore, subject to the risks customarily attendant to international operations and is dependent on the condition of the oil and gas industry. Additionally, certain of the Company’s products are used in potentially hazardous drilling, completion, and production applications that can cause personal injury, property damage and environmental claims. Although exposure to such risks have not resulted in any significant problems for the Company in the past, ongoing exposure to these risks and future developments could adversely impact the Company in the future.

The Company is also involved in a number of legal actions arising in the ordinary course of business. Although no assurance can be given with respect to the ultimate outcome of such legal action, in the opinion of management, the ultimate liability with respect thereto will not have a material adverse effect on the Company’s results of operations, financial position or cash flows.

Geographic Segments

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Geographic Segments

15. Geographic Segments


	Year Ended December 31,
	2022		2021			2020
	(In thousands)
Western Hemisphere
Revenues
Products
Point in Time	$	78,348	$	99,051		$	79,433
Over Time		74,593		47,558			71,918
Total Products		152,941		146,609			151,351
Services
Technical Advisory		40,046		36,897			33,431
Reconditioning		15,137		8,783			12,105
Total Services (excluding Leasing)		55,183		45,680			45,536
Leasing		26,620		20,944			18,448
Total Services (including Leasing)		81,803		66,624			63,984
Intercompany		11,646		14,084			13,015
Total	$	246,390	$	227,317		$	228,350
Depreciation and amortization	$	17,729	$	17,889		$	19,716
Income (loss) before taxes	$	48,302	$	(32,033	)	$	3,067
Eastern Hemisphere
Revenues
Products
Point in Time	$	15,652	$	21,188		$	30,191
Over Time		33,989		13,724			25,847
Total Products		49,641		34,912			56,038
Services
Technical Advisory		10,738		7,920			9,489
Reconditioning		2,660		2,348			4,843
Total Services (excluding Leasing)		13,398		10,268			14,332
Leasing		10,192		5,970			7,610
Total Services (including Leasing)		23,590		16,238			21,942
Intercompany		3,041		2,056			2,375
Total	$	76,272	$	53,206		$	80,355
Depreciation and amortization	$	4,018	$	4,027		$	3,820
Income before taxes	$	19,638	$	4,502		$	3,284


	Year Ended December 31,
Asia-Pacific	2022			2021			2020
	(In thousands)
Revenues
Products
Point in Time	$	21,384		$	23,531		$	27,897
Over Time		16,876			8,708			23,548
Total Products		38,260			32,239			51,445
Services
Technical Advisory		7,280			16,824			12,372
Reconditioning		3,334			1,371			3,337
Total Services (excluding Leasing)		10,614			18,195			15,709
Leasing		5,221			8,128			4,504
Total Services (including Leasing)		15,835			26,323			20,213
Intercompany		4,601			9,047			13,084
Total	$	58,696		$	67,609		$	84,742
Depreciation and amortization	$	4,041		$	4,777		$	5,126
Income before taxes	$	6,708		$	4,860		$	5,921
Corporate
Depreciation and amortization	$	3,633		$	3,688		$	3,727
Loss before taxes	$	(67,878	)	$	(102,379	)	$	(74,321	)
Consolidated
Revenues
Products
Point in Time	$	115,384		$	143,770		$	137,521
Over Time		125,458			69,990			121,313
Total Products		240,842			213,760			258,834
Services
Technical Advisory		58,064			61,641			55,292
Reconditioning		21,131			12,502			20,285
Total Services (excluding Leasing)		79,195			74,143			75,577
Leasing		42,033			35,042			30,562
Total Services (including Leasing)		121,228			109,185			106,139
Intercompany		19,288			25,187			28,474
Eliminations		(19,288	)		(25,187	)		(28,474	)
Total	$	362,070		$	322,945		$	364,973
Depreciation and amortization	$	29,421		$	30,381		$	32,389
Income (loss) before taxes	$	6,770		$	(125,050	)	$	(62,049	)


	December 31,
	2022			2021
	(In thousands)
Total long-lived assets:
Western Hemisphere	$	528,035		$	335,760
Eastern Hemisphere		202,994			224,345
Asia-Pacific		53,922			58,308
Eliminations		(565,024	)		(353,536	)
Total	$	219,927		$	264,877



Total assets:
Western Hemisphere	$	1,079,796		$	686,361
Eastern Hemisphere		581,950			805,574
Asia-Pacific		185,285			184,097
Eliminations		(874,516	)		(665,606	)
Total	$	972,515		$	1,010,426

During 2022, we recorded long-lived asset write-downs of approximately $5.7 million. Out of these, $3.2 million was recorded in DQ Corporate for the Houston corporate administrative building and $2.5 million in the Western Hemisphere related to obsolete machinery and equipment. During 2021, we recorded inventory write-downs of approximately $66.9 million. Out of these, $44.2 million was recorded in the Western Hemisphere, $13.0 million in the Asia-Pacific region and $9.7 million in the Eastern Hemisphere. Additionally, we wrote-down approximately $4.2 million of our long-lived assets in the Asia-Pacific region.

Eliminations of operating profits are related to intercompany inventory transfers that are deferred until shipment is made to third party customers.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Repurchase Plan	12 Months Ended
Stock Repurchase Plan	Dec. 31, 2022
Equity [Abstract]
Stock Repurchase Plan	16. Stock Repurchase Plan On February 26, 2019, the Board of Directors authorized a share repurchase plan under which the Company can repurchase up to $100 million of its common stock. On February 22, 2022, the Board of Directors authorized an incremental $100 million share repurchase plan. The repurchase plans have no set expiration date and any repurchased shares are expected to be cancelled. During the year ended December 31, 2022, the Company purchased 888,197 shares at an average price of $23.41 under the share repurchase plan for approximately $20.8 million. During the year ended December 31, 2021, the Company purchased 1,109,187 shares at an average price of $21.79 under the share repurchase plan for approximately $24.2 million. During the year ended December 31, 2020, the Company purchased 808,389 shares at an average price of $30.91 under the share repurchase plan for approximately $25.0 million. All repurchased shares were subsequently cancelled.

Stock-Based Compensation and Stock Awards

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Stock Awards

17. Stock-Based Compensation and Stock Awards

On May 13, 2004, the Company’s stockholders approved the 2004 Incentive Plan of Dril-Quip, Inc. (as amended in 2012 and approved by the Company’s stockholders on May 10, 2012, the “2004 Plan”), which reserved up to 2,696,294 shares of common stock for awards under the 2004 Plan. Persons eligible for awards under the 2004 Plan are employees holding positions of responsibility with the Company or any of its subsidiaries and members of the Board of Directors.

On May 12, 2017, the Company’s stockholders approved the 2017 Omnibus Incentive Plan of Dril-Quip, Inc. (the “2017 Plan”), which reserved up to 1,500,000 shares of common stock to be used for awards under the 2017 Plan. Persons eligible for awards under the 2017 Plan are employees of the Company or any of its subsidiaries and members of the Board of Directors. On May 12, 2021, the Company’s stockholders approved an amendment to the 2017 Plan to add 1,900,000 shares of common stock to be used for awards under the 2017 Plan.

Restricted Stock Awards

On October 28, 2022 and 2021 and 2020, pursuant to the 2017 Plan, the Company awarded officers, directors and key employees restricted stock awards (RSAs), which is an award of common stock subject to time vesting. These RSA are restricted as to transference, sale and other disposition, and vest ratably over a three-year period. The RSAs may also vest in the event of a change of control. Upon termination, whether voluntary or involuntary, the RSAs that have not vested will be returned to the Company resulting in stock forfeitures. The fair market value of the stock on the date of grant is amortized and charged to selling, general and administrative expense over the stipulated time period over which the RSAs vest on a straight-line basis, net of estimated forfeitures.

The Company’s RSA activity and related information is presented below:


	Restricted Stock			Weighted- average Grant Date Fair Value
Unvested at December 31, 2021		465,035		$	25.48
Granted		371,190			22.82
Vested		(221,964	)		26.80
Forfeited		(34,457	)		24.23
Unvested at December 31, 2022		579,804		$	23.34

RSA compensation expense for the years ended December 31, 2022, 2021 and 2020 totaled $6.1 million, $8.0 million and $7.5 million, respectively. For 2022, 2021 and 2020, the income tax benefit recognized in net income for RSAs was $1.1 million, $1.3 million and $1.1 million, respectively. As of December 31, 2022, there was $13.6 million of total unrecognized compensation cost related to unvested RSAs, which is expected to be recognized over a weighted average period of 2.2 years. There were no anti-dilutive restricted shares on December 31, 2022.

Performance Unit Awards

On October 28, 2022, 2021 and 2020, pursuant to the 2017 Plan, the Company awarded performance unit awards (Performance Units) to officers and key employees. The Performance Units were valued on a per unit basis based on a Monte Carlo simulation at $29.38 for the 2022 grants, $29.88 for the 2021 grants, and $32.05 for the 2020 grants, approximately 126.2%, 126.9% and 134.3%, respectively, of the grant date share price. Under the terms of the Performance Units, participants may earn from 0% to 200% of their target award based upon the Company’s relative total share return (TSR) in comparison to the 15 component companies of the Philadelphia Oil Service Index and, starting with the 2020 grants, the S&P 500 Index. Starting with the 2022 grants, the Philadelphia Oil Service Index is being replaced by the VanEck Oil Services ETF Index.

The TSR is calculated over a three -year period from October 1, 2022 and 2021 and 2020 to September 30, 2025 and 2024, and 2023, respectively, and assumes reinvestment of dividends for companies within the index that pay dividends, which Dril-Quip does not.

Assumptions used in the Monte Carlo simulation are as follows:


	2022		2021		2020
Grant date	October 28, 2022		October 28, 2021		October 28, 2020
Performance period	October 1, 2022 to September 30, 2025		October 1, 2021 to September 30, 2024		October 1, 2020 to September 30, 2023
Volatility	57.3%		56.1%		50.9%
Risk-free interest rate	4.4%		0.8%		0.2%
Grant date price	$	23.28	$	23.54	$	23.86

The Company’s Performance Unit activity and related information is presented below:


	Number of Performance Units			Weighted Average Grant Date Fair Value Per Unit
Unvested balance at December 31, 2021		224,374		$	34.83
Granted		168,727			22.52
Forfeited		(61,281	)		45.46
Unvested balance at December 31, 2022		331,820		$	26.61

Performance Unit compensation expense was $2.9 million, $5.5 million and $4.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. The income tax benefit recognized in net income for Performance Units was nil, $0.7 million and $0.8 million, for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, there was $5.6 million of total unrecognized compensation expense related to unvested Performance Units which is expected to be recognized over a weighted average period of 2.2 years. There were no anti-dilutive Performance Units at December 31, 2022.

Director Stock Compensation Awards

In June 2014, the Board of Directors authorized a stock compensation program for the directors pursuant to the 2004 Plan. This program continues under the 2017 Plan. Under this program, the Directors may elect to receive all or a portion of their fees in the form of restricted stock awards (DSAs) in an amount equal to 125% of the fees in lieu of cash. The awards are made quarterly on the first business day after the end of each calendar quarter and vest on January 1 of the second year after the grant date.

The Company’s DSA activity for the year ended December 31, 2022 is presented below:


	DSA Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested balance at December 31, 2021		70,786		$	26.94
Granted		58,287			23.56
Vested		(57,138	)		26.12
Unvested balance at December 31, 2022		71,935		$	24.85

Director stock compensation awards expense for 2022 was $1.4 million as compared to $1.4 million for 2021 and $1.5 million for 2020. For 2022, 2021, and 2020, the income tax benefit recognized in net income for DSAs was $0.3 million, $0.2 million, and $0.2 million, respectively. There was $1.1 million of unrecognized compensation expense related to unvested DSAs, which is expected to be recognized over a weighted average period of 1.0 year. There were no anti-dilutive DSA shares on December 31, 2022.

Equity Compensation Plan Information

The following table summarizes information for equity compensation plans in effect as of December 31, 2022:


	Number of securities to be issued upon exercise of outstanding options, warrants and rights (1)		Weighted- average exercise price of outstanding options, warrants and rights (2)		Number of securities remaining available for future issuance under equity compensation plan
Plan category	(a)		(b)		(c)
Equity compensation plans approved by stockholders		331,820	$	26.61		1,046,110
Total		331,820	$	26.61		1,046,110

(1) Excludes 651,739 shares of unvested RSAs and DSAs, which were granted pursuant to the 2017 Plan and the 2004 Plan. Includes 331,820 unvested Performance Units shown at 100% level of performance achievement.

(2) The weighted average exercise price does not take into account 331,820 unvested Performance Units, which do not have an exercise price.

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

18. Earnings Per Share

The following is a reconciliation of the basic and diluted earnings per share computation.


	Year Ended December 31,
	2022		2021			2020
	(In thousands, except per share amounts)
Net loss	$	443	$	(127,996	)	$	(30,768	)
Weighted average basic common shares outstanding		34,237		35,331			35,260
Effect of dilutive securities - stock options and awards		230		-			-
Total shares and dilutive securities		34,467		35,331			35,260
Basic loss per common share	$	0.01	$	(3.62	)	$	(0.87	)
Diluted loss per common share	$	0.01	$	(3.62	)	$	(0.87	)

For the years ended December 31, 2022, 2021 and 2020, the Company has excluded the following common stock options and awards because their impact on the loss per share is anti-dilutive (in thousands on a weighted average basis):


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Director stock awards		-		62		49
Stock options		-		46		109
Performance share units		-		325		349
Restricted stock awards		-		485		352

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Events

None.

Schedule II—Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II—Valuation and Qualifying Accounts


Description	Balance at beginning of period		Charges to costs and expenses		Recoveries and write offs			Balance at end of period
	(In thousands)
Allowance for doubtful trade receivables
December 31, 2022	$	5,247	$	1,748	$	(1,978	)	$	5,017
December 31, 2021	$	2,155	$	3,933	$	(841	)	$	5,247
December 31, 2020	$	2,214	$	1,876	$	(1,935	)	$	2,155
Allowance for slow moving and excess inventory
December 31, 2022	$	128,981	$	3,560	$	(56,681	)	$	75,861
December 31, 2021	$	82,149	$	61,905	$	(15,073	)	$	128,981
December 31, 2020	$	71,020	$	15,595	$	(4,466	)	$	82,149

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation on the Consolidated Statements of Income (Loss), Consolidated Balance Sheets and the Consolidated Statements of Cash Flows.
Reclassifications	Reclassifications. We reclassified approximately $9.6 million of prepaid expenses for the year ended December 31, 2021 from 'Prepaids and other current assets' to 'Prepaid expenses'. This reclassification to the prior period was made to conform to the current period presentation and did not have an impact on our Consolidated Statements of Income (Loss), Consolidated Balance Sheets, Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Stockholders’ Equity and Consolidated Statements of Cash Flows.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition and slow moving and excess inventories.
Cash and Cash Equivalents	Cash and Cash Equivalents Short-term investments that have a maturity of three months or less from the date of purchase are classified as cash equivalents. The Company invests excess cash in interest bearing accounts, money market mutual funds and funds which invest in U.S. Treasury obligations and repurchase agreements backed by U.S. Treasury obligations. The Company’s investment objectives continue to be the preservation of capital and the maintenance of liquidity.
Short-term investments	Short-term investments Short-term investments that have a maturity greater than three months and less than a year from the date of purchase are comprised primarily of time deposits, certificates of deposit, commercial paper, bonds and notes, substantially all of which are denominated in U.S. dollars and are stated at cost plus accrued interest, which approximates fair value. The Company expects to hold all of its Short-term investments to maturity.
Trade Receivables	Trade Receivables The Company maintains an allowance for doubtful accounts on trade receivables equal to amounts estimated to be uncollectible. This estimate is based upon historical collection experience combined with a specific review of each customer’s outstanding trade receivable balance. The allowance estimate includes expected recoveries of amounts previously written off and expected to be written off in the valuation account. Management believes that the allowance for doubtful accounts is adequate; however, actual write-offs may exceed the recorded allowance.
Inventories	Inventories Inventory costs are determined principally by the use of the first-in, first-out (FIFO) costing method and are stated at the lower of cost or net realizable value. Inventory purchased from third-party vendors is principally valued at the weighted average cost. Company manufactured inventory is valued principally using standard costs, which are calculated based upon direct costs incurred and overhead allocations to approximate actual costs. Inventory Reserves Periodically, obsolescence reviews are performed on slow moving and excess inventories and reserves are established based on current assessments about future demands and market conditions. The Company determines the reserve percentages based on an analysis of stocking levels, historical sales levels and future sales forecasts anticipated for inventory items by product type. The inventory values have been reduced by a reserve for slow moving, excess and obsolete inventories of $75.9 million and $129.0 million as of December 31, 2022 and 2021, respectively. If market conditions are less favorable than those projected by management, additional inventory reserves may be required.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are carried at cost, with depreciation provided on a straight-line basis over their estimated useful lives. We capitalize costs incurred to enhance, improve and extend the useful lives of our property and equipment and expense costs incurred to repair and maintain the existing condition of our assets.
Goodwill and intangible assets	Goodwill and intangible assets For goodwill and intangible assets, an assessment for impairment is performed annually or when there is an indication an impairment may have occurred. Goodwill is not amortized but rather tested for impairment annually on October 1 or when events occur or circumstances change that would trigger such a review. The impairment test entails an assessment of qualitative factors to determine whether it is more likely than not that an impairment exists. If it is more likely than not that an impairment exists, then a quantitative impairment test is performed. Impairment exists when the carrying amount of a reporting unit exceeds its fair value. In March 2020, the overall offshore market conditions declined primarily due to the outbreak of the COVID-19 pandemic and the developments in the global oil markets. This decline was evidenced by lower commodity prices, decline in expected offshore rig counts, decrease in our customers’ capital budgets and potential contract delays. As a result, an interim goodwill impairment analysis was performed in connection with the preparation and review of financial statements during the first quarter of 2020. Based on this analysis, we fully impaired our goodwill balance of $7.7 million, all of which was in the Eastern Hemisphere reporting unit. These charges are reflected as “Impairments” in our Consolidated Statements of Income (Loss).
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, including property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the carrying amount of an asset exceeds the estimated undiscounted future cash flows expected to be generated by the asset, an impairment charge is recognized by reflecting the asset at its fair value. We review the recoverability of the carrying value of our assets based upon estimated future cash flows while taking into consideration assumptions and estimates, including the future use of the asset, remaining useful life of the asset and service potential of the asset.
Restructuring and Other Charges	Restructuring and other charges Restructuring and other charges consist of costs associated with our 2021 global strategic plan initiated in the fourth quarter of 2021, in an effort to realign our subsea product business with the market conditions. Prior to the 2021 global strategic plan, restructuring and other charges were incurred as part of the 2018 global strategic plan, initiated to realign our manufacturing facilities globally and which concluded as of the third quarter of 2021. These charges are reflected as “Restructuring and other charges” in our Consolidated Statements of Income (Loss).
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Current income taxes are provided on income reported for financial statement purposes, adjusted for transactions that do not enter into the computation of income taxes payable in the same year. Deferred tax assets and liabilities are measured using enacted tax rates for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred income tax assets to the amounts that are expected more likely than not to be realized in the future. The Company classifies interest and penalties related to uncertain tax positions as income taxes in its financial statements.
Revenue Recognition	Revenue Recognition Product revenues The Company recognizes product revenues from two methods: • product revenues are recognized over time as control is transferred to the customer; and • product revenues from the sale of products that do not qualify for the over time method are recognized as point in time. Revenues recognized under the over time method The Company uses the over time method on long-term project contracts that have the following characteristics: • the contracts call for products which are designed to customer specifications; • the structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration; • the contracts contain specific terms as to milestones, progress billings and delivery dates; • product requirements cannot be filled directly from the Company’s standard inventory; and • The Company has an enforceable right to payment for any work completed to date and the enforceable payment includes a reasonable profit margin. For each project, the Company prepares a detailed analysis of estimated costs, profit margin, completion date and risk factors which include availability of material, production efficiencies and other factors that may impact the project. On a quarterly basis, management reviews the progress of each project, which may result in revisions of previous estimates, including revenue recognition. The Company calculates the percentage complete and applies the percentage to determine the revenues earned and the appropriate portion of total estimated costs to be recognized. Losses, if any, are recorded in full in the period they become known. Historically, the Company’s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project. Under the over time method, billings may not correlate directly to the revenue recognized. Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in customer prepayments as a liability on the Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings in which case the amounts are reported in unbilled receivables. Unbilled revenues are expected to be billed and collected within one year. At December 31, 2022 and 2021, unbilled receivables included $92.6 million and $58.7 million of unbilled receivables related to products accounted for using the over time method of accounting, respectively. For the year ended December 31, 2022, there were 79 projects representing approximately 34.7% of the Company’s total revenues and approximately 52.1% of its product revenues, and 54 projects during 2021 representing approximately 21.7% of the Company’s total revenues and approximately 32.7% of its product revenues, which were accounted for using over time method of accounting. Revenues recognized under the point in time method Revenues from the sale of standard inventory products, not accounted for under the over time method, are recorded at the point in time that the customer obtains control of the promised asset and the Company satisfies its performance obligation. This point in time recognition aligns with when the product is available to the customer, which is when the Company typically has a present right to payment, title transfers to the customer, the customer or its carrier has physical possession and the customer has significant risks and rewards of ownership. The Company may provide product storage to some customers. Revenues for these products are recognized at the point in time that control of the product transfers to the customer, the reason for storage is requested by the customer, the product is separately identified, the product is ready for physical transfer to the customer and the Company does not have the ability to use or direct the use of the product. This point in time typically occurs when the products are moved to storage. We receive payment after control of the products has transferred to the customer. Service revenues The Company recognizes service revenues from two sources: • technical advisory assistance; and • rework and reconditioning of customer-owned Dril-Quip products. The Company generally does not install products for its customers, but it does provide technical advisory assistance. The Company normally negotiates contracts for products, including those accounted for under the over time method, and services separately. For all product sales, it is the customer’s decision as to the timing of the product installation as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company’s technical advisory assistance services. The customer may use a third party or their own personnel. The contracts for these services are typically considered day-to-day. Rework and reconditioning service revenues are recorded using the over time method based on the remaining steps that need to be completed as the refurbishment process is performed. The measurement of progress considers, among other things, the time necessary for completion of each step in the reconditioning plan, the materials to be purchased, labor and ordering procedures. We receive payment after the services have been performed by billing customers periodically (typically monthly). Leasing revenues The Company earns leasing revenues from the rental of running tools. Revenues from rental of running tools are recognized within leasing revenues on a day rate basis over the lease term, which is generally between one to three months. Practical Expedients As permitted under Accounting Standards Update (ASU) 2016-02 “Leases (Topic 842),” we elected the package of practical expedients permitted under the transition guidance which, among other things, allows companies to carry forward their historical lease classification.
Foreign Currency	Foreign Currency The financial statements of foreign subsidiaries are translated into U.S. dollars at period-end exchange rates except for revenues and expenses, which are translated at average monthly rates. Translation adjustments are reflected as a separate component of stockholders’ equity and have no effect on current earnings or cash flows. Foreign currency exchange transactions are recorded using the exchange rate at the date of the settlement. The Company had, net of income taxes, a transaction gain of $3.0 million in 2022, a transaction loss of $0.7 million in 2021 and a transaction loss of $1.9 million in 2020.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, short-term investments, receivables and payables. The carrying values of these financial instruments approximate their respective fair values as they are short-term in nature.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which subject the Company to concentrations of credit risk primarily include trade receivables. The Company grants credit to its customers, which operate primarily in the oil and gas industry. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company maintains reserves for potential losses, and actual losses have historically been within management’s expectations. In addition, the Company invests excess cash in interest bearing accounts, money market mutual funds and funds which invest in obligations of the U.S. Treasury and repurchase agreements backed by U.S. Treasury obligations. Changes in the financial markets and interest rates could affect the interest earned on short-term investments.
Earnings Per Share	Earnings Per Share Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed considering the dilutive effect of stock options and awards using the treasury stock method.

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from Contract with Customer Excludes Leasing

Revenues from contracts with customers (excludes leasing) consisted of the following:


	Twelve Months Ended
	December 31, 2022
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Total
	(In thousands)
Product Revenues	$	152,941	$	49,641	$	38,260	$	240,842
Service Revenues		55,183		13,398		10,614		79,195
Total	$	208,124	$	63,039	$	48,874	$	320,037

	Twelve Months Ended
	December 31, 2021
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Total
	(In thousands)
Product Revenues	$	146,609	$	34,912	$	32,239	$	213,760
Service Revenues		45,680		10,268		18,195		74,143
Total	$	192,289	$	45,180	$	50,434	$	287,903

	Twelve Months Ended
	December 31, 2020
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Total
	(In thousands)
Product Revenues	$	151,351	$	56,038	$	51,445	$	258,834
Service Revenues		45,536		14,332		15,709		75,577
Total	$	196,887	$	70,370	$	67,154	$	334,411

Schedule of Contract Asset and Liability

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)


Contract Assets at December 31, 2021	$	97,716
Additions		139,456
Transfers to Accounts Receivable		(98,580	)
Contract Assets at December 31, 2022	$	138,592

Contract Liabilities (amounts shown in thousands)


Contract Liabilities at December 31, 2021	$	9,222
Additions		2,800
Revenue Recognized		(5,198	)
Contract Liabilities at December 31, 2022	$	6,824

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


	December 31,
	2022			2021
	(In thousands)
Raw materials and supplies	$	29,995		$	27,398
Work in progress		41,700			28,361
Finished goods		150,170			218,946
		221,865			274,705
Less: allowance for slow moving and excess inventory		(75,861	)		(128,981	)
Total inventory	$	146,004		$	145,724

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consists of:


	Estimated Useful	December 31,
	Lives	2022			2021
		(In thousands)
Land improvements	10-25 years	$	7,240		$	7,374
Buildings	15-40 years		169,315			206,037
Machinery, equipment and other	3-10 years		385,745			398,995
			562,300			612,406
Less accumulated depreciation			(410,850	)		(419,834	)
			151,450			192,572
Land			9,858			12,261
Construction work in process			19,962			11,367
Total property, plant and equipment		$	181,270		$	216,200

Restructuring and Other Charges (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Impairment, Restructuring and Other Charges


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Inventory write-down	$	-	$	66,910	$	17,272
Severance		951		3,760		8,462
Long-lived asset write-down		5,678		4,240		8,269
Other		4,814		4,023		1,377
	$	11,443	$	78,933	$	35,380

Schedule of Accrued Liabilities Related to Restructuring and Others Charges

Current other accrued liabilities consist of the following:


	December 31,
	2022		2021
	(In thousands)
Accrued vendor costs	$	4,357	$	13,359
Property, sales and other taxes		4,341		5,911
Commissions payable		1,289		1,450
Payroll taxes		2,521		3,621
Accrued restructuring costs		2,812		3,000
Accrued severance		990		1,001
Accrued bonus		5,500		5,700
Other		2,988		3,204
Total	$	24,798	$	37,246

Restructuring and Other Charges

Schedule of Accrued Liabilities Related to Restructuring and Others Charges

The following table summarizes the changes to our accrued liability balances related to restructuring and other charges as of December 30, 2022 (in thousands):


	December 31, 2022
Balance at January 1, 2022	$	4,000
Additions for costs expensed		5,765
Reductions for payments		(5,968	)
Other		5
Ending balance at December 31, 2022	$	3,802

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets

Intangible assets, the majority of which were acquired in the acquisition of TIW and OilPatch Technologies (OPT), consist of the following:


	Estimated Useful Lives	2022
		Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	15 years	$	8,233	$	(2,118	)	$	(79	)	$	6,036
Patents	15 - 30 years		6,055		(3,699	)		-			2,356
Customer relationships	5 - 15 years		26,028		(10,878	)		(234	)		14,916
Organizational Costs	3 years		183		(131	)		(12	)		40
		$	40,499	$	(16,826	)	$	(325	)	$	23,348


	Estimated Useful Lives	2021
		Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	15 years	$	8,257	$	(1,579	)	$	(23	)	$	6,655
Patents	15 - 30 years		6,058		(3,285	)		(1	)		2,772
Customer relationships	5 - 15 years		26,078		(9,128	)		(38	)		16,912
Organizational costs	3 years		185		(76	)		(2	)		107
		$	40,578	$	(14,068	)	$	(64	)	$	26,446

Leases and Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Classification of Leases

Certain lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.


		December 31, 2022		December 31, 2021
	Classification	(In thousands)		(In thousands)
Assets
Operating	Operating lease right of use assets	$	4,872	$	5,258
Finance	Other assets		132		164
Total lease assets		$	5,004	$	5,422

Liabilities
Current
Operating	Operating lease liabilities	$	1,054	$	1,046
Finance	Other accrued liabilities		43		127

Noncurrent
Operating	Operating lease liabilities, long-term		3,807		4,170
Finance	Other long-term liabilities		98		52
Total lease liabilities		$	5,002	$	5,395

Schedule of Lease Costs

Our lease costs are as follows:


		Twelve Months Ended
		December 31, 2022		December 31, 2021		December 31, 2020
		(In thousands)		(In thousands)		(In thousands)
	Classification
Operating lease cost	Selling, general and administrative	$	1,910	$	1,602	$	1,617
Short-term lease costs	Selling, general and administrative		621		1,296		2,173
Amortization of leased assets	Selling, general and administrative		86		114		186
Interest on lease liabilities	Net interest expense		11		59		14
Total lease cost		$	2,628	$	3,071	$	3,990

Schedule of Maturity of Lease Obligations

The five year and beyond maturity of our lease obligations is presented below:


	Twelve months ended
	December 31, 2022
	Operating		Finance
	Leases		Leases		Total
	(In thousands)
2023	$	1,241	$	48	$	1,289
2024		721		43		764
2025		510		24		534
2026		478		35		513
2027		478		-		478
After 2027		2,820		-		2,820
Total lease payments		6,248		150		6,398
Less: interest		1,387		9		1,396
Present value of lease liabilities	$	4,861	$	141	$	5,002

Schedule of Lease Term and Discount Rate for Operating and Finance Leases

The lease term and discount rate for our operating and finance leases is as follows:


	December 31, 2022
Weighted average remaining lease term (years)
Operating leases		10.7
Finance leases		3.4

Weighted average discount rate
Operating leases		5.1	%
Finance leases		4.4	%

Schedule of Other Information Pertaining to Lease Obligations

Other information pertaining to our lease obligations is as follows:


	December 31, 2022		December 31, 2021		December 31, 2020
	(In thousands)		(In thousands)		(In thousands)
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,949	$	1,591	$	1,615
Operating cash flows from finance leases		11		59		16
Financing cash flows from finance leases		83		109		183

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

Income (loss) before income taxes consisted of the following:


	Year Ended December 31,
	2022			2021			2020
	(In thousands)
Domestic	$	(33,082	)	$	(135,403	)	$	(76,056	)
Foreign		39,852			10,353			14,007
Total	$	6,770		$	(125,050	)	$	(62,049	)

Schedule of Income Tax Provision (Benefit)

The income tax provision (benefit) consists of the following:


	Year Ended December 31,
	2022			2021			2020
	(In thousands)
Current:
Federal	$	(8,632	)	$	833		$	(44,752	)
Foreign		8,635			10,579			8,454
Total current		3			11,412			(36,298	)
Deferred:
Federal		(289	)		(56	)		-
Foreign		6,613			(8,410	)		5,017
Total deferred		6,324			(8,466	)		5,017
Total	$	6,327		$	2,946		$	(31,281	)

Schedule of Effective Income Tax Rate Reflected in Provision for Income Taxes and U.S. Federal Statutory Rate

The difference between the effective income tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows:


	Year Ended December 31,
	2022			2021			2020
Federal income tax statutory rate		21.00	%		21.00	%		21.00	%
CARES Act NOL rate differential (2019 and 2020)		-			-			32.60
Change in withholding tax reserve		(3.14	)		0.79			(5.15	)
Foreign income tax rate differential		21.89			-			(1.03	)
Foreign development tax incentive		8.56			(0.24	)		(0.38	)
Nondeductible goodwill impairment		-			-			(2.42	)
Exempt income		(3.16	)		0.54			1.25
Foreign taxes and inclusions (net of FTC)		57.41			(1.15	)		(9.26	)
Nondeductible expenses		26.90			(2.82	)		(5.35	)
Manufacturing benefit		-			-			(7.32	)
Change in valuation allowance		234.01			(21.87	)		28.26
Changes to prior year accruals		26.09			0.23			(3.15	)
Deferred tax rate change		0.53			0.11			(0.10	)
Change in uncertain tax positions		(292.09	)		(0.19	)		(0.83	)
Interest on net equity		-			0.41			-
General business credits		(9.66	)		1.31			2.32
Branch income		6.90			(0.29	)		(0.31	)
Other		(1.78	)		(0.19	)		0.28
Effective tax rate		93.46	%		-2.36	%		50.41	%

Components of Net Deferred Tax Assets (Liabilities)


	As of December 31,
	2022			2021
	(In thousands)
Deferred tax assets:
Foreign tax credit carryforward	$	17,577		$	9,190
General business credit carryforward		7,053			3,853
Inventory		9,564			22,178
Net operating losses		32,278			21,348
Allowance for doubtful accounts		970			1,043
Reserve for accrued liabilities		2,769			3,161
Stock options and awards		904			868
Unrealized gain/loss		810			1,217
Disallowed interest carryforward		2,662			2,071
Capitalized R&D costs		3,282			-
Other		820			221
Total deferred tax assets		78,689			65,150
Valuation allowance		(59,952	)		(44,235	)
Deferred tax liabilities:
Property, plant and equipment		(7,652	)		(7,233	)
Goodwill & Intangibles		(1,519	)		(1,796	)
Deferred revenue		(2,728	)		(1,258	)
Reserve for unremitted earnings		(2,244	)		(2,586	)
Other		(3,862	)		(586	)
Total deferred tax liability		(18,005	)		(13,459	)
Net deferred tax asset	$	732		$	7,456

Summary of Operating Loss Carryforwards

Tax operating loss carryforwards totaled $150.4 million (gross) at December 31, 2022. These operating losses will expire as shown in the table below.


Tax operating losses		Expiration
(in thousands)
$	2,176	2022-2027
	1,449	2028-2034
	1,797	2035-2040
	144,939	Indefinite
$	150,361

Schedule of Uncertain Tax Positions

A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions is as follows:


	2022			2021			2020
	(In thousands)
Balance at beginning of year	$	18,618		$	18,665		$	18,665
Additions for tax positions related to the current year		482			3			3
Reductions for tax positions related to the prior year		(18,469	)		(50	)		(3	)
Balance at end of year	$	631		$	18,618		$	18,665

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Accrued Liabilities Related to Restructuring and Others Charges

Current other accrued liabilities consist of the following:


	December 31,
	2022		2021
	(In thousands)
Accrued vendor costs	$	4,357	$	13,359
Property, sales and other taxes		4,341		5,911
Commissions payable		1,289		1,450
Payroll taxes		2,521		3,621
Accrued restructuring costs		2,812		3,000
Accrued severance		990		1,001
Accrued bonus		5,500		5,700
Other		2,988		3,204
Total	$	24,798	$	37,246

Geographic Segments (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting


	Year Ended December 31,
	2022		2021			2020
	(In thousands)
Western Hemisphere
Revenues
Products
Point in Time	$	78,348	$	99,051		$	79,433
Over Time		74,593		47,558			71,918
Total Products		152,941		146,609			151,351
Services
Technical Advisory		40,046		36,897			33,431
Reconditioning		15,137		8,783			12,105
Total Services (excluding Leasing)		55,183		45,680			45,536
Leasing		26,620		20,944			18,448
Total Services (including Leasing)		81,803		66,624			63,984
Intercompany		11,646		14,084			13,015
Total	$	246,390	$	227,317		$	228,350
Depreciation and amortization	$	17,729	$	17,889		$	19,716
Income (loss) before taxes	$	48,302	$	(32,033	)	$	3,067
Eastern Hemisphere
Revenues
Products
Point in Time	$	15,652	$	21,188		$	30,191
Over Time		33,989		13,724			25,847
Total Products		49,641		34,912			56,038
Services
Technical Advisory		10,738		7,920			9,489
Reconditioning		2,660		2,348			4,843
Total Services (excluding Leasing)		13,398		10,268			14,332
Leasing		10,192		5,970			7,610
Total Services (including Leasing)		23,590		16,238			21,942
Intercompany		3,041		2,056			2,375
Total	$	76,272	$	53,206		$	80,355
Depreciation and amortization	$	4,018	$	4,027		$	3,820
Income before taxes	$	19,638	$	4,502		$	3,284


	Year Ended December 31,
Asia-Pacific	2022			2021			2020
	(In thousands)
Revenues
Products
Point in Time	$	21,384		$	23,531		$	27,897
Over Time		16,876			8,708			23,548
Total Products		38,260			32,239			51,445
Services
Technical Advisory		7,280			16,824			12,372
Reconditioning		3,334			1,371			3,337
Total Services (excluding Leasing)		10,614			18,195			15,709
Leasing		5,221			8,128			4,504
Total Services (including Leasing)		15,835			26,323			20,213
Intercompany		4,601			9,047			13,084
Total	$	58,696		$	67,609		$	84,742
Depreciation and amortization	$	4,041		$	4,777		$	5,126
Income before taxes	$	6,708		$	4,860		$	5,921
Corporate
Depreciation and amortization	$	3,633		$	3,688		$	3,727
Loss before taxes	$	(67,878	)	$	(102,379	)	$	(74,321	)
Consolidated
Revenues
Products
Point in Time	$	115,384		$	143,770		$	137,521
Over Time		125,458			69,990			121,313
Total Products		240,842			213,760			258,834
Services
Technical Advisory		58,064			61,641			55,292
Reconditioning		21,131			12,502			20,285
Total Services (excluding Leasing)		79,195			74,143			75,577
Leasing		42,033			35,042			30,562
Total Services (including Leasing)		121,228			109,185			106,139
Intercompany		19,288			25,187			28,474
Eliminations		(19,288	)		(25,187	)		(28,474	)
Total	$	362,070		$	322,945		$	364,973
Depreciation and amortization	$	29,421		$	30,381		$	32,389
Income (loss) before taxes	$	6,770		$	(125,050	)	$	(62,049	)


	December 31,
	2022			2021
	(In thousands)
Total long-lived assets:
Western Hemisphere	$	528,035		$	335,760
Eastern Hemisphere		202,994			224,345
Asia-Pacific		53,922			58,308
Eliminations		(565,024	)		(353,536	)
Total	$	219,927		$	264,877



Total assets:
Western Hemisphere	$	1,079,796		$	686,361
Eastern Hemisphere		581,950			805,574
Asia-Pacific		185,285			184,097
Eliminations		(874,516	)		(665,606	)
Total	$	972,515		$	1,010,426

Stock-Based Compensation and Stock Awards (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of RSA Activity

The Company’s RSA activity and related information is presented below:


	Restricted Stock			Weighted- average Grant Date Fair Value
Unvested at December 31, 2021		465,035		$	25.48
Granted		371,190			22.82
Vested		(221,964	)		26.80
Forfeited		(34,457	)		24.23
Unvested at December 31, 2022		579,804		$	23.34

Schedule of Valuation Assumptions

Assumptions used in the Monte Carlo simulation are as follows:


	2022		2021		2020
Grant date	October 28, 2022		October 28, 2021		October 28, 2020
Performance period	October 1, 2022 to September 30, 2025		October 1, 2021 to September 30, 2024		October 1, 2020 to September 30, 2023
Volatility	57.3%		56.1%		50.9%
Risk-free interest rate	4.4%		0.8%		0.2%
Grant date price	$	23.28	$	23.54	$	23.86

Summary of PSA Activity

The Company’s Performance Unit activity and related information is presented below:


	Number of Performance Units			Weighted Average Grant Date Fair Value Per Unit
Unvested balance at December 31, 2021		224,374		$	34.83
Granted		168,727			22.52
Forfeited		(61,281	)		45.46
Unvested balance at December 31, 2022		331,820		$	26.61

Schedule of DSA Activity

The Company’s DSA activity for the year ended December 31, 2022 is presented below:


	DSA Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested balance at December 31, 2021		70,786		$	26.94
Granted		58,287			23.56
Vested		(57,138	)		26.12
Unvested balance at December 31, 2022		71,935		$	24.85

Schedule of Information for Stock Option Plans

Equity Compensation Plan Information

The following table summarizes information for equity compensation plans in effect as of December 31, 2022:


	Number of securities to be issued upon exercise of outstanding options, warrants and rights (1)		Weighted- average exercise price of outstanding options, warrants and rights (2)		Number of securities remaining available for future issuance under equity compensation plan
Plan category	(a)		(b)		(c)
Equity compensation plans approved by stockholders		331,820	$	26.61		1,046,110
Total		331,820	$	26.61		1,046,110

(2) The weighted average exercise price does not take into account 331,820 unvested Performance Units, which do not have an exercise price.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Reconciliation of Basic and Diluted Earnings Per Share

The following is a reconciliation of the basic and diluted earnings per share computation.


	Year Ended December 31,
	2022		2021			2020
	(In thousands, except per share amounts)
Net loss	$	443	$	(127,996	)	$	(30,768	)
Weighted average basic common shares outstanding		34,237		35,331			35,260
Effect of dilutive securities - stock options and awards		230		-			-
Total shares and dilutive securities		34,467		35,331			35,260
Basic loss per common share	$	0.01	$	(3.62	)	$	(0.87	)
Diluted loss per common share	$	0.01	$	(3.62	)	$	(0.87	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Director stock awards		-		62		49
Stock options		-		46		109
Performance share units		-		325		349
Restricted stock awards		-		485		352

Organization - Additional Information (Details)	12 Months Ended
Organization - Additional Information (Details)	Dec. 31, 2022 Segment Location
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of geographic segments \| Segment	3
Number of headquarter locations \| Location	3

Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) Project	Dec. 31, 2021 USD ($) Project	Dec. 31, 2020 USD ($)
Accounting Policies [Line Items]
Prepaids expenses	$ 9,624		$ 19,874	$ 9,624
Inventory reserves	128,981		75,861	128,981
Goodwill impairment loss		$ 7,700
Restructuring and other charges			11,443	78,933	$ 35,380
Inventory write-down			0	66,910	17,272
Severance costs			951	3,760	8,462
Unbilled receivables	102,597		$ 144,428	$ 102,597
Number of projects \| Project			79	54
Percentage of total revenues			34.70%	21.70%
Percentage of product revenues			52.10%	32.70%
2018 Global Strategic Plan
Accounting Policies [Line Items]
Inventory write-down				$ 19,300	17,300
Long-lived asset write-downs					8,300
Severance costs				2,700	8,400
Restructuring costs				4,000	$ 1,400
2021 Global Strategic Plan
Accounting Policies [Line Items]
Inventory write-down	47,700
Long-lived asset write-downs	4,200
Severance costs	1,000		$ 900
Restructuring costs			4,800
Over Time Method
Accounting Policies [Line Items]
Unbilled receivables	58,700		92,600	58,700
Inventories
Accounting Policies [Line Items]
Inventory reserves	$ 129,000		$ 75,900	$ 129,000

Revenue Recognition - Revenues From Contracts With Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Revenues	$ 320,037	$ 287,903	$ 334,411
Western Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	208,124	192,289	196,887
Eastern Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	63,039	45,180	70,370
Asia Pacific \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	48,874	50,434	67,154
Products
Disaggregation Of Revenue [Line Items]
Revenues	240,842	213,760	258,834
Products \| Western Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	152,941	146,609	151,351
Products \| Eastern Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	49,641	34,912	56,038
Products \| Asia Pacific \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	38,260	32,239	51,445
Services
Disaggregation Of Revenue [Line Items]
Revenues	79,195	74,143	75,577
Services \| Western Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	55,183	45,680	45,536
Services \| Eastern Hemisphere \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	13,398	10,268	14,332
Services \| Asia Pacific \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 10,614	$ 18,195	$ 15,709

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition - Contract Asset and Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Contract Assets
Contract Assets at December 31, 2021	$ 97,716
Additions	139,456
Transfers to Accounts Receivable	(98,580)
Contract Assets at December 31, 2022	138,592
Contract Liabilities
Contract Liabilities at December 31, 2021	9,746
Contract Liabilities at December 31, 2022	8,020
Other Current Liabilities
Contract Liabilities
Contract Liabilities at December 31, 2021	9,222
Additions	2,800
Revenue Recognized	(5,198)
Contract Liabilities at December 31, 2022	$ 6,824

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Receivables, included in trade receivables	$ 138,592	$ 97,716
Unbilled receivables	144,428	102,597
Performance obligation	75,100
Receivables (Included in Trade Receivables)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Receivables, included in trade receivables	138,600	97,700
Unbilled receivables	$ 92,600	$ 58,700

Revenue Recognition - Additional Information (Details 1)	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-12-31
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	79.70%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	20.30%
Expected timing of satisfaction period	0 years

Inventories, net - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 29,995	$ 27,398
Work in progress	41,700	28,361
Finished goods	150,170	218,946
Inventory, gross, Total	221,865	274,705
Less: allowance for slow moving and excess inventory	(75,861)	(128,981)
Total inventory	$ 146,004	$ 145,724

Assets Held For Sale (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Assets Held For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of Real Estate		$ 3,200
Assets held for sale		19,383	$ 0
DQ Corporate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale		10,800
Western Hemisphere
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale		$ 8,600
Forge Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Productive Assets	$ 18,900

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

Property, Plant and Equipment, net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 562,300	$ 612,406
Less accumulated depreciation	(410,850)	(419,834)
Property, Plant and Equipment Less Accumulated Depreciation	151,450	192,572
Total property, plant and equipment	181,270	216,200
Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	7,240	7,374
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	169,315	206,037
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	385,745	398,995
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	9,858	12,261
Construction work in process
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 19,962	$ 11,367
Minimum \| Land improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Minimum \| Buildings
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years
Minimum \| Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Maximum \| Land improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	25 years
Maximum \| Buildings
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	40 years
Maximum \| Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years

Property, Plant and Equipment, net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 26.6	$ 27.2	$ 28.7

Restructuring and Other Charges - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Inventory write-down		$ 0	$ 66,910	$ 17,272
Additions for costs expensed		5,765
Other		$ 4,814	4,023	1,377
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]		Restructuring And Other Charges
Severance cost		$ 951	3,760	8,462
2018 Global Strategic Plan
Restructuring Cost and Reserve [Line Items]
Inventory write-down			19,300	17,300
Additions for costs expensed				35,400
Long-lived asset write-downs				8,300
Severance cost			2,700	8,400
Restructuring costs			$ 4,000	$ 1,400
2021 Global Strategic Plan
Restructuring Cost and Reserve [Line Items]
Inventory write-down	$ 47,700
Additions for costs expensed		11,400
Long-lived asset write-downs	$ 4,200
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)
Severance cost	$ 1,000	900
Restructuring costs		4,800
2021 Global Strategic Plan \| Corporate, Non-Segment
Restructuring Cost and Reserve [Line Items]
Long-lived asset write-downs		3,200
2021 Global Strategic Plan \| Machinery and equipment
Restructuring Cost and Reserve [Line Items]
Inventory write-down		$ 2,500

Restructuring and Other Charges - Schedule of Impairment, Restructuring and Other Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Inventory write-down	$ 0	$ 66,910	$ 17,272
Severance cost	951	3,760	8,462
Long-lived asset write-down	5,678	4,240	8,269
Other	4,814	4,023	1,377
Total impairment, restructuring and other charges	$ 11,443	$ 78,933	$ 35,380

Restructuring and Other Charges - Schedule of Accrued Liabilities Related to Restructuring and Others Charges (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Restructuring and Related Activities [Abstract]
Beginning balance	$ 4,000
Additions for costs expensed	$ 5,765
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Charges
Reductions for payments	$ (5,968)
Other	5
Ending balance	$ 3,802

Goodwill - Additional Information (Details) $ in Millions	3 Months Ended
Goodwill - Additional Information (Details) $ in Millions	Mar. 31, 2020 USD ($)
Goodwill [Line Items]
Goodwill impairment loss	$ 7.7

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	$ 40,499	$ 40,578
Accumulated Amortization	(16,826)	(14,068)
Finite-Lived, Foreign Currency Translation	(325)	(64)
Finite-Lived, Net Book Value	$ 23,348	$ 26,446
Trademarks
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Finite-Lived, Gross Book Value	$ 8,233	$ 8,257
Accumulated Amortization	(2,118)	(1,579)
Finite-Lived, Foreign Currency Translation	(79)	(23)
Finite-Lived, Net Book Value	6,036	6,655
Patents
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	6,055	6,058
Accumulated Amortization	(3,699)	(3,285)
Finite-Lived, Foreign Currency Translation	0	(1)
Finite-Lived, Net Book Value	$ 2,356	$ 2,772
Patents \| Minimum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Patents \| Maximum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	30 years	30 years
Customer relationships
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	$ 26,028	$ 26,078
Accumulated Amortization	(10,878)	(9,128)
Finite-Lived, Foreign Currency Translation	(234)	(38)
Finite-Lived, Net Book Value	$ 14,916	$ 16,912
Customer relationships \| Minimum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	5 years	5 years
Customer relationships \| Maximum
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Organizational Costs
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	3 years	3 years
Finite-Lived, Gross Book Value	$ 183	$ 185
Accumulated Amortization	131	76
Finite-Lived, Foreign Currency Translation	(12)	(2)
Finite-Lived, Net Book Value	$ 40	$ 107

Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2,800,000	$ 3,000,000.0	$ 3,000.0
Amortization expense for 2022	2,800,000
Amortization expense for 2023	2,700,000
Amortization expense for 2024	2,700,000
Amortization expense for 2025	2,700,000
Amortization expense for 2026	$ 2,500,000

Leases and Lease Commitments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
Cumulative effect of new accounting principle in period of adoption	$ 874,916	$ 897,108	$ 1,041,528	$ 1,090,701
Operating lease liabilities	1,054	1,046
Operating lease liabilities, long-term	3,807	4,170
Lease expense recognize on a straight-line basis	600
Lease expense incurred	$ 2,500	$ 2,900	$ 3,800

- Definition

+ References

+ Details

Leases and Lease Commitments - Schedule of Classification of Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Operating	$ 4,872	$ 5,258
Finance	$ 132	$ 164
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Total lease assets	$ 5,004	$ 5,422
Current
Operating	1,054	1,046
Finance	$ 43	$ 127
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Noncurrent
Operating	$ 3,807	$ 4,170
Finance	$ 98	$ 52
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 5,002	$ 5,395

Leases and Lease Commitments - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessor Lease Description [Line Items]
Total lease cost	$ 2,628	$ 3,071	$ 3,990
Selling, General and Administrative
Lessor Lease Description [Line Items]
Operating lease cost	1,910	1,602	1,617
Short-term lease costs	621	1,296	2,173
Amortization of leased Assets	86	114	186
Net Interest Expense
Lessor Lease Description [Line Items]
Interest on lease liabilities	$ 11	$ 59	$ 14

Leases and Lease Commitments - Schedule of Maturity of Lease Obligations (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Leases
2023	$ 1,241
2024	721
2025	510
2026	478
2027	478
After 2027	2,820
Total lease payments	6,248
Less: interest	1,387
Present value of lease liabilities	4,861
Finance Leases
2023	48
2024	43
2025	24
2026	35
Total lease payments	150
Less: interest	9
Present value of lease liabilities	141
Total
2023	1,289
2024	764
2025	534
2026	513
2027	478
After 2027	2,820
Total lease payments	6,398
Less: interest	1,396
Present value of lease liabilities	$ 5,002

Leases and Lease Commitments - Schedule of Lease Term and Discount Rate for Operating and Finance Leases (Details)	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term, Operating leases	10 years 8 months 12 days
Weighted average remaining lease term, Finance leases	3 years 4 months 24 days
Weighted average discount rate, Operating leases	5.10%
Weighted average discount rate, Finance leases	4.40%

Leases and Lease Commitments - Schedule of Other Information Pertaining to Lease Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 1,949	$ 1,591	$ 1,615
Operating cash flows from finance leases	11	59	16
Financing cash flows from finance leases	$ 83	$ 109	$ 183

Income Taxes - Schedule of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ (33,082)	$ (135,403)	$ (76,056)
Foreign	39,852	10,353	14,007
Income (loss) before income taxes	$ 6,770	$ (125,050)	$ (62,049)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Schedule of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ (8,632)	$ 833	$ (44,752)
Foreign	8,635	10,579	8,454
Total current	3	11,412	(36,298)
Deferred:
Federal	(289)	(56)	0
Foreign	6,613	(8,410)	5,017
Total deferred	6,324	(8,466)	5,017
Total	$ 6,327	$ 2,946	$ (31,281)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Effective Income Tax Rate Reflected in Provision for Income Taxes and U.S. Federal Statutory Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal income tax statutory rate	21.00%	21.00%	21.00%
CARES ACT NOL rate differential (2019 and 2020)	0	0	0.3260
Change in withholding tax reserve	(3.14%)	0.79%	(5.15%)
Foreign income tax rate differential	21.89%	0.00%	(1.03%)
Foreign development tax incentive	8.56%	(0.24%)	(0.38%)
Nondeductible goodwill impairment	0.00%	0.00%	(2.42%)
Exempt income	(3.16%)	0.54%	1.25%
Foreign taxes and inclusions (net of FTC)	57.41%	(1.15%)	(9.26%)
Nondeductible expenses	26.90%	(2.82%)	(5.35%)
Manufacturing benefit	0.00%	0.00%	(7.32%)
Change in valuation allowance	234.01%	(21.87%)	28.26%
Changes to prior year accruals	26.09%	0.23%	(3.15%)
Deferred tax rate change	0.53%	0.11%	(0.10%)
Change in uncertain tax positions	(292.09%)	(0.19%)	(0.83%)
Interest on net equity	0.00%	0.41%
General business credits	(9.66%)	1.31%	2.32%
Branch income	6.90%	(0.29%)	(0.31%)
Other	(1.78%)	(0.19%)	0.28%
Effective tax rate	93.46%	(2.36%)	50.41%

Income Taxes - Components of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Foreign tax credit carryforward	$ 17,577	$ 9,190
General business credit carryforward	7,053	3,853
Inventory	9,564	22,178
Net operating losses	32,278	21,348
Allowance for doubtful accounts	970	1,043
Reserve for accrued liabilities	2,769	3,161
Stock options and awards	904	868
Unrealized gain/loss	810	1,217
Disallowed interest carryforward	2,662	2,071
Capitalized R&D costs	3,282	0
Other	820	221
Total deferred tax assets	78,689	65,150
Valuation allowance	(59,952)	(44,235)
Deferred tax liabilities:
Property, plant and equipment	(7,652)	(7,233)
Goodwill & Intangibles	(1,519)	(1,796)
Deferred revenue	(2,728)	(1,258)
Reserve for unremitted earnings	(2,244)	(2,586)
Other	(3,862)	(586)
Total deferred tax liability	(18,005)	(13,459)
Net deferred tax asset	$ 732	$ 7,456

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unusual Risk Or Uncertainty [Line Items]
Foreign tax credit carryforward	$ 17,577	$ 9,190
General business credit carryforward	7,053	3,853
Gross operating loss carryforwards	150,361
Valuation allowance	59,952	44,235
Deferred foreign tax liability	2,244	2,586
Uncertain tax positions	631	18,618	$ 18,665	$ 18,665
Income tax penalties and interest accrued	200	2,400	2,100
Unrecognized tax benefits that would impact effective tax rate	600
Income taxes paid	1,300	2,000	$ 18,200
Domestic Country
Unusual Risk Or Uncertainty [Line Items]
Gross operating loss carryforwards	138,800
Indefinite
Unusual Risk Or Uncertainty [Line Items]
Foreign tax credit carryforward	3,400
Gross operating loss carryforwards	144,939
Indefinite \| Domestic Country
Unusual Risk Or Uncertainty [Line Items]
Gross operating loss carryforwards		$ 137,700
2024-2031
Unusual Risk Or Uncertainty [Line Items]
Foreign tax credit carryforward	14,200
2037-2041
Unusual Risk Or Uncertainty [Line Items]
General business credit carryforward	7,100
Covid 19 \| Other Current Assets [Member]
Unusual Risk Or Uncertainty [Line Items]
Net operating loss carryback claims	$ 15,800

Income Taxes - Schedule of Operating Loss Carryforward (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Loss Carryforwards [Line Items]
Gross operating loss carryforwards	$ 150,361
2022-2027
Operating Loss Carryforwards [Line Items]
Gross operating loss carryforwards	2,176
2028-2034
Operating Loss Carryforwards [Line Items]
Gross operating loss carryforwards	1,449
2035-2040
Operating Loss Carryforwards [Line Items]
Gross operating loss carryforwards	1,797
Indefinite
Operating Loss Carryforwards [Line Items]
Gross operating loss carryforwards	$ 144,939

Income Taxes - Schedule of Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 18,618	$ 18,665	$ 18,665
Additions for tax positions related to the current year	482	3	3
Reductions for tax positions related to the prior year	(18,469)	(50)	(3)
Ending balance	$ 631	$ 18,618	$ 18,665

Other Accrued Liabilities - Schedule of Accrued Liabilities Related to Restructuring and Others Charges (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Accrued vendor costs	$ 4,357	$ 13,359
Property, sales and other taxes	4,341	5,911
Commissions payable	1,289	1,450
Payroll taxes	2,521	3,621
Accrued restructuring costs	2,812	3,000
Accrued severance	990	1,001
Accrued bonus	5,500	5,700
Other	2,988	3,204
Total	$ 24,798	$ 37,246

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Postemployment Benefits [Abstract]
Employee benefit plans, contribution expense	$ 2.8	$ 1.0	$ 2.5

Credit Facility (Details) $ in Millions	12 Months Ended
Credit Facility (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Outstanding cash balance	$ 5.4
Amount to maintain by company, description	outstanding letters of credit plus 5% at all times

Contingencies - Additional Information (Details) - Brazil $ in Millions	2 Months Ended	3 Months Ended
	Jan. 31, 2011 USD ($) Assessment	Mar. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)
Commitments And Contingencies [Line Items]
Number of tax assessments \| Assessment	2
Value of assessments served on Brazilian subsidiary	$ 13.0
Court deposit			$ 6.0	$ 6.0
Subsidiary to settle and pay off taxes		$ 2.1

Geographic Segments - Schedule of Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 362,070	$ 322,945	$ 364,973
Depreciation and amortization	29,421	30,381	32,389
Income (loss) before income taxes	6,770	(125,050)	(62,049)
Total long-lived assets	219,927	264,877
Total assets	972,515	1,010,426
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	29,421	30,381	32,389
Income (loss) before income taxes	6,770	(125,050)	(62,049)
Intercompany
Segment Reporting Information [Line Items]
Revenues	19,288	25,187	28,474
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	3,633	3,688	3,727
Income (loss) before income taxes	(67,878)	(102,379)	(74,321)
Eliminations
Segment Reporting Information [Line Items]
Revenues	(19,288)	(25,187)	(28,474)
Total long-lived assets	(565,024)	(353,536)
Total assets	(874,516)	(665,606)
Products \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	240,842	213,760	258,834
Products \| Operating Segments \| Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	115,384	143,770	137,521
Products \| Operating Segments \| Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	125,458	69,990	121,313
Technical Advisory \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	58,064	61,641	55,292
Reconditioning \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	21,131	12,502	20,285
Total Services (excluding Leasing) \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	79,195	74,143	75,577
Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	42,033	35,042	30,562
Services \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	121,228	109,185	106,139
Western Hemisphere
Segment Reporting Information [Line Items]
Revenues	246,390	227,317	228,350
Western Hemisphere \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	17,729	17,889	19,716
Income (loss) before income taxes	48,302	(32,033)	3,067
Total long-lived assets	528,035	335,760
Total assets	1,079,796	686,361
Western Hemisphere \| Intercompany
Segment Reporting Information [Line Items]
Revenues	11,646	14,084	13,015
Western Hemisphere \| Products \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	152,941	146,609	151,351
Western Hemisphere \| Products \| Operating Segments \| Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	78,348	99,051	79,433
Western Hemisphere \| Products \| Operating Segments \| Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	74,593	47,558	71,918
Western Hemisphere \| Technical Advisory \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	40,046	36,897	33,431
Western Hemisphere \| Reconditioning \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	15,137	8,783	12,105
Western Hemisphere \| Total Services (excluding Leasing) \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	55,183	45,680	45,536
Western Hemisphere \| Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	26,620	20,944	18,448
Western Hemisphere \| Services \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	81,803	66,624	63,984
Eastern Hemisphere
Segment Reporting Information [Line Items]
Revenues	76,272	53,206	80,355
Eastern Hemisphere \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	4,018	4,027	3,820
Income (loss) before income taxes	19,638	4,502	3,284
Total long-lived assets	202,994	224,345
Total assets	581,950	805,574
Eastern Hemisphere \| Intercompany
Segment Reporting Information [Line Items]
Revenues	3,041	2,056	2,375
Eastern Hemisphere \| Products \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	49,641	34,912	56,038
Eastern Hemisphere \| Products \| Operating Segments \| Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	15,652	21,188	30,191
Eastern Hemisphere \| Products \| Operating Segments \| Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	33,989	13,724	25,847
Eastern Hemisphere \| Technical Advisory \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	10,738	7,920	9,489
Eastern Hemisphere \| Reconditioning \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,660	2,348	4,843
Eastern Hemisphere \| Total Services (excluding Leasing) \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	13,398	10,268	14,332
Eastern Hemisphere \| Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	10,192	5,970	7,610
Eastern Hemisphere \| Services \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	23,590	16,238	21,942
Asia-Pacific
Segment Reporting Information [Line Items]
Revenues	58,696	67,609	84,742
Asia-Pacific \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	4,041	4,777	5,126
Income (loss) before income taxes	6,708	4,860	5,921
Total long-lived assets	53,922	58,308
Total assets	185,285	184,097
Asia-Pacific \| Intercompany
Segment Reporting Information [Line Items]
Revenues	4,601	9,047	13,084
Asia-Pacific \| Products \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	38,260	32,239	51,445
Asia-Pacific \| Products \| Operating Segments \| Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenues	21,384	23,531	27,897
Asia-Pacific \| Products \| Operating Segments \| Transferred Over Time
Segment Reporting Information [Line Items]
Revenues	16,876	8,708	23,548
Asia-Pacific \| Technical Advisory \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	7,280	16,824	12,372
Asia-Pacific \| Reconditioning \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,334	1,371	3,337
Asia-Pacific \| Total Services (excluding Leasing) \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	10,614	18,195	15,709
Asia-Pacific \| Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	5,221	8,128	4,504
Asia-Pacific \| Services \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 15,835	$ 26,323	$ 20,213

Geographic Segments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Segment Location	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Concentration Risk [Line Items]
Inventory write-down	$ 0	$ 66,910	$ 17,272
Number of geographic segments \| Segment	3
Number of headquarter locations \| Location	3
Long-lived asset write-down	$ 5,678	4,240	$ 8,269
Operating Segments
Concentration Risk [Line Items]
Inventory write-down		66,900
Long-lived asset write-down	5,700
Eastern Hemisphere
Concentration Risk [Line Items]
Inventory write-down		9,700
Western Hemisphere
Concentration Risk [Line Items]
Inventory write-down		44,200
Long-lived asset write-down	2,500
Asia Pacific
Concentration Risk [Line Items]
Inventory write-down		13,000
Impairment of inventory and long-lived assets		$ 4,200
Corporate
Concentration Risk [Line Items]
Long-lived asset write-down	$ 3,200

Stock Repurchase Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 22, 2022	Feb. 26, 2019
Equity, Class of Treasury Stock [Line Items]
Stock repurchased authorized amount				$ 100,000
Stock repurchased and canceled	$ (20,807)	$ (24,191)	$ (25,000)
2019 Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchased authorized amount					$ 100,000
Stock repurchased and canceled (in shares)	888,197	1,109,187	808,389
Average price per share	$ 23.41	$ 21.79	$ 30.91
Stock repurchased and canceled	$ 20,800	$ 24,200	$ 25,000

Stock-Based Compensation and Stock Awards - Stock Options - Additional Information (Details) - Stock options - shares		12 Months Ended
	May 12, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 12, 2017	May 13, 2004
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities (in shares)		0	46,000	109,000
2004 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (up to) (in shares)						2,696,294
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (up to) (in shares)					1,500,000
Increase in common stock shares reserved	1,900,000

Stock-Based Compensation and Stock Awards - Restricted Stock Awards - Additional Information (Details) - Restricted stock awards - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards compensation expense	$ 6.1	$ 8.0	$ 7.5
Income tax benefit recognized	1.1	$ 1.3	$ 1.1
Unrecognized compensation expense related to share based compensation	$ 13.6
Period of recognition for unrecognized compensation expense related to nonvested stock options (in years)	2 years 2 months 12 days
Antidilutive securities (in shares)	0	485,000	352,000

Stock-Based Compensation and Stock Awards - Summary of RSA Activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Restricted Stock
Unvested options, Beginning Balance (in shares) \| shares	465,035
Granted (in shares) \| shares	371,190
Vested (in shares) \| shares	(221,964)
Forfeited (in shares) \| shares	(34,457)
Unvested options, Ending Balance (in shares) \| shares	579,804
Weighted Average Remaining Contractual Life (in years)
Unvested Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) \| $ / shares	$ 25.48
Granted (in dollars per share) \| $ / shares	22.82
Vested (in dollars per share) \| $ / shares	26.80
Forfeited (in dollars per share) \| $ / shares	24.23
Unvested Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) \| $ / shares	$ 23.34

Stock-Based Compensation and Stock Awards - Performance Unit Awards - Additional Information (Details) - Performance Unit Awards $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Component $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Oct. 28, 2022 $ / shares	Oct. 28, 2021 $ / shares	Oct. 28, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares	$ 23.28	$ 23.54	$ 23.86	$ 29.38	$ 29.88	$ 32.05
Percentage of grant share price (as a percentage)	126.20%	126.90%	134.30%
Number of components companies in the Philadelphia Oil Service Index \| Component	15
Performance unit compensation expense	$ 2.9	$ 5.5	$ 4.0
Income tax benefit recognized	0.0	$ 0.7	$ 0.8
Unrecognized compensation expense related to share based compensation	$ 5.6
Period of recognition for unrecognized compensation expense related to nonvested stock options (in years)	2 years 2 months 12 days
Anti-dilutive performance share units (in shares) \| shares	0	325	349
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Participants earning under the term (as a percentage)	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Participants earning under the term (as a percentage)	200.00%

Stock-Based Compensation and Stock Awards - Schedule of Assumptions Used in Monte Carlo Simulation (Details) - Performance Unit Awards - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 28, 2022	Oct. 28, 2021	Oct. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility (as a percentage)	57.30%	56.10%	50.90%
Risk-free interest rate (as a percentage)	4.40%	0.80%	0.20%
Grant date price (in dollars per share)	$ 23.28	$ 23.54	$ 23.86	$ 29.38	$ 29.88	$ 32.05

Stock-Based Compensation and Stock Awards - Summary of PSA Activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Restricted Stock
Unvested options, Beginning Balance (in shares) \| shares	465,035
Granted (in shares) \| shares	371,190
Vested (in shares) \| shares	(221,964)
Forfeited (in shares) \| shares	(34,457)
Unvested options, Ending Balance (in shares) \| shares	579,804
Weighted Average Remaining Contractual Life (in years)
Unvested Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) \| $ / shares	$ 25.48
Granted (in dollars per share) \| $ / shares	22.82
Vested (in dollars per share) \| $ / shares	26.80
Forfeited (in dollars per share) \| $ / shares	24.23
Unvested Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) \| $ / shares	$ 23.34
Performance Unit Awards
Restricted Stock
Unvested options, Beginning Balance (in shares) \| shares	224,374
Granted (in shares) \| shares	168,727
Forfeited (in shares) \| shares	(61,281)
Unvested options, Ending Balance (in shares) \| shares	331,820
Weighted Average Remaining Contractual Life (in years)
Unvested Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) \| $ / shares	$ 34.83
Granted (in dollars per share) \| $ / shares	22.52
Forfeited (in dollars per share) \| $ / shares	45.46
Unvested Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) \| $ / shares	$ 26.61

Stock-Based Compensation and Stock Awards - Director Stock Compensation Awards - Additional Information (Details) - DSA - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fees in lieu of cash (equal to) (as a percentage)	125.00%
Director stock compensation awards expense		$ 1.4	$ 1.4	$ 1.5
Income tax benefit recognized		0.3	$ 0.2	$ 0.2
Unrecognized compensation expense related to share based compensation		$ 1.1
Period of recognition for unrecognized compensation expense related to nonvested stock options (in years)		1 year
Antidilutive securities (in shares)		0

Stock-Based Compensation and Stock Awards - Schedule of DSA Activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Restricted Stock
Unvested options, Beginning Balance (in shares) \| shares	465,035
Granted (in shares) \| shares	371,190
Vested (in shares) \| shares	(221,964)
Unvested options, Ending Balance (in shares) \| shares	579,804
Weighted Average Remaining Contractual Life (in years)
Unvested Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) \| $ / shares	$ 25.48
Granted (in dollars per share) \| $ / shares	22.82
Vested (in dollars per share) \| $ / shares	26.80
Unvested Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) \| $ / shares	$ 23.34
DSA
Restricted Stock
Unvested options, Beginning Balance (in shares) \| shares	70,786
Granted (in shares) \| shares	58,287
Vested (in shares) \| shares	(57,138)
Unvested options, Ending Balance (in shares) \| shares	71,935
Weighted Average Remaining Contractual Life (in years)
Unvested Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) \| $ / shares	$ 26.94
Granted (in dollars per share) \| $ / shares	23.56
Vested (in dollars per share) \| $ / shares	26.12
Unvested Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) \| $ / shares	$ 24.85

Stock-Based Compensation and Stock Awards - Schedule of Information for Stock Option Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares)	331,820
Weighted- average exercise price of outstanding options, warrants and rights (in dollars per shares)	$ 26.61
Number of securities remaining available for future issuance under equity compensation plan (in shares)	1,046,110
Unvested stock and units (in shares)	579,804	465,035
Percentage of achievement of performance conditions	100.00%
Stock options \| Stock options(Approved)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of securities to be issued upon exercise of outstanding options, warrants and rights (in shares)	331,820
Weighted- average exercise price of outstanding options, warrants and rights (in dollars per shares)	$ 26.61
Number of securities remaining available for future issuance under equity compensation plan (in shares)	1,046,110
RSA and DSA
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested stock and units (in shares)	651,739
Performance Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested stock and units (in shares)	331,820	224,374

Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 443	$ (127,996)	$ (30,768)
Weighted average basic common shares outstanding	34,237	35,331	35,260
Effect of dilutive securities - stock options and awards	230	0	0
Total shares and dilutive securities	34,467	35,331	35,260
Basic loss per common share	$ 0.01	$ (3.62)	$ (0.87)
Diluted loss per common share	$ 0.01	$ (3.62)	$ (0.87)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Earnings Per Share - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Director stock awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	0	62,000	49,000
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	0	46,000	109,000
Performance Unit Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	0	325,000	349,000
Restricted stock awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	0	485,000	352,000

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful trade receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 5,247	$ 2,155	$ 2,214
Charges to costs and expenses	1,748	3,933	1,876
Recoveries and write offs	(1,978)	(841)	(1,935)
Balance at end of period	5,017	5,247	2,155
Allowance for slow moving and excess inventory
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 128,981	82,149	71,020
Charges to costs and expenses		61,905	15,595
Recoveries and write offs		(15,073)	(4,466)
Balance at end of period		$ 128,981	$ 82,149