0000950170-23-019189 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 03, 2023
Cover [Abstract]
Entity Registrant Name	DRIL-QUIP, INC.
Entity Central Index Key	0001042893
Trading Symbol	DRQ
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock Shares Outstanding		34,172,911
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-13439
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
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock, $0.01 par value per share
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 235,343	$ 264,804
Short term investments	18,921	32,232
Trade receivables, net	132,206	91,504
Unbilled receivables	150,290	144,428
Inventories, net	152,770	146,004
Prepaid expenses	15,592	19,874
Other current assets	36,161	34,359
Assets held for sale	10,828	19,383
Total current assets	752,111	752,588
Operating lease right of use assets	6,325	4,872
Property, plant and equipment, net	183,285	181,270
Deferred income taxes	4,850	4,488
Intangible assets	22,691	23,348
Other assets	6,134	5,949
Total assets	975,396	972,515
Current liabilities:
Accounts payable	47,212	43,019
Accrued income taxes	5,677	4,868
Contract liabilities	7,271	8,020
Accrued compensation	7,578	5,796
Operating lease liabilities	1,230	1,054
Other accrued liabilities	14,392	24,798
Total current liabilities	83,360	87,555
Deferred income taxes	4,025	3,756
Income tax payable	874	823
Operating lease liabilities, long-term	5,178	3,807
Other long-term liabilities	1,581	1,658
Total liabilities	95,018	97,599
Contingencies (Note 12)
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, 34,171,856 and 34,157,057 shares issued and outstanding at March 31, 2023 and December 31, 2022	343	343
Additional paid-in capital	93,027	90,450
Retained earnings	955,043	952,732
Accumulated other comprehensive losses	(168,035)	(168,609)
Total stockholders' equity	880,378	874,916
Total liabilities and stockholders' equity	$ 975,396	$ 972,515

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	34,171,856	34,157,057
Common stock, shares outstanding (in shares)	34,171,856	34,157,057

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 90,865	$ 83,137
Cost of sales:
Total cost of sales	65,502	63,995
Selling, general and administrative	22,585	22,393
Engineering and product development	3,399	3,676
Restructuring and other charges	1,718	32
Gain on sale of property, plant and equipment	(6,647)	(114)
Foreign currency transaction (gain) loss	1,120	(1,254)
Total costs and expenses	87,677	88,728
Operating income (loss)	3,188	(5,591)
Interest income	2,827	203
Interest expense	(80)	(54)
Income (loss) before income taxes	5,935	(5,442)
Income tax provision	3,624	3,496
Net income (loss)	$ 2,311	$ (8,938)
Income (loss) per common share:
Basic	$ 0.07	$ (0.26)
Diluted	$ 0.07	$ (0.26)
Weighted average common shares outstanding:
Basic	34,128	34,494
Diluted	34,489	34,494
Products
Revenues:
Revenues from products and services	$ 59,246	$ 55,642
Cost of sales:
Total cost of sales	47,044	48,038
Services
Revenues:
Revenues from products and services	21,281	17,499
Cost of sales:
Total cost of sales	12,003	8,784
Leasing
Revenues:
Leasing	10,338	9,996
Cost of sales:
Total cost of sales	$ 6,455	$ 7,173

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,311	$ (8,938)
Other comprehensiveincome (loss), net of tax:
Foreign currency translation adjustments	574	2,886
Total comprehensive income (loss)	$ 2,885	$ (6,052)

- Definition

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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net income (loss)	$ 2,311	$ (8,938)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	6,889	7,559
Stock-based compensation expense	2,577	2,527
Restructuring and other charges	683	32
Gain on sale of property, plant and equipment	(6,647)	(114)
Deferred income taxes	(211)	1,327
Changes in operating assets and liabilities:
Trade receivables, net	(39,531)	14,849
Unbilled receivables	(6,376)	(6,951)
Inventories, net	(4,758)	5,658
Prepaids and other assets	1,335	(1,768)
Accounts payable and accrued expenses	(9,192)	(25,109)
Net cash used in operating activities	(52,920)	(10,928)
Investing activities
Purchase of property, plant and equipment	(5,424)	(2,066)
Proceeds from sale of property, plant and equipment	15,460	208
Purchase of short-term investments	(9,081)	0
Maturities of short-term investments	22,392	0
Net cash provided by (used in) investing activities	23,347	(1,858)
Financing activities
Repurchase of common shares	0	(5,808)
Other	(11)	(51)
Net cash used in financing activities	(11)	(5,859)
Effect of exchange rate changes on cash activities	123	1,202
Decrease in cash and cash equivalents	(29,461)	(17,443)
Cash and cash equivalents at beginning of period	264,804	355,451
Cash and cash equivalents at end of period	$ 235,343	$ 338,008

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Losses
Beginning Balance at Dec. 31, 2021	$ 897,108	$ 352	$ 80,254	$ 973,087	$ (156,585)
Foreign currency translation adjustment	2,886				2,886
Net income (loss)	(8,938)			(8,938)
Comprehensive income (loss)	(6,052)
Repurchase of common shares	(5,808)	(3)		(5,805)
Stock-based compensation expense	2,527		2,527
Ending Balance at Mar. 31, 2022	887,775	349	82,781	958,344	(153,699)
Beginning Balance at Dec. 31, 2022	874,916	343	90,450	952,732	(168,609)
Foreign currency translation adjustment	574				574
Net income (loss)	2,311			2,311
Comprehensive income (loss)	2,885
Stock-based compensation expense	2,577		2,577
Ending Balance at Mar. 31, 2023	$ 880,378	$ 343	$ 93,027	$ 955,043	$ (168,035)

- Definition

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

+ References

+ Details

- 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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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Treasury stock shares (in shares)	0	273,629

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

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.

During the quarter ended March 31, 2023, the Company reorganized its structure in order to streamline operations and leadership around more focused and integrated product and service lines to align with its business strategy. To reflect the Company’s new organizational structure, the Company changed presentation of its segments in 2023 into the following three reportable business segments: Subsea Products, Subsea Services, and Well Construction. Segment operating results for the prior year comparative period have been restated to reflect this change. Previously, the Company’s operations were organized into three geographic segments. Our Subsea Products business manufactures highly engineered, field-proven products with a wide array of deepwater drilling equipment and technology that meets the requirements for harsh subsea environments. Our Subsea Services business provides high-level aftermarket support and technical services with field technicians that support the full installation and lifecycle management of regulatory and industry standards, as well as offering industry training programs. Our Well Construction business provides products and services utilized in the construction of the wellbore such as completions, casing hardware and liner hanger systems. These products and services are used on both land and offshore markets. Additionally, Corporate includes the expenses and assets of the Company’s corporate office functions, legal and other administrative expenses that are managed at a consolidated level. For information with respect to our segments, see “Business Segments,” Note 9 of Notes to the Consolidated Financial Statements.

The condensed consolidated financial statements included herein are unaudited. The balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements as of that date. In the opinion of management, the unaudited condensed consolidated interim financial statements include all normal recurring adjustments necessary for a fair statement of the financial position as of March 31, 2023 and the results of operations and comprehensive income (loss) for the three months ended March 31, 2023 and 2022 and cash flows for the three months ended March 31, 2023 and 2022. Certain information and footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The results of operations and comprehensive income (loss) for the three months ended March 31, 2023 and cash flows for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Principles of Consolidation

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

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 as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition and asset recoverability tests and inventories.

Revenue Recognition

The Company generates revenues through the sale of products, the sale of services and the leasing of running tools. The Company normally negotiates contracts for products, including those accounted for under the over-time method, rental tools and services separately. Modifications to the scope and price of sales contracts may occur in the form of variations and change orders. 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 instead choose to use a third party or its own personnel.

Leasing Revenues

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

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

Fair Value of Financial Instruments

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

Impairment of Long-Lived Assets

Long-lived assets, including property, plant and equipment and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate our property and equipment and definite-lived intangible assets for impairment whenever changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Should the review indicate that the carrying value is not fully recoverable, the amount of the impairment loss is determined by comparing the carrying value to the estimated fair value. We assess recoverability based on undiscounted future net cash flows. Estimating future net cash flows requires us to make judgements regarding long-term forecasts of future revenues and costs related to the assets subject to review. These forecasts are uncertain in that they require assumptions about our revenue growth, operating margins, capital expenditures, future market conditions and technological developments. If changes in these assumptions occur, our expectations regarding future net cash flows may change such that a material impairment could result.

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. During the first quarter of 2023, the Company incurred $1.7 million of additional costs under the 2021 global strategic plan. These charges were primarily related to consulting and legal fees, office moves and site cleanup, and preparation costs. During the first quarter of 2022, the Company did not incur any significant costs under the 2021 global strategic plan. These charges are reflected as "Restructuring and other charges" in our condensed consolidated statements of income (loss).

Repurchase of Equity Securities

On February 22, 2022, the Board of Directors authorized an incremental $100.0 million share repurchase plan. The repurchase plans have no set expiration date and any repurchased shares are expected to be cancelled. The manner, timing and amount of any purchase will be determined by management based on an evaluation of market conditions, stock price, liquidity and other factors. The program does not obligate the Company to acquire any amount of common stock and may be modified or superseded at any time at the Company’s discretion.

For the three months ended March 31, 2023, the Company did not purchase any shares under the share repurchase plans.

For the three months ended March 31, 2022, the Company purchased 273,629 shares under the share repurchase plan at an average price of approximately $21.20 per share totaling approximately $5.8 million and has retired such shares.

Earnings Per Share

Basic earnings per common share is computed by dividing net income (loss) 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 awards using the treasury stock method.

In each relevant period, the net income (loss) used in the basic and dilutive earnings per share calculations is the same. The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:


	Three months ended
	March 31,
	2023		2022
	(In thousands)
Weighted average common shares outstanding – basic		34,128		34,494
Dilutive effect of common stock awards		361		-
Weighted average common shares outstanding – diluted		34,489		34,494

For the three months ended March 31, 2023 and 2022, the Company has excluded the following common stock awards because their impact on the income (loss) per share is anti-dilutive (in thousands on a weighted average basis):


	Three months ended
	March 31,
	2023		2022
	(In thousands)
Director stock awards		-		58
Performance share units		-		260
Restricted stock awards		-		516

Revenue Recognition

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

3. Revenue Recognition

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


	Three months ended
	March 31,
	2023		2022
	(In thousands)
Revenues:
Products:
Subsea products	$	46,117	$	46,304
Well construction		13,129		9,338
Total products		59,246		55,642
Services:
Subsea services		16,487		13,157
Well construction services		4,794		4,342
Total services		21,281		17,499

Contract Balances

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)


Contract Assets at December 31, 2022	$	138,592
Additions		180,755
Transfers to Trade Receivables, Net		(176,410	)
Contract Assets at March 31, 2023	$	142,937

Contract Liabilities (amounts shown in thousands)


Contract Liabilities at December 31, 2022	$	6,824
Additions		5,065
Revenue Recognized		(6,107	)
Contract Liabilities at March 31, 2023	$	5,782

Contract assets include unbilled accounts receivable associated with contracts accounted for under the over-time accounting method which were approximately $101.9 million and $92.6 million at March 31, 2023 and December 31, 2022, respectively. Unbilled contract assets are transferred to trade receivables, net, when the rights become unconditional. Contract liabilities primarily relate to advance payments from customers.

Obligations for returns and refunds were considered immaterial as of March 31, 2023.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over-time product lines was $69.3 million as of March 31, 2023. The Company expects to recognize revenue on approximately 77.5% of the remaining performance obligations over the next 12 months and the remaining 22.5% thereafter.

The Company applies the practical expedient available under the 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
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+ Details

Stock-Based Compensation and Stock Awards

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Stock Awards

4. Stock-Based Compensation and Stock Awards

During the three months ended March 31, 2023, the Company recognized approximately $2.6 million of stock-based compensation expense. Stock-based compensation is included in "Selling, general and administrative" in our accompanying condensed consolidated statements of income (loss) and "Additional paid-in capital" in our accompanying condensed consolidated balance sheets. During the three months ended March 31, 2022, the Company recognized approximately $2.5 million of stock-based compensation expense.

Inventories, net

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories, net

5. Inventories, net

Inventories consist of the following:


	March 31,			December 31,
	2023			2022
	(In thousands)
Raw materials and supplies	$	30,981		$	29,995
Work in progress		44,555			41,700
Finished goods		148,471			150,170
		224,007			221,865
Less: reserve for slow moving and excess inventory		(71,237	)		(75,861	)
Total inventory	$	152,770		$	146,004

Assets Held For Sale

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

6. Assets Held for Sale

In the second quarter of 2022, the Company actively marketed for sale its corporate administrative building, forge facility and aftermarket facility 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 and a gain on sale of approximately $18.0 million of which $0.8 million was realized in the three months ended March 31, 2023. In March 2023, we sold our aftermarket facility for a net amount of approximately $14.5 million and a gain on sale of approximately $5.9 million. The Company expects to sell the corporate administrative building 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 Condensed Consolidated Balance Sheets. As of March 31, 2023, the Assets held for sale balance was $10.8 million comprising of the corporate administrative building held in Corporate.

Restructuring and Other Charges

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

7. Restructuring and Other Charges

During the three months ended March 31, 2023, the Company incurred additional costs of approximately $1.7 million, under the 2021 global strategic plan. These charges primarily consist of office moves, site cleanup, preparation costs, consulting and legal fees.

During the three months ended March 31, 2022, the Company did not incur any significant costs under the 2021 global strategic plan.

The following table summarizes the components of charges included in "Restructuring and other charges" in our condensed consolidated statements of income (loss) for the three months ended March 31, 2023 and 2022 (in thousands):


	Three months ended March 31,
	2023		2022
Severance	$	-	$	32
Other		1,718		-
	$	1,718	$	32

The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of March 31, 2023 (in thousands):


	Total
Beginning balance at January 1, 2023	$	3,802
Additions for costs expensed		-
Reductions for payments		(512	)
Other		1
Ending balance at March 31, 2023	$	3,291

Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

8. Intangible Assets

Intangible assets, the majority of which were acquired in the acquisition of TIW Corporation in 2016 and OilPatch Technologies in 2017, consist of the following:


		March 31, 2023
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	15 years	$	8,140	$	(2,243	)	$	8		$	5,905
Patents	15 - 30 years		6,039		(3,786	)		(1	)		2,252
Customer relationships	5 - 15 years		25,626		(11,153	)		33			14,506
Organizational costs	3 years		163		(136	)		1			28
		$	39,968	$	(17,318	)	$	41		$	22,691


		December 31, 2022
	Estimated Useful Lives	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

Business Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segments

9. Business Segments

Operating segments are defined in FASB ASC Topic 280, Segment Reporting, as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

The Company evaluates segment performance based on operating income. The accounting policies of the segments are the same as described in the summary of significant accounting policies.

Subsea Products. The Company’s Subsea Products segment designs, manufactures and sells a variety of products including subsea wellheads, connectors and surface equipment, and subsea production systems.

Subsea Services. The Company’s Subsea Services segment delivers a variety of technical services including subsea rental services, subsea rework services and subsea services shared support.

Well Construction. The Company's Well Construction business provides products and services utilized in the construction of the wellbore such as completions, casing hardware and liner hanger systems.

Corporate. Corporate includes the expenses and assets of the Company’s corporate office functions, legal and other administrative expenses that are managed at a consolidated level.

During the three months ended March 31, 2023, the Company incurred $1.7 million of additional costs under the 2021 global strategic plan all of which is in Corporate. During the three months ended March 31, 2022, the Company did not incur any significant costs under the 2021 global strategic plan.

The following table presents selected financial data by business segment:


	Three months ended March 31,
	2023		2022			2023		2022		2023		2022		2023			2022			2023		2022
	Subsea Products					Subsea Services				Well Construction				Corporate						Total
	(In thousands)
Revenue	$	46,117	$	46,304		$	23,896	$	21,784	$	20,852	$	15,049	$	-		$	-		$	90,865	$	83,137
Depreciation and amortization		1,599		1,786			2,754		3,040		1,743		1,607		793			1,126			6,889		7,559
Operating income (loss)		1,495		(2,576	)		9,384		384		562		2,555		(8,253	)		(5,954	)		3,188		(5,591	)

The Company does not allocate assets to its reportable segments as they are not included in the review performed by the Chief Operating Decision Maker (CODM) for purposes of assessing segment performance and allocating resources. The balance sheet is reviewed on a consolidated basis and is not used in the context of segment reporting.

- 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
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+ Details

Income Tax

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax

10. Income Tax

The effective tax rate for the three months ended March 31, 2023 was 61.1% compared to (64.2)% for the same period in 2022. The change in the effective tax rate between the periods resulted primarily due to the change in projected earnings mix by geography and tax jurisdiction as compared to the prior period, changes in valuation allowances in the United States, foreign withholding tax, changes in nondeductible compensation, and the mix of earnings in jurisdictions with differing tax rates.

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 the refunds 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 $2.6 million as of March 31, 2023 and is primarily related to estimated foreign withholding tax associated with repatriating all non-U.S. earnings back to the United States.

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.

- 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

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

Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies

11. Contingencies

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 has 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.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Principles of Consolidation

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

Use of Estimates

Revenue Recognition

Leasing Revenues

Short-term Investments

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

Fair Value of Financial Instruments

Impairment of Long-Lived Assets

Restructuring and Other Charges

Repurchase of Equity Securities

For the three months ended March 31, 2023, the Company did not purchase any shares under the share repurchase plans.

Earnings Per Share


	Three months ended
	March 31,
	2023		2022
	(In thousands)
Weighted average common shares outstanding – basic		34,128		34,494
Dilutive effect of common stock awards		361		-
Weighted average common shares outstanding – diluted		34,489		34,494


	Three months ended
	March 31,
	2023		2022
	(In thousands)
Director stock awards		-		58
Performance share units		-		260
Restricted stock awards		-		516

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Earnings Per Share

The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:


	Three months ended
	March 31,
	2023		2022
	(In thousands)
Weighted average common shares outstanding – basic		34,128		34,494
Dilutive effect of common stock awards		361		-
Weighted average common shares outstanding – diluted		34,489		34,494

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three months ended
	March 31,
	2023		2022
	(In thousands)
Director stock awards		-		58
Performance share units		-		260
Restricted stock awards		-		516

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

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:


	Three months ended
	March 31,
	2023		2022
	(In thousands)
Revenues:
Products:
Subsea products	$	46,117	$	46,304
Well construction		13,129		9,338
Total products		59,246		55,642
Services:
Subsea services		16,487		13,157
Well construction services		4,794		4,342
Total services		21,281		17,499

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, 2022	$	138,592
Additions		180,755
Transfers to Trade Receivables, Net		(176,410	)
Contract Assets at March 31, 2023	$	142,937

Contract Liabilities (amounts shown in thousands)


Contract Liabilities at December 31, 2022	$	6,824
Additions		5,065
Revenue Recognized		(6,107	)
Contract Liabilities at March 31, 2023	$	5,782

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


	March 31,			December 31,
	2023			2022
	(In thousands)
Raw materials and supplies	$	30,981		$	29,995
Work in progress		44,555			41,700
Finished goods		148,471			150,170
		224,007			221,865
Less: reserve for slow moving and excess inventory		(71,237	)		(75,861	)
Total inventory	$	152,770		$	146,004

Restructuring and Other Charges (Tables)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Impairment, Restructuring and Other Charges


	Three months ended March 31,
	2023		2022
Severance	$	-	$	32
Other		1,718		-
	$	1,718	$	32

Schedule of Accrued Liabilities Related to Restructuring and Others Charges

The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of March 31, 2023 (in thousands):


	Total
Beginning balance at January 1, 2023	$	3,802
Additions for costs expensed		-
Reductions for payments		(512	)
Other		1
Ending balance at March 31, 2023	$	3,291

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets, the majority of which were acquired in the acquisition of TIW Corporation in 2016 and OilPatch Technologies in 2017, consist of the following:


		March 31, 2023
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	15 years	$	8,140	$	(2,243	)	$	8		$	5,905
Patents	15 - 30 years		6,039		(3,786	)		(1	)		2,252
Customer relationships	5 - 15 years		25,626		(11,153	)		33			14,506
Organizational costs	3 years		163		(136	)		1			28
		$	39,968	$	(17,318	)	$	41		$	22,691


		December 31, 2022
	Estimated Useful Lives	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

Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following table presents selected financial data by business segment:


	Three months ended March 31,
	2023		2022			2023		2022		2023		2022		2023			2022			2023		2022
	Subsea Products					Subsea Services				Well Construction				Corporate						Total
	(In thousands)
Revenue	$	46,117	$	46,304		$	23,896	$	21,784	$	20,852	$	15,049	$	-		$	-		$	90,865	$	83,137
Depreciation and amortization		1,599		1,786			2,754		3,040		1,743		1,607		793			1,126			6,889		7,559
Operating income (loss)		1,495		(2,576	)		9,384		384		562		2,555		(8,253	)		(5,954	)		3,188		(5,591	)

Organization and Basis of Presentation (Details)	3 Months Ended
Organization and Basis of Presentation (Details)	Mar. 31, 2023 Segment
Segment Reporting Information [Line Items]
Number of geographic segments	3
Number of reportable business segments	3

Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Feb. 22, 2022
Accounting Policies [Line Items]
Additions for costs expensed	$ 0
Shares authorized to be repurchased (up to)			$ 100,000
Treasury stock shares (in shares)	0	273,629
Average price of shares (in dollars per share)		$ 21.20
Treasury stock, value of acquired shares		$ 5,800
2021 Global Strategic Plan
Accounting Policies [Line Items]
Additions for costs expensed	$ 1,700

Significant Accounting Policies - Schedule of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Weighted average common shares outstanding basic (in shares)	34,128	34,494
Dilutive effect of common stock awards (in shares)	361	0
Weighted average common shares outstanding diluted (in shares)	34,489	34,494

Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Director stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	0	58
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	0	260
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive performance share units (in shares)	0	516

Revenue Recognition - Revenues From Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Subsea Products \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 46,117	$ 46,304
Well construction \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	13,129	9,338
Products
Disaggregation Of Revenue [Line Items]
Revenues	59,246	55,642
Products \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	59,246	55,642
Subsea Services \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	16,487	13,157
Well construction services. \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	4,794	4,342
Services \| Operating Segments
Disaggregation Of Revenue [Line Items]
Revenues	$ 21,281	$ 17,499

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition - Contract Asset and Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Contract Assets
Contract Assets at December 31, 2022	$ 138,592
Additions	180,755
Transfers to Trade Receivables, Net	(176,410)
Contract Assets at March 31, 2023	142,937
Contract Liabilities
Contract Liabilities at December 31, 2022	8,020
Contract Liabilities at March 31, 2023	7,271
Other Current Liabilities
Contract Liabilities
Contract Liabilities at December 31, 2022	6,824
Additions	5,065
Revenue Recognized	(6,107)
Contract Liabilities at March 31, 2023	$ 5,782

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 150,290	$ 144,428
Performance obligation	69,300
Receivables (Included in Trade Receivables)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Unbilled receivables	$ 101,900	$ 92,600

Revenue Recognition - Additional Information (Details1)	Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	77.50%
Expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation percentage	22.50%
Expected timing of satisfaction period	0 years

Stock-Based Compensation and Stock Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 2.6	$ 2.5

Inventories, net - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 30,981	$ 29,995
Work in progress	44,555	41,700
Finished goods	148,471	150,170
Inventory, gross, Total	224,007	221,865
Less: allowance for reserve	(71,237)	(75,861)
Total inventory	$ 152,770	$ 146,004

Assets Held For Sale (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
Assets Held For Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 10,828		$ 10,828		$ 19,383
Gain on sale of facility			6,647	$ 114
DQ Corporate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	10,800		10,800
Forge Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of productive assets		$ 18,900
Gain on sale of facility		$ 18,000
Realized gain on assets held for sale			$ 800
Aftermarket facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from sale of productive assets	14,500
Gain on sale of facility	$ 5,900

- 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

Restructuring and Other Charges - Additional information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Additions for costs expensed	$ 0
2021 Global Strategic Plan
Restructuring Cost and Reserve [Line Items]
Additions for costs expensed	$ 1,700

Restructuring and Other Charges - Schedule of Impairment, Restructuring and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Severance	$ 0	$ 32
Other	1,718	0
Total impairment, restructuring and other charges	$ 1,718	$ 32

Restructuring and Other Charges - Schedule of Accrued Liabilities Related to Restructuring and Others Charges (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Beginning balance	$ 3,802
Additions for costs expensed	$ 0
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring And Other Charges
Reductions for payments	$ (512)
Other	1
Ending balance	$ 3,291

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	$ 39,968	$ 40,499
Accumulated Amortization	(17,318)	(16,826)
Finite-Lived, Foreign Currency Translation	41	(325)
Finite-Lived, Net Book Value	$ 22,691	$ 23,348
Trademarks
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Estimated Useful Lives	15 years	15 years
Finite-Lived, Gross Book Value	$ 8,140	$ 8,233
Accumulated Amortization	(2,243)	(2,118)
Finite-Lived, Foreign Currency Translation	8	(79)
Finite-Lived, Net Book Value	5,905	6,036
Patents
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived, Gross Book Value	6,039	6,055
Accumulated Amortization	(3,786)	(3,699)
Finite-Lived, Foreign Currency Translation	(1)	0
Finite-Lived, Net Book Value	$ 2,252	$ 2,356
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	$ 25,626	$ 26,028
Accumulated Amortization	(11,153)	(10,878)
Finite-Lived, Foreign Currency Translation	33	(234)
Finite-Lived, Net Book Value	$ 14,506	$ 14,916
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	$ 163	$ 183
Accumulated Amortization	(136)	(131)
Finite-Lived, Foreign Currency Translation	1	(12)
Finite-Lived, Net Book Value	$ 28	$ 40

Business Segments - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Segment
Concentration Risk [Line Items]
Number of geographic segments \| Segment	3
Restructuring and Related Cost, Incurred Cost	$ 0
2021 Global Strategic Plan
Concentration Risk [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 1,700

Business Segments - Schedule of Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 90,865	$ 83,137
Depreciation and amortization	6,889	7,559
Operating income (loss)	3,188	(5,591)
Subsea Products
Segment Reporting Information [Line Items]
Revenues	46,117	46,304
Depreciation and amortization	1,599	1,786
Operating income (loss)	1,495	(2,576)
Subsea Services
Segment Reporting Information [Line Items]
Revenues	23,896	21,784
Depreciation and amortization	2,754	3,040
Operating income (loss)	9,384	384
Well construction
Segment Reporting Information [Line Items]
Revenues	20,852	15,049
Depreciation and amortization	1,743	1,607
Operating income (loss)	562	2,555
Corporate
Segment Reporting Information [Line Items]
Revenues	0	0
Depreciation and amortization	793	1,126
Operating income (loss)	$ (8,253)	$ (5,954)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Income Tax - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Effective tax rate, percent	61.10%	(64.20%)
Deferred foreign tax liability	$ 2.6
Other Current Assets
Operating Loss Carryforwards [Line Items]
Net operating loss carryback claims			$ 15.8