0001401257-21-000031 | 10-K | XBRL Viewer | Forum Energy Technologies INC

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2020	Feb. 26, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35504
Entity Registrant Name	FORUM ENERGY TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1488595
Entity Address, Address Line One	10344 Sam Houston Park Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77064
City Area Code	713
Local Phone Number	351-7900
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 44.0
Entity Common Stock, Shares Outstanding		5,599,517
Documents Incorporated by Reference	Portions of our Proxy Statement for the 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this report.
Entity Central Index Key	0001401257
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
NEW YORK STOCK EXCHANGE, INC.
Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	FET
Security Exchange Name	NYSE

Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenues	$ 512,476	$ 956,533
Cost of sales	523,497	711,681
Gross profit	(11,021)	244,852
Operating expenses
Selling, general and administrative expenses	197,677	251,736
Impairments of goodwill, intangible assets, property and equipment	20,394	532,336
Transaction expenses	3,128	1,159
Contingent consideration benefit	0	(4,629)
Loss (gain) on disposal of assets and other	(597)	78
Total operating expenses	220,602	780,680
Loss from equity investments	0	(318)
Operating loss	(231,623)	(536,146)
Other expense (income)
Interest expense	30,268	31,618
Gain on extinguishment of debt	(72,478)	0
Deferred loan costs written off	2,262	0
Foreign exchange losses and other, net	6,470	5,022
Gain realized on previously held equity investment	0	(1,567)
Gain on disposition of business	(88,375)	(2,348)
Total other expense (income), net	(121,853)	32,725
Loss before income taxes	(109,770)	(568,871)
Income tax benefit	(12,881)	(1,814)
Net loss	$ (96,889)	$ (567,057)
Weighted average shares outstanding
Basic (in shares)	5,577	5,505
Diluted (in shares)	5,577	5,505
Loss per share
Basic (in dollars per share)	$ (17.37)	$ (103.01)
Diluted (in dollars per share)	$ (17.37)	$ (103.01)
Other comprehensive income (loss), net of tax:
Net loss	$ (96,889)	$ (567,057)
Change in foreign currency translation, net of tax of $0	9,249	7,958
Loss on pension liability	(700)	(1,666)
Comprehensive loss	$ (88,340)	$ (560,765)

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Change in foreign currency translation, tax	$ 0	$ 0	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 128,617	$ 57,911
Accounts receivable—trade, net of allowances of $9,217 and $9,048	80,606	154,182
Inventories, net	251,747	414,640
Prepaid expenses and other current assets	19,018	33,820
Costs and estimated profits in excess of billings	8,516	4,104
Accrued revenue	1,687	1,260
Total current assets	490,191	665,917
Property and equipment, net of accumulated depreciation	113,668	154,836
Operating lease assets	31,520	48,682
Deferred financing costs, net	249	1,243
Intangibles, net	240,444	272,300
Deferred income taxes, net	102	654
Other long-term assets	13,752	16,365
Total assets	889,926	1,159,997
Current liabilities
Current portion of long-term debt	1,322	717
Accounts payable—trade	46,351	98,720
Accrued liabilities	67,581	86,625
Deferred revenue	7,863	4,877
Billings in excess of costs and profits recognized	1,817	5,911
Total current liabilities	124,934	196,850
Long-term debt, net of current portion	293,373	398,862
Deferred income taxes, net	1,952	2,465
Operating lease liabilities	44,536	49,938
Other long-term liabilities	18,895	25,843
Total liabilities	483,690	673,958
Commitments and contingencies
Equity
Common stock, $0.01 par value, 14,800,000 shares authorized, 5,992,400 and 5,942,030 shares issued	60	1,189
Additional paid-in capital	1,242,720	1,231,650
Treasury stock at cost, 410,877 and 410,595 shares	(134,499)	(134,493)
Retained earnings (accumulated deficit)	(601,656)	(503,369)
Accumulated other comprehensive loss	(100,389)	(108,938)
Total equity	406,236	486,039
Total liabilities and equity	$ 889,926	$ 1,159,997

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9,217	$ 9,048
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	14,800,000	14,800,000
Common stock, shares issued (in shares)	5,992,400	5,942,030
Treasury stock, shares, at cost (in shares)	410,877	410,595

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (96,889)	$ (567,057)
Adjustments to reconcile net loss to net cash provided by (used in) investing activities:
Impairments of goodwill, intangible assets, property and equipment	20,394	532,336
Impairments of operating lease assets	15,370	2,364
Depreciation expense	24,484	30,629
Amortization of intangible assets	26,516	32,612
Stock-based compensation expense	9,784	15,846
Inventory write downs	100,794	10,324
Provision for doubtful accounts	1,127	3,152
Deferred income taxes	(149)	(12,985)
Contingent consideration benefit	0	(4,629)
Gain on disposition of business	(88,375)	(2,348)
Gain on extinguishment of debt	(72,478)	0
Deferred loan costs written off	2,262	0
Gain realized on previously held equity investment	0	(1,567)
Loss from equity investments, net of distributions	0	318
Other	3,703	1,676
Changes in operating assets and liabilities
Accounts receivable—trade	65,541	49,732
Inventories	51,621	54,265
Prepaid expenses and other current assets	17,794	621
Cost and estimated profits in excess of billings	(4,317)	4,632
Accounts payable, deferred revenue and other accrued liabilities	(69,399)	(48,056)
Billings in excess of costs and estimated profits earned	(3,900)	2,279
Net cash provided by operating activities	3,883	104,144
Cash flows from investing activities
Capital expenditures for property and equipment	(2,246)	(15,102)
Proceeds from the sale of equity investment and business	105,204	42,754
Proceeds from the sale of property and equipment	5,292	483
Net cash provided by investing activities	108,250	28,135
Cash flows from financing activities
Borrowings on revolving Credit Facility	182,322	137,000
Repayments on revolving Credit Facility	(169,196)	(256,900)
Cash paid to repurchase 2021 Notes	(40,270)	0
Bond exchange early participation payment	(3,500)	0
Repurchases of stock	(195)	(1,094)
Payment of capital lease obligations	(1,179)	(1,197)
Deferred financing costs	(9,747)	0
Net cash used in financing activities	(41,765)	(122,191)
Effect of exchange rate changes on cash	338	582
Net increase in cash, cash equivalents and restricted cash	70,706	10,670
Cash, cash equivalents and restricted cash at beginning of period	57,911	47,241
Cash, cash equivalents and restricted cash at end of period	128,617	57,911
Supplemental cash flow disclosures
Cash paid for interest	23,763	31,940
Cash paid (refunded) for income taxes	(13,941)	3,917
Noncash investing and financing activities
Operating lease right of use assets obtained in exchange for lease obligations	4,505	9,745
Finance lease right of use assets obtained in exchange for lease obligations	1,401	1,822
Note receivable related to equity method investment transaction	0	4,725
Accrued purchases of property and equipment	$ 0	$ 91

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common stock	Additional paid-in capital	Treasury stock	Retained earnings (accumulated deficit)	Retained earnings (accumulated deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive income / (loss)	Total common stockholders’ equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU			$ 1,174	$ 1,214,928	$ (134,434)	$ 63,688		$ (115,230)	$ 1,030,126
Beginning balance at Dec. 31, 2018			1,174	1,214,928	(134,434)	63,688		(115,230)	1,030,126
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issuance, net of forfeitures			9	(1,044)					(1,035)
Stock-based compensation expense				15,846					15,846
Shares issued in employee stock purchase plan			5	1,546					1,551
Contingent shares issued for acquisition of Cooper			1	374					375
Treasury stock					(59)				(59)
Adjustment for adoption of ASU	$ 486,039	$ (1,398)	1,189	1,231,650	(134,493)	(503,369)	$ (1,398)	(108,938)	486,039
Change in pension liability	(1,666)							(1,666)	(1,666)
Currency translation adjustment	7,958							7,958	7,958
Net loss	(567,057)					(567,057)			(567,057)
Ending balance at Dec. 31, 2019	486,039	(1,398)	1,189	1,231,650	(134,493)	(503,369)	(1,398)	(108,938)	486,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU	486,039	(1,398)	1,189	1,231,650	(134,493)	(503,369)	(1,398)	(108,938)	486,039
Restricted stock issuance, net of forfeitures			7	(196)					(189)
Stock-based compensation expense				9,784					9,784
Shares issued in employee stock purchase plan			2	344					346
Treasury stock					(6)				(6)
Adjustment for adoption of ASU	$ 486,039	$ (1,398)	60	1,242,720	(134,499)	(601,656)	$ (1,398)	(100,389)	406,236
Accounting Standards Update	us-gaap:AccountingStandardsUpdate201613Member
Change in pension liability	$ (700)							(700)	(700)
Currency translation adjustment	9,249							9,249	9,249
1-for-20 reverse stock split			(1,138)	1,138					0
Net loss	(96,889)					(96,889)			(96,889)
Ending balance at Dec. 31, 2020	406,236		60	1,242,720	(134,499)	(601,656)		(100,389)	406,236
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU	$ 406,236		$ 60	$ 1,242,720	$ (134,499)	$ (601,656)		$ (100,389)	$ 406,236

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Forum Energy Technologies, Inc. (the “Company”), a Delaware corporation, is a global products company, serving the drilling, downhole, subsea, completions and production sectors of the energy industry. The Company designs, manufactures and distributes products, and engages in aftermarket parts supply and services that complement the Company’s product offering.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

COVID-19 Impacts

The outbreak of COVID-19 in 2020 caused significant disruptions in the U.S. and world economies. In response to the continued spread of COVID-19, federal, state and local governments have imposed varying degrees of restrictions on business and social activities, including quarantine and “stay-at-home” orders. As a result of the imposition of these government orders, there was an adverse impact on the level of oil and natural gas demand and many companies have sought protection under Chapter 11 of the U.S. Bankruptcy Code. The full impacts of the COVID-19 outbreak are continuing to evolve and will ultimately depend on future developments, including the rate of distribution for approved vaccines, actions taken by governmental authorities, customers, suppliers and other third parties to prevent further spread of the virus, workforce availability, and the timing and extent to which economic and operating conditions resume. We have experienced resulting disruptions to our business operations, as restrictions have significantly impacted many sectors of the economy, with businesses curtailing or ceasing normal operations. While we cannot estimate with any degree of certainty the full impact of the COVID-19 outbreak on our liquidity, financial condition and future results of operations, we expect the adverse impacts on our financial results from COVID-19 will continue in future quarters.

Principles of consolidation

The consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries after elimination of intercompany balances and transactions.

We previously held an investment in Ashtead, an operating entity where we had the ability to exert significant influence, but did not control operating and financial policies. This investment was accounted for using the equity method of accounting with our share of the net income reported in “Loss from equity investments” in the consolidated statements of comprehensive loss and the investment reported in “Investment in unconsolidated subsidiary” in the consolidated balance sheets. On September 3, 2019, we sold our aggregate 40% interest in Ashtead to the majority owners of Ashtead. As of December 31, 2020, we have no investments in unconsolidated subsidiaries. Refer to Note 4 Dispositions for further discussion.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

In the preparation of these consolidated financial statements, estimates and assumptions have been made by management including, among others, an assessment of percentage of completion of projects based on costs to complete contracts, the selection of useful lives of tangible and intangible assets, expected future cash flows from long lived assets to support impairment tests, provisions necessary for trade receivables, amounts of deferred taxes and income tax contingencies. Actual results could differ from these estimates.

The financial reporting of contracts depends on estimates, which are assessed continually during the term of those contracts. The amounts of revenues and income recognized are subject to revisions as the contract progresses to completion and changes in estimates are reflected in the period in which the facts that give rise to the revisions become known. Additional information that enhances and refines the estimating process that is obtained after the

balance sheet date, but before issuance of the consolidated financial statements, is reflected in the consolidated financial statements.

Cash and cash equivalents

Cash and cash equivalents consist of cash on deposit and high quality, short term money market instruments with an original maturity of three months or less. Cash equivalents are based on quoted market prices, a Level 1 fair value measure.

Accounts receivable-trade

Trade accounts receivables are carried at their estimated collectible amounts. Trade credit is generally extended on a short-term basis; thus receivables do not bear interest, although a finance charge may be applied to amounts past due. We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of our customers to make required payments. Such allowances are based upon several factors including, but not limited to, credit approval practices, industry and customer historical experience as well as the current and projected financial condition of the specific customer. Accounts receivable outstanding longer than contractual terms are considered past due. We write off accounts receivable to the allowance for doubtful accounts when they become uncollectible. Any payments subsequently received on receivables previously written off are credited to bad debt expense.

The change in amounts of the allowance for doubtful accounts during the two year period ended December 31, 2020 is as follows (in thousands):


Period ended	Balance at beginning of period	Charged to expense	Deductions or other	Balance at end of period
December 31, 2019	7,432	3,152	(1,536)	9,048
December 31, 2020	9,048	1,127	(958)	9,217

Inventories

Inventory consisting of finished goods and materials and supplies held for resale is carried at the lower of cost or net realizable value. For certain operations, cost, which includes the cost of raw materials and labor for finished goods, is determined using standard cost which approximates a first-in first-out basis. For other operations, this cost is determined on an average cost, first-in first-out or specific identification basis. Net realizable value means estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. We continuously evaluate inventories based on an analysis of inventory levels, historical sales experience and future sales forecasts, to determine obsolete, slow-moving and excess inventory.

For the years ended December 31, 2020 and 2019, we recognized inventory write downs totaling $100.8 million and $10.3 million, respectively. These charges are all included in “Cost of sales” in the consolidated statements of comprehensive loss. See Note 5 Inventories for further information related to these charges.

Property and equipment

Property and equipment are stated at cost less accumulated depreciation. Capital leases of property and equipment are stated at the present value of future minimum lease payments. Expenditures for property and equipment and for items which substantially increase the useful lives of existing assets are capitalized at cost and depreciated over their estimated useful life utilizing the straight-line method. Routine expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method based on the estimated useful lives of assets, generally 3 to 30 years. Property and equipment held under capital leases are amortized straight-line over the shorter of the lease term or estimated useful life of the asset. Gains or losses resulting from the disposition of assets are recognized in income with the related asset cost and accumulated depreciation removed from the balance sheet. Assets acquired in connection with business combinations are recorded at fair value.

Rental equipment consists of equipment rented to customers under short-term rental agreements. Rental equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of three to ten years.

We review long-lived assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. In performing the review for impairment, future cash

flows expected to result from the use of the asset and its eventual disposal are estimated. If the undiscounted future cash flows are less than the carrying amount of the assets, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined either through the use of an external valuation, or by means of an analysis of discounted future cash flows based on expected utilization.

For the years ended December 31, 2020 and 2019, we recognized property and equipment impairment charges totaling $15.1 million and $7.9 million, respectively, which are included in “Impairments of goodwill, intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Goodwill and Long Lived Assets for further information related to these charges.

We record the fair value of asset retirement obligations as a liability in the period in which the associated legal obligation is incurred. The fair value of the obligation is recorded as a liability and capitalized as part of the related asset. Over time, the liability is accreted to its future value and the capitalized cost is depreciated over the estimated useful life of the related asset. The current portion of the liability is included in other accrued liabilities and the non-current portion is included in other long-term liabilities in the consolidated balance sheets.

Lease Obligations

We determine if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded in our consolidated balance sheets. Leases with an initial term greater than 12 months are recognized in our consolidated balance sheets based on lease classification as either operating or financing. Operating leases are included in operating lease assets, accrued liabilities and operating lease liabilities. Finance leases are included in property and equipment, current portion of long-term debt, and long-term debt. Some of our lease agreements include lease and non-lease components for which we have elected to not separate for all classes of underlying assets. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We sublease certain real estate to third parties when we have no future use for the property.

Our lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. Operating lease Right of Use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments at the commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Our leases have remaining terms of 1 year to 13 years and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The operating lease ROU assets also include any upfront lease payments made and exclude lease incentives and initial direct costs incurred. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

We review lease ROU assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset and its eventual disposal are estimated. If the undiscounted future cash flows are less than the carrying amount of the assets, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined by means of an analysis of discounted future cash flows based on expected utilization.

For the years ended December 31, 2020 and 2019, we recognized impairments of operating lease assets totaling $15.4 million and $2.4 million, respectively, which are included in “Cost of Sales” and “Selling, general and administrative expenses” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Goodwill and Long Lived Assets for further information related to these charges.

Goodwill and intangible assets

For goodwill and intangible assets with indefinite lives, an assessment for impairment is performed annually or when there is an indication an impairment may have occurred. We use an assessment date of October 1 for our annual impairment test for goodwill and other indefinite-lived intangible assets. Goodwill is reviewed for impairment by comparing the carrying value of each of our seven reporting units’ net assets, including allocated goodwill, to the estimated fair value of the reporting unit. We determine the fair value of our reporting units using a discounted cash flow approach. We selected this valuation approach because we believe it, combined with our best judgment regarding underlying assumptions and estimates, provides the best estimate of fair value for each of our reporting units. Determining the fair value of a reporting unit requires the use of estimates and assumptions. Such estimates and assumptions include revenue growth rates, future operating margins, the weighted average cost of capital, a terminal growth value, and future market conditions, among others. We believe that the estimates and assumptions used in our impairment assessments are reasonable. If the reporting unit’s carrying value is greater than its calculated fair value, we recognize a goodwill impairment charge for the amount by which the carrying value of goodwill exceeds its fair value.

For the year ended December 31, 2019, we recognized goodwill impairment charges totaling $471.0 million which is included in “Impairments of goodwill, intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Goodwill and Long Lived Assets for further information related to these charges. Following the goodwill impairment charges recognized in the third quarter of 2019, there is no remaining goodwill balance for any of our reporting units.

Intangible assets with definite lives are comprised of customer and distributor relationships, patents and technology, trade names, trademarks and non-compete agreements which are amortized on a straight-line basis over the life of the intangible asset, generally two to twenty-two years. These assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset are estimated. If the undiscounted future cash flows are less than the carrying amount of the assets, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined either through the use of an external valuation, or by means of an analysis of discounted future cash flows. The impairment loss recognized represents the excess of an assets’ carrying value as compared to its estimated fair value.

For the years ended December 31, 2020 and 2019, we recognized intangible asset impairment charges totaling $5.3 million and $53.5 million, respectively, which are included in “Impairments of goodwill, intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Goodwill and Long Lived Assets for further information related to these charges.

Recognition of provisions for contingencies

In the ordinary course of business, we are subject to various claims, suits and complaints. We, in consultation with internal and external legal advisors, will provide for a contingent loss in the consolidated financial statements if, at the date of the consolidated financial statements, it is probable that a liability has been incurred and the amount can be reasonably estimated. If it is determined that the reasonable estimate of the loss is a range and that there is no best estimate within that range, a provision will be made for the lower amount of the range. Legal costs are expensed as incurred.

An assessment is made of the areas where potential claims may arise under contract warranty clauses. Where a specific risk is identified, and the potential for a claim is assessed as probable and can be reasonably estimated, an appropriate warranty provision is recorded. Warranty provisions are eliminated at the end of the warranty period except where warranty claims are still outstanding. The liability for product warranty is included in other accrued liabilities in the consolidated balance sheets.

Revenue recognition and deferred revenue

Revenue is recognized in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

Contract Identification. We account for a contract when it is approved, both parties are committed, the rights of the parties are identified, payment terms are defined, the contract has commercial substance and collection of consideration is probable.

Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer under ASC 606. The majority of our contracts with customers contain a single performance obligation to provide agreed-upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. In accordance with ASC 606, we do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. We have elected to apply the practical expedient to account for shipping and handling costs associated with outbound freight after control of a product has transferred to a customer as a fulfillment cost which is included in Cost of Sales. Furthermore, since our customer payment terms are short-term in nature, we have also elected to apply the practical expedient which allows an entity to not adjust for the effects of a significant financing component if it expects that the customer’s payment period will be less than one year in duration.

Contract Value. Revenue is measured based on the amount of consideration specified in the contracts with our customers and excludes any amounts collected on behalf of third parties. We have elected the practical expedient to exclude amounts collected from customers for all sales (and other similar) taxes.

The estimation of total revenue from a customer contract is subject to elements of variable consideration. Certain customers may receive rebates or discounts which are accounted for as variable consideration. We estimate variable consideration as the most likely amount to which we expect to be entitled, and we include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved. Our estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historic, current, forecast) that is reasonably available to us.

Timing of Recognition. We recognize revenue when we satisfy a performance obligation by transferring control of a product or service to a customer. Our performance obligations are satisfied at a point in time or over time as work progresses.

Revenue from goods transferred to customers at a point in time accounted for 93% of revenues for the year ended December 31, 2020. The majority of this revenue is product sales, which are generally recognized when items are shipped from our facilities and title passes to the customer. The amount of revenue recognized for products is adjusted for expected returns, which are estimated based on historical data.

Revenue from goods transferred to customers over time accounted for 7% of revenues for the year ended December 31, 2020, which is related to certain contracts in our Subsea and Production Equipment product lines. Recognition over time for these contracts is supported by our assessment of the products supplied as having no alternative use to us and by clauses in the contracts that provide us with an enforceable right to payment for performance completed to date. We use the cost-to-cost method to measure progress for these contracts because it best depicts the transfer of assets to the customer which occurs as costs are incurred on the contract. The amount of revenue recognized is calculated based on the ratio of costs incurred to-date compared to total estimated costs which requires management to calculate reasonably dependable estimates of total contract costs. Whenever revisions of estimated contract costs and contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. We recognize revenue and cost of sales each period based upon the advancement of the work-in-progress unless the stage of completion is insufficient to enable a reasonably certain forecast of profit to be established. In such cases, no profit is recognized during the period.

Accounting estimates during the course of projects may change, primarily related to our remotely operated vehicles (“ROVs”) which may take longer to manufacture. The effect of such a change, which can be upward as well as

downward, is accounted for in the period of change, and the cumulative income recognized to date is adjusted to reflect the latest estimates. These revisions to estimates are accounted for on a prospective basis.

Contracts are sometimes modified to account for changes in product specifications or requirements. Most of our contract modifications are for goods and services that are not distinct from the existing contract. As such, these modifications are accounted for as if they were part of the existing contract, and therefore, the effect of the modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. No adjustment to any one contract was material to our consolidated financial statements for the years ended December 31, 2020 and 2019.

We sell our products through a number of channels including a direct sales force, marketing representatives, and distributors. We have elected to expense sales commissions when incurred as the amortization period would be less than one year. These costs are recorded within cost of sales.

Portfolio Approach. We have elected to apply ASC 606 to a portfolio of contracts with similar characteristics as we reasonably expect that the effects on the financial statements of applying this guidance to the portfolio would not differ materially from applying this guidance to the individual contracts within that portfolio.

Disaggregated Revenue. Refer to Note 18 Business Segments for disaggregated revenue by product line and geography.

Contract Balances. Contract balances are determined on a contract by contract basis. Contract assets represent revenue recognized for goods and services provided to our customers when payment is conditioned on something other than the passage of time. Similarly, when we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract, we record a contract liability. Such contract liabilities typically result from billings in excess of costs incurred and advance payments received on product sales.

Concentration of credit risk

Trade accounts receivable are financial instruments which potentially subject the Company to credit risk. Trade accounts receivable consist of uncollateralized receivables from domestic and international customers. For the years ended December 31, 2020 and 2019, no one customer accounted for 10% or more of the total revenue or 10% or more of the total accounts receivable balance at the end of the respective period.

Stock based compensation

We measure all stock based compensation awards at fair value on the date they are granted to employees and directors, and recognize compensation cost over the requisite service period for awards with only a service condition, and over a graded vesting period for awards with service and performance or market conditions.

The fair value of stock based compensation awards with market conditions is measured using a Monte Carlo Simulation model and, in accordance with Accounting Standards Codification Topic 718, is not adjusted based on actual achievement of the performance goals. The Black-Scholes option pricing model is used to measure the fair value of options. Forfeitures are accounted for as they occur.

Income taxes

We follow the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are determined based upon temporary differences between the carrying amounts and tax bases of our assets and liabilities at the balance sheet date, and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period in which the change occurs. We record a valuation allowance in each reporting period when management believes that it is more likely than not that any deferred tax asset created will not be realized. See Note 11 Income Taxes for more information on valuation allowances recognized.

Accounting guidance for income taxes requires that we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. If a tax position meets the “more likely than not” recognition criteria, accounting guidance requires the tax position be measured at the largest amount of benefit greater than 50% likely of being realized upon ultimate settlement.

Non-U.S. local currency translation

We have global operations and the majority of our non-U.S. operations have designated the local currency as the functional currency. Realized and unrealized gains and losses resulting from re-measurements of monetary assets and liabilities denominated in a currency other than the local entity’s functional currency are included in the consolidated statements of comprehensive loss as incurred.

Financial statements of our foreign operations where the functional currency is not the U.S. dollar are translated into U.S. dollars using the current rate method whereby assets and liabilities are translated at the balance sheet rate and income and expenses are translated at the average exchange rates in effect during the period. The resultant translation adjustments are reported as a component of accumulated other comprehensive loss within stockholders’ equity in our consolidated balance sheets.

Fair value

The carrying amounts for financial instruments classified as current assets and current liabilities approximate fair value, due to the short maturity of such instruments. The book values of other financial instruments, such as our debt related to the Credit Facility, approximates fair value because interest rates charged are similar to other financial instruments with similar terms and maturities and the rates vary in accordance with a market index.

For the financial assets and liabilities disclosed at fair value, fair value is determined as the exit price, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The established fair value hierarchy divides fair value measurement into three broad levels:

•Level 1 - inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;

•Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

•Level 3 - inputs are unobservable for the asset or liability, which reflect the best judgment of management.

The financial assets and liabilities that are disclosed at fair value for disclosure purposes are categorized in one of the above three levels based on the lowest level input that is significant to the fair value measurement in its entirety. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), which we adopt as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption.

Accounting Standards Adopted in 2020

Financial Instruments—Credit Losses. In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326), which introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. It requires an entity to estimate credit losses expected over the life of an exposure based on historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. We adopted this new standard as of January 1, 2020. The adoption of this standard resulted in a noncash cumulative effect adjustment to increase our allowance for doubtful accounts and increase our retained deficit by $1.4 million. The new standard did not materially affect our consolidated statements of comprehensive loss for the year ended December 31, 2020.

Accounting for Implementation Costs Related to a Cloud Computing Arrangement. In August 2018, the FASB issued ASU No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This new guidance aligns the requirements for capitalizing implementation costs incurred by an entity related to a cloud computing arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Accordingly, this guidance requires an entity to capitalize certain implementation costs incurred and then amortize them over the term of the cloud hosting

arrangement. Furthermore, this guidance also requires an entity to present the expense, cash flows, and capitalized implementation costs in the same financial statement line items as the associated hosting service. We adopted this new standard as of January 1, 2020. The adoption of this new standard did not have a material impact on our condensed consolidated financial statements.

Fair Value Measurement Disclosure. In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurement. This new guidance eliminated, modified and added certain disclosure requirements related to fair value measurements. We adopted this new standard as of January 1, 2020. This new standard did not have a material impact on our condensed consolidated financial statements.

Subsidiary Guarantees. In March 2020, the SEC adopted amendments to the financial disclosure requirements applicable to registered debt offerings that include credit enhancements, such as subsidiary guarantees, in Rule 3-10 of Regulation S-X. The amended rule focuses on providing material, relevant and decision-useful information regarding guarantees and other credit enhancements, while eliminating certain prescriptive requirements. We adopted these amendments in 2020. Accordingly, combined summarized financial information has been presented only for the issuers and guarantors of our registered securities. In addition, the previous disclosures have been removed from the Notes to Condensed Consolidated Financial Statements and the new required disclosures are included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Accounting Standards Issued But Not Yet Adopted

Income Tax. In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740) - Disclosure Framework - Simplifying the Accounting for Income Taxes, which simplified the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and clarifying and amending existing guidance. This guidance will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We are currently evaluating the impact of this new guidance. However, we currently expect that the adoption of this guidance will not have a material impact on our consolidated financial statements.

Convertible Debt. In August 2020, the FASB issued ASU No. 2020-06 Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This update reduces the number of accounting models for convertible debt instruments resulting in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, this update also makes targeted changes to the disclosures for convertible instruments and earnings-per-share guidance. This guidance may be adopted through either a modified retrospective or fully retrospective method of transition and will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, and must be adopted as of the beginning of the Company's fiscal year. We are currently evaluating the impact of this new guidance. However, we currently expect that the adoption of this guidance will not have a material impact on our consolidated financial statements.

Revenues

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues

Disaggregated Revenue

Refer to Note 18 Business Segments for disaggregated revenue by product line and geography.

Contract Balances

The following table reflects the changes in our contract assets and contract liabilities balances for the year ended December 31, 2020:


	December 31, 2020		December 31, 2019		Increase / (Decrease)
					$		%
Accrued revenue	$	1,687	$	1,260
Costs and estimated profits in excess of billings	8,516		4,104
Contract assets	$	10,203	$	5,364	$	4,839	90	%

Deferred revenue	$	7,863	$	4,877
Billings in excess of costs and profits recognized	1,817		5,911
Contract liabilities	$	9,680	$	10,788	$	(1,108)	(10)	%

During the year ended December 31, 2020, our contract assets increased by $4.8 million and our contract liabilities decreased by $1.1 million primarily due to the timing of billings on large projects in our Subsea Technologies product line.

During the year ended December 31, 2020, we recognized revenue of $9.3 million that was included in the contract liability balance at the beginning of the period.

Substantially all of our contracts are less than one year in duration. As such, we have elected to apply the practical expedient which allows an entity to exclude disclosures about its remaining performance obligations if the performance obligation is part of a contract that has an original expected duration 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 http://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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2020
Business Combinations [Abstract]
Dispositions	Dispositions 2020 Disposition of ABZ and Quadrant Valves On December 31, 2020, we sold certain assets of our ABZ and Quadrant valve brands for cash consideration of $104.6 million. This transaction was accounted for as a disposition of a business. We recognized a gain on disposition of $88.4 million based on the difference in cash received less $15.0 million of net book value of assets sold and a $1.2 million accrued liability for an estimated working capital settlement. Pro forma results of operations for this disposition have not been presented because the effects were not material to the consolidated financial statements. 2019 Disposition of Cooper Alloy® On December 4, 2019, we sold certain assets of our Cooper Alloy® brand of valve products for total consideration of $4.0 million and recognized a gain on disposition totaling $2.3 million. Pro forma results of operations for this disposition have not been presented because the effects were not material to the consolidated financial statements. 2019 Disposition of Equity Interest in Ashtead Technology On September 3, 2019, we sold our aggregate 40% interest in Ashtead to the majority owners of Ashtead. Total consideration for Forum’s 40% interest and the settlement of a £3.0 million British Pounds note receivable from Ashtead was $47.7 million. Forum received $39.3 million in cash proceeds and a new £6.9 million British Pounds note receivable with a three year maturity. In the third quarter of 2019, we recognized a gain of $1.6 million as a result of this transaction, which is classified as Gain realized on previously held equity investment in the consolidated statements of comprehensive loss. Pro forma results of operations for this transaction have not been presented because the effects were not material to the consolidated financial statements.

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

The Company’s significant components of inventory at December 31, 2020 and 2019 were as follows (in thousands):


	December 31, 2020		December 31, 2019
Raw materials and parts	$	151,531	$	172,083
Work in process	15,946		29,972
Finished goods	229,212		278,660
Gross inventories	396,689		480,715
Inventory reserve	(144,942)		(66,075)
Inventories	$	251,747	$	414,640

The change in the amounts of the inventory reserve during the two year period ended December 31, 2020 is as follows (in thousands):


Period ended	Balance at beginning of period	Charged to expense	Deductions or other	Balance at end of period
December 31, 2019	75,587	10,324	(19,836)	$	66,075
December 31, 2020	66,075	100,794	(21,927)	$	144,942

The $100.8 million charged to expense during the year ended December 31, 2020 includes significant write downs of inventory related to the Company’s decision to discontinue certain products and other changes to sourcing and manufacturing strategies.

Property and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (in thousands):


	Estimated useful lives	December 31,
		2020		2019
Land		$	8,476	$	9,870
Buildings and leasehold improvements	5-30	93,645		103,383
Computer equipment	3-5	44,607		55,941
Machinery & equipment	5-10	148,019		166,123
Furniture & fixtures	3-10	6,275		6,731
Vehicles	3-5	3,835		5,382
Right of use assets - finance leases	2-6	3,823		2,528
Construction in progress		968		3,663
		309,648		353,621
Less: accumulated depreciation		(196,293)		(199,210)
Property and equipment, net		113,355		154,411

Rental equipment	3-10	3,830		3,779
Less: accumulated depreciation		(3,517)		(3,354)
Rental equipment, net		313		425

Total property and equipment, net		$	113,668	$	154,836

Depreciation expense was $24.5 million and $30.6 million for the years ended December 31, 2020 and 2019, respectively.

Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

At December 31, 2020 and 2019, intangible assets consisted of the following, respectively (in thousands):


	December 31, 2020
	Gross carrying amount		Accumulated amortization		Net intangibles		Amortization period (in years)
Customer relationships	$	272,470	$	(121,294)	$	151,176	10 - 15
Patents and technology	89,626		(24,440)		65,186		5 - 19
Non-compete agreements	190		(137)		53		2 - 6
Trade names	42,984		(22,941)		20,043		7 - 19
Trademark	5,089		(1,103)		3,986		15
Intangible Assets Total	$	410,359	$	(169,915)	$	240,444


	December 31, 2019
	Gross carrying amount		Accumulated amortization		Net intangibles		Amortization period (in years)
Customer relationships	$	281,052	$	(110,410)	$	170,642	10 - 15
Patents and technology	92,498		(20,819)		71,679		5 - 19
Non-compete agreements	190		(100)		90		2 - 6
Trade names	43,284		(21,015)		22,269		7 - 19
Distributor relationships	22,160		(18,866)		3,294		15 - 22
Trademark	5,089		(763)		4,326		15
Intangible Assets Total	$	444,273	$	(171,973)	$	272,300

Intangible assets with definite lives are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. For the years ended December 31, 2020 and 2019, we recognized intangible asset impairment charges totaling $5.3 million and $53.5 million, respectively, which are included in “Impairments of goodwill, intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Goodwill and Long Lived Assets for further information related to these charges.

Amortization expense was $26.5 million and $32.6 million for the years ended December 31, 2020 and 2019, respectively. The estimated future amortization expense for the next five years is as follows (in thousands):


Year ending December 31,	Amount
2021	$	25,533
2022	24,647
2023	24,035
2024	22,658
2025	21,412

Impairments of Goodwill and Long Lived Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Impairments of Goodwill and Long Lived Assets

Impairments of Goodwill and Long Lived AssetsDuring the third quarter of 2019, there was a significant decline in the quoted market prices of our common stock and a continued decline in U.S. onshore drilling and completions activity, which led us to evaluate all of our reporting units for a triggering event as of September 30, 2019. Upon evaluation, we considered these developments to be a triggering event that required us to update our goodwill impairment evaluation and review long-lived assets for all reporting units as of September 30, 2019.

As a result, and in connection with the preparation of our financial statements, we determined that certain long-lived assets were impaired as their carrying values exceeded their fair values. The amount of the impairment charges were measured as the difference between the carrying value and the estimated fair value of the assets. In addition, we determined that the remaining carrying value of our goodwill was fully impaired in the third quarter of 2019. The fair values used in each goodwill impairment analysis were determined using the net present value of the expected future cash flows for each reporting unit (classified within level 3 of the fair value hierarchy). We determined the fair value of each reporting unit using a combination of discounted cash flow and guideline public company methodologies, which required significant assumptions and estimates about the future operations of each reporting unit. The assumptions about future cash flows and growth rates were based on our strategic plans and management’s estimates for future activity levels. Forecasted cash flows in future periods were estimated using a terminal value calculation, which considered long-term earnings growth rates.

During the year ended December 31, 2020, the COVID-19 pandemic and associated preventative actions taken around the world to mitigate its spread caused oil demand to deteriorate and economic activity to decrease. As a result, oil prices declined significantly during the period and created an extremely challenging market for all sub-sectors of the oil and natural gas industry. In addition, responses to the spread of COVID-19, including significant government restrictions on movement, have driven sharp declines in global economic activity.

As a result, we determined that certain long-lived assets were impaired as their carrying values exceeded their fair values. The amount of the impairment charges were measured as the difference between the carrying value and the estimated fair value of the assets. The fair value was determined either through analysis of discounted future cash flows or, for certain real estate, based on a third party's sales price estimate (classified within level 3 of the fair value hierarchy).

Following is a summary of impairment charges recognized (in thousands) in our Drilling & Downhole (“D&D”), Completions (“C”), Production (“P”), and Corporate (“Corp”) segments:


	Twelve Months Ended December 31, 2020										Twelve Months Ended December 31, 2019
Impairments of:	D&D		C		P		Corp		Total		D&D		C		P		Total
Goodwill (1)	$	—	$	—	$	—	$	—	$	—	$	191,485	$	260,238	$	19,287	$	471,010
Intangible assets (1)	5,257		—		—		—		5,257		—		48,241		5,230		53,471
Property and equipment (1)	1,069		9,608		4,460		—		15,137		5,200		2,655		—		7,855
Operating lease right of use assets (2)	5,366		6,140		2,366		1,498		15,370		1,525		684		155		2,364
Total impairments	$	11,692	$	15,748	$	6,826	$	1,498	$	35,764	$	198,210	$	311,818	$	24,672	$	534,700

(1) These charges are included in Impairments of goodwill, intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss.

(2) For the years ended December 31, 2020 and 2019, $10.8 million and $1.3 million, respectively, of these charges are included in Cost of sales, while $4.5 million and $1.1 million, respectively, are included in Selling, general and administrative expenses in the condensed consolidated statements of comprehensive loss.

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

Notes payable and lines of credit as of December 31, 2020 and 2019 consisted of the following (in thousands):


	December 31, 2020		December 31, 2019
2021 Notes	$	—	$	400,000
2025 Notes	316,863		—
Unamortized debt premium (discount)	(30,248)		770
Debt issuance cost	(7,318)		(3,232)
Senior secured revolving credit facility	13,126		—
Other debt	2,272		2,041
Total debt	294,695		399,579
Less: current maturities	(1,322)		(717)
Long-term debt	$	293,373	$	398,862

2021 Notes

As of December 31, 2020, no 2021 Notes remained outstanding.

In October 2013, we issued $300.0 million of 6.25% unsecured notes due 2021 at par, and in November 2013, we issued an additional $100.0 million aggregate principal amount of the notes at a price of 103.25% of par (the “2021 Notes”). The 2021 Notes bear interest at a rate of 6.25% per annum, payable on April 1 and October 1 of each year, and mature on October 1, 2021. The 2021 Notes are unsecured obligations, and are guaranteed on an unsecured basis by our U.S. subsidiaries that guarantee our senior secured revolving credit facility ("Credit Facility").

During the first half of 2020, we repurchased an aggregate $71.9 million principal amount of our 2021 Notes for $27.7 million and recognized a net gain of $43.8 million, reflecting the difference in the amount paid and the net carrying value of the extinguished debt, including debt issuance costs and unamortized debt premium. In the third quarter of 2020, we exchanged $315.5 million principal amount of the remaining 2021 Notes for new 2025 Notes as discussed further below. In the fourth quarter of 2020, we redeemed the remaining $12.6 million principal amount of 2021 Notes at par.

2025 Notes

In August 2020, we exchanged $315.5 million principal amount of the 2021 Notes for new 9.00% convertible secured notes due August 2025 (the “2025 Notes”). This transaction was accounted for as an extinguishment of the 2021 Notes with the new 2025 Notes recorded at fair value on the transaction date. We estimated the fair value of the 2025 Notes to be $282.6 million at the issuance date, resulting in a $32.9 million discount (“Debt Discount”) at issuance. As a result, we recognized a $28.7 million gain on extinguishment of debt that reflects the difference in the $314.8 million net carrying value of the 2021 Notes exchanged, including debt issuance costs and unamortized debt premium, less the $282.6 million estimated fair value of 2025 Notes and a $3.5 million early participation fee paid to bondholders that participated in the exchange. The Debt Discount is being amortized as non-cash interest expense over the term of the 2025 Notes using the effective interest method.

The 2025 Notes pay interest at the rate of 9.00%, of which 6.25% will be payable in cash and 2.75% will be payable in cash or additional notes, at the Company’s option. In the fourth quarter 2020, we elected to pay $1.4 million of accrued interest as additional notes. The 2025 Notes are secured by a first lien on substantially all of the Company’s assets, except for Credit Facility priority collateral, which secures the 2025 Notes on a second lien basis. A portion of the 2025 Notes, initially equal to $150.0 million total principal amount, is mandatorily convertible into shares of our common stock at a conversion rate of 37.0370 shares per $1,000 principal amount of 2025 Notes converted, equivalent to a conversion price of $27.00 per share, subject, however, to the condition that the average of the daily trading prices for the common stock over the preceding 20-trading day period is at least $30.00 per share. Holders of the 2025 Notes also have optional conversion rights in the event that the Company elects to redeem the 2025 Notes in cash and at the final maturity of the new notes. Any interest that the Company elects to pay in additional notes are also subject to the mandatory and optional conversion rights.

Credit Facility

In connection with the issuance of the 2025 Notes, we amended our Credit Facility. Following such amendment, our Credit Facility provides revolving credit commitments of $250.0 million (with a sublimit of up to $45.0 million available for the issuance of letters of credit for the account of the Company and certain of its domestic subsidiaries) (the “U.S. Line”), of which up to $25.0 million is available to certain of our Canadian subsidiaries for loans in U.S. or Canadian dollars (with a sublimit of up to $3.0 million available for the issuance of letters of credit for the account of our Canadian subsidiaries) (the “Canadian Line”).

Availability under the Credit Facility is subject to a borrowing base calculated by reference to eligible accounts receivable in the U.S., Canada and certain other jurisdictions (subject to a cap) and eligible inventory in the U.S. and Canada. Such eligible accounts receivable and eligible inventory serve as priority collateral for the Credit Facility, which is also secured on a second lien basis by substantially all of the Company's other assets. The amount of eligible inventory included in the borrowing base is restricted to the lesser of $130.0 million (subject to a quarterly reduction of $0.5 million that started on October 1, 2020) and 80.00% of the total borrowing base. Our borrowing capacity under the Credit Facility could be reduced or eliminated, depending on future fluctuations in our receivables and inventory. As of December 31, 2020, our total borrowing base was $139.2 million, of which $13.1 million was drawn and $15.6 million was used for security of outstanding letters of credit, resulting in remaining availability of $110.5 million.

Borrowings under the U.S. line bear interest at a rate equal to, at our option, either (a) the LIBOR rate, subject to a floor of 0.75%, plus a margin of 2.50% or (b) a base rate plus a margin of 1.50%. The U.S. line base rate is determined by reference to the greatest of (i) the federal funds rate plus 0.50% per annum, (ii) the one-month adjusted LIBOR plus 1.00% per annum, and (iii) the rate of interest announced, from time to time, by Wells Fargo at its principal office in San Francisco as its prime rate, subject to a floor of 0.75%.

Borrowings under the Canadian Line bear interest at a rate equal to, at Forum Canada’s option, either (a) the CDOR rate, subject to a floor of 0.75%, plus a margin of 2.50% or (b) a base rate plus a margin of 1.50%. The Canadian line base rate is determined by reference to the greater of (i) the one-month CDOR rate plus 1.00% and (ii) the prime rate for Canadian dollar commercial loans made in Canada as reported by Thomson Reuters, subject to a floor of 0.75%.

The weighted average interest rate under the Credit Facility was approximately 2.65% for the year ended December 31, 2020.

The Credit Facility also provides for a commitment fee in the amount of (a) 0.375% on the unused portion of commitments if average usage of the Credit Facility is greater than 50% and (b) 0.500% on the unused portion of commitments if average usage of the Credit Facility is less than or equal to 50%.

The Credit Facility is currently scheduled to mature on October 30, 2022. If excess availability under the Credit Facility falls below the greater of 12.5% of the borrowing base and $31.3 million, we will be required to maintain a fixed charge coverage ratio of at least 1.00:1.00 as of the end of each fiscal quarter until excess availability under the Credit Facility exceeds such thresholds for at least 60 consecutive days. Furthermore, the Credit Facility includes an obligation to prepay outstanding loans with cash on hand in excess of certain thresholds and includes a cross-default to the 2025 Notes.

Other debt

Other debt consists primarily of various finance leases of equipment.

Deferred loan costs

The Company has incurred loan costs that have been deferred and are amortized to interest expense over the term of the 2025 Notes and the Credit Facility. During the year ended December 31, 2020, we capitalized a total of $9.7 million of deferred loan costs related to the exchange of the 2021 Notes. In the first quarter of 2020, we wrote-off $2.0 million of deferred loan costs for the termination of previous discussions related to a potential exchange offer for our 2021 Notes. In the third quarter of 2020, we wrote off $0.3 million of deferred loan costs related to amending our Credit Facility to, among other things, reduce the size of the commitments from $300.0 million to $250.0 million. Approximately $1.8 million and $1.9 million of deferred loan costs were amortized to interest expense for the years ended December 31, 2020 and 2019, respectively.

Future principal payments under long-term debt for each of the years ending December 31 are as follows (in thousands):


2021	$	1,322
2022	14,018
2023	96
2024	20
2025	316,869
Thereafter	—
Total future payment	$	332,325
Add: Unamortized debt premium	(30,248)
Less: Debt issuance cost	(7,318)
Less: present value discount on finance leases	$	(64)
Total debt	$	294,695

Leases (Notes)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Our lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. The following table summarizes the supplemental balance sheet information related to leases as of December 31, 2020 and 2019 (in thousands):


		As of
	Classification	December 31, 2020		December 31, 2019
Assets
Operating lease assets	Operating lease assets	$	31,520	$	48,682
Finance lease assets	Property and equipment, net of accumulated depreciation	2,464		2,085
Total lease assets		$	33,984	$	50,767
Liabilities
Current
Operating	Accrued liabilities	$	11,974	$	12,538
Finance	Current portion of long-term debt	1,322		717
Noncurrent
Operating	Operating lease liabilities	$	44,536	49,938
Finance	Long-term debt, net of current portion	950		$	1,324
Total lease liabilities		$	58,782	$	64,517

The following table summarizes the components of lease expenses for the twelve months ended December 31, 2020 (in thousands):


		Twelve Months Ended December 31,
Lease Cost	Classification	2020		2019
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	8,439	$	13,675
Finance lease cost
Amortization of leased assets	Selling, general and administrative expenses	932		445
Interest on lease liabilities	Interest expense	155		81
Sublease income	Cost of sales and Selling, general and administrative expenses	(2,001)		(1,635)
Net lease cost		$	7,525	$	12,566

The maturities of lease liabilities as of December 31, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases		Total

2021	$	14,950	$	1,322	$	16,272
2022	13,243		892		14,135
2023	8,065		96		8,161
2024	6,683		20		6,703
2025	6,074		6		6,080
Thereafter	20,940		—		20,940
Total lease payments	69,955		2,336		72,291
Less: present value discount	(13,445)		(64)		(13,509)
Present value of lease liabilities	$	56,510	$	2,272	$	58,782

The following table summarizes the weighted-average remaining lease term and weighted average discount rates related to leases as of December 31, 2020:

Lease Term and Discount Rate

December 31, 2020

December 31, 2019

Weighted-average remaining lease term (years)

Operating leases

6.6 years

6.8 years

Financing leases

1.8 years

2.8 years

Weighted-average discount rate

Operating leases

6.58

Financing leases

6.58

The following table summarizes the supplemental cash flow information related to leases as of December 31, 2020:


	Twelve Months Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	11,038	$	12,679
Operating cash flows from finance leases	80		81
Financing cash flows from finance leases	$	1,179	$	1,197
Noncash activities from adoption of ASC 842 as of January 1, 2019
Prepaid expenses and other current assets	n/a		$	(884)
Operating lease assets	n/a		54,069
Operating lease liabilities	n/a		64,506
Accrued liabilities	n/a		(11,321)

Leases


		As of
	Classification	December 31, 2020		December 31, 2019
Assets
Operating lease assets	Operating lease assets	$	31,520	$	48,682
Finance lease assets	Property and equipment, net of accumulated depreciation	2,464		2,085
Total lease assets		$	33,984	$	50,767
Liabilities
Current
Operating	Accrued liabilities	$	11,974	$	12,538
Finance	Current portion of long-term debt	1,322		717
Noncurrent
Operating	Operating lease liabilities	$	44,536	49,938
Finance	Long-term debt, net of current portion	950		$	1,324
Total lease liabilities		$	58,782	$	64,517

The following table summarizes the components of lease expenses for the twelve months ended December 31, 2020 (in thousands):


		Twelve Months Ended December 31,
Lease Cost	Classification	2020		2019
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	8,439	$	13,675
Finance lease cost
Amortization of leased assets	Selling, general and administrative expenses	932		445
Interest on lease liabilities	Interest expense	155		81
Sublease income	Cost of sales and Selling, general and administrative expenses	(2,001)		(1,635)
Net lease cost		$	7,525	$	12,566

The maturities of lease liabilities as of December 31, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases		Total

2021	$	14,950	$	1,322	$	16,272
2022	13,243		892		14,135
2023	8,065		96		8,161
2024	6,683		20		6,703
2025	6,074		6		6,080
Thereafter	20,940		—		20,940
Total lease payments	69,955		2,336		72,291
Less: present value discount	(13,445)		(64)		(13,509)
Present value of lease liabilities	$	56,510	$	2,272	$	58,782

The following table summarizes the weighted-average remaining lease term and weighted average discount rates related to leases as of December 31, 2020:

Lease Term and Discount Rate

December 31, 2020

December 31, 2019

Weighted-average remaining lease term (years)

Operating leases

6.6 years

6.8 years

Financing leases

1.8 years

2.8 years

Weighted-average discount rate

Operating leases

6.58

Financing leases

6.58

The following table summarizes the supplemental cash flow information related to leases as of December 31, 2020:


	Twelve Months Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	11,038	$	12,679
Operating cash flows from finance leases	80		81
Financing cash flows from finance leases	$	1,179	$	1,197
Noncash activities from adoption of ASC 842 as of January 1, 2019
Prepaid expenses and other current assets	n/a		$	(884)
Operating lease assets	n/a		54,069
Operating lease liabilities	n/a		64,506
Accrued liabilities	n/a		(11,321)

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before income taxes for the years ended December 31, 2020 and 2019 are as follows (in thousands):


	2020		2019
U.S.	$	(106,785)	$	(532,363)
Non-U.S.	(2,985)		(36,508)
Loss before income taxes	$	(109,770)	$	(568,871)

The components of income tax benefit for the years ended December 31, 2020 and 2019 are as follows (in thousands):


	2020		2019
Current
U.S. federal and state	$	(17,219)	$	(1,423)
Non-U.S.	4,487		12,594
Total current	(12,732)		11,171
Deferred
U.S. federal and state	723		3,580
Non-U.S.	(872)		(16,565)
Total deferred	(149)		(12,985)
Income tax benefit	$	(12,881)	$	(1,814)

The reconciliation between the actual provision for income taxes and that computed by applying the U.S. statutory rate to loss before income taxes are outlined below (in thousands):


	2020				2019
Income tax benefit at the statutory rate	$	(23,052)	(21.0)	%	$	(119,463)	(21.0)	%
State taxes, net of federal tax benefit	(4,190)		(3.8)	%	(5,846)		(1.0)	%
Non-U.S. operations	625		0.6	%	(4,023)		(0.7)	%
Domestic incentives	(264)		(0.2)	%	(633)		(0.1)	%
Prior year federal, non-U.S. and state tax	(1,827)		(1.7)	%	257		—	%
Nondeductible expenses	2,053		1.9	%	348		0.1	%
Goodwill impairment	—		—	%	27,244		4.8	%
U.S. CAREs Act	(15,981)		(14.6)	%	—		—	%
Valuation allowance	25,349		23.1	%	98,900		17.4	%
Other	4,406		4.0	%	1,402		0.2	%
Income tax benefit	$	(12,881)	(11.7)	%	$	(1,814)	(0.3)	%

Our effective tax rate was (11.7)% and (0.3)% for the years ended December 31, 2020 and 2019, respectively.

For the year ended December 31, 2020, we recognized a $16.0 million benefit related to a carryback claim for U.S. federal tax losses based on provisions in the U.S. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which was signed into law on March 27, 2020. The CARES Act provided relief to corporate taxpayers by permitting a five-year carryback of 2018-2020 NOLs, increased the 30% limitation on interest expense deductibility to 50% of adjusted taxable income for 2019 and 2020, and accelerated refunds for minimum tax credit carryforwards, among other provisions. The tax effects of changes in tax laws are recognized in the period in which the law is enacted.

The tax benefit for the year ended December 31, 2020 includes an increase in our valuation allowance of $25.3 million consisting of a full valuation allowance against our deferred tax assets in the U.S., U.K., Germany, Singapore, China and Saudi Arabia as further described below under the primary components of deferred taxes.

The primary components of deferred taxes include (in thousands):


	2020		2019
Deferred tax assets
Reserves and accruals	$	14,917	$	4,590
Operating lease liabilities	3,097		14,912
Inventory	37,784		16,429
Stock awards	2,180		5,185
Net operating loss and other tax carryforwards	53,781		83,325
Goodwill and intangible assets	39,381		45,528
Fair value discount on 2025 Notes	30,564		—
Other	931		1,150
Gross deferred tax assets	182,635		171,119
Valuation allowance	(167,287)		(152,795)
Total deferred tax assets	15,348		18,324
Deferred tax liabilities
Property and equipment	(6,861)		(7,733)
Operating lease assets	(6,818)		(12,006)
Prepaid expenses and other	(3,519)		(396)
Total deferred tax liabilities	(17,198)		(20,135)
Net deferred tax liabilities	$	(1,850)	$	(1,811)

Goodwill from certain acquisitions is tax deductible due to the acquisition structure as an asset purchase or due to tax elections made by the Company and the respective sellers at the time of acquisition.

We have deferred tax assets related to net operating loss and other tax carryforwards in the U.S., and in certain states and foreign jurisdictions. We recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized.

At December 31, 2020, we had $128.0 million of U.S. net operating loss carryforwards and $7.5 million of state net operating losses. Of these losses, $92.4 million will expire no later than 2037 if they are not utilized prior to that date. The remaining $43.1 million will not expire. We also had $170.5 million of non-U.S. net operating loss carryforwards with indefinite expiration dates. The ultimate realization of income tax benefits for these net operating loss carryforwards depends on our ability to generate sufficient taxable income in the respective taxing jurisdictions. Where we have unrecognized tax benefits in jurisdictions with existing net operating losses, we utilize the unrecognized tax benefits as a source of income to offset such losses. We do not anticipate being able to fully utilize all of the losses prior to their expiration in the following jurisdictions: the U.S, the U.K, Germany, Singapore, China and Saudi Arabia.

During 2020, we recognized $25.3 million of tax expense related to the increase in our valuation allowance provided against our deferred tax assets to write down our deferred tax assets in these jurisdictions to what is more likely than not realizable. We increased our valuation allowance related to our U.S. and foreign deferred tax assets by $21.1 million and $4.2 million, respectively. In making such a determination for each of these jurisdictions, we considered all available positive and negative evidence, including our recent history of pretax losses over the prior three year period, the goodwill and intangible asset impairments for various reporting units, the future reversals of existing taxable temporary differences, the projected future taxable income or loss, including the effect of U.S. tax reform, and tax-planning.

Deferred tax liabilities arising from the difference between the financial reporting and income tax bases inherent in our foreign subsidiaries, referred to as outside basis differences, have not been provided for U.S. income tax purposes because we do not intend to sell, liquidate or otherwise trigger the recognition of U.S. taxable income with regard to our investment in these foreign subsidiaries. Determining the amount of U.S. deferred tax liabilities associated with outside basis differences is not practicable at this time.

We file income tax returns in the U.S. as well as in various states and non-U.S. jurisdictions. With few exceptions, we are no longer subject to income tax examination by tax authorities in these jurisdictions prior to 2014.

We account for uncertain tax positions in accordance with guidance in Accounting Standards Codification Topic 740, which prescribes the minimum recognition threshold a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. A reconciliation of the beginning and ending amount of uncertain tax positions is as follows (in thousands):


Balance at January 1, 2020	$	14,566
Additional based on tax positions related to prior years	—
Additional based on tax positions related to current year	1,771
Reduction based on tax positions related to prior years	(2,158)
Settlement with tax authorities	(469)
Lapse of statute of limitations	(1,328)
Balance at December 31, 2020	12,382

The total amount of unrecognized tax benefits at December 31, 2020 was $12.4 million, of which it is reasonably possible that $6.1 million could be settled during the next twelve-month period as a result of the conclusion of various tax audits or due to the expiration of the applicable statute of limitations. We estimate that $12.4 million of the unrecognized tax benefits at December 31, 2020, excluding consideration of valuation allowance, would impact our future effective income tax rate, if recognized.

We recognize interest and penalties related to uncertain tax positions within the provision for income taxes in the consolidated statements of comprehensive loss. As of December 31, 2020 and 2019, we had accrued approximately $1.4 million and $1.2 million in interest and penalties, respectively. During the years ended December 31, 2020 and 2019, we recognized no material change in the interest and penalties related to uncertain tax positions.

- 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 + Details

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements At December 31, 2020 the Company had $13.1 million outstanding under the Credit Facility, and at December 31, 2019, the Company had no balance outstanding under the Credit Facility. The Credit Facility incurs interest at a variable interest rate and therefore, the carrying amount approximates fair value. The fair value of the debt is classified as a Level 2 measurement because interest rates charged are similar to other financial instruments with similar terms and maturities. The fair value of the Company’s Senior Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At December 31, 2020, the fair value and the carrying value of the Company’s 2025 Notes approximated $200.3 million and $279.3 million, respectively. At December 31, 2019, the fair value and the carrying value of the Company’s 2021 Notes approximated $354.0 million and $397.5 million, respectively. There were no other significant outstanding financial instruments as of December 31, 2020 and 2019 that required measuring the amounts at fair value on a recurring basis. The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods. and there were no transfers between levels of the fair value hierarchy during the year ended December 31, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation In the ordinary course of business, the Company is, and in the future, could be involved in various pending or threatened legal actions, some of which may or may not be covered by insurance. Management has reviewed such pending judicial and legal proceedings, the reasonably anticipated costs and expenses in connection with such proceedings, and the availability and limits of insurance coverage, and has established reserves that are believed to be appropriate in light of those outcomes that are believed to be probable and can be estimated. The reserves accrued at December 31, 2020 and 2019 are immaterial. In the opinion of management, the Company’s ultimate liability, if any, with respect to these actions is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Asbestos litigation One of our subsidiaries has been named as one of many defendants in a number of product liability claims for alleged exposure to asbestos used in valves. These lawsuits are typically filed on behalf of plaintiffs who allege exposure to asbestos, against numerous defendants, often forty or more, who are alleged to have manufactured or distributed products containing asbestos. The injuries alleged by plaintiffs in these cases range from mesothelioma and other cancers to asbestosis. The earliest claims against our subsidiary were filed in New Jersey in 1998, and our subsidiary currently has active cases in Missouri, New Jersey, New York, Illinois and Delaware. These complaints do not typically include requests for a specific amount of damages. Our subsidiary acquired the trademark for the product line in question in 1985. To date, the claims against our subsidiary alleging illnesses due to asbestos have generally been based on products manufactured by the previous owner prior to 1985 that are alleged to have contained asbestos. Many claimants alleging illnesses due to asbestos sue on the basis of exposure prior to 1985, as by that date the hazards of asbestos exposure were well known and asbestos had begun to fall into disuse. Our subsidiary has been successful in obtaining dismissals in most lawsuits without any cash contribution including because the “successor liability” law in most states does not hold a purchaser in good faith liable for the actions of the seller prior to the acquisition date unless the purchaser contractually assumed the liabilities, which our subsidiary did not. There are exceptions to the successor liability doctrine in many states, so there are no assurances that our subsidiary will not be found liable for the actions of its predecessor. The law in other states on so called “successor liability” may be different or ambiguous in this regard, and could also expose our subsidiary to liability. Our subsidiary could also be found liable should a trier of fact reject our subsidiary’s position that it is not responsible for the alleged asbestos injuries. To date, asbestos claims have not had a material adverse effect on our business, financial condition, results of operations, or cash flow, as our annual out-of-pocket costs over the last five years has been less than $200,000. There were fewer than 25 new cases filed against our subsidiary in each of last two years, and a significant number of existing cases were dismissed, settled or otherwise disposed of over the last year. We currently have fewer than 150 lawsuits pending against this subsidiary. Our subsidiary has over $17 million in face amount of insurance per occurrence and over $23 million of aggregate primary insurance coverage. In addition, our subsidiary has over $950 million in face amount of excess coverage applicable to the claims. There can be no guarantee that all of this can be collected due to policy terms and conditions and insurer insolvencies in the past or in the future. In January 2011, we entered into an agreement with seven of our primary insurers under which they have agreed to pay 80% of the costs of handling and settling each asbestos claim against the affected subsidiary. The insurers’ portion of the settlements is funded by our aggregate primary limits, which are eroded only by settlements and not legal fees. Approximately $2.0 million in settlements has been paid by insurers and our subsidiary to date, with approximately $40,000 paid over the course of the last two years. Our subsidiary and the subscribing insurers have the right to withdraw from this agreement, but to date, no party has exercised this right or expressed an intent to do so. Portland Harbor Superfund litigation In May 2009, one of the Company’s subsidiaries (which is presently a dormant company with nominal assets except for rights under insurance policies) was named along with many defendants in a suit filed by the Port of Portland, Oregon seeking reimbursement of costs related to a five-year study of contaminated sediments at the port. In March 2010, the subsidiary also received a notice letter from the Environmental Protection Agency indicating that it had been identified as a potentially responsible party with respect to environmental contamination in the “study area” for the Portland Harbor Superfund Site. Under a 1997 indemnity agreement, the subsidiary is indemnified by a third party with respect to losses relating to environmental contamination. As required under the indemnity agreement, the subsidiary provided notice of these claims, and the indemnitor has assumed responsibility and is providing a defense of the claims. Although the Company believes that it is unlikely that the subsidiary contributed to the contamination at the Portland Harbor Superfund Site, the potential liability of the subsidiary and the ability of the indemnitor to fulfill its indemnity obligations cannot be quantified at this time. Tenaris litigation In October of 2017, one of our subsidiaries, Global Tubing, LLC, filed suit against Tenaris Coiled Tubes, LLC and Tenaris, S.A. (together “Tenaris”) in the United States District Court for the Southern District of Texas seeking a declaration that its DURACOILTM products do not infringe certain Tenaris patents related to coiled tubing. Tenaris filed counterclaims against Global Tubing alleging DURACOILTM products infringe three patents. Tenaris seeks unspecified damages and a permanent injunction. Global Tubing is vigorously defending itself and alleges the Tenaris patents are invalid and unenforceable. While Global Tubing believes that it will prevail on all claims, if Tenaris were to obtain a permanent injunction, Global Tubing may be barred from selling certain of its DURACOILTM products. Operating leases The Company has operating leases for warehouses, office space, manufacturing facilities and equipment. The leases generally require the Company to pay certain expenses including taxes, insurance, maintenance, and utilities. See Note 10 Leases for further information. Letters of credit and guarantees The Company executes letters of credit in the normal course of business to secure the delivery of product from specific vendors and also to guarantee the Company fulfilling certain performance obligations relating to certain large contracts. At December 31, 2020, the Company had $15.6 million in letters of credit outstanding.

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

The reconciliation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts):


	Year ended December 31,
	2020		2019
Net loss attributable to common stockholders	$	(96,889)	$	(567,057)

Basic - weighted average shares outstanding	5,577		5,505
Dilutive effect of stock options and restricted stock	—		—
Dilutive effect of convertible 2025 Notes	—		—
Diluted - weighted average shares outstanding	5,577		5,505

Loss per share
Basic	$	(17.37)	$	(103.01)
Diluted	$	(17.37)	$	(103.01)

For all periods presented, we excluded all potentially dilutive restricted shares and stock options in calculating diluted earnings per share as the effect was anti-dilutive due to net losses incurred for these periods.

Stockholders' Equity and Employee Benefit Plans	12 Months Ended
Stockholders' Equity and Employee Benefit Plans	Dec. 31, 2020
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract]
Stockholders' Equity and Employee Benefit Plans	Stockholders' Equity and Employee Benefit Plans Employee benefit plans We sponsor a 401(k) savings plan for U.S. employees and related savings plans for certain non-U.S. employees. These plans benefit eligible employees by allowing them the opportunity to make contributions up to certain limits. We contribute by matching a percentage of each employee’s contributions. In 2020, for certain plans, the Company temporarily suspended the matching of contributions. Subsequent to the closing of all acquisitions, employees of those acquired entities will generally be eligible to participate in the Company’s 401(k) savings plan. We also have the discretion to provide a profit sharing contribution to each participant depending on the Company’s performance for the applicable year. The expense under the Company’s plan was $2.3 million and $5.8 million for the years ended December 31, 2020 and 2019, respectively. We have an Employee Stock Purchase Plan, which allows eligible employees to purchase shares of the Company’s common stock at six-month intervals through periodic payroll deductions at a price per share equal to 85.0% of the lower of the fair market value at the beginning and ending of the six-month intervals. At the beginning of 2020, this plan was suspended. Reverse stock split In order to bring the Company into compliance with the listing requirements of the New York Stock Exchange, our Board of Directors approved a 1-for-20 reverse stock split (the “Reverse Stock Split”) of the Company’s issued and outstanding shares of common stock, par value $0.01 per share, accompanied by a corresponding decrease in the Company’s authorized shares of common stock. The Company’s stockholders previously approved the Reverse Stock Split at the annual meeting of stockholders on May 12, 2020. The effective time of the Reverse Stock Split was after market close on November 9, 2020, with the common stock trading on a post-split basis under the Company’s existing trading symbol, “FET,” at the market open on November 10, 2020. No fractional shares of common stock were issued as a result of the Reverse Stock Split. Instead, any stockholder who would have been entitled to a fractional share received a cash payment in lieu of such fractional shares. Following the completion of the Reverse Stock Split, the number of authorized shares of common stock was reduced from 296,000,000 to 14,800,000. Unless otherwise indicated, the number of shares of common stock outstanding and per-share amounts in these consolidated financial statements and accompanying notes have been retroactively adjusted to reflect the effect of the Reverse Stock Split. The par value of our common stock remains at $0.01 per share.

Stock Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

FET stock based compensation plan

The following share and per-share information has been retroactively adjusted to reflect the effect of the 1-for-20 Reverse Stock Split. See Note 15. Stockholders' Equity and Employee Benefit Plans for further information.

In August 2010, we created the 2010 Stock Incentive Plan (the “2010 Plan”) to allow for employees, directors and consultants of the Company and its subsidiaries to maintain stock ownership in the Company through the award of stock options, restricted stock, restricted stock units, performance shares or any combination thereof. Under the terms of the 2010 Plan, a total of 925 thousand shares were authorized for awards.

In May 2016, we created a new 2016 Stock and Incentive Plan (the “2016 Plan”). Under the terms of the 2016 Plan, the aggregate number of shares that may be issued may not exceed the number of shares reserved but not issued under the 2010 Plan as of May 17, 2016, the effective date of the 2016 plan, a total of 285 thousand shares. No further awards will be made under the 2010 Plan after such date, and outstanding awards granted under the 2010 Plan shall continue to be outstanding. In May 2019, our stockholders approved to amend and restate the 2016 Plan (the “2016 Amended Plan”) to provide for an additional 145 thousand shares and revised certain terms thereof. In May 2020, our stockholders approved an amendment to the 2016 Amended Plan to provide for an additional 60 thousand shares. Approximately 218 thousand shares remained available under the 2016 Amended Plan for future grants as of December 31, 2020.

The total amount of stock based compensation expense recorded was approximately $9.8 million and $15.8 million for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, the Company expects to

record stock based compensation expense of approximately $8.9 million over a weighted average remaining term of approximately one year. Future grants will result in additional compensation expense.

Stock options

The exercise price of each option is based on the fair market value of the Company’s stock at the date of grant. Options generally have a ten-year life and vest annually in equal increments over four years. Our policy for issuing stock upon a stock option exercise is to issue new shares. Compensation expense is recognized on a straight line basis over the vesting period. The following table provides additional information related to stock options:


2020 Activity	Number of shares (in thousands)	Weighted average exercise price		Remaining weighted average contractual life in years	Intrinsic value (in millions)
Beginning balance	269	$	247.00	2.5	$	—


Forfeited/expired	(174)	$	186.31
Total outstanding	95	$	358.31	3.5	$	—
Options exercisable	92	$	359.30	3.4	$	—

The intrinsic value is the amount by which the fair value of the underlying share exceeds the exercise price of the stock option. No stock options were exercised in 2020 or 2019.

As of December 31, 2020 and 2019, the share price of the Company was less than the exercise price for all outstanding stock options. Therefore, the intrinsic value for stock options outstanding and exercisable were both zero. No stock options were granted in 2020 or 2019.

Restricted stock

Restricted stock generally vests over a three or four year period from the date of grant. The following table provides additional information related to our restricted stock:


2020 Activity			Restricted stock (shares in thousands)
Nonvested at beginning of year			10
Vested			(10)
Nonvested at the end of year			—

No restricted stock was granted during 2020. The weighted average grant date fair value of restricted stock granted during the year ended December 31, 2019 was $131.80 per share. The total grant date fair value of shares vested was $1.5 million and $1.5 million during 2020 and 2019, respectively.

Restricted stock units

Restricted stock units generally vest over a three or four year period from the date of grant. The following table provides additional information related to our restricted stock units:


2020 Activity			Restricted stock units (shares in thousands)
Nonvested at beginning of year			109
Granted			300
Vested			(52)
Forfeited			(26)
Nonvested at the end of year			331

Of the restricted stock units granted during 2020, 113 thousand shares vest ratably over three years, 163 thousand shares vest ratably over three years dependent upon achieving a minimum stock price of $14.20 for 20 trading days in each performance period, and 24 thousand shares cliff vest at the end of three years dependent upon achieving a minimum stock price of $30.00 for 20 consecutive trading days during the performance period.

The weighted average grant date fair value of the restricted stock units was $12.83 and $130.80 per share during the years ended December 31, 2020, and 2019, respectively. The total grant date fair value of units vested was $10.3 million and $11.8 million during 2020 and 2019, respectively.

Performance share awards

During 2020, we granted performance awards with service-vesting and market-vesting conditions that are payable in either cash or shares of the Company’s common stock. These awards may settle between zero and three times the award’s cash target amount. The award amount issued pursuant to the performance award agreements will be determined based on the total shareholder return of the Company’s common stock as compared to a group of peer companies measured over a three year performance period. As our intention is to settle the awards in cash, we will account for these as liability classified awards. As such, compensation expense will be recognized over the requisite three-year service period with subsequent changes in the estimated fair value of the award recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs.

Stock appreciation rights

In the fourth quarter of 2019, we granted stock appreciation rights with service-vesting and market-vesting conditions. The following table provides additional information related to our stock appreciation rights:


2020 Activity			Stock Appreciation Rights (in thousands)
Nonvested at beginning of year			318
Granted			—
Forfeited			(70)
Nonvested at the end of year			248

The grant date fair value of the stock appreciation rights was $3.86. The stock appreciation rights will vest on the third anniversary from the grant date if the average closing price of a share of our Common Stock over the twenty trading days prior to the third anniversary date (the “Ending Market Value”) is equal to or greater than $100.00. If vested, the stock appreciation rights will ultimately be settled for the difference between the Ending Market Value and the exercise price of $29.00. The stock appreciation rights, if vested, may be settled in stock or cash. If vested, we intend to settle the stock appreciation rights in stock.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company has sold and purchased inventory, services and fixed assets to and from various affiliates of certain directors. The dollar amounts related to these related party activities are not significant to our consolidated financial statements.

Business Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Business Segments

The Company reports results of operations in the following three reporting segments: Drilling & Downhole, Completions and Production. The amounts indicated below as “Corporate” relate to costs and assets not allocated to the reportable segments.

The Drilling & Downhole segment designs and manufactures products and provides related services to the drilling, well construction, artificial lift and subsea energy construction and services markets as well as other markets such as alternative energy, defense and communications. The Completions segment designs, manufactures and supplies products and provides related services to the coiled tubing, stimulation and intervention markets. The Production segment designs, manufactures and supplies products, and provides related equipment and services for production and infrastructure markets.

The Company’s reportable segments are strategic units that offer distinct products and services. They are managed separately since each business segment requires different marketing strategies. Operating segments have not been aggregated as part of a reportable segment. The Company evaluates the performance of its reportable segments based on operating income. This segmentation is representative of the manner in which our Chief Operating Decision Maker and our board of directors view the business. We consider the Chief Operating Decision Maker to be the Chief Executive Officer.

Summary financial data by segment follows (in thousands):


	Year ended December 31,
	2020		2019
Revenue:
Drilling & Downhole	$	216,836	$	334,829
Completions	118,685		305,089
Production	177,510		320,996
Eliminations	(555)		(4,381)
Total revenue	$	512,476	$	956,533

Segment operating income (loss):
Drilling & Downhole	$	(47,964)	$	7,343
Completions	(97,304)		6,581
Production	(33,418)		7,802
Corporate	(30,012)		(28,928)
Total segment operating loss	(208,698)		(7,202)
Impairments of goodwill, intangible assets, property and equipment	20,394		532,336
Transaction expenses	3,128		1,159
Contingent consideration benefit	—		(4,629)
Loss (gain) on disposal of assets and other	(597)		78
Operating loss	$	(231,623)	$	(536,146)

Depreciation and amortization
Drilling & Downhole	$	17,895	$	21,433
Completions	24,831		32,780
Production	7,755		8,478
Corporate	519		550
Total depreciation and amortization	$	51,000	$	63,241

A summary of capital expenditures by reportable segment is as follows (in thousands):


	Year ended December 31,
Capital expenditures	2020		2019
Drilling & Downhole	$	462	$	3,169
Completions	275		3,886
Production	287		4,041
Corporate	1,222		4,006
Total capital expenditures	$	2,246	$	15,102

A summary of consolidated assets by reportable segment is as follows (in thousands):


	Year ended December 31,
Assets	2020		2019
Drilling & Downhole	$	314,375	$	407,779
Completions	356,645		496,714
Production	92,949		186,786
Corporate	125,957		68,718
Total assets	$	889,926	$	1,159,997

Corporate assets primarily include cash, certain prepaid expenses and deferred loan costs.

A summary of long-lived assets by country is as follows (in thousands):


	Year ended December 31,
Long-lived assets:	2020		2019
United States	$	332,554	$	397,219
Europe	42,424		54,519
Canada	17,796		32,703
Asia-Pacific	836		1,707
Middle East	4,877		5,653
Latin America	1,248		2,279
Total long-lived assets	$	399,735	$	494,080

The following table presents our revenues disaggregated by geography based on shipping destination (in thousands):


	Year ended December 31,
	2020				2019
Revenue:	$		%		$		%
United States	$	323,322	63.2	%	$	670,205	70.1	%
Canada	30,492		5.9	%	62,651		6.5	%
Europe & Africa	37,438		7.3	%	71,527		7.5	%
Middle East	43,192		8.4	%	62,169		6.5	%
Asia-Pacific	48,067		9.4	%	59,517		6.2	%
Latin America	29,965		5.8	%	30,464		3.2	%
Total Revenue	$	512,476	100.0	%	$	956,533	100.0	%

The following table presents our revenues disaggregated by product line (in thousands):


	Year ended December 31,
	2020				2019
Revenue:	$		%		$		%
Drilling Technologies	$	97,232	19.1	%	$	157,648	16.6	%
Downhole Technologies	64,083		12.5	%	116,104		12.1	%
Subsea Technologies	55,521		10.8	%	61,077		6.4	%
Stimulation and Intervention	56,460		11.0	%	162,025		16.9	%
Coiled Tubing	62,225		12.1	%	143,064		15.0	%
Production Equipment	65,763		12.8	%	122,654		12.8	%
Valve Solutions	111,747		21.8	%	198,342		20.7	%
Eliminations	(555)		(0.1)	%	(4,381)		(0.5)	%
Total revenue	$	512,476	100.0	%	$	956,533	100.0	%

- 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

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+ Details

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

The following tables summarize the Company’s results by quarter for the years ended December 31, 2020 and 2019. The quarterly results may not be comparable due to dispositions in 2020 and 2019. Refer to Note 4 Dispositions for further information.


	2020
(in thousands, except per share information)	Q1		Q2		Q3		Q4
Revenues	$	182,632	$	113,275	$	103,606	$	112,963
Cost of sales (1)	160,542		100,373		90,496		172,086
Gross profit	22,090		12,902		13,110		(59,123)
Total operating expenses (2)	77,497		47,924		50,157		45,024
Operating loss	(55,407)		(35,022)		(37,047)		(104,147)
Total other income, net (3)	(3,913)		(29,104)		(16,513)		(72,323)
Loss before income taxes	(51,494)		(5,918)		(20,534)		(31,824)
Income tax expense (benefit)	(14,350)		(424)		1,017		876
Net loss	(37,144)		(5,494)		(21,551)		(32,700)

Weighted average shares outstanding
Basic	5,559		5,580		5,580		5,588
Diluted	5,559		5,580		5,580		5,588
Loss per share
Basic	$	(6.68)	$	(0.98)	$	(3.86)	$	(5.85)
Diluted	$	(6.68)	$	(0.98)	$	(3.86)	$	(5.85)

(1) Q1 includes $11.6 million of inventory write-downs and $8.6 million of lease impairments. Q4 includes $81.1 million of inventory write-downs.

(2) Q1 includes $17.3 million of impairments of property and equipment and intangible assets. Q3 includes $3.0 million of impairments of property and equipment. See Note 8 Impairments of Goodwill and Long Lived Assets for further information related to these charges.

(3) Q1 and Q2 include gains on extinguishment of debt of $7.5 million and $36.3 million, respectively, related to the repurchase of 2021 Notes at a discount. Q3 includes a $28.7 million gain on extinguishment of debt related to the exchange of 2021 Notes for new 2025 Notes. See Note 9 Debt for further information related to these gains. Q4 includes an $88.4 million gain related to the sale of certain assets of our ABZ and Quadrant brands of valve products. See Note 4 Dispositions for further information related to this gain.


	2019
(in thousands, except per share information)	Q1		Q2		Q3		Q4
Revenues	$	271,842	$	245,648	$	239,266	$	199,777
Cost of sales	201,744		182,460		176,632		150,845
Gross profit	70,098		63,188		62,634		48,932
Total operating expenses (1)	64,952		63,022		595,954		56,752
Earnings (loss) from equity investment	(849)		570		(39)		—
Operating income (loss)	4,297		736		(533,359)		(7,820)
Total other expense, net (2)	10,458		6,077		2,999		13,191
Loss before income taxes	(6,161)		(5,341)		(536,358)		(21,011)
Income tax expense (benefit)	1,727		8,393		(3,371)		(8,563)
Net loss	(7,888)		(13,734)		(532,987)		(12,448)

Weighted average shares outstanding
Basic	5,482		5,499		5,515		5,523
Diluted	5,482		5,499		5,515		5,523
Loss per share
Basic	$	(1.44)	$	(2.50)	$	(96.64)	$	(2.25)
Diluted	$	(1.44)	$	(2.50)	$	(96.64)	$	(2.25)

(1) Q1 includes a $4.6 million contingent consideration benefit related to reducing the estimated fair value of the contingent cash liability associated with the fourth quarter 2018 acquisition of Global Heat Transfer LLC. Q3 includes $471.0 million of goodwill impairments, $53.5 million of intangible asset impairments and $7.9 million of property and equipment impairments. See Note 8 Impairments of Goodwill and Long Lived Assets for further information related to these charges.

(2) Q3 includes a $1.6 million gain realized on the sale of our previously held equity investment in Ashtead. Q4 includes a $2.3 million gain on the sale of certain assets of our Cooper Alloy® brand of valve products. See Note 4 Dispositions for further information related to these gains.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
COVID-19 Impacts	COVID-19 Impacts The outbreak of COVID-19 in 2020 caused significant disruptions in the U.S. and world economies. In response to the continued spread of COVID-19, federal, state and local governments have imposed varying degrees of restrictions on business and social activities, including quarantine and “stay-at-home” orders. As a result of the imposition of these government orders, there was an adverse impact on the level of oil and natural gas demand and many companies have sought protection under Chapter 11 of the U.S. Bankruptcy Code. The full impacts of the COVID-19 outbreak are continuing to evolve and will ultimately depend on future developments, including the rate of distribution for approved vaccines, actions taken by governmental authorities, customers, suppliers and other third parties to prevent further spread of the virus, workforce availability, and the timing and extent to which economic and operating conditions resume. We have experienced resulting disruptions to our business operations, as restrictions have significantly impacted many sectors of the economy, with businesses curtailing or ceasing normal operations. While we cannot estimate with any degree of certainty the full impact of the COVID-19 outbreak on our liquidity, financial condition and future results of operations, we expect the adverse impacts on our financial results from COVID-19 will continue in future quarters.
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries after elimination of intercompany balances and transactions. We previously held an investment in Ashtead, an operating entity where we had the ability to exert significant influence, but did not control operating and financial policies. This investment was accounted for using the equity method of accounting with our share of the net income reported in “Loss from equity investments” in the consolidated statements of comprehensive loss and the investment reported in “Investment in unconsolidated subsidiary” in the consolidated balance sheets. On September 3, 2019, we sold our aggregate 40% interest in Ashtead to the majority owners of Ashtead. As of December 31, 2020, we have no investments in unconsolidated subsidiaries. Refer to Note 4 Dispositions for further discussion.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the preparation of these consolidated financial statements, estimates and assumptions have been made by management including, among others, an assessment of percentage of completion of projects based on costs to complete contracts, the selection of useful lives of tangible and intangible assets, expected future cash flows from long lived assets to support impairment tests, provisions necessary for trade receivables, amounts of deferred taxes and income tax contingencies. Actual results could differ from these estimates. The financial reporting of contracts depends on estimates, which are assessed continually during the term of those contracts. The amounts of revenues and income recognized are subject to revisions as the contract progresses to completion and changes in estimates are reflected in the period in which the facts that give rise to the revisions become known. Additional information that enhances and refines the estimating process that is obtained after the balance sheet date, but before issuance of the consolidated financial statements, is reflected in the consolidated financial statements.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist of cash on deposit and high quality, short term money market instruments with an original maturity of three months or less. Cash equivalents are based on quoted market prices, a Level 1 fair value measure.
Accounts receivable-trade	Accounts receivable-trade Trade accounts receivables are carried at their estimated collectible amounts. Trade credit is generally extended on a short-term basis; thus receivables do not bear interest, although a finance charge may be applied to amounts past due. We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of our customers to make required payments. Such allowances are based upon several factors including, but not limited to, credit approval practices, industry and customer historical experience as well as the current and projected financial condition of the specific customer. Accounts receivable outstanding longer than contractual terms are considered past due. We write off accounts receivable to the allowance for doubtful accounts when they become uncollectible. Any payments subsequently received on receivables previously written off are credited to bad debt expense.
Inventories	Inventories Inventory consisting of finished goods and materials and supplies held for resale is carried at the lower of cost or net realizable value. For certain operations, cost, which includes the cost of raw materials and labor for finished goods, is determined using standard cost which approximates a first-in first-out basis. For other operations, this cost is determined on an average cost, first-in first-out or specific identification basis. Net realizable value means estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. We continuously evaluate inventories based on an analysis of inventory levels, historical sales experience and future sales forecasts, to determine obsolete, slow-moving and excess inventory. For the years ended December 31, 2020 and 2019, we recognized inventory write downs totaling $100.8 million and $10.3 million, respectively. These charges are all included in “Cost of sales” in the consolidated statements of comprehensive loss. See Note 5 Inventories for further information related to these charges.
Property and equipment	Property and equipment Property and equipment are stated at cost less accumulated depreciation. Capital leases of property and equipment are stated at the present value of future minimum lease payments. Expenditures for property and equipment and for items which substantially increase the useful lives of existing assets are capitalized at cost and depreciated over their estimated useful life utilizing the straight-line method. Routine expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method based on the estimated useful lives of assets, generally 3 to 30 years. Property and equipment held under capital leases are amortized straight-line over the shorter of the lease term or estimated useful life of the asset. Gains or losses resulting from the disposition of assets are recognized in income with the related asset cost and accumulated depreciation removed from the balance sheet. Assets acquired in connection with business combinations are recorded at fair value. Rental equipment consists of equipment rented to customers under short-term rental agreements. Rental equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of three to ten years. We review long-lived assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset and its eventual disposal are estimated. If the undiscounted future cash flows are less than the carrying amount of the assets, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined either through the use of an external valuation, or by means of an analysis of discounted future cash flows based on expected utilization. For the years ended December 31, 2020 and 2019, we recognized property and equipment impairment charges totaling $15.1 million and $7.9 million, respectively, which are included in “Impairments of goodwill, intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Goodwill and Long Lived Assets for further information related to these charges. We record the fair value of asset retirement obligations as a liability in the period in which the associated legal obligation is incurred. The fair value of the obligation is recorded as a liability and capitalized as part of the related asset. Over time, the liability is accreted to its future value and the capitalized cost is depreciated over the estimated useful life of the related asset. The current portion of the liability is included in other accrued liabilities and the non-current portion is included in other long-term liabilities in the consolidated balance sheets.
Lease Obligations	Lease Obligations We determine if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded in our consolidated balance sheets. Leases with an initial term greater than 12 months are recognized in our consolidated balance sheets based on lease classification as either operating or financing. Operating leases are included in operating lease assets, accrued liabilities and operating lease liabilities. Finance leases are included in property and equipment, current portion of long-term debt, and long-term debt. Some of our lease agreements include lease and non-lease components for which we have elected to not separate for all classes of underlying assets. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We sublease certain real estate to third parties when we have no future use for the property. Our lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. Operating lease Right of Use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments at the commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Our leases have remaining terms of 1 year to 13 years and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The operating lease ROU assets also include any upfront lease payments made and exclude lease incentives and initial direct costs incurred. Lease expense for operating leases is recognized on a straight-line basis over the lease term. We review lease ROU assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset and its eventual disposal are estimated. If the undiscounted future cash flows are less than the carrying amount of the assets, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined by means of an analysis of discounted future cash flows based on expected utilization. For the years ended December 31, 2020 and 2019, we recognized impairments of operating lease assets totaling $15.4 million and $2.4 million, respectively, which are included in “Cost of Sales” and “Selling, general and administrative expenses” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Goodwill and Long Lived Assets for further information related to these charges.
Goodwill and intangible assets	Goodwill and intangible assets For goodwill and intangible assets with indefinite lives, an assessment for impairment is performed annually or when there is an indication an impairment may have occurred. We use an assessment date of October 1 for our annual impairment test for goodwill and other indefinite-lived intangible assets. Goodwill is reviewed for impairment by comparing the carrying value of each of our seven reporting units’ net assets, including allocated goodwill, to the estimated fair value of the reporting unit. We determine the fair value of our reporting units using a discounted cash flow approach. We selected this valuation approach because we believe it, combined with our best judgment regarding underlying assumptions and estimates, provides the best estimate of fair value for each of our reporting units. Determining the fair value of a reporting unit requires the use of estimates and assumptions. Such estimates and assumptions include revenue growth rates, future operating margins, the weighted average cost of capital, a terminal growth value, and future market conditions, among others. We believe that the estimates and assumptions used in our impairment assessments are reasonable. If the reporting unit’s carrying value is greater than its calculated fair value, we recognize a goodwill impairment charge for the amount by which the carrying value of goodwill exceeds its fair value. For the year ended December 31, 2019, we recognized goodwill impairment charges totaling $471.0 million which is included in “Impairments of goodwill, intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Goodwill and Long Lived Assets for further information related to these charges. Following the goodwill impairment charges recognized in the third quarter of 2019, there is no remaining goodwill balance for any of our reporting units. Intangible assets with definite lives are comprised of customer and distributor relationships, patents and technology, trade names, trademarks and non-compete agreements which are amortized on a straight-line basis over the life of the intangible asset, generally two to twenty-two years. These assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset are estimated. If the undiscounted future cash flows are less than the carrying amount of the assets, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined either through the use of an external valuation, or by means of an analysis of discounted future cash flows. The impairment loss recognized represents the excess of an assets’ carrying value as compared to its estimated fair value. For the years ended December 31, 2020 and 2019, we recognized intangible asset impairment charges totaling $5.3 million and $53.5 million, respectively, which are included in “Impairments of goodwill, intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Goodwill and Long Lived Assets for further information related to these charges.
Recognition of provisions for contingencies	Recognition of provisions for contingencies In the ordinary course of business, we are subject to various claims, suits and complaints. We, in consultation with internal and external legal advisors, will provide for a contingent loss in the consolidated financial statements if, at the date of the consolidated financial statements, it is probable that a liability has been incurred and the amount can be reasonably estimated. If it is determined that the reasonable estimate of the loss is a range and that there is no best estimate within that range, a provision will be made for the lower amount of the range. Legal costs are expensed as incurred. An assessment is made of the areas where potential claims may arise under contract warranty clauses. Where a specific risk is identified, and the potential for a claim is assessed as probable and can be reasonably estimated, an appropriate warranty provision is recorded. Warranty provisions are eliminated at the end of the warranty period except where warranty claims are still outstanding. The liability for product warranty is included in other accrued liabilities in the consolidated balance sheets.
Revenue recognition and deferred revenue	Revenue recognition and deferred revenue Revenue is recognized in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Contract Identification. We account for a contract when it is approved, both parties are committed, the rights of the parties are identified, payment terms are defined, the contract has commercial substance and collection of consideration is probable. Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer under ASC 606. The majority of our contracts with customers contain a single performance obligation to provide agreed-upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. In accordance with ASC 606, we do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. We have elected to apply the practical expedient to account for shipping and handling costs associated with outbound freight after control of a product has transferred to a customer as a fulfillment cost which is included in Cost of Sales. Furthermore, since our customer payment terms are short-term in nature, we have also elected to apply the practical expedient which allows an entity to not adjust for the effects of a significant financing component if it expects that the customer’s payment period will be less than one year in duration. Contract Value. Revenue is measured based on the amount of consideration specified in the contracts with our customers and excludes any amounts collected on behalf of third parties. We have elected the practical expedient to exclude amounts collected from customers for all sales (and other similar) taxes. The estimation of total revenue from a customer contract is subject to elements of variable consideration. Certain customers may receive rebates or discounts which are accounted for as variable consideration. We estimate variable consideration as the most likely amount to which we expect to be entitled, and we include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved. Our estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historic, current, forecast) that is reasonably available to us. Timing of Recognition. We recognize revenue when we satisfy a performance obligation by transferring control of a product or service to a customer. Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from goods transferred to customers at a point in time accounted for 93% of revenues for the year ended December 31, 2020. The majority of this revenue is product sales, which are generally recognized when items are shipped from our facilities and title passes to the customer. The amount of revenue recognized for products is adjusted for expected returns, which are estimated based on historical data. Revenue from goods transferred to customers over time accounted for 7% of revenues for the year ended December 31, 2020, which is related to certain contracts in our Subsea and Production Equipment product lines. Recognition over time for these contracts is supported by our assessment of the products supplied as having no alternative use to us and by clauses in the contracts that provide us with an enforceable right to payment for performance completed to date. We use the cost-to-cost method to measure progress for these contracts because it best depicts the transfer of assets to the customer which occurs as costs are incurred on the contract. The amount of revenue recognized is calculated based on the ratio of costs incurred to-date compared to total estimated costs which requires management to calculate reasonably dependable estimates of total contract costs. Whenever revisions of estimated contract costs and contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. We recognize revenue and cost of sales each period based upon the advancement of the work-in-progress unless the stage of completion is insufficient to enable a reasonably certain forecast of profit to be established. In such cases, no profit is recognized during the period. Accounting estimates during the course of projects may change, primarily related to our remotely operated vehicles (“ROVs”) which may take longer to manufacture. The effect of such a change, which can be upward as well as downward, is accounted for in the period of change, and the cumulative income recognized to date is adjusted to reflect the latest estimates. These revisions to estimates are accounted for on a prospective basis. Contracts are sometimes modified to account for changes in product specifications or requirements. Most of our contract modifications are for goods and services that are not distinct from the existing contract. As such, these modifications are accounted for as if they were part of the existing contract, and therefore, the effect of the modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. No adjustment to any one contract was material to our consolidated financial statements for the years ended December 31, 2020 and 2019. We sell our products through a number of channels including a direct sales force, marketing representatives, and distributors. We have elected to expense sales commissions when incurred as the amortization period would be less than one year. These costs are recorded within cost of sales. Portfolio Approach. We have elected to apply ASC 606 to a portfolio of contracts with similar characteristics as we reasonably expect that the effects on the financial statements of applying this guidance to the portfolio would not differ materially from applying this guidance to the individual contracts within that portfolio. Disaggregated Revenue. Refer to Note 18 Business Segments for disaggregated revenue by product line and geography. Contract Balances. Contract balances are determined on a contract by contract basis. Contract assets represent revenue recognized for goods and services provided to our customers when payment is conditioned on something other than the passage of time. Similarly, when we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract, we record a contract liability. Such contract liabilities typically result from billings in excess of costs incurred and advance payments received on product sales.
Concentration of credit risk	Concentration of credit risk Trade accounts receivable are financial instruments which potentially subject the Company to credit risk. Trade accounts receivable consist of uncollateralized receivables from domestic and international customers. For the years ended December 31, 2020 and 2019, no one customer accounted for 10% or more of the total revenue or 10% or more of the total accounts receivable balance at the end of the respective period.
Stock based compensation	Stock based compensation We measure all stock based compensation awards at fair value on the date they are granted to employees and directors, and recognize compensation cost over the requisite service period for awards with only a service condition, and over a graded vesting period for awards with service and performance or market conditions. The fair value of stock based compensation awards with market conditions is measured using a Monte Carlo Simulation model and, in accordance with Accounting Standards Codification Topic 718, is not adjusted based on actual achievement of the performance goals. The Black-Scholes option pricing model is used to measure the fair value of options. Forfeitures are accounted for as they occur.
Income taxes	Income taxes We follow the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are determined based upon temporary differences between the carrying amounts and tax bases of our assets and liabilities at the balance sheet date, and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period in which the change occurs. We record a valuation allowance in each reporting period when management believes that it is more likely than not that any deferred tax asset created will not be realized. See Note 11 Income Taxes for more information on valuation allowances recognized. Accounting guidance for income taxes requires that we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. If a tax position meets the “more likely than not” recognition criteria, accounting guidance requires the tax position be measured at the largest amount of benefit greater than 50% likely of being realized upon ultimate settlement.
Non-U.S. local currency translation	Non-U.S. local currency translation We have global operations and the majority of our non-U.S. operations have designated the local currency as the functional currency. Realized and unrealized gains and losses resulting from re-measurements of monetary assets and liabilities denominated in a currency other than the local entity’s functional currency are included in the consolidated statements of comprehensive loss as incurred. Financial statements of our foreign operations where the functional currency is not the U.S. dollar are translated into U.S. dollars using the current rate method whereby assets and liabilities are translated at the balance sheet rate and income and expenses are translated at the average exchange rates in effect during the period. The resultant translation adjustments are reported as a component of accumulated other comprehensive loss within stockholders’ equity in our consolidated balance sheets.
Fair value	Fair value The carrying amounts for financial instruments classified as current assets and current liabilities approximate fair value, due to the short maturity of such instruments. The book values of other financial instruments, such as our debt related to the Credit Facility, approximates fair value because interest rates charged are similar to other financial instruments with similar terms and maturities and the rates vary in accordance with a market index. For the financial assets and liabilities disclosed at fair value, fair value is determined as the exit price, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The established fair value hierarchy divides fair value measurement into three broad levels: •Level 1 - inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; •Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and •Level 3 - inputs are unobservable for the asset or liability, which reflect the best judgment of management. The financial assets and liabilities that are disclosed at fair value for disclosure purposes are categorized in one of the above three levels based on the lowest level input that is significant to the fair value measurement in its entirety. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.
Recent accounting pronouncements	Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), which we adopt as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption. Accounting Standards Adopted in 2020 Financial Instruments—Credit Losses. In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses (Topic 326), which introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. It requires an entity to estimate credit losses expected over the life of an exposure based on historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. We adopted this new standard as of January 1, 2020. The adoption of this standard resulted in a noncash cumulative effect adjustment to increase our allowance for doubtful accounts and increase our retained deficit by $1.4 million. The new standard did not materially affect our consolidated statements of comprehensive loss for the year ended December 31, 2020. Accounting for Implementation Costs Related to a Cloud Computing Arrangement. In August 2018, the FASB issued ASU No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This new guidance aligns the requirements for capitalizing implementation costs incurred by an entity related to a cloud computing arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Accordingly, this guidance requires an entity to capitalize certain implementation costs incurred and then amortize them over the term of the cloud hosting arrangement. Furthermore, this guidance also requires an entity to present the expense, cash flows, and capitalized implementation costs in the same financial statement line items as the associated hosting service. We adopted this new standard as of January 1, 2020. The adoption of this new standard did not have a material impact on our condensed consolidated financial statements. Fair Value Measurement Disclosure. In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurement. This new guidance eliminated, modified and added certain disclosure requirements related to fair value measurements. We adopted this new standard as of January 1, 2020. This new standard did not have a material impact on our condensed consolidated financial statements. Subsidiary Guarantees. In March 2020, the SEC adopted amendments to the financial disclosure requirements applicable to registered debt offerings that include credit enhancements, such as subsidiary guarantees, in Rule 3-10 of Regulation S-X. The amended rule focuses on providing material, relevant and decision-useful information regarding guarantees and other credit enhancements, while eliminating certain prescriptive requirements. We adopted these amendments in 2020. Accordingly, combined summarized financial information has been presented only for the issuers and guarantors of our registered securities. In addition, the previous disclosures have been removed from the Notes to Condensed Consolidated Financial Statements and the new required disclosures are included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Accounting Standards Issued But Not Yet Adopted Income Tax. In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740) - Disclosure Framework - Simplifying the Accounting for Income Taxes, which simplified the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and clarifying and amending existing guidance. This guidance will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We are currently evaluating the impact of this new guidance. However, we currently expect that the adoption of this guidance will not have a material impact on our consolidated financial statements. Convertible Debt. In August 2020, the FASB issued ASU No. 2020-06 Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This update reduces the number of accounting models for convertible debt instruments resulting in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, this update also makes targeted changes to the disclosures for convertible instruments and earnings-per-share guidance. This guidance may be adopted through either a modified retrospective or fully retrospective method of transition and will take effect for public companies with fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, and must be adopted as of the beginning of the Company's fiscal year. We are currently evaluating the impact of this new guidance. However, we currently expect that the adoption of this guidance will not have a material impact on our consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts

The change in amounts of the allowance for doubtful accounts during the two year period ended December 31, 2020 is as follows (in thousands):


Period ended	Balance at beginning of period	Charged to expense	Deductions or other	Balance at end of period
December 31, 2019	7,432	3,152	(1,536)	9,048
December 31, 2020	9,048	1,127	(958)	9,217

Revenues (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Changes in Contract Assets and Contract Liabilities

The following table reflects the changes in our contract assets and contract liabilities balances for the year ended December 31, 2020:


	December 31, 2020		December 31, 2019		Increase / (Decrease)
					$		%
Accrued revenue	$	1,687	$	1,260
Costs and estimated profits in excess of billings	8,516		4,104
Contract assets	$	10,203	$	5,364	$	4,839	90	%

Deferred revenue	$	7,863	$	4,877
Billings in excess of costs and profits recognized	1,817		5,911
Contract liabilities	$	9,680	$	10,788	$	(1,108)	(10)	%

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company’s significant components of inventory at December 31, 2020 and 2019 were as follows (in thousands):


	December 31, 2020		December 31, 2019
Raw materials and parts	$	151,531	$	172,083
Work in process	15,946		29,972
Finished goods	229,212		278,660
Gross inventories	396,689		480,715
Inventory reserve	(144,942)		(66,075)
Inventories	$	251,747	$	414,640

Schedule of Inventory Reserve

The change in the amounts of the inventory reserve during the two year period ended December 31, 2020 is as follows (in thousands):


Period ended	Balance at beginning of period	Charged to expense	Deductions or other	Balance at end of period
December 31, 2019	75,587	10,324	(19,836)	$	66,075
December 31, 2020	66,075	100,794	(21,927)	$	144,942

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment consists of the following (in thousands):


	Estimated useful lives	December 31,
		2020		2019
Land		$	8,476	$	9,870
Buildings and leasehold improvements	5-30	93,645		103,383
Computer equipment	3-5	44,607		55,941
Machinery & equipment	5-10	148,019		166,123
Furniture & fixtures	3-10	6,275		6,731
Vehicles	3-5	3,835		5,382
Right of use assets - finance leases	2-6	3,823		2,528
Construction in progress		968		3,663
		309,648		353,621
Less: accumulated depreciation		(196,293)		(199,210)
Property and equipment, net		113,355		154,411

Rental equipment	3-10	3,830		3,779
Less: accumulated depreciation		(3,517)		(3,354)
Rental equipment, net		313		425

Total property and equipment, net		$	113,668	$	154,836

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

At December 31, 2020 and 2019, intangible assets consisted of the following, respectively (in thousands):


	December 31, 2020
	Gross carrying amount		Accumulated amortization		Net intangibles		Amortization period (in years)
Customer relationships	$	272,470	$	(121,294)	$	151,176	10 - 15
Patents and technology	89,626		(24,440)		65,186		5 - 19
Non-compete agreements	190		(137)		53		2 - 6
Trade names	42,984		(22,941)		20,043		7 - 19
Trademark	5,089		(1,103)		3,986		15
Intangible Assets Total	$	410,359	$	(169,915)	$	240,444


	December 31, 2019
	Gross carrying amount		Accumulated amortization		Net intangibles		Amortization period (in years)
Customer relationships	$	281,052	$	(110,410)	$	170,642	10 - 15
Patents and technology	92,498		(20,819)		71,679		5 - 19
Non-compete agreements	190		(100)		90		2 - 6
Trade names	43,284		(21,015)		22,269		7 - 19
Distributor relationships	22,160		(18,866)		3,294		15 - 22
Trademark	5,089		(763)		4,326		15
Intangible Assets Total	$	444,273	$	(171,973)	$	272,300

Schedule of Future Amortization Expense

The estimated future amortization expense for the next five years is as follows (in thousands):


Year ending December 31,	Amount
2021	$	25,533
2022	24,647
2023	24,035
2024	22,658
2025	21,412

Impairments of Goodwill and Long Lived Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Impairment of Long-Lived Assets

Following is a summary of impairment charges recognized (in thousands) in our Drilling & Downhole (“D&D”), Completions (“C”), Production (“P”), and Corporate (“Corp”) segments:


	Twelve Months Ended December 31, 2020										Twelve Months Ended December 31, 2019
Impairments of:	D&D		C		P		Corp		Total		D&D		C		P		Total
Goodwill (1)	$	—	$	—	$	—	$	—	$	—	$	191,485	$	260,238	$	19,287	$	471,010
Intangible assets (1)	5,257		—		—		—		5,257		—		48,241		5,230		53,471
Property and equipment (1)	1,069		9,608		4,460		—		15,137		5,200		2,655		—		7,855
Operating lease right of use assets (2)	5,366		6,140		2,366		1,498		15,370		1,525		684		155		2,364
Total impairments	$	11,692	$	15,748	$	6,826	$	1,498	$	35,764	$	198,210	$	311,818	$	24,672	$	534,700

(1) These charges are included in Impairments of goodwill, intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss.

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Notes payable and lines of credit as of December 31, 2020 and 2019 consisted of the following (in thousands):


	December 31, 2020		December 31, 2019
2021 Notes	$	—	$	400,000
2025 Notes	316,863		—
Unamortized debt premium (discount)	(30,248)		770
Debt issuance cost	(7,318)		(3,232)
Senior secured revolving credit facility	13,126		—
Other debt	2,272		2,041
Total debt	294,695		399,579
Less: current maturities	(1,322)		(717)
Long-term debt	$	293,373	$	398,862

Schedule of Maturities of Long-term Debt

Future principal payments under long-term debt for each of the years ending December 31 are as follows (in thousands):


2021	$	1,322
2022	14,018
2023	96
2024	20
2025	316,869
Thereafter	—
Total future payment	$	332,325
Add: Unamortized debt premium	(30,248)
Less: Debt issuance cost	(7,318)
Less: present value discount on finance leases	$	(64)
Total debt	$	294,695

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Lease Assets and Liabilities

The following table summarizes the supplemental balance sheet information related to leases as of December 31, 2020 and 2019 (in thousands):


		As of
	Classification	December 31, 2020		December 31, 2019
Assets
Operating lease assets	Operating lease assets	$	31,520	$	48,682
Finance lease assets	Property and equipment, net of accumulated depreciation	2,464		2,085
Total lease assets		$	33,984	$	50,767
Liabilities
Current
Operating	Accrued liabilities	$	11,974	$	12,538
Finance	Current portion of long-term debt	1,322		717
Noncurrent
Operating	Operating lease liabilities	$	44,536	49,938
Finance	Long-term debt, net of current portion	950		$	1,324
Total lease liabilities		$	58,782	$	64,517

Schedule of Lease Cost, Cash Flows, Weighted Average Remaining Lease Term and Weighted Average Discount Rates

The following table summarizes the components of lease expenses for the twelve months ended December 31, 2020 (in thousands):


		Twelve Months Ended December 31,
Lease Cost	Classification	2020		2019
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	8,439	$	13,675
Finance lease cost
Amortization of leased assets	Selling, general and administrative expenses	932		445
Interest on lease liabilities	Interest expense	155		81
Sublease income	Cost of sales and Selling, general and administrative expenses	(2,001)		(1,635)
Net lease cost		$	7,525	$	12,566

Schedule of Operating Lease Liability Maturity

The maturities of lease liabilities as of December 31, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases		Total

2021	$	14,950	$	1,322	$	16,272
2022	13,243		892		14,135
2023	8,065		96		8,161
2024	6,683		20		6,703
2025	6,074		6		6,080
Thereafter	20,940		—		20,940
Total lease payments	69,955		2,336		72,291
Less: present value discount	(13,445)		(64)		(13,509)
Present value of lease liabilities	$	56,510	$	2,272	$	58,782

Schedule of Finance Lease Liability Maturity

The maturities of lease liabilities as of December 31, 2020 are as follows (in thousands):


	Operating Leases		Finance Leases		Total

2021	$	14,950	$	1,322	$	16,272
2022	13,243		892		14,135
2023	8,065		96		8,161
2024	6,683		20		6,703
2025	6,074		6		6,080
Thereafter	20,940		—		20,940
Total lease payments	69,955		2,336		72,291
Less: present value discount	(13,445)		(64)		(13,509)
Present value of lease liabilities	$	56,510	$	2,272	$	58,782

Schedule of Lease Cost, Cash Flows, Weighted Average Remaining Lease Term and Weighted Average Discount Rates

The following table summarizes the weighted-average remaining lease term and weighted average discount rates related to leases as of December 31, 2020:

Lease Term and Discount Rate

December 31, 2020

December 31, 2019

Weighted-average remaining lease term (years)

Operating leases

6.6 years

6.8 years

Financing leases

1.8 years

2.8 years

Weighted-average discount rate

Operating leases

6.58

Financing leases

6.58

Schedule of Lease Cost, Cash Flows, Weighted Average Remaining Lease Term and Weighted Average Discount Rates

The following table summarizes the supplemental cash flow information related to leases as of December 31, 2020:


	Twelve Months Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	11,038	$	12,679
Operating cash flows from finance leases	80		81
Financing cash flows from finance leases	$	1,179	$	1,197
Noncash activities from adoption of ASC 842 as of January 1, 2019
Prepaid expenses and other current assets	n/a		$	(884)
Operating lease assets	n/a		54,069
Operating lease liabilities	n/a		64,506
Accrued liabilities	n/a		(11,321)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of loss before income taxes for the years ended December 31, 2020 and 2019 are as follows (in thousands):


	2020		2019
U.S.	$	(106,785)	$	(532,363)
Non-U.S.	(2,985)		(36,508)
Loss before income taxes	$	(109,770)	$	(568,871)

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax benefit for the years ended December 31, 2020 and 2019 are as follows (in thousands):


	2020		2019
Current
U.S. federal and state	$	(17,219)	$	(1,423)
Non-U.S.	4,487		12,594
Total current	(12,732)		11,171
Deferred
U.S. federal and state	723		3,580
Non-U.S.	(872)		(16,565)
Total deferred	(149)		(12,985)
Income tax benefit	$	(12,881)	$	(1,814)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the actual provision for income taxes and that computed by applying the U.S. statutory rate to loss before income taxes are outlined below (in thousands):


	2020				2019
Income tax benefit at the statutory rate	$	(23,052)	(21.0)	%	$	(119,463)	(21.0)	%
State taxes, net of federal tax benefit	(4,190)		(3.8)	%	(5,846)		(1.0)	%
Non-U.S. operations	625		0.6	%	(4,023)		(0.7)	%
Domestic incentives	(264)		(0.2)	%	(633)		(0.1)	%
Prior year federal, non-U.S. and state tax	(1,827)		(1.7)	%	257		—	%
Nondeductible expenses	2,053		1.9	%	348		0.1	%
Goodwill impairment	—		—	%	27,244		4.8	%
U.S. CAREs Act	(15,981)		(14.6)	%	—		—	%
Valuation allowance	25,349		23.1	%	98,900		17.4	%
Other	4,406		4.0	%	1,402		0.2	%
Income tax benefit	$	(12,881)	(11.7)	%	$	(1,814)	(0.3)	%

Schedule of Deferred Tax Assets and Liabilities

The primary components of deferred taxes include (in thousands):


	2020		2019
Deferred tax assets
Reserves and accruals	$	14,917	$	4,590
Operating lease liabilities	3,097		14,912
Inventory	37,784		16,429
Stock awards	2,180		5,185
Net operating loss and other tax carryforwards	53,781		83,325
Goodwill and intangible assets	39,381		45,528
Fair value discount on 2025 Notes	30,564		—
Other	931		1,150
Gross deferred tax assets	182,635		171,119
Valuation allowance	(167,287)		(152,795)
Total deferred tax assets	15,348		18,324
Deferred tax liabilities
Property and equipment	(6,861)		(7,733)
Operating lease assets	(6,818)		(12,006)
Prepaid expenses and other	(3,519)		(396)
Total deferred tax liabilities	(17,198)		(20,135)
Net deferred tax liabilities	$	(1,850)	$	(1,811)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of uncertain tax positions is as follows (in thousands):


Balance at January 1, 2020	$	14,566
Additional based on tax positions related to prior years	—
Additional based on tax positions related to current year	1,771
Reduction based on tax positions related to prior years	(2,158)
Settlement with tax authorities	(469)
Lapse of statute of limitations	(1,328)
Balance at December 31, 2020	12,382

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The reconciliation of basic and diluted earnings per share for each period presented was as follows (dollars and shares in thousands, except per share amounts):


	Year ended December 31,
	2020		2019
Net loss attributable to common stockholders	$	(96,889)	$	(567,057)

Basic - weighted average shares outstanding	5,577		5,505
Dilutive effect of stock options and restricted stock	—		—
Dilutive effect of convertible 2025 Notes	—		—
Diluted - weighted average shares outstanding	5,577		5,505

Loss per share
Basic	$	(17.37)	$	(103.01)
Diluted	$	(17.37)	$	(103.01)

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

The following table provides additional information related to stock options:


2020 Activity	Number of shares (in thousands)	Weighted average exercise price		Remaining weighted average contractual life in years	Intrinsic value (in millions)
Beginning balance	269	$	247.00	2.5	$	—


Forfeited/expired	(174)	$	186.31
Total outstanding	95	$	358.31	3.5	$	—
Options exercisable	92	$	359.30	3.4	$	—

Schedule of Nonvested Restricted Stock Shares Activity

Restricted stock generally vests over a three or four year period from the date of grant. The following table provides additional information related to our restricted stock:


2020 Activity			Restricted stock (shares in thousands)
Nonvested at beginning of year			10
Vested			(10)
Nonvested at the end of year			—

The following table provides additional information related to our restricted stock units:


2020 Activity			Restricted stock units (shares in thousands)
Nonvested at beginning of year			109
Granted			300
Vested			(52)
Forfeited			(26)
Nonvested at the end of year			331

Schedule of Stock Appreciation Rights

The following table provides additional information related to our stock appreciation rights:


2020 Activity			Stock Appreciation Rights (in thousands)
Nonvested at beginning of year			318
Granted			—
Forfeited			(70)
Nonvested at the end of year			248

Business Segments (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Summary financial data by segment follows (in thousands):


	Year ended December 31,
	2020		2019
Revenue:
Drilling & Downhole	$	216,836	$	334,829
Completions	118,685		305,089
Production	177,510		320,996
Eliminations	(555)		(4,381)
Total revenue	$	512,476	$	956,533

Segment operating income (loss):
Drilling & Downhole	$	(47,964)	$	7,343
Completions	(97,304)		6,581
Production	(33,418)		7,802
Corporate	(30,012)		(28,928)
Total segment operating loss	(208,698)		(7,202)
Impairments of goodwill, intangible assets, property and equipment	20,394		532,336
Transaction expenses	3,128		1,159
Contingent consideration benefit	—		(4,629)
Loss (gain) on disposal of assets and other	(597)		78
Operating loss	$	(231,623)	$	(536,146)

Depreciation and amortization
Drilling & Downhole	$	17,895	$	21,433
Completions	24,831		32,780
Production	7,755		8,478
Corporate	519		550
Total depreciation and amortization	$	51,000	$	63,241

A summary of capital expenditures by reportable segment is as follows (in thousands):


	Year ended December 31,
Capital expenditures	2020		2019
Drilling & Downhole	$	462	$	3,169
Completions	275		3,886
Production	287		4,041
Corporate	1,222		4,006
Total capital expenditures	$	2,246	$	15,102

A summary of consolidated assets by reportable segment is as follows (in thousands):


	Year ended December 31,
Assets	2020		2019
Drilling & Downhole	$	314,375	$	407,779
Completions	356,645		496,714
Production	92,949		186,786
Corporate	125,957		68,718
Total assets	$	889,926	$	1,159,997

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

A summary of long-lived assets by country is as follows (in thousands):


	Year ended December 31,
Long-lived assets:	2020		2019
United States	$	332,554	$	397,219
Europe	42,424		54,519
Canada	17,796		32,703
Asia-Pacific	836		1,707
Middle East	4,877		5,653
Latin America	1,248		2,279
Total long-lived assets	$	399,735	$	494,080

The following table presents our revenues disaggregated by geography based on shipping destination (in thousands):


	Year ended December 31,
	2020				2019
Revenue:	$		%		$		%
United States	$	323,322	63.2	%	$	670,205	70.1	%
Canada	30,492		5.9	%	62,651		6.5	%
Europe & Africa	37,438		7.3	%	71,527		7.5	%
Middle East	43,192		8.4	%	62,169		6.5	%
Asia-Pacific	48,067		9.4	%	59,517		6.2	%
Latin America	29,965		5.8	%	30,464		3.2	%
Total Revenue	$	512,476	100.0	%	$	956,533	100.0	%

Revenue from External Customers by Products and Services

The following table presents our revenues disaggregated by product line (in thousands):


	Year ended December 31,
	2020				2019
Revenue:	$		%		$		%
Drilling Technologies	$	97,232	19.1	%	$	157,648	16.6	%
Downhole Technologies	64,083		12.5	%	116,104		12.1	%
Subsea Technologies	55,521		10.8	%	61,077		6.4	%
Stimulation and Intervention	56,460		11.0	%	162,025		16.9	%
Coiled Tubing	62,225		12.1	%	143,064		15.0	%
Production Equipment	65,763		12.8	%	122,654		12.8	%
Valve Solutions	111,747		21.8	%	198,342		20.7	%
Eliminations	(555)		(0.1)	%	(4,381)		(0.5)	%
Total revenue	$	512,476	100.0	%	$	956,533	100.0	%

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information


	2020
(in thousands, except per share information)	Q1		Q2		Q3		Q4
Revenues	$	182,632	$	113,275	$	103,606	$	112,963
Cost of sales (1)	160,542		100,373		90,496		172,086
Gross profit	22,090		12,902		13,110		(59,123)
Total operating expenses (2)	77,497		47,924		50,157		45,024
Operating loss	(55,407)		(35,022)		(37,047)		(104,147)
Total other income, net (3)	(3,913)		(29,104)		(16,513)		(72,323)
Loss before income taxes	(51,494)		(5,918)		(20,534)		(31,824)
Income tax expense (benefit)	(14,350)		(424)		1,017		876
Net loss	(37,144)		(5,494)		(21,551)		(32,700)

Weighted average shares outstanding
Basic	5,559		5,580		5,580		5,588
Diluted	5,559		5,580		5,580		5,588
Loss per share
Basic	$	(6.68)	$	(0.98)	$	(3.86)	$	(5.85)
Diluted	$	(6.68)	$	(0.98)	$	(3.86)	$	(5.85)

(1) Q1 includes $11.6 million of inventory write-downs and $8.6 million of lease impairments. Q4 includes $81.1 million of inventory write-downs.


	2019
(in thousands, except per share information)	Q1		Q2		Q3		Q4
Revenues	$	271,842	$	245,648	$	239,266	$	199,777
Cost of sales	201,744		182,460		176,632		150,845
Gross profit	70,098		63,188		62,634		48,932
Total operating expenses (1)	64,952		63,022		595,954		56,752
Earnings (loss) from equity investment	(849)		570		(39)		—
Operating income (loss)	4,297		736		(533,359)		(7,820)
Total other expense, net (2)	10,458		6,077		2,999		13,191
Loss before income taxes	(6,161)		(5,341)		(536,358)		(21,011)
Income tax expense (benefit)	1,727		8,393		(3,371)		(8,563)
Net loss	(7,888)		(13,734)		(532,987)		(12,448)

Weighted average shares outstanding
Basic	5,482		5,499		5,515		5,523
Diluted	5,482		5,499		5,515		5,523
Loss per share
Basic	$	(1.44)	$	(2.50)	$	(96.64)	$	(2.25)
Diluted	$	(1.44)	$	(2.50)	$	(96.64)	$	(2.25)

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2020 USD ($) reporting_unit	Dec. 31, 2019 USD ($)	Sep. 03, 2019	Dec. 31, 2018 USD ($)
Property, Plant and Equipment [Line Items]
Inventory write downs	$ 81,100		$ 11,600		$ 100,794	$ 10,324
Impairment charges		$ 3,000	17,300		15,100	7,900
Impairments of operating lease assets			$ 8,600		$ 15,370	2,364
Number of reporting units \| reporting_unit					7
Impairment				$ 471,000
Impairment of intangible assets		$ 5,300				53,500
Percent of revenue from goods and services transferred at point in time					93.00%
Percent of revenue from goods and services transferred over time					7.00%
Adjustment for adoption of ASU	406,236				$ 406,236	486,039
Retained earnings (accumulated deficit)
Property, Plant and Equipment [Line Items]
Adjustment for adoption of ASU	$ (601,656)				$ (601,656)	$ (503,369)		$ 63,688
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment					3 years
Remaining lease term	1 year				1 year
Estimated useful life, intangible assets					2 years
Minimum \| Rental equipment
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment					3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment					30 years
Remaining lease term	13 years				13 years
Estimated useful life, intangible assets					22 years
Maximum \| Rental equipment
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment					10 years
Accounting Standards Update 2016-13 \| Retained earnings (accumulated deficit)
Property, Plant and Equipment [Line Items]
Adjustment for adoption of ASU	$ (1,400)				$ (1,400)
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations \| Ashtead Technology
Property, Plant and Equipment [Line Items]
Equity interest received in sale of business							40.00%

Summary of Significant Accounting Policies (Allowance for doubtful accounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 9,048	$ 7,432
Charged to expense	1,127	3,152
Deductions or other	(958)	(1,536)
Balance at end of period	$ 9,217	$ 9,048

Revenues (Schedule of Changes in Contract Asset and Contract Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accrued revenue	$ 1,687	$ 1,260
Costs and estimated profits in excess of billings	8,516	4,104
Contract assets	10,203	5,364
Increase in contract with customer assets	$ 4,839
Increase in contract with customer assets, percent	90.00%
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 7,863	4,877
Billings in excess of costs and profits recognized	1,817	5,911
Contract liabilities	9,680	$ 10,788
Decrease in contract with customer liabilities	$ (1,108)
Decrease in contract with customer liabilities, percent	(10.00%)

Revenues (Narrative) (Details) $ in Thousands	12 Months Ended
Revenues (Narrative) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Increase in contract with customer assets	$ 4,839
Decrease in contract with customer liabilities	(1,108)
Revenue recognized	$ 9,300

Acquisitions & Dispositions (Narrative) (Details) $ in Thousands, £ in Millions			3 Months Ended	12 Months Ended
	Dec. 04, 2019 USD ($)	Sep. 03, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 03, 2019 GBP (£)	Jan. 03, 2018 GBP (£)
Business Acquisition [Line Items]
Gain on disposition of business				$ (88,375)	$ (2,348)
Assets			$ 1,159,997	889,926	$ 1,159,997
Gain on disposition of business			$ 2,300
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Consideration for disposal group		$ 47,700
Gain on disposition of business		39,300
Note receivable received as consideration in sale of business \| £						£ 6.9	£ 3.0
Gain realized on previously held equity investment		$ 1,600
ABZ and Quadrant Valves \| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Consideration for disposal group				104,600
Assets				15,000
Accrued liabilities				$ 1,200
Cooper Alloy \| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Consideration for disposal group	$ 4,000
Gain on disposition of business	$ 2,300
Ashtead Technology \| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Equity interest received in sale of business		40.00%				40.00%

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials and parts	$ 151,531	$ 172,083
Work in process	15,946	29,972
Finished goods	229,212	278,660
Gross inventories	396,689	480,715
Inventory reserve	(144,942)	(66,075)	$ (75,587)
Inventories	$ 251,747	$ 414,640

Inventories (Inventory reserve) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Inventory Valuation Reserves Increase (Decrease) [Roll Forward]
Balance at beginning of period		$ 66,075	$ 66,075	$ 75,587
Charged to expense	$ 81,100	$ 11,600	100,794	10,324
Deductions or other			(21,927)	(19,836)
Balance at end of period	$ 144,942		$ 144,942	$ 66,075

Inventories - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory write downs	$ 81,100	$ 11,600	$ 100,794	$ 10,324

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross			$ 309,648	$ 353,621
Right of use assets - finance leases			3,823	2,528
Less: accumulated depreciation			(196,293)	(199,210)
Property and equipment, net			113,355	154,411
Total property and equipment, net			113,668	154,836
Depreciation expense			24,484	30,629
Impairment charges	$ 3,000	$ 17,300	$ 15,100	7,900
Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			3 years
Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			30 years
Land
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross			$ 8,476	9,870
Buildings and leasehold improvements
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross			$ 93,645	103,383
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			5 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			30 years
Computer equipment
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross			$ 44,607	55,941
Computer equipment \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			3 years
Computer equipment \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			5 years
Machinery & equipment
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross			$ 148,019	166,123
Machinery & equipment \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			5 years
Machinery & equipment \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			10 years
Furniture & fixtures
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross			$ 6,275	6,731
Furniture & fixtures \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			3 years
Furniture & fixtures \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			10 years
Vehicles
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross			$ 3,835	5,382
Vehicles \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			3 years
Vehicles \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			5 years
Construction in progress
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross			$ 968	3,663
Right of use assets - finance leases \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			2 years
Right of use assets - finance leases \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			6 years
Rental equipment
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross			$ 3,830	3,779
Less: accumulated depreciation			(3,517)	(3,354)
Rental equipment, net			$ 313	$ 425
Rental equipment \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			3 years
Rental equipment \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment			10 years

Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 5,300		$ 53,500
Amortization of intangible assets		$ 26,516	$ 32,612

Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (169,915)	$ (171,973)
Intangible Assets Total, Gross carrying amount	410,359	444,273
Intangible Assets Total, Net amortizable intangibles	240,444	272,300
Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	272,470	281,052
Accumulated amortization	(121,294)	(110,410)
Net amortizable intangibles	151,176	170,642
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	89,626	92,498
Accumulated amortization	(24,440)	(20,819)
Net amortizable intangibles	65,186	71,679
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	190	190
Accumulated amortization	(137)	(100)
Net amortizable intangibles	53	90
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	42,984	43,284
Accumulated amortization	(22,941)	(21,015)
Net amortizable intangibles	20,043	22,269
Distribution Rights [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount		22,160
Accumulated amortization		(18,866)
Net amortizable intangibles		3,294
Trademark
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	5,089	5,089
Accumulated amortization	(1,103)	(763)
Net amortizable intangibles	$ 3,986	$ 4,326
Maximum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	22 years
Maximum \| Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	15 years	15 years
Maximum \| Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	19 years	19 years
Maximum \| Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	6 years	6 years
Maximum \| Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	19 years	19 years
Maximum \| Distribution Rights [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets		22 years
Minimum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	2 years
Minimum \| Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	10 years	10 years
Minimum \| Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	5 years	5 years
Minimum \| Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	2 years	2 years
Minimum \| Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	7 years	7 years
Minimum \| Distribution Rights [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets		15 years
Minimum \| Trademark
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Estimated useful life, intangible assets	15 years	15 years

Intangible Assets (Schedule of Amortization Expense) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Estimated future amortization expense
2021	$ 25,533
2022	24,647
2023	24,035
2024	22,658
2025	$ 21,412

Impairments of Goodwill and Long Lived Assets - Schedule of Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of operating lease assets	$ 8,600	$ 15,370	$ 2,364
Goodwill
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0	471,010
Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		5,257	53,471
Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		15,137	7,855
Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		15,370	2,364
Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		35,764	534,700
Drilling & Downhole \| Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		11,692	198,210
Drilling & Downhole \| Operating Segments \| Goodwill
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0	191,485
Drilling & Downhole \| Operating Segments \| Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		5,257	0
Drilling & Downhole \| Operating Segments \| Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		1,069	5,200
Drilling & Downhole \| Operating Segments \| Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		5,366	1,525
Completions \| Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		15,748	311,818
Completions \| Operating Segments \| Goodwill
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0	260,238
Completions \| Operating Segments \| Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0	48,241
Completions \| Operating Segments \| Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		9,608	2,655
Completions \| Operating Segments \| Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		6,140	684
Production \| Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		6,826	24,672
Production \| Operating Segments \| Goodwill
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0	19,287
Production \| Operating Segments \| Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0	5,230
Production \| Operating Segments \| Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		4,460	0
Production \| Operating Segments \| Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		2,366	155
Corporate Segment \| Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		1,498
Corporate Segment \| Operating Segments \| Goodwill
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0
Corporate Segment \| Operating Segments \| Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0
Corporate Segment \| Operating Segments \| Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0
Corporate Segment \| Operating Segments \| Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		1,498
Cost of Sales
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of operating lease assets		10,800	1,300
Selling, General and Administrative Expenses
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of operating lease assets		$ 4,500	$ 1,100

Impairments of Goodwill and Long Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of operating lease assets	$ 8,600	$ 15,370	$ 2,364
Cost of Sales
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of operating lease assets		10,800	1,300
Selling, General and Administrative Expenses
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of operating lease assets		$ 4,500	$ 1,100

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Aug. 04, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 294,695			$ 399,579
Unamortized debt premium (discount)	(30,248)			770
Less: Debt issuance cost	(7,318)			(3,232)
Less: current maturities	(1,322)			(717)
Long-term debt	293,373			398,862
2021 Notes
Debt Instrument [Line Items]
Long-term debt, gross	0	$ 12,600		400,000
2025 Notes
Debt Instrument [Line Items]
Long-term debt, gross	316,863		$ 282,600	0
Unamortized debt premium (discount)			32,900
Long-term debt			$ 314,800
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	2,272			2,041
2017 Credit Facility \| Senior secured revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 13,126			$ 0

Debt - Narrative (Details)		3 Months Ended				6 Months Ended	12 Months Ended
Debt - Narrative (Details)	Aug. 04, 2020 USD ($) d $ / shares shares	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Nov. 30, 2013 USD ($)	Oct. 31, 2013 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross		$ 294,695,000					$ 294,695,000	$ 399,579,000
Gain on extinguishment of debt			$ 28,700,000	$ 36,300,000	$ 7,500,000		72,478,000	0
Unamortized debt premium (discount)		30,248,000					30,248,000	(770,000)
Long-term debt		293,373,000					293,373,000	398,862,000
Bond exchange early participation payment							3,500,000	0
Repayments of debt							169,196,000	256,900,000
Debt instrument, carrying value		294,695,000					294,695,000
Amortization of deferred loan costs							1,800,000	1,900,000
Senior unsecured notes due October 2021
Debt Instrument [Line Items]
Long-term debt, gross		0	12,600,000				0	400,000,000
Debt, face amount									$ 100,000,000.0	$ 300,000,000.0
Debt instrument, stated interest rate										6.25%
Debt instrument, issuance price of par, percentage									103.25%
Debt repurchased face amount				71,900,000		$ 71,900,000
Debt repurchase amount				$ 27,700,000		27,700,000
Gain on extinguishment of debt						$ 43,800,000
Deferred costs capitalized		9,700,000					9,700,000
Deferred loan costs written off					$ 2,000,000.0
2025 Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 282,600,000	316,863,000					316,863,000	0
Debt, face amount	315,500,000	150,000,000.0					150,000,000.0
Gain on extinguishment of debt	$ 28,700,000
Debt conversion, interest rate of debt	9.00%
Unamortized debt premium (discount)	$ (32,900,000)
Long-term debt	$ 314,800,000
Debt conversion, percent payable in cash	6.25%
Debt conversion, percent payable in cash or additional notes	2.75%
Repayments of debt		1,400,000
Debt conversion shares amount \| shares	37.0370
Debt conversion amount	$ 1,000
Conversion price (in usd per share) \| $ / shares	$ 27.00
Threshold trading days \| d	20
Trading period conversion price (in dollars per share) \| $ / shares	$ 30.00
Credit Facility
Debt Instrument [Line Items]
Debt instrument, carrying value		$ 13,100,000					$ 13,100,000	0
Percentage of borrowing base		50.00%					50.00%
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000.0		300,000,000.0
Deferred loan costs written off			$ 300,000
Credit Facility \| Foreign Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 45,000,000.0					$ 45,000,000.0
Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		25,000,000.0					25,000,000.0
Credit Facility \| Letter of Credit \| Canadian Subsidiaries
Debt Instrument [Line Items]
Maximum borrowing capacity		3,000,000.0					3,000,000.0
80% of Borrowing Base \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity		130,000,000.0					130,000,000.0
Current borrowing capacity quarterly reduction		$ 500,000					$ 500,000
Borrowing base percentage							80.00%
2017 Credit Facility
Debt Instrument [Line Items]
Debt, weighted average interest rate (percentage)		2.65%					2.65%
Unused capacity, commitment fee percentage							0.375%
2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage							0.50%
2017 Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 13,126,000					$ 13,126,000	$ 0
Current borrowing capacity		139,200,000					139,200,000
Debt instrument, carrying value		13,100,000					13,100,000
2017 Credit Facility \| Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Outstanding letters of credit		15,600,000					15,600,000
Remaining borrowing capacity		110,500,000					110,500,000
12.5% of Borrowing Base \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 31,300,000					$ 31,300,000
Percentage of borrowing base		12.50%					12.50%
Interest Rate Floor \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate							0.75%
LIBOR \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate							2.50%
LIBOR \| 2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate							1.00%
Base Rate \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate							1.50%
Federal Funds Rate \| 2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate							0.50%
CDOR Rate \| 2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate							1.00%
Minimum \| Credit Facility
Debt Instrument [Line Items]
Springing fixed charge coverage ratio							1.00
Fixed charge coverage ratio consecutive days threshold							60 days

Debt (Schedule of Future Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 1,322
2022	14,018
2023	96
2024	20
2025	316,869
Thereafter	0
Total future payment	332,325
Add: Unamortized debt premium	(30,248)
Less: Debt issuance cost	(7,318)	$ (3,232)
Less: present value discount on finance leases	(64)
Total debt	$ 294,695

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Operating lease assets	$ 31,520	$ 48,682
Finance lease assets	2,464	2,085
Total lease assets	33,984	50,767
Current
Operating	11,974	12,538
Finance	1,322	717
Noncurrent
Operating	44,536	49,938
Finance	950	1,324
Total lease liabilities	$ 58,782	$ 64,517
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent	us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtAndCapitalLeaseObligations	us-gaap:LongTermDebtAndCapitalLeaseObligations

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 8,439	$ 13,675
Finance lease cost
Amortization of leased assets	932	445
Interest on lease liabilities	155	81
Sublease income	(2,001)	(1,635)
Net lease cost	$ 7,525	$ 12,566

Leases - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
2021	$ 14,950
2022	13,243
2023	8,065
2024	6,683
2025	6,074
Thereafter	20,940
Total lease payments	69,955
Less: present value discount	(13,445)
Present value of lease liabilities	56,510
Finance Leases
2021	1,322
2022	892
2023	96
2024	20
2025	6
Thereafter	0
Total lease payments	2,336
Less: present value discount	(64)
Present value of lease liabilities	2,272
Total
2021	16,272
2022	14,135
2023	8,161
2024	6,703
2025	6,080
Thereafter	20,940
Total lease payments	72,291
Less: present value discount	(13,509)
Present value of lease liabilities	$ 58,782	$ 64,517

Leases - Schedule of Remaining Lease Term and Discount Rates (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted-average remaining lease term (years)
Operating leases	6 years 7 months 6 days	6 years 9 months 18 days
Financing leases	1 year 9 months 18 days	2 years 9 months 18 days
Weighted-average discount rate
Operating leases	6.58%	6.58%
Financing leases	6.58%	6.58%

Leases - Schedule of Lease Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 11,038	$ 12,679
Operating cash flows from finance leases	80	81
Financing cash flows from finance leases	1,179	1,197
Noncash activities from adoption of ASC 842 as of January 1, 2019
Prepaid expenses and other current assets	$ (17,794)	(621)
Accounting Standards Update 2016-02
Noncash activities from adoption of ASC 842 as of January 1, 2019
Prepaid expenses and other current assets		(884)
Operating lease assets		54,069
Operating lease liabilities		64,506
Accrued liabilities		$ (11,321)

Income Taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S.									$ (106,785)	$ (532,363)
Non-U.S.									(2,985)	(36,508)
Loss before income taxes	$ (31,824)	$ (20,534)	$ (5,918)	$ (51,494)	$ (21,011)	$ (536,358)	$ (5,341)	$ (6,161)	$ (109,770)	$ (568,871)

Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Current
U.S. federal and state									$ (17,219)	$ (1,423)
Non-U.S.									4,487	12,594
Total current									(12,732)	11,171
Deferred
U.S. federal and state									723	3,580
Non-U.S.									(872)	(16,565)
Total deferred									(149)	(12,985)
Income tax benefit	$ 876	$ 1,017	$ (424)	$ (14,350)	$ (8,563)	$ (3,371)	$ 8,393	$ 1,727	$ (12,881)	$ (1,814)

- Definition

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

+ References + Details

Income Taxes (Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Income tax benefit at the statutory rate									$ (23,052)	$ (119,463)
State taxes, net of federal tax benefit									(4,190)	(5,846)
Non-U.S. operations									625	(4,023)
Domestic incentives									(264)	(633)
Prior year federal, non-U.S. and state tax									(1,827)	257
Nondeductible expenses									2,053	348
Goodwill impairment									0	27,244
U.S. CAREs Act									(15,981)	0
Valuation allowance									25,349	98,900
Other									4,406	1,402
Income tax benefit	$ 876	$ 1,017	$ (424)	$ (14,350)	$ (8,563)	$ (3,371)	$ 8,393	$ 1,727	$ (12,881)	$ (1,814)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax benefit at the statutory rate									(21.00%)	(21.00%)
State taxes, net of federal tax benefit									(3.80%)	(1.00%)
Non-U.S. operations									0.60%	(0.70%)
Domestic incentives									(0.20%)	(0.10%)
Prior year federal, non-U.S. and state tax									(1.70%)	0.00%
Nondeductible expenses									1.90%	0.10%
Goodwill impairment									0.00%	4.80%
U.S. CAREs Act									(14.60%)	0.00%
Valuation allowance									23.10%	17.40%
Other									4.00%	0.20%
Income tax benefit									(11.70%)	(0.30%)

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Operating Loss and Tax Credit Carryforwards [Line Items]
Effective income tax rate									11.70%	0.30%
Income tax benefit	$ 876	$ 1,017	$ (424)	$ (14,350)	$ (8,563)	$ (3,371)	$ 8,393	$ 1,727	$ (12,881)	$ (1,814)
Domestic operating loss carryforwards	128,000								128,000
State operating loss carryforwards	7,500								7,500
Operating loss carryforward subject to expiration	92,400								92,400
Operating loss carryforwards not subject to expiration	43,100								43,100
Foreign operating loss carryforwards	170,500								170,500
Valuation allowance									25,349	98,900
Unrecognized tax benefits	12,382				14,566				12,382	14,566
Decrease in unrecognized tax benefits is reasonably possible	6,100								6,100
Unrecognized tax benefits that would impact effective tax rate	12,400								12,400
Accrued interest and penalties	$ 1,400				$ 1,200				1,400	1,200
U.S. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)
Operating Loss and Tax Credit Carryforwards [Line Items]
Income tax benefit									$ 16,000
Non-US
Operating Loss and Tax Credit Carryforwards [Line Items]
Valuation allowance										4,200
U.S.
Operating Loss and Tax Credit Carryforwards [Line Items]
Valuation allowance										$ 21,100

Income Taxes (Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Reserves and accruals	$ 14,917	$ 4,590
Operating lease liabilities	3,097	14,912
Inventory	37,784	16,429
Stock awards	2,180	5,185
Net operating loss and other tax carryforwards	53,781	83,325
Goodwill and intangible assets	39,381	45,528
Fair value discount on 2025 Notes	30,564	0
Other	931	1,150
Total deferred tax assets	182,635	171,119
Valuation allowance	(167,287)	(152,795)
Total deferred tax assets	15,348	18,324
Deferred tax liabilities
Property and equipment	(6,861)	(7,733)
Operating lease assets	(6,818)	(12,006)
Prepaid expenses and other	(3,519)	(396)
Total deferred tax liabilities	(17,198)	(20,135)
Net deferred tax liabilities	$ (1,850)	$ (1,811)

Income Taxes (Uncertain Tax Positions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 14,566
Additional based on tax positions related to prior years	0
Additional based on tax positions related to current year	1,771
Reduction based on tax positions related to prior years	(2,158)
Settlement with tax authorities	(469)
Lapse of statute of limitations	(1,328)
Ending Balance	$ 12,382

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	$ 294,695,000
Senior secured revolving credit facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	13,100,000	$ 0
Senior unsecured notes due October 2021 \| Significant other observable inputs (Level 2)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	279,300,000	397,500,000
Debt instrument, fair value	$ 200,300,000	$ 354,000,000.0

Commitments and Contingencies (Details)	1 Months Ended		12 Months Ended					24 Months Ended	60 Months Ended	120 Months Ended
Commitments and Contingencies (Details)	Oct. 31, 2017 patent	Jan. 31, 2011 insurer	Dec. 31, 2020 USD ($) defendant case	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2020 USD ($) case	Dec. 31, 2020 USD ($) case	Dec. 31, 2020 USD ($) case
Loss Contingencies [Line Items]
Amount of letters of credit			$ 15,600,000					$ 15,600,000	$ 15,600,000	$ 15,600,000
Asbestos Litigation
Loss Contingencies [Line Items]
Number of defendants \| defendant			40
Tenaris Litigation
Loss Contingencies [Line Items]
Loss contingency, patents allegedly infringed, number \| patent	3
Asbestos Litigation
Loss Contingencies [Line Items]
Annual out-of-pocket costs (less than)				$ 200,000	$ 200,000	$ 200,000	$ 200,000		$ 200,000
New claims filed each year (fewer than) \| case			25
Pending lawsuits (fewer than) \| case			150					150	150	150
Face amount of insurance coverage per occurrence (over)			$ 17,000,000					$ 17,000,000	$ 17,000,000	$ 17,000,000
Aggregate primary insurance coverage (over)			23,000,000					23,000,000	23,000,000	23,000,000
Face amount of excess coverage (over)			$ 950,000,000					950,000,000	$ 950,000,000	950,000,000
Number of primary insurers under settlement agreement \| insurer		7
Percentage of costs of handling and settling each claim covered by insurance		80.00%
Insurers
Loss Contingencies [Line Items]
Payments for legal settlements								$ 40,000		$ 2,000,000.0

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (32,700)	$ (21,551)	$ (5,494)	$ (37,144)	$ (12,448)	$ (532,987)	$ (13,734)	$ (7,888)	$ (96,889)	$ (567,057)
Basic - weighted average shares outstanding (in shares)	5,588	5,580	5,580	5,559	5,523	5,515	5,499	5,482	5,577	5,505
Dilutive effect of stock options and restricted stock (in shares)									0	0
Dilutive effect of convertible 2025 Notes (in shares)									0	0
Diluted - weighted average shares outstanding (in shares)	5,588	5,580	5,580	5,559	5,523	5,515	5,499	5,482	5,577	5,505
Loss per share
Basic (in dollars per share)	$ (5.85)	$ (3.86)	$ (0.98)	$ (6.68)	$ (2.25)	$ (96.64)	$ (2.50)	$ (1.44)	$ (17.37)	$ (103.01)
Diluted (in dollars per share)	$ (5.85)	$ (3.86)	$ (0.98)	$ (6.68)	$ (2.25)	$ (96.64)	$ (2.50)	$ (1.44)	$ (17.37)	$ (103.01)

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

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Stockholders' Equity and Employee Benefit Plans (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract]
Employee contribution benefit plan expense	$ 2.3	$ 5.8
Allowable purchase interval duration	6 months
Price per share to fair market value	85.00%

Stockholders' Equity and Employee Benefit Plans (Reverse Stock Split) (Details)	1 Months Ended
	Oct. 31, 2020 $ / shares shares	Dec. 31, 2020 $ / shares shares	Oct. 30, 2020 shares	Dec. 31, 2019 $ / shares shares
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract]
Stock split, conversion ratio	0.05
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01		$ 0.01
Common stock, shares authorized (in shares) \| shares	14,800,000	14,800,000	296,000,000	14,800,000

Stock Based Compensation (Narrative) (Details) - USD ($)	1 Months Ended		12 Months Ended
	May 31, 2020	May 31, 2019	Dec. 31, 2020	Dec. 31, 2019	May 17, 2016	Aug. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)						925,000
Stock based compensation expense			$ 9,800,000	$ 15,800,000
Total compensation cost not yet recognized			$ 8,900,000
Total compensation cost not yet recognized, period for recognition			1 year
Intrinsic value of options exercised			$ 0	0
Intrinsic value, options outstanding			$ 0	$ 0
Number of shares, granted (in shares)			0	0
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option term			10 years
Award vesting period			4 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			0
Weighted average grant date fair value (in dollars per share)				$ 131.80
Fair value of shares vested			$ 1,500,000	$ 1,500,000
Vested in period (in shares)			10,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			300,000
Weighted average grant date fair value (in dollars per share)			$ 12.83	$ 130.80
Fair value of shares vested			$ 10,300,000	$ 11,800,000
Vested in period (in shares)			52,000
Restricted Stock Units (RSUs) \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			113,000
Restricted Stock Units (RSUs) \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			163,000
Vested in period, market price per share			$ 14.20
Trading days			20 days
Restricted Stock Units (RSUs) \| Tranche Thee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			24,000
Vested in period, market price per share			$ 30.00
Trading days			20 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Award requisite service period			3 years
Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			0
Fair value of the stock appreciation rights (in dollars per share)			$ 3.86
Stock option exercise price higher (in dollars per share)			100.00
Right exercise price (in dollars per share)			$ 29.00
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Minimum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares for award settlement (in shares)			0
Maximum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Maximum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Maximum \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares for award settlement (in shares)			3
2016 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					285,000
Number of share additional (in shares)	60,000	145,000
Number of shares available for grant (in shares)			218,000

Stock Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of shares [Roll Forward]
Number of shares, beginning balance (in shares)	269
Number of shares, forfeited/expired (in shares)	(174)
Number of shares, ending balance (in shares)	95	269
Number of shares, options exercisable (in shares)	92
Weighted average exercise price [Roll Forward]
Weighted average exercise price, beginning balance (in dollars per share)	$ 247.00
Weighted average exercise price, forfeited/expired (in dollars per share)	186.31
Weighted average exercise price, ending balance (in dollars per share)	358.31	$ 247.00
Weighted average exercise price, options exercisable (in dollars per share)	$ 359.30
Remaining weighted average contractual life, outstanding	3 years 6 months	2 years 6 months
Remaining weighted average contractual life, exercisable	3 years 4 months 24 days
Intrinsic value, options outstanding	$ 0	$ 0
Intrinsic value, options exercisable	$ 0	$ 0

Stock Based Compensation (Restricted Stock) (Details)	12 Months Ended
Stock Based Compensation (Restricted Stock) (Details)	Dec. 31, 2020 shares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at beginning of year (in shares)	10,000
Granted (in shares)	0
Vested (in shares)	(10,000)
Nonvested at the end of year (in shares)	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at beginning of year (in shares)	109,000
Granted (in shares)	300,000
Vested (in shares)	(52,000)
Forfeited (in shares)	(26,000)
Nonvested at the end of year (in shares)	331,000

Stock Based Compensation (Stock Appreciation Rights) (Details) - Stock Appreciation Rights shares in Thousands	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested at beginning of year (in shares)	318
Granted (in shares)	0
Forfeited (in shares)	(70)
Nonvested at the end of year (in shares)	248
Fair value of the stock appreciation rights (in dollars per share) \| $ / shares	$ 3.86
Stock option exercise price higher (in dollars per share) \| $ / shares	100.00
Right exercise price (in dollars per share) \| $ / shares	$ 29.00

Business Segments (Narrative) (Details)	12 Months Ended
Business Segments (Narrative) (Details)	Dec. 31, 2020 segments
Segment Reporting [Abstract]
Number of reportable segments (in segments)	3

Business Segments (Income Statement by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 112,963	$ 103,606	$ 113,275	$ 182,632	$ 199,777	$ 239,266	$ 245,648	$ 271,842	$ 512,476	$ 956,533
Operating income (loss)	$ (104,147)	$ (37,047)	$ (35,022)	$ (55,407)	$ (7,820)	$ (533,359)	$ 736	$ 4,297	(231,623)	(536,146)
Transaction expenses									3,128	1,159
Contingent consideration benefit									0	(4,629)
Loss (gain) on disposal of assets and other									(597)	78
Depreciation and amortization									51,000	63,241
Capital expenditures									2,246	15,102
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)									(208,698)	(7,202)
Impairments of goodwill, intangible assets, property and equipment									35,764	534,700
Operating Segments \| Drilling & Downhole
Segment Reporting Information [Line Items]
Revenues									216,836	334,829
Operating income (loss)									(47,964)	7,343
Impairments of goodwill, intangible assets, property and equipment									11,692	198,210
Depreciation and amortization									17,895	21,433
Capital expenditures									462	3,169
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Revenues									118,685	305,089
Operating income (loss)									(97,304)	6,581
Impairments of goodwill, intangible assets, property and equipment									15,748	311,818
Depreciation and amortization									24,831	32,780
Capital expenditures									275	3,886
Operating Segments \| Production
Segment Reporting Information [Line Items]
Revenues									177,510	320,996
Operating income (loss)									(33,418)	7,802
Impairments of goodwill, intangible assets, property and equipment									6,826	24,672
Depreciation and amortization									7,755	8,478
Capital expenditures									287	4,041
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues									(555)	(4,381)
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)									(30,012)	(28,928)
Depreciation and amortization									519	550
Capital expenditures									$ 1,222	$ 4,006

Business Segments (Assets by Segment) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Assets	$ 889,926	$ 1,159,997
Operating Segments \| Drilling & Downhole
Segment Reporting Information [Line Items]
Assets	314,375	407,779
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Assets	356,645	496,714
Operating Segments \| Production
Segment Reporting Information [Line Items]
Assets	92,949	186,786
Corporate
Segment Reporting Information [Line Items]
Assets	$ 125,957	$ 68,718

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

Business Segments (Long-lived Assets by Geographic Location) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 399,735	$ 494,080
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	332,554	397,219
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	42,424	54,519
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	17,796	32,703
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	836	1,707
Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	4,877	5,653
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1,248	$ 2,279

Business Segments (Revenue by Shipping Location) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 112,963	$ 103,606	$ 113,275	$ 182,632	$ 199,777	$ 239,266	$ 245,648	$ 271,842	$ 512,476	$ 956,533
Percentage of net sales									100.00%	100.00%
Sales
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 512,476	$ 956,533
Percentage of net sales									100.00%	100.00%
Sales \| United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 323,322	$ 670,205
Percentage of net sales									63.20%	70.10%
Sales \| Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 30,492	$ 62,651
Percentage of net sales									5.90%	6.50%
Sales \| Europe & Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 37,438	$ 71,527
Percentage of net sales									7.30%	7.50%
Sales \| Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 43,192	$ 62,169
Percentage of net sales									8.40%	6.50%
Sales \| Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 48,067	$ 59,517
Percentage of net sales									9.40%	6.20%
Sales \| Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									$ 29,965	$ 30,464
Percentage of net sales									5.80%	3.20%

Business Segments (Revenue by Product Lines) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenue from External Customer [Line Items]
Revenues	$ 112,963	$ 103,606	$ 113,275	$ 182,632	$ 199,777	$ 239,266	$ 245,648	$ 271,842	$ 512,476	$ 956,533
Percentage of net sales									100.00%	100.00%
Sales
Revenue from External Customer [Line Items]
Revenues									$ 512,476	$ 956,533
Percentage of net sales									100.00%	100.00%
Operating Segments \| Sales \| Drilling Technologies
Revenue from External Customer [Line Items]
Revenues									$ 97,232	$ 157,648
Percentage of net sales									19.10%	16.60%
Operating Segments \| Sales \| Downhole Technologies
Revenue from External Customer [Line Items]
Revenues									$ 64,083	$ 116,104
Percentage of net sales									12.50%	12.10%
Operating Segments \| Sales \| Subsea Technologies
Revenue from External Customer [Line Items]
Revenues									$ 55,521	$ 61,077
Percentage of net sales									10.80%	6.40%
Operating Segments \| Sales \| Stimulation and Intervention
Revenue from External Customer [Line Items]
Revenues									$ 56,460	$ 162,025
Percentage of net sales									11.00%	16.90%
Operating Segments \| Sales \| Coiled Tubing
Revenue from External Customer [Line Items]
Revenues									$ 62,225	$ 143,064
Percentage of net sales									12.10%	15.00%
Operating Segments \| Sales \| Production Equipment
Revenue from External Customer [Line Items]
Revenues									$ 65,763	$ 122,654
Percentage of net sales									12.80%	12.80%
Operating Segments \| Sales \| Valve Solutions
Revenue from External Customer [Line Items]
Revenues									$ 111,747	$ 198,342
Percentage of net sales									21.80%	20.70%
Eliminations
Revenue from External Customer [Line Items]
Revenues									$ (555)	$ (4,381)
Eliminations \| Sales
Revenue from External Customer [Line Items]
Revenues									$ (555)	$ (4,381)
Percentage of net sales									(0.10%)	(0.50%)

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 112,963	$ 103,606	$ 113,275	$ 182,632	$ 199,777	$ 239,266	$ 245,648	$ 271,842	$ 512,476	$ 956,533
Cost of sales	172,086	90,496	100,373	160,542	150,845	176,632	182,460	201,744	523,497	711,681
Gross profit	(59,123)	13,110	12,902	22,090	48,932	62,634	63,188	70,098	(11,021)	244,852
Total operating expenses	45,024	50,157	47,924	77,497	56,752	595,954	63,022	64,952	220,602	780,680
Earnings (loss) from equity investment					0	(39)	570	(849)	0	(318)
Operating income (loss)	(104,147)	(37,047)	(35,022)	(55,407)	(7,820)	(533,359)	736	4,297	(231,623)	(536,146)
Total other expense (income), net	(72,323)	(16,513)	(29,104)	(3,913)	13,191	2,999	6,077	10,458	(121,853)	32,725
Loss before income taxes	(31,824)	(20,534)	(5,918)	(51,494)	(21,011)	(536,358)	(5,341)	(6,161)	(109,770)	(568,871)
Income tax benefit	876	1,017	(424)	(14,350)	(8,563)	(3,371)	8,393	1,727	(12,881)	(1,814)
Net loss	$ (32,700)	$ (21,551)	$ (5,494)	$ (37,144)	$ (12,448)	$ (532,987)	$ (13,734)	$ (7,888)	$ (96,889)	$ (567,057)
Weighted average shares outstanding
Basic (in shares)	5,588	5,580	5,580	5,559	5,523	5,515	5,499	5,482	5,577	5,505
Diluted (in shares)	5,588	5,580	5,580	5,559	5,523	5,515	5,499	5,482	5,577	5,505
Loss per share
Basic (in dollars per share)	$ (5.85)	$ (3.86)	$ (0.98)	$ (6.68)	$ (2.25)	$ (96.64)	$ (2.50)	$ (1.44)	$ (17.37)	$ (103.01)
Diluted (in dollars per share)	$ (5.85)	$ (3.86)	$ (0.98)	$ (6.68)	$ (2.25)	$ (96.64)	$ (2.50)	$ (1.44)	$ (17.37)	$ (103.01)
Inventory write downs	$ 81,100			$ 11,600					$ 100,794	$ 10,324
Impairments of operating lease assets				8,600					15,370	2,364
Impairment charges		$ 3,000		17,300					15,100	7,900
Gain on extinguishment of debt		28,700	$ 36,300	$ 7,500					72,478	0
Gain on disposition of business									(88,375)	(2,348)
Impairment						$ 471,000
Impairment of intangible assets		$ 5,300								53,500
Gain realized on previously held equity investment						$ (1,600)			$ 0	$ (1,567)
Gain on sale of assets					$ (2,300)
Contingent consideration benefit								$ (4,600)