0001401257-22-000022 | 10-K | XBRL Viewer | Forum Energy Technologies INC

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Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues	$ 541,068	$ 512,476
Cost of sales	417,727	523,497
Gross profit	123,341	(11,021)
Operating expenses
Selling, general and administrative expenses	168,886	197,677
Impairments of intangible assets, property and equipment	0	20,394
Loss (gain) on disposal of assets and other	(1,052)	2,531
Total operating expenses	167,834	220,602
Operating loss	(44,493)	(231,623)
Other expense (income)
Interest expense	32,009	30,268
Loss (gain) on extinguishment of debt	5,290	(72,478)
Deferred loan costs written off	0	2,262
Foreign exchange losses and other, net	217	6,470
Gain on disposition of business	0	(88,375)
Total other expense (income), net	37,516	(121,853)
Loss before income taxes	(82,009)	(109,770)
Income tax expense (benefit)	642	(12,881)
Net loss	$ (82,651)	$ (96,889)
Weighted average shares outstanding
Basic (in shares)	5,643	5,577
Diluted (in shares)	5,643	5,577
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ (14.65)	$ (17.37)
Diluted (in dollars per share)	$ (14.65)	$ (17.37)
Other comprehensive income (loss), net of tax of $0:
Net loss	$ (82,651)	$ (96,889)
Change in foreign currency translation	(1,479)	9,249
Gain (loss) on pension liability	840	(700)
Comprehensive loss	$ (83,290)	$ (88,340)

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 46,858	$ 128,617
Accounts receivable—trade, net of allowances of $11,114 and $9,217	123,903	80,606
Inventories, net	241,740	251,747
Prepaid expenses and other current assets	23,702	19,018
Costs and estimated profits in excess of billings	8,285	8,516
Accrued revenue	2,245	1,687
Total current assets	446,733	490,191
Property and equipment, net of accumulated depreciation	94,005	113,668
Operating lease assets	25,431	31,520
Deferred financing costs, net	1,484	249
Intangibles, net	217,405	240,444
Deferred income taxes, net	203	102
Other long-term assets	6,075	13,752
Total assets	791,336	889,926
Current liabilities
Current portion of long-term debt	860	1,322
Accounts payable—trade	99,379	46,351
Accrued liabilities	58,436	67,581
Deferred revenue	7,276	7,863
Billings in excess of costs and profits recognized	9,705	1,817
Total current liabilities	175,656	124,934
Long-term debt, net of current portion	232,370	293,373
Deferred income taxes, net	834	1,952
Operating lease liabilities	34,745	44,536
Other long-term liabilities	18,605	18,895
Total liabilities	462,210	483,690
Commitments and contingencies
Equity
Common stock, $0.01 par value, 14,800,000 shares authorized, 6,100,886 and 5,992,400 shares issued	61	60
Additional paid-in capital	1,249,962	1,242,720
Treasury stock at cost, 467,153 and 410,877 shares	(135,562)	(134,499)
Retained deficit	(684,307)	(601,656)
Accumulated other comprehensive loss	(101,028)	(100,389)
Total equity	329,126	406,236
Total liabilities and equity	$ 791,336	$ 889,926

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 11,114	$ 9,217
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)	6,100,886	5,992,400
Treasury stock, shares, at cost (in shares)	467,153	410,877

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (82,651,000)	$ (96,889,000)
Adjustments to reconcile net loss to net cash provided by (used in) investing activities:
Impairments of intangible assets, property and equipment	0	20,394,000
Impairments of operating lease assets	0	15,370,000
Depreciation expense	17,064,000	24,484,000
Amortization of intangible assets	25,112,000	26,516,000
Stock-based compensation expense	7,594,000	9,784,000
Inventory write downs	8,096,000	100,794,000
Provision for doubtful accounts	2,424,000	1,127,000
Deferred income taxes	2,791,000	(149,000)
Gain on disposition of business	0	(88,375,000)
Loss (gain) on extinguishment of debt	5,290,000	(72,478,000)
Deferred loan costs written off	0	2,262,000
Other	5,210,000	3,703,000
Changes in operating assets and liabilities
Accounts receivable—trade	(44,959,000)	65,541,000
Inventories	1,935,000	51,621,000
Prepaid expenses and other current assets	(8,078,000)	17,794,000
Cost and estimated profits in excess of billings	84,000	(4,317,000)
Accounts payable, deferred revenue and other accrued liabilities	36,327,000	(69,399,000)
Billings in excess of costs and estimated profits earned	7,986,000	(3,900,000)
Net cash provided by (used in) operating activities	(15,775,000)	3,883,000
Cash flows from investing activities
Capital expenditures for property and equipment	(2,399,000)	(2,246,000)
Proceeds from the sale of property and equipment	7,007,000	5,292,000
Proceeds from settlement of note receivable	10,784,000	0
Acquisition of businesses, net of cash acquired	(3,411,000)	0
Proceeds from the sale of business	(1,283,000)	105,204,000
Net cash provided by investing activities	10,698,000	108,250,000
Cash flows from financing activities
Borrowings on revolving Credit Facility	0	182,322,000
Repayments on revolving Credit Facility	(13,126,000)	(169,196,000)
Cash paid to repurchase 2025 Notes and 2021 Notes	(58,596,000)	(40,270,000)
Bond exchange early participation payment	0	(3,500,000)
Repurchases of stock	(1,414,000)	(195,000)
Payment of capital lease obligations	(1,517,000)	(1,179,000)
Deferred financing costs	(1,590,000)	(9,747,000)
Net cash used in financing activities	(76,243,000)	(41,765,000)
Effect of exchange rate changes on cash	(439,000)	338,000
Net increase (decrease) in cash, cash equivalents and restricted cash	(81,759,000)	70,706,000
Cash, cash equivalents and restricted cash at beginning of period	128,617,000	57,911,000
Cash, cash equivalents and restricted cash at end of period	46,858,000	128,617,000
Supplemental cash flow disclosures
Cash paid for interest	27,068,000	23,763,000
Cash paid (refunded) for income taxes	2,444,000	(13,941,000)
Noncash investing and financing activities
Operating lease right of use assets obtained in exchange for lease obligations	2,340,000	4,505,000
Finance lease right of use assets obtained in exchange for lease obligations	463,000	1,401,000
Accrued purchases of property and equipment	$ 0	$ 0

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 deficit	Retained deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive income / (loss)
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)
Beginning balance at Dec. 31, 2019	486,039	$ (1,398)	1,189	1,231,650	(134,493)	(503,369)	$ (1,398)	(108,938)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issuance, net of forfeitures	(189)		7	(196)
Stock-based compensation expense	9,784			9,784
Shares issued in employee stock purchase plan	346		2	344
Treasury stock	(6)				(6)
Change in pension liability	(700)							(700)
Currency translation adjustment	9,249							9,249
1-for-20 reverse stock split	0		(1,138)	1,138
Net loss	(96,889)					(96,889)
Ending balance at Dec. 31, 2020	406,236		60	1,242,720	(134,499)	(601,656)		(100,389)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU	406,236		60	1,242,720	(134,499)	(601,656)		(100,389)
Restricted stock issuance, net of forfeitures	(351)		1	(352)
Stock-based compensation expense	7,594			7,594
Treasury stock	(1,063)				(1,063)
Change in pension liability	840							840
Currency translation adjustment	(1,479)							(1,479)
Net loss	(82,651)					(82,651)
Ending balance at Dec. 31, 2021	329,126		61	1,249,962	(135,562)	(684,307)		(101,028)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU	$ 329,126		$ 61	$ 1,249,962	$ (135,562)	$ (684,307)		$ (101,028)

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical)	Nov. 09, 2020
Statement of Stockholders' Equity [Abstract]
Stock split, conversion ratio	0.05

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Forum Energy Technologies, Inc. (the “Company,” “FET,” “we,” “our,” or “us”), a Delaware corporation, is a global company serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, Texas with manufacturing, distribution and service facilities strategically located throughout the world.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

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”). Certain reclassifications have been made to prior year amounts to conform with the current year presentation.

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.

COVID-19 Impacts

The outbreak of COVID-19 in 2020 caused significant disruptions in the U.S. and world economies which led to significant reductions in demand for crude oil. During 2021, distribution of vaccines resulted in reopening of certain economies and increasing demand for oil and natural gas. However, ongoing COVID-19 outbreaks and related work restrictions continue to contribute to disruptions in global supply chains which have led to inflationary pressures for certain goods and services. We anticipate that our liquidity, financial condition and future results of operations will continue to be impacted by ongoing developments from the COVID-19 pandemic.

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, 2021 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, 2020	9,048	1,127	(958)	9,217
December 31, 2021	9,217	2,424	(527)	11,114

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, 2021 and 2020, we recognized inventory write downs totaling $8.1 million and $100.8 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. Finance 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 2 to 30 years. Property and equipment held under finance 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.

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 year ended December 31, 2021, we did not recognize any property and equipment impairment charges. For the year ended December 31, 2020, we recognized property and equipment impairment charges totaling $15.1 million which are included in “Impairments of intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Long-Lived Assets for further information related to these charges.

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 12 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 year ended December 31, 2021, we did not recognize any impairments of operating lease assets. For the year ended December 31, 2020, we recognized impairments of operating lease assets totaling $15.4 million 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 Long-Lived Assets for further information related to these charges.

Intangible assets

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 year ended December 31, 2021, we did not recognize any impairments of intangible assets. For the year ended December 31, 2020, we recognized intangible asset impairment charges totaling $5.3 million which are included in “Impairments of intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of 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 91% of revenues for the year ended December 31, 2021. 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 9% of revenues for the year ended December 31, 2021, 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, 2021 and 2020.

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, 2021 and 2020, 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 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 2021

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. We adopted this new standard as of January 1, 2021. The adoption of this new standard did not have a material impact on our consolidated financial statements.

Accounting Standards Issued But Not Yet Adopted

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. This guidance will be effective for us in the first quarter of 2022. 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, 2021

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, 2021:


	December 31, 2021		December 31, 2020		Increase
					$		%
Accrued revenue	$	2,245	$	1,687
Costs and estimated profits in excess of billings	8,285		8,516
Contract assets	$	10,530	$	10,203	$	327	3	%

Deferred revenue	$	7,276	$	7,863
Billings in excess of costs and profits recognized	9,705		1,817
Contract liabilities	$	16,981	$	9,680	$	7,301	75	%

During the year ended December 31, 2021, our contract assets increased by $0.3 million and our contract liabilities increased by $7.3 million primarily due to the timing of billings on large projects in our Subsea Technologies product line.

During the year ended December 31, 2021, we recognized revenue of $8.2 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
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+ Details

Acquisitions & Dispositions	12 Months Ended
Acquisitions & Dispositions	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions & Dispositions	Acquisitions & Dispositions 2021 Acquisition of Hawker Equipment Solutions On December 20, 2021, we acquired certain assets of Hawker Equipment Solutions, LLC (“Hawker”) for total cash consideration of $5.1 million, of which, $3.4 million was paid in the fourth quarter of 2021 with the balance expected to be paid over the next five years. Hawker is a manufacturer of hydraulic pickup and laydown units. This acquisition is included in the Drilling product line within the Drilling and Downhole segment. The fair values of the assets acquired and liabilities assumed, as well as the pro forma results of operations for this acquisition, have not been presented because they are not material to the consolidated financial statements. 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 working capital settlement liability which was paid in 2021. Pro forma results of operations for this disposition have not been presented because the effects were not material to the consolidated financial statements.

Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

The Company’s significant components of inventory at December 31, 2021 and 2020 were as follows (in thousands):


	December 31, 2021		December 31, 2020
Raw materials and parts	$	97,053	$	151,531
Work in process	24,618		15,946
Finished goods	182,954		229,212
Gross inventories	304,625		396,689
Inventory reserve	(62,885)		(144,942)
Inventories	$	241,740	$	251,747

The change in the amounts of the inventory reserve during the two year period ended December 31, 2021 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, 2020	66,075	100,794	(21,927)	$	144,942
December 31, 2021	144,942	8,096	(90,153)	$	62,885

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, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

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


	Estimated useful lives	December 31,
		2021		2020
Land		$	7,502	$	8,476
Buildings and leasehold improvements	5-30	85,810		93,645
Computer equipment	3-5	43,853		44,607
Machinery & equipment	5-10	124,254		148,019
Furniture & fixtures	3-10	5,961		6,275
Vehicles	3-5	2,944		3,835
Right of use assets - finance leases	2-6	3,530		3,823
Rental equipment	3-10	2,112		3,830
Construction in progress		1,960		968
		277,926		313,478
Less: accumulated depreciation		(183,921)		(199,810)
Total property and equipment, net		$	94,005	$	113,668

Depreciation expense was $17.1 million and $24.5 million for the years ended December 31, 2021 and 2020, respectively.

For the year ended December 31, 2021, we did not recognize any property and equipment impairment charges. For the year ended December 31, 2020, we recognized property and equipment impairment charges totaling $15.1 million, which are included in “Impairments of intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Long-Lived Assets for further information related to these charges.

Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

At December 31, 2021 and 2020, intangible assets consisted of the following, respectively (in thousands):


	December 31, 2021
	Gross carrying amount		Accumulated amortization		Net intangibles		Amortization period (in years)
Customer relationships	$	269,589	$	(133,451)	$	136,138	10 - 15
Patents and technology	89,449		(29,785)		59,664		5 - 19
Non-compete agreements	191		(173)		18		2 - 6
Trade names	43,125		(25,187)		17,938		7 - 19
Trademark	5,089		(1,442)		3,647		15
Intangible Assets Total	$	407,443	$	(190,038)	$	217,405


	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

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 year ended December 31, 2021, we did not recognize any intangible asset impairment charges. For the year ended December 31, 2020, we recognized intangible asset impairment charges totaling $5.3 million, which are included in “Impairments of intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Long-Lived Assets for further information related to these charges.

Amortization expense was $25.1 million and $26.5 million for the years ended December 31, 2021 and 2020, respectively. The estimated future amortization expense for the next five years is as follows (in thousands):


Year ending December 31,	Amount
2022	$	25,161
2023	24,200
2024	22,881
2025	21,694
2026	20,837

Impairments of Long-Lived Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Impairments of Long-Lived Assets

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, led to 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 our segments during the year ended December 31, 2020 (in thousands):


Impairments of:	Drilling & Downhole		Completions		Production		Corporate		Total Impairments
Property and equipment (1)	1,069		9,608		4,460		—		15,137
Intangible assets (1)	5,257		—		—		—		5,257
Operating lease right of use assets (2)	5,366		6,140		2,366		1,498		15,370
Total impairments	$	11,692	$	15,748	$	6,826	$	1,498	$	35,764

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

(2) $10.8 million of these charges are included in Cost of sales, while $4.5 million are included in Selling, general and administrative expenses in the condensed consolidated statements of comprehensive loss.

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Notes payable and lines of credit as of December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
2025 Notes	256,970		316,863
Unamortized debt discount	(20,035)		(30,248)
Debt issuance cost	(4,918)		(7,318)
Credit Facility	—		13,126
Other debt	1,213		2,272
Total debt	233,230		294,695
Less: current maturities	(860)		(1,322)
Long-term debt	$	232,370	$	293,373

2025 Notes

In August 2020, we exchanged $315.5 million principal amount of our previous 6.25% unsecured notes due 2021 (“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% is payable in cash and 2.75% is payable in cash or additional notes, at the Company’s option. 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. As of December 31, 2021, approximately $116.0 million principal amount of the 2025 Notes 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 is also subject to the mandatory and optional conversion rights.

During the year ended December 31, 2021, we repurchased an aggregate $59.9 million of principal amount of our 2025 Notes for $58.6 million. The net carrying value of the extinguished debt, including unamortized debt discount and debt issuance costs, was $53.3 million, resulting in a $5.3 million loss on extinguishment of debt.

Credit Facility

In September 2021, we amended our senior secured revolving credit facility ("Credit Facility") to, among other things, extend the maturity date to September 2026, reduce the aggregate amount of the commitment under the Credit Facility, and change the interest rate applicable to outstanding loans. Following such amendment, our Credit Facility provides revolving credit commitments of $179.0 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 $20.0 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 $127.5 million (subject to a quarterly reduction of $0.5 million) and 80.0% 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, 2021, our total borrowing base was $146.1 million, of which no amounts were drawn and $18.7 million was used for security of outstanding letters of credit, resulting in remaining availability of $127.4 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 0.00%, plus a margin of 2.25% to 2.75%, or (b) a base rate plus a margin of 1.25% to 1.75%, in each case based upon the Company's quarterly total net leverage ratio. 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 0.00%.

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 0.00%, plus a margin of 2.25% to 2.75%, or (b) a base rate plus a margin of 1.25% to 1.75%, in each case based upon the Company's quarterly net leverage ratio. 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 0.00%.

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%.

If excess availability under the Credit Facility falls below the greater of 12.5% of the borrowing base and $22.4 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 of various finance leases of equipment.

Deferred loan costs

We have incurred loan costs that have been deferred and are amortized to interest expense over the term of the 2025 Notes and the Credit Facility. 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 connection with the September 2021 Credit Facility amendment, we deferred approximately $1.6 million of loan costs that will be amortized over the facility's remaining life.

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


2022	$	860
2023	317
2024	97
2025	256,975
2026	—
Thereafter	—
Total future payment	$	258,249
Add: Unamortized debt discount	(20,035)
Less: Debt issuance cost	(4,918)
Less: present value discount on finance leases	$	(66)
Total debt	$	233,230

- Definition

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

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Leases (Notes)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020 (in thousands):


		As of
	Classification	December 31, 2021		December 31, 2020
Assets
Operating lease assets	Operating lease assets	$	25,431	$	31,520
Finance lease assets	Property and equipment, net of accumulated depreciation	1,727		2,464
Total lease assets		$	27,158	$	33,984
Liabilities
Current
Operating	Accrued liabilities	$	10,956	$	11,974
Finance	Current portion of long-term debt	860		1,322
Noncurrent
Operating	Operating lease liabilities	$	34,745	44,536
Finance	Long-term debt, net of current portion	353		$	950
Total lease liabilities		$	46,914	$	58,782

The following table summarizes the components of lease expenses for the twelve months ended December 31, 2021 (in thousands):


		Twelve Months Ended December 31,
Lease Cost	Classification	2021		2020
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	11,123	$	8,439
Finance lease cost
Amortization of leased assets	Selling, general and administrative expenses	1,061		932
Interest on lease liabilities	Interest expense	110		155
Sublease income	Cost of sales and Selling, general and administrative expenses	(2,184)		(2,001)
Net lease cost		$	10,110	$	7,525

The maturities of lease liabilities as of December 31, 2021 are as follows (in thousands):


	Operating Leases		Finance Leases		Total

2022	$	13,199	$	860	$	14,059
2023	8,631		316		8,947
2024	7,053		97		7,150
2025	6,105		6		6,111
2026	5,053		—		5,053
Thereafter	15,862		—		15,862
Total lease payments	55,903		1,279		57,182
Less: present value discount	(10,202)		(66)		(10,268)
Present value of lease liabilities	$	45,701	$	1,213	$	46,914

The following table summarizes the weighted-average remaining lease term and weighted average discount rates related to leases as of December 31, 2021:

Lease Term and Discount Rate

December 31, 2021

December 31, 2020

Weighted-average remaining lease term (years)

Operating leases

6.4 years

6.6 years

Financing leases

1.5 years

1.8 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, 2021:


	Twelve Months Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,053	$	11,038
Operating cash flows from finance leases	92		80
Financing cash flows from finance leases	$	1,517	$	1,179

Leases


		As of
	Classification	December 31, 2021		December 31, 2020
Assets
Operating lease assets	Operating lease assets	$	25,431	$	31,520
Finance lease assets	Property and equipment, net of accumulated depreciation	1,727		2,464
Total lease assets		$	27,158	$	33,984
Liabilities
Current
Operating	Accrued liabilities	$	10,956	$	11,974
Finance	Current portion of long-term debt	860		1,322
Noncurrent
Operating	Operating lease liabilities	$	34,745	44,536
Finance	Long-term debt, net of current portion	353		$	950
Total lease liabilities		$	46,914	$	58,782

The following table summarizes the components of lease expenses for the twelve months ended December 31, 2021 (in thousands):


		Twelve Months Ended December 31,
Lease Cost	Classification	2021		2020
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	11,123	$	8,439
Finance lease cost
Amortization of leased assets	Selling, general and administrative expenses	1,061		932
Interest on lease liabilities	Interest expense	110		155
Sublease income	Cost of sales and Selling, general and administrative expenses	(2,184)		(2,001)
Net lease cost		$	10,110	$	7,525

The maturities of lease liabilities as of December 31, 2021 are as follows (in thousands):


	Operating Leases		Finance Leases		Total

2022	$	13,199	$	860	$	14,059
2023	8,631		316		8,947
2024	7,053		97		7,150
2025	6,105		6		6,111
2026	5,053		—		5,053
Thereafter	15,862		—		15,862
Total lease payments	55,903		1,279		57,182
Less: present value discount	(10,202)		(66)		(10,268)
Present value of lease liabilities	$	45,701	$	1,213	$	46,914

The following table summarizes the weighted-average remaining lease term and weighted average discount rates related to leases as of December 31, 2021:

Lease Term and Discount Rate

December 31, 2021

December 31, 2020

Weighted-average remaining lease term (years)

Operating leases

6.4 years

6.6 years

Financing leases

1.5 years

1.8 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, 2021:


	Twelve Months Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,053	$	11,038
Operating cash flows from finance leases	92		80
Financing cash flows from finance leases	$	1,517	$	1,179

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before income taxes for the years ended December 31, 2021 and 2020 are as follows (in thousands):


	2021		2020
U.S.	$	(98,445)	$	(106,785)
Non-U.S.	16,436		(2,985)
Loss before income taxes	$	(82,009)	$	(109,770)

The components of income tax expense (benefit) for the years ended December 31, 2021 and 2020 are as follows (in thousands):


	2021		2020
Current
U.S. federal and state	$	1,235	$	(17,219)
Non-U.S.	(3,384)		4,487
Total current	(2,149)		(12,732)
Deferred
U.S. federal and state	(169)		723
Non-U.S.	2,960		(872)
Total deferred	2,791		(149)
Income tax expense (benefit)	$	642	$	(12,881)

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):


	2021				2020
Income tax benefit at the statutory rate	$	(17,222)	(21.0)	%	$	(23,052)	(21.0)	%
State taxes, net of federal tax benefit	22		—	%	(4,190)		(3.8)	%
Non-U.S. operations	(7,594)		(9.3)	%	625		0.6	%
Domestic incentives	(264)		(0.3)	%	(264)		(0.2)	%
Prior year federal, non-U.S. and state tax	(7,183)		(8.8)	%	(1,827)		(1.7)	%
Nondeductible expenses	1,624		2.0	%	2,053		1.9	%
U.S. CAREs Act	113		0.1	%	(15,981)		(14.6)	%
Valuation allowance	31,079		37.9	%	25,349		23.1	%
Other	67		0.2	%	4,406		4.0	%
Income tax benefit	$	642	0.8	%	$	(12,881)	(11.7)	%

Our effective tax rate was 0.8% and (11.7)% for the years ended December 31, 2021 and 2020, 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, 2021 and 2020 includes an increase in our valuation allowance of $31.1 million and $25.3 million, respectively, 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):


	2021		2020
Deferred tax assets
Reserves and accruals	$	3,978	$	14,917
Operating lease liabilities	11,176		3,097
Inventory	14,692		37,784
Stock awards	2,340		2,180
Net operating loss and other tax carryforwards	109,402		53,781
Goodwill and intangible assets	32,513		39,381
Fair value discount on 2025 Notes	22,250		30,564
Property and equipment	6,424		—
Other	1,912		931
Gross deferred tax assets	204,687		182,635
Valuation allowance	(198,366)		(167,287)
Total deferred tax assets	6,321		15,348
Deferred tax liabilities
Property and equipment	—		(6,861)
Operating lease assets	(6,490)		(6,818)
Prepaid expenses and other	(462)		(3,519)
Total deferred tax liabilities	(6,952)		(17,198)
Net deferred tax liabilities	$	(631)	$	(1,850)

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, 2021, we had $243.6 million of U.S. net operating loss carryforwards and $10.1 million of state net operating losses. Of these losses, $14.9 million will expire no later than 2037 if they are not utilized prior to that date. The remaining $238.8 million will not expire. We also had $186.9 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 2021, we recognized $31.1 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 $15.6 million and $15.5 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 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 2015.

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, 2021	$	12,382
Additional based on tax positions related to prior years	367
Additional based on tax positions related to current year	1,712
Reduction based on tax positions related to prior years	—
Settlement with tax authorities	—
Lapse of statute of limitations	(6,103)
Balance at December 31, 2021	8,358

The total amount of unrecognized tax benefits at December 31, 2021 was $8.4 million, of which it is reasonably possible that $1.6 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 $8.4 million of the unrecognized tax benefits at December 31, 2021, 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, 2021 and 2020, we had accrued approximately $0.5 million and $1.4 million in interest and penalties, respectively. During the years ended December 31, 2021 and 2020, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: 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(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company had zero and $13.1 million outstanding under the Credit Facility at December 31, 2021 and December 31, 2020, respectively. 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, 2021, the fair value and the carrying value of the Company’s 2025 Notes approximated $225.0 million and $232.0 million, respectively. At December 31, 2020, the fair value and the carrying value of the Company’s 2021 Notes approximated $200.3 million and $279.3 million, respectively. There were no other significant outstanding financial instruments as of December 31, 2021 and 2020 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, 2021.

- 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, 2021
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, 2021 and 2020 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, most of 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, such as in a case where a plaintiff alleges post-1985 exposure. 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 primary insurance 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, 2021, the Company had $18.7 million in letters of credit outstanding.

Loss Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Loss 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,
	2021		2020
Net loss attributable to common stockholders	$	(82,651)	$	(96,889)

Basic - weighted average shares outstanding	5,643		5,577
Dilutive effect of stock options and restricted stock	—		—
Dilutive effect of convertible 2025 Notes	—		—
Diluted - weighted average shares outstanding	5,643		5,577

Loss per share
Basic	$	(14.65)	$	(17.37)
Diluted	$	(14.65)	$	(17.37)

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, 2021
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. Matching contributions were reinstated at the beginning of 2022. 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 zero and $2.3 million for the years ended December 31, 2021 and 2020, respectively. 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.

Long-Term Incentive Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Long-Term Incentive 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 105 thousand shares remained available under the 2016 Amended Plan for future grants as of December 31, 2021.

The total amount of stock based compensation expense recorded was $7.6 million and $9.8 million for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the Company expects to record stock based compensation expense of approximately $11.4 million over a weighted average remaining term of approximately two years. 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:


2021 Activity	Number of shares (in thousands)	Weighted average exercise price		Remaining weighted average contractual life in years	Intrinsic value (in millions)
Beginning balance	95	$	358.31	3.5	$	—


Forfeited/expired	(20)	$	362.07
Total outstanding	75	$	357.34	3.2	$	—
Options exercisable	75	$	358.46	3.2	$	—

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 2021 or 2020.

As of December 31, 2021 and 2020, 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 2021 or 2020.

Restricted stock

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


2021 Activity			Restricted stock (shares in thousands)
Nonvested at beginning of year			—
Granted			10
Vested			—
Nonvested at the end of year			10

The weighted average grant date fair value of restricted stock granted during the year ended December 31, 2021 was $23.36 per share. The total grant date fair value of shares vested was $1.5 million during 2020.

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:


2021 Activity			Restricted stock units (shares in thousands)
Nonvested at beginning of year			331
Granted			140
Vested			(113)
Forfeited			(2)
Nonvested at the end of year			356

Of the restricted stock units granted during 2021, 73,839 shares vest ratably over three years and 66,524 shares vest ratably over three years dependent upon achieving a minimum stock price of $23.49 for 20 trading days during each performance period.

The weighted average grant date fair value of the restricted stock units was $18.20 and $12.83 per share during the years ended December 31, 2021, and 2020, respectively. The total grant date fair value of units vested was $5.3 million and $10.3 million during 2021 and 2020, respectively.

Liability-classified awards

During 2021, we granted 66,524 cash-settled phantom stock units to employees that vest ratably over three years. These awards have a maximum payout that is calculated based on five times the stock price on the date of grant.

The Company also granted 73,839 cash-settled contingent phantom stock units to employees that vest ratably over three years dependent upon achieving a minimum stock price of $23.49 for 20 trading days during each performance period. These awards also have a maximum payout that is calculated based on five times the stock price on the date of grant.

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:


2021 Activity			Stock Appreciation Rights (in thousands)
Nonvested at beginning of year			248
Granted			—
Forfeited			(11)
Nonvested at the end of year			237

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, 2021
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, 2021

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, including applications in oil and natural gas, renewable energy, defense, and communications. The Completions segment designs, manufactures and supplies products and provides related services to the coiled tubing, well 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,
	2021		2020
Revenue:
Drilling & Downhole	$	239,895	$	216,836
Completions	185,018		118,685
Production	116,710		177,510
Eliminations	(555)		(555)
Total revenue	$	541,068	$	512,476

Segment operating income (loss):
Drilling & Downhole	$	4,749	$	(47,964)
Completions	(4,532)		(97,304)
Production	(14,354)		(33,418)
Corporate	(31,408)		(30,012)
Total segment operating loss	(45,545)		(208,698)
Impairments of intangible assets, property and equipment	—		20,394
Loss (gain) on disposal of assets and other	(1,052)		2,531
Operating loss	$	(44,493)	$	(231,623)

Depreciation and amortization
Drilling & Downhole	$	14,536	$	17,895
Completions	22,568		24,831
Production	4,769		7,755
Corporate	303		519
Total depreciation and amortization	$	42,176	$	51,000

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


	Year ended December 31,
Capital expenditures	2021		2020
Drilling & Downhole	$	1,476	$	462
Completions	512		275
Production	411		287
Corporate	—		1,222
Total capital expenditures	$	2,399	$	2,246

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


	Year ended December 31,
Assets	2021		2020
Drilling & Downhole	$	313,493	$	314,375
Completions	351,908		356,645
Production	83,150		92,949
Corporate	42,785		125,957
Total assets	$	791,336	$	889,926

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:	2021		2020
United States	$	298,171	$	332,554
Europe	25,956		42,424
Canada	14,977		17,796
Asia-Pacific	221		836
Middle East	4,412		4,877
Latin America	866		1,248
Total long-lived assets	$	344,603	$	399,735

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


	Year ended December 31,
	2021				2020
Revenue:	$		%		$		%
United States	$	324,376	60.0	%	$	323,322	63.2	%
Canada	41,822		7.7	%	30,492		5.9	%
Europe & Africa	59,207		10.9	%	37,438		7.3	%
Middle East	48,352		8.9	%	43,192		8.4	%
Asia-Pacific	36,641		6.8	%	48,067		9.4	%
Latin America	30,670		5.7	%	29,965		5.8	%
Total Revenue	$	541,068	100.0	%	$	512,476	100.0	%

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


	Year ended December 31,
	2021				2020
Revenue:	$		%		$		%
Drilling Technologies	$	96,680	17.8	%	$	97,232	19.1	%
Downhole Technologies	69,215		12.8	%	64,083		12.5	%
Subsea Technologies	74,000		13.7	%	55,521		10.8	%
Stimulation and Intervention	96,731		17.9	%	56,460		11.0	%
Coiled Tubing	88,287		16.3	%	62,225		12.1	%
Production Equipment	60,981		11.3	%	65,763		12.8	%
Valve Solutions	55,729		10.3	%	111,747		21.8	%
Eliminations	(555)		(0.1)	%	(555)		(0.1)	%
Total revenue	$	541,068	100.0	%	$	512,476	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.

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+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
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”). Certain reclassifications have been made to prior year amounts to conform with the current year presentation.
Principles of consolidation	Principles of consolidationThe consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries after elimination of intercompany balances and transactions.
COVID-19 Impacts	COVID-19 Impacts The outbreak of COVID-19 in 2020 caused significant disruptions in the U.S. and world economies which led to significant reductions in demand for crude oil. During 2021, distribution of vaccines resulted in reopening of certain economies and increasing demand for oil and natural gas. However, ongoing COVID-19 outbreaks and related work restrictions continue to contribute to disruptions in global supply chains which have led to inflationary pressures for certain goods and services. We anticipate that our liquidity, financial condition and future results of operations will continue to be impacted by ongoing developments from the COVID-19 pandemic.
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, 2021 and 2020, we recognized inventory write downs totaling $8.1 million and $100.8 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. Finance 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 2 to 30 years. Property and equipment held under finance 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. 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 year ended December 31, 2021, we did not recognize any property and equipment impairment charges. For the year ended December 31, 2020, we recognized property and equipment impairment charges totaling $15.1 million which are included in “Impairments of intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of Long-Lived Assets for further information related to these charges.
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 12 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 year ended December 31, 2021, we did not recognize any impairments of operating lease assets. For the year ended December 31, 2020, we recognized impairments of operating lease assets totaling $15.4 million 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 Long-Lived Assets for further information related to these charges.
Intangible assets	Intangible assets 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 year ended December 31, 2021, we did not recognize any impairments of intangible assets. For the year ended December 31, 2020, we recognized intangible asset impairment charges totaling $5.3 million which are included in “Impairments of intangible assets, property and equipment” in the consolidated statements of comprehensive loss. See Note 8 Impairments of 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 91% of revenues for the year ended December 31, 2021. 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 9% of revenues for the year ended December 31, 2021, 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, 2021 and 2020. 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, 2021 and 2020, 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 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 2021 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. We adopted this new standard as of January 1, 2021. The adoption of this new standard did not have a material impact on our consolidated financial statements. Accounting Standards Issued But Not Yet Adopted 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. This guidance will be effective for us in the first quarter of 2022. 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, 2021

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, 2021 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, 2020	9,048	1,127	(958)	9,217
December 31, 2021	9,217	2,424	(527)	11,114

Revenues (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021:


	December 31, 2021		December 31, 2020		Increase
					$		%
Accrued revenue	$	2,245	$	1,687
Costs and estimated profits in excess of billings	8,285		8,516
Contract assets	$	10,530	$	10,203	$	327	3	%

Deferred revenue	$	7,276	$	7,863
Billings in excess of costs and profits recognized	9,705		1,817
Contract liabilities	$	16,981	$	9,680	$	7,301	75	%

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company’s significant components of inventory at December 31, 2021 and 2020 were as follows (in thousands):


	December 31, 2021		December 31, 2020
Raw materials and parts	$	97,053	$	151,531
Work in process	24,618		15,946
Finished goods	182,954		229,212
Gross inventories	304,625		396,689
Inventory reserve	(62,885)		(144,942)
Inventories	$	241,740	$	251,747

Schedule of Inventory Reserve

The change in the amounts of the inventory reserve during the two year period ended December 31, 2021 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, 2020	66,075	100,794	(21,927)	$	144,942
December 31, 2021	144,942	8,096	(90,153)	$	62,885

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	Estimated useful lives	December 31,
		2021		2020
Land		$	7,502	$	8,476
Buildings and leasehold improvements	5-30	85,810		93,645
Computer equipment	3-5	43,853		44,607
Machinery & equipment	5-10	124,254		148,019
Furniture & fixtures	3-10	5,961		6,275
Vehicles	3-5	2,944		3,835
Right of use assets - finance leases	2-6	3,530		3,823
Rental equipment	3-10	2,112		3,830
Construction in progress		1,960		968
		277,926		313,478
Less: accumulated depreciation		(183,921)		(199,810)
Total property and equipment, net		$	94,005	$	113,668

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

At December 31, 2021 and 2020, intangible assets consisted of the following, respectively (in thousands):


	December 31, 2021
	Gross carrying amount		Accumulated amortization		Net intangibles		Amortization period (in years)
Customer relationships	$	269,589	$	(133,451)	$	136,138	10 - 15
Patents and technology	89,449		(29,785)		59,664		5 - 19
Non-compete agreements	191		(173)		18		2 - 6
Trade names	43,125		(25,187)		17,938		7 - 19
Trademark	5,089		(1,442)		3,647		15
Intangible Assets Total	$	407,443	$	(190,038)	$	217,405


	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

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
2022	$	25,161
2023	24,200
2024	22,881
2025	21,694
2026	20,837

Impairments of Long-Lived Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Impairment of Long-Lived Assets

Following is a summary of impairment charges recognized in our segments during the year ended December 31, 2020 (in thousands):


Impairments of:	Drilling & Downhole		Completions		Production		Corporate		Total Impairments
Property and equipment (1)	1,069		9,608		4,460		—		15,137
Intangible assets (1)	5,257		—		—		—		5,257
Operating lease right of use assets (2)	5,366		6,140		2,366		1,498		15,370
Total impairments	$	11,692	$	15,748	$	6,826	$	1,498	$	35,764

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

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Notes payable and lines of credit as of December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
2025 Notes	256,970		316,863
Unamortized debt discount	(20,035)		(30,248)
Debt issuance cost	(4,918)		(7,318)
Credit Facility	—		13,126
Other debt	1,213		2,272
Total debt	233,230		294,695
Less: current maturities	(860)		(1,322)
Long-term debt	$	232,370	$	293,373

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):


2022	$	860
2023	317
2024	97
2025	256,975
2026	—
Thereafter	—
Total future payment	$	258,249
Add: Unamortized debt discount	(20,035)
Less: Debt issuance cost	(4,918)
Less: present value discount on finance leases	$	(66)
Total debt	$	233,230

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Lease Assets and Liabilities

The following table summarizes the supplemental balance sheet information related to leases as of December 31, 2021 and 2020 (in thousands):


		As of
	Classification	December 31, 2021		December 31, 2020
Assets
Operating lease assets	Operating lease assets	$	25,431	$	31,520
Finance lease assets	Property and equipment, net of accumulated depreciation	1,727		2,464
Total lease assets		$	27,158	$	33,984
Liabilities
Current
Operating	Accrued liabilities	$	10,956	$	11,974
Finance	Current portion of long-term debt	860		1,322
Noncurrent
Operating	Operating lease liabilities	$	34,745	44,536
Finance	Long-term debt, net of current portion	353		$	950
Total lease liabilities		$	46,914	$	58,782

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, 2021 (in thousands):


		Twelve Months Ended December 31,
Lease Cost	Classification	2021		2020
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	11,123	$	8,439
Finance lease cost
Amortization of leased assets	Selling, general and administrative expenses	1,061		932
Interest on lease liabilities	Interest expense	110		155
Sublease income	Cost of sales and Selling, general and administrative expenses	(2,184)		(2,001)
Net lease cost		$	10,110	$	7,525

Schedule of Operating Lease Liability Maturity

The maturities of lease liabilities as of December 31, 2021 are as follows (in thousands):


	Operating Leases		Finance Leases		Total

2022	$	13,199	$	860	$	14,059
2023	8,631		316		8,947
2024	7,053		97		7,150
2025	6,105		6		6,111
2026	5,053		—		5,053
Thereafter	15,862		—		15,862
Total lease payments	55,903		1,279		57,182
Less: present value discount	(10,202)		(66)		(10,268)
Present value of lease liabilities	$	45,701	$	1,213	$	46,914

Schedule of Finance Lease Liability Maturity

The maturities of lease liabilities as of December 31, 2021 are as follows (in thousands):


	Operating Leases		Finance Leases		Total

2022	$	13,199	$	860	$	14,059
2023	8,631		316		8,947
2024	7,053		97		7,150
2025	6,105		6		6,111
2026	5,053		—		5,053
Thereafter	15,862		—		15,862
Total lease payments	55,903		1,279		57,182
Less: present value discount	(10,202)		(66)		(10,268)
Present value of lease liabilities	$	45,701	$	1,213	$	46,914

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, 2021:

Lease Term and Discount Rate

December 31, 2021

December 31, 2020

Weighted-average remaining lease term (years)

Operating leases

6.4 years

6.6 years

Financing leases

1.5 years

1.8 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, 2021:


	Twelve Months Ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,053	$	11,038
Operating cash flows from finance leases	92		80
Financing cash flows from finance leases	$	1,517	$	1,179

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020 are as follows (in thousands):


	2021		2020
U.S.	$	(98,445)	$	(106,785)
Non-U.S.	16,436		(2,985)
Loss before income taxes	$	(82,009)	$	(109,770)

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) for the years ended December 31, 2021 and 2020 are as follows (in thousands):


	2021		2020
Current
U.S. federal and state	$	1,235	$	(17,219)
Non-U.S.	(3,384)		4,487
Total current	(2,149)		(12,732)
Deferred
U.S. federal and state	(169)		723
Non-U.S.	2,960		(872)
Total deferred	2,791		(149)
Income tax expense (benefit)	$	642	$	(12,881)

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):


	2021				2020
Income tax benefit at the statutory rate	$	(17,222)	(21.0)	%	$	(23,052)	(21.0)	%
State taxes, net of federal tax benefit	22		—	%	(4,190)		(3.8)	%
Non-U.S. operations	(7,594)		(9.3)	%	625		0.6	%
Domestic incentives	(264)		(0.3)	%	(264)		(0.2)	%
Prior year federal, non-U.S. and state tax	(7,183)		(8.8)	%	(1,827)		(1.7)	%
Nondeductible expenses	1,624		2.0	%	2,053		1.9	%
U.S. CAREs Act	113		0.1	%	(15,981)		(14.6)	%
Valuation allowance	31,079		37.9	%	25,349		23.1	%
Other	67		0.2	%	4,406		4.0	%
Income tax benefit	$	642	0.8	%	$	(12,881)	(11.7)	%

Schedule of Deferred Tax Assets and Liabilities

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


	2021		2020
Deferred tax assets
Reserves and accruals	$	3,978	$	14,917
Operating lease liabilities	11,176		3,097
Inventory	14,692		37,784
Stock awards	2,340		2,180
Net operating loss and other tax carryforwards	109,402		53,781
Goodwill and intangible assets	32,513		39,381
Fair value discount on 2025 Notes	22,250		30,564
Property and equipment	6,424		—
Other	1,912		931
Gross deferred tax assets	204,687		182,635
Valuation allowance	(198,366)		(167,287)
Total deferred tax assets	6,321		15,348
Deferred tax liabilities
Property and equipment	—		(6,861)
Operating lease assets	(6,490)		(6,818)
Prepaid expenses and other	(462)		(3,519)
Total deferred tax liabilities	(6,952)		(17,198)
Net deferred tax liabilities	$	(631)	$	(1,850)

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, 2021	$	12,382
Additional based on tax positions related to prior years	367
Additional based on tax positions related to current year	1,712
Reduction based on tax positions related to prior years	—
Settlement with tax authorities	—
Lapse of statute of limitations	(6,103)
Balance at December 31, 2021	8,358

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
Net loss attributable to common stockholders	$	(82,651)	$	(96,889)

Basic - weighted average shares outstanding	5,643		5,577
Dilutive effect of stock options and restricted stock	—		—
Dilutive effect of convertible 2025 Notes	—		—
Diluted - weighted average shares outstanding	5,643		5,577

Loss per share
Basic	$	(14.65)	$	(17.37)
Diluted	$	(14.65)	$	(17.37)

Long-Term Incentive Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

The following table provides additional information related to stock options:


2021 Activity	Number of shares (in thousands)	Weighted average exercise price		Remaining weighted average contractual life in years	Intrinsic value (in millions)
Beginning balance	95	$	358.31	3.5	$	—


Forfeited/expired	(20)	$	362.07
Total outstanding	75	$	357.34	3.2	$	—
Options exercisable	75	$	358.46	3.2	$	—

Schedule of Nonvested Restricted Stock Shares Activity

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


2021 Activity			Restricted stock (shares in thousands)
Nonvested at beginning of year			—
Granted			10
Vested			—
Nonvested at the end of year			10

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


2021 Activity			Restricted stock units (shares in thousands)
Nonvested at beginning of year			331
Granted			140
Vested			(113)
Forfeited			(2)
Nonvested at the end of year			356

Schedule of Stock Appreciation Rights

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


2021 Activity			Stock Appreciation Rights (in thousands)
Nonvested at beginning of year			248
Granted			—
Forfeited			(11)
Nonvested at the end of year			237

Business Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Summary financial data by segment follows (in thousands):


	Year ended December 31,
	2021		2020
Revenue:
Drilling & Downhole	$	239,895	$	216,836
Completions	185,018		118,685
Production	116,710		177,510
Eliminations	(555)		(555)
Total revenue	$	541,068	$	512,476

Segment operating income (loss):
Drilling & Downhole	$	4,749	$	(47,964)
Completions	(4,532)		(97,304)
Production	(14,354)		(33,418)
Corporate	(31,408)		(30,012)
Total segment operating loss	(45,545)		(208,698)
Impairments of intangible assets, property and equipment	—		20,394
Loss (gain) on disposal of assets and other	(1,052)		2,531
Operating loss	$	(44,493)	$	(231,623)

Depreciation and amortization
Drilling & Downhole	$	14,536	$	17,895
Completions	22,568		24,831
Production	4,769		7,755
Corporate	303		519
Total depreciation and amortization	$	42,176	$	51,000

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


	Year ended December 31,
Capital expenditures	2021		2020
Drilling & Downhole	$	1,476	$	462
Completions	512		275
Production	411		287
Corporate	—		1,222
Total capital expenditures	$	2,399	$	2,246

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


	Year ended December 31,
Assets	2021		2020
Drilling & Downhole	$	313,493	$	314,375
Completions	351,908		356,645
Production	83,150		92,949
Corporate	42,785		125,957
Total assets	$	791,336	$	889,926

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:	2021		2020
United States	$	298,171	$	332,554
Europe	25,956		42,424
Canada	14,977		17,796
Asia-Pacific	221		836
Middle East	4,412		4,877
Latin America	866		1,248
Total long-lived assets	$	344,603	$	399,735

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


	Year ended December 31,
	2021				2020
Revenue:	$		%		$		%
United States	$	324,376	60.0	%	$	323,322	63.2	%
Canada	41,822		7.7	%	30,492		5.9	%
Europe & Africa	59,207		10.9	%	37,438		7.3	%
Middle East	48,352		8.9	%	43,192		8.4	%
Asia-Pacific	36,641		6.8	%	48,067		9.4	%
Latin America	30,670		5.7	%	29,965		5.8	%
Total Revenue	$	541,068	100.0	%	$	512,476	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,
	2021				2020
Revenue:	$		%		$		%
Drilling Technologies	$	96,680	17.8	%	$	97,232	19.1	%
Downhole Technologies	69,215		12.8	%	64,083		12.5	%
Subsea Technologies	74,000		13.7	%	55,521		10.8	%
Stimulation and Intervention	96,731		17.9	%	56,460		11.0	%
Coiled Tubing	88,287		16.3	%	62,225		12.1	%
Production Equipment	60,981		11.3	%	65,763		12.8	%
Valve Solutions	55,729		10.3	%	111,747		21.8	%
Eliminations	(555)		(0.1)	%	(555)		(0.1)	%
Total revenue	$	541,068	100.0	%	$	512,476	100.0	%

Summary of Significant Accounting Policies (Allowance for doubtful accounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 9,217	$ 9,048
Charged to expense	2,424	1,127
Deductions or other	(527)	(958)
Balance at end of period	$ 11,114	$ 9,217

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Inventory write downs	$ 8,096,000	$ 100,794,000
Asset impairment charges	0	15,100,000
Impairments of operating lease assets	0	15,370,000
Impairment of intangible assets	$ 0	$ 5,300,000
Percent of revenue from goods and services transferred at point in time	91.00%
Percent of revenue from goods and services transferred over time	9.00%
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment	2 years
Remaining lease term	1 year
Estimated useful life, intangible assets	2 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life, property and equipment	30 years
Remaining lease term	12 years
Estimated useful life, intangible assets	22 years

Revenues (Schedule of Changes in Contract Asset and Contract Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accrued revenue	$ 2,245	$ 1,687
Costs and estimated profits in excess of billings	8,285	8,516
Contract assets	10,530	10,203
Increase in contract with customer assets	$ 327
Increase in contract with customer assets, percent	3.00%
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 7,276	7,863
Billings in excess of costs and profits recognized	9,705	1,817
Contract liabilities	16,981	$ 9,680
Increase in contract with customer liabilities	$ 7,301
Increase in contract with customer liabilities, percent	75.00%

Revenues (Narrative) (Details) $ in Thousands	12 Months Ended
Revenues (Narrative) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Increase in contract with customer assets	$ 327
Increase in contract with customer liabilities	7,301
Revenue recognized	$ 8,200

Acquisitions & Dispositions (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Dec. 20, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Payments to acquire productive assets			$ 2,399	$ 2,246
Gain on contribution of subsea rentals business			0	88,375
Assets		$ 791,336	$ 791,336	889,926
Hawker Equipment Solutions, LLC
Business Acquisition [Line Items]
Cash consideration	$ 5,100
Payments to acquire productive assets		$ 3,400
Term of expected payment	5 years
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

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and parts	$ 97,053	$ 151,531
Work in process	24,618	15,946
Finished goods	182,954	229,212
Gross inventories	304,625	396,689
Inventory reserve	(62,885)	(144,942)	$ (66,075)
Inventories	$ 241,740	$ 251,747

Inventories (Inventory reserve) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Inventory Valuation Reserves Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 144,942	$ 66,075
Charged to expense	8,096	100,794
Deductions or other	(90,153)	(21,927)
Balance at end of period	$ 62,885	$ 144,942

Inventories - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory write downs	$ 8,096	$ 100,794

Property and Equipment (Details) - USD ($)	12 Months Ended
Property and Equipment (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment, Net [Abstract]
Right of use assets - finance leases	$ 3,530,000	$ 3,823,000
Property, plant and equipment, gross	277,926,000	313,478,000
Less: accumulated depreciation	(183,921,000)	(199,810,000)
Property and equipment, net of accumulated depreciation	94,005,000	113,668,000
Depreciation expense	17,064,000	24,484,000
Asset impairment charges	$ 0	15,100,000
Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	2 years
Estimated useful life, finance leases	2 years
Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	30 years
Estimated useful life, finance leases	6 years
Land
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 7,502,000	8,476,000
Buildings and leasehold improvements
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 85,810,000	93,645,000
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	$ 43,853,000	44,607,000
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	$ 124,254,000	148,019,000
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	$ 5,961,000	6,275,000
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	$ 2,944,000	3,835,000
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
Rental equipment
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 2,112,000	3,830,000
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
Construction in progress
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 1,960,000	$ 968,000

Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (190,038)	$ (169,915)
Intangible Assets Total, Gross carrying amount	407,443	410,359
Intangible Assets Total, Net amortizable intangibles	217,405	240,444
Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	269,589	272,470
Accumulated amortization	(133,451)	(121,294)
Net intangibles	136,138	151,176
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	89,449	89,626
Accumulated amortization	(29,785)	(24,440)
Net intangibles	59,664	65,186
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	191	190
Accumulated amortization	(173)	(137)
Net intangibles	18	53
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	43,125	42,984
Accumulated amortization	(25,187)	(22,941)
Net intangibles	17,938	20,043
Trademark
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount	5,089	5,089
Accumulated amortization	(1,442)	(1,103)
Net intangibles	$ 3,647	$ 3,986
Estimated useful life, intangible assets	15 years	15 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
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

Intangible Assets (Narrative) (Details) - USD ($)	12 Months Ended
Intangible Assets (Narrative) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 0	$ 5,300,000
Amortization of intangible assets	$ 25,112,000	$ 26,516,000

Intangible Assets (Schedule of Amortization Expense) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Estimated future amortization expense
2022	$ 25,161
2023	24,200
2024	22,881
2025	21,694
2026	$ 20,837

Impairments of Long-Lived Assets - Schedule of Impairment of Long-Lived Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges	$ 0	$ 15,100,000
Impairments of operating lease assets	$ 0	15,370,000
Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		15,137,000
Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		5,257,000
Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		15,370,000
Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		35,764,000
Corporate
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		1,498,000
Corporate \| Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0
Corporate \| Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0
Corporate \| Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		1,498,000
Drilling & Downhole \| Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		11,692,000
Drilling & Downhole \| Operating Segments \| Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		1,069,000
Drilling & Downhole \| Operating Segments \| Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		5,257,000
Drilling & Downhole \| Operating Segments \| Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		5,366,000
Completions \| Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		15,748,000
Completions \| Operating Segments \| Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		9,608,000
Completions \| Operating Segments \| Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0
Completions \| Operating Segments \| Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		6,140,000
Production \| Operating Segments
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		6,826,000
Production \| Operating Segments \| Property and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		4,460,000
Production \| Operating Segments \| Intangible assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		0
Production \| Operating Segments \| Operating lease right of use assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges		2,366,000
Cost of Sales
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of operating lease assets		10,800,000
Selling, General and Administrative Expenses
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments of operating lease assets		$ 4,500,000

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 30, 2021	Dec. 31, 2020	Aug. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 233,230		$ 294,695
Unamortized debt discount	(20,035)		(30,248)
Less: Debt issuance cost	(4,918)		(7,318)
Less: current maturities	(860)		(1,322)
Long-term debt	232,370		293,373
2025 Notes
Debt Instrument [Line Items]
Long-term debt, gross	256,970	$ 53,300	316,863	$ 282,600
Long-term debt				$ 314,800
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	1,213		2,272
2017 Credit Facility \| Senior secured revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		$ 13,126

Debt - Narrative (Details)	1 Months Ended		3 Months Ended	12 Months Ended
Debt - Narrative (Details)	Sep. 30, 2021 USD ($)	Aug. 31, 2020 USD ($) d $ / shares	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 30, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross				$ 233,230,000	$ 294,695,000
Gain (loss) on extinguishment of debt				(5,290,000)	72,478,000
Long-term debt				232,370,000	293,373,000
Bond exchange early participation payment		$ 3,500,000		0	3,500,000
Debt instrument, carrying value				233,230,000
2025 Notes
Debt Instrument [Line Items]
Debt, face amount		$ 315,500,000		116,000,000
Debt instrument, stated interest rate		9.00%
Long-term debt, gross		$ 282,600,000		256,970,000	316,863,000	$ 53,300,000
Unamortized debt premium (discount)		(32,900,000)
Gain (loss) on extinguishment of debt		28,700,000		(5,300,000)
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%
Debt conversion ratio		0.037037
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
Debt repurchased face amount				59,900,000
Repayments of long-term debt				58,600,000
Senior unsecured notes due October 2021
Debt Instrument [Line Items]
Debt conversion, interest rate of debt		6.25%
Deferred loan costs written off			$ 2,000,000
Credit Facility
Debt Instrument [Line Items]
Debt instrument, carrying value				$ 0	13,100,000
Percentage of borrowing base				50.00%
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 179,000,000
Deferred loan costs	1,600,000
Credit Facility \| Foreign Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	45,000,000
Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	20,000,000
Credit Facility \| Letter of Credit \| Canadian Subsidiaries
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 3,000,000
80% of Borrowing Base \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity				$ 127,500,000
Current borrowing capacity quarterly reduction				$ 500,000
Borrowing base percentage				80.00%
2017 Credit Facility
Debt Instrument [Line Items]
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				$ 0	$ 13,126,000
Current borrowing capacity				146,100,000
Debt instrument, carrying value				0
2017 Credit Facility \| Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Outstanding letters of credit				18,700,000
Remaining borrowing capacity				127,400,000
12.5% of Borrowing Base \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 22,400,000
Percentage of borrowing base				12.50%
Interest Rate Floor \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.00%
LIBOR \| 2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
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
Minimum \| LIBOR \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Minimum \| Base Rate \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Minimum \| Base Rate \| 2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage				1.25%
Minimum \| CDOR Rate \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				2.25%
Maximum \| LIBOR \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				2.75%
Maximum \| Base Rate \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
Maximum \| Base Rate \| 2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
Maximum \| CDOR Rate \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				2.75%

Debt (Schedule of Future Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 860
2023	317
2024	97
2025	256,975
2026	0
Thereafter	0
Total future payment	258,249
Add: Unamortized debt discount	(20,035)	$ (30,248)
Less: Debt issuance cost	(4,918)	$ (7,318)
Less: present value discount on finance leases	(66)
Debt instrument, carrying value	$ 233,230

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Operating lease assets	$ 25,431	$ 31,520
Finance lease assets	1,727	2,464
Total lease assets	27,158	33,984
Current
Operating	10,956	11,974
Finance	860	1,322
Noncurrent
Operating	34,745	44,536
Finance	353	950
Total lease liabilities	$ 46,914	$ 58,782
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net of accumulated depreciation	Property and equipment, net of accumulated depreciation
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, net of current portion	Long-term debt, net of current portion

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 11,123	$ 8,439
Finance lease cost
Amortization of leased assets	1,061	932
Interest on lease liabilities	110	155
Sublease income	(2,184)	(2,001)
Net lease cost	$ 10,110	$ 7,525

Leases - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 13,199
2023	8,631
2024	7,053
2025	6,105
2026	5,053
Thereafter	15,862
Total lease payments	55,903
Less: present value discount	(10,202)
Present value of lease liabilities	45,701
Finance Leases
2022	860
2023	316
2024	97
2025	6
2026	0
Thereafter	0
Total lease payments	1,279
Less: present value discount on finance leases	(66)
Present value of lease liabilities	1,213
Total
2022	14,059
2023	8,947
2024	7,150
2025	6,111
2026	5,053
Thereafter	15,862
Total lease payments	57,182
Less: present value discount	(10,268)
Present value of lease liabilities	$ 46,914	$ 58,782

Leases - Schedule of Remaining Lease Term and Discount Rates (Details)	Dec. 31, 2021	Dec. 31, 2020
Weighted-average remaining lease term (years)
Operating leases	6 years 4 months 24 days	6 years 7 months 6 days
Financing leases	1 year 6 months	1 year 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, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 13,053	$ 11,038
Operating cash flows from finance leases	92	80
Financing cash flows from finance leases	$ 1,517	$ 1,179

Income Taxes (Schedule of Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S.	$ (98,445)	$ (106,785)
Non-U.S.	16,436	(2,985)
Loss before income taxes	$ (82,009)	$ (109,770)

- Definition

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

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+ Details

Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current
U.S. federal and state	$ 1,235	$ (17,219)
Non-U.S.	(3,384)	4,487
Total current	(2,149)	(12,732)
Deferred
U.S. federal and state	(169)	723
Non-U.S.	2,960	(872)
Total deferred	2,791	(149)
Income tax expense (benefit)	$ 642	$ (12,881)

- 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Income tax benefit at the statutory rate	$ (17,222)	$ (23,052)
State taxes, net of federal tax benefit	22	(4,190)
Non-U.S. operations	(7,594)	625
Domestic incentives	(264)	(264)
Prior year federal, non-U.S. and state tax	(7,183)	(1,827)
Nondeductible expenses	1,624	2,053
U.S. CAREs Act	113	(15,981)
Valuation allowance	31,079	25,349
Other	67	4,406
Income tax expense (benefit)	$ 642	$ (12,881)
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	0.00%	(3.80%)
Non-U.S. operations	(9.30%)	0.60%
Domestic incentives	(0.30%)	(0.20%)
Prior year federal, non-U.S. and state tax	(8.80%)	(1.70%)
Nondeductible expenses	2.00%	1.90%
U.S. CAREs Act	0.10%	(14.60%)
Valuation allowance	37.90%	23.10%
Other	0.20%	4.00%
Income tax benefit	0.80%	(11.70%)

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Loss and Tax Credit Carryforwards [Line Items]
Effective income tax rate	(0.80%)	11.70%
Income tax expense (benefit)	$ 642	$ (12,881)
Valuation allowance	31,079	25,349
Domestic operating loss carryforwards	243,600
State operating loss carryforwards	10,100
Operating loss carryforward subject to expiration	14,900
Operating loss carryforwards not subject to expiration	238,800
Foreign operating loss carryforwards	186,900
Unrecognized tax benefits	8,358	12,382
Decrease in unrecognized tax benefits is reasonably possible	1,600
Unrecognized tax benefits that would impact effective tax rate	8,400
Accrued interest and penalties	$ 500	1,400
U.S. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)
Operating Loss and Tax Credit Carryforwards [Line Items]
Income tax expense (benefit)		(16,000)
U.S.
Operating Loss and Tax Credit Carryforwards [Line Items]
Valuation allowance		15,600
Non-US
Operating Loss and Tax Credit Carryforwards [Line Items]
Valuation allowance		$ 15,500

Income Taxes (Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Reserves and accruals	$ 3,978	$ 14,917
Operating lease liabilities	11,176	3,097
Inventory	14,692	37,784
Stock awards	2,340	2,180
Net operating loss and other tax carryforwards	109,402	53,781
Goodwill and intangible assets	32,513	39,381
Fair value discount on 2025 Notes	22,250	30,564
Property and equipment	6,424	0
Other	1,912	931
Gross deferred tax assets	204,687	182,635
Valuation allowance	(198,366)	(167,287)
Total deferred tax assets	6,321	15,348
Deferred tax liabilities
Property and equipment	0	(6,861)
Operating lease assets	(6,490)	(6,818)
Prepaid expenses and other	(462)	(3,519)
Total deferred tax liabilities	(6,952)	(17,198)
Net deferred tax liabilities	$ (631)	$ (1,850)

Income Taxes (Uncertain Tax Positions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 12,382
Additional based on tax positions related to prior years	367
Additional based on tax positions related to current year	1,712
Reduction based on tax positions related to prior years	0
Settlement with tax authorities	0
Lapse of statute of limitations	(6,103)
Ending Balance	$ 8,358

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	$ 233,230,000
Senior secured revolving credit facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	0	$ 13,100,000
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	232,000,000	279,300,000
Debt instrument, fair value	$ 225,000,000	$ 200,300,000

Commitments and Contingencies (Details)	1 Months Ended		12 Months Ended					24 Months Ended	132 Months Ended
Commitments and Contingencies (Details)	Oct. 31, 2017 patent	Jan. 31, 2011 primaryInsurer	Dec. 31, 2021 USD ($) defendant case	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2021 USD ($) case	Dec. 31, 2021 USD ($) case
Loss Contingencies [Line Items]
Payments for legal settlements								$ 40,000	$ 2,000,000
Amount of letters of credit			$ 18,700,000					$ 18,700,000	$ 18,700,000
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
Face amount of insurance coverage per occurrence (over)			$ 17,000,000					$ 17,000,000	$ 17,000,000
Aggregate primary insurance coverage (over)			23,000,000					23,000,000	23,000,000
Face amount of excess coverage (over)			$ 950,000,000					$ 950,000,000	$ 950,000,000
Number of primary insurers under settlement agreement \| primaryInsurer		7
Percentage of costs of handling and settling each claim covered by insurance		80.00%

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (82,651)	$ (96,889)
Basic - weighted average shares outstanding (in shares)	5,643	5,577
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)	5,643	5,577
Loss per share
Basic (in dollars per share)	$ (14.65)	$ (17.37)
Diluted (in dollars per share)	$ (14.65)	$ (17.37)

- 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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+ Details

Stockholders' Equity and Employee Benefit Plans (Employee Benefit Plans) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract]
Employee contribution benefit plan expense	$ 0	$ 2,300,000

Stockholders' Equity and Employee Benefit Plans (Reverse Stock Split) (Details)	Nov. 09, 2020 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Nov. 08, 2020 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	14,800,000	296,000,000

Long-Term Incentive Compensation (Narrative) (Details)	1 Months Ended		12 Months Ended
Long-Term Incentive Compensation (Narrative) (Details)	May 31, 2020 shares	May 31, 2019 shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	May 17, 2016 shares	Aug. 31, 2010 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)						925,000
Stock based compensation expense \| $			$ 7,600,000	$ 9,800,000
Total compensation cost not yet recognized \| $			$ 11,400,000
Total compensation cost not yet recognized, period for recognition			2 years
Intrinsic value of options exercised \| $			$ 0	0
Intrinsic value, options outstanding \| $			$ 0	$ 0
Number of shares, granted (in shares)			0	0
Maximum payout rate			5
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]
Weighted average grant date fair value (in dollars per share) \| $ / shares			$ 23.36
Fair value of shares vested \| $				$ 1,500,000
Vested in period (in shares)			0
Granted (in shares)			10,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share) \| $ / shares			$ 18.20	$ 12.83
Fair value of shares vested \| $			$ 5,300,000	$ 10,300,000
Vested in period (in shares)			113,000
Granted (in shares)			140,000
Restricted Stock Units (RSUs) \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			73,839,000
Restricted Stock Units (RSUs) \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)			66,524,000
Vested in period, market price per share \| $ / shares			$ 23.49
Trading days			20 days
Cash-Settled Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Granted (in shares)			66,524
Maximum payout rate			5
Cash-Settled Contingent Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Vested in period, market price per share \| $ / shares			$ 23.49
Trading days			20 days
Granted (in shares)			73,839
Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading days			20 days
Granted (in shares)			0
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
Minimum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
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
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)			105,000

Long-Term Incentive Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of shares [Roll Forward]
Number of shares, beginning balance (in shares)	95
Number of shares, forfeited/expired (in shares)	(20)
Number of shares, ending balance (in shares)	75	95
Number of shares, options exercisable (in shares)	75
Weighted average exercise price [Roll Forward]
Weighted average exercise price, beginning balance (in dollars per share)	$ 358.31
Weighted average exercise price, forfeited/expired (in dollars per share)	362.07
Weighted average exercise price, ending balance (in dollars per share)	357.34	$ 358.31
Weighted average exercise price, options exercisable (in dollars per share)	$ 358.46
Remaining weighted average contractual life, outstanding	3 years 2 months 12 days	3 years 6 months
Remaining weighted average contractual life, exercisable	3 years 2 months 12 days
Intrinsic value, options outstanding	$ 0	$ 0
Intrinsic value, options exercisable	$ 0	$ 0

Long-Term Incentive Compensation (Restricted Stock and Restricted Stock Units) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2021 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)	0
Granted (in shares)	10
Vested (in shares)	0
Nonvested at the end of year (in shares)	10
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)	331
Granted (in shares)	140
Vested (in shares)	(113)
Forfeited (in shares)	(2)
Nonvested at the end of year (in shares)	356

Long-Term Incentive Compensation (Stock Appreciation Rights) (Details) - Stock Appreciation Rights shares in Thousands	12 Months Ended
	Dec. 31, 2021 shares
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)	248
Granted (in shares)	0
Forfeited (in shares)	(11)
Nonvested at the end of year (in shares)	237

Business Segments (Narrative) (Details)	12 Months Ended
Business Segments (Narrative) (Details)	Dec. 31, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	3

Business Segments (Income Statement by Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 541,068	$ 512,476
Operating income (loss)	(44,493)	(231,623)
Impairments of intangible assets, property and equipment	0	20,394
Loss (gain) on disposal of assets and other	(1,052)	2,531
Depreciation and amortization	42,176	51,000
Capital expenditures	2,399	2,246
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	(45,545)	(208,698)
Operating Segments \| Drilling & Downhole
Segment Reporting Information [Line Items]
Revenues	239,895	216,836
Operating income (loss)	4,749	(47,964)
Depreciation and amortization	14,536	17,895
Capital expenditures	1,476	462
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Revenues	185,018	118,685
Operating income (loss)	(4,532)	(97,304)
Depreciation and amortization	22,568	24,831
Capital expenditures	512	275
Operating Segments \| Production
Segment Reporting Information [Line Items]
Revenues	116,710	177,510
Operating income (loss)	(14,354)	(33,418)
Depreciation and amortization	4,769	7,755
Capital expenditures	411	287
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(555)	(555)
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)	(31,408)	(30,012)
Depreciation and amortization	303	519
Capital expenditures	$ 0	$ 1,222

Business Segments (Assets by Segment) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 791,336	$ 889,926
Operating Segments \| Drilling & Downhole
Segment Reporting Information [Line Items]
Assets	313,493	314,375
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Assets	351,908	356,645
Operating Segments \| Production
Segment Reporting Information [Line Items]
Assets	83,150	92,949
Corporate
Segment Reporting Information [Line Items]
Assets	$ 42,785	$ 125,957

- 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.

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+ Details

Business Segments (Long-lived Assets by Geographic Location) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 344,603	$ 399,735
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	298,171	332,554
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	25,956	42,424
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	14,977	17,796
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	221	836
Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	4,412	4,877
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 866	$ 1,248

Business Segments (Revenue by Shipping Location) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 541,068	$ 512,476
Percentage of net sales	100.00%	100.00%
Sales \| United States \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 324,376	$ 323,322
Percentage of net sales	60.00%	63.20%
Sales \| Canada \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 41,822	$ 30,492
Percentage of net sales	7.70%	5.90%
Sales \| Europe & Africa \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 59,207	$ 37,438
Percentage of net sales	10.90%	7.30%
Sales \| Middle East \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 48,352	$ 43,192
Percentage of net sales	8.90%	8.40%
Sales \| Asia-Pacific \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 36,641	$ 48,067
Percentage of net sales	6.80%	9.40%
Sales \| Latin America \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 30,670	$ 29,965
Percentage of net sales	5.70%	5.80%

Business Segments (Revenue by Product Lines) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Revenues	$ 541,068	$ 512,476
Percentage of net sales	100.00%	100.00%
Operating Segments \| Sales \| Drilling Technologies \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenues	$ 96,680	$ 97,232
Percentage of net sales	17.80%	19.10%
Operating Segments \| Sales \| Downhole Technologies \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenues	$ 69,215	$ 64,083
Percentage of net sales	12.80%	12.50%
Operating Segments \| Sales \| Subsea Technologies \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenues	$ 74,000	$ 55,521
Percentage of net sales	13.70%	10.80%
Operating Segments \| Sales \| Stimulation and Intervention \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenues	$ 96,731	$ 56,460
Percentage of net sales	17.90%	11.00%
Operating Segments \| Sales \| Coiled Tubing \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenues	$ 88,287	$ 62,225
Percentage of net sales	16.30%	12.10%
Operating Segments \| Sales \| Production Equipment \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenues	$ 60,981	$ 65,763
Percentage of net sales	11.30%	12.80%
Operating Segments \| Sales \| Valve Solutions \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenues	$ 55,729	$ 111,747
Percentage of net sales	10.30%	21.80%
Eliminations
Revenue from External Customer [Line Items]
Revenues	$ (555)	$ (555)
Eliminations \| Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenues	$ (555)	$ (555)
Percentage of net sales	(0.10%)	(0.10%)

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details