0001401257-22-000046 | 10-Q | XBRL Viewer | Forum Energy Technologies INC

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-35504
Entity Registrant Name	FORUM ENERGY TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1488595
Entity Address, Address Line One	10344 Sam Houston Park Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77064
City Area Code	(281)
Local Phone Number	949-2500
Title of 12(b) Security	Common stock
Trading Symbol	FET
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,721,072
Entity Central Index Key	0001401257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue	$ 172,246	$ 137,420	$ 327,420	$ 251,937
Cost of sales	123,673	105,216	240,228	193,548
Gross profit	48,573	32,204	87,192	58,389
Operating expenses
Selling, general and administrative expenses	43,497	42,184	87,802	83,658
Gain on disposal of assets and other	(908)	(360)	(886)	(1,269)
Total operating expenses	42,589	41,824	86,916	82,389
Operating income (loss)	5,984	(9,620)	276	(24,000)
Other expense (income)
Interest expense	7,842	7,775	15,466	16,937
Foreign exchange and other losses (gains), net	(12,838)	(939)	(18,824)	2,531
Loss on extinguishment of debt	0	4,161	0	5,094
Total other expense (income), net	(4,996)	10,997	(3,358)	24,562
Income (loss) before income taxes	10,980	(20,617)	3,634	(48,562)
Income tax expense	1,716	1,189	3,569	2,907
Net income (loss)	$ 9,264	$ (21,806)	$ 65	$ (51,469)
Weighted average shares outstanding
Basic (in shares)	5,747	5,638	5,715	5,625
Diluted (in shares)	10,481	5,638	5,910	5,625
Earnings (loss) per share
Basic (in USD per share)	$ 1.61	$ (3.87)	$ 0.01	$ (9.15)
Diluted (in USD per share)	$ 1.15	$ (3.87)	$ 0.01	$ (9.15)
Other comprehensive income (loss), net of tax:
Net income (loss)	$ 9,264	$ (21,806)	$ 65	$ (51,469)
Change in foreign currency translation, net of tax of $0	(16,518)	66	(23,510)	3,218
Gain (loss) on pension liability	57	(21)	87	56
Comprehensive loss	$ (7,197)	$ (21,761)	$ (23,358)	$ (48,195)

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Change in foreign currency translation, tax	$ 0	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 26,904	$ 46,858
Accounts receivable—trade, net of allowances of $9,630 and $11,114	147,090	123,903
Inventories, net	271,182	241,740
Prepaid expenses and other current assets	23,843	23,702
Accrued revenue	893	2,245
Costs and estimated profits in excess of billings	15,274	8,285
Total current assets	485,186	446,733
Property and equipment, net of accumulated depreciation	88,699	94,005
Operating lease assets	22,237	25,431
Deferred financing costs, net	1,325	1,484
Intangible assets, net	203,787	217,405
Deferred income taxes, net	628	203
Other long-term assets	5,630	6,075
Total assets	807,492	791,336
Current liabilities
Current portion of long-term debt	690	860
Accounts payable—trade	110,744	99,379
Accrued liabilities	63,705	58,436
Deferred revenue	7,658	7,276
Billings in excess of costs and profits recognized	1,514	9,705
Total current liabilities	184,311	175,656
Long-term debt, net of current portion	268,845	232,370
Deferred income taxes, net	1,049	834
Operating lease liabilities	30,275	34,745
Other long-term liabilities	14,558	18,605
Total liabilities	499,038	462,210
Commitments and contingencies
Equity
Common stock, $0.01 par value, 14,800,000 shares authorized, 6,188,188 and 6,100,886 shares issued	62	61
Additional paid-in capital	1,252,647	1,249,962
Treasury stock at cost, 467,153 shares	(135,562)	(135,562)
Retained deficit	(684,242)	(684,307)
Accumulated other comprehensive loss	(124,451)	(101,028)
Total equity	308,454	329,126
Total liabilities and equity	$ 807,492	$ 791,336

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trade accounts receivable allowance	$ 9,630	$ 11,114
Common Stock, par value (in USD per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	14,800,000	14,800,000
Common Stock, shares issued (in shares)	6,188,188	6,100,886
Treasury stock (in shares)	467,153	467,153

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income (loss)	$ 65	$ (51,469)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation expense	6,742	9,222
Amortization of intangible assets	12,384	12,662
Inventory write down	827	2,617
Stock-based compensation expense	2,772	3,810
Loss on extinguishment of debt	0	5,094
Deferred income taxes	(1,225)	(320)
Noncash losses and other, net	3,068	3,909
Changes in operating assets and liabilities
Accounts receivable—trade	(25,322)	(27,585)
Inventories	(33,595)	21,463
Prepaid expenses and other assets	1,589	(5,153)
Cost and estimated profit in excess of billings	(7,994)	165
Accounts payable, deferred revenue and other accrued liabilities	(1,846)	24,262
Billings in excess of costs and estimated profits earned	(8,024)	3,679
Net cash provided by (used in) operating activities	(50,559)	2,356
Cash flows from investing activities
Capital expenditures for property and equipment	(3,570)	(704)
Proceeds from sale of property and equipment	2,608	2,106
Payments related to business acquisitions and dispositions	(485)	(1,283)
Net cash provided by (used in) investing activities	(1,447)	119
Cash flows from financing activities
Borrowings on revolving Credit Facility	274,472	0
Repayments on revolving Credit Facility	(240,899)	(13,126)
Cash paid to repurchase 2025 Notes	0	(56,731)
Payment of capital lease obligations	(570)	(783)
Repurchases of stock	(361)	(141)
Net cash provided by (used in) financing activities	32,642	(70,781)
Effect of exchange rate changes on cash	(590)	50
Net decrease in cash, cash equivalents and restricted cash	(19,954)	(68,256)
Cash, cash equivalents and restricted cash at beginning of period	46,858	128,617
Cash, cash equivalents and restricted cash at end of period	26,904	60,361
Noncash activities
Operating lease right of use assets obtained in exchange for lease obligations	1,348	874
Finance lease right of use assets obtained in exchange for lease obligations	$ 458	$ 228

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Treasury stock	Retained deficit	Accumulated other comprehensive income / (loss)
Balance at beginning of period at Dec. 31, 2020	$ 406,236	$ 60	$ 1,242,720	$ (134,499)	$ (601,656)	$ (100,389)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,896		1,896
Restricted stock issuance, net of forfeitures	(139)	0	(139)
Currency translation adjustment	3,152					3,152
Change in pension liability	77					77
Net income (loss)	(29,663)				(29,663)
Balance at end of period at Mar. 31, 2021	381,559	60	1,244,477	(134,499)	(631,319)	(97,160)
Balance at beginning of period at Dec. 31, 2020	406,236	60	1,242,720	(134,499)	(601,656)	(100,389)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Currency translation adjustment	3,218
Change in pension liability	56
Net income (loss)	(51,469)
Balance at end of period at Jun. 30, 2021	361,710	60	1,246,389	(134,499)	(653,125)	(97,115)
Balance at beginning of period at Mar. 31, 2021	381,559	60	1,244,477	(134,499)	(631,319)	(97,160)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,914		1,914
Restricted stock issuance, net of forfeitures	(2)		(2)
Currency translation adjustment	66					66
Change in pension liability	(21)					(21)
Net income (loss)	(21,806)				(21,806)
Balance at end of period at Jun. 30, 2021	361,710	60	1,246,389	(134,499)	(653,125)	(97,115)
Balance at beginning of period at Dec. 31, 2021	329,126	61	1,249,962	(135,562)	(684,307)	(101,028)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	2,151		2,151
Restricted stock issuance, net of forfeitures	(360)	1	(361)
Currency translation adjustment	(6,992)					(6,992)
Change in pension liability	30					30
Net income (loss)	(9,199)				(9,199)
Balance at end of period at Mar. 31, 2022	314,756	62	1,251,752	(135,562)	(693,506)	(107,990)
Balance at beginning of period at Dec. 31, 2021	329,126	61	1,249,962	(135,562)	(684,307)	(101,028)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Currency translation adjustment	(23,510)
Change in pension liability	87
Net income (loss)	65
Balance at end of period at Jun. 30, 2022	308,454	62	1,252,647	(135,562)	(684,242)	(124,451)
Balance at beginning of period at Mar. 31, 2022	314,756	62	1,251,752	(135,562)	(693,506)	(107,990)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	621		621
Restricted stock issuance, net of forfeitures	(1)		(1)
Liability awards converted to share settled	275		275
Currency translation adjustment	(16,518)					(16,518)
Change in pension liability	57					57
Net income (loss)	9,264				9,264
Balance at end of period at Jun. 30, 2022	$ 308,454	$ 62	$ 1,252,647	$ (135,562)	$ (684,242)	$ (124,451)

- Definition

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

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- Definition

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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+ Details

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation 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. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All intercompany transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the fair statement of the Company’s financial position, results of operations and cash flows have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or any other interim period. These interim financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, which are included in the Company’s 2021 Annual Report on Form 10-K filed with the SEC on March 4, 2022. 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 contributed 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.

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2022
Accounting Policies [Abstract]
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 2022 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. In addition, this update also makes targeted changes to the disclosures for convertible instruments and earnings-per-share guidance. We adopted this new standard as of January 1, 2022. The adoption of this new standard did not have a material impact on our unaudited condensed consolidated financial statements.

Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Revenue is recognized 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 receive in exchange for those goods or services. For a detailed discussion of our revenue recognition policies, refer to the Company’s 2021 Annual Report on Form 10-K.

Disaggregated Revenue

Refer to Note 10 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, we record a contract liability 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. Such contract liabilities typically result from billings in excess of costs incurred on construction contracts and advance payments received on product sales.

The following table reflects the changes in our contract assets and contract liabilities balances for the six months ended June 30, 2022 (in thousands):


	June 30, 2022		December 31, 2021		Increase / (Decrease)
					$		%
Accrued revenue	$	893	$	2,245
Costs and estimated profits in excess of billings	15,274		8,285
Contract assets	$	16,167	$	10,530	$	5,637	54	%

Deferred revenue	$	7,658	$	7,276
Billings in excess of costs and profits recognized	1,514		9,705
Contract liabilities	$	9,172	$	16,981	$	(7,809)	(46)	%

During the six months ended June 30, 2022, our contract assets increased by $5.6 million and our contract liabilities decreased by $7.8 million primarily due to the timing of milestone billings for projects in our subsea product line.

During the six months ended June 30, 2022, we recognized $12.0 million of revenue that was included in the contract liability balance at the beginning of the period.

As all of our contracts are less than one year in duration, we have elected to apply the practical expedient which allows an entity to exclude disclosures about its remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.

- Definition

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

+ References

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

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-Name Accounting Standards Codification
-Topic 606
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-Paragraph 10
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+ Details

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions 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 subsequent five years, including $0.5 million paid in the first half of 2022. 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.

Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Our significant components of inventory at June 30, 2022 and December 31, 2021 were as follows (in thousands):


	June 30, 2022		December 31, 2021
Raw materials and parts	$	106,251	$	97,053
Work in process	29,876		24,618
Finished goods	187,350		182,954
Gross inventories	323,477		304,625
Inventory reserve	(52,295)		(62,885)
Inventories	$	271,182	$	241,740

Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following as of June 30, 2022 and December 31, 2021, respectively (in thousands):


	June 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Amortization Period (In Years)
Customer relationships	$	266,871	$	(139,601)	$	127,270	10 - 15
Patents and technology	88,731		(32,361)		56,370		5 - 19
Non-compete agreements	188		(185)		3		2 - 6
Trade names	42,698		(26,031)		16,667		7 - 19
Trademarks	5,089		(1,612)		3,477		15
Intangible Assets Total	$	403,577	$	(199,790)	$	203,787


	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
Trademarks	5,089		(1,442)		3,647		15
Intangible Assets Total	$	407,443	$	(190,038)	$	217,405

Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Notes payable and lines of credit as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
2025 Notes	256,970		256,970
Unamortized debt discount	(17,748)		(20,035)
Debt issuance cost	(4,356)		(4,918)
Credit Facility	33,573		—
Other debt	1,096		1,213
Total debt	269,535		233,230
Less: current maturities	(690)		(860)
Long-term debt	$	268,845	$	232,370

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 June 30, 2022, approximately $123 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 six months ended June 30, 2021, we repurchased an aggregate $58.0 million of principal amount of our 2025 Notes for $56.7 million. The net carrying value of the extinguished debt, including unamortized debt discount and debt issuance costs, was $51.6 million, resulting in a $5.1 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 $126.5 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 June 30, 2022, our total borrowing base was $162.4 million, of which $33.6 million was drawn and $14.5 million was used for security of outstanding letters of credit, resulting in remaining availability of $114.3 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 Canadian Dollar Offered Rate ("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 weighted average interest rate under the Credit Facility was approximately 4.43% for the six months ended June 30, 2022.

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.

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 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.

Other Debt

Other debt consists primarily of various finance leases of equipment.

Letters of Credit and Guarantees

We execute letters of credit in the normal course of business to secure the delivery of product from specific vendors and also to guarantee our fulfillment of performance obligations relating to certain large contracts. We had $14.8 million and $19.1 million in total outstanding letters of credit as of June 30, 2022 and December 31, 2021, respectively.

- Definition

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

+ References

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim periods, our income tax expense or benefit is computed based on our estimated annual effective tax rate and any discrete items that impact the interim periods. For the three and six months ended June 30, 2022, we recorded a tax expense of $1.7 million and $3.6 million, respectively. For the three and six months ended June 30, 2021, we recorded a tax expense of $1.2 million and $2.9 million, respectively. The estimated annual effective tax rates for all periods were impacted by losses in jurisdictions where the recording of a tax benefit is not available. Furthermore, the tax expense or benefit recorded can vary from period to period depending on the Company’s relative mix of earnings and losses by jurisdiction. 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. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning and recent operating results. As of June 30, 2022, 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. As a result, we have certain valuation allowances against our deferred tax assets as of June 30, 2022.

- 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.

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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company had $33.6 million of borrowings outstanding under the Credit Facility as of June 30, 2022. 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 our 2025 Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At June 30, 2022, the fair value and the carrying value of our 2025 Notes approximated $249.8 million and $234.9 million, respectively. At December 31, 2021, the fair value and the carrying value of our 2025 Notes approximated $225.0 million and $232.0 million, respectively. There were no other significant outstanding financial instruments as of June 30, 2022 and December 31, 2021 that required measuring the amounts at fair value on a recurring basis. We did not change our 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 six months ended June 30, 2022.

- 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

Business Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Business Segments

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. Summary financial data by segment follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue:
Drilling & Downhole	$	76,493	$	61,570	147,753		110,226
Completions	66,079		46,516		118,621		84,359
Production	29,879		29,337		61,384		57,368
Eliminations	(205)		(3)		(338)		(16)
Total revenue	$	172,246	$	137,420	$	327,420	$	251,937

Operating income (loss):
Drilling & Downhole	$	8,528	$	2,701	$	14,514	$	(1,805)
Completions	3,587		(370)		2,872		(302)
Production	(154)		(4,041)		(1,906)		(7,882)
Corporate	(6,885)		(8,270)		(16,090)		(15,280)
Segment operating income (loss)	5,076		(9,980)		(610)		(25,269)
Gain on disposal of assets and other	(908)		(360)		(886)		(1,269)
Operating income (loss)	$	5,984	$	(9,620)	$	276	$	(24,000)

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


	June 30, 2022		December 31, 2021
Drilling & Downhole	$	321,757	$	313,493
Completions	373,099		351,908
Production	86,487		83,150
Corporate	26,149		42,785
Total assets	$	807,492	$	791,336

Corporate assets primarily include cash and certain prepaid assets.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Drilling Technologies	$	33,540	$	27,624	$	62,775	$	46,144
Downhole Technologies	21,422		16,613		40,986		31,706
Subsea Technologies	21,531		17,333		43,992		32,376
Stimulation and Intervention	37,337		24,354		67,496		43,056
Coiled Tubing	28,742		22,162		51,125		41,303
Production Equipment	16,425		17,399		31,592		31,793
Valve Solutions	13,454		11,938		29,792		25,575
Eliminations	(205)		(3)		(338)		(16)
Total revenue	$	172,246	$	137,420	$	327,420	$	251,937

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
United States	$	114,626	$	77,400	$	211,858	$	145,714
Canada	10,203		10,120		21,592		19,081
Europe & Africa	15,518		15,563		30,895		28,227
Middle East	14,796		11,939		25,949		22,280
Asia-Pacific	8,367		14,915		17,426		23,795
Latin America	8,736		7,483		19,700		12,840
Total Revenue	$	172,246	$	137,420	$	327,420	$	251,937

- Definition

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

+ References

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

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 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 June 30, 2022 and December 31, 2021, respectively, 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.For further disclosure regarding certain litigation matters, refer to Note 13 of the notes to the consolidated financial statements included in Item 8 of the Company’s 2021 Annual Report on Form 10-K filed with the SEC on March 4, 2022. There have been no material changes related to these matters during the six months ended June 30, 2022.

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income (loss) - basic	$	9,264	$	(21,806)	65		(51,469)
Interest on dilutive convertible notes due 2025	2,762		—		—		—
Net income (loss) - diluted	$	12,026	$	(21,806)	65		(51,469)


Weighted average shares outstanding - basic	5,747		5,638		5,715		5,625
Dilutive effect of stock options and restricted stock	187		—		195		—
Dilutive effect of convertible notes due 2025	4,547		—		—		—
Weighted average shares outstanding - diluted	10,481		5,638		5,910		5,625

Earnings (loss) per share
Basic	$	1.61	$	(3.87)	$	0.01	$	(9.15)
Diluted	$	1.15	$	(3.87)	$	0.01	$	(9.15)

The diluted earnings per share calculation excludes approximately 59 thousand shares for the three months ended June 30, 2022, and 116 thousand shares for the six months ended June 30, 2022, because they were anti-dilutive. For the three months and six months ended June 30, 2021, we excluded all potentially dilutive restricted shares, stock options and the assumed conversion of the 2025 Notes in calculating diluted earnings per share as the effect was anti-dilutive due to net losses incurred for these periods.

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock-based compensation During the six months ended June 30, 2022, the Company granted 101,111 restricted stock units to employees that vest ratably over three years. During the six months ended June 30, 2022, the Company granted 101,111 restricted stock units to employees that vest ratably over three years contingent upon achieving a minimum stock price of $23.68 for 20 trading days during each performance period. These awards may be settled in cash or shares, at the company's option. These awards were originally classified as cash-settled liability settled awards. On May 10, 2022, shareholders approved additional shares to be added to the employee equity incentive plan. As a result, the fair value of the awards was remeasured as of May 10, 2022 and the classification of these awards was updated from cash-settled to share-settled

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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+ Details

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has sold and purchased inventory, services and fixed assets to and from certain affiliates of certain directors. The dollar amounts of these related party activities are not significant to the Company’s unaudited condensed consolidated financial statements.

Recent Accounting Pronouncements (Policies)	6 Months Ended
Recent Accounting Pronouncements (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
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 2022 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. In addition, this update also makes targeted changes to the disclosures for convertible instruments and earnings-per-share guidance. We adopted this new standard as of January 1, 2022. The adoption of this new standard did not have a material impact on our unaudited condensed consolidated financial statements.

Revenue (Tables)

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022 (in thousands):


	June 30, 2022		December 31, 2021		Increase / (Decrease)
					$		%
Accrued revenue	$	893	$	2,245
Costs and estimated profits in excess of billings	15,274		8,285
Contract assets	$	16,167	$	10,530	$	5,637	54	%

Deferred revenue	$	7,658	$	7,276
Billings in excess of costs and profits recognized	1,514		9,705
Contract liabilities	$	9,172	$	16,981	$	(7,809)	(46)	%

Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Our significant components of inventory at June 30, 2022 and December 31, 2021 were as follows (in thousands):


	June 30, 2022		December 31, 2021
Raw materials and parts	$	106,251	$	97,053
Work in process	29,876		24,618
Finished goods	187,350		182,954
Gross inventories	323,477		304,625
Inventory reserve	(52,295)		(62,885)
Inventories	$	271,182	$	241,740

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets consisted of the following as of June 30, 2022 and December 31, 2021, respectively (in thousands):


	June 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Amortization Period (In Years)
Customer relationships	$	266,871	$	(139,601)	$	127,270	10 - 15
Patents and technology	88,731		(32,361)		56,370		5 - 19
Non-compete agreements	188		(185)		3		2 - 6
Trade names	42,698		(26,031)		16,667		7 - 19
Trademarks	5,089		(1,612)		3,477		15
Intangible Assets Total	$	403,577	$	(199,790)	$	203,787


	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
Trademarks	5,089		(1,442)		3,647		15
Intangible Assets Total	$	407,443	$	(190,038)	$	217,405

Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Notes payable and lines of credit as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
2025 Notes	256,970		256,970
Unamortized debt discount	(17,748)		(20,035)
Debt issuance cost	(4,356)		(4,918)
Credit Facility	33,573		—
Other debt	1,096		1,213
Total debt	269,535		233,230
Less: current maturities	(690)		(860)
Long-term debt	$	268,845	$	232,370

Business Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Income Statement by Segment

Summary financial data by segment follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue:
Drilling & Downhole	$	76,493	$	61,570	147,753		110,226
Completions	66,079		46,516		118,621		84,359
Production	29,879		29,337		61,384		57,368
Eliminations	(205)		(3)		(338)		(16)
Total revenue	$	172,246	$	137,420	$	327,420	$	251,937

Operating income (loss):
Drilling & Downhole	$	8,528	$	2,701	$	14,514	$	(1,805)
Completions	3,587		(370)		2,872		(302)
Production	(154)		(4,041)		(1,906)		(7,882)
Corporate	(6,885)		(8,270)		(16,090)		(15,280)
Segment operating income (loss)	5,076		(9,980)		(610)		(25,269)
Gain on disposal of assets and other	(908)		(360)		(886)		(1,269)
Operating income (loss)	$	5,984	$	(9,620)	$	276	$	(24,000)

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


	June 30, 2022		December 31, 2021
Drilling & Downhole	$	321,757	$	313,493
Completions	373,099		351,908
Production	86,487		83,150
Corporate	26,149		42,785
Total assets	$	807,492	$	791,336

Schedule of Disaggregation of Revenue

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Drilling Technologies	$	33,540	$	27,624	$	62,775	$	46,144
Downhole Technologies	21,422		16,613		40,986		31,706
Subsea Technologies	21,531		17,333		43,992		32,376
Stimulation and Intervention	37,337		24,354		67,496		43,056
Coiled Tubing	28,742		22,162		51,125		41,303
Production Equipment	16,425		17,399		31,592		31,793
Valve Solutions	13,454		11,938		29,792		25,575
Eliminations	(205)		(3)		(338)		(16)
Total revenue	$	172,246	$	137,420	$	327,420	$	251,937

Schedule of Revenue by Geography

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
United States	$	114,626	$	77,400	$	211,858	$	145,714
Canada	10,203		10,120		21,592		19,081
Europe & Africa	15,518		15,563		30,895		28,227
Middle East	14,796		11,939		25,949		22,280
Asia-Pacific	8,367		14,915		17,426		23,795
Latin America	8,736		7,483		19,700		12,840
Total Revenue	$	172,246	$	137,420	$	327,420	$	251,937

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net income (loss) - basic	$	9,264	$	(21,806)	65		(51,469)
Interest on dilutive convertible notes due 2025	2,762		—		—		—
Net income (loss) - diluted	$	12,026	$	(21,806)	65		(51,469)


Weighted average shares outstanding - basic	5,747		5,638		5,715		5,625
Dilutive effect of stock options and restricted stock	187		—		195		—
Dilutive effect of convertible notes due 2025	4,547		—		—		—
Weighted average shares outstanding - diluted	10,481		5,638		5,910		5,625

Earnings (loss) per share
Basic	$	1.61	$	(3.87)	$	0.01	$	(9.15)
Diluted	$	1.15	$	(3.87)	$	0.01	$	(9.15)

Revenue - Schedule of Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accrued revenue	$ 893	$ 2,245
Costs and estimated profits in excess of billings	15,274	8,285
Contract assets	16,167	10,530
Increase in contract with customer assets	$ 5,637
Increase in contract with customer asset, percentage	54.00%
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 7,658	7,276
Billings in excess of costs and profits recognized	1,514	9,705
Contract liabilities	9,172	$ 16,981
Decrease in contract with customer liabilities	$ (7,809)
Decrease in contract with customer liability, percentage	(46.00%)

Revenue - Narrative (Details) $ in Thousands	6 Months Ended
Revenue - Narrative (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Increase in contract with customer assets	$ 5,637
Decrease in contract with customer liabilities	7,809
Revenue recognized	$ 12,000
Contract with customer, contract duration (less than)	1 year

Acquisitions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Dec. 20, 2021	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Payments related to business acquisitions and dispositions			$ (485)	$ (1,283)
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

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and parts	$ 106,251	$ 97,053
Work in process	29,876	24,618
Finished goods	187,350	182,954
Gross inventories	323,477	304,625
Inventory reserve	(52,295)	(62,885)
Inventories	$ 271,182	$ 241,740

Intangible Assets - Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (199,790)	$ (190,038)
Gross Carrying Amount	403,577	407,443
Net Intangibles	203,787	217,405
Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	266,871	269,589
Accumulated Amortization	(139,601)	(133,451)
Net Intangibles	127,270	136,138
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	88,731	89,449
Accumulated Amortization	(32,361)	(29,785)
Net Intangibles	56,370	59,664
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	188	191
Accumulated Amortization	(185)	(173)
Net Intangibles	3	18
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	42,698	43,125
Accumulated Amortization	(26,031)	(25,187)
Net Intangibles	16,667	17,938
Trademarks
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,089	5,089
Accumulated Amortization	(1,612)	(1,442)
Net Intangibles	$ 3,477	$ 3,647
Amortization period	15 years	15 years
Minimum \| Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	10 years	10 years
Minimum \| Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	5 years	5 years
Minimum \| Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	2 years	2 years
Minimum \| Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	7 years	7 years
Maximum \| Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	15 years	15 years
Maximum \| Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years
Maximum \| Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	6 years	6 years
Maximum \| Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Aug. 31, 2020
Debt Instrument [Line Items]
Unamortized debt discount	$ (17,748)	$ (20,035)
Debt issuance cost	(4,356)	(4,918)
Total debt	269,535	233,230
Less: current maturities	(690)	(860)
Long-term debt, net of current portion	268,845	232,370
2025 Notes
Debt Instrument [Line Items]
Long-term debt, gross	256,970	256,970	$ 282,600
Unamortized debt discount			(32,900)
Total debt			$ 314,800
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	1,096	1,213
2017 Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 33,573	$ 0

Debt - Narrative (Details)	1 Months Ended		3 Months Ended		6 Months Ended
Debt - Narrative (Details)	Sep. 30, 2021 USD ($)	Aug. 31, 2020 USD ($) d $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Unamortized debt discount			$ 17,748,000		$ 17,748,000		$ 20,035,000
Gain (loss) on extinguishment of debt			0	$ (4,161,000)	0	$ (5,094,000)
Long-term debt			269,535,000		269,535,000		233,230,000
Bond exchange early participant payment		$ 3,500,000
Borrowings on credit facility					274,472,000	$ 0
Outstanding letters of credit			14,800,000		14,800,000		19,100,000
2025 Notes
Debt Instrument [Line Items]
Face amount		$ 315,500,000
Debt conversion, interest rate of debt		9.00%
Long-term debt, gross		$ 282,600,000	256,970,000		256,970,000		256,970,000
Unamortized debt discount		32,900,000
Gain (loss) on extinguishment of debt		28,700,000
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 instrument, mandatorily convertible, face amount			123,000,000		123,000,000
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			58,000,000		58,000,000
Debt repurchase amount			56,700,000		56,700,000
2021 Notes
Debt Instrument [Line Items]
Debt conversion, interest rate of debt		6.25%
Senior Notes
Debt Instrument [Line Items]
Unamortized debt discount			51,600,000		51,600,000
Gain (loss) on extinguishment of debt					(5,100,000)
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity			$ 114,300,000		$ 114,300,000
Percentage of borrowing base	50.00%
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 179,000,000
Weighted average interest rate			4.43%		4.43%
Deferred loan costs	1,600,000
Credit Facility \| Revolving Credit Facility \| Canadian Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	20,000,000
Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	45,000,000
Credit Facility \| Letter of Credit \| Canadian Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	3,000,000
80% of Borrowing Base \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	126,500,000
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			$ 33,573,000		$ 33,573,000		$ 0
Line of credit facility, current borrowing capacity			162,400,000		162,400,000
Borrowings on credit facility					33,600,000
2017 Credit Facility \| Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Line of credit outstanding			$ 14,500,000		$ 14,500,000
12.5% of Borrowing Base \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 22,400,000
Percentage of borrowing base	12.50%
Interest Rate Floor \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	0.00%
London Interbank Offered Rate (LIBOR) \| 2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.00%
Federal Funds Effective Swap Rate \| 2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	0.50%
CDOR Rate \| 2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.00%
Minimum \| Credit Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio	1.00
Fixed charge coverage ratio consecutive days threshold	60 days
Minimum \| London Interbank Offered Rate (LIBOR) \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	2.25%
Minimum \| Base Rate \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.25%
Minimum \| Base Rate \| 2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.25%
Minimum \| CDOR Rate \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	2.25%
Maximum \| London Interbank Offered Rate (LIBOR) \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	2.75%
Maximum \| Base Rate \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.75%
Maximum \| Base Rate \| 2017 Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	1.75%
Maximum \| CDOR Rate \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest spread	2.75%

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,716	$ 1,189	$ 3,569	$ 2,907

- Definition

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

+ References + Details

Fair Value Measurements (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Aug. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets amount outstanding	$ 0	$ 0
2025 Notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	256,970,000	256,970,000	$ 282,600,000
2025 Notes \| Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	234,900,000	232,000,000
Fair value	249,800,000	225,000,000
2017 Credit Facility \| Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying value	$ 33,573,000	$ 0

Business Segments - Income Statement by Segment (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			3
Segment Reporting Information [Line Items]
Total revenue	$ 172,246	$ 137,420	$ 327,420	$ 251,937
Segment operating income (loss)	5,984	(9,620)	276	(24,000)
Gain on disposal of assets and other	(908)	(360)	(886)	(1,269)
Operating Segments
Segment Reporting Information [Line Items]
Segment operating income (loss)	5,076	(9,980)	(610)	(25,269)
Operating Segments \| Drilling & Downhole
Segment Reporting Information [Line Items]
Total revenue	76,493	61,570	147,753	110,226
Segment operating income (loss)	8,528	2,701	14,514	(1,805)
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Total revenue	66,079	46,516	118,621	84,359
Segment operating income (loss)	3,587	(370)	2,872	(302)
Operating Segments \| Production
Segment Reporting Information [Line Items]
Total revenue	29,879	29,337	61,384	57,368
Segment operating income (loss)	(154)	(4,041)	(1,906)	(7,882)
Eliminations
Segment Reporting Information [Line Items]
Total revenue	(205)	(3)	(338)	(16)
Corporate
Segment Reporting Information [Line Items]
Segment operating income (loss)	(6,885)	(8,270)	(16,090)	(15,280)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Gain on disposal of assets and other	$ (908)	$ (360)	$ (886)	$ (1,269)

Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 807,492	$ 791,336
Operating Segments \| Drilling & Downhole
Segment Reporting Information [Line Items]
Assets	321,757	313,493
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Assets	373,099	351,908
Operating Segments \| Production
Segment Reporting Information [Line Items]
Assets	86,487	83,150
Corporate
Segment Reporting Information [Line Items]
Assets	$ 26,149	$ 42,785

- Definition

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

+ References

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+ Details

Business Segments - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 172,246	$ 137,420	$ 327,420	$ 251,937
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	(205)	(3)	(338)	(16)
Drilling Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	33,540	27,624	62,775	46,144
Downhole Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	21,422	16,613	40,986	31,706
Subsea Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	21,531	17,333	43,992	32,376
Stimulation and Intervention \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	37,337	24,354	67,496	43,056
Coiled Tubing \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	28,742	22,162	51,125	41,303
Production Equipment \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	16,425	17,399	31,592	31,793
Valve Solutions \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	$ 13,454	$ 11,938	$ 29,792	$ 25,575

Business Segments - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 172,246	$ 137,420	$ 327,420	$ 251,937
United States
Segment Reporting Information [Line Items]
Total revenue	114,626	77,400	211,858	145,714
Canada
Segment Reporting Information [Line Items]
Total revenue	10,203	10,120	21,592	19,081
Europe & Africa
Segment Reporting Information [Line Items]
Total revenue	15,518	15,563	30,895	28,227
Middle East
Segment Reporting Information [Line Items]
Total revenue	14,796	11,939	25,949	22,280
Asia-Pacific
Segment Reporting Information [Line Items]
Total revenue	8,367	14,915	17,426	23,795
Latin America
Segment Reporting Information [Line Items]
Total revenue	$ 8,736	$ 7,483	$ 19,700	$ 12,840

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss) - basic	$ 9,264	$ (21,806)	$ 65	$ (51,469)
Interest on dilutive convertible notes due 2025	2,762	0	0	0
Net income (loss) - diluted	$ 12,026	$ (21,806)	$ 65	$ (51,469)
Weighted average shares outstanding - basic	5,747	5,638	5,715	5,625
Dilutive effect of stock options and restricted stock (in shares)	187	0	195	0
Dilutive effect of convertible notes due 2025 (in shares)	4,547	0	0	0
Weighted average shares outstanding - diluted	10,481	5,638	5,910	5,625
Earnings (loss) per share
Basic (in USD per share)	$ 1.61	$ (3.87)	$ 0.01	$ (9.15)
Diluted (in USD per share)	$ 1.15	$ (3.87)	$ 0.01	$ (9.15)
Anti-dilutive shares excluded (in shares)	59		116

Stockholders' Equity (Details)	6 Months Ended
Stockholders' Equity (Details)	Jun. 30, 2022 $ / shares shares
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	101,111
Award vesting period	3 years
Contingent Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading days	20 days
Contingent Restricted Stock \| Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	101,111
Award vesting period	3 years
Contingent Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in USD per share) \| $ / shares	$ 23.68