0001401257-23-000088 | 10-Q | XBRL Viewer | Forum Energy Technologies INC

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

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 2022 Annual Report on Form 10-K.

Disaggregated Revenue

Refer to Note 9 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, the Company records 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 nine months ended September 30, 2023 (in thousands):


	September 30, 2023		December 31, 2022		Increase / (Decrease)
					$		%
Accrued revenue	$	771	$	665
Costs and estimated profits in excess of billings	8,440		15,139
Contract assets - current	9,211		15,804
Contract assets - noncurrent	1,637		2,638
Contract assets	$	10,848	$	18,442	$	(7,594)	(41)	%

Deferred revenue	$	14,140	$	14,401
Billings in excess of costs and profits recognized	4,739		305
Contract liabilities	$	18,879	$	14,706	$	4,173	28	%

During the nine months ended September 30, 2023, our contract assets decreased by $7.6 million and our contract liabilities increased by $4.2 million primarily due to the timing of milestone billings for projects in our Subsea Technologies product line.

During the nine months ended September 30, 2023, we recognized $12.6 million of revenue 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.

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+ Details

Business Segments - Narrative (Details)	9 Months Ended
Business Segments - Narrative (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following as of September 30, 2023 and December 31, 2022, respectively (in thousands):


	September 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Amortization Period (In Years)
Customer relationships	$	266,409	$	(159,402)	$	107,007	10 - 35
Patents and technology	88,793		(39,568)		49,225		5 - 19
Non-compete agreements	188		(188)		—		5
Trade names	42,605		(28,496)		14,109		7 - 19
Trademarks	5,089		(2,036)		3,053		15
Total intangible assets	$	403,084	$	(229,690)	$	173,394


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Amortization Period (In Years)
Customer relationships	$	266,537	$	(147,496)	$	119,041	10 - 35
Patents and technology	88,863		(35,298)		53,565		5 - 19
Non-compete agreements	188		(188)		—		5
Trade names	42,638		(27,071)		15,567		7 - 19
Trademarks	5,089		(1,781)		3,308		15
Total intangible assets	$	403,315	$	(211,834)	$	191,481

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, which the Company adopts 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 the Company's consolidated financial statements upon adoption. Accounting Standard Adopted in 2023 Inflation Reduction Act of 2022. In August 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA, among other provisions, imposes a 15% corporate alternative minimum tax on the adjusted financial statement income of certain large corporations effective for tax years beginning after December 31, 2022 and a 1% excise tax on stock repurchases made by publicly traded U.S. corporations after December 31, 2022. The adoption of this standard did not have a material impact on our consolidated financial statements. Reference Rate Reform (Topic 848). In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, which provides temporary, optional practical expedients and exceptions to enable a smoother transition to the new reference rates which will replace the London Interbank Offered Rate (“LIBOR”) and other reference rates expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, which expanded the scope to include derivative instruments impacted by the discounting transition. In December 2022, the FASB issued ASU 2022-06, which extended the temporary accounting rules from December 31, 2022 to December 31, 2024. Effective April 2023, the Company transitioned its Credit Facility from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 828,871	$ 834,757
Operating Segments \| Drilling & Downhole
Segment Reporting Information [Line Items]
Assets	347,503	340,819
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Assets	357,174	366,771
Operating Segments \| Production
Segment Reporting Information [Line Items]
Assets	100,149	95,089
Corporate
Segment Reporting Information [Line Items]
Assets	$ 24,045	$ 32,078

- 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

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income (loss)	$ (2,096)	$ 16,542
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation expense	7,920	9,678
Amortization of intangible assets	18,074	18,487
Inventory write down	1,918	1,580
Stock-based compensation expense	3,345	3,537
Deferred income taxes	(93)	(1,870)
Noncash losses and other, net	4,702	5,480
Changes in operating assets and liabilities
Accounts receivable—trade	(4,779)	(28,729)
Inventories	(35,613)	(37,160)
Prepaid expenses and other assets	413	1,408
Cost and estimated profit in excess of billings	6,819	(10,251)
Accounts payable, deferred revenue and other accrued liabilities	(8,257)	(2,022)
Billings in excess of costs and estimated profits earned	4,570	(8,812)
Net cash used in operating activities	(3,077)	(32,132)
Cash flows from investing activities
Capital expenditures for property and equipment	(5,497)	(4,779)
Proceeds from sale of property and equipment	1,341	2,672
Payments related to business acquisitions and dispositions	0	(485)
Net cash used in investing activities	(4,156)	(2,592)
Cash flows from financing activities
Borrowings on Credit Facility	351,635	423,945
Repayments on Credit Facility	(351,635)	(413,205)
Payment of capital lease obligations	(910)	(746)
Repurchases of stock	(5,996)	(826)
Net cash provided by (used in) financing activities	(6,906)	9,168
Effect of exchange rate changes on cash	261	(1,524)
Net decrease in cash, cash equivalents and restricted cash	(13,878)	(27,080)
Cash, cash equivalents and restricted cash at beginning of period	51,029	46,858
Cash, cash equivalents and restricted cash at end of period	37,151	19,778
Noncash activities
Operating lease right of use assets obtained in exchange for lease obligations	5,194	3,248
Finance lease right of use assets obtained in exchange for lease obligations	1,521	458
Conversion of debt to common stock	$ 113,650	$ 0

Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

The Company's significant components of inventory at September 30, 2023 and December 31, 2022 were as follows (in thousands):


	September 30, 2023		December 31, 2022
Raw materials and parts	$	98,100	$	94,182
Work in process	31,529		27,489
Finished goods	211,035		187,448
Total inventories	340,664		309,119
Less: inventory reserve	(38,360)		(39,291)
Inventories, net	$	302,304	$	269,828

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

Notes payable and lines of credit as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
2025 Notes	$	134,208	$	256,970
Unamortized debt discount	(5,785)		(15,314)
Debt issuance cost	(1,420)		(3,759)
Credit Facility	—		—
Other debt	2,610		2,013
Total debt	129,613		239,910
Less: current portion	(1,076)		(782)
Long-term debt, net of current portion	$	128,537	$	239,128

2025 Notes

In August 2020, we exchanged $315.5 million principal amount of our previous 6.25% unsecured notes due 2021 for new 9.00% convertible secured notes due August 2025 (the “2025 Notes”). 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. During the nine months ended September 30, 2023, $122.8 million or 48% of the principal amount of the 2025 Notes mandatorily converted into approximately 4.5 million shares of common stock.

Credit Facility

Our senior secured revolving credit facility (“Credit Facility”), which has a maturity date of September 2026, provides revolving credit commitments of $179.0 million (with a sublimit of up to $70.0 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 $124.0 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 September 30, 2023, our total borrowing base was $173.3 million, of which no amount was drawn and $18.5 million was used for security of outstanding letters of credit, resulting in remaining availability of $154.8 million.

Borrowings under the U.S. Line are subject to an interest rate equal to, at the Company's option, either (a) the SOFR, 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, with the U.S. Line base rate determined by reference to the greatest of (i) the federal funds rate plus 0.50% per annum, (ii) the one-month adjusted SOFR 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 were subject to an interest rate during the reporting period equal to, our subsidiary's option, either (a) the Canadian Dollar Offered Rate (“CDOR”), 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 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 8.28% for the nine months ended September 30, 2023.

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. The Company had $18.5 million and $21.8 million in total outstanding letters of credit as of September 30, 2023 and December 31, 2022, 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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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

Revenue - Narrative (Details) $ in Thousands	9 Months Ended
Revenue - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Increase (decrease) in contract with customer assets	$ (7,594)
Increase (decrease) in contract with customer liabilities	4,173
Revenue recognized	$ 12,600
Contract with customer, contract duration (less than)	1 year

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized debt discount	$ (5,785)	$ (15,314)
Debt issuance cost	(1,420)	(3,759)
Total debt	129,613	239,910
Less: current portion	(1,076)	(782)
Long-term debt, net of current portion	128,537	239,128
2025 Notes
Debt Instrument [Line Items]
Long-term debt, gross	134,208	256,970
Credit Facility \| 2017 Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,610	$ 2,013

Condensed Consolidated Statements of Changes in Stockholders' Equity - 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, 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	(46,199)
Change in pension liability	153
Net income (loss)	16,542
Balance at end of period at Sep. 30, 2022	302,605	62	1,252,945	(135,562)	(667,765)	(147,075)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	765		765
Restricted stock issuance, net of forfeitures	(467)		(467)
Currency translation adjustment	(22,690)					(22,690)
Change in pension liability	66					66
Net income (loss)	16,477				16,477
Balance at end of period at Sep. 30, 2022	302,605	62	1,252,945	(135,562)	(667,765)	(147,075)
Balance at beginning of period at Dec. 31, 2022	307,035	62	1,253,613	(138,560)	(680,595)	(127,485)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	841		841
Restricted stock issuance, net of forfeitures	(1,873)	1	(1,874)
Conversion of debt to common stock	113,650	46	113,604
Treasury stock	(3,497)			(3,497)
Currency translation adjustment	4,158					4,158
Change in pension liability	15					15
Net income (loss)	(3,486)				(3,486)
Balance at end of period at Mar. 31, 2023	416,843	109	1,366,184	(142,057)	(684,081)	(123,312)
Balance at beginning of period at Dec. 31, 2022	307,035	62	1,253,613	(138,560)	(680,595)	(127,485)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Currency translation adjustment	1,197
Change in pension liability	(15)
Net income (loss)	(2,096)
Balance at end of period at Sep. 30, 2023	417,120	109	1,368,062	(142,057)	(682,691)	(126,303)
Balance at beginning of period at Mar. 31, 2023	416,843	109	1,366,184	(142,057)	(684,081)	(123,312)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,257		1,257
Currency translation adjustment	7,749					7,749
Change in pension liability	6					6
Net income (loss)	(6,579)				(6,579)
Balance at end of period at Jun. 30, 2023	419,276	109	1,367,441	(142,057)	(690,660)	(115,557)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,247		1,247
Restricted stock issuance, net of forfeitures	(626)		(626)
Currency translation adjustment	(10,710)					(10,710)
Change in pension liability	(36)					(36)
Net income (loss)	7,969				7,969
Balance at end of period at Sep. 30, 2023	$ 417,120	$ 109	$ 1,368,062	$ (142,057)	$ (682,691)	$ (126,303)

Business Segments

9 Months Ended

Sep. 30, 2023

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Revenue
Drilling & Downhole	$	81,181	$	75,723	$	238,652	$	223,476
Completions	62,473		72,246		208,239		190,867
Production	36,877		34,238		108,918		95,622
Eliminations	(1,278)		(372)		(2,150)		(710)
Total revenue	$	179,253	$	181,835	$	553,659	$	509,255

Segment operating income
Drilling & Downhole	$	8,437	$	9,481	$	25,165	$	23,995
Completions	2,147		5,915		9,893		8,787
Production	1,803		665		4,546		(1,241)
Corporate	(6,861)		(8,411)		(20,538)		(24,501)
Segment operating income	5,526		7,650		19,066		7,040
Loss (gain) on disposal of assets and other	(145)		(52)		137		(938)
Operating income	$	5,671	$	7,702	$	18,929	$	7,978

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


	September 30, 2023		December 31, 2022
Drilling & Downhole	$	347,503	$	340,819
Completions	357,174		366,771
Production	100,149		95,089
Corporate	24,045		32,078
Total assets	$	828,871	$	834,757

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Drilling Technologies	$	42,953	$	38,159	$	128,995	$	100,934
Downhole Technologies	23,480		21,916		68,763		62,902
Subsea Technologies	14,748		15,648		40,894		59,640
Stimulation and Intervention	32,545		43,647		126,266		111,143
Coiled Tubing	29,928		28,599		81,973		79,724
Production Equipment	21,706		18,463		59,268		50,055
Valve Solutions	15,171		15,775		49,650		45,567
Eliminations	(1,278)		(372)		(2,150)		(710)
Total revenue	$	179,253	$	181,835	$	553,659	$	509,255

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
United States	$	103,453	$	124,896	$	352,183	$	336,754
Middle East	27,359		12,751		64,058		38,700
Canada	12,333		14,169		40,400		35,761
Europe & Africa	16,832		14,291		39,177		45,186
Latin America	9,185		6,191		30,218		25,891
Asia-Pacific	10,091		9,537		27,623		26,963
Total revenue	$	179,253	$	181,835	$	553,659	$	509,255

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and parts	$ 98,100	$ 94,182
Work in process	31,529	27,489
Finished goods	211,035	187,448
Total inventories	340,664	309,119
Less: inventory reserve	(38,360)	(39,291)
Inventories, net	$ 302,304	$ 269,828

Debt - Narrative (Details) - USD ($) shares in Millions	1 Months Ended		9 Months Ended
Debt - Narrative (Details) - USD ($) shares in Millions	Sep. 30, 2021	Aug. 31, 2020	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding letters of credit			$ 18,500,000	$ 21,800,000
Revolving Credit Facility \| 2017 Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate			1.00%
Revolving Credit Facility \| 2017 Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	1.25%
Revolving Credit Facility \| 2017 Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage	1.75%
Revolving Credit Facility \| 2017 Credit Facility \| Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Variable interest rate			0.50%
Revolving Credit Facility \| 2017 Credit Facility \| CDOR Rate
Debt Instrument [Line Items]
Variable interest rate	1.00%
Revolving Credit Facility \| Credit Facility Unused Portion Greater Than 50%
Debt Instrument [Line Items]
Unused capacity commitment fee percentage	0.375%
Revolving Credit Facility \| Credit Facility Unused Portion Less Than or Equal to 50%
Debt Instrument [Line Items]
Commitment fee percentage	0.50%
2025 Notes
Debt Instrument [Line Items]
Face amount		$ 315,500,000
Debt conversion, interest rate of debt		9.00%
Debt conversion, percent payable in cash		6.25%
Debt conversion, percent payable in cash or additional notes (as percent)		2.75%	48.00%
Debt instrument, mandatorily convertible, face amount			$ 122,800,000
Debt conversion shares amount (in shares)			4.5
2021 Notes
Debt Instrument [Line Items]
Debt conversion, interest rate of debt		6.25%
Credit Facility
Debt Instrument [Line Items]
Debt instrument, carrying value			$ 0
Line of credit facility, remaining borrowing capacity			154,800,000
Percentage of borrowing base	50.00%
Credit Facility \| 2017 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			173,300,000
Debt instrument, carrying value			0
Credit Facility \| 12.5% of Borrowing Base
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 22,400,000
Percentage of borrowing base	12.50%
Credit Facility \| 12.5% of Borrowing Base \| Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio	1.00
Fixed charge coverage ratio consecutive days threshold	60 days
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 179,000,000
Weighted average interest rate			8.28%
Deferred loan costs	$ 1,600,000
Credit Facility \| Revolving Credit Facility \| SOFR Floor
Debt Instrument [Line Items]
Variable interest rate			0.00%
Credit Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Variable interest rate			2.25%
Credit Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Variable interest rate			2.75%
Credit Facility \| Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Variable interest rate			1.25%
Credit Facility \| Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Variable interest rate			1.75%
Credit Facility \| Revolving Credit Facility \| CDOR Rate \| Minimum
Debt Instrument [Line Items]
Variable interest rate	2.25%
Credit Facility \| Revolving Credit Facility \| CDOR Rate \| Maximum
Debt Instrument [Line Items]
Variable interest rate	2.75%
Credit Facility \| Revolving Credit Facility \| 80% of Borrowing Base
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			$ 124,000,000
Current borrowing capacity quarterly reduction	$ 500,000
Borrowing base percentage	80.00%
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			70,000,000
Credit Facility \| Letter of Credit \| 2017 Credit Facility
Debt Instrument [Line Items]
Line of credit outstanding			$ 18,500,000
Credit Facility \| Letter of Credit \| Canadian Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 3,000,000

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		10,192,978
Entity Central Index Key	0001401257
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023 (in thousands):


	September 30, 2023		December 31, 2022		Increase / (Decrease)
					$		%
Accrued revenue	$	771	$	665
Costs and estimated profits in excess of billings	8,440		15,139
Contract assets - current	9,211		15,804
Contract assets - noncurrent	1,637		2,638
Contract assets	$	10,848	$	18,442	$	(7,594)	(41)	%

Deferred revenue	$	14,140	$	14,401
Billings in excess of costs and profits recognized	4,739		305
Contract liabilities	$	18,879	$	14,706	$	4,173	28	%

Business Segments - Schedule of Income Statement by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 179,253	$ 181,835	$ 553,659	$ 509,255
Segment operating income	5,671	7,702	18,929	7,978
Loss (gain) on disposal of assets and other	(145)	(52)	137	(938)
Operating Segments
Segment Reporting Information [Line Items]
Segment operating income	5,526	7,650	19,066	7,040
Operating Segments \| Drilling & Downhole
Segment Reporting Information [Line Items]
Total revenue	81,181	75,723	238,652	223,476
Segment operating income	8,437	9,481	25,165	23,995
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Total revenue	62,473	72,246	208,239	190,867
Segment operating income	2,147	5,915	9,893	8,787
Operating Segments \| Production
Segment Reporting Information [Line Items]
Total revenue	36,877	34,238	108,918	95,622
Segment operating income	1,803	665	4,546	(1,241)
Eliminations
Segment Reporting Information [Line Items]
Total revenue	(1,278)	(372)	(2,150)	(710)
Corporate
Segment Reporting Information [Line Items]
Segment operating income	$ (6,861)	$ (8,411)	$ (20,538)	$ (24,501)

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
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 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 September 30, 2023 and December 31, 2022, 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. In October of 2017, one of our subsidiaries, Global Tubing LLC (“Global Tubing”), 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 sought unspecified damages and a permanent injunction. In response, Global Tubing alleged that its products do not infringe and the Tenaris patents are invalid and unenforceable. On March 20, 2023, the court agreed with Global Tubing, finding all patents unenforceable and dismissing all Tenaris infringement claims. Global Tubing intends to seek an award of its attorneys’ fees and costs incurred as a result of the litigation. Tenaris has appealed the final judgment and Global Tubing has filed a cross-appeal. For further disclosure regarding certain litigation matters, refer to Note 12 of the notes to the consolidated financial statements included in Item 8 of the Company’s 2022 Annual Report on Form 10-K filed with the SEC on February 28, 2023.

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stock-based compensation During the nine months ended September 30, 2023, the Company granted 86,912 time-based restricted stock units to employees that vest ratably over three years. In addition, during the nine months ended September 30, 2023, the Company granted 86,912 performance restricted stock units to employees (assuming target performance) that vest based upon the total shareholder return of the Company's common stock as compared to a group of peer companies over three different performance periods. The performance periods run from January 1, 2023 through December 31, 2023, January 1, 2023 through December 31, 2024 and January 1, 2023 through December 31, 2025, and 1/3 of each award is allocated to each performance period. The performance restricted stock units may settle for between 0% and 200% of the target units granted in shares of the Company’s common stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (229,690)	$ (211,834)
Gross Carrying Amount	403,084	403,315
Net Intangibles	173,394	191,481
Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	266,409	266,537
Accumulated Amortization	(159,402)	(147,496)
Net Intangibles	107,007	119,041
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	88,793	88,863
Accumulated Amortization	(39,568)	(35,298)
Net Intangibles	49,225	53,565
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	188	188
Accumulated Amortization	(188)	(188)
Net Intangibles	$ 0	$ 0
Amortization period	5 years	5 years
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 42,605	$ 42,638
Accumulated Amortization	(28,496)	(27,071)
Net Intangibles	14,109	15,567
Trademarks
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,089	5,089
Accumulated Amortization	(2,036)	(1,781)
Net Intangibles	$ 3,053	$ 3,308
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 \| 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	35 years	35 years
Maximum \| Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years
Maximum \| Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period	19 years	19 years

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

Intangible assets consisted of the following as of September 30, 2023 and December 31, 2022, respectively (in thousands):


	September 30, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Amortization Period (In Years)
Customer relationships	$	266,409	$	(159,402)	$	107,007	10 - 35
Patents and technology	88,793		(39,568)		49,225		5 - 19
Non-compete agreements	188		(188)		—		5
Trade names	42,605		(28,496)		14,109		7 - 19
Trademarks	5,089		(2,036)		3,053		15
Total intangible assets	$	403,084	$	(229,690)	$	173,394


	December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Amortization Period (In Years)
Customer relationships	$	266,537	$	(147,496)	$	119,041	10 - 35
Patents and technology	88,863		(35,298)		53,565		5 - 19
Non-compete agreements	188		(188)		—		5
Trade names	42,638		(27,071)		15,567		7 - 19
Trademarks	5,089		(1,781)		3,308		15
Total intangible assets	$	403,315	$	(211,834)	$	191,481

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Notes payable and lines of credit as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
2025 Notes	$	134,208	$	256,970
Unamortized debt discount	(5,785)		(15,314)
Debt issuance cost	(1,420)		(3,759)
Credit Facility	—		—
Other debt	2,610		2,013
Total debt	129,613		239,910
Less: current portion	(1,076)		(782)
Long-term debt, net of current portion	$	128,537	$	239,128

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company had no borrowings outstanding under the Credit Facility as of September 30, 2023. 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 September 30, 2023, the fair value and the carrying value of our 2025 Notes approximated $130.1 million and $127.0 million, respectively. At December 31, 2022, the fair value and the carrying value of our 2025 Notes approximated $272.8 million and $237.9 million, respectively. There were no other significant outstanding financial instruments as of September 30, 2023 and December 31, 2022 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 nine months ended September 30, 2023.

- 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

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2023
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. With headquarters located in Houston, Texas, FET provides value added solutions that increase the safety and efficiency of energy exploration and production. Basis of Presentation The Company's accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions have been eliminated in consolidation. In management's opinion, 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 nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 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 (“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 for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, which are included in the Company’s 2022 Annual Report on Form 10-K filed with the SEC on February 28, 2023.

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) - basic	$ 7,969	$ 16,477	$ (2,096)	$ 16,542
Interest on dilutive convertible notes due 2025	0	2,762	0	8,286
Net income (loss) - diluted	$ 7,969	$ 19,239	$ (2,096)	$ 24,828
Weighted average shares outstanding - basic (in shares)	10,235	5,778	10,208	5,736
Dilutive effect of stock options and restricted stock (in shares)	158	227	0	206
Dilutive effect of convertible notes due 2025 (in shares)	0	4,547	0	4,547
Weighted average shares outstanding - diluted (in shares)	10,393	10,552	10,208	10,489
Earnings (loss) per share
Basic (in USD per share)	$ 0.78	$ 2.85	$ (0.21)	$ 2.88
Diluted (in USD per share)	$ 0.77	$ 1.82	$ (0.21)	$ 2.37
Anti-dilutive shares excluded (in shares)	46	54		95

Business Segments - Schedule of Revenue from External Customers by Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 179,253	$ 181,835	$ 553,659	$ 509,255
Operating Segments \| Sales \| Drilling Technologies \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue	42,953	38,159	128,995	100,934
Operating Segments \| Sales \| Downhole Technologies \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue	23,480	21,916	68,763	62,902
Operating Segments \| Sales \| Subsea Technologies \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue	14,748	15,648	40,894	59,640
Operating Segments \| Sales \| Stimulation and Intervention \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue	32,545	43,647	126,266	111,143
Operating Segments \| Sales \| Coiled Tubing \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue	29,928	28,599	81,973	79,724
Operating Segments \| Sales \| Production Equipment \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue	21,706	18,463	59,268	50,055
Operating Segments \| Sales \| Valve Solutions \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Total revenue	15,171	15,775	49,650	45,567
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue	$ (1,278)	$ (372)	$ (2,150)	$ (710)

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 179,253	$ 181,835	$ 553,659	$ 509,255
Cost of sales	128,231	130,472	399,229	370,700
Gross profit	51,022	51,363	154,430	138,555
Operating expenses
Selling, general and administrative expenses	45,496	43,713	135,364	131,515
Loss (gain) on disposal of assets and other	(145)	(52)	137	(938)
Total operating expenses	45,351	43,661	135,501	130,577
Operating income	5,671	7,702	18,929	7,978
Other expense (income)
Interest expense	4,504	8,143	13,742	23,609
Foreign exchange and other losses (gains), net	(8,279)	(18,288)	1,129	(37,112)
Total other expense (income), net	(3,775)	(10,145)	14,871	(13,503)
Income before taxes	9,446	17,847	4,058	21,481
Income tax expense	1,477	1,370	6,154	4,939
Net income (loss)	$ 7,969	$ 16,477	$ (2,096)	$ 16,542
Weighted average shares outstanding
Basic (in shares)	10,235	5,778	10,208	5,736
Diluted (in shares)	10,393	10,552	10,208	10,489
Earnings (loss) per share
Basic (in USD per share)	$ 0.78	$ 2.85	$ (0.21)	$ 2.88
Diluted (in USD per share)	$ 0.77	$ 1.82	$ (0.21)	$ 2.37
Other comprehensive income (loss), net of tax of $0:
Net income (loss)	$ 7,969	$ 16,477	$ (2,096)	$ 16,542
Change in foreign currency translation	(10,710)	(22,690)	1,197	(46,199)
Gain (loss) on pension liability	(36)	66	(15)	153
Comprehensive loss	$ (2,777)	$ (6,147)	$ (914)	$ (29,504)

Commitments and Contingencies (Details)	1 Months Ended
Commitments and Contingencies (Details)	Oct. 31, 2017 patent
Tenaris Litigation
Loss Contingencies [Line Items]
Loss contingency, patents allegedly infringed, number	3

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 1, 2023, the Company and its wholly owned subsidiary entered into a purchase agreement with Variperm Holdings Ltd. ("Variperm") and its shareholders to acquire all of the issued and outstanding common shares of Variperm. The Company expects the transaction to close during January 2024. Variperm, headquartered in Canada, is a manufacturer of downhole technology solutions, providing sand and flow control products for heavy oil applications. Total consideration for the acquisition includes approximately $150.0 million of cash and 2.0 million shares of the Company's common stock, subject to customary purchase price adjustments set forth in the purchase agreement. The purchase agreement was filed in the Company's Current Report on Form 8-K on November 3, 2023. On November 1, 2023, the Company entered into an amendment to the Credit Facility that, among other things, permits the acquisition of Variperm, permits the incurrence of either new secured notes in an amount not to exceed $200.0 million or other financing, extends the maturity date of the Credit Agreement to September 8, 2028, increases the aggregate revolving commitments to $250.0 million from $179.0 million, and updates the CDOR provisions with Canadian Overnight Repo Rate Average.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade accounts receivable allowance	$ 10,945	$ 10,690
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)	10,901,878	6,223,454
Treasury stock, common shares (in shares)	708,900	570,247

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has sold and purchased inventory, services and fixed assets to and from various affiliates of certain directors. The dollar amounts of these related party activities are not significant to the Company’s unaudited condensed consolidated financial statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Recent Accounting Pronouncements (Policies)	9 Months Ended
Recent Accounting Pronouncements (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, which the Company adopts 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 the Company's consolidated financial statements upon adoption. Accounting Standard Adopted in 2023 Inflation Reduction Act of 2022. In August 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA, among other provisions, imposes a 15% corporate alternative minimum tax on the adjusted financial statement income of certain large corporations effective for tax years beginning after December 31, 2022 and a 1% excise tax on stock repurchases made by publicly traded U.S. corporations after December 31, 2022. The adoption of this standard did not have a material impact on our consolidated financial statements. Reference Rate Reform (Topic 848). In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, which provides temporary, optional practical expedients and exceptions to enable a smoother transition to the new reference rates which will replace the London Interbank Offered Rate (“LIBOR”) and other reference rates expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, which expanded the scope to include derivative instruments impacted by the discounting transition. In December 2022, the FASB issued ASU 2022-06, which extended the temporary accounting rules from December 31, 2022 to December 31, 2024. Effective April 2023, the Company transitioned its Credit Facility from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Revenue - Schedule of Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accrued revenue	$ 771	$ 665
Costs and estimated profits in excess of billings	8,440	15,139
Contract assets - current	9,211	15,804
Contract assets - noncurrent	1,637	2,638
Contract assets	10,848	18,442
Increase (decrease) in contract with customer assets	$ (7,594)
Increase (decrease) in contract with customer assets (as percent)	(41.00%)
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 14,140	14,401
Billings in excess of costs and profits recognized	4,739	305
Contract liabilities	18,879	$ 14,706
Increase (decrease) in contract with customer liabilities	$ 4,173
Increase (decrease) in contract with customer liability (as percent)	28.00%

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income (loss) - basic	$	7,969	$	16,477	$	(2,096)	$	16,542
Interest on dilutive convertible notes due 2025	—		2,762		—		8,286
Net income (loss) - diluted	$	7,969	$	19,239	$	(2,096)	$	24,828

Weighted average shares outstanding - basic	10,235		5,778		10,208		5,736
Dilutive effect of stock options and restricted stock	158		227		—		206
Dilutive effect of convertible notes due 2025	—		4,547		—		4,547
Weighted average shares outstanding - diluted	10,393		10,552		10,208		10,489

Earnings (loss) per share
Basic	$	0.78	$	2.85	$	(0.21)	$	2.88
Diluted	$	0.77	$	1.82	$	(0.21)	$	2.37

The calculation of diluted earnings per share excluded approximately 46 thousand shares that were anti-dilutive for the three months ended September 30, 2023. For the nine months ended September 30, 2023, 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 the period. For the three months and nine months ended September 30, 2022, the diluted earnings per share calculation excluded approximately 54 thousand and 95 thousand shares, respectively. Diluted earnings per share was calculated using treasury stock method for the restricted shares and stock options; and if-converted method for the convertible notes.

Business Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Financial Data by Segment and Assets by Reportable Segment

Summary financial data by segment follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Revenue
Drilling & Downhole	$	81,181	$	75,723	$	238,652	$	223,476
Completions	62,473		72,246		208,239		190,867
Production	36,877		34,238		108,918		95,622
Eliminations	(1,278)		(372)		(2,150)		(710)
Total revenue	$	179,253	$	181,835	$	553,659	$	509,255

Segment operating income
Drilling & Downhole	$	8,437	$	9,481	$	25,165	$	23,995
Completions	2,147		5,915		9,893		8,787
Production	1,803		665		4,546		(1,241)
Corporate	(6,861)		(8,411)		(20,538)		(24,501)
Segment operating income	5,526		7,650		19,066		7,040
Loss (gain) on disposal of assets and other	(145)		(52)		137		(938)
Operating income	$	5,671	$	7,702	$	18,929	$	7,978

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


	September 30, 2023		December 31, 2022
Drilling & Downhole	$	347,503	$	340,819
Completions	357,174		366,771
Production	100,149		95,089
Corporate	24,045		32,078
Total assets	$	828,871	$	834,757

Schedule of Revenue from External Customers by Products and Services

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Drilling Technologies	$	42,953	$	38,159	$	128,995	$	100,934
Downhole Technologies	23,480		21,916		68,763		62,902
Subsea Technologies	14,748		15,648		40,894		59,640
Stimulation and Intervention	32,545		43,647		126,266		111,143
Coiled Tubing	29,928		28,599		81,973		79,724
Production Equipment	21,706		18,463		59,268		50,055
Valve Solutions	15,171		15,775		49,650		45,567
Eliminations	(1,278)		(372)		(2,150)		(710)
Total revenue	$	179,253	$	181,835	$	553,659	$	509,255

Schedule of Revenue Disaggregated by Geography

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
United States	$	103,453	$	124,896	$	352,183	$	336,754
Middle East	27,359		12,751		64,058		38,700
Canada	12,333		14,169		40,400		35,761
Europe & Africa	16,832		14,291		39,177		45,186
Latin America	9,185		6,191		30,218		25,891
Asia-Pacific	10,091		9,537		27,623		26,963
Total revenue	$	179,253	$	181,835	$	553,659	$	509,255

Subsequent Events (Details) - USD ($) shares in Millions	Nov. 01, 2023	Sep. 30, 2023
Revolving Credit Facility \| Secured Debt \| Subsequent Event
Subsequent Event [Line Items]
Face amount	$ 200,000,000
Revolving Credit Facility \| Credit Facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		$ 179,000,000
Revolving Credit Facility \| Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	250,000,000
Variperm Holdings Ltd \| Subsequent Event
Subsequent Event [Line Items]
Business combination, consideration transferred	$ 150,000,000
Number in shares in acquisition (in shares)	2.0

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2023

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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income (loss) - basic	$	7,969	$	16,477	$	(2,096)	$	16,542
Interest on dilutive convertible notes due 2025	—		2,762		—		8,286
Net income (loss) - diluted	$	7,969	$	19,239	$	(2,096)	$	24,828

Weighted average shares outstanding - basic	10,235		5,778		10,208		5,736
Dilutive effect of stock options and restricted stock	158		227		—		206
Dilutive effect of convertible notes due 2025	—		4,547		—		4,547
Weighted average shares outstanding - diluted	10,393		10,552		10,208		10,489

Earnings (loss) per share
Basic	$	0.78	$	2.85	$	(0.21)	$	2.88
Diluted	$	0.77	$	1.82	$	(0.21)	$	2.37

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of financial assets amount outstanding	$ 0	$ 0
Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	0
2025 Notes \| Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, carrying value	127,000,000	237,900,000
Fair value	$ 130,100,000	$ 272,800,000

Stockholders' Equity (Details)	9 Months Ended
Stockholders' Equity (Details)	Sep. 30, 2023 performance_period shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance periods \| performance_period	3
Time Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	86,912
Award vesting period (in years)	3 years
Performance Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity instruments other than options granted (in shares)	86,912
Performance Restricted Stock \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Performance Restricted Stock \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Performance Restricted Stock \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Common stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units	0.00%
Common stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units	200.00%

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company's significant components of inventory at September 30, 2023 and December 31, 2022 were as follows (in thousands):


	September 30, 2023		December 31, 2022
Raw materials and parts	$	98,100	$	94,182
Work in process	31,529		27,489
Finished goods	211,035		187,448
Total inventories	340,664		309,119
Less: inventory reserve	(38,360)		(39,291)
Inventories, net	$	302,304	$	269,828

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 37,151	$ 51,029
Accounts receivable—trade, net of allowances of $10,945 and $10,690	157,820	154,247
Inventories, net	302,304	269,828
Prepaid expenses and other current assets	24,670	21,957
Accrued revenue	771	665
Costs and estimated profits in excess of billings	8,440	15,139
Total current assets	531,156	512,865
Property and equipment, net of accumulated depreciation	61,397	62,963
Operating lease assets	56,363	57,270
Deferred financing costs, net	927	1,166
Intangible assets, net	173,394	191,481
Deferred income taxes, net	368	184
Other long-term assets	5,266	8,828
Total assets	828,871	834,757
Current liabilities
Current portion of long-term debt	1,076	782
Accounts payable—trade	124,146	118,261
Accrued liabilities	64,184	76,544
Deferred revenue	14,140	14,401
Billings in excess of costs and profits recognized	4,739	305
Total current liabilities	208,285	210,293
Long-term debt, net of current portion	128,537	239,128
Deferred income taxes, net	904	902
Operating lease liabilities	62,569	64,626
Other long-term liabilities	11,456	12,773
Total liabilities	411,751	527,722
Commitments and contingencies
Equity
Common stock, $0.01 par value, 14,800,000 shares authorized, 10,901,878 and 6,223,454 shares issued	109	62
Additional paid-in capital	1,368,062	1,253,613
Treasury stock at cost, 708,900 and 570,247 shares	(142,057)	(138,560)
Retained deficit	(682,691)	(680,595)
Accumulated other comprehensive loss	(126,303)	(127,485)
Total equity	417,120	307,035
Total liabilities and equity	$ 828,871	$ 834,757

Business Segments - Schedule of Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 179,253	$ 181,835	$ 553,659	$ 509,255
Sales \| United States \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	103,453	124,896	352,183	336,754
Sales \| Middle East \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	27,359	12,751	64,058	38,700
Sales \| Canada \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	12,333	14,169	40,400	35,761
Sales \| Europe & Africa \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	16,832	14,291	39,177	45,186
Sales \| Latin America \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	9,185	6,191	30,218	25,891
Sales \| Asia-Pacific \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Total revenue	$ 10,091	$ 9,537	$ 27,623	$ 26,963

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
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 nine months ended September 30, 2023, the Company recorded a tax expense of $1.5 million and $6.2 million, respectively. For the three and nine months ended September 30, 2022, the Company recorded a tax expense of $1.4 million and $4.9 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. Finally, the Company believes that it is reasonably possible that a decrease of approximately $1.5 million of noncurrent unrecognized tax benefits may occur by the end of 2023 as a result of a lapse of the statute of limitations.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 September 30, 2023, 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 September 30, 2023.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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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
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,477	$ 1,370	$ 6,154	$ 4,939
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations			$ 1,500

- Definition

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

+ References + Details