0001401257-24-000038 | 10-K | XBRL Viewer | Forum Energy Technologies INC

Long-Term Incentive Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

The following table provides additional information related to stock options:


2023 Activity	Number of shares (in thousands)	Weighted average exercise price		Weighted average remaining term (in years)	Aggregate intrinsic value (in millions)
Outstanding at December 31, 2022	53	$	349.07	2.5	$	—
Granted	—	$	—
Exercised	—	$	—
Forfeited/expired	(7)	$	521.00
Outstanding at December 31, 2023	46	$	322.88	1.9	$	—
Exercisable at December 31, 2023	46	$	322.88	1.9	$	—

Schedule of Nonvested Restricted Stock Shares Activity

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


2023 Activity						Restricted stock (shares in thousands)
Nonvested at December 31, 2022						—
Granted						7
Vested						—
Nonvested at December 31, 2023						7

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


2023 Activity						Restricted stock units (shares in thousands)
Nonvested at December 31, 2022						412
Granted						174
Vested						(236)
Forfeited						(2)
Nonvested at December 31, 2023						348

Earnings (Loss) Per Share (Details) shares in Thousands	12 Months Ended
Earnings (Loss) Per Share (Details) shares in Thousands	Dec. 31, 2022 shares
Earnings Per Share [Abstract]
Anti-dilutive shares excluded (in shares)	84

Consolidated balance sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 46,165	$ 51,029
Accounts receivable—trade, net of allowances of $10,850 and $10,690	146,747	154,247
Inventories, net	299,639	269,828
Prepaid expenses and other current assets	21,887	21,957
Costs and estimated profits in excess of billings	13,365	15,139
Accrued revenue	1,801	665
Total current assets	529,604	512,865
Property and equipment, net of accumulated depreciation	61,401	62,963
Operating lease assets	55,399	57,270
Deferred financing costs, net	1,159	1,166
Intangible assets, net	167,970	191,481
Deferred tax assets, net	368	184
Other long-term assets	5,160	8,828
Total assets	821,061	834,757
Current liabilities
Current portion of long-term debt	1,186	782
Accounts payable—trade	125,918	118,261
Accrued liabilities	62,463	76,544
Deferred revenue	10,551	14,401
Billings in excess of costs and profits recognized	4,221	305
Total current liabilities	204,339	210,293
Long-term debt, net of current portion	129,567	239,128
Deferred tax liabilities, net	940	902
Operating lease liabilities	61,450	64,626
Other long-term liabilities	12,132	12,773
Total liabilities	408,428	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	1,369,288	1,253,613
Treasury stock at cost, 708,900 and 570,247 shares	(142,057)	(138,560)
Retained deficit	(699,471)	(680,595)
Accumulated other comprehensive loss	(115,236)	(127,485)
Total equity	412,633	307,035
Total liabilities and equity	$ 821,061	$ 834,757

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

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


	Estimated useful lives	December 31,
		2023		2022
Land		$	4,843	$	4,763
Buildings and leasehold improvements	5-30	46,596		49,705
Computer equipment	3-5	44,944		42,545
Machinery & equipment	5-10	119,687		117,145
Other	2-10	18,115		15,292
Construction in progress		1,562		4,530
		235,747		233,980
Less: accumulated depreciation		(174,346)		(171,017)
Property and equipment, net		$	61,401	$	62,963

Depreciation expense was $10.8 million and $12.4 million for the years ended December 31, 2023 and 2022, respectively.

During 2022, the Company disposed land and buildings related to a sale-leaseback transaction with a net book value of approximately $25.1 million and received net proceeds of $32.1 million. The Company recognized a gain of $7.0 million as a result, which is reported in operating expense in the consolidated statements of comprehensive income (loss).

Subsequent Events (Details) - Subsequent Event $ in Millions	Jan. 04, 2024 USD ($)
Debt Instrument, Redemption, Period One
Business Acquisition [Line Items]
Debt instrument, stated interest rate	11.00%
Debt Instrument, Redemption, Period Two
Business Acquisition [Line Items]
Debt instrument, stated interest rate	17.00%
Debt Instrument, Redemption, Period Three
Business Acquisition [Line Items]
Debt instrument, stated interest rate	17.50%
Seller Term Loan
Business Acquisition [Line Items]
Debt, face amount	$ 60.0

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

The Company’s significant components of inventories at December 31, 2023 and 2022 were as follows (in thousands):


	December 31,
	2023		2022
Raw materials and parts	$	92,563	$	94,182
Work in process	28,693		27,489
Finished goods	216,570		187,448
Total Inventories	337,826		309,119
Less: inventory reserve	(38,187)		(39,291)
Inventories, net	$	299,639	$	269,828

Schedule of Inventory Reserve

The changes in inventory reserve during the two-year period ended December 31, 2023 were as follows (in thousands):


Period ended	Balance at beginning of period		Charged to expense		Deductions or other		Balance at end of period
December 31, 2022	$	62,885	$	2,698	$	(26,292)	$	39,291
December 31, 2023	39,291		2,784		(3,888)		38,187

Leases - Schedule of Remaining Lease Term and Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Weighted-average remaining lease term (years)
Operating leases	7 years 10 months 24 days	8 years 9 months 18 days
Financing leases	2 years 3 months 18 days	2 years 9 months 18 days
Weighted-average discount rate
Operating leases	6.60%	6.58%
Financing leases	6.89%	6.43%

Acquisition (Details) - USD ($) shares in Millions, $ in Millions	Jan. 02, 2024	Nov. 01, 2023
Credit Facility \| Subsequent Event
Business Acquisition [Line Items]
Proceeds from issuance of senior senior secured debt	$ 90.0
Variperm Holdings Ltd
Business Acquisition [Line Items]
Total consideration paid		$ 150.0
Number in shares in acquisition (in shares)		2.0

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 23,929	$ 24,537

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Operating lease assets	$ 55,399	$ 57,270
Finance lease assets	3,063	2,500
Total lease assets	$ 58,462	$ 59,770
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net of accumulated depreciation	Property and equipment, net of accumulated depreciation
Current
Operating	$ 9,200	$ 8,776
Finance	$ 1,186	$ 782
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt	Current portion of long-term debt
Noncurrent
Operating	$ 61,450	$ 64,626
Finance	$ 1,678	$ 1,231
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, net of current portion	Long-term debt, net of current portion
Total lease liabilities	$ 73,514	$ 75,415

Employee Benefits (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract]
Employee contribution benefit plan expense	$ 4.4	$ 3.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income (loss) before income taxes were as follows (in thousands):


	Year ended December 31,
	2023		2022
U.S.	$	(43,450)	$	(43,587)
Non-U.S.	35,636		53,936
Income (loss) before income taxes	$	(7,814)	$	10,349

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) were as follows (in thousands):


	Year ended December 31,
	2023		2022
Current
U.S. federal and state	$	101	$	196
Non-U.S.	11,165		6,571
Total current	11,266		6,767
Deferred
U.S. federal and state	85		26
Non-U.S.	(289)		(156)
Total deferred	(204)		(130)
Income tax expense	$	11,062	$	6,637

Schedule of Effective Income Tax Rate Reconciliation

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


	Year ended December 31,
	2023				2022
Income tax benefit at the statutory rate	$	(1,641)	21.0	%	$	2,173	21.0	%
State taxes, net of federal tax benefit	(114)		1.5	%	879		8.5	%
Non-U.S. operations	(274)		3.5	%	(7,242)		(70.0)	%
Domestic incentives	448		(5.7)	%	166		1.6	%
Prior year federal, non-U.S. and state tax	3,536		(45.3)	%	(591)		(5.7)	%
Nondeductible expenses	806		(10.3)	%	3,157		30.5	%

Valuation allowance	8,313		(106.4)	%	8,077		78.0	%
Other	(12)		0.1	%	18		0.2	%
Income tax expense	$	11,062	(141.6)	%	$	6,637	64.1	%

Schedule of Deferred Tax Assets and Liabilities

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


	December 31,
	2023		2022
Deferred tax assets
Reserves and accruals	$	3,821	$	3,940
Operating lease liabilities	17,384		17,596
Inventories	10,170		12,964
Stock awards	1,829		1,862
Net operating loss and other tax carryforwards	160,127		124,024
Goodwill and intangible assets	20,091		26,607
Fair value discount on 2025 Notes	19,751		26,301
Property and equipment	6,619		4,570
Other	5,896		3,991
Gross deferred tax assets	245,688		221,855
Valuation allowance	(231,907)		(208,139)
Total deferred tax assets	$	13,781	$	13,716

Deferred tax liabilities

Operating lease assets	$	(13,903)	$	(13,989)
Prepaid expenses and other	(450)		(445)
Total deferred tax liabilities	(14,353)		(14,434)
Net deferred tax liabilities	$	(572)	$	(718)

Schedule of Unrecognized Tax Benefits Roll Forward

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


2023 Activity	Amount
Balance at January 1, 2023	$	10,512
Additional based on tax positions related to prior years	501
Additional based on tax positions related to current year	1,477


Lapse of statute of limitations	(1,587)
Balance at December 31, 2023	$	10,903

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Proceeds from sale-leaseback transactions	$ 0	$ 32,109
Operating lease asset	55,399	57,270
Operating lease, liability	$ 70,650
Sale-Leaseback Transaction
Lessor, Lease, Description [Line Items]
Annual rent		$ 2,700
Initial term		12 years
Operating lease asset		$ 24,800
Operating lease, liability		$ 24,800

Leases - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 13,312
2025	12,674
2026	11,650
2027	11,098
2028	9,297
Thereafter	32,977
Total lease payments	91,008
Less: present value discount	(20,358)
Present value of lease liabilities	70,650
Finance Leases
2024	1,347
2025	1,284
2026	415
2027	93
2028	0
Thereafter	0
Total lease payments	3,139
Less: present value discount on finance leases	(275)
Present value of lease liabilities	2,864
Total
2024	14,659
2025	13,958
2026	12,065
2027	11,191
2028	9,297
Thereafter	32,977
Total lease payments	94,147
Less: present value discount	(20,633)
Total lease liabilities	$ 73,514	$ 75,415

Debt - Narrative (Details) - USD ($) shares in Millions	12 Months Ended
Debt - Narrative (Details) - USD ($) shares in Millions	Dec. 31, 2023	Nov. 01, 2023	Dec. 31, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Total debt	$ 130,753,000
Notes Payable, Other Payables
Debt Instrument [Line Items]
Amount permitted		$ 200,000,000
Seller Term Loan
Debt Instrument [Line Items]
Amount permitted		60,000,000
Revolving Credit Facility \| 2017 Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable 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]
Basis spread on variable rate	1.75%
Revolving Credit Facility \| 2017 Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
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]
Debt conversion, interest rate of debt	9.00%
Long-term debt, gross	$ 134,208,000		$ 256,970,000
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	$ 122,800,000
Percent of principal amount converted	48.00%
Debt conversion shares amount (in shares)	4.5
Credit Facility
Debt Instrument [Line Items]
Total debt	$ 0		0
Remaining borrowing capacity	$ 147,100,000
Percentage of borrowing base	50.00%
Credit Facility \| 2017 Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		$ 0
Current borrowing capacity	167,400,000
Total debt	0
Credit Facility \| 12.5% of Borrowing Base
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 31,250,000
Percentage of borrowing base	12.50%
Credit Facility \| 12.5% of Borrowing Base \| Minimum
Debt Instrument [Line Items]
Springing fixed charge coverage ratio	1.00
Fixed charge coverage ratio consecutive days threshold	60 days
Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		250,000,000		$ 179,000,000
Incremental commitments		$ 100,000,000
Debt, weighted average interest rate (percentage)	8.36%		6.83%
Credit Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Floor
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Credit Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Credit Facility \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Credit Facility \| Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Credit Facility \| Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Credit Facility \| Revolving Credit Facility \| CORRA Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Credit Facility \| Revolving Credit Facility \| CORRA Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Credit Facility \| Revolving Credit Facility \| Canadian Subsidiaries
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000
Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	70,000,000
Credit Facility \| Letter of Credit \| 2017 Credit Facility
Debt Instrument [Line Items]
Outstanding letters of credit	20,300,000
Credit Facility \| Letter of Credit \| Canadian Subsidiaries
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000

Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

At December 31, 2023 and 2022, intangible assets consisted of the following (in thousands):


	December 31, 2023
	Cost		Accumulated amortization		Net		Amortization period (in years)
Customer relationships	$	267,838	$	(164,672)	$	103,166	10 - 35
Patents and technology	89,151		(41,189)		47,962		5 - 19
Non-compete agreements	190		(190)		—		5
Trade names	42,847		(28,974)		13,873		7 - 19
Trademark	5,089		(2,120)		2,969		15
Total intangible assets	$	405,115	$	(237,145)	$	167,970


	December 31, 2022
	Cost		Accumulated amortization		Net		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
Trademark	5,089		(1,781)		3,308		15
Total intangible assets	$	403,315	$	(211,834)	$	191,481

Intangible assets with definite lives are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.

Amortization expense was $23.9 million and $24.5 million for the years ended December 31, 2023 and 2022, respectively. The estimated future amortization expense for the next five years is as follows (in thousands):


Year ending December 31,	Amount
2024	$	22,938
2025	21,608
2026	20,356
2027	19,296
2028	17,997

Revenues - Narrative (Details) $ in Thousands	12 Months Ended
Revenues - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Increase (decrease) in contract with customer assets	$ (1,448)
Increase (decrease) in contract with customer liabilities	66
Revenue recognized	$ 13,100
Contract with customer, contract duration (less than)	1 year

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2023
Stockholders' Equity and Employee Benefit Plans Disclosure [Abstract]
Employee Benefits	Employee Benefits We sponsor a 401(k) savings plan for U.S. employees and similar savings plans for certain non-U.S. employees. These plans benefit eligible employees by allowing them the opportunity to make contributions up to certain limits. We contribute by matching a percentage of each employee’s contributions. Subsequent to the closing of all acquisitions, employees of those acquired entities will generally be eligible to participate in the Company’s 401(k) savings plan. We also have the discretion to provide a profit sharing contribution to each participant depending on the Company’s performance for the applicable year. The expense under the Company’s retirement plan was $4.4 million and $3.4 million for the years ended December 31, 2023 and 2022, respectively.

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)
Beginning balance at Dec. 31, 2021	$ 329,126	$ 61	$ 1,249,962	$ (135,562)	$ (684,307)	$ (101,028)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issuance, net of forfeitures	(828)	1	(829)
Stock-based compensation expense	4,205		4,205
Liability awards converted to share settled	275		275
Treasury stock	(2,998)			(2,998)
Change in pension liability	2,256					2,256
Currency translation adjustment	(28,713)					(28,713)
Net income (loss)	3,712				3,712
Ending balance at Dec. 31, 2022	307,035	62	1,253,613	(138,560)	(680,595)	(127,485)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issuance, net of forfeitures	(2,499)	1	(2,500)
Stock-based compensation expense	4,571		4,571
Treasury stock	(3,497)			(3,497)
Conversion of debt to common stock	113,650	46	113,604
Change in pension liability	(508)					(508)
Currency translation adjustment	12,757					12,757
Net income (loss)	(18,876)				(18,876)
Ending balance at Dec. 31, 2023	$ 412,633	$ 109	$ 1,369,288	$ (142,057)	$ (699,471)	$ (115,236)

Intangible Assets - Schedule of Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 22,938
2025	21,608
2026	20,356
2027	19,296
2028	$ 17,997

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

At December 31, 2023 and 2022, intangible assets consisted of the following (in thousands):


	December 31, 2023
	Cost		Accumulated amortization		Net		Amortization period (in years)
Customer relationships	$	267,838	$	(164,672)	$	103,166	10 - 35
Patents and technology	89,151		(41,189)		47,962		5 - 19
Non-compete agreements	190		(190)		—		5
Trade names	42,847		(28,974)		13,873		7 - 19
Trademark	5,089		(2,120)		2,969		15
Total intangible assets	$	405,115	$	(237,145)	$	167,970


	December 31, 2022
	Cost		Accumulated amortization		Net		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
Trademark	5,089		(1,781)		3,308		15
Total intangible assets	$	403,315	$	(211,834)	$	191,481

Schedule of Future Amortization Expense

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


Year ending December 31,	Amount
2024	$	22,938
2025	21,608
2026	20,356
2027	19,296
2028	17,997

Long-Term Incentive Compensation - Narrative (Details)	12 Months Ended
Long-Term Incentive Compensation - Narrative (Details)	Dec. 31, 2023 USD ($) performance_period $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	May 31, 2016 shares	Aug. 31, 2010 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense \| $	$ 4,600,000	$ 4,200,000
Total compensation cost not yet recognized \| $	$ 5,200,000
Total compensation cost not yet recognized, period for recognition	2 years
Aggregate intrinsic value, options exercisable \| $	$ 0
Intrinsic value, options outstanding \| $	$ 0	0
Number of shares, granted (in shares)	0
Number of performance periods \| performance_period	3
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option term	10 years
Award vesting period	4 years
Intrinsic value of options exercised \| $	$ 0	0
Aggregate intrinsic value, options exercisable \| $	0	0
Intrinsic value, options outstanding \| $	$ 0	$ 0
Number of shares, granted (in shares)	0	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	7,000
Vested in period (in shares)	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	174,000
Vested in period (in shares)	236,000
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 31.70	$ 18.94
Fair value of shares vested \| $	$ 3,800,000	$ 4,300,000
Restricted Stock Units (RSUs) \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Granted (in shares)	87,000
Contingent Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period (in shares)	87,000
Performance Restricted Stock \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Performance Restricted Stock \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Performance Restricted Stock \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Minimum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Minimum \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units	0.00%
Maximum \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target units	200.00%
2010 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				925,000
2016 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	605,000		285,000
Number of shares available for grant (in shares)	152,000

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Forum Energy Technologies, Inc. (the “Company,” “FET,” “we,” “our,” or “us”), a Delaware corporation, is a global manufacturing 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.

Revenues

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Disaggregated revenues

Refer to Note 17 Business Segments for disaggregated revenues by product line and geography.

Contract balances

The following table reflects the changes in our contract assets and contract liabilities balances for the years ended December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022		Increase / (Decrease)
					$		%
Accrued revenue	$	1,801	$	665
Costs and estimated profits in excess of billings	13,365		15,139
Contract assets - current	15,166		15,804
Contract assets - non-current	1,828		2,638
Contract assets	$	16,994	$	18,442	$	(1,448)	(8)	%

Deferred revenue	$	10,551	$	14,401
Billings in excess of costs and profits recognized	4,221		305
Contract liabilities	$	14,772	$	14,706	$	66	—	%

During the year ended December 31, 2023, our contract assets decreased by $1.4 million and our contract liabilities increased by $0.1 million primarily due to the timing of milestone billings in our Subsea Technologies product line. The noncurrent portion of contract assets is recorded on the consolidated balance sheets as other Iong-term assets.

During the year ended December 31, 2023, we recognized revenue of $13.1 million that was included in the contract liability balance at the beginning of the period.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 4, 2024, the Company entered into the Seller Term Loan in connection with the closing of the Variperm Acquisition, which has an initial principal amount of $60.0 million and matures in December 2026. The Seller Term Loan bears interest at the rate of (i) 11.0% per year for the period commencing on the Closing Date to (but excluding) the first anniversary of the Closing Date, (ii) 17.0% per annum for the period commencing on the first anniversary of the Closing Date to (but excluding) the second anniversary of the Closing Date and (iii) 17.5% per annum for the period commencing on the second anniversary of the Closing Date to (but excluding) the maturity date.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	Estimated useful lives	December 31,
		2023		2022
Land		$	4,843	$	4,763
Buildings and leasehold improvements	5-30	46,596		49,705
Computer equipment	3-5	44,944		42,545
Machinery & equipment	5-10	119,687		117,145
Other	2-10	18,115		15,292
Construction in progress		1,562		4,530
		235,747		233,980
Less: accumulated depreciation		(174,346)		(171,017)
Property and equipment, net		$	61,401	$	62,963

Business Segments - Income Statement by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 738,864	$ 699,913
Operating income	20,716	17,326
Transaction expenses	2,892	0
Gain on sale-leaseback transactions	0	(7,000)
Loss (gain) on disposal of assets and other	156	(1,271)
Depreciation and amortization	34,728	36,978
Capital expenditures	7,944	7,492
Operating Segments
Segment Reporting Information [Line Items]
Operating income	23,764	9,055
Operating Segments \| Drilling & Downhole
Segment Reporting Information [Line Items]
Revenue	329,576	304,565
Operating income	33,767	32,201
Depreciation and amortization	10,564	11,872
Capital expenditures	3,128	1,462
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Revenue	265,628	264,951
Operating income	10,788	11,565
Depreciation and amortization	21,813	21,866
Capital expenditures	3,526	5,145
Operating Segments \| Production
Segment Reporting Information [Line Items]
Revenue	145,864	131,519
Operating income	6,462	(443)
Depreciation and amortization	2,105	2,906
Capital expenditures	543	510
Eliminations
Segment Reporting Information [Line Items]
Revenue	(2,204)	(1,122)
Corporate
Segment Reporting Information [Line Items]
Operating income	(27,253)	(34,268)
Depreciation and amortization	246	334
Capital expenditures	$ 747	$ 375

Revenues - Schedule of Changes in Contract Asset and Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Asset, after Allowance for Credit Loss [Abstract]
Accrued revenue	$ 1,801	$ 665
Costs and estimated profits in excess of billings	13,365	15,139
Contract assets - current	15,166	15,804
Contract assets - non-current	1,828	2,638
Contract assets	16,994	18,442
Increase (decrease) in contract with customer assets	$ (1,448)
Increase (decrease) in contract with customer asset, percentage	(8.00%)
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 10,551	14,401
Billings in excess of costs and profits recognized	4,221	305
Contract liabilities	14,772	$ 14,706
Increase (decrease) in contract with customer liabilities	$ 66
Increase (decrease) in contract with customer liabilities, percent	0.00%

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Our lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. The following table summarizes the supplemental consolidated balance sheet information related to leases as of December 31, 2023 and 2022 (in thousands):


		December 31,
	Classification	2023		2022
Assets
Operating lease assets	Operating lease assets	$	55,399	$	57,270
Finance lease assets	Property and equipment, net	3,063		2,500
Total lease assets		$	58,462	$	59,770

Liabilities
Current
Operating	Accrued liabilities	$	9,200	$	8,776
Finance	Current portion of long-term debt	1,186		782
Noncurrent
Operating	Operating lease liabilities	61,450		64,626
Finance	Long-term debt, net of current portion	1,678		1,231
Total lease liabilities		$	73,514	$	75,415

The following table summarizes the components of lease expenses (in thousands):


		Year ended December 31,
Lease Cost	Classification	2023		2022
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	14,641	$	11,591
Finance lease cost
Amortization of leased assets	Selling, general and administrative expenses	1,265		887
Interest on lease liabilities	Interest expense	180		77
Sublease income	Cost of sales and Selling, general and administrative expenses	(1,238)		(2,437)
Net lease cost		$	14,848	$	10,118

The maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases		Total
2024	$	13,312	$	1,347	$	14,659
2025	12,674		1,284		13,958
2026	11,650		415		12,065
2027	11,098		93		11,191
2028	9,297		—		9,297
Thereafter	32,977		—		32,977
Total lease payments	91,008		3,139		94,147
Less: present value discount	(20,358)		(275)		(20,633)
Present value of lease liabilities	$	70,650	$	2,864	$	73,514

The following table summarizes the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2023 and 2022:


	Year ended December 31,
	2023		2022
Weighted-average remaining lease term (years)
Operating leases	7.9		8.8
Financing leases	2.3		2.8
Weighted-average discount rate
Operating leases	6.60	%	6.58	%
Financing leases	6.89	%	6.43	%

The following table summarizes the supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 (in thousands):


	Year ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14,027	$	11,518
Operating cash flows from finance leases	180		78
Financing cash flows from finance leases	1,247		1,184

Sale-leaseback transactions

During 2022, the Company sold and leased back land and buildings for net proceeds of $32.1 million. The initial annual rent for the assets is $2.7 million with initial term of 12 years, subject to annual increase. The transactions met the requirements of sale-leaseback accounting. The related assets were removed from property and equipment and the appropriate operating lease asset and liabilities of approximately $24.8 million were recorded in the consolidated balance sheets.

Leases


		December 31,
	Classification	2023		2022
Assets
Operating lease assets	Operating lease assets	$	55,399	$	57,270
Finance lease assets	Property and equipment, net	3,063		2,500
Total lease assets		$	58,462	$	59,770

Liabilities
Current
Operating	Accrued liabilities	$	9,200	$	8,776
Finance	Current portion of long-term debt	1,186		782
Noncurrent
Operating	Operating lease liabilities	61,450		64,626
Finance	Long-term debt, net of current portion	1,678		1,231
Total lease liabilities		$	73,514	$	75,415

The following table summarizes the components of lease expenses (in thousands):


		Year ended December 31,
Lease Cost	Classification	2023		2022
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	14,641	$	11,591
Finance lease cost
Amortization of leased assets	Selling, general and administrative expenses	1,265		887
Interest on lease liabilities	Interest expense	180		77
Sublease income	Cost of sales and Selling, general and administrative expenses	(1,238)		(2,437)
Net lease cost		$	14,848	$	10,118

The maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases		Total
2024	$	13,312	$	1,347	$	14,659
2025	12,674		1,284		13,958
2026	11,650		415		12,065
2027	11,098		93		11,191
2028	9,297		—		9,297
Thereafter	32,977		—		32,977
Total lease payments	91,008		3,139		94,147
Less: present value discount	(20,358)		(275)		(20,633)
Present value of lease liabilities	$	70,650	$	2,864	$	73,514

The following table summarizes the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2023 and 2022:


	Year ended December 31,
	2023		2022
Weighted-average remaining lease term (years)
Operating leases	7.9		8.8
Financing leases	2.3		2.8
Weighted-average discount rate
Operating leases	6.60	%	6.58	%
Financing leases	6.89	%	6.43	%

The following table summarizes the supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 (in thousands):


	Year ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14,027	$	11,518
Operating cash flows from finance leases	180		78
Financing cash flows from finance leases	1,247		1,184

Sale-leaseback transactions

Leases


		December 31,
	Classification	2023		2022
Assets
Operating lease assets	Operating lease assets	$	55,399	$	57,270
Finance lease assets	Property and equipment, net	3,063		2,500
Total lease assets		$	58,462	$	59,770

Liabilities
Current
Operating	Accrued liabilities	$	9,200	$	8,776
Finance	Current portion of long-term debt	1,186		782
Noncurrent
Operating	Operating lease liabilities	61,450		64,626
Finance	Long-term debt, net of current portion	1,678		1,231
Total lease liabilities		$	73,514	$	75,415

The following table summarizes the components of lease expenses (in thousands):


		Year ended December 31,
Lease Cost	Classification	2023		2022
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	14,641	$	11,591
Finance lease cost
Amortization of leased assets	Selling, general and administrative expenses	1,265		887
Interest on lease liabilities	Interest expense	180		77
Sublease income	Cost of sales and Selling, general and administrative expenses	(1,238)		(2,437)
Net lease cost		$	14,848	$	10,118

The maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases		Total
2024	$	13,312	$	1,347	$	14,659
2025	12,674		1,284		13,958
2026	11,650		415		12,065
2027	11,098		93		11,191
2028	9,297		—		9,297
Thereafter	32,977		—		32,977
Total lease payments	91,008		3,139		94,147
Less: present value discount	(20,358)		(275)		(20,633)
Present value of lease liabilities	$	70,650	$	2,864	$	73,514

The following table summarizes the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2023 and 2022:


	Year ended December 31,
	2023		2022
Weighted-average remaining lease term (years)
Operating leases	7.9		8.8
Financing leases	2.3		2.8
Weighted-average discount rate
Operating leases	6.60	%	6.58	%
Financing leases	6.89	%	6.43	%

The following table summarizes the supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 (in thousands):


	Year ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14,027	$	11,518
Operating cash flows from finance leases	180		78
Financing cash flows from finance leases	1,247		1,184

Sale-leaseback transactions

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies [Line Items]
Inventory write downs	$ 2,784	$ 2,698
Percent of revenue from goods and services transferred at point in time	94.00%
Percent of revenue from goods and services transferred over time	6.00%
Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life, property and equipment	2 years
Remaining lease term	1 year
Amortization period (in years)	5 years
Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful life, property and equipment	30 years
Remaining lease term	11 years
Amortization period (in years)	35 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

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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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: 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
-Topic 815
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Schedule of Lease Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 14,027	$ 11,518
Operating cash flows from finance leases	180	78
Financing cash flows from finance leases	$ 1,247	$ 1,184

Long-Term Incentive Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of shares (in thousands)
Number of shares, beginning balance (in shares)	53
Number of shares, granted (in shares)	0
Number of shares, exercised (in shares)	0
Number of shares, forfeited/expired (in shares)	(7)
Number of shares, ending balance (in shares)	46	53
Number of shares, options exercisable (in shares)	46
Weighted average exercise price
Weighted average exercise price, beginning balance (in dollars per share)	$ 349.07
Weighted average exercise price, granted (in dollars per share)	0
Weighted average exercise price, exercised (in dollars per share)	0
Weighted average exercise price, forfeited/expired (in dollars per share)	521.00
Weighted average exercise price, ending balance (in dollars per share)	322.88	$ 349.07
Weighted average exercise price, options exercisable (in dollars per share)	$ 322.88
Weighted average remaining term, outstanding	1 year 10 months 24 days	2 years 6 months
Weighted average remaining term, exercisable	1 year 10 months 24 days
Aggregate intrinsic value, options outstanding	$ 0.0	$ 0.0
Aggregate intrinsic value, options exercisable	$ 0.0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Houston, Texas
Auditor Firm ID	34

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of income (loss) before income taxes were as follows (in thousands):


	Year ended December 31,
	2023		2022
U.S.	$	(43,450)	$	(43,587)
Non-U.S.	35,636		53,936
Income (loss) before income taxes	$	(7,814)	$	10,349

The components of income tax expense (benefit) were as follows (in thousands):


	Year ended December 31,
	2023		2022
Current
U.S. federal and state	$	101	$	196
Non-U.S.	11,165		6,571
Total current	11,266		6,767
Deferred
U.S. federal and state	85		26
Non-U.S.	(289)		(156)
Total deferred	(204)		(130)
Income tax expense	$	11,062	$	6,637

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


	Year ended December 31,
	2023				2022
Income tax benefit at the statutory rate	$	(1,641)	21.0	%	$	2,173	21.0	%
State taxes, net of federal tax benefit	(114)		1.5	%	879		8.5	%
Non-U.S. operations	(274)		3.5	%	(7,242)		(70.0)	%
Domestic incentives	448		(5.7)	%	166		1.6	%
Prior year federal, non-U.S. and state tax	3,536		(45.3)	%	(591)		(5.7)	%
Nondeductible expenses	806		(10.3)	%	3,157		30.5	%

Valuation allowance	8,313		(106.4)	%	8,077		78.0	%
Other	(12)		0.1	%	18		0.2	%
Income tax expense	$	11,062	(141.6)	%	$	6,637	64.1	%

Our effective tax rate was 141.6% and 64.1% for the years ended December 31, 2023 and 2022, respectively.

The tax expense for the years ended December 31, 2023 and 2022 includes an increase in our valuation allowance of $8.3 million and $8.1 million, respectively, consisting of a full valuation allowance against our deferred tax assets in the U.S., U.K., Germany, Singapore, China and Saudi Arabia as further described below under the primary components of deferred taxes.

The Organization for Economic Co-operation and Development (“OECD”) introduced Base Erosion and Profit Shifting (“BEPS”) Pillar 2 rules that impose a global minimum tax rate of 15%. Numerous countries, including European Union member states, have enacted or are expected to enact legislation to be effective as early as January 1, 2024, with general implementation of a global minimum tax by January 1, 2025. We are currently evaluating the potential impact on our consolidated financial statements and related disclosures. This may have an impact on our future effective tax rate.

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


	December 31,
	2023		2022
Deferred tax assets
Reserves and accruals	$	3,821	$	3,940
Operating lease liabilities	17,384		17,596
Inventories	10,170		12,964
Stock awards	1,829		1,862
Net operating loss and other tax carryforwards	160,127		124,024
Goodwill and intangible assets	20,091		26,607
Fair value discount on 2025 Notes	19,751		26,301
Property and equipment	6,619		4,570
Other	5,896		3,991
Gross deferred tax assets	245,688		221,855
Valuation allowance	(231,907)		(208,139)
Total deferred tax assets	$	13,781	$	13,716

Deferred tax liabilities

Operating lease assets	$	(13,903)	$	(13,989)
Prepaid expenses and other	(450)		(445)
Total deferred tax liabilities	(14,353)		(14,434)
Net deferred tax liabilities	$	(572)	$	(718)

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

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

At December 31, 2023, we had $316.4 million of U.S. net operating loss carryforwards and $10.0 million of state net operating losses. Of these losses, $33.5 million will expire no later than 2037 if they are not utilized prior to that date. The remaining $292.9 million will not expire. We also had $227.6 million of non-U.S. net operating loss carryforwards with indefinite expiration dates. In addition to our net operating loss carryforwards, we also had U.S. interest limitation carryforwards of $36.0 million with indefinite expiration dates. The ultimate realization of income tax benefits for these net operating loss and interest limitation carryforwards depends on our ability to generate sufficient taxable income in the respective taxing jurisdictions. Because of the change of ownership provisions of the Tax Reform Act of 1986, use of a portion of our domestic net operating losses may be limited in future periods depending upon future changes in ownership. Where we have unrecognized tax benefits in jurisdictions with existing net operating losses, we utilize the unrecognized tax benefits as a source of income to offset such losses. We do not anticipate being able to fully utilize all of the losses prior to their expiration in the following jurisdictions: the U.S, the U.K, Germany, Singapore, China and Saudi Arabia.

During 2023, we recognized $8.3 million of tax expense related to the increase in our valuation allowance provided against our deferred tax assets to write down our deferred tax assets in these jurisdictions to what is more likely than not realizable. We increased our valuation allowance related to our U.S. and foreign deferred tax assets by $6.5 million and $1.8 million, respectively. In making such a determination for each of these jurisdictions, we considered all available positive and negative evidence, including our recent history of pretax losses over the prior three year period, the goodwill and intangible asset impairments for various reporting units, the future reversals of existing taxable temporary differences, the projected future taxable income or loss and tax-planning. We intend to continue maintaining a full valuation allowance on our deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. However, given our current earnings and anticipated future earnings, we believe that there is a reasonable possibility that within the next 12 months, sufficient positive

evidence may become available to allow us to reach a conclusion that a portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that we are able to actually achieve.

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

We file income tax returns in the U.S. as well as in various states and non-U.S. jurisdictions. With few exceptions, we are no longer subject to income tax examination by tax authorities in these jurisdictions prior to 2016.

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


2023 Activity	Amount
Balance at January 1, 2023	$	10,512
Additional based on tax positions related to prior years	501
Additional based on tax positions related to current year	1,477


Lapse of statute of limitations	(1,587)
Balance at December 31, 2023	$	10,903

The total amount of unrecognized tax benefits at December 31, 2023 was $10.9 million, of which it is reasonably possible that $4.4 million could be settled during the next twelve-month period as a result of the conclusion of various tax audits or due to the expiration of the applicable statute of limitations. We estimate that $8.0 million of the unrecognized tax benefits at December 31, 2023, excluding consideration of valuation allowance, would impact our future effective income tax rate, if recognized.

We recognize interest and penalties related to uncertain tax positions within the provision for income taxes in the consolidated statements of comprehensive income (loss). As of December 31, 2023 and 2022, we had accrued approximately $0.3 million and $0.4 million in interest and penalties, respectively. During the years ended December 31, 2023 and 2022, we recognized no material change in the interest and penalties related to uncertain tax positions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-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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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

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

Business Segments - Long-lived Assets by Geographic Location (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 291,457	$ 321,892
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	251,901	279,390
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	24,846	26,962
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	11,131	11,659
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	67	20
Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	3,508	3,806
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 4	$ 55

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Reserves and accruals	$ 3,821	$ 3,940
Operating lease liabilities	17,384	17,596
Inventories	10,170	12,964
Stock awards	1,829	1,862
Net operating loss and other tax carryforwards	160,127	124,024
Goodwill and intangible assets	20,091	26,607
Fair value discount on 2025 Notes	19,751	26,301
Property and equipment	6,619	4,570
Other	5,896	3,991
Gross deferred tax assets	245,688	221,855
Valuation allowance	(231,907)	(208,139)
Total deferred tax assets	13,781	13,716
Deferred tax liabilities
Operating lease assets	(13,903)	(13,989)
Prepaid expenses and other	(450)	(445)
Total deferred tax liabilities	(14,353)	(14,434)
Net deferred tax liabilities	$ (572)	$ (718)

Business Segments

12 Months Ended

Dec. 31, 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.

The Drilling & Downhole segment designs and manufactures products and provides related services to the drilling, well construction, artificial lift and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications. The Completions segment designs, manufactures and supplies products and provides related services to the coiled tubing, well stimulation and intervention markets. The Production segment designs, manufactures and supplies products, and provides related equipment and services for production and infrastructure markets.

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

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


	Year ended December 31,
	2023		2022
Revenue
Drilling & Downhole	$	329,576	$	304,565
Completions	265,628		264,951
Production	145,864		131,519
Eliminations	(2,204)		(1,122)
Total revenue	$	738,864	$	699,913

Segment operating income (loss)
Drilling & Downhole	$	33,767	$	32,201
Completions	10,788		11,565
Production	6,462		(443)
Corporate	(27,253)		(34,268)
Total segment operating income	23,764		9,055
Transaction expenses	2,892		—
Gain on sale-leaseback transactions	—		(7,000)
Loss (gain) on disposal of assets and other	156		(1,271)
Operating income	$	20,716	$	17,326

Depreciation and amortization
Drilling & Downhole	$	10,564	$	11,872
Completions	21,813		21,866
Production	2,105		2,906
Corporate	246		334
Total depreciation and amortization	$	34,728	$	36,978

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


	Year ended December 31,
Capital expenditures	2023		2022
Drilling & Downhole	$	3,128	$	1,462
Completions	3,526		5,145
Production	543		510
Corporate	747		375
Total capital expenditures	$	7,944	$	7,492

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


	Year ended December 31,
Assets	2023		2022
Drilling & Downhole	$	347,035	$	340,819
Completions	350,216		366,771
Production	96,567		95,089
Corporate	27,243		32,078
Total assets	$	821,061	$	834,757

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

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


	December 31,
Long-lived assets	2023		2022
United States	$	251,901	$	279,390
Europe	24,846		26,962
Canada	11,131		11,659
Asia-Pacific	67		20
Middle East	3,508		3,806
Latin America	4		55
Total long-lived assets	$	291,457	$	321,892

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


	Year ended December 31,
	2023				2022
Revenue	$		%		$		%
United States	$	455,871	61.7	%	$	470,765	67.3	%
Middle East	89,346		12.1	%	51,891		7.4	%
Europe & Africa	64,245		8.7	%	57,533		8.2	%
Canada	52,833		7.2	%	48,279		6.9	%
Asia-Pacific	38,624		5.2	%	36,832		5.3	%
Latin America	37,945		5.1	%	34,613		4.9	%
Total Revenue	$	738,864	100.0	%	$	699,913	100.0	%

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


	Year ended December 31,
	2023				2022
Revenue	$		%		$		%
Drilling Technologies	$	170,650	23.2	%	$	143,389	20.6	%
Downhole Technologies	90,448		12.2	%	84,987		12.1	%
Subsea Technologies	68,478		9.3	%	76,189		10.9	%
Stimulation and Intervention	158,327		21.4	%	156,331		22.3	%
Coiled Tubing	107,301		14.5	%	108,620		15.5	%
Production Equipment	81,989		11.1	%	69,914		10.0	%
Valve Solutions	63,875		8.6	%	61,605		8.8	%
Eliminations	(2,204)		(0.3)	%	(1,122)		(0.2)	%
Total revenue	$	738,864	100.0	%	$	699,913	100.0	%

- Definition

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

+ References

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
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-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
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-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
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-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
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Consolidated balance sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 10,850	$ 10,690
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	14,800,000	14,800,000
Common stock, shares issued (in shares)	10,901,878	6,223,454
Treasury stock, shares, at cost (in shares)	708,900	570,247

Income Taxes - Uncertain Tax Positions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 10,512
Additional based on tax positions related to prior years	501
Additional based on tax positions related to current year	1,477
Lapse of statute of limitations	(1,587)
Ending Balance	$ 10,903

Consolidated statements of comprehensive income (loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0

- Definition

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

+ References

Reference 1: http://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
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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
-Topic 740
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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 220
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Notes payable and lines of credit consisted of the following as of (in thousands):


	December 31,
	2023		2022
2025 Notes	$	134,208	$	256,970
Unamortized debt discount	(5,074)		(15,314)
Debt issuance cost	(1,245)		(3,759)
Credit Facility	—		—
Other debt	2,864		2,013
Total debt	130,753		239,910
Less: current portion	(1,186)		(782)
Long-term debt, net of current portion	$	129,567	$	239,128

Schedule of Maturities of Long-term Debt

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


Year ending December 31,	Amount
2024	$	1,347
2025	135,492
2026	415
2027	93
2028	—
Thereafter	—
Total future payment	$	137,347
Less: unamortized debt discount	(5,074)
Less: debt issuance cost	(1,245)
Less: present value discount on finance leases	(275)
Total debt	$	130,753

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

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


	Year ended December 31,
	2023		2022
Net income (loss) attributable to common stockholders	$	(18,876)	$	3,712

Basic - weighted average shares outstanding	10,212		5,747
Dilutive effect of stock options and restricted stock	—		204
Dilutive effect of convertible 2025 Notes	—		—
Diluted - weighted average shares outstanding	10,212		5,951

Earnings (loss) per share
Basic	$	(1.85)	$	0.65
Diluted	$	(1.85)	$	0.62

For the year ended December 31, 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 2022, the diluted earnings per share calculation excludes approximately 84 thousand shares because they were anti-dilutive. For the year ended December 31, 2022, we excluded the assumed conversion of the 2025 Notes in calculating diluted earnings per share as the effect was anti-dilutive. 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.

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total debt	$ 130,753,000
Fair value of financial assets amount outstanding	0	$ 0
Credit Facility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total debt	0	0
2025 Notes \| Fair Value, Inputs, Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total debt	127,900,000	237,900,000
Debt instrument, fair value	$ 130,900,000	$ 272,800,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of presentation

The Company’s accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain reclassifications have been made to prior year amounts to conform with the current year presentation.

Principles of consolidation

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

Use of estimates

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

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

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

Cash and cash equivalents

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

Accounts receivable-trade

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

The changes in allowance for doubtful account during the years ended December 31, 2023 and 2022 were as follows (in thousands):


Period ended	Balance at beginning of period	Charged to expense	Deductions or other	Balance at end of period
December 31, 2022	11,114	2,249	(2,673)	10,690
December 31, 2023	10,690	1,527	(1,367)	10,850

Inventories

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

For the years ended December 31, 2023 and 2022, we recognized inventory write downs totaling $2.8 million and $2.7 million, respectively. These charges are all included in cost of sales in the consolidated statements of comprehensive income (loss). See Note 5 Inventories for further information related to these charges.

Property and equipment

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

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

Lease obligations

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

Our lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments at the commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Our leases have remaining terms of one to 11 years and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The operating lease assets also include any upfront lease payments made

and exclude lease incentives and initial direct costs incurred. Lease expense for operating leases is recognized on a straight-line basis over the lease term.

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

Intangible assets

Intangible assets with definite lives are comprised of customer and distributor relationships, patents and technology, trade names, trademarks and non-compete agreements which are amortized on a straight-line basis over the life of the intangible asset, generally five to 35 years. These assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset are estimated. If the undiscounted future cash flows are less than the carrying amount of the asset, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined either through the use of an external valuation, or by means of an analysis of discounted future cash flows. The impairment loss recognized represents the excess of an asset’s carrying value as compared to its estimated fair value.

Recognition of provisions for contingencies

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

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

Revenue recognition and deferred revenue

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

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

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

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

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

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

Revenue from goods transferred to customers at a point in time accounted for 94% of revenues for the year ended December 31, 2023. The majority of this revenue is product sales, which are generally recognized when items are shipped from our facilities and title passes to the customer. The amount of revenue recognized for products is adjusted for expected returns, which are estimated based on historical data.

Revenue from goods transferred to customers over time accounted for 6% of revenues for the year ended December 31, 2023, which is related to certain contracts in our Subsea and Production Equipment product lines. Recognition over time for these contracts is supported by our assessment of the products supplied as having no alternative use to us and by clauses in the contracts that provide us with an enforceable right to payment for performance completed to date. We use the cost-to-cost method to measure progress for these contracts because it best depicts the transfer of assets to the customer which occurs as costs are incurred on the contract. The amount of revenue recognized is calculated based on the ratio of costs incurred to-date compared to total estimated costs which requires management to calculate reasonably dependable estimates of total contract costs. Whenever revisions of estimated contract costs and contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. We recognize revenue and cost of sales each period based upon the advancement of the work-in-progress unless the stage of completion is insufficient to enable a reasonably certain forecast of profit to be established. In such cases, no profit is recognized during the period.

Accounting estimates during the course of projects may change, primarily related to our remotely operated vehicles (“ROVs”) which may take longer to manufacture. The effect of such a change, which can be upward as well as downward, is accounted for in the period of change, and the cumulative income recognized to date is adjusted to reflect the latest estimates. These revisions to estimates are accounted for on a prospective basis.

Contracts are sometimes modified to account for changes in product specifications or requirements. Most of our contract modifications are for goods and services that are not distinct from the existing contract. As such, these modifications are accounted for as if they were part of the existing contract, and therefore, the effect of the modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. No adjustment to any one contract was material to our consolidated financial statements for the years ended December 31, 2023 and 2022.

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

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

Disaggregated Revenue. Refer to Note 17 Business Segments for disaggregated revenue by product line and geography.

Contract Balances. Contract balances are determined on a contract by contract basis. Contract assets represent revenue recognized for goods and services provided to our customers when payment is conditioned on something other than the passage of time. Similarly, when we receive consideration, or such consideration is unconditionally

due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract, we record a contract liability. Such contract liabilities typically result from billings in excess of costs incurred and advance payments received on product sales.

Concentration of credit risk

Trade accounts receivable are financial instruments which potentially subject the Company to credit risk. Trade accounts receivable consist of uncollateralized receivables from domestic and international customers. For the years ended December 31, 2023 and 2022, no customer accounted for 10% or more of the total revenue or 10% or more of the total accounts receivable balance at the end of the respective period.

Stock-based compensation

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

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

Income taxes

We follow the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are determined based upon temporary differences between the carrying amounts and tax bases of our assets and liabilities at the balance sheet date, and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period in which the change occurs. We record a valuation allowance in each reporting period when management believes that it is more likely than not that any deferred tax asset created will not be realized. See Note 10 Income Taxes for more information on valuation allowances recognized.

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

Non-U.S. local currency translation

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

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

Fair value

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

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

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

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

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

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

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), which 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 Standards 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.

Accounting Standards Issued But Not Yet Adopted

Segment Reporting (Topic 280). In November 2023, FASB issued ASU 2023-07, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. This update is effective retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024, early adoption is permitted. The Company is in the process of evaluating the impact it may have on our consolidated financial statements.

Income Taxes (Topic 740). In December 2023, FASB issued ASU 2023-09, which improves income tax disclosures. This update is effective for fiscal years beginning after December 15, 2025, early adoption is permitted. This update should be applied prospectively but retrospective application is permitted. The Company is in the process of evaluating the impact it may have on our consolidated financial statements.

Business Segments - Revenue by Shipping Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 738,864	$ 699,913
Percentage of net sales	100.00%	100.00%
Sales \| United States \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 455,871	$ 470,765
Percentage of net sales	61.70%	67.30%
Sales \| Middle East \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 89,346	$ 51,891
Percentage of net sales	12.10%	7.40%
Sales \| Europe & Africa \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 64,245	$ 57,533
Percentage of net sales	8.70%	8.20%
Sales \| Canada \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 52,833	$ 48,279
Percentage of net sales	7.20%	6.90%
Sales \| Asia-Pacific \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 38,624	$ 36,832
Percentage of net sales	5.20%	5.30%
Sales \| Latin America \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 37,945	$ 34,613
Percentage of net sales	5.10%	4.90%

Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Income tax benefit at the statutory rate	$ (1,641)	$ 2,173
State taxes, net of federal tax benefit	(114)	879
Non-U.S. operations	(274)	(7,242)
Domestic incentives	448	166
Prior year federal, non-U.S. and state tax	3,536	(591)
Nondeductible expenses	806	3,157
Valuation allowance	8,313	8,077
Other	(12)	18
Income tax expense	$ 11,062	$ 6,637
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax benefit at the statutory rate	21.00%	21.00%
State taxes, net of federal tax benefit	1.50%	8.50%
Non-U.S. operations	3.50%	(70.00%)
Domestic incentives	(5.70%)	1.60%
Prior year federal, non-U.S. and state tax	(45.30%)	(5.70%)
Nondeductible expenses	(10.30%)	30.50%
Valuation allowance	(106.40%)	78.00%
Other	0.10%	0.20%
Income tax expense	(141.60%)	64.10%

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company had zero outstanding balance under the Credit Facility at December 31, 2023 and December 31, 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 the Company’s Senior Notes is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At December 31, 2023, the fair value and the carrying value of the Company’s 2025 Notes approximated $130.9 million and $127.9 million, respectively. At December 31, 2022, the fair value and the carrying value of the Company’s 2025 Notes approximated $272.8 million and $237.9 million, respectively. There were no other significant outstanding financial instruments as of December 31, 2023 and 2022 that required measuring the amounts at fair value on a recurring basis. The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods and there were no transfers between levels of the fair value hierarchy during the years ended December 31, 2023 and 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

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company has sold and purchased inventory, services and fixed assets to and from affiliates of certain directors. The dollar amounts related to these related party activities are not significant to our 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

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-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

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-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

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-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and parts	$ 92,563	$ 94,182
Work in process	28,693	27,489
Finished goods	216,570	187,448
Total Inventories	337,826	309,119
Less: inventory reserve	(38,187)	(39,291)	$ (62,885)
Inventories, net	$ 299,639	$ 269,828

Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S.	$ (43,450)	$ (43,587)
Non-U.S.	35,636	53,936
Income (loss) before income taxes	$ (7,814)	$ 10,349

- Definition

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

+ References

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-Subparagraph (SX 210.7-04(11))
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+ Details

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Notes payable and lines of credit consisted of the following as of (in thousands):


	December 31,
	2023		2022
2025 Notes	$	134,208	$	256,970
Unamortized debt discount	(5,074)		(15,314)
Debt issuance cost	(1,245)		(3,759)
Credit Facility	—		—
Other debt	2,864		2,013
Total debt	130,753		239,910
Less: current portion	(1,186)		(782)
Long-term debt, net of current portion	$	129,567	$	239,128

2025 Notes

Our 9.00% convertible secured notes due August 2025 (“2025 Notes”), of which $134.2 million principal amount was outstanding at December 31, 2023, 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 January 2023, $122.8 million or 48% of the then-outstanding principal amount of the 2025 Notes mandatorily converted into approximately 4.5 million shares of common stock.

Credit Facility

In November 2023, the Credit Facility was modified to (i) permit the Variperm Acquisition, (ii) permit the incurrence of new secured notes in an amount not to exceed $200.0 million (which notes will, in part, refinance the 2025 Notes) and (iii) update the applicable base rate for loans denominated in Canadian dollars from CDOR to term Canadian Overnight Repo Rate Average (“CORRA”); and effective upon consummation of the Variperm Acquisition, (a) extend the maturity date of the Credit Facility to September 8, 2028, (b) permit the incurrence of the Seller Term Loan in an amount not to exceed $60.0 million in connection with the consummation of the Variperm Acquisition, and (c) increase the aggregate revolving commitments from $179.0 million to $250.0 million.

Following such amendment, our Credit Facility provides revolving credit commitments of $250.0 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) (“U.S. Line”), of which up to $50.0 million is available to certain of our Canadian subsidiaries for loans in U.S. or Canadian dollars (with a sublimit of up to $10.0 million available for the issuance of letters of credit for the account of our Canadian subsidiaries) (the “Canadian Line”). Lender commitments under the Credit Facility, subject to certain limitations, may be increased by an additional $100.0 million. The Credit Facility matures in September 2028.

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. Our borrowing capacity under the Credit Facility could be reduced or eliminated, depending on future fluctuations in our receivables and inventory. As of December 31, 2023, our total borrowing base was $167.4 million, of which no amount was drawn and $20.3 million was used as security for outstanding letters of credit, resulting in remaining availability of $147.1 million.

Borrowings under the U.S. Line bear interest at a rate equal to, at our 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. 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 term SOFR plus 1.00% per annum, and (iii) the “prime rate” of interest announced by Wells Fargo Bank, National Association, subject to a floor of 0.00%.

Borrowings under the Canadian Line bear interest at a rate equal to, at our Canadian borrowers’ option, either (a) CORRA, 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 Floor, (ii) the one-month CORRA and (iii) 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 8.36% and 6.83% for the years ended December 31, 2023 and 2022.

The Credit Facility also provides for a commitment fee in the amount of (a) 0.375% on the unused portion of revolving commitments if average usage of the Credit Facility is greater than 50% and (b) 0.500% on the unused portion of revolving 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 $31.25 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 threshold for 60 consecutive days.

Subject to customary exceptions, all obligations under the Credit Facility are guaranteed, jointly and severally, by our wholly-owned U.S. subsidiaries and, in the case of the Canadian Line, our wholly-owned Canadian subsidiaries, and are secured by substantially all assets of each such entity and the Company, subject to customary exclusions.

The Credit Facility contains various covenants that, among other things, limit our ability (none of which are absolute) to incur additional indebtedness or issue certain preferred shares, grant certain liens, make certain loans and investments, pay dividends, make distributions or make other restricted payments, enter into mergers or acquisitions unless certain conditions are satisfied, change our lines of business, prepay certain indebtedness, enter into certain affiliate transactions or engage in certain asset dispositions.

If an event of default exists under the Credit Facility, the lenders will have the right to accelerate the maturity of the obligations outstanding under the Credit Facility and exercise other rights and remedies. Obligations outstanding under the Credit Facility, however, will be automatically accelerated upon an event of default arising from a bankruptcy or insolvency event. An event of default includes, among other things, nonpayment of principal, interest, fees or other amounts within certain grace periods; representations and warranties proving to be untrue in any material respect; failure to perform or otherwise comply with covenants in the Credit Facility or other loan documents, subject, in certain instances, to grace periods; cross-defaults to certain other indebtedness if such default occurs at the final maturity of such indebtedness or if the effect of such default is to cause, or permit the holders of such indebtedness to cause, the acceleration of such indebtedness; bankruptcy or insolvency events; material monetary judgment defaults; invalidity or unenforceability of the Credit Facility or any other loan document; and the occurrence of a Change of Control (as defined in the Credit Facility).

Other Debt

Other debt consists of various finance leases of equipment. See Note 18 Subsequent Events for further information related to the Seller Term Loan entered into on January 4, 2024.

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


Year ending December 31,	Amount
2024	$	1,347
2025	135,492
2026	415
2027	93
2028	—
Thereafter	—
Total future payment	$	137,347
Less: unamortized debt discount	(5,074)
Less: debt issuance cost	(1,245)
Less: present value discount on finance leases	(275)
Total debt	$	130,753

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Segments - Narrative (Details)	12 Months Ended
Business Segments - Narrative (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 14,641	$ 11,591
Finance lease cost
Amortization of leased assets	1,265	887
Interest on lease liabilities	180	77
Sublease income	(1,238)	(2,437)
Net lease cost	$ 14,848	$ 10,118

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended		12 Months Ended		24 Months Ended	60 Months Ended	156 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Oct. 31, 2017 patent	Jan. 31, 2011 primary_insurer	Dec. 31, 2023 USD ($) defendant case	Dec. 31, 2022 case	Dec. 31, 2023 USD ($) case	Dec. 31, 2023 USD ($) case	Dec. 31, 2023 USD ($) case
Loss Contingencies [Line Items]
Amount of letters of credit			$ 20,300		$ 20,300	$ 20,300	$ 20,300
Insurers
Loss Contingencies [Line Items]
Payments for legal settlements					$ 100		$ 2,100
Asbestos Litigation
Loss Contingencies [Line Items]
Annual out-of-pocket costs (less than)						$ 300
New claims filed each year (fewer than) \| case			22	22
Pending lawsuits (fewer than) \| case			110		110	110	110
Face amount of insurance coverage per occurrence (over)			$ 17,000		$ 17,000	$ 17,000	$ 17,000
Aggregate primary insurance coverage (over)			23,000		23,000	23,000	23,000
Face amount of excess coverage (over)			$ 950,000		$ 950,000	$ 950,000	$ 950,000
Number of primary insurers under settlement agreement \| primary_insurer		7
Percentage of costs of handling and settling each claim covered by insurance		80.00%
Tenaris Litigation
Loss Contingencies [Line Items]
Loss contingency, patents allegedly infringed, number \| patent	3
Asbestos Litigation
Loss Contingencies [Line Items]
Number of defendants \| defendant			40

Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Assets	$ 821,061	$ 834,757
Operating Segments \| Drilling & Downhole
Segment Reporting Information [Line Items]
Assets	347,035	340,819
Operating Segments \| Completions
Segment Reporting Information [Line Items]
Assets	350,216	366,771
Operating Segments \| Production
Segment Reporting Information [Line Items]
Assets	96,567	95,089
Corporate
Segment Reporting Information [Line Items]
Assets	$ 27,243	$ 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.

+ References

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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: 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 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Assets and Liabilities

The following table summarizes the supplemental consolidated balance sheet information related to leases as of December 31, 2023 and 2022 (in thousands):


		December 31,
	Classification	2023		2022
Assets
Operating lease assets	Operating lease assets	$	55,399	$	57,270
Finance lease assets	Property and equipment, net	3,063		2,500
Total lease assets		$	58,462	$	59,770

Liabilities
Current
Operating	Accrued liabilities	$	9,200	$	8,776
Finance	Current portion of long-term debt	1,186		782
Noncurrent
Operating	Operating lease liabilities	61,450		64,626
Finance	Long-term debt, net of current portion	1,678		1,231
Total lease liabilities		$	73,514	$	75,415

Schedule of The Components of Lease Expenses

The following table summarizes the components of lease expenses (in thousands):


		Year ended December 31,
Lease Cost	Classification	2023		2022
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	14,641	$	11,591
Finance lease cost
Amortization of leased assets	Selling, general and administrative expenses	1,265		887
Interest on lease liabilities	Interest expense	180		77
Sublease income	Cost of sales and Selling, general and administrative expenses	(1,238)		(2,437)
Net lease cost		$	14,848	$	10,118

Schedule of Operating Lease Liability Maturity

The maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases		Total
2024	$	13,312	$	1,347	$	14,659
2025	12,674		1,284		13,958
2026	11,650		415		12,065
2027	11,098		93		11,191
2028	9,297		—		9,297
Thereafter	32,977		—		32,977
Total lease payments	91,008		3,139		94,147
Less: present value discount	(20,358)		(275)		(20,633)
Present value of lease liabilities	$	70,650	$	2,864	$	73,514

Schedule of Finance Lease Liability Maturity

The maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):


	Operating Leases		Finance Leases		Total
2024	$	13,312	$	1,347	$	14,659
2025	12,674		1,284		13,958
2026	11,650		415		12,065
2027	11,098		93		11,191
2028	9,297		—		9,297
Thereafter	32,977		—		32,977
Total lease payments	91,008		3,139		94,147
Less: present value discount	(20,358)		(275)		(20,633)
Present value of lease liabilities	$	70,650	$	2,864	$	73,514

Schedule of The Weighted-average Remaining Term And Weighted Average Discount Rates Related To Leases

The following table summarizes the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2023 and 2022:


	Year ended December 31,
	2023		2022
Weighted-average remaining lease term (years)
Operating leases	7.9		8.8
Financing leases	2.3		2.8
Weighted-average discount rate
Operating leases	6.60	%	6.58	%
Financing leases	6.89	%	6.43	%

Schedule of The Supplemental Cash Flow Information Related To Leases

The following table summarizes the supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 (in thousands):


	Year ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	14,027	$	11,518
Operating cash flows from finance leases	180		78
Financing cash flows from finance leases	1,247		1,184

Debt - Schedule of Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 1,347
2025	135,492
2026	415
2027	93
2028	0
Thereafter	0
Total future payment	137,347
Less: unamortized debt discount	(5,074)
Less: debt issuance cost	(1,245)	$ (3,759)
Less: present value discount on finance leases	(275)
Total debt	$ 130,753

Long-Term Incentive Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Long-Term Incentive Compensation

Stock-based compensation

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

In connection with the adoption of the 2016 Plan (as described below), no further awards will be granted under the 2010 Plan, but outstanding awards under the 2010 Plan will continue to be governed by its terms. In May 2016, we adopted a new 2016 Stock and Incentive Plan (the “2016 Plan”), under which we initially reserved a total of 285 thousand shares. Our stockholders approved amendments to the 2016 Plan in May 2019, May 2020 and May 2022, increasing the shares authorized for issuance thereunder to 605 thousand shares. Approximately 152 thousand shares remained available under the 2016 Plan for future grants as of December 31, 2023.

The total amount of stock based compensation expense recorded was $4.6 million and $4.2 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company expects to record stock based compensation expense of approximately $5.2 million over a weighted average remaining term of approximately two years. Future grants will result in additional compensation expense.

Stock options

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


2023 Activity	Number of shares (in thousands)	Weighted average exercise price		Weighted average remaining term (in years)	Aggregate intrinsic value (in millions)
Outstanding at December 31, 2022	53	$	349.07	2.5	$	—
Granted	—	$	—
Exercised	—	$	—
Forfeited/expired	(7)	$	521.00
Outstanding at December 31, 2023	46	$	322.88	1.9	$	—
Exercisable at December 31, 2023	46	$	322.88	1.9	$	—

The intrinsic value is the amount by which the fair value of the underlying share exceeds the exercise price of the stock option. No stock options were exercised in 2023 or 2022.

As of December 31, 2023 and 2022, the share price of the Company was less than the exercise price for all outstanding stock options. Therefore, the intrinsic value for stock options outstanding and exercisable was zero as of each such date. No stock options were granted in 2023 or 2022.

Restricted stock

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


2023 Activity						Restricted stock (shares in thousands)
Nonvested at December 31, 2022						—
Granted						7
Vested						—
Nonvested at December 31, 2023						7

Restricted stock units

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


2023 Activity						Restricted stock units (shares in thousands)
Nonvested at December 31, 2022						412
Granted						174
Vested						(236)
Forfeited						(2)
Nonvested at December 31, 2023						348

Of the restricted stock units granted during 2023, 87 thousand shares vest ratably over three years. The remaining 87 thousand shares are 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.

The weighted average grant date fair value of the restricted stock units was $31.70 and $18.94 per share during the years ended December 31, 2023, and 2022, respectively. The total grant date fair value of units vested was $3.8 million and $4.3 million during 2023 and 2022, respectively.

Consolidated statements of comprehensive income (loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 738,864	$ 699,913
Cost of sales	534,711	511,387
Gross profit	204,153	188,526
Operating expenses
Selling, general and administrative expenses	180,389	179,471
Transaction expenses	2,892	0
Gain on sale-leaseback transactions	0	(7,000)
Loss (gain) on disposal of assets and other	156	(1,271)
Total operating expenses	183,437	171,200
Operating income	20,716	17,326
Other expense (income)
Interest expense	18,297	31,525
Foreign exchange losses (gains) and other, net	10,233	(24,548)
Total other expense, net	28,530	6,977
Income (loss) before income taxes	(7,814)	10,349
Income tax expense	11,062	6,637
Net income (loss)	$ (18,876)	$ 3,712
Weighted average shares outstanding
Basic (in shares)	10,212	5,747
Diluted (in shares)	10,212	5,951
Earnings (loss) per share
Basic (in dollars per share)	$ (1.85)	$ 0.65
Diluted (in dollars per share)	$ (1.85)	$ 0.62
Other comprehensive income (loss), net of tax of $0:
Net income (loss)	$ (18,876)	$ 3,712
Change in foreign currency translation	12,757	(28,713)
Gain (loss) on pension liability	(508)	2,256
Comprehensive loss	$ (6,627)	$ (22,745)

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35504
Entity Registrant Name	FORUM ENERGY TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1488595
Entity Address, Address Line One	10344 Sam Houston Park Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77064
City Area Code	713
Local Phone Number	351-7900
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	FET
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 245.6
Entity Common Stock, Shares Outstanding		12,283,670
Documents Incorporated by Reference	Portions of our Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this report.
Entity Central Index Key	0001401257
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Year ended December 31,
	2023		2022
Net income (loss) attributable to common stockholders	$	(18,876)	$	3,712

Basic - weighted average shares outstanding	10,212		5,747
Dilutive effect of stock options and restricted stock	—		204
Dilutive effect of convertible 2025 Notes	—		—
Diluted - weighted average shares outstanding	10,212		5,951

Earnings (loss) per share
Basic	$	(1.85)	$	0.65
Diluted	$	(1.85)	$	0.62

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

The Company’s significant components of inventories at December 31, 2023 and 2022 were as follows (in thousands):


	December 31,
	2023		2022
Raw materials and parts	$	92,563	$	94,182
Work in process	28,693		27,489
Finished goods	216,570		187,448
Total Inventories	337,826		309,119
Less: inventory reserve	(38,187)		(39,291)
Inventories, net	$	299,639	$	269,828

The changes in inventory reserve during the two-year period ended December 31, 2023 were as follows (in thousands):


Period ended	Balance at beginning of period		Charged to expense		Deductions or other		Balance at end of period
December 31, 2022	$	62,885	$	2,698	$	(26,292)	$	39,291
December 31, 2023	39,291		2,784		(3,888)		38,187

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized debt discount	$ (5,074)	$ (15,314)
Debt issuance cost	(1,245)	(3,759)
Total debt	130,753	239,910
Less: current portion	(1,186)	(782)
Long-term debt, net of current portion	129,567	239,128
2025 Notes
Debt Instrument [Line Items]
Long-term debt, gross	134,208	256,970
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	2,864	2,013
2017 Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business Segments - Revenue by Product Lines (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Revenue	$ 738,864	$ 699,913
Percentage of net sales	100.00%	100.00%
Operating Segments \| Sales \| Drilling Technologies \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenue	$ 170,650	$ 143,389
Percentage of net sales	23.20%	20.60%
Operating Segments \| Sales \| Downhole Technologies \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenue	$ 90,448	$ 84,987
Percentage of net sales	12.20%	12.10%
Operating Segments \| Sales \| Subsea Technologies \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenue	$ 68,478	$ 76,189
Percentage of net sales	9.30%	10.90%
Operating Segments \| Sales \| Stimulation and Intervention \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenue	$ 158,327	$ 156,331
Percentage of net sales	21.40%	22.30%
Operating Segments \| Sales \| Coiled Tubing \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenue	$ 107,301	$ 108,620
Percentage of net sales	14.50%	15.50%
Operating Segments \| Sales \| Production Equipment \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenue	$ 81,989	$ 69,914
Percentage of net sales	11.10%	10.00%
Operating Segments \| Sales \| Valve Solutions \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenue	$ 63,875	$ 61,605
Percentage of net sales	8.60%	8.80%
Eliminations
Revenue from External Customer [Line Items]
Revenue	$ (2,204)	$ (1,122)
Eliminations \| Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Revenue	$ (2,204)	$ (1,122)
Percentage of net sales	(0.30%)	(0.20%)

Consolidated statements of cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income (loss)	$ (18,876)	$ 3,712
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation expense	10,799	12,441
Amortization of intangible assets	23,929	24,537
Stock-based compensation expense	4,571	4,205
Inventory write downs	2,784	2,698
Provision for doubtful accounts	1,527	2,249
Deferred income taxes	(204)	(130)
Loss (gain) on sale-leaseback transactions	0	(7,000)
Other	5,116	5,350
Changes in operating assets and liabilities
Accounts receivable—trade	6,678	(34,802)
Inventories	(31,928)	(34,611)
Prepaid expenses and other current assets	2,686	590
Cost and estimated profits in excess of billings	2,144	(7,824)
Accounts payable, deferred revenue and other accrued liabilities	(4,894)	20,764
Billings in excess of costs and profits recognized	3,851	(9,233)
Net cash provided by (used in) operating activities	8,183	(17,054)
Cash flows from investing activities
Capital expenditures for property and equipment	(7,944)	(7,492)
Proceeds from sale of property and equipment	1,371	3,007
Acquisition of businesses, net of cash acquired	0	(485)
Proceeds from sale-leaseback transactions	0	32,109
Net cash provided by (used in) investing activities	(6,573)	27,139
Cash flows from financing activities
Borrowings on revolving Credit Facility	451,738	544,126
Repayments on revolving Credit Facility	(451,738)	(544,126)
Repurchases of stock	(5,996)	(3,826)
Payment of capital lease obligations	(1,275)	(1,250)
Deferred financing costs	(311)	0
Net cash used in financing activities	(7,582)	(5,076)
Effect of exchange rate changes on cash	1,108	(838)
Net increase (decrease) in cash, cash equivalents and restricted cash	(4,864)	4,171
Cash, cash equivalents and restricted cash at beginning of period	51,029	46,858
Cash, cash equivalents and restricted cash at end of period	46,165	51,029
Supplemental cash flow disclosures
Cash paid for interest	17,088	25,325
Cash paid (refunded) for income taxes	8,804	(383)
Noncash investing and financing activities
Operating lease assets obtained in exchange for lease obligations	7,535	40,516
Finance lease assets obtained in exchange for lease obligations	2,108	2,026
Accrued purchases of property and equipment	$ 6	$ 50

Acquisition	12 Months Ended
Acquisition	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition 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 “Variperm Acquisition”). The transaction closed on January 4, 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 Variperm 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. In connection with the closing, to fund the cash portion of the purchase price, the Company borrowed $90.0 million under its senior secured asset-based lending facility (“Credit Facility”) on January 2, 2024 and entered into a $60.0 million second lien seller term loan credit agreement (“Seller Term Loan”) on January 4, 2024.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (18,876)	$ 3,712

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 28
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Earnings (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ (18,876)	$ 3,712
Basic - weighted average shares outstanding (in shares)	10,212	5,747
Dilutive effect of stock options and restricted stock (in shares)	0	204
Dilutive effect of convertible 2025 Notes (in shares)	0	0
Diluted - weighted average shares outstanding (in shares)	10,212	5,951
Earnings (loss) per share
Basic (in dollars per share)	$ (1.85)	$ 0.65
Diluted (in dollars per share)	$ (1.85)	$ 0.62

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

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

+ References

+ Details

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current
U.S. federal and state	$ 101	$ 196
Non-U.S.	11,165	6,571
Total current	11,266	6,767
Deferred
U.S. federal and state	85	26
Non-U.S.	(289)	(156)
Total deferred	(204)	(130)
Income tax expense	$ 11,062	$ 6,637

- Definition

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

+ References + Details

Inventories - Inventory reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Inventory Valuation Reserves Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 39,291	$ 62,885
Charged to expense	2,784	2,698
Deductions or other	(3,888)	(26,292)
Balance at end of period	$ 38,187	$ 39,291

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company’s accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain reclassifications have been made to prior year amounts to conform with the current year presentation.
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly and majority owned subsidiaries after elimination of intercompany balances and transactions.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. In the preparation of these consolidated financial statements, estimates and assumptions have been made by management including, among others, an assessment of percentage of completion of projects based on costs to complete contracts, the selection of useful lives of tangible and intangible assets, expected future cash flows from long lived assets to support impairment tests, provisions necessary for trade receivables, amounts of deferred taxes and income tax contingencies. Actual results could differ from these estimates. The financial reporting of contracts depends on estimates, which are assessed continually during the term of those contracts. The amounts of revenues and income recognized are subject to revisions as the contract progresses to completion and changes in estimates are reflected in the period in which the facts that give rise to the revisions become known. Additional information that enhances and refines the estimating process that is obtained after the balance sheet date, but before issuance of the consolidated financial statements, is reflected in the consolidated financial statements.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist of cash on deposit and high quality, short-term money market instruments with an original maturity of three months or less. Cash equivalents are based on quoted market prices, a Level 1 fair value measure.
Accounts receivable-trade	Accounts receivable-trade Trade accounts receivables are carried at their estimated collectible amounts. Trade credit is generally extended on a short-term basis; thus receivables do not bear interest, although a finance charge may be applied to amounts past due. We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of our customers to make required payments. Such allowances are based upon several factors including, but not limited to, credit approval practices, industry and customer historical experience as well as the current and projected financial condition of the specific customer. Accounts receivable outstanding longer than contractual terms are considered past due. We write-off accounts receivable to the allowance for doubtful accounts when they become uncollectible. Any payments subsequently received on receivables previously written-off are credited to bad debt expense.
Inventories	Inventories Inventories, consisting of finished goods and materials and supplies held for resale, are carried at the lower of cost or net realizable value. For certain operations, cost, which includes the cost of raw materials and labor for finished goods, is determined using standard cost which approximates a first-in first-out basis. For other operations, this cost is determined on an average cost, first-in first-out or specific identification basis. Net realizable value means estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. We continuously evaluate inventories based on an analysis of inventory levels, historical sales experience and future sales forecasts, to determine obsolete, slow-moving and excess inventory. For the years ended December 31, 2023 and 2022, we recognized inventory write downs totaling $2.8 million and $2.7 million, respectively. These charges are all included in cost of sales in the consolidated statements of comprehensive income (loss). See Note 5 Inventories for further information related to these charges.
Property and equipment	Property and equipment Property and equipment are stated at cost less accumulated depreciation. Finance leases of property and equipment are stated at the present value of future minimum lease payments. Expenditures for property and equipment and for items which substantially increase the useful lives of existing assets are capitalized at cost and depreciated over their estimated useful life utilizing the straight-line method. Routine expenditures for repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method based on the estimated useful lives of assets, generally two to 30 years. Property and equipment held under finance leases are amortized straight-line over the shorter of the lease term or estimated useful life of the asset. Gains or losses resulting from the disposition of assets are recognized in income with the related asset cost and accumulated depreciation removed from the balance sheet. Assets acquired in connection with business combinations are recorded at fair value. We review long-lived assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset and its eventual disposal are estimated. If the undiscounted future cash flows are less than the carrying amount of the assets, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined either through the use of an external valuation, or by means of an analysis of discounted future cash flows based on expected utilization.
Lease obligations	Lease obligations We determine if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded in our consolidated balance sheets. Leases with an initial term greater than 12 months are recognized in our consolidated balance sheets based on lease classification as either operating or financing. Operating leases are included in operating lease assets, accrued liabilities and operating lease liabilities. Finance leases are included in property and equipment, current portion of long-term debt, and long-term debt. Some of our lease agreements include lease and non-lease components for which we have elected to not separate for all classes of underlying assets. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We sublease certain real estate to third parties when we have no future use for the property. Our lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments at the commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Our leases have remaining terms of one to 11 years and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The operating lease assets also include any upfront lease payments made and exclude lease incentives and initial direct costs incurred. Lease expense for operating leases is recognized on a straight-line basis over the lease term. We review operating lease assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset and its eventual disposal are estimated. If the undiscounted future cash flows are less than the carrying amount of the asset, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined by means of an analysis of discounted future cash flows based on expected utilization.
Intangible assets	Intangible assets Intangible assets with definite lives are comprised of customer and distributor relationships, patents and technology, trade names, trademarks and non-compete agreements which are amortized on a straight-line basis over the life of the intangible asset, generally five to 35 years. These assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. In performing the review for impairment, future cash flows expected to result from the use of the asset are estimated. If the undiscounted future cash flows are less than the carrying amount of the asset, there is an indication that the asset may be impaired. The amount of the impairment is measured as the difference between the carrying value and the estimated fair value of the asset. The fair value is determined either through the use of an external valuation, or by means of an analysis of discounted future cash flows. The impairment loss recognized represents the excess of an asset’s carrying value as compared to its estimated fair value.
Recognition of provisions for contingencies	Recognition of provisions for contingencies In the ordinary course of business, we are subject to various claims, suits and complaints. We, in consultation with internal and external legal advisors, will provide for a contingent loss in the consolidated financial statements if, at the date of the consolidated financial statements, it is probable that a liability has been incurred and the amount can be reasonably estimated. If it is determined that the reasonable estimate of the loss is a range and that there is no best estimate within that range, a provision will be made for the lower amount of the range. Legal costs are expensed as incurred. An assessment is made of the areas where potential claims may arise under contract warranty clauses. Where a specific risk is identified, and the potential for a claim is assessed as probable and can be reasonably estimated, an appropriate warranty provision is recorded. Warranty provisions are eliminated at the end of the warranty period except where warranty claims are still outstanding. The liability for product warranty is included in accrued liabilities in the consolidated balance sheets.
Revenue recognition and deferred revenue	Revenue recognition and deferred revenue Revenue is recognized in accordance with Accounting Standards Codification Topic (“ASC”) 606, when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Contract Identification. We account for a contract when it is approved, both parties are committed, the rights of the parties are identified, payment terms are defined, the contract has commercial substance and collection of consideration is probable. Performance Obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer under ASC 606. The majority of our contracts with customers contain a single performance obligation to provide agreed-upon products or services. For contracts with multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price. In accordance with ASC 606, we do not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. We have elected to apply the practical expedient to account for shipping and handling costs associated with outbound freight after control of a product has transferred to a customer as a fulfillment cost which is included in cost of sales. Furthermore, since our customer payment terms are short-term in nature, we have also elected to apply the practical expedient which allows an entity to not adjust for the effects of a significant financing component if it expects that the customer’s payment period will be less than one year in duration. Contract Value. Revenue is measured based on the amount of consideration specified in the contracts with our customers and excludes any amounts collected on behalf of third parties. We have elected the practical expedient to exclude amounts collected from customers for all sales (and other similar) taxes. The estimation of total revenue from a customer contract is subject to elements of variable consideration. Certain customers may receive rebates or discounts which are accounted for as variable consideration. We estimate variable consideration as the most likely amount to which we expect to be entitled, and we include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved. Our estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historic, current, forecast) that is reasonably available to us. Timing of Recognition. We recognize revenue when we satisfy a performance obligation by transferring control of a product or service to a customer. Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from goods transferred to customers at a point in time accounted for 94% of revenues for the year ended December 31, 2023. The majority of this revenue is product sales, which are generally recognized when items are shipped from our facilities and title passes to the customer. The amount of revenue recognized for products is adjusted for expected returns, which are estimated based on historical data. Revenue from goods transferred to customers over time accounted for 6% of revenues for the year ended December 31, 2023, which is related to certain contracts in our Subsea and Production Equipment product lines. Recognition over time for these contracts is supported by our assessment of the products supplied as having no alternative use to us and by clauses in the contracts that provide us with an enforceable right to payment for performance completed to date. We use the cost-to-cost method to measure progress for these contracts because it best depicts the transfer of assets to the customer which occurs as costs are incurred on the contract. The amount of revenue recognized is calculated based on the ratio of costs incurred to-date compared to total estimated costs which requires management to calculate reasonably dependable estimates of total contract costs. Whenever revisions of estimated contract costs and contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. We recognize revenue and cost of sales each period based upon the advancement of the work-in-progress unless the stage of completion is insufficient to enable a reasonably certain forecast of profit to be established. In such cases, no profit is recognized during the period. Accounting estimates during the course of projects may change, primarily related to our remotely operated vehicles (“ROVs”) which may take longer to manufacture. The effect of such a change, which can be upward as well as downward, is accounted for in the period of change, and the cumulative income recognized to date is adjusted to reflect the latest estimates. These revisions to estimates are accounted for on a prospective basis. Contracts are sometimes modified to account for changes in product specifications or requirements. Most of our contract modifications are for goods and services that are not distinct from the existing contract. As such, these modifications are accounted for as if they were part of the existing contract, and therefore, the effect of the modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue on a cumulative catch-up basis. No adjustment to any one contract was material to our consolidated financial statements for the years ended December 31, 2023 and 2022. We sell our products through a number of channels including a direct sales force, marketing representatives, and distributors. We have elected to expense sales commissions when incurred as the amortization period would be less than one year. These costs are recorded within cost of sales. Portfolio Approach. We have elected to apply ASC 606 to a portfolio of contracts with similar characteristics as we reasonably expect that the effects on the financial statements of applying this guidance to the portfolio would not differ materially from applying this guidance to the individual contracts within that portfolio. Disaggregated Revenue. Refer to Note 17 Business Segments for disaggregated revenue by product line and geography. Contract Balances. Contract balances are determined on a contract by contract basis. Contract assets represent revenue recognized for goods and services provided to our customers when payment is conditioned on something other than the passage of time. Similarly, when we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract, we record a contract liability. Such contract liabilities typically result from billings in excess of costs incurred and advance payments received on product sales.
Concentration of credit risk	Concentration of credit risk Trade accounts receivable are financial instruments which potentially subject the Company to credit risk. Trade accounts receivable consist of uncollateralized receivables from domestic and international customers. For the years ended December 31, 2023 and 2022, no customer accounted for 10% or more of the total revenue or 10% or more of the total accounts receivable balance at the end of the respective period.
Stock-based compensation	Stock-based compensation We measure all stock-based compensation awards at fair value on the date they are granted to employees and directors, and recognize compensation cost over the requisite service period for awards with only a service condition, and over a graded vesting period for awards with service and performance or market conditions. The fair value of stock-based compensation awards with market conditions is measured using a Monte Carlo Simulation model and, in accordance with ASC 718, is not adjusted based on actual achievement of the performance goals. The Black-Scholes option pricing model is used to measure the fair value of options. Forfeitures are accounted for as they occur.
Income taxes	Income taxes We follow the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are determined based upon temporary differences between the carrying amounts and tax bases of our assets and liabilities at the balance sheet date, and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period in which the change occurs. We record a valuation allowance in each reporting period when management believes that it is more likely than not that any deferred tax asset created will not be realized. See Note 10 Income Taxes for more information on valuation allowances recognized. Accounting guidance for income taxes requires that we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. If a tax position meets the “more likely than not” recognition criteria, accounting guidance requires the tax position be measured at the largest amount of benefit greater than 50% likely of being realized upon ultimate settlement.
Non-U.S. local currency translation	Non-U.S. local currency translation We have global operations and the majority of our non-U.S. operations have designated the local currency as the functional currency. Realized and unrealized gains and losses resulting from re-measurements of monetary assets and liabilities denominated in a currency other than the local entity’s functional currency are included in the consolidated statements of comprehensive income (loss) as incurred. Financial statements of our foreign operations where the functional currency is not the U.S. dollar are translated into U.S. dollars using the current rate method whereby assets and liabilities are translated at the balance sheet rate and income and expenses are translated at the average exchange rates in effect during the period. The resultant translation adjustments are reported as a component of accumulated other comprehensive loss within equity in our consolidated balance sheets.
Fair value	Fair value The carrying amounts for financial instruments classified as current assets and current liabilities approximate fair value, due to the short maturity of such instruments. The book values of other financial instruments, such as our debt related to the Credit Facility, approximates fair value because interest rates charged are similar to other financial instruments with similar terms and maturities and the rates vary in accordance with a market index. For financial assets and liabilities disclosed at fair value, fair value is determined as the exit price, or the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The established fair value hierarchy divides fair value measurement into three broad levels: •Level 1 - inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; •Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and •Level 3 - inputs are unobservable for the asset or liability, which reflect the best judgment of management. The financial assets and liabilities that are disclosed at fair value for disclosure purposes are categorized in one of the above three levels based on the lowest level input that is significant to the fair value measurement in its entirety. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.
Recent accounting pronouncements	Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), which 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 Standards 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. Accounting Standards Issued But Not Yet Adopted Segment Reporting (Topic 280). In November 2023, FASB issued ASU 2023-07, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. This update is effective retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024, early adoption is permitted. The Company is in the process of evaluating the impact it may have on our consolidated financial statements. Income Taxes (Topic 740). In December 2023, FASB issued ASU 2023-09, which improves income tax disclosures. This update is effective for fiscal years beginning after December 15, 2025, early adoption is permitted. This update should be applied prospectively but retrospective application is permitted. The Company is in the process of evaluating the impact it may have on our consolidated financial statements.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation In the ordinary course of business, the Company is, and in the future, could be involved in various pending or threatened legal actions, some of which may or may not be covered by insurance. Management has reviewed such pending judicial and legal proceedings, the reasonably anticipated costs and expenses in connection with such proceedings, and the availability and limits of insurance coverage, and has established reserves that are believed to be appropriate in light of those outcomes that are believed to be probable and can be estimated. The reserves accrued at December 31, 2023 and 2022 are immaterial. In the opinion of management, the Company’s ultimate liability, if any, with respect to these actions is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Asbestos litigation One of our subsidiaries has been named as one of many defendants in a number of product liability claims for alleged exposure to asbestos used in valves. These lawsuits are typically filed on behalf of plaintiffs who allege exposure to asbestos, against numerous defendants, often forty or more, who are alleged to have manufactured or distributed products containing asbestos. The injuries alleged by plaintiffs in these cases range from mesothelioma and other cancers to asbestosis. The earliest claims against our subsidiary were filed in New Jersey in 1998, and our subsidiary currently has active cases in New Jersey, New York, and Illinois. These complaints do not typically include requests for a specific amount of damages. Our subsidiary acquired the trademark for the product line in question in 1985. To date, most of the claims against our subsidiary alleging illnesses due to asbestos have generally been based on products manufactured by the previous owner prior to 1985 that are alleged to have contained asbestos. Many claimants alleging illnesses due to asbestos sue on the basis of exposure prior to 1985, as by that date the hazards of asbestos exposure were well known and asbestos had begun to fall into disuse. Our subsidiary has been successful in obtaining dismissals in most lawsuits without any cash contribution including because the “successor liability” law in most states does not hold a purchaser in good faith liable for the actions of the seller prior to the acquisition date unless the purchaser contractually assumed the liabilities, which our subsidiary did not. There are exceptions to the successor liability doctrine in many states, so there are no assurances that our subsidiary will not be found liable for the actions of its predecessor. The law in other states on so called “successor liability” may be different or ambiguous in this regard, and could also expose our subsidiary to liability. Our subsidiary could also be found liable should a trier of fact reject our subsidiary’s position that it is not responsible for the alleged asbestos injuries, such as in a case where a plaintiff alleges post-1985 exposure. To date, asbestos claims had no material adverse effect on our business, financial condition, results of operations, or cash flow, as our annual out-of-pocket costs over the last five years have been less than $300,000. There were approximately 22 new cases filed against our subsidiary in each of last two years, and a significant number of existing cases were dismissed, settled or otherwise disposed of over the last year. We currently have fewer than 110 lawsuits pending against this subsidiary. Our subsidiary has over $17 million in face amount of insurance per occurrence and over $23 million of aggregate primary insurance coverage. In addition, our subsidiary has over $950 million in face amount of excess coverage applicable to the claims. There can be no guarantee that all of this can be collected due to policy terms and conditions and insurer insolvencies in the past or in the future. In January 2011, we entered into an agreement with seven of our primary insurers under which they have agreed to pay 80% of the costs of handling and settling each asbestos claim against the affected subsidiary. The insurers’ portion of the settlements is funded by our primary insurance limits, which are eroded only by settlements and not legal fees. Approximately $2.1 million in settlements has been paid by insurers and our subsidiary to date, with approximately $100,000 paid over the course of the last two years. Our subsidiary and the subscribing insurers have the right to withdraw from this agreement, but to date, no party has exercised this right or expressed an intent to do so. Tenaris litigation 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. Portland Harbor Superfund One of the Company’s dormant subsidiaries is one of several named defendants in a suit filed by the Port of Portland, Oregon in May 2009 seeking reimbursement of costs related to an environmental study at the Port of Portland, and in March 2010, was identified as a potentially responsible party by the EPA with respect to the Portland Harbor Superfund Site. The subsidiary is indemnified for environmental contamination losses by a third party that has assumed responsibility and is providing a defense of the claims. Based on information currently available, the Company does not believe that these matters will have a material adverse effect on the financial condition, results of operations, cash flows or capital expenditures of the Company. Operating leases The Company has operating leases for warehouses, office space, manufacturing facilities and equipment. The leases generally require the Company to pay certain expenses including taxes, insurance, maintenance, and utilities. See Note 9 Leases for further information. Letters of credit and guarantees The Company executes letters of credit in the normal course of business to secure the delivery of product from specific vendors and also to guarantee the Company fulfills certain performance obligations relating to certain large contracts. At December 31, 2023, the Company had $20.3 million in letters of credit outstanding.

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 235,747	$ 233,980
Less: accumulated depreciation	(174,346)	(171,017)
Property and equipment, net of accumulated depreciation	$ 61,401	62,963
Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	2 years
Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	30 years
Land
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 4,843	4,763
Buildings and leasehold improvements
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 46,596	49,705
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	5 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	30 years
Computer equipment
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 44,944	42,545
Computer equipment \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	3 years
Computer equipment \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	5 years
Machinery & equipment
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 119,687	117,145
Machinery & equipment \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	5 years
Machinery & equipment \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	10 years
Other
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 18,115	15,292
Other \| Minimum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	2 years
Other \| Maximum
Property, Plant and Equipment, Net [Abstract]
Estimated useful life, property and equipment	10 years
Construction in progress
Property, Plant and Equipment, Net [Abstract]
Property, plant and equipment, gross	$ 1,562	$ 4,530

Intangible Assets - Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (237,145)	$ (211,834)
Total intangible assets, Cost	405,115	403,315
Total intangible assets, Net	167,970	191,481
Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Cost	267,838	266,537
Accumulated amortization	(164,672)	(147,496)
Net	103,166	119,041
Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Cost	89,151	88,863
Accumulated amortization	(41,189)	(35,298)
Net	47,962	53,565
Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Cost	190	188
Accumulated amortization	(190)	(188)
Net	0	0
Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Cost	42,847	42,638
Accumulated amortization	(28,974)	(27,071)
Net	13,873	15,567
Trademark
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Cost	5,089	5,089
Accumulated amortization	(2,120)	(1,781)
Net	$ 2,969	$ 3,308
Amortization period (in years)	15 years	15 years
Minimum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	5 years
Minimum \| Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	10 years	10 years
Minimum \| Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	5 years	5 years
Minimum \| Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	7 years	7 years
Maximum
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	35 years
Maximum \| Customer relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	35 years	35 years
Maximum \| Patents and technology
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	19 years	19 years
Maximum \| Non-compete agreements
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	5 years	5 years
Maximum \| Trade names
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period (in years)	19 years	19 years

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts

The changes in allowance for doubtful account during the years ended December 31, 2023 and 2022 were as follows (in thousands):


Period ended	Balance at beginning of period	Charged to expense	Deductions or other	Balance at end of period
December 31, 2022	11,114	2,249	(2,673)	10,690
December 31, 2023	10,690	1,527	(1,367)	10,850

Summary of Significant Accounting Policies - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 10,690	$ 11,114
Charged to expense	1,527	2,249
Deductions or other	(1,367)	(2,673)
Balance at end of period	$ 10,850	$ 10,690

Revenues (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022		Increase / (Decrease)
					$		%
Accrued revenue	$	1,801	$	665
Costs and estimated profits in excess of billings	13,365		15,139
Contract assets - current	15,166		15,804
Contract assets - non-current	1,828		2,638
Contract assets	$	16,994	$	18,442	$	(1,448)	(8)	%

Deferred revenue	$	10,551	$	14,401
Billings in excess of costs and profits recognized	4,221		305
Contract liabilities	$	14,772	$	14,706	$	66	—	%

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 10,799	$ 12,441
Proceeds from sale-leaseback transactions	0	32,109
Loss (gain) on sale-leaseback transactions	$ 0	(7,000)
Land and Building
Property, Plant and Equipment [Line Items]
Sale leaseback transaction		$ 25,100

Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Year ended December 31,
	2023		2022
Revenue
Drilling & Downhole	$	329,576	$	304,565
Completions	265,628		264,951
Production	145,864		131,519
Eliminations	(2,204)		(1,122)
Total revenue	$	738,864	$	699,913

Segment operating income (loss)
Drilling & Downhole	$	33,767	$	32,201
Completions	10,788		11,565
Production	6,462		(443)
Corporate	(27,253)		(34,268)
Total segment operating income	23,764		9,055
Transaction expenses	2,892		—
Gain on sale-leaseback transactions	—		(7,000)
Loss (gain) on disposal of assets and other	156		(1,271)
Operating income	$	20,716	$	17,326

Depreciation and amortization
Drilling & Downhole	$	10,564	$	11,872
Completions	21,813		21,866
Production	2,105		2,906
Corporate	246		334
Total depreciation and amortization	$	34,728	$	36,978

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


	Year ended December 31,
Capital expenditures	2023		2022
Drilling & Downhole	$	3,128	$	1,462
Completions	3,526		5,145
Production	543		510
Corporate	747		375
Total capital expenditures	$	7,944	$	7,492

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


	Year ended December 31,
Assets	2023		2022
Drilling & Downhole	$	347,035	$	340,819
Completions	350,216		366,771
Production	96,567		95,089
Corporate	27,243		32,078
Total assets	$	821,061	$	834,757

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

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


	December 31,
Long-lived assets	2023		2022
United States	$	251,901	$	279,390
Europe	24,846		26,962
Canada	11,131		11,659
Asia-Pacific	67		20
Middle East	3,508		3,806
Latin America	4		55
Total long-lived assets	$	291,457	$	321,892

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


	Year ended December 31,
	2023				2022
Revenue	$		%		$		%
United States	$	455,871	61.7	%	$	470,765	67.3	%
Middle East	89,346		12.1	%	51,891		7.4	%
Europe & Africa	64,245		8.7	%	57,533		8.2	%
Canada	52,833		7.2	%	48,279		6.9	%
Asia-Pacific	38,624		5.2	%	36,832		5.3	%
Latin America	37,945		5.1	%	34,613		4.9	%
Total Revenue	$	738,864	100.0	%	$	699,913	100.0	%

Revenue from External Customers by Products and Services

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


	Year ended December 31,
	2023				2022
Revenue	$		%		$		%
Drilling Technologies	$	170,650	23.2	%	$	143,389	20.6	%
Downhole Technologies	90,448		12.2	%	84,987		12.1	%
Subsea Technologies	68,478		9.3	%	76,189		10.9	%
Stimulation and Intervention	158,327		21.4	%	156,331		22.3	%
Coiled Tubing	107,301		14.5	%	108,620		15.5	%
Production Equipment	81,989		11.1	%	69,914		10.0	%
Valve Solutions	63,875		8.6	%	61,605		8.8	%
Eliminations	(2,204)		(0.3)	%	(1,122)		(0.2)	%
Total revenue	$	738,864	100.0	%	$	699,913	100.0	%

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Loss and Tax Credit Carryforwards [Line Items]
Effective income tax rate	(141.60%)	64.10%
Valuation allowance	$ 8,313,000	$ 8,077,000
Domestic operating loss carryforwards	316,400,000
State operating loss carryforwards	10,000,000
Operating loss carryforward subject to expiration	33,500,000
Operating loss carryforwards not subject to expiration	292,900,000
Foreign operating loss carryforwards	227,600,000
U.S. interest limitation carryforwards	36,000,000
Unrecognized tax benefits	10,903,000	10,512,000
Decrease in unrecognized tax benefits is reasonably possible	4,400,000
Unrecognized tax benefits that would impact effective tax rate	8,000,000
Accrued interest and penalties	300,000	400,000
Interest and penalties related to uncertain tax positions	0	$ 0
U.S.
Operating Loss and Tax Credit Carryforwards [Line Items]
Valuation allowance	6,500,000
Non-US
Operating Loss and Tax Credit Carryforwards [Line Items]
Valuation allowance	$ 1,800,000

Long-Term Incentive Compensation - Restricted Stock and Restricted Stock Units (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 shares
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at beginning of year (in shares)	0
Granted (in shares)	7
Vested (in shares)	0
Nonvested at the end of year (in shares)	7
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at beginning of year (in shares)	412
Granted (in shares)	174
Vested (in shares)	(236)
Forfeited (in shares)	(2)
Nonvested at the end of year (in shares)	348