0001042893-16-000004.txt : 20160426 0001042893-16-000004.hdr.sgml : 20160426 20160425180702 ACCESSION NUMBER: 0001042893-16-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 40 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160426 DATE AS OF CHANGE: 20160425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DRIL-QUIP INC CENTRAL INDEX KEY: 0001042893 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 742162088 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13439 FILM NUMBER: 161590075 BUSINESS ADDRESS: STREET 1: 6401 N. ELDRIDGE PARKWAY CITY: HOUSTON STATE: TX ZIP: 77041 BUSINESS PHONE: 7139397711 MAIL ADDRESS: STREET 1: 6401 N. ELDRIDGE PARKWAY CITY: HOUSTON STATE: TX ZIP: 77041 10-Q 1 a201633110-q.htm 10-Q 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
FORM 10-Q
_______________________________________________________
(MARK ONE)
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2016
or
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-13439
_______________________________________________________
DRIL-QUIP, INC.
(Exact name of registrant as specified in its charter)
_______________________________________________________
DELAWARE
 
74-2162088
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
6401 N. ELDRIDGE PARKWAY
HOUSTON, TEXAS
77041
(Address of principal executive offices) (Zip Code)
(713) 939-7711
(Registrant’s telephone number, including area code)
_______________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
Accelerated filer
¨
Non-accelerated filer
¨ (Do not check if a smaller reporting company)
Smaller reporting company
¨
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).    Yes  ¨    No  ý
As of April 25, 2016, the number of shares outstanding of the registrant’s common stock, par value $0.01 per share, was 37,957,052.


TABLE OF CONTENTS



PART I—FINANCIAL INFORMATION
Item 1.        Financial Statements
DRIL-QUIP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
March 31,
2016
 
December 31,
2015
 
(In thousands)
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
423,366

 
$
381,336

Trade receivables, net
328,060

 
319,780

Inventories, net
343,073

 
344,458

Deferred income taxes
24,934

 
24,613

Prepaids and other current assets
45,183

 
54,111

Total current assets
1,164,616

 
1,124,298

Property, plant and equipment, net
294,941

 
294,251

Other assets
10,901

 
9,701

Total assets
$
1,470,458

 
$
1,428,250

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
33,509

 
$
30,934

Accrued income taxes
28,143

 
14,052

Customer prepayments
12,540

 
18,388

Accrued compensation
11,391

 
17,957

Other accrued liabilities
19,316

 
19,484

Total current liabilities
104,899

 
100,815

Deferred income taxes
2,264

 
2,977

Total liabilities
107,163

 
103,792

Commitments and contingencies (Note 7)

 

Stockholders’ equity:
 
 
 
Preferred stock, 10,000,000 shares authorized at $0.01 par value (none issued)
—

 
—

Common stock:
 
 
 
100,000,000 shares authorized at $0.01 par value, 37,957,052 and 37,951,223 shares issued and outstanding at March 31, 2016 and December 31, 2015
378

 
378

Additional paid-in capital
3,334

 
—

Retained earnings
1,462,113

 
1,425,344

Accumulated other comprehensive losses
(102,530
)
 
(101,264
)
Total stockholders’ equity
1,363,295

 
1,324,458

Total liabilities and stockholders’ equity
$
1,470,458

 
$
1,428,250

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

DRIL-QUIP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
Three months ended
March 31,
 
2016
 
2015
 
(In thousands, except per share data)
Revenues:
 
 
 
Products
$
135,194

 
$
187,524

Services
31,367

 
38,478

Total revenues
166,561

 
226,002

Cost and expenses:
 
 
 
Cost of sales:
 
 
 
Products
76,922

 
106,007

Services
16,174

 
19,131

Total cost of sales
93,096

 
125,138

Selling, general and administrative
13,221

 
16,958

Engineering and product development
10,901

 
12,213

Total costs and expenses
117,218

 
154,309

Operating income
49,343

 
71,693

Interest income
482

 
49

Interest expense
(4
)
 
(3
)
Income before income taxes
49,821

 
71,739

Income tax provision
13,052

 
18,075

Net income
$
36,769

 
$
53,664

Earnings per common share:
 
 
 
Basic
$
0.97

 
$
1.38

Diluted
$
0.97

 
$
1.38

Weighted average common shares outstanding:
 
 
 
Basic
37,752

 
38,773

Diluted
37,847

 
38,940

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

DRIL-QUIP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
Three months ended
March 31,
 
2016
 
2015
 
(In thousands)
Net income
$
36,769

 
$
53,664

Other comprehensive loss, net of tax:
 
 
 
Foreign currency translation adjustments
(1,266
)
 
(32,534
)
Total comprehensive income
$
35,503

 
$
21,130

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

DRIL-QUIP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
Three months ended
March 31,
 
2016
 
2015
 
(In thousands)
Operating activities
 
 
 
Net income
$
36,769

 
$
53,664

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
7,775

 
7,455

Stock-based compensation expense
3,192

 
3,363

Loss (gain) on sale of equipment
(13
)
 
(63
)
Deferred income taxes
(962
)
 
(2,755
)
Changes in operating assets and liabilities:
 
 
 
Trade receivables, net
(8,942
)
 
62,837

Inventories, net
1,899

 
(7,010
)
Prepaids and other assets
8,050

 
(1,259
)
Excess tax benefits of stock options and awards
(11
)
 
(24
)
Accounts payable and accrued expenses
4,766

 
(29,139
)
Net cash provided by operating activities
52,523

 
87,069

Investing activities
 
 
 
Purchase of property, plant and equipment
(7,732
)
 
(6,156
)
Proceeds from sale of equipment
76

 
121

Net cash used in investing activities
(7,656
)
 
(6,035
)
Financing activities
 
 
 
Repurchase of common stock
—

 
—

Proceeds from exercise of stock options
155

 
282

Excess tax benefits of stock options and awards
11

 
24

Net cash used in financing activities
166

 
306

Effect of exchange rate changes on cash activities
(3,003
)
 
(5,914
)
Increase (decrease) in cash and cash equivalents
42,030

 
75,426

Cash and cash equivalents at beginning of period
381,336

 
298,705

Cash and cash equivalents at end of period
$
423,366

 
$
374,131

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

DRIL-QUIP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Organization and Principles of Consolidation
Dril-Quip, Inc., a Delaware corporation (the “Company” or “Dril-Quip”), designs, manufactures, sells and services highly engineered offshore drilling and production equipment that is well suited for use in deepwater, harsh environment and severe service applications. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters. Dril-Quip’s products are used by major integrated, large independent and foreign national oil and gas companies in offshore areas throughout the world. Dril-Quip also provides technical advisory assistance on an as-requested basis during installation of its products, as well as rework and reconditioning services for customer-owned Dril-Quip products. In addition, Dril-Quip’s customers may rent or purchase running tools from the Company for use in the installation and retrieval of the Company’s products.
The Company’s operations are organized into three geographic segments—Western Hemisphere (including North and South America; headquartered in Houston, Texas), Eastern Hemisphere (including Europe and Africa; headquartered in Aberdeen, Scotland) and Asia-Pacific (including the Pacific Rim, Southeast Asia, Australia, India and the Middle East; headquartered in Singapore). Each of these segments sells similar products and services and the Company has major manufacturing facilities in all three of its headquarter locations as well as Macae, Brazil.
The condensed consolidated financial statements included herein are unaudited. The balance sheet at December 31, 2015 has been derived from the audited consolidated financial statements at that date. In the opinion of management, the unaudited condensed consolidated interim financial statements include all normal recurring adjustments necessary for a fair presentation of the financial position as of March 31, 2016 and the results of operations, comprehensive income and the cash flows for the three-month periods ended March 31, 2016 and 2015. Certain information and footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Management believes the unaudited interim related disclosures in these condensed consolidated financial statements are adequate. The results of operations, comprehensive income and cash flows for the three-month period ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
2. Significant Accounting Policies
Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities.
Revenue Recognition
Product revenues
The Company recognizes product revenues from two methods:
•
product revenues recognized under the percentage-of-completion method; and
•
product revenues from the sale of products that do not qualify for the percentage-of-completion method.


7

Revenues recognized under the percentage-of-completion method
The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:
•
the contracts call for products which are designed to customer specifications;
•
the structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;
•
the contracts contain specific terms as to milestones, progress billings and delivery dates; and
•
product requirements cannot be filled directly from the Company’s standard inventory.
For each project, the Company prepares a detailed analysis of estimated costs, profit margin, completion date and risk factors which include availability of material, production efficiencies and other factors that may impact the project. On a quarterly basis, management reviews the progress of each project, which may result in revisions of previous estimates, including revenue recognition. The Company calculates the percent complete and applies the percentage to determine the revenues earned and the appropriate portion of total estimated costs. Losses, if any, are recorded in full in the period they become known. Historically, the Company’s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.
Under the percentage-of-completion method, billings may not correlate directly to the revenue recognized. Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in customer prepayments as a liability on the Condensed Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings in which case the amounts are reported in trade receivables. Unbilled revenues are expected to be billed and collected within one year. At March 31, 2016 and December 31, 2015, receivables included $61.5 million and $70.8 million of unbilled receivables, respectively. For the quarter ended March 31, 2016, there were 9 projects representing approximately 15% of the Company’s total revenues and approximately 18% of its product revenues that were accounted for using percentage-of-completion accounting, compared to 11 projects during the first quarter of 2015, which represented approximately 15% of the Company’s total revenues and approximately 18% of its product revenues.
Revenues not recognized under the percentage-of-completion method
Revenues from the sale of inventory products, not accounted for under the percentage-of-completion method, are recorded at the time the manufacturing processes are complete and ownership is transferred to the customer.
Service revenues
The Company recognizes service revenues from three sources:
•
technical advisory assistance;
•
rental of running tools; and
•
rework and reconditioning of customer-owned Dril-Quip products.
The Company does not install products for its customers, but it does provide technical advisory assistance. At the time of delivery of the product, the customer is not obligated to buy or rent the Company’s running tools and the Company is not obligated to perform any subsequent services relating to installation. Technical advisory assistance service revenue is recorded at the time the service is rendered. Service revenues associated with the rental of running and installation tools are recorded as earned. Rework and reconditioning service revenues are recorded when the refurbishment process is complete.
The Company normally negotiates contracts for products, including those accounted for under the percentage-of-completion method, and services separately. For all product sales, it is the customer’s decision as to the timing of the product installation as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company’s technical advisory assistance services. The customer may use a third party or their own personnel.
Fair Value of Financial Instruments
The Company’s financial instruments consist primarily of cash and cash equivalents, receivables and payables. The carrying values of these financial instruments approximate their respective fair values as they are short-term in nature.


8

Earnings Per Share
Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed considering the dilutive effect of stock options and awards using the treasury stock method.
In each relevant period, the net income used in the basic and dilutive earnings per share calculations is the same. The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:
 
Three months ended
March 31,
 
2016
 
2015
 
(In thousands)
Weighted average common shares outstanding—basic
37,752

 
38,773

Dilutive effect of common stock options and awards
95

 
167

Weighted average common shares outstanding—diluted
37,847

 
38,940

3. New Accounting Standards
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 “Leases (Topic 842).” The new standard requires lessees to recognize lease assets (right of use) and lease obligations (lease liability) for leases previously classified as operating leases under generally accepted accounting principles on the balance sheet for leases with terms in excess of 12 months. The standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the impact of the new standard on its consolidated financial statements.
In November 2015, the FASB issued ASU 2015-17 “Income Taxes (Topic 740).” In an effort to reduce complexity, the requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts will no longer be necessary. In the future, all deferred income taxes will be considered noncurrent and will continue to be offset into a single amount within each country. The standard is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. The Company’s financial statements will be revised to reflect this amendment beginning in the first quarter of 2017.
In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory (Topic 330).” This standard states that inventory within the scope of this update should be measured at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal, and transportation. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is evaluating the impact of the new standard on its consolidated financial statements.
In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606).” The amendment applies a new five-step revenue recognition model to be used in recognizing revenues associated with customer contracts. The amendment requires disclosure sufficient to enable readers of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures, significant judgments and changes in judgments and assets recognized from the costs to obtain or fulfill the contract. The standard’s effective date was originally for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. On April 1, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 and interim periods within annual reporting periods beginning after December 15, 2017. The Company is evaluating the impact of the new standard on its consolidated financial statements.
4. Stock-Based Compensation and Stock Awards
During the three months ended March 31, 2016 and 2015, the Company recognized approximately $3.2 million and $3.4 million, respectively, of stock-based compensation expense, which is included in the selling, general and administrative expense line on the Condensed Consolidated Statements of Income. No stock-based compensation expense was capitalized during the three months ended March 31, 2016 or 2015.

9

5. Inventories, net
Inventories consist of the following:
 
March 31,
2016
 
December 31,
2015
 
(In thousands)
Raw materials
$
97,107

 
$
101,311

Work in progress
94,474

 
104,102

Finished goods
191,002

 
178,292

 
382,583

 
383,705

Less: allowance for obsolete and excess inventory
(39,510
)
 
(39,247
)
Net inventory
$
343,073

 
$
344,458


10


6. Geographic Areas
 
Three months ended
March 31,
 
2016
 
2015
 
(In thousands)
Revenues:
 
 
 
Western Hemisphere
 
 
 
Products
$
78,600

 
$
91,815

Services
16,993

 
22,309

Intercompany
10,711

 
9,985

Total
$
106,304

 
$
124,109

Eastern Hemisphere
 
 
 
Products
$
33,161

 
$
79,421

Services
13,004

 
11,642

Intercompany
185

 
221

Total
$
46,350

 
$
91,284

Asia-Pacific
 
 
 
Products
$
23,433

 
$
16,288

Services
1,370

 
4,527

Intercompany
280

 
1,181

Total
$
25,083

 
$
21,996

Summary
 
 
 
Products
$
135,194

 
$
187,524

Services
31,367

 
38,478

Intercompany
11,176

 
11,387

Eliminations
(11,176
)
 
(11,387
)
Total
$
166,561

 
$
226,002

Income before income taxes:
 
 
 
Western Hemisphere
$
24,956

 
$
32,948

Eastern Hemisphere
16,684

 
31,708

Asia-Pacific
6,113

 
3,425

Eliminations
2,068

 
3,658

Total
$
49,821

 
$
71,739

 
March 31,
2016
 
December 31,
2015
 
(In thousands)
Total Long-Lived Assets:
 
 
 
Western Hemisphere
$
212,069

 
$
208,408

Eastern Hemisphere
42,332

 
43,449

Asia-Pacific
54,367

 
55,021

Eliminations
(2,926
)
 
(2,926
)
Total
$
305,842

 
$
303,952

Total Assets:
 
 
 
Western Hemisphere
$
710,691

 
$
677,460

Eastern Hemisphere
398,324

 
391,672

Asia-Pacific
380,114

 
372,823

Eliminations
(18,671
)
 
(13,705
)
Total
$
1,470,458

 
$
1,428,250


11

7. Commitments and Contingencies
Brazilian Tax Issue
From 2002 to 2007, the Company’s Brazilian subsidiary imported goods through the State of Espirito Santo in Brazil and subsequently transferred them to its facility in the State of Rio de Janeiro. During that period, the Company’s Brazilian subsidiary paid taxes to the State of Espirito Santo on its imports. Upon the final sale of these goods, the Company’s Brazilian subsidiary collected taxes from customers and remitted them to the State of Rio de Janeiro net of the taxes paid on importation of those goods to the State of Espirito Santo in accordance with the Company’s understanding of Brazilian tax laws.
In August 2007, the State of Rio de Janeiro served the Company’s Brazilian subsidiary with assessments to collect a state tax on the importation of goods through the State of Espirito Santo from 2002 to 2007 claiming that these taxes were due and payable to it under applicable law. The Company settled these assessments with payments to the State of Rio de Janeiro of $12.2 million in March 2010 and $3.9 million in December 2010. Approximately $7.8 million of these settlement payments were attributable to penalties, interest and amounts that had expired under the statute of limitations so that amount was recorded as an expense. The remainder of the settlement payments generated credits (recorded as a long-term prepaid tax) to be used to offset future state taxes on sales to customers in the State of Rio de Janeiro, which were subject to certification by the tax authorities. During the second quarter of 2015, the tax authorities certified approximately $8.3 million of those credits paid in 2010 and granted an additional $2.3 million in inflation-related credits. The additional amount of credits granted by the tax authorities increased long-term prepaid taxes and decreased selling, general and administrative expenses by $2.3 million.
In December 2010 and January 2011, the Company’s Brazilian subsidiary was served with two additional assessments totaling approximately $13.0 million from the State of Rio de Janeiro to cancel the credits associated with the tax payments to the State of Espirito Santo (“Santo Credits”) on the importation of goods from July 2005 to October 2007. The Santo Credits are not related to the credits described above. The Company has objected to these assessments on the grounds that they would represent double taxation on the importation of the same goods and that the Company is entitled to the credits under applicable Brazilian law. With regard to the December 2010 assessment, the Company’s Brazilian subsidiary has filed an appeal with the relevant State of Rio de Janeiro judicial court to annul the tax assessment following a ruling against the Company by the tax administration’s highest council. In connection with that appeal, the Company was required to deposit with the court approximately $3.1 million in December 2014 as the full amount of the assessment with penalties and interest. The Company intends to file a similar appeal in the judicial system with regard to the January 2011 assessment as a result of a ruling against the Company by the tax administration’s highest council once that ruling is finalized. The Company believes that these credits are valid and that success in the judicial court process is probable. Based upon this analysis, the Company has not accrued any liability in conjunction with this matter.
Since 2007, the Company’s Brazilian subsidiary has paid taxes on the importation of goods directly to the State of Rio de Janeiro and the Company does not expect any similar issues to exist for periods subsequent to 2007.
General
The Company operates its business and markets its products and services in most of the significant oil and gas producing areas in the world and is, therefore, subject to the risks customarily attendant to international operations and dependency on the condition of the oil and gas industry. Additionally, products of the Company are used in potentially hazardous drilling, completion, and production applications that can cause personal injury, product liability and environmental claims. Although exposure to such risk has not resulted in any significant problems in the past, there can be no assurance that ongoing and future developments will not adversely impact the Company.
The Company is also involved in a number of legal actions arising in the ordinary course of business. Although no assurance can be given with respect to the ultimate outcome of such legal action, in the opinion of management, the ultimate liability with respect thereto will not have a material adverse effect on the Company’s results of operations, financial position or cash flows.

12

Item 2.        Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following is management’s discussion and analysis of certain significant factors that have affected aspects of the Company’s financial position, results of operations, comprehensive income and cash flows during the periods included in the accompanying unaudited condensed consolidated financial statements. This discussion should be read in conjunction with the Company's unaudited condensed consolidated financial statements and notes therein presented elsewhere herein as well as the discussion under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
Overview
Dril-Quip designs, manufactures, sells and services highly engineered offshore drilling and production equipment that is well suited for use in deepwater, harsh environment and severe service applications. The Company designs and manufactures subsea equipment, surface equipment and offshore rig equipment for use by major integrated, large independent and foreign national oil and gas companies and drilling contractors in offshore areas throughout the world. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters. Dril-Quip also provides technical advisory assistance on an as-requested basis during installation of its products, as well as rework and reconditioning services for customer-owned Dril-Quip products. In addition, Dril-Quip customers may rent or purchase running tools from the Company for use in the installation and retrieval of the Company’s products.
Oil and Gas Prices
Both the market for offshore drilling and production equipment and services and the Company’s business are substantially dependent on the condition of the oil and gas industry and, in particular, the willingness of oil and gas companies to make capital expenditures on exploration, drilling and production operations offshore. Oil and gas prices and the level of offshore drilling activity have historically been characterized by significant volatility.
According to the Energy Information Administration (EIA) of the U.S. Department of Energy, Brent Crude oil prices per barrel are listed below for the periods covered by this report:

Brent Crude Oil Prices
Three Months Ended
Low

High

Average

Closing
March 31, 2016
$26.01

$40.54

$33.84

$36.75
March 31, 2015
45.13

61.89

53.98

53.69

According to the April 2016 release of the Short-Term Energy Outlook published by the EIA, Brent Crude oil prices are expected to average approximately $34.73 per barrel in 2016 and $40.58 per barrel in 2017. In its March 2016 Oil Market Report, the International Energy Agency projected the 2016 global oil demand will grow to 95.8 million barrels per day, a 1.2 million barrels per day increase over 2015.
Rig Count
Detailed below is the average contracted offshore rig count (rigs currently drilling as well as rigs committed, but not yet drilling) for the Company’s geographic regions for the three months ended March 31, 2016 and 2015. The rig count data includes floating rigs (semi-submersibles and drillships) and jack-up rigs. The Company has included only these types of rigs as they are the primary assets used to deploy the Company’s products.

Three months ended March 31,

2016

2015

Floating Rigs

Jack-up Rigs

Floating Rigs

Jack-up Rigs
Western Hemisphere
97


48


123


75

Eastern Hemisphere
71


73


94


92

Asia-Pacific
30


226


48


256

TOTAL
198


347


265


423


13

Source: IHS—Petrodata RigBase – March 31, 2016 and 2015
According to IHS-Petrodata RigBase, as of March 31, 2016, there were 540 rigs under contract for the Company’s geographic regions (193 floating rigs and 347 jack-up rigs), which represents a 20.6% decrease from the rig count of 680 rigs (261 floating rigs and 419 jack-up rigs) as of March 31, 2015.
The Company believes that the number of rigs (semi-submersibles, drillships and jack-up rigs) under construction impacts its revenues and backlog because in certain cases, its customers order some of the Company’s products during the construction of such rigs. As a result, an increase in rig construction activity tends to favorably impact the Company’s backlog while a decrease in rig construction activity tends to negatively impact the Company’s backlog. According to IHS-Petrodata RigBase, as of March 31, 2016 and 2015, there were 191 and 214 rigs, respectively, under construction, which represents an approximate 10.7% decline in rigs under construction. The expected delivery dates for the rigs under construction at March 31, 2016 are as follows:

Floating

Jack-Up



Rigs

Rigs

Total
2016
22


76


98

2017
22


32


54

2018
11


7


18

2019
12


2


14

After 2019 or unspecified delivery date
2


5


7


69


122


191

However, given the sustained low level in oil and gas prices and oversupply of offshore drilling rigs, the Company believes it possible that delivery of some rigs under construction could be postponed or cancelled, limiting the opportunity for supply of the Company’s products.
Regulation
The demand for the Company’s products and services is also affected by laws and regulations relating to the oil and gas industry in general, including those specifically directed to offshore operations. The adoption of new laws and regulations, or changes to existing laws or regulations that curtail exploration and development drilling for oil and gas for economic or other policy reasons, could adversely affect the Company’s operations by limiting demand for its products.
Business Environment
Oil and gas prices and the level of offshore drilling and production activity have been characterized by significant volatility in recent years. Worldwide military, political, economic and other events have contributed to oil and natural gas price volatility and are likely to continue to do so in the future. Lower crude oil and natural gas prices have resulted in a trend of customers seeking to renegotiate contract terms with the Company, including reductions in the prices of its products and services, extensions of delivery terms and, in some instances, contract cancellations or revisions. In some cases, a customer may already hold an inventory of the Company's equipment, which may delay the placement of new orders. In addition, some of the Company’s customers could experience liquidity or solvency issues or could otherwise be unable or unwilling to perform under a contract, which could ultimately lead a customer to enter bankruptcy or otherwise encourage a customer to seek to repudiate, cancel or renegotiate a contract. An extended period of reduced crude oil and natural gas prices may accelerate these trends. If the Company experiences significant contract terminations, suspensions or scope adjustments to its contracts, then its financial condition, results of operations and cash flows may be adversely impacted.
The Company expects continued volatility in both crude oil and natural gas prices, as well as in the level of drilling and production related activities. Even during periods of high prices for oil and natural gas, companies exploring for oil and gas may cancel or curtail programs, seek to renegotiate contract terms, including the price of products and services, or reduce their levels of capital expenditures for exploration and production for a variety of reasons. A continued significant and prolonged decline in hydrocarbon prices would likely have a material adverse effect on the Company’s results of operations.
The Company believes that its backlog should help mitigate the impact of negative market conditions; however, a continued decline in commodity prices or an extended downturn in the global economy or future restrictions on or declines in offshore oil and gas exploration and production could have a negative impact on the Company and its backlog. The Company’s backlog at March 31, 2016 was approximately $522 million, compared to approximately $1.1 billion at March 31, 2015 and approximately $685 million at December 31, 2015. The Company’s backlog balance during the first three months of 2016 has been negatively impacted by purchase order cancellations and revisions totaling approximately $63 million, and, due primarily

14

to the strengthening of the Brazilian real versus the U.S. dollar, positively impacted by approximately $3 million in translation adjustments. Of the approximately $63 million in cancellations and revisions during the three months ended March 31, 2016, approximately $52 million was attributable to the cancellation of one contract for wellhead equipment for a development project.
In August 2012, the Company’s Brazilian subsidiary, Dril-Quip do Brasil LTDA, was awarded a four-year contract by Petroleo Brasileiro S.A. (“Petrobras”), Brazil’s national oil company. The contract was valued at $650 million, net of Brazilian taxes, at exchange rates in effect at that time (approximately $372 million based on the March 31, 2016 exchange rate of 3.56 Brazilian real to 1.00 U.S. dollar) if all equipment under the contract was ordered. Amounts are included in the Company’s backlog as purchase orders under the contract are received. Revenues of approximately $113 million have been recognized on this contract through March 31, 2016. As of March 31, 2016, the Company’s backlog included $46 million of purchase orders under this Petrobras contract. The Company has not yet recognized revenue of approximately $12 million as of March 31, 2016 for certain items of equipment that were completed but not yet accepted for delivery by Petrobras. If Petrobras does not ultimately accept these items for delivery or if they refuse to accept these or similar items completed in the future, the Company’s results of operations may be adversely affected. The Company is in ongoing discussions with Petrobras regarding this contract and does not expect that Petrobras will order all of the equipment under the contract during its current four-year term.
The Company operates its business and markets its products and services in most of the significant oil and gas producing areas in the world and is, therefore, subject to the risks customarily attendant to international operations and investments in foreign countries. These risks include nationalization, expropriation, war, acts of terrorism and civil disturbance, restrictive action by local governments, limitation on repatriation of earnings, change in foreign tax laws and change in currency exchange rates, any of which could have an adverse effect on either the Company’s ability to manufacture its products in its facilities abroad or the demand in certain regions for the Company’s products or both. To date, the Company has not experienced any significant problems in foreign countries arising from local government actions or political instability, but there is no assurance that such problems will not arise in the future. Interruption of the Company’s international operations could have a material adverse effect on its overall operations.
Revenues. Dril-Quip’s revenues are generated from two sources: products and services. Product revenues are derived from the sale of offshore drilling and production equipment. Service revenues are earned when the Company provides technical advisory assistance and rental tools during installation and retrieval of the Company’s products. Additionally, the Company earns service revenues when rework and reconditioning services are provided. For the three months ended March 31, 2016 and 2015, the Company derived 81% and 83%, respectively, of its revenues from the sale of its products and 19% and 17%, respectively, of its revenues from services. Service revenues generally correlate to revenues from product sales because increased product sales typically generate increased demand for technical advisory assistance services during installation and rental of running tools. The Company has substantial international operations, with approximately 57% and 62% of its revenues derived from foreign sales for the three months ended March 31, 2016 and 2015, respectively. Substantially all of the Company’s domestic revenue relates to operations in the U.S. Gulf of Mexico. Domestic revenue approximated 43% and 38% of the Company’s total revenues for the three months ended March 31, 2016 and 2015, respectively.
Product contracts are negotiated and sold separately from service contracts. In addition, service contracts are not typically included in the product contracts or related sales orders and are not offered to the customer as a condition of the sale of the Company’s products. The demand for products and services is generally based on world-wide economic conditions in the offshore oil and gas industry, and is not based on a specific relationship between the two types of contracts. Substantially all of the Company’s sales are made on a purchase order basis. Purchase orders are subject to change and/or termination at the option of the customer. In case of a change or termination, the customer is required to pay the Company for work performed and other costs necessarily incurred as a result of the change or termination.
Generally, the Company attempts to raise its prices as its costs increase. However, the actual pricing of the Company’s products and services is impacted by a number of factors, including global oil prices, competitive pricing pressure, the level of utilized capacity in the oil service sector, maintenance of market share, the introduction of new products and general market conditions.
The Company accounts for larger and more complex projects that have relatively longer manufacturing time frames on a percentage-of-completion basis. For the quarter ended March 31, 2016, there were 9 projects representing approximately 15% of the Company’s total revenues and approximately 18% of its product revenues that were accounted for using percentage-of-completion accounting, compared to 11 projects during the first quarter of 2015, which represented approximately 15% of the Company’s total revenues and approximately 18% of its product revenues. This percentage may fluctuate in the future. Revenues accounted for in this manner are generally recognized based upon a calculation of the percentage complete, which is used to determine the revenue earned and the appropriate portion of total estimated cost of sales. Accordingly, price and cost estimates are reviewed periodically as the work progresses, and adjustments proportionate to the percent complete are reflected

15

in the period when such estimates are revised. Losses, if any, are recorded in full in the period they become known. Amounts received from customers in excess of revenues recognized are classified as a current liability.
Cost of Sales. The principal elements of cost of sales are labor, raw materials and manufacturing overhead. Cost of sales as a percentage of revenues is influenced by the product mix sold in any particular period, costs from projects accounted for under the percentage-of-completion method, over/under manufacturing overhead absorption and market conditions. The Company’s costs related to its foreign operations do not significantly differ from its domestic costs.
Selling, General and Administrative Expenses. Selling, general and administrative expenses include the costs associated with sales and marketing, general corporate overhead, business development expenses, compensation expense, stock-based compensation expense, legal expenses, foreign currency transaction gains and losses and other related administrative functions.
Engineering and Product Development Expenses. Engineering and product development expenses consist of new product development and testing, as well as application engineering related to customized products.
Income Tax Provision. The Company’s effective income tax rate has historically been lower than the statutory rate primarily due to foreign income tax rate differentials, research and development credits and deductions related to domestic manufacturing activities.

16


Results of Operations
The following table sets forth, for the periods indicated, certain statement of operations data expressed as a percentage of revenues:

 
Three months ended
March 31,
 
2016
 
2015
Revenues:
 
 
 
Products
81.2
%
 
83.0
%
Services
18.8

 
17.0

Total revenues:
100.0

 
100.0

Cost of sales:
 
 
 
Products
46.2

 
46.9

Services
9.7

 
8.5

Total cost of sales:
55.9

 
55.4

Selling, general and administrative expenses
8.0

 
7.5

Engineering and product development expenses
6.5

 
5.4

Operating income
29.6

 
31.7

Interest income
0.3

 
—

Income before income taxes
29.9

 
31.7

Income tax provision
7.8

 
8.0

Net income
22.1
%
 
23.7
%

The following table sets forth, for the periods indicated, a breakdown of our products and service revenues:

Three months ended
March 31,

2016

2015

(In millions)
Revenues:



Products



Subsea equipment
$
121.1


$
168.0

Surface equipment
4.1


5.5

Offshore rig equipment
10.0


14.0

Total products
135.2


187.5

Services
31.4


38.5

Total revenues
$
166.6


$
226.0


Three Months Ended March 31, 2016 Compared to Three Months Ended March 31, 2015
Revenues. Revenues decreased by $59.4 million, or approximately 26.3%, to $166.6 million in the three months ended March 31, 2016 from $226.0 million in the three months ended March 31, 2015. Product revenues decreased by approximately $52.3 million for the three months ended March 31, 2016 compared to the same period in 2015 as a result of decreased revenues of $46.9 million in subsea equipment, $1.4 million in surface equipment and $4.0 million in offshore rig equipment. Product revenues decreased in the Eastern Hemisphere and the Western Hemisphere by $46.3 million and $13.2 million,

17

respectively, largely due to the decline in oil and gas prices resulting in decreases in the demand for exploration and production equipment, especially subsea equipment. These decreases were offset by an increase in Asia-Pacific product revenues of $7.2 million. In any given time period, the revenues recognized between the various product lines and geographic areas will vary depending upon the timing of shipments to customers, completion status of the projects accounted for under the percentage-of-completion accounting method, market conditions and customer demand. Service revenues decreased by approximately $7.1 million resulting from decreased service revenues in the Western Hemisphere of $5.3 million and $3.2 million in Asia-Pacific, partially offset by an increase of $1.4 million in the Eastern Hemisphere. The majority of the decreases in service revenues related to decreased rental of the Company’s running and installation tools, largely due to the decline in oil and gas prices leading to decreased exploration and production activities.
 
Cost of Sales. Cost of sales decreased by $32.0 million, or approximately 25.6%, to $93.1 million for the three months ended March 31, 2016 from $125.1 million for the same period in 2015 as a result of lower revenues. As a percentage of revenues, cost of sales increased slightly to 55.9% from 55.4% in the three months ended March 31, 2016 as compared to the same period in 2015, primarily as result of pricing concessions.
Selling, General and Administrative Expenses. For the three months ended March 31, 2016, selling, general and administrative expenses decreased by approximately $3.8 million, or 22.1%, to $13.2 million from $17.0 million for the same period in 2015, primarily due to a reduction in personnel and related costs associated with lower headcount. In addition, the Company experienced a pre-tax foreign currency transaction gain of $7.3 million in the first quarter of 2016 compared to a gain of $6.5 million in the first quarter of 2015. Stock award expense totaled $3.2 million for the first quarter of 2016 as compared to $3.4 million in 2015. Selling, general and administrative expenses as a percentage of revenues increased to 8.0% in the first quarter of 2016 from 7.5% in the first quarter of 2015.
Engineering and Product Development Expenses. For the three months ended March 31, 2016, engineering and product development expenses totaled $10.9 million compared to $12.2 million for the same period in 2015, a decrease of $1.3 million, or 10.7%. The majority of the decrease was due to a reduction in personnel and related costs associated with lower headcount. Engineering and product development expenses as a percentage of revenues increased to 6.5% in the first quarter of 2016 from 5.4% in the first quarter of 2015.
Income tax provision. Income tax expense for the three months ended March 31, 2016 was $13.1 million on income before taxes of $49.8 million, resulting in an effective income tax rate of approximately 26.2%. Income tax expense for the three months ended March 31, 2015 was $18.1 million on income before taxes of $71.7 million, resulting in an effective income tax rate of approximately 25.2%. The increase in the effective income tax rate percentage primarily reflects the changes in taxable income among the Company’s three geographic areas, which have different income tax rates.
Net Income. Net income was approximately $36.8 million for the three months ended March 31, 2016 and $53.7 million for the same period in 2015 for the reasons set forth above.

18



Liquidity and Capital Resources
Cash flows provided by (used in) type of activity were as follows:
 
Three Months Ended March 31,
 
2016
 
2015
 
(In thousands)
Operating activities
$
52,523

 
$
87,069

Investing activities
(7,656
)
 
(6,035
)
Financing activities
166

 
306

 
45,033

 
81,340

Effect of exchange rate changes on cash activities
(3,003
)
 
(5,914
)
Increase (decrease) in cash and cash equivalents
$
42,030

 
$
75,426


Statements of cash flows for entities with international operations that are local currency functional exclude the effects of the changes in foreign currency exchange rates that occur during any given period, as these are non-cash changes. As a result, changes reflected in certain accounts on the Condensed Consolidated Statements of Cash Flows may not reflect the changes in corresponding accounts on the Condensed Consolidated Balance Sheets.
The primary liquidity needs of the Company are (i) to fund capital expenditures to improve and expand facilities and manufacture additional running tools and (ii) to fund working capital. The Company’s principal source of funds is cash flows from operations.
Net cash provided by operating activities decreased $34.5 million for the first quarter of 2016 compared to the same period in 2015, primarily due to decreases in operating assets and liabilities of $19.6 million and lower net income of $16.9 million.
The change in operating assets and liabilities for the three months ended March 31, 2016 resulted in a $5.8 million increase in cash. Trade receivables increased $8.9 million primarily due to delays in customer collections from a tightening oil and gas market. Inventory slightly decreased by $1.9 million. Prepaids and other assets decreased by $8.1 million due to decreases in vendor prepayments. Accounts payable and accrued expenses decreased by approximately $4.8 million due to a reduction in customer prepayments of $5.8 million.
 
The change in operating assets and liabilities for the three months ended March 31, 2015 primarily reflected a decrease in trade receivables of $62.8 million and an increase in inventory of $7.0 million. Trade receivables primarily decreased due to strong collection efforts. Inventory increased due to higher balances in raw materials and work in progress (excluding foreign currency translation) to accommodate the backlog requirements related to long-term projects. Accounts payable and accrued expenses decreased by approximately $29.1 million due to a decrease in customer prepayments of $28.2 million.
Capital expenditures by the Company were $7.7 million and $6.2 million in the three months ended March 31, 2016 and 2015, respectively. The capital expenditures for the first quarter of 2016 were $6.2 million for machinery and equipment and other expenditures of $1.5 million. The capital expenditures for the first quarter of 2015 were $5.6 million for machinery and equipment and other expenditures of $600,000.
The exercise of stock options generated cash to the Company of $155,000 in the first quarter of 2016 as compared to $282,000 in the same period of 2015.
On February 26, 2015, the Company announced that its Board of Directors had authorized a stock repurchase plan under which the Company was authorized to repurchase up to $100 million of its common stock. The Company repurchased and cancelled 1,184,700 shares under this plan in 2015 for a total cost of $75.8 million. There were no repurchases during the first quarter of 2016. The repurchase program has no expiration date and any repurchased shares are expected to be cancelled.
As of March 31, 2016, the Company has no commercial lending arrangement or lines of credit. The Company believes that cash generated from operations plus cash on hand will be sufficient to fund operations, working capital needs and

19

anticipated capital expenditure requirements for the next twelve months. However, continued significant declines in hydrocarbon prices, catastrophic events or significant changes in regulations affecting the Company or its customers could have a material adverse effect on the Company’s liquidity. Should market conditions result in unexpected cash requirements, the Company believes that borrowing from commercial lending institutions would be available and adequate to meet such requirements.

Off-Balance Sheet Arrangements
The Company has no derivative instruments and no off-balance sheet hedging or financing arrangements, contracts or operations.
Other Matters
From time to time, the Company enters into discussions or negotiations to acquire other businesses or enter into joint ventures. The timing, size or success of any such efforts and the associated potential capital commitments are unpredictable and dependent on market conditions and opportunities existing at the time. The Company may seek to fund all or part of any such efforts with proceeds from debt or equity issuances. Debt or equity financing may not, however, be available at that time due to a variety of events, including, among others, the Company’s credit ratings, industry conditions, general economic conditions and market conditions.
Critical Accounting Policies
Refer to our Annual Report on Form 10-K for the year ended December 31, 2015 for a discussion of our critical accounting policies. During the three months ended March 31, 2016, there were no material changes in our judgments and assumptions associated with the development of our critical accounting policies.

Item 3.        Quantitative and Qualitative Disclosures About Market Risk
The Company is currently exposed to certain market risks related to interest rate changes on its short-term investments and fluctuations in foreign exchange rates. The Company does not engage in any material hedging transactions, forward contracts or currency trading which could mitigate the market risks inherent in such transactions. There have been no material changes in market risks for the Company from December 31, 2015.
Foreign Exchange Rate Risk
The Company has operations in various countries around the world and conducts business in a number of different currencies. Our significant foreign subsidiaries may also have monetary assets and liabilities not denominated in their functional currency. These monetary assets and liabilities are exposed to changes in currency exchange rates which may result in non-cash gains and losses primarily due to fluctuations between the U.S. dollar and each subsidiary's functional currency.
The Company experienced a foreign currency pre-tax gain of approximately $7.3 million during the three-month period ended March 31, 2016 and a pre-tax gain of $6.5 million in the same quarter of 2015. These gains were primarily due to the exchange rate fluctuations between the U.S. dollar and the British pound sterling.
The Company does not engage in any material hedging transactions, forward contracts or currency trading which could mitigate the effects and risks inherent in such transactions. Additionally, there is no assurance that the Company will be able to protect itself against currency fluctuations in the future.

Item 4.        Controls and Procedures
In accordance with Exchange Act Rules 13a-15 and 15d-15, the Company carried out an evaluation, under the supervision and with the participation of management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2016 to provide reasonable assurance that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and such information is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding disclosure.

20

There has been no change in the Company’s internal controls over financial reporting that occurred during the quarter ended March 31, 2016 that has materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting.

21


PART II—OTHER INFORMATION
Item 1.        Legal Proceedings
For a description of the Company’s legal proceedings, see “Commitments and Contingencies,” Note 7 to the Notes to Condensed Consolidated Financial Statements.

Item 1A.    Risk Factors
There have been no material changes from the risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Item 2.        Unregistered Sales of Equity Securities and Use of Proceeds
None.


22

FORWARD LOOKING STATEMENTS
This Quarterly Report on Form 10-Q includes certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements contained in all parts of this document that are not historical facts are forward-looking statements that involve risks and uncertainties that are beyond the control of Dril-Quip, Inc. (the “Company” or “Dril-Quip”). You can identify the Company’s forward-looking statements by the words “anticipate,” “estimate,” “expect,” “may,” “project,” “believe” and similar expressions, or by the Company’s discussion of strategies or trends. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct. These forward-looking statements include the following types of information and statements as they relate to the Company:
•
future operating results and cash flow;
•
scheduled, budgeted and other future capital expenditures;
•
working capital requirements;
•
the need for and the availability of expected sources of liquidity;
•
the introduction into the market of the Company’s future products;
•
the market for the Company’s existing and future products;
•
the Company’s ability to develop new applications for its technologies;
•
the exploration, development and production activities of the Company’s customers;
•
compliance with present and future environmental regulations and costs associated with environmentally related penalties, capital expenditures, remedial actions and proceedings;
•
effects of pending legal proceedings;
•
changes in customers’ future product and service requirements that may not be cost effective or within the Company’s capabilities; and
•
future operations, financial results, business plans and cash needs.
These statements are based on assumptions and analyses in light of the Company’s experience and perception of historical trends, current conditions, expected future developments and other factors the Company believes were appropriate in the circumstances when the statements were made. Forward-looking statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such statements. While it is not possible to identify all factors, the Company continues to face many risks and uncertainties. Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed under “Item 1A. Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 and the following:
•
the volatility of oil and natural gas prices;
•
the cyclical nature of the oil and gas industry;
•
uncertainties associated with the United States and worldwide economies;
•
uncertainties regarding political tensions in the Middle East, Africa and elsewhere;
•
current and potential governmental regulatory actions in the United States and regulatory actions and political unrest in other countries;
•
uncertainties regarding future oil and gas exploration and production activities, including new regulations, customs requirements and product testing requirements;
•
operating interruptions (including explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, labor difficulties, transportation interruptions, spills and releases and other environmental risks);
•
project terminations, suspensions or scope adjustments to contracts reflected in the Company’s backlog;
•
the Company’s reliance on product development;
•
technological developments;
•
the Company’s reliance on third-party technologies;

23

•
acquisition and merger activities involving the Company or its competitors;
•
the Company’s dependence on key employees and skilled machinists, fabricators and technical personnel;
•
the Company’s reliance on sources of raw materials;
•
impact of environmental matters, including future environmental regulations;
•
competitive products and pricing pressures;
•
fluctuations in foreign currency;
•
the ability of the Organization of Petroleum Exporting Countries (OPEC) to set and maintain production levels and pricing;
•
the Company’s reliance on significant customers;
•
creditworthiness of the Company’s customers;
•
fixed-price contracts;
•
changes in general economic, market or business conditions;
•
access to capital markets;
•
negative outcome of litigation, threatened litigation or government proceedings;
•
terrorist threats or acts, war and civil disturbances; and
•
the interpretation of foreign tax laws with respect to our foreign subsidiaries.
Many of such factors are beyond the Company’s ability to control or predict. Any of the factors, or a combination of these factors, could materially affect the Company’s future results of operations and the ultimate accuracy of the forward-looking statements. Management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements or present or prior earnings levels. Every forward-looking statement speaks only as of the date of the particular statement, and the Company undertakes no obligation to publicly update or revise any forward-looking statement.

24

Item 6.
(a) Exhibits
The following exhibits are filed herewith:
Exhibit No.
 
Description
*3.1
—
Restated Certificate of Incorporation of the Company (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 20, 2014).
 
 
 
*3.2
—
Certificate of Designations of Series A Junior Participating Preferred Stock of the Company (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on November 25, 2008).
 
 
 
*3.3
—
Amended and Restated Bylaws of the Company (incorporated herein by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on May 20, 2014).
 
 
 
*4.1
—
Form of certificate representing Common Stock (incorporated herein by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-1 (Registration No. 333-33447).
 
 
 
*4.2
—
Rights Agreement dated as of November 24, 2008 between Dril-Quip, Inc. and Mellon Investor Services LLC, as Rights Agent (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on November 25, 2008).
 
 
 
31.1
—
Rule 13a-14(a)/15d-14(a) Certification of Blake T. DeBerry.
 
 
 
31.2
—
Rule 13a-14(a)/15d-14(a) Certification of Jerry M. Brooks.
 
 
 
32.1
—
Section 1350 Certification of Blake T. DeBerry.
 
 
 
32.2
—
Section 1350 Certification of Jerry M. Brooks.
 
 
 
101.INS
—
XBRL Instance Document
 
 
 
101.SCH
—
XBRL Schema Document
 
 
 
101.CAL
—
XBRL Calculation Document
 
 
 
101.DEF
—
XBRL Definition Linkbase Document
 
 
 
101.LAB
—
XBRL Label Linkbase Document
 
 
 
101.PRE
—
XBRL Presentation Linkbase Document
____________________________
*    Incorporated herein by reference as indicated.

25

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
 
DRIL-QUIP, INC.
 
 
 
Date: April 26, 2016
BY:
/s/ Jerry M. Brooks
 
 
Jerry M. Brooks,
 
 
Vice President—Finance and
 
 
Chief Financial Officer
 
 
(Principal Accounting Officer and
 
 
Duly Authorized Signatory)


26
 EX-31.1 2 exhibit3112016q1.htm EXHIBIT 31.1 Exhibit


Exhibit 31.1
RULE 13a-14(a)/15d-14(a) CERTIFICATION
I, Blake T. DeBerry, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Dril-Quip, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: April 26, 2016
 
 
/s/ Blake T. DeBerry
 
Blake T. DeBerry
 
President and Chief Executive Officer


 EX-31.2 3 exhibit3122016q1.htm EXHIBIT 31.2 Exhibit


Exhibit 31.2
RULE 13a-14(a)/15d-14(a) CERTIFICATION
I, Jerry M. Brooks, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Dril-Quip, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: April 26, 2016
 
 
/s/ Jerry M. Brooks
 
Jerry M. Brooks
 
Vice President—Finance and
Chief Financial Officer


 EX-32.1 4 exhibit3212016q1.htm EXHIBIT 32.1 Exhibit


Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Dril-Quip, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2016 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Blake T. DeBerry, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Date: April 26, 2016
 
 
/s/ Blake T. DeBerry
 
Blake T. DeBerry
 
President and Chief Executive Officer


 EX-32.2 5 exhibit3222016q1.htm EXHIBIT 32.2 Exhibit


Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Dril-Quip, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2016 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Jerry M. Brooks, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Date: April 26, 2016
 
 
/s/ Jerry M. Brooks
 
Jerry M. Brooks
 
Vice President—Finance and
Chief Financial Officer



 EX-101.INS 6 drq-20160331.xml XBRL INSTANCE DOCUMENT 0001042893 2016-01-01 2016-03-31 0001042893 2016-04-25 0001042893 2016-03-31 0001042893 2015-12-31 0001042893 2015-01-01 2015-03-31 0001042893 2015-03-31 0001042893 2014-12-31 0001042893 us-gaap:OperatingSegmentsMember us-gaap:AsiaPacificMember 2015-12-31 0001042893 us-gaap:OperatingSegmentsMember drq:WesternHemisphereMember 2016-03-31 0001042893 us-gaap:OperatingSegmentsMember drq:WesternHemisphereMember 2015-12-31 0001042893 us-gaap:OperatingSegmentsMember us-gaap:AsiaPacificMember 2016-03-31 0001042893 us-gaap:OperatingSegmentsMember drq:EasternHemisphereMember 2015-12-31 0001042893 us-gaap:ConsolidationEliminationsMember 2015-12-31 0001042893 us-gaap:OperatingSegmentsMember drq:EasternHemisphereMember 2016-03-31 0001042893 us-gaap:ConsolidationEliminationsMember 2016-03-31 0001042893 drq:EasternHemisphereMember 2015-01-01 2015-03-31 0001042893 us-gaap:IntersegmentEliminationMember 2016-01-01 2016-03-31 0001042893 us-gaap:IntersegmentEliminationMember 2015-01-01 2015-03-31 0001042893 drq:WesternHemisphereMember 2016-01-01 2016-03-31 0001042893 us-gaap:IntersegmentEliminationMember drq:EasternHemisphereMember 2016-01-01 2016-03-31 0001042893 us-gaap:OperatingSegmentsMember drq:WesternHemisphereMember 2015-01-01 2015-03-31 0001042893 us-gaap:ConsolidationEliminationsMember 2015-01-01 2015-03-31 0001042893 drq:WesternHemisphereMember 2015-01-01 2015-03-31 0001042893 us-gaap:IntersegmentEliminationMember us-gaap:AsiaPacificMember 2016-01-01 2016-03-31 0001042893 drq:EasternHemisphereMember 2016-01-01 2016-03-31 0001042893 us-gaap:OperatingSegmentsMember us-gaap:AsiaPacificMember 2016-01-01 2016-03-31 0001042893 us-gaap:IntersegmentEliminationMember drq:WesternHemisphereMember 2015-01-01 2015-03-31 0001042893 us-gaap:IntersegmentEliminationMember us-gaap:AsiaPacificMember 2015-01-01 2015-03-31 0001042893 us-gaap:OperatingSegmentsMember drq:WesternHemisphereMember 2016-01-01 2016-03-31 0001042893 us-gaap:OperatingSegmentsMember drq:EasternHemisphereMember 2016-01-01 2016-03-31 0001042893 us-gaap:AsiaPacificMember 2016-01-01 2016-03-31 0001042893 us-gaap:OperatingSegmentsMember us-gaap:AsiaPacificMember 2015-01-01 2015-03-31 0001042893 us-gaap:AsiaPacificMember 2015-01-01 2015-03-31 0001042893 us-gaap:ConsolidationEliminationsMember 2016-01-01 2016-03-31 0001042893 us-gaap:IntersegmentEliminationMember drq:EasternHemisphereMember 2015-01-01 2015-03-31 0001042893 us-gaap:OperatingSegmentsMember drq:EasternHemisphereMember 2015-01-01 2015-03-31 0001042893 us-gaap:IntersegmentEliminationMember drq:WesternHemisphereMember 2016-01-01 2016-03-31 0001042893 country:BR drq:InflationRelatedCreditsMember 2015-04-01 2015-06-30 0001042893 country:BR 2010-12-01 2011-01-31 0001042893 country:BR 2015-04-01 2015-06-30 0001042893 country:BR 2010-03-01 2010-12-31 0001042893 country:BR 2010-03-01 2010-03-31 0001042893 country:BR 2010-12-01 2010-12-31 drq:Assessment xbrli:pure xbrli:shares iso4217:USD drq:Source drq:Project iso4217:USD xbrli:shares drq:Method drq:Segment drq:Location false --12-31 Q1 2016 2016-03-31 10-Q 0001042893 37957052 Large Accelerated Filer DRIL-QUIP INC DRQ 0 0 7800000 12213000 10901000 3 3 2 11 9 3 2 0.15 0.15 0.18 0.18 13000000 30934000 33509000 319780000 328060000 14052000 28143000 -101264000 -102530000 0 3334000 1428250000 13705000 391672000 677460000 372823000 1470458000 18671000 398324000 710691000 380114000 1124298000 1164616000 18388000 12540000 298705000 374131000 381336000 423366000 75426000 42030000 0.01 0.01 100000000 100000000 37951223 37957052 37951223 37957052 378000 378000 21130000 35503000 106007000 76922000 125138000 93096000 19131000 16174000 154309000 117218000 -2755000 -962000 24613000 24934000 2977000 2264000 3100000 7455000 7775000 1.38 0.97 1.38 0.97 -5914000 -3003000 17957000 11391000 24000 11000 24000 11000 63000 13000 3658000 31708000 32948000 3425000 71739000 2068000 16684000 24956000 6113000 49821000 8300000 2300000 18075000 13052000 -29139000 4766000 -62837000 8942000 7010000 -1899000 1259000 -8050000 3000 4000 178292000 191002000 383705000 382583000 344458000 343073000 101311000 97107000 39247000 39510000 104102000 94474000 49000 482000 103792000 107163000 1428250000 1470458000 100815000 104899000 306000 166000 -6035000 -7656000 87069000 52523000 53664000 36769000 303952000 2926000 43449000 208408000 55021000 305842000 2926000 42332000 212069000 54367000 71693000 49343000 19484000 19316000 54111000 45183000 9701000 10901000 -32534000 -1266000 0 0 6156000 7732000 0.01 0.01 10000000 10000000 0 0 0 0 121000 76000 282000 155000 294251000 294941000 1425344000 1462113000 11387000 11387000 221000 9985000 1181000 91284000 124109000 21996000 226002000 11176000 11176000 185000 10711000 280000 46350000 106304000 25083000 166561000 79421000 91815000 16288000 187524000 33161000 78600000 23433000 135194000 11642000 22309000 4527000 38478000 13004000 16993000 1370000 31367000 16958000 13221000 3363000 3192000 1324458000 1363295000 12200000 3900000 70800000 61500000 167000 95000 38940000 37847000 38773000 37752000 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenues not recognized under the percentage-of-completion method</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenues from the sale of inventory products, not accounted for under the percentage-of-completion method, are recorded at the time the manufacturing processes are complete and ownership is transferred to the customer.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Commitments and Contingencies</font></div><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Brazilian Tax Issue</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From 2002 to 2007, the Company&#8217;s Brazilian subsidiary imported goods through the State of Espirito Santo in Brazil and subsequently transferred them to its facility in the State of Rio de Janeiro. During that period, the Company&#8217;s Brazilian subsidiary paid taxes to the State of Espirito Santo on its imports. Upon the final sale of these goods, the Company&#8217;s Brazilian subsidiary collected taxes from customers and remitted them to the State of Rio de Janeiro net of the taxes paid on importation of those goods to the State of Espirito Santo in accordance with the Company&#8217;s understanding of Brazilian tax laws.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2007, the State of Rio de Janeiro served the Company&#8217;s Brazilian subsidiary with assessments to collect a state tax on the importation of goods through the State of Espirito Santo from 2002 to 2007 claiming that these taxes were due and payable to it under applicable law. The Company settled these assessments with payments to the State of Rio de Janeiro of $</font><font style="font-family:inherit;font-size:10pt;">12.2 million</font><font style="font-family:inherit;font-size:10pt;"> in March 2010 and $</font><font style="font-family:inherit;font-size:10pt;">3.9 million</font><font style="font-family:inherit;font-size:10pt;"> in December 2010. Approximately $</font><font style="font-family:inherit;font-size:10pt;">7.8 million</font><font style="font-family:inherit;font-size:10pt;"> of these settlement payments were attributable to penalties, interest and amounts that had expired under the statute of limitations so that amount was recorded as an expense. The remainder of the settlement payments generated credits (recorded as a long-term prepaid tax) to be used to offset future state taxes on sales to customers in the State of Rio de Janeiro, which were subject to certification by the tax authorities. During the second quarter of 2015, the tax authorities certified approximately $</font><font style="font-family:inherit;font-size:10pt;">8.3 million</font><font style="font-family:inherit;font-size:10pt;"> of those credits paid in 2010 and granted an additional $</font><font style="font-family:inherit;font-size:10pt;">2.3 million</font><font style="font-family:inherit;font-size:10pt;"> in inflation-related credits. The additional amount of credits granted by the tax authorities increased long-term prepaid taxes and decreased selling, general and administrative expenses by $</font><font style="font-family:inherit;font-size:10pt;">2.3 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In December 2010 and January 2011, the Company&#8217;s Brazilian subsidiary was served with </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> additional assessments totaling approximately $</font><font style="font-family:inherit;font-size:10pt;">13.0 million</font><font style="font-family:inherit;font-size:10pt;"> from the State of Rio de Janeiro to cancel the credits associated with the tax payments to the State of Espirito Santo (&#8220;Santo Credits&#8221;) on the importation of goods from July 2005 to October 2007. The Santo Credits are not related to the credits described above. The Company has objected to these assessments on the grounds that they would represent double taxation on the importation of the same goods and that the Company is entitled to the credits under applicable Brazilian law. With regard to the December 2010 assessment, the Company&#8217;s Brazilian subsidiary has filed an appeal with the relevant State of Rio de Janeiro judicial court to annul the tax assessment following a ruling against the Company by the tax administration&#8217;s highest council. In connection with that appeal, the Company was required to deposit with the court approximately $</font><font style="font-family:inherit;font-size:10pt;">3.1 million</font><font style="font-family:inherit;font-size:10pt;"> in December 2014 as the full amount of the assessment with penalties and interest. The Company intends to file a similar appeal in the judicial system with regard to the January 2011 assessment as a result of a ruling against the Company by the tax administration&#8217;s highest council once that ruling is finalized. The Company believes that these credits are valid and that success in the judicial court process is probable. Based upon this analysis, the Company has not accrued any liability in conjunction with this matter.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Since 2007, the Company&#8217;s Brazilian subsidiary has paid taxes on the importation of goods directly to the State of Rio de Janeiro and the Company does not expect any similar issues to exist for periods subsequent to 2007.</font></div><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">General</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates its business and markets its products and services in most of the significant oil and gas producing areas in the world and is, therefore, subject to the risks customarily attendant to international operations and dependency on the condition of the oil and gas industry. Additionally, products of the Company are used in potentially hazardous drilling, completion, and production applications that can cause personal injury, product liability and environmental claims. Although exposure to such risk has not resulted in any significant problems in the past, there can be no assurance that ongoing and future developments will not adversely impact the Company.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is also involved in a number of legal actions arising in the ordinary course of business. Although no assurance can be given with respect to the ultimate outcome of such legal action, in the opinion of management, the ultimate liability with respect thereto will not have a material adverse effect on the Company&#8217;s results of operations, financial position or cash flows.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Principles of Consolidation</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Stock-Based Compensation and Stock Awards</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, the Company recognized approximately $</font><font style="font-family:inherit;font-size:10pt;">3.2 million</font><font style="font-family:inherit;font-size:10pt;"> and $</font><font style="font-family:inherit;font-size:10pt;">3.4 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of stock-based compensation expense, which is included in the selling, general and administrative expense line on the Condensed Consolidated Statements of Income. </font><font style="font-family:inherit;font-size:10pt;">No</font><font style="font-family:inherit;font-size:10pt;"> stock-based compensation expense was capitalized during the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Earnings Per Share</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed considering the dilutive effect of stock options and awards using the treasury stock method.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value of Financial Instruments</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s financial instruments consist primarily of cash and cash equivalents, receivables and payables. The carrying values of these financial instruments approximate their respective fair values as they are short-term in nature.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Inventories, net</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Inventories consist of the following:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:76.953125%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:61%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31,<br clear="none"/>2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, <br clear="none"/>2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Raw materials</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">97,107</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,311</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Work in progress</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94,474</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">104,102</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finished goods</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">191,002</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">178,292</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">382,583</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">383,705</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: allowance for obsolete and excess inventory</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(39,510</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(39,247</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net inventory</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">343,073</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">344,458</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">New Accounting Standards</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 &#8220;Leases (Topic 842).&#8221; The new standard requires lessees to recognize lease assets (right of use) and lease obligations (lease liability) for leases previously classified as operating leases under generally accepted accounting principles on the balance sheet for leases with terms in excess of 12 months. The standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the impact of the new standard on its consolidated financial statements. </font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2015, the FASB issued ASU 2015-17 &#8220;Income Taxes (Topic 740).&#8221; In an effort to reduce complexity, the requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts will no longer be necessary. In the future, all deferred income taxes will be considered noncurrent and will continue to be offset into a single amount within each country. The standard is effective for fiscal years beginning after December&#160;15, 2016 and interim periods within those fiscal years. The Company&#8217;s financial statements will be revised to reflect this amendment beginning in the first quarter of 2017. </font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued ASU 2015-11 &#8220;Simplifying the Measurement of Inventory (Topic 330).&#8221; This standard states that inventory within the scope of this update should be measured at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal, and transportation. The standard is effective for fiscal years beginning after December&#160;15, 2016, including interim periods within those fiscal years. The Company is evaluating the impact of the new standard on its consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09 &#8220;Revenue from Contracts with Customers (Topic 606).&#8221; The amendment applies a new five-step revenue recognition model to be used in recognizing revenues associated with customer contracts. The amendment requires disclosure sufficient to enable readers of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures, significant judgments and changes in judgments and assets recognized from the costs to obtain or fulfill the contract. The standard&#8217;s effective date was originally for fiscal years beginning after December&#160;15, 2016, including interim periods within that reporting period. On April&#160;1, 2015, the FASB voted to defer the effective date by one year to December&#160;15, 2017 and interim periods within annual reporting periods beginning after December&#160;15, 2017. The Company is evaluating the impact of the new standard on its consolidated financial statements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Organization and Principles of Consolidation</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dril-Quip, Inc., a Delaware corporation (the &#8220;Company&#8221; or &#8220;Dril-Quip&#8221;), designs, manufactures, sells and services highly engineered offshore drilling and production equipment that is well suited for use in deepwater, harsh environment and severe service applications. The Company&#8217;s principal products consist of subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters. Dril-Quip&#8217;s products are used by major integrated, large independent and foreign national oil and gas companies in offshore areas throughout the world. Dril-Quip also provides technical advisory assistance on an as-requested basis during installation of its products, as well as rework and reconditioning services for customer-owned Dril-Quip products. In addition, Dril-Quip&#8217;s customers may rent or purchase running tools from the Company for use in the installation and retrieval of the Company&#8217;s products.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s operations are organized into </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> geographic segments&#8212;Western Hemisphere (including North and South America; headquartered in Houston, Texas), Eastern Hemisphere (including Europe and Africa; headquartered in Aberdeen, Scotland) and Asia-Pacific (including the Pacific Rim, Southeast Asia, Australia, India and the Middle East; headquartered in Singapore). Each of these segments sells similar products and services and the Company has major manufacturing facilities in all </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> of its headquarter locations as well as Macae, Brazil.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements included herein are unaudited. The balance sheet at </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> has been derived from the audited consolidated financial statements at that date. In the opinion of management, the unaudited condensed consolidated interim financial statements include all normal recurring adjustments necessary for a fair presentation of the financial position as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and the results of operations, comprehensive income and the cash flows for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;">-month periods ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">. Certain information and footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Management believes the unaudited interim related disclosures in these condensed consolidated financial statements are adequate. The results of operations, comprehensive income and cash flows for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;">-month period ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenues recognized under the percentage-of-completion method</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the contracts call for products which are designed to customer specifications;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the contracts contain specific terms as to milestones, progress billings and delivery dates; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product requirements cannot be filled directly from the Company&#8217;s standard inventory.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For each project, the Company prepares a detailed analysis of estimated costs, profit margin, completion date and risk factors which include availability of material, production efficiencies and other factors that may impact the project. On a quarterly basis, management reviews the progress of each project, which may result in revisions of previous estimates, including revenue recognition. The Company calculates the percent complete and applies the percentage to determine the revenues earned and the appropriate portion of total estimated costs. Losses, if any, are recorded in full in the period they become known. Historically, the Company&#8217;s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the percentage-of-completion method, billings may not correlate directly to the revenue recognized. Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in customer prepayments as a liability on the Condensed Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings in which case the amounts are reported in trade receivables. Unbilled revenues are expected to be billed and collected within one year. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Product revenues</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes product revenues from </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> methods:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product revenues recognized under the percentage-of-completion method; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product revenues from the sale of products that do not qualify for the percentage-of-completion method.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Service revenues</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes service revenues from </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> sources:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">technical advisory assistance;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">rental of running tools; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">rework and reconditioning of customer-owned Dril-Quip products.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company does not install products for its customers, but it does provide technical advisory assistance. At the time of delivery of the product, the customer is not obligated to buy or rent the Company&#8217;s running tools and the Company is not obligated to perform any subsequent services relating to installation. Technical advisory assistance service revenue is recorded at the time the service is rendered. Service revenues associated with the rental of running and installation tools are recorded as earned. Rework and reconditioning service revenues are recorded when the refurbishment process is complete.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company normally negotiates contracts for products, including those accounted for under the percentage-of-completion method, and services separately. For all product sales, it is the customer&#8217;s decision as to the timing of the product installation as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company&#8217;s technical advisory assistance services. The customer may use a third party or their own personnel.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Inventories consist of the following:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:76.953125%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:61%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31,<br clear="none"/>2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, <br clear="none"/>2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Raw materials</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">97,107</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,311</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Work in progress</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94,474</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">104,102</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finished goods</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">191,002</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">178,292</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">382,583</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">383,705</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: allowance for obsolete and excess inventory</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(39,510</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(39,247</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net inventory</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">343,073</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">344,458</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:76.953125%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:61%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended<br clear="none"/>March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenues:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Western Hemisphere</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Products</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">78,600</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">91,815</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Services</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,993</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,309</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intercompany</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,711</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,985</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:84px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">106,304</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">124,109</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eastern Hemisphere</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Products</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,161</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,421</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,004</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,642</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intercompany</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">185</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">221</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:84px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">46,350</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">91,284</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asia-Pacific</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Products</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,433</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,288</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Services</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,370</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,527</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intercompany</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">280</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,181</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:84px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,083</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,996</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Summary</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Products</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135,194</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">187,524</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,367</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,478</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intercompany</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,176</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,387</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eliminations</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,176</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,387</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:84px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">166,561</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">226,002</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income before income taxes:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Western Hemisphere</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,956</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32,948</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eastern Hemisphere</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,684</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,708</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asia-Pacific</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,113</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,425</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eliminations</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,068</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,658</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">49,821</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,739</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:76.953125%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:61%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31,<br clear="none"/>2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, <br clear="none"/>2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Total Long-Lived Assets:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Western Hemisphere</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">212,069</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">208,408</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eastern Hemisphere</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42,332</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43,449</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asia-Pacific</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54,367</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">55,021</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eliminations</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,926</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,926</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,842</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">303,952</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Total Assets:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Western Hemisphere</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">710,691</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">677,460</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eastern Hemisphere</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">398,324</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">391,672</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asia-Pacific</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">380,114</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">372,823</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eliminations</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(18,671</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13,705</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,470,458</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,428,250</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:76.953125%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:61%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended<br clear="none"/>March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average common shares outstanding&#8212;basic</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,752</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,773</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dilutive effect of common stock options and awards</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">95</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">167</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average common shares outstanding&#8212;diluted</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,847</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,940</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Geographic Areas</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:76.953125%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:61%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended<br clear="none"/>March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenues:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Western Hemisphere</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Products</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">78,600</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">91,815</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Services</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,993</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,309</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intercompany</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,711</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,985</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:84px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">106,304</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">124,109</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eastern Hemisphere</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Products</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,161</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,421</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,004</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,642</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intercompany</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">185</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">221</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:84px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">46,350</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">91,284</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asia-Pacific</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Products</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,433</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,288</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Services</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,370</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,527</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intercompany</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">280</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,181</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:84px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,083</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,996</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Summary</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Products</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135,194</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">187,524</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Services</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,367</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,478</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intercompany</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,176</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,387</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eliminations</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,176</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,387</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:84px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">166,561</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">226,002</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income before income taxes:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Western Hemisphere</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,956</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32,948</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eastern Hemisphere</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,684</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,708</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asia-Pacific</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,113</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,425</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eliminations</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,068</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,658</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">49,821</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,739</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:76.953125%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:61%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31,<br clear="none"/>2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, <br clear="none"/>2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Total Long-Lived Assets:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Western Hemisphere</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">212,069</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">208,408</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eastern Hemisphere</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42,332</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43,449</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asia-Pacific</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54,367</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">55,021</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eliminations</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,926</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,926</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,842</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">303,952</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Total Assets:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Western Hemisphere</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">710,691</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">677,460</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eastern Hemisphere</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">398,324</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">391,672</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asia-Pacific</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">380,114</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">372,823</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Eliminations</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(18,671</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13,705</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:52px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,470,458</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,428,250</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Significant Accounting Policies</font></div><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Principles of Consolidation</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.</font></div><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company&#8217;s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities.</font></div><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Product revenues</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes product revenues from </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> methods:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product revenues recognized under the percentage-of-completion method; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product revenues from the sale of products that do not qualify for the percentage-of-completion method.</font></div></td></tr></table><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenues recognized under the percentage-of-completion method</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the contracts call for products which are designed to customer specifications;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the contracts contain specific terms as to milestones, progress billings and delivery dates; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product requirements cannot be filled directly from the Company&#8217;s standard inventory.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For each project, the Company prepares a detailed analysis of estimated costs, profit margin, completion date and risk factors which include availability of material, production efficiencies and other factors that may impact the project. On a quarterly basis, management reviews the progress of each project, which may result in revisions of previous estimates, including revenue recognition. The Company calculates the percent complete and applies the percentage to determine the revenues earned and the appropriate portion of total estimated costs. Losses, if any, are recorded in full in the period they become known. Historically, the Company&#8217;s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the percentage-of-completion method, billings may not correlate directly to the revenue recognized. Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in customer prepayments as a liability on the Condensed Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings in which case the amounts are reported in trade receivables. Unbilled revenues are expected to be billed and collected within one year. At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, receivables included $</font><font style="font-family:inherit;font-size:10pt;">61.5 million</font><font style="font-family:inherit;font-size:10pt;"> and $</font><font style="font-family:inherit;font-size:10pt;">70.8 million</font><font style="font-family:inherit;font-size:10pt;"> of unbilled receivables, respectively. For the quarter ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, there were </font><font style="font-family:inherit;font-size:10pt;">9</font><font style="font-family:inherit;font-size:10pt;"> projects representing approximately </font><font style="font-family:inherit;font-size:10pt;">15%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s total revenues and approximately </font><font style="font-family:inherit;font-size:10pt;">18%</font><font style="font-family:inherit;font-size:10pt;"> of its product revenues that were accounted for using percentage-of-completion accounting, compared to </font><font style="font-family:inherit;font-size:10pt;">11</font><font style="font-family:inherit;font-size:10pt;"> projects during the </font><font style="font-family:inherit;font-size:10pt;">first</font><font style="font-family:inherit;font-size:10pt;"> quarter of </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, which represented approximately </font><font style="font-family:inherit;font-size:10pt;">15%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s total revenues and approximately </font><font style="font-family:inherit;font-size:10pt;">18%</font><font style="font-family:inherit;font-size:10pt;"> of its product revenues. </font></div><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenues not recognized under the percentage-of-completion method</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenues from the sale of inventory products, not accounted for under the percentage-of-completion method, are recorded at the time the manufacturing processes are complete and ownership is transferred to the customer.</font></div><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Service revenues</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes service revenues from </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> sources:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">technical advisory assistance;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">rental of running tools; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">rework and reconditioning of customer-owned Dril-Quip products.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company does not install products for its customers, but it does provide technical advisory assistance. At the time of delivery of the product, the customer is not obligated to buy or rent the Company&#8217;s running tools and the Company is not obligated to perform any subsequent services relating to installation. Technical advisory assistance service revenue is recorded at the time the service is rendered. Service revenues associated with the rental of running and installation tools are recorded as earned. Rework and reconditioning service revenues are recorded when the refurbishment process is complete.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company normally negotiates contracts for products, including those accounted for under the percentage-of-completion method, and services separately. For all product sales, it is the customer&#8217;s decision as to the timing of the product installation as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company&#8217;s technical advisory assistance services. The customer may use a third party or their own personnel.</font></div><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value of Financial Instruments</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s financial instruments consist primarily of cash and cash equivalents, receivables and payables. The carrying values of these financial instruments approximate their respective fair values as they are short-term in nature.</font></div><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Earnings Per Share</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed considering the dilutive effect of stock options and awards using the treasury stock method.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In each relevant period, the net income used in the basic and dilutive earnings per share calculations is the same. The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:76.953125%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:61%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended<br clear="none"/>March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(In thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average common shares outstanding&#8212;basic</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,752</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,773</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dilutive effect of common stock options and awards</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">95</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">167</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average common shares outstanding&#8212;diluted</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,847</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,940</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company&#8217;s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities.</font></div></div> EX-101.SCH 7 drq-20160331.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2107100 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 2407401 - Disclosure - Commitments and Contingencies - Additional Information (Detail) link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 1003000 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 1002000 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - DOCUMENT AND ENTITY INFORMATION link:presentationLink link:calculationLink link:definitionLink 2106100 - Disclosure - Geographic Areas link:presentationLink link:calculationLink link:definitionLink 2406402 - Disclosure - Geographic Areas - Schedule of Segment Reporting (Detail) link:presentationLink link:calculationLink link:definitionLink 2306301 - Disclosure - Geographic Areas (Tables) link:presentationLink link:calculationLink link:definitionLink 2105100 - Disclosure - Inventories, net link:presentationLink link:calculationLink link:definitionLink 2405402 - Disclosure - Inventories, net - Schedule of Inventories (Detail) link:presentationLink link:calculationLink link:definitionLink 2305301 - Disclosure - Inventories, net (Tables) link:presentationLink link:calculationLink link:definitionLink 2103100 - Disclosure - New Accounting Standards link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Organization and Principles of Consolidation link:presentationLink link:calculationLink link:definitionLink 2401401 - Disclosure - Organization and Principles of Consolidation - Additional Information (Detail) link:presentationLink link:calculationLink link:definitionLink 2102100 - Disclosure - Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 2402403 - Disclosure - Significant Accounting Policies - Additional Information (Detail) link:presentationLink link:calculationLink link:definitionLink 2202201 - Disclosure - Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 2402404 - Disclosure - Significant Accounting Policies - Schedule of Earnings Per Share (Detail) link:presentationLink link:calculationLink link:definitionLink 2302302 - Disclosure - Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 2104100 - Disclosure - Stock-Based Compensation and Stock Awards link:presentationLink link:calculationLink link:definitionLink 2404401 - Disclosure - Stock-Based Compensation and Stock Awards - Additional Information (Detail) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 drq-20160331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 9 drq-20160331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 10 drq-20160331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Accounting Policies [Abstract] Principles of Consolidation Consolidation, Policy [Policy Text Block] Use of Estimates Use of Estimates, Policy [Policy Text Block] Revenue Recognition Revenue Recognition, Sales of Goods [Policy Text Block] Revenues recognized under the percentage-of-completion method Revenue Recognition, Percentage-of-Completion Method [Policy Text Block] Revenues not recognized under the percentage-of-completion method Revenue Recognition, Sales Of Inventory [Policy Text Block] Revenue Recognition, Sales Of Inventory [Policy Text Block] Service revenue Revenue Recognition, Sales of Services [Policy Text Block] Fair Value of Financial Instruments Fair Value of Financial Instruments, Policy [Policy Text Block] Earnings Per Share Earnings Per Share, Policy [Policy Text Block] Organization, Consolidation and Presentation of Financial Statements [Abstract] Number of geographic segments Number Of Geographic Segments Number of geographic segments. Number of headquarter locations Number Of Head Quarter Locations Number of head quarter locations. Schedule of Earnings Per Share Schedule of Weighted Average Number of Shares [Table Text Block] Organization and Principles of Consolidation Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Significant Accounting Policies Significant Accounting Policies [Text Block] Weighted average common shares outstanding—basic (in shares) Weighted Average Number of Shares Outstanding, Basic Dilutive effect of common stock options and awards (in shares) Weighted Average Number Diluted Shares Outstanding Adjustment Weighted average common shares outstanding—diluted (in shares) Weighted Average Number of Shares Outstanding, Diluted Accounting Changes and Error Corrections [Abstract] New Accounting Standards New Accounting Pronouncements and Changes in Accounting Principles [Text Block] Segment Reporting [Abstract] Schedule of Segment Reporting Information, by Segment [Table] Schedule of Segment Reporting Information, by Segment [Table] Segments [Axis] Segments [Axis] Segments [Domain] Segments [Domain] Western Hemisphere [Member] Western Hemisphere [Member] Western Hemisphere. Eastern Hemisphere [Member] Eastern Hemisphere [Member] Eastern Hemisphere. Asia Pacific [Member] Asia Pacific [Member] Consolidation Items [Axis] Consolidation Items [Axis] Consolidation Items [Domain] Consolidation Items [Domain] Operating Segments [Member] Operating Segments [Member] Eliminations [Member] Intersegment Eliminations [Member] Consolidation, Eliminations [Member] Consolidation, Eliminations [Member] Segment Reporting Information [Line Items] Segment Reporting Information [Line Items] Products Sales Revenue, Goods, Net Services Sales Revenue, Services, Net Revenues Revenues Income before income taxes Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Total Long-Lived Assets Long-Lived Assets Total Assets Assets Statement of Comprehensive Income [Abstract] Net income Net Income (Loss) Attributable to Parent Other comprehensive loss, net of tax: Other Comprehensive Income (Loss), Net of Tax [Abstract] Foreign currency translation adjustments Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax Total comprehensive income Comprehensive Income (Loss), Net of Tax, Attributable to Parent Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Stock-Based Compensation and Stock Awards Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Statement of Financial Position [Abstract] Preferred stock, shares authorized (in shares) Preferred Stock, Shares Authorized Preferred stock, shares issued (in shares) Preferred Stock, Shares Issued Preferred stock, par value (in dollars per share) Preferred Stock, Par or Stated Value Per Share Common stock, shares authorized (in shares) Common Stock, Shares Authorized Common stock, shares issued (in shares) Common Stock, Shares, Issued Common stock, shares outstanding (in shares) Common Stock, Shares, Outstanding Common stock, par value (in dollars per share) Common Stock, Par or Stated Value Per Share Stock-based compensation expense Share-based Compensation Capitalized expense Allocated Share Based Compensation Expense Capitalized Allocated share based compensation expense capitalized. Document And Entity Information [Abstract] Document and Entity Information [Abstract] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Trading Symbol Trading Symbol Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Document Type Document Type Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Amendment Flag Amendment Flag Entity Common Stock, Shares Outstanding (shares) Entity Common Stock, Shares Outstanding Income Statement [Abstract] Revenues: Revenues [Abstract] Total revenues Cost and expenses: Costs and Expenses [Abstract] Cost of sales: Cost of Goods Sold [Abstract] Products Cost of Goods Sold Services Cost of Services Total cost of sales Cost of Revenue Selling, general and administrative Selling, General and Administrative Expense Engineering and product development Engineering And Product Development Costs directly incurred in the development and maintenance of the company's technology infrastructure. Total costs and expenses Costs and Expenses Operating income Operating Income (Loss) Interest income Investment Income, Interest Interest expense Interest Expense Income before income taxes Income tax provision Income Tax Expense (Benefit) Net income Earnings per common share: Earnings Per Share [Abstract] Basic (in dollars per share) Earnings Per Share, Basic Diluted (in dollars per share) Earnings Per Share, Diluted Weighted average common shares outstanding: Weighted Average Number of Shares Outstanding, Diluted [Abstract] Basic (in shares) Diluted (in shares) Inventory Disclosure [Abstract] Schedule of Inventories Schedule of Inventory, Current [Table Text Block] Statement of Cash Flows [Abstract] Operating activities Net Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by (used in) operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Depreciation and amortization Depreciation, Depletion and Amortization Loss (gain) on sale of equipment Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property Deferred income taxes Deferred Income Tax Expense (Benefit) Changes in operating assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Trade receivables, net Increase (Decrease) in Accounts Receivable Inventories, net Increase (Decrease) in Inventories Prepaids and other assets Increase (Decrease) in Other Operating Assets Excess tax benefits of stock options and awards Excess Tax Benefit from Share-based Compensation, Operating Activities Accounts payable and accrued expenses Increase (Decrease) in Accounts Payable and Accrued Liabilities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities, Continuing Operations Investing activities Net Cash Provided by (Used in) Investing Activities [Abstract] Purchase of property, plant and equipment Payments to Acquire Property, Plant, and Equipment Proceeds from sale of equipment Proceeds from Sale of Machinery and Equipment Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations Financing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Repurchase of common stock Payments for Repurchase of Common Stock Proceeds from exercise of stock options Proceeds from Stock Options Exercised Excess tax benefits of stock options and awards Excess Tax Benefit from Share-based Compensation, Financing Activities Net cash used in financing activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations Effect of exchange rate changes on cash activities Effect of Exchange Rate on Cash and Cash Equivalents Increase (decrease) in cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Cash and cash equivalents at beginning of period Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents at end of period Inventories Inventory Disclosure [Text Block] Raw materials Inventory, Raw Materials and Supplies, Gross Work in progress Inventory, Work in Process, Gross Finished goods Inventory, Finished Goods, Gross Inventory, gross, Total Inventory, Gross Less: allowance for obsolete and excess inventory Inventory Valuation Reserves Net inventory Inventory, Net Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Geographic Areas Segment Reporting Disclosure [Text Block] Schedule of Segment Reporting Schedule of Segment Reporting Information, by Segment [Table Text Block] Commitments And Contingencies [Table] Commitments And Contingencies [Table] Commitments And Contingencies [Table] Geographical [Axis] Geographical [Axis] Geographical [Domain] Geographical [Domain] Brazil [Member] BRAZIL Tax Credit Carryforward [Axis] Tax Credit Carryforward [Axis] Tax Credit Carryforward, Name [Domain] Tax Credit Carryforward, Name [Domain] Inflation Related Credits [Member] Inflation Related Credits [Member] Inflation related credits. Commitments And Contingencies [Line Items] Commitments And Contingencies [Line Items] Commitments And Contingencies [Line Items] Tax assessment settled with payments Tax Adjustments, Settlements, and Unusual Provisions Amount of interest, penalties and monetary restatement fees on tax assessments Amount Of Interest Penalties And Monetary Restatement Fees On Tax Assessment Amount of interest, penalties and monetary restatement fees on tax assessment. Tax credits certified Income Tax Credits and Adjustments Number of additional assessments Number Of Tax Assessments Number Of Tax Assessments Value of assessments served on Brazilian subsidiary Tax Assessments Valued By Foreign Tax Authorities For Subsidiary Tax assessments valued by foreign tax authorities for subsidiary. Court deposit Deposits Assets Number of product revenue sources Number Of Product Revenue Sources Number of product revenue sources. Unbilled receivables Unbilled Receivables, Not Billable, Amount Expected to be Collected in Next Twelve Months Number of projects Number Of Projects Number of projects. Percentage of total revenues Percentage Of Cumulative Revenue Percentage of cumulative revenue. Percentage of product revenues Percentage Of Product Revenue Percentage of product revenue. Number of service revenue sources Number Of Service Revenue Sources Number of service revenue sources. ASSETS Assets [Abstract] Current assets: Assets, Current [Abstract] Cash and cash equivalents Trade receivables, net Accounts Receivable, Net, Current Inventories, net Deferred income taxes Deferred Tax Assets, Net of Valuation Allowance, Current Prepaids and other current assets Other Assets, Current Total current assets Assets, Current Property, plant and equipment, net Property, Plant and Equipment, Net Other assets Other Assets, Noncurrent Total assets LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities and Equity [Abstract] Current liabilities: Liabilities, Current [Abstract] Accounts payable Accounts Payable, Current Accrued income taxes Accrued Income Taxes, Current Customer prepayments Billings in Excess of Cost Accrued compensation Employee-related Liabilities, Current Other accrued liabilities Other Accrued Liabilities, Current Total current liabilities Liabilities, Current Deferred income taxes Deferred Tax Liabilities, Net, Noncurrent Total liabilities Liabilities Commitments and contingencies Commitments and Contingencies Stockholders’ equity: Stockholders' Equity Attributable to Parent [Abstract] Preferred stock, 10,000,000 shares authorized at $0.01 par value (none issued) Preferred Stock, Value, Issued Common stock: Dividends, Common Stock [Abstract] 100,000,000 shares authorized at $0.01 par value, 37,957,052 and 37,951,223 shares issued and outstanding at March 31, 2016 and December 31, 2015 Common Stock, Value, Issued Additional paid-in capital Additional Paid in Capital, Common Stock Retained earnings Retained Earnings (Accumulated Deficit) Accumulated other comprehensive losses Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax Total stockholders’ equity Stockholders' Equity Attributable to Parent Total liabilities and stockholders’ equity Liabilities and Equity EX-101.PRE 11 drq-20160331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R1.htm IDEA: XBRL DOCUMENT v3.4.0.3
DOCUMENT AND ENTITY INFORMATION - shares
 3 Months Ended
Mar. 31, 2016
Apr. 25, 2016
Document And Entity Information [Abstract]    
Entity Registrant Name DRIL-QUIP INC  
Entity Central Index Key 0001042893  
Trading Symbol DRQ  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Document Type 10-Q  
Document Period End Date Mar. 31, 2016  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Common Stock, Shares Outstanding (shares)   37,957,052
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 423,366 $ 381,336
Trade receivables, net 328,060 319,780
Inventories, net 343,073 344,458
Deferred income taxes 24,934 24,613
Prepaids and other current assets 45,183 54,111
Total current assets 1,164,616 1,124,298
Property, plant and equipment, net 294,941 294,251
Other assets 10,901 9,701
Total assets 1,470,458 1,428,250
Current liabilities:    
Accounts payable 33,509 30,934
Accrued income taxes 28,143 14,052
Customer prepayments 12,540 18,388
Accrued compensation 11,391 17,957
Other accrued liabilities 19,316 19,484
Total current liabilities 104,899 100,815
Deferred income taxes 2,264 2,977
Total liabilities $ 107,163 $ 103,792
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, 10,000,000 shares authorized at $0.01 par value (none issued) $ 0 $ 0
Common stock:    
100,000,000 shares authorized at $0.01 par value, 37,957,052 and 37,951,223 shares issued and outstanding at March 31, 2016 and December 31, 2015 378 378
Additional paid-in capital 3,334 0
Retained earnings 1,462,113 1,425,344
Accumulated other comprehensive losses (102,530) (101,264)
Total stockholders’ equity 1,363,295 1,324,458
Total liabilities and stockholders’ equity $ 1,470,458 $ 1,428,250
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
Mar. 31, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]    
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 37,957,052 37,951,223
Common stock, shares outstanding (in shares) 37,957,052 37,951,223
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues:    
Products $ 135,194 $ 187,524
Services 31,367 38,478
Total revenues 166,561 226,002
Cost of sales:    
Products 76,922 106,007
Services 16,174 19,131
Total cost of sales 93,096 125,138
Selling, general and administrative 13,221 16,958
Engineering and product development 10,901 12,213
Total costs and expenses 117,218 154,309
Operating income 49,343 71,693
Interest income 482 49
Interest expense (4) (3)
Income before income taxes 49,821 71,739
Income tax provision 13,052 18,075
Net income $ 36,769 $ 53,664
Earnings per common share:    
Basic (in dollars per share) $ 0.97 $ 1.38
Diluted (in dollars per share) $ 0.97 $ 1.38
Weighted average common shares outstanding:    
Basic (in shares) 37,752 38,773
Diluted (in shares) 37,847 38,940
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Statement of Comprehensive Income [Abstract]    
Net income $ 36,769 $ 53,664
Other comprehensive loss, net of tax:    
Foreign currency translation adjustments (1,266) (32,534)
Total comprehensive income $ 35,503 $ 21,130
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities    
Net income $ 36,769 $ 53,664
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 7,775 7,455
Stock-based compensation expense 3,192 3,363
Loss (gain) on sale of equipment (13) (63)
Deferred income taxes (962) (2,755)
Changes in operating assets and liabilities:    
Trade receivables, net (8,942) 62,837
Inventories, net 1,899 (7,010)
Prepaids and other assets 8,050 (1,259)
Excess tax benefits of stock options and awards (11) (24)
Accounts payable and accrued expenses 4,766 (29,139)
Net cash provided by operating activities 52,523 87,069
Investing activities    
Purchase of property, plant and equipment (7,732) (6,156)
Proceeds from sale of equipment 76 121
Net cash used in investing activities (7,656) (6,035)
Financing activities    
Repurchase of common stock 0 0
Proceeds from exercise of stock options 155 282
Excess tax benefits of stock options and awards 11 24
Net cash used in financing activities 166 306
Effect of exchange rate changes on cash activities (3,003) (5,914)
Increase (decrease) in cash and cash equivalents 42,030 75,426
Cash and cash equivalents at beginning of period 381,336 298,705
Cash and cash equivalents at end of period $ 423,366 $ 374,131
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.4.0.3
Organization and Principles of Consolidation
 3 Months Ended
Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Principles of Consolidation
Organization and Principles of Consolidation
Dril-Quip, Inc., a Delaware corporation (the “Company” or “Dril-Quip”), designs, manufactures, sells and services highly engineered offshore drilling and production equipment that is well suited for use in deepwater, harsh environment and severe service applications. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters. Dril-Quip’s products are used by major integrated, large independent and foreign national oil and gas companies in offshore areas throughout the world. Dril-Quip also provides technical advisory assistance on an as-requested basis during installation of its products, as well as rework and reconditioning services for customer-owned Dril-Quip products. In addition, Dril-Quip’s customers may rent or purchase running tools from the Company for use in the installation and retrieval of the Company’s products.
The Company’s operations are organized into three geographic segments—Western Hemisphere (including North and South America; headquartered in Houston, Texas), Eastern Hemisphere (including Europe and Africa; headquartered in Aberdeen, Scotland) and Asia-Pacific (including the Pacific Rim, Southeast Asia, Australia, India and the Middle East; headquartered in Singapore). Each of these segments sells similar products and services and the Company has major manufacturing facilities in all three of its headquarter locations as well as Macae, Brazil.
The condensed consolidated financial statements included herein are unaudited. The balance sheet at December 31, 2015 has been derived from the audited consolidated financial statements at that date. In the opinion of management, the unaudited condensed consolidated interim financial statements include all normal recurring adjustments necessary for a fair presentation of the financial position as of March 31, 2016 and the results of operations, comprehensive income and the cash flows for the three-month periods ended March 31, 2016 and 2015. Certain information and footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Management believes the unaudited interim related disclosures in these condensed consolidated financial statements are adequate. The results of operations, comprehensive income and cash flows for the three-month period ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.4.0.3
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Significant Accounting Policies
Significant Accounting Policies
Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities.
Revenue Recognition
Product revenues
The Company recognizes product revenues from two methods:
•
product revenues recognized under the percentage-of-completion method; and
•
product revenues from the sale of products that do not qualify for the percentage-of-completion method.

Revenues recognized under the percentage-of-completion method
The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:
•
the contracts call for products which are designed to customer specifications;
•
the structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;
•
the contracts contain specific terms as to milestones, progress billings and delivery dates; and
•
product requirements cannot be filled directly from the Company’s standard inventory.
For each project, the Company prepares a detailed analysis of estimated costs, profit margin, completion date and risk factors which include availability of material, production efficiencies and other factors that may impact the project. On a quarterly basis, management reviews the progress of each project, which may result in revisions of previous estimates, including revenue recognition. The Company calculates the percent complete and applies the percentage to determine the revenues earned and the appropriate portion of total estimated costs. Losses, if any, are recorded in full in the period they become known. Historically, the Company’s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.
Under the percentage-of-completion method, billings may not correlate directly to the revenue recognized. Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in customer prepayments as a liability on the Condensed Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings in which case the amounts are reported in trade receivables. Unbilled revenues are expected to be billed and collected within one year. At March 31, 2016 and December 31, 2015, receivables included $61.5 million and $70.8 million of unbilled receivables, respectively. For the quarter ended March 31, 2016, there were 9 projects representing approximately 15% of the Company’s total revenues and approximately 18% of its product revenues that were accounted for using percentage-of-completion accounting, compared to 11 projects during the first quarter of 2015, which represented approximately 15% of the Company’s total revenues and approximately 18% of its product revenues.
Revenues not recognized under the percentage-of-completion method
Revenues from the sale of inventory products, not accounted for under the percentage-of-completion method, are recorded at the time the manufacturing processes are complete and ownership is transferred to the customer.
Service revenues
The Company recognizes service revenues from three sources:
•
technical advisory assistance;
•
rental of running tools; and
•
rework and reconditioning of customer-owned Dril-Quip products.
The Company does not install products for its customers, but it does provide technical advisory assistance. At the time of delivery of the product, the customer is not obligated to buy or rent the Company’s running tools and the Company is not obligated to perform any subsequent services relating to installation. Technical advisory assistance service revenue is recorded at the time the service is rendered. Service revenues associated with the rental of running and installation tools are recorded as earned. Rework and reconditioning service revenues are recorded when the refurbishment process is complete.
The Company normally negotiates contracts for products, including those accounted for under the percentage-of-completion method, and services separately. For all product sales, it is the customer’s decision as to the timing of the product installation as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company’s technical advisory assistance services. The customer may use a third party or their own personnel.
Fair Value of Financial Instruments
The Company’s financial instruments consist primarily of cash and cash equivalents, receivables and payables. The carrying values of these financial instruments approximate their respective fair values as they are short-term in nature.

Earnings Per Share
Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed considering the dilutive effect of stock options and awards using the treasury stock method.
In each relevant period, the net income used in the basic and dilutive earnings per share calculations is the same. The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:
 
Three months ended
March 31,
 
2016
 
2015
 
(In thousands)
Weighted average common shares outstanding—basic
37,752

 
38,773

Dilutive effect of common stock options and awards
95

 
167

Weighted average common shares outstanding—diluted
37,847

 
38,940
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.4.0.3
New Accounting Standards
 3 Months Ended
Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]  
New Accounting Standards
New Accounting Standards
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 “Leases (Topic 842).” The new standard requires lessees to recognize lease assets (right of use) and lease obligations (lease liability) for leases previously classified as operating leases under generally accepted accounting principles on the balance sheet for leases with terms in excess of 12 months. The standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the impact of the new standard on its consolidated financial statements.
In November 2015, the FASB issued ASU 2015-17 “Income Taxes (Topic 740).” In an effort to reduce complexity, the requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts will no longer be necessary. In the future, all deferred income taxes will be considered noncurrent and will continue to be offset into a single amount within each country. The standard is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. The Company’s financial statements will be revised to reflect this amendment beginning in the first quarter of 2017.
In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory (Topic 330).” This standard states that inventory within the scope of this update should be measured at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal, and transportation. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is evaluating the impact of the new standard on its consolidated financial statements.
In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606).” The amendment applies a new five-step revenue recognition model to be used in recognizing revenues associated with customer contracts. The amendment requires disclosure sufficient to enable readers of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures, significant judgments and changes in judgments and assets recognized from the costs to obtain or fulfill the contract. The standard’s effective date was originally for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. On April 1, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 and interim periods within annual reporting periods beginning after December 15, 2017. The Company is evaluating the impact of the new standard on its consolidated financial statements.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock-Based Compensation and Stock Awards
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation and Stock Awards
Stock-Based Compensation and Stock Awards
During the three months ended March 31, 2016 and 2015, the Company recognized approximately $3.2 million and $3.4 million, respectively, of stock-based compensation expense, which is included in the selling, general and administrative expense line on the Condensed Consolidated Statements of Income. No stock-based compensation expense was capitalized during the three months ended March 31, 2016 or 2015.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.4.0.3
Inventories, net
 3 Months Ended
Mar. 31, 2016
Inventory Disclosure [Abstract]  
Inventories
Inventories, net
Inventories consist of the following:
 
March 31,
2016
 
December 31,
2015
 
(In thousands)
Raw materials
$
97,107

 
$
101,311

Work in progress
94,474

 
104,102

Finished goods
191,002

 
178,292

 
382,583

 
383,705

Less: allowance for obsolete and excess inventory
(39,510
)
 
(39,247
)
Net inventory
$
343,073

 
$
344,458
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.4.0.3
Geographic Areas
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Geographic Areas
Geographic Areas
 
Three months ended
March 31,
 
2016
 
2015
 
(In thousands)
Revenues:
 
 
 
Western Hemisphere
 
 
 
Products
$
78,600

 
$
91,815

Services
16,993

 
22,309

Intercompany
10,711

 
9,985

Total
$
106,304

 
$
124,109

Eastern Hemisphere
 
 
 
Products
$
33,161

 
$
79,421

Services
13,004

 
11,642

Intercompany
185

 
221

Total
$
46,350

 
$
91,284

Asia-Pacific
 
 
 
Products
$
23,433

 
$
16,288

Services
1,370

 
4,527

Intercompany
280

 
1,181

Total
$
25,083

 
$
21,996

Summary
 
 
 
Products
$
135,194

 
$
187,524

Services
31,367

 
38,478

Intercompany
11,176

 
11,387

Eliminations
(11,176
)
 
(11,387
)
Total
$
166,561

 
$
226,002

Income before income taxes:
 
 
 
Western Hemisphere
$
24,956

 
$
32,948

Eastern Hemisphere
16,684

 
31,708

Asia-Pacific
6,113

 
3,425

Eliminations
2,068

 
3,658

Total
$
49,821

 
$
71,739

 
March 31,
2016
 
December 31,
2015
 
(In thousands)
Total Long-Lived Assets:
 
 
 
Western Hemisphere
$
212,069

 
$
208,408

Eastern Hemisphere
42,332

 
43,449

Asia-Pacific
54,367

 
55,021

Eliminations
(2,926
)
 
(2,926
)
Total
$
305,842

 
$
303,952

Total Assets:
 
 
 
Western Hemisphere
$
710,691

 
$
677,460

Eastern Hemisphere
398,324

 
391,672

Asia-Pacific
380,114

 
372,823

Eliminations
(18,671
)
 
(13,705
)
Total
$
1,470,458

 
$
1,428,250
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.4.0.3
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies
Brazilian Tax Issue
From 2002 to 2007, the Company’s Brazilian subsidiary imported goods through the State of Espirito Santo in Brazil and subsequently transferred them to its facility in the State of Rio de Janeiro. During that period, the Company’s Brazilian subsidiary paid taxes to the State of Espirito Santo on its imports. Upon the final sale of these goods, the Company’s Brazilian subsidiary collected taxes from customers and remitted them to the State of Rio de Janeiro net of the taxes paid on importation of those goods to the State of Espirito Santo in accordance with the Company’s understanding of Brazilian tax laws.
In August 2007, the State of Rio de Janeiro served the Company’s Brazilian subsidiary with assessments to collect a state tax on the importation of goods through the State of Espirito Santo from 2002 to 2007 claiming that these taxes were due and payable to it under applicable law. The Company settled these assessments with payments to the State of Rio de Janeiro of $12.2 million in March 2010 and $3.9 million in December 2010. Approximately $7.8 million of these settlement payments were attributable to penalties, interest and amounts that had expired under the statute of limitations so that amount was recorded as an expense. The remainder of the settlement payments generated credits (recorded as a long-term prepaid tax) to be used to offset future state taxes on sales to customers in the State of Rio de Janeiro, which were subject to certification by the tax authorities. During the second quarter of 2015, the tax authorities certified approximately $8.3 million of those credits paid in 2010 and granted an additional $2.3 million in inflation-related credits. The additional amount of credits granted by the tax authorities increased long-term prepaid taxes and decreased selling, general and administrative expenses by $2.3 million.
In December 2010 and January 2011, the Company’s Brazilian subsidiary was served with two additional assessments totaling approximately $13.0 million from the State of Rio de Janeiro to cancel the credits associated with the tax payments to the State of Espirito Santo (“Santo Credits”) on the importation of goods from July 2005 to October 2007. The Santo Credits are not related to the credits described above. The Company has objected to these assessments on the grounds that they would represent double taxation on the importation of the same goods and that the Company is entitled to the credits under applicable Brazilian law. With regard to the December 2010 assessment, the Company’s Brazilian subsidiary has filed an appeal with the relevant State of Rio de Janeiro judicial court to annul the tax assessment following a ruling against the Company by the tax administration’s highest council. In connection with that appeal, the Company was required to deposit with the court approximately $3.1 million in December 2014 as the full amount of the assessment with penalties and interest. The Company intends to file a similar appeal in the judicial system with regard to the January 2011 assessment as a result of a ruling against the Company by the tax administration’s highest council once that ruling is finalized. The Company believes that these credits are valid and that success in the judicial court process is probable. Based upon this analysis, the Company has not accrued any liability in conjunction with this matter.
Since 2007, the Company’s Brazilian subsidiary has paid taxes on the importation of goods directly to the State of Rio de Janeiro and the Company does not expect any similar issues to exist for periods subsequent to 2007.
General
The Company operates its business and markets its products and services in most of the significant oil and gas producing areas in the world and is, therefore, subject to the risks customarily attendant to international operations and dependency on the condition of the oil and gas industry. Additionally, products of the Company are used in potentially hazardous drilling, completion, and production applications that can cause personal injury, product liability and environmental claims. Although exposure to such risk has not resulted in any significant problems in the past, there can be no assurance that ongoing and future developments will not adversely impact the Company.
The Company is also involved in a number of legal actions arising in the ordinary course of business. Although no assurance can be given with respect to the ultimate outcome of such legal action, in the opinion of management, the ultimate liability with respect thereto will not have a material adverse effect on the Company’s results of operations, financial position or cash flows.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.4.0.3
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany accounts and transactions have been eliminated.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities.
Revenue Recognition
Revenue Recognition
Product revenues
The Company recognizes product revenues from two methods:
•
product revenues recognized under the percentage-of-completion method; and
•
product revenues from the sale of products that do not qualify for the percentage-of-completion method.
Revenues recognized under the percentage-of-completion method
Revenues recognized under the percentage-of-completion method
The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:
•
the contracts call for products which are designed to customer specifications;
•
the structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;
•
the contracts contain specific terms as to milestones, progress billings and delivery dates; and
•
product requirements cannot be filled directly from the Company’s standard inventory.
For each project, the Company prepares a detailed analysis of estimated costs, profit margin, completion date and risk factors which include availability of material, production efficiencies and other factors that may impact the project. On a quarterly basis, management reviews the progress of each project, which may result in revisions of previous estimates, including revenue recognition. The Company calculates the percent complete and applies the percentage to determine the revenues earned and the appropriate portion of total estimated costs. Losses, if any, are recorded in full in the period they become known. Historically, the Company’s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.
Under the percentage-of-completion method, billings may not correlate directly to the revenue recognized. Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in customer prepayments as a liability on the Condensed Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings in which case the amounts are reported in trade receivables. Unbilled revenues are expected to be billed and collected within one year.
Revenues not recognized under the percentage-of-completion method
Revenues not recognized under the percentage-of-completion method
Revenues from the sale of inventory products, not accounted for under the percentage-of-completion method, are recorded at the time the manufacturing processes are complete and ownership is transferred to the customer.
Service revenue
Service revenues
The Company recognizes service revenues from three sources:
•
technical advisory assistance;
•
rental of running tools; and
•
rework and reconditioning of customer-owned Dril-Quip products.
The Company does not install products for its customers, but it does provide technical advisory assistance. At the time of delivery of the product, the customer is not obligated to buy or rent the Company’s running tools and the Company is not obligated to perform any subsequent services relating to installation. Technical advisory assistance service revenue is recorded at the time the service is rendered. Service revenues associated with the rental of running and installation tools are recorded as earned. Rework and reconditioning service revenues are recorded when the refurbishment process is complete.
The Company normally negotiates contracts for products, including those accounted for under the percentage-of-completion method, and services separately. For all product sales, it is the customer’s decision as to the timing of the product installation as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company’s technical advisory assistance services. The customer may use a third party or their own personnel.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The Company’s financial instruments consist primarily of cash and cash equivalents, receivables and payables. The carrying values of these financial instruments approximate their respective fair values as they are short-term in nature.
Earnings Per Share
Earnings Per Share
Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed considering the dilutive effect of stock options and awards using the treasury stock method.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.4.0.3
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Schedule of Earnings Per Share
The following table reconciles the weighted average basic number of common shares outstanding and the weighted average diluted number of common shares outstanding for the purpose of calculating basic and diluted earnings per share:
 
Three months ended
March 31,
 
2016
 
2015
 
(In thousands)
Weighted average common shares outstanding—basic
37,752

 
38,773

Dilutive effect of common stock options and awards
95

 
167

Weighted average common shares outstanding—diluted
37,847

 
38,940
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.4.0.3
Inventories, net (Tables)
 3 Months Ended
Mar. 31, 2016
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consist of the following:
 
March 31,
2016
 
December 31,
2015
 
(In thousands)
Raw materials
$
97,107

 
$
101,311

Work in progress
94,474

 
104,102

Finished goods
191,002

 
178,292

 
382,583

 
383,705

Less: allowance for obsolete and excess inventory
(39,510
)
 
(39,247
)
Net inventory
$
343,073

 
$
344,458
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.4.0.3
Geographic Areas (Tables)
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Schedule of Segment Reporting
 
Three months ended
March 31,
 
2016
 
2015
 
(In thousands)
Revenues:
 
 
 
Western Hemisphere
 
 
 
Products
$
78,600

 
$
91,815

Services
16,993

 
22,309

Intercompany
10,711

 
9,985

Total
$
106,304

 
$
124,109

Eastern Hemisphere
 
 
 
Products
$
33,161

 
$
79,421

Services
13,004

 
11,642

Intercompany
185

 
221

Total
$
46,350

 
$
91,284

Asia-Pacific
 
 
 
Products
$
23,433

 
$
16,288

Services
1,370

 
4,527

Intercompany
280

 
1,181

Total
$
25,083

 
$
21,996

Summary
 
 
 
Products
$
135,194

 
$
187,524

Services
31,367

 
38,478

Intercompany
11,176

 
11,387

Eliminations
(11,176
)
 
(11,387
)
Total
$
166,561

 
$
226,002

Income before income taxes:
 
 
 
Western Hemisphere
$
24,956

 
$
32,948

Eastern Hemisphere
16,684

 
31,708

Asia-Pacific
6,113

 
3,425

Eliminations
2,068

 
3,658

Total
$
49,821

 
$
71,739

 
March 31,
2016
 
December 31,
2015
 
(In thousands)
Total Long-Lived Assets:
 
 
 
Western Hemisphere
$
212,069

 
$
208,408

Eastern Hemisphere
42,332

 
43,449

Asia-Pacific
54,367

 
55,021

Eliminations
(2,926
)
 
(2,926
)
Total
$
305,842

 
$
303,952

Total Assets:
 
 
 
Western Hemisphere
$
710,691

 
$
677,460

Eastern Hemisphere
398,324

 
391,672

Asia-Pacific
380,114

 
372,823

Eliminations
(18,671
)
 
(13,705
)
Total
$
1,470,458

 
$
1,428,250
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.4.0.3
Organization and Principles of Consolidation - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2016
Segment
Location
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of geographic segments | Segment 3
Number of headquarter locations | Location 3
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
Significant Accounting Policies - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2016
USD ($)
Project
Source
Method
Mar. 31, 2015
Project
Dec. 31, 2015
USD ($)
Accounting Policies [Abstract]      
Number of product revenue sources | Method 2    
Unbilled receivables | $ $ 61.5   $ 70.8
Number of projects | Project 9 11  
Percentage of total revenues 15.00% 15.00%  
Percentage of product revenues 18.00% 18.00%  
Number of service revenue sources | Source 3    
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.4.0.3
Significant Accounting Policies - Schedule of Earnings Per Share (Detail) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Accounting Policies [Abstract]    
Weighted average common shares outstanding—basic (in shares) 37,752 38,773
Dilutive effect of common stock options and awards (in shares) 95 167
Weighted average common shares outstanding—diluted (in shares) 37,847 38,940
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock-Based Compensation and Stock Awards - Additional Information (Detail) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]    
Stock-based compensation expense $ 3,192,000 $ 3,363,000
Capitalized expense $ 0 $ 0
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.4.0.3
Inventories, net - Schedule of Inventories (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Inventory Disclosure [Abstract]    
Raw materials $ 97,107 $ 101,311
Work in progress 94,474 104,102
Finished goods 191,002 178,292
Inventory, gross, Total 382,583 383,705
Less: allowance for obsolete and excess inventory (39,510) (39,247)
Net inventory $ 343,073 $ 344,458
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.4.0.3
Geographic Areas - Schedule of Segment Reporting (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Segment Reporting Information [Line Items]      
Products $ 135,194 $ 187,524  
Services 31,367 38,478  
Revenues 166,561 226,002  
Income before income taxes 49,821 71,739  
Total Long-Lived Assets 305,842   $ 303,952
Total Assets 1,470,458   1,428,250
Eliminations [Member]      
Segment Reporting Information [Line Items]      
Revenues 11,176 11,387  
Consolidation, Eliminations [Member]      
Segment Reporting Information [Line Items]      
Revenues 11,176 11,387  
Income before income taxes 2,068 3,658  
Total Long-Lived Assets 2,926   2,926
Total Assets 18,671   13,705
Western Hemisphere [Member]      
Segment Reporting Information [Line Items]      
Products 78,600 91,815  
Services 16,993 22,309  
Western Hemisphere [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Revenues 106,304 124,109  
Income before income taxes 24,956 32,948  
Total Long-Lived Assets 212,069   208,408
Total Assets 710,691   677,460
Western Hemisphere [Member] | Eliminations [Member]      
Segment Reporting Information [Line Items]      
Revenues 10,711 9,985  
Eastern Hemisphere [Member]      
Segment Reporting Information [Line Items]      
Products 33,161 79,421  
Services 13,004 11,642  
Eastern Hemisphere [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Revenues 46,350 91,284  
Income before income taxes 16,684 31,708  
Total Long-Lived Assets 42,332   43,449
Total Assets 398,324   391,672
Eastern Hemisphere [Member] | Eliminations [Member]      
Segment Reporting Information [Line Items]      
Revenues 185 221  
Asia Pacific [Member]      
Segment Reporting Information [Line Items]      
Products 23,433 16,288  
Services 1,370 4,527  
Asia Pacific [Member] | Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Revenues 25,083 21,996  
Income before income taxes 6,113 3,425  
Total Long-Lived Assets 54,367   55,021
Total Assets 380,114   $ 372,823
Asia Pacific [Member] | Eliminations [Member]      
Segment Reporting Information [Line Items]      
Revenues $ 280 $ 1,181  
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.4.0.3
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
 1 Months Ended 2 Months Ended 3 Months Ended 10 Months Ended
Dec. 31, 2010
USD ($)
Mar. 31, 2010
USD ($)
Jan. 31, 2011
USD ($)
Assessment
Jun. 30, 2015
USD ($)
Dec. 31, 2010
USD ($)
Dec. 31, 2014
USD ($)
Commitments And Contingencies [Line Items]            
Court deposit           $ 3.1
Brazil [Member]            
Commitments And Contingencies [Line Items]            
Tax assessment settled with payments $ 3.9 $ 12.2        
Amount of interest, penalties and monetary restatement fees on tax assessments         $ 7.8  
Tax credits certified       $ 8.3    
Number of additional assessments | Assessment     2      
Value of assessments served on Brazilian subsidiary     $ 13.0      
Brazil [Member] | Inflation Related Credits [Member]            
Commitments And Contingencies [Line Items]            
Tax credits certified       $ 2.3    
EXCEL 36 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 37 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 38 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 40 FilingSummary.xml IDEA: XBRL DOCUMENT 3.4.0.3 html 43 123 1 false 8 0 false 10 false false R1.htm 0001000 - Document - DOCUMENT AND ENTITY INFORMATION Sheet http://www.dril-quip.com/role/DocumentAndEntityInformation DOCUMENT AND ENTITY INFORMATION Cover 1 false false R2.htm 1001000 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Sheet http://www.dril-quip.com/role/CondensedConsolidatedBalanceSheetsUnaudited CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Statements 2 false false R3.htm 1001501 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) Sheet http://www.dril-quip.com/role/CondensedConsolidatedBalanceSheetsUnauditedParenthetical CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) Statements 3 false false R4.htm 1002000 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Sheet http://www.dril-quip.com/role/CondensedConsolidatedStatementsOfIncomeUnaudited CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Statements 4 false false R5.htm 1003000 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Sheet http://www.dril-quip.com/role/CondensedConsolidatedStatementsOfComprehensiveIncomeUnaudited CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Statements 5 false false R6.htm 1004000 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Sheet http://www.dril-quip.com/role/CondensedConsolidatedStatementsOfCashFlowsUnaudited CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Statements 6 false false R7.htm 2101100 - Disclosure - Organization and Principles of Consolidation Sheet http://www.dril-quip.com/role/OrganizationAndPrinciplesOfConsolidation Organization and Principles of Consolidation Notes 7 false false R8.htm 2102100 - Disclosure - Significant Accounting Policies Sheet http://www.dril-quip.com/role/SignificantAccountingPolicies Significant Accounting Policies Notes 8 false false R9.htm 2103100 - Disclosure - New Accounting Standards Sheet http://www.dril-quip.com/role/NewAccountingStandards New Accounting Standards Notes 9 false false R10.htm 2104100 - Disclosure - Stock-Based Compensation and Stock Awards Sheet http://www.dril-quip.com/role/StockBasedCompensationAndStockAwards Stock-Based Compensation and Stock Awards Notes 10 false false R11.htm 2105100 - Disclosure - Inventories, net Sheet http://www.dril-quip.com/role/InventoriesNet Inventories, net Notes 11 false false R12.htm 2106100 - Disclosure - Geographic Areas Sheet http://www.dril-quip.com/role/GeographicAreas Geographic Areas Notes 12 false false R13.htm 2107100 - Disclosure - Commitments and Contingencies Sheet http://www.dril-quip.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 13 false false R14.htm 2202201 - Disclosure - Significant Accounting Policies (Policies) Sheet http://www.dril-quip.com/role/SignificantAccountingPoliciesPolicies Significant Accounting Policies (Policies) Policies http://www.dril-quip.com/role/SignificantAccountingPolicies 14 false false R15.htm 2302302 - Disclosure - Significant Accounting Policies (Tables) Sheet http://www.dril-quip.com/role/SignificantAccountingPoliciesTables Significant Accounting Policies (Tables) Tables http://www.dril-quip.com/role/SignificantAccountingPolicies 15 false false R16.htm 2305301 - Disclosure - Inventories, net (Tables) Sheet http://www.dril-quip.com/role/InventoriesNetTables Inventories, net (Tables) Tables http://www.dril-quip.com/role/InventoriesNet 16 false false R17.htm 2306301 - Disclosure - Geographic Areas (Tables) Sheet http://www.dril-quip.com/role/GeographicAreasTables Geographic Areas (Tables) Tables http://www.dril-quip.com/role/GeographicAreas 17 false false R18.htm 2401401 - Disclosure - Organization and Principles of Consolidation - Additional Information (Detail) Sheet http://www.dril-quip.com/role/OrganizationAndPrinciplesOfConsolidationAdditionalInformationDetail Organization and Principles of Consolidation - Additional Information (Detail) Details 18 false false R19.htm 2402403 - Disclosure - Significant Accounting Policies - Additional Information (Detail) Sheet http://www.dril-quip.com/role/SignificantAccountingPoliciesAdditionalInformationDetail Significant Accounting Policies - Additional Information (Detail) Details 19 false false R20.htm 2402404 - Disclosure - Significant Accounting Policies - Schedule of Earnings Per Share (Detail) Sheet http://www.dril-quip.com/role/SignificantAccountingPoliciesScheduleOfEarningsPerShareDetail Significant Accounting Policies - Schedule of Earnings Per Share (Detail) Details 20 false false R21.htm 2404401 - Disclosure - Stock-Based Compensation and Stock Awards - Additional Information (Detail) Sheet http://www.dril-quip.com/role/StockBasedCompensationAndStockAwardsAdditionalInformationDetail Stock-Based Compensation and Stock Awards - Additional Information (Detail) Details 21 false false R22.htm 2405402 - Disclosure - Inventories, net - Schedule of Inventories (Detail) Sheet http://www.dril-quip.com/role/InventoriesNetScheduleOfInventoriesDetail Inventories, net - Schedule of Inventories (Detail) Details 22 false false R23.htm 2406402 - Disclosure - Geographic Areas - Schedule of Segment Reporting (Detail) Sheet http://www.dril-quip.com/role/GeographicAreasScheduleOfSegmentReportingDetail Geographic Areas - Schedule of Segment Reporting (Detail) Details 23 false false R24.htm 2407401 - Disclosure - Commitments and Contingencies - Additional Information (Detail) Sheet http://www.dril-quip.com/role/CommitmentsAndContingenciesAdditionalInformationDetail Commitments and Contingencies - Additional Information (Detail) Details 24 false false All Reports Book All Reports drq-20160331.xml drq-20160331.xsd drq-20160331_cal.xml drq-20160331_def.xml drq-20160331_lab.xml drq-20160331_pre.xml true true ZIP 42 0001042893-16-000004-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001042893-16-000004-xbrl.zip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