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Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Prior to the acquisition of FlexSteel, we operated in a single operating segment which reflected how our business was managed and the nature of our products and services. Upon completion of the acquisition, we re-evaluated our reportable segments and now report two operating segments. The operating segments have been identified based on the Company’s management structure, the different products and services offered by each and the financial data utilized by the Company’s Chief Executive Officer (the chief operating decision maker or “CODM”) to assess segment performance and allocate resources among segments.
Our reporting segments are:
•Pressure Control – engaged in the design, manufacture, sale, installation and service of wellhead and pressure control equipment utilized during the drilling, completion and production phases of oil and gas wells.
•Spoolable Technologies – engaged in the design, manufacture, sale, installation, service and associated rental of onshore spoolable pipe technologies utilized for production, gathering and takeaway transportation of oil, gas or other liquids.
Financial information by segment for the years ended December 31, 2023, 2022, and 2021 is summarized below.
Year Ended December 31,
202320222021
Revenue:
Pressure Control$756,727 $688,369 $438,589 
Spoolable Technologies340,233 — — 
Total revenues1,096,960 688,369 438,589 
Operating income:
Pressure Control236,934 202,650 91,579 
Spoolable Technologies(1)
62,172 — — 
Total segment operating income299,106 202,650 91,579 
Corporate and other expenses(2)
(34,740)(27,902)(16,152)
Total operating income264,366 174,748 75,427 
Interest income (expense), net(6,480)3,714 (774)
Other income (expense), net4,490 (1,910)492 
Income before income taxes$262,376 $176,552 $75,145 
(1)    Includes approximately $23.5 million of inventory step-up expense as a result of purchase accounting and $14.9 million of expense related to the change in fair value of the earn-out liability.
(2)    Comprised primarily of expenses not allocated to our operating segments. Corporate and other expenses were previously included in our Pressure Control segment. The information for fiscal year 2022 and 2021 has been recast to align with the presentation for the year ended December 31, 2023.
Additional financial information by operating segment for the years ended December 31, 2023, 2022, and 2021 is summarized below.
Year Ended December 31,
202320222021
Depreciation and amortization:
Pressure Control$30,898 $34,124 $36,308 
Spoolable Technologies34,147 — — 
Total depreciation and amortization$65,045 $34,124 $36,308 
Capital expenditures:
Pressure Control$40,940 $28,291 $13,939 
Spoolable Technologies3,037 — — 
Total capital expenditures$43,977 $28,291 $13,939 
Segment Assets:(1)
Pressure Control$437,887 $447,937 $353,757 
Spoolable Technologies713,007 — — 
Total segment assets1,150,894 447,937 353,757 
Corporate and other(2)
371,667 670,959 628,321 
Total assets$1,522,561 $1,118,896 $982,078 
(1)    Segment assets consist of accounts receivables, inventories, prepaid expenses and other current assets, property and equipment, net, goodwill and other intangible assets, net.
(2)    Consists primarily of cash and cash equivalents and deferred tax assets.
Based on the location where the sale originated, revenues in the United States exceeded 95% of total revenues during each of the three years ended December 31, 2023. Additionally, tangible long-lived assets in the United States exceeded 90% of total tangible long-lived assets as of December 31, 2023, 2022 and 2021.