Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summarized Financial Information by Segment

Financial information by segment for the years ended December 31, 2023, 2022, and 2021 is summarized below.

	Year Ended December 31,
	2023		2022		2021
Revenue:
Pressure Control	$	756,727	$	688,369	$	438,589
Spoolable Technologies	340,233		—		—
Total revenues	1,096,960		688,369		438,589
Operating income:
Pressure Control	236,934		202,650		91,579
Spoolable Technologies(1)	62,172		—		—
Total segment operating income	299,106		202,650		91,579
Corporate and other expenses(2)	(34,740)		(27,902)		(16,152)
Total operating income	264,366		174,748		75,427
Interest income (expense), net	(6,480)		3,714		(774)
Other income (expense), net	4,490		(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,
	2023		2022		2021
Depreciation and amortization:
Pressure Control	$	30,898	$	34,124	$	36,308
Spoolable Technologies	34,147		—		—
Total depreciation and amortization	$	65,045	$	34,124	$	36,308
Capital expenditures:
Pressure Control	$	40,940	$	28,291	$	13,939
Spoolable Technologies	3,037		—		—
Total capital expenditures	$	43,977	$	28,291	$	13,939
Segment Assets:(1)
Pressure Control	$	437,887	$	447,937	$	353,757
Spoolable Technologies	713,007		—		—
Total segment assets	1,150,894		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.