Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

We operate in two business segments that offer different products and services and correspond to the manner in which our chief operating decision maker reviews and evaluates operating performance to make decisions about resources to be allocated to each segment.

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 business segment for three months ended March 31, 2024 and 2023 is summarized below.

	Three Months Ended March 31,
	2024		2023
Revenue:
Pressure Control	$	175,028	$	194,655
Spoolable Technologies	99,095		33,750
Total revenues	274,123		228,405
Operating income:
Pressure Control	51,675		63,171
Spoolable Technologies	16,393		249
Total segment operating income	68,068		63,420
Corporate and other expenses (1)	(5,518)		(13,732)
Total operating income	62,550		49,688
Interest income, net	689		1,002
Other income, net	—		3,538
Income before income taxes	$	63,239	$	54,228

(1)Includes corporate and other costs not directly attributable to our reporting segments, such as corporate executive management and other administrative functions. These costs were previously included in the Pressure Control segment. The information for the three months ended March 31, 2023 has been recast to align with the presentation for the three months ended March 31, 2024.