v3.25.1
Mergers and Acquisitions - Schedule of Preliminary Allocation to Estimated Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Feb. 07, 2025
Nov. 29, 2024
Sep. 06, 2024
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 01, 2023
Business Acquisition [Line Items]              
Goodwill       $ 75,568 $ 60,176 $ 23,932  
Preliminary Purchase Price Allocation              
Business Acquisition [Line Items]              
Cash and restricted cash     $ 154,312        
Trade receivables     125,155        
Contract assets     8,675        
Inventory     148,958        
Assets held for sale     1,535        
Prepaid expenses and other current assets     20,023        
Property and equipment, net     133,690        
Right of use assets - operating     21,358        
Deferred tax asset, net     124,634        
Other Long-term assets     5,461        
Total assets     743,801        
Accounts payable     48,887        
Accrued expenses     28,906        
Contract liabilities     14,332        
Operating lease liabilities - current     2,080        
Current portion of long-term debt and finance lease obligations     595        
Other current liabilities     213        
Long-term debt and finance lease obligations     1,645        
Operating lease liabilities - noncurrent     15,397        
Other long-term liabilities     1,814        
Total liabilities     113,869        
Net assets acquired     629,932        
Gain on bargain purchase     (92,659)        
Total purchase consideration     537,273        
SCF Machining Corporation              
Business Acquisition [Line Items]              
Cash and restricted cash $ 308            
Inventory 758            
Prepaid expenses and other current assets 722            
Property and equipment, net 1,305            
Right of use assets - operating 892            
Other Long-term assets 269            
Total assets 4,254            
Accounts payable 671            
Accrued expenses 372            
Operating lease liabilities - current 374            
Operating lease liabilities - noncurrent 518            
Total liabilities 1,935            
Net assets acquired 2,319            
Goodwill 15,402            
Total purchase consideration $ 17,721            
Dril-Quip, Inc              
Business Acquisition [Line Items]              
Cash and restricted cash     154,312        
Trade receivables     125,155        
Contract assets     8,675        
Inventory     148,958        
Assets held for sale     1,535        
Prepaid expenses and other current assets     20,023        
Property and equipment, net     133,690        
Right of use assets - operating     21,358        
Deferred tax asset, net     117,787        
Other Long-term assets     5,461        
Total assets     736,954        
Accounts payable     48,887        
Accrued expenses     28,906        
Contract liabilities     14,332        
Operating lease liabilities - current     2,080        
Current portion of long-term debt and finance lease obligations     595        
Other current liabilities     213        
Long-term debt and finance lease obligations     1,645        
Operating lease liabilities - noncurrent     15,397        
Other long-term liabilities     1,814        
Total liabilities     113,869        
Net assets acquired     623,085        
Gain on bargain purchase     (85,812)        
Total purchase consideration     537,273        
Dril-Quip, Inc | Measurement Period Adjustments              
Business Acquisition [Line Items]              
Deferred tax asset, net     (6,847)        
Total assets     (6,847)        
Net assets acquired     (6,847)        
Gain on bargain purchase     $ 6,847        
Downhole Well Solutions, LLC              
Business Acquisition [Line Items]              
Cash and restricted cash   $ 9,530          
Trade receivables   9,864          
Property and equipment, net   16,426          
Right of use assets - operating   2,392          
Intangibles, net   75,100         $ 13,000
Total assets   113,312          
Accounts payable   3,682          
Accrued expenses   1,656          
Operating lease liabilities - current   423          
Current portion of long-term debt and finance lease obligations   237          
Long-term debt and finance lease obligations   588          
Operating lease liabilities - noncurrent   1,969          
Deferred income taxes   3,168          
Total liabilities   11,723          
Net assets acquired   101,589          
Goodwill   36,244         $ 2,000
Total purchase consideration   $ 137,833