Business Combinations (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Business Combination [Line Items] |
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| Summary of the Fair Value of Assets Acquired and Liabilities Assumed |
The following table provides the allocation of the purchase price to major classes of assets and liabilities assumed in USD as of the acquisition date, translated at the exchange rate on the acquisition date. The goodwill reflected below increased by £0.6 million ($0.8 million) from December 31, 2025, which resulted from working capital measurement period adjustments.
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| (in millions) |
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British pounds |
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Exchange rate
at acquisition
date |
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USD |
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Cash consideration paid, including £0.2 million cash acquired |
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£ |
3.5 |
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1.3446 |
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$ |
4.7 |
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Contingent consideration(a) |
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1.6 |
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1.3446 |
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2.2 |
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Total consideration |
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5.1 |
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6.9 |
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Identified intangible assets acquired |
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1.9 |
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1.3446 |
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2.6 |
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Goodwill acquired |
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£ |
3.2 |
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$ |
4.3 |
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| (a). |
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The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting specific earnings and operational targets. |
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| Summary of Net Impact of Drillform Acquisition on the Income Statement |
The following table provides the allocation of the purchase price to major classes of assets and liabilities assumed in USD as of the acquisition date, translated at the exchange rate on the acquisition date. The goodwill reflected below increased by £0.6 million ($0.8 million) from December 31, 2025, which resulted from working capital measurement period adjustments.
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| (in millions) |
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British pounds |
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Exchange rate
at acquisition
date |
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USD |
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Cash consideration paid, including £0.2 million cash acquired |
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£ |
3.5 |
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1.3446 |
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$ |
4.7 |
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Contingent consideration(a) |
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1.6 |
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1.3446 |
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2.2 |
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Total consideration |
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5.1 |
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6.9 |
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Identified intangible assets acquired |
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1.9 |
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1.3446 |
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2.6 |
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Goodwill acquired |
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£ |
3.2 |
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$ |
4.3 |
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| (a). |
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The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting specific earnings and operational targets. |
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| HMH Holding BV And Subsidiaries [Member] |
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| Business Combination [Line Items] |
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| Summary of the Fair Value of Assets Acquired and Liabilities Assumed |
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Since the date of acquisition, following is the net impact of the Drillform acquisition on the Company’s consolidated statement of income for the year ended December 31, 2024:
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Revenues |
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$ |
7,906 |
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Net income |
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(2,760 |
) |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
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| Assets |
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Cash and cash equivalents |
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$ |
1,377 |
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Accounts receivable |
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836 |
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Inventory |
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3,043 |
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Prepaid expenses and other current assets |
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110 |
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Total current assets |
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5,366 |
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Property and equipment |
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439 |
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Intangible assets |
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11,000 |
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Total assets |
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$ |
16,805 |
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Liabilities and equity |
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Current liabilities |
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Customer deposits |
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3,885 |
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Accounts payable |
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1,307 |
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Warranty liability |
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2,432 |
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Deferred tax liability |
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477 |
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Total current liabilities |
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8,101 |
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Total debt and leases |
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2 |
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Contingent consideration |
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3,700 |
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Total liabilities |
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$ |
11,803 |
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Equity consideration |
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$ |
21,000 |
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Goodwill |
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$ |
15,998 |
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| Schedule of the Fair Value of Acquired Identifiable Intangible Assets |
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The following table summarizes the fair value of acquired identifiable intangible assets as of the date of acquisition:
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Developed technology(1) |
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$ |
6,000 |
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Customer relationships(1) |
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5,000 |
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Total acquired intangible assets |
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$ |
11,000 |
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| (1) |
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The weighted-average amortization period for developed technology and customer relationships is 5 years and 2 years, respectively. |
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| Summary of Net Impact of Drillform Acquisition on the Income Statement |
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Since the date of acquisition, following is the net impact of the Drillform acquisition on the Company’s consolidated statement of income for the year ended December 31, 2024:
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Revenues |
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$ |
7,906 |
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Net income |
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(2,760 |
) |
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| Summary of Supplement of the Company on an Pro Forma Information |
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Following is the supplemental consolidated financial results of the Company on an unaudited pro forma basis for the year ended December 31, 2024, as if the acquisition had been consummated on January 1, 2024:
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Revenues |
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$ |
849,860 |
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Net income attributable |
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49,753 |
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Net income per common share—basic and diluted |
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$ |
248,765 |
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