2016 Q4 Form 10-Q Financial Statement
#000104289316000009 Filed on October 27, 2016
Income Statement
Concept | 2016 Q4 | 2016 Q3 | 2015 Q4 |
---|---|---|---|
Revenue | $106.1M | $123.6M | $201.6M |
YoY Change | -47.38% | -38.61% | -20.87% |
Cost Of Revenue | $77.79M | $77.63M | $108.4M |
YoY Change | -28.2% | -28.21% | -23.96% |
Gross Profit | $28.30M | $46.01M | $93.28M |
YoY Change | -69.66% | -50.67% | -16.95% |
Gross Profit Margin | 26.67% | 37.21% | 46.26% |
Selling, General & Admin | $21.70M | $12.50M | $20.20M |
YoY Change | 7.43% | -27.64% | -10.22% |
% of Gross Profit | 76.69% | 27.18% | 21.66% |
Research & Development | $11.30M | $10.60M | $12.80M |
YoY Change | -11.72% | -9.4% | 10.34% |
% of Gross Profit | 39.93% | 23.04% | 13.72% |
Depreciation & Amortization | $8.800M | $7.592M | $7.700M |
YoY Change | 14.29% | -1.4% | -8.33% |
% of Gross Profit | 31.1% | 16.5% | 8.25% |
Operating Expenses | $32.90M | $12.50M | $32.90M |
YoY Change | 0.0% | -27.64% | -3.52% |
Operating Profit | -$4.634M | $22.93M | $60.31M |
YoY Change | -107.68% | -64.31% | -22.91% |
Interest Expense | $1.100M | $1.000K | $400.0K |
YoY Change | 175.0% | -75.0% | 300.0% |
% of Operating Profit | 0.0% | 0.66% | |
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | -$3.600M | $23.88M | $60.70M |
YoY Change | -105.93% | -63.04% | -22.48% |
Income Tax | -$4.900M | $4.864M | $12.30M |
% Of Pretax Income | 20.37% | 20.26% | |
Net Earnings | $1.302M | $19.01M | $48.35M |
YoY Change | -97.31% | -62.56% | -18.16% |
Net Earnings / Revenue | 1.23% | 15.38% | 23.98% |
Basic Earnings Per Share | $0.03 | $0.51 | $1.28 |
Diluted Earnings Per Share | $0.03 | $0.51 | $1.28 |
COMMON SHARES | |||
Basic Shares Outstanding | 37.58M shares | 37.37M shares | 38.36M shares |
Diluted Shares Outstanding | 37.55M shares |
Balance Sheet
Concept | 2016 Q4 | 2016 Q3 | 2015 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $423.5M | $542.6M | $381.3M |
YoY Change | 11.07% | 36.68% | 27.65% |
Cash & Equivalents | $423.5M | $542.6M | $381.3M |
Short-Term Investments | |||
Other Short-Term Assets | $39.79M | $16.99M | $54.11M |
YoY Change | -26.46% | -60.76% | 41.23% |
Inventory | $355.4M | $351.1M | $344.5M |
Prepaid Expenses | |||
Receivables | $213.5M | $221.6M | $319.8M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $1.057B | $1.158B | $1.124B |
YoY Change | -6.01% | 2.14% | -0.25% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $323.1M | $290.1M | $294.3M |
YoY Change | 9.82% | -0.84% | -4.93% |
Goodwill | $34.37M | $0.00 | |
YoY Change | |||
Intangibles | $38.01M | $0.00 | |
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $15.88M | $11.71M | $9.701M |
YoY Change | 63.69% | 0.22% | -22.92% |
Total Long-Term Assets | $404.7M | $304.0M | $304.0M |
YoY Change | 33.14% | -0.09% | -5.64% |
TOTAL ASSETS | |||
Total Short-Term Assets | $1.057B | $1.158B | $1.124B |
Total Long-Term Assets | $404.7M | $304.0M | $304.0M |
Total Assets | $1.461B | $1.462B | $1.428B |
YoY Change | 2.32% | 1.66% | -1.45% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $36.11M | $23.67M | $30.93M |
YoY Change | 16.73% | -47.03% | -42.54% |
Accrued Expenses | $28.90M | $30.90M | $30.80M |
YoY Change | -6.17% | -16.03% | -35.43% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $101.5M | $86.78M | $100.8M |
YoY Change | 0.66% | -26.49% | -49.25% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $0.00 | ||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $101.5M | $86.78M | $100.8M |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $105.0M | $89.67M | $103.8M |
YoY Change | 1.14% | -26.7% | -49.14% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $1.501B | $1.500B | $1.425B |
YoY Change | 5.31% | 6.42% | 11.48% |
Common Stock | $5.843M | $3.930M | $378.0K |
YoY Change | 1445.77% | 928.8% | -97.76% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $1.356B | $1.372B | $1.324B |
YoY Change | |||
Total Liabilities & Shareholders Equity | $1.461B | $1.462B | $1.428B |
YoY Change | 2.32% | 1.66% | -1.45% |
Cashflow Statement
Concept | 2016 Q4 | 2016 Q3 | 2015 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $1.302M | $19.01M | $48.35M |
YoY Change | -97.31% | -62.56% | -18.16% |
Depreciation, Depletion And Amortization | $8.800M | $7.592M | $7.700M |
YoY Change | 14.29% | -1.4% | -8.33% |
Cash From Operating Activities | $25.00M | $58.60M | $31.50M |
YoY Change | -20.63% | 28.23% | -32.55% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$5.500M | -$5.000M | -$10.40M |
YoY Change | -47.12% | -9.09% | -7.96% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$132.4M | $200.0K | $200.0K |
YoY Change | -66300.0% | 100.0% | -60.0% |
Cash From Investing Activities | -$137.8M | -$4.900M | -$10.10M |
YoY Change | 1264.36% | -10.91% | -8.18% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 1.300M | 500.0K | -34.70M |
YoY Change | -103.75% | -102.38% | -28.75% |
NET CHANGE | |||
Cash From Operating Activities | 25.00M | 58.60M | 31.50M |
Cash From Investing Activities | -137.8M | -4.900M | -10.10M |
Cash From Financing Activities | 1.300M | 500.0K | -34.70M |
Net Change In Cash | -111.5M | 54.20M | -13.30M |
YoY Change | 738.35% | 182.29% | 2.31% |
FREE CASH FLOW | |||
Cash From Operating Activities | $25.00M | $58.60M | $31.50M |
Capital Expenditures | -$5.500M | -$5.000M | -$10.40M |
Free Cash Flow | $30.50M | $63.60M | $41.90M |
YoY Change | -27.21% | 24.22% | -27.76% |
Facts In Submission
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|
-34350000 | USD | |
CY2015Q3 | us-gaap |
Interest Expense
InterestExpense
|
4000 | USD |
us-gaap |
Interest Expense
InterestExpense
|
10000 | USD | |
CY2016Q3 | us-gaap |
Interest Expense
InterestExpense
|
1000 | USD |
us-gaap |
Interest Expense
InterestExpense
|
15000 | USD | |
CY2015Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
178292000 | USD |
CY2016Q3 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
221570000 | USD |
CY2015Q4 | us-gaap |
Inventory Gross
InventoryGross
|
383705000 | USD |
CY2016Q3 | us-gaap |
Inventory Gross
InventoryGross
|
394899000 | USD |
CY2015Q4 | us-gaap |
Inventory Net
InventoryNet
|
344458000 | USD |
CY2016Q3 | us-gaap |
Inventory Net
InventoryNet
|
351133000 | USD |
CY2015Q4 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
101311000 | USD |
CY2016Q3 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
86314000 | USD |
CY2015Q4 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
39247000 | USD |
CY2016Q3 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
43766000 | USD |
CY2015Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
104102000 | USD |
CY2016Q3 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
87015000 | USD |
CY2015Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
345000 | USD |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
559000 | USD | |
CY2016Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
945000 | USD |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
1968000 | USD | |
CY2015Q4 | us-gaap |
Liabilities
Liabilities
|
103792000 | USD |
CY2016Q3 | us-gaap |
Liabilities
Liabilities
|
89665000 | USD |
CY2015Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1428250000 | USD |
CY2016Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1462060000 | USD |
CY2015Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
100815000 | USD |
CY2016Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
86784000 | USD |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-38902000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-23240000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-16563000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-20008000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
158738000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
221494000 | USD | |
CY2015Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
50777000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
143654000 | USD | |
CY2016Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
19013000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
91919000 | USD | |
CY2015Q4 | us-gaap |
Noncurrent Assets
NoncurrentAssets
|
303952000 | USD |
CY2016Q3 | us-gaap |
Noncurrent Assets
NoncurrentAssets
|
304008000 | USD |
CY2015Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
64255000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
188527000 | USD | |
CY2016Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
22933000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
117493000 | USD | |
CY2015Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
19484000 | USD |
CY2016Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
18140000 | USD |
CY2015Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
54111000 | USD |
CY2016Q3 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
16987000 | USD |
CY2015Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
9701000 | USD |
CY2016Q3 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
11711000 | USD |
CY2015Q3 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
-33099000 | USD |
us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
-43792000 | USD | |
CY2016Q3 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
-8852000 | USD |
us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
-30204000 | USD | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
40911000 | USD | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
24238000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
16746000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
20289000 | USD | |
CY2015Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2016Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
CY2015Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
CY2016Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
CY2015Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2016Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2015Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
CY2016Q3 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
183000 | USD | |
us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
281000 | USD | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1952000 | USD | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
940000 | USD | |
CY2015Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
294251000 | USD |
CY2016Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
290139000 | USD |
CY2015Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
1425344000 | USD |
CY2016Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
1499934000 | USD |
CY2015Q3 | us-gaap |
Revenues
Revenues
|
201402000 | USD |
us-gaap |
Revenues
Revenues
|
642680000 | USD | |
CY2016Q3 | us-gaap |
Revenues
Revenues
|
123640000 | USD |
us-gaap |
Revenues
Revenues
|
432640000 | USD | |
us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
137000 | shares | |
CY2015Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
38548000 | shares |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
38789000 | shares | |
CY2016Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
37554000 | shares |
CY2015Q3 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
201000 | shares |
us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
188000 | shares | |
CY2016Q3 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
183000 | shares |
CY2015Q3 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
157790000 | USD |
us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
521413000 | USD | |
CY2016Q3 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
101277000 | USD |
us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
352519000 | USD | |
CY2015Q3 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
43612000 | USD |
us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
121267000 | USD | |
CY2016Q3 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
22363000 | USD |
us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
80121000 | USD | |
CY2015Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
17280000 | USD |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
67871000 | USD | |
CY2016Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
12504000 | USD |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
31487000 | USD | |
CY2015Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3300000 | USD |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
9794000 | USD | |
CY2016Q3 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3200000 | USD |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
9442000 | USD | |
CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1324458000 | USD |
CY2016Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1372395000 | USD |
CY2015Q4 | us-gaap |
Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected Within One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedWithinOneYear
|
70800000 | USD |
CY2016Q3 | us-gaap |
Unbilled Receivables Not Billable At Balance Sheet Date Amount Expected To Be Collected Within One Year
UnbilledReceivablesNotBillableAtBalanceSheetDateAmountExpectedToBeCollectedWithinOneYear
|
66200000 | USD |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
37699000 | shares | |
CY2015Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
38347000 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
38601000 | shares | |
CY2016Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
37371000 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
37562000 | shares | |
us-gaap |
Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenues recognized under the percentage-of-completion method</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the contracts call for products which are designed to customer specifications;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the contracts contain specific terms as to milestones, progress billings and delivery dates; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product requirements cannot be filled directly from the Company’s standard inventory.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For each project, the Company prepares a detailed analysis of estimated costs, profit margin, completion date and risk factors which include availability of material, production efficiencies and other factors that may impact the project. On a quarterly basis, management reviews the progress of each project, which may result in revisions of previous estimates, including revenue recognition. The Company calculates the percentage complete and applies the percentage to determine the revenues earned and the appropriate portion of total estimated costs. Losses, if any, are recorded in full in the period they become known. Historically, the Company’s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the percentage-of-completion method, billings may not correlate directly to the revenue recognized. Based upon the terms of the specific contract, billings may be in excess of the revenue recognized, in which case the amounts are included in customer prepayments as a liability on the Condensed Consolidated Balance Sheets. Likewise, revenue recognized may exceed customer billings in which case the amounts are reported in trade receivables. Unbilled revenues are expected to be billed and collected within one year. </font></div></div> | ||
us-gaap |
Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Product revenues</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes product revenues from </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> methods:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product revenues recognized under the percentage-of-completion method; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">product revenues from the sale of products that do not qualify for the percentage-of-completion method.</font></div></td></tr></table></div> | ||
us-gaap |
Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Service revenues</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes service revenues from </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> sources:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">technical advisory assistance;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">rental of running tools; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">rework and reconditioning of customer-owned Dril-Quip products.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company does not install products for its customers, but it does provide technical advisory assistance. At the time of delivery of the product, the customer is not obligated to buy or rent the Company’s running tools and the Company is not obligated to perform any subsequent services relating to installation. Technical advisory assistance service revenue is recorded at the time the service is rendered. Service revenues associated with the rental of running and installation tools are recorded as earned. Rework and reconditioning service revenues are recorded when the refurbishment process is complete.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company normally negotiates contracts for products, including those accounted for under the percentage-of-completion method, and services separately. For all product sales, it is the customer’s decision as to the timing of the product installation as well as whether Dril-Quip running tools will be purchased or rented. Furthermore, the customer is under no obligation to utilize the Company’s technical advisory assistance services. The customer may use a third party or their own personnel.</font></div></div> | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of the Company’s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities.</font></div></div> |