$INVX
Innovex International, Inc.

2014 Q4 Form 10-K Financial Statement

#000119312515066987 Filed on February 27, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 2013 Q4
Revenue $254.8M $931.0M $232.5M
YoY Change 9.62% 6.72% 23.34%
Cost Of Revenue $142.5M $513.5M $132.2M
YoY Change 7.75% -0.07% 15.53%
Gross Profit $112.3M $417.4M $100.2M
YoY Change 12.08% 16.45% 35.42%
Gross Profit Margin 44.08% 44.84% 43.11%
Selling, General & Admin $22.50M $92.76M $26.10M
YoY Change -13.79% -2.16% 10.59%
% of Gross Profit 20.03% 22.22% 26.04%
Research & Development $11.60M $45.90M $11.00M
YoY Change 5.45% 14.46% 25.0%
% of Gross Profit 10.33% 11.0% 10.98%
Depreciation & Amortization $8.400M $31.16M $7.600M
YoY Change 10.53% 6.19% 11.76%
% of Gross Profit 7.48% 7.46% 7.58%
Operating Expenses $34.10M $92.76M $37.10M
YoY Change -8.09% -2.16% 14.51%
Operating Profit $78.24M $278.7M $63.17M
YoY Change 23.85% 24.69% 51.89%
Interest Expense $100.0K $35.00K $100.0K
YoY Change 0.0% 0.0% 0.0%
% of Operating Profit 0.13% 0.01% 0.16%
Other Income/Expense, Net
YoY Change
Pretax Income $78.30M $279.4M $63.30M
YoY Change 23.7% 24.67% 51.8%
Income Tax $19.20M $70.67M $16.20M
% Of Pretax Income 24.52% 25.29% 25.59%
Net Earnings $59.09M $208.7M $47.06M
YoY Change 25.55% 22.9% 52.05%
Net Earnings / Revenue 23.19% 22.42% 20.25%
Basic Earnings Per Share $1.51 $5.22 $1.16
Diluted Earnings Per Share $1.50 $5.19 $1.15
COMMON SHARES
Basic Shares Outstanding 39.47M shares 39.96M shares 40.69M shares
Diluted Shares Outstanding 40.19M shares

Balance Sheet

Concept 2014 Q4 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $298.7M $298.7M $384.4M
YoY Change -22.29% -22.29% 49.46%
Cash & Equivalents $298.7M $298.7M $384.4M
Short-Term Investments
Other Short-Term Assets $38.31M $61.90M $28.55M
YoY Change 34.19% 26.07% 58.93%
Inventory $392.6M $392.6M $368.4M
Prepaid Expenses
Receivables $374.0M $374.0M $279.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.127B $1.127B $1.081B
YoY Change 4.27% 4.26% 16.94%
LONG-TERM ASSETS
Property, Plant & Equipment $309.5M $309.5M $304.8M
YoY Change 1.55% 1.54% 2.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.59M $12.60M $10.99M
YoY Change 14.49% 14.55% -0.76%
Total Long-Term Assets $322.1M $322.2M $315.8M
YoY Change 2.0% 2.03% -2.93%
TOTAL ASSETS
Total Short-Term Assets $1.127B $1.127B $1.081B
Total Long-Term Assets $322.1M $322.2M $315.8M
Total Assets $1.449B $1.449B $1.397B
YoY Change 3.75% 3.76% 11.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.84M $53.80M $45.45M
YoY Change 18.44% 18.24% 60.6%
Accrued Expenses $47.70M $47.70M $38.90M
YoY Change 22.62% 22.62% 11.46%
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 $198.6M $198.6M $149.4M
YoY Change 32.92% 32.93% -3.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $198.6M $198.6M $149.4M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $204.1M $204.1M $154.8M
YoY Change 31.83% 31.85% -6.2%
SHAREHOLDERS EQUITY
Retained Earnings $1.279B $1.070B
YoY Change 19.51% 18.87%
Common Stock $16.87M $192.4M
YoY Change -91.23% 6.71%
Preferred Stock
YoY Change
Treasury Stock (at cost) $190.2M $10.00M
YoY Change 1801.96%
Treasury Stock Shares
Shareholders Equity $1.245B $1.245B $1.242B
YoY Change
Total Liabilities & Shareholders Equity $1.449B $1.449B $1.397B
YoY Change 3.75% 3.76% 13.43%

Cashflow Statement

Concept 2014 Q4 2014 2013 Q4
OPERATING ACTIVITIES
Net Income $59.09M $208.7M $47.06M
YoY Change 25.55% 22.9% 52.05%
Depreciation, Depletion And Amortization $8.400M $31.16M $7.600M
YoY Change 10.53% 6.19% 11.76%
Cash From Operating Activities $46.70M $149.3M $21.30M
YoY Change 119.25% -7.96% 1083.33%
INVESTING ACTIVITIES
Capital Expenditures -$11.30M $42.55M -$12.60M
YoY Change -10.32% -0.2% 23.53%
Acquisitions $0.00
YoY Change
Other Investing Activities $500.0K $1.000M $600.0K
YoY Change -16.67% 25.0% 20.0%
Cash From Investing Activities -$11.00M -$41.57M -$12.10M
YoY Change -9.09% -0.72% 24.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $190.2M
YoY Change 1801.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.70M -$186.8M -7.900M
YoY Change 516.46% -5648.77% -890.0%
NET CHANGE
Cash From Operating Activities 46.70M $149.3M 21.30M
Cash From Investing Activities -11.00M -$41.57M -12.10M
Cash From Financing Activities -48.70M -$186.8M -7.900M
Net Change In Cash -13.00M -$79.09M 1.300M
YoY Change -1100.0% -163.92% -118.84%
FREE CASH FLOW
Cash From Operating Activities $46.70M $149.3M $21.30M
Capital Expenditures -$11.30M $42.55M -$12.60M
Free Cash Flow $58.00M $106.8M $33.90M
YoY Change 71.09% -10.73% 182.5%

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CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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40865000 shares
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.18
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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-0.014 pure
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40648000 shares
CY2013 us-gaap Interest Income Other
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587000
CY2013 us-gaap Payments For Repurchase Of Common Stock
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10002000
CY2013 us-gaap Revenues
Revenues
872372000
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
42633000
CY2013 us-gaap Net Income Loss
NetIncomeLoss
169827000
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
17250000
CY2013 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
2695000
CY2013 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
140755000
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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-6340000
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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98883000
CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1235000
CY2013 us-gaap Depreciation Depletion And Amortization
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29340000
CY2013 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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3442000
CY2013 us-gaap Interest Expense
InterestExpense
35000
CY2013 us-gaap Selling General And Administrative Expense
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94806000
CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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2863000
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
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127165000
CY2013 us-gaap Cost Of Services
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77547000
CY2013 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
64000
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
54270000
CY2013 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
3500000
CY2013 us-gaap Restricted Stock Expense
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3900000
CY2013 us-gaap Current Federal Tax Expense Benefit
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30962000
CY2013 us-gaap Cost Of Goods Sold
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436359000
CY2013 us-gaap Cost Of Revenue
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513906000
CY2013 us-gaap Depreciation
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29300000
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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3367000
CY2013 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
3400000
CY2013 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
4900000
CY2013 us-gaap Inventory Write Down
InventoryWriteDown
764000
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-41873000
CY2013 us-gaap Proceeds From Stock Options Exercised
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10506000
CY2013 us-gaap Current Foreign Tax Expense Benefit
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24543000
CY2013 us-gaap Current Income Tax Expense Benefit
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CY2013 us-gaap Costs And Expenses
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-20213000
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
8900000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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10700000
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
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-1299000
CY2013 us-gaap Impairment Of Long Lived Assets Held For Use
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0
CY2013 us-gaap Proceeds From Sale Of Machinery And Equipment
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760000
CY2013 us-gaap Valuation Allowances And Reserves Deductions
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659000
CY2013 drq Number Of Projects
NumberOfProjects
21 Project
CY2013 drq Percentage Of Cumulative Revenue
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0.15 pure
CY2013 drq Revenue From Inter Company Transactions
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62176000
CY2013 drq Share Based Compensation Arrangement By Share Based Payment Award Options Exercised And Vested
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284653000 shares
CY2013 drq Percentage Of Product Revenue
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0.18 pure
CY2013 drq Performance Stock Units Expense
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1600000
CY2013 drq Deferred Income Tax Expense Benefits
DeferredIncomeTaxExpenseBenefits
-1235000
CY2013 drq Engineering And Product Development
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40115000
CY2013 drq Reporting Information Eliminations
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62176000
CY2013 drq Allocated Share Based Compensation Expense Capitalized
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CY2013 drq Additional Provision To Inventory Reserve Allowance
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3554000
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.19
CY2014 us-gaap Segment Reporting Disclosure Of Major Customers
SegmentReportingDisclosureOfMajorCustomers
No other customer accounted for more than 10% of the Company's total revenues in 2014, 2013 or 2012.
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
58.74
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
DRIL-QUIP INC
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014 dei Trading Symbol
TradingSymbol
DRQ
CY2014 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2023172000 shares
CY2014 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
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0.253 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.060 pure
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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226000 shares
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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149313000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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5125 shares
CY2014 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Foreign
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-0.016 pure
CY2014 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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&#x2019;s more significant estimates are those affected by critical accounting policies for revenue recognition, inventories and contingent liabilities.</p> </div>
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
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-0.004 pure
CY2014 us-gaap Revenue Recognition Percentage Of Completion Method
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 31px; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Revenues recognized under the percentage-of-completion method</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company uses the percentage-of-completion method on long-term project contracts that have the following characteristics:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">The contracts call for products which are designed to customer specifications;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">The structural designs are unique and require significant engineering and manufacturing efforts generally requiring more than one year in duration;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">The contracts contain specific terms as to milestones, progress billings and delivery dates; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 6pt 'Times New Roman'; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Product requirements cannot be filled directly from the Company&#x2019;s standard inventory.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> 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 percent 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&#x2019;s estimates of total costs and costs to complete have approximated actual costs incurred to complete the project.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Under the percentage-of-completion method, billings do not always 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 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. At December&#xA0;31, 2014 and 2013, receivables included $68.0 million and $52.9 million of unbilled receivables, respectively. For the year ended December&#xA0;31, 2014, there were 17 projects representing approximately 11% of the Company&#x2019;s total revenues and approximately 13% of its product revenues that were accounted for using percentage-of-completion accounting, and 21 projects during 2013 which represented 15% of the Company&#x2019;s total revenue and 18% of its product revenues.</p> </div>
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y2M12D
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
68.18
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40190000 shares
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.22
CY2014 us-gaap Revenue Recognition Sales Of Goods
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <i>Revenue Recognition</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> <i>Product Revenue</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company recognizes product revenues from two methods:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">product revenues recognized under the percentage-of-completion method; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">product revenues from the sale of products that do not qualify for the percentage-of-completion method.</td> </tr> </table> </div>
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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0
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001042893
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0.350 pure
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
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EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities
-0.017 pure
CY2014 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
190234000
CY2014 us-gaap Revenues
Revenues
930957000
CY2014 us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <i>Service revenue</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company earns service revenues from three sources:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">technical advisory assistance;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">rental of running tools; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">rework and reconditioning of customer owned Dril-Quip products.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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&#x2019;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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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&#x2019;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&#x2019;s technical advisory assistance services. The customer may use a third party or their own personnel.</p> </div>
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
48523 shares
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
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WeightedAverageNumberOfSharesOutstandingBasic
39964000 shares
CY2014 us-gaap Interest Income Other
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667000
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773205000
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13239000
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178678000
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279380000
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
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42549000
CY2014 us-gaap Net Income Loss
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102696000
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25000
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157752000
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558000
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85402000
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2910000
CY2014 us-gaap Income Tax Expense Benefit
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70668000
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4200000
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43652000
CY2014 us-gaap Cost Of Goods Sold
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