0000071829-23-000041 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-02960
Entity Registrant Name	Newpark Resources, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1123385
Entity Address, Address Line One	9320 Lakeside Boulevard,
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	The Woodlands,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77381
City Area Code	281
Local Phone Number	362-6800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		85,083,920
Entity Central Index Key	0000071829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 23,618	$ 23,182
Receivables, net of allowance of $5,000 and $4,817, respectively	212,694	242,247
Inventories	149,989	149,571
Prepaid expenses and other current assets	9,962	10,966
Total current assets	396,263	425,966
Property, plant and equipment, net	194,626	193,099
Operating lease assets	22,605	23,769
Goodwill	47,174	47,110
Other intangible assets, net	19,471	20,215
Deferred tax assets	2,402	2,275
Other assets	2,330	2,441
Total assets	684,871	714,875
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	23,158	22,438
Accounts payable	92,600	93,633
Accrued liabilities	37,763	46,871
Total current liabilities	153,521	162,942
Long-term debt, less current portion	78,041	91,677
Noncurrent operating lease liabilities	18,859	19,816
Deferred tax liabilities	7,692	8,121
Other noncurrent liabilities	9,529	9,291
Total liabilities	267,642	291,847
Commitments and contingencies (Note 8)
Common stock, $0.01 par value (200,000,000 shares authorized and 111,456,999 and 111,451,999 shares issued, respectively)	1,115	1,115
Paid-in capital	643,004	641,266
Accumulated other comprehensive loss	(65,187)	(67,186)
Retained earnings	8,109	2,489
Treasury stock, at cost (25,129,909 and 21,751,232 shares, respectively)	(169,812)	(154,656)
Total stockholders’ equity	417,229	423,028
Total liabilities and stockholders’ equity	$ 684,871	$ 714,875

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 5,000	$ 4,817
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	111,456,999	111,451,999
Treasury stock, shares (in shares)	25,129,909	21,751,232

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 200,030	$ 176,438
Cost of revenues	164,738	150,988
Selling, general and administrative expenses	25,410	24,433
Other operating (income) loss, net	(261)	50
Operating income	10,143	967
Foreign currency exchange loss	319	64
Interest expense, net	2,089	1,206
Income (loss) before income taxes	7,735	(303)
Provision (benefit) for income taxes	2,115	(2,824)
Net income	$ 5,620	$ 2,521
Net income per common share - basic (in dollars per share)	$ 0.06	$ 0.03
Net income per common share - diluted (in dollars per share)	$ 0.06	$ 0.03

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 5,620	$ 2,521
Foreign currency translation adjustments (net of tax benefit of $10 and $99)	1,999	(1,228)
Comprehensive income	$ 7,619	$ 1,293

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit	$ 10	$ 99

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Beginning balance at Dec. 31, 2021	$ 462,386	$ 1,093	$ 634,929	$ (61,480)	$ 24,345	$ (136,501)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,521				2,521
Employee stock options, restricted stock and employee stock purchase plan	(4)					(4)
Stock-based compensation expense	1,468		1,468
Foreign currency translation, net of tax	(1,228)			(1,228)
Ending balance at Mar. 31, 2022	465,143	1,093	636,397	(62,708)	26,866	(136,505)
Beginning balance at Dec. 31, 2022	423,028	1,115	641,266	(67,186)	2,489	(154,656)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,620				5,620
Employee stock options, restricted stock and employee stock purchase plan	(7)					(7)
Stock-based compensation expense	1,738		1,738
Treasury shares purchased at cost	(15,149)					(15,149)
Foreign currency translation, net of tax	1,999			1,999
Ending balance at Mar. 31, 2023	$ 417,229	$ 1,115	$ 643,004	$ (65,187)	$ 8,109	$ (169,812)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 5,620	$ 2,521
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	7,895	10,452
Stock-based compensation expense	1,738	1,468
Provision for deferred income taxes	(726)	(5,202)
Credit loss expense	272	185
Gain on sale of assets	(554)	(1,606)
Amortization of original issue discount and debt issuance costs	138	178
Change in assets and liabilities:
Decrease in receivables	27,287	5,795
Increase in inventories	(3,870)	(14,812)
Decrease in other assets	1,098	17
Increase (decrease) in accounts payable	(1,233)	11,246
Decrease in accrued liabilities and other	(8,221)	(7,452)
Net cash provided by operating activities	29,444	2,790
Cash flows from investing activities:
Capital expenditures	(6,972)	(7,621)
Proceeds from divestitures	7,153	0
Proceeds from sale of property, plant and equipment	740	575
Net cash provided by (used in) investing activities	921	(7,046)
Cash flows from financing activities:
Borrowings on lines of credit	76,447	69,188
Payments on lines of credit	(90,212)	(65,202)
Purchases of treasury stock	(15,006)	(4)
Other financing activities	(1,499)	(2,711)
Net cash provided by (used in) financing activities	(30,270)	1,271
Effect of exchange rate changes on cash	375	(376)
Net increase (decrease) in cash, cash equivalents, and restricted cash	470	(3,361)
Cash, cash equivalents, and restricted cash at beginning of period	25,061	29,489
Cash, cash equivalents, and restricted cash at end of period	$ 25,531	$ 26,128

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Newpark Resources, Inc. is a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to customers across multiple industries. The accompanying unaudited condensed consolidated financial statements of Newpark Resources, Inc. and our wholly-owned subsidiaries, which we collectively refer to as the “Company,” “we,” “our,” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission, and do not include all information and footnotes required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. Our fiscal year end is December 31 and our first quarter represents the three-month period ended March 31. The results of operations for the first quarter of 2023 are not necessarily indicative of the results to be expected for the entire year. Unless otherwise noted, all currency amounts are stated in U.S. dollars. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2023 and our results of operations and cash flows for the first quarter of 2023 and 2022. All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2022 is derived from the audited consolidated financial statements at that date. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2022. We currently operate our business through two reportable segments: Fluids Systems and Industrial Solutions. In addition, we had a third reportable segment, Industrial Blending, which was exited in 2022. We have reflected these three reportable segments for all periods presented in this Quarterly Report on Form 10-Q. •Our Fluids Systems segment provides customized drilling and completion fluids products and related technical services to oil and natural gas exploration and production (“E&P”) customers primarily in North America and Europe, the Middle East and Africa (“EMEA”), as well as certain countries in Asia Pacific and Latin America. In the fourth quarter of 2022, we exited two of our Fluids Systems business units, including our U.S.-based mineral grinding business as well as our Gulf of Mexico fluids operations (see Note 10 for additional information). •Our Industrial Solutions segment provides temporary worksite access solutions, including the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. We also manufacture and sell our recyclable composite mats to customers around the world, with power transmission being the primary end-market. •Our Industrial Blending segment began operations in 2020 and supported industrial end-markets, including the production of disinfectants and industrial cleaning products. We completed the wind down of the Industrial Blending business in the first quarter of 2022, and we completed the sale of the industrial blending assets in the fourth quarter of 2022.

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The following table presents the reconciliation of the numerator and denominator for calculating net income per share:


	First Quarter
(In thousands, except per share data)		2023		2022
Numerator
Net income - basic and diluted		$	5,620	$	2,521

Denominator
Weighted average common shares outstanding - basic		88,573		92,118
Dilutive effect of stock options and restricted stock awards		1,997		1,821
Weighted average common shares outstanding - diluted		90,570		93,939

Net income per common share
Basic		$	0.06	$	0.03
Diluted		$	0.06	$	0.03

We excluded the following weighted average potential shares from the calculations of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive:


	First Quarter
(In thousands)		2023	2022
Stock options and restricted stock awards		737	1,867

Repurchase Program	3 Months Ended
Repurchase Program	Mar. 31, 2023
Equity [Abstract]
Repurchase Program	Repurchase Program In February 2023, our Board of Directors approved certain changes to our repurchase program and increased the total authorization available to $50.0 million. Our repurchase program authorizes us to purchase outstanding shares of our common stock in the open market or as otherwise determined by management, subject to certain limitations under the Amended ABL Facility (as defined in Note 6) and other factors. The repurchase program has no specific term. Repurchases are expected to be funded from borrowings under our Amended ABL Facility, operating cash flows, and available cash on hand. As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. As of March 31, 2023, we had $35.1 million remaining under the program. During the first quarter of 2023, we repurchased an aggregate of 3.4 million shares of our common stock under the repurchase program for a total cost of $15.1 million, inclusive of commissions and excise taxes. There were no shares of common stock repurchased under the repurchase program during the first quarter of 2022. In April 2023, we repurchased an additional 1.2 million shares of our common stock under the repurchase program for a total cost of $5.0 million. As of May 2, 2023, we had $30.1 million remaining under the program.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Receivables

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Receivables

Receivables consisted of the following:


(In thousands)	March 31, 2023		December 31, 2022
Trade receivables:
Gross trade receivables	$	202,107	$	227,762
Allowance for credit losses	(5,000)		(4,817)
Net trade receivables	197,107		222,945
Income tax receivables	2,231		2,697
Other receivables	13,356		16,605
Total receivables, net	$	212,694	$	242,247

Other receivables included $8.0 million and $10.8 million related to our divestitures (as described in Note 10) as of March 31, 2023 and December 31, 2022, respectively. Other receivables also included $3.9 million and $3.5 million for value added, goods and service taxes related to foreign jurisdictions as of March 31, 2023 and December 31, 2022, respectively.

Changes in our allowance for credit losses were as follows:


	First Quarter
(In thousands)	2023		2022
Balance at beginning of period	$	4,817	$	4,587
Credit loss expense	272		185
Write-offs, net of recoveries	(89)		(316)
Balance at end of period	$	5,000	$	4,456

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


(In thousands)	March 31, 2023		December 31, 2022
Raw materials:
Fluids Systems	$	114,122	$	110,623
Industrial Solutions	4,678		3,966
Total raw materials	118,800		114,589
Blended fluids systems components	24,962		29,244
Finished goods - mats	6,227		5,738
Total inventories	$	149,989	$	149,571

Raw materials for the Fluids Systems segment consist primarily of chemicals and other additives that are consumed in the production of our fluids systems. Raw materials for the Industrial Solutions segment consist primarily of resins, chemicals, and other materials used to manufacture composite mats, as well as materials that are consumed in providing ground protection and other services to our customers. Our blended fluids systems components consist of base fluids systems that have been either mixed internally at our blending facilities or purchased from third-party vendors. These base fluids systems require raw materials to be added, as needed to meet specified customer requirements.

Financing Arrangements and Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Financing Arrangements and Fair Value of Financial Instruments

Financing arrangements consisted of the following:


	March 31, 2023						December 31, 2022
(In thousands)	Principal Amount		Unamortized Discount and Debt Issuance Costs		Total Debt		Principal Amount		Unamortized Discount and Debt Issuance Costs		Total Debt
Amended ABL Facility	$	65,400	$	—	$	65,400	$	80,300	$	—	$	80,300
U.K. term loan	6,908		(86)		6,822		7,201		(99)		7,102
Financing obligation	2,764		(27)		2,737		3,437		(35)		3,402
Other debt	26,240		—		26,240		23,311		—		23,311
Total debt	101,312		(113)		101,199		114,249		(134)		114,115
Less: current portion	(23,158)		—		(23,158)		(22,438)		—		(22,438)
Long-term debt	$	78,154	$	(113)	$	78,041	$	91,811	$	(134)	$	91,677

Asset-Based Loan Facility. In October 2017, we entered into a U.S. asset-based revolving credit agreement, which was amended in March 2019 and amended and restated in May 2022 (the “Amended ABL Facility”). The Amended ABL Facility provides financing of up to $175.0 million available for borrowings (inclusive of letters of credit), which can be increased up to $250.0 million, subject to certain conditions. The Amended ABL Facility has a five-year term expiring May 2027, is based on a Bloomberg Short-Term Bank Yield Index (“BSBY”) pricing grid, and includes a mechanism to incorporate a sustainability-linked pricing framework with the consent of the required lenders (as defined in the Amended ABL Facility).

As of March 31, 2023, our total borrowing availability under the Amended ABL Facility was $154.3 million, of which $65.4 million was drawn and $3.3 million was used for outstanding letters of credit, resulting in remaining availability of $85.6 million.

Borrowing availability under the Amended ABL Facility is calculated based on eligible U.S. accounts receivable, inventory and composite mats included in the rental fleet, net of reserves and subject to limits on certain of the assets included in the borrowing base calculation. To the extent pledged by the borrowers, the borrowing base calculation also includes the amount of eligible pledged cash. The administrative agent may establish reserves in accordance with the Amended ABL Facility, in part based on appraisals of the asset base, and other limits in its discretion, which could reduce the amounts otherwise available under the Amended ABL Facility.

Under the terms of the Amended ABL Facility, we may elect to borrow at a variable interest rate based on either, (1) the BSBY rate (subject to a floor of zero) or (2) the base rate (subject to a floor of zero), equal to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate of Bank of America, N.A., and (c) BSBY for a one-month interest period plus 1.00%, plus, in each case, an applicable margin per annum. The applicable margin ranges from 1.50% to 2.00% per annum for BSBY borrowings, and 0.50% to 1.00% per annum for base rate borrowings, based on the consolidated leverage ratio (as defined in the Amended ABL Facility) as of the last day of the most recent fiscal quarter. We are also required to pay a commitment fee equal to (i) 0.375% per annum at any time the average daily unused portion of the commitments is greater than 50% and (ii) 0.25% per annum at any time the average daily unused portion of the commitments is less than 50%.

As of March 31, 2023, the applicable margin for borrowings under the Amended ABL Facility was 1.50% with respect to BSBY borrowings and 0.50% with respect to base rate borrowings. As of March 31, 2023, the weighted average interest rate for the Amended ABL Facility was 6.2% and the applicable commitment fee on the unused portion of the Amended ABL Facility was 0.375% per annum.

The Amended ABL Facility is a senior secured obligation of the Company and certain of our U.S. subsidiaries constituting borrowers thereunder, secured by a first priority lien on substantially all of the personal property and certain real property of the borrowers, including a first priority lien on certain equity interests of direct or indirect domestic subsidiaries of the borrowers and certain equity interests issued by certain foreign subsidiaries of the borrowers.

The Amended ABL Facility contains customary representations, warranties and covenants that, among other things, and subject to certain specified circumstances and exceptions, restrict or limit the ability of the borrowers and certain of their subsidiaries to incur indebtedness (including guarantees), grant liens, make investments, pay dividends or distributions with respect to capital stock and make other restricted payments, make prepayments on certain indebtedness, engage in mergers or other fundamental changes, dispose of property, and change the nature of their business.

The Amended ABL Facility requires compliance with the following financial covenants: (i) a minimum fixed charge coverage ratio of 1.00 to 1.00 for the most recently completed four fiscal quarters and (ii) while a leverage covenant trigger

period (as defined in the Amended ABL Facility) is in effect, a maximum consolidated leverage ratio of 4.00 to 1.00 as of the last day of the most recently completed fiscal quarter.

The Amended ABL Facility includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of security interests or invalidity of loan documents, certain ERISA events, unsatisfied or unstayed judgments and change of control.

Other Debt. In April 2022, a U.K. subsidiary entered a £7.0 million term loan and a £2.0 million revolving credit facility. Both the term loan and revolving credit facility mature in April 2025 and bear interest at a rate of Sterling Overnight Index Average plus a margin of 3.25% per year. As of March 31, 2023, the interest rate for the U.K. facilities was 7.4%. The term loan is payable in quarterly installments of £350,000 plus interest beginning June 2022 and a £2.8 million payment due at maturity. We had $8.9 million outstanding under these arrangements at March 31, 2023.

In August 2021, we completed sale-leaseback transactions related to certain vehicles and other equipment for net proceeds of approximately $7.9 million. The transactions have been accounted for as financing arrangements as they did not qualify for sale accounting. As a result, the vehicles and other equipment continue to be reflected on our balance sheet in property, plant and equipment, net. The financing arrangements have a weighted average annual interest rate of 5.4% and are payable in monthly installments with varying maturities through October 2025. We had $2.8 million in financing obligations outstanding under these arrangements at March 31, 2023.

Certain of our foreign subsidiaries maintain local credit arrangements consisting primarily of lines of credit or overdraft facilities which are generally renewed on an annual basis. We utilize local financing arrangements in our foreign operations in order to provide short-term local liquidity needs. We had $16.7 million and $14.3 million outstanding under these arrangements at March 31, 2023 and December 31, 2022, respectively.

In addition, at March 31, 2023, we had $41.3 million in outstanding letters of credit, performance bonds, and other guarantees for which certain of the letters of credit are collateralized by $1.9 million in restricted cash.

Our financial instruments include cash and cash equivalents, receivables, payables, and debt. We believe the carrying values of these instruments approximated their fair values at March 31, 2023 and December 31, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe provision for income taxes was $2.1 million for the first quarter of 2023, reflecting an effective tax rate of 27%. The 2023 provision for income taxes was favorably impacted by the benefit associated with a partial valuation allowance release to recognize a portion of previously unbenefited net operating losses. The benefit for income taxes was $2.8 million for the first quarter of 2022, which includes an income tax benefit of $3.1 million related to the restructuring of certain subsidiary legal entities within Europe, as the undistributed earnings for an international subsidiary are no longer subject to certain taxes upon future distribution.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesIn the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state, and local levels. While the outcome of litigation or other proceedings against us cannot be predicted with certainty, management does not expect that any loss resulting from such litigation or other proceedings, in excess of any amounts accrued or covered by insurance, will have a material adverse impact on our consolidated financial statements.

Supplemental Disclosures to the Statements of Cash Flows

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures to the Statements of Cash Flows

Supplemental disclosures to the consolidated statements of cash flows are presented below:


	First Quarter
(In thousands)	2023		2022
Cash paid for:
Income taxes (net of refunds)	$	2,261	$	3,268
Interest	$	1,998	$	998

Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following:


(In thousands)	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	23,618	$	23,182
Restricted cash (included in prepaid expenses and other current assets)	1,913		1,879
Cash, cash equivalents, and restricted cash	$	25,531	$	25,061

Segment Data

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Data

Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers):


	First Quarter
(In thousands)	2023		2022
Revenues
Fluids Systems	$	144,174	$	141,014
Industrial Solutions	55,856		35,424
Industrial Blending	—		—
Total revenues	$	200,030	$	176,438

Operating income (loss)
Fluids Systems	$	3,466	$	3,374
Industrial Solutions	14,483		6,358
Industrial Blending	—		(886)
Corporate office	(7,806)		(7,879)
Total operating income	$	10,143	$	967

We regularly review our global portfolio of business activities. These reviews focus on evaluating changes in the outlook for our served markets and customer priorities, while identifying opportunities for value-creating options in our portfolio, and placing investment emphasis in markets where we generate strong returns and where we see greater long-term viability and stability. As part of this review, we completed certain actions in 2022, including the sale of our Excalibar U.S. mineral grinding business (“Excalibar”), the exit of our Industrial Blending operations, and the exit of our Gulf of Mexico fluids operations.

Summarized operating results of our now exited Excalibar business and Gulf of Mexico operations, both included in the Fluids Systems segment historical results, are shown in the following table:


	First Quarter
(In thousands)	2023		2022
Revenues
Excalibar	$	—	$	14,346
Gulf of Mexico	—		2,694
Total revenues	$	—	$	17,040

Operating income (loss)
Excalibar	$	(77)	$	833
Gulf of Mexico	(2,311)		(2,617)
Total operating income (loss)	$	(2,388)	$	(1,784)

Summarized net assets remaining from the business units exited in 2022 are shown in the following table:


(In thousands)	March 31, 2023		December 31, 2022
Receivables, net	$	9,391	$	27,798
Inventories	1,409		5,805
Accounts payable	(575)		(2,060)
Accrued liabilities	—		(311)
Total net assets	$	10,225	$	31,232

The net assets remaining as of March 31, 2023 primarily reflect remaining Gulf of Mexico working capital, the majority of which we expect to realize in the second quarter of 2023.

In the first quarter of 2023, we completed our customer contract in Chile and are currently in the process of winding down our in-country operations. At March 31, 2023, we had $3 million of net assets and $0.5 million of accumulated translation losses related to our subsidiary in Chile. As we monetize these assets in 2023, we will reclassify the translation losses and recognize a charge to income at such time when we have substantially liquidated our subsidiary in Chile. In addition, we made the decision in the first quarter of 2023 to exit the stimulation chemicals product line reported in our Fluids Systems segment. We anticipate liquidating the related inventory of approximately $3 million during 2023.

In addition, the operating results for the Fluids Systems segment includes $1.0 million and $0.1 million in severance costs for the first quarter of 2023 and 2022, respectively.

The following table presents further disaggregated revenues for the Fluids Systems segment:


	First Quarter
(In thousands)	2023		2022
United States	$	68,898	$	70,843
Canada	19,365		22,235
Total North America	88,263		93,078

EMEA	52,577		44,175
Other	3,334		3,761
Total International	55,911		47,936

Total Fluids Systems revenues	$	144,174	$	141,014

The following table presents further disaggregated revenues for the Industrial Solutions segment:


	First Quarter
(In thousands)	2023		2022
Product sales revenues	$	19,496	$	4,423
Rental revenues	21,131		17,615
Service revenues	15,229		13,386
Total Industrial Solutions revenues	$	55,856	$	35,424

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification
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+ Details

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Net Income Per Share

The following table presents the reconciliation of the numerator and denominator for calculating net income per share:


	First Quarter
(In thousands, except per share data)		2023		2022
Numerator
Net income - basic and diluted		$	5,620	$	2,521

Denominator
Weighted average common shares outstanding - basic		88,573		92,118
Dilutive effect of stock options and restricted stock awards		1,997		1,821
Weighted average common shares outstanding - diluted		90,570		93,939

Net income per common share
Basic		$	0.06	$	0.03
Diluted		$	0.06	$	0.03

Schedule of Weighted-average Potential Shares Excluded from Diluted Net Income Per Share

We excluded the following weighted average potential shares from the calculations of diluted net income per share during the applicable periods because their inclusion would have been anti-dilutive:


	First Quarter
(In thousands)		2023	2022
Stock options and restricted stock awards		737	1,867

Receivables (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Receivables

Receivables consisted of the following:


(In thousands)	March 31, 2023		December 31, 2022
Trade receivables:
Gross trade receivables	$	202,107	$	227,762
Allowance for credit losses	(5,000)		(4,817)
Net trade receivables	197,107		222,945
Income tax receivables	2,231		2,697
Other receivables	13,356		16,605
Total receivables, net	$	212,694	$	242,247

Schedule of Changes in Our Allowance for Credit Losses

Changes in our allowance for credit losses were as follows:


	First Quarter
(In thousands)	2023		2022
Balance at beginning of period	$	4,817	$	4,587
Credit loss expense	272		185
Write-offs, net of recoveries	(89)		(316)
Balance at end of period	$	5,000	$	4,456

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


(In thousands)	March 31, 2023		December 31, 2022
Raw materials:
Fluids Systems	$	114,122	$	110,623
Industrial Solutions	4,678		3,966
Total raw materials	118,800		114,589
Blended fluids systems components	24,962		29,244
Finished goods - mats	6,227		5,738
Total inventories	$	149,989	$	149,571

Financing Arrangements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Financing Arrangements

Financing arrangements consisted of the following:


	March 31, 2023						December 31, 2022
(In thousands)	Principal Amount		Unamortized Discount and Debt Issuance Costs		Total Debt		Principal Amount		Unamortized Discount and Debt Issuance Costs		Total Debt
Amended ABL Facility	$	65,400	$	—	$	65,400	$	80,300	$	—	$	80,300
U.K. term loan	6,908		(86)		6,822		7,201		(99)		7,102
Financing obligation	2,764		(27)		2,737		3,437		(35)		3,402
Other debt	26,240		—		26,240		23,311		—		23,311
Total debt	101,312		(113)		101,199		114,249		(134)		114,115
Less: current portion	(23,158)		—		(23,158)		(22,438)		—		(22,438)
Long-term debt	$	78,154	$	(113)	$	78,041	$	91,811	$	(134)	$	91,677

Supplemental Disclosures to the Statements of Cash Flows (Tables)

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Disclosures of Cash Flows

Supplemental disclosures to the consolidated statements of cash flows are presented below:


	First Quarter
(In thousands)	2023		2022
Cash paid for:
Income taxes (net of refunds)	$	2,261	$	3,268
Interest	$	1,998	$	998

Schedule of Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following:


(In thousands)	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	23,618	$	23,182
Restricted cash (included in prepaid expenses and other current assets)	1,913		1,879
Cash, cash equivalents, and restricted cash	$	25,531	$	25,061

Segment Data (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Operating Results for Reportable Segments

Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers):


	First Quarter
(In thousands)	2023		2022
Revenues
Fluids Systems	$	144,174	$	141,014
Industrial Solutions	55,856		35,424
Industrial Blending	—		—
Total revenues	$	200,030	$	176,438

Operating income (loss)
Fluids Systems	$	3,466	$	3,374
Industrial Solutions	14,483		6,358
Industrial Blending	—		(886)
Corporate office	(7,806)		(7,879)
Total operating income	$	10,143	$	967

Schedule of Operating Result of Exited Business

Summarized operating results of our now exited Excalibar business and Gulf of Mexico operations, both included in the Fluids Systems segment historical results, are shown in the following table:


	First Quarter
(In thousands)	2023		2022
Revenues
Excalibar	$	—	$	14,346
Gulf of Mexico	—		2,694
Total revenues	$	—	$	17,040

Operating income (loss)
Excalibar	$	(77)	$	833
Gulf of Mexico	(2,311)		(2,617)
Total operating income (loss)	$	(2,388)	$	(1,784)

Summarized net assets remaining from the business units exited in 2022 are shown in the following table:


(In thousands)	March 31, 2023		December 31, 2022
Receivables, net	$	9,391	$	27,798
Inventories	1,409		5,805
Accounts payable	(575)		(2,060)
Accrued liabilities	—		(311)
Total net assets	$	10,225	$	31,232

Schedule of Disaggregated Revenues, Geographic

The following table presents further disaggregated revenues for the Fluids Systems segment:


	First Quarter
(In thousands)	2023		2022
United States	$	68,898	$	70,843
Canada	19,365		22,235
Total North America	88,263		93,078

EMEA	52,577		44,175
Other	3,334		3,761
Total International	55,911		47,936

Total Fluids Systems revenues	$	144,174	$	141,014

Schedule of Disaggregated Revenues, Segments

The following table presents further disaggregated revenues for the Industrial Solutions segment:


	First Quarter
(In thousands)	2023		2022
Product sales revenues	$	19,496	$	4,423
Rental revenues	21,131		17,615
Service revenues	15,229		13,386
Total Industrial Solutions revenues	$	55,856	$	35,424

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Basis of Presentation and Significant Accounting Policies - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 segment	Dec. 31, 2022 business_unit	Dec. 31, 2022 segment
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2		3
Fluids Systems
Segment Reporting Information [Line Items]
Number of Fluids Systems business units exited \| business_unit		2

Earnings Per Share - Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net income - basic and diluted	$ 5,620	$ 2,521
Denominator
Weighted average common shares outstanding - basic (in shares)	88,573	92,118
Dilutive effect of stock options and restricted stock awards (in shares)	1,997	1,821
Weighted average common shares outstanding - diluted (in shares)	90,570	93,939
Net income per common share
Basic (in dollars per share)	$ 0.06	$ 0.03
Diluted (in dollars per share)	$ 0.06	$ 0.03

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Earnings Per Share - Weighted-average Potential Shares Excluded from Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Stock options and restricted stock awards (in shares)	737	1,867

Repurchase Program (Details) - USD ($)	1 Months Ended	3 Months Ended
Repurchase Program (Details) - USD ($)	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	May 02, 2023	Feb. 28, 2023
Equity, Class of Treasury Stock [Line Items]
Shares repurchased, value		$ 15,149,000
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					$ 50,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 35,100,000
Shares repurchased (in shares)		3,400,000	0
Shares repurchased, value		$ 15,100,000
Share Repurchase Program \| Subsequent event
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount				$ 30,100,000
Shares repurchased (in shares)	1,200,000
Shares repurchased, value	$ 5,000,000

Receivables - Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Trade receivables:
Gross trade receivables	$ 202,107	$ 227,762
Allowance for credit losses	(5,000)	(4,817)	$ (4,456)	$ (4,587)
Net trade receivables	197,107	222,945
Income tax receivables	2,231	2,697
Other receivables	13,356	16,605
Total receivables, net	$ 212,694	$ 242,247

Receivables - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Other receivables, value added taxes	$ 3,900	$ 3,500
Disposed of by sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Receivables, net	9,391	27,798
Other Receivables \| Disposed of by sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Receivables, net	$ 8,000	$ 10,800

Receivables - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 4,817	$ 4,587
Credit loss expense	272	185
Write-offs, net of recoveries	(89)	(316)
Balance at end of period	$ 5,000	$ 4,456

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Raw materials	$ 118,800	$ 114,589
Total inventories	149,989	149,571
Fluids Systems
Inventory [Line Items]
Raw materials	114,122	110,623
Industrial Solutions
Inventory [Line Items]
Raw materials	4,678	3,966
Blended fluids systems components
Inventory [Line Items]
Finished goods	24,962	29,244
Finished goods - mats
Inventory [Line Items]
Finished goods	$ 6,227	$ 5,738

Financing Arrangements and Fair Value of Financial Instruments - Financing Arrangements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Amount	$ 101,312	$ 114,249
Unamortized Discount and Debt Issuance Costs	(113)	(134)
Total Debt	101,199	114,115
Less: current portion
Principal Amount	(23,158)	(22,438)
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	(23,158)	(22,438)
Long-term debt
Principal Amount	78,154	91,811
Unamortized Discount and Debt Issuance Costs	(113)	(134)
Total Debt	78,041	91,677
Financing obligation
Debt Instrument [Line Items]
Principal Amount	2,764	3,437
Unamortized Discount and Debt Issuance Costs	(27)	(35)
Total Debt	2,737	3,402
Other debt
Debt Instrument [Line Items]
Principal Amount	26,240	23,311
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	26,240	23,311
Revolving credit facility \| U.K. Subsidiary
Debt Instrument [Line Items]
Total Debt	8,900
Revolving credit facility \| Amended ABL Facility
Debt Instrument [Line Items]
Principal Amount	65,400	80,300
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	65,400	80,300
Revolving credit facility \| U.K. term loan
Debt Instrument [Line Items]
Principal Amount	6,908	7,201
Unamortized Discount and Debt Issuance Costs	(86)	(99)
Total Debt	$ 6,822	$ 7,102

Financing Arrangements and Fair Value of Financial Instruments - Narrative (Details)	1 Months Ended			3 Months Ended
	May 31, 2022 USD ($)	Apr. 30, 2022 GBP (£)	Aug. 31, 2021 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Borrowings on lines of credit				$ 76,447,000	$ 69,188,000
Letters of credit outstanding, amount				41,300,000
Long-term debt				101,199,000		$ 114,115,000
Proceeds from financing obligation			$ 7,900,000
Principal amount outstanding				101,312,000		114,249,000
Restricted cash and cash equivalents, current				1,900,000
Foreign operations
Debt Instrument [Line Items]
Current debt				16,700,000		14,300,000
Revolving credit facility \| U.K. Subsidiary
Debt Instrument [Line Items]
Maximum borrowing capacity \| £		£ 2,000,000
Long-term debt				$ 8,900,000
Interest rate, stated percentage				7.40%
Revolving credit facility \| SONIA member \| U.K. Subsidiary
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
Amended ABL Facility \| Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 175,000,000
Maximum borrowing capacity, option to increase	$ 250,000,000
Debt instrument, term	5 years
Current borrowing capacity				$ 154,300,000
Borrowings on lines of credit				65,400,000
Letters of credit outstanding, amount				3,300,000
Remaining borrowing capacity				$ 85,600,000
Unused capacity, commitment fee percentage	0.375%			0.375%
Threshold for commitment fee	50.00%
Average daily unused portion, commitment fee	0.25%
Debt, weighted average interest rate				6.20%
Fixed charge coverage ratio	1.00
Line of credit facility, covenant, minimum, fixed charge leverage ratio	4.00
Long-term debt				$ 65,400,000		80,300,000
Principal amount outstanding				$ 65,400,000		80,300,000
Amended ABL Facility \| Revolving credit facility \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Amended ABL Facility \| Revolving credit facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Amended ABL Facility \| Revolving credit facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Amended ABL Facility \| Revolving credit facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Amended ABL Facility \| Revolving credit facility \| BSBY
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%			1.50%
Amended ABL Facility \| Revolving credit facility \| BSBY \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Amended ABL Facility \| Revolving credit facility \| BSBY \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Financing obligation
Debt Instrument [Line Items]
Debt, weighted average interest rate			5.40%
Long-term debt				$ 2,737,000		3,402,000
Principal amount outstanding				2,764,000		3,437,000
U.K. term loan \| U.K. Subsidiary \| Secured Debt
Debt Instrument [Line Items]
Balloon payment \| £		£ 2,800,000
Quarterly principal payment \| £		350,000
Debt instrument, face amount \| £		£ 7,000,000
U.K. term loan \| Revolving credit facility
Debt Instrument [Line Items]
Long-term debt				6,822,000		7,102,000
Principal amount outstanding				$ 6,908,000		$ 7,201,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 2,115	$ (2,824)
Effective income tax rate	27.00%
Benefit related to restructuring of certain subsidiary legal entities within Europe	$ 3,100

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Supplemental Disclosures to the Statements of Cash Flows - Supplemental Disclosures of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for:
Income taxes (net of refunds)	$ 2,261	$ 3,268
Interest	$ 1,998	$ 998

Supplemental Disclosures to the Statements of Cash Flows - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 23,618	$ 23,182
Restricted cash (included in prepaid expenses and other current assets)	1,913	1,879
Cash, cash equivalents, and restricted cash	$ 25,531	$ 25,061	$ 26,128	$ 29,489

Segment Data - Operating Results for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues	$ 200,030	$ 176,438
Operating income (loss)
Total operating income	10,143	967
Fluids Systems
Revenues
Total revenues	144,174	141,014
Fluids Systems \| Disposed of by sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	0	17,040
Operating income (loss)	(2,388)	(1,784)
Fluids Systems \| Disposed of by sale \| Excalibar
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	0	14,346
Operating income (loss)	(77)	833
Fluids Systems \| Disposed of by sale \| Gulf of Mexico
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	0	2,694
Operating income (loss)	(2,311)	(2,617)
Industrial Solutions
Revenues
Total revenues	55,856	35,424
Operating segments \| Fluids Systems
Revenues
Total revenues	144,174	141,014
Operating income (loss)
Total operating income	3,466	3,374
Operating segments \| Industrial Solutions
Revenues
Total revenues	55,856	35,424
Operating income (loss)
Total operating income	14,483	6,358
Operating segments \| Industrial Blending
Revenues
Total revenues	0	0
Operating income (loss)
Total operating income	0	(886)
Corporate office
Operating income (loss)
Total operating income	$ (7,806)	$ (7,879)

Segment Data - Disaggregated Revenues, Geographic (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 200,030	$ 176,438
Fluids Systems
Disaggregation of Revenue [Line Items]
Revenues	144,174	141,014
Fluids Systems \| Total North America
Disaggregation of Revenue [Line Items]
Revenues	88,263	93,078
Fluids Systems \| United States
Disaggregation of Revenue [Line Items]
Revenues	68,898	70,843
Fluids Systems \| Canada
Disaggregation of Revenue [Line Items]
Revenues	19,365	22,235
Fluids Systems \| Total International
Disaggregation of Revenue [Line Items]
Revenues	55,911	47,936
Fluids Systems \| EMEA
Disaggregation of Revenue [Line Items]
Revenues	52,577	44,175
Fluids Systems \| Other
Disaggregation of Revenue [Line Items]
Revenues	$ 3,334	$ 3,761

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Segment Data - Disaggregated Revenues, Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 200,030	$ 176,438
Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	55,856	35,424
Industrial Solutions \| Product sales revenues
Disaggregation of Revenue [Line Items]
Revenues	19,496	4,423
Industrial Solutions \| Rental revenues
Disaggregation of Revenue [Line Items]
Revenues	21,131	17,615
Industrial Solutions \| Service revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 15,229	$ 13,386

- Definition

+ References

+ Details

Segment Data - Disaggregated Revenues, Operating Result of Exited Business (Details) - Disposed of by sale - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Receivables, net	$ 9,391	$ 27,798
Inventories	1,409	5,805
Accounts payable	(575)	(2,060)
Accrued liabilities	0	(311)
Total net assets	$ 10,225	$ 31,232

Segment Data - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Segment Data - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Inventory	$ 118,800		$ 114,589
Fluids Systems
Disaggregation of Revenue [Line Items]
Severance costs	1,000	$ 100
Disposed of by sale
Disaggregation of Revenue [Line Items]
Total net assets	10,225		$ 31,232
CHILE \| Disposed of by sale
Disaggregation of Revenue [Line Items]
Total net assets	3,000
Translation loss	500
Inventory	$ 3,000