0000071829-24-000009 | 10-K | XBRL Viewer

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Capital Stock - Changes in Outstanding Common Stock (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Common Stock [Roll Forward]
Outstanding, beginning of year (in shares)	111,452	109,331	107,588
Shares issued for exercise of options (in shares)	0	0	0
Shares issued for time vested restricted stock (net of forfeitures) (in shares)	129	1,918	1,368
Shares issued for employee stock purchase plan (in shares)	88	203	375
Outstanding, end of year (in shares)	111,669	111,452	109,331

Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 47,110
Goodwill, ending balance	47,283	$ 47,110
Industrial Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	47,110	47,283
Effects of foreign currency	173	(173)
Goodwill, ending balance	$ 47,283	$ 47,110

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Divestitures and Other Exit Activities

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Divestitures and Other Exit Activities

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.

2023 Strategic Actions

The following strategic actions were taken in 2023.

Review of Strategic Alternatives for Fluids Systems Business

We initiated a review of strategic alternatives for the long-term positioning of the Fluids Systems division in June 2023, and in September 2023, we launched a formal sale process for substantially all the Fluids Systems business as part of this strategic review. While the sale process is ongoing, we considered fourth quarter 2023 developments in the sale process to be a potential indicator of impairment that required us to complete an impairment evaluation. The ongoing Fluids sale process did not meet the held for sale accounting criteria as of December 31, 2023, and as such, continued to be accounted for as held for use. Accordingly, we completed the impairment evaluation for the geographic asset groups of the Fluids Systems business and determined that the carrying value exceeded the estimated undiscounted future net cash flows for only the U.S. Land asset group.

We estimated the fair value for the U.S. Land asset group as of December 31, 2023 based on the expected cash flows to be generated from the anticipated use and eventual disposition of such asset group. We estimated the fair value of the long-lived assets of the U.S. Land asset group, requiring us to recognize a $2.5 million impairment charge in the fourth quarter of 2023. As of December 31, 2023, the U.S. Land asset group had approximately $62 million of net assets, including $58 million of net working capital and $11 million of long-lived assets, as well as $3 million of debt.

Exit of Stimulation Chemicals Product Line

In 2023, we made the decision to exit the stimulation chemicals product line. The Fluids Systems segment operating results for 2023 includes $1.6 million of total charges (included in impairments and other charges) for inventory write-downs to reduce the carrying values of certain inventory related to the exit of our stimulation chemicals product line to their net realizable value. As of December 31, 2023, we had $2.1 million of inventory remaining related to the stimulation chemicals product line.

Exit of Offshore Australia Operations

In 2023, we made the decision to exit our offshore Australia operations. The Fluids Systems segment operating results for 2023 includes $1.5 million of total charges (included in impairments and other charges) for inventory write-downs to reduce the carrying values of certain inventory related to the exit of our offshore Australia operations to their net realizable value as well as impairments related to the long-lived assets previously used in the now exited business.

Exit of Chile Operations

In 2023, we completed our customer contract in Chile, and during the fourth quarter of 2023, we completed the substantial liquidation of our Chile subsidiary and recognized an $0.8 million non-cash charge (included in impairments and other charges) for the reclassification of cumulative foreign currency translation losses related to our subsidiary in Chile.

2022 Strategic Actions

The following strategic actions were taken in 2022.

Exit of Industrial Blending Segment and Sale of Conroe, Texas Blending Facility

In the first quarter of 2022, in consideration of broader strategic priorities and the timeline and efforts required to further develop the industrial blending business, we exited our Industrial Blending operations. In November 2022, we completed the sale of the industrial blending and warehouse facility and related equipment located in Conroe, Texas to a global chemical provider, for cash proceeds of approximately $14 million. In connection with this divestiture, we recognized a $7.9 million impairment charge related to these long-lived assets in the second quarter of 2022, and subsequently recognized a gain of $2.6 million upon the eventual sale in the fourth quarter of 2022.

Sale of Excalibar U.S. Mineral Grinding Business

In November 2022, we completed the sale of substantially all the long-lived assets, inventory, and operations of our Excalibar U.S. mineral grinding business (“Excalibar”), which was reported within our Fluids Systems segment, to Cimbar Resources, INC. (“Cimbar”), and received cash proceeds (after purchase price adjustments) of approximately $51 million and recognized a gain of $1.0 million. The Company retained certain assets and liabilities, including accounts receivable and accounts payable. Such working capital provided approximately $10 million of cash generation in the fourth quarter of 2022 and approximately $6 million of additional cash generation in the first quarter of 2023. In connection with the sale, the Company and Cimbar entered into a long-term barite supply agreement for certain regions of our U.S. drilling fluids business, with an initial term of four years following the closing of the transaction.

Exit of Gulf of Mexico Operations

In the third quarter of 2022, our Board of Directors approved management’s plan to exit our Fluids Systems Gulf of Mexico operations, including the potential sale of related assets. In December 2022, we completed the sale of substantially all assets associated with our Gulf of Mexico completion fluids operations. Separately, we also entered a seven-year arrangement to sublease our Fourchon, Louisiana drilling fluids shorebase and blending facility to a leading global energy services provider. As part of this arrangement, substantially all of our Gulf of Mexico drilling fluids inventory has been sold to the lessee as consumed. These transactions provided cash generation of approximately $6 million in the fourth quarter of 2022 and approximately $28 million in 2023. Fluids Systems segment operating income for 2023 includes $4.8 million in charges related to the exit of our Gulf of Mexico operations, which was substantially completed during the second quarter of 2023.

As a result of the plan to exit the Gulf of Mexico operations as described above, we considered the third quarter 2022 developments to be a potential indicator of impairment that required us to complete an impairment evaluation. Accordingly, we estimated the fair value for our Gulf of Mexico assets as of September 30, 2022 based on the expected cash flows to be generated from the anticipated transactions and determined that a $21.5 million impairment charge was required related to the long-lived assets. We also recognized an $8.0 million charge to reduce the carrying value of inventory to their net realizable value primarily based on the anticipated transactions. The total charges of $29.4 million were recorded to impairments and other charges in the third quarter of 2022.

Total impairments and other charges are shown in the following table:


	Year Ended December 31,
(In thousands)	2023		2022
Fluids U.S. Land - Long-lived assets impairment	2,485		—
Stimulation chemicals product line - Inventory write-downs	1,576		—
Australia - Inventory write-downs	1,058		—
Australia - Long-lived assets impairment	439		—
Chile exit - Recognition of cumulative foreign currency translation losses	798		—
Industrial Blending - Long-lived assets impairment	—		7,905
Gulf of Mexico - Long-lived assets impairment	—		21,461
Gulf of Mexico - Inventory write-downs	—		7,956
Total impairments and other charges	$	6,356	$	37,322

Summarized operating results of the business units exited in 2022 (including impairments and other charges described above) are shown in the following table:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Revenues
Industrial Blending	$	—	$	—	$	8,821
Excalibar	—		55,990		36,396
Gulf of Mexico	—		26,708		25,366
	$	—	$	82,698	$	70,583

Operating income (loss)
Industrial Blending	$	—	$	(8,002)	$	(2,384)
Excalibar	—		3,665		(277)
Gulf of Mexico	(4,776)		(43,215)		(6,753)
	$	(4,776)	$	(47,552)	$	(9,414)

Summarized net assets related to the business units exited in 2022 are shown in the following table:


(In thousands)	December 31, 2022
Receivables, net	$	27,798
Inventories	5,805
Accounts payable	(2,060)
Accrued liabilities	(311)
Total net assets	$	31,232

The net assets remaining as of December 31, 2022 related to the retained working capital from the Excalibar sale and the remaining Gulf of Mexico net assets. During 2023, we substantially settled the above net assets related to the now exited Excalibar business and Gulf of Mexico operations.

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Raw materials	$ 108,459	$ 114,589
Total inventories	141,079	149,571
Fluids Systems
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Raw materials	104,227	110,623
Industrial Solutions
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Raw materials	4,232	3,966
Blended fluids systems components
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Finished goods	18,246	29,244
Finished goods — mats
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Finished goods	$ 14,374	$ 5,738

Supplemental Cash Flow and Other Information - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Accrual for capital expenditures	$ 1.6	$ 1.1	$ 0.7
Employee-related liabilities	$ 28.3	$ 25.2

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 195,289	$ 193,099
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	7,216	7,804
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	71,446	63,333
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	201,281	229,080
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment	47,543	47,743
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment	5,523	5,733
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,523	5,447
Property, plant and equipment excluding composite mats
Property, Plant and Equipment [Line Items]
Property, plant and equipment	335,532	359,140
Less accumulated depreciation	(237,573)	(248,844)
Property, plant and equipment, net	97,959	110,296
Composite mats (rental fleet)
Property, Plant and Equipment [Line Items]
Property, plant and equipment	169,387	147,764
Less accumulated depreciation	(72,057)	(64,961)
Property, plant and equipment, net	$ 97,330	$ 82,803

Segment and Related Information - Disaggregated Revenues, Geographic (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 749,600	$ 815,594	$ 614,781
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	409,496	535,335	402,246
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	68,143	61,069	48,007
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	252,041	198,391	151,228
Fluids Systems
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	541,952	622,601	420,789
Fluids Systems \| Total North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	283,553	416,504	275,268
Fluids Systems \| United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	215,410	355,435	227,261
Fluids Systems \| Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	68,143	61,069	48,007
Fluids Systems \| Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	258,399	206,097	145,521
Fluids Systems \| EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	238,479	185,298	132,221
Fluids Systems \| Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 19,920	$ 20,799	$ 13,300

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Provision for income taxes	$ 10,666	$ 4,371	$ 7,293
Benefit related to restructuring of certain subsidiary legal entities within Europe		3,100
Impairments and other non-cash charges	6,356	37,322	$ 0
Deferred tax assets, NOL carryforwards, federal	82,900
Deferred tax assets, NOL carryforwards, state and local	228,500
Deferred tax assets, NOL carryforwards, foreign	25,400
Capitalized research and development expenditures	7,110	4,342
Deferred tax assets, valuation allowance	49,197	$ 47,280
Unrecognized tax benefits that would impact effective tax rate	200
State and Local Jurisdiction
Income Tax Examination [Line Items]
Deferred tax assets, operating loss carryforwards, not subject to expiration	167,500
Deferred tax assets, operating loss carryforwards, subject to expiration	$ 61,000

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In 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. Other We do not have any special purpose entities. At December 31, 2023, we had $39.8 million in outstanding letters of credit, performance bonds, and other guarantees for which certain of the letters of credit are collateralized by $0.3 million in restricted cash. We also enter into normal short-term operating leases for office and warehouse space, as well as certain operating equipment. None of these off-balance sheet arrangements either had, or is expected to have, a material effect on our financial statements. We are self-insured for health claims, subject to certain “stop loss” insurance policies. Claims in excess of $250,000 per incident are insured by third-party insurers. Based on historical experience, we had accrued liabilities of $0.7 million for unpaid claims incurred at both December 31, 2023 and 2022. Substantially all of these estimated claims are expected to be paid within six months of their occurrence. In addition, we are self-insured for certain workers’ compensation, auto, and general liability claims up to a certain policy limit. Claims in excess of $750,000 are insured by third-party reinsurers. Based on historical experience, we had accrued liabilities of $1.7 million and $3.1 million for the uninsured portion of claims at December 31, 2023 and 2022, respectively. We also maintain accrued liabilities for asset retirement obligations, which represent obligations associated with the retirement of tangible long-lived assets that result from the normal operation of the long-lived asset. Our asset retirement obligations primarily relate to required expenditures associated with owned and leased facilities. Upon settlement of the liability, a gain or loss for any difference between the settlement amount and the liability recorded is recognized. We had accrued asset retirement obligations of $1.2 million and $1.2 million at December 31, 2023 and 2022, respectively.

Fair Value of Financial Instruments and Concentrations of Credit Risk - Allowances for Losses on Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 4,817	$ 4,587	$ 5,024
Credit loss expense	1,209	1,039	664
Write-offs, net of recoveries	(1,275)	(809)	(1,101)
Balance at end of year	$ 4,751	$ 4,817	$ 4,587

Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at federal statutory rate	$ 5,288	$ (3,457)	$ (3,829)
Tax benefit on restructuring of certain subsidiary legal entities	0	(3,111)	0
Nondeductible executive compensation	1,171	958	999
Other nondeductible expenses	455	684	557
Stock-based compensation	(42)	5	880
Different rates on earnings of foreign operations	812	63	(115)
Dividend taxes on unremitted earnings	561	874	980
U.S. tax on foreign earnings	1,121	378	0
Research and development credits	(476)	(649)	(1,093)
Change in valuation allowance	589	8,156	10,416
State tax expense (benefit), net	591	55	(1,302)
Other items, net	596	415	(200)
Total provision (benefit) for income taxes	$ 10,666	$ 4,371	$ 7,293

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 42,174	$ 53,541
Accumulated Amortization	(25,060)	(33,326)
Total	17,114	20,215
Technology related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	17,794	17,806
Accumulated Amortization	(9,128)	(8,204)
Total	8,666	9,602
Customer related
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	23,898	35,253
Accumulated Amortization	(15,769)	(25,122)
Total	8,129	10,131
Permits and licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	482	482
Accumulated Amortization	(163)	0
Total	$ 319	$ 482

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Houston, Texas
Auditor Firm ID	34

Leases - Balance Sheet Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease assets	$ 20,731	$ 23,769
Finance lease assets	9,275	4,462
Total lease assets	30,006	28,231
Current operating lease liabilities	4,759	5,587
Current finance lease liabilities	2,926	1,537
Noncurrent operating lease liabilities	17,404	19,816
Noncurrent finance lease liabilities	6,973	3,462
Total lease liabilities	$ 32,062	$ 30,402
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current debt	Current debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-Term Debt, Excluding Current Maturities	Long-Term Debt, Excluding Current Maturities

Segment and Related Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Summarized financial information for our reportable segments is shown in the following tables:


	Year Ended December 31,
(In thousands)	2023		2022		2021

Revenues
Fluids Systems	$	541,952	$	622,601	$	420,789
Industrial Solutions	207,648		192,993		185,171
Industrial Blending	—		—		8,821
Total revenues	$	749,600	$	815,594	$	614,781

Depreciation and amortization
Fluids Systems	$	7,776	$	13,875	$	17,877
Industrial Solutions	21,108		21,653		19,304
Industrial Blending	—		678		1,095
Corporate office	2,488		2,404		3,949
Total depreciation and amortization	$	31,372	$	38,610	$	42,225

Operating income (loss)
Fluids Systems	$	11,857	$	(15,566)	$	(19,012)
Industrial Solutions	53,008		43,899		42,117
Industrial Blending	—		(8,002)		(2,384)
Corporate office	(31,235)		(29,365)		(29,546)
Total operating income (loss)	$	33,630	$	(9,034)	$	(8,825)

Segment assets
Fluids Systems	$	336,004	$	420,039	$	458,179
Industrial Solutions	264,024		247,611		247,531
Industrial Blending	—		—		20,139
Corporate office	42,308		47,225		27,037
Total segment assets	$	642,336	$	714,875	$	752,886

Capital expenditures
Fluids Systems	$	2,278	$	3,906	$	3,644
Industrial Solutions	26,205		23,569		15,311
Industrial Blending	—		230		2,091
Corporate office	749		568		747
Total capital expenditures	$	29,232	$	28,273	$	21,793

Schedule of Fluids Systems Impairments and Other Charges


	Year Ended December 31,
(In thousands)	2023		2022		2021
Impairments and other charges	$	6,356	$	29,417	$	—
Fluids sale process transaction expenses	619		—		—
Facility exit costs and other	4,594		1,000		2,399
Severance costs	1,172		398		1,329
Kenedy, Texas facility fire (insurance recovery)	—		—		(849)
Gain on divestitures	—		(971)		—
Fourchon, Louisiana hurricane-related costs	—		—		2,596
Total Fluids Systems impairments and other charges	$	12,741	$	29,844	$	5,475

Schedule of Disaggregated Revenues for Fluid Systems Segment

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
United States	$	215,410	$	355,435	$	227,261
Canada	68,143		61,069		48,007
Total North America	283,553		416,504		275,268

EMEA	238,479		185,298		132,221
Other	19,920		20,799		13,300
Total International	258,399		206,097		145,521

Total Fluids Systems revenues	$	541,952	$	622,601	$	420,789

Schedule of Disaggregation Revenues for Industrial Solutions Segments

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
Rental revenues	$	83,400	$	75,616	$	68,455
Service revenues	66,554		58,685		49,920
Product sales revenues	57,694		58,692		66,796
Total Industrial Solutions revenues	$	207,648	$	192,993	$	185,171

Schedule of Revenue and Long-Lived Assets

The following table sets forth geographic information for all of our operations. Revenues by geographic location are determined based on the operating location from which services are rendered or products are sold. Long-lived assets include property, plant and equipment and other long-term assets based on the country in which the assets are located.


	Year Ended December 31,
(In thousands)	2023		2022		2021
Revenues
United States	$	409,496	$	535,335	$	402,246
Canada	68,143		61,069		48,007
EMEA	252,041		198,391		151,228
Asia Pacific	18,086		15,722		7,629
Latin America	1,834		5,077		5,671
Total revenues	$	749,600	$	815,594	$	614,781

Long-lived assets
United States	$	249,216	$	250,196	$	318,839
Canada	1,043		1,215		1,209
EMEA	30,367		32,487		38,923
Asia Pacific	1,812		2,392		2,712
Latin America	46		344		375
Total long-lived assets	$	282,484	$	286,634	$	362,058

Segment and Related Information - Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 749,600	$ 815,594	$ 614,781
Depreciation and amortization
Total depreciation and amortization	31,372	38,610	42,225
Operating income (loss)
Total operating income (loss)	33,630	(9,034)	(8,825)
Segment assets
Total segment assets	642,336	714,875	752,886
Capital expenditures
Total capital expenditures	29,232	28,273	21,793
Fluids Systems
Revenues
Total revenues	541,952	622,601	420,789
Industrial Solutions
Revenues
Total revenues	207,648	192,993	185,171
Operating segments \| Fluids Systems
Revenues
Total revenues	541,952	622,601	420,789
Depreciation and amortization
Total depreciation and amortization	7,776	13,875	17,877
Operating income (loss)
Total operating income (loss)	11,857	(15,566)	(19,012)
Segment assets
Total segment assets	336,004	420,039	458,179
Capital expenditures
Total capital expenditures	2,278	3,906	3,644
Operating segments \| Industrial Solutions
Revenues
Total revenues	207,648	192,993	185,171
Depreciation and amortization
Total depreciation and amortization	21,108	21,653	19,304
Operating income (loss)
Total operating income (loss)	53,008	43,899	42,117
Segment assets
Total segment assets	264,024	247,611	247,531
Capital expenditures
Total capital expenditures	26,205	23,569	15,311
Operating segments \| Industrial Blending
Revenues
Total revenues	0	0	8,821
Depreciation and amortization
Total depreciation and amortization	0	678	1,095
Operating income (loss)
Total operating income (loss)	0	(8,002)	(2,384)
Segment assets
Total segment assets	0	0	20,139
Capital expenditures
Total capital expenditures	0	230	2,091
Corporate office
Depreciation and amortization
Total depreciation and amortization	2,488	2,404	3,949
Operating income (loss)
Total operating income (loss)	(31,235)	(29,365)	(29,546)
Segment assets
Total segment assets	42,308	47,225	27,037
Capital expenditures
Total capital expenditures	$ 749	$ 568	$ 747

Financing Arrangements - Schedule of Financing Arrangements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 75,093	$ 114,249
Unamortized discount and debt issuance costs	(60)	(134)
Long-term debt	75,033	114,115
Long-term debt, current maturities, gross	(16,916)	(22,438)
Unamortized discount and debt issuance costs, current	0	0
Long-term debt, current maturities	(16,916)	(22,438)
Long-term debt, excluding current maturities, gross	58,177	91,811
Unamortized discount and debt issuance costs, noncurrent	(60)	(134)
Long-term debt, excluding current maturities	58,117	91,677
Finance leases
Debt Instrument [Line Items]
Long-term debt, gross	9,899	4,999
Unamortized discount and debt issuance costs	0	0
Long-term debt	9,899	4,999
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	3,007	5,668
Unamortized discount and debt issuance costs	(11)	(35)
Long-term debt	2,996	5,633
Revolving credit facility \| Amended ABL Facility
Debt Instrument [Line Items]
Long-term debt, gross	45,000	80,300
Unamortized discount and debt issuance costs	0	0
Long-term debt	45,000	80,300
Revolving credit facility \| Foreign subsidiary facilities
Debt Instrument [Line Items]
Long-term debt, gross	11,394	16,081
Unamortized discount and debt issuance costs	0	0
Long-term debt	11,394	16,081
Revolving credit facility \| U.K. term loan
Debt Instrument [Line Items]
Long-term debt, gross	5,793	7,201
Unamortized discount and debt issuance costs	(49)	(99)
Long-term debt	$ 5,744	$ 7,102

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes was as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Current:
U.S. Federal	$	284	$	318	$	773
State	1,134		338		525
Foreign	9,730		7,099		7,204
Total current	11,148		7,755		8,502
Deferred:
U.S. Federal	418		(3,204)		547
State	179		(142)		(545)
Foreign	(1,079)		(38)		(1,211)
Total deferred	(482)		(3,384)		(1,209)
Total provision (benefit) for income taxes	$	10,666	$	4,371	$	7,293

Schedule of Income (Loss) Before Income Taxes

Income (loss) before income taxes was as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
U.S.	$	(1,907)	$	(38,001)	$	(36,250)
Foreign	27,089		21,538		18,017
Loss before income taxes	$	25,182	$	(16,463)	$	(18,233)

Schedule of Effective Income Tax Rate

The effective income tax rate is reconciled to the statutory federal income tax rate as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Income tax expense (benefit) at federal statutory rate	$	5,288	$	(3,457)	$	(3,829)
Tax benefit on restructuring of certain subsidiary legal entities	—		(3,111)		—
Nondeductible executive compensation	1,171		958		999
Other nondeductible expenses	455		684		557
Stock-based compensation	(42)		5		880
Different rates on earnings of foreign operations	812		63		(115)
Dividend taxes on unremitted earnings	561		874		980
U.S. tax on foreign earnings	1,121		378		—
Research and development credits	(476)		(649)		(1,093)
Change in valuation allowance	589		8,156		10,416
State tax expense (benefit), net	591		55		(1,302)
Other items, net	596		415		(200)
Total provision (benefit) for income taxes	$	10,666	$	4,371	$	7,293

Schedule of Deferred Tax Assets and Liabilities

Temporary differences and carryforwards which give rise to deferred tax assets and liabilities consisted of the following at December 31:


(In thousands)	2023		2022
Deferred tax assets:
Net operating losses	$	36,484	$	35,430
Foreign tax credits	10,373		8,836
Accruals not currently deductible	4,873		2,989
Unrealized foreign exchange losses, net	5,157		5,353
Research and development credits	5,690		5,181
Stock-based compensation	1,723		1,359
Capitalized inventory costs	508		1,821
Capitalized research and development expenditures	7,110		4,342
Other	5,372		6,551
Total deferred tax assets	77,290		71,862
Valuation allowance	(49,197)		(47,280)
Total deferred tax assets, net of allowances	28,093		24,582
Deferred tax liabilities:
Accelerated depreciation and amortization	(27,071)		(24,099)
Tax on unremitted earnings	(6,208)		(5,656)
Other	(493)		(673)
Total deferred tax liabilities	(33,772)		(30,428)
Total net deferred tax liabilities	$	(5,679)	$	(5,846)

Noncurrent deferred tax assets	$	2,628	$	2,275
Noncurrent deferred tax liabilities	(8,307)		(8,121)
Net deferred tax liabilities	$	(5,679)	$	(5,846)

Schedule of Income Tax Contingencies

A reconciliation of the beginning and ending provision for uncertain tax positions is as follows:


(In thousands)	2023		2022		2021
Balance at January 1	$	318	$	485	$	213
Additions (reductions) for tax positions of prior years	3		(8)		(6)
Additions (reductions) for tax positions of current year	20		—		306
Reductions for settlements with tax authorities	—		(93)		—
Reductions for lapse of statute of limitations	(94)		(66)		(28)
Balance at December 31	$	247	$	318	$	485

Inventories - Narrative (Details) - Disposed of by sale - Gulf of Mexico Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Gain on divestitures	$ 0	$ 7,956
Fluids Systems
Inventory [Line Items]
Gain on divestitures	$ 2,600

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (expense)	$ (93)	$ 1	$ 639

Divestitures and Other Exit Activities - Summarized Operating Results for the Above Disposal Groups Held for Sale (Details) - Disposed of by sale - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 0	$ 82,698	$ 70,583
Operating income (loss)	(4,776)	(47,552)	(9,414)
Industrial Blending
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	0	8,821
Operating income (loss)	0	(8,002)	(2,384)
Excalibar
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	55,990	36,396
Operating income (loss)	0	3,665	(277)
Gulf of Mexico
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	26,708	25,366
Operating income (loss)	$ (4,776)	$ (43,215)	$ (6,753)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Beginning balance at Dec. 31, 2020	$ 488,032	$ 1,076	$ 627,031	$ (54,172)	$ 50,937	$ (136,840)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(25,526)				(25,526)
Employee stock options, restricted stock and employee stock purchase plan	(738)	17	(28)		(1,066)	339
Stock-based compensation expense	7,926		7,926
Foreign currency translation, net of tax	(7,308)			(7,308)
Recognition of Chile cumulative foreign currency translation losses	0
Ending 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 (loss)	(20,834)				(20,834)
Employee stock options, restricted stock and employee stock purchase plan	(2,061)	22	(524)		(1,022)	(537)
Stock-based compensation expense	6,861		6,861
Treasury shares purchased at cost	(17,618)					(17,618)
Foreign currency translation, net of tax	(5,706)			(5,706)
Recognition of Chile cumulative foreign currency translation losses	0
Ending 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 (loss)	14,516				14,516
Employee stock options, restricted stock and employee stock purchase plan	(980)	2	(8,259)		(6,232)	13,509
Stock-based compensation expense	6,638		6,638
Treasury shares purchased at cost	(32,185)					(32,185)
Foreign currency translation, net of tax	3,549			3,549
Recognition of Chile cumulative foreign currency translation losses	798			798
Ending balance at Dec. 31, 2023	$ 415,364	$ 1,117	$ 639,645	$ (62,839)	$ 10,773	$ (173,332)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 4,751	$ 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)	111,669,464	111,451,999
Treasury stock, shares (in shares)	26,471,738	21,751,232

Segment and Related Information - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022 business_unit	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment		2	3
Impairments and other non-cash charges		$ 6,356	$ 37,322	$ 0
Industrial Blending
Segment Reporting Information [Line Items]
Impairments and other non-cash charges			7,900
Fluids Systems
Segment Reporting Information [Line Items]
Number of fluids systems business units exited \| business_unit	2
Impairments and other non-cash charges		$ 6,356	$ 29,417	$ 0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Useful Life for Property, Plant and Equipment

Depreciation is provided on property, plant and equipment, including finance lease assets, primarily utilizing the straight-line method over the following estimated useful service lives or lease term:


Computer hardware and office equipment		3-5 years
Computer software		3-5 years
Autos and light trucks		5-7 years
Furniture, fixtures, and trailers		7-10 years
Composite mats (rental fleet)		7-12 years
Machinery and heavy equipment		10-15 years
Owned buildings		20-39 years
Leasehold improvements	Lease term, including reasonably assured renewal periods

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 14,516	$ (20,834)	$ (25,526)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Impairments and other non-cash charges	6,356	37,322	0
Depreciation and amortization	31,372	38,610	42,225
Stock-based compensation expense	6,638	6,861	7,926
Provision for deferred income taxes	(482)	(3,384)	(1,209)
Credit loss expense	1,209	1,039	664
Gain on divestitures	0	(3,596)	0
Gain on sale of assets	(2,904)	(2,809)	(7,182)
Gain on insurance recovery	0	0	(849)
Loss on extinguishment of debt	0	0	1,000
Amortization of original issue discount and debt issuance costs	541	871	3,707
Change in assets and liabilities:
(Increase) decrease in receivables	64,812	(42,452)	(61,283)
(Increase) decrease in inventories	2,256	(46,909)	(10,336)
(Increase) decrease in other assets	307	(855)	(726)
Increase (decrease) in accounts payable	(25,065)	10,781	36,341
Increase in accrued liabilities and other	445	334	12,235
Net cash provided by (used in) operating activities	100,001	(25,021)	(3,013)
Cash flows from investing activities:
Capital expenditures	(29,232)	(28,273)	(21,793)
Proceeds from divestitures	19,833	71,286	0
Business acquisitions, net of cash acquired	0	0	(13,434)
Proceeds from sale of property, plant and equipment	3,709	3,217	15,999
Proceeds from insurance property claim	0	0	1,753
Net cash provided by (used in) investing activities	(5,690)	46,230	(17,475)
Cash flows from financing activities:
Borrowings on lines of credit	241,873	287,276	286,154
Payments on lines of credit	(277,591)	(290,886)	(208,575)
Purchases of Convertible Notes	0	0	(28,137)
Payment on Convertible Notes	0	0	(38,567)
Proceeds from term loan	0	3,754	8,258
Proceeds from financing obligation	0	0	8,004
Debt issuance costs	0	(1,499)	(295)
Purchases of treasury stock	(34,265)	(20,248)	(1,448)
Proceeds from employee stock plans	606	0	0
Other financing activities	(11,670)	(3,327)	(3,986)
Net cash provided by (used in) financing activities	(81,047)	(24,930)	21,408
Effect of exchange rate changes on cash	576	(707)	(1,779)
Net increase (decrease) in cash, cash equivalents, and restricted cash	13,840	(4,428)	(859)
Cash, cash equivalents, and restricted cash at beginning of year	25,061	29,489	30,348
Cash, cash equivalents, and restricted cash at end of year	$ 38,901	$ 25,061	$ 29,489

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Long-term operating leases expenses	$ 7,269	$ 8,265	$ 10,227
Short-term operating leases expenses	16,111	19,062	14,180
Total operating lease expenses	23,380	27,327	24,407
Amortization of leased assets for finance leases	2,483	909	386
Sublease income	(3,008)	(407)	0
Total net lease cost	$ 22,855	$ 27,829	$ 24,793

Financing Arrangements

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Financing Arrangements

Financing arrangements consisted of the following:


	December 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	$	45,000	$	—	$	45,000	$	80,300	$	—	$	80,300
Foreign subsidiary facilities	11,394		—		11,394		16,081		—		16,081
Finance leases	9,899		—		9,899		4,999		—		4,999
U.K. term loan	5,793		(49)		5,744		7,201		(99)		7,102
Other debt	3,007		(11)		2,996		5,668		(35)		5,633
Total debt	75,093		(60)		75,033		114,249		(134)		114,115
Less: current portion	(16,916)		—		(16,916)		(22,438)		—		(22,438)
Long-term debt	$	58,177	$	(60)	$	58,117	$	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 December 31, 2023, our total availability under the Amended ABL Facility was $109.2 million, of which $45.0 million was drawn and $4.0 million was used for outstanding letters of credit, resulting in remaining availability of $60.2 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 December 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 December 31, 2023, the weighted average interest rate for the Amended ABL Facility was 6.9% 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.

Convertible Notes. In December 2016, we issued $100.0 million of unsecured convertible senior notes (the “Convertible Notes”) which bore interest at a rate of 4.0% per year and matured in December 2021. A total of $38.6 million of our Convertible Notes were repaid at maturity. During 2021, we repurchased $28.3 million of our Convertible Notes in the open market for a total cost of $28.1 million and recognized a net loss of $1.0 million reflecting the difference in the amount paid and the net carrying value of the extinguished debt, including original issue discount and debt issuance costs.

Other Financing Arrangements. 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. In addition, 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 December 31, 2023, the interest rate for the U.K. facilities was 8.7%. 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 also maintain finance leases primarily related to transportation equipment.

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 incurred net interest expense of $8.2 million, $7.0 million and $8.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. There was no capitalized interest for the years ended December 31, 2023, 2022 or 2021. As of December 31, 2023, we had scheduled repayments for financing arrangements of approximately $17 million in 2024, $9 million in 2025, $3 million in 2026, and $46 million in 2027.

- 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.

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+ Details

Divestitures and Other Exit Activities (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Impairments and Other Charges

Total impairments and other charges are shown in the following table:


	Year Ended December 31,
(In thousands)	2023		2022
Fluids U.S. Land - Long-lived assets impairment	2,485		—
Stimulation chemicals product line - Inventory write-downs	1,576		—
Australia - Inventory write-downs	1,058		—
Australia - Long-lived assets impairment	439		—
Chile exit - Recognition of cumulative foreign currency translation losses	798		—
Industrial Blending - Long-lived assets impairment	—		7,905
Gulf of Mexico - Long-lived assets impairment	—		21,461
Gulf of Mexico - Inventory write-downs	—		7,956
Total impairments and other charges	$	6,356	$	37,322

Schedule of Business Units Exited

Summarized operating results of the business units exited in 2022 (including impairments and other charges described above) are shown in the following table:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Revenues
Industrial Blending	$	—	$	—	$	8,821
Excalibar	—		55,990		36,396
Gulf of Mexico	—		26,708		25,366
	$	—	$	82,698	$	70,583

Operating income (loss)
Industrial Blending	$	—	$	(8,002)	$	(2,384)
Excalibar	—		3,665		(277)
Gulf of Mexico	(4,776)		(43,215)		(6,753)
	$	(4,776)	$	(47,552)	$	(9,414)

Summarized net assets related to the business units exited in 2022 are shown in the following table:


(In thousands)	December 31, 2022
Receivables, net	$	27,798
Inventories	5,805
Accounts payable	(2,060)
Accrued liabilities	(311)
Total net assets	$	31,232

- 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

Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net income (loss) - basic and diluted	$ 14,516	$ (20,834)	$ (25,526)
Denominator
Weighted average common shares outstanding - basic (in shares)	86,401	92,712	91,460
Dilutive effect of stock options and restricted stock awards (in shares)	1,914	0	0
Weighted average common shares outstanding - diluted (in shares)	88,315	92,712	91,460
Net income (loss) per common share
Basic (in dollars per share)	$ 0.17	$ (0.22)	$ (0.28)
Diluted (in dollars per share)	$ 0.16	$ (0.22)	$ (0.28)

- 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.

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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

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Leases

Leases in the consolidated balance sheets consisted of the following at December 31:


(In thousands)	Balance Sheet Classification	2023		2022
Assets:
Operating	Operating lease assets	$	20,731	$	23,769
Finance	Property, plant and equipment, net	9,275		4,462
Total lease assets		$	30,006	$	28,231
Liabilities:
Current:
Operating	Accrued liabilities	$	4,759	$	5,587
Finance	Current debt	2,926		1,537
Noncurrent:
Operating	Noncurrent operating lease liabilities	$	17,404	$	19,816
Finance	Long-term debt, less current portion	6,973		3,462
Total lease liabilities		$	32,062	$	30,402

Weighted-average remaining lease terms and the weighted average discount rates were the following at December 31:


Lease Term and Discount Rate	December 31, 2023
Weighted-average remaining lease term (years)
Operating leases	6.0
Finance leases	3.4
Weighted-average discount rate
Operating leases	4.8	%
Finance leases	7.8	%

Schedule of Lease Cost

Lease costs in the consolidated statements of operations were as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Operating lease expenses
Long-term operating leases expenses	$	7,269	$	8,265	$	10,227
Short-term operating leases expenses	16,111		19,062		14,180
Total operating lease expenses	$	23,380	$	27,327	$	24,407

Amortization of leased assets for finance leases	$	2,483	$	909	$	386

Sublease income	$	(3,008)	$	(407)	$	—

Total net lease cost	$	22,855	$	27,829	$	24,793

Schedule of Maturity of Lease Liabilities, Finance Leases

The maturity of lease liabilities as of December 31, 2023 is as follows:


(In thousands)	Operating Leases		Finance Leases		Total
2024	$	5,639	$	3,389	$	9,028
2025	4,051		3,097		7,148
2026	3,628		2,656		6,284
2027	3,236		1,134		4,370
2028	2,819		261		3,080
Thereafter	6,278		100		6,378
Total lease payments	25,651		10,637		36,288
Less: Interest	3,488		738		4,226
Present value of lease liabilities	$	22,163	$	9,899	$	32,062

Schedule of Maturity of Lease Liabilities, Operating Leases

The maturity of lease liabilities as of December 31, 2023 is as follows:


(In thousands)	Operating Leases		Finance Leases		Total
2024	$	5,639	$	3,389	$	9,028
2025	4,051		3,097		7,148
2026	3,628		2,656		6,284
2027	3,236		1,134		4,370
2028	2,819		261		3,080
Thereafter	6,278		100		6,378
Total lease payments	25,651		10,637		36,288
Less: Interest	3,488		738		4,226
Present value of lease liabilities	$	22,163	$	9,899	$	32,062

Stock-Based Compensation and Other Benefit Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			84 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Shares
Outstanding at beginning of period (in shares)	1,432,738
Granted (in shares)	0			0
Exercised (in shares)	(140,460)	0	0
Expired or canceled (in shares)	(231,745)
Outstanding at end of period (in shares)	1,060,533	1,432,738		1,060,533
Weighted- Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 7.39
Granted (in dollars per share)	0
Exercised (in dollars per share)	4.32
Expired or canceled (in dollars per share)	10.52
Outstanding at end of period (in dollars per share)	$ 7.12	$ 7.39		$ 7.12
Weighted-average remaining contractual life, outstanding at end of period	1 year 7 months 28 days
Aggregate intrinsic value, outstanding at end of period	$ 1,210			$ 1,210
Vested or expected to vest at end of period
Vested or expected to vest at end of period (in shares)	1,060,533			1,060,533
Vested or expected to vest at end of period (in dollars per share)	$ 7.12			$ 7.12
Weighted- average remaining contractual life vested or expected to vest at end of period	1 year 7 months 28 days
Aggregate intrinsic value, vested or expected to vest at end of period	$ 1,210			$ 1,210
Options exercisable at end of period
Options exercisable at end of period (in shares)	1,060,533			1,060,533
Options exercisable at end of period (in dollars per share)	$ 7.12			$ 7.12
Options exercisable at end of period	1 year 7 months 28 days
Aggregate intrinsic value, options exercisable at end of period	$ 1,210			$ 1,210

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The provision (benefit) for income taxes was as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Current:
U.S. Federal	$	284	$	318	$	773
State	1,134		338		525
Foreign	9,730		7,099		7,204
Total current	11,148		7,755		8,502
Deferred:
U.S. Federal	418		(3,204)		547
State	179		(142)		(545)
Foreign	(1,079)		(38)		(1,211)
Total deferred	(482)		(3,384)		(1,209)
Total provision (benefit) for income taxes	$	10,666	$	4,371	$	7,293

Income (loss) before income taxes was as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
U.S.	$	(1,907)	$	(38,001)	$	(36,250)
Foreign	27,089		21,538		18,017
Loss before income taxes	$	25,182	$	(16,463)	$	(18,233)

The effective income tax rate is reconciled to the statutory federal income tax rate as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Income tax expense (benefit) at federal statutory rate	$	5,288	$	(3,457)	$	(3,829)
Tax benefit on restructuring of certain subsidiary legal entities	—		(3,111)		—
Nondeductible executive compensation	1,171		958		999
Other nondeductible expenses	455		684		557
Stock-based compensation	(42)		5		880
Different rates on earnings of foreign operations	812		63		(115)
Dividend taxes on unremitted earnings	561		874		980
U.S. tax on foreign earnings	1,121		378		—
Research and development credits	(476)		(649)		(1,093)
Change in valuation allowance	589		8,156		10,416
State tax expense (benefit), net	591		55		(1,302)
Other items, net	596		415		(200)
Total provision (benefit) for income taxes	$	10,666	$	4,371	$	7,293

The provision for income taxes was $10.7 million for 2023 and primarily reflects income taxes associated with our international operations, including the impact from the geographic composition of our earnings, and was unfavorably impacted by losses in certain international jurisdictions in which we are unable to recognize a related tax benefit, partially offset by the benefit associated with a partial valuation allowance release to recognize a portion of previously unbenefited U.S. net operating losses. The provision for income taxes was $4.4 million for 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. The provision for income taxes in 2022 was unfavorably impacted as we are unable to recognize a tax benefit related to the $37.3 million of impairment charges. The provision for income taxes was $7.3 million for 2021, despite reporting a pretax loss for the period, and primarily reflects earnings from our international operations since we were unable to recognize the tax benefit from our U.S. losses as they may not be realized.

Temporary differences and carryforwards which give rise to deferred tax assets and liabilities consisted of the following at December 31:


(In thousands)	2023		2022
Deferred tax assets:
Net operating losses	$	36,484	$	35,430
Foreign tax credits	10,373		8,836
Accruals not currently deductible	4,873		2,989
Unrealized foreign exchange losses, net	5,157		5,353
Research and development credits	5,690		5,181
Stock-based compensation	1,723		1,359
Capitalized inventory costs	508		1,821
Capitalized research and development expenditures	7,110		4,342
Other	5,372		6,551
Total deferred tax assets	77,290		71,862
Valuation allowance	(49,197)		(47,280)
Total deferred tax assets, net of allowances	28,093		24,582
Deferred tax liabilities:
Accelerated depreciation and amortization	(27,071)		(24,099)
Tax on unremitted earnings	(6,208)		(5,656)
Other	(493)		(673)
Total deferred tax liabilities	(33,772)		(30,428)
Total net deferred tax liabilities	$	(5,679)	$	(5,846)

Noncurrent deferred tax assets	$	2,628	$	2,275
Noncurrent deferred tax liabilities	(8,307)		(8,121)
Net deferred tax liabilities	$	(5,679)	$	(5,846)

We have U.S. federal income tax net operating loss carryforwards (“NOLs”) of approximately $82.9 million available to reduce future U.S. taxable income, which do not expire. We also have state NOLs of approximately $228.5 million available to reduce future state taxable income, including approximately $167.5 million which do not expire and approximately $61.0 million which expire in varying amounts beginning in 2024 through 2043. Foreign NOLs of approximately $25.4 million are available to reduce future taxable income, some of which expire beginning in 2024. Effective January 1, 2022, certain research and development expenditures are now required under regulations enacted as part of the 2017 U.S. Tax Cuts and Jobs Act to be capitalized and amortized over five years, resulting in a $7.1 million and $4.3 million deferred tax asset at December 31, 2023 and 2022, respectively.

The realization of our net deferred tax assets is dependent on our ability to generate taxable income in future periods. At December 31, 2023 and 2022, we have recorded a valuation allowance in the amount of $49.2 million and $47.3 million, respectively, primarily related to certain U.S. federal, state, and foreign NOL carryforwards, as well as for foreign tax credits and research and development credits, which may not be realized.

We file income tax returns in the U.S. and several non-U.S. jurisdictions and are subject to examination in the various jurisdictions in which we file. We are no longer subject to income tax examinations for U.S. federal and substantially all state jurisdictions for years prior to 2019 and for substantially all foreign jurisdictions for years prior to 2008.

We are under examination by various tax authorities in countries where we operate, and certain foreign jurisdictions have challenged the amounts of taxes due for certain tax periods. These audits are in various stages of completion. We fully cooperate with all audits but defend existing positions vigorously. We evaluate the potential exposure associated with various filing positions and record a liability for uncertain tax positions as circumstances warrant. Although we believe all tax positions are reasonable and properly reported in accordance with applicable tax laws and regulations in effect during the periods involved, the final determination of tax audits and any related litigation could be materially different than that which is reflected in historical income tax provisions and accruals.

A reconciliation of the beginning and ending provision for uncertain tax positions is as follows:


(In thousands)	2023		2022		2021
Balance at January 1	$	318	$	485	$	213
Additions (reductions) for tax positions of prior years	3		(8)		(6)
Additions (reductions) for tax positions of current year	20		—		306
Reductions for settlements with tax authorities	—		(93)		—
Reductions for lapse of statute of limitations	(94)		(66)		(28)
Balance at December 31	$	247	$	318	$	485

Approximately $0.2 million of unrecognized tax benefits at December 31, 2023, if recognized, would favorably impact the effective tax rate.

We recognize accrued interest and penalties related to uncertain tax positions in operating expenses. The amount of interest and penalties was immaterial for all periods presented.

- 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.

+ References

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-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Organization and Principles of Consolidation

Organization and Principles of Consolidation. Newpark Resources, Inc. was organized in 1932 as a Nevada corporation. In 1991, we changed our state of incorporation to Delaware. The consolidated financial statements include our company and our wholly-owned subsidiaries (the “Company,” “we,” “our,” or “us”). All intercompany transactions are eliminated in consolidation.

We are a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to customers across multiple industries. 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 Annual Report on Form 10-K.

•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.

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. Additionally, in June 2023, we announced that we engaged Lazard to assist us in a review of strategic alternatives for the long-term positioning of our Fluids Systems division. See Note 2 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 United Kingdom. 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 the sale of the industrial blending assets in the fourth quarter of 2022.

Use of Estimates and Market Risks

Use of Estimates and Market Risks. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“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. Significant estimates used in preparing our consolidated financial statements include, but are not limited to, the following: estimated cash flows and fair values used for impairments of long-lived assets, including goodwill and other intangibles, and valuation allowances for deferred tax assets.

Cash Equivalents

Cash Equivalents. All highly liquid investments with a remaining maturity of three months or less at the date of acquisition are classified as cash equivalents.

Restricted Cash

Restricted Cash. Cash that is restricted as to withdrawal or usage is recognized as restricted cash and is included in other current assets in the consolidated balance sheets.

Allowance for Credit Losses

Allowance for Credit Losses. Trade receivables are presented at the net amount expected to be collected. We estimate the lifetime “expected credit loss” for such assets at inception, which generally results in the earlier recognition of allowances for losses. Our allowance for credit losses reflects losses that are expected over the contractual life of the asset, and takes into account historical loss experience, current and future economic conditions, and reasonable and supportable forecasts.

Inventories

Inventories. Inventories are stated at the lower of cost (principally average cost) or net realizable value. Certain conversion costs associated with the acquisition, production, blending, and storage of inventory in our Fluids Systems segment as well as the manufacturing operations in the Industrial Solutions segment are capitalized as a component of the carrying value of the inventory and expensed as a component of cost of revenues as the products are sold. Reserves for inventory obsolescence

are determined based on the net realizable value of the inventory using factors such as our historical usage of inventory on-hand, future expectations related to our customers’ needs, market conditions, and the development of new products.

Property, Plant and Equipment

Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Additions and improvements that extend the useful life of an asset are capitalized. We capitalize interest costs on significant capital projects. Maintenance and repairs are expensed as incurred. Sales and disposals of property, plant and equipment are removed at carrying cost less accumulated depreciation with any resulting gain or loss reflected in earnings.


Computer hardware and office equipment		3-5 years
Computer software		3-5 years
Autos and light trucks		5-7 years
Furniture, fixtures, and trailers		7-10 years
Composite mats (rental fleet)		7-12 years
Machinery and heavy equipment		10-15 years
Owned buildings		20-39 years
Leasehold improvements	Lease term, including reasonably assured renewal periods

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets. Goodwill represents the excess of the purchase price of acquisitions over the fair value of the net identifiable assets acquired in business combinations. Goodwill and other intangible assets with indefinite lives are not amortized. Intangible assets with finite useful lives are amortized either on a straight-line basis over the asset’s estimated useful life or on a basis that reflects the pattern in which the economic benefits of the asset are realized. Any period costs of maintaining intangible assets are expensed as incurred.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets. Goodwill and other indefinite-lived intangible assets are tested for impairment annually as of November 1, or more frequently, if indicators of impairment exist. As part of our annual goodwill review, we first perform a qualitative assessment based on company performance and future business outlook to determine if indicators of impairment exist. When there are qualitative indicators of impairment, we use an impairment test which includes a comparison of the carrying value of net assets of our reporting units, including goodwill, with their estimated fair values, which we estimate using a combination of a market multiple and discounted cash flow approach (classified within level 3 of the fair value hierarchy). If the carrying value exceeds the estimated fair value, an impairment charge is recorded in the period in which such review is performed. We identify our reporting units based on our analysis of several factors, including our operating segment structure, evaluation of the economic characteristics of our geographic regions within each of our operating segments, and the extent to which our business units share assets and other resources.

We review property, plant and equipment, finite-lived intangible assets and certain other assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We assess recoverability based on the undiscounted future net cash flows expected from the use and eventual disposition of such asset. Should the review indicate that the carrying value is not fully recoverable, the amount of impairment loss is determined by comparing the carrying value to the estimated fair value.

Insurance

Insurance. We maintain reserves for estimated future payments associated with our self-insured employee healthcare programs, as well as the self-insured retention exposures under our general liability, auto liability, and workers compensation insurance policies. Our reserves are determined based on historical experience under these programs, including estimated development of known claims and estimated incurred-but-not-reported claims.

Treasury Stock

Treasury Stock. Treasury stock is carried at cost, which includes the entire cost of the acquired stock.

Revenue Recognition

Revenue Recognition. The following provides a summary of our significant accounting policies for revenue recognition.

Fluids Systems. Revenues for fluid system additive products and engineering services, when provided to customers in the delivery of an integrated fluid system, are recognized as product sales revenues when utilized by the customer. Revenues for formulated liquid systems are recognized as product sales revenues when utilized or lost downhole while drilling. Revenues for equipment rentals and other services provided to customers that are ancillary to the fluid system product delivery are recognized in rental and service revenues when the services are performed. For direct sales of fluid system products, revenues are recognized when control passes to the customer, which is generally upon shipment of materials.

Industrial Solutions. Revenues for rentals and services are generated from both fixed-price and unit-priced contracts, which are generally short-term in duration. The activities under these contracts include the installation and rental of matting systems for a period of time and services such as access road construction, site planning and preparation, environmental protection, erosion control, and site restoration services. Rental revenues are recognized over the rental term and service revenues are recognized when the specified services are performed. Revenues from any subsequent extensions to the rental agreements are recognized over the extension period. Revenues from the direct sale of products are recognized when control passes to the customer, which is upon shipment or delivery, depending on the terms of the underlying sales contract.

For all segments, the amount of revenue we recognize for products sold and services performed reflects the consideration to which we expect to be entitled in exchange for such goods or services, which generally reflects the amount we have the right to invoice based on agreed upon unit rates. While billing requirements vary, many of our customer contracts require that billings occur periodically or at the completion of specified activities, even though our performance and right to consideration occurs throughout the contract. As such, we recognize revenue as performance is completed in the amount to which we have the right to invoice. We do not disclose the value of our unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue for the amount to which we have the right to invoice for products sold and services performed.

Shipping and handling costs are reflected in cost of revenues, and all reimbursements by customers of shipping and handling costs are included in revenues.

Income Taxes

Income Taxes. We provide for deferred taxes using an asset and liability approach by measuring deferred tax assets and liabilities due to temporary differences existing at year end using currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. We reduce deferred tax assets by a valuation allowance when, based on our estimates, it is more likely than not that a portion of those assets will not be realized in a future period. The estimates utilized in recognition of deferred tax assets are subject to revision, either up or down, in future periods based on new facts or circumstances. We present deferred tax assets and liabilities as noncurrent in the balance sheet based on an analysis of each taxpaying component within a jurisdiction. We evaluate uncertain tax positions and record a liability as circumstances warrant.

Share-Based Compensation

Share-Based Compensation. Share-based compensation cost is measured at the grant date based on the fair value of the award, net of an estimated forfeiture rate. We recognize these costs in the statement of operations using the straight-line method over the vesting term.

Foreign Currency Translation

Foreign Currency Translation. The functional currency for substantially all international subsidiaries is their respective local currency. Financial statements for these international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and the average exchange rates in effect during the respective period for revenues and expenses. Exchange rate adjustments resulting from translation of foreign currency financial statements of our international subsidiaries are reflected in accumulated other comprehensive loss in stockholders’ equity until such time that the international subsidiary is sold or liquidation is substantially complete, at which time the related accumulated adjustments would be reclassified into income. Exchange rate adjustments resulting from foreign currency denominated transactions are recorded in income.

Fair Value Measurement

Fair Value Measurement. Fair value is measured as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at a measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

•Level 1: The use of quoted prices in active markets for identical financial instruments.

•Level 2: The use of quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or other inputs that are observable in the market or can be corroborated by observable market data.

•Level 3: The use of significantly unobservable inputs that typically require the use of management’s estimates of assumptions that market participants would use in pricing.

New Accounting Pronouncements

Standards Not Yet Adopted

Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued new guidance which is intended to improve reportable segment disclosure requirements through enhanced disclosures. The amendments require disclosure of significant segment expenses regularly provided to the chief operating decision maker (CODM) as well as other segment items, extend certain annual disclosures to interim periods, clarify the applicability to single reportable segment entities, permit more than one measure of profit or loss to be reported under certain conditions, and require disclosure of the title and position of the CODM. This guidance will be effective for us for the year ended December 31, 2024. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.

Income Taxes: Improvements to Income Tax Disclosures. In December 2023, the FASB issued new guidance which is intended to enhance the transparency and decision usefulness of income tax disclosures. This guidance will be effective for us in the first quarter of 2025. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.

Segment and Related Information - Disaggregated Revenues, Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 749,600	$ 815,594	$ 614,781
Industrial Solutions
Segment Reporting Information [Line Items]
Total revenues	207,648	192,993	185,171
Rental revenues \| Industrial Solutions
Segment Reporting Information [Line Items]
Total revenues	83,400	75,616	68,455
Service revenues \| Industrial Solutions
Segment Reporting Information [Line Items]
Total revenues	66,554	58,685	49,920
Product sales revenues
Segment Reporting Information [Line Items]
Total revenues	572,910	665,318	484,300
Product sales revenues \| Industrial Solutions
Segment Reporting Information [Line Items]
Total revenues	$ 57,694	$ 58,692	$ 66,796

- Definition

+ References

+ Details

Income Taxes - Provision For Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
U.S. Federal	$ 284	$ 318	$ 773
State	1,134	338	525
Foreign	9,730	7,099	7,204
Total current	11,148	7,755	8,502
Deferred:
U.S. Federal	418	(3,204)	547
State	179	(142)	(545)
Foreign	(1,079)	(38)	(1,211)
Total deferred	(482)	(3,384)	(1,209)
Total provision (benefit) for income taxes	$ 10,666	$ 4,371	$ 7,293

Supplemental Cash Flow and Other Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow and Other Information

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


(in thousands)	2023		2022		2021
Cash paid (received) for:
Income taxes (net of refunds)	$	8,939	$	9,058	$	6,912
Interest	$	7,767	$	5,945	$	5,339

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


(in thousands)	2023		2022		2021
Cash and cash equivalents	$	38,594	$	23,182	$	24,088
Restricted cash (included in other current assets)	307		1,879		5,401
Cash, cash equivalents, and restricted cash	$	38,901	$	25,061	$	29,489

Accounts payable and accrued liabilities at December 31, 2023, 2022, and 2021, included accruals for capital expenditures of $1.6 million, $1.1 million, and $0.7 million, respectively.

Accrued liabilities at December 31, 2023 and 2022 included accruals for employee incentives and other compensation related expenses of $28.3 million and $25.2 million, respectively.

Capital Stock - Changes in Treasury Stock (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Treasure Stock [Roll Forward]
Beginning balance (in shares)	21,751,232	16,981,147	16,781,000
Shares purchased under our Repurchase Program (in shares)	6,523,000	4,438,000	0
Shares purchased for employee stock options, restricted stock and employee stock purchase plan (in shares)	577,000	592,000	419,000
Shares reissued for employee stock options, restricted stock and employee stock purchase plan (in shares)	(2,379,000)	(260,000)	(219,000)
Ending balance (in shares)	26,471,738	21,751,232	16,981,147

Fair Value of Financial Instruments and Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments and Concentrations of Credit Risk

Fair Value of Financial Instruments

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 December 31, 2023 and 2022.

Concentrations of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk primarily consist of cash and trade accounts receivable. At December 31, 2023, substantially all of our cash deposits were held by our international subsidiaries in accounts at numerous financial institutions across the various regions in which we operate. As part of our investment strategy, we perform periodic evaluations of the relative credit standing of these financial institutions.

Customer Revenue Concentration

We derive a significant portion of our revenues and profitability from companies in the energy industry, and more specifically, customers in the E&P and utility sectors. Our E&P customer base consists primarily of mid-sized and international oil companies as well as government-owned or government-controlled oil companies operating in the markets that we serve. Our utility customer base consists primarily of power transmission service providers, as well as large regulated electrical utility providers. For 2023, 2022 and 2021, revenues from our 20 largest customers represented approximately 42%, 38% and 39%, respectively, of our consolidated revenues. For 2023, 2022 and 2021, no single customer accounted for more than 10% of our consolidated revenues.

Receivables

Receivables consisted of the following at December 31:


(In thousands)	2023		2022
Trade receivables:
Gross trade receivables	$	164,292	$	227,762
Allowance for credit losses	(4,751)		(4,817)
Net trade receivables	159,541		222,945
Income tax receivables	2,984		2,697
Other receivables	5,932		16,605
Total receivables, net	$	168,457	$	242,247

The decrease in trade receivables in 2023 was primarily attributable to the decrease in Fluids Systems revenues in the fourth quarter of 2023 compared to the fourth quarter of 2022, as well as collection of trade receivable amounts outstanding related to our divestitures (as described in Note 2). Other receivables as of December 31, 2022 included $10.8 million for non-trade receivables related to our divestitures. Other receivables also included $3.6 million and $3.5 million for value added, goods and service taxes related to foreign jurisdictions as of December 31, 2023 and 2022, respectively.

Changes in our allowance for credit losses were as follows:


(In thousands)	2023		2022		2021
Balance at beginning of year	$	4,817	$	4,587	$	5,024
Credit loss expense	1,209		1,039		664
Write-offs, net of recoveries	(1,275)		(809)		(1,101)
Balance at end of year	$	4,751	$	4,817	$	4,587

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Restricted cash	$ 307,000	$ 1,879,000	$ 5,401,000
Asset retirement obligation	1,200,000	1,200,000
Health claims
Loss Contingencies [Line Items]
Threshold for claims to be insured by third party insurers	250,000
Accrued liabilities for uninsured portion of claims	700,000	700,000
Workers compensation auto and general liability claims
Loss Contingencies [Line Items]
Threshold for claims to be insured by third party insurers	750,000
Accrued liabilities for uninsured portion of claims	1,700,000	$ 3,100,000
Performance Bonds
Loss Contingencies [Line Items]
Restricted cash	300,000
Credit Agreement \| Performance Bonds
Loss Contingencies [Line Items]
Letters of credit outstanding, amount	$ 39,800,000

Supplemental Cash Flow and Other Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental to the Statements of Cash Flows

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


(in thousands)	2023		2022		2021
Cash paid (received) for:
Income taxes (net of refunds)	$	8,939	$	9,058	$	6,912
Interest	$	7,767	$	5,945	$	5,339

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)	2023		2022		2021
Cash and cash equivalents	$	38,594	$	23,182	$	24,088
Restricted cash (included in other current assets)	307		1,879		5,401
Cash, cash equivalents, and restricted cash	$	38,901	$	25,061	$	29,489

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 14,516	$ (20,834)	$ (25,526)
Foreign currency translation adjustments, net of tax benefit (expense) of $(93), $1, $639	3,549	(5,706)	(7,308)
Recognition of Chile cumulative foreign currency translation losses	798	0	0
Comprehensive income (loss)	$ 18,863	$ (26,540)	$ (32,834)

- Definition

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

+ References

+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 749,600	$ 815,594	$ 614,781
Cost of revenues
Total cost of revenues	611,061	694,058	529,552
Selling, general and administrative expenses	101,136	97,618	94,445
Other operating (income) loss, net	(2,583)	(4,370)	(391)
Impairments and other charges	6,356	37,322	0
Operating income (loss)	33,630	(9,034)	(8,825)
Foreign currency exchange (gain) loss	267	389	(397)
Interest expense, net	8,181	7,040	8,805
Loss on extinguishment of debt	0	0	1,000
Income (loss) before income taxes	25,182	(16,463)	(18,233)
Provision (benefit) for income taxes	10,666	4,371	7,293
Net income (loss)	$ 14,516	$ (20,834)	$ (25,526)
Net income (loss) per common share - basic (in dollars per share)	$ 0.17	$ (0.22)	$ (0.28)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.16	$ (0.22)	$ (0.28)
Product sales revenues
Revenues
Total revenues	$ 572,910	$ 665,318	$ 484,300
Cost of revenues
Total cost of revenues	496,654	588,234	434,405
Rental and service revenues
Revenues
Total revenues	176,690	150,276	130,481
Cost of revenues
Total cost of revenues	$ 114,407	$ 105,824	$ 95,147

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Amortization of intangible assets	$ 3.4	$ 3.6	$ 3.7
Technology related
Goodwill [Line Items]
Finite-lived intangible asset, useful life	15 years
Customer related
Goodwill [Line Items]
Finite-lived intangible asset, useful life	13 years
Permits and licenses
Goodwill [Line Items]
Finite-lived intangible asset, useful life	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 38,594	$ 23,182
Receivables, net of allowance of $4,751 and $4,817, respectively	168,457	242,247
Inventories	141,079	149,571
Prepaid expenses and other current assets	9,094	10,966
Total current assets	357,224	425,966
Property, plant and equipment, net	195,289	193,099
Operating lease assets	20,731	23,769
Goodwill	47,283	47,110
Other intangible assets, net	17,114	20,215
Deferred tax assets	2,628	2,275
Other assets	2,067	2,441
Total assets	642,336	714,875
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	16,916	22,438
Accounts payable	70,087	93,633
Accrued liabilities	49,281	46,871
Total current liabilities	136,284	162,942
Long-term debt, less current portion	58,117	91,677
Noncurrent operating lease liabilities	17,404	19,816
Deferred tax liabilities	8,307	8,121
Other noncurrent liabilities	6,860	9,291
Total liabilities	226,972	291,847
Commitments and contingencies
Common stock, $0.01 par value (200,000,000 shares authorized and 111,669,464 and 111,451,999 shares issued, respectively)	1,117	1,115
Paid-in capital	639,645	641,266
Accumulated other comprehensive loss	(62,839)	(67,186)
Retained earnings	10,773	2,489
Treasury stock, at cost (26,471,738 and 21,751,232 shares, respectively)	(173,332)	(154,656)
Total stockholders’ equity	415,364	423,028
Total liabilities and stockholders’ equity	$ 642,336	$ 714,875

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following at December 31:


(In thousands)	2023		2022
Land	$	7,216	$	7,804
Buildings and improvements	71,446		63,333
Machinery and equipment	201,281		229,080
Computer hardware and software	47,543		47,743
Furniture and fixtures	5,523		5,733
Construction in progress	2,523		5,447
	335,532		359,140
Less accumulated depreciation	(237,573)		(248,844)
	97,959		110,296

Composite mats (rental fleet)	169,387		147,764
Less accumulated depreciation - composite mats	(72,057)		(64,961)
	97,330		82,803

Property, plant and equipment, net	$	195,289	$	193,099

Depreciation expense was $28.0 million, $35.0 million, and $38.5 million in 2023, 2022 and 2021, respectively. The Fluids Systems segment operating results for 2023 includes $2.9 million of total charges for long-lived assets impairments (as described in Note 2).

Stock-Based Compensation and Other Benefit Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Other Benefit Plans

The following describes stockholder approved plans utilized by us for the issuance of stock-based awards.

2014 Non-Employee Directors’ Restricted Stock Plan

In May 2014, our stockholders approved the 2014 Non-Employee Directors’ Restricted Stock Plan (“2014 Director Plan”) which authorizes grants of restricted stock to non-employee directors. Each restricted share granted to a non-employee director vests in full on the earlier of the day prior to the next annual meeting of stockholders following the grant date or the first anniversary of the grant. In May 2023, our stockholders approved an amendment increasing the number of shares authorized for issuance from 1.4 million to 2.0 million shares. At December 31, 2023, 0.5 million shares remained available for award under the 2014 Director Plan.

2015 Employee Equity Incentive Plan

In May 2015, our stockholders approved the 2015 Employee Equity Incentive Plan (“2015 Plan”) pursuant to which the Compensation Committee of our Board of Directors (“Compensation Committee”) may grant to key employees, including executive officers and other corporate and divisional employees, a variety of forms of equity-based compensation, including options to purchase shares of common stock, shares of restricted common stock, restricted stock units, stock appreciation rights, other stock-based awards, and performance-based awards. In May 2023, our stockholders approved an amendment increasing the number of shares authorized for issuance from 15.3 million to 16.5 million shares. At December 31, 2023, 2.5 million shares remained available for award under the 2015 Plan.

In June 2017, our Board of Directors approved the Long-Term Cash Incentive Plan (“Cash Plan”), a sub-plan to the 2015 Plan, pursuant to which the Compensation Committee may grant time-based cash awards or performance-based cash awards to key employees, including executive officers and other corporate and divisional employees, to provide an opportunity for employees to receive a cash payment upon either completion of a service period or achievement of predetermined performance criteria at the end of a performance period.

Activity under each of these programs is described below.

Stock Options

Stock options granted by the Compensation Committee are granted with a three-year vesting period and a term of ten years. There have been no options granted since 2016.

The following table summarizes activity for our outstanding stock options for the year ended December 31, 2023:


Stock Options	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding at beginning of period	1,432,738	$	7.39
Granted	—	—
Exercised	(140,460)	4.32
Expired or canceled	(231,745)	10.52
Outstanding at end of period	1,060,533	$	7.12	1.66	$	1,210

Vested or expected to vest at end of period	1,060,533	$	7.12	1.66	$	1,210
Options exercisable at end of period	1,060,533	$	7.12	1.66	$	1,210

The total intrinsic value of options exercised was $0.4 million for the year ended December 31, 2023, and cash from options exercised totaled $0.6 million. For the year ended December 31, 2023, we recognized tax benefits resulting from the exercise of stock options totaling $0.1 million.

There was no compensation cost recognized for stock options during the years ended December 31, 2023, 2022, or 2021. There were no stock options exercised during 2022 or 2021.

Restricted Stock Awards and Units

Time-vested restricted stock awards and restricted stock units are periodically granted to key employees, including grants for employment inducements, as well as to members of our Board of Directors. Employee awards provide for vesting periods ranging from three to four years. Non-employee director grants vest in full on the earlier of the day prior to the next annual meeting of stockholders following the grant date or the first anniversary of the grant. Upon vesting of these grants, shares are issued to award recipients.

The following tables summarize the activity for our outstanding time-vested restricted stock awards (granted to our Board of Directors) and restricted stock units (granted to employees) for the year ended December 31, 2023:


Nonvested Restricted Stock Awards (Time-Vesting)	Shares	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2023	260,339	$	4.11
Granted	200,516	3.89
Vested	(260,339)	4.11
Forfeited	—	—
Nonvested at December 31, 2023	200,516	$	3.89


Nonvested Restricted Stock Units (Time-Vesting)	Shares	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2023	4,379,277	$	3.50
Granted	1,732,151	3.89
Vested	(2,073,683)	3.27
Forfeited	(673,915)	3.65
Nonvested at December 31, 2023	3,363,830	$	3.82

Total compensation cost recognized for restricted stock awards and restricted stock units was $6.4 million, $6.7 million and $7.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Total unrecognized compensation cost at December 31, 2023 related to restricted stock awards and restricted stock units was approximately $8.8 million which is expected to be recognized over the next 1.8 years. During the years ended December 31, 2023, 2022 and 2021, the total fair value of shares vested was $8.0 million, $9.4 million and $5.3 million, respectively. For the years ended December 31, 2023, 2022 and 2021, we recognized tax benefits resulting from the vesting of restricted stock awards and units of $1.8 million, $1.8 million and $1.1 million, respectively.

Cash-Based Awards

The Compensation Committee also approved the issuance of cash-based awards to certain executive officers during 2023, 2022 and 2021. The 2023 awards included a target value of $2.5 million of performance-based cash awards, the 2022 awards included a target value of $2.8 million of performance-based cash awards, and the 2021 awards included $1.4 million of time-based cash awards and a target value of $3.0 million of performance-based cash awards. The cash payout for each award ranges from 0% to 200% of target.

Of the $2.5 million aggregate target value of 2023 performance-based cash awards, $1.8 million will be settled based on the relative ranking of our total shareholder return (“TSR”) as compared to the TSR of our designated peer group and $0.7 million will be settled based on the consolidated return on net capital employed (“RONCE”), each measured over a three-year performance period. TSR performance for the 2023 grants will be determined based upon the Company’s and peer group’s average closing share price for the 30 calendar day period ending May 31, 2026, adjusted for dividends, as compared to the 30 calendar day period ending May 31, 2023. RONCE performance for the 2023 grants will be determined based upon the Company’s average three-year RONCE performance for the fiscal years ending December 31, 2023, 2024 and 2025.

The 2022 and 2021 performance-based cash awards will be settled based on the relative ranking of our TSR as compared to the TSR of our designated peer group over a three-year period ending May 31, 2025 and May 31, 2024, respectively.

The performance-based cash awards are accrued as a liability award over the performance period based on the estimated fair value. The fair value of the performance-based cash awards is remeasured each period using a Monte Carlo valuation model with changes in fair value recognized in the consolidated statement of operations.

Total compensation cost recognized for cash-based awards was $3.8 million, $3.4 million and $3.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the total liability for cash-based awards was $6.7 million and $6.5 million, respectively.

Defined Contribution Plan

Substantially all of our U.S. employees are covered by a defined contribution plan (“401(k) Plan”). Employees may voluntarily contribute up to 50% of compensation, as defined in the 401(k) Plan. Participants’ contributions, up to 4% of compensation, are matched 100% by us, and the participants’ contributions, from 5% to 6% of compensation, are matched 50% by us. Effective January 1, 2023, Participant’s contributions up to 4% are matched 100% by us with contributions from 4% to 6% being matched 50%. In connection with the cost reduction programs implemented in early 2020, we temporarily eliminated our 401(k) matching contribution beginning in April 2020 through March 2021. Under the 401(k) Plan, our cash contributions were $3.2 million, $2.5 million and $2.2 million for 2023, 2022 and 2021, respectively.

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2023
Weighted-average remaining lease term (years)
Operating leases	6 years
Finance leases	3 years 4 months 24 days
Weighted-average discount rate
Operating leases	4.80%
Finance leases	7.80%

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 453.3
Entity Common Stock, Shares Outstanding (in shares)		85,201,652
Documents Incorporated by Reference	Pursuant to General Instruction G(3) to this Form 10-K, the information required by Items 10, 11, 12, 13 and 14 of Part III hereof is incorporated by reference from the registrant’s definitive Proxy Statement for its 2024 Annual Meeting of Stockholders.
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0000071829

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease liabilities in exchange for leased assets	$ 2.1	$ 4.8
Finance lease liabilities in exchange for leased assets	$ 7.5	$ 4.4
Minimum
Lessee, Lease, Description [Line Items]
Lease remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease remaining lease term	8 years

Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ (1,907)	$ (38,001)	$ (36,250)
Foreign	27,089	21,538	18,017
Income (loss) before income taxes	$ 25,182	$ (16,463)	$ (18,233)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
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-SubTopic 20
-Topic 940
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-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Summary of Significant Accounting Policies - Estimated Useful Service Lives or Lease Term (Details)	Dec. 31, 2023
Computer hardware and office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives	3 years
Computer hardware and office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives	5 years
Computer software \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives	3 years
Computer software \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives	5 years
Autos and light trucks \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives	5 years
Autos and light trucks \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives	7 years
Furniture, fixtures, and trailers \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives	7 years
Furniture, fixtures, and trailers \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives	10 years
Composite mats (rental fleet) \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives	7 years
Composite mats (rental fleet) \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives	12 years
Machinery and heavy equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives	10 years
Machinery and heavy equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives	15 years
Owned buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives	20 years
Owned buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives	39 years

Stock-Based Compensation and Other Benefit Plans - Narrative (Details) - USD ($)		12 Months Ended			84 Months Ended
	Jan. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	May 31, 2023	May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		0			0
Intrinsic value of options exercised		$ 400,000
Proceeds from options exercised		600,000
Tax benefits from exercise of stock options		100,000
Share-based compensation expense		$ 0	$ 0
Options exercised (in shares)		140,460	0	0
Maximum annual contributions per employee (percent)		50.00%
Employer discretionary contribution amount		$ 3,200,000	$ 2,500,000	$ 2,200,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Expiration period		10 years
Share-based compensation expense				0
Restricted Stock Units and Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 6,400,000	6,700,000	7,700,000
Restricted stock awards		$ 8,800,000			$ 8,800,000
Period for recognition		1 year 9 months 18 days
Fair value of shares vested		$ 8,000,000	9,400,000	5,300,000
Tax benefit from compensation expense		$ 1,800,000	1,800,000	1,100,000
Restricted Stock Units and Restricted Stock Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock Units and Restricted Stock Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Share-based compensation expense		$ 3,800,000	3,400,000	3,900,000
Restricted stock awards		6,700,000	6,500,000		$ 6,700,000
Share based payment arrangement settlement based on total shareholder return		1,800,000
Return on net capital employed		$ 700,000
The 2014 Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)						2,000,000	1,400,000
Shares available for grant (in shares)		500,000			500,000
The 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)						16,500,000	15,300,000
Shares available for grant (in shares)		2,500,000			2,500,000
2023 Awards \| Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Share-based compensation expense		$ 2,500,000
2022 Awards \| Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Share-based compensation expense			$ 2,800,000
2022 Awards \| Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of payout of shares for each executive, minimum		0.00%
Range of payout of shares for each executive, maximum		200.00%
2021 Awards \| Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Share-based compensation expense				3,000,000
2021 Awards \| Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				$ 1,400,000
Participants Contributions Up to 3 Percent of Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution, percent of employees' gross pay	4.00%	4.00%
Employer matching contribution, percent of match	100.00%	100.00%
Participants Contributions from 3 Percent to 6 Percent of Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution, percent of match	50.00%	50.00%
Participants Contributions from 3 Percent to 6 Percent of Compensation \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution, percent of employees' gross pay	4.00%	5.00%
Participants Contributions from 3 Percent to 6 Percent of Compensation \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution, percent of employees' gross pay	6.00%	6.00%

Supplemental Cash Flow and Other Information - Supplemental Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid (received) for:
Income taxes (net of refunds)	$ 8,939	$ 9,058	$ 6,912
Interest	$ 7,767	$ 5,945	$ 5,339

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following at December 31:


(In thousands)	2023		2022
Raw materials:
Fluids Systems	$	104,227	$	110,623
Industrial Solutions	4,232		3,966
Total raw materials	108,459		114,589
Blended fluids systems components	18,246		29,244
Finished goods — mats	14,374		5,738
Total inventories	$	141,079	$	149,571

Stock-Based Compensation and Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Activity for Outstanding Stock Options

The following table summarizes activity for our outstanding stock options for the year ended December 31, 2023:


Stock Options	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding at beginning of period	1,432,738	$	7.39
Granted	—	—
Exercised	(140,460)	4.32
Expired or canceled	(231,745)	10.52
Outstanding at end of period	1,060,533	$	7.12	1.66	$	1,210

Vested or expected to vest at end of period	1,060,533	$	7.12	1.66	$	1,210
Options exercisable at end of period	1,060,533	$	7.12	1.66	$	1,210

Schedule of Activity for Outstanding Time-Vested Restricted Stock Awards and Restricted Stock Units


Nonvested Restricted Stock Awards (Time-Vesting)	Shares	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2023	260,339	$	4.11
Granted	200,516	3.89
Vested	(260,339)	4.11
Forfeited	—	—
Nonvested at December 31, 2023	200,516	$	3.89


Nonvested Restricted Stock Units (Time-Vesting)	Shares	Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2023	4,379,277	$	3.50
Granted	1,732,151	3.89
Vested	(2,073,683)	3.27
Forfeited	(673,915)	3.65
Nonvested at December 31, 2023	3,363,830	$	3.82

Divestitures and Other Exit Activities - Schedule of Impairments and Other Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total impairments and other charges	$ 6,356	$ 37,322	$ 0
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total impairments and other charges	6,356	37,322
Disposed of by sale \| Fluids U.S. Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-lived assets impairment	2,485	0
Disposed of by sale \| Stimulation Chemicals Product Line
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory write-down	1,576	0
Disposed of by sale \| Offshore Australia Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-lived assets impairment	439	0
Inventory write-down	1,058	0
Disposed of by sale \| Chile Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-lived assets impairment	798	0
Disposed of by sale \| Industrial Blending
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-lived assets impairment	0	7,905
Disposed of by sale \| Gulf of Mexico Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-lived assets impairment	0	21,461
Inventory write-down	$ 0	$ 7,956

Fair Value of Financial Instruments and Concentrations of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Accounts Receivable

Receivables consisted of the following at December 31:


(In thousands)	2023		2022
Trade receivables:
Gross trade receivables	$	164,292	$	227,762
Allowance for credit losses	(4,751)		(4,817)
Net trade receivables	159,541		222,945
Income tax receivables	2,984		2,697
Other receivables	5,932		16,605
Total receivables, net	$	168,457	$	242,247

Schedule of Changes in Our Allowance for Credit Losses

Changes in our allowance for credit losses were as follows:


(In thousands)	2023		2022		2021
Balance at beginning of year	$	4,817	$	4,587	$	5,024
Credit loss expense	1,209		1,039		664
Write-offs, net of recoveries	(1,275)		(809)		(1,101)
Balance at end of year	$	4,751	$	4,817	$	4,587

Divestitures and Other Exit Activities - Net Assets of Business Units Exited (Details) - Disposed of by sale $ in Thousands	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Receivables, net	$ 27,798
Inventories	5,805
Accounts payable	(2,060)
Accrued liabilities	(311)
Total net assets	$ 31,232

Fair Value of Financial Instruments and Concentrations of Credit Risk - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other receivables, value added taxes	$ 3,600	$ 3,500
Disposed of by sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, net		27,798
Disposed of by sale \| Other Receivables
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Receivables, net		$ 10,800
Customer concentration risk \| Revenues \| Largest customers
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Concentration risk, percentage	42.00%	38.00%	39.00%

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We lease certain office space, warehouses, land, equipment, and an industrial facility. Our leases have remaining terms ranging from 1 to 8 years with various extension and termination options. We consider these options in determining the lease term used to establish our operating lease assets and liabilities. Lease agreements with lease and non-lease components are accounted for as a single lease component. Leases with an initial term of 12 months or less are not recorded in the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.

Leases in the consolidated balance sheets consisted of the following at December 31:


(In thousands)	Balance Sheet Classification	2023		2022
Assets:
Operating	Operating lease assets	$	20,731	$	23,769
Finance	Property, plant and equipment, net	9,275		4,462
Total lease assets		$	30,006	$	28,231
Liabilities:
Current:
Operating	Accrued liabilities	$	4,759	$	5,587
Finance	Current debt	2,926		1,537
Noncurrent:
Operating	Noncurrent operating lease liabilities	$	17,404	$	19,816
Finance	Long-term debt, less current portion	6,973		3,462
Total lease liabilities		$	32,062	$	30,402

Lease costs in the consolidated statements of operations were as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Operating lease expenses
Long-term operating leases expenses	$	7,269	$	8,265	$	10,227
Short-term operating leases expenses	16,111		19,062		14,180
Total operating lease expenses	$	23,380	$	27,327	$	24,407

Amortization of leased assets for finance leases	$	2,483	$	909	$	386

Sublease income	$	(3,008)	$	(407)	$	—

Total net lease cost	$	22,855	$	27,829	$	24,793

Total operating lease expenses approximate cash paid during each period. Interest for finance leases is not material. Operating lease expenses and amortization of leased assets for finance leases are included in either cost of revenues or selling, general and administrative expenses. Interest for finance leases is included in interest expense, net. Sublease income is included in either cost of revenues or other operating income.

The maturity of lease liabilities as of December 31, 2023 is as follows:


(In thousands)	Operating Leases		Finance Leases		Total
2024	$	5,639	$	3,389	$	9,028
2025	4,051		3,097		7,148
2026	3,628		2,656		6,284
2027	3,236		1,134		4,370
2028	2,819		261		3,080
Thereafter	6,278		100		6,378
Total lease payments	25,651		10,637		36,288
Less: Interest	3,488		738		4,226
Present value of lease liabilities	$	22,163	$	9,899	$	32,062

During 2023, we entered into $2.1 million and $7.5 million of new operating lease liabilities and finance lease liabilities, respectively, in exchange for leased assets. During 2022, we entered into $4.8 million and $4.4 million of new operating lease liabilities and finance lease liabilities, respectively, in exchange for leased assets.

Weighted-average remaining lease terms and the weighted average discount rates were the following at December 31:


Lease Term and Discount Rate	December 31, 2023
Weighted-average remaining lease term (years)
Operating leases	6.0
Finance leases	3.4
Weighted-average discount rate
Operating leases	4.8	%
Finance leases	7.8	%

Leases

Leases in the consolidated balance sheets consisted of the following at December 31:


(In thousands)	Balance Sheet Classification	2023		2022
Assets:
Operating	Operating lease assets	$	20,731	$	23,769
Finance	Property, plant and equipment, net	9,275		4,462
Total lease assets		$	30,006	$	28,231
Liabilities:
Current:
Operating	Accrued liabilities	$	4,759	$	5,587
Finance	Current debt	2,926		1,537
Noncurrent:
Operating	Noncurrent operating lease liabilities	$	17,404	$	19,816
Finance	Long-term debt, less current portion	6,973		3,462
Total lease liabilities		$	32,062	$	30,402

Lease costs in the consolidated statements of operations were as follows:


	Year Ended December 31,
(In thousands)	2023		2022		2021
Operating lease expenses
Long-term operating leases expenses	$	7,269	$	8,265	$	10,227
Short-term operating leases expenses	16,111		19,062		14,180
Total operating lease expenses	$	23,380	$	27,327	$	24,407

Amortization of leased assets for finance leases	$	2,483	$	909	$	386

Sublease income	$	(3,008)	$	(407)	$	—

Total net lease cost	$	22,855	$	27,829	$	24,793

The maturity of lease liabilities as of December 31, 2023 is as follows:


(In thousands)	Operating Leases		Finance Leases		Total
2024	$	5,639	$	3,389	$	9,028
2025	4,051		3,097		7,148
2026	3,628		2,656		6,284
2027	3,236		1,134		4,370
2028	2,819		261		3,080
Thereafter	6,278		100		6,378
Total lease payments	25,651		10,637		36,288
Less: Interest	3,488		738		4,226
Present value of lease liabilities	$	22,163	$	9,899	$	32,062

Weighted-average remaining lease terms and the weighted average discount rates were the following at December 31:


Lease Term and Discount Rate	December 31, 2023
Weighted-average remaining lease term (years)
Operating leases	6.0
Finance leases	3.4
Weighted-average discount rate
Operating leases	4.8	%
Finance leases	7.8	%

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following at December 31:


(In thousands)	2023		2022
Land	$	7,216	$	7,804
Buildings and improvements	71,446		63,333
Machinery and equipment	201,281		229,080
Computer hardware and software	47,543		47,743
Furniture and fixtures	5,523		5,733
Construction in progress	2,523		5,447
	335,532		359,140
Less accumulated depreciation	(237,573)		(248,844)
	97,959		110,296

Composite mats (rental fleet)	169,387		147,764
Less accumulated depreciation - composite mats	(72,057)		(64,961)
	97,330		82,803

Property, plant and equipment, net	$	195,289	$	193,099

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2024	$ 3,008
2025	2,729
2026	2,302
2027	2,028
2028	1,710
Thereafter	5,337
Total	17,114	$ 20,215
Technology related
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2024	1,050
2025	1,035
2026	1,034
2027	1,019
2028	944
Thereafter	3,584
Total	8,666	9,602
Customer related
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2024	1,798
2025	1,535
2026	1,268
2027	1,009
2028	766
Thereafter	1,753
Total	8,129	10,131
Permits and licenses
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2024	160
2025	159
2026	0
2027	0
2028	0
Thereafter	0
Total	$ 319	$ 482

Stock-Based Compensation and Other Benefit Plans - Time-vested Restricted Stock (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Restricted Stock
Shares
Outstanding at beginning of period (in shares) \| shares	260,339
Granted (in shares) \| shares	200,516
Vested (in shares) \| shares	(260,339)
Forfeited (in shares) \| shares	0
Outstanding at the end of period (in shares) \| shares	200,516
Weighted-Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 4.11
Granted (in dollars per share) \| $ / shares	3.89
Vested (in dollars per share) \| $ / shares	4.11
Forfeited (in dollars per share) \| $ / shares	0
Outstanding at the end of period (in dollars per share) \| $ / shares	$ 3.89
Restricted Stock Units (RSUs)
Shares
Outstanding at beginning of period (in shares) \| shares	4,379,277
Granted (in shares) \| shares	1,732,151
Vested (in shares) \| shares	(2,073,683)
Forfeited (in shares) \| shares	(673,915)
Outstanding at the end of period (in shares) \| shares	3,363,830
Weighted-Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 3.50
Granted (in dollars per share) \| $ / shares	3.89
Vested (in dollars per share) \| $ / shares	3.27
Forfeited (in dollars per share) \| $ / shares	3.65
Outstanding at the end of period (in dollars per share) \| $ / shares	$ 3.82

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Changes in the carrying amount of goodwill, all of which relates to the Industrial Solutions segment, are as follows:


(In thousands)	Industrial Solutions
Balance at December 31, 2021	$	47,283
Effects of foreign currency	(173)
Balance at December 31, 2022	47,110
Effects of foreign currency	173
Balance at December 31, 2023	$	47,283

We completed the annual evaluation of the carrying value of our goodwill and other indefinite-lived intangible assets as of November 1, 2023 and determined that the fair value was significantly more than the net carrying value, and therefore, no impairment was required.

Other intangible assets consisted of the following:


	December 31, 2023						December 31, 2022
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Other Intangible Assets, Net		Gross Carrying Amount		Accumulated Amortization		Other Intangible Assets, Net
Technology related	$	17,794	$	(9,128)	$	8,666	$	17,806	$	(8,204)	$	9,602
Customer related	23,898		(15,769)		8,129		35,253		(25,122)		10,131
Permits and licenses	482		(163)		319		482		—		482
Total intangible assets	$	42,174	$	(25,060)	$	17,114	$	53,541	$	(33,326)	$	20,215

Total amortization expense related to other intangible assets was $3.4 million, $3.6 million and $3.7 million in 2023, 2022 and 2021, respectively. The decrease in the gross carrying amount of intangible assets in 2023 was attributable to a write-off of fully amortized balances.

Estimated future amortization expense for the years ended December 31 is as follows:


(In thousands)	2024		2025		2026		2027		2028		Thereafter		Total
Technology related	$	1,050	$	1,035	$	1,034	$	1,019	$	944	$	3,584	$	8,666
Customer related	1,798		1,535		1,268		1,009		766		1,753		8,129
Permits and licenses	160		159		—		—		—		—		319
Total future amortization expense	$	3,008	$	2,729	$	2,302	$	2,028	$	1,710	$	5,337	$	17,114

The weighted average amortization period for technology related, customer related, and permits and licenses intangible assets is 15 years, 13 years, and 3 years, respectively.

Income Taxes - Uncertain Tax Positions Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 318	$ 485	$ 213
Additions (reductions) for tax positions of prior years	3
Additions (reductions) for tax positions of prior years		(8)	(6)
Additions (reductions) for tax positions of current year	20	0	306
Reductions for settlements with tax authorities	0	(93)	0
Reductions for lapse of statute of limitations	(94)	(66)	(28)
Balance at December 31	$ 247	$ 318	$ 485

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 14,516	$ (20,834)	$ (25,526)

- Definition

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

+ References

+ Details

Financing Arrangements - Narrative (Details)	1 Months Ended				12 Months Ended
Financing Arrangements - Narrative (Details)	May 31, 2022 USD ($)	Apr. 30, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Aug. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Borrowings on lines of credit					$ 241,873,000	$ 287,276,000	$ 286,154,000
Payments of convertible debt					0	0	38,567,000
Loss on extinguishment of debt					0	0	1,000,000
Proceeds from financing obligation				$ 7,900,000	0	0	8,004,000
Interest expense					8,200,000	7,000,000	8,800,000
Interest costs capitalized					0	$ 0	0
2024					17,000,000
2025					9,000,000
2026					3,000,000
2027					$ 46,000,000
Revolving credit facility \| U.K. Subsidiary
Debt Instrument [Line Items]
Maximum borrowing capacity \| £		£ 2,000,000
Interest rate, stated percentage					8.70%
Quarterly principal payment \| £		350,000
Balloon payment \| £		£ 2,800,000
Revolving credit facility \| SONIA \| 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				$ 109,200,000
Maximum borrowing capacity, option to increase	$ 250,000,000
Debt instrument, term	5 years
Borrowings on lines of credit					45,000,000
Letters of credit outstanding, amount					4,000,000
Remaining borrowing capacity					$ 60,200,000
Unused capacity, commitment fee percentage	0.375%				0.375%
Threshold for commitment fee	50.00%
Average daily unused portion, commitment fee	0.25%
Weighted average interest rate					6.90%
Fixed charge coverage ratio	1.00
Line of credit facility, covenant, minimum, fixed charge leverage ratio	4.00
Amended ABL Facility \| Revolving credit facility \| Fed Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Amended ABL Facility \| Revolving credit facility \| B S B Y
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%				1.50%
Amended ABL Facility \| Revolving credit facility \| B S B Y \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Amended ABL Facility \| Revolving credit facility \| B S B Y \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
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%
Convertible Notes due 2021
Debt Instrument [Line Items]
Payments of convertible debt			$ 38,600,000
Face amount repurchased			28,300,000				28,300,000
Cost of repurchase			$ 28,100,000				28,100,000
Loss on extinguishment of debt							$ 1,000,000
Convertible Notes due 2021 \| Senior notes
Debt Instrument [Line Items]
Debt instrument, face amount								$ 100,000,000
Interest rate, stated percentage								4.00%
U.K. term loan \| Secured Debt \| U.K. Subsidiary
Debt Instrument [Line Items]
Debt instrument, face amount \| £		£ 7,000,000
Financing Obligation
Debt Instrument [Line Items]
Weighted average interest rate				5.40%

Capital Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Changes in Outstanding Common Stock

Changes in outstanding common stock were as follows:


(In thousands of shares)	2023	2022	2021
Outstanding, beginning of year	111,452	109,331	107,588
Shares issued for exercise of options	—	—	—
Shares issued for time vested restricted stock (net of forfeitures)	129	1,918	1,368
Shares issued for employee stock purchase plan	88	203	375
Outstanding, end of year	111,669	111,452	109,331

Schedule of Changes in Treasury Stock

Changes in treasury stock were as follows:


(In thousands of shares)	2023	2022	2021
Outstanding, beginning of year	21,751	16,981	16,781
Shares purchased under our Repurchase Program	6,523	4,438	—
Shares purchased for employee stock options, restricted stock and employee stock purchase plan	577	592	419
Shares reissued for employee stock options, restricted stock and employee stock purchase plan	(2,379)	(260)	(219)
Outstanding, end of year	26,472	21,751	16,981

Divestitures and Other Exit Activities - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended						12 Months Ended
	Nov. 30, 2022	Dec. 31, 2022	Nov. 30, 2022	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Impairments and other non-cash charges										$ 6,356	$ 37,322	$ 0
Proceeds from divestitures										19,833	71,286	0
Gain on divestitures										0	3,596	$ 0
Disposed of by sale
Business Acquisition [Line Items]
Impairments and other non-cash charges										6,356	37,322
Disposed of by sale \| Fluids U.S. Land
Business Acquisition [Line Items]
Impairment of long-lived assets										2,485	0
Disposed of by sale \| Strategic Alternatives for Fluids Systems Business
Business Acquisition [Line Items]
Net assets				$ 62,000						62,000
Working capital										58,000
Long lived assets										11,000
Debt										3,000
Disposed of by sale \| Stimulation Chemicals Product Line
Business Acquisition [Line Items]
Inventory write-down										1,576	0
Disposed of by sale \| Offshore Australia Operations
Business Acquisition [Line Items]
Impairment of long-lived assets										439	0
Inventory write-down										1,058	0
Disposed of by sale \| Chile Operations
Business Acquisition [Line Items]
Impairment of long-lived assets										798	0
Disposed of by sale \| Conroe, Texas Blending Facility
Business Acquisition [Line Items]
Impairment of long-lived assets										0	7,905
Proceeds from divestitures			$ 14,000
Gain on divestitures							$ 2,600
Disposed of by sale \| Excalibar
Business Acquisition [Line Items]
Proceeds from divestitures			51,000
Gain on divestitures			$ 1,000
Disposed of by sale \| Gulf of Mexico Operations
Business Acquisition [Line Items]
Impairment of long-lived assets										0	21,461
Inventory write-down										0	$ 7,956
Proceeds from divestitures							6,000			28,000
Sublease term		7 years
Business exit costs					$ 4,800
Held-for-sale \| Fluids U.S. Land
Business Acquisition [Line Items]
Impairment of long-lived assets				2,500
Held-for-sale \| Stimulation Chemicals Product Line
Business Acquisition [Line Items]
Inventory write-down										1,600
Inventory				2,100						2,100
Held-for-sale \| Offshore Australia Operations
Business Acquisition [Line Items]
Impairments and other non-cash charges										$ 1,500
Held-for-sale \| Chile Operations
Business Acquisition [Line Items]
Impairments and other non-cash charges				$ 800
Held-for-sale \| Conroe, Texas Blending Facility
Business Acquisition [Line Items]
Impairment of long-lived assets									$ 7,900
Held-for-sale \| Excalibar
Business Acquisition [Line Items]
Working capital							$ 10,000
Proceeds from divestitures						$ 6,000
Initial term	4 years
Held-for-sale \| Gulf of Mexico Operations
Business Acquisition [Line Items]
Impairment of long-lived assets								$ 21,500
Inventory write-down								8,000
Impairments and other non-cash charges								$ 29,400

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Numerator and Denominator for Calculating Net Loss Per Share

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


	Year Ended December 31,
(In thousands, except per share data)	2023		2022		2021
Numerator
Net income (loss) - basic and diluted	$	14,516	$	(20,834)	$	(25,526)

Denominator
Weighted average common shares outstanding - basic	86,401		92,712		91,460
Dilutive effect of stock options and restricted stock awards	1,914		—		—
Weighted average common shares outstanding - diluted	88,315		92,712		91,460

Net income (loss) per common share
Basic	$	0.17	$	(0.22)	$	(0.28)
Diluted	$	0.16	$	(0.22)	$	(0.28)

Schedule of Weighted-Average Potential Shares Excluded from Diluted Net Loss Per Share

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


	Year Ended December 31,
(In thousands)	2023	2022	2021
Stock options and restricted stock awards	785	5,545	5,754

Capital Stock - Narrative (Details) - USD ($)	12 Months Ended
Capital Stock - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 23, 2024	Feb. 28, 2023	Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Treasury stock, common (in shares)	26,471,738	21,751,232	16,981,147			16,781,000
Treasury shares purchased at cost	$ 32,185,000	$ 17,618,000
Treasury stock, shares, acquired (in shares)	6,523,000	4,438,000	0
Preferred stock, shares authorized (in shares)	1,000,000
Preferred stock, par or stated value per share (in dollars per share)	$ 0.01
Preferred stock, shares outstanding (in shares)	0	0	0
Share repurchase program
Equity, Class of Treasury Stock [Line Items]
Treasury shares purchased at cost	$ 31,900,000	$ 17,500,000
Stock repurchase program, authorized amount					$ 50,000,000
Treasury stock, shares, acquired (in shares)	6,522,797	4,437,885
Stock repurchase program, remaining authorized repurchase amount	$ 18,100,000
Share repurchase program \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 50,000,000
Restricted Stock
Equity, Class of Treasury Stock [Line Items]
Treasury shares purchased at cost	$ 2,200,000	$ 2,700,000	$ 1,400,000

Segment and Related Information - Fluids Systems Impairments and Other Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Impairments and other non-cash charges	$ 6,356	$ 37,322	$ 0
Kenedy, Texas facility fire (insurance recovery)	0	0	(849)
Gain on divestitures	0	(3,596)	0
Fluids Systems
Segment Reporting, Other Significant Reconciling Item [Line Items]
Impairments and other non-cash charges	6,356	29,417	0
Fluids sale process transaction expenses	619	0	0
Facility exit costs and other	4,594	1,000	2,399
Severance costs	1,172	398	1,329
Kenedy, Texas facility fire (insurance recovery)	0	0	(849)
Gain on divestitures	0	(971)	0
Fourchon, Louisiana hurricane-related costs	0	0	2,596
Total Fluids Systems impairments and other charges	$ 12,741	$ 29,844	$ 5,475

Leases - Maturity of Lease Liability (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 5,639
2025	4,051
2026	3,628
2027	3,236
2028	2,819
Thereafter	6,278
Total lease payments	25,651
Less: Interest	3,488
Present value of lease liabilities	22,163
Finance Leases
2024	3,389
2025	3,097
2026	2,656
2027	1,134
2028	261
Thereafter	100
Total lease payments	10,637
Less: Interest	738
Present value of lease liabilities	9,899
Total
2024	9,028
2025	7,148
2026	6,284
2027	4,370
2028	3,080
Thereafter	6,378
Total lease payments	36,288
Less: Interest	4,226
Present value of lease liabilities	$ 32,062

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following at December 31:


(In thousands)	2023		2022
Raw materials:
Fluids Systems	$	104,227	$	110,623
Industrial Solutions	4,232		3,966
Total raw materials	108,459		114,589
Blended fluids systems components	18,246		29,244
Finished goods — mats	14,374		5,738
Total inventories	$	141,079	$	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 spill containment 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.

The Fluids Systems segment operating results for 2023 includes $2.6 million of total charges for inventory write-downs included in impairments and other charges (as described in Note 2).

Supplemental Cash Flow and Other Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 38,594	$ 23,182	$ 24,088
Restricted cash (included in other current assets)	307	1,879	5,401
Cash, cash equivalents, and restricted cash	$ 38,901	$ 25,061	$ 29,489	$ 30,348

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

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


	Year Ended December 31,
(In thousands, except per share data)	2023		2022		2021
Numerator
Net income (loss) - basic and diluted	$	14,516	$	(20,834)	$	(25,526)

Denominator
Weighted average common shares outstanding - basic	86,401		92,712		91,460
Dilutive effect of stock options and restricted stock awards	1,914		—		—
Weighted average common shares outstanding - diluted	88,315		92,712		91,460

Net income (loss) per common share
Basic	$	0.17	$	(0.22)	$	(0.28)
Diluted	$	0.16	$	(0.22)	$	(0.28)


	Year Ended December 31,
(In thousands)	2023	2022	2021
Stock options and restricted stock awards	785	5,545	5,754

For 2022 and 2021, we excluded all potentially dilutive stock options and restricted stock awards in calculating diluted earnings per share as the effect was anti-dilutive due to the net loss incurred for these periods. For 2021, the Convertible Notes, which matured in December 2021, did not impact the calculation of diluted earnings per share due to the net loss incurred for the period.

Segment and Related Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment and Related Information

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 Annual Report on Form 10-K. All intercompany revenues and related profits have been eliminated.

•Fluids Systems — Our Fluids Systems segment provides drilling and completion fluids products and related technical services to customers for oil, natural gas, and geothermal projects primarily in North America and EMEA, as well as certain countries in Asia Pacific.

Over the past few years, our primary focus within the Fluids Systems segment has been the transformation into a more agile and simplified business focused on key markets, while monetizing assets in underperforming or sub-scale markets and reducing our invested capital, particularly in the U.S. 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. In 2023, we exited our stimulation chemicals product line, certain operations for offshore Australia and our Latin America operations in Chile. In June 2023, we announced that we engaged Lazard to assist us in a review of strategic alternatives for the long-term positioning of our Fluids Systems division, and in September 2023, we launched a formal sale process for substantially all the Fluids Systems business. See Note 2 for additional information.

•Industrial Solutions — 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 United Kingdom. We also sell our manufactured recyclable composite mats to customers around the world, with power transmission being the primary end-market.

•Industrial Blending — 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 the sale of the industrial blending and warehouse facility and related equipment located in Conroe, Texas in the fourth quarter of 2022 (see Note 2 for additional information).

Summarized financial information for our reportable segments is shown in the following tables:


	Year Ended December 31,
(In thousands)	2023		2022		2021

Revenues
Fluids Systems	$	541,952	$	622,601	$	420,789
Industrial Solutions	207,648		192,993		185,171
Industrial Blending	—		—		8,821
Total revenues	$	749,600	$	815,594	$	614,781

Depreciation and amortization
Fluids Systems	$	7,776	$	13,875	$	17,877
Industrial Solutions	21,108		21,653		19,304
Industrial Blending	—		678		1,095
Corporate office	2,488		2,404		3,949
Total depreciation and amortization	$	31,372	$	38,610	$	42,225

Operating income (loss)
Fluids Systems	$	11,857	$	(15,566)	$	(19,012)
Industrial Solutions	53,008		43,899		42,117
Industrial Blending	—		(8,002)		(2,384)
Corporate office	(31,235)		(29,365)		(29,546)
Total operating income (loss)	$	33,630	$	(9,034)	$	(8,825)

Segment assets
Fluids Systems	$	336,004	$	420,039	$	458,179
Industrial Solutions	264,024		247,611		247,531
Industrial Blending	—		—		20,139
Corporate office	42,308		47,225		27,037
Total segment assets	$	642,336	$	714,875	$	752,886

Capital expenditures
Fluids Systems	$	2,278	$	3,906	$	3,644
Industrial Solutions	26,205		23,569		15,311
Industrial Blending	—		230		2,091
Corporate office	749		568		747
Total capital expenditures	$	29,232	$	28,273	$	21,793

The change in Fluids Systems segment assets in 2023 primarily reflects a decrease in working capital, while the 2022 change reflects the impact of the Excalibar divestiture (see Note 2 for additional information) and the transfer of our Katy, Texas technology center to the Corporate office, partially offset by an increase in working capital. The increase in Corporate office segment assets in 2022 related to the transition of our Katy, Texas technology center from the Fluids Systems segment to a multi-purpose facility housing both business headquarters and support personnel, as well as administrative offices for third-party lessees.

Operating results for the Fluids Systems segment include the following charges. See Note 2 for additional information.


	Year Ended December 31,
(In thousands)	2023		2022		2021
Impairments and other charges	$	6,356	$	29,417	$	—
Fluids sale process transaction expenses	619		—		—
Facility exit costs and other	4,594		1,000		2,399
Severance costs	1,172		398		1,329
Kenedy, Texas facility fire (insurance recovery)	—		—		(849)
Gain on divestitures	—		(971)		—
Fourchon, Louisiana hurricane-related costs	—		—		2,596
Total Fluids Systems impairments and other charges	$	12,741	$	29,844	$	5,475

Industrial Blending operating results for 2022 includes a $7.9 million non-cash impairment charge related to the long-lived assets previously used in the now exited Industrial Blending business, as described in Note 2.

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
United States	$	215,410	$	355,435	$	227,261
Canada	68,143		61,069		48,007
Total North America	283,553		416,504		275,268

EMEA	238,479		185,298		132,221
Other	19,920		20,799		13,300
Total International	258,399		206,097		145,521

Total Fluids Systems revenues	$	541,952	$	622,601	$	420,789

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


	Year Ended December 31,
(In thousands)	2023		2022		2021
Rental revenues	$	83,400	$	75,616	$	68,455
Service revenues	66,554		58,685		49,920
Product sales revenues	57,694		58,692		66,796
Total Industrial Solutions revenues	$	207,648	$	192,993	$	185,171


	Year Ended December 31,
(In thousands)	2023		2022		2021
Revenues
United States	$	409,496	$	535,335	$	402,246
Canada	68,143		61,069		48,007
EMEA	252,041		198,391		151,228
Asia Pacific	18,086		15,722		7,629
Latin America	1,834		5,077		5,671
Total revenues	$	749,600	$	815,594	$	614,781

Long-lived assets
United States	$	249,216	$	250,196	$	318,839
Canada	1,043		1,215		1,209
EMEA	30,367		32,487		38,923
Asia Pacific	1,812		2,392		2,712
Latin America	46		344		375
Total long-lived assets	$	282,484	$	286,634	$	362,058

For 2023, 2022 and 2021, no single customer accounted for more than 10% of our consolidated revenues.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses	$ 36,484	$ 35,430
Foreign tax credits	10,373	8,836
Accruals not currently deductible	4,873	2,989
Unrealized foreign exchange losses, net	5,157	5,353
Research and development credits	5,690	5,181
Stock-based compensation	1,723	1,359
Capitalized inventory costs	508	1,821
Capitalized research and development expenditures	7,110	4,342
Other	5,372	6,551
Total deferred tax assets	77,290	71,862
Valuation allowance	(49,197)	(47,280)
Total deferred tax assets, net of allowances	28,093	24,582
Deferred tax liabilities:
Accelerated depreciation and amortization	(27,071)	(24,099)
Tax on unremitted earnings	(6,208)	(5,656)
Other	(493)	(673)
Total deferred tax liabilities	(33,772)	(30,428)
Net deferred tax liabilities	(5,679)	(5,846)
Noncurrent deferred tax assets	2,628	2,275
Noncurrent deferred tax liabilities	$ (8,307)	$ (8,121)

Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Stock options and restricted stock awards (in shares)	785	5,545	5,754

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) business_unit	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment
Segment Reporting Information [Line Items]
Number of reportable segments \| segment		2	3
Accumulated other comprehensive loss related to foreign subsidiaries \| $	$ 67.2	$ 62.8	$ 67.2
Fluids Systems
Segment Reporting Information [Line Items]
Number of fluids systems business units exited \| business_unit	2

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Our Fluids Systems operating results remain dependent on oil and natural gas drilling activity levels in the markets we serve and the nature of the drilling operations (including the depth and whether the wells are drilled vertically or horizontally), which governs the revenue potential of each well. Drilling activity levels, in turn, depend on a variety of factors, including oil and natural gas commodity pricing, inventory levels, product demand, and regulatory restrictions. Oil and natural gas prices and activity are cyclical and volatile, and this market volatility has a significant impact on our operating results.

Cash Equivalents. All highly liquid investments with a remaining maturity of three months or less at the date of acquisition are classified as cash equivalents.

Restricted Cash. Cash that is restricted as to withdrawal or usage is recognized as restricted cash and is included in other current assets in the consolidated balance sheets.


Computer hardware and office equipment		3-5 years
Computer software		3-5 years
Autos and light trucks		5-7 years
Furniture, fixtures, and trailers		7-10 years
Composite mats (rental fleet)		7-12 years
Machinery and heavy equipment		10-15 years
Owned buildings		20-39 years
Leasehold improvements	Lease term, including reasonably assured renewal periods

Treasury Stock. Treasury stock is carried at cost, which includes the entire cost of the acquired stock.

Revenue Recognition. The following provides a summary of our significant accounting policies for revenue recognition.

Shipping and handling costs are reflected in cost of revenues, and all reimbursements by customers of shipping and handling costs are included in revenues.

•Level 1: The use of quoted prices in active markets for identical financial instruments.

•Level 3: The use of significantly unobservable inputs that typically require the use of management’s estimates of assumptions that market participants would use in pricing.

New Accounting Pronouncements

Standards Not Yet Adopted

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 28.0	$ 35.0	$ 38.5
Fluids Systems
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets	$ 2.9

Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Financing Arrangements

Financing arrangements consisted of the following:


	December 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	$	45,000	$	—	$	45,000	$	80,300	$	—	$	80,300
Foreign subsidiary facilities	11,394		—		11,394		16,081		—		16,081
Finance leases	9,899		—		9,899		4,999		—		4,999
U.K. term loan	5,793		(49)		5,744		7,201		(99)		7,102
Other debt	3,007		(11)		2,996		5,668		(35)		5,633
Total debt	75,093		(60)		75,033		114,249		(134)		114,115
Less: current portion	(16,916)		—		(16,916)		(22,438)		—		(22,438)
Long-term debt	$	58,177	$	(60)	$	58,117	$	91,811	$	(134)	$	91,677

Fair Value of Financial Instruments and Concentrations of Credit Risk - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Trade receivables:
Gross trade receivables	$ 164,292	$ 227,762
Allowance for credit losses	(4,751)	(4,817)	$ (4,587)	$ (5,024)
Net trade receivables	159,541	222,945
Income tax receivables	2,984	2,697
Other receivables	5,932	16,605
Total receivables, net	$ 168,457	$ 242,247

Segment and Related Information - Financial Information by Geographical Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 749,600	$ 815,594	$ 614,781
Total long-lived assets	282,484	286,634	362,058
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	409,496	535,335	402,246
Total long-lived assets	249,216	250,196	318,839
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	68,143	61,069	48,007
Total long-lived assets	1,043	1,215	1,209
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	252,041	198,391	151,228
Total long-lived assets	30,367	32,487	38,923
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	18,086	15,722	7,629
Total long-lived assets	1,812	2,392	2,712
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	1,834	5,077	5,671
Total long-lived assets	$ 46	$ 344	$ 375

- Definition

+ References

+ Details

Capital Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Capital Stock

Common Stock

Changes in outstanding common stock were as follows:


(In thousands of shares)	2023	2022	2021
Outstanding, beginning of year	111,452	109,331	107,588
Shares issued for exercise of options	—	—	—
Shares issued for time vested restricted stock (net of forfeitures)	129	1,918	1,368
Shares issued for employee stock purchase plan	88	203	375
Outstanding, end of year	111,669	111,452	109,331

Outstanding shares of common stock include shares held as treasury stock totaling 26,471,738, 21,751,232 and 16,981,147 as of December 31, 2023, 2022 and 2021, respectively.

Treasury Stock

Changes in treasury stock were as follows:


(In thousands of shares)	2023	2022	2021
Outstanding, beginning of year	21,751	16,981	16,781
Shares purchased under our Repurchase Program	6,523	4,438	—
Shares purchased for employee stock options, restricted stock and employee stock purchase plan	577	592	419
Shares reissued for employee stock options, restricted stock and employee stock purchase plan	(2,379)	(260)	(219)
Outstanding, end of year	26,472	21,751	16,981

During 2023, 2022 and 2021, we purchased shares surrendered in lieu of taxes upon vesting of restricted shares for an aggregate cost of $2.2 million, $2.7 million and $1.4 million, respectively.

Repurchase Program

In November 2018, our Board of Directors authorized a securities repurchase program available for repurchases of any combination of our common stock and our unsecured convertible senior notes, which matured in December 2021. In February 2023, our Board of Directors approved certain changes to the repurchase program as well as additional capacity to increase the total authorization then available to $50.0 million.

During 2023, we repurchased 6,522,797 shares of our common stock under our repurchase program for a total cost of $31.9 million. During 2022, we repurchased 4,437,885 shares of our common stock under our repurchase program for a total cost of $17.5 million.

As of December 31, 2023, we had $18.1 million of authorization remaining under the program. In February 2024, our Board of Directors replaced the existing program with a new repurchase program for repurchases of common stock up to $50.0 million.

Our repurchase program is available 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 and other factors. The repurchase program has no specific term. Future repurchases are expected to be funded from operating cash flows, available cash on hand, and borrowings under our Amended ABL Facility. 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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill, all of which relates to the Industrial Solutions segment, are as follows:


(In thousands)	Industrial Solutions
Balance at December 31, 2021	$	47,283
Effects of foreign currency	(173)
Balance at December 31, 2022	47,110
Effects of foreign currency	173
Balance at December 31, 2023	$	47,283

Schedule of Other Intangible Assets

Other intangible assets consisted of the following:


	December 31, 2023						December 31, 2022
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Other Intangible Assets, Net		Gross Carrying Amount		Accumulated Amortization		Other Intangible Assets, Net
Technology related	$	17,794	$	(9,128)	$	8,666	$	17,806	$	(8,204)	$	9,602
Customer related	23,898		(15,769)		8,129		35,253		(25,122)		10,131
Permits and licenses	482		(163)		319		482		—		482
Total intangible assets	$	42,174	$	(25,060)	$	17,114	$	53,541	$	(33,326)	$	20,215

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense for the years ended December 31 is as follows:


(In thousands)	2024		2025		2026		2027		2028		Thereafter		Total
Technology related	$	1,050	$	1,035	$	1,034	$	1,019	$	944	$	3,584	$	8,666
Customer related	1,798		1,535		1,268		1,009		766		1,753		8,129
Permits and licenses	160		159		—		—		—		—		319
Total future amortization expense	$	3,008	$	2,729	$	2,302	$	2,028	$	1,710	$	5,337	$	17,114

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details