Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 90,960,314 | |
Entity Central Index Key | 0000071829 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | NR | |
Security Exchange Name | NYSE | |
Rights To Purchase Series D Junior Participating Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Rights to Purchase Series D Junior Participating Preferred Stock | |
No Trading Symbol Flag | true | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 34,156 | $ 24,197 |
Receivables, net | 133,240 | 141,045 |
Inventories | 139,913 | 147,857 |
Prepaid expenses and other current assets | 13,307 | 15,081 |
Total current assets | 320,616 | 328,180 |
Property, plant and equipment, net | 274,972 | 277,696 |
Operating lease assets | 30,332 | 30,969 |
Goodwill | 42,477 | 42,444 |
Other intangible assets, net | 24,527 | 25,428 |
Deferred tax assets | 2,074 | 1,706 |
Other assets | 2,613 | 2,769 |
Total assets | 697,611 | 709,192 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current debt | 55,242 | 67,472 |
Accounts payable | 60,637 | 49,252 |
Accrued liabilities | 35,188 | 36,934 |
Total current liabilities | 151,067 | 153,658 |
Long-term debt, less current portion | 17,000 | 19,690 |
Noncurrent operating lease liabilities | 24,347 | 25,068 |
Deferred tax liabilities | 14,769 | 13,368 |
Other noncurrent liabilities | 9,506 | 9,376 |
Total liabilities | 216,689 | 221,160 |
Commitments and contingencies (Note 8) | ||
Common stock, $0.01 par value (200,000,000 shares authorized and 107,735,307 and 107,587,786 shares issued, respectively) | 1,077 | 1,076 |
Paid-in capital | 628,552 | 627,031 |
Accumulated other comprehensive loss | (57,456) | (54,172) |
Retained earnings | 45,554 | 50,937 |
Treasury stock, at cost (16,777,632 and 16,781,150 shares, respectively) | (136,805) | (136,840) |
Total stockholders’ equity | 480,922 | 488,032 |
Total liabilities and stockholders’ equity | $ 697,611 | $ 709,192 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
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) | 107,735,307 | 107,587,786 |
Treasury stock, shares (in shares) | 16,777,632 | 16,781,150 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 141,172 | $ 164,550 |
Cost of revenues | 119,991 | 146,084 |
Selling, general and administrative expenses | 20,911 | 24,696 |
Other operating income | (274) | (344) |
Operating income (loss) | 544 | (5,886) |
Foreign currency exchange (gain) loss | (332) | 1,982 |
Interest expense, net | 2,408 | 3,201 |
Loss on extinguishment of debt | 790 | 915 |
Loss before income taxes | (2,322) | (11,984) |
Provision for income taxes | 3,040 | 164 |
Net loss | $ (5,362) | $ (12,148) |
Net loss per common share - basic (in dollars per share) | $ (0.06) | $ (0.14) |
Net loss per common share - diluted (in dollars per share) | $ (0.06) | $ (0.14) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (5,362) | $ (12,148) |
Foreign currency translation adjustments (net of tax benefit of $276 and $272) | (3,284) | (7,493) |
Comprehensive loss | $ (8,646) | $ (19,641) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, tax benefit | $ 276 | $ 272 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative effect of accounting change | Common Stock | Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Retained EarningsCumulative effect of accounting change | Treasury Stock |
Beginning balance at Dec. 31, 2019 | $ 548,645 | $ (735) | $ 1,067 | $ 620,626 | $ (67,947) | $ 134,119 | $ (735) | $ (139,220) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (12,148) | (12,148) | ||||||
Employee stock options, restricted stock and employee stock purchase plan | 498 | (103) | (735) | 1,336 | ||||
Stock-based compensation expense | 1,592 | 1,592 | ||||||
Foreign currency translation, net of tax | (7,493) | (7,493) | ||||||
Ending balance at Mar. 31, 2020 | 530,359 | 1,067 | 622,115 | (75,440) | 120,501 | (137,884) | ||
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 loss | (5,362) | (5,362) | ||||||
Employee stock options, restricted stock and employee stock purchase plan | 257 | 1 | 242 | (21) | 35 | |||
Stock-based compensation expense | 1,279 | 1,279 | ||||||
Foreign currency translation, net of tax | (3,284) | (3,284) | ||||||
Ending balance at Mar. 31, 2021 | $ 480,922 | $ 1,077 | $ 628,552 | $ (57,456) | $ 45,554 | $ (136,805) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (5,362) | $ (12,148) |
Adjustments to reconcile net loss to net cash provided by operations: | ||
Depreciation and amortization | 10,830 | 11,453 |
Stock-based compensation expense | 1,279 | 1,592 |
Provision for deferred income taxes | 1,569 | (2,801) |
Credit loss expense | 50 | 20 |
Gain on sale of assets | (3,283) | (1,033) |
Loss on extinguishment of debt | 790 | 915 |
Amortization of original issue discount and debt issuance costs | 1,082 | 1,573 |
Change in assets and liabilities: | ||
Decrease in receivables | 2,414 | 10,652 |
Decrease in inventories | 6,694 | 5,466 |
(Increase) decrease in other assets | 1,275 | (644) |
Increase (decrease) in accounts payable | 11,437 | (9,842) |
Decrease in accrued liabilities and other | (1,002) | (815) |
Net cash provided by operating activities | 27,773 | 4,388 |
Cash flows from investing activities: | ||
Capital expenditures | (8,649) | (6,649) |
Proceeds from sale of property, plant and equipment | 8,027 | 3,673 |
Net cash used in investing activities | (622) | (2,976) |
Cash flows from financing activities: | ||
Borrowings on lines of credit | 51,922 | 74,909 |
Payments on lines of credit | (56,922) | (58,948) |
Purchases of Convertible Notes | (18,107) | (13,775) |
Proceeds from term loan | 8,258 | 0 |
Debt issuance costs | (196) | 0 |
Purchases of treasury stock | (6) | (32) |
Other financing activities | (1,561) | (1,218) |
Net cash provided by (used in) financing activities | (16,612) | 936 |
Effect of exchange rate changes on cash | (882) | (2,576) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 9,657 | (228) |
Cash, cash equivalents, and restricted cash at beginning of period | 30,348 | 56,863 |
Cash, cash equivalents, and restricted cash at end of period | $ 40,005 | $ 56,635 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Newpark Resources, Inc. is a geographically diversified supplier providing products, as well as rentals and services. The accompanying unaudited condensed consolidated financial statements of Newpark Resources, Inc. and our wholly-owned subsidiaries, which we collectively refer to as “we,” “our,” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission (“SEC”), and do not include all information and footnotes required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. Our fiscal year end is December 31 and our first quarter represents the three-month period ended March 31. The results of operations for the first quarter of 2021 are not necessarily indicative of the results to be expected for the entire year. Unless otherwise noted, all currency amounts are stated in U.S. dollars. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2021 and our results of operations and cash flows for the first quarter of 2021 and 2020. All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2020 is derived from the audited consolidated financial statements at that date. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2020. We operate our business through two reportable segments: Fluids Systems and Industrial Solutions. Our Fluids Systems segment provides customized drilling, completion, and stimulation fluids solutions to oil and natural gas exploration and production (“E&P”) customers primarily in North America and Europe, the Middle East and Africa (“EMEA”), as well as certain countries in Asia Pacific and Latin America. Our Industrial Solutions segment includes our Site and Access Solutions business (historically reported as the Mats and Integrated Services segment), along with our Industrial Blending operations. Site and Access Solutions provides composite matting system rentals utilized for temporary worksite access, along with related site construction and services to customers in various markets including electrical utilities, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. We also sell our manufactured composite mats to customers around the world, with electrical utilities being the primary end-market. Our Industrial Blending operations began in 2020, leveraging our chemical blending capacity and technical expertise to enter targeted industrial end-markets. New Accounting Pronouncements Standards Adopted in 2021 Income Taxes: Simplifying the Accounting for Income Taxes. In December 2019, the Financial Accounting Standards Board (“FASB”) issued new guidance intended to simplify various aspects related to accounting for income taxes. We adopted this new guidance as of January 1, 2021. The adoption of this new guidance had no material impact on our financial statements or related disclosures. Standards Not Yet Adopted Debt: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. In August 2020, the FASB issued new guidance which is intended to simplify the accounting for convertible instruments. This guidance will be effective for us in the first quarter of 2022. As our existing convertible instrument matures in December 2021, we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or related disclosures. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents the reconciliation of the numerator and denominator for calculating net loss per share: First Quarter (In thousands, except per share data) 2021 2020 Numerator Net loss - basic and diluted $ (5,362) $ (12,148) Denominator Weighted average common shares outstanding - basic 90,701 89,645 Dilutive effect of stock options and restricted stock awards — — Dilutive effect of Convertible Notes — — Weighted average common shares outstanding - diluted 90,701 89,645 Net loss per common share Basic $ (0.06) $ (0.14) Diluted $ (0.06) $ (0.14) We excluded the following weighted-average potential shares from the calculations of diluted net loss per share during the applicable periods because their inclusion would have been anti-dilutive: First Quarter (In thousands) 2021 2020 Stock options and restricted stock awards 5,299 4,835 For the first quarter of 2021 and 2020, 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. The Convertible Notes (as defined in Note 6) only impact the calculation of diluted net income per share in periods that the average price of our common stock, as calculated in accordance with the terms of the indenture governing the Convertible Notes, exceeds the conversion price of $9.33 per share. We have the option to pay cash, issue shares of common stock, or any combination thereof for the aggregate amount due upon conversion of the Convertible Notes as further described in Note 6. If converted, we currently intend to settle the principal amount of the notes in cash and as a result, only the amounts payable in excess of the principal amount of the notes, if any, would be assumed to be settled with shares of common stock for purposes of computing diluted net income per share. |
Repurchase Program
Repurchase Program | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Repurchase Program | Repurchase Program Our repurchase program remains available for repurchases of any combination of our common stock and Convertible Notes. The repurchase program has no specific term. Repurchases are expected to be funded from operating cash flows, available cash on hand, and borrowings under our ABL Facility (as defined in Note 6). As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. As of March 31, 2021, we had $33.8 million remaining under the program. During the first quarter of 2021, we repurchased $18.3 million of our Convertible Notes in the open market under the repurchase program for a total cost of $18.1 million. During the first quarter of 2020, we repurchased $14.5 million of our Convertible Notes in the open market under the repurchase program for a total cost of $13.8 million. There were no shares of common stock repurchased under the repurchase program during the first quarter of 2021 or 2020. |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consisted of the following: (In thousands) March 31, 2021 December 31, 2020 Trade receivables: Gross trade receivables $ 126,499 $ 133,717 Allowance for credit losses (4,718) (5,024) Net trade receivables 121,781 128,693 Income tax receivables 5,976 6,545 Other receivables 5,483 5,807 Total receivables, net $ 133,240 $ 141,045 Other receivables included $4.8 million and $4.4 million for value added, goods and service taxes related to foreign jurisdictions as of March 31, 2021 and December 31, 2020, respectively. We adopted the new accounting guidance for credit losses as of January 1, 2020. Changes in our allowance for credit losses were as follows: First Quarter (In thousands) 2021 2020 Balance at beginning of period $ 5,024 $ 6,007 Cumulative effect of accounting change — 959 Credit loss expense 50 20 Write-offs, net of recoveries (356) (845) Balance at end of period $ 4,718 $ 6,141 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: (In thousands) March 31, 2021 December 31, 2020 Raw materials: Fluids systems $ 99,223 $ 98,974 Industrial Solutions 6,490 6,315 Total raw materials 105,713 105,289 Blended fluids systems components 30,415 31,744 Finished goods - mats 3,785 10,824 Total inventories $ 139,913 $ 147,857 Raw materials for the Fluids Systems segment consists primarily of barite, chemicals, and other additives that are consumed in the production of our fluids systems. Raw materials for the Industrial Solutions segment consists primarily of resins, chemicals, and other materials used to manufacture composite mats and cleaning products, 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 fluid systems that have been either mixed internally at our blending facilities or purchased from third-party vendors. These base fluid systems require raw materials to be added, as needed to meet specified customer requirements. |
Financing Arrangements and Fair
Financing Arrangements and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Financing Arrangements and Fair Value of Financial Instruments | Financing Arrangements and Fair Value of Financial Instruments Financing arrangements consisted of the following: March 31, 2021 December 31, 2020 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Convertible Notes $ 48,567 $ (2,273) $ 46,294 $ 66,912 $ (4,221) $ 62,691 ABL Facility 11,000 — 11,000 19,100 — 19,100 Term loan 7,750 (189) 7,561 — — — Other debt 7,387 — 7,387 5,371 — 5,371 Total debt 74,704 (2,462) 72,242 91,383 (4,221) 87,162 Less: Current portion (57,515) 2,273 (55,242) (71,693) 4,221 (67,472) Long-term debt $ 17,189 $ (189) $ 17,000 $ 19,690 $ — $ 19,690 Convertible Notes. In December 2016, we issued $100.0 million of unsecured convertible senior notes (“Convertible Notes”) that mature on December 1, 2021, of which $48.6 million principal amount was outstanding at March 31, 2021. The notes bear interest at a rate of 4.0% per year, payable semiannually in arrears on June 1 and December 1 of each year. Holders may convert the notes at their option at any time prior to the close of business on the business day immediately preceding June 1, 2021, only under the following circumstances: • during any calendar quarter (and only during such calendar quarter) if the last reported sale price of our common stock for at least 20 trading days (regardless of whether consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price of the notes in effect on each applicable trading day; • during the five five • upon the occurrence of specified corporate events, as described in the indenture governing the notes, such as a consolidation, merger, or share exchange. On or after June 1, 2021 until the close of business on the business day immediately preceding the maturity date, holders may convert their notes at any time, regardless of whether any of the foregoing conditions have been satisfied. As of May 3, 2021, the notes were not convertible. The notes are convertible into, at our election, cash, shares of common stock, or a combination of both, subject to satisfaction of specified conditions and during specified periods, as described above. If converted, we currently intend to pay cash for the principal amount of the notes converted. The conversion rate is 107.1381 shares of our common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of $9.33 per share of common stock), subject to adjustment in certain circumstances. We may not redeem the notes prior to their maturity date. In accordance with accounting guidance for convertible debt with a cash conversion option, we separately accounted for the debt and equity components of the notes in a manner that reflected our estimated nonconvertible debt borrowing rate. As of March 31, 2021, the carrying amount of the debt component was $46.3 million, which is net of the unamortized debt discount and debt issuance costs of $2.3 million. Including the impact of the unamortized debt discount and debt issuance costs, the effective interest rate on the notes is approximately 11.3%. During the first quarter of 2021, we repurchased $18.3 million of our Convertible Notes in the open market for a total cost of $18.1 million, and recognized a net loss of $0.8 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. Asset-Based Loan Facility. In May 2016, we entered into an asset-based revolving credit agreement, which was amended in October 2017 and in March 2019 (as amended, the “ABL Facility”). The ABL Facility provides financing of up to $200.0 million available for borrowings (inclusive of letters of credit) and can be increased up to a maximum capacity of $275.0 million, subject to certain conditions. As of March 31, 2021, our total availability under the ABL Facility was $88.3 million, of which $11.0 million was drawn, resulting in remaining availability of $77.2 million. The ABL Facility terminates in March 2024; however, the ABL Facility has a springing maturity date that will accelerate the maturity of the ABL Facility to September 1, 2021 if, prior to such date, the Convertible Notes have not been repurchased, redeemed, refinanced, exchanged or otherwise satisfied in full or we have not escrowed an amount of funds, that together with the amount that we establish as a reserve against our borrowing capacity, is sufficient for the future settlement of the Convertible Notes at their maturity. The ABL Facility requires a minimum consolidated fixed charge coverage ratio of 1.25 to 1.0 calculated based on the trailing twelve-month period ended June 30, 2021 and remaining unused availability of at least $25.0 million to utilize borrowings or assignment of availability under the ABL Facility towards funding the repayment of the Convertible Notes. Borrowing availability under the ABL Facility is calculated based on eligible U.S. accounts receivable, inventory, and, subject to satisfaction of certain financial covenants as described below, composite mats included in the rental fleet, net of reserves and limits on such assets included in the borrowing base calculation. To the extent pledged by us, the borrowing base calculation also includes the amount of eligible pledged cash. The lender may establish such reserves, in part based on appraisals of the asset base, and other limits at its discretion which could reduce the amounts otherwise available under the ABL Facility. Availability associated with eligible rental mats will also be subject to maintaining a minimum consolidated fixed charge coverage ratio of 1.5 to 1.0 and at least $1.0 million of operating income for the Site and Access Solutions business, each calculated based on a trailing twelve-month period. As of May 3, 2021, our total availability under the ABL Facility was $82.6 million, of which $16.0 million was drawn, resulting in remaining availability of $66.5 million. This availability under the ABL Facility excludes $24.2 million related to eligible rental mats as we failed to satisfy the required minimum consolidated fixed charge coverage ratio, as measured on the trailing twelve-month period ended March 31, 2021. We expect to satisfy the minimum consolidated fixed charge coverage ratio as required to include eligible rental mats in the borrowing availability under the ABL Facility following the second quarter of 2021 and expect to satisfy the June 30, 2021 ABL Facility requirements to be able to utilize borrowings or assignment of availability under the ABL Facility towards funding the repayment of the Convertible Notes prior to September 1, 2021. Under the terms of the ABL Facility, we may elect to borrow at a variable interest rate based on either, (1) LIBOR subject to a floor of zero or (2) a base rate equal to the highest of: (a) the federal funds rate plus 50 basis points, (b) the prime rate of Bank of America, N.A. and (c) LIBOR, subject to a floor of zero, plus 100 basis points, plus, in each case, an applicable margin per annum. The applicable margin ranges from 150 to 200 basis points for LIBOR borrowings, and 50 to 100 basis points for base rate borrowings, based on the consolidated fixed charge coverage ratio as defined in the ABL Facility. As of March 31, 2021, the applicable margin for borrowings under our ABL Facility was 200 basis points with respect to LIBOR borrowings and 100 basis points with respect to base rate borrowings. The weighted average interest rate for the ABL Facility was 2.1% at March 31, 2021. In addition, we are required to pay a commitment fee on the unused portion of the ABL Facility ranging from 25 to 37.5 basis points, based on the level of outstanding borrowings, as defined in the ABL Facility. As of March 31, 2021, the applicable commitment fee was 37.5 basis points. The ABL Facility is a senior secured obligation, secured by first liens on substantially all of our U.S. tangible and intangible assets, and a portion of the capital stock of our non-U.S. subsidiaries has also been pledged as collateral. The ABL Facility contains customary operating covenants and certain restrictions including, among other things, the incurrence of additional debt, liens, dividends, asset sales, investments, mergers, acquisitions, affiliate transactions, stock repurchases and other restricted payments. The ABL Facility also requires a minimum consolidated fixed charge coverage ratio of 1.0 to 1.0 calculated based on a trailing twelve-month period if availability under the ABL Facility falls below $22.5 million. In addition, the ABL Facility contains customary events of default, including, without limitation, a failure to make payments under the facility, acceleration of more than $25.0 million of other indebtedness, certain bankruptcy events, and certain change of control events. Other Debt. In February 2021, a U.K. subsidiary entered a £6.0 million (approximately $8.3 million) term loan facility that matures in February 2024, the proceeds of which were used to pay down the ABL Facility. The term loan bears interest at a rate of LIBOR plus a margin of 3.4% per year, payable in quarterly installments of £375,000 plus interest beginning March 2021 and a £1.5 million payment due at maturity. We had $7.8 million outstanding under this arrangement at March 31, 2021. Certain of our other foreign subsidiaries maintain local credit arrangements consisting primarily of lines of credit or overdraft facilities which are generally renewed on an annual basis. We utilize local financing arrangements in our foreign operations in order to provide short-term local liquidity needs. We had $6.5 million and $3.5 million outstanding under these arrangements at March 31, 2021 and December 31, 2020, respectively. In addition, at March 31, 2021, we had $50.2 million in outstanding letters of credit, performance bonds, and other guarantees for which certain of the letters of credit are collateralized by $5.8 million in restricted cash. Our financial instruments include cash and cash equivalents, receivables, payables, and debt. We believe the carrying values of these instruments, with the exception of our Convertible Notes, approximated their fair values at March 31, 2021 and |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe provision for income taxes was $3.0 million for the first quarter of 2021, despite reporting a pretax loss for the period, primarily reflecting the impact of the geographic composition of our pretax loss. The tax expense primarily relates to earnings from our international operations since we are currently unable to recognize the tax benefit from our U.S. losses as they may not be realized. The provision for income taxes was $0.2 million for the first quarter of 2020, where the tax expense related to earnings from our international operations is only partially offset by the benefit from losses in the U.S. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesIn the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state, and local levels. While the outcome of litigation or other proceedings against us cannot be predicted with certainty, management does not expect that any loss resulting from such litigation or other proceedings, in excess of any amounts accrued or covered by insurance, will have a material adverse impact on our consolidated financial statements. |
Supplemental Disclosures to the
Supplemental Disclosures to the Statements of Cash Flows | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures to the Statements of Cash Flows | Supplemental Disclosures to the Statements of Cash Flows Supplemental disclosures to the statements of cash flows are presented below: First Quarter (In thousands) 2021 2020 Cash paid for: Income taxes (net of refunds) $ 1,810 $ 1,888 Interest $ 889 $ 991 Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following: (In thousands) March 31, 2021 December 31, 2020 Cash and cash equivalents $ 34,156 $ 24,197 Restricted cash (included in prepaid expenses and other current assets) 5,849 6,151 Cash, cash equivalents, and restricted cash $ 40,005 $ 30,348 |
Segment Data
Segment Data | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers): First Quarter (In thousands) 2021 2020 Revenues Fluids systems $ 87,849 $ 132,805 Industrial solutions 53,323 31,745 Total revenues $ 141,172 $ 164,550 Operating income (loss) Fluids systems $ (6,767) $ (2,268) Industrial solutions 13,130 3,062 Corporate office (5,819) (6,680) Total operating income (loss) $ 544 $ (5,886) The following table presents further disaggregated revenues for the Fluids Systems segment: First Quarter (In thousands) 2021 2020 United States $ 47,670 $ 73,660 Canada 12,663 13,260 Total North America 60,333 86,920 EMEA 25,459 42,137 Other 2,057 3,748 Total International 27,516 45,885 Total Fluids Systems revenues $ 87,849 $ 132,805 The following table presents further disaggregated revenues for the Industrial Solutions segment: First Quarter (In thousands) 2021 2020 Product sales revenues $ 20,037 $ 4,142 Rental revenues 17,079 13,502 Service revenues 11,654 14,101 Industrial blending revenues (1) 4,553 — Total Industrial Solutions revenues $ 53,323 $ 31,745 (1) Industrial blending operations began in the second quarter of 2020. Results for the industrial blending component are presented in Industrial Solutions beginning in the fourth quarter of 2020. Results prior to the fourth quarter of 2020 were reported in Fluids Systems and not adjusted as they were not material. We recognized $1.4 million of charges for inventory write-downs and severance costs in the first quarter of 2020, with $1.2 million in the Fluids Systems segment and $0.2 million in the Corporate office. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Segment Reporting | We operate our business through two reportable segments: Fluids Systems and Industrial Solutions. Our Fluids Systems segment provides customized drilling, completion, and stimulation fluids solutions to oil and natural gas exploration and production (“E&P”) customers primarily in North America and Europe, the Middle East and Africa (“EMEA”), as well as certain countries in Asia Pacific and Latin America. Our Industrial Solutions segment includes our Site and Access Solutions business (historically reported as the Mats and Integrated Services segment), along with our Industrial Blending operations. Site and Access Solutions provides composite matting system rentals utilized for temporary worksite access, along with related site construction and services to customers in various markets including electrical utilities, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. We also sell our manufactured composite mats to customers around the world, with electrical utilities being the primary end-market. Our Industrial Blending operations began in 2020, leveraging our chemical blending capacity and technical expertise to enter targeted industrial end-markets. |
New Accounting Pronouncements | New Accounting Pronouncements Standards Adopted in 2021 Income Taxes: Simplifying the Accounting for Income Taxes. In December 2019, the Financial Accounting Standards Board (“FASB”) issued new guidance intended to simplify various aspects related to accounting for income taxes. We adopted this new guidance as of January 1, 2021. The adoption of this new guidance had no material impact on our financial statements or related disclosures. Standards Not Yet Adopted Debt: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. In August 2020, the FASB issued new guidance which is intended to simplify the accounting for convertible instruments. This guidance will be effective for us in the first quarter of 2022. As our existing convertible instrument matures in December 2021, we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements or related disclosures. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of net income per share | The following table presents the reconciliation of the numerator and denominator for calculating net loss per share: First Quarter (In thousands, except per share data) 2021 2020 Numerator Net loss - basic and diluted $ (5,362) $ (12,148) Denominator Weighted average common shares outstanding - basic 90,701 89,645 Dilutive effect of stock options and restricted stock awards — — Dilutive effect of Convertible Notes — — Weighted average common shares outstanding - diluted 90,701 89,645 Net loss per common share Basic $ (0.06) $ (0.14) Diluted $ (0.06) $ (0.14) |
Schedule of weighted-average potential shares excluded from diluted net income per share | We excluded the following weighted-average potential shares from the calculations of diluted net loss per share during the applicable periods because their inclusion would have been anti-dilutive: First Quarter (In thousands) 2021 2020 Stock options and restricted stock awards 5,299 4,835 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of receivables | Receivables consisted of the following: (In thousands) March 31, 2021 December 31, 2020 Trade receivables: Gross trade receivables $ 126,499 $ 133,717 Allowance for credit losses (4,718) (5,024) Net trade receivables 121,781 128,693 Income tax receivables 5,976 6,545 Other receivables 5,483 5,807 Total receivables, net $ 133,240 $ 141,045 |
Schedule of changes in our allowance for credit losses | Changes in our allowance for credit losses were as follows: First Quarter (In thousands) 2021 2020 Balance at beginning of period $ 5,024 $ 6,007 Cumulative effect of accounting change — 959 Credit loss expense 50 20 Write-offs, net of recoveries (356) (845) Balance at end of period $ 4,718 $ 6,141 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consisted of the following: (In thousands) March 31, 2021 December 31, 2020 Raw materials: Fluids systems $ 99,223 $ 98,974 Industrial Solutions 6,490 6,315 Total raw materials 105,713 105,289 Blended fluids systems components 30,415 31,744 Finished goods - mats 3,785 10,824 Total inventories $ 139,913 $ 147,857 |
Financing Arrangements and Fa_2
Financing Arrangements and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of financing arrangements | Financing arrangements consisted of the following: March 31, 2021 December 31, 2020 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Convertible Notes $ 48,567 $ (2,273) $ 46,294 $ 66,912 $ (4,221) $ 62,691 ABL Facility 11,000 — 11,000 19,100 — 19,100 Term loan 7,750 (189) 7,561 — — — Other debt 7,387 — 7,387 5,371 — 5,371 Total debt 74,704 (2,462) 72,242 91,383 (4,221) 87,162 Less: Current portion (57,515) 2,273 (55,242) (71,693) 4,221 (67,472) Long-term debt $ 17,189 $ (189) $ 17,000 $ 19,690 $ — $ 19,690 |
Supplemental Disclosures to t_2
Supplemental Disclosures to the Statements of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental disclosures of cash flows | Supplemental disclosures to the statements of cash flows are presented below: First Quarter (In thousands) 2021 2020 Cash paid for: Income taxes (net of refunds) $ 1,810 $ 1,888 Interest $ 889 $ 991 |
Cash, cash equivalents and restricted cash | Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following: (In thousands) March 31, 2021 December 31, 2020 Cash and cash equivalents $ 34,156 $ 24,197 Restricted cash (included in prepaid expenses and other current assets) 5,849 6,151 Cash, cash equivalents, and restricted cash $ 40,005 $ 30,348 |
Segment Data (Tables)
Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of operating results for reportable segments | Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers): First Quarter (In thousands) 2021 2020 Revenues Fluids systems $ 87,849 $ 132,805 Industrial solutions 53,323 31,745 Total revenues $ 141,172 $ 164,550 Operating income (loss) Fluids systems $ (6,767) $ (2,268) Industrial solutions 13,130 3,062 Corporate office (5,819) (6,680) Total operating income (loss) $ 544 $ (5,886) |
Schedule of disaggregated revenues, geographic | The following table presents further disaggregated revenues for the Fluids Systems segment: First Quarter (In thousands) 2021 2020 United States $ 47,670 $ 73,660 Canada 12,663 13,260 Total North America 60,333 86,920 EMEA 25,459 42,137 Other 2,057 3,748 Total International 27,516 45,885 Total Fluids Systems revenues $ 87,849 $ 132,805 |
Schedule of disaggregated revenues, segments | The following table presents further disaggregated revenues for the Industrial Solutions segment: First Quarter (In thousands) 2021 2020 Product sales revenues $ 20,037 $ 4,142 Rental revenues 17,079 13,502 Service revenues 11,654 14,101 Industrial blending revenues (1) 4,553 — Total Industrial Solutions revenues $ 53,323 $ 31,745 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 2 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator | ||
Net loss - basic and diluted | $ (5,362) | $ (12,148) |
Denominator | ||
Weighted average common shares outstanding - basic (in shares) | 90,701 | 89,645 |
Dilutive effect of stock options and restricted stock awards (in shares) | 0 | 0 |
Dilutive effect of 2021 Convertible Notes (in shares) | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 90,701 | 89,645 |
Net loss per common share | ||
Basic (in dollars per share) | $ (0.06) | $ (0.14) |
Diluted (in dollars per share) | $ (0.06) | $ (0.14) |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Stock options and restricted stock awards (in shares) | 5,299 | 4,835 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) | Mar. 31, 2021$ / shares |
Convertible Notes | Senior notes | |
Debt Instrument [Line Items] | |
Debt instrument, convertible, conversion price (in dollars per share) | $ 9.33 |
Repurchase Program (Details)
Repurchase Program (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Convertible Notes | ||
Equity, Class of Treasury Stock [Line Items] | ||
Repurchased face amount | $ 18.3 | $ 14.5 |
Repurchase amount | 18.1 | $ 13.8 |
Share Repurchase Program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Stock repurchase program, remaining authorized repurchase amount | $ 33.8 | |
Shares repurchased (in shares) | 0 | 0 |
Receivables - Schedule of Recei
Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Trade receivables: | ||||
Gross trade receivables | $ 126,499 | $ 133,717 | ||
Allowance for credit losses | (4,718) | (5,024) | $ (6,141) | $ (6,007) |
Net trade receivables | 121,781 | 128,693 | ||
Income tax receivables | 5,976 | 6,545 | ||
Other receivables | 5,483 | 5,807 | ||
Total receivables, net | $ 133,240 | $ 141,045 |
Receivables - Narrative (Detail
Receivables - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Other receivables, value added taxes | $ 4.8 | $ 4.4 |
Receivables - Changes in Allowa
Receivables - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 5,024 | $ 6,007 |
Credit loss expense | 50 | 20 |
Write-offs, net of recoveries | (356) | (845) |
Balance at end of period | 4,718 | 6,141 |
Cumulative effect of accounting change | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 0 | $ 959 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Raw materials | $ 105,713 | $ 105,289 |
Total inventories | 139,913 | 147,857 |
Fluids systems | ||
Inventory [Line Items] | ||
Raw materials | 99,223 | 98,974 |
Industrial Solutions | ||
Inventory [Line Items] | ||
Raw materials | 6,490 | 6,315 |
Blended fluids systems components | ||
Inventory [Line Items] | ||
Finished goods | 30,415 | 31,744 |
Finished goods - mats | ||
Inventory [Line Items] | ||
Finished goods | $ 3,785 | $ 10,824 |
Financing Arrangements and Fa_3
Financing Arrangements and Fair Value of Financial Instruments - Schedule of Financing Arrangements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Principal Amount | $ 74,704 | $ 91,383 |
Unamortized Discount and Debt Issuance Costs | (2,462) | (4,221) |
Total Debt | 72,242 | 87,162 |
Less: Current portion | ||
Principal Amount | (57,515) | (71,693) |
Unamortized Discount and Debt Issuance Costs | 2,273 | 4,221 |
Total Debt | (55,242) | (67,472) |
Long-term debt | ||
Principal Amount | 17,189 | 19,690 |
Unamortized Discount and Debt Issuance Costs | (189) | 0 |
Total Debt | 17,000 | 19,690 |
Other debt | ||
Debt Instrument [Line Items] | ||
Principal Amount | 7,387 | 5,371 |
Unamortized Discount and Debt Issuance Costs | 0 | 0 |
Total Debt | 7,387 | 5,371 |
Revolving credit facility | ABL Facility | ||
Debt Instrument [Line Items] | ||
Principal Amount | 11,000 | 19,100 |
Unamortized Discount and Debt Issuance Costs | 0 | 0 |
Total Debt | 11,000 | 19,100 |
Revolving credit facility | Term loan | ||
Debt Instrument [Line Items] | ||
Principal Amount | 7,750 | 0 |
Unamortized Discount and Debt Issuance Costs | (189) | 0 |
Total Debt | 7,561 | 0 |
Senior notes | Convertible Notes | ||
Debt Instrument [Line Items] | ||
Principal Amount | 48,567 | 66,912 |
Unamortized Discount and Debt Issuance Costs | (2,273) | (4,221) |
Total Debt | $ 46,294 | $ 62,691 |
Financing Arrangements and Fa_4
Financing Arrangements and Fair Value of Financial Instruments - Narrative (Details) | May 03, 2021USD ($) | Feb. 26, 2021GBP (£) | Mar. 31, 2019USD ($) | Dec. 31, 2016USD ($)trading_day | Mar. 31, 2021USD ($)$ / shares | Mar. 31, 2020USD ($) | Feb. 26, 2021USD ($) | Feb. 26, 2021GBP (£) | Dec. 31, 2020USD ($) | May 31, 2016 |
Debt Instrument [Line Items] | ||||||||||
Principal amount outstanding | $ 74,704,000 | $ 91,383,000 | ||||||||
Conversion price percentage | 130.00% | |||||||||
Business day period | 5 days | |||||||||
Consecutive trading day period | 5 days | |||||||||
Percent threshold last reported sale price | 98.00% | |||||||||
Current debt | 55,242,000 | 67,472,000 | ||||||||
Unamortized debt discount and debt issuance costs | 2,462,000 | 4,221,000 | ||||||||
Loss on extinguishment of debt | 790,000 | $ 915,000 | ||||||||
Long-term debt | 72,242,000 | 87,162,000 | ||||||||
Letters of credit outstanding, amount | 50,200,000 | |||||||||
Restricted cash and cash equivalents, current | 5,800,000 | |||||||||
Foreign operations | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current debt | 6,500,000 | 3,500,000 | ||||||||
Revolving credit facility | U.K. Subsidiary | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 8,300,000 | £ 6,000,000 | ||||||||
Quarterly principal payment | £ | £ 375,000 | |||||||||
Balloon payment | £ | £ 1,500,000 | |||||||||
Long-term debt | 7,800,000 | |||||||||
Revolving credit facility | London Interbank Offered Rate (LIBOR) | U.K. Subsidiary | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 3.40% | |||||||||
Convertible debt, debt component | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current debt | 46,300,000 | |||||||||
Unamortized debt discount and debt issuance costs | $ 2,300,000 | |||||||||
Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, convertible, threshold trading days | trading_day | 20 | |||||||||
Debt instrument, convertible, threshold consecutive trading days | trading_day | 30 | |||||||||
Debt conversion rate | 0.1071381 | |||||||||
Interest rate, effective percentage | 11.30% | |||||||||
Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repurchased face amount | $ 18,300,000 | 14,500,000 | ||||||||
Repurchase amount | 18,100,000 | $ 13,800,000 | ||||||||
Loss on extinguishment of debt | 800,000 | |||||||||
Convertible Notes | Revolving credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed charge coverage ratio, amount | $ 25,000,000 | |||||||||
Convertible Notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 100,000,000 | |||||||||
Principal amount outstanding | $ 48,567,000 | 66,912,000 | ||||||||
Interest rate, stated percentage | 4.00% | |||||||||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 9.33 | |||||||||
Unamortized debt discount and debt issuance costs | $ 2,273,000 | 4,221,000 | ||||||||
Long-term debt | 46,294,000 | 62,691,000 | ||||||||
Convertible debt, fair value | $ 48,100,000 | 61,100,000 | ||||||||
ABL Facility | Federal Funds Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Base rate basis spread on variable rate | 0.50% | |||||||||
ABL Facility | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Base rate basis spread on variable rate | 1.00% | |||||||||
Basis spread on variable rate | 2.00% | |||||||||
ABL Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.50% | |||||||||
ABL Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.00% | |||||||||
ABL Facility | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.00% | |||||||||
ABL Facility | Base Rate | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.50% | |||||||||
ABL Facility | Base Rate | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.00% | |||||||||
ABL Facility | Revolving credit facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount outstanding | $ 11,000,000 | 19,100,000 | ||||||||
Unamortized debt discount and debt issuance costs | 0 | 0 | ||||||||
Current borrowing capacity | $ 200,000,000 | |||||||||
Maximum borrowing capacity | $ 275,000,000 | 88,300,000 | ||||||||
Drawn | 11,000,000 | |||||||||
Remaining borrowing capacity | $ 77,200,000 | |||||||||
Fixed charge coverage ratio | 1 | 1.25 | ||||||||
Line of credit facility, covenant fixed charge coverage ratio, calculation period | 12 months | |||||||||
Fixed charge coverage ratio, amount | $ 22,500,000 | |||||||||
Debt, weighted average interest rate | 2.10% | |||||||||
Unused capacity, commitment fee percentage | 0.375% | |||||||||
Covenant terms acceleration of other indebtedness | $ 25,000,000 | |||||||||
Long-term debt | $ 11,000,000 | $ 19,100,000 | ||||||||
ABL Facility | Revolving credit facility | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unused capacity, commitment fee percentage | 0.25% | |||||||||
ABL Facility | Revolving credit facility | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unused capacity, commitment fee percentage | 0.375% | |||||||||
ABL Facility | Revolving credit facility | Subsequent event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current borrowing capacity | $ 82,600,000 | |||||||||
Remaining borrowing capacity | 66,500,000 | |||||||||
Proceeds from line of credit | $ 16,000,000 | |||||||||
ABL Facility | Revolving credit facility | Industrial Solutions | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current borrowing capacity | $ 24,200,000 | |||||||||
Fixed charge coverage ratio | 1.5 | |||||||||
Line of credit facility, covenant fixed charge coverage ratio, calculation period | 12 months | 12 months | ||||||||
Line of credit, covenant, operating income | $ 1,000,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 3,040 | $ 164 |
Supplemental Disclosures to t_3
Supplemental Disclosures to the Statements of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash paid for: | ||
Income taxes (net of refunds) | $ 1,810 | $ 1,888 |
Interest | $ 889 | $ 991 |
Supplemental Disclosures to t_4
Supplemental Disclosures to the Statements of Cash Flows - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 34,156 | $ 24,197 | ||
Restricted cash (included in prepaid expenses and other current assets) | 5,849 | 6,151 | ||
Cash, cash equivalents, and restricted cash | $ 40,005 | $ 30,348 | $ 56,635 | $ 56,863 |
Segment Data - Reportable Segme
Segment Data - Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Total revenues | $ 141,172 | $ 164,550 |
Operating income (loss) | ||
Total operating income (loss) | 544 | (5,886) |
Fluids systems | ||
Revenues | ||
Total revenues | 87,849 | 132,805 |
Industrial solutions | ||
Revenues | ||
Total revenues | 53,323 | 31,745 |
Operating segments | Fluids systems | ||
Revenues | ||
Total revenues | 87,849 | 132,805 |
Operating income (loss) | ||
Total operating income (loss) | (6,767) | (2,268) |
Operating segments | Industrial solutions | ||
Revenues | ||
Total revenues | 53,323 | 31,745 |
Operating income (loss) | ||
Total operating income (loss) | 13,130 | 3,062 |
Corporate office | ||
Operating income (loss) | ||
Total operating income (loss) | $ (5,819) | $ (6,680) |
Segment Data - Disaggregated Re
Segment Data - Disaggregated Revenues, Geographic (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 141,172 | $ 164,550 |
Fluids systems | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 87,849 | 132,805 |
Fluids systems | Total North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 60,333 | 86,920 |
Fluids systems | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 47,670 | 73,660 |
Fluids systems | Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 12,663 | 13,260 |
Fluids systems | Total International | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 27,516 | 45,885 |
Fluids systems | EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 25,459 | 42,137 |
Fluids systems | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 2,057 | $ 3,748 |
Segment Data - Disaggregated _2
Segment Data - Disaggregated Revenues, Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 141,172 | $ 164,550 |
Industrial Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 53,323 | 31,745 |
Industrial Solutions | Product sales revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 20,037 | 4,142 |
Industrial Solutions | Rental revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 17,079 | 13,502 |
Industrial Solutions | Service revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 11,654 | 14,101 |
Industrial Solutions | Industrial blending revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 4,553 | $ 0 |
Segment Data - Narrative (Detai
Segment Data - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |
Inventory write-downs and severance costs | $ 1.4 |
Operating segments | Fluids systems | |
Segment Reporting Information [Line Items] | |
Inventory write-downs and severance costs | 1.2 |
Corporate office | |
Segment Reporting Information [Line Items] | |
Inventory write-downs and severance costs | $ 0.2 |