Newpark Resources (NR) 10-Q 2 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-02960
Entity Registrant Name	Newpark Resources, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1123385
Entity Address, Address Line One	9320 Lakeside Boulevard,
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	The Woodlands,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77381
City Area Code	281
Local Phone Number	362-6800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		94,046,877
Entity Central Index Key	0000071829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 20,450	$ 24,088
Receivables, net	211,496	194,296
Inventories	160,039	155,341
Prepaid expenses and other current assets	14,162	14,787
Current assets held for sale	71,191	0
Total current assets	477,338	388,512
Property, plant and equipment, net	189,899	260,256
Operating lease assets	23,195	27,569
Goodwill	46,853	47,283
Other intangible assets, net	20,664	24,959
Deferred tax assets	5,995	2,316
Other assets	2,740	1,991
Total assets	766,684	752,886
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	23,431	19,210
Accounts payable	104,803	84,585
Accrued liabilities	42,693	46,597
Current liabilities held for sale	1,882	0
Total current liabilities	172,809	150,392
Long-term debt, less current portion	133,637	95,593
Noncurrent operating lease liabilities	19,534	22,352
Deferred tax liabilities	8,803	11,819
Other noncurrent liabilities	9,929	10,344
Total liabilities	344,712	290,500
Commitments and contingencies (Note 10)
Common stock, $0.01 par value (200,000,000 shares authorized and 111,357,108 and 109,330,733 shares issued, respectively)	1,114	1,093
Paid-in capital	639,196	634,929
Accumulated other comprehensive loss	(74,807)	(61,480)
Retained earnings (deficit)	(6,504)	24,345
Treasury stock, at cost (17,310,231 and 16,981,147 shares, respectively)	(137,027)	(136,501)
Total stockholders’ equity	421,972	462,386
Total liabilities and stockholders’ equity	$ 766,684	$ 752,886

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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)	111,357,108	109,330,733
Treasury stock, shares (in shares)	17,310,231	16,981,147

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues	$ 219,853	$ 151,797	$ 590,435	$ 435,218
Cost of revenues	187,884	132,273	507,078	376,370
Selling, general and administrative expenses	24,207	23,864	72,970	67,755
Other operating (income) loss, net	(345)	1,723	(375)	(141)
Impairments and other charges	29,417	0	37,322	0
Operating loss	(21,310)	(6,063)	(26,560)	(8,766)
Foreign currency exchange (gain) loss	(1,424)	25	(1,943)	(83)
Interest expense, net	1,875	2,176	4,719	6,748
Loss on extinguishment of debt	0	210	0	1,000
Loss before income taxes	(21,761)	(8,474)	(29,336)	(16,431)
Provision for income taxes	2,834	2,011	490	5,414
Net loss	$ (24,595)	$ (10,485)	$ (29,826)	$ (21,845)
Net loss per common share - basic (in dollars per share)	$ (0.26)	$ (0.11)	$ (0.32)	$ (0.24)
Net loss per common share - diluted (in dollars per share)	$ (0.26)	$ (0.11)	$ (0.32)	$ (0.24)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (24,595)	$ (10,485)	$ (29,826)	$ (21,845)
Foreign currency translation adjustments (net of tax benefit (expense) of $(125), $222, $340, $408)	(6,006)	(2,700)	(13,327)	(5,314)
Comprehensive loss	$ (30,601)	$ (13,185)	$ (43,153)	$ (27,159)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit	$ (125)	$ 222	$ 340	$ 408

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Deficit)	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 loss	(21,845)				(21,845)
Employee stock options, restricted stock and employee stock purchase plan	(881)	16	(183)		(1,066)	352
Stock-based compensation expense	5,721		5,721
Foreign currency translation, net of tax	(5,314)			(5,314)
Ending balance at Sep. 30, 2021	465,713	1,092	632,569	(59,486)	28,026	(136,488)
Beginning balance at Jun. 30, 2021	476,244	1,090	629,833	(56,786)	38,510	(136,403)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(10,485)				(10,485)
Employee stock options, restricted stock and employee stock purchase plan	206	2	288		1	(85)
Stock-based compensation expense	2,448		2,448
Foreign currency translation, net of tax	(2,700)			(2,700)
Ending balance at Sep. 30, 2021	465,713	1,092	632,569	(59,486)	28,026	(136,488)
Beginning balance at Dec. 31, 2021	462,386	1,093	634,929	(61,480)	24,345	(136,501)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(29,826)				(29,826)
Employee stock options, restricted stock and employee stock purchase plan	(2,363)	21	(835)		(1,023)	(526)
Stock-based compensation expense	5,102		5,102
Foreign currency translation, net of tax	(13,327)			(13,327)
Ending balance at Sep. 30, 2022	421,972	1,114	639,196	(74,807)	(6,504)	(137,027)
Beginning balance at Jun. 30, 2022	450,751	1,113	637,293	(68,801)	18,091	(136,945)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(24,595)				(24,595)
Employee stock options, restricted stock and employee stock purchase plan	(82)	1	(1)			(82)
Stock-based compensation expense	1,904		1,904
Foreign currency translation, net of tax	(6,006)			(6,006)
Ending balance at Sep. 30, 2022	$ 421,972	$ 1,114	$ 639,196	$ (74,807)	$ (6,504)	$ (137,027)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (29,826)	$ (21,845)
Adjustments to reconcile net loss to net cash provided by (used in) operations:
Impairments and other non-cash charges	37,322	0
Depreciation and amortization	30,259	32,009
Stock-based compensation expense	5,102	5,721
Provision for deferred income taxes	(5,717)	282
Credit loss expense	721	426
Gain on sale of assets	(2,550)	(6,863)
Gain on insurance recovery	0	(849)
Loss on extinguishment of debt	0	1,000
Amortization of original issue discount and debt issuance costs	724	3,062
Change in assets and liabilities:
Increase in receivables	(26,494)	(26,382)
Increase in inventories	(58,722)	(2,536)
Increase in other assets	(3,976)	(2,535)
Increase in accounts payable	24,751	25,292
Increase in accrued liabilities and other	313	6,888
Net cash provided by (used in) operating activities	(28,093)	13,670
Cash flows from investing activities:
Capital expenditures	(17,720)	(19,103)
Proceeds from sale of property, plant and equipment	2,497	11,730
Proceeds from insurance property claim	0	85
Net cash used in investing activities	(15,223)	(7,288)
Cash flows from financing activities:
Borrowings on lines of credit	241,487	166,012
Payments on lines of credit	(199,549)	(150,132)
Purchases of Convertible Notes	0	(28,137)
Proceeds from term loan	3,754	8,258
Proceeds from financing obligation	0	8,004
Debt issuance costs	(999)	(295)
Purchases of treasury stock	(2,619)	(1,435)
Other financing activities	(2,251)	(458)
Net cash provided by financing activities	39,823	1,817
Effect of exchange rate changes on cash	(2,083)	(1,349)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(5,576)	6,850
Cash, cash equivalents, and restricted cash at beginning of period	29,489	30,348
Cash, cash equivalents, and restricted cash at end of period	$ 23,913	$ 37,198

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Newpark Resources, Inc. is a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to customers across multiple industries. The accompanying unaudited condensed consolidated financial statements of Newpark Resources, Inc. and our wholly-owned subsidiaries, which we collectively refer to as the “Company,” “we,” “our,” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission (“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, 2021. Our fiscal year end is December 31, our third quarter represents the three month period ended September 30, and our first nine months represents the nine month period ended September 30. The results of operations for the third quarter and first nine months of 2022 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 September 30, 2022, our results of operations for the third quarter and first nine months of 2022 and 2021, and our cash flows for the first nine months of 2022 and 2021. All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2021 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, 2021. We operate our business through three segments: Fluids Systems, Industrial Solutions, and Industrial Blending. In the second quarter of 2022, we began reporting our business through these three reportable segments. Prior to this change, we aggregated our now exited Industrial Blending business and reported it within Industrial Solutions. We reflected this change in all periods presented. • Our Fluids Systems segment provides customized drilling, completion, and stimulation fluids products and related technical services to oil and natural gas exploration and production (“E&P”) customers primarily in North America and Europe, the Middle East and Africa (“EMEA”), as well as certain countries in Asia Pacific and Latin America. We also have industrial mineral grinding operations for barite, a critical raw material in drilling fluids systems, which serve to support our activities in certain regions within the U.S. drilling fluids market and also sell the products to third party users, including other drilling fluids companies. In addition, we sell a variety of other minerals, principally to third-party industrial (non-oil and natural gas) markets. We currently plan to exit our U.S. mineral grinding business and our Gulf of Mexico operations. See Note 2 below for further information. • Our Industrial Solutions segment provides temporary worksite access, including the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. We also manufacture and sell our recyclable composite mats to customers around the world, with power transmission being the primary end-market.

Held for Sale and Other Exit Ac

Held for Sale and Other Exit Activities	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Held for Sale and Other Exit Activities	Held for Sale and Other Exit Activities Strategic Actions Update Throughout the oil and natural gas cycle of the last couple of years, we have continuously reviewed our portfolio. These reviews have focused on evaluating changes in the outlook for our served markets and customer priorities, while identifying opportunities for value-creating options in our portfolio, placing investment emphasis in markets where we generate strong returns and where we see greater long-term viability and stability. As part of this review, our Board of Directors approved the following actions in 2022. Exit of Industrial Blending Business 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 September 2022, we entered into a non-binding letter of intent with a global chemical provider to sell the industrial blending and warehouse facility and related equipment located in Conroe, Texas. As of September 30, 2022, the facility has a remaining carrying value of approximately $11 million, reflecting the previously recognized impairment as discussed further below. Sale of Excalibar U.S. Mineral Grinding Business In the second quarter of 2022, we initiated a formal sale process for our Excalibar U.S. mineral grinding business (“Excalibar”) and in October 2022, we entered into a definitive agreement to sell substantially all the long-lived assets, inventory, and operations of Excalibar to Cimbar Resources, INC. (“Cimbar”). As of September 30, 2022, the Excalibar business had approximately $65 million of net assets, including $43 million of net working capital. Upon completion of the sale, and the monetization of certain retained assets, we expect to generate approximately $66 million of cash. In connection with the sale, the Company and Cimbar have agreed to enter into a long-term barite supply agreement for the Company’s U.S. drilling fluids business, with an initial term of four years following the closing of the transaction. The Excalibar business is reported within the Fluids Systems segment. Exit of Gulf of Mexico Operations In the third quarter of 2022, our Board of Directors approved management’s plan to exit our Gulf of Mexico operations, including the potential sale of related assets. In August 2022, we entered into an agreement to sell substantially all assets associated with our Gulf of Mexico completion fluids operations. In October 2022, we entered into an agreement with a leading global energy services provider, regarding a seven-year arrangement to sublease our Fourchon, LA drilling fluids shorebase and blending facility. As part of this arrangement, substantially all of our Gulf of Mexico drilling fluids inventory will be sold as consumed by the lessee or no later than nine months from the closing of the transaction. As of September 30, 2022, the Gulf of Mexico business had approximately $35 million of net assets, including $27 million of net working capital, following the impairment recognized in the third quarter of 2022 as discussed further below. We expect to generate approximately $30 million of cash from the sale of assets and the associated exit of the Gulf of Mexico operations, excluding the long-term lease arrangement. The Gulf of Mexico operations are reported within the Fluids Systems segment. All of the above transactions are expected to close in the fourth quarter of 2022 and each of the transactions remain subject to customary closing conditions and uncertainties. Impairments and Other Charges Conroe, Texas Blending Facility As described above, we shut down the Industrial Blending business in March 2022 and initiated a sales process to market the industrial blending and warehouse facility and related equipment. In the second quarter of 2022, based upon the ongoing sales process and revised estimates for the expected net proceeds from the ultimate disposition, we recognized a $7.9 million impairment charge to impairments and other charges related to these long-lived assets. Gulf of Mexico Operations As a result of the plan to exit the Gulf of Mexico operations as described above, we considered the third quarter 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 consisted of the following: Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 Industrial Blending - Long-lived assets impairment $ — $ — $ 7,905 $ — Gulf of Mexico - Long-lived assets impairment 21,461 — 21,461 — Gulf of Mexico - Inventory write-downs 7,956 — 7,956 — Total impairments and other charges $ 29,417 $ — $ 37,322 $ — Summarized operating results (including impairments and other charges described above) are shown in the following tables: Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 Revenues Industrial Blending $ — $ 1,866 $ — $ 8,288 Excalibar 17,623 9,539 44,068 25,581 Gulf of Mexico 8,591 5,723 18,697 21,317 Operating income (loss) Industrial Blending (526) (64) (10,324) (1,269) Excalibar 888 2 2,538 (662) Gulf of Mexico (32,931) (1,830) (39,191) (4,496) Held For Sale In the third quarter of 2022, we determined that the pending sale transactions for the Conroe, Texas blending facility and the Excalibar business met held for sale accounting criteria; however, these do not qualify as discontinued operations as they do not represent a strategic shift that will have a major effect on the Company’s operations or financial results. Accordingly, we separately presented these related assets and liabilities that will be sold as held for sale in the consolidated balance sheet as of September 30, 2022. Based on the plan to exit our Gulf of Mexico operations and nature of the anticipated transactions, the Gulf of Mexico assets did not meet the held for sale accounting criteria as of September 30, 2022, and as such, will continue to be accounted for as held for use. Assets and liabilities classified as held for sale in the consolidated balance sheet as of September 30, 2022 consist of the following: September 30, 2022 (In thousands) Conroe, Texas Blending Facility Excalibar Total Inventories $ — $ 39,023 $ 39,023 Prepaid expenses and other current assets — 1,518 1,518 Property, plant and equipment, net 10,689 18,690 29,379 Operating lease assets — 1,271 1,271 Current assets held for sale $ 10,689 $ 60,502 $ 71,191 Accrued liabilities (including current lease liabilities) $ — $ 1,390 $ 1,390 Noncurrent operating lease liabilities — 492 492 Current liabilities held for sale $ — $ 1,882 $ 1,882

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
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: Third Quarter First Nine Months (In thousands, except per share data) 2022 2021 2022 2021 Numerator Net loss - basic and diluted $ (24,595) $ (10,485) $ (29,826) $ (21,845) Denominator Weighted average common shares outstanding - basic 93,737 91,932 92,843 91,264 Dilutive effect of stock options and restricted stock awards — — — — Weighted average common shares outstanding - diluted 93,737 91,932 92,843 91,264 Net loss per common share Basic $ (0.26) $ (0.11) $ (0.32) $ (0.24) Diluted $ (0.26) $ (0.11) $ (0.32) $ (0.24) 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: Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 Stock options and restricted stock awards 5,711 5,954 5,526 5,708 For the third quarter and first nine months of 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.

Repurchase Program

Repurchase Program	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Repurchase Program	Repurchase ProgramOur repurchase program remains available for repurchases of our common stock. 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 Amended ABL Facility (as defined in Note 8). 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 September 30, 2022, we had $23.8 million remaining under the program.There were no shares of common stock repurchased under the repurchase program during the first nine months of 2022 or 2021. During the first nine months of 2021, we repurchased $28.3 million of our Convertible Notes in the open market under the repurchase program for a total cost of $28.1 million.

Stock-Based and Other Long-Term

Stock-Based and Other Long-Term Incentive Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based and Other Long-Term Incentive Compensation	Stock-Based and Other Long-Term Incentive Compensation During the second quarter of 2022, our stockholders approved an amendment to the 2015 Employee Equity Incentive Plan (“2015 Plan”), increasing the number of shares authorized for issuance under the 2015 Plan from 14,300,000 to 15,300,000 shares, and also approved an amendment to the 2014 Non-Employee Directors’ Restricted Stock Plan (“2014 Director Plan”), increasing the number of shares authorized for issuance under the 2014 Director Plan from 1,200,000 to 1,400,000 shares. During the second quarter of 2022, the Compensation Committee of our Board of Directors (“Compensation Committee”) granted 1,977,096 restricted stock units to executive officers and other key employees, which will vest in equal installments over a three-year period. In addition, non-employee directors received a grant of 260,339 restricted stock awards, which will 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 date. At September 30, 2022, 1,657,105 shares remained available for award under the 2015 Plan and 86,188 shares remained available for award under the 2014 Director Plan. The weighted average grant-date fair value was $4.11 per share for both the restricted stock units and restricted stock awards. Also during the second quarter of 2022, the Compensation Committee approved the issuance of performance-based cash awards to certain executive officers with a target value of $2.8 million. The performance-based cash awards will be settled based on the relative ranking of our total shareholder return (“TSR”) as compared to the TSR of our designated peer group over

Receivables

Receivables	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Receivables	Receivables Receivables consisted of the following: (In thousands) September 30, 2022 December 31, 2021 Trade receivables: Gross trade receivables $ 208,938 $ 185,065 Allowance for credit losses (4,801) (4,587) Net trade receivables 204,137 180,478 Income tax receivables 3,003 4,167 Other receivables 4,356 9,651 Total receivables, net $ 211,496 $ 194,296 Other receivables included $3.0 million and $5.7 million for value added, goods and service taxes related to foreign jurisdictions as of September 30, 2022 and December 31, 2021, respectively. In addition, other receivables included an insurance receivable balance resulting from a property insurance claim caused by Hurricane Ida in August 2021 of $0.5 million and $1.9 million as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, the claims related to the hurricane under our property insurance program have not been finalized. Changes in our allowance for credit losses were as follows: First Nine Months (In thousands) 2022 2021 Balance at beginning of period $ 4,587 $ 5,024 Credit loss expense 721 426 Write-offs, net of recoveries (507) (591) Balance at end of period $ 4,801 $ 4,859

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: (In thousands) September 30, 2022 December 31, 2021 Raw materials: Fluids Systems $ 110,898 $ 119,242 Industrial Solutions 5,536 4,939 Total raw materials 116,434 124,181 Blended fluids systems components 37,809 27,793 Finished goods - mats 5,796 3,367 Total inventories $ 160,039 $ 155,341 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 increase in inventories in the first nine months of 2022 was primarily attributable to a combination of raw materials cost inflation, activity-driven increases, and elevated vendor prepayments in the Fluids Systems segment, as well as the production of mats in the Industrial Solutions segment for anticipated sales, partially offset by a reclass of inventories associated with the planned sale of our Excalibar business and the impact of inventory impairments. Inventories associated with our Excalibar business of $39.0 million were included in current assets held for sale as of September 30, 2022, while inventories of $23.9 million were included in Fluids Systems raw materials as of December 31, 2021. Fluids Systems segment impairments and other charges for the first nine months of 2022 includes $8.0 million of total charges for inventory write-downs, primarily attributable to the reduction in carrying values of certain inventory related to the exit of our Gulf of Mexico operations to their net realizable value.

Financing Arrangements and Fair

Financing Arrangements and Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
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: September 30, 2022 December 31, 2021 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt ABL Facility $ 123,500 $ — $ 123,500 $ 86,500 $ — $ 86,500 Term loan 7,038 (109) 6,929 6,094 (110) 5,984 Financing obligations 4,190 (44) 4,146 6,688 (78) 6,610 Other debt 22,493 — 22,493 15,709 — 15,709 Total debt 157,221 (153) 157,068 114,991 (188) 114,803 Less: Current portion (23,431) — (23,431) (19,210) — (19,210) Long-term debt $ 133,790 $ (153) $ 133,637 $ 95,781 $ (188) $ 95,593 Convertible Notes. In December 2016, we issued $100.0 million of unsecured convertible senior notes (“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 the first nine months of 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. Asset-Based Loan Facility. In October 2017, we entered into an asset-based revolving credit agreement, which was amended in March 2019 (the “ABL Facility”). In May 2022, we amended and restated the ABL Facility (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, expands available borrowing capacity associated with the Industrial Solutions rental mat fleet, replaces the LIBOR-based pricing grid with 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 September 30, 2022, our total borrowing availability under the Amended ABL Facility was $168.4 million, of which $123.5 million was drawn and $1.4 million was used for outstanding letters of credit, resulting in remaining availability of $43.5 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 September 30, 2022, the applicable margin for borrowings under the Amended ABL Facility was 1.75% with respect to BSBY borrowings and 0.75% with respect to base rate borrowings. As of September 30, 2022, the weighted average interest rate for the Amended ABL Facility was 4.5% and the applicable commitment fee on the unused portion of the Amended ABL Facility was 0.25% per annum. The Amended ABL Facility is a senior secured obligation of the Company and certain of our U.S. subsidiaries constituting borrowers thereunder, secured by a first priority lien on substantially all of the personal property and certain real property of the borrowers, including a first priority lien on certain equity interests of direct or indirect domestic subsidiaries of the borrowers and certain equity interests issued by certain foreign subsidiaries of the borrowers. The Amended ABL Facility contains customary representations, warranties and covenants that, among other things, and subject to certain specified circumstances and exceptions, restrict or limit the ability of the borrowers and certain of their subsidiaries to incur indebtedness (including guarantees), grant liens, make investments, pay dividends or distributions with respect to capital stock and make other restricted payments, make prepayments on certain indebtedness, engage in mergers or other fundamental changes, dispose of property, and change the nature of their business. The Amended ABL Facility requires compliance with the following financial covenants: (i) a minimum fixed charge coverage ratio of 1.00 to 1.00 for the most recently completed four fiscal quarters and (ii) while a leverage covenant trigger period (as defined in the Amended ABL Facility) is in effect, a maximum consolidated leverage ratio of 4.00 to 1.00 as of the last day of the most recently completed fiscal quarter. The Amended ABL Facility includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of security interests or invalidity of loan documents, certain ERISA events, unsatisfied or unstayed judgments and change of control. Other Debt. In August 2021, we completed sale-leaseback transactions related to certain vehicles and other equipment for net proceeds of approximately $7.9 million. The transactions have been accounted for as financing arrangements as they did not qualify for sale accounting. As a result, the vehicles and other equipment continue to be reflected on our balance sheet in property, plant and equipment, net. The financing arrangements have a weighted average annual interest rate of 5.4% and are payable in monthly installments with varying maturities through October 2025. We had $4.1 million in financing obligations outstanding under these arrangements at September 30, 2022. In February 2021, a U.K. subsidiary entered a £6.0 million term loan facility that was scheduled to mature in February 2024. In April 2022, this facility was amended to increase the term loan to £7.0 million and establish a £2.0 million revolving credit facility. Both the amended term loan and revolving credit facility mature in April 2025 and bear interest at a rate of SONIA plus a margin of 3.25% per year. The term loan is payable in quarterly installments of £350,000 plus interest beginning June 2022 and a £2.8 million payment due at maturity. We had $8.3 million outstanding under these arrangements at September 30, 2022. Certain of our foreign subsidiaries maintain local credit arrangements consisting primarily of lines of credit or overdraft facilities which are generally renewed on an annual basis. We utilize local financing arrangements in our foreign operations in order to provide short-term local liquidity needs. We had $13.8 million and $11.8 million outstanding under these arrangements at September 30, 2022 and December 31, 2021, respectively. In addition, at September 30, 2022, we had $44.5 million in outstanding letters of credit, performance bonds, and other guarantees for which certain of the letters of credit are collateralized by $3.5 million in restricted cash.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe provision for income taxes was $0.5 million for the first nine months of 2022, which includes an income tax benefit of $3.1 million related to the restructuring of certain subsidiary legal entities within Europe, as the undistributed earnings for an international subsidiary are no longer subject to certain taxes upon future distribution. The provision for income taxes in the first nine months of 2022 reflects the impact from the geographic composition of our earnings and 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 $5.4 million for the first nine months 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 in 2021 primarily related to 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
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	9 Months Ended
	Sep. 30, 2022
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 Nine Months (In thousands) 2022 2021 Cash paid for: Income taxes (net of refunds) $ 7,207 $ 5,765 Interest $ 3,881 $ 3,414 Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following: (In thousands) September 30, 2022 December 31, 2021 Cash and cash equivalents $ 20,450 $ 24,088 Restricted cash (included in prepaid expenses and other current assets) 3,463 5,401 Cash, cash equivalents, and restricted cash $ 23,913 $ 29,489

Segment Data

Segment Data	9 Months Ended
	Sep. 30, 2022
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): Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 Revenues Fluids Systems $ 168,621 $ 107,955 $ 454,896 $ 292,897 Industrial Solutions 51,232 41,976 135,539 134,033 Industrial Blending — 1,866 — 8,288 Total revenues $ 219,853 $ 151,797 $ 590,435 $ 435,218 Operating income (loss) Fluids Systems $ (24,193) $ (6,646) $ (20,394) $ (19,944) Industrial Solutions 10,036 8,167 26,148 32,645 Industrial Blending (526) (64) (10,324) (1,269) Corporate office (6,627) (7,520) (21,990) (20,198) Total operating income (loss) $ (21,310) $ (6,063) $ (26,560) $ (8,766) The following table presents further disaggregated revenues for the Fluids Systems segment: Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 United States $ 98,431 $ 56,783 $ 254,629 $ 161,237 Canada 15,452 13,781 49,031 31,400 Total North America 113,883 70,564 303,660 192,637 EMEA 47,633 32,380 134,678 90,801 Other 7,105 5,011 16,558 9,459 Total International 54,738 37,391 151,236 100,260 Total Fluids Systems revenues $ 168,621 $ 107,955 $ 454,896 $ 292,897 The following table presents further disaggregated revenues for the Industrial Solutions segment: Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 Product sales revenues $ 18,306 $ 14,240 $ 41,268 $ 44,459 Rental revenues 17,195 15,343 52,356 51,655 Service revenues 15,731 12,393 41,915 37,919 Total Industrial Solutions revenues $ 51,232 $ 41,976 $ 135,539 $ 134,033 Fluids Systems operating results for the third quarter and first nine months of 2022 includes $29.4 million of total non-cash impairment charges related to the long-lived assets and inventory associated with the exit of our Gulf of Mexico operations. Industrial Blending operating results for the first nine months of 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. See Note 2 for further information. In August 2021, Hurricane Ida caused significant damage to certain inventory, equipment and warehouse facilities, at our Fourchon, Louisiana Fluids Systems operating base. While this event was covered by our property and business interruption insurance programs, our Fluids Systems segment incurred hurricane-related costs of $2.6 million for property damage and property-related repairs, cleanup and other costs, substantially all of which reflects our self-insured retention under our property insurance policy. This $2.6 million charge was recognized in other operating (income) loss, net, for the third quarter of 2021. Fluids Systems operating results for the third quarter and first nine months of 2021 also includes $1.7 million of charges related to facility exit and other costs included in cost of revenues, as well as a $0.8 million gain included in other operating (income) loss, net, related to the final insurance settlement associated with the July 2018 fire at our Kenedy, Texas drilling fluids facility. Industrial Solutions operating results for the first nine months of 2021 includes a $1.0 million gain in other operating (income) loss, net, related to a legal settlement.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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 three segments: Fluids Systems, Industrial Solutions, and Industrial Blending. In the second quarter of 2022, we began reporting our business through these three reportable segments. Prior to this change, we aggregated our now exited Industrial Blending business and reported it within Industrial Solutions. We reflected this change in all periods presented. • Our Fluids Systems segment provides customized drilling, completion, and stimulation fluids products and related technical services to oil and natural gas exploration and production (“E&P”) customers primarily in North America and Europe, the Middle East and Africa (“EMEA”), as well as certain countries in Asia Pacific and Latin America. We also have industrial mineral grinding operations for barite, a critical raw material in drilling fluids systems, which serve to support our activities in certain regions within the U.S. drilling fluids market and also sell the products to third party users, including other drilling fluids companies. In addition, we sell a variety of other minerals, principally to third-party industrial (non-oil and natural gas) markets. We currently plan to exit our U.S. mineral grinding business and our Gulf of Mexico operations. See Note 2 below for further information. • Our Industrial Solutions segment provides temporary worksite access, including the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. We also manufacture and sell our recyclable composite mats to customers around the world, with power transmission being the primary end-market.

Held for Sale and Other Exit _2

Held for Sale and Other Exit Activities (Tables)	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Summary of Impairments and Other Charges	Total impairments and other charges consisted of the following: Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 Industrial Blending - Long-lived assets impairment $ — $ — $ 7,905 $ — Gulf of Mexico - Long-lived assets impairment 21,461 — 21,461 — Gulf of Mexico - Inventory write-downs 7,956 — 7,956 — Total impairments and other charges $ 29,417 $ — $ 37,322 $ —
Schedule of Assets and Liabilities Held for Sale	Summarized operating results (including impairments and other charges described above) are shown in the following tables: Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 Revenues Industrial Blending $ — $ 1,866 $ — $ 8,288 Excalibar 17,623 9,539 44,068 25,581 Gulf of Mexico 8,591 5,723 18,697 21,317 Operating income (loss) Industrial Blending (526) (64) (10,324) (1,269) Excalibar 888 2 2,538 (662) Gulf of Mexico (32,931) (1,830) (39,191) (4,496) Assets and liabilities classified as held for sale in the consolidated balance sheet as of September 30, 2022 consist of the following: September 30, 2022 (In thousands) Conroe, Texas Blending Facility Excalibar Total Inventories $ — $ 39,023 $ 39,023 Prepaid expenses and other current assets — 1,518 1,518 Property, plant and equipment, net 10,689 18,690 29,379 Operating lease assets — 1,271 1,271 Current assets held for sale $ 10,689 $ 60,502 $ 71,191 Accrued liabilities (including current lease liabilities) $ — $ 1,390 $ 1,390 Noncurrent operating lease liabilities — 492 492 Current liabilities held for sale $ — $ 1,882 $ 1,882

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
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: Third Quarter First Nine Months (In thousands, except per share data) 2022 2021 2022 2021 Numerator Net loss - basic and diluted $ (24,595) $ (10,485) $ (29,826) $ (21,845) Denominator Weighted average common shares outstanding - basic 93,737 91,932 92,843 91,264 Dilutive effect of stock options and restricted stock awards — — — — Weighted average common shares outstanding - diluted 93,737 91,932 92,843 91,264 Net loss per common share Basic $ (0.26) $ (0.11) $ (0.32) $ (0.24) Diluted $ (0.26) $ (0.11) $ (0.32) $ (0.24)
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: Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 Stock options and restricted stock awards 5,711 5,954 5,526 5,708

Receivables (Tables)

Receivables (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Receivables	Receivables consisted of the following: (In thousands) September 30, 2022 December 31, 2021 Trade receivables: Gross trade receivables $ 208,938 $ 185,065 Allowance for credit losses (4,801) (4,587) Net trade receivables 204,137 180,478 Income tax receivables 3,003 4,167 Other receivables 4,356 9,651 Total receivables, net $ 211,496 $ 194,296
Schedule of Changes in Allowance for Credit Losses	Changes in our allowance for credit losses were as follows: First Nine Months (In thousands) 2022 2021 Balance at beginning of period $ 4,587 $ 5,024 Credit loss expense 721 426 Write-offs, net of recoveries (507) (591) Balance at end of period $ 4,801 $ 4,859

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: (In thousands) September 30, 2022 December 31, 2021 Raw materials: Fluids Systems $ 110,898 $ 119,242 Industrial Solutions 5,536 4,939 Total raw materials 116,434 124,181 Blended fluids systems components 37,809 27,793 Finished goods - mats 5,796 3,367 Total inventories $ 160,039 $ 155,341

Financing Arrangements and Fa_2

Financing Arrangements and Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Financing Arrangements	Financing arrangements consisted of the following: September 30, 2022 December 31, 2021 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt ABL Facility $ 123,500 $ — $ 123,500 $ 86,500 $ — $ 86,500 Term loan 7,038 (109) 6,929 6,094 (110) 5,984 Financing obligations 4,190 (44) 4,146 6,688 (78) 6,610 Other debt 22,493 — 22,493 15,709 — 15,709 Total debt 157,221 (153) 157,068 114,991 (188) 114,803 Less: Current portion (23,431) — (23,431) (19,210) — (19,210) Long-term debt $ 133,790 $ (153) $ 133,637 $ 95,781 $ (188) $ 95,593

Supplemental Disclosures to t_2

Supplemental Disclosures to the Statements of Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Disclosures of Cash flows	Supplemental disclosures to the statements of cash flows are presented below: First Nine Months (In thousands) 2022 2021 Cash paid for: Income taxes (net of refunds) $ 7,207 $ 5,765 Interest $ 3,881 $ 3,414
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) September 30, 2022 December 31, 2021 Cash and cash equivalents $ 20,450 $ 24,088 Restricted cash (included in prepaid expenses and other current assets) 3,463 5,401 Cash, cash equivalents, and restricted cash $ 23,913 $ 29,489

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
	Sep. 30, 2022
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): Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 Revenues Fluids Systems $ 168,621 $ 107,955 $ 454,896 $ 292,897 Industrial Solutions 51,232 41,976 135,539 134,033 Industrial Blending — 1,866 — 8,288 Total revenues $ 219,853 $ 151,797 $ 590,435 $ 435,218 Operating income (loss) Fluids Systems $ (24,193) $ (6,646) $ (20,394) $ (19,944) Industrial Solutions 10,036 8,167 26,148 32,645 Industrial Blending (526) (64) (10,324) (1,269) Corporate office (6,627) (7,520) (21,990) (20,198) Total operating income (loss) $ (21,310) $ (6,063) $ (26,560) $ (8,766)
Schedule of Disaggregated Revenues, Geographic	The following table presents further disaggregated revenues for the Fluids Systems segment: Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 United States $ 98,431 $ 56,783 $ 254,629 $ 161,237 Canada 15,452 13,781 49,031 31,400 Total North America 113,883 70,564 303,660 192,637 EMEA 47,633 32,380 134,678 90,801 Other 7,105 5,011 16,558 9,459 Total International 54,738 37,391 151,236 100,260 Total Fluids Systems revenues $ 168,621 $ 107,955 $ 454,896 $ 292,897
Schedule of Disaggregated Revenues, Segments	The following table presents further disaggregated revenues for the Industrial Solutions segment: Third Quarter First Nine Months (In thousands) 2022 2021 2022 2021 Product sales revenues $ 18,306 $ 14,240 $ 41,268 $ 44,459 Rental revenues 17,195 15,343 52,356 51,655 Service revenues 15,731 12,393 41,915 37,919 Total Industrial Solutions revenues $ 51,232 $ 41,976 $ 135,539 $ 134,033

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - segment	3 Months Ended	9 Months Ended
	Jun. 30, 2022	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments		3
Number of reportable segments	3

Held for Sale and Other Exit _3

Held for Sale and Other Exit Activities - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Oct. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Asset Acquisition [Line Items]
Impairments and other charges		$ 29,417		$ 0	$ 37,322	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations
Asset Acquisition [Line Items]
Property, plant and equipment, net		29,379			29,379
Disposal Group, Held-for-sale, Not Discontinued Operations | Conroe, Texas Blending Facility
Asset Acquisition [Line Items]
Property, plant and equipment, net		10,689			10,689
Long-lived assets impairment		0	$ 7,900	0	7,905	0
Disposal Group, Held-for-sale, Not Discontinued Operations | Gulf of Mexico Operations
Asset Acquisition [Line Items]
Expected net proceeds		30,000
Net assets		35,000			35,000
Net working capital		27,000			27,000
Long-lived assets impairment		21,461		0	21,461	0
Inventory write-down		7,956		$ 0	7,956	$ 0
Impairments and other charges		29,400
Disposal Group, Held-for-sale, Not Discontinued Operations | Gulf of Mexico Operations | Subsequent Event
Asset Acquisition [Line Items]
Sublease term	7 years
Disposal Group, Held-for-sale, Not Discontinued Operations | Excalibar
Asset Acquisition [Line Items]
Expected net proceeds					66,000
Property, plant and equipment, net		18,690			18,690
Net assets		$ 65,000			65,000
Working capital					$ 43,000
Initial term					4 years

Held for Sale and Other Exit _4

Held for Sale and Other Exit Activities - Schedule of Impairments and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total impairments and other charges	$ 29,417		$ 0	$ 37,322	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Gulf of Mexico Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-lived assets impairment	21,461		0	21,461	0
Inventory write-down	7,956		0	7,956	0
Total impairments and other charges	29,400
Disposal Group, Held-for-sale, Not Discontinued Operations | Excalibar
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-lived assets impairment	$ 0	$ 7,900	$ 0	$ 7,905	$ 0

Held for Sale and Other Exit _5

Held for Sale and Other Exit Activities - Summarized Operating Results for the Above Disposal Groups Held for Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Industrial Blending
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 0	$ 1,866	$ 0	$ 8,288
Operating income (loss)	(526)	(64)	(10,324)	(1,269)
Excalibar
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	17,623	9,539	44,068	25,581
Operating income (loss)	888	2	2,538	(662)
Gulf of Mexico
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	8,591	5,723	18,697	21,317
Operating income (loss)	$ (32,931)	$ (1,830)	$ (39,191)	$ (4,496)

Held for Sale and Other Exit _6

Held for Sale and Other Exit Activities - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Current assets held for sale	$ 71,191	$ 0
Liabilities
Current liabilities held for sale	1,882	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets
Inventories	39,023
Prepaid expenses and other current assets	1,518
Property, plant and equipment, net	29,379
Operating lease assets	1,271
Current assets held for sale	71,191
Liabilities
Accrued liabilities (including current lease liabilities)	1,390
Noncurrent operating lease liabilities	492
Current liabilities held for sale	1,882
Disposal Group, Held-for-sale, Not Discontinued Operations | Conroe, Texas Blending Facility
Assets
Inventories	0
Prepaid expenses and other current assets	0
Property, plant and equipment, net	10,689
Operating lease assets	0
Current assets held for sale	10,689
Liabilities
Accrued liabilities (including current lease liabilities)	0
Noncurrent operating lease liabilities	0
Current liabilities held for sale	0
Disposal Group, Held-for-sale, Not Discontinued Operations | Excalibar
Assets
Inventories	39,023
Prepaid expenses and other current assets	1,518
Property, plant and equipment, net	18,690
Operating lease assets	1,271
Current assets held for sale	60,502
Liabilities
Accrued liabilities (including current lease liabilities)	1,390
Noncurrent operating lease liabilities	492
Current liabilities held for sale	$ 1,882

Earnings Per Share - Net Income

Earnings Per Share - Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net loss - basic and diluted	$ (24,595)	$ (10,485)	$ (29,826)	$ (21,845)
Denominator
Weighted average common shares outstanding - basic (in shares)	93,737	91,932	92,843	91,264
Dilutive effect of stock options and restricted stock awards (in shares)	0	0	0	0
Weighted average common shares outstanding - diluted (in shares)	93,737	91,932	92,843	91,264
Net loss per common share
Basic (in dollars per share)	$ (0.26)	$ (0.11)	$ (0.32)	$ (0.24)
Diluted (in dollars per share)	$ (0.26)	$ (0.11)	$ (0.32)	$ (0.24)

Earnings Per Share - Weighted-a

Earnings Per Share - Weighted-average Potential Shares Excluded from Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Stock options and restricted stock awards (in shares)	5,711	5,954	5,526	5,708

Repurchase Program (Details)

Repurchase Program (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Convertible Notes due 2021
Equity, Class of Treasury Stock [Line Items]
Face amount repurchased		$ 28.3
Cost of repurchase		$ 28.1
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 23.8
Shares repurchased (in shares)	0	0

Stock-Based and Other Long-Te_2

Stock-Based and Other Long-Term Incentive Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Allocated share-based compensation expense		$ 2.8
Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock, minimum		0%
Percentage of outstanding stock, maximum		200%
The 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		15,300,000	14,300,000
The 2015 Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		1,977,096
Award vesting period		3 years
The 2015 Plan | Restricted Stock Units | Executive Officer And Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	1,657,105
Weighted average grant-date fair value (in dollars per share)	$ 4.11
The 2015 Plan | Restricted Stock | Executive Officer And Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation (in shares)		260,339
Weighted average grant-date fair value (in dollars per share)	$ 4.11
The 2014 Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		1,400,000	1,200,000
The 2014 Director Plan | Restricted Stock Units | Executive Officer And Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	86,188

Receivables - Schedule of Recei

Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Trade receivables:
Gross trade receivables	$ 208,938	$ 185,065
Allowance for credit losses	(4,801)	(4,587)	$ (4,859)	$ (5,024)
Net trade receivables	204,137	180,478
Income tax receivables	3,003	4,167
Other receivables	4,356	9,651
Total receivables, net	$ 211,496	$ 194,296

Receivables - Narrative (Detail

Receivables - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Other receivables, value added taxes	$ 3	$ 5.7
Insurance settlements receivable, current	$ 0.5	$ 1.9

Receivables - Changes in Allowa

Receivables - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 4,587	$ 5,024
Credit loss expense	721	426
Write-offs, net of recoveries	(507)	(591)
Balance at end of period	$ 4,801	$ 4,859

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Total raw materials	$ 116,434	$ 124,181
Total inventories	160,039	155,341
Fluid Segment
Inventory [Line Items]
Inventory write-down	8,000
Disposal Group, Held-for-sale, Not Discontinued Operations
Inventory [Line Items]
Inventories	39,023
Disposal Group, Held-for-sale, Not Discontinued Operations | Fluid Segment
Inventory [Line Items]
Inventories		23,900
Disposal Group, Held-for-sale, Not Discontinued Operations | Excalibar
Inventory [Line Items]
Inventories	39,023
Fluids Systems
Inventory [Line Items]
Total raw materials	110,898	119,242
Industrial Solutions
Inventory [Line Items]
Total raw materials	5,536	4,939
Blended fluids systems components
Inventory [Line Items]
Finished goods	37,809	27,793
Finished goods - mats
Inventory [Line Items]
Finished goods	$ 5,796	$ 3,367

Financing Arrangements and Fa_3

Financing Arrangements and Fair Value of Financial Instruments - Schedule of Financing Arrangements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Amount	$ 157,221	$ 114,991
Unamortized Discount and Debt Issuance Costs	(153)	(188)
Total Debt	157,068	114,803
Less: Current portion
Principal Amount	(23,431)	(19,210)
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	(23,431)	(19,210)
Long-term debt
Principal Amount	133,790	95,781
Unamortized Discount and Debt Issuance Costs	(153)	(188)
Total Debt	133,637	95,593
Financing obligations
Debt Instrument [Line Items]
Principal Amount	4,190	6,688
Unamortized Discount and Debt Issuance Costs	(44)	(78)
Total Debt	4,146	6,610
Other debt
Debt Instrument [Line Items]
Principal Amount	22,493	15,709
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	22,493	15,709
Revolving credit facility | ABL Facility
Debt Instrument [Line Items]
Principal Amount	123,500	86,500
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	123,500	86,500
Revolving credit facility | Term loan
Debt Instrument [Line Items]
Principal Amount	7,038	6,094
Unamortized Discount and Debt Issuance Costs	(109)	(110)
Total Debt	$ 6,929	$ 5,984

Financing Arrangements and Fa_4

Financing Arrangements and Fair Value of Financial Instruments - Narrative (Details)	1 Months Ended				3 Months Ended		9 Months Ended
	May 31, 2022 USD ($)	Apr. 30, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Aug. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Feb. 28, 2021 GBP (£)	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Convertible debt repaid							$ 0	$ 28,137,000
Loss on extinguishment of debt					$ 0	$ 210,000	0	1,000,000
Borrowings on lines of credit							241,487,000	166,012,000
Letters of credit outstanding, amount					44,500,000		44,500,000
Proceeds from financing obligation				$ 7,900,000			0	8,004,000
Long-term debt			$ 114,803,000		157,068,000		157,068,000
Current debt			19,210,000		23,431,000		23,431,000
Restricted cash and cash equivalents, current					3,500,000		3,500,000
Foreign operations
Debt Instrument [Line Items]
Current debt			11,800,000		13,800,000		13,800,000
Revolving credit facility | U K Subsidiary
Debt Instrument [Line Items]
Maximum borrowing capacity | £		£ 2,000,000							£ 6,000,000
Long-term debt					8,300,000		8,300,000
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%
Convertible Notes due 2021
Debt Instrument [Line Items]
Convertible debt repaid			38,600,000
Repurchased face amount						28,300,000		28,300,000
Repurchase amount						$ 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%
ABL Facility | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 175,000,000
Maximum borrowing capacity, option to increase	$ 250,000,000
Debt instrument, term	5 years
Line of credit facility, current borrowing capacity					168,400,000		168,400,000
Borrowings on lines of credit							123,500,000
Letters of credit outstanding, amount					1,400,000		1,400,000
Remaining borrowing capacity					$ 43,500,000		$ 43,500,000
Basis spread on variable rate							1.75%
Unused capacity, commitment fee percentage	0.375%						0.25%
Threshold for commitment fee	50%
Average daily unused portion, commitment fee	0.25%
Debt, weighted average interest rate					4.50%		4.50%
Fixed charge coverage ratio	1
Line of credit facility, covenant, minimum, fixed charge leverage ratio	4
Long-term debt			86,500,000		$ 123,500,000		$ 123,500,000
ABL Facility | Revolving credit facility | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
ABL Facility | Revolving credit facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate							0.75%
ABL Facility | Revolving credit facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
ABL Facility | Revolving credit facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1%
ABL Facility | Revolving credit facility | BSBY
Debt Instrument [Line Items]
Basis spread on variable rate	1%
ABL Facility | Revolving credit facility | BSBY | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
ABL Facility | Revolving credit facility | BSBY | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Financing obligations
Debt Instrument [Line Items]
Debt, weighted average interest rate				5.40%
Long-term debt			6,610,000		4,146,000		$ 4,146,000
Term loan | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt			$ 5,984,000		$ 6,929,000		$ 6,929,000
Term loan | Secured Debt | U K Subsidiary
Debt Instrument [Line Items]
Debt instrument, face amount | £		£ 7,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,834	$ 2,011	$ 490	$ 5,414
Benefit related to restructuring of certain subsidiary legal entities within Europe			3,100
Impairments and other charges	$ 29,417	$ 0	$ 37,322	$ 0

Supplemental Disclosures to t_3

Supplemental Disclosures to the Statements of Cash Flows - Supplemental Disclosures of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid for:
Income taxes (net of refunds)	$ 7,207	$ 5,765
Interest	$ 3,881	$ 3,414

Supplemental Disclosures to t_4

Supplemental Disclosures to the Statements of Cash Flows - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 20,450	$ 24,088
Restricted cash (included in prepaid expenses and other current assets)	3,463	5,401
Cash, cash equivalents, and restricted cash	$ 23,913	$ 29,489	$ 37,198	$ 30,348

Segment Data - Reportable Segme

Segment Data - Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Total revenues	$ 219,853	$ 151,797	$ 590,435	$ 435,218
Operating income (loss)
Total operating income (loss)	(21,310)	(6,063)	(26,560)	(8,766)
Fluids Systems
Revenues
Total revenues	168,621	107,955	454,896	292,897
Industrial Solutions
Revenues
Total revenues	51,232	41,976	135,539	134,033
Operating segments | Fluids Systems
Revenues
Total revenues	168,621	107,955	454,896	292,897
Operating income (loss)
Total operating income (loss)	(24,193)	(6,646)	(20,394)	(19,944)
Operating segments | Industrial Solutions
Revenues
Total revenues	51,232	41,976	135,539	134,033
Operating income (loss)
Total operating income (loss)	10,036	8,167	26,148	32,645
Operating segments | Industrial Blending
Revenues
Total revenues	0	1,866	0	8,288
Operating income (loss)
Total operating income (loss)	(526)	(64)	(10,324)	(1,269)
Corporate office
Operating income (loss)
Total operating income (loss)	$ (6,627)	$ (7,520)	$ (21,990)	$ (20,198)

Segment Data - Disaggregated Re

Segment Data - Disaggregated Revenues, Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 219,853	$ 151,797	$ 590,435	$ 435,218
Fluids Systems
Disaggregation of Revenue [Line Items]
Total revenues	168,621	107,955	454,896	292,897
Fluids Systems | Total North America
Disaggregation of Revenue [Line Items]
Total revenues	113,883	70,564	303,660	192,637
Fluids Systems | United States
Disaggregation of Revenue [Line Items]
Total revenues	98,431	56,783	254,629	161,237
Fluids Systems | Canada
Disaggregation of Revenue [Line Items]
Total revenues	15,452	13,781	49,031	31,400
Fluids Systems | Total International
Disaggregation of Revenue [Line Items]
Total revenues	54,738	37,391	151,236	100,260
Fluids Systems | EMEA
Disaggregation of Revenue [Line Items]
Total revenues	47,633	32,380	134,678	90,801
Fluids Systems | Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,105	$ 5,011	$ 16,558	$ 9,459

Segment Data - Disaggregated _2

Segment Data - Disaggregated Revenues, Industrial Solutions Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 219,853	$ 151,797	$ 590,435	$ 435,218
Industrial Solutions
Disaggregation of Revenue [Line Items]
Total revenues	51,232	41,976	135,539	134,033
Industrial Solutions | Product sales revenues
Disaggregation of Revenue [Line Items]
Total revenues	18,306	14,240	41,268	44,459
Industrial Solutions | Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	17,195	15,343	52,356	51,655
Industrial Solutions | Service revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 15,731	$ 12,393	$ 41,915	$ 37,919

Segment Data - Narrative (Detai

Segment Data - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Impairments and other charges	$ 29,417	$ 0	$ 37,322	$ 0
Gain on insurance recovery			0	849
Fluids Systems
Segment Reporting Information [Line Items]
Impairments and other charges	$ 29,400		29,400
Loss from catastrophes		2,600
Business exit costs		1,700		1,700
Gain on insurance recovery		800		800
Fluids Systems | Other Operating Income (Expense)
Segment Reporting Information [Line Items]
Loss from catastrophes		$ 2,600
Industrial Blending
Segment Reporting Information [Line Items]
Long-lived assets impairment			$ 7,900
Industrial Solutions
Segment Reporting Information [Line Items]
Gain (loss) related to litigation settlement				$ 1,000