Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-02960 | ||
Entity Registrant Name | Newpark Resources, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 72-1123385 | ||
Entity Address, Address Line One | 9320 Lakeside Boulevard, | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, City or Town | The Woodlands, | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77381 | ||
City Area Code | 281 | ||
Local Phone Number | 362-6800 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | NR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 283.1 | ||
Entity Common Stock, Shares Outstanding (in shares) | 89,700,767 | ||
Documents Incorporated by Reference | Pursuant to General Instruction G(3) to this Form 10-K, the information required by Items 10, 11, 12, 13 and 14 of Part III hereof is incorporated by reference from the registrant’s definitive Proxy Statement for its 2023 Annual Meeting of Stockholders. | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000071829 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Houston, Texas |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 23,182 | $ 24,088 |
Receivables, net of allowance of $4,817 and $4,587, respectively | 242,247 | 194,296 |
Inventories | 149,571 | 155,341 |
Prepaid expenses and other current assets | 10,966 | 14,787 |
Total current assets | 425,966 | 388,512 |
Property, plant and equipment, net | 193,099 | 260,256 |
Operating lease assets | 23,769 | 27,569 |
Goodwill | 47,110 | 47,283 |
Other intangible assets, net | 20,215 | 24,959 |
Deferred tax assets | 2,275 | 2,316 |
Other assets | 2,441 | 1,991 |
Total assets | 714,875 | 752,886 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current debt | 22,438 | 19,210 |
Accounts payable | 93,633 | 84,585 |
Accrued liabilities | 46,871 | 46,597 |
Total current liabilities | 162,942 | 150,392 |
Long-term debt, less current portion | 91,677 | 95,593 |
Noncurrent operating lease liabilities | 19,816 | 22,352 |
Deferred tax liabilities | 8,121 | 11,819 |
Other noncurrent liabilities | 9,291 | 10,344 |
Total liabilities | 291,847 | 290,500 |
Commitments and contingencies | ||
Common stock, $0.01 par value (200,000,000 shares authorized and 111,451,999 and 109,330,733 shares issued, respectively) | 1,115 | 1,093 |
Paid-in capital | 641,266 | 634,929 |
Accumulated other comprehensive loss | (67,186) | (61,480) |
Retained earnings | 2,489 | 24,345 |
Treasury stock, at cost (21,751,232 and 16,981,147 shares, respectively) | (154,656) | (136,501) |
Total stockholders’ equity | 423,028 | 462,386 |
Total liabilities and stockholders’ equity | $ 714,875 | $ 752,886 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 4,817 | $ 4,587 |
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) | 111,451,999 | 109,330,733 |
Treasury stock, shares (in shares) | 21,751,232 | 16,981,147 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Total revenues | $ 815,594 | $ 614,781 | $ 492,625 |
Cost of revenues | |||
Total cost of revenues | 694,058 | 529,552 | 473,258 |
Selling, general and administrative expenses | 97,618 | 94,445 | 86,604 |
Other operating (income) loss, net | (4,370) | (391) | (3,330) |
Impairments and other charges | 37,322 | 0 | 14,727 |
Operating loss | (9,034) | (8,825) | (78,634) |
Foreign currency exchange (gain) loss | 389 | (397) | 3,378 |
Interest expense, net | 7,040 | 8,805 | 10,986 |
(Gain) loss on extinguishment of debt | 0 | 1,000 | (419) |
Loss before income taxes | (16,463) | (18,233) | (92,579) |
Provision (benefit) for income taxes | 4,371 | 7,293 | (11,883) |
Net loss | $ (20,834) | $ (25,526) | $ (80,696) |
Net loss per common share - basic (in dollars per share) | $ (0.22) | $ (0.28) | $ (0.89) |
Net loss per common share - diluted (in dollars per share) | $ (0.22) | $ (0.28) | $ (0.89) |
Product sales revenues | |||
Revenues | |||
Total revenues | $ 665,318 | $ 484,300 | $ 378,813 |
Cost of revenues | |||
Total cost of revenues | 588,234 | 434,405 | 384,519 |
Rental and service revenues | |||
Revenues | |||
Total revenues | 150,276 | 130,481 | 113,812 |
Cost of revenues | |||
Total cost of revenues | $ 105,824 | $ 95,147 | $ 88,739 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (20,834) | $ (25,526) | $ (80,696) |
Foreign currency translation adjustments (net of tax benefit of $1, $639, $293) | (5,706) | (7,308) | 2,086 |
Recognition of Brazil cumulative foreign currency translation losses | 0 | 0 | 11,689 |
Comprehensive loss | $ (26,540) | $ (32,834) | $ (66,921) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, tax benefit | $ 1 | $ 639 | $ 293 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative effect of accounting change | Common Stock | Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Retained Earnings Cumulative 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 | (80,696) | (80,696) | ||||||
Employee stock options, restricted stock and employee stock purchase plan | 465 | 9 | (173) | (1,751) | 2,380 | |||
Stock-based compensation expense | 6,578 | 6,578 | ||||||
Foreign currency translation, net of tax | 2,086 | 2,086 | ||||||
Recognition of Brazil cumulative foreign currency translation losses | 11,689 | 11,689 | ||||||
Ending 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 | (25,526) | (25,526) | ||||||
Employee stock options, restricted stock and employee stock purchase plan | (738) | 17 | (28) | (1,066) | 339 | |||
Stock-based compensation expense | 7,926 | 7,926 | ||||||
Foreign currency translation, net of tax | (7,308) | (7,308) | ||||||
Recognition of Brazil cumulative foreign currency translation losses | 0 | |||||||
Ending balance at Dec. 31, 2021 | 462,386 | 1,093 | 634,929 | (61,480) | 24,345 | (136,501) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (20,834) | (20,834) | ||||||
Employee stock options, restricted stock and employee stock purchase plan | (2,061) | 22 | (524) | (1,022) | (537) | |||
Stock-based compensation expense | 6,861 | 6,861 | ||||||
Treasury shares purchased at cost | (17,618) | (17,618) | ||||||
Foreign currency translation, net of tax | (5,706) | (5,706) | ||||||
Recognition of Brazil cumulative foreign currency translation losses | 0 | |||||||
Ending balance at Dec. 31, 2022 | $ 423,028 | $ 1,115 | $ 641,266 | $ (67,186) | $ 2,489 | $ (154,656) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net loss | $ (20,834) | $ (25,526) | $ (80,696) |
Adjustments to reconcile net loss to net cash provided by (used in) operations: | |||
Impairments and other non-cash charges | 37,322 | 0 | 25,072 |
Depreciation and amortization | 38,610 | 42,225 | 45,314 |
Stock-based compensation expense | 6,861 | 7,926 | 6,578 |
Provision for deferred income taxes | (3,384) | (1,209) | (18,850) |
Credit loss expense | 1,039 | 664 | 1,427 |
Gain on divestitures | (3,596) | 0 | 0 |
Gain on sale of assets | (2,809) | (7,182) | (6,531) |
Gain on insurance recovery | 0 | (849) | 0 |
(Gain) loss on extinguishment of debt | 0 | 1,000 | (419) |
Amortization of original issue discount and debt issuance costs | 871 | 3,707 | 5,152 |
Change in assets and liabilities: | |||
(Increase) decrease in receivables | (42,452) | (61,283) | 70,994 |
(Increase) decrease in inventories | (46,909) | (10,336) | 39,889 |
Increase in other assets | (855) | (726) | (686) |
Increase (decrease) in accounts payable | 10,781 | 36,341 | (29,457) |
Increase (decrease) in accrued liabilities and other | 334 | 12,235 | (1,996) |
Net cash provided by (used in) operating activities | (25,021) | (3,013) | 55,791 |
Cash flows from investing activities: | |||
Capital expenditures | (28,273) | (21,793) | (15,794) |
Proceeds from divestitures | 71,286 | 0 | 0 |
Business acquisitions, net of cash acquired | 0 | (13,434) | 0 |
Proceeds from sale of property, plant and equipment | 3,217 | 15,999 | 12,399 |
Proceeds from insurance property claim | 0 | 1,753 | 0 |
Net cash provided by (used in) investing activities | 46,230 | (17,475) | (3,395) |
Cash flows from financing activities: | |||
Borrowings on lines of credit | 287,276 | 286,154 | 173,794 |
Payments on lines of credit | (290,886) | (208,575) | (221,781) |
Purchases of Convertible Notes | 0 | (28,137) | (29,124) |
Payment on Convertible Notes | 0 | (38,567) | 0 |
Proceeds from term loan | 3,754 | 8,258 | 0 |
Proceeds from financing obligation | 0 | 8,004 | 0 |
Debt issuance costs | (1,499) | (295) | 0 |
Purchases of treasury stock | (20,248) | (1,448) | (333) |
Other financing activities | (3,327) | (3,986) | (497) |
Net cash provided by (used in) financing activities | (24,930) | 21,408 | (77,941) |
Effect of exchange rate changes on cash | (707) | (1,779) | (970) |
Net decrease in cash, cash equivalents, and restricted cash | (4,428) | (859) | (26,515) |
Cash, cash equivalents, and restricted cash at beginning of year | 29,489 | 30,348 | 56,863 |
Cash, cash equivalents, and restricted cash at end of year | $ 25,061 | $ 29,489 | $ 30,348 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization and Principles of Consolidation. Newpark Resources, Inc. was organized in 1932 as a Nevada corporation. In 1991, we changed our state of incorporation to Delaware. The consolidated financial statements include our company and our wholly-owned subsidiaries (the “Company,” “we,” “our,” or “us”). All intercompany transactions are eliminated in consolidation. We are a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to customers across multiple industries. We currently operate our business through two reportable segments: Fluids Systems and Industrial Solutions. In addition, we had a third reportable segment, Industrial Blending, which was exited in 2022. Prior to 2022, we aggregated our now exited Industrial Blending business and reported it within Industrial Solutions. We have reflected these three reportable segments for all periods presented in this Annual Report on Form 10-K. • Our Fluids Systems segment provides customized drilling, 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. • Our Industrial Solutions segment provides temporary worksite access solutions, including the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. We also manufacture and sell our recyclable composite mats to customers around the world, with power transmission being the primary end-market. • Our Industrial Blending segment began operations in 2020 and supported industrial end-markets, including the production of disinfectants and industrial cleaning products. We completed the wind down of the Industrial Blending business in the first quarter of 2022, and we completed the sale of the industrial blending and warehouse facility and related equipment located in Conroe, Texas in the fourth quarter of 2022. Use of Estimates and Market Risks . The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates used in preparing our consolidated financial statements include, but are not limited to, the following: estimated cash flows and fair values used for impairments of long-lived assets, including goodwill and other intangibles, and valuation allowances for deferred tax assets. Our Fluids Systems operating results remain dependent on oil and natural gas drilling activity levels in the markets we serve and the nature of the drilling operations (including the depth and whether the wells are drilled vertically or horizontally), which governs the revenue potential of each well. Drilling activity levels, in turn, depend on a variety of factors, including oil and natural gas commodity pricing, inventory levels, product demand, and regulatory restrictions. Oil and natural gas prices and activity are cyclical and volatile, and this market volatility has a significant impact on our operating results. Cash Equivalents. All highly liquid investments with a remaining maturity of three months or less at the date of acquisition are classified as cash equivalents. Restricted Cash. Cash that is restricted as to withdrawal or usage is recognized as restricted cash and is included in other current assets in the consolidated balance sheets. Allowance for Credit Losses. Trade receivables are presented at the net amount expected to be collected. We estimate the lifetime “expected credit loss” for such assets at inception, which generally results in the earlier recognition of allowances for losses. Our allowance for credit losses reflects losses that are expected over the contractual life of the asset, and takes into account historical loss experience, current and future economic conditions, and reasonable and supportable forecasts. Inventories. Inventories are stated at the lower of cost (principally average cost) or net realizable value. Certain conversion costs associated with the acquisition, production, blending, and storage of inventory in our Fluids Systems segment as well as the manufacturing operations in the Industrial Solutions segment are capitalized as a component of the carrying value of the inventory and expensed as a component of cost of revenues as the products are sold. Reserves for inventory obsolescence are determined based on the net realizable value of the inventory using factors such as our historical usage of inventory on-hand, future expectations related to our customers’ needs, market conditions, and the development of new products. Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Additions and improvements that extend the useful life of an asset are capitalized. We capitalize interest costs on significant capital projects. Maintenance and repairs are expensed as incurred. Sales and disposals of property, plant and equipment are removed at carrying cost less accumulated depreciation with any resulting gain or loss reflected in earnings. Depreciation is provided on property, plant and equipment, including finance lease assets, primarily utilizing the straight-line method over the following estimated useful service lives or lease term: Computer hardware and office equipment 3-5 years Computer software 3-5 years Autos and light trucks 5-7 years Furniture, fixtures, and trailers 7-10 years Composite mats (rental fleet) 7-12 years Machinery and heavy equipment 10-15 years Owned buildings 20-39 years Leasehold improvements Lease term, including reasonably assured renewal periods Goodwill and Other Intangible Assets. Goodwill represents the excess of the purchase price of acquisitions over the fair value of the net identifiable assets acquired in business combinations. Goodwill and other intangible assets with indefinite lives are not amortized. Intangible assets with finite useful lives are amortized either on a straight-line basis over the asset’s estimated useful life or on a basis that reflects the pattern in which the economic benefits of the asset are realized. Any period costs of maintaining intangible assets are expensed as incurred. Impairment of Long-Lived Assets. Goodwill and other indefinite-lived intangible assets are tested for impairment annually as of November 1, or more frequently, if indicators of impairment exist. As part of our annual goodwill review, we first perform a qualitative assessment based on company performance and future business outlook to determine if indicators of impairment exist. When there are qualitative indicators of impairment, we use an impairment test which includes a comparison of the carrying value of net assets of our reporting units, including goodwill, with their estimated fair values, which we estimate using a combination of a market multiple and discounted cash flow approach (classified within level 3 of the fair value hierarchy). If the carrying value exceeds the estimated fair value, an impairment charge is recorded in the period in which such review is performed. We identify our reporting units based on our analysis of several factors, including our operating segment structure, evaluation of the economic characteristics of our geographic regions within each of our operating segments, and the extent to which our business units share assets and other resources. We review property, plant and equipment, finite-lived intangible assets and certain other assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We assess recoverability based on the undiscounted future net cash flows expected from the use and eventual disposition of such asset. Should the review indicate that the carrying value is not fully recoverable, the amount of impairment loss is determined by comparing the carrying value to the estimated fair value. Insurance. We maintain reserves for estimated future payments associated with our self-insured employee healthcare programs, as well as the self-insured retention exposures under our general liability, auto liability, and workers compensation insurance policies. Our reserves are determined based on historical experience under these programs, including estimated development of known claims and estimated incurred-but-not-reported claims. Treasury Stock. Treasury stock is carried at cost, which includes the entire cost of the acquired stock. Revenue Recognition. The following provides a summary of our significant accounting policies for revenue recognition. Fluids Systems. Revenues for fluid system additive products and engineering services, when provided to customers in the delivery of an integrated fluid system, are recognized as product sales revenues when utilized by the customer. Revenues for formulated liquid systems are recognized as product sales revenues when utilized or lost downhole while drilling. Revenues for equipment rentals and other services provided to customers that are ancillary to the fluid system product delivery are recognized in rental and service revenues when the services are performed. For direct sales of fluid system products, revenues are recognized when control passes to the customer, which is generally upon shipment of materials. Industrial Solutions. Revenues for rentals and services are generated from both fixed-price and unit-priced contracts, which are generally short-term in duration. The activities under these contracts include the installation and rental of matting systems for a period of time and services such as access road construction, site planning and preparation, environmental protection, erosion control, and site restoration services. Rental revenues are recognized over the rental term and service revenues are recognized when the specified services are performed. Revenues from any subsequent extensions to the rental agreements are recognized over the extension period. Revenues from the direct sale of products are recognized when control passes to the customer, which is upon shipment or delivery, depending on the terms of the underlying sales contract. For all segments, the amount of revenue we recognize for products sold and services performed reflects the consideration to which we expect to be entitled in exchange for such goods or services, which generally reflects the amount we have the right to invoice based on agreed upon unit rates. While billing requirements vary, many of our customer contracts require that billings occur periodically or at the completion of specified activities, even though our performance and right to consideration occurs throughout the contract. As such, we recognize revenue as performance is completed in the amount to which we have the right to invoice. We do not disclose the value of our unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue for the amount to which we have the right to invoice for products sold and services performed. Shipping and handling costs are reflected in cost of revenues, and all reimbursements by customers of shipping and handling costs are included in revenues. Income Taxes. We provide for deferred taxes using an asset and liability approach by measuring deferred tax assets and liabilities due to temporary differences existing at year end using currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. We reduce deferred tax assets by a valuation allowance when, based on our estimates, it is more likely than not that a portion of those assets will not be realized in a future period. The estimates utilized in recognition of deferred tax assets are subject to revision, either up or down, in future periods based on new facts or circumstances. We present deferred tax assets and liabilities as noncurrent in the balance sheet based on an analysis of each taxpaying component within a jurisdiction. We evaluate uncertain tax positions and record a liability as circumstances warrant. Share-Based Compensation. Share-based compensation cost is measured at the grant date based on the fair value of the award, net of an estimated forfeiture rate. We recognize these costs in the statement of operations using the straight-line method over the vesting term. Foreign Currency Translation. The functional currency for substantially all international subsidiaries is their respective local currency. Financial statements for these international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and the average exchange rates in effect during the respective period for revenues and expenses. Exchange rate adjustments resulting from translation of foreign currency financial statements of our international subsidiaries are reflected in accumulated other comprehensive loss in stockholders’ equity until such time that the international subsidiary is sold or liquidation is substantially complete, at which time the related accumulated adjustments would be reclassified into income. Exchange rate adjustments resulting from foreign currency denominated transactions are recorded in income. At December 31, 2022 and 2021, accumulated other comprehensive loss related to foreign subsidiaries reflected in stockholders’ equity was $67.2 million and $61.5 million, respectively. During the fourth quarter of 2019, we made the decision to wind down our Brazil operations, and during the fourth quarter of 2020, we completed the substantial liquidation of our Brazil subsidiary and recognized an $11.7 million non-cash charge to "impairments and other charges" for the reclassification of cumulative foreign currency translation losses related to our subsidiary in Brazil. Fair Value Measurement. Fair value is measured as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at a measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1: The use of quoted prices in active markets for identical financial instruments. • Level 2: The use of quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or other inputs that are observable in the market or can be corroborated by observable market data. • Level 3: The use of significantly unobservable inputs that typically require the use of management’s estimates of assumptions that market participants would use in pricing. New Accounting Pronouncements Standards Adopted in 2021 Income Taxes: Simplifying the Accounting for Income Taxes. In 2019, the 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 Adopted in 2020 Credit Losses: In 2016, the FASB issued new guidance which requires financial assets measured at amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. We adopted this new guidance as of January 1, 2020 using the modified retrospective transition method, and recorded a net reduction of $0.7 million to opening retained earnings to reflect the cumulative effect of adoption. The cumulative effect of the changes made to our consolidated balance sheet for the adoption of the new accounting guidance for credit losses were as follows: (In thousands) Balance at December 31, 2019 Impact of Adoption of New Credit Losses Guidance Balance at January 1, 2020 Receivables, net $ 216,714 $ (959) $ 215,755 Deferred tax assets 3,600 59 3,659 Deferred tax liabilities 34,247 (165) 34,082 Retained earnings 134,119 (735) 133,384 |
Divestitures and Business Combi
Divestitures and Business Combinations | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Divestitures and Business Combinations | Divestitures and Business Combinations Divestitures Throughout the oil and natural gas cycle of the last couple of years, we 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 Segment and Sale of Conroe, Texas Blending Facility In the first quarter of 2022, in consideration of broader strategic priorities and the timeline and efforts required to further develop the industrial blending business, we exited our Industrial Blending operations. In November 2022, we completed the sale of the industrial blending and warehouse facility and related equipment located in Conroe, Texas to a global chemical provider, and received cash proceeds of approximately $14 million. In connection with this divestiture, we recognized a $7.9 million impairment charge related to these long-lived assets in the second quarter of 2022, and subsequently recognized a gain of $2.6 million upon the eventual sale in the fourth quarter of 2022. Sale of Excalibar U.S. Mineral Grinding Business In the second quarter of 2022, we initiated a formal sale process for our Excalibar U.S. mineral grinding business (“Excalibar”), which is reported within our Fluids Systems segment. On November 30, 2022, we completed the sale of substantially all the long-lived assets, inventory, and operations of Excalibar to Cimbar Resources, INC. (“Cimbar”), received cash proceeds (after purchase price adjustments) of approximately $51 million, and recognized a gain of $1.0 million. The Company retained certain assets and liabilities, including accounts receivable and accounts payable. Such working capital provided approximately $10 million of cash generation in the fourth quarter of 2022 and is expected to provide approximately $5 million of additional cash generation in early 2023. In connection with the sale, the Company and Cimbar have entered into a long-term barite supply agreement for certain regions of our U.S. drilling fluids business, with an initial term of four years following the closing of the transaction. Exit of Gulf of Mexico Operations In the third quarter of 2022, our Board of Directors approved management’s plan to exit our Fluids Systems Gulf of Mexico operations, including the potential sale of related assets. In December 2022, we completed the sale of substantially all assets associated with our Gulf of Mexico completion fluids operations. Separately, we also entered a seven-year arrangement to sublease our Fourchon, Louisiana drilling fluids shorebase and blending facility to a leading global energy services provider. As part of this arrangement, substantially all of our Gulf of Mexico drilling fluids inventory will be sold as consumed by the lessee or no later than nine months from the closing of the transaction. The sale of the completion fluids operations provided approximately $6 million of cash generation in the fourth quarter of 2022, and the exit of the drilling fluids operations is expected to provide approximately $25 million of additional cash generation, primarily in early 2023. 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: Year Ended December 31, (In thousands) 2022 Industrial Blending - Long-lived assets impairment $ 7,905 Gulf of Mexico - Long-lived assets impairment 21,461 Gulf of Mexico - Inventory write-downs 7,956 Total impairments and other charges $ 37,322 Summarized operating results of the business units exited in 2022 (including impairments and other charges described above) are shown in the following table: Year Ended December 31, (In thousands) 2022 2021 2020 Revenues Industrial Blending $ — $ 8,821 $ 7,548 Excalibar 55,990 36,396 28,214 Gulf of Mexico 26,708 25,366 46,524 Operating income (loss) Industrial Blending (8,002) (2,384) 429 Excalibar 3,665 (277) (1,999) Gulf of Mexico (43,215) (6,753) (3,450) Summarized net assets of the business units exited in 2022 are shown in the following table: (In thousands) December 31, 2022 December 31, 2021 Receivables, net $ 27,798 $ 12,140 Inventories 5,805 42,421 Property, plant and equipment, net 4,508 74,318 Accounts payable (2,060) (5,136) Accrued liabilities (311) (1,976) Total net assets $ 35,740 $ 121,767 As described above, the change in net assets related to these divested business units includes the impact of the $37.3 million of impairments and other charges, the impact from the divestiture transactions, as well as the wind-down of retained working capital. The net assets remaining as of December 31, 2022 relate to the remaining Gulf of Mexico net assets and retained working capital from the Excalibar sale. As noted above, we expect to generate approximately $31 million of cash primarily in the first half of 2023 from the realization of the remaining working capital related to these divestitures. Business Combinations In December 2021, we acquired certain assets and assumed certain liabilities of Lentzcaping, Inc. and Lentzcaping, LLC (together, "Lentzcaping"). The purchase price for this acquisition was $13.5 million, net of cash acquired, and was funded with borrowings under the ABL Facility (as defined in Note 6). The results of operations of Lentzcaping are reported within the Industrial Solutions segment for the periods subsequent to the date of the acquisition. Results of operations and pro-forma combined results of operations for the acquired business have not been presented as the effect of this acquisition is not material to our consolidated financial statements. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following at December 31: (In thousands) 2022 2021 Raw materials: Fluids Systems $ 110,623 $ 119,242 Industrial Solutions 3,966 4,939 Total raw materials 114,589 124,181 Blended fluids systems components 29,244 27,793 Finished goods — mats 5,738 3,367 Total inventories $ 149,571 $ 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 ground protection and other services to our customers. Our blended fluids systems components consist of base fluids systems that have been either mixed internally at our blending facilities or purchased from third-party vendors. These base fluids systems require raw materials to be added, as needed to meet specified customer requirements. The decrease in inventories in 2022 was primarily attributable to a $36.6 million decrease related to our divestitures described in Note 2, including the impact of related inventory impairments, partially offset by activity-driven increases and raw materials cost inflation in the Fluids Systems segment. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following at December 31: (In thousands) 2022 2021 Land $ 7,804 $ 11,820 Buildings and improvements 63,333 118,395 Machinery and equipment 229,080 282,258 Computer hardware and software 47,743 48,389 Furniture and fixtures 5,733 5,879 Construction in progress 5,447 8,194 359,140 474,935 Less accumulated depreciation (248,844) (287,046) 110,296 187,889 Composite mats (rental fleet) 147,764 135,975 Less accumulated depreciation - composite mats (64,961) (63,608) 82,803 72,367 Property, plant and equipment, net $ 193,099 $ 260,256 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill, which all relates to the Industrial Solutions segment, are as follows: (In thousands) Industrial Solutions Balance at December 31, 2020 $ 42,444 Acquisition 4,871 Effects of foreign currency (32) Balance at December 31, 2021 47,283 Effects of foreign currency (173) Balance at December 31, 2022 $ 47,110 We completed the annual evaluation of the carrying value of our goodwill and other indefinite-lived intangible assets as of November 1, 2022 and determined that the fair value was significantly more than the net carrying value, and therefore, no impairment was required. In December 2021, we completed the acquisition of Lentzcaping, which resulted in additions to goodwill of $4.9 million. Other intangible assets consisted of the following: December 31, 2022 December 31, 2021 (In thousands) Gross Accumulated Other Gross Accumulated Other Technology related $ 17,806 $ (8,204) $ 9,602 $ 20,315 $ (9,201) $ 11,114 Customer related 35,253 (25,122) 10,131 37,176 (23,843) 13,333 Total amortizing intangible assets 53,059 (33,326) 19,733 57,491 (33,044) 24,447 Permits and licenses 482 — 482 512 — 512 Total indefinite-lived intangible assets 482 — 482 512 — 512 Total intangible assets $ 53,541 $ (33,326) $ 20,215 $ 58,003 $ (33,044) $ 24,959 Total amortization expense related to other intangible assets was $3.6 million, $3.7 million and $4.5 million in 2022, 2021 and 2020, respectively. In December 2021, we completed the acquisition of Lentzcaping, which resulted in additions to amortizable intangible assets of $3.3 million. Estimated future amortization expense for the years ended December 31 is as follows: (In thousands) 2023 2024 2025 2026 2027 Thereafter Total Technology related $ 1,047 $ 1,025 $ 1,023 $ 1,023 $ 1,008 $ 4,476 $ 9,602 Customer related 2,117 1,775 1,515 1,252 996 2,476 10,131 Total future amortization expense $ 3,164 $ 2,800 $ 2,538 $ 2,275 $ 2,004 $ 6,952 $ 19,733 The weighted average amortization period for technology related and customer related intangible assets is 15 years and 13 years, respectively. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements Financing arrangements consisted of the following: December 31, 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 Amended ABL Facility $ 80,300 $ — $ 80,300 $ 86,500 $ — $ 86,500 U.K. term loan 7,201 (99) 7,102 6,094 (110) 5,984 Financing obligation 3,437 (35) 3,402 6,688 (78) 6,610 Other debt 23,311 — 23,311 15,709 — 15,709 Total debt 114,249 (134) 114,115 114,991 (188) 114,803 Less: current portion (22,438) — (22,438) (19,210) — (19,210) Long-term debt $ 91,811 $ (134) $ 91,677 $ 95,781 $ (188) $ 95,593 Asset-Based Loan Facility. In October 2017, we entered into a U.S. 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 December 31, 2022, our total borrowing availability under the Amended ABL Facility was $167.6 million, of which $80.3 million was drawn and $3.3 million was used for outstanding letters of credit, resulting in remaining availability of $84.0 million. Borrowing availability under the Amended ABL Facility is calculated based on eligible U.S. accounts receivable, inventory and composite mats included in the rental fleet, net of reserves and subject to limits on certain of the assets included in the borrowing base calculation. To the extent pledged by the borrowers, the borrowing base calculation also includes the amount of eligible pledged cash. The administrative agent may establish reserves in accordance with the Amended ABL Facility, in part based on appraisals of the asset base, and other limits in its discretion, which could reduce the amounts otherwise available under the Amended ABL Facility. Under the terms of the Amended ABL Facility, we may elect to borrow at a variable interest rate based on either, (1) the BSBY rate (subject to a floor of zero) or (2) the base rate (subject to a floor of zero), equal to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate of Bank of America, N.A., and (c) BSBY for a one-month interest period plus 1.00%, plus, in each case, an applicable margin per annum. The applicable margin ranges from 1.50% to 2.00% per annum for BSBY borrowings, and 0.50% to 1.00% per annum for base rate borrowings, based on the consolidated leverage ratio (as defined in the Amended ABL Facility) as of the last day of the most recent fiscal quarter. We are also required to pay a commitment fee equal to (i) 0.375% per annum at any time the average daily unused portion of the commitments is greater than 50% and (ii) 0.25% per annum at any time the average daily unused portion of the commitments is less than 50%. As of December 31, 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 December 31, 2022, the weighted average interest rate for the Amended ABL Facility was 5.9% and the applicable commitment fee on the unused portion of the Amended ABL Facility was 0.375% per annum. The Amended ABL Facility is a senior secured obligation of the Company and certain of our U.S. subsidiaries constituting borrowers thereunder, secured by a first priority lien on substantially all of the personal property and certain real property of the borrowers, including a first priority lien on certain equity interests of direct or indirect domestic subsidiaries of the borrowers and certain equity interests issued by certain foreign subsidiaries of the borrowers. The Amended ABL Facility contains customary representations, warranties and covenants that, among other things, and subject to certain specified circumstances and exceptions, restrict or limit the ability of the borrowers and certain of their subsidiaries to incur indebtedness (including guarantees), grant liens, make investments, pay dividends or distributions with respect to capital stock and make other restricted payments, make prepayments on certain indebtedness, engage in mergers or other fundamental changes, dispose of property, and change the nature of their business. The Amended ABL Facility requires compliance with the following financial covenants: (i) a minimum fixed charge coverage ratio of 1.00 to 1.00 for the most recently completed four fiscal quarters and (ii) while a leverage covenant trigger period (as defined in the Amended ABL Facility) is in effect, a maximum consolidated leverage ratio of 4.00 to 1.00 as of the last day of the most recently completed fiscal quarter. The Amended ABL Facility includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of security interests or invalidity of loan documents, certain ERISA events, unsatisfied or unstayed judgments and change of control. Convertible Notes. In December 2016, we issued $100.0 million of unsecured convertible senior notes (“Convertible Notes”) which bore interest at a rate of 4.0% per year and matured in December 2021. A total of $38.6 million of our Convertible Notes were repaid at maturity. During 2021, we repurchased $28.3 million of our Convertible Notes in the open market for a total cost of $28.1 million and recognized a net loss of $1.0 million reflecting the difference in the amount paid and the net carrying value of the extinguished debt, including original issue discount and debt issuance costs. During 2020, we repurchased $33.1 million of our Convertible Notes in the open market for a total cost of $29.1 million and recognized a net gain of $0.4 million reflecting the difference in the amount paid and the net carrying value of the extinguished debt, including original issue discount and debt issuance costs. Other Debt. 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 Sterling Overnight Index Average (“SONIA”) plus a margin of 3.25% per year. As of December 31, 2022, the interest rate for the U.K. facilities was 6.7%. The term loan is payable in quarterly installments of £350,000 plus interest beginning June 2022 and a £2.8 million payment due at maturity. We had $8.5 million outstanding under these arrangements at December 31, 2022. 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 $3.4 million in financing obligations outstanding under these arrangements at December 31, 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 $14.3 million and $11.8 million outstanding under these arrangements at December 31, 2022 and 2021, respectively. We incurred net interest expense of $7.0 million, $8.8 million and $11.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. There was no capitalized interest for the years ended December 31, 2022, 2021 or 2020. As of December 31, 2022, we had scheduled repayments for financing arrangements of approximately $23 million in 2023, $4 million in 2024, $7 million in 2025, and $80 million in 2027. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Concentrations of Credit Risk | Fair Value of Financial Instruments and Concentrations of Credit Risk Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, receivables, payables, and debt. We believe the carrying values of these instruments approximated their fair values at December 31, 2022 and 2021. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk primarily consist of cash and trade accounts receivable. At December 31, 2022, substantially all of our cash deposits were held by our international subsidiaries in accounts at numerous financial institutions across the various regions in which we operate. As part of our investment strategy, we perform periodic evaluations of the relative credit standing of these financial institutions. Customer Revenue Concentration We derive a significant portion of our revenues and profitability from companies in the energy industry, and more specifically, customers in the E&P and utility sectors. Our E&P customer base consists primarily of mid-sized and international oil companies as well as government-owned or government-controlled oil companies operating in the markets that we serve. Our utility customer base consists primarily of large regulated electrical utility providers, as well as power transmission service providers . For 2022, 2021 and 2020, revenues from our 20 largest customers represented approximately 38%, 39% and 49%, respectively, of our consolidated revenues. For 2022, 2021 and 2020, no single customer accounted for more than 10% of our consolidated revenues. Receivables Receivables consisted of the following at December 31: (In thousands) 2022 2021 Trade receivables: Gross trade receivables $ 227,762 $ 185,065 Allowance for credit losses (4,817) (4,587) Net trade receivables 222,945 180,478 Income tax receivables 2,697 4,167 Other receivables 16,605 9,651 Total receivables, net $ 242,247 $ 194,296 The increase in trade receivables in 2022 was primarily attributable to the increase in revenues in the fourth quarter of 2022 compared to the fourth quarter of 2021, including trade amounts outstanding of $17.0 million at December 31, 2022 related to our divestitures described in Note 2. Other receivables included $3.5 million and $5.7 million for value added, goods and service taxes related to foreign jurisdictions as of December 31, 2022 and 2021, respectively. Other receivables also included $10.8 million at December 31, 2022 related to our divestitures described in Note 2. We adopted the new accounting guidance for credit losses as of January 1, 2020 (see Note 1 for additional information). To measure expected credit losses, we evaluate our receivables on a collective basis for assets that share similar risk characteristics. Our allowance for credit losses reflects losses that are expected over the contractual life of the asset, and takes into account historical loss experience, current and future economic conditions, and reasonable and supportable forecasts. Changes in our allowance for credit losses were as follows: (In thousands) 2022 2021 2020 Balance at beginning of year $ 4,587 $ 5,024 $ 6,007 Cumulative effect of accounting change — — 959 Credit loss expense 1,039 664 1,427 Write-offs, net of recoveries (809) (1,101) (3,369) Balance at end of year $ 4,817 $ 4,587 $ 5,024 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases We lease certain office space, warehouses, land, equipment, and an industrial facility. Our leases have remaining terms ranging from 1 to 9 years with various extension and termination options. We consider these options in determining the lease term used to establish our operating lease assets and liabilities. Lease agreements with lease and non-lease components are accounted for as a single lease component. Leases with an initial term of 12 months or less are not recorded in the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Leases consisted of the following at December 31: (In thousands) Balance Sheet Classification 2022 2021 Assets: Operating Operating lease assets $ 23,769 $ 27,569 Finance Property, plant and equipment, net 4,462 1,709 Total lease assets $ 28,231 $ 29,278 Liabilities: Current: Operating Accrued liabilities $ 5,587 $ 6,494 Finance Current debt 1,537 682 Noncurrent: Operating Noncurrent operating lease liabilities $ 19,816 $ 22,352 Finance Long-term debt, less current portion 3,462 1,041 Total lease liabilities $ 30,402 $ 30,569 Total operating lease expenses were $27.3 million for 2022, of which $19.1 million related to short-term leases and $8.3 million related to leases recognized in the balance sheet. Total operating lease expenses were $24.4 million and $25.8 million for 2021 and 2020, respectively. Total operating lease expenses approximate cash paid during each period. Amortization and interest for finance leases are not material. Operating lease expenses and amortization of leased assets for finance leases are included in either cost of revenues or selling, general and administrative expenses. Interest for finance leases is included in interest expense, net. The maturity of lease liabilities as of December 31, 2022 is as follows: (In thousands) Operating Leases Finance Leases Total 2023 $ 6,619 $ 1,803 $ 8,422 2024 4,501 1,567 6,068 2025 3,422 1,307 4,729 2026 3,245 903 4,148 2027 3,042 61 3,103 Thereafter 9,042 — 9,042 Total lease payments 29,871 5,641 35,512 Less: Interest 4,468 642 5,110 Present value of lease liabilities $ 25,403 $ 4,999 $ 30,402 During 2022, we entered into $4.8 million and $4.4 million of new operating lease liabilities and finance lease liabilities, respectively, in exchange for leased assets. Lease Term and Discount Rate December 31, 2022 Weighted-average remaining lease term (years) Operating leases 6.6 Finance leases 3.5 Weighted-average discount rate Operating leases 4.6 % Finance leases 6.6 % |
Leases | Leases We lease certain office space, warehouses, land, equipment, and an industrial facility. Our leases have remaining terms ranging from 1 to 9 years with various extension and termination options. We consider these options in determining the lease term used to establish our operating lease assets and liabilities. Lease agreements with lease and non-lease components are accounted for as a single lease component. Leases with an initial term of 12 months or less are not recorded in the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Leases consisted of the following at December 31: (In thousands) Balance Sheet Classification 2022 2021 Assets: Operating Operating lease assets $ 23,769 $ 27,569 Finance Property, plant and equipment, net 4,462 1,709 Total lease assets $ 28,231 $ 29,278 Liabilities: Current: Operating Accrued liabilities $ 5,587 $ 6,494 Finance Current debt 1,537 682 Noncurrent: Operating Noncurrent operating lease liabilities $ 19,816 $ 22,352 Finance Long-term debt, less current portion 3,462 1,041 Total lease liabilities $ 30,402 $ 30,569 Total operating lease expenses were $27.3 million for 2022, of which $19.1 million related to short-term leases and $8.3 million related to leases recognized in the balance sheet. Total operating lease expenses were $24.4 million and $25.8 million for 2021 and 2020, respectively. Total operating lease expenses approximate cash paid during each period. Amortization and interest for finance leases are not material. Operating lease expenses and amortization of leased assets for finance leases are included in either cost of revenues or selling, general and administrative expenses. Interest for finance leases is included in interest expense, net. The maturity of lease liabilities as of December 31, 2022 is as follows: (In thousands) Operating Leases Finance Leases Total 2023 $ 6,619 $ 1,803 $ 8,422 2024 4,501 1,567 6,068 2025 3,422 1,307 4,729 2026 3,245 903 4,148 2027 3,042 61 3,103 Thereafter 9,042 — 9,042 Total lease payments 29,871 5,641 35,512 Less: Interest 4,468 642 5,110 Present value of lease liabilities $ 25,403 $ 4,999 $ 30,402 During 2022, we entered into $4.8 million and $4.4 million of new operating lease liabilities and finance lease liabilities, respectively, in exchange for leased assets. Lease Term and Discount Rate December 31, 2022 Weighted-average remaining lease term (years) Operating leases 6.6 Finance leases 3.5 Weighted-average discount rate Operating leases 4.6 % Finance leases 6.6 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision (benefit) for income taxes was as follows: Year Ended December 31, (In thousands) 2022 2021 2020 Current: U.S. Federal $ 318 $ 773 $ 1,591 State 338 525 365 Foreign 7,099 7,204 5,011 Total current 7,755 8,502 6,967 Deferred: U.S. Federal (3,204) 547 (16,309) State (142) (545) 598 Foreign (38) (1,211) (3,139) Total deferred (3,384) (1,209) (18,850) Total provision (benefit) for income taxes $ 4,371 $ 7,293 $ (11,883) Income (loss) before income taxes was as follows: Year Ended December 31, (In thousands) 2022 2021 2020 U.S. $ (38,001) $ (36,250) $ (92,838) Foreign 21,538 18,017 259 Loss before income taxes $ (16,463) $ (18,233) $ (92,579) The effective income tax rate is reconciled to the statutory federal income tax rate as follows: Year Ended December 31, (In thousands) 2022 2021 2020 Income tax expense (benefit) at federal statutory rate $ (3,457) $ (3,829) $ (19,442) Tax benefit on restructuring of certain subsidiary legal entities (3,111) — — Recognition of Brazil cumulative foreign currency translation losses — — 2,456 Nondeductible executive compensation 958 999 170 Other nondeductible expenses 684 557 616 Stock-based compensation 5 880 1,602 Different rates on earnings of foreign operations 63 (115) 274 Dividend taxes on unremitted earnings 874 980 322 U.S. tax on foreign earnings 378 — — Research and development credits (649) (1,093) (521) Change in valuation allowance 8,156 10,416 2,226 State tax expense (benefit), net 55 (1,302) 196 Other items, net 415 (200) 218 Total provision (benefit) for income taxes $ 4,371 $ 7,293 $ (11,883) The provision for income taxes was $4.4 million for 2022, which includes an income tax benefit of $3.1 million related to the restructuring of certain subsidiary legal entities within Europe, as the undistributed earnings for an international subsidiary are no longer subject to certain taxes upon future distribution. The provision for income taxes in 2022 was unfavorably impacted as we are unable to recognize a tax benefit related to the $37.3 million of impairment charges. The provision for income taxes was $7.3 million for 2021, despite reporting a pretax loss for the period. In both years, income tax expense primarily reflects earnings from our international operations since we are unable to recognize the tax benefit from our U.S. losses as they may not be realized. The benefit for income taxes was $11.9 million for 2020 reflecting an effective tax benefit rate of 13%. This result primarily reflects the impact of the $11.7 million non-cash recognition of cumulative foreign currency translation losses related to the substantial liquidation of our subsidiary in Brazil and other nondeductible expenses, as well as the impact of the geographic composition of our pretax loss, where the tax benefit from losses in the U.S was partially offset by the tax expense related to earnings from our international operations. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in March 2020 in the United States. The CARES Act contains several tax provisions, including additional carry back opportunities for net operating losses, temporary increases in the interest deductibility threshold, and the acceleration of refunds for any remaining alternative minimum tax (“AMT”) carryforwards. There was no material impact from the CARES Act in our provision for income taxes for 2020. In addition, we filed an amendment to our 2018 U.S. federal income tax return in the second quarter of 2020 and received a refund of $0.7 million for AMT carryforwards in July 2020. The CARES Act also permitted most companies to defer paying their portion of certain applicable payroll taxes from the date the CARES Act was signed into law through December 31, 2020. The deferred amount was due and paid in two equal installments in December 2021 and 2022. Temporary differences and carryforwards which give rise to deferred tax assets and liabilities consisted of the following at December 31: (In thousands) 2022 2021 Deferred tax assets: Net operating losses $ 35,430 $ 38,746 Foreign tax credits 8,836 8,330 Accruals not currently deductible 2,989 4,393 Unrealized foreign exchange losses, net 5,353 4,590 Research and development credits 5,181 4,695 Stock-based compensation 1,359 1,856 Capitalized inventory costs 1,821 1,706 Capitalized research and development expenditures 4,342 — Other 6,551 5,839 Total deferred tax assets 71,862 70,155 Valuation allowance (47,280) (38,406) Total deferred tax assets, net of allowances 24,582 31,749 Deferred tax liabilities: Accelerated depreciation and amortization (24,099) (31,816) Tax on unremitted earnings (5,656) (8,214) Other (673) (1,222) Total deferred tax liabilities (30,428) (41,252) Total net deferred tax liabilities $ (5,846) $ (9,503) Noncurrent deferred tax assets $ 2,275 $ 2,316 Noncurrent deferred tax liabilities (8,121) (11,819) Net deferred tax liabilities $ (5,846) $ (9,503) We have U.S. federal income tax net operating loss carryforwards (“NOLs”) of approximately $83.7 million available to reduce future U.S. taxable income, which do not expire. We also have state NOLs of approximately $217.8 million available to reduce future state taxable income, including approximately $158.3 million which do not expire and approximately $59.5 million which expire in varying amounts beginning in 2023 through 2042. Foreign NOLs of approximately $22.8 million are available to reduce future taxable income, some of which expire beginning in 2023. Effective January 1, 2022, certain research and development expenditures are now required under regulations enacted as part of the 2017 U.S. Tax Cuts and Jobs Act (“Tax Act”) to be capitalized and amortized over five years, resulting in a $4.3 million deferred tax asset at December 31, 2022. The realization of our net deferred tax assets is dependent on our ability to generate taxable income in future periods. At December 31, 2022 and 2021, we have recorded a valuation allowance in the amount of $47.3 million and $38.4 million, respectively, primarily related to certain U.S. federal, state, and foreign NOL carryforwards, including Australia, as well as for certain foreign tax credits recognized related to the accounting for the impact of the Tax Act, which may not be realized. We file income tax returns in the U.S. and several non-U.S. jurisdictions and are subject to examination in the various jurisdictions in which we file. We are no longer subject to income tax examinations for U.S. federal and substantially all state jurisdictions for years prior to 2018 and for substantially all foreign jurisdictions for years prior to 2008. We are under examination by various tax authorities in countries where we operate, and certain foreign jurisdictions have challenged the amounts of taxes due for certain tax periods. These audits are in various stages of completion. We fully cooperate with all audits but defend existing positions vigorously. We evaluate the potential exposure associated with various filing positions and record a liability for uncertain tax positions as circumstances warrant. Although we believe all tax positions are reasonable and properly reported in accordance with applicable tax laws and regulations in effect during the periods involved, the final determination of tax audits and any related litigation could be materially different than that which is reflected in historical income tax provisions and accruals. A reconciliation of the beginning and ending provision for uncertain tax positions is as follows: (In thousands) 2022 2021 2020 Balance at January 1 $ 485 $ 213 $ 291 Additions (reductions) for tax positions of prior years (8) (6) (6) Additions (reductions) for tax positions of current year — 306 — Reductions for settlements with tax authorities (93) — — Reductions for lapse of statute of limitations (66) (28) (72) Balance at December 31 $ 318 $ 485 $ 213 Approximately $0.3 million of unrecognized tax benefits at December 31, 2022, if recognized, would favorably impact the effective tax rate. We recognize accrued interest and penalties related to uncertain tax positions in operating expenses. The amount of interest and penalties was immaterial for all periods presented. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Common Stock Changes in outstanding common stock were as follows: (In thousands of shares) 2022 2021 2020 Outstanding, beginning of year 109,331 107,588 106,697 Shares issued for exercise of options — — — Shares issued for time vested restricted stock (net of forfeitures) 1,918 1,368 740 Shares issued for employee stock purchase plan 203 375 151 Outstanding, end of year 111,452 109,331 107,588 Outstanding shares of common stock include shares held as treasury stock totaling 21,751,232, 16,981,147 and 16,781,150 as of December 31, 2022, 2021 and 2020, respectively. Preferred Stock We are authorized to issue up to 1,000,000 shares of preferred stock, $0.01 par value. There were no outstanding shares of preferred stock as of December 31, 2022, 2021 or 2020. Treasury Stock During 2022, we repurchased an aggregate of 4,437,885 shares of our common stock under our repurchase program for a total cost of $17.5 million. In addition, during 2022, 2021 and 2020, we repurchased 592,539, 419,114 and 153,151 shares, respectively, for an aggregate cost of $2.7 million, $1.4 million and $0.3 million, respectively, representing employee shares surrendered in lieu of taxes under vesting of restricted stock awards. All of the shares repurchased are held as treasury stock. During 2022, 2021 and 2020, we reissued 260,339, 219,117 and 330,419 shares of treasury stock pursuant to various stock plans. Repurchase Program Our Board of Directors authorized a $100.0 million securities repurchase program in November 2018, available for repurchases of any combination of our common stock and our Convertible Notes that matured in 2021. During 2022, we repurchased an aggregate of 4,437,885 shares of our common stock under our repurchase program for a total cost of $17.5 million. Our Convertible Notes matured in 2021. During 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. During 2020, we repurchased $33.1 million of our Convertible Notes in the open market under the repurchase program for a total cost of $29.1 million. As of December 31, 2022, we had $6.2 million remaining under the program. In February 2023, our Board of Directors approved certain changes to this program and increased the authorization to $50.0 million. Our repurchase program authorizes us to purchase outstanding shares of our common stock or Convertible Notes that matured in 2021 in the open market or as otherwise determined by management, subject to certain limitations under the Amended ABL Facility and other factors. The repurchase program has no specific term. Repurchases are expected to be funded from borrowings under our Amended ABL Facility, operating cash flows, and available cash on hand. As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, (In thousands, except per share data) 2022 2021 2020 Numerator Net loss - basic and diluted $ (20,834) $ (25,526) $ (80,696) Denominator Weighted average common shares outstanding - basic 92,712 91,460 90,198 Dilutive effect of stock options and restricted stock awards — — — Weighted average common shares outstanding - diluted 92,712 91,460 90,198 Net loss per common share Basic $ (0.22) $ (0.28) $ (0.89) Diluted $ (0.22) $ (0.28) $ (0.89) 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: Year Ended December 31, (In thousands) 2022 2021 2020 Stock options and restricted stock awards 5,545 5,754 5,238 For 2022, 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. For 2021 and 2020, the Convertible Notes, which matured in December 2021, did not impact the calculation of diluted earnings per share due to the net loss incurred for those periods. |
Stock-Based Compensation and Ot
Stock-Based Compensation and Other Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation and Other Benefit Plans | Stock-Based Compensation and Other Benefit Plans The following describes stockholder approved plans utilized by us for the issuance of stock-based awards. 2014 Non-Employee Directors’ Restricted Stock Plan In May 2014, our stockholders approved the 2014 Non-Employee Directors’ Restricted Stock Plan (“2014 Director Plan”) which authorizes grants of restricted stock to non-employee directors. Each restricted share granted to a non-employee director vests in full on the earlier of the day prior to the next annual meeting of stockholders following the grant date or the first anniversary of the grant. In May 2022, our stockholders approved an amendment to the 2014 Director Plan, increasing the number of shares authorized for issuance from 1,200,000 to 1,400,000 shares. At December 31, 2022, 86,188 shares remained available for award under the 2014 Director Plan. During 2022, non-employee directors received 260,339 shares of restricted stock at a weighted average grant-date fair value of $4.11 per share. 2015 Employee Equity Incentive Plan In May 2015, our stockholders approved the 2015 Employee Equity Incentive Plan (“2015 Plan”) pursuant to which the Compensation Committee of our Board of Directors (“Compensation Committee”) may grant to key employees, including executive officers and other corporate and divisional employees, a variety of forms of equity-based compensation, including options to purchase shares of common stock, shares of restricted common stock, restricted stock units, stock appreciation rights, other stock-based awards, and performance-based awards. In May 2022, our stockholders approved an amendment to the 2015 Plan, increasing the number of shares authorized for issuance from 14,300,000 to 15,300,000 shares. At December 31, 2022, 1,767,893 shares remained available for award under the 2015 Plan. In June 2017, our Board of Directors approved the Long-Term Cash Incentive Plan (“Cash Plan”), a sub-plan to the 2015 Plan, pursuant to which the Compensation Committee may grant time-based cash awards or performance-based cash awards to key employees, including executive officers and other corporate and divisional employees, to provide an opportunity for employees to receive a cash payment upon either completion of a service period or achievement of predetermined performance criteria at the end of a performance period. Activity under each of these programs is described below. Stock Options Stock options granted by the Compensation Committee are granted with a three-year vesting period and a term of ten years. There have been no options granted since 2016. The following table summarizes activity for our outstanding stock options for the year ended December 31, 2022: Stock Options Shares Weighted- Weighted- Aggregate Outstanding at beginning of period 1,796,876 $ 7.08 Granted — — Exercised — — Expired or canceled (364,138) 5.71 Outstanding at end of period 1,432,738 $ 7.39 2.40 $ — Vested or expected to vest at end of period 1,432,738 $ 7.39 2.40 $ — Options exercisable at end of period 1,432,738 $ 7.39 2.40 $ — There were no stock options exercised and no compensation cost recognized for stock options during the years ended December 31, 2022, 2021, or 2020. Restricted Stock Awards and Units Time-vested restricted stock awards and restricted stock units are periodically granted to key employees, including grants for employment inducements, as well as to members of our Board of Directors. Employee awards provide for vesting periods ranging from three The following tables summarize the activity for our outstanding time-vested restricted stock awards and restricted stock units for the year ended December 31, 2022: Nonvested Restricted Stock Awards (Time-Vesting) Shares Weighted-Average Nonvested at January 1, 2022 235,367 $ 3.97 Granted 260,339 4.11 Vested (235,367) 3.97 Forfeited — — Nonvested at December 31, 2022 260,339 $ 4.11 Nonvested Restricted Stock Units (Time-Vesting) Shares Weighted-Average Nonvested at January 1, 2022 4,639,261 $ 3.29 Granted 1,977,096 4.11 Vested (1,924,067) 3.67 Forfeited (313,013) 3.18 Nonvested at December 31, 2022 4,379,277 $ 3.50 Total compensation cost recognized for restricted stock awards and restricted stock units was $6.7 million, $7.7 million and $6.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. Total unrecognized compensation cost at December 31, 2022 related to restricted stock awards and restricted stock units was approximately $10.0 million which is expected to be recognized over the next 1.8 years. During the years ended December 31, 2022, 2021 and 2020, the total fair value of shares vested was $9.4 million, $5.3 million and $1.9 million, respectively. For the years ended December 31, 2022, 2021 and 2020, we recognized tax benefits resulting from the vesting of restricted stock awards and units of $1.8 million, $1.1 million and $0.4 million, respectively. Cash-Based Awards The Compensation Committee also approved the issuance of cash-based awards to certain executive officers during 2022, 2021 and 2020. The 2022 awards included a target amount of $2.8 million of performance-based cash awards. The 2021 awards included $1.4 million of time-based cash awards and a target amount of $3.0 million of performance-based cash awards. The 2020 awards included a target amount of $2.6 million of performance-based cash awards. The performance-based cash awards are settled based on the relative ranking of our TSR as compared to the TSR of our designated peer group over a three-year period. The performance period began June 1, 2022 and ends May 31, 2025 for the 2022 awards, began May 2, 2021 and ends May 31, 2024 for the 2021 awards, and began May 2, 2020 and ends May 31, 2023 for the 2020 awards. The ending TSR price is equal to the average closing price of our shares over the last 30-calendar days of the performance period, and provide for a cash payout ranging from 0% to 200% of target for each eligible executive. The performance-based cash awards are accrued as a liability award over the performance period based on the estimated fair value. The fair value of the performance-based cash awards is remeasured each period using a Monte Carlo valuation model with changes in fair value recognized in the consolidated statement of operations. As of December 31, 2022 and 2021, the total liability for cash-based awards was $6.5 million and $5.7 million, respectively. Defined Contribution Plan Substantially all of our U.S. employees are covered by a defined contribution plan (“401(k) Plan”). Employees may voluntarily contribute up to 50% of compensation, as defined in the 401(k) Plan. Participants’ contributions, up to 3% of compensation, are matched 100% by us, and the participants’ contributions, from 3% to 6% of compensation, are matched 50% by us. Effective January 1, 2023, Participant’s contributions up to 4% are matched 100% by us with contributions from 4% to 6% being matched 50%. In connection with the cost reduction programs implemented in early 2020, we temporarily eliminated our 401(k) matching contribution beginning in April 2020. Beginning in the second quarter of 2021, we reinstituted the matching contribution for our U.S. defined contribution plan. Under the 401(k) Plan, our cash contributions were $2.5 million, $2.2 million and $1.2 million for 2022, 2021 and 2020, respectively. |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Segment and Related Information We currently operate our business through two reportable segments: Fluids Systems and Industrial Solutions. In addition, we had a third reportable segment, Industrial Blending, which was exited in 2022. Prior to 2022, we aggregated our now exited Industrial Blending business and reported it within Industrial Solutions. We have reflected these three reportable segments for all periods presented in this Annual Report on Form 10-K. All intercompany revenues and related profits have been eliminated. • Fluids Systems — Our Fluids Systems segment provides customized drilling, completion, and stimulation fluids products and related technical services to customers for oil, natural gas, and geothermal projects primarily in North America and EMEA, as well as certain countries in Asia Pacific and Latin America. In the fourth quarter of 2022, we exited two of our Fluids Systems business units, including our U.S.-based mineral grinding business as well as our Gulf of Mexico fluids operations (see Note 2 for additional information). • Industrial Solutions — Our Industrial Solutions segment provides temporary worksite access solutions, including the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. We also manufacture and sell our recyclable composite mats to customers around the world, with power transmission being the primary end-market. • Industrial Blending — Our Industrial Blending segment began operations in 2020 and supported industrial end-markets, including the production of disinfectants and industrial cleaning products. We completed the wind down of the Industrial Blending business in the first quarter of 2022, and we completed the sale of the industrial blending and warehouse facility and related equipment located in Conroe, Texas in the fourth quarter of 2022 (see Note 2 for additional information). Summarized financial information for our reportable segments is shown in the following tables: Year Ended December 31, (In thousands) 2022 2021 2020 Revenues Fluids Systems $ 622,601 $ 420,789 $ 354,608 Industrial Solutions 192,993 185,171 130,469 Industrial Blending — 8,821 7,548 Total revenues $ 815,594 $ 614,781 $ 492,625 Depreciation and amortization Fluids Systems $ 13,875 $ 17,877 $ 20,555 Industrial Solutions 21,653 19,304 20,127 Industrial Blending 678 1,095 300 Corporate office 2,404 3,949 4,332 Total depreciation and amortization $ 38,610 $ 42,225 $ 45,314 Operating income (loss) Fluids Systems $ (15,566) $ (19,012) $ (66,403) Industrial Solutions 43,899 42,117 13,030 Industrial Blending (8,002) (2,384) 429 Corporate office (29,365) (29,546) (25,690) Total operating income (loss) $ (9,034) $ (8,825) $ (78,634) Segment assets Fluids Systems $ 420,039 $ 458,179 $ 419,381 Industrial Solutions 247,611 247,531 238,376 Industrial Blending — 20,139 21,542 Corporate office 47,225 27,037 29,893 Total segment assets $ 714,875 $ 752,886 $ 709,192 Capital expenditures Fluids Systems $ 3,906 $ 3,644 $ 6,237 Industrial Solutions 23,569 15,311 7,831 Industrial Blending 230 2,091 — Corporate office 568 747 1,726 Total capital expenditures $ 28,273 $ 21,793 $ 15,794 The increase in Corporate office segment assets primarily relates to the transition in 2022 of our Katy, Texas technology center from the Fluids Systems segment to a multi-purpose facility housing both business headquarters and support personnel, as well as administrative offices for two third-party lessees. The decrease in Fluids Systems segment assets includes the impact of the Excalibar divestiture (see Note 2) and the transfer of the Katy technology center to the Corporate office, as described above, partially offset by an increase in working capital. Operating results for the Fluids Systems segment include the following charges. See Note 2 for additional information regarding the 2022 charges. Year Ended December 31, (In thousands) 2022 2021 2020 Impairments and other charges $ 29,417 $ — $ — Gain on divestitures (971) — — Fourchon, Louisiana hurricane-related costs — 2,596 — Facility exit costs and other 1,000 2,399 (201) Severance costs 398 1,329 3,729 Kenedy, Texas facility fire (insurance recovery) — (849) — Brazil exit - Recognition of cumulative foreign currency translation losses — — 11,689 Inventory write-downs — — 10,345 Property, plant and equipment impairment — — 3,038 Total Fluids Systems impairments and other charges $ 29,844 $ 5,475 $ 28,600 Industrial Blending operating results for 2022 includes a $7.9 million non-cash impairment charge related to the long-lived assets previously used in the now exited Industrial Blending business, as described in Note 2. The following table presents further disaggregated revenues for the Fluids Systems segment: Year Ended December 31, (In thousands) 2022 2021 2020 United States $ 355,435 $ 227,261 $ 202,052 Canada 61,069 48,007 24,762 Total North America 416,504 275,268 226,814 EMEA 185,298 132,221 115,891 Other 20,799 13,300 11,903 Total International 206,097 145,521 127,794 Total Fluids Systems revenues $ 622,601 $ 420,789 $ 354,608 The following table presents further disaggregated revenues for the Industrial Solutions segment: Year Ended December 31, (In thousands) 2022 2021 2020 Product sales revenues $ 58,692 $ 66,796 $ 29,170 Rental revenues 75,616 68,455 47,341 Service revenues 58,685 49,920 53,958 Total Industrial Solutions revenues $ 192,993 $ 185,171 $ 130,469 The following table sets forth geographic information for all of our operations. Revenues by geographic location are determined based on the operating location from which services are rendered or products are sold. Long-lived assets include property, plant and equipment and other long-term assets based on the country in which the assets are located. Year Ended December 31, (In thousands) 2022 2021 2020 Revenues United States $ 535,335 $ 402,246 $ 327,598 Canada 61,069 48,007 24,762 EMEA 198,391 151,228 128,362 Asia Pacific 15,722 7,629 6,561 Latin America 5,077 5,671 5,342 Total revenues $ 815,594 $ 614,781 $ 492,625 Long-lived assets United States $ 250,196 $ 318,839 $ 329,719 Canada 1,215 1,209 1,503 EMEA 32,487 38,923 44,577 Asia Pacific 2,392 2,712 3,007 Latin America 344 375 500 Total long-lived assets $ 286,634 $ 362,058 $ 379,306 For 2022, 2021 and 2020, no single customer accounted for more than 10% of our consolidated revenues. |
Supplemental Cash Flow and Othe
Supplemental Cash Flow and Other Information | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow and Other Information | Supplemental Cash Flow and Other Information Supplemental disclosures to the statements of cash flows are presented below: (in thousands) 2022 2021 2020 Cash paid (received) for: Income taxes (net of refunds) $ 9,058 $ 6,912 $ 6,350 Interest $ 5,945 $ 5,339 $ 6,054 Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following: (in thousands) 2022 2021 2020 Cash and cash equivalents $ 23,182 $ 24,088 $ 24,197 Restricted cash (included in other current assets) 1,879 5,401 6,151 Cash, cash equivalents, and restricted cash $ 25,061 $ 29,489 $ 30,348 Accounts payable and accrued liabilities at December 31, 2022, 2021, and 2020, included accruals for capital expenditures of $1.1 million, $0.7 million, and $0.5 million, respectively. Accrued liabilities at December 31, 2022 and 2021 included accruals for employee incentives and other compensation related expenses of $25.2 million and $23.1 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state, and local levels. While the outcome of litigation or other proceedings against us cannot be predicted with certainty, management does not expect that any loss resulting from such litigation or other proceedings, in excess of any amounts accrued or covered by insurance, will have a material adverse impact on our consolidated financial statements. Other We do not have any special purpose entities. At December 31, 2022, we had $42.3 million in outstanding letters of credit, performance bonds, and other guarantees for which certain of the letters of credit are collateralized by $1.9 million in restricted cash. We also enter into normal short-term operating leases for office and warehouse space, as well as certain operating equipment. None of these off-balance sheet arrangements either had, or is expected to have, a material effect on our financial statements. We are self-insured for health claims, subject to certain “stop loss” insurance policies. Claims in excess of $250,000 per incident are insured by third-party insurers. Based on historical experience, we had accrued liabilities of $0.7 million for unpaid claims incurred at both December 31, 2022 and 2021. Substantially all of these estimated claims are expected to be paid within six months of their occurrence. In addition, we are self-insured for certain workers’ compensation, auto, and general liability claims up to a certain policy limit. Claims in excess of $750,000 are insured by third-party reinsurers. Based on historical experience, we had accrued liabilities of $3.1 million and $2.5 million for the uninsured portion of claims at December 31, 2022 and 2021, respectively. We also maintain accrued liabilities for asset retirement obligations, which represent obligations associated with the retirement of tangible long-lived assets that result from the normal operation of the long-lived asset. Our asset retirement obligations primarily relate to required expenditures associated with owned and leased facilities. Upon settlement of the liability, a gain or loss for any difference between the settlement amount and the liability recorded is recognized. We had accrued asset retirement obligations of $1.2 million and $1.1 million at December 31, 2022 and 2021, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization and Principles of Consolidation | Organization and Principles of Consolidation. Newpark Resources, Inc. was organized in 1932 as a Nevada corporation. In 1991, we changed our state of incorporation to Delaware. The consolidated financial statements include our company and our wholly-owned subsidiaries (the “Company,” “we,” “our,” or “us”). All intercompany transactions are eliminated in consolidation. We are a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to customers across multiple industries. We currently operate our business through two reportable segments: Fluids Systems and Industrial Solutions. In addition, we had a third reportable segment, Industrial Blending, which was exited in 2022. Prior to 2022, we aggregated our now exited Industrial Blending business and reported it within Industrial Solutions. We have reflected these three reportable segments for all periods presented in this Annual Report on Form 10-K. • Our Fluids Systems segment provides customized drilling, 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. • Our Industrial Solutions segment provides temporary worksite access solutions, including the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. We also manufacture and sell our recyclable composite mats to customers around the world, with power transmission being the primary end-market. • Our Industrial Blending segment began operations in 2020 and supported industrial end-markets, including the production of disinfectants and industrial cleaning products. We completed the wind down of the Industrial Blending business in the first quarter of 2022, and we completed the sale of the industrial blending and warehouse facility and related equipment located in Conroe, Texas in the fourth quarter of 2022. |
Use of Estimates and Market Risks | Use of Estimates and Market Risks . The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates used in preparing our consolidated financial statements include, but are not limited to, the following: estimated cash flows and fair values used for impairments of long-lived assets, including goodwill and other intangibles, and valuation allowances for deferred tax assets. |
Cash Equivalents | Cash Equivalents. All highly liquid investments with a remaining maturity of three months or less at the date of acquisition are classified as cash equivalents. |
Restricted Cash | Restricted Cash. Cash that is restricted as to withdrawal or usage is recognized as restricted cash and is included in other current assets in the consolidated balance sheets. |
Allowance for Credit Losses | Allowance for Credit Losses. Trade receivables are presented at the net amount expected to be collected. We estimate the lifetime “expected credit loss” for such assets at inception, which generally results in the earlier recognition of allowances for losses. Our allowance for credit losses reflects losses that are expected over the contractual life of the asset, and takes into account historical loss experience, current and future economic conditions, and reasonable and supportable forecasts. |
Inventories | Inventories. Inventories are stated at the lower of cost (principally average cost) or net realizable value. Certain conversion costs associated with the acquisition, production, blending, and storage of inventory in our Fluids Systems segment as well as the manufacturing operations in the Industrial Solutions segment are capitalized as a component of the carrying value of the inventory and expensed as a component of cost of revenues as the products are sold. Reserves for inventory obsolescence are determined based on the net realizable value of the inventory using factors such as our historical usage of inventory on-hand, future expectations related to our customers’ needs, market conditions, and the development of new products. |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment are recorded at cost. Additions and improvements that extend the useful life of an asset are capitalized. We capitalize interest costs on significant capital projects. Maintenance and repairs are expensed as incurred. Sales and disposals of property, plant and equipment are removed at carrying cost less accumulated depreciation with any resulting gain or loss reflected in earnings. Depreciation is provided on property, plant and equipment, including finance lease assets, primarily utilizing the straight-line method over the following estimated useful service lives or lease term: Computer hardware and office equipment 3-5 years Computer software 3-5 years Autos and light trucks 5-7 years Furniture, fixtures, and trailers 7-10 years Composite mats (rental fleet) 7-12 years Machinery and heavy equipment 10-15 years Owned buildings 20-39 years Leasehold improvements Lease term, including reasonably assured renewal periods |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets. Goodwill represents the excess of the purchase price of acquisitions over the fair value of the net identifiable assets acquired in business combinations. Goodwill and other intangible assets with indefinite lives are not amortized. Intangible assets with finite useful lives are amortized either on a straight-line basis over the asset’s estimated useful life or on a basis that reflects the pattern in which the economic benefits of the asset are realized. Any period costs of maintaining intangible assets are expensed as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets. Goodwill and other indefinite-lived intangible assets are tested for impairment annually as of November 1, or more frequently, if indicators of impairment exist. As part of our annual goodwill review, we first perform a qualitative assessment based on company performance and future business outlook to determine if indicators of impairment exist. When there are qualitative indicators of impairment, we use an impairment test which includes a comparison of the carrying value of net assets of our reporting units, including goodwill, with their estimated fair values, which we estimate using a combination of a market multiple and discounted cash flow approach (classified within level 3 of the fair value hierarchy). If the carrying value exceeds the estimated fair value, an impairment charge is recorded in the period in which such review is performed. We identify our reporting units based on our analysis of several factors, including our operating segment structure, evaluation of the economic characteristics of our geographic regions within each of our operating segments, and the extent to which our business units share assets and other resources. We review property, plant and equipment, finite-lived intangible assets and certain other assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We assess recoverability based on the undiscounted future net cash flows expected from the use and eventual disposition of such asset. Should the review indicate that the carrying value is not fully recoverable, the amount of impairment loss is determined by comparing the carrying value to the estimated fair value. |
Insurance | Insurance. We maintain reserves for estimated future payments associated with our self-insured employee healthcare programs, as well as the self-insured retention exposures under our general liability, auto liability, and workers compensation insurance policies. Our reserves are determined based on historical experience under these programs, including estimated development of known claims and estimated incurred-but-not-reported claims. |
Treasury Stock | Treasury Stock. Treasury stock is carried at cost, which includes the entire cost of the acquired stock. |
Revenue Recognition | Revenue Recognition. The following provides a summary of our significant accounting policies for revenue recognition. Fluids Systems. Revenues for fluid system additive products and engineering services, when provided to customers in the delivery of an integrated fluid system, are recognized as product sales revenues when utilized by the customer. Revenues for formulated liquid systems are recognized as product sales revenues when utilized or lost downhole while drilling. Revenues for equipment rentals and other services provided to customers that are ancillary to the fluid system product delivery are recognized in rental and service revenues when the services are performed. For direct sales of fluid system products, revenues are recognized when control passes to the customer, which is generally upon shipment of materials. Industrial Solutions. Revenues for rentals and services are generated from both fixed-price and unit-priced contracts, which are generally short-term in duration. The activities under these contracts include the installation and rental of matting systems for a period of time and services such as access road construction, site planning and preparation, environmental protection, erosion control, and site restoration services. Rental revenues are recognized over the rental term and service revenues are recognized when the specified services are performed. Revenues from any subsequent extensions to the rental agreements are recognized over the extension period. Revenues from the direct sale of products are recognized when control passes to the customer, which is upon shipment or delivery, depending on the terms of the underlying sales contract. For all segments, the amount of revenue we recognize for products sold and services performed reflects the consideration to which we expect to be entitled in exchange for such goods or services, which generally reflects the amount we have the right to invoice based on agreed upon unit rates. While billing requirements vary, many of our customer contracts require that billings occur periodically or at the completion of specified activities, even though our performance and right to consideration occurs throughout the contract. As such, we recognize revenue as performance is completed in the amount to which we have the right to invoice. We do not disclose the value of our unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue for the amount to which we have the right to invoice for products sold and services performed. Shipping and handling costs are reflected in cost of revenues, and all reimbursements by customers of shipping and handling costs are included in revenues. |
Income Taxes | Income Taxes. We provide for deferred taxes using an asset and liability approach by measuring deferred tax assets and liabilities due to temporary differences existing at year end using currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. We reduce deferred tax assets by a valuation allowance when, based on our estimates, it is more likely than not that a portion of those assets will not be realized in a future period. The estimates utilized in recognition of deferred tax assets are subject to revision, either up or down, in future periods based on new facts or circumstances. We present deferred tax assets and liabilities as noncurrent in the balance sheet based on an analysis of each taxpaying component within a jurisdiction. We evaluate uncertain tax positions and record a liability as circumstances warrant. |
Share-Based Compensation | Share-Based Compensation. Share-based compensation cost is measured at the grant date based on the fair value of the award, net of an estimated forfeiture rate. We recognize these costs in the statement of operations using the straight-line method over the vesting term. |
Foreign Currency Translation | Foreign Currency Translation. |
Fair Value Measurement | Fair Value Measurement. Fair value is measured as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at a measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1: The use of quoted prices in active markets for identical financial instruments. • Level 2: The use of quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or other inputs that are observable in the market or can be corroborated by observable market data. • Level 3: The use of significantly unobservable inputs that typically require the use of management’s estimates of assumptions that market participants would use in pricing. |
New Accounting Pronouncements | New Accounting Pronouncements Standards Adopted in 2021 Income Taxes: Simplifying the Accounting for Income Taxes. In 2019, the 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 Adopted in 2020 Credit Losses: In 2016, the FASB issued new guidance which requires financial assets measured at amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. We adopted this new guidance as of January 1, 2020 using the modified retrospective transition method, and recorded a net reduction of $0.7 million to opening retained earnings to reflect the cumulative effect of adoption. The cumulative effect of the changes made to our consolidated balance sheet for the adoption of the new accounting guidance for credit losses were as follows: (In thousands) Balance at December 31, 2019 Impact of Adoption of New Credit Losses Guidance Balance at January 1, 2020 Receivables, net $ 216,714 $ (959) $ 215,755 Deferred tax assets 3,600 59 3,659 Deferred tax liabilities 34,247 (165) 34,082 Retained earnings 134,119 (735) 133,384 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Useful Life for Property, Plant and Equipment | Depreciation is provided on property, plant and equipment, including finance lease assets, primarily utilizing the straight-line method over the following estimated useful service lives or lease term: Computer hardware and office equipment 3-5 years Computer software 3-5 years Autos and light trucks 5-7 years Furniture, fixtures, and trailers 7-10 years Composite mats (rental fleet) 7-12 years Machinery and heavy equipment 10-15 years Owned buildings 20-39 years Leasehold improvements Lease term, including reasonably assured renewal periods |
Schedule of Cumulative Effect of the Changes Made to Consolidated Balance Sheet for the Adoption of New Guidance | The cumulative effect of the changes made to our consolidated balance sheet for the adoption of the new accounting guidance for credit losses were as follows: (In thousands) Balance at December 31, 2019 Impact of Adoption of New Credit Losses Guidance Balance at January 1, 2020 Receivables, net $ 216,714 $ (959) $ 215,755 Deferred tax assets 3,600 59 3,659 Deferred tax liabilities 34,247 (165) 34,082 Retained earnings 134,119 (735) 133,384 |
Divestitures and Business Com_2
Divestitures and Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Impairments and Other Charges | Total impairments and other charges consisted of the following: Year Ended December 31, (In thousands) 2022 Industrial Blending - Long-lived assets impairment $ 7,905 Gulf of Mexico - Long-lived assets impairment 21,461 Gulf of Mexico - Inventory write-downs 7,956 Total impairments and other charges $ 37,322 |
Schedule of Business Units Exited | Summarized operating results of the business units exited in 2022 (including impairments and other charges described above) are shown in the following table: Year Ended December 31, (In thousands) 2022 2021 2020 Revenues Industrial Blending $ — $ 8,821 $ 7,548 Excalibar 55,990 36,396 28,214 Gulf of Mexico 26,708 25,366 46,524 Operating income (loss) Industrial Blending (8,002) (2,384) 429 Excalibar 3,665 (277) (1,999) Gulf of Mexico (43,215) (6,753) (3,450) Summarized net assets of the business units exited in 2022 are shown in the following table: (In thousands) December 31, 2022 December 31, 2021 Receivables, net $ 27,798 $ 12,140 Inventories 5,805 42,421 Property, plant and equipment, net 4,508 74,318 Accounts payable (2,060) (5,136) Accrued liabilities (311) (1,976) Total net assets $ 35,740 $ 121,767 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following at December 31: (In thousands) 2022 2021 Raw materials: Fluids Systems $ 110,623 $ 119,242 Industrial Solutions 3,966 4,939 Total raw materials 114,589 124,181 Blended fluids systems components 29,244 27,793 Finished goods — mats 5,738 3,367 Total inventories $ 149,571 $ 155,341 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following at December 31: (In thousands) 2022 2021 Land $ 7,804 $ 11,820 Buildings and improvements 63,333 118,395 Machinery and equipment 229,080 282,258 Computer hardware and software 47,743 48,389 Furniture and fixtures 5,733 5,879 Construction in progress 5,447 8,194 359,140 474,935 Less accumulated depreciation (248,844) (287,046) 110,296 187,889 Composite mats (rental fleet) 147,764 135,975 Less accumulated depreciation - composite mats (64,961) (63,608) 82,803 72,367 Property, plant and equipment, net $ 193,099 $ 260,256 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill | Changes in the carrying amount of goodwill, which all relates to the Industrial Solutions segment, are as follows: (In thousands) Industrial Solutions Balance at December 31, 2020 $ 42,444 Acquisition 4,871 Effects of foreign currency (32) Balance at December 31, 2021 47,283 Effects of foreign currency (173) Balance at December 31, 2022 $ 47,110 |
Schedule of Other Intangible Assets | Other intangible assets consisted of the following: December 31, 2022 December 31, 2021 (In thousands) Gross Accumulated Other Gross Accumulated Other Technology related $ 17,806 $ (8,204) $ 9,602 $ 20,315 $ (9,201) $ 11,114 Customer related 35,253 (25,122) 10,131 37,176 (23,843) 13,333 Total amortizing intangible assets 53,059 (33,326) 19,733 57,491 (33,044) 24,447 Permits and licenses 482 — 482 512 — 512 Total indefinite-lived intangible assets 482 — 482 512 — 512 Total intangible assets $ 53,541 $ (33,326) $ 20,215 $ 58,003 $ (33,044) $ 24,959 |
Schedule of Estimated Future Amortization Expense | Estimated future amortization expense for the years ended December 31 is as follows: (In thousands) 2023 2024 2025 2026 2027 Thereafter Total Technology related $ 1,047 $ 1,025 $ 1,023 $ 1,023 $ 1,008 $ 4,476 $ 9,602 Customer related 2,117 1,775 1,515 1,252 996 2,476 10,131 Total future amortization expense $ 3,164 $ 2,800 $ 2,538 $ 2,275 $ 2,004 $ 6,952 $ 19,733 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Financing Arrangements | Financing arrangements consisted of the following: December 31, 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 Amended ABL Facility $ 80,300 $ — $ 80,300 $ 86,500 $ — $ 86,500 U.K. term loan 7,201 (99) 7,102 6,094 (110) 5,984 Financing obligation 3,437 (35) 3,402 6,688 (78) 6,610 Other debt 23,311 — 23,311 15,709 — 15,709 Total debt 114,249 (134) 114,115 114,991 (188) 114,803 Less: current portion (22,438) — (22,438) (19,210) — (19,210) Long-term debt $ 91,811 $ (134) $ 91,677 $ 95,781 $ (188) $ 95,593 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Accounts Receivable | Receivables consisted of the following at December 31: (In thousands) 2022 2021 Trade receivables: Gross trade receivables $ 227,762 $ 185,065 Allowance for credit losses (4,817) (4,587) Net trade receivables 222,945 180,478 Income tax receivables 2,697 4,167 Other receivables 16,605 9,651 Total receivables, net $ 242,247 $ 194,296 |
Schedule of Changes in Our Allowance for Credit Losses | Changes in our allowance for credit losses were as follows: (In thousands) 2022 2021 2020 Balance at beginning of year $ 4,587 $ 5,024 $ 6,007 Cumulative effect of accounting change — — 959 Credit loss expense 1,039 664 1,427 Write-offs, net of recoveries (809) (1,101) (3,369) Balance at end of year $ 4,817 $ 4,587 $ 5,024 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Leases | Leases consisted of the following at December 31: (In thousands) Balance Sheet Classification 2022 2021 Assets: Operating Operating lease assets $ 23,769 $ 27,569 Finance Property, plant and equipment, net 4,462 1,709 Total lease assets $ 28,231 $ 29,278 Liabilities: Current: Operating Accrued liabilities $ 5,587 $ 6,494 Finance Current debt 1,537 682 Noncurrent: Operating Noncurrent operating lease liabilities $ 19,816 $ 22,352 Finance Long-term debt, less current portion 3,462 1,041 Total lease liabilities $ 30,402 $ 30,569 During 2022, we entered into $4.8 million and $4.4 million of new operating lease liabilities and finance lease liabilities, respectively, in exchange for leased assets. Lease Term and Discount Rate December 31, 2022 Weighted-average remaining lease term (years) Operating leases 6.6 Finance leases 3.5 Weighted-average discount rate Operating leases 4.6 % Finance leases 6.6 % |
Schedule of Maturity of Lease Liabilities, Finance Leases | The maturity of lease liabilities as of December 31, 2022 is as follows: (In thousands) Operating Leases Finance Leases Total 2023 $ 6,619 $ 1,803 $ 8,422 2024 4,501 1,567 6,068 2025 3,422 1,307 4,729 2026 3,245 903 4,148 2027 3,042 61 3,103 Thereafter 9,042 — 9,042 Total lease payments 29,871 5,641 35,512 Less: Interest 4,468 642 5,110 Present value of lease liabilities $ 25,403 $ 4,999 $ 30,402 |
Schedule of Maturity of Lease Liabilities, Operating Leases | The maturity of lease liabilities as of December 31, 2022 is as follows: (In thousands) Operating Leases Finance Leases Total 2023 $ 6,619 $ 1,803 $ 8,422 2024 4,501 1,567 6,068 2025 3,422 1,307 4,729 2026 3,245 903 4,148 2027 3,042 61 3,103 Thereafter 9,042 — 9,042 Total lease payments 29,871 5,641 35,512 Less: Interest 4,468 642 5,110 Present value of lease liabilities $ 25,403 $ 4,999 $ 30,402 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes was as follows: Year Ended December 31, (In thousands) 2022 2021 2020 Current: U.S. Federal $ 318 $ 773 $ 1,591 State 338 525 365 Foreign 7,099 7,204 5,011 Total current 7,755 8,502 6,967 Deferred: U.S. Federal (3,204) 547 (16,309) State (142) (545) 598 Foreign (38) (1,211) (3,139) Total deferred (3,384) (1,209) (18,850) Total provision (benefit) for income taxes $ 4,371 $ 7,293 $ (11,883) |
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income taxes was as follows: Year Ended December 31, (In thousands) 2022 2021 2020 U.S. $ (38,001) $ (36,250) $ (92,838) Foreign 21,538 18,017 259 Loss before income taxes $ (16,463) $ (18,233) $ (92,579) |
Schedule of Effective Income Tax Rate | The effective income tax rate is reconciled to the statutory federal income tax rate as follows: Year Ended December 31, (In thousands) 2022 2021 2020 Income tax expense (benefit) at federal statutory rate $ (3,457) $ (3,829) $ (19,442) Tax benefit on restructuring of certain subsidiary legal entities (3,111) — — Recognition of Brazil cumulative foreign currency translation losses — — 2,456 Nondeductible executive compensation 958 999 170 Other nondeductible expenses 684 557 616 Stock-based compensation 5 880 1,602 Different rates on earnings of foreign operations 63 (115) 274 Dividend taxes on unremitted earnings 874 980 322 U.S. tax on foreign earnings 378 — — Research and development credits (649) (1,093) (521) Change in valuation allowance 8,156 10,416 2,226 State tax expense (benefit), net 55 (1,302) 196 Other items, net 415 (200) 218 Total provision (benefit) for income taxes $ 4,371 $ 7,293 $ (11,883) |
Schedule of Deferred Tax Assets and Liabilities | Temporary differences and carryforwards which give rise to deferred tax assets and liabilities consisted of the following at December 31: (In thousands) 2022 2021 Deferred tax assets: Net operating losses $ 35,430 $ 38,746 Foreign tax credits 8,836 8,330 Accruals not currently deductible 2,989 4,393 Unrealized foreign exchange losses, net 5,353 4,590 Research and development credits 5,181 4,695 Stock-based compensation 1,359 1,856 Capitalized inventory costs 1,821 1,706 Capitalized research and development expenditures 4,342 — Other 6,551 5,839 Total deferred tax assets 71,862 70,155 Valuation allowance (47,280) (38,406) Total deferred tax assets, net of allowances 24,582 31,749 Deferred tax liabilities: Accelerated depreciation and amortization (24,099) (31,816) Tax on unremitted earnings (5,656) (8,214) Other (673) (1,222) Total deferred tax liabilities (30,428) (41,252) Total net deferred tax liabilities $ (5,846) $ (9,503) Noncurrent deferred tax assets $ 2,275 $ 2,316 Noncurrent deferred tax liabilities (8,121) (11,819) Net deferred tax liabilities $ (5,846) $ (9,503) |
Schedule of Income Tax Contingencies | A reconciliation of the beginning and ending provision for uncertain tax positions is as follows: (In thousands) 2022 2021 2020 Balance at January 1 $ 485 $ 213 $ 291 Additions (reductions) for tax positions of prior years (8) (6) (6) Additions (reductions) for tax positions of current year — 306 — Reductions for settlements with tax authorities (93) — — Reductions for lapse of statute of limitations (66) (28) (72) Balance at December 31 $ 318 $ 485 $ 213 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Outstanding Common Stock | Changes in outstanding common stock were as follows: (In thousands of shares) 2022 2021 2020 Outstanding, beginning of year 109,331 107,588 106,697 Shares issued for exercise of options — — — Shares issued for time vested restricted stock (net of forfeitures) 1,918 1,368 740 Shares issued for employee stock purchase plan 203 375 151 Outstanding, end of year 111,452 109,331 107,588 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the reconciliation of the numerator and denominator for calculating net loss per share: Year Ended December 31, (In thousands, except per share data) 2022 2021 2020 Numerator Net loss - basic and diluted $ (20,834) $ (25,526) $ (80,696) Denominator Weighted average common shares outstanding - basic 92,712 91,460 90,198 Dilutive effect of stock options and restricted stock awards — — — Weighted average common shares outstanding - diluted 92,712 91,460 90,198 Net loss per common share Basic $ (0.22) $ (0.28) $ (0.89) Diluted $ (0.22) $ (0.28) $ (0.89) |
Schedule of Weighted-Average Potential Shares Excluded from Diluted Net Income (Loss) 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: Year Ended December 31, (In thousands) 2022 2021 2020 Stock options and restricted stock awards 5,545 5,754 5,238 |
Stock-Based Compensation and _2
Stock-Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Activity for Outstanding Stock Options | The following table summarizes activity for our outstanding stock options for the year ended December 31, 2022: Stock Options Shares Weighted- Weighted- Aggregate Outstanding at beginning of period 1,796,876 $ 7.08 Granted — — Exercised — — Expired or canceled (364,138) 5.71 Outstanding at end of period 1,432,738 $ 7.39 2.40 $ — Vested or expected to vest at end of period 1,432,738 $ 7.39 2.40 $ — Options exercisable at end of period 1,432,738 $ 7.39 2.40 $ — |
Schedule of Activity for Outstanding Time-Vested Restricted Stock Awards and Restricted Stock Units | The following tables summarize the activity for our outstanding time-vested restricted stock awards and restricted stock units for the year ended December 31, 2022: Nonvested Restricted Stock Awards (Time-Vesting) Shares Weighted-Average Nonvested at January 1, 2022 235,367 $ 3.97 Granted 260,339 4.11 Vested (235,367) 3.97 Forfeited — — Nonvested at December 31, 2022 260,339 $ 4.11 Nonvested Restricted Stock Units (Time-Vesting) Shares Weighted-Average Nonvested at January 1, 2022 4,639,261 $ 3.29 Granted 1,977,096 4.11 Vested (1,924,067) 3.67 Forfeited (313,013) 3.18 Nonvested at December 31, 2022 4,379,277 $ 3.50 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Summarized financial information for our reportable segments is shown in the following tables: Year Ended December 31, (In thousands) 2022 2021 2020 Revenues Fluids Systems $ 622,601 $ 420,789 $ 354,608 Industrial Solutions 192,993 185,171 130,469 Industrial Blending — 8,821 7,548 Total revenues $ 815,594 $ 614,781 $ 492,625 Depreciation and amortization Fluids Systems $ 13,875 $ 17,877 $ 20,555 Industrial Solutions 21,653 19,304 20,127 Industrial Blending 678 1,095 300 Corporate office 2,404 3,949 4,332 Total depreciation and amortization $ 38,610 $ 42,225 $ 45,314 Operating income (loss) Fluids Systems $ (15,566) $ (19,012) $ (66,403) Industrial Solutions 43,899 42,117 13,030 Industrial Blending (8,002) (2,384) 429 Corporate office (29,365) (29,546) (25,690) Total operating income (loss) $ (9,034) $ (8,825) $ (78,634) Segment assets Fluids Systems $ 420,039 $ 458,179 $ 419,381 Industrial Solutions 247,611 247,531 238,376 Industrial Blending — 20,139 21,542 Corporate office 47,225 27,037 29,893 Total segment assets $ 714,875 $ 752,886 $ 709,192 Capital expenditures Fluids Systems $ 3,906 $ 3,644 $ 6,237 Industrial Solutions 23,569 15,311 7,831 Industrial Blending 230 2,091 — Corporate office 568 747 1,726 Total capital expenditures $ 28,273 $ 21,793 $ 15,794 |
Schedule of Fluids Systems Impairments and Other Charges | Year Ended December 31, (In thousands) 2022 2021 2020 Impairments and other charges $ 29,417 $ — $ — Gain on divestitures (971) — — Fourchon, Louisiana hurricane-related costs — 2,596 — Facility exit costs and other 1,000 2,399 (201) Severance costs 398 1,329 3,729 Kenedy, Texas facility fire (insurance recovery) — (849) — Brazil exit - Recognition of cumulative foreign currency translation losses — — 11,689 Inventory write-downs — — 10,345 Property, plant and equipment impairment — — 3,038 Total Fluids Systems impairments and other charges $ 29,844 $ 5,475 $ 28,600 |
Schedule of Disaggregated Revenues for Fluid Systems Segment | The following table presents further disaggregated revenues for the Fluids Systems segment: Year Ended December 31, (In thousands) 2022 2021 2020 United States $ 355,435 $ 227,261 $ 202,052 Canada 61,069 48,007 24,762 Total North America 416,504 275,268 226,814 EMEA 185,298 132,221 115,891 Other 20,799 13,300 11,903 Total International 206,097 145,521 127,794 Total Fluids Systems revenues $ 622,601 $ 420,789 $ 354,608 |
Schedule of Disaggregation Revenues for Industrial Solutions Segments | The following table presents further disaggregated revenues for the Industrial Solutions segment: Year Ended December 31, (In thousands) 2022 2021 2020 Product sales revenues $ 58,692 $ 66,796 $ 29,170 Rental revenues 75,616 68,455 47,341 Service revenues 58,685 49,920 53,958 Total Industrial Solutions revenues $ 192,993 $ 185,171 $ 130,469 |
Schedule of Revenue and Long-Lived Assets | The following table sets forth geographic information for all of our operations. Revenues by geographic location are determined based on the operating location from which services are rendered or products are sold. Long-lived assets include property, plant and equipment and other long-term assets based on the country in which the assets are located. Year Ended December 31, (In thousands) 2022 2021 2020 Revenues United States $ 535,335 $ 402,246 $ 327,598 Canada 61,069 48,007 24,762 EMEA 198,391 151,228 128,362 Asia Pacific 15,722 7,629 6,561 Latin America 5,077 5,671 5,342 Total revenues $ 815,594 $ 614,781 $ 492,625 Long-lived assets United States $ 250,196 $ 318,839 $ 329,719 Canada 1,215 1,209 1,503 EMEA 32,487 38,923 44,577 Asia Pacific 2,392 2,712 3,007 Latin America 344 375 500 Total long-lived assets $ 286,634 $ 362,058 $ 379,306 |
Supplemental Cash Flow and Ot_2
Supplemental Cash Flow and Other Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash flow Disclosures, Impairments and Other Non-Cash Charges | Supplemental disclosures to the statements of cash flows are presented below: (in thousands) 2022 2021 2020 Cash paid (received) for: Income taxes (net of refunds) $ 9,058 $ 6,912 $ 6,350 Interest $ 5,945 $ 5,339 $ 6,054 |
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) 2022 2021 2020 Cash and cash equivalents $ 23,182 $ 24,088 $ 24,197 Restricted cash (included in other current assets) 1,879 5,401 6,151 Cash, cash equivalents, and restricted cash $ 25,061 $ 29,489 $ 30,348 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) segment | Dec. 31, 2020 USD ($) | Jan. 01, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Number of reportable segments | segment | 2 | 3 | ||||
AOCI, foreign currency translation adjustment | $ (67,200) | $ (61,500) | ||||
Brazil exit - Recognition of cumulative foreign currency translation losses | $ 11,700 | $ (11,700) | ||||
Cumulative adjustment to retained earnings | $ 2,489 | $ 24,345 | $ 133,384 | $ 134,119 | ||
ASU 2016-03 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cumulative adjustment to retained earnings | $ (735) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Service Lives or Lease Term (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Computer hardware and office equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Computer hardware and office equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Computer software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Computer software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Autos and light trucks | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Autos and light trucks | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 7 years |
Furniture, fixtures, and trailers | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 7 years |
Furniture, fixtures, and trailers | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Composite mats (rental fleet) | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 7 years |
Composite mats (rental fleet) | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 12 years |
Machinery and heavy equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Machinery and heavy equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 15 years |
Owned buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 20 years |
Owned buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 39 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Cumulative Effect of the Changes Made to Consolidated Balance Sheet for the Adoption of New Guidance (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Receivables, net | $ 242,247 | $ 194,296 | $ 215,755 | $ 216,714 |
Deferred tax assets | 2,275 | 2,316 | 3,659 | 3,600 |
Deferred tax liabilities | 8,121 | 11,819 | 34,082 | 34,247 |
Retained earnings | $ 2,489 | $ 24,345 | 133,384 | $ 134,119 |
Impact of Adoption of New Credit Losses Guidance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Receivables, net | (959) | |||
Deferred tax assets | 59 | |||
Deferred tax liabilities | (165) | |||
Retained earnings | $ (735) |
Divestitures and Business Com_3
Divestitures and Business Combinations - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2022 | Dec. 31, 2022 | Nov. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||||||||||
Proceeds from divestitures | $ 71,286 | $ 0 | $ 0 | |||||||||
Gain on divestitures | 3,596 | 0 | 0 | |||||||||
Impairments and other charges | 37,322 | $ 0 | $ 14,727 | |||||||||
Lentzcaping | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business combination, consideration transferred | $ 13,500 | |||||||||||
Intangible assets acquired | $ 3,300 | |||||||||||
Disposed of by sale | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Impairments and other charges | 37,322 | |||||||||||
Disposed of by sale | Conroe, Texas Blending Facility | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from divestitures | $ 14,000 | |||||||||||
Impairment of long-lived assets | 7,905 | |||||||||||
Gain on divestitures | $ 2,600 | |||||||||||
Disposed of by sale | Excalibar | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from divestitures | $ 51,000 | |||||||||||
Gain on divestitures | $ 1,000 | |||||||||||
Disposed of by sale | Excalibar | Scenario, forecast | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from divestitures | $ 31,000 | |||||||||||
Disposed of by sale | Gulf of Mexico Operations | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from divestitures | 6,000 | |||||||||||
Impairment of long-lived assets | 21,461 | |||||||||||
Sublease term | 7 years | |||||||||||
Inventory write-downs | $ 7,956 | |||||||||||
Disposed of by sale | Gulf of Mexico Operations | Subsequent Event | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from divestitures | $ 25,000 | |||||||||||
Held-for-sale | Conroe, Texas Blending Facility | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Impairment of long-lived assets | $ 7,900 | |||||||||||
Held-for-sale | Excalibar | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from divestitures | 5,000 | |||||||||||
Working capital | $ 10,000 | |||||||||||
Initial term | 4 years | |||||||||||
Held-for-sale | Gulf of Mexico Operations | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Impairment of long-lived assets | $ 21,500 | |||||||||||
Inventory write-downs | 8,000 | |||||||||||
Impairments and other charges | $ 29,400 |
Divestitures and Business Com_4
Divestitures and Business Combination - Schedule of Impairments and Other Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairments and other non-cash charges | $ 37,322 | $ 0 | $ 14,727 |
Disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairments and other non-cash charges | 37,322 | ||
Disposed of by sale | Conroe, Texas Blending Facility | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Long-lived assets impairment | 7,905 | ||
Disposed of by sale | Gulf of Mexico Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Long-lived assets impairment | 21,461 | ||
Inventory write-downs | $ 7,956 |
Divestitures and Business Com_5
Divestitures and Business Combinations - Summarized Operating Results for the Above Disposal Groups Held for Sale (Details) - Disposed of by sale - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Industrial Blending | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | $ 0 | $ 8,821 | $ 7,548 |
Operating income (loss) | (8,002) | (2,384) | 429 |
Excalibar | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 55,990 | 36,396 | 28,214 |
Operating income (loss) | 3,665 | (277) | (1,999) |
Gulf of Mexico | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 26,708 | 25,366 | 46,524 |
Operating income (loss) | $ (43,215) | $ (6,753) | $ (3,450) |
Divestitures and Business Com_6
Divestitures and Business Combinations - Net Assets of Business Units Exited (Details) - Disposed of by sale - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||
Receivables, net | $ 27,798 | $ 12,140 |
Inventories | 5,805 | 42,421 |
Property, plant and equipment, net | 4,508 | 74,318 |
Accounts payable | (2,060) | (5,136) |
Accrued liabilities | (311) | (1,976) |
Total net assets | $ 35,740 | $ 121,767 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Raw materials | $ 114,589 | $ 124,181 |
Total inventories | 149,571 | 155,341 |
Fluids Systems | ||
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Raw materials | 110,623 | 119,242 |
Industrial Solutions | ||
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Raw materials | 3,966 | 4,939 |
Blended fluids systems components | ||
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Finished goods | 29,244 | 27,793 |
Finished goods — mats | ||
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Finished goods | $ 5,738 | $ 3,367 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory [Line Items] | |||
Decrease in inventory | $ (46,909) | $ (10,336) | $ 39,889 |
Disposed of by sale | Gulf of Mexico Operations | |||
Inventory [Line Items] | |||
Inventory write-downs | 7,956 | ||
Fluids Systems | |||
Inventory [Line Items] | |||
Decrease in inventory | 36,600 | ||
Inventory write-downs | $ 0 | $ 0 | $ 10,345 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 193,099 | $ 260,256 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 7,804 | 11,820 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 63,333 | 118,395 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 229,080 | 282,258 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 47,743 | 48,389 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 5,733 | 5,879 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 5,447 | 8,194 |
Property, plant and equipment excluding composite mats | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 359,140 | 474,935 |
Less accumulated depreciation | (248,844) | (287,046) |
Property, plant and equipment, net | 110,296 | 187,889 |
Composite mats (rental fleet) | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 147,764 | 135,975 |
Less accumulated depreciation | (64,961) | (63,608) |
Property, plant and equipment, net | $ 82,803 | $ 72,367 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 35 | $ 38.5 | $ 40.9 |
Decrease in property, plant and equipment | $ 69.8 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 47,283 | |
Goodwill, ending balance | 47,110 | $ 47,283 |
Industrial Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 47,283 | 42,444 |
Acquisition | 4,871 | |
Effects of foreign currency | (173) | (32) |
Goodwill, ending balance | $ 47,110 | $ 47,283 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||||
Amortization of intangible assets | $ 3.6 | $ 3.7 | $ 4.5 | |
Technology-based intangible assets | ||||
Goodwill [Line Items] | ||||
Finite-lived intangible asset, useful life | 15 years | |||
Customer-related intangible assets | ||||
Goodwill [Line Items] | ||||
Finite-lived intangible asset, useful life | 13 years | |||
Lentzcaping | ||||
Goodwill [Line Items] | ||||
Acquisition | $ 4.9 | |||
Intangible assets acquired | $ 3.3 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-lived intangible assets, gross carrying amount | $ 53,059 | $ 57,491 |
Finite-lived intangible assets, accumulated amortization | (33,326) | (33,044) |
Finite-lived intangible assets, net | 19,733 | 24,447 |
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Indefinite-lived intangible assets | 482 | 512 |
Total intangible assets, gross carrying amount | 53,541 | 58,003 |
Total intangible assets, net | 20,215 | 24,959 |
Permits and licenses | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Indefinite-lived intangible assets | 482 | 512 |
Technology-based intangible assets | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-lived intangible assets, gross carrying amount | 17,806 | 20,315 |
Finite-lived intangible assets, accumulated amortization | (8,204) | (9,201) |
Finite-lived intangible assets, net | 9,602 | 11,114 |
Customer-related intangible assets | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Finite-lived intangible assets, gross carrying amount | 35,253 | 37,176 |
Finite-lived intangible assets, accumulated amortization | (25,122) | (23,843) |
Finite-lived intangible assets, net | $ 10,131 | $ 13,333 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
Finite-lived intangible assets, amortization expense, 2023 | $ 3,164 | |
Finite-lived intangible assets, amortization expense, 2024 | 2,800 | |
Finite-lived intangible assets, amortization expense, 2025 | 2,538 | |
Finite-lived intangible assets, amortization expense, 2026 | 2,275 | |
Finite-lived intangible assets, amortization expense, 2027 | 2,004 | |
Finite-lived intangible assets, amortization expense, thereafter | 6,952 | |
Finite-lived intangible assets, net | 19,733 | $ 24,447 |
Technology-based intangible assets | ||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
Finite-lived intangible assets, amortization expense, 2023 | 1,047 | |
Finite-lived intangible assets, amortization expense, 2024 | 1,025 | |
Finite-lived intangible assets, amortization expense, 2025 | 1,023 | |
Finite-lived intangible assets, amortization expense, 2026 | 1,023 | |
Finite-lived intangible assets, amortization expense, 2027 | 1,008 | |
Finite-lived intangible assets, amortization expense, thereafter | 4,476 | |
Finite-lived intangible assets, net | 9,602 | 11,114 |
Customer-related intangible assets | ||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
Finite-lived intangible assets, amortization expense, 2023 | 2,117 | |
Finite-lived intangible assets, amortization expense, 2024 | 1,775 | |
Finite-lived intangible assets, amortization expense, 2025 | 1,515 | |
Finite-lived intangible assets, amortization expense, 2026 | 1,252 | |
Finite-lived intangible assets, amortization expense, 2027 | 996 | |
Finite-lived intangible assets, amortization expense, thereafter | 2,476 | |
Finite-lived intangible assets, net | $ 10,131 | $ 13,333 |
Financing Arrangements - Schedu
Financing Arrangements - Schedule of Financing Arrangements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 114,249 | $ 114,991 |
Unamortized discount and debt issuance costs | (134) | (188) |
Long-term debt | 114,115 | 114,803 |
Long-term debt, current maturities, gross | (22,438) | (19,210) |
Unamortized discount and debt issuance costs, current | 0 | 0 |
Long-term debt, current maturities | (22,438) | (19,210) |
Long-term debt, excluding current maturities, gross | 91,811 | 95,781 |
Unamortized discount and debt issuance costs, noncurrent | (134) | (188) |
Long-term debt, excluding current maturities | 91,677 | 95,593 |
Financing obligation | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 3,437 | 6,688 |
Unamortized discount and debt issuance costs | (35) | (78) |
Long-term debt | 3,402 | 6,610 |
Other debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 23,311 | 15,709 |
Unamortized discount and debt issuance costs | 0 | 0 |
Long-term debt | 23,311 | 15,709 |
Revolving credit facility | Amended ABL Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 80,300 | 86,500 |
Unamortized discount and debt issuance costs | 0 | 0 |
Long-term debt | 80,300 | 86,500 |
Revolving credit facility | U.K. term loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 7,201 | 6,094 |
Unamortized discount and debt issuance costs | (99) | (110) |
Long-term debt | $ 7,102 | $ 5,984 |
Financing Arrangements - Narrat
Financing Arrangements - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||||
May 31, 2022 USD ($) | Apr. 30, 2022 GBP (£) | Aug. 31, 2021 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Feb. 28, 2021 GBP (£) | |
Debt Instrument [Line Items] | ||||||||
Borrowings on lines of credit | $ 287,276,000 | $ 286,154,000 | $ 173,794,000 | |||||
Payments of convertible debt | 0 | 38,567,000 | 0 | |||||
Gain (loss) on extinguishment of debt | 0 | (1,000,000) | 419,000 | |||||
Long-term debt | 114,115,000 | 114,803,000 | ||||||
Proceeds from financing obligation | $ 7,900,000 | 0 | 8,004,000 | 0 | ||||
Long-term debt, gross | 114,249,000 | 114,991,000 | ||||||
Current debt | 22,438,000 | 19,210,000 | ||||||
Interest expense | 7,000,000 | 8,800,000 | 11,000,000 | |||||
Interest costs capitalized | 0 | 0 | 0 | |||||
2023 | 23,000,000 | |||||||
2024 | 4,000,000 | |||||||
2025 | 7,000,000 | |||||||
2027 | 80,000,000 | |||||||
Foreign Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Current debt | $ 14,300,000 | 11,800,000 | ||||||
Revolving credit facility | U.K. Subsidiary | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | £ | £ 2,000,000 | £ 6,000,000 | ||||||
Interest rate, stated percentage | 6.70% | |||||||
Quarterly principal payment | £ | 350,000 | |||||||
Balloon payment | £ | £ 2,800,000 | |||||||
Long-term debt | $ 8,500,000 | |||||||
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] | ||||||||
Payments of convertible debt | $ 38,600,000 | |||||||
Face amount repurchased | 28,300,000 | 33,100,000 | ||||||
Cost of repurchase | 28,100,000 | 29,100,000 | ||||||
Gain (loss) on extinguishment of debt | (1,000,000) | $ 400,000 | ||||||
Convertible Notes due 2021 | Senior notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 100,000,000 | |||||||
Interest rate, stated percentage | 4% | |||||||
Amended ABL Facility | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 175,000,000 | 167,600,000 | ||||||
Maximum borrowing capacity, option to increase | $ 250,000,000 | |||||||
Debt instrument, term | 5 years | |||||||
Borrowings on lines of credit | 80,300,000 | |||||||
Letters of credit outstanding, amount | 3,300,000 | |||||||
Remaining borrowing capacity | $ 84,000,000 | |||||||
Unused capacity, commitment fee percentage | 0.375% | 0.375% | ||||||
Threshold for commitment fee | 50% | |||||||
Average daily unused portion, commitment fee | 0.25% | |||||||
Weighted average interest rate | 5.90% | |||||||
Fixed charge coverage ratio | 1 | |||||||
Line of credit facility, covenant, minimum, fixed charge leverage ratio | 4 | |||||||
Long-term debt | $ 80,300,000 | 86,500,000 | ||||||
Long-term debt, gross | $ 80,300,000 | 86,500,000 | ||||||
Amended ABL Facility | Revolving credit facility | Fed Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Amended ABL Facility | Revolving credit facility | B S B Y | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1% | 1.75% | ||||||
Amended ABL Facility | Revolving credit facility | B S B Y | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | |||||||
Amended ABL Facility | Revolving credit facility | B S B Y | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2% | |||||||
Amended ABL Facility | Revolving credit facility | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.75% | |||||||
Amended ABL Facility | Revolving credit facility | Base Rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Amended ABL Facility | Revolving credit facility | Base Rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1% | |||||||
Financing obligation | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 5.40% | |||||||
Long-term debt | $ 3,402,000 | 6,610,000 | ||||||
Long-term debt, gross | 3,437,000 | 6,688,000 | ||||||
U.K. term loan | Secured Debt | U.K. Subsidiary | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | £ | £ 7,000,000 | |||||||
U.K. term loan | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 7,102,000 | 5,984,000 | ||||||
Long-term debt, gross | $ 7,201,000 | $ 6,094,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Concentrations of Credit Risk - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Increase in trade receivables | $ 42,452 | $ 61,283 | $ (70,994) |
Other receivables, value added taxes | 3,500 | 5,700 | |
Disposed of by sale | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, net | 27,798 | $ 12,140 | |
Disposed of by sale | Trade Accounts Receivable | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, net | 17,000 | ||
Disposed of by sale | Other Receivables | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Receivables, net | $ 10,800 | ||
Customer concentration risk | Revenues | Largest customers | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Concentration risk, percentage | 38% | 39% | 49% |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Concentrations of Credit Risk - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade receivables: | ||||
Gross trade receivables | $ 227,762 | $ 185,065 | ||
Allowance for credit losses | (4,817) | (4,587) | $ (5,024) | $ (6,007) |
Net trade receivables | 222,945 | 180,478 | ||
Income tax receivables | 2,697 | 4,167 | ||
Other receivables | 16,605 | 9,651 | ||
Total receivables, net | $ 242,247 | $ 194,296 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Concentrations of Credit Risk - Allowances for Losses on Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 4,587 | $ 5,024 | $ 6,007 |
Credit loss expense | 1,039 | 664 | 1,427 |
Write-offs, net of recoveries | (809) | (1,101) | (3,369) |
Balance at end of year | 4,817 | 4,587 | 5,024 |
Cumulative effect of accounting change | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 0 | 0 | 959 |
Balance at end of year | $ 0 | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease expense | $ 27.3 | ||
Operating lease liabilities in exchange for leased assets | 4.8 | ||
Finance lease liabilities in exchange for leased assets | 4.4 | ||
Letters of credit in favor of insurance company | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expense | $ 24.4 | $ 25.8 | |
Current Operating Lease Liabilities | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expense | 19.1 | ||
Noncurrent Operating Lease Liabilities | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease expense | $ 8.3 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lease remaining lease term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lease remaining lease term | 9 years |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease assets | $ 23,769 | $ 27,569 |
Finance lease assets | 4,462 | 1,709 |
Total lease assets | 28,231 | 29,278 |
Current operating lease liabilities | 5,587 | 6,494 |
Current finance lease liabilities | 1,537 | 682 |
Noncurrent operating lease liabilities | 19,816 | 22,352 |
Noncurrent finance lease liabilities | 3,462 | 1,041 |
Total lease liabilities | $ 30,402 | $ 30,569 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, net | Property, plant and equipment, net |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current debt | Current debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-Term Debt and Lease Obligation | Long-Term Debt and Lease Obligation |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liability (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Operating Leases | |
2023 | $ 6,619 |
2024 | 4,501 |
2025 | 3,422 |
2026 | 3,245 |
2027 | 3,042 |
Thereafter | 9,042 |
Total lease payments | 29,871 |
Less: Interest | 4,468 |
Present value of lease liabilities | 25,403 |
Finance Leases | |
2023 | 1,803 |
2024 | 1,567 |
2025 | 1,307 |
2026 | 903 |
2027 | 61 |
Thereafter | 0 |
Total lease payments | 5,641 |
Less: Interest | 642 |
Present value of lease liabilities | 4,999 |
Total | |
2023 | 8,422 |
2024 | 6,068 |
2025 | 4,729 |
2026 | 4,148 |
2027 | 3,103 |
Thereafter | 9,042 |
Total lease payments | 35,512 |
Less: Interest | 5,110 |
Present value of lease liabilities | $ 30,402 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Details) | Dec. 31, 2022 |
Weighted-average remaining lease term (years) | |
Operating leases | 6 years 7 months 6 days |
Finance leases | 3 years 6 months |
Weighted-average discount rate | |
Operating leases | 4.60% |
Finance leases | 6.60% |
Income Taxes - Provision For In
Income Taxes - Provision For Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
U.S. Federal | $ 318 | $ 773 | $ 1,591 |
State | 338 | 525 | 365 |
Foreign | 7,099 | 7,204 | 5,011 |
Total current | 7,755 | 8,502 | 6,967 |
Deferred: | |||
U.S. Federal | (3,204) | 547 | (16,309) |
State | (142) | (545) | 598 |
Foreign | (38) | (1,211) | (3,139) |
Total deferred | (3,384) | (1,209) | (18,850) |
Total provision (benefit) for income taxes | $ 4,371 | $ 7,293 | $ (11,883) |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (38,001) | $ (36,250) | $ (92,838) |
Foreign | 21,538 | 18,017 | 259 |
Loss before income taxes | $ (16,463) | $ (18,233) | $ (92,579) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) at federal statutory rate | $ (3,457) | $ (3,829) | $ (19,442) |
Tax benefit on restructuring of certain subsidiary legal entities | (3,111) | 0 | 0 |
Recognition of Brazil cumulative foreign currency translation losses | 0 | 0 | 2,456 |
Nondeductible executive compensation | 958 | 999 | 170 |
Other nondeductible expenses | 684 | 557 | 616 |
Stock-based compensation | 5 | 880 | 1,602 |
Different rates on earnings of foreign operations | 63 | (115) | 274 |
Dividend taxes on unremitted earnings | 874 | 980 | 322 |
U.S. tax on foreign earnings | 378 | 0 | 0 |
Research and development credits | (649) | (1,093) | (521) |
Change in valuation allowance | 8,156 | 10,416 | 2,226 |
State tax expense (benefit), net | 55 | (1,302) | 196 |
Other items, net | 415 | (200) | 218 |
Total provision (benefit) for income taxes | $ 4,371 | $ 7,293 | $ (11,883) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Income Tax Examination [Line Items] | |||||
Provision (benefit) for income taxes | $ 4,371 | $ 7,293 | $ (11,883) | ||
Benefit related to restructuring of certain subsidiary legal entities within Europe | 3,111 | 0 | 0 | ||
Impairments and other charges | 37,322 | 0 | $ 14,727 | ||
Effective tax benefit rate | 13% | ||||
Brazil exit - Recognition of cumulative foreign currency translation losses | $ (11,700) | $ 11,700 | |||
Alternative minimum tax carryforwards | $ 700 | ||||
Deferred tax assets, NOL carryforwards, federal | 83,700 | ||||
Deferred tax assets, NOL carryforwards, state and local | 217,800 | ||||
Deferred tax assets, NOL carryforwards, foreign | 22,800 | ||||
Capitalized research and development expenditures | 4,342 | 0 | |||
Deferred tax assets, valuation allowance | 47,280 | $ 38,406 | |||
Unrecognized tax benefits that would impact effective tax rate | 300 | ||||
State and Local Jurisdiction | |||||
Income Tax Examination [Line Items] | |||||
Deferred tax assets, operating loss carryforwards, not subject to expiration | 158,300 | ||||
Deferred tax assets, operating loss carryforwards, subject to expiration | $ 59,500 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||||
Net operating losses | $ 35,430 | $ 38,746 | ||
Foreign tax credits | 8,836 | 8,330 | ||
Accruals not currently deductible | 2,989 | 4,393 | ||
Unrealized foreign exchange losses, net | 5,353 | 4,590 | ||
Research and development credits | 5,181 | 4,695 | ||
Stock-based compensation | 1,359 | 1,856 | ||
Capitalized inventory costs | 1,821 | 1,706 | ||
Capitalized research and development expenditures | 4,342 | 0 | ||
Other | 6,551 | 5,839 | ||
Total deferred tax assets | 71,862 | 70,155 | ||
Valuation allowance | (47,280) | (38,406) | ||
Total deferred tax assets, net of allowances | 24,582 | 31,749 | ||
Deferred tax liabilities: | ||||
Accelerated depreciation and amortization | (24,099) | (31,816) | ||
Tax on unremitted earnings | (5,656) | (8,214) | ||
Other | (673) | (1,222) | ||
Total deferred tax liabilities | (30,428) | (41,252) | ||
Net deferred tax liabilities | (5,846) | (9,503) | ||
Noncurrent deferred tax assets | 2,275 | 2,316 | $ 3,659 | $ 3,600 |
Noncurrent deferred tax liabilities | $ (8,121) | $ (11,819) | $ (34,082) | $ (34,247) |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 485 | $ 213 | $ 291 |
Additions (reductions) for tax positions of prior years | (8) | (6) | (6) |
Additions (reductions) for tax positions of current year | 0 | 306 | |
Reductions for settlements with tax authorities | (93) | 0 | 0 |
Reductions for lapse of statute of limitations | (66) | (28) | (72) |
Balance at December 31 | $ 318 | $ 485 | $ 213 |
Capital Stock - Changes in Outs
Capital Stock - Changes in Outstanding Common Stock (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in Common Stock [Roll Forward] | |||
Outstanding, beginning of year (in shares) | 109,331 | 107,588 | 106,697 |
Shares issued for exercise of options (in shares) | 0 | 0 | 0 |
Shares issued for time vested restricted stock (net of forfeitures) (in shares) | 1,918 | 1,368 | 740 |
Shares issued for employee stock purchase plan (in shares) | 203 | 375 | 151 |
Outstanding, end of year (in shares) | 111,452 | 109,331 | 107,588 |
Capital Stock - Narrative (Deta
Capital Stock - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 24, 2023 | Nov. 30, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock, common (in shares) | 21,751,232 | 16,981,147 | 16,781,150 | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | ||||
Preferred stock, par or stated value per share (in dollars per share) | $ 0.01 | ||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | ||
Treasury stock, shares, acquired (in shares) | 592,539 | 419,114 | 153,151 | ||
Treasury shares purchased at cost | $ 17,618,000 | ||||
Treasury stock issued during period (in shares) | 260,339 | 219,117 | 330,419 | ||
Convertible Notes due 2021 | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Face amount repurchased | $ 28,300,000 | $ 33,100,000 | |||
Cost of repurchase | 28,100,000 | 29,100,000 | |||
Share repurchase program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock, shares, acquired (in shares) | 4,437,885 | ||||
Treasury shares purchased at cost | $ 17,500,000 | ||||
Stock repurchase program, authorized amount | $ 100,000,000 | ||||
Stock repurchase program, remaining authorized repurchase amount | 6,200,000 | ||||
Share repurchase program | Subsequent Event | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 50,000,000 | ||||
Restricted Stock | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury shares purchased at cost | $ 2,700,000 | $ 1,400,000 | $ 300,000 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator | |||
Net loss - basic and diluted | $ (20,834) | $ (25,526) | $ (80,696) |
Denominator | |||
Weighted average common shares outstanding - basic (in shares) | 92,712 | 91,460 | 90,198 |
Dilutive effect of stock options and restricted stock awards (in shares) | 0 | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 92,712 | 91,460 | 90,198 |
Net loss per common share | |||
Net loss per common share - Basic (in dollars per share) | $ (0.22) | $ (0.28) | $ (0.89) |
Net loss per common share - diluted (in dollars per share) | $ (0.22) | $ (0.28) | $ (0.89) |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Stock options and restricted stock awards (in shares) | 5,545 | 5,754 | 5,238 |
Stock-Based Compensation and _3
Stock-Based Compensation and Other Benefit Plans - Narrative (Details) - USD ($) | 12 Months Ended | 72 Months Ended | ||||||
Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | May 31, 2022 | May 31, 2015 | May 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options granted (in shares) | 0 | 0 | ||||||
Options exercised (in shares) | 0 | 0 | 0 | |||||
Share-based compensation expense | $ 0 | $ 0 | ||||||
Maximum annual contributions per employee (percent) | 50% | |||||||
Employer discretionary contribution amount | $ 2,500,000 | $ 2,200,000 | $ 1,200,000 | |||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of performance-based restricted stock units issued, at target (in shares) | 260,339 | |||||||
Estimated fair value at date of grant (in dollars per share) | $ 4.11 | |||||||
Performance-based restricted stock units outstanding (in shares) | 260,339 | 235,367 | 260,339 | |||||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Expiration period | 10 years | |||||||
Share-based compensation expense | 0 | |||||||
Performance-based Restricted Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock awards | $ 6,500,000 | $ 5,700,000 | $ 6,500,000 | |||||
Restricted Stock Units and Restricted Stock Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation expense | 6,700,000 | 7,700,000 | 6,300,000 | |||||
Tax benefit from compensation expense | 1,800,000 | 1,100,000 | 400,000 | |||||
Restricted stock awards | $ 10,000,000 | $ 10,000,000 | ||||||
Period for recognition | 1 year 9 months 18 days | |||||||
Fair value of shares vested | $ 9,400,000 | 5,300,000 | 1,900,000 | |||||
Restricted Stock Units and Restricted Stock Awards | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Restricted Stock Units and Restricted Stock Awards | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
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 | ||||||
Shares available for grant (in shares) | 86,188 | 86,188 | ||||||
The 2014 Director Plan | Employees, non-directors | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of performance-based restricted stock units issued, at target (in shares) | 260,339 | |||||||
Estimated fair value at date of grant (in dollars per share) | $ 4.11 | |||||||
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 | ||||||
Shares available for grant (in shares) | 1,767,893 | 1,767,893 | ||||||
2021 Awards | Performance-based Restricted Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Share-based compensation expense | $ 2,800,000 | 3,000,000 | $ 2,600,000 | |||||
2021 Awards | Time-based Restricted Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation expense | $ 1,400,000 | |||||||
Range of payout of shares for each executive, minimum | 0% | |||||||
Range of payout of shares for each executive, maximum | 200% | |||||||
Participants Contributions Up to 3 Percent of Compensation | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employer matching contribution, percent of employees' gross pay | 3% | |||||||
Employer matching contribution, percent of match | 100% | |||||||
Participants Contributions Up to 3 Percent of Compensation | Subsequent Event | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employer matching contribution, percent of employees' gross pay | 4% | |||||||
Employer matching contribution, percent of match | 100% | |||||||
Participants Contributions from 3 Percent to 6 Percent of Compensation | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employer matching contribution, percent of match | 50% | |||||||
Participants Contributions from 3 Percent to 6 Percent of Compensation | Subsequent Event | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employer matching contribution, percent of match | 50% | |||||||
Participants Contributions from 3 Percent to 6 Percent of Compensation | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employer matching contribution, percent of employees' gross pay | 3% | |||||||
Participants Contributions from 3 Percent to 6 Percent of Compensation | Minimum | Subsequent Event | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employer matching contribution, percent of employees' gross pay | 4% | |||||||
Participants Contributions from 3 Percent to 6 Percent of Compensation | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employer matching contribution, percent of employees' gross pay | 6% | |||||||
Participants Contributions from 3 Percent to 6 Percent of Compensation | Maximum | Subsequent Event | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employer matching contribution, percent of employees' gross pay | 6% |
Stock-Based Compensation and _4
Stock-Based Compensation and Other Benefit Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 72 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Shares | ||||
Outstanding at beginning of period (in shares) | 1,796,876 | |||
Granted (in shares) | 0 | 0 | ||
Exercised (in shares) | 0 | 0 | 0 | |
Expired or canceled (in shares) | (364,138) | |||
Outstanding at end of period (in shares) | 1,432,738 | 1,796,876 | 1,432,738 | |
Weighted- Average Exercise Price | ||||
Outstanding at beginning of period (in dollars per share) | $ 7.08 | |||
Granted (in dollars per share) | 0 | |||
Exercised (in dollars per share) | 0 | |||
Expired or canceled (in dollars per share) | 5.71 | |||
Outstanding at end of period (in dollars per share) | $ 7.39 | $ 7.08 | $ 7.39 | |
Vested or expected to vest at end of period | ||||
Vested or expected to vest at end of period (in shares) | 1,432,738 | 1,432,738 | ||
Vested or expected to vest at end of period (in dollars per share) | $ 7.39 | $ 7.39 | ||
Weighted- average remaining contractual life vested or expected to vest at end of period | 2 years 4 months 24 days | |||
Aggregate intrinsic value, vested or expected to vest at end of period | $ 0 | $ 0 | ||
Options exercisable at end of period | ||||
Options exercisable at end of period (in shares) | 1,432,738 | 1,432,738 | ||
Options exercisable at end of period (in dollars per share) | $ 7.39 | $ 7.39 | ||
Options exercisable at end of period | 2 years 4 months 24 days | |||
Weighted-average remaining contractual life, outstanding at end of period | 2 years 4 months 24 days | |||
Aggregate intrinsic value, outstanding at end of period | $ 0 | $ 0 | ||
Aggregate intrinsic value, options exercisable at end of period | $ 0 | $ 0 |
Stock-Based Compensation and _5
Stock-Based Compensation and Other Benefit Plans - Time-vested Restricted Stock (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Restricted Stock | |
Shares | |
Outstanding at beginning of period (in shares) | shares | 235,367 |
Granted (in shares) | shares | 260,339 |
Vested (in shares) | shares | (235,367) |
Forfeited (in shares) | shares | 0 |
Outstanding at the end of period (in shares) | shares | 260,339 |
Weighted-Average Grant Date Fair Value | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 3.97 |
Granted (in dollars per share) | $ / shares | 4.11 |
Vested (in dollars per share) | $ / shares | 3.97 |
Forfeited (in dollars per share) | $ / shares | 0 |
Outstanding at the end of period (in dollars per share) | $ / shares | $ 4.11 |
Restricted Stock Units (RSUs) | |
Shares | |
Outstanding at beginning of period (in shares) | shares | 4,639,261 |
Granted (in shares) | shares | 1,977,096 |
Vested (in shares) | shares | (1,924,067) |
Forfeited (in shares) | shares | (313,013) |
Outstanding at the end of period (in shares) | shares | 4,379,277 |
Weighted-Average Grant Date Fair Value | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 3.29 |
Granted (in dollars per share) | $ / shares | 4.11 |
Vested (in dollars per share) | $ / shares | 3.67 |
Forfeited (in dollars per share) | $ / shares | 3.18 |
Outstanding at the end of period (in dollars per share) | $ / shares | $ 3.50 |
Segment and Related Informati_3
Segment and Related Information - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 lessee business_unit | Dec. 31, 2022 USD ($) lessee segment | Dec. 31, 2021 USD ($) segment | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | 3 | ||
Number of lessees | lessee | 2 | 2 | ||
Impairments and other charges | $ 37,322 | $ 0 | $ 14,727 | |
Industrial Blending | ||||
Segment Reporting Information [Line Items] | ||||
Impairments and other charges | 7,900 | |||
Fluids Systems | ||||
Segment Reporting Information [Line Items] | ||||
Number of Fluids Systems business units | business_unit | 2 | |||
Impairments and other charges | $ 29,417 | $ 0 | $ 0 |
Segment and Related Informati_4
Segment and Related Information - Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Total revenues | $ 815,594 | $ 614,781 | $ 492,625 |
Depreciation and amortization | |||
Total depreciation and amortization | 38,610 | 42,225 | 45,314 |
Operating income (loss) | |||
Total operating income (loss) | (9,034) | (8,825) | (78,634) |
Segment assets | |||
Total segment assets | 714,875 | 752,886 | 709,192 |
Capital expenditures | |||
Total capital expenditures | 28,273 | 21,793 | 15,794 |
Fluids Systems | |||
Revenues | |||
Total revenues | 622,601 | 420,789 | 354,608 |
Industrial Solutions | |||
Revenues | |||
Total revenues | 192,993 | 185,171 | 130,469 |
Operating segments | Fluids Systems | |||
Revenues | |||
Total revenues | 622,601 | 420,789 | 354,608 |
Depreciation and amortization | |||
Total depreciation and amortization | 13,875 | 17,877 | 20,555 |
Operating income (loss) | |||
Total operating income (loss) | (15,566) | (19,012) | (66,403) |
Segment assets | |||
Total segment assets | 420,039 | 458,179 | 419,381 |
Capital expenditures | |||
Total capital expenditures | 3,906 | 3,644 | 6,237 |
Operating segments | Industrial Solutions | |||
Revenues | |||
Total revenues | 192,993 | 185,171 | 130,469 |
Depreciation and amortization | |||
Total depreciation and amortization | 21,653 | 19,304 | 20,127 |
Operating income (loss) | |||
Total operating income (loss) | 43,899 | 42,117 | 13,030 |
Segment assets | |||
Total segment assets | 247,611 | 247,531 | 238,376 |
Capital expenditures | |||
Total capital expenditures | 23,569 | 15,311 | 7,831 |
Operating segments | Industrial Blending | |||
Revenues | |||
Total revenues | 0 | 8,821 | 7,548 |
Depreciation and amortization | |||
Total depreciation and amortization | 678 | 1,095 | 300 |
Operating income (loss) | |||
Total operating income (loss) | (8,002) | (2,384) | 429 |
Segment assets | |||
Total segment assets | 0 | 20,139 | 21,542 |
Capital expenditures | |||
Total capital expenditures | 230 | 2,091 | 0 |
Corporate office | |||
Depreciation and amortization | |||
Total depreciation and amortization | 2,404 | 3,949 | 4,332 |
Operating income (loss) | |||
Total operating income (loss) | (29,365) | (29,546) | (25,690) |
Segment assets | |||
Total segment assets | 47,225 | 27,037 | 29,893 |
Capital expenditures | |||
Total capital expenditures | $ 568 | $ 747 | $ 1,726 |
Segment and Related Informati_5
Segment and Related Information - Fluids Systems Impairments and Other Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Impairments and other charges | $ 37,322 | $ 0 | $ 14,727 |
Gain on divestitures | (3,596) | 0 | 0 |
Kenedy, Texas facility fire (insurance recovery) | 0 | (849) | 0 |
Brazil exit - Recognition of cumulative foreign currency translation losses | 389 | (397) | 3,378 |
Fluids Systems | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Impairments and other charges | 29,417 | 0 | 0 |
Gain on divestitures | (971) | 0 | 0 |
Fourchon, Louisiana hurricane-related costs | 0 | 2,596 | 0 |
Facility exit costs and other | 1,000 | 2,399 | (201) |
Severance costs | 398 | 1,329 | 3,729 |
Kenedy, Texas facility fire (insurance recovery) | 0 | (849) | 0 |
Brazil exit - Recognition of cumulative foreign currency translation losses | 0 | 0 | 11,689 |
Inventory write-downs | 0 | 0 | 10,345 |
Property, plant and equipment impairment | 0 | 0 | 3,038 |
Total Fluids Systems impairments and other charges | $ 29,844 | $ 5,475 | $ 28,600 |
Segment and Related Informati_6
Segment and Related Information - Disaggregated Revenues, Geographic (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | $ 815,594 | $ 614,781 | $ 492,625 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 535,335 | 402,246 | 327,598 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 61,069 | 48,007 | 24,762 |
EMEA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 198,391 | 151,228 | 128,362 |
Fluids Systems | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 622,601 | 420,789 | 354,608 |
Fluids Systems | Total North America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 416,504 | 275,268 | 226,814 |
Fluids Systems | United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 355,435 | 227,261 | 202,052 |
Fluids Systems | Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 61,069 | 48,007 | 24,762 |
Fluids Systems | Total International | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 206,097 | 145,521 | 127,794 |
Fluids Systems | EMEA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 185,298 | 132,221 | 115,891 |
Fluids Systems | Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | $ 20,799 | $ 13,300 | $ 11,903 |
Segment and Related Informati_7
Segment and Related Information - Disaggregated Revenues, Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 815,594 | $ 614,781 | $ 492,625 |
Industrial Solutions | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 192,993 | 185,171 | 130,469 |
Product sales revenues | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 665,318 | 484,300 | 378,813 |
Product sales revenues | Industrial Solutions | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 58,692 | 66,796 | 29,170 |
Rental revenues | Industrial Solutions | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 75,616 | 68,455 | 47,341 |
Service revenues | Industrial Solutions | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 58,685 | $ 49,920 | $ 53,958 |
Segment and Related Informati_8
Segment and Related Information - Financial Information by Geographical Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | $ 815,594 | $ 614,781 | $ 492,625 |
Total long-lived assets | 286,634 | 362,058 | 379,306 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 535,335 | 402,246 | 327,598 |
Total long-lived assets | 250,196 | 318,839 | 329,719 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 61,069 | 48,007 | 24,762 |
Total long-lived assets | 1,215 | 1,209 | 1,503 |
EMEA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 198,391 | 151,228 | 128,362 |
Total long-lived assets | 32,487 | 38,923 | 44,577 |
Asia Pacific | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 15,722 | 7,629 | 6,561 |
Total long-lived assets | 2,392 | 2,712 | 3,007 |
Latin America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 5,077 | 5,671 | 5,342 |
Total long-lived assets | $ 344 | $ 375 | $ 500 |
Supplemental Cash Flow and Ot_3
Supplemental Cash Flow and Other Information - Supplemental Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid (received) for: | |||
Income taxes (net of refunds) | $ 9,058 | $ 6,912 | $ 6,350 |
Interest | $ 5,945 | $ 5,339 | $ 6,054 |
Supplemental Cash Flow and Ot_4
Supplemental Cash Flow and Other Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 23,182 | $ 24,088 | $ 24,197 | |
Restricted cash (included in other current assets) | 1,879 | 5,401 | 6,151 | |
Cash, cash equivalents, and restricted cash | $ 25,061 | $ 29,489 | $ 30,348 | $ 56,863 |
Supplemental Cash Flow and Ot_5
Supplemental Cash Flow and Other Information - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accrual for capital expenditures | $ 1.1 | $ 0.7 | $ 0.5 |
Employee-related liabilities | $ 25.2 | $ 23.1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||
Restricted cash | $ 1,879,000 | $ 5,401,000 | $ 6,151,000 |
Asset retirement obligation | 1,200,000 | 1,100,000 | |
Health claims | |||
Loss Contingencies [Line Items] | |||
Threshold for claims to be insured by third party insurers | 250,000 | ||
Accrued liabilities for uninsured portion of claims | 700,000 | 700,000 | |
Workers compensation auto and general liability claims | |||
Loss Contingencies [Line Items] | |||
Threshold for claims to be insured by third party insurers | 750,000 | ||
Accrued liabilities for uninsured portion of claims | 3,100,000 | $ 2,500,000 | |
Performance Bonds | |||
Loss Contingencies [Line Items] | |||
Restricted cash | 1,900,000 | ||
Credit Agreement | Performance Bonds | |||
Loss Contingencies [Line Items] | |||
Letters of credit outstanding, amount | $ 42,300,000 |