Newpark Resources (NR) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-02960
Entity Registrant Name	Newpark Resources, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	72-1123385
Entity Address, Address Line One	9320 Lakeside Boulevard,
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	The Woodlands,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77381
City Area Code	281
Local Phone Number	362-6800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		86,812,902
Entity Central Index Key	0000071829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 22,353	$ 23,182
Receivables, net of allowance of $5,205 and $4,817, respectively	193,365	242,247
Inventories	147,113	149,571
Prepaid expenses and other current assets	14,231	10,966
Total current assets	377,062	425,966
Property, plant and equipment, net	194,584	193,099
Operating lease assets	22,549	23,769
Goodwill	47,273	47,110
Other intangible assets, net	18,766	20,215
Deferred tax assets	2,480	2,275
Other assets	2,237	2,441
Total assets	664,951	714,875
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	21,654	22,438
Accounts payable	79,437	93,633
Accrued liabilities	39,327	46,871
Total current liabilities	140,418	162,942
Long-term debt, less current portion	76,466	91,677
Noncurrent operating lease liabilities	18,844	19,816
Deferred tax liabilities	7,780	8,121
Other noncurrent liabilities	7,310	9,291
Total liabilities	250,818	291,847
Commitments and contingencies (Note 9)
Common stock, $0.01 par value (200,000,000 shares authorized and 111,669,464 and 111,451,999 shares issued, respectively)	1,117	1,115
Paid-in capital	637,435	641,266
Accumulated other comprehensive loss	(64,884)	(67,186)
Retained earnings	3,903	2,489
Treasury stock, at cost (24,889,137 and 21,751,232 shares, respectively)	(163,438)	(154,656)
Total stockholders’ equity	414,133	423,028
Total liabilities and stockholders’ equity	$ 664,951	$ 714,875

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 5,205	$ 4,817
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	111,669,464	111,451,999
Treasury stock, shares (in shares)	24,889,137	21,751,232

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 183,256	$ 194,144	$ 383,286	$ 370,582
Cost of revenues	150,170	168,206	314,908	319,194
Selling, general and administrative expenses	25,576	24,330	50,986	48,763
Other operating (income) loss, net	(1,184)	(80)	(1,445)	(30)
Impairments and other charges	2,816	7,905	2,816	7,905
Operating income (loss)	5,878	(6,217)	16,021	(5,250)
Foreign currency exchange (gain) loss	(102)	(583)	217	(519)
Interest expense, net	2,146	1,638	4,235	2,844
Income (loss) before income taxes	3,834	(7,272)	11,569	(7,575)
Provision (benefit) for income taxes	2,132	480	4,247	(2,344)
Net income (loss)	$ 1,702	$ (7,752)	$ 7,322	$ (5,231)
Net income (loss) per common share - basic (in dollars per share)	$ 0.02	$ (0.08)	$ 0.08	$ (0.06)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.02	$ (0.08)	$ 0.08	$ (0.06)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,702	$ (7,752)	$ 7,322	$ (5,231)
Foreign currency translation adjustments, net of tax benefit (expense) of $(128), $366, $(118), $465	303	(6,093)	2,302	(7,321)
Comprehensive income (loss)	$ 2,005	$ (13,845)	$ 9,624	$ (12,552)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (expense)	$ (128)	$ 366	$ (118)	$ 465

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Beginning balance at Dec. 31, 2021	$ 462,386	$ 1,093	$ 634,929	$ (61,480)	$ 24,345	$ (136,501)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,231)				(5,231)
Employee stock options, restricted stock and employee stock purchase plan	(2,281)	20	(834)		(1,023)	(444)
Stock-based compensation expense	3,198		3,198
Foreign currency translation, net of tax	(7,321)			(7,321)
Ending balance at Jun. 30, 2022	450,751	1,113	637,293	(68,801)	18,091	(136,945)
Beginning balance at Mar. 31, 2022	465,143	1,093	636,397	(62,708)	26,866	(136,505)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(7,752)				(7,752)
Employee stock options, restricted stock and employee stock purchase plan	(2,277)	20	(834)		(1,023)	(440)
Stock-based compensation expense	1,730		1,730
Foreign currency translation, net of tax	(6,093)			(6,093)
Ending balance at Jun. 30, 2022	450,751	1,113	637,293	(68,801)	18,091	(136,945)
Beginning balance at Dec. 31, 2022	423,028	1,115	641,266	(67,186)	2,489	(154,656)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,322				7,322
Employee stock options, restricted stock and employee stock purchase plan	(1,668)	2	(7,129)		(5,908)	11,367
Stock-based compensation expense	3,298		3,298
Treasury shares purchased at cost	(20,149)					(20,149)
Foreign currency translation, net of tax	2,302			2,302
Ending balance at Jun. 30, 2023	414,133	1,117	637,435	(64,884)	3,903	(163,438)
Beginning balance at Mar. 31, 2023	417,229	1,115	643,004	(65,187)	8,109	(169,812)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,702				1,702
Employee stock options, restricted stock and employee stock purchase plan	(1,661)	2	(7,129)		(5,908)	11,374
Stock-based compensation expense	1,560		1,560
Treasury shares purchased at cost	(5,000)					(5,000)
Foreign currency translation, net of tax	303			303
Ending balance at Jun. 30, 2023	$ 414,133	$ 1,117	$ 637,435	$ (64,884)	$ 3,903	$ (163,438)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 7,322	$ (5,231)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Impairments and other non-cash charges	2,816	7,905
Depreciation and amortization	15,803	20,563
Stock-based compensation expense	3,298	3,198
Provision for deferred income taxes	(916)	(6,918)
Credit loss expense	464	447
Gain on sale of assets	(1,649)	(2,001)
Amortization of original issue discount and debt issuance costs	274	587
Change in assets and liabilities:
(Increase) decrease in receivables	39,324	(5,350)
Increase in inventories	(3,440)	(38,660)
Increase in other assets	(3,187)	(5,196)
Increase (decrease) in accounts payable	(14,453)	12,208
Decrease in accrued liabilities and other	(8,808)	(4,563)
Net cash provided by (used in) operating activities	36,848	(23,011)
Cash flows from investing activities:
Capital expenditures	(15,347)	(9,515)
Proceeds from divestitures	18,086	0
Proceeds from sale of property, plant and equipment	2,304	1,943
Net cash used in investing activities	5,043	(7,572)
Cash flows from financing activities:
Borrowings on lines of credit	149,253	156,420
Payments on lines of credit	(167,435)	(129,914)
Proceeds from term loan	0	3,754
Debt issuance costs	0	(997)
Purchases of treasury stock	(21,966)	(2,537)
Other financing activities	(2,864)	296
Net cash provided by (used in) financing activities	(43,012)	27,022
Effect of exchange rate changes on cash	332	(1,412)
Net decrease in cash, cash equivalents, and restricted cash	(789)	(4,973)
Cash, cash equivalents, and restricted cash at beginning of period	25,061	29,489
Cash, cash equivalents, and restricted cash at end of period	$ 24,272	$ 24,516

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Newpark Resources, Inc. is a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to customers across multiple industries. The accompanying unaudited condensed consolidated financial statements of Newpark Resources, Inc. and our wholly-owned subsidiaries, which we collectively refer to as the “Company,” “we,” “our,” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission, and do not include all information and footnotes required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. Our fiscal year end is December 31, our second quarter represents the three month period ended June 30, and our first half represents the six month period ended June 30. The results of operations for the second quarter and first half of 2023 are not necessarily indicative of the results to be expected for the entire year. Unless otherwise noted, all currency amounts are stated in U.S. dollars. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of June 30, 2023, our results of operations for the second quarter and first half of 2023 and 2022, and our cash flows for the first half of 2023 and 2022. All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2022 is derived from the audited consolidated financial statements at that date. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2022. We currently operate our business through two reportable segments: Fluids Systems and Industrial Solutions. In addition, we had a third reportable segment, Industrial Blending, which was exited in 2022. We have reflected these three reportable segments for all periods presented in this Quarterly Report on Form 10-Q. • Our Fluids Systems segment provides customized drilling and completion fluids products and related technical services to oil and natural gas exploration and production (“E&P”) customers primarily in North America and Europe, the Middle East and Africa (“EMEA”), as well as certain countries in Asia Pacific. 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 11 for additional information). Additionally, in June 2023, we announced that we have engaged Lazard to assist us in a review of strategic alternatives for the long-term positioning of our Fluids Systems division. • Our Industrial Solutions segment provides temporary worksite access solutions, including the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and United Kingdom. We also manufacture and sell our recyclable composite mats to customers around the world, with power transmission being the primary end-market. • Our Industrial Blending segment began operations in 2020 and supported industrial end-markets, including the production of disinfectants and industrial cleaning products. We completed the wind down of the Industrial Blending business in the first quarter of 2022, and we completed the sale of the industrial blending assets in the fourth quarter of 2022.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents the reconciliation of the numerator and denominator for calculating net income (loss) per share: Second Quarter First Half (In thousands, except per share data) 2023 2022 2023 2022 Numerator Net income (loss) - basic and diluted $ 1,702 $ (7,752) $ 7,322 $ (5,231) Denominator Weighted average common shares outstanding - basic 85,761 92,657 87,159 92,389 Dilutive effect of stock options and restricted stock awards 1,712 — 1,853 — Weighted average common shares outstanding - diluted 87,473 92,657 89,012 92,389 Net income (loss) per common share Basic $ 0.02 $ (0.08) $ 0.08 $ (0.06) Diluted $ 0.02 $ (0.08) $ 0.08 $ (0.06) We excluded the following weighted-average potential shares from the calculations of diluted net income (loss) per share during the applicable periods because their inclusion would have been anti-dilutive: Second Quarter First Half (In thousands) 2023 2022 2023 2022 Stock options and restricted stock awards 1,330 5,169 1,035 5,432 For the second quarter and first half of 2022, we excluded all potentially dilutive stock options and restricted stock awards in calculating diluted earnings per share as the effect was anti-dilutive due to the net loss incurred for these periods.

Repurchase Program

Repurchase Program	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Repurchase Program	Repurchase Program In February 2023, our Board of Directors approved certain changes to our repurchase program and increased the total authorization available to $50.0 million. Our repurchase program authorizes us to purchase outstanding shares of our common stock in the open market or as otherwise determined by management, subject to certain limitations under the Amended ABL Facility (as defined in Note 7) and other factors. The repurchase program has no specific term. Repurchases are expected to be funded from borrowings under our Amended ABL Facility, operating cash flows, and available cash on hand. As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. As of June 30, 2023, we had $30.1 million remaining under the program. During the first half of 2023, we repurchased an aggregate of 4.6 million shares of our common stock under the repurchase program for a total cost of $20.1 million, inclusive of commissions and excise taxes. There were no shares of common stock repurchased under the repurchase program during the first half of 2022.

Stock-Based and Other Long-Term

Stock-Based and Other Long-Term Incentive Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based and Other Long-Term Incentive Compensation	Stock-Based and Other Long-Term Incentive Compensation During the second quarter of 2023, our stockholders approved the Company’s Second Amended and Restated 2015 Employee Equity Incentive Plan (“2015 Plan”), increasing the number of shares authorized for issuance under the 2015 Plan from 15.3 million to 16.5 million shares, and also approved the Company’s Amended and Restated 2014 Non-Employee Directors’ Restricted Stock Plan (“2014 Director Plan”), increasing the number of shares authorized for issuance under the 2014 Director Plan from 1.4 million to 2.0 million shares. During the second quarter of 2023, the Compensation Committee of our Board of Directors (“Compensation Committee”) approved equity-based compensation awards to executive officers and other key employees consisting of an aggregate of 1.7 million restricted stock units, which will vest in equal installments over a three-year period. In addition, non-employee directors received grants of an aggregate of 0.2 million restricted stock awards, which will vest in full on the earlier of the day prior to the next annual meeting of stockholders following the grant date or the first anniversary of the grant date. The weighted average grant-date fair value was $3.89 per share for both the restricted stock units and restricted stock awards. At June 30, 2023, 2.2 million shares remained available for award under the 2015 Plan and 0.7 million shares remained available for award under the 2014 Director Plan.

Receivables

Receivables	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Receivables	Receivables Receivables consisted of the following: (In thousands) June 30, 2023 December 31, 2022 Trade receivables: Gross trade receivables $ 189,393 $ 227,762 Allowance for credit losses (5,205) (4,817) Net trade receivables 184,188 222,945 Income tax receivables 2,543 2,697 Other receivables 6,634 16,605 Total receivables, net $ 193,365 $ 242,247 The decrease in trade receivables in 2023 was primarily attributable to the decrease in revenues in the second quarter of 2023 compared to the fourth quarter of 2022, as well as collection of trade receivable amounts outstanding related to our divestitures (as described in Note 11). Other receivables included $0.9 million and $10.8 million for non-trade receivables related to our divestitures as of June 30, 2023 and December 31, 2022, respectively. Other receivables also included $4.9 million and $3.5 million for value added, goods and service taxes related to foreign jurisdictions as of June 30, 2023 and December 31, 2022, respectively. Changes in our allowance for credit losses were as follows: First Half (In thousands) 2023 2022 Balance at beginning of period $ 4,817 $ 4,587 Credit loss expense 464 447 Write-offs, net of recoveries (76) (431) Balance at end of period $ 5,205 $ 4,603

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: (In thousands) June 30, 2023 December 31, 2022 Raw materials: Fluids Systems $ 111,317 $ 110,623 Industrial Solutions 5,432 3,966 Total raw materials 116,749 114,589 Blended fluids systems components 19,292 29,244 Finished goods - mats 11,072 5,738 Total inventories $ 147,113 $ 149,571 Raw materials for the Fluids Systems segment consist primarily of chemicals and other additives that are consumed in the production of our fluids systems. Raw materials for the Industrial Solutions segment consist primarily of resins, chemicals, and other materials used to manufacture composite mats, as well as materials that are consumed in providing ground protection and other services to our customers. Our blended fluids systems components consist of base fluids systems that have been either mixed internally at our blending facilities or purchased from third-party vendors. These base fluids systems require raw materials to be added, as needed to meet specified customer requirements. The Fluids Systems segment operating results for the second quarter of 2023 includes $2.6 million of total charges for inventory write-downs (as described in Note 11).

Financing Arrangements and Fair

Financing Arrangements and Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Financing Arrangements and Fair Value of Financial Instruments	Financing Arrangements and Fair Value of Financial Instruments Financing arrangements consisted of the following: June 30, 2023 December 31, 2022 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Amended ABL Facility $ 62,800 $ — $ 62,800 $ 80,300 $ — $ 80,300 Foreign subsidiary facilities 14,390 — 14,390 16,081 — 16,081 Finance leases 8,191 — 8,191 4,999 — 4,999 U.K. term loan 6,665 (75) 6,590 7,201 (99) 7,102 Other debt 6,169 (20) 6,149 5,668 (35) 5,633 Total debt 98,215 (95) 98,120 114,249 (134) 114,115 Less: current portion (21,654) — (21,654) (22,438) — (22,438) Long-term debt $ 76,561 $ (95) $ 76,466 $ 91,811 $ (134) $ 91,677 Asset-Based Loan Facility. In October 2017, we entered into a U.S. asset-based revolving credit agreement, which was amended in March 2019 and amended and restated in May 2022 (the “Amended ABL Facility”). The Amended ABL Facility provides financing of up to $175.0 million available for borrowings (inclusive of letters of credit), which can be increased up to $250.0 million, subject to certain conditions. The Amended ABL Facility has a five-year term expiring May 2027, is based on a Bloomberg Short-Term Bank Yield Index (“BSBY”) pricing grid, and includes a mechanism to incorporate a sustainability-linked pricing framework with the consent of the required lenders (as defined in the Amended ABL Facility). As of June 30, 2023, our total availability under the Amended ABL Facility was $145.9 million, of which $62.8 million was drawn and $3.4 million was used for outstanding letters of credit, resulting in remaining availability of $79.7 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 June 30, 2023, the applicable margin for borrowings under the Amended ABL Facility was 1.50% with respect to BSBY borrowings and 0.50% with respect to base rate borrowings. As of June 30, 2023, the weighted average interest rate for the Amended ABL Facility was 6.8% and the applicable commitment fee on the unused portion of the Amended ABL Facility was 0.375% per annum. The Amended ABL Facility is a senior secured obligation of the Company and certain of our U.S. subsidiaries constituting borrowers thereunder, secured by a first priority lien on substantially all of the personal property and certain real property of the borrowers, including a first priority lien on certain equity interests of direct or indirect domestic subsidiaries of the borrowers and certain equity interests issued by certain foreign subsidiaries of the borrowers. The Amended ABL Facility contains customary representations, warranties and covenants that, among other things, and subject to certain specified circumstances and exceptions, restrict or limit the ability of the borrowers and certain of their subsidiaries to incur indebtedness (including guarantees), grant liens, make investments, pay dividends or distributions with respect to capital stock and make other restricted payments, make prepayments on certain indebtedness, engage in mergers or other fundamental changes, dispose of property, and change the nature of their business. The Amended ABL Facility requires compliance with the following financial covenants: (i) a minimum fixed charge coverage ratio of 1.00 to 1.00 for the most recently completed four fiscal quarters and (ii) while a leverage covenant trigger period (as defined in the Amended ABL Facility) is in effect, a maximum consolidated leverage ratio of 4.00 to 1.00 as of the last day of the most recently completed fiscal quarter. The Amended ABL Facility includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of security interests or invalidity of loan documents, certain ERISA events, unsatisfied or unstayed judgments and change of control. Other Debt. Certain of our foreign subsidiaries maintain local credit arrangements consisting primarily of lines of credit or overdraft facilities which are generally renewed on an annual basis. We utilize local financing arrangements in our foreign operations in order to provide short-term local liquidity needs. In addition, in April 2022, a U.K. subsidiary entered a £7.0 million term loan and a £2.0 million revolving credit facility. Both the term loan and revolving credit facility mature in April 2025 and bear interest at a rate of Sterling Overnight Index Average plus a margin of 3.25% per year. As of June 30, 2023, the interest rate for the U.K. facilities was 8.2%. The term loan is payable in quarterly installments of £350,000 plus interest beginning June 2022 and a £2.8 million payment due at maturity. We also maintain finance leases primarily related to transportation equipment. In addition, at June 30, 2023, we had $45.0 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.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe provision for income taxes was $4.2 million for the first half of 2023, reflecting an effective tax rate of 37%. The 2023 provision for income taxes reflects the impact from the geographic composition of our earnings and was unfavorably impacted by losses in certain international jurisdictions in which we are unable to recognize a related tax benefit, partially offset by the benefit associated with a partial valuation allowance release to recognize a portion of previously unbenefited U.S. net operating losses. The benefit for income taxes was $2.3 million for the first half of 2022, which includes an income tax benefit of $3.1 million related to the restructuring of certain subsidiary legal entities within Europe, as the undistributed earnings for an international subsidiary are no longer subject to certain taxes upon future distribution.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesIn the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state, and local levels. While the outcome of litigation or other proceedings against us cannot be predicted with certainty, management does not expect that any loss resulting from such litigation or other proceedings, in excess of any amounts accrued or covered by insurance, will have a material adverse impact on our consolidated financial statements.

Supplemental Disclosures to the

Supplemental Disclosures to the Statements of Cash Flows	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures to the Statements of Cash Flows	Supplemental Disclosures to the Statements of Cash Flows Supplemental disclosures to the statements of cash flows are presented below: First Half (In thousands) 2023 2022 Cash paid for: Income taxes (net of refunds) $ 4,503 $ 5,508 Interest $ 4,025 $ 2,110 Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following: (In thousands) June 30, 2023 December 31, 2022 Cash and cash equivalents $ 22,353 $ 23,182 Restricted cash (included in prepaid expenses and other current assets) 1,919 1,879 Cash, cash equivalents, and restricted cash $ 24,272 $ 25,061

Segment Data

Segment Data	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Data	Segment Data Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers): Second Quarter First Half (In thousands) 2023 2022 2023 2022 Revenues Fluids Systems $ 135,181 $ 145,261 $ 279,355 $ 286,275 Industrial Solutions 48,075 48,883 103,931 84,307 Industrial Blending — — — — Total revenues $ 183,256 $ 194,144 $ 383,286 $ 370,582 Operating income (loss) Fluids Systems $ 1,965 $ 425 $ 5,431 $ 3,799 Industrial Solutions 12,774 9,754 27,257 16,112 Industrial Blending — (8,912) — (9,798) Corporate office (8,861) (7,484) (16,667) (15,363) Total operating income (loss) $ 5,878 $ (6,217) $ 16,021 $ (5,250) We regularly review our global portfolio of business activities. These reviews focus on evaluating changes in the outlook for our served markets and customer priorities, while identifying opportunities for value-creating options in our portfolio, and placing investment emphasis in markets where we generate strong returns and where we see greater long-term viability and stability. As part of this review, we completed certain actions in 2022, including the sale of our Excalibar U.S. mineral grinding business (“Excalibar”), the exit of our Industrial Blending operations, and the exit of our Gulf of Mexico fluids operations. Summarized operating results of our now exited Excalibar business and Gulf of Mexico operations, both included in the Fluids Systems segment historical results, are shown in the following table: Second Quarter First Half (In thousands) 2023 2022 2023 2022 Revenues Excalibar $ — $ 12,099 $ — $ 26,445 Gulf of Mexico — 7,412 — 10,106 Total revenues $ — $ 19,511 $ — $ 36,551 Operating income (loss) Excalibar $ — $ 817 $ (77) $ 1,650 Gulf of Mexico (2,107) (3,643) (4,418) (6,260) Total operating income (loss) $ (2,107) $ (2,826) $ (4,495) $ (4,610) Summarized net assets remaining from the business units exited in 2022 are shown in the following table: (In thousands) June 30, 2023 December 31, 2022 Receivables, net $ 1,845 $ 27,798 Inventories 1,207 5,805 Accounts payable (73) (2,060) Accrued liabilities — (311) Total net assets $ 2,979 $ 31,232 The net assets remaining as of June 30, 2023 primarily reflect remaining Gulf of Mexico working capital, the majority of which we expect to realize in the third quarter of 2023. The Fluids Systems segment includes the following facility exit and other recent developments in 2023: • In the first half of 2023, we incurred $4.4 million in net facility exit and other costs related to the exit from our Gulf of Mexico operations. • In the first half of 2023, we incurred $1.6 million of total charges (included in impairments and other charges) related to our 2023 decision to exit the stimulation chemicals product line. These charges related to inventory write-downs to reduce the carrying values of certain inventory related to the exit of our stimulation chemicals product line to their net realizable value. At June 30, 2023, we had $2.3 million of inventory remaining related to the stimulation chemicals product line that we expect to monetize in the second half of 2023. • In the first half of 2023, we incurred $1.2 million of total charges (included in impairments and other charges) related to our 2023 decision to exit certain operations for offshore Australia. These charges include $1.0 million related to inventory write-downs to reduce the carrying values of certain inventory related to the exit of our offshore Australia operations to their net realizable value, as well as impairments related to the long-lived assets previously used in the now exited business. At June 30, 2023, we had $0.5 million of assets related to our offshore Australia operations that we expect to monetize in the second half of 2023. • In the first quarter of 2023, we completed our customer contract in Chile and are in the process of winding down our in-country operations. At June 30, 2023, we had $3 million of net assets and $0.5 million of accumulated translation losses related to our subsidiary in Chile. As we monetize these assets in 2023, we will reclassify the translation losses and recognize a charge to income at such time when we have substantially liquidated our subsidiary in Chile. As a result of the above, operating results for the Fluids Systems segment include the following charges. Second Quarter First Half (In thousands) 2023 2022 2023 2022 Impairments and other charges $ 2,816 $ — $ 2,816 $ — Facility exit costs and other, net 2,107 — 4,399 — Severance costs 148 84 1,103 236 Total Fluids Systems impairments and other charges $ 5,071 $ 84 $ 8,318 $ 236 The following table presents further disaggregated revenues for the Fluids Systems segment: Second Quarter First Half (In thousands) 2023 2022 2023 2022 United States $ 59,955 $ 85,355 $ 128,853 $ 156,198 Canada 10,399 11,344 29,764 33,579 Total North America 70,354 96,699 158,617 189,777 EMEA 60,913 42,870 113,490 87,045 Other 3,914 5,692 7,248 9,453 Total International 64,827 48,562 120,738 96,498 Total Fluids Systems revenues $ 135,181 $ 145,261 $ 279,355 $ 286,275 The following table presents further disaggregated revenues for the Industrial Solutions segment: Second Quarter First Half (In thousands) 2023 2022 2023 2022 Product sales revenues $ 8,126 $ 18,539 $ 27,622 $ 22,962 Rental revenues 21,743 17,546 42,874 35,161 Service revenues 18,206 12,798 33,435 26,184 Total Industrial Solutions revenues $ 48,075 $ 48,883 $ 103,931 $ 84,307

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,702	$ (7,752)	$ 7,322	$ (5,231)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Segment Reporting	We currently operate our business through two reportable segments: Fluids Systems and Industrial Solutions. In addition, we had a third reportable segment, Industrial Blending, which was exited in 2022. We have reflected these three reportable segments for all periods presented in this Quarterly Report on Form 10-Q. • Our Fluids Systems segment provides customized drilling and completion fluids products and related technical services to oil and natural gas exploration and production (“E&P”) customers primarily in North America and Europe, the Middle East and Africa (“EMEA”), as well as certain countries in Asia Pacific. 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 11 for additional information). Additionally, in June 2023, we announced that we have engaged Lazard to assist us in a review of strategic alternatives for the long-term positioning of our Fluids Systems division. • Our Industrial Solutions segment provides temporary worksite access solutions, including the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and United Kingdom. We also manufacture and sell our recyclable composite mats to customers around the world, with power transmission being the primary end-market. • Our Industrial Blending segment began operations in 2020 and supported industrial end-markets, including the production of disinfectants and industrial cleaning products. We completed the wind down of the Industrial Blending business in the first quarter of 2022, and we completed the sale of the industrial blending assets in the fourth quarter of 2022.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Net Income Per Share	The following table presents the reconciliation of the numerator and denominator for calculating net income (loss) per share: Second Quarter First Half (In thousands, except per share data) 2023 2022 2023 2022 Numerator Net income (loss) - basic and diluted $ 1,702 $ (7,752) $ 7,322 $ (5,231) Denominator Weighted average common shares outstanding - basic 85,761 92,657 87,159 92,389 Dilutive effect of stock options and restricted stock awards 1,712 — 1,853 — Weighted average common shares outstanding - diluted 87,473 92,657 89,012 92,389 Net income (loss) per common share Basic $ 0.02 $ (0.08) $ 0.08 $ (0.06) Diluted $ 0.02 $ (0.08) $ 0.08 $ (0.06)
Schedule of Weighted-Average Potential Shares Excluded from Diluted Net Income Per Share	We excluded the following weighted-average potential shares from the calculations of diluted net income (loss) per share during the applicable periods because their inclusion would have been anti-dilutive: Second Quarter First Half (In thousands) 2023 2022 2023 2022 Stock options and restricted stock awards 1,330 5,169 1,035 5,432

Receivables (Tables)

Receivables (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule of Receivables	Receivables consisted of the following: (In thousands) June 30, 2023 December 31, 2022 Trade receivables: Gross trade receivables $ 189,393 $ 227,762 Allowance for credit losses (5,205) (4,817) Net trade receivables 184,188 222,945 Income tax receivables 2,543 2,697 Other receivables 6,634 16,605 Total receivables, net $ 193,365 $ 242,247
Schedule of Changes in Allowance for Credit Losses	Changes in our allowance for credit losses were as follows: First Half (In thousands) 2023 2022 Balance at beginning of period $ 4,817 $ 4,587 Credit loss expense 464 447 Write-offs, net of recoveries (76) (431) Balance at end of period $ 5,205 $ 4,603

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: (In thousands) June 30, 2023 December 31, 2022 Raw materials: Fluids Systems $ 111,317 $ 110,623 Industrial Solutions 5,432 3,966 Total raw materials 116,749 114,589 Blended fluids systems components 19,292 29,244 Finished goods - mats 11,072 5,738 Total inventories $ 147,113 $ 149,571

Financing Arrangements and Fa_2

Financing Arrangements and Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Financing Arrangements	Financing arrangements consisted of the following: June 30, 2023 December 31, 2022 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Amended ABL Facility $ 62,800 $ — $ 62,800 $ 80,300 $ — $ 80,300 Foreign subsidiary facilities 14,390 — 14,390 16,081 — 16,081 Finance leases 8,191 — 8,191 4,999 — 4,999 U.K. term loan 6,665 (75) 6,590 7,201 (99) 7,102 Other debt 6,169 (20) 6,149 5,668 (35) 5,633 Total debt 98,215 (95) 98,120 114,249 (134) 114,115 Less: current portion (21,654) — (21,654) (22,438) — (22,438) Long-term debt $ 76,561 $ (95) $ 76,466 $ 91,811 $ (134) $ 91,677

Supplemental Disclosures to t_2

Supplemental Disclosures to the Statements of Cash Flows (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Disclosures of Cash flows	Supplemental disclosures to the statements of cash flows are presented below: First Half (In thousands) 2023 2022 Cash paid for: Income taxes (net of refunds) $ 4,503 $ 5,508 Interest $ 4,025 $ 2,110
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) June 30, 2023 December 31, 2022 Cash and cash equivalents $ 22,353 $ 23,182 Restricted cash (included in prepaid expenses and other current assets) 1,919 1,879 Cash, cash equivalents, and restricted cash $ 24,272 $ 25,061

Segment Data (Tables)

Segment Data (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Operating Results for Reportable Segments	Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers): Second Quarter First Half (In thousands) 2023 2022 2023 2022 Revenues Fluids Systems $ 135,181 $ 145,261 $ 279,355 $ 286,275 Industrial Solutions 48,075 48,883 103,931 84,307 Industrial Blending — — — — Total revenues $ 183,256 $ 194,144 $ 383,286 $ 370,582 Operating income (loss) Fluids Systems $ 1,965 $ 425 $ 5,431 $ 3,799 Industrial Solutions 12,774 9,754 27,257 16,112 Industrial Blending — (8,912) — (9,798) Corporate office (8,861) (7,484) (16,667) (15,363) Total operating income (loss) $ 5,878 $ (6,217) $ 16,021 $ (5,250)
Schedule of Operating Result of Exited Business	Summarized operating results of our now exited Excalibar business and Gulf of Mexico operations, both included in the Fluids Systems segment historical results, are shown in the following table: Second Quarter First Half (In thousands) 2023 2022 2023 2022 Revenues Excalibar $ — $ 12,099 $ — $ 26,445 Gulf of Mexico — 7,412 — 10,106 Total revenues $ — $ 19,511 $ — $ 36,551 Operating income (loss) Excalibar $ — $ 817 $ (77) $ 1,650 Gulf of Mexico (2,107) (3,643) (4,418) (6,260) Total operating income (loss) $ (2,107) $ (2,826) $ (4,495) $ (4,610) Summarized net assets remaining from the business units exited in 2022 are shown in the following table: (In thousands) June 30, 2023 December 31, 2022 Receivables, net $ 1,845 $ 27,798 Inventories 1,207 5,805 Accounts payable (73) (2,060) Accrued liabilities — (311) Total net assets $ 2,979 $ 31,232
Schedule of Fluids Systems Impairments and Other Charges	As a result of the above, operating results for the Fluids Systems segment include the following charges. Second Quarter First Half (In thousands) 2023 2022 2023 2022 Impairments and other charges $ 2,816 $ — $ 2,816 $ — Facility exit costs and other, net 2,107 — 4,399 — Severance costs 148 84 1,103 236 Total Fluids Systems impairments and other charges $ 5,071 $ 84 $ 8,318 $ 236
Schedule of Disaggregated Revenues, Geographic	The following table presents further disaggregated revenues for the Fluids Systems segment: Second Quarter First Half (In thousands) 2023 2022 2023 2022 United States $ 59,955 $ 85,355 $ 128,853 $ 156,198 Canada 10,399 11,344 29,764 33,579 Total North America 70,354 96,699 158,617 189,777 EMEA 60,913 42,870 113,490 87,045 Other 3,914 5,692 7,248 9,453 Total International 64,827 48,562 120,738 96,498 Total Fluids Systems revenues $ 135,181 $ 145,261 $ 279,355 $ 286,275
Schedule of Disaggregated Revenues, Segments	The following table presents further disaggregated revenues for the Industrial Solutions segment: Second Quarter First Half (In thousands) 2023 2022 2023 2022 Product sales revenues $ 8,126 $ 18,539 $ 27,622 $ 22,962 Rental revenues 21,743 17,546 42,874 35,161 Service revenues 18,206 12,798 33,435 26,184 Total Industrial Solutions revenues $ 48,075 $ 48,883 $ 103,931 $ 84,307

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Narrative (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2022 business_unit	Jun. 30, 2023 segment	Dec. 31, 2022 segment
Segment Reporting Information [Line Items]
Number of reportable segments | segment		2	3
Fluids Systems
Segment Reporting Information [Line Items]
Number of fluids systems business units exited | business_unit	2

Earnings Per Share - Net Income

Earnings Per Share - Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net income (loss) - basic and diluted	$ 1,702	$ (7,752)	$ 7,322	$ (5,231)
Denominator
Weighted average common shares outstanding - basic (in shares)	85,761	92,657	87,159	92,389
Dilutive effect of stock options and restricted stock awards (in shares)	1,712	0	1,853	0
Weighted average common shares outstanding - diluted (in shares)	87,473	92,657	89,012	92,389
Net income (loss) per common share
Basic (in dollars per share)	$ 0.02	$ (0.08)	$ 0.08	$ (0.06)
Diluted (in dollars per share)	$ 0.02	$ (0.08)	$ 0.08	$ (0.06)

Earnings Per Share - Weighted-a

Earnings Per Share - Weighted-average Potential Shares Excluded from Diluted Net Income Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Stock options and restricted stock awards (in shares)	1,330	5,169	1,035	5,432

Repurchase Program (Details)

Repurchase Program (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Feb. 28, 2023
Equity, Class of Treasury Stock [Line Items]
Treasury shares purchased at cost	$ 5,000,000	$ 20,149,000
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount				$ 50,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 30,100,000	$ 30,100,000
Shares repurchased (in shares)		4,600,000	0
Treasury shares purchased at cost		$ 20,100,000

Stock-Based and Other Long-Te_2

Stock-Based and Other Long-Term Incentive Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Allocated share-based compensation expense	$ 2.5
Total shareholder return	1.8
Return on net capital employed	$ 0.7
Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock, minimum	0%
Percentage of outstanding stock, maximum	200%
The 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	16,500,000	15,300,000
The 2015 Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	1,700,000
Award vesting period	3 years
The 2015 Plan | Restricted Stock Units | Executive Officer And Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value (in dollars per share)	$ 3.89
Shares available for grant (in shares)	2,200,000
The 2015 Plan | Restricted Stock | Executive Officer And Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation (in shares)	200,000
Weighted average grant-date fair value (in dollars per share)	$ 3.89
The 2014 Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	2,000,000	1,400,000
The 2014 Director Plan | Restricted Stock Units | Executive Officer And Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)	700,000

Receivables - Schedule of Recei

Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Trade receivables:
Gross trade receivables	$ 189,393	$ 227,762
Allowance for credit losses	(5,205)	(4,817)	$ (4,603)	$ (4,587)
Net trade receivables	184,188	222,945
Income tax receivables	2,543	2,697
Other receivables	6,634	16,605
Total receivables, net	$ 193,365	$ 242,247

Receivables - Narrative (Detail

Receivables - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Other receivables, value added taxes	$ 4,900	$ 3,500
Disposed of by sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Receivables, net	1,845	27,798
Other Receivables | Disposed of by sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Receivables, net	$ 900	$ 10,800

Receivables - Changes in Allowa

Receivables - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 4,817	$ 4,587
Credit loss expense	464	447
Write-offs, net of recoveries	(76)	(431)
Balance at end of period	$ 5,205	$ 4,603

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Total raw materials	$ 116,749	$ 114,589
Total inventories	147,113	149,571
Fluids Systems
Inventory [Line Items]
Total raw materials	111,317	110,623
Industrial Solutions
Inventory [Line Items]
Total raw materials	5,432	3,966
Blended fluids systems components
Inventory [Line Items]
Finished goods	19,292	29,244
Finished goods - mats
Inventory [Line Items]
Finished goods	$ 11,072	$ 5,738

Inventories - Narrative (Detail

Inventories - Narrative (Details) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Fluids Systems | Gulf Of Mexico Operations | Disposed of by sale
Inventory [Line Items]
Inventory write-down	$ 2.6

Financing Arrangements and Fa_3

Financing Arrangements and Fair Value of Financial Instruments - Schedule of Financing Arrangements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Amount	$ 98,215	$ 114,249
Unamortized Discount and Debt Issuance Costs	(95)	(134)
Total Debt	98,120	114,115
Less: current portion
Principal Amount	(21,654)	(22,438)
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	(21,654)	(22,438)
Long-term debt
Principal Amount	76,561	91,811
Unamortized Discount and Debt Issuance Costs	(95)	(134)
Total Debt	76,466	91,677
Finance leases
Debt Instrument [Line Items]
Principal Amount	8,191	4,999
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	8,191	4,999
Other debt
Debt Instrument [Line Items]
Principal Amount	6,169	5,668
Unamortized Discount and Debt Issuance Costs	(20)	(35)
Total Debt	6,149	5,633
Revolving credit facility | Amended ABL Facility
Debt Instrument [Line Items]
Principal Amount	62,800	80,300
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	62,800	80,300
Revolving credit facility | Foreign subsidiary facilities
Debt Instrument [Line Items]
Principal Amount	14,390	16,081
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	14,390	16,081
Revolving credit facility | U.K. term loan
Debt Instrument [Line Items]
Principal Amount	6,665	7,201
Unamortized Discount and Debt Issuance Costs	(75)	(99)
Total Debt	$ 6,590	$ 7,102

Financing Arrangements and Fa_4

Financing Arrangements and Fair Value of Financial Instruments - Narrative (Details)	1 Months Ended		6 Months Ended
	May 31, 2022 USD ($)	Apr. 30, 2022 GBP (£)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Borrowings on lines of credit			$ 149,253,000	$ 156,420,000
Letters of credit outstanding, amount			45,000,000
Restricted cash and cash equivalents, current			$ 1,900,000
U.K. term loan | Secured Debt | U K Subsidiary
Debt Instrument [Line Items]
Debt instrument, face amount | £		£ 7,000,000
Quarterly principal payment | £		350,000
Balloon payment | £		2,800,000
Revolving credit facility | U K Subsidiary
Debt Instrument [Line Items]
Maximum borrowing capacity | £		£ 2,000,000
Interest rate, stated percentage			8.20%
Revolving credit facility | SONIA | U K Subsidiary
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
Revolving credit facility | Amended ABL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 175,000,000
Maximum borrowing capacity, option to increase	$ 250,000,000
Debt instrument, term	5 years
Line of credit facility, current borrowing capacity			$ 145,900,000
Borrowings on lines of credit			62,800,000
Letters of credit outstanding, amount			3,400,000
Remaining borrowing capacity			$ 79,700,000
Unused capacity, commitment fee percentage	0.375%		0.375%
Threshold for commitment fee	50%
Average daily unused portion, commitment fee	0.25%
Debt, weighted average interest rate			6.80%
Fixed charge coverage ratio	1
Line of credit facility, covenant, minimum, fixed charge leverage ratio	4
Revolving credit facility | Amended ABL Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving credit facility | Amended ABL Facility | BSBY
Debt Instrument [Line Items]
Basis spread on variable rate	1%		1.50%
Revolving credit facility | Amended ABL Facility | BSBY | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Revolving credit facility | Amended ABL Facility | BSBY | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Revolving credit facility | Amended ABL Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Revolving credit facility | Amended ABL Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Revolving credit facility | Amended ABL Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ 2,132	$ 480	$ 4,247	$ (2,344)
Effective income tax rate			37%
Benefit related to restructuring of certain subsidiary legal entities within Europe			$ 3,100

Supplemental Disclosures to t_3

Supplemental Disclosures to the Statements of Cash Flows - Supplemental Disclosures of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for:
Income taxes (net of refunds)	$ 4,503	$ 5,508
Interest	$ 4,025	$ 2,110

Supplemental Disclosures to t_4

Supplemental Disclosures to the Statements of Cash Flows - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 22,353	$ 23,182
Restricted cash (included in prepaid expenses and other current assets)	1,919	1,879
Cash, cash equivalents, and restricted cash	$ 24,272	$ 25,061	$ 24,516	$ 29,489

Segment Data - Operating Result

Segment Data - Operating Results for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 183,256	$ 194,144	$ 383,286	$ 370,582
Operating income (loss)
Total operating income (loss)	5,878	(6,217)	16,021	(5,250)
Fluids Systems
Revenues
Total revenues	135,181	145,261	279,355	286,275
Fluids Systems | Disposed of by sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	0	19,511	0	36,551
Operating income (loss)	(2,107)	(2,826)	(4,495)	(4,610)
Fluids Systems | Disposed of by sale | Excalibar
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	0	12,099	0	26,445
Operating income (loss)	0	817	(77)	1,650
Fluids Systems | Disposed of by sale | Gulf of Mexico
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenues	0	7,412	0	10,106
Operating income (loss)	(2,107)	(3,643)	(4,418)	(6,260)
Industrial Solutions
Revenues
Total revenues	48,075	48,883	103,931	84,307
Operating segments | Fluids Systems
Revenues
Total revenues	135,181	145,261	279,355	286,275
Operating income (loss)
Total operating income (loss)	1,965	425	5,431	3,799
Operating segments | Industrial Solutions
Revenues
Total revenues	48,075	48,883	103,931	84,307
Operating income (loss)
Total operating income (loss)	12,774	9,754	27,257	16,112
Operating segments | Industrial Blending
Revenues
Total revenues	0	0	0	0
Operating income (loss)
Total operating income (loss)	0	(8,912)	0	(9,798)
Corporate office
Operating income (loss)
Total operating income (loss)	$ (8,861)	$ (7,484)	$ (16,667)	$ (15,363)

Segment Data - Disaggregated Re

Segment Data - Disaggregated Revenues, Operating Result of Exited Business (Details) - Disposed of by sale - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Receivables, net	$ 1,845	$ 27,798
Inventories	1,207	5,805
Accounts payable	(73)	(2,060)
Accrued liabilities	0	(311)
Total net assets	$ 2,979	$ 31,232

Segment Data - Narrative (Detai

Segment Data - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Impairments and other charges	$ 2,816	$ 7,905	$ 2,816	$ 7,905
Disposed of by sale
Segment Reporting Information [Line Items]
Total net assets	2,979		2,979		$ 31,232
Fluids Systems
Segment Reporting Information [Line Items]
Facility exit costs and other, net	2,107	0	4,399	0
Impairments and other charges	2,816	$ 0	2,816	$ 0
Fluids Systems | Disposed of by sale | Stimulation Chemicals
Segment Reporting Information [Line Items]
Inventory write-down			1,600
Inventory	2,300		2,300
Fluids Systems | Disposed of by sale | Gulf Of Mexico Operations
Segment Reporting Information [Line Items]
Facility exit costs and other, net			4,400
Fluids Systems | Disposed of by sale | Australia Operations
Segment Reporting Information [Line Items]
Inventory write-down			1,000
Impairments and other charges			1,200
Total net assets	500		500
CHILE | Fluids Systems | Disposed of by sale
Segment Reporting Information [Line Items]
Total net assets	3,000		3,000
Translation loss	$ 500		$ 500

Segment Data - Operating Resu_2

Segment Data - Operating Results of Fluids Systems (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Impairments and other charges	$ 2,816	$ 7,905	$ 2,816	$ 7,905
Fluids Systems
Segment Reporting, Other Significant Reconciling Item [Line Items]
Impairments and other charges	2,816	0	2,816	0
Facility exit costs and other, net	2,107	0	4,399	0
Severance costs	148	84	1,103	236
Total Fluids Systems impairments and other charges	$ 5,071	$ 84	$ 8,318	$ 236

Segment Data - Disaggregated _2

Segment Data - Disaggregated Revenues, Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 183,256	$ 194,144	$ 383,286	$ 370,582
Fluids Systems
Disaggregation of Revenue [Line Items]
Total revenues	135,181	145,261	279,355	286,275
Fluids Systems | Total North America
Disaggregation of Revenue [Line Items]
Total revenues	70,354	96,699	158,617	189,777
Fluids Systems | United States
Disaggregation of Revenue [Line Items]
Total revenues	59,955	85,355	128,853	156,198
Fluids Systems | Canada
Disaggregation of Revenue [Line Items]
Total revenues	10,399	11,344	29,764	33,579
Fluids Systems | Total International
Disaggregation of Revenue [Line Items]
Total revenues	64,827	48,562	120,738	96,498
Fluids Systems | EMEA
Disaggregation of Revenue [Line Items]
Total revenues	60,913	42,870	113,490	87,045
Fluids Systems | Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,914	$ 5,692	$ 7,248	$ 9,453

Segment Data - Disaggregated _3

Segment Data - Disaggregated Revenues, Industrial Solutions Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 183,256	$ 194,144	$ 383,286	$ 370,582
Industrial Solutions
Disaggregation of Revenue [Line Items]
Total revenues	48,075	48,883	103,931	84,307
Industrial Solutions | Product sales revenues
Disaggregation of Revenue [Line Items]
Total revenues	8,126	18,539	27,622	22,962
Industrial Solutions | Rental revenues
Disaggregation of Revenue [Line Items]
Total revenues	21,743	17,546	42,874	35,161
Industrial Solutions | Service revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 18,206	$ 12,798	$ 33,435	$ 26,184