0000071829-24-000115 | 10-Q | XBRL Viewer

Inventories

9 Months Ended

Sep. 30, 2024

Inventories consisted of the following:


(In thousands)	September 30, 2024		December 31, 2023
Raw materials	$	6,503	$	4,232
Finished goods — mats	8,407		14,374
Total inventories	$	14,910	$	18,606

Raw materials consist primarily of resins and other materials used to manufacture composite mats, as well as materials that are consumed in providing spill containment and other services to our customers.

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule Of Significant Items Included In Income From Discontinued Operations

The loss on sale consisted of the following (in thousands):


Cash proceeds received at closing	$	70,187
Estimated deferred consideration due from the Purchaser	20,031
Note receivable due from the Purchaser	5,000
Estimated liabilities due to the Purchaser	(6,991)
Net book value of assets sold	(224,487)
	(136,260)
Recognition of cumulative foreign currency translation losses	(59,469)
Loss on sale of discontinued operations before income taxes	$	(195,729)

Proceeds from the sale, net of cash disposed consisted of the following (in thousands):


Cash proceeds received at closing	$	70,187
Cash conveyed to the Purchaser at closing	(21,688)
Proceeds from divestiture, net of cash disposed	$	48,499

The following table summarizes the significant items included in income (loss) from discontinued operations in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023. The results for 2024 represent results through the closing date of the Sale Transaction, September 13, 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2024		2023		2024		2023
Revenues	$	102,944	$	141,236	$	335,302	$	420,591
Cost of revenues	89,102		121,531		290,482		369,513
Selling, general and administrative expenses	11,273		12,911		37,668		36,973
Other operating income, net	(345)		(180)		(1,447)		(1,116)
Impairments and other charges	—		—		—		2,816
Operating income from discontinued operations	2,914		6,974		8,599		12,405

Foreign currency exchange (gain) loss	1,529		(959)		894		(56)
Interest expense, net	756		1,010		2,633		3,108
Income from discontinued operations before income taxes	629		6,923		5,072		9,353

Loss on sale of discontinued operations before income taxes	(195,729)		—		(195,729)		—
Provision (benefit) for income taxes from discontinued operations	(5,933)		1,933		(4,141)		3,342
Income (loss) from discontinued operations	$	(189,167)	$	4,990	$	(186,516)	$	6,011

Operating results from discontinued operations shown above include the following items:


	Third Quarter				First Nine Months
(In thousands)	2024		2023		2024		2023
Fluids Systems sale process transaction expenses	$	4,026	$	—	$	8,141	$	—
Impairments and other charges	—		—		—		2,816
Gain on insurance recovery	—		—		(807)		—
Facility exit costs and other, net	—		358		741		4,594
Severance costs	43		40		594		1,143
Total Fluids Systems	$	4,069	$	398	$	8,669	$	8,553

The following table summarizes the carrying value of the former Fluids Systems segment’s assets and liabilities as presented within assets and liabilities of discontinued operations on the consolidated balance sheet.


(In thousands, except share data)	December 31, 2023
ASSETS
Cash and cash equivalents	$	37,805
Receivables	125,639
Inventories	122,473
Prepaid expenses and other current assets	4,404
Property, plant and equipment, net	29,745
Operating lease assets	9,539
Other intangible assets, net	4,653
Deferred tax assets	1,261
Other assets	485
Assets of discontinued operations	$	336,004

LIABILITIES
Current debt	$	10,597
Accounts payable	53,742
Accrued liabilities	28,255
Long-term debt, less current portion	2,407
Noncurrent operating lease liabilities	6,691
Deferred tax liabilities	4,610
Other noncurrent liabilities	2,669
Liabilities of discontinued operations	$	108,971

For the nine months ended September 30, 2024 and 2023, significant operating and investing items related to the former Fluids Systems segment were as follows:


	Nine Months Ended September 30,
(In thousands)	2024		2023
Operating activities of discontinued operations:
Impairments and other non-cash charges	$	—	$	2,816
Depreciation and amortization	4,872		5,819

Investing activities of discontinued operations:
Capital expenditures	3,645		2,151

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Segment Data - Disaggregated Revenues, Industrial Solutions Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 44,207	$ 57,262	$ 159,965	$ 161,193
Industrial Solutions
Disaggregation of Revenue [Line Items]
Rental revenues	18,873	20,370	63,787	63,244
Total revenues	44,207	57,262	159,965	161,193
Industrial Solutions \| Service revenues
Disaggregation of Revenue [Line Items]
Revenues	13,535	17,695	40,198	51,130
Industrial Solutions \| Product sales revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 11,799	$ 19,197	$ 55,980	$ 46,819

- Definition

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

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (expense)	$ 0	$ 121	$ 111	$ 3

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (174,298)	$ 7,670	$ (158,965)	$ 14,992

- Definition

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

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+ Details

Segment Data - Disaggregated Revenues, Geographic (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 44,207	$ 57,262	$ 159,965	$ 161,193
Industrial Solutions
Disaggregation of Revenue [Line Items]
Total revenues	44,207	57,262	159,965	161,193
United States \| Industrial Solutions
Disaggregation of Revenue [Line Items]
Total revenues	40,599	53,667	149,044	150,403
United Kingdom \| Industrial Solutions
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,608	$ 3,595	$ 10,921	$ 10,790

- Definition

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

+ References + Details

- Definition

+ References

+ Details

Discontinued Operations - Proceeds From the Sale, Net of Cash (Details) - USD ($) $ in Thousands		9 Months Ended
	Sep. 13, 2024	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net of cash disposed		$ 48,499	$ 19,355
Discontinued Operations, Disposed of by Sale \| Fluids Systems
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds received at closing	$ 70,187
Cash conveyed to the Purchaser at closing	(21,688)
Proceeds from divestiture, net of cash disposed	$ 48,499

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
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. In addition, in connection with the Sale Transaction, we have indemnified the Purchaser for certain pre-closing contingencies of the Fluids Systems business. While the outcome of litigation or other proceedings against us, including pre-closing contingencies of the Fluids Systems business, 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. The first nine months of 2024 includes a $0.6 million gain related to a legal settlement as well as a $0.1 million gain related to the final insurance settlement associated with Hurricane Ida in August 2021.

Stock-Based and Other Long-Term Incentive Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Sep. 13, 2024	Sep. 30, 2024	Jun. 30, 2024
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		$ 2.3	$ 2.6
Share based payment arrangement settlement based on total shareholder return		1.6
Amount settled based on RONCE		$ 0.7
Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock, minimum			0.00%
Percentage of outstanding stock, maximum			200.00%
The 2015 Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			0.7
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)			$ 7.68
Shares available for grant (in shares)		3.3
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)			0.1
Weighted average grant-date fair value (in dollars per share)			$ 7.76
Shares forfeited (in shares)	0.6
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)		0.4

Receivables

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Receivables

Receivables consisted of the following:


(In thousands)	September 30, 2024		December 31, 2023
Trade receivables:
Gross trade receivables	$	32,961	$	42,123
Allowance for credit losses	(1,265)		(1,223)
Net trade receivables	31,696		40,900
Income tax receivables	1,557		705
Other receivables	21,308		1,213
Total receivables, net	$	54,561	$	42,818

Other receivables as of September 30, 2024 also included $20.0 million for estimated deferred consideration related to the Sale Transaction due from the Purchaser (see Note 2).

Changes in our allowance for credit losses were as follows:


	First Nine Months
(In thousands)	2024		2023
Balance at beginning of period	$	1,223	$	1,193
Credit loss expense	80		209
Write-offs, net of recoveries	(38)		(83)
Balance at end of period	$	1,265	$	1,319

Segment Data - Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Gain on legal settlement			$ (600)
Gain on insurance recovery			(874)	$ 0
Total	$ 113	$ 466	304	1,487
Industrial Solutions \| Industrial Solutions
Segment Reporting Information [Line Items]
Severance costs	49	162	742	254
Gain on legal settlement	0	0	(550)	0
Gain on insurance recovery	0	0	(67)	0
Total	49	162	125	254
Corporate office
Segment Reporting Information [Line Items]
Severance costs	64	304	179	1,233
Total	$ 64	$ 304	$ 179	$ 1,233

Segment Data (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Operating Results for Reportable Segment

Summarized financial information for our reportable segment is shown in the following table:


	Third Quarter				First Nine Months
(In thousands)	2024		2023		2024		2023
Revenues
Industrial Solutions	$	44,207	$	57,262	$	159,965	$	161,193
Total revenues	$	44,207	$	57,262	$	159,965	$	161,193

Operating income (loss) from continuing operations
Industrial Solutions	7,286		14,336		39,614		41,593
Corporate office	(6,052)		(8,063)		(18,907)		(24,730)
Total operating income from continuing operations	$	1,234	$	6,273	$	20,707	$	16,863

Schedule of Operating Results

Operating results shown above include the following items:


	Third Quarter				First Nine Months
(In thousands)	2024		2023		2024		2023
Severance costs	$	49	$	162	$	742	$	254
Gain on legal settlement	—		—		(550)		—
Gain on insurance recovery	—		—		(67)		—
Total Industrial Solutions	49		162		125		254

Severance costs	64		304		179		1,233
Total Corporate office	64		304		179		1,233

Total	$	113	$	466	$	304	1,487

Schedule of Disaggregated Revenues, Segment

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


	Third Quarter				First Nine Months
(In thousands)	2024		2023		2024		2023
Rental revenues	$	18,873	$	20,370	$	63,787	$	63,244
Service revenues	13,535		17,695		40,198		51,130
Product sales revenues	11,799		19,197		55,980		46,819
Total Industrial Solutions revenues	$	44,207	$	57,262	$	159,965	$	161,193

Schedule of Disaggregated Revenues, Geographic

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


	Third Quarter				First Nine Months
(In thousands)	2024		2023		2024		2023
United States	$	40,599	$	53,667	$	149,044	$	150,403
United Kingdom	3,608		3,595		10,921		10,790
Total Industrial Solutions revenues	$	44,207	$	57,262	$	159,965	$	161,193

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


(In thousands)	September 30, 2024		December 31, 2023
Raw materials	$	6,503	$	4,232
Finished goods — mats	8,407		14,374
Total inventories	$	14,910	$	18,606

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 site access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and remediation. The Company previously operated a Fluids Systems business which was exited upon the sale of the business in September 2024 (as further described below). The accompanying unaudited condensed consolidated financial statements of Newpark Resources, Inc. and our wholly-owned subsidiaries, which we collectively refer to as the “Company,” “we,” “our,” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission (“SEC”), and do not include all information and footnotes required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. Our fiscal year end is December 31, our third quarter represents the three-month period ended September 30, and our first nine months represents the nine-month period ended September 30. The results of operations for the third quarter and first nine months of 2024 are not necessarily indicative of the results to be expected for the entire year. Unless otherwise noted, all currency amounts are stated in U.S. dollars. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2024, our results of operations for the third quarter and first nine months of 2024 and 2023, and our cash flows for the first nine months of 2024 and 2023. All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2023 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, 2023. We currently operate our business through one reportable segment: 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, oil and natural gas exploration and production (“E&P”), pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and United Kingdom. We also sell our manufactured recyclable composite mats to customers around the world, with power transmission being the primary end-market. We previously operated a second reportable segment, Fluids Systems, which we exited in the third quarter of 2024. The Fluids Systems segment provided drilling and completion fluids products and related technical services to customers for oil, natural gas, and geothermal projects primarily in Europe, the Middle East and Africa, and North America, as well as certain countries in Asia Pacific. On September 13, 2024, we completed the sale of the equity interests in one of our subsidiaries which held substantially all of the Company’s Fluids Systems segment (“Sale Transaction”) to SCF Partners, a leading private equity firm serving the global energy industry (the “Purchaser”). The results of operations of the Fluids Systems segment are reported in discontinued operations in the condensed consolidated statements of operations. All results and information in the consolidated financial statements and related notes are presented for our continuing operations and exclude the Fluids Systems segment unless otherwise noted specifically as discontinued operations. See Note 2 for additional information. New Accounting Pronouncements Standards Not Yet Adopted Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued new guidance which is intended to improve reportable segment disclosure requirements through enhanced disclosures. The amendments require disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”) as well as other segment items, extend certain annual disclosures to interim periods, clarify the applicability to single reportable segment entities, permit more than one measure of profit or loss to be reported under certain conditions, and require disclosure of the title and position of the CODM. This guidance will be effective for us for the year ending December 31, 2024, and will be applied retrospectively. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures, particularly as we evaluate organizational structure changes following the recent completion of the Sale Transaction. These requirements are not expected to have an impact on our consolidated financial statements, but will result in expanded reportable segment disclosures. Income Taxes: Improvements to Income Tax Disclosures. In December 2023, the FASB issued new guidance which is intended to enhance the transparency and decision usefulness of income tax disclosures. This guidance will be effective for us in the first quarter of 2025. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures. These requirements are not expected to have an impact on our consolidated financial statements, but will impact our income tax disclosures.

Receivables - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 1,223	$ 1,193
Credit loss expense	80	209
Write-offs, net of recoveries	(38)	(83)
Balance at end of period	$ 1,265	$ 1,319

Discontinued Operations - Schedule Of Significant Items Included In Income From Discontinued Operations (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 13, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations before income taxes		$ 629	$ 6,923	$ 5,072	$ 9,353
Loss on sale of discontinued operations before income taxes		(195,729)	0	(195,729)	0
Discontinued Operations, Disposed of by Sale \| Fluids Systems
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues		102,944	141,236	335,302	420,591
Cost of revenues		89,102	121,531	290,482	369,513
Selling, general and administrative expenses		11,273	12,911	37,668	36,973
Other operating income, net		(345)	(180)	(1,447)	(1,116)
Impairments and other charges		0	0	0	2,816
Operating income from discontinued operations		2,914	6,974	8,599	12,405
Foreign currency exchange (gain) loss	$ 59,469	1,529	(959)	894	(56)
Interest expense, net		756	1,010	2,633	3,108
Income from discontinued operations before income taxes		629	6,923	5,072	9,353
Loss on sale of discontinued operations before income taxes	$ (195,729)	(195,729)	0	(195,729)	0
Provision (benefit) for income taxes from discontinued operations		(5,933)	1,933	(4,141)	3,342
Income (loss) from discontinued operations		(189,167)	4,990	(186,516)	6,011
Fluids Systems sale process transaction expenses		4,026	0	8,141	0
Impairments and other non-cash charges		0	0	0	2,816
Gain on insurance recovery		0	0	(807)	0
Facility exit costs and other, net		0	358	741	4,594
Severance costs		43	40	594	1,143
Total Fluids Systems		$ 4,069	$ 398	$ 8,669	$ 8,553

Receivables - Schedule of Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Trade receivables:
Gross trade receivables	$ 32,961	$ 42,123
Allowance for credit losses	(1,265)	(1,223)	$ (1,319)	$ (1,193)
Net trade receivables	31,696	40,900
Income tax receivables	1,557	705
Other receivables	21,308	1,213
Total receivables, net	$ 54,561	$ 42,818

Financing Arrangements and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Financing Arrangements

Financing arrangements consisted of the following:


	September 30, 2024						December 31, 2023
(In thousands)	Principal Amount		Unamortized Discount and Debt Issuance Costs		Total Debt		Principal Amount		Unamortized Discount and Debt Issuance Costs		Total Debt
Amended ABL Facility	$	—	$	—	$	—	$	45,000	$	—	$	45,000
U.K. credit facility	802		—		802		2,037		—		2,037
Finance leases	8,292		—		8,292		6,599		—		6,599
U.K. term loan	4,681		(19)		4,662		5,793		(49)		5,744
Other debt	209		(2)		207		2,656		(7)		2,649
Total debt	13,984		(21)		13,963		62,085		(56)		62,029
Less: Current portion	(8,476)		19		(8,457)		(6,319)		—		(6,319)
Long-term debt	$	5,508	$	(2)	$	5,506	$	55,766	$	(56)	$	55,710

Repurchase Program	9 Months Ended
Repurchase Program	Sep. 30, 2024
Equity [Abstract]
Repurchase Program	Repurchase Program Our Board of Directors has authorized a securities repurchase program available for repurchases of our common stock. In February 2024, our Board of Directors replaced the prior program with a new repurchase program for repurchases of common stock up 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 8) and other factors. The repurchase program has no specific term. Repurchases are expected to be funded from 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 September 30, 2024, we had $50.0 million remaining under the program. Due to restrictions associated with the Fluids Systems sale process, no shares of common stock were repurchased under the repurchase program during the first nine months of 2024. During the first nine months of 2023, we repurchased an aggregate of 5.6 million shares of our common stock under the prior repurchase program for a total cost of $26.2 million.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Basis of Presentation and Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
(Benefit) provision for income taxes	$ (14,016)	$ 2,062	$ (9,626)	$ 4,900
Benefit related to sale of Fluids Systems business	$ 14,600

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 1,265	$ 1,223
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	111,669,464
Treasury stock, shares (in shares)	25,172,166	26,471,738

Supplemental Disclosures to the Statements of Cash Flows - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 42,907	$ 789
Cash and cash equivalents included in assets from discontinued operations	0	37,805
Restricted cash included in assets from discontinued operations	0	291
Restricted cash (included in prepaid expenses and other current assets)	477	16
Cash, cash equivalents, and restricted cash	$ 43,384	$ 38,901

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 44,207	$ 57,262	$ 159,965	$ 161,193
Cost of revenues	32,067	37,602	105,358	104,528
Selling, general and administrative expenses	11,005	13,910	35,335	40,834
Other operating (income) loss, net	(99)	(523)	(1,435)	(1,032)
Operating income from continuing operations	1,234	6,273	20,707	16,863
Foreign currency exchange (gain) loss	(562)	514	170	(172)
Interest expense, net	943	1,017	2,612	3,154
Income from continuing operations before income taxes	853	4,742	17,925	13,881
Provision (benefit) for income taxes from continuing operations	(14,016)	2,062	(9,626)	4,900
Income from continuing operations	14,869	2,680	27,551	8,981
Discontinued operations:
Income from discontinued operations before income taxes	629	6,923	5,072	9,353
Loss on sale of discontinued operations before income taxes	(195,729)	0	(195,729)	0
Provision (benefit) for income taxes from discontinued operations	(5,933)	1,933	(4,141)	3,342
Income (loss) from discontinued operations	(189,167)	4,990	(186,516)	6,011
Net income (loss)	$ (174,298)	$ 7,670	$ (158,965)	$ 14,992
Income (loss) per common share - basic:
Income from continuing operations- basic (in dollars per share)	$ 0.17	$ 0.03	$ 0.32	$ 0.10
Income (loss) from discontinued operations- basic (in dollars per share)	(2.19)	0.06	(2.18)	0.07
Net income (loss), basic (in dollars per share)	(2.02)	0.09	(1.86)	0.17
Income (loss) per common share - diluted:
Income from continuing operations-diluted (in dollars per share)	0.17	0.03	0.32	0.10
Income (loss) from discontinued operations-diluted (in dollars per share)	(2.16)	0.06	(2.13)	0.07
Net income (loss), diluted (in dollars per share)	$ (1.99)	$ 0.09	$ (1.82)	$ 0.17

Financing Arrangements and Fair Value of Financial Instruments - Narrative (Details)	1 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Apr. 30, 2022 GBP (£)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Aug. 31, 2024 USD ($)
Debt Instrument [Line Items]
Borrowings on lines of credit			$ 177,541,000	$ 198,486,000
Letters of credit outstanding, amount	$ 5,400,000		5,400,000
New finance lease liabilities in exchange for leased assets			3,500,000
Restricted cash and cash equivalents, current	$ 500,000		$ 500,000
U.K. term loan \| Secured Debt \| U K Subsidiary
Debt Instrument [Line Items]
Debt instrument, face amount \| £		£ 7,000,000
Revolving credit facility \| U K Subsidiary
Debt Instrument [Line Items]
Maximum borrowing capacity \| £		£ 2,000,000
Interest rate, stated percentage	8.20%		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	$ 100,000,000		$ 100,000,000		$ 175,000,000
Maximum borrowing capacity, option to increase	$ 250,000,000		250,000,000
Debt instrument, term	5 years
Line of credit facility, current borrowing capacity	$ 58,300,000		58,300,000
Borrowings on lines of credit			0
Letters of credit outstanding, amount	2,000,000.0		2,000,000.0
Remaining borrowing capacity	$ 56,300,000		$ 56,300,000
Unused capacity, commitment fee percentage	0.375%		0.375%
Threshold for commitment fee	50.00%		50.00%
Average daily unused portion, commitment fee	0.25%		0.25%
Percentage of availability threshold, leverage ratio	40.00%		40.00%
Fixed charge coverage ratio	1.00		1.00
Line of credit facility, covenant, minimum, fixed charge leverage ratio	4.00		4.00
Revolving credit facility \| Amended ABL Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000		$ 10,000,000		$ 15,000,000
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	1.00%		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	2.00%
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	1.00%

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 13, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Loss on sale of discontinued operations before income taxes		$ 195,729	$ 0	$ 195,729	$ 0
Fluids Systems \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Sale price	$ 127,500
Adjustment to base sale price	43,000
Long-term debt	10,000
Net sale consideration	56,000
Cash proceeds received at closing	70,187
Foreign cash divested from deconsolidation	19,000
Note receivable due from the Purchaser	5,000
Net assets		18,000		18,000
Loss on sale of discontinued operations before income taxes	195,729	195,729	0	195,729	0
Foreign currency exchange (gain) loss	$ 59,469	1,529	(959)	894	(56)
Note receivable interest rate	12.50%
Interest expense		$ 500	$ 600	$ 1,400	$ 1,900

Discontinued Operations - Operating And Investing Items (Details) - Discontinued Operations, Disposed of by Sale - Fluids Systems - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating activities of discontinued operations:
Impairments and other non-cash charges	$ 0	$ 0	$ 0	$ 2,816
Depreciation and amortization			4,872	5,819
Investing activities of discontinued operations:
Capital expenditures			$ 3,645	$ 2,151

Supplemental Disclosures to the Statements of Cash Flows - Supplemental Disclosures of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for:
Income taxes (net of refunds)	$ 9,728	$ 6,008
Interest	$ 4,289	$ 5,976

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		86,497,298
Entity Central Index Key	0000071829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Segment Data

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Data

Following the sale of the Fluids Systems segment in September 2024, we have one reportable segment: Industrial Solutions. Summarized financial information for our reportable segment is shown in the following table:


	Third Quarter				First Nine Months
(In thousands)	2024		2023		2024		2023
Revenues
Industrial Solutions	$	44,207	$	57,262	$	159,965	$	161,193
Total revenues	$	44,207	$	57,262	$	159,965	$	161,193

Operating income (loss) from continuing operations
Industrial Solutions	7,286		14,336		39,614		41,593
Corporate office	(6,052)		(8,063)		(18,907)		(24,730)
Total operating income from continuing operations	$	1,234	$	6,273	$	20,707	$	16,863

Operating results shown above include the following items:


	Third Quarter				First Nine Months
(In thousands)	2024		2023		2024		2023
Severance costs	$	49	$	162	$	742	$	254
Gain on legal settlement	—		—		(550)		—
Gain on insurance recovery	—		—		(67)		—
Total Industrial Solutions	49		162		125		254

Severance costs	64		304		179		1,233
Total Corporate office	64		304		179		1,233

Total	$	113	$	466	$	304	1,487

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


	Third Quarter				First Nine Months
(In thousands)	2024		2023		2024		2023
Rental revenues	$	18,873	$	20,370	$	63,787	$	63,244
Service revenues	13,535		17,695		40,198		51,130
Product sales revenues	11,799		19,197		55,980		46,819
Total Industrial Solutions revenues	$	44,207	$	57,262	$	159,965	$	161,193

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


	Third Quarter				First Nine Months
(In thousands)	2024		2023		2024		2023
United States	$	40,599	$	53,667	$	149,044	$	150,403
United Kingdom	3,608		3,595		10,921		10,790
Total Industrial Solutions revenues	$	44,207	$	57,262	$	159,965	$	161,193

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Financing Arrangements and Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Financing Arrangements and Fair Value of Financial Instruments

Financing arrangements consisted of the following:


	September 30, 2024						December 31, 2023
(In thousands)	Principal Amount		Unamortized Discount and Debt Issuance Costs		Total Debt		Principal Amount		Unamortized Discount and Debt Issuance Costs		Total Debt
Amended ABL Facility	$	—	$	—	$	—	$	45,000	$	—	$	45,000
U.K. credit facility	802		—		802		2,037		—		2,037
Finance leases	8,292		—		8,292		6,599		—		6,599
U.K. term loan	4,681		(19)		4,662		5,793		(49)		5,744
Other debt	209		(2)		207		2,656		(7)		2,649
Total debt	13,984		(21)		13,963		62,085		(56)		62,029
Less: Current portion	(8,476)		19		(8,457)		(6,319)		—		(6,319)
Long-term debt	$	5,508	$	(2)	$	5,506	$	55,766	$	(56)	$	55,710

Asset-Based Loan Facility. In October 2017, we entered into a U.S. asset-based revolving credit agreement, which was amended in March 2019, amended and restated in May 2022, and further amended and restated in September 2024 (the “Amended ABL Facility”). The Amended ABL Facility provides financing of up to $100.0 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). The BSBY rate will be replaced with Term SOFR (Secured Overnight Financing Rate) beginning in November 2024.

As of September 30, 2024, our total availability under the Amended ABL Facility was $58.3 million, with no outstanding borrowings and $2.0 million was used for outstanding letters of credit, resulting in remaining availability of $56.3 million.

Borrowing availability under the Amended ABL Facility is calculated based on eligible U.S. accounts receivable, inventory and composite mats included in the rental fleet, net of reserves and subject to limits on certain of the assets included in the borrowing base calculation. To the extent pledged by the borrowers, the borrowing base calculation also includes the amount of eligible pledged cash. The administrative agent may establish reserves in accordance with the Amended ABL Facility, in part based on appraisals of the asset base, and other limits in its discretion, which could reduce the amounts otherwise available under the Amended ABL Facility.

Under the terms of the Amended ABL Facility, we may elect to borrow at a variable interest rate based on either, (1) the BSBY rate (subject to a floor of zero) or (2) the base rate (subject to a floor of zero), equal to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate of Bank of America, N.A., and (c) BSBY for a one-month interest period plus 1.00%, plus, in each case, an applicable margin per annum. The applicable margin ranges from 1.50% to 2.00% per annum for BSBY borrowings, and 0.50% to 1.00% per annum for base rate borrowings, based on the consolidated leverage ratio (as defined in the Amended ABL Facility) as of the last day of the most recent fiscal quarter. We are also required to pay a commitment fee equal to (i) 0.375% per annum at any time the average daily unused portion of the commitments is greater than 50% and (ii) 0.25% per annum at any time the average daily unused portion of the commitments is less than 50%.

As of September 30, 2024, 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, and the applicable commitment fee on the unused portion of the Amended ABL Facility was 0.375% per annum.

The September 2024 amendment, among other things, (i) released Newpark Drilling Fluids from its obligations as a borrower under the Credit Agreement, (ii) reduced the aggregate commitments under the Credit Agreement from $175 million to $100 million, (iii) reduced the aggregate letter of credit sublimit under the Credit Agreement from $15 million to $10 million, (iv) provided that the financial covenant requiring the Consolidated Leverage Ratio (as defined in the Credit Agreement) to be less than or equal to 4.00 to 1.00 is tested for each fiscal quarter (beginning the fiscal quarter ending June 30, 2024), instead of being tested only when availability under the Credit Agreement is below 40% of the borrowing base, (v) consented to the Sale Transaction and (vi) decreased certain other thresholds proportionally with the decreased commitments under the Credit Agreement. The Amended ABL Facility also requires a minimum fixed charge coverage ratio of 1.00 to 1.00 for the most recently completed four fiscal quarters.

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 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 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 Financing Arrangements. In April 2022, our 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 September 30, 2024, the interest rate for the U.K. facilities was 8.2%. In October 2024, all amounts outstanding under the term loan and revolving credit facility were repaid, and both were terminated.

We also maintain finance leases primarily related to transportation equipment. During the first nine months of 2024, we entered $3.5 million of new finance lease liabilities in exchange for leased assets.

In addition, at September 30, 2024, we had $5.4 million in outstanding letters of credit, performance bonds, and other guarantees for which certain of the letters of credit are collateralized by $0.5 million in restricted cash.

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 September 30, 2024 and December 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 one reportable segment: 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, oil and natural gas exploration and production (“E&P”), pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and United Kingdom. We also sell our manufactured recyclable composite mats to customers around the world, with power transmission being the primary end-market. We previously operated a second reportable segment, Fluids Systems, which we exited in the third quarter of 2024. The Fluids Systems segment provided drilling and completion fluids products and related technical services to customers for oil, natural gas, and geothermal projects primarily in Europe, the Middle East and Africa, and North America, as well as certain countries in Asia Pacific. On September 13, 2024, we completed the sale of the equity interests in one of our subsidiaries which held substantially all of the Company’s Fluids Systems segment (“Sale Transaction”) to SCF Partners, a leading private equity firm serving the global energy industry (the “Purchaser”). The results of operations of the Fluids Systems segment are reported in discontinued operations in the condensed consolidated statements of operations. All results and information in the consolidated financial statements and related notes are presented for our continuing operations and exclude the Fluids Systems segment unless otherwise noted specifically as discontinued operations.
New Accounting Pronouncements	New Accounting Pronouncements Standards Not Yet Adopted Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued new guidance which is intended to improve reportable segment disclosure requirements through enhanced disclosures. The amendments require disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”) as well as other segment items, extend certain annual disclosures to interim periods, clarify the applicability to single reportable segment entities, permit more than one measure of profit or loss to be reported under certain conditions, and require disclosure of the title and position of the CODM. This guidance will be effective for us for the year ending December 31, 2024, and will be applied retrospectively. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures, particularly as we evaluate organizational structure changes following the recent completion of the Sale Transaction. These requirements are not expected to have an impact on our consolidated financial statements, but will result in expanded reportable segment disclosures. Income Taxes: Improvements to Income Tax Disclosures. In December 2023, the FASB issued new guidance which is intended to enhance the transparency and decision usefulness of income tax disclosures. This guidance will be effective for us in the first quarter of 2025. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures. These requirements are not expected to have an impact on our consolidated financial statements, but will impact our income tax disclosures.

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings (Deficit)	Treasury Stock
Beginning balance at Dec. 31, 2022	$ 423,028	$ 1,115	$ 641,266	$ (67,186)	$ 2,489	$ (154,656)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	14,992				14,992
Employee stock options, restricted stock and employee stock purchase plan	(1,730)	2	(7,895)		(6,040)	12,203
Stock-based compensation expense	4,967		4,967
Treasury shares purchased at cost	(26,167)					(26,167)
Foreign currency translation, net of tax	(1,123)			(1,123)
Recognition of Fluids Systems cumulative foreign currency translation losses	0
Ending balance at Sep. 30, 2023	413,967	1,117	638,338	(68,309)	11,441	(168,620)
Beginning balance at Jun. 30, 2023	414,133	1,117	637,435	(64,884)	3,903	(163,438)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	7,670				7,670
Employee stock options, restricted stock and employee stock purchase plan	(62)		(766)		(132)	836
Stock-based compensation expense	1,669		1,669
Treasury shares purchased at cost	(6,018)					(6,018)
Foreign currency translation, net of tax	(3,425)			(3,425)
Recognition of Fluids Systems cumulative foreign currency translation losses	0
Ending balance at Sep. 30, 2023	413,967	1,117	638,338	(68,309)	11,441	(168,620)
Beginning balance at Dec. 31, 2023	415,364	1,117	639,645	(62,839)	10,773	(173,332)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(158,965)				(158,965)
Employee stock options, restricted stock and employee stock purchase plan	(4,092)		(11,599)		31	7,476
Stock-based compensation expense	4,119		4,119
Treasury shares purchased at cost	(45)					(45)
Foreign currency translation, net of tax	604			604
Recognition of Fluids Systems cumulative foreign currency translation losses	59,469			59,469
Ending balance at Sep. 30, 2024	316,454	1,117	632,165	(2,766)	(148,161)	(165,901)
Beginning balance at Jun. 30, 2024	426,609	1,117	631,497	(66,084)	26,137	(166,058)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(174,298)				(174,298)
Employee stock options, restricted stock and employee stock purchase plan	(172)		(329)			157
Stock-based compensation expense	997		997
Foreign currency translation, net of tax	3,849			3,849
Recognition of Fluids Systems cumulative foreign currency translation losses	59,469			59,469
Ending balance at Sep. 30, 2024	$ 316,454	$ 1,117	$ 632,165	$ (2,766)	$ (148,161)	$ (165,901)

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Commitment and Contingencies (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Loss Contingencies [Line Items]
Gain on legal settlement	$ 600
Gain on insurance recovery	874	$ 0
Hurricane
Loss Contingencies [Line Items]
Gain on insurance recovery	$ 100

- Definition

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

+ References + Details

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 6,503	$ 4,232
Finished goods — mats	8,407	14,374
Total inventories	$ 14,910	$ 18,606

Discontinued Operations - Schedule Of Assets And Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 0	$ 37,805
Discontinued Operations, Disposed of by Sale \| Fluids Systems
ASSETS
Cash and cash equivalents		37,805
Receivables		125,639
Inventories		122,473
Prepaid expenses and other current assets		4,404
Property, plant and equipment, net		29,745
Operating lease assets		9,539
Other intangible assets, net		4,653
Deferred tax assets		1,261
Other assets		485
Assets of discontinued operations		336,004
LIABILITIES
Current debt		10,597
Accounts payable		53,742
Accrued liabilities		28,255
Long-term debt, less current portion		2,407
Noncurrent operating lease liabilities		6,691
Deferred tax liabilities		4,610
Other noncurrent liabilities		2,669
Liabilities of discontinued operations		$ 108,971

Discontinued Operations - Schedule Of Loss On Sale Of Business (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 13, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on sale of discontinued operations before income taxes			$ (195,729)	$ 0	$ (195,729)	$ 0
Discontinued Operations, Disposed of by Sale \| Fluids Systems
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds received at closing		$ 70,187
Estimated deferred consideration due from the Purchaser	$ 20,000	20,031
Note receivable due from the Purchaser		5,000
Estimated liabilities due to the Purchaser		(6,991)
Net book value of assets sold		(224,487)
Pre-tax loss on sale excluding cumulative foreign currency translation losses		(136,260)
Recognition of cumulative foreign currency translation losses		(59,469)	(1,529)	959	(894)	56
Loss on sale of discontinued operations before income taxes		$ (195,729)	$ (195,729)	$ 0	$ (195,729)	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 42,907	$ 789
Receivables, net of allowance of $1,265 and $1,223, respectively	54,561	42,818
Inventories	14,910	18,606
Prepaid expenses and other current assets	4,596	4,690
Current assets of discontinued operations	0	290,321
Total current assets	116,974	357,224
Property, plant and equipment, net	179,690	165,544
Operating lease assets	10,481	11,192
Goodwill	47,461	47,283
Other intangible assets, net	10,864	12,461
Deferred tax assets	17,519	1,367
Other assets	6,617	1,582
Noncurrent assets of discontinued operations	0	45,683
Total assets	389,606	642,336
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	8,457	6,319
Accounts payable	19,130	16,345
Accrued liabilities	23,572	21,026
Current liabilities of discontinued operations	0	92,594
Total current liabilities	51,159	136,284
Long-term debt, less current portion	5,506	55,710
Noncurrent operating lease liabilities	9,957	10,713
Deferred tax liabilities	1,209	3,697
Other noncurrent liabilities	5,321	4,191
Noncurrent liabilities of discontinued operations	0	16,377
Total liabilities	73,152	226,972
Commitments and contingencies (Note 10)
Common stock, $0.01 par value (200,000,000 shares authorized and 111,669,464 and 111,669,464 shares issued, respectively)	1,117	1,117
Paid-in capital	632,165	639,645
Accumulated other comprehensive loss	(2,766)	(62,839)
Retained earnings (deficit)	(148,161)	10,773
Treasury stock, at cost (25,172,166 and 26,471,738 shares, respectively)	(165,901)	(173,332)
Total stockholders’ equity	316,454	415,364
Total liabilities and stockholders’ equity	$ 389,606	$ 642,336

Receivables - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 13, 2024
Discontinued Operations, Disposed of by Sale \| Fluids Systems
Accounts, Notes, Loans and Financing Receivable [Line Items]
Estimated deferred consideration due from the Purchaser	$ 20,000	$ 20,031

Earnings Per Share - Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Income from continuing operations	$ 14,869	$ 2,680	$ 27,551	$ 8,981
Income (loss) from discontinued operations	(189,167)	4,990	(186,516)	6,011
Net income (loss)	$ (174,298)	$ 7,670	$ (158,965)	$ 14,992
Denominator
Weighted average common shares outstanding - basic (in shares)	86,377	86,310	85,619	86,873
Dilutive effect of stock options and restricted stock awards (in shares)	1,113	1,724	1,834	1,810
Weighted average common shares outstanding - diluted (in shares)	87,490	88,034	87,453	88,683
Income (loss) per common share - basic:
Income from continuing operations- basic (in dollars per share)	$ 0.17	$ 0.03	$ 0.32	$ 0.10
Income (loss) from discontinued operations- basic (in dollars per share)	(2.19)	0.06	(2.18)	0.07
Net income (loss), basic (in dollars per share)	(2.02)	0.09	(1.86)	0.17
Income (loss) per common share - diluted:
Income from continuing operations-diluted (in dollars per share)	0.17	0.03	0.32	0.10
Income (loss) from discontinued operations-diluted (in dollars per share)	(2.16)	0.06	(2.13)	0.07
Net income (loss), diluted (in dollars per share)	$ (1.99)	$ 0.09	$ (1.82)	$ 0.17

Financing Arrangements and Fair Value of Financial Instruments - Schedule of Financing Arrangements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Amount	$ 13,984	$ 62,085
Unamortized Discount and Debt Issuance Costs	(21)	(56)
Total Debt	13,963	62,029
Less: Current portion
Principal Amount	(8,476)	(6,319)
Unamortized Discount and Debt Issuance Costs	19	0
Total Debt	(8,457)	(6,319)
Long-term debt
Principal Amount	5,508	55,766
Unamortized Discount and Debt Issuance Costs	(2)	(56)
Total Debt	5,506	55,710
Finance leases
Debt Instrument [Line Items]
Principal Amount	8,292	6,599
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	8,292	6,599
Other debt
Debt Instrument [Line Items]
Principal Amount	209	2,656
Unamortized Discount and Debt Issuance Costs	(2)	(7)
Total Debt	207	2,649
Revolving credit facility \| Amended ABL Facility
Debt Instrument [Line Items]
Principal Amount	0	45,000
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	0	45,000
Revolving credit facility \| U.K. credit facility
Debt Instrument [Line Items]
Principal Amount	802	2,037
Unamortized Discount and Debt Issuance Costs	0	0
Total Debt	802	2,037
Revolving credit facility \| U.K. term loan
Debt Instrument [Line Items]
Principal Amount	4,681	5,793
Unamortized Discount and Debt Issuance Costs	(19)	(49)
Total Debt	$ 4,662	$ 5,744

Stock-Based and Other Long-Term Incentive Compensation	9 Months Ended
Stock-Based and Other Long-Term Incentive Compensation	Sep. 30, 2024
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 2024, 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 0.7 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 0.1 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 $7.68 per share for the restricted stock units and $7.76 per share for the restricted stock awards. As a result of the Sale Transaction, 0.6 million of unvested restricted stock units previously granted to former Fluids Systems employees were forfeited on September 13, 2024. At September 30, 2024, 3.3 million shares remained available for award under the 2015 Plan and 0.4 million shares remained available for award under the 2014 Director Plan. Also during the second quarter of 2024, the Compensation Committee approved the issuance of performance-based cash awards to certain executive officers with an aggregate target value of $2.6 million, of which $2.3 million was outstanding as of September 30, 2024. Of the $2.3 million outstanding, $1.6 million will be settled based on the relative ranking of the Company’s total shareholder return (“TSR”) as compared to the TSR of a designated peer group and $0.7 million will be settled based on the Company’s consolidated return on net capital employed (“RONCE”), each measured over a three-year performance period. The cash payout for each executive ranges from 0% to 200% of target. TSR performance for the 2024 grants will be determined based upon the Company’s and peer group’s average closing share price for the 30 calendar day period ending May 31, 2027, adjusted for dividends, as compared to the 30 calendar day period ending May 31, 2024. RONCE performance for the 2024 grants will be determined based upon the Company’s average three-year RONCE performance for the fiscal years ending December 31, 2024, 2025 and 2026. 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 TSR performance-based cash awards is remeasured each period using a Monte-Carlo valuation model with changes in fair value recognized in the consolidated statements of operations.

Segment Data - Operating Results for Reportable Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			1
Revenues
Total revenues	$ 44,207	$ 57,262	$ 159,965	$ 161,193
Operating income (loss) from continuing operations
Total operating income from continuing operations	1,234	6,273	20,707	16,863
Industrial Solutions
Revenues
Total revenues	44,207	57,262	159,965	161,193
Industrial Solutions \| Industrial Solutions
Revenues
Total revenues	44,207	57,262	159,965	161,193
Operating income (loss) from continuing operations
Total operating income from continuing operations	7,286	14,336	39,614	41,593
Corporate office
Operating income (loss) from continuing operations
Total operating income from continuing operations	$ (6,052)	$ (8,063)	$ (18,907)	$ (24,730)

- Definition

+ References

+ Details

Receivables (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Receivables

Receivables consisted of the following:


(In thousands)	September 30, 2024		December 31, 2023
Trade receivables:
Gross trade receivables	$	32,961	$	42,123
Allowance for credit losses	(1,265)		(1,223)
Net trade receivables	31,696		40,900
Income tax receivables	1,557		705
Other receivables	21,308		1,213
Total receivables, net	$	54,561	$	42,818

Schedule of Changes in Allowance for Credit Losses

Changes in our allowance for credit losses were as follows:


	First Nine Months
(In thousands)	2024		2023
Balance at beginning of period	$	1,223	$	1,193
Credit loss expense	80		209
Write-offs, net of recoveries	(38)		(83)
Balance at end of period	$	1,265	$	1,319

Earnings Per Share - Weighted-average Potential Shares Excluded from Diluted Net Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Stock options and restricted stock awards (in shares)	330	539	399	868

Repurchase Program (Details) - USD ($)	3 Months Ended	9 Months Ended
Repurchase Program (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 28, 2024
Equity, Class of Treasury Stock [Line Items]
Treasury shares purchased at cost	$ 6,018,000	$ 45,000	$ 26,167,000
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		$ 50,000,000.0
Shares repurchased (in shares)		0	5,600,000
Treasury shares purchased at cost			$ 26,200,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (158,965)	$ 14,992
Adjustments to reconcile net income (loss) to net cash provided by operations:
Loss on divestitures	195,729	0
Impairments and other non-cash charges	0	2,816
Depreciation and amortization	21,804	23,507
Stock-based compensation expense	4,119	4,967
Provision for deferred income taxes	(22,290)	(1,031)
Credit loss expense	998	827
Gain on sale of assets	(2,412)	(2,176)
Gain on insurance recovery	(874)	0
Amortization of original issue discount and debt issuance costs	885	409
Change in assets and liabilities:
(Increase) decrease in receivables	(13,734)	33,917
(Increase) decrease in inventories	9,481	(2,160)
Increase in other assets	(1,027)	(2,133)
Increase (decrease) in accounts payable	12,498	(11,179)
Increase (decrease) in accrued liabilities and other	(3,916)	1,086
Net cash provided by operating activities	42,296	63,842
Cash flows from investing activities:
Capital expenditures	(29,940)	(20,134)
Proceeds from divestitures, net of cash disposed	48,499	19,355
Proceeds from sale of property, plant and equipment	3,188	2,952
Proceeds from insurance property claim	1,385	0
Net cash provided by investing activities	23,132	2,173
Cash flows from financing activities:
Borrowings on lines of credit	177,541	198,486
Payments on lines of credit	(224,292)	(229,657)
Debt issuance costs	(50)	0
Purchases of treasury stock	(4,504)	(28,226)
Proceeds from employee stock plans	17	179
Other financing activities	(9,538)	(2,950)
Net cash used in financing activities	(60,826)	(62,168)
Effect of exchange rate changes on cash	(119)	(504)
Net increase in cash, cash equivalents, and restricted cash	4,483	3,343
Cash, cash equivalents, and restricted cash at beginning of period	38,901	25,061
Cash, cash equivalents, and restricted cash at end of period	$ 43,384	$ 28,404

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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

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


	Third Quarter				First Nine Months
(In thousands, except per share data)	2024		2023		2024		2023
Numerator
Income from continuing operations	$	14,869	$	2,680	$	27,551	$	8,981
Income (loss) from discontinued operations	(189,167)		4,990		(186,516)		6,011
Net income (loss)	$	(174,298)	$	7,670	$	(158,965)	$	14,992

Denominator
Weighted average common shares outstanding - basic	86,377		86,310		85,619		86,873
Dilutive effect of stock options and restricted stock awards	1,113		1,724		1,834		1,810
Weighted average common shares outstanding - diluted	87,490		88,034		87,453		88,683

Income (loss) per common share - basic:
Income from continuing operations	$	0.17	$	0.03	$	0.32	$	0.10
Income (loss) from discontinued operations	(2.19)		0.06		(2.18)		0.07
Net income (loss)	$	(2.02)	$	0.09	$	(1.86)	$	0.17

Income (loss) per common share - diluted:
Income from continuing operations	$	0.17	$	0.03	$	0.32	$	0.10
Income (loss) from discontinued operations	(2.16)		0.06		(2.13)		0.07
Net income (loss)	$	(1.99)	$	0.09	$	(1.82)	$	0.17

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

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


	Third Quarter		First Nine Months
(In thousands)	2024	2023	2024	2023
Stock options and restricted stock awards	330	539	399	868

Supplemental Disclosures to the Statements of Cash Flows

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures to the Statements of Cash Flows

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


	First Nine Months
(In thousands)	2024		2023
Cash paid for:
Income taxes (net of refunds)	$	9,728	$	6,008
Interest	$	4,289	$	5,976

The amounts above include payments for our former Fluids Systems segment, as we elected not to adjust the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 to exclude cash flows attributable to discontinued operations.

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


(In thousands)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	42,907	$	789
Cash and cash equivalents included in assets from discontinued operations	—		37,805
Restricted cash included in assets from discontinued operations	—		291
Restricted cash (included in prepaid expenses and other current assets)	477		16
Cash, cash equivalents, and restricted cash	$	43,384	$	38,901

Supplemental Disclosures to the Statements of Cash Flows (Tables)

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Disclosures of Cash flows

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


	First Nine Months
(In thousands)	2024		2023
Cash paid for:
Income taxes (net of refunds)	$	9,728	$	6,008
Interest	$	4,289	$	5,976

Schedule of Cash, Cash Equivalents and Restricted Cash

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


(In thousands)	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	42,907	$	789
Cash and cash equivalents included in assets from discontinued operations	—		37,805
Restricted cash included in assets from discontinued operations	—		291
Restricted cash (included in prepaid expenses and other current assets)	477		16
Cash, cash equivalents, and restricted cash	$	43,384	$	38,901

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (174,298)	$ 7,670	$ (158,965)	$ 14,992
Foreign currency translation adjustments, net of tax benefit (expense) of $0, $121, $111, $3	3,849	(3,425)	604	(1,123)
Recognition of Fluids Systems cumulative foreign currency translation losses	59,469	0	59,469	0
Comprehensive income (loss)	$ (110,980)	$ 4,245	$ (98,892)	$ 13,869

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Discontinued Operations

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Sale of Fluids Systems Business

In June 2023, we initiated a review of strategic alternatives for the long-term positioning of the Fluids Systems business, and in September 2023, we launched a formal sale process for substantially all the Fluids Systems business as part of this strategic review. On September 13, 2024, we completed the sale of the equity interests in one of our subsidiaries which held substantially all of the Company’s Fluids Systems segment to the Purchaser.

Under the terms of the Sale Transaction agreement, the base sale price of the business was $127.5 million, preliminarily adjusted by $43 million to reflect lower estimated working capital conveyed at closing as compared to the average 2023 net working capital balance, accrued taxes and certain other liabilities, and $10 million of outstanding debt. Initial net consideration of the Sale Transaction was $56 million, which reflects $70 million of cash proceeds received at closing, net of the estimated $19 million of foreign cash conveyed with the business, along with a $5 million interest-bearing note receivable. The final purchase price remains subject to customary adjustments based upon final working capital, accrued taxes and certain other liabilities, debt, and cash conveyed at closing. As of September 30, 2024, approximately $18 million of net assets is included within the consolidated balance sheet, reflecting deferred consideration and note receivable due from the Purchaser net of estimated liabilities due to the Purchaser. Further, under the terms for the Sale Transaction agreement, we are required to provide certain transition support services to Fluids Systems for a period of up to one year. Aside from these transition service obligations, there are no continuing involvement with the Fluids Systems business.

In connection with the Sale Transaction, we recognized an estimated pre-tax loss on sale of $195.7 million in the third quarter of 2024, which includes a $59.5 million non-cash charge for the reclassification of cumulative foreign currency translation losses related to Fluids Systems.

The loss on sale consisted of the following (in thousands):


Cash proceeds received at closing	$	70,187
Estimated deferred consideration due from the Purchaser	20,031
Note receivable due from the Purchaser	5,000
Estimated liabilities due to the Purchaser	(6,991)
Net book value of assets sold	(224,487)
	(136,260)
Recognition of cumulative foreign currency translation losses	(59,469)
Loss on sale of discontinued operations before income taxes	$	(195,729)

Proceeds from the sale, net of cash disposed consisted of the following (in thousands):


Cash proceeds received at closing	$	70,187
Cash conveyed to the Purchaser at closing	(21,688)
Proceeds from divestiture, net of cash disposed	$	48,499

Estimated deferred consideration due from the Purchaser is related to the estimated working capital delivered at closing, which is expected to be finalized and collected by the end of 2024 or early 2025, as well as certain pre-closing tax assets and other receivables which are expected to be realized in 2025. The note receivable due from the Purchaser matures in March 2030 and bears interest at a rate of 12.5% per year. Deferred consideration due from the Purchaser is included in other receivables and the note receivable due from the Purchaser is included in other noncurrent assets in the consolidated balance sheet.

Estimated liabilities due to the Purchaser includes certain payables for pre-closing tax liabilities and obligations attributable to the Fluids Systems business expected to be substantially settled in 2025, as well as an estimated liability for contractual indemnifications related to various pre-closing contingencies of the Fluids Systems business. Liabilities due to the

Purchaser are included in accrued liabilities and other noncurrent liabilities in the consolidated balance sheet. Our estimates for the fair value of deferred consideration due from the Purchaser and liabilities due to the Purchaser may change and any income or expense associated with such changes will be presented in discontinued operations.

The criteria for discontinued operations presentation were met during the third quarter of 2024, and consequently, the results of the former Fluids Systems segment are reported as income (loss) from discontinued operations within the consolidated statements of operations for all periods presented, and its historical assets and liabilities are presented in our condensed consolidated balance sheets as assets and liabilities of discontinued operations. We elected not to adjust the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 to exclude cash flows attributable to discontinued operations. Accordingly, we have disclosed the depreciation, capital expenditures and significant operating and investing non-cash items related to discontinued operations below.

Discontinued operations reflect the results of operations attributable to our Fluids Systems segment which were included in the Company’s historical financial statements. In addition, the income (loss) from discontinued operations includes direct operating expenses incurred that (1) are clearly identifiable as costs of the component being disposed of and (2) will not continue to be recognized on an ongoing basis. Discontinued operations also reflects the allocation of interest expense on corporate debt, based on the ratio of net assets sold to the sum of consolidated net assets as adjusted for debt that was assumed by the Purchaser or directly attributable to other operations. Such interest expense allocated to discontinued operations totaled $0.5 million and $1.4 million for the three months and nine months ended September 30, 2024, respectively, and $0.6 million and $1.9 million for the three months and nine months ended September 30, 2023, respectively.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2024		2023		2024		2023
Revenues	$	102,944	$	141,236	$	335,302	$	420,591
Cost of revenues	89,102		121,531		290,482		369,513
Selling, general and administrative expenses	11,273		12,911		37,668		36,973
Other operating income, net	(345)		(180)		(1,447)		(1,116)
Impairments and other charges	—		—		—		2,816
Operating income from discontinued operations	2,914		6,974		8,599		12,405

Foreign currency exchange (gain) loss	1,529		(959)		894		(56)
Interest expense, net	756		1,010		2,633		3,108
Income from discontinued operations before income taxes	629		6,923		5,072		9,353

Loss on sale of discontinued operations before income taxes	(195,729)		—		(195,729)		—
Provision (benefit) for income taxes from discontinued operations	(5,933)		1,933		(4,141)		3,342
Income (loss) from discontinued operations	$	(189,167)	$	4,990	$	(186,516)	$	6,011

Operating results from discontinued operations shown above include the following items:


	Third Quarter				First Nine Months
(In thousands)	2024		2023		2024		2023
Fluids Systems sale process transaction expenses	$	4,026	$	—	$	8,141	$	—
Impairments and other charges	—		—		—		2,816
Gain on insurance recovery	—		—		(807)		—
Facility exit costs and other, net	—		358		741		4,594
Severance costs	43		40		594		1,143
Total Fluids Systems	$	4,069	$	398	$	8,669	$	8,553


(In thousands, except share data)	December 31, 2023
ASSETS
Cash and cash equivalents	$	37,805
Receivables	125,639
Inventories	122,473
Prepaid expenses and other current assets	4,404
Property, plant and equipment, net	29,745
Operating lease assets	9,539
Other intangible assets, net	4,653
Deferred tax assets	1,261
Other assets	485
Assets of discontinued operations	$	336,004

LIABILITIES
Current debt	$	10,597
Accounts payable	53,742
Accrued liabilities	28,255
Long-term debt, less current portion	2,407
Noncurrent operating lease liabilities	6,691
Deferred tax liabilities	4,610
Other noncurrent liabilities	2,669
Liabilities of discontinued operations	$	108,971

For the nine months ended September 30, 2024 and 2023, significant operating and investing items related to the former Fluids Systems segment were as follows:


	Nine Months Ended September 30,
(In thousands)	2024		2023
Operating activities of discontinued operations:
Impairments and other non-cash charges	$	—	$	2,816
Depreciation and amortization	4,872		5,819

Investing activities of discontinued operations:
Capital expenditures	3,645		2,151

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe benefit for income taxes from continuing operations was $9.6 million for the first nine months of 2024 compared to a provision for income taxes of $4.9 million for the first nine months of 2023. The third quarter of 2024 includes a $14.6 million benefit primarily related to the release of valuation allowances on U.S. net operating losses and tax credit carryforwards that are now expected to be realized following the sale of the Fluids Systems business.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

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


	Third Quarter				First Nine Months
(In thousands, except per share data)	2024		2023		2024		2023
Numerator
Income from continuing operations	$	14,869	$	2,680	$	27,551	$	8,981
Income (loss) from discontinued operations	(189,167)		4,990		(186,516)		6,011
Net income (loss)	$	(174,298)	$	7,670	$	(158,965)	$	14,992

Denominator
Weighted average common shares outstanding - basic	86,377		86,310		85,619		86,873
Dilutive effect of stock options and restricted stock awards	1,113		1,724		1,834		1,810
Weighted average common shares outstanding - diluted	87,490		88,034		87,453		88,683

Income (loss) per common share - basic:
Income from continuing operations	$	0.17	$	0.03	$	0.32	$	0.10
Income (loss) from discontinued operations	(2.19)		0.06		(2.18)		0.07
Net income (loss)	$	(2.02)	$	0.09	$	(1.86)	$	0.17

Income (loss) per common share - diluted:
Income from continuing operations	$	0.17	$	0.03	$	0.32	$	0.10
Income (loss) from discontinued operations	(2.16)		0.06		(2.13)		0.07
Net income (loss)	$	(1.99)	$	0.09	$	(1.82)	$	0.17


	Third Quarter		First Nine Months
(In thousands)	2024	2023	2024	2023
Stock options and restricted stock awards	330	539	399	868