Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-02960 | |
Entity Registrant Name | Newpark Resources, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 72-1123385 | |
Entity Address, Address Line One | 9320 Lakeside Boulevard, | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | The Woodlands, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77381 | |
City Area Code | 281 | |
Local Phone Number | 362-6800 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | NR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 92,353,104 | |
Entity Central Index Key | 0000071829 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY) | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 21,307 | $ 24,088 |
Receivables, net | 187,609 | 194,296 |
Inventories | 169,968 | 155,341 |
Prepaid expenses and other current assets | 14,305 | 14,787 |
Total current assets | 393,189 | 388,512 |
Property, plant and equipment, net | 257,980 | 260,256 |
Operating lease assets | 26,305 | 27,569 |
Goodwill | 47,411 | 47,283 |
Other intangible assets, net | 23,407 | 24,959 |
Deferred tax assets | 2,260 | 2,316 |
Other assets | 1,834 | 1,991 |
Total assets | 752,386 | 752,886 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current debt | 20,767 | 19,210 |
Accounts payable | 95,309 | 84,585 |
Accrued liabilities | 37,302 | 46,597 |
Total current liabilities | 153,378 | 150,392 |
Long-term debt, less current portion | 95,475 | 95,593 |
Noncurrent operating lease liabilities | 21,431 | 22,352 |
Deferred tax liabilities | 6,370 | 11,819 |
Other noncurrent liabilities | 10,589 | 10,344 |
Total liabilities | 287,243 | 290,500 |
Commitments and contingencies (Note 8) | ||
Common stock, $0.01 par value (200,000,000 shares authorized and 109,335,733 and 109,330,733 shares issued, respectively) | 1,093 | 1,093 |
Paid-in capital | 636,397 | 634,929 |
Accumulated other comprehensive loss | (62,708) | (61,480) |
Retained earnings | 26,866 | 24,345 |
Treasury stock, at cost (16,982,629 and 16,981,147 shares, respectively) | (136,505) | (136,501) |
Total stockholders’ equity | 465,143 | 462,386 |
Total liabilities and stockholders’ equity | $ 752,386 | $ 752,886 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 109,335,733 | 109,330,733 |
Treasury stock, shares (in shares) | 16,982,629 | 16,981,147 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 176,438 | $ 141,172 |
Cost of revenues | 150,988 | 119,991 |
Selling, general and administrative expenses | 24,433 | 20,911 |
Other operating (income) loss, net | 50 | (274) |
Operating income | 967 | 544 |
Foreign currency exchange (gain) loss | 64 | (332) |
Interest expense, net | 1,206 | 2,408 |
Loss on extinguishment of debt | 0 | 790 |
Loss before income taxes | (303) | (2,322) |
Provision (benefit) for income taxes | (2,824) | 3,040 |
Net income (loss) | $ 2,521 | $ (5,362) |
Net income (loss) per common share - basic (in dollars per share) | $ 0.03 | $ (0.06) |
Net income (loss) per common share - diluted (in dollars per share) | $ 0.03 | $ (0.06) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 2,521 | $ (5,362) |
Foreign currency translation adjustments (net of tax benefit of $99 and $276) | (1,228) | (3,284) |
Comprehensive income (loss) | $ 1,293 | $ (8,646) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, tax benefit | $ 99 | $ 276 |
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, 2020 | $ 488,032 | $ 1,076 | $ 627,031 | $ (54,172) | $ 50,937 | $ (136,840) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (5,362) | (5,362) | ||||
Employee stock options, restricted stock and employee stock purchase plan | 257 | 1 | 242 | (21) | 35 | |
Stock-based compensation expense | 1,279 | 1,279 | ||||
Foreign currency translation, net of tax | (3,284) | (3,284) | ||||
Ending balance at Mar. 31, 2021 | 480,922 | 1,077 | 628,552 | (57,456) | 45,554 | (136,805) |
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) | 2,521 | 2,521 | ||||
Employee stock options, restricted stock and employee stock purchase plan | (4) | (4) | ||||
Stock-based compensation expense | 1,468 | 1,468 | ||||
Foreign currency translation, net of tax | (1,228) | (1,228) | ||||
Ending balance at Mar. 31, 2022 | $ 465,143 | $ 1,093 | $ 636,397 | $ (62,708) | $ 26,866 | $ (136,505) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 2,521 | $ (5,362) |
Adjustments to reconcile net income (loss) to net cash provided by operations: | ||
Depreciation and amortization | 10,452 | 10,830 |
Stock-based compensation expense | 1,468 | 1,279 |
Provision for deferred income taxes | (5,202) | 1,569 |
Credit loss expense | 185 | 50 |
Gain on sale of assets | (1,606) | (3,283) |
Loss on extinguishment of debt | 0 | 790 |
Amortization of original issue discount and debt issuance costs | 178 | 1,082 |
Change in assets and liabilities: | ||
Decrease in receivables | 5,795 | 2,414 |
(Increase) decrease in inventories | (14,812) | 6,694 |
Decrease in other assets | 17 | 1,275 |
Increase in accounts payable | 11,246 | 11,437 |
Decrease in accrued liabilities and other | (7,452) | (1,002) |
Net cash provided by operating activities | 2,790 | 27,773 |
Cash flows from investing activities: | ||
Capital expenditures | (7,621) | (8,649) |
Proceeds from sale of property, plant and equipment | 575 | 8,027 |
Net cash used in investing activities | (7,046) | (622) |
Cash flows from financing activities: | ||
Borrowings on lines of credit | 69,188 | 51,922 |
Payments on lines of credit | (65,202) | (56,922) |
Purchases of Convertible Notes | 0 | (18,107) |
Proceeds from term loan | 0 | 8,258 |
Debt issuance costs | 0 | (196) |
Purchases of treasury stock | (4) | (6) |
Other financing activities | (2,711) | (1,561) |
Net cash provided by (used in) financing activities | 1,271 | (16,612) |
Effect of exchange rate changes on cash | (376) | (882) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (3,361) | 9,657 |
Cash, cash equivalents, and restricted cash at beginning of period | 29,489 | 30,348 |
Cash, cash equivalents, and restricted cash at end of period | $ 26,128 | $ 40,005 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Newpark Resources, Inc. is a geographically diversified supplier providing environmentally-sensitive products, as well as rentals and services to customers across multiple industries. The accompanying unaudited condensed consolidated financial statements of Newpark Resources, Inc. and our wholly-owned subsidiaries, which we collectively refer to as the “Company,” “we,” “our,” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission (“SEC”), and do not include all information and footnotes required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. Our fiscal year end is December 31 and our first quarter represents the three-month period ended March 31. The results of operations for the first quarter of 2022 are not necessarily indicative of the results to be expected for the entire year. Unless otherwise noted, all currency amounts are stated in U.S. dollars. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of March 31, 2022 and our results of operations and cash flows for the first quarter of 2022 and 2021. All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2021 is derived from the audited consolidated financial statements at that date. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2021. We operate our business through two reportable segments: Fluids Systems and Industrial Solutions. Our Fluids Systems segment provides customized drilling, completion, and stimulation fluids products and related technical services to oil and natural gas exploration and production (“E&P”) customers primarily in North America and Europe, the Middle East and Africa (“EMEA”), as well as certain countries in Asia Pacific and Latin America. We also have industrial mineral grinding operations for barite, a critical raw material in drilling fluids systems, which serve to support our activities in certain regions within the U.S. drilling fluids market and also sell the products to third party users, including other drilling fluids companies. In addition, we sell a variety of other minerals, principally to third-party industrial (non-oil and natural gas) markets. Our Industrial Solutions segment includes our Site and Access Solutions business, along with our Industrial Blending operations. Site and Access Solutions provides temporary worksite access, including the rental of our manufactured recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. We also sell our manufactured recyclable composite mats to customers around the world, with power transmission being the primary end-market. In February 2022, our management recommended, and our Board of Directors approved a plan to exit our Industrial Blending operations and explore strategic options for our U.S. mineral grinding business. See Note 10 for further information. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents the reconciliation of the numerator and denominator for calculating net income (loss) per share: First Quarter (In thousands, except per share data) 2022 2021 Numerator Net income (loss) - basic and diluted $ 2,521 $ (5,362) Denominator Weighted average common shares outstanding - basic 92,118 90,701 Dilutive effect of stock options and restricted stock awards 1,821 — Weighted average common shares outstanding - diluted 93,939 90,701 Net income (loss) per common share Basic $ 0.03 $ (0.06) Diluted $ 0.03 $ (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: First Quarter (In thousands) 2022 2021 Stock options and restricted stock awards 1,867 5,299 |
Repurchase Program
Repurchase Program | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Repurchase Program | Repurchase ProgramOur repurchase program remains available for repurchases of our common stock. The repurchase program has no specific term. Repurchases are expected to be funded from operating cash flows, available cash on hand, and borrowings under our Amended ABL Facility (as defined in Note 6). As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. As of March 31, 2022, we had $23.8 million remaining under the program.There were no shares of common stock repurchased under the repurchase program during the first quarter of 2022 or 2021. During the first quarter of 2021, we repurchased $18.3 million of our Convertible Notes in the open market under the repurchase program for a total cost of $18.1 million. |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consisted of the following: (In thousands) March 31, 2022 December 31, 2021 Trade receivables: Gross trade receivables $ 179,016 $ 185,065 Allowance for credit losses (4,456) (4,587) Net trade receivables 174,560 180,478 Income tax receivables 3,322 4,167 Other receivables 9,727 9,651 Total receivables, net $ 187,609 $ 194,296 Other receivables included $6.0 million and $5.7 million for value added, goods and service taxes related to foreign jurisdictions as of March 31, 2022 and December 31, 2021, respectively. In addition, other receivables included an insurance receivable balance resulting from a property insurance claim caused by Hurricane Ida in August 2021 of $2.9 million and $1.9 million as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, the claims related to the hurricane under our property and business interruption insurance programs have not been finalized. Changes in our allowance for credit losses were as follows: First Quarter (In thousands) 2022 2021 Balance at beginning of period $ 4,587 $ 5,024 Credit loss expense 185 50 Write-offs, net of recoveries (316) (356) Balance at end of period $ 4,456 $ 4,718 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: (In thousands) March 31, 2022 December 31, 2021 Raw materials: Fluids Systems $ 128,267 $ 119,242 Industrial Solutions 4,757 4,939 Total raw materials 133,024 124,181 Blended fluids systems components 29,894 27,793 Finished goods - mats 7,050 3,367 Total inventories $ 169,968 $ 155,341 Raw materials for the Fluids Systems segment consist primarily of barite, chemicals, and other additives that are consumed in the production of our fluids systems. Raw materials for the Industrial Solutions segment consist primarily of resins, chemicals, and other materials used to manufacture composite mats, as well as materials that are consumed in providing spill containment and other services to our customers. Our blended fluids systems components consist of base fluids systems that have been either mixed internally at our blending facilities or purchased from third-party vendors. These base fluids systems require raw materials to be added, as needed to meet specified customer requirements. The increase in inventories in the first quarter of 2022 was primarily attributable to a combination of activity-driven increases, purchases supporting the start-up of new international contracts in the Fluids Systems segment, the production of mats in the Industrial Solutions segment for anticipated sales in the second quarter of 2022, as well as raw material cost inflation. |
Financing Arrangements and Fair
Financing Arrangements and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Financing Arrangements and Fair Value of Financial Instruments | Financing Arrangements and Fair Value of Financial Instruments Financing arrangements consisted of the following: March 31, 2022 December 31, 2021 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt ABL Facility $ 87,900 $ — $ 87,900 $ 86,500 $ — $ 86,500 Term loan 5,443 (89) 5,354 6,094 (110) 5,984 Financing obligations 5,838 (66) 5,772 6,688 (78) 6,610 Other debt 17,216 — 17,216 15,709 — 15,709 Total debt 116,397 (155) 116,242 114,991 (188) 114,803 Less: Current portion (20,767) — (20,767) (19,210) — (19,210) Long-term debt $ 95,630 $ (155) $ 95,475 $ 95,781 $ (188) $ 95,593 Convertible Notes. In December 2016, we issued $100.0 million of unsecured convertible senior notes (“Convertible Notes”) which bore interest at a rate of 4.0% per year and matured in December 2021. A total of $38.6 million of our Convertible Notes were repaid at maturity. During the first quarter of 2021, we repurchased $18.3 million of our Convertible Notes in the open market for a total cost of $18.1 million, and recognized a net loss of $0.8 million reflecting the difference in the amount paid and the net carrying value of the extinguished debt, including original issue discount and debt issuance costs. Asset-Based Loan Facility. In October 2017, we entered into an asset-based revolving credit agreement, which was amended in March 2019 (the “ABL Facility”). As of March 31, 2022, the ABL Facility provided financing of up to $200.0 million available for borrowings (inclusive of letters of credit) and could be increased up to a maximum capacity of $275.0 million, subject to certain conditions. The ABL Facility was scheduled to terminate in March 2024. As of March 31, 2022, our total availability under the ABL Facility was $116.0 million, of which $87.9 million was drawn and $1.1 million was used for outstanding letters of credit, resulting in remaining availability of $27.0 million. As of March 31, 2022, the weighted average interest rate for the ABL Facility was 1.9% and the applicable commitment fee on the unused portion of the ABL Facility was 0.375% per annum. In May 2022, we amended and restated the ABL Facility (the “Amended ABL Facility”). The Amended ABL Facility provides financing of up to $175.0 million available for borrowings (inclusive of letters of credit), which can be increased up to $250.0 million, subject to certain conditions. The Amended ABL Facility has a five-year term expiring May 2027, expands available borrowing capacity associated with the Industrial Solutions rental mat fleet, replaces the LIBOR-based pricing grid with a BSBY-based 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 May 2, 2022, after giving effect to the Amended ABL Facility, our total availability under the Amended ABL Facility was $133.5 million, of which $94.1 million was drawn and $1.1 million was used for outstanding letters of credit, resulting in remaining availability of $38.4 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 Bloomberg Short-Term Bank Yield Index (“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. The Company is 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 less than 50% and (ii) 0.25% per annum at any time the average daily unused portion of the commitments is greater than 50%. The Amended ABL Facility is a senior secured obligation of the Company and certain of our U.S. subsidiaries constituting borrowers thereunder, secured by a first priority lien on substantially all of the personal property and certain real property of the borrowers, including a first priority lien on certain equity interests of direct or indirect domestic subsidiaries of the borrowers and certain equity interests issued by certain foreign subsidiaries of the borrowers. The Amended ABL Facility contains customary representations, warranties and covenants that, among other things, and subject to certain specified circumstances and exceptions, restrict or limit the ability of the borrowers and certain of their subsidiaries to incur indebtedness (including guarantees), grant liens, make investments, pay dividends or distributions with respect to capital stock and make other restricted payments, make prepayments on certain indebtedness, engage in mergers or other fundamental changes, dispose of property, and change the nature of their business. The Amended ABL Facility requires compliance with the following financial covenants: (i) a minimum fixed charge coverage ratio of 1.00 to 1.00 for the most recently completed four fiscal quarters and (ii) while a leverage covenant trigger period (as defined in the Amended ABL Facility) is in effect, a maximum consolidated leverage ratio of 4.00 to 1.00 as of the last day of the most recently completed fiscal quarter. The Amended ABL Facility includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of security interests or invalidity of loan documents, certain ERISA events, unsatisfied or unstayed judgments and change of control. Other Debt. In August 2021, we completed sale-leaseback transactions related to certain vehicles and other equipment for net proceeds of approximately $7.9 million. The transactions have been accounted for as financing arrangements as they did not qualify for sale accounting. As a result, the vehicles and other equipment continue to be reflected on our balance sheet in property, plant and equipment, net. The financing arrangements have a weighted average annual interest rate of 5.4% and are payable in monthly installments with varying maturities through October 2025. We had $5.8 million in financing obligations outstanding under these arrangements at March 31, 2022. In February 2021, a U.K. subsidiary entered a £6.0 million (approximately $8.3 million) term loan facility that was scheduled to mature in February 2024. Effective January 1, 2022, the term loan had an interest at a rate of SONIA plus a margin of 3.5% per year. The term loan was payable in quarterly installments of £375,000 plus interest beginning March 2021 and a £1.5 million payment due at maturity. We had $5.4 million outstanding under this arrangement at March 31, 2022. In April 2022, this facility was amended to increase the term loan to £7.0 million (approximately $9.1 million) and add a £2.0 million (approximately $2.6 million) revolving credit facility. Both the amended term loan and revolving credit facility mature in April 2025 and bear interest at a rate of SONIA plus a margin of 3.25% per year. The term loan is payable in quarterly installments of £350,000 plus interest beginning June 2022 and a £2.8 million payment due at maturity. We had $11.2 million outstanding under these arrangements at May 2, 2022. Certain of our foreign subsidiaries maintain local credit arrangements consisting primarily of lines of credit or overdraft facilities which are generally renewed on an annual basis. We utilize local financing arrangements in our foreign operations in order to provide short-term local liquidity needs. We had $14.5 million and $11.8 million outstanding under these arrangements at March 31, 2022 and December 31, 2021, respectively. In addition, at March 31, 2022, we had $47.0 million in outstanding letters of credit, performance bonds, and other guarantees for which certain of the letters of credit are collateralized by $4.8 million in restricted cash. Our financial instruments include cash and cash equivalents, receivables, payables, and debt. We believe the carrying values of these instruments approximated their fair values at March 31, 2022 and December 31, 2021. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe benefit for income taxes was $2.8 million for the first quarter of 2022, which includes an income tax benefit of $3.1 million related to the restructuring of certain subsidiary legal entities within Europe, as the undistributed earnings for an international subsidiary are no longer subject to certain taxes upon future distribution. The provision for income taxes was $3.0 million for the first quarter of 2021, despite reporting a pretax loss for the period, primarily reflecting the impact of the geographic composition of our pretax loss. The tax expense in 2021 primarily related to earnings from our international operations since we were unable to recognize the tax benefit from our U.S. losses as they may not be realized. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesIn the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state, and local levels. While the outcome of litigation or other proceedings against us cannot be predicted with certainty, management does not expect that any loss resulting from such litigation or other proceedings, in excess of any amounts accrued or covered by insurance, will have a material adverse impact on our consolidated financial statements. |
Supplemental Disclosures to the
Supplemental Disclosures to the Statements of Cash Flows | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures to the Statements of Cash Flows | Supplemental Disclosures to the Statements of Cash Flows Supplemental disclosures to the statements of cash flows are presented below: First Quarter (In thousands) 2022 2021 Cash paid for: Income taxes (net of refunds) $ 3,268 $ 1,810 Interest $ 998 $ 889 Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following: (In thousands) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 21,307 $ 24,088 Restricted cash (included in prepaid expenses and other current assets) 4,821 5,401 Cash, cash equivalents, and restricted cash $ 26,128 $ 29,489 |
Segment Data
Segment Data | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers): First Quarter (In thousands) 2022 2021 Revenues Fluids Systems $ 141,014 $ 87,849 Industrial Solutions 35,424 53,323 Total revenues $ 176,438 $ 141,172 Operating income (loss) Fluids Systems $ 3,374 $ (6,767) Industrial Solutions 5,472 13,130 Corporate office (7,879) (5,819) Total operating income $ 967 $ 544 The following table presents further disaggregated revenues for the Fluids Systems segment: First Quarter (In thousands) 2022 2021 United States $ 70,843 $ 47,670 Canada 22,235 12,663 Total North America 93,078 60,333 EMEA 44,175 25,459 Other 3,761 2,057 Total International 47,936 27,516 Total Fluids Systems revenues $ 141,014 $ 87,849 The following table presents further disaggregated revenues for the Industrial Solutions segment: First Quarter (In thousands) 2022 2021 Product sales revenues $ 4,423 $ 20,037 Rental revenues 17,615 17,079 Service revenues 13,386 11,654 Industrial blending revenues — 4,553 Total Industrial Solutions revenues $ 35,424 $ 53,323 With ongoing support from outside financial and other advisors, we have continuously reviewed our portfolio during the oil and natural gas cycle of the last couple of years. These reviews have focused on evaluating changes in the outlook for our served markets and customer priorities, while identifying opportunities for value-creating options in our portfolio, placing investment emphasis in markets where we generate strong returns and where we see greater long-term viability and stability. As part of our ongoing review of our portfolio, our management recommended, and our Board of Directors approved two actions in February 2022 intended to enhance liquidity available for investment in higher returning businesses. First, in consideration of broader strategic priorities and the timeline and efforts required to further develop the industrial blending business, our Board of Directors approved a plan in February 2022 to exit our Industrial Blending operations. As part of the exit plan, we completed the wind down of the Industrial Blending business in the first quarter of 2022 and are currently pursuing the sale of the industrial blending and warehouse facility and related equipment located in Conroe, Texas. The Industrial Blending business had no significant revenues and incurred an operating loss of $0.9 million for the first quarter of 2022, and contributed $5 million of revenues with approximately break-even operating income for the first quarter of 2021. As of March 31, 2022, the carrying value of the long-lived assets associated with the Industrial Blending business was $19 million. As a result of the plan to exit and dispose of the assets used in the Industrial Blending business, we estimated in February 2022 and disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021 that we may incur pre-tax charges in the range of approximately $4 million to $8 million primarily related to the non-cash impairment of long-lived assets related to the Industrial Blending business, which we anticipated recognizing in the first quarter of 2022. In March 2022, we shut down the Industrial Blending business and initiated a sales process to market the industrial blending and warehouse facility and related equipment. As a result of the ongoing sales process and revised estimates for the expected net proceeds from the ultimate disposition, we now anticipate recovering the $19 million carrying value of the long-lived assets associated with the Industrial Blending business. Accordingly, no impairment has been recognized for these assets in the first quarter of 2022, though it remains possible that we may incur a future impairment or loss related to the ongoing sales process. Second, our Board of Directors also approved management’s plan to explore strategic options, including the potential sale, for our U.S. mineral grinding business. The U.S. mineral grinding business contributed third-party revenues of $14 million for the first quarter of 2022 and $7 million for the first quarter of 2021. As of March 31, 2022, the U.S. mineral grinding business had approximately $50 million of net capital employed, including approximately $28 million of net working capital. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Segment Reporting | We operate our business through two reportable segments: Fluids Systems and Industrial Solutions. Our Fluids Systems segment provides customized drilling, completion, and stimulation fluids products and related technical services to oil and natural gas exploration and production (“E&P”) customers primarily in North America and Europe, the Middle East and Africa (“EMEA”), as well as certain countries in Asia Pacific and Latin America. We also have industrial mineral grinding operations for barite, a critical raw material in drilling fluids systems, which serve to support our activities in certain regions within the U.S. drilling fluids market and also sell the products to third party users, including other drilling fluids companies. In addition, we sell a variety of other minerals, principally to third-party industrial (non-oil and natural gas) markets. Our Industrial Solutions segment includes our Site and Access Solutions business, along with our Industrial Blending operations. Site and Access Solutions provides temporary worksite access, including the rental of our manufactured recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, E&P, pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and Europe. We also sell our manufactured recyclable composite mats to customers around the world, with power transmission being the primary end-market.In February 2022, our management recommended, and our Board of Directors approved a plan to exit our Industrial Blending operations and explore strategic options for our U.S. mineral grinding business. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Share | The following table presents the reconciliation of the numerator and denominator for calculating net income (loss) per share: First Quarter (In thousands, except per share data) 2022 2021 Numerator Net income (loss) - basic and diluted $ 2,521 $ (5,362) Denominator Weighted average common shares outstanding - basic 92,118 90,701 Dilutive effect of stock options and restricted stock awards 1,821 — Weighted average common shares outstanding - diluted 93,939 90,701 Net income (loss) per common share Basic $ 0.03 $ (0.06) Diluted $ 0.03 $ (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: First Quarter (In thousands) 2022 2021 Stock options and restricted stock awards 1,867 5,299 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Receivables | Receivables consisted of the following: (In thousands) March 31, 2022 December 31, 2021 Trade receivables: Gross trade receivables $ 179,016 $ 185,065 Allowance for credit losses (4,456) (4,587) Net trade receivables 174,560 180,478 Income tax receivables 3,322 4,167 Other receivables 9,727 9,651 Total receivables, net $ 187,609 $ 194,296 |
Schedule of Changes in Our Allowance for Credit Losses | Changes in our allowance for credit losses were as follows: First Quarter (In thousands) 2022 2021 Balance at beginning of period $ 4,587 $ 5,024 Credit loss expense 185 50 Write-offs, net of recoveries (316) (356) Balance at end of period $ 4,456 $ 4,718 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: (In thousands) March 31, 2022 December 31, 2021 Raw materials: Fluids Systems $ 128,267 $ 119,242 Industrial Solutions 4,757 4,939 Total raw materials 133,024 124,181 Blended fluids systems components 29,894 27,793 Finished goods - mats 7,050 3,367 Total inventories $ 169,968 $ 155,341 |
Financing Arrangements and Fa_2
Financing Arrangements and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Financing Arrangements | Financing arrangements consisted of the following: March 31, 2022 December 31, 2021 (In thousands) Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt Principal Amount Unamortized Discount and Debt Issuance Costs Total Debt ABL Facility $ 87,900 $ — $ 87,900 $ 86,500 $ — $ 86,500 Term loan 5,443 (89) 5,354 6,094 (110) 5,984 Financing obligations 5,838 (66) 5,772 6,688 (78) 6,610 Other debt 17,216 — 17,216 15,709 — 15,709 Total debt 116,397 (155) 116,242 114,991 (188) 114,803 Less: Current portion (20,767) — (20,767) (19,210) — (19,210) Long-term debt $ 95,630 $ (155) $ 95,475 $ 95,781 $ (188) $ 95,593 |
Supplemental Disclosures to t_2
Supplemental Disclosures to the Statements of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Disclosures of Cash Flows | Supplemental disclosures to the statements of cash flows are presented below: First Quarter (In thousands) 2022 2021 Cash paid for: Income taxes (net of refunds) $ 3,268 $ 1,810 Interest $ 998 $ 889 |
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) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 21,307 $ 24,088 Restricted cash (included in prepaid expenses and other current assets) 4,821 5,401 Cash, cash equivalents, and restricted cash $ 26,128 $ 29,489 |
Segment Data (Tables)
Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results for Reportable Segments | Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers): First Quarter (In thousands) 2022 2021 Revenues Fluids Systems $ 141,014 $ 87,849 Industrial Solutions 35,424 53,323 Total revenues $ 176,438 $ 141,172 Operating income (loss) Fluids Systems $ 3,374 $ (6,767) Industrial Solutions 5,472 13,130 Corporate office (7,879) (5,819) Total operating income $ 967 $ 544 |
Schedule of Disaggregated Revenues, Geographic | The following table presents further disaggregated revenues for the Fluids Systems segment: First Quarter (In thousands) 2022 2021 United States $ 70,843 $ 47,670 Canada 22,235 12,663 Total North America 93,078 60,333 EMEA 44,175 25,459 Other 3,761 2,057 Total International 47,936 27,516 Total Fluids Systems revenues $ 141,014 $ 87,849 |
Schedule of Disaggregated Revenues, Segments | The following table presents further disaggregated revenues for the Industrial Solutions segment: First Quarter (In thousands) 2022 2021 Product sales revenues $ 4,423 $ 20,037 Rental revenues 17,615 17,079 Service revenues 13,386 11,654 Industrial blending revenues — 4,553 Total Industrial Solutions revenues $ 35,424 $ 53,323 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator | ||
Net income (loss) - basic and diluted | $ 2,521 | $ (5,362) |
Denominator | ||
Weighted average common shares outstanding - basic (in shares) | 92,118 | 90,701 |
Dilutive effect of stock options and restricted stock awards (in shares) | 1,821 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 93,939 | 90,701 |
Net income (loss) per common share | ||
Basic (in dollars per share) | $ 0.03 | $ (0.06) |
Diluted (in dollars per share) | $ 0.03 | $ (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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Stock options and restricted stock awards (in shares) | 1,867 | 5,299 |
Repurchase Program (Details)
Repurchase Program (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Convertible Notes due 2021 | ||
Equity, Class of Treasury Stock [Line Items] | ||
Repurchased face amount | $ 18.3 | |
Cost of repurchase | $ 18.1 | |
Share Repurchase Program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Stock repurchase program, remaining authorized repurchase amount | $ 23.8 | |
Shares repurchased (in shares) | 0 | 0 |
Receivables - Receivables (Deta
Receivables - Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Trade receivables: | ||||
Gross trade receivables | $ 179,016 | $ 185,065 | ||
Allowance for credit losses | (4,456) | (4,587) | $ (4,718) | $ (5,024) |
Net trade receivables | 174,560 | 180,478 | ||
Income tax receivables | 3,322 | 4,167 | ||
Other receivables | 9,727 | 9,651 | ||
Total receivables, net | $ 187,609 | $ 194,296 |
Receivables - Narrative (Detail
Receivables - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Other receivables, value added taxes | $ 6 | $ 5.7 |
Insurance settlements receivable, current | $ 2.9 | $ 1.9 |
Receivables - Changes in Allowa
Receivables - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 4,587 | $ 5,024 |
Credit loss expense | 185 | 50 |
Write-offs, net of recoveries | (316) | (356) |
Balance at end of period | $ 4,456 | $ 4,718 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Raw materials | $ 133,024 | $ 124,181 |
Total inventories | 169,968 | 155,341 |
Fluids Systems | ||
Inventory [Line Items] | ||
Raw materials | 128,267 | 119,242 |
Industrial Solutions | ||
Inventory [Line Items] | ||
Raw materials | 4,757 | 4,939 |
Blended fluids systems components | ||
Inventory [Line Items] | ||
Finished goods | 29,894 | 27,793 |
Finished goods - mats | ||
Inventory [Line Items] | ||
Finished goods | $ 7,050 | $ 3,367 |
Financing Arrangements and Fa_3
Financing Arrangements and Fair Value of Financial Instruments - Financing Arrangements (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Principal Amount | $ 116,397 | $ 114,991 |
Unamortized Discount and Debt Issuance Costs | (155) | (188) |
Total Debt | 116,242 | 114,803 |
Less: Current portion | ||
Principal Amount | (20,767) | (19,210) |
Unamortized Discount and Debt Issuance Costs | 0 | 0 |
Total Debt | (20,767) | (19,210) |
Long-term debt | ||
Principal Amount | 95,630 | 95,781 |
Unamortized Discount and Debt Issuance Costs | (155) | (188) |
Total Debt | 95,475 | 95,593 |
Financing obligations | ||
Debt Instrument [Line Items] | ||
Principal Amount | 5,838 | 6,688 |
Unamortized Discount and Debt Issuance Costs | (66) | (78) |
Total Debt | 5,772 | 6,610 |
Other debt | ||
Debt Instrument [Line Items] | ||
Principal Amount | 17,216 | 15,709 |
Unamortized Discount and Debt Issuance Costs | 0 | 0 |
Total Debt | 17,216 | 15,709 |
Revolving credit facility | ABL Facility | ||
Debt Instrument [Line Items] | ||
Principal Amount | 87,900 | 86,500 |
Unamortized Discount and Debt Issuance Costs | 0 | 0 |
Total Debt | 87,900 | 86,500 |
Revolving credit facility | Term loan | ||
Debt Instrument [Line Items] | ||
Principal Amount | 5,443 | 6,094 |
Unamortized Discount and Debt Issuance Costs | (89) | (110) |
Total Debt | $ 5,354 | $ 5,984 |
Financing Arrangements and Fa_4
Financing Arrangements and Fair Value of Financial Instruments - Narrative (Details) | May 02, 2022USD ($) | Feb. 28, 2021USD ($) | Apr. 30, 2022GBP (£) | Dec. 31, 2021USD ($) | Aug. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | May 04, 2022 | May 02, 2022GBP (£) | Apr. 30, 2022USD ($) | Apr. 30, 2022GBP (£) | Feb. 28, 2021GBP (£) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Purchases of Convertible Notes | $ 0 | $ 18,107,000 | |||||||||||
Loss on extinguishment of debt | 0 | 790,000 | |||||||||||
Borrowings on lines of credit | 69,188,000 | 51,922,000 | |||||||||||
Letters of credit outstanding, amount | 47,000,000 | ||||||||||||
Proceeds from financing obligation | $ 7,900,000 | ||||||||||||
Principal amount outstanding | $ 114,991,000 | 116,397,000 | |||||||||||
Long-term debt | 114,803,000 | 116,242,000 | |||||||||||
Current debt | 19,210,000 | 20,767,000 | |||||||||||
Restricted cash and cash equivalents, current | 4,800,000 | ||||||||||||
Foreign operations | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Current debt | 11,800,000 | 14,500,000 | |||||||||||
Subsequent event | Foreign operations | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt | £ | £ 11,200,000 | ||||||||||||
Revolving credit facility | U.K. Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 8,300,000 | £ 6,000,000 | |||||||||||
Quarterly principal payment | 375,000 | ||||||||||||
Balloon payment | $ 1,500,000 | ||||||||||||
Long-term debt | 5,400,000 | ||||||||||||
Revolving credit facility | U.K. Subsidiary | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 2,600,000 | £ 2,000,000 | |||||||||||
Quarterly principal payment | £ | £ 350,000 | ||||||||||||
Balloon payment | £ | 2,800,000 | ||||||||||||
Revolving credit facility | SONIA member | U.K. Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 3.50% | ||||||||||||
Revolving credit facility | SONIA member | U.K. Subsidiary | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 3.25% | ||||||||||||
Convertible Notes due 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Purchases of Convertible Notes | 38,600,000 | ||||||||||||
Repurchased face amount | 18,300,000 | ||||||||||||
Cost of repurchase | 18,100,000 | ||||||||||||
Loss on extinguishment of debt | $ 800,000 | ||||||||||||
Convertible Notes due 2021 | Senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 100,000,000 | ||||||||||||
Interest rate, stated percentage | 4.00% | ||||||||||||
ABL Facility | Revolving credit facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | 200,000,000 | ||||||||||||
Maximum borrowing capacity, option to increase | 275,000,000 | ||||||||||||
Borrowings on lines of credit | 87,900,000 | ||||||||||||
Letters of credit outstanding, amount | 1,100,000 | ||||||||||||
Current borrowing capacity | 116,000,000 | ||||||||||||
Remaining borrowing capacity | $ 27,000,000 | ||||||||||||
Unused capacity, commitment fee percentage | 0.375% | ||||||||||||
Debt, weighted average interest rate | 1.90% | ||||||||||||
Principal amount outstanding | 86,500,000 | $ 87,900,000 | |||||||||||
Long-term debt | 86,500,000 | 87,900,000 | |||||||||||
ABL Facility | Revolving credit facility | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 175,000,000 | ||||||||||||
Maximum borrowing capacity, option to increase | 250,000,000 | ||||||||||||
Borrowings on lines of credit | $ 94,100,000 | ||||||||||||
Debt instrument, term | 5 years | ||||||||||||
Letters of credit outstanding, amount | $ 1,100,000 | ||||||||||||
Current borrowing capacity | 133,500,000 | ||||||||||||
Remaining borrowing capacity | $ 38,400,000 | ||||||||||||
Unused capacity, commitment fee percentage | 0.375% | ||||||||||||
Threshold for commitment fee | 50.00% | 50.00% | |||||||||||
Average daily unused portion, commitment fee | 0.25% | 0.25% | |||||||||||
Fixed charge coverage ratio | 1 | ||||||||||||
Line of credit facility, covenant, minimum, fixed charge leverage ratio | 4 | ||||||||||||
ABL Facility | Revolving credit facility | Base Rate | Minimum | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 0.50% | ||||||||||||
ABL Facility | Revolving credit facility | Base Rate | Maximum | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||
ABL Facility | Revolving credit facility | Fed Funds Effective Rate Overnight Index Swap Rate | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 0.50% | ||||||||||||
ABL Facility | Revolving credit facility | BSBY | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||
ABL Facility | Revolving credit facility | BSBY | Minimum | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 1.50% | ||||||||||||
ABL Facility | Revolving credit facility | BSBY | Maximum | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||
Financing obligations | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, weighted average interest rate | 5.40% | ||||||||||||
Principal amount outstanding | 6,688,000 | 5,838,000 | |||||||||||
Long-term debt | 6,610,000 | 5,772,000 | |||||||||||
Term loan | Revolving credit facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal amount outstanding | 6,094,000 | 5,443,000 | |||||||||||
Long-term debt | $ 5,984,000 | $ 5,354,000 | |||||||||||
Term loan | Secured Debt | U.K. Subsidiary | Subsequent event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, face amount | $ 9,100,000 | £ 7,000,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision (benefit) for income taxes | $ (2,824) | $ 3,040 |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid for: | ||
Income taxes (net of refunds) | $ 3,268 | $ 1,810 |
Interest | $ 998 | $ 889 |
Supplemental Disclosures to t_4
Supplemental Disclosures to the Statements of Cash Flows - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 21,307 | $ 24,088 | ||
Restricted cash (included in prepaid expenses and other current assets) | 4,821 | 5,401 | ||
Cash, cash equivalents, and restricted cash | $ 26,128 | $ 29,489 | $ 40,005 | $ 30,348 |
Segment Data - Operating Result
Segment Data - Operating Results for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | ||
Total revenues | $ 176,438 | $ 141,172 |
Operating income (loss) | ||
Total operating income | 967 | 544 |
Fluids Systems | ||
Revenues | ||
Total revenues | 141,014 | 87,849 |
Industrial Solutions | ||
Revenues | ||
Total revenues | 35,424 | 53,323 |
Operating segments | Fluids Systems | ||
Revenues | ||
Total revenues | 141,014 | 87,849 |
Operating income (loss) | ||
Total operating income | 3,374 | (6,767) |
Operating segments | Industrial Solutions | ||
Revenues | ||
Total revenues | 35,424 | 53,323 |
Operating income (loss) | ||
Total operating income | 5,472 | 13,130 |
Corporate office | ||
Operating income (loss) | ||
Total operating income | $ (7,879) | $ (5,819) |
Segment Data - Disaggregated Re
Segment Data - Disaggregated Revenues, Geographic (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 176,438 | $ 141,172 |
Fluids Systems | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 141,014 | 87,849 |
Fluids Systems | Total North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 93,078 | 60,333 |
Fluids Systems | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 70,843 | 47,670 |
Fluids Systems | Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 22,235 | 12,663 |
Fluids Systems | Total International | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 47,936 | 27,516 |
Fluids Systems | EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 44,175 | 25,459 |
Fluids Systems | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 3,761 | $ 2,057 |
Segment Data - Disaggregated _2
Segment Data - Disaggregated Revenues, Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 176,438 | $ 141,172 |
Industrial Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 35,424 | 53,323 |
Industrial Solutions | Product sales revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,423 | 20,037 |
Industrial Solutions | Rental revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 17,615 | 17,079 |
Industrial Solutions | Service revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13,386 | 11,654 |
Industrial Solutions | Industrial blending revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 0 | $ 4,553 |
Segment Data - Narrative (Detai
Segment Data - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 176,438,000 | $ 141,172,000 |
Total operating income | 967,000 | 544,000 |
Affiliated Entity | ||
Segment Reporting Information [Line Items] | ||
Revenues | 14,000,000 | 7,000,000 |
Capital employed | 50,000,000 | |
Net working capital | 28,000,000 | |
Fluids Systems | ||
Segment Reporting Information [Line Items] | ||
Revenues | 141,014,000 | 87,849,000 |
Industrial Solutions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 35,424,000 | 53,323,000 |
Industrial Solutions | Industrial Blending Member | ||
Segment Reporting Information [Line Items] | ||
Revenues | 5,000,000 | |
Total operating income | 900,000 | |
Combined assets | 19,000,000 | |
Impairment, long-lived asset, held-for-use | 0 | |
Industrial Solutions | Industrial Blending Member | Minimum | ||
Segment Reporting Information [Line Items] | ||
Impairment of long-lived assets | 4,000,000 | |
Industrial Solutions | Industrial Blending Member | Maximum | ||
Segment Reporting Information [Line Items] | ||
Impairment of long-lived assets | 8,000,000 | |
Operating segments | Fluids Systems | ||
Segment Reporting Information [Line Items] | ||
Revenues | 141,014,000 | 87,849,000 |
Total operating income | 3,374,000 | (6,767,000) |
Operating segments | Industrial Solutions | ||
Segment Reporting Information [Line Items] | ||
Revenues | 35,424,000 | 53,323,000 |
Total operating income | 5,472,000 | 13,130,000 |
Corporate office | ||
Segment Reporting Information [Line Items] | ||
Total operating income | $ (7,879,000) | $ (5,819,000) |