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Segment Data
6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Data Segment Data
Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers):
 Second QuarterFirst Half
(In thousands)2022202120222021
Revenues
Fluids Systems$145,261 $97,093 $286,275 $184,942 
Industrial Solutions48,883 43,287 84,307 92,057 
Industrial Blending— 1,869 — 6,422 
Total revenues$194,144 $142,249 $370,582 $283,421 
Operating income (loss)
Fluids Systems$425 $(6,531)$3,799 $(13,298)
Industrial Solutions9,754 11,298 16,112 24,478 
Industrial Blending(8,912)(1,155)(9,798)(1,205)
Corporate office(7,484)(6,859)(15,363)(12,678)
Total operating income (loss)$(6,217)$(3,247)$(5,250)$(2,703)
    The following table presents further disaggregated revenues for the Fluids Systems segment:
Second QuarterFirst Half
(In thousands)2022202120222021
United States$85,355 $56,784 $156,198 $104,454 
Canada11,344 4,956 33,579 17,619 
Total North America96,699 61,740 189,777 122,073 
EMEA42,870 32,962 87,045 58,421 
Other5,692 2,391 9,453 4,448 
Total International48,562 35,353 96,498 62,869 
Total Fluids Systems revenues$145,261 $97,093 $286,275 $184,942 
The following table presents further disaggregated revenues for the Industrial Solutions segment:
Second QuarterFirst Half
(In thousands)2022202120222021
Product sales revenues$18,539 $10,182 $22,962 $30,219 
Rental revenues17,546 19,233 35,161 36,312 
Service revenues12,798 13,872 26,184 25,526 
Total Industrial Solutions revenues$48,883 $43,287 $84,307 $92,057 
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 the ongoing review of our portfolio, 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.
As a result of the plan to exit and dispose of the assets used in the Industrial Blending business, we 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 used in the Industrial Blending business. 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. In June 2022, as a result of the ongoing sales process and revised estimates for the expected net proceeds from the ultimate disposition, we recognized a $7.9 million impairment charge related to these long-lived assets. As of June 30, 2022, the remaining carrying value of the long-lived assets previously used in the now exited Industrial Blending business was $11 million. It remains possible that we may incur a future impairment or loss related to the ongoing sales process.
Second, our Board of Directors approved management’s plan to explore strategic options, including the potential sale, for our U.S. mineral grinding business. During the second quarter of 2022, we initiated a formal sale process that we anticipate completing in 2022, although it is not certain that any such transaction will be consummated. The U.S. mineral grinding business contributed third-party revenues of $26 million for the first half of 2022 and $16 million for the first half of 2021. As of June 30, 2022, the U.S. mineral grinding business had approximately $53 million of net capital employed, including approximately $31 million of net working capital.
Industrial Solutions operating results for the second quarter of 2021 included a $1.0 million gain in other operating income related to a legal settlement.