Segment Data

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Data

Segment Data

Summarized operating results for our reportable segments are shown in the following table (net of inter-segment transfers):

	First Quarter
(In thousands)	2023		2022
Revenues
Fluids Systems	$	144,174	$	141,014
Industrial Solutions	55,856		35,424
Industrial Blending	—		—
Total revenues	$	200,030	$	176,438
Operating income (loss)
Fluids Systems	$	3,466	$	3,374
Industrial Solutions	14,483		6,358
Industrial Blending	—		(886)
Corporate office	(7,806)		(7,879)
Total operating income	$	10,143	$	967

We regularly review our global portfolio of business activities. These reviews focus on evaluating changes in the outlook for our served markets and customer priorities, while identifying opportunities for value-creating options in our portfolio, and placing investment emphasis in markets where we generate strong returns and where we see greater long-term viability and stability. As part of this review, we completed certain actions in 2022, including the sale of our Excalibar U.S. mineral grinding business (“Excalibar”), the exit of our Industrial Blending operations, and the exit of our Gulf of Mexico fluids operations.

Summarized operating results of our now exited Excalibar business and Gulf of Mexico operations, both included in the Fluids Systems segment historical results, are shown in the following table:

	First Quarter
(In thousands)	2023		2022
Revenues
Excalibar	$	—	$	14,346
Gulf of Mexico	—		2,694
Total revenues	$	—	$	17,040
Operating income (loss)
Excalibar	$	(77)	$	833
Gulf of Mexico	(2,311)		(2,617)
Total operating income (loss)	$	(2,388)	$	(1,784)

Summarized net assets remaining from the business units exited in 2022 are shown in the following table:

(In thousands)	March 31, 2023		December 31, 2022
Receivables, net	$	9,391	$	27,798
Inventories	1,409		5,805
Accounts payable	(575)		(2,060)
Accrued liabilities	—		(311)
Total net assets	$	10,225	$	31,232

The net assets remaining as of March 31, 2023 primarily reflect remaining Gulf of Mexico working capital, the majority of which we expect to realize in the second quarter of 2023.

In the first quarter of 2023, we completed our customer contract in Chile and are currently in the process of winding down our in-country operations. At March 31, 2023, we had $3 million of net assets and $0.5 million of accumulated translation losses related to our subsidiary in Chile. As we monetize these assets in 2023, we will reclassify the translation losses and recognize a charge to income at such time when we have substantially liquidated our subsidiary in Chile. In addition, we made the decision in the first quarter of 2023 to exit the stimulation chemicals product line reported in our Fluids Systems segment. We anticipate liquidating the related inventory of approximately $3 million during 2023.

In addition, the operating results for the Fluids Systems segment includes $1.0 million and $0.1 million in severance costs for the first quarter of 2023 and 2022, respectively.

The following table presents further disaggregated revenues for the Fluids Systems segment:

	First Quarter
(In thousands)	2023		2022
United States	$	68,898	$	70,843
Canada	19,365		22,235
Total North America	88,263		93,078
EMEA	52,577		44,175
Other	3,334		3,761
Total International	55,911		47,936
Total Fluids Systems revenues	$	144,174	$	141,014

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

	First Quarter
(In thousands)	2023		2022
Product sales revenues	$	19,496	$	4,423
Rental revenues	21,131		17,615
Service revenues	15,229		13,386
Total Industrial Solutions revenues	$	55,856	$	35,424