Industry Segments and Geographic Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Industry Segments and Geographic Information

INDUSTRY SEGMENTS AND GEOGRAPHIC INFORMATION

We manage our operations through two divisions: Completion Fluids & Products and Water & Flowback Services. We generally evaluate the performance of and allocate resources to our segments based on profit or loss from their operations before income taxes and nonrecurring charges, return on investment, and other criteria. Transfers between segments and geographic areas are priced at the estimated fair value of the products or services as negotiated between the operating units. “Corporate overhead” includes corporate general and administrative expenses, corporate depreciation and amortization, interest income and expense, and other income and expense.

Summarized financial information concerning the business segments is as follows:

	Year Ended December 31,
	2020		2019		2018
	(In Thousands)
Revenues from external customers
Product sales
Completion Fluids & Products Division	$	229,809	$	258,632	$	242,412
Water & Flowback Services Division	2,912		921		1,961
Consolidated	$	232,721	$	259,553	$	244,373
Services
Completion Fluids & Products Division	$	12,852	$	20,623	$	15,002
Water & Flowback Services Division	132,142		281,065		300,727
Consolidated	$	144,994	$	301,688	$	315,729
Interdivision revenues
Completion Fluids & Products Division	$	—	$	—	$	(6)
Water & Flowback Services Division	—		—		384
Interdivision eliminations	—		—		(378)
Consolidated	$	—	$	—	$	—
Total revenues
Completion Fluids & Products Division	$	242,661	$	279,255	$	257,408
Water & Flowback Services Division	135,054		281,986		303,072
Interdivision eliminations	—		—		(378)
Consolidated	$	377,715	$	561,241	$	560,102
Depreciation, amortization, and accretion
Completion Fluids & Products	$	7,581	$	13,518	$	15,345
Water & Flowback Services	29,913		33,410		28,422
Corporate	720		635		658
Consolidated	$	38,214	$	47,563	$	44,425
Interest expense
Completion Fluids & Products	$	73	$	68	$	179
Water & Flowback Services	4		7		5
Corporate	19,249		21,733		19,565
Consolidated interest expense	19,326		$	21,808	$	19,749
Consolidated interest income	(400)		(552)		(708)
Consolidated interest expense, net	$	18,926	$	21,256	$	19,041
Income (loss) before taxes and discontinued operations
Completion Fluids & Products	$	55,334	$	(33,969)	$	30,623
Water & Flowback Services	(21,850)		(21,173)		28,712
Interdivision eliminations	12		14		11
Corporate(1)	(58,582)		(72,981)		(61,974)
Consolidated	$	(25,086)	$	(128,109)	$	(2,628)

(1)    Amounts reflected include the following general corporate expenses:

	Year Ended December 31,
	2020		2019		2018
	(In Thousands)
General and administrative expense	$	36,201	$	51,466	$	50,431
Depreciation and amortization	818		631		658
Interest expense, net	20,727		21,977		19,640
Warrants fair value adjustment (income) expense	(251)		(1,624)		(11,128)
Other general corporate (income) expense, net	1,087		531		2,373
Total	$	58,582	$	72,981	$	61,974

	December 31,
	2020		2019
	(In Thousands)
Total assets
Completion Fluids & Products	$	218,952	$	236,420
Water & Flowback Services	136,511		180,765
Corporate, other and eliminations	67,370		32,038
Assets of discontinued operations	710,006		822,699
Consolidated	$	1,132,839	$	1,271,922

	Year Ended December 31,
	2020		2019		2018
	(In Thousands)
Capital expenditures
Completion Fluids & Products	$	4,016	$	7,140	$	5,259
Water & Flowback Services	9,651		24,340		30,175
Corporate	1,023		1,033		809
Discontinued operations (2)	14,696		75,760		105,688
Consolidated	$	29,386	$	108,273	$	141,931

(2)    Amounts presented are net of cost of equipment sold, including $12.7 million during 2020, $6.5 million during 2019 and $10.0 million during 2018 for our former Compression Division.

Summarized financial information concerning the geographic areas of our customers and in which we operate at December 31, 2020, 2019, and 2018, is presented below:

	Year Ended December 31,
	2020		2019		2018
	(In Thousands)
Revenues from external customers
U.S.	$	225,835	$	411,284	$	390,403
Canada and Mexico	1,347		6,616		17,575
South America	11,583		13,188		16,067
Europe	90,303		93,327		91,997
Africa	8,128		16,874		12,039
Middle East, Asia and other	40,519		19,952		32,021
Total	$	377,715	$	561,241	$	560,102
Transfers between geographic areas:
Europe	848		1,802		3,157
Eliminations	(848)		(1,802)		(3,157)
Total revenues	$	377,715	$	561,241	$	560,102

	December 31,
	2020		2019
	(In Thousands)
Identifiable assets
U.S.	$	285,765	$	338,054
Canada and Mexico	6,452		9,216
South America	10,388		13,632
Europe	85,733		62,684
Africa	9,195		10,812
Middle East, Asia and other	25,300		14,825
Assets of discontinued operations	710,006		822,699
Total identifiable assets	$	1,132,839	$	1,271,922

During each of the two years ended December 31, 2020 and 2018, no single customer accounted for more than 10% of our consolidated revenues. One customer provided more than 10% of our total consolidated revenues during the year ended December 31, 2019. As of December 31, 2020 and 2019, no receivables from individual customers represented 10% or more of our consolidated trade accounts receivables net of allowance for doubtful accounts.