(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | ☒ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
TETRA Technologies, Inc. and Subsidiaries | |||||
Table of Contents | |||||
Page | |||||
PART I—FINANCIAL INFORMATION | |||||
PART II—OTHER INFORMATION | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product sales | $ | $ | $ | $ | |||||||||||||||||||
Services | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||
Cost of product sales | |||||||||||||||||||||||
Cost of services | |||||||||||||||||||||||
Depreciation, amortization, and accretion | |||||||||||||||||||||||
Impairments and other charges | |||||||||||||||||||||||
Insurance recoveries | ( | ( | ( | ||||||||||||||||||||
Total cost of revenues | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
General and administrative expense | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Warrants fair value adjustment expense (income) | ( | ( | ( | ||||||||||||||||||||
Other income, net | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) before taxes and discontinued operations | ( | ( | ( | ||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Income (loss) before discontinued operations | ( | ( | ( | ||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | ( | ( | |||||||||||||||||||||
Net income (loss) | ( | ( | |||||||||||||||||||||
Less: (income) loss attributable to noncontrolling interest(1) | ( | ||||||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Basic net income (loss) per common share: | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Income (loss) from discontinued operations | ( | ( | |||||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Weighted average basic shares outstanding | |||||||||||||||||||||||
Diluted net income (loss) per common share: | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Income (loss) from discontinued operations | ( | ( | |||||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Weighted average diluted shares outstanding |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Foreign currency translation adjustment from continuing operations, net of taxes of $ | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | ( | ||||||||||||||||||||||
Comprehensive income (loss) attributable to TETRA stockholders | $ | $ | ( | $ | $ | ( |
September 30, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Trade accounts receivable, net of allowances of $ | |||||||||||
Inventories | |||||||||||
Assets of discontinued operations | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment: | |||||||||||
Land and building | |||||||||||
Machinery and equipment | |||||||||||
Automobiles and trucks | |||||||||||
Chemical plants | |||||||||||
Construction in progress | |||||||||||
Total property, plant, and equipment | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Net property, plant, and equipment | |||||||||||
Other assets: | |||||||||||
Patents, trademarks and other intangible assets, net of accumulated amortization of $ | |||||||||||
Deferred tax assets, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Investments | |||||||||||
Other assets | |||||||||||
Total other assets | |||||||||||
Total assets | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Trade accounts payable | $ | $ | |||||||||
Unearned income | |||||||||||
Accrued liabilities and other | |||||||||||
Liabilities of discontinued operations | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net | |||||||||||
Deferred income taxes | |||||||||||
Asset retirement obligations | |||||||||||
Warrants liability | |||||||||||
Operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total long-term liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
TETRA stockholders’ equity: | |||||||||||
Common stock, par value | |||||||||||
Additional paid-in capital | |||||||||||
Treasury stock, at cost; | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained deficit | ( | ( | |||||||||
Total TETRA stockholders’ equity | ( | ||||||||||
Noncontrolling interests | ( | ||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Common Stock Par Value | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Deficit | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||
Currency Translation | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Net income for first quarter 2021 | — | — | — | — | 108,714 | ||||||||||||||||||||||||||||||||||||
Translation adjustment, net of taxes of $ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Deconsolidation of CSI Compressco | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Equity award activity | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Treasury stock activity, net | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Equity compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net loss for second quarter 2021 | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Translation adjustment, net of taxes of $ | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Comprehensive loss | ( | ||||||||||||||||||||||||||||||||||||||||
Dividend | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Equity award activity | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Treasury stock activity, net | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Equity compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Net income for third quarter 2021 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Translation adjustment, net of taxes of $ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Equity award activity | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Treasury stock activity, net | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Equity compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ |
Common Stock Par Value | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Deficit | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||
Currency Translation | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Net loss for first quarter 2020 | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Translation adjustment, net of taxes of $ | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Comprehensive loss | ( | ||||||||||||||||||||||||||||||||||||||||
Distributions to public unitholders | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Equity award activity | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Treasury stock activity, net | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Equity compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Net loss for second quarter 2020 | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Translation adjustment, net of taxes of $ | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Comprehensive loss | ( | ||||||||||||||||||||||||||||||||||||||||
Distributions to public unitholders | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Equity award activity | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Treasury stock activity, net | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Equity compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||
Net loss for third quarter 2020 | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Translation adjustment, net of taxes of $ | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Comprehensive loss | ( | ||||||||||||||||||||||||||||||||||||||||
Distributions to public unitholders | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Equity award activity | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Treasury stock activity, net | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Equity compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Reconciliation of net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation, amortization, and accretion | |||||||||||
Gain on GP Sale | ( | ||||||||||
Impairment and other charges | |||||||||||
Gain on retained CSI Compressco units and Standard Lithium shares | ( | ||||||||||
Equity-based compensation expense | |||||||||||
Amortization and expense of financing costs and deferred financing gains | |||||||||||
Debt-related expenses | |||||||||||
Warrants fair value adjustment | ( | ( | |||||||||
Gain on sale of assets | ( | ( | |||||||||
Other non-cash charges | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | ( | ( | |||||||||
Trade accounts payable and accrued expenses | ( | ||||||||||
Other | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Purchases of property, plant, and equipment, net | ( | ( | |||||||||
Proceeds from sale of CCLP, net of cash divested | |||||||||||
Proceeds on sale of property, plant, and equipment | |||||||||||
Insurance recoveries associated with damaged equipment | |||||||||||
Other investing activities | ( | ||||||||||
Net cash (used in) provided by investing activities | ( | ||||||||||
Financing activities: | |||||||||||
Proceeds from long-term debt | |||||||||||
Principal payments on long-term debt | ( | ( | |||||||||
CSI Compressco distributions | ( | ||||||||||
Tax remittances on equity based compensation | ( | ||||||||||
Dividend payments attributable to noncontrolling interest | ( | ||||||||||
Debt issuance costs and other financing activities | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash | ( | ( | |||||||||
(Decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents and restricted cash at beginning of period | |||||||||||
Cash and cash equivalents at beginning of period associated with discontinued operations | |||||||||||
Cash and cash equivalents and restricted cash at beginning of period associated with continuing operations | |||||||||||
Cash and cash equivalents and restricted cash at end of period | |||||||||||
Cash and cash equivalents at end of period associated with discontinued operations | |||||||||||
Cash and cash equivalents and restricted cash at end of period associated with continuing operations | $ | $ | |||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Supplemental cash flow information(1): | |||||||||||
Interest paid | $ | $ | |||||||||
Income taxes paid | |||||||||||
Increase (decrease) in accrued capital expenditures | ( |
Three Months Ended September 30, 2021 | |||||||||||||||||
Compression | Offshore Services | Total | |||||||||||||||
Major classes of line items constituting loss from discontinued operations | |||||||||||||||||
Cost of revenues | $ | $ | ( | $ | ( | ||||||||||||
General and administrative expense | |||||||||||||||||
Other expense, net | |||||||||||||||||
Pretax (loss) income from discontinued operations | ( | ||||||||||||||||
Loss from discontinued operations attributable to TETRA stockholders | $ |
Three Months Ended September 30, 2020 | |||||||||||||||||
Compression | Offshore Services | Total | |||||||||||||||
Major classes of line items constituting loss from discontinued operations | |||||||||||||||||
Revenue | $ | $ | $ | ||||||||||||||
Cost of revenues | |||||||||||||||||
Depreciation, amortization, and accretion | |||||||||||||||||
General and administrative expense | |||||||||||||||||
Interest expense, net | |||||||||||||||||
Other expense, net | ( | ( | |||||||||||||||
Pretax loss from discontinued operations | ( | ( | ( | ||||||||||||||
Income tax provision | |||||||||||||||||
Total loss from discontinued operations | ( | ||||||||||||||||
Loss from discontinued operations attributable to noncontrolling interest | |||||||||||||||||
Loss from discontinued operations attributable to TETRA stockholders | $ | ( |
Nine Months Ended September 30, 2021 | |||||||||||||||||
Compression | Offshore Services | Total | |||||||||||||||
Major classes of line items constituting income from discontinued operations | |||||||||||||||||
Revenue | $ | $ | $ | ||||||||||||||
Cost of revenues | ( | ||||||||||||||||
General and administrative expense | |||||||||||||||||
Interest expense, net | |||||||||||||||||
Other expense, net | |||||||||||||||||
Pretax income from discontinued operations | |||||||||||||||||
Pretax gain on disposal of discontinued operations | |||||||||||||||||
Total pretax income from discontinued operations | |||||||||||||||||
Income tax provision | |||||||||||||||||
Total income from discontinued operations | |||||||||||||||||
Income from discontinued operations attributable to noncontrolling interest | ( | ||||||||||||||||
Income from discontinued operations attributable to TETRA stockholders | $ |
Nine Months Ended September 30, 2020 | |||||||||||||||||
Compression | Offshore Services | Total | |||||||||||||||
Major classes of line items constituting loss from discontinued operations | |||||||||||||||||
Revenue | $ | $ | $ | ||||||||||||||
Cost of revenues | ( | ||||||||||||||||
Depreciation, amortization, and accretion | |||||||||||||||||
Impairments and other charges | |||||||||||||||||
General and administrative expense | |||||||||||||||||
Interest expense, net | |||||||||||||||||
Other expense, net | |||||||||||||||||
Pretax loss from discontinued operations | ( | ( | ( | ||||||||||||||
Income tax provision | |||||||||||||||||
Total loss from discontinued operations | ( | ||||||||||||||||
Loss from discontinued operations attributable to noncontrolling interest | |||||||||||||||||
Loss from discontinued operations attributable to TETRA stockholders | $ | ( |
September 30, 2021 | |||||||||||||||||
Offshore Services | Maritech | Total | |||||||||||||||
Carrying amounts of major classes of liabilities included as part of discontinued operations | |||||||||||||||||
Trade payables | $ | $ | $ | ||||||||||||||
Accrued liabilities and other | |||||||||||||||||
Total liabilities associated with discontinued operations | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||
Compression | Offshore Services | Maritech | Total | ||||||||||||||||||||
Carrying amounts of major classes of assets included as part of discontinued operations | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Trade receivables | |||||||||||||||||||||||
Inventories | |||||||||||||||||||||||
Other current assets | |||||||||||||||||||||||
Property, plant, and equipment | |||||||||||||||||||||||
Other assets | |||||||||||||||||||||||
Total assets associated with discontinued operations | $ | $ | $ | $ | |||||||||||||||||||
Carrying amounts of major classes of liabilities included as part of discontinued operations | |||||||||||||||||||||||
Trade payables | $ | $ | $ | $ | |||||||||||||||||||
Unearned Income | |||||||||||||||||||||||
Accrued liabilities and other | |||||||||||||||||||||||
Long-term debt, net | |||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||
Total liabilities associated with discontinued operations | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Completion Fluids & Products | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
Water & Flowback Services | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Total Revenue | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
International | |||||||||||||||||||||||
$ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(In Thousands) | |||||||||||
Finished goods | $ | $ | |||||||||
Raw materials | |||||||||||
Parts and supplies | |||||||||||
Work in progress | |||||||||||
Total inventories | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(In Thousands) | |||||||||||
Investment in CSI Compressco | $ | $ | |||||||||
Investment in Standard Lithium | |||||||||||
Total Investments | $ | $ |
Scheduled Maturity | September 30, 2021 | December 31, 2020 | ||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Asset-based credit agreement | May 31, 2025 | $ | $ | |||||||||||||||||
Term credit agreement (1) | September 10, 2025 | |||||||||||||||||||
Total long-term debt | $ | $ |
Fair Value Measurements Using | ||||||||||||||||||||||||||
Total as of | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
Description | September 30, 2021 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Investment in CSI Compressco | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in Standard Lithium | ||||||||||||||||||||||||||
Warrants liability | ( | ( | ||||||||||||||||||||||||
Net asset | $ |
Fair Value Measurements Using | ||||||||||||||||||||||||||
Total as of | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
Description | December 31, 2020 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Investment in Standard Lithium | $ | $ | $ | |||||||||||||||||||||||
Warrants liability | ( | ( | ||||||||||||||||||||||||
Net asset | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Number of weighted average common shares outstanding | |||||||||||||||||||||||
Assumed exercise of equity awards and warrants | |||||||||||||||||||||||
Average diluted shares outstanding |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Revenues from external customers | |||||||||||||||||||||||
Product sales | |||||||||||||||||||||||
Completion Fluids & Products Division | $ | $ | $ | $ | |||||||||||||||||||
Water & Flowback Services Division | |||||||||||||||||||||||
Consolidated | $ | $ | $ | $ | |||||||||||||||||||
Services | |||||||||||||||||||||||
Completion Fluids & Products Division | $ | $ | $ | $ | |||||||||||||||||||
Water & Flowback Services Division | |||||||||||||||||||||||
Consolidated | $ | $ | $ | $ | |||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Completion Fluids & Products Division | $ | $ | $ | $ | |||||||||||||||||||
Water & Flowback Services Division | |||||||||||||||||||||||
Consolidated | $ | $ | $ | $ | |||||||||||||||||||
Income (loss) before taxes | |||||||||||||||||||||||
Completion Fluids & Products Division | $ | $ | $ | $ | |||||||||||||||||||
Water & Flowback Services Division | ( | ( | ( | ( | |||||||||||||||||||
Interdivision eliminations | |||||||||||||||||||||||
Corporate Overhead(1) | ( | ( | ( | ( | |||||||||||||||||||
Consolidated | $ | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
General and administrative expense | $ | $ | $ | $ | |||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Warrants fair value adjustment (income) expense | ( | ( | ( | ||||||||||||||||||||
Other general corporate income, net | ( | ( | ( | ||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, | Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
Revenues | $ | 95,474 | $ | 73,484 | $ | 21,990 | 29.9 | % | |||||||||||||||
Gross profit | 15,747 | 10,215 | 5,532 | 54.2 | % | ||||||||||||||||||
Gross profit as a percentage of revenue | 16.5 | % | 13.9 | % | |||||||||||||||||||
General and administrative expense | 18,714 | 16,123 | 2,591 | 16.1 | % | ||||||||||||||||||
General and administrative expense as a percentage of revenue | 19.6 | % | 21.9 | % | |||||||||||||||||||
Interest expense, net | 4,083 | 4,338 | (255) | (5.9) | % | ||||||||||||||||||
Warrants fair value adjustment expense | (3,164) | — | (3,164) | NM(1) | |||||||||||||||||||
Other income, net | (6,968) | (788) | (6,180) | NM | |||||||||||||||||||
Income (loss) before taxes and discontinued operations | 3,082 | (9,458) | 12,540 | (132.6) | % | ||||||||||||||||||
Income (loss) before taxes and discontinued operations as a percentage of revenue | 3.2 | % | (12.9) | % | |||||||||||||||||||
Provision for income taxes | 587 | 101 | 486 | 481.2 | % | ||||||||||||||||||
Income (loss) before discontinued operations | 2,495 | (9,559) | 12,054 | (126.1) | % | ||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | 18 | (12,039) | 12,057 | (100.1) | % | ||||||||||||||||||
Net income (loss) | 2,513 | (21,598) | 24,111 | (111.6) | % | ||||||||||||||||||
Loss attributable to noncontrolling interest | — | 8,296 | (8,296) | (100.0) | % | ||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | 2,513 | $ | (13,302) | $ | 15,815 | (118.9) | % |
Three Months Ended September 30, | Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
Revenues | $ | 48,691 | $ | 51,950 | $ | (3,259) | (6.3) | % | |||||||||||||||
Gross profit | 12,976 | 16,196 | (3,220) | (19.9) | % | ||||||||||||||||||
Gross profit as a percentage of revenue | 26.6 | % | 31.2 | % | |||||||||||||||||||
General and administrative expense | 5,349 | 4,619 | 730 | 15.8 | % | ||||||||||||||||||
General and administrative expense as a percentage of revenue | 11.0 | % | 8.9 | % | |||||||||||||||||||
Interest income, net | (165) | (291) | 126 | (43.3) | % | ||||||||||||||||||
Other (income) expense, net | (6,883) | 112 | (6,995) | NM | |||||||||||||||||||
Income before taxes | $ | 14,675 | $ | 11,756 | $ | 2,919 | 24.8 | % | |||||||||||||||
Income before taxes as a percentage of revenue | 30.1 | % | 22.6 | % |
Three Months Ended September 30, | Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
Revenues | $ | 46,783 | $ | 21,534 | $ | 25,249 | 117.3 | % | |||||||||||||||
Gross profit (loss) | 2,996 | (5,714) | 8,710 | (152.4) | % | ||||||||||||||||||
Gross profit (loss) as a percentage of revenue | 6.4 | % | (26.5) | % | |||||||||||||||||||
General and administrative expense | 4,957 | 2,545 | 2,412 | 94.8 | % | ||||||||||||||||||
General and administrative expense as a percentage of revenue | 10.6 | % | 11.8 | % | |||||||||||||||||||
Interest expense (income), net | 2 | (77) | 79 | (102.6) | % | ||||||||||||||||||
Other income, net | (156) | (436) | 280 | (64.2) | % | ||||||||||||||||||
Loss before taxes | $ | (1,807) | $ | (7,746) | $ | 5,939 | (76.7) | % | |||||||||||||||
Income (loss) before taxes as a percentage of revenue | (3.9) | % | (36.0) | % |
Three Months Ended September 30, | Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
General and administrative expense | $ | 8,408 | $ | 8,959 | $ | (551) | (6.2) | % | |||||||||||||||
Interest expense, net | 4,246 | 4,706 | (460) | (9.8) | % | ||||||||||||||||||
Warrants fair value adjustment income | (3,164) | — | (3,164) | NM | |||||||||||||||||||
Depreciation and amortization | 230 | 270 | (40) | (14.8) | % | ||||||||||||||||||
Other (income) expense, net | 69 | (463) | 532 | (114.9) | % | ||||||||||||||||||
(Loss) before taxes | $ | (9,789) | $ | (13,472) | $ | 3,683 | 27.3 | % |
Nine Months Ended September 30, | Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
Revenues | $ | 275,124 | $ | 302,257 | $ | (27,133) | (9.0) | % | |||||||||||||||
Gross profit | 40,049 | 55,063 | (15,014) | (27.3) | % | ||||||||||||||||||
Gross profit as a percentage of revenue | 14.6 | % | 18.2 | % | |||||||||||||||||||
General and administrative expense | 56,077 | 60,333 | (4,256) | (7.1) | % | ||||||||||||||||||
General and administrative expense as a percentage of revenue | 20.4 | % | 20.0 | % | |||||||||||||||||||
Interest expense, net | 12,373 | 14,234 | (1,861) | (13.1) | % | ||||||||||||||||||
Warrants fair value adjustment expense (income) | (143) | (327) | 184 | (56.3) | % | ||||||||||||||||||
Other income, net | (14,295) | (1,308) | (12,987) | NM | |||||||||||||||||||
Income (loss) before taxes and discontinued operations | (13,963) | (17,869) | 3,906 | (21.9) | % | ||||||||||||||||||
Income (loss) before taxes and discontinued operations as a percentage of revenue | (5.1) | % | (5.9) | % | |||||||||||||||||||
Provision for income taxes | 2,139 | 1,877 | 262 | 14.0 | % | ||||||||||||||||||
Income (loss) before discontinued operations | (16,102) | (19,746) | 3,644 | (18.5) | % | ||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | 120,882 | (49,195) | 170,077 | (345.7) | % | ||||||||||||||||||
Net income (loss) | 104,780 | (68,941) | 173,721 | (252.0) | % | ||||||||||||||||||
(Income) loss attributable to noncontrolling interest | (306) | 32,833 | (33,139) | (100.9) | % | ||||||||||||||||||
Net income (loss) attributable to TETRA stockholders | $ | 104,474 | $ | (36,108) | $ | 140,582 | (389.3) | % |
Nine Months Ended September 30, | Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
Revenues | $ | 159,819 | $ | 198,533 | $ | (38,714) | (19.5) | % | |||||||||||||||
Gross profit | 43,170 | 62,979 | (19,809) | (31.5) | % | ||||||||||||||||||
Gross profit as a percentage of revenue | 27.0 | % | 31.7 | % | |||||||||||||||||||
General and administrative expense | 14,253 | 18,995 | (4,742) | (25.0) | % | ||||||||||||||||||
General and administrative expense as a percentage of revenue | 8.9 | % | 9.6 | % | |||||||||||||||||||
Interest income, net | (465) | (588) | 123 | (20.9) | % | ||||||||||||||||||
Other (income) expense, net | (10,731) | 218 | (10,949) | NM | |||||||||||||||||||
Income before taxes | $ | 40,113 | $ | 44,354 | $ | (4,241) | (9.6) | % | |||||||||||||||
Income before taxes as a percentage of revenue | 25.1 | % | 22.3 | % |
Nine Months Ended September 30, | Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
Revenues | $ | 115,305 | $ | 103,724 | $ | 11,581 | 11.2 | % | |||||||||||||||
Gross profit (loss) | (2,483) | (7,283) | 4,800 | (65.9) | % | ||||||||||||||||||
Gross profit as a percentage of revenue | (2.2) | % | (7.0) | % | |||||||||||||||||||
General and administrative expense | 10,851 | 12,688 | (1,837) | (14.5) | % | ||||||||||||||||||
General and administrative expense as a percentage of revenue | 9.4 | % | 12.2 | % | |||||||||||||||||||
Interest income, net | (515) | (88) | (427) | NM | |||||||||||||||||||
Other income, net | (554) | (1,475) | 921 | (62.4) | % | ||||||||||||||||||
Income (loss) before taxes | $ | (12,265) | $ | (18,408) | $ | 6,143 | 33.4 | % | |||||||||||||||
Income (loss) before taxes as a percentage of revenue | (10.6) | % | (17.7) | % |
Nine Months Ended September 30, | Period to Period Change | ||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | % Change | ||||||||||||||||||||
(In Thousands, Except Percentages) | |||||||||||||||||||||||
General and administrative expense | $ | 30,973 | $ | 28,650 | $ | 2,323 | 8.1 | % | |||||||||||||||
Interest expense, net | 13,354 | 14,909 | (1,555) | (10.4) | % | ||||||||||||||||||
Warrants fair value adjustment income | (143) | (327) | 184 | (56.3) | % | ||||||||||||||||||
Depreciation and amortization | 646 | 643 | 3 | 0.5 | % | ||||||||||||||||||
Other income, net | (3,010) | (50) | (2,960) | NM | |||||||||||||||||||
(Loss) before taxes | $ | (41,820) | $ | (43,825) | $ | 2,005 | 4.6 | % |
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
Completion Fluids & Products | Water & Flowback Services | Corporate SG&A | Other and Eliminations | Total | |||||||||||||||||||||||||
(In Thousands, Except Percents) | |||||||||||||||||||||||||||||
Revenue | $ | 48,691 | $ | 46,783 | $ | — | $ | — | $ | 95,474 | |||||||||||||||||||
Net income (loss) before taxes and discontinued operations | 14,675 | (1,807) | (8,408) | (1,378) | 3,082 | ||||||||||||||||||||||||
Adjustment to long-term incentives | — | — | 656 | — | 656 | ||||||||||||||||||||||||
Transactions and other expenses | 630 | 693 | 27 | — | 1,350 | ||||||||||||||||||||||||
Former CEO stock appreciation right expense | — | — | (466) | — | (466) | ||||||||||||||||||||||||
Restructuring expenses | 254 | 41 | — | — | 295 | ||||||||||||||||||||||||
Stock warrant fair value adjustment | — | — | — | (3,164) | (3,164) | ||||||||||||||||||||||||
Adjusted income (loss) before taxes and discontinued operations | $ | 15,559 | $ | (1,073) | $ | (8,191) | $ | (4,542) | $ | 1,753 | |||||||||||||||||||
Adjusted interest expense, net | (165) | 2 | — | 4,246 | 4,083 | ||||||||||||||||||||||||
Adjusted depreciation and amortization | 1,712 | 6,192 | — | 225 | 8,129 | ||||||||||||||||||||||||
Equity compensation expense | — | — | 1,057 | — | 1,057 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 17,106 | $ | 5,121 | $ | (7,134) | $ | (71) | $ | 15,022 | |||||||||||||||||||
Adjusted EBITDA as % of revenue | 35.1 | % | 10.9 | % | 15.7 | % | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Completion Fluids & Products | Water & Flowback Services | Corporate SG&A | Other and Eliminations | Total | |||||||||||||||||||||||||
(In Thousands, Except Percents) | |||||||||||||||||||||||||||||
Revenue | $ | 51,950 | $ | 21,534 | $ | — | $ | — | $ | 73,484 | |||||||||||||||||||
Net income (loss) before taxes and discontinued operations | 11,756 | (7,746) | (8,958) | (4,510) | (9,458) | ||||||||||||||||||||||||
Severance | 177 | 150 | 933 | — | 1,260 | ||||||||||||||||||||||||
Transaction and other expenses | — | 124 | — | — | 124 | ||||||||||||||||||||||||
Restructuring and severance expenses | 665 | — | — | — | 665 | ||||||||||||||||||||||||
Impairments and other charges | (113) | — | 97 | — | (16) | ||||||||||||||||||||||||
Adjusted income (loss) before taxes and discontinued operations | $ | 12,485 | $ | (7,472) | $ | (7,928) | $ | (4,510) | $ | (7,425) | |||||||||||||||||||
Adjusted interest expense, net | (291) | (77) | — | 4,706 | 4,338 | ||||||||||||||||||||||||
Adjusted depreciation and amortization | 1,710 | 7,584 | — | 170 | 9,464 | ||||||||||||||||||||||||
Equity compensation expense | — | — | 983 | — | 983 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 13,904 | $ | 35 | $ | (6,945) | $ | 366 | $ | 7,360 | |||||||||||||||||||
Adjusted EBITDA as % of revenue | 26.8 | % | 0.2 | % | 10.0 | % |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(In Thousands) | |||||||||||
Operating activities | $ | 10,424 | $ | 64,827 | |||||||
Investing activities | (12,164) | 2,760 | |||||||||
Financing activities | (38,656) | (9,776) |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Publicly Announced Plans or Programs(1) | ||||||||||||||||||||||
July 1 – July 31, 2021 | 1,760 | (2) | $ | 3.14 | — | $ | — | |||||||||||||||||||
August 1 – August 31, 2021 | — | — | — | — | ||||||||||||||||||||||
September 1 – September 30, 2021 | — | — | — | — | ||||||||||||||||||||||
Total | 1,760 | — | $ | — |
10.1** | |||||
10.2** | |||||
31.1* | |||||
31.2* | |||||
32.1** | |||||
32.2** | |||||
101.SCH+ | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL+ | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF+ | XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB+ | XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE+ | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104* | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL documents |
TETRA Technologies, Inc. | |||||||||||
Date: | November 1, 2021 | By: | /s/Brady M. Murphy | ||||||||
Brady M. Murphy | |||||||||||
President and Chief Executive Officer | |||||||||||
Principal Executive Officer | |||||||||||
Date: | November 1, 2021 | By: | /s/Elijio V. Serrano | ||||||||
Elijio V. Serrano | |||||||||||
Senior Vice President and Chief Financial Officer | |||||||||||
Principal Financial Officer | |||||||||||
Date: | November 1, 2021 | By: | /s/Richard D. O’Brien | ||||||||
Richard D. O’Brien | |||||||||||
Vice President – Finance and Global Controller | |||||||||||
Principal Accounting Officer |
Date: | November 1, 2021 | /s/Brady M. Murphy | ||||||
Brady M. Murphy | ||||||||
President and | ||||||||
Chief Executive Officer |
Date: | November 1, 2021 | /s/Elijio V. Serrano | ||||||
Elijio V. Serrano | ||||||||
Senior Vice President and Chief Financial Officer |
Dated: | November 1, 2021 | /s/Brady M. Murphy | ||||||
Brady M. Murphy | ||||||||
President and Chief Executive Officer | ||||||||
TETRA Technologies, Inc. |
Dated: | November 1, 2021 | /s/Elijio V. Serrano | ||||||
Elijio V. Serrano | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
TETRA Technologies, Inc. |
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Income Statement [Abstract] | ||||
(Income) loss from discontinued operations attributable to noncontrolling interest | $ 0 | $ (8,342) | $ 333 | $ (32,957) |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 2,513 | $ (21,598) | $ 104,780 | $ (68,941) |
Foreign currency translation adjustment from continuing operations, net of taxes of $0 in 2021 and 2020 | (2,150) | 2,874 | (2,772) | (2,498) |
Comprehensive income (loss) | 363 | (18,724) | 102,008 | (71,439) |
Comprehensive (income) loss attributable to noncontrolling interest | 0 | 8,229 | (306) | 32,880 |
Comprehensive income (loss) attributable to TETRA stockholders | $ 363 | $ (10,495) | $ 101,702 | $ (38,559) |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Current assets: | ||
Cash and cash equivalents | $ 41,863 | $ 67,252 |
Restricted cash | 0 | 65 |
Trade accounts receivable, net of allowances of $414 in 2021 and $6,824 in 2020 | 79,118 | 64,078 |
Inventories | 72,286 | 76,658 |
Assets of discontinued operations | 0 | 710,006 |
Prepaid expenses and other current assets | 16,121 | 13,487 |
Total current assets | 209,388 | 931,546 |
Property, plant, and equipment: | ||
Land and building | 26,405 | 26,506 |
Machinery and equipment | 343,181 | 365,296 |
Automobiles and trucks | 16,335 | 18,446 |
Chemical plants | 61,374 | 62,714 |
Construction in progress | 4,575 | 1,526 |
Total property, plant, and equipment | 451,870 | 474,488 |
Less accumulated depreciation | (364,522) | (377,632) |
Net property, plant, and equipment | 87,348 | 96,856 |
Other assets: | ||
Patents, trademarks and other intangible assets, net of accumulated amortization of $69,186 in 2021 and $66,078 in 2020 | 38,071 | 41,487 |
Deferred tax assets, net | 44 | 52 |
Operating lease right-of-use assets | 38,795 | 43,448 |
Investments | 22,412 | 2,675 |
Other assets | 15,178 | 16,775 |
Total other assets | 114,500 | 104,437 |
Total assets | 411,236 | 1,132,839 |
Current liabilities: | ||
Trade accounts payable | 41,268 | 22,573 |
Unearned income | 1,432 | 2,675 |
Accrued liabilities and other | 48,552 | 38,791 |
Liabilities of discontinued operations | 1,327 | 734,039 |
Total current liabilities | 92,579 | 798,078 |
Long-term debt, net | 164,228 | 199,894 |
Deferred income taxes | 1,817 | 1,942 |
Asset retirement obligations | 12,840 | 12,484 |
Warrants liability | 56 | 198 |
Operating lease liabilities | 33,145 | 37,569 |
Other liabilities | 6,493 | 11,612 |
Total long-term liabilities | 218,579 | 263,699 |
Commitments and contingencies | ||
Equity: | ||
Common stock, par value 0.01 per share; 250,000,000 shares authorized at September 30, 2021 and December 31, 2020; 130,075,838 shares issued at September 30, 2021 and 128,930,047 shares issued at December 31, 2020 | 1,301 | 1,289 |
Additional paid-in capital | 474,544 | 472,134 |
Treasury stock, at cost; 3,135,434 shares held at September 30, 2021, and 2,953,976 shares held at December 31, 2020 | (19,945) | (19,484) |
Accumulated other comprehensive loss | (45,518) | (49,914) |
Retained deficit | (309,191) | (413,665) |
Total TETRA stockholders’ equity | 101,191 | (9,640) |
Noncontrolling interests | (1,113) | 80,702 |
Total equity | 100,078 | 71,062 |
Total liabilities and equity | $ 411,236 | $ 1,132,839 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowances for doubtful accounts | $ 414 | $ 6,824 |
Patents, trademarks, and other intangible assets, accumulated amortization | $ 69,186 | $ 66,078 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 130,075,838 | 128,930,047 |
Treasury stock, shares held | 3,135,434 | 2,953,976 |
Consolidated Statement of Equity Statement - USD ($) $ in Thousands |
Total |
Common Stock Par Value |
Additional Paid-In Capital |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
Retained Deficit |
Noncontrolling Interest |
---|---|---|---|---|---|---|---|
Balance at beginning of period at Dec. 31, 2019 | $ 162,826 | $ 1,283 | $ 466,959 | $ (19,164) | $ (52,183) | $ (362,522) | $ 128,453 |
Net Income (Loss) Attributable to Parent | (1,551) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (10,376) | (8,825) | |||||
Translation adjustment, net of taxes | (6,467) | (6,238) | (229) | ||||
Comprehensive income (loss) | (16,843) | ||||||
Dividend | (309) | 309 | |||||
Equity award activity | 4 | 4 | |||||
Treasury stock activity, net | (89) | (89) | |||||
Equity compensation expense | 1,373 | 1,145 | 228 | ||||
Other | (31) | (16) | (15) | ||||
Balance at end of period at Mar. 31, 2020 | 146,931 | 1,287 | 468,088 | (19,253) | (58,421) | (364,073) | 119,303 |
Balance at beginning of period at Dec. 31, 2019 | 162,826 | 1,283 | 466,959 | (19,164) | (52,183) | (362,522) | 128,453 |
Net Income (Loss) Attributable to Parent | (36,108) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (68,941) | ||||||
Comprehensive income (loss) | (71,439) | ||||||
Balance at end of period at Sep. 30, 2020 | 95,175 | 1,289 | 471,146 | (19,484) | (54,634) | (398,630) | 95,488 |
Balance at beginning of period at Mar. 31, 2020 | 146,931 | 1,287 | 468,088 | (19,253) | (58,421) | (364,073) | 119,303 |
Net Income (Loss) Attributable to Parent | (21,255) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (36,967) | (15,712) | |||||
Translation adjustment, net of taxes | 1,095 | 980 | 115 | ||||
Comprehensive income (loss) | (35,872) | ||||||
Dividend | (311) | 311 | |||||
Equity award activity | 1 | 1 | |||||
Treasury stock activity, net | (181) | (181) | |||||
Equity compensation expense | 2,134 | 1,685 | 449 | ||||
Other | (16) | 4 | (20) | ||||
Balance at end of period at Jun. 30, 2020 | 112,686 | 1,288 | 469,777 | (19,434) | (57,441) | (385,328) | 103,824 |
Net Income (Loss) Attributable to Parent | (13,302) | (13,302) | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (21,598) | (8,296) | |||||
Translation adjustment, net of taxes | 2,874 | 2,807 | 67 | ||||
Comprehensive income (loss) | (18,724) | ||||||
Dividend | (312) | 312 | |||||
Equity award activity | 1 | 1 | |||||
Treasury stock activity, net | (50) | (50) | |||||
Equity compensation expense | 1,595 | 1,363 | 232 | ||||
Other | (21) | 6 | (27) | ||||
Balance at end of period at Sep. 30, 2020 | 95,175 | 1,289 | 471,146 | (19,484) | (54,634) | (398,630) | 95,488 |
Balance at beginning of period at Dec. 31, 2020 | 71,062 | 1,289 | 472,134 | (19,484) | (49,914) | (413,665) | 80,702 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 109,047 | 333 | |||||
Translation adjustment, net of taxes | (2,779) | 0 | |||||
Comprehensive income (loss) | 106,268 | ||||||
Deconsolidation of CSI Compressco | (75,607) | 7,168 | (82,775) | ||||
Equity award activity | 6 | 6 | 0 | ||||
Treasury stock activity, net | (449) | (449) | |||||
Equity compensation expense | 1,542 | 962 | 580 | ||||
Other | (355) | (574) | 219 | ||||
Balance at end of period at Mar. 31, 2021 | 102,467 | 1,295 | 472,522 | (19,933) | (45,525) | (304,951) | (941) |
Balance at beginning of period at Dec. 31, 2020 | 71,062 | 1,289 | 472,134 | (19,484) | (49,914) | (413,665) | 80,702 |
Net Income (Loss) Attributable to Parent | 104,474 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 104,780 | ||||||
Comprehensive income (loss) | 102,008 | ||||||
Balance at end of period at Sep. 30, 2021 | 100,078 | 1,301 | 474,544 | (19,945) | (45,518) | (309,191) | (1,113) |
Balance at beginning of period at Mar. 31, 2021 | 102,467 | 1,295 | 472,522 | (19,933) | (45,525) | (304,951) | (941) |
Net Income (Loss) Attributable to Parent | (6,753) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (6,780) | (27) | |||||
Translation adjustment, net of taxes | 2,157 | 2,157 | 0 | ||||
Comprehensive income (loss) | (4,623) | ||||||
Dividend | (119) | (119) | |||||
Equity award activity | 2 | 2 | 0 | ||||
Treasury stock activity, net | (6) | (6) | |||||
Equity compensation expense | 1,592 | 1,592 | 0 | ||||
Other | (256) | (242) | (14) | ||||
Balance at end of period at Jun. 30, 2021 | 99,057 | 1,297 | 473,872 | (19,939) | (43,368) | (311,704) | (1,101) |
Net Income (Loss) Attributable to Parent | 2,513 | 2,513 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,513 | 0 | |||||
Translation adjustment, net of taxes | (2,150) | (2,150) | 0 | ||||
Comprehensive income (loss) | 363 | ||||||
Equity award activity | 4 | 4 | 0 | ||||
Treasury stock activity, net | (6) | (6) | |||||
Equity compensation expense | 1,057 | 1,057 | 0 | ||||
Other | (397) | (385) | (12) | ||||
Balance at end of period at Sep. 30, 2021 | $ 100,078 | $ 1,301 | $ 474,544 | $ (19,945) | $ (45,518) | $ (309,191) | $ (1,113) |
Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |||||
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Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
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Statement of Stockholders' Equity [Abstract] | ||||||
Translation adjustment, tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
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Sep. 30, 2021 |
Sep. 30, 2020 |
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Operating activities: | ||
Net income (loss) | $ 104,780 | $ (68,941) |
Reconciliation of net income (loss) to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 25,524 | 88,906 |
Gain on GP Sale | (120,574) | 0 |
Impairment and other charges | 449 | 14,445 |
Gain on retained CSI Compressco units and Standard Lithium shares | (11,803) | 0 |
Equity-based compensation expense | 3,611 | 4,847 |
Amortization and expense of financing costs and deferred financing gains | 2,320 | 3,698 |
Debt-related expenses | 0 | 4,777 |
Warrants fair value adjustment | (143) | (326) |
Gain on sale of assets | (479) | (4,340) |
Other non-cash charges | (340) | 5,814 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (15,246) | 62,039 |
Inventories | 2,449 | 11,780 |
Prepaid expenses and other current assets | (2,927) | (916) |
Trade accounts payable and accrued expenses | 25,231 | (57,844) |
Other | (2,428) | 888 |
Net cash provided by (used in) operating activities | 10,424 | 64,827 |
Investing activities: | ||
Purchases of property, plant, and equipment, net | 14,620 | 22,011 |
Proceeds from sale of CCLP, net of cash divested | 566 | 0 |
Proceeds on sale of property, plant, and equipment | 1,016 | 24,704 |
Proceeds from Insurance Settlement, Investing Activities | 110 | 643 |
Other investing activities | 764 | (576) |
Net cash provided by (used in) investing activities | (12,164) | 2,760 |
Financing activities: | ||
Proceeds from long-term debt | 0 | 404,060 |
Principal payments on long-term debt | (37,477) | (408,666) |
CSI Compressco distributions | 0 | (932) |
Tax remittances on equity based compensation | 0 | (341) |
Dividend payments attributable to noncontrolling interest | (99) | 0 |
Debt issuance costs and other financing activities | (1,080) | (3,897) |
Net cash provided by (used in) financing activities | (38,656) | (9,776) |
Effect of exchange rate changes on cash | (1,635) | (355) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (42,031) | 57,456 |
Cash and cash equivalents and restricted cash at beginning of period | 83,894 | 17,768 |
Cash and cash equivalents at beginning of period associated with discontinued operations | 16,577 | 2,370 |
Cash and cash equivalents and restricted cash at beginning of period associated with continuing operations | 67,317 | 15,398 |
Cash and cash equivalents and restricted cash at end of period | 41,863 | 75,224 |
Cash and cash equivalents at end of period associated with discontinued operations | 0 | 6,757 |
Cash and cash equivalents and restricted cash at end of period associated with continuing operations | $ 41,863 | $ 68,467 |
Organization, Basis of Presentation, and Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Basis of Presentation, and Significant Accounting Policies | ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Organization We are an industrial and oil and gas products and services company operating on six continents, focused on bromine-based completion fluids, calcium chloride, water management solutions, frac flowback and production well testing services. We were incorporated in Delaware in 1981. We are composed of two segments – Completion Fluids & Products Division and Water & Flowback Services Division. Unless the context requires otherwise, when we refer to “we,” “us,” and “our,” we are describing TETRA Technologies, Inc. and its consolidated subsidiaries on a consolidated basis. Presentation Our unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended September 30, 2021 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2021. The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission (“SEC”) and do not include all information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2020 and notes thereto included in our Annual Report on Form 10-K, which we filed with the SEC on March 5, 2021. Significant Accounting Policies Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K. There have been no significant changes in our accounting policies or the application thereof during the third quarter of 2021. 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 and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material. Reclassifications Certain previously reported financial information has been reclassified to conform to the current year's presentation. For a discussion of the reclassification of the financial presentation of our former Compression Division as discontinued operations, see Note 2 - “Discontinued Operations”. Other than the discontinued operations presentation, the impact of reclassifications was not significant to the prior year's overall presentation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. Impairments and Other Charges Impairments of long-lived assets, including identified intangible assets, are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on our judgment as to the future undiscounted operating cash flows to be generated from the relevant assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related assets, an impairment is recognized for the excess of the carrying value over fair value. Fair value of intangible assets is generally determined using the discounted present value of future cash flows using discount rates commensurate with the risks inherent with the specific assets. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. During the nine months ended 2021, we recorded an impairment charge of $0.4 million related to idle equipment in our Canada office within our Water & Flowback Services Division. There were no significant impairments associated with continuing operations during the nine months ended September 30, 2020. Foreign Currency Translation We have designated the Euro, the British pound, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Canada, Brazil, and certain of our operations in Mexico, respectively. During 2021, we determined our business operations in Norway were primarily operating using the United States dollar. Effective July 1, 2021, the functional currency of our operations in Norway was changed from the Norwegian krone to the United States dollar. The United States dollar is also the designated functional currency for all of our other non-U.S. operations. The cumulative translation effects of translating the applicable accounts from the functional currencies into the United States dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange (gains) and losses are included in other (income) expense, net and totaled $(0.1) million and $(1.1) million during the three and nine months ended September 30, 2021, respectively, and $1.2 million and $2.2 million for the three and nine months ended September 30, 2020, respectively. Fair Value Measurements We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized on a recurring basis in the determination of the carrying values of certain assets, including our interest in Standard Lithium Ltd. (“Standard Lithium”) and our retained interest in CSI Compressco and liabilities, including the liabilities for the warrants to purchase 11.2 million shares of our common stock (the “Warrants”). See Note 8 - “Fair Value Measurements” for further discussion. Fair value measurements are also utilized on a nonrecurring basis in certain circumstances, including the impairment of long-lived assets (a Level 3 fair value measurement). Supplemental Cash Flow Information Supplemental cash flow information from continuing and discontinued operations is as follows:
(1) Prior-year information includes the activity for CSI Compressco for the full period. Current-year information includes activity for CSI Compressco for January only. New Accounting Pronouncements Standards adopted in 2021 In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. On January 1, 2021, we adopted ASU 2019-12. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairment will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. We are continuing to work through our implementation plan which includes evaluating the impact on our allowance for doubtful accounts methodology, identifying new reporting requirements, and implementing changes to business processes, systems, and controls to support adoption of the standard. Upon adoption, the allowance for doubtful accounts is expected to increase with an offsetting adjustment to retained earnings. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 will become effective for us in the first quarter of fiscal 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. Entities may elect to apply the amendments for contract modifications made on or before December 31, 2022. During the three months ended September 30, 2021, our asset-based credit agreement and term credit agreement were amended to allow replacement of LIBOR with another benchmark rate, such as the secured overnight financing rate (“SOFR”) in the event that LIBOR cannot be determined or does not fairly reflect the cost to our lenders of funding our loans. If LIBOR is not available, we cannot predict what alternative index would be negotiated with our lenders. We will assess the impact of adopting ASU 2020-04 on our consolidated financial statements if or when our contracts are modified to eliminate references to LIBOR.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | DISCONTINUED OPERATIONSOn January 29, 2021, we entered into the Purchase and Sale Agreement with Spartan Energy Partners, LP (“Spartan”) pursuant to which we sold the general partner of CSI Compressco, including the IDRs in CSI Compressco and approximately 23.1% of the outstanding limited partner interests in CSI Compressco, in exchange for the combination of $13.4 million in cash paid at closing, $0.5 million in cash paid on the six-month anniversary of closing and $3.1 million in contingent consideration in the form of cash and/or CSI Compressco common units if CSI Compressco achieves certain financial targets on or before December 31, 2022. Throughout this Quarterly Report, we refer to the transaction with Spartan as the “GP Sale.” As a result of these transactions, we no longer consolidate CSI Compressco as of January 29, 2021. We recognized a primarily non-cash accounting gain of $120.6 million during the nine-month period ended September 30, 2021 related to the GP Sale. The gain is included in income (loss) from discontinued operations, net of taxes in our consolidated statement of operations. We will also continue to provide back-office support to CSI Compressco under a Transition Services Agreement for up to one year until CSI Compressco has completed a full separation from our back-office support functions. Our interest in CSI Compressco and the general partner represented substantially all of our Compression Division. In addition, on March 1, 2018, we closed a series of related transactions that resulted in the disposition of our Offshore Division, consisting of our Offshore Services and Maritech segments. Our former Compression and Offshore Divisions are reported as discontinued operations for all periods presented. Our consolidated balance sheets and consolidated statements of operations report discontinued operations separate from continuing operations. Our consolidated statements of comprehensive income, statements of equity and statements of cash flows combine continuing and discontinued operations. Our current-year consolidated statement of operations, statement of comprehensive income, statement of equity and statement of cash flows include CSI Compressco activity for January 1 through January 29. Our consolidated statements of cash flows for the nine-month periods ended September 30, 2021 and September 30, 2020 included $3.0 million and $10.8 million, respectively, of capital expenditures related to our former Compression division, as well as $337.5 million of proceeds from long-term debt, $341.2 million of payments of long-term debt, $21.7 million from proceeds from sale of property, plant and equipment, and $2.0 million from amortization of deferred financing discounts, costs and gains for the nine-month period ended September 30, 2020. Our current-year results do not include CSI Compressco depreciation or amortization as the assets were considered held for sale. A summary of financial information related to our discontinued operations is as follows: Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations (in thousands)
Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands)
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | REVENUE FROM CONTRACTS WITH CUSTOMERS Our contract asset balances, primarily associated with customer documentation requirements, were $16.9 million and $12.8 million as of September 30, 2021 and December 31, 2020, respectively. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets. Unearned income includes amounts in which the Company was contractually allowed to invoice prior to satisfying the associated performance obligations. Unearned income balances were $1.4 million and $2.7 million as of September 30, 2021 and December 31, 2020, respectively, and vary based on the timing of invoicing and performance obligations being met. Revenues recognized during the nine-month periods ended September 30, 2021 and September 30, 2020 deferred as of the end of the preceding year were not significant. During the nine-month periods ended September 30, 2021 and September 30, 2020, contract costs were not significant. We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our two reportable segments in Note 10. In addition, we disaggregate revenue from contracts with customers by geography based on the following table below.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES Components of inventories as of September 30, 2021 and December 31, 2020 are as follows:
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Investments |
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Investments in and Advances to Affiliates [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | INVESTMENTS Following the closing of the GP Sale, we continue to own approximately 10.9% of the outstanding CSI Compressco common units. In addition, we are party to agreements in which Standard Lithium has the right to explore, produce and extract lithium in our Arkansas leases as well as additional potential resources in the Mojave region of California. The Company receives cash and stock of Standard Lithium (NYSE:SLI) under the terms of the arrangements. The cash and stock component of consideration received is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. See Note 8 - “Fair Value Measurements” for further information. Our investments as of September 30, 2021 and December 31, 2020, consist of the following:
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Long-Term Debt and Other Borrowings |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure | LONG-TERM DEBT AND OTHER BORROWINGS Consolidated long-term debt as of September 30, 2021 and December 31, 2020, consists of the following:
(1) Net of unamortized discount of $4.8 million and $5.5 million as of September 30, 2021 and December 31, 2020, respectively, and net of unamortized deferred financing costs of $7.1 million and $8.2 million as of September 30, 2021 and December 31, 2020, respectively. On July 30, 2021, we entered into an amendment to our asset-based credit agreement (“ABL Credit Agreement’) that, among other things, extended the term of the credit facility to May 31, 2025 and revised our commitment to $80.0 million, with a $20.0 million accordion. The amendment increased the availability by adding the value of accrued Unites States receivables, increased the forward rates on accounts receivable for investment grade customers and incorporated a new $15.0 million sub-facility subject to a borrowing base consisting of certain trade receivables and inventory in the United Kingdom. As of September 30, 2021, we had no outstanding balance and $6.2 million in letters of credit against our “ABL Credit Agreement. Because there was no outstanding balance on this ABL Credit Agreement, associated deferred financing costs of $1.7 million as of September 30, 2021, were classified as other long-term assets on the accompanying consolidated balance sheet. As of September 30, 2021, subject to compliance with the covenants, borrowing base, and other provisions of the ABL Credit Agreement that may limit borrowings, we had an availability of $48.2 million under this agreement. Our credit agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments. As of September 30, 2021, we are in compliance with all covenants under the credit agreements. Our term credit agreement requires us to offer to prepay a percentage of Excess Cash Flow (as defined in the term credit agreement) within five business days of filing our Annual Report. The minimum amount of $8.2 million that we would have been required to offer to prepay pursuant to this obligation for the year ending December 31, 2021 was paid on July 30, 2021 in connection with the amendment of our ABL Credit Agreement.
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Commitments and Contingencies |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Litigation We are named defendants in several lawsuits and respondents in certain governmental proceedings arising in the ordinary course of business. While the outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or other proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse impact on our financial condition, results of operations, or liquidity. There have been no material developments in our legal proceedings during the quarter ended September 30, 2021. For a discussion of our legal proceedings, please see our Annual Report on Form 10-K for the year ended December 31, 2020. Investment In May 2021, we signed a memorandum of understanding (“MOU”) with CarbonFree Chemicals Holdings, LLC (“CarbonFree”), a carbon capture company with patented technologies that capture CO2 and mineralize emissions to make commercial, carbon-negative chemicals. During the one-year MOU period, both Companies will work towards a definitive agreement that might include investments by TETRA into CarbonFree, a joint venture, or other commercial arrangements. On July 23, 2021, we entered into a commitment to invest $5.0 million in a convertible note to be issued by CarbonFree. Our investment in CarbonFree is contingent on certain conditions being attained by CarbonFree.
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Fair Value Measurements |
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Fair Value Measurements | FAIR VALUE MEASUREMENTS Financial Instruments Investments Our retained investment in CSI Compressco and our investment in Standard Lithium are recorded based on the quoted market stock price in active markets (a Level 1 fair value measurement). The stock component of consideration received for our arrangement with Standard Lithium is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. The unearned income associated with the stock component of this agreement is not significant as of September 30, 2021 or December 31, 2020. Changes in the value of stock are recorded in other income (expense) in our consolidated statements of operations. Warrants The Warrants are valued using a Black Scholes option valuation model that includes estimates of the volatility of the Warrants (a Level 3 fair value measurement). The Warrants are accounted for as a derivative liability and increases (or decreases) in the fair value of the Warrants are generally associated with increases (or decreases) in the trading price of our common stock, increases in the volatility of our common stock price and decreases in time remaining until expiration of the Warrants, resulting in adjustments to earnings for the associated valuation losses (gains), and resulting in future volatility of our earnings during the period the Warrants are outstanding. The estimated volatility as of September 30, 2021 was 60%. The outstanding Warrants expire by December 31, 2021. Recurring and nonrecurring fair value measurements by valuation hierarchy as of September 30, 2021 and December 31, 2020, are as follows:
The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt pursuant to TETRA’s ABL Credit Agreement and term credit agreement approximate their carrying amounts. See Note 6 - “Long-Term Debt and Other Borrowings” for further discussion.
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Net Income (Loss) per Share |
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Net Income (Loss) per Share | NET INCOME (LOSS) PER SHARE The following is a reconciliation of the weighted average number of common shares outstanding with the number of shares used in the computations of net income (loss) per common and common equivalent share:
The average diluted shares outstanding excludes the impact of certain outstanding equity awards and warrants of 1,767 thousand shares for the nine-month period ended September 30, 2021, and 93 thousand and 17 thousand shares for the three and nine-month periods ended September 30, 2020, respectively, as the inclusion of these shares would have been anti-dilutive due to the net loss from continuing operations recorded during these periods.
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Industry Segments |
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Industry Segments | INDUSTRY SEGMENTS We manage our operations through two segments: Completion Fluids & Products Division and Water & Flowback Services Division. Summarized financial information concerning the business segments is as follows:
(1) Amounts reflected include the following general corporate expenses:
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Organization, Basis of Presentation, and Significant Accounting Policies (Policies) |
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Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of operations | Organization We are an industrial and oil and gas products and services company operating on six continents, focused on bromine-based completion fluids, calcium chloride, water management solutions, frac flowback and production well testing services. We were incorporated in Delaware in 1981. We are composed of two segments – Completion Fluids & Products Division and Water & Flowback Services Division. Unless the context requires otherwise, when we refer to “we,” “us,” and “our,” we are describing TETRA Technologies, Inc. and its consolidated subsidiaries on a consolidated basis.
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Principles of consolidation policy | Presentation Our unaudited consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended September 30, 2021 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2021. |
Use of estimates policy | 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 and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material.
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Reclassifications | Reclassifications Certain previously reported financial information has been reclassified to conform to the current year's presentation. For a discussion of the reclassification of the financial presentation of our former Compression Division as discontinued operations, see Note 2 - “Discontinued Operations”. Other than the discontinued operations presentation, the impact of reclassifications was not significant to the prior year's overall presentation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations.
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Impairments and other charges | Impairments and Other Charges Impairments of long-lived assets, including identified intangible assets, are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on our judgment as to the future undiscounted operating cash flows to be generated from the relevant assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related assets, an impairment is recognized for the excess of the carrying value over fair value. Fair value of intangible assets is generally determined using the discounted present value of future cash flows using discount rates commensurate with the risks inherent with the specific assets. Assets held for disposal are recorded at the lower of carrying value or estimated fair value less estimated selling costs. During the nine months ended 2021, we recorded an impairment charge of $0.4 million related to idle equipment in our Canada office within our Water & Flowback Services Division. There were no significant impairments associated with continuing operations during the nine months ended September 30, 2020.
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Foreign currency translation policy | Foreign Currency Translation We have designated the Euro, the British pound, the Canadian dollar, the Brazilian real, and the Mexican peso as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Canada, Brazil, and certain of our operations in Mexico, respectively. During 2021, we determined our business operations in Norway were primarily operating using the United States dollar. Effective July 1, 2021, the functional currency of our operations in Norway was changed from the Norwegian krone to the United States dollar. The United States dollar is also the designated functional currency for all of our other non-U.S. operations. The cumulative translation effects of translating the applicable accounts from the functional currencies into the United States dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange (gains) and losses are included in other (income) expense, net and totaled $(0.1) million and $(1.1) million during the three and nine months ended September 30, 2021, respectively, and $1.2 million and $2.2 million for the three and nine months ended September 30, 2020, respectively.
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Fair value measurements | Fair Value Measurements |
New accounting pronouncements | New Accounting Pronouncements Standards adopted in 2021 In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions related to intraperiod tax allocation, interim period income tax calculation methodology, and the recognition of deferred tax liabilities for outside basis differences. It also simplifies certain aspects of accounting for franchise taxes and clarifies the accounting for transactions that results in a step-up in the tax basis of goodwill. On January 1, 2021, we adopted ASU 2019-12. The adoption of this standard did not have a material impact on our consolidated financial statements. Standards not yet adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses on financial instruments not accounted for at fair value through net income. The provisions require credit impairments to be measured over the contractual life of an asset and developed with consideration for past events, current conditions, and forecasts of future economic information. Credit impairment will be accounted for as an allowance for credit losses deducted from the amortized cost basis at each reporting date. We are continuing to work through our implementation plan which includes evaluating the impact on our allowance for doubtful accounts methodology, identifying new reporting requirements, and implementing changes to business processes, systems, and controls to support adoption of the standard. Upon adoption, the allowance for doubtful accounts is expected to increase with an offsetting adjustment to retained earnings. Updates at each reporting date after initial adoption will be recorded through selling, general, and administrative expense. ASU 2016-13 will become effective for us in the first quarter of fiscal 2023. We continue to assess the potential effects of these changes to our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. Entities may elect to apply the amendments for contract modifications made on or before December 31, 2022. During the three months ended September 30, 2021, our asset-based credit agreement and term credit agreement were amended to allow replacement of LIBOR with another benchmark rate, such as the secured overnight financing rate (“SOFR”) in the event that LIBOR cannot be determined or does not fairly reflect the cost to our lenders of funding our loans. If LIBOR is not available, we cannot predict what alternative index would be negotiated with our lenders. We will assess the impact of adopting ASU 2020-04 on our consolidated financial statements if or when our contracts are modified to eliminate references to LIBOR.
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Organization, Basis of Presentation, and Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information from continuing and discontinued operations is as follows:
(1) Prior-year information includes the activity for CSI Compressco for the full period. Current-year information includes activity for CSI Compressco for January only.
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Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | A summary of financial information related to our discontinued operations is as follows: Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations (in thousands)
Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands)
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Revenue from Contracts with Customers (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | In addition, we disaggregate revenue from contracts with customers by geography based on the following table below.
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | Components of inventories as of September 30, 2021 and December 31, 2020 are as follows:
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Investments (Tables) |
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Summary of Investments | Our investments as of September 30, 2021 and December 31, 2020, consist of the following:
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Long-Term Debt and Other Borrowings (Table) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt Table | Consolidated long-term debt as of September 30, 2021 and December 31, 2020, consists of the following:
(1) Net of unamortized discount of $4.8 million and $5.5 million as of September 30, 2021 and December 31, 2020, respectively, and net of unamortized deferred financing costs of $7.1 million and $8.2 million as of September 30, 2021 and December 31, 2020, respectively.
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Fair Value Measurements (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | Recurring and nonrecurring fair value measurements by valuation hierarchy as of September 30, 2021 and December 31, 2020, are as follows:
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Net Income (Loss) per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Share | The following is a reconciliation of the weighted average number of common shares outstanding with the number of shares used in the computations of net income (loss) per common and common equivalent share:
|
Industry Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Table | Summarized financial information concerning the business segments is as follows:
(1) Amounts reflected include the following general corporate expenses:
|
Organization, Basis of Presentation, and Significant Accounting Policies - Additional Information (Details) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021
USD ($)
shares
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
continent
shares
|
Sep. 30, 2020
USD ($)
|
|
Accounting Policies [Abstract] | ||||
Number of continents in which entity operates | continent | 6 | |||
Number of Operating Segments | 2 | |||
Foreign Currency Transaction Gain (Loss), Realized | $ | $ (0.1) | $ 1.2 | $ (1.1) | $ 2.2 |
Class of Warrant or Right, Outstanding | shares | 11.2 | 11.2 |
Organization, Basis of Presentation, and Significant Accounting Policies - Supplemental Cash Flows (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Accounting Policies [Abstract] | ||
Interest paid | $ 10,954 | $ 42,199 |
Income taxes paid | 1,423 | 4,692 |
Increase (decrease) in accrued capital expenditures | $ 463 | $ (1,614) |
Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jan. 29, 2021 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of CCLP, net of cash divested | $ 566 | $ 0 | |||||
Gain on disposition of business | 120,574 | 0 | |||||
Proceeds from long-term debt | 0 | 404,060 | |||||
Repayments of long-term debt | 37,477 | 408,666 | |||||
Proceeds on sale of property, plant, and equipment | 1,016 | 24,704 | |||||
Revenue | $ 79,117 | 18,968 | 265,727 | ||||
Cost of revenues | $ (174) | 49,416 | 11,328 | 166,947 | |||
Depreciation, amortization, and accretion | 19,948 | 59,972 | |||||
Impairments and other charges | 14,348 | ||||||
General and administrative expense | 6 | 9,303 | 2,802 | 29,961 | |||
Interest expense, net | 13,293 | 4,336 | 38,839 | ||||
Other expense, net | 150 | (1,348) | 164 | 2,932 | |||
Pretax (loss) income from discontinued operations | 18 | (11,495) | 338 | (47,272) | |||
Pretax gain (loss) on disposal of discontinued operations | 120,574 | ||||||
Total pretax loss from discontinued operations | 120,912 | ||||||
Income tax provision | 544 | 30 | 1,923 | ||||
Total loss from discontinued operations | 18 | (12,039) | 120,882 | (49,195) | |||
Loss from discontinued operations attributable to noncontrolling interest | 0 | 8,342 | (333) | 32,957 | |||
Loss from discontinued operations attributable to TETRA stockholders | 18 | (3,697) | 120,549 | (16,238) | |||
Cash and cash equivalents | 0 | 6,757 | 0 | 6,757 | $ 16,577 | $ 2,370 | |
Trade receivables | 43,837 | ||||||
Inventories | 31,220 | ||||||
Other current assets | 5,231 | ||||||
Property, plant, and equipment | 551,401 | ||||||
Other assets | 61,740 | ||||||
Total assets associated with discontinued operations | 710,006 | ||||||
Assets of discontinued operations | 0 | 0 | 710,006 | ||||
Trade payables | 1,099 | 1,099 | 20,988 | ||||
Unearned Income | 269 | ||||||
Accrued liabilities and other | 228 | 228 | 36,898 | ||||
Long-term debt, net | 638,631 | ||||||
Other liabilities | 37,253 | ||||||
Total liabilities associated with discontinued operations | 1,327 | 1,327 | 734,039 | ||||
CSI Compressco | Discontinued Operations, Held-for-sale or Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from divestiture of businesses | $ 13,400 | ||||||
Proceeds from sale of CCLP, net of cash divested | 500 | ||||||
Consideration transferred | 3,100 | ||||||
Gain on disposition of business | $ 120,600 | ||||||
CSI Compressco | Discontinued Operations, Held-for-sale or Disposed of by Sale | Limited Partner [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
General partner, ownership interest | 23.10% | ||||||
Compression Division [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Revenue | 79,117 | 18,968 | 265,727 | ||||
Cost of revenues | 0 | 49,414 | 11,474 | 167,279 | |||
Depreciation, amortization, and accretion | 19,948 | 59,972 | |||||
Impairments and other charges | 14,348 | ||||||
General and administrative expense | 0 | 9,133 | 2,796 | 29,474 | |||
Interest expense, net | 13,293 | 4,336 | 38,839 | ||||
Other expense, net | 150 | (1,348) | 164 | 2,932 | |||
Pretax (loss) income from discontinued operations | (150) | (11,323) | 198 | (47,117) | |||
Cash and cash equivalents | 16,577 | ||||||
Trade receivables | 43,837 | ||||||
Inventories | 31,220 | ||||||
Other current assets | 5,231 | ||||||
Property, plant, and equipment | 551,401 | ||||||
Other assets | 61,740 | ||||||
Total assets associated with discontinued operations | 710,006 | ||||||
Trade payables | 19,766 | ||||||
Unearned Income | 269 | ||||||
Accrued liabilities and other | 36,318 | ||||||
Long-term debt, net | 638,631 | ||||||
Other liabilities | 37,253 | ||||||
Total liabilities associated with discontinued operations | 732,237 | ||||||
Compression Division [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Capital expenditure, discontinued operations | 3,000 | 10,800 | |||||
Proceeds from long-term debt | 337,500 | ||||||
Repayments of long-term debt | 341,200 | ||||||
Proceeds on sale of property, plant, and equipment | 21,700 | ||||||
Amortization of financing discounts, costs and gains | 2,000 | ||||||
Offshore Services [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Revenue | 0 | 0 | 0 | ||||
Cost of revenues | (174) | 2 | (146) | (332) | |||
Depreciation, amortization, and accretion | 0 | 0 | |||||
Impairments and other charges | 0 | ||||||
General and administrative expense | 6 | 170 | 6 | 487 | |||
Interest expense, net | 0 | 0 | 0 | ||||
Other expense, net | 0 | 0 | 0 | 0 | |||
Pretax (loss) income from discontinued operations | 168 | $ (172) | 140 | $ (155) | |||
Cash and cash equivalents | 0 | ||||||
Trade receivables | 0 | ||||||
Inventories | 0 | ||||||
Other current assets | 0 | ||||||
Property, plant, and equipment | 0 | ||||||
Other assets | 0 | ||||||
Total assets associated with discontinued operations | 0 | ||||||
Trade payables | 1,099 | 1,099 | 1,222 | ||||
Unearned Income | 0 | ||||||
Accrued liabilities and other | 0 | 0 | 352 | ||||
Long-term debt, net | 0 | ||||||
Other liabilities | 0 | ||||||
Total liabilities associated with discontinued operations | 1,099 | 1,099 | 1,574 | ||||
Maritech [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Cash and cash equivalents | 0 | ||||||
Trade receivables | 0 | ||||||
Inventories | 0 | ||||||
Other current assets | 0 | ||||||
Property, plant, and equipment | 0 | ||||||
Other assets | 0 | ||||||
Total assets associated with discontinued operations | 0 | ||||||
Trade payables | 0 | 0 | 0 | ||||
Unearned Income | 0 | ||||||
Accrued liabilities and other | 228 | 228 | 228 | ||||
Long-term debt, net | 0 | ||||||
Other liabilities | 0 | ||||||
Total liabilities associated with discontinued operations | $ 228 | $ 228 | $ 228 |
Revenue from Contracts with Customers - Additional Information (Details) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2021
USD ($)
segment
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Revenue from Contract with Customer [Abstract] | |||
Contract with customer, asset balances | $ 16.9 | $ 16.9 | $ 12.8 |
Deferred Revenue | $ 1.4 | $ 1.4 | $ 2.7 |
Number of Reportable Segments | 2 | 2 |
Revenue from Contracts with Customers - Revenue Performance Obligation (Details) |
Sep. 30, 2021 |
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | $ 95,474 | $ 73,484 | $ 275,124 | $ 302,257 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 64,763 | 34,780 | 178,983 | 182,089 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 30,711 | 38,704 | 96,141 | 120,168 |
Completion Fluids & Products Division | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 48,691 | 51,950 | 159,819 | 198,533 |
Completion Fluids & Products Division | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 22,529 | 15,013 | 72,353 | 85,073 |
Completion Fluids & Products Division | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 26,162 | 36,937 | 87,466 | 113,460 |
Water & Flowback Services Division | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 46,783 | 21,534 | 115,305 | 103,724 |
Water & Flowback Services Division | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | 42,234 | 19,767 | 106,630 | 97,016 |
Water & Flowback Services Division | International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from external customers | $ 4,549 | $ 1,767 | $ 8,675 | $ 6,708 |
Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Inventory, Finished Goods, Gross | $ 62,510 | $ 68,121 |
Inventory, Raw Materials, Gross | 3,604 | 2,910 |
Other Inventory, Supplies, Gross | 4,524 | 4,001 |
Inventory, Work in Process, Gross | 1,648 | 1,626 |
Inventories | $ 72,286 | $ 76,658 |
Investments in and Advances to Affiliates (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments in and Advances to Affiliates [Line Items] | ||
Total Investments | $ 22,412 | $ 2,675 |
CSI Compressco | ||
Investments in and Advances to Affiliates [Line Items] | ||
Ownership percentage | 10.90% | |
Total Investments | $ 9,404 | 0 |
Standard Lithium | ||
Investments in and Advances to Affiliates [Line Items] | ||
Total Investments | $ 13,008 | $ 2,675 |
Long-Term Debt and Other Borrowings - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Parent Company | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 164,228 | $ 199,894 |
Unamortized deferred finance costs | 1,700 | |
Revolving Credit Facility | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | 0 |
Term Loan | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 164,228 | 199,894 |
Debt Instrument, Unamortized Discount (Premium), Net | 4,800 | 5,500 |
Unamortized deferred finance costs | $ 7,100 | $ 8,200 |
Long-Term Debt and Other Borrowings - Additional Information (Details) - USD ($) |
Jul. 30, 2021 |
Sep. 30, 2021 |
---|---|---|
Parent Company | ||
Debt Instrument [Line Items] | ||
Unamortized deferred finance costs | $ 1,700,000 | |
Line of Credit | ABL Credit Agreement | ||
Debt Instrument [Line Items] | ||
Debt prepayment cost | $ 8,200,000 | |
Line of Credit | Revolving Credit Facility | ABL Credit Agreement | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 80,000,000 | |
Accordion feature | 20,000,000 | |
Line of Credit | Letter of Credit | Sub-Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 15,000,000 | |
Line of Credit | Parent Company | ||
Debt Instrument [Line Items] | ||
Bank line of credit, net availability | 48,200,000 | |
Line of Credit | Parent Company | ABL Credit Agreement | ||
Debt Instrument [Line Items] | ||
Value of amount outstanding | 0 | |
Bank line of credit, letters of credit and guarantees | $ 6,200,000 |
Commitment and Contingencies (Details) $ in Millions |
Jul. 23, 2021
USD ($)
|
---|---|
CarbonFree Chemical Holdings | |
Long-term Purchase Commitment [Line Items] | |
Contingent Investment Commitment, Convertible Notes | $ 5 |
Fair Value Measurements - Additional Information (Details) |
Sep. 30, 2021 |
---|---|
Warrants liability | (Level 3) | Measurement Input, Price Volatility | |
Derivative [Line Items] | |
Derivative Liability, Measurement Input | 0.60 |
Fair Value Measurements - Market Risks and Derivative Hedge Contracts (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Net asset | $ 22,356 | $ 2,477 |
CSI Compressco | (Level 1) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 9,404 | |
CSI Compressco | (Level 2) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | |
CSI Compressco | (Level 3) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | |
Standard Lithium | (Level 1) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 13,008 | (2,675) |
Standard Lithium | (Level 2) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | 0 |
Standard Lithium | (Level 3) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | 0 |
Warrants liability | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | (56) | (198) |
Warrants liability | (Level 1) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | 0 |
Warrants liability | (Level 2) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | 0 | 0 |
Warrants liability | (Level 3) | ||
Derivatives, Fair Value [Line Items] | ||
Net asset | $ (56) | $ (198) |
Net Income (Loss) per Share - Reconciliation of the Weighted Average Number of Common Shares Outstanding (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Number of weighted average common shares outstanding ( in shares) | 126,733 | 125,893 | 126,489 | 125,789 |
Assumed exercise of equity awards and warrants (in shares) | 1,961 | 0 | 0 | 0 |
Average diluted shares outstanding (in shares) | 128,694 | 125,893 | 126,489 | 125,789 |
Net Income (Loss) per Share - Additional Information (Details) - shares |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 93,000 | 1,767,000 | 17,000 |
Industry Segments - Additional Details (Details) - 9 months ended Sep. 30, 2021 |
segment |
Total |
---|---|---|
Segment Reporting [Abstract] | ||
Number of Reportable Segments | 2 | 2 |
Industry Segments - Revenue, Income from Operations, and Assets by Reporting Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Industry Segments Details [Line Items] | ||||
Revenues from external customers | $ 95,474 | $ 73,484 | $ 275,124 | $ 302,257 |
Income (loss) before taxes and discontinued operations | 3,082 | (9,458) | (13,963) | (17,869) |
Completion Fluids & Products Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 48,691 | 51,950 | 159,819 | 198,533 |
Income (loss) before taxes and discontinued operations | 14,675 | 11,756 | 40,113 | 44,354 |
Water & Flowback Services Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 46,783 | 21,534 | 115,305 | 103,724 |
Income (loss) before taxes and discontinued operations | (1,807) | (7,746) | (12,265) | (18,408) |
Interdivision eliminations | ||||
Industry Segments Details [Line Items] | ||||
Income (loss) before taxes and discontinued operations | 3 | 4 | 9 | 10 |
Corporate Overhead | ||||
Industry Segments Details [Line Items] | ||||
Income (loss) before taxes and discontinued operations | (9,789) | (13,472) | (41,820) | (43,825) |
Product sales | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 46,340 | 50,009 | 153,955 | 187,475 |
Product sales | Completion Fluids & Products Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 46,322 | 49,986 | 153,905 | 187,419 |
Product sales | Water & Flowback Services Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 18 | 23 | 50 | 56 |
Services | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 49,134 | 23,475 | 121,169 | 114,782 |
Services | Completion Fluids & Products Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | 2,369 | 1,964 | 5,914 | 11,114 |
Services | Water & Flowback Services Division | ||||
Industry Segments Details [Line Items] | ||||
Revenues from external customers | $ 46,765 | $ 21,511 | $ 115,255 | $ 103,668 |
Industry Segments - Corporate Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||
General and administrative expense | $ 18,714 | $ 16,123 | $ 56,077 | $ 60,333 |
Depreciation, amortization, and accretion | 8,308 | 9,657 | 25,495 | 28,934 |
Interest expense, net | 4,083 | 4,338 | 12,373 | 14,234 |
Warrants fair value adjustment | (143) | (326) | ||
Other general corporate income, net | (6,968) | (788) | (14,295) | (1,308) |
Total | (2,495) | 9,559 | 16,102 | 19,746 |
Corporate Overhead | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expense | 8,409 | 8,959 | 30,973 | 28,650 |
Depreciation, amortization, and accretion | 228 | 270 | 646 | 643 |
Interest expense, net | 4,247 | 4,706 | 13,354 | 14,909 |
Warrants fair value adjustment | (3,164) | 0 | (143) | (327) |
Other general corporate income, net | 69 | (463) | (3,010) | (50) |
Total | $ 9,789 | $ 13,472 | $ 41,820 | $ 43,825 |
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