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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2019
SEGMENT INFORMATION |
SEGMENT INFORMATION | NOTE 17—SEGMENT INFORMATION Select Inc. is an oilfield services company that provides solutions to the onshore oil and natural gas industry in the United States. The Company’s services are offered through three operating segments. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. The Company’s CODM assesses performance and allocates resources on the basis of the three reportable segments. Corporate and other expenses that do not individually meet the criteria for segment reporting are reported separately as Corporate or Other. Each operating segment reflects a reportable segment led by separate managers that report directly to the Company’s CODM. During the first quarter of 2019, the Company made the decision to sell and wind down certain operations within its former Wellsite Services segment, including the operations of its Affirm subsidiary, its sand hauling operations and its Canadian operations. As a result, the Company reevaluated its segment structure and changed its reportable segments to Water Services, Water Infrastructure, and Oilfield Chemicals. The Company’s CODM assesses performance and allocates resources on the basis of the following three reportable segments: Water Services — The Water Services segment consists of the Company’s services businesses including water transfer, flowback and well testing, fluids hauling, containment, and water treatment and water network automation. Additionally, this segment includes the operations of our accommodations and rentals business, which were previously a part of the former Wellsite Services segment. Water Infrastructure — The Water Infrastructure segment consists of the Company’s strategic infrastructure assets and ongoing infrastructure development projects, including operations associated with our water sourcing and pipelines, produced water gathering systems and salt water disposal wells. Oilfield Chemicals — The Oilfield Chemicals segment develops, manufactures and provides a full suite of chemicals used in hydraulic fracturing, stimulation, cementing and well completions, including polymer slurries, crosslinkers, friction reducers, buffers breakers and other chemical technologies, to leading pressure pumping service companies in the United States. This segment also provides chemicals needed by our customers to increase oil and gas production and lower production costs over the life of a well. The results of our remaining service lines that were previously a part of the former Wellsite Services segment, including the operations of our Affirm subsidiary, our sand hauling operations and our Canadian operations, are combined in the “Other” category. Financial information by segment for the Current and Prior Quarter and the Current and Prior Period is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, 2019
​ |  | ​ | ​ |  | Income (loss) |  | Depreciation and |  | Capital
​ | ​ | Revenue | ​ | before taxes | ​ | Amortization | ​ | Expenditures
​ | ​ | (in thousands)
Water services | ​ | $ | 202,997 | ​ | $ | 16,234 | ​ | $ | 21,024 | ​ | $ | 9,489
Water infrastructure | ​ | ​ | 51,719 | ​ | ​ | 3,202 | ​ | ​ | 6,072 | ​ | ​ | 11,542
Oilfield chemicals | ​ | ​ | 62,997 | ​ | ​ | 4,424 | ​ | ​ | 1,747 | ​ | ​ | 2,132
Other | ​ | ​ | 9,403 | ​ | ​ | 673 | ​ | ​ | — | ​ | ​ | 3
Eliminations | ​ |  | (3,229) | ​ |  | — | ​ |  | — | ​ |  | —
Income from operations | ​ |  | ​ | ​ |  | 24,533 | ​ |  | ​ | ​ |  | ​
Corporate | ​ |  | — | ​ |  | (13,354) | ​ |  | 906 | ​ |  | —
Interest expense, net | ​ |  | — | ​ |  | (839) | ​ |  | — | ​ |  | —
Other income, net | ​ |  | — | ​ |  | (1,701) | ​ |  | — | ​ |  | —
​ | ​ | $ | 323,887 | ​ | $ | 8,639 | ​ | $ | 29,749 | ​ | $ | 23,166
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, 2018
​ |  | ​ | ​ |  | Income (loss) |  | Depreciation and |  | Capital
​ | ​ | Revenue | ​ | before taxes | ​ | Amortization | ​ | Expenditures
​ | ​ | (in thousands)
Water services | ​ | $ | 234,040 | ​ | $ | 27,039 | ​ | $ | 18,947 | ​ | $ | 33,321
Water infrastructure | ​ | ​ | 55,733 | ​ | ​ | 7,030 | ​ | ​ | 5,219 | ​ | ​ | 7,214
Oilfield chemicals | ​ | ​ | 64,842 | ​ | ​ | 1,031 | ​ | ​ | 2,823 | ​ | ​ | 3,424
Other | ​ | ​ | 39,343 | ​ | ​ | 911 | ​ | ​ | 3,456 | ​ | ​ | 1,860
Eliminations | ​ |  | (711) | ​ |  | — | ​ |  | — | ​ |  | —
Income from operations | ​ |  | ​ | ​ |  | 36,011 | ​ |  | ​ | ​ |  | ​
Corporate | ​ |  | — | ​ |  | (11,216) | ​ |  | 807 | ​ |  | —
Interest expense, net | ​ |  | — | ​ |  | (1,342) | ​ |  | — | ​ |  | —
Other income, net | ​ |  | — | ​ |  | 1,720 | ​ |  | — | ​ |  | —
​ | ​ | $ | 393,247 | ​ | $ | 25,173 | ​ | $ | 31,252 | ​ | $ | 45,819
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2019
​ |  | ​ | ​ |  | Income (loss) |  | Depreciation and |  | Capital
​ | ​ | Revenue | ​ | before taxes | ​ | Amortization | ​ | Expenditures
​ | ​ | (in thousands)
Water services | ​ | $ | 423,877 | ​ | $ | 39,894 | ​ | $ | 42,286 | ​ | $ | 22,615
Water infrastructure | ​ | ​ | 105,335 | ​ | ​ | 7,003 | ​ | ​ | 12,161 | ​ | ​ | 28,780
Oilfield chemicals | ​ | ​ | 130,116 | ​ | ​ | 6,437 | ​ | ​ | 4,200 | ​ | ​ | 3,352
Other | ​ | ​ | 33,073 | ​ | ​ | (5,850) | ​ | ​ | 1,714 | ​ | ​ | 64
Eliminations | ​ |  | (5,868) | ​ |  | — | ​ |  | — | ​ |  | —
Income from operations | ​ |  | ​ | ​ |  | 47,484 | ​ |  | ​ | ​ |  | ​
Corporate | ​ |  | — | ​ |  | (29,672) | ​ |  | 1,906 | ​ |  | —
Interest expense, net | ​ |  | — | ​ |  | (1,932) | ​ |  | — | ​ |  | —
Other income, net | ​ |  | — | ​ |  | (5,663) | ​ |  | — | ​ |  | —
​ | ​ | $ | 686,533 | ​ | $ | 10,217 | ​ | $ | 62,267 | ​ | $ | 54,811
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2018
​ |  | ​ | ​ |  | Income (loss) |  | Depreciation and |  | Capital
​ | ​ | Revenue | ​ | before taxes | ​ | Amortization | ​ | Expenditures
​ | ​ | (in thousands)
Water services | ​ | $ | 452,395 | ​ | $ | 49,757 | ​ | $ | 37,839 | ​ | $ | 51,218
Water infrastructure | ​ | ​ | 109,790 | ​ | ​ | 12,779 | ​ | ​ | 10,256 | ​ | ​ | 14,650
Oilfield chemicals | ​ | ​ | 128,472 | ​ | ​ | 1,962 | ​ | ​ | 5,738 | ​ | ​ | 5,679
Other | ​ | ​ | 80,167 | ​ | ​ | (58) | ​ | ​ | 7,494 | ​ | ​ | 5,378
Eliminations | ​ |  | (1,182) | ​ |  | — | ​ |  | — | ​ |  | —
Income from operations | ​ |  | ​ | ​ |  | 64,440 | ​ |  | ​ | ​ |  | ​
Corporate | ​ |  | — | ​ |  | (21,042) | ​ |  | 1,348 | ​ |  | —
Interest expense, net | ​ |  | — | ​ |  | (2,493) | ​ |  | — | ​ |  | —
Other income, net | ​ |  | — | ​ |  | 862 | ​ |  | — | ​ |  | —
​ | ​ | $ | 769,642 | ​ | $ | 41,767 | ​ | $ | 62,675 | ​ | $ | 76,925
​ Total assets by segment as of June 30, 2019 and December 31, 2018 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of | ​ | As of
​ | ​ | June 30, 2019 | ​ | December 31, 2018
​ | ​ | (in thousands)
Water services | ​ | $ | 873,107 | ​ | $ | 865,992
Water infrastructure |  | ​ | 312,638 |  | ​ | 250,207
Oilfield chemicals |  | ​ | 171,457 |  | ​ | 173,762
Other | ​ | ​ | 19,975 | ​ | ​ | 70,644
​ | ​ | $ | 1,377,177 | ​ | $ | 1,360,605
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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