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Discontinued Operations | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations Sale of Fluids Systems Business As discussed above, on September 13, 2024, we completed the Sale Transaction. As of March 31, 2025 and December 31, 2024, approximately $7 million and $18 million, respectively, of net assets were included within the consolidated balance sheet, reflecting receivables and deferred consideration due from the Purchaser net of estimated liabilities due to the Purchaser. Net assets related to the Sale Transaction consisted of the following:
(In thousands) | March 31, 2025 |  | December 31, 2024
Receivables due from the Purchaser | $ | 5,313 |  |  | $ | 15,978 |
Estimated deferred consideration due from the Purchaser | 3,550 |  |  | 3,550 |
Note receivable due from the Purchaser | 5,000 |  |  | 5,000 |
Estimated liabilities due to the Purchaser | (6,488) |  |  | (6,488) |
Net assets due from the Purchaser | $ | 7,375 |  |  | $ | 18,040 |
Receivables due from the Purchaser primarily reflects additional consideration for the actual working capital delivered at closing, of which $10.7 million was received in the first quarter of 2025. The remaining balance bears interest at a rate of 12.5% per year and is expected to be collected from the Purchaser in the second quarter of 2025. Estimated deferred consideration due from the Purchaser reflects certain pre-closing tax assets and other receivables that are expected to be substantially realized in 2025. The note receivable due from the Purchaser matures in March 2030 and bears interest at a rate of 12.5% per year. The receivables and deferred consideration due from the Purchaser are included in other receivables and the note receivable due from the Purchaser is included in other noncurrent assets in the consolidated balance sheet. Estimated liabilities due to the Purchaser includes certain payables for pre-closing tax liabilities and obligations attributable to the Fluids Systems business that are expected to be substantially settled in 2025, as well as an estimated liability for contractual indemnifications related to various pre-closing contingencies of the Fluids Systems business. These estimated liabilities due to the Purchaser are included in accrued liabilities and other noncurrent liabilities in the consolidated balance sheet. Our estimates for the fair value of deferred consideration due from the Purchaser and liabilities due to the Purchaser may change and any income or expense associated with such changes will be presented in discontinued operations. The criteria for discontinued operations presentation were met during the third quarter of 2024, and consequently, the results of the former Fluids Systems segment are reported as income (loss) from discontinued operations within the consolidated statements of operations for all periods presented. We elected not to adjust the consolidated statements of cash flows to separately present cash flows attributable to discontinued operations. Accordingly, we have disclosed the depreciation, capital expenditures and significant operating and investing non-cash items related to discontinued operations below. The following table summarizes the significant items included in income (loss) from discontinued operations in the condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024.
| First Quarter
(In thousands) | 2025 |  | 2024
Revenues | $ | — |  |  | $ | 120,140 |
Cost of revenues | — |  |  | 103,262 |
Selling, general and administrative expenses | 395 |  |  | 12,764 |
Other operating (income) loss, net | — |  |  | (779) |
Operating income (loss) from discontinued operations | (395) |  |  | 4,893 |
Foreign currency exchange (gain) loss | 71 |  |  | (276) |
Interest expense, net | 5 |  |  | 990 |
Income (loss) from discontinued operations before income taxes | (471) |  |  | 4,179 |
Provision (benefit) for income taxes from discontinued operations | (99) |  |  | 940 |
Income (loss) from discontinued operations | $ | (372) |  |  | $ | 3,239 |
For the three months ended March 31, 2025 and 2024, significant operating and investing items related to the former Fluids Systems segment were as follows:
| First Quarter
(In thousands) | 2025 |  | 2024
Operating activities of discontinued operations: |  |  |
Depreciation and amortization | $ | — |  |  | $ | 1,745 |
Investing activities of discontinued operations: |  |  |
Capital expenditures | $ | — |  |  | $ | 682 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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