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Discontinued Operations
 9 Months Ended
Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Sale of Fluids Systems Business
As discussed above in Note 1 and more fully described in Note 2 in our Annual Report on Form 10-K for the year ended December 31, 2024, on September 13, 2024, we completed the Sale Transaction. In connection with the Sale Transaction in the third quarter of 2024, we received $48.5 million in cash proceeds, net of cash disposed, and recognized a pre-tax loss on sale of $195.7 million, which included a $59.5 million non-cash charge for the reclassification of cumulative foreign currency translation losses related to the Fluids Systems business.
As of September 30, 2025 and December 31, 2024, approximately $3.6 million and $18.0 million, respectively, of net assets were included in the consolidated balance sheets, 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)September 30, 2025December 31, 2024
Receivables due from the Purchaser$313 $15,978 
Estimated deferred consideration due from the Purchaser3,591 3,550 
Note receivable due from the Purchaser5,000 5,000 
Estimated liabilities due to the Purchaser(5,308)(6,488)
Net assets due from the Purchaser$3,596 $18,040 
Receivables due from the Purchaser primarily reflects additional consideration for the actual working capital delivered at closing, of which $15.6 million was received in the first half 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 the fourth quarter of 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.
 Third QuarterFirst Nine Months
(In thousands)2025202420252024
Revenues$— $102,944 $— $335,302 
Cost of revenues— 89,102 — 290,482 
Selling, general and administrative expenses596 11,273 1,044 37,668 
Other operating (income) loss, net— (345)— (1,447)
Operating income (loss) from discontinued operations(596)2,914 (1,044)8,599 
Foreign currency exchange (gain) loss34 1,529 168 894 
Interest (income) expense, net(37)756 (29)2,633 
Income (loss) from discontinued operations before income taxes(593)629 (1,183)5,072 
Loss on sale of discontinued operations before income taxes— (195,729)— (195,729)
Benefit for income taxes from discontinued operations(184)(5,933)(296)(4,141)
Loss from discontinued operations$(409)$(189,167)$(887)$(186,516)
For the first nine months of 2025 and 2024, significant operating and investing items related to the former Fluids Systems segment were as follows:
 First Nine Months
(In thousands)20252024
Operating activities of discontinued operations:
Depreciation and amortization$— $4,872 
Investing activities of discontinued operations:
Capital expenditures$— $3,645