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Discontinued Operations | 9 Months Ended
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Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | DISCONTINUED OPERATIONS On 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 incentive distribution rights (“IDRs”) in CSI Compressco LP, (“CSI Compressco”), and approximately 23.1% of the outstanding limited partner interests in CSI Compressco, in exchange for the combination of $13.9 million in cash 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 this transaction as the “GP Sale.” Following the closing of the transaction, we retained an interest in CSI Compressco representing approximately 3.7% of the outstanding common units as of September 30, 2022. 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 three-month period ended March 31, 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 provided back-office support to CSI Compressco under a Transition Services Agreement that ended during the three-month period ended March 31, 2022. During the second quarter of 2022, we sold equipment to CSI Compressco for approximately $0.3 million. 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 prior-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 in 2021. Our consolidated statements of cash flows for the nine-month period ended September 30, 2021 included $3.0 million of capital expenditures related to our former Compression division. 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, unaudited)
|  |  |  |  |  |  | Three Months Ended September 30, 2022
|  |  |  |  |  |  | Offshore Services
Major classes of line items constituting income from discontinued operations |  |  |  |  |  |  |
General and administrative expense |  |  |  |  |  |  | $ | 510 |
Pretax loss from discontinued operations |  |  |  |  |  |  | (510) |
Pretax gain on disposal of discontinued operations |  |  |  |  |  |  | 829 |
Total pretax income from discontinued operations |  |  |  |  |  |  | 319 |
Income from discontinued operations attributable to TETRA stockholders |  |  |  |  |  |  | $ | 319 |
| Three Months Ended September 30, 2021
| Compression |  | Offshore Services |  | Total
Major classes of line items constituting income from discontinued operations |  |  |  |  |
Cost of revenues | $ | — |  |  | $ | (174) |  |  | $ | (174) |
General and administrative expense | — |  |  | 6 |  |  | 6 |
Other (income) expense, net | 150 |  |  | — |  |  | 150 |
Pretax income (loss) from discontinued operations | (150) |  |  | 168 |  |  | 18 |
Income from discontinued operations attributable to TETRA stockholders |  |  |  |  | $ | 18 |
|  |  | Nine Months Ended September 30, 2022
|  |  | Offshore Services |  | Maritech |  | Total
Major classes of line items constituting income from discontinued operations |  |  |  |  |  |  |
Cost of revenues |  |  | $ | 54 |  |  | $ | — |  |  | $ | 54 |
General and administrative expense |  |  | 533 |  |  | — |  |  | 533 |
Other expense, net |  |  | — |  |  | (28) |  |  | (28) |
Pretax income (loss) from discontinued operations |  |  | (587) |  |  | 28 |  |  | (559) |
Pretax gain on disposal of discontinued operations |  |  |  |  |  |  | 829 |
Total pretax income from discontinued operations |  |  |  |  |  |  | 270 |
Income from discontinued operations attributable to TETRA stockholders |  |  |  |  |  |  | $ | 270 |
| Nine Months Ended September 30, 2021
| Compression |  | Offshore Services |  | Total
Major classes of line items constituting income from discontinued operations |  |  |  |  |
Revenue | $ | 18,968 |  |  | $ | — |  |  | $ | 18,968 |
Cost of revenues | 11,474 |  |  | (146) |  |  | 11,328 |
General and administrative expense | 2,796 |  |  | 6 |  |  | 2,802 |
Interest expense, net | 4,336 |  |  | — |  |  | 4,336 |
Other expense, net | 164 |  |  | — |  |  | 164 |
Pretax income from discontinued operations | 198 |  |  | 140 |  |  | 338 |
Pretax gain on disposal of discontinued operations |  |  |  |  | 120,574 |
Total pretax income from discontinued operations |  |  |  |  | 120,912 |
Income tax provision |  |  |  |  | 30 |
Total income from discontinued operations |  |  |  |  | 120,882 |
Loss from discontinued operations attributable to noncontrolling interest |  |  |  |  | (333) |
Income from discontinued operations attributable to TETRA stockholders |  |  |  |  | $ | 120,549 |
Reconciliation of Major Classes of Assets and Liabilities of the Discontinued Operations to Amounts Presented Separately in the Statement of Financial Position (in thousands)
|  |  | September 30, 2022
|  |  | Offshore Services |  | Maritech |  | Total
|  |  | (unaudited)
Carrying amounts of major classes of liabilities included as part of discontinued operations |  |  |  |  |  |  |
Trade payables |  |  | $ | 319 |  |  | $ | — |  |  | $ | 319 |
Accrued liabilities and other |  |  | 505 |  |  | 95 |  |  | 600 |
Total liabilities associated with discontinued operations |  |  | $ | 824 |  |  | $ | 95 |  |  | $ | 919 |
|  |  | December 31, 2021
|  |  | Offshore Services |  | Maritech |  | Total
Carrying amounts of major classes of liabilities included as part of discontinued operations |  |  |  |  |  |  |
Trade payables |  |  | $ | 1,157 |  |  | $ | — |  |  | $ | 1,157 |
Accrued liabilities and other |  |  | — |  |  | 228 |  |  | 228 |
Total liabilities associated with discontinued operations |  |  | $ | 1,157 |  |  | $ | 228 |  |  | $ | 1,385 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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