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Discontinued Operations | 3 Months Ended
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Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations During the fourth quarter 2016, the Company initiated a strategic restructuring of its business to enable a greater focus on its core businesses in energy chemistry and consumer and industrial chemistry. The Company is executing a plan to sell or otherwise dispose of the Drilling Technologies and Production Technologies segments. An investment banking advisory services firm has been engaged and is actively marketing these segments. The Company met all of the criteria to classify the Drilling Technologies and Production Technologies segments’ assets and liabilities as held for sale in the fourth quarter 2016. Effective December 31, 2016, the Company classified the assets, liabilities, and results of operations for these two segments as “Discontinued Operations” for all periods presented. Disposal of the Drilling Technologies and Production Technologies reporting segments represents a strategic shift that will have a major effect on the Company’s operations and financial results. These segments are available for immediate sale in their present condition, subject only to usual and customary terms, and management expects sales to be completed by the end of 2017. The following summarized financial information has been segregated from continuing operations and reported as Discontinued Operations for the three months ended March 31, 2017 and 2016 (in thousands):
| Three months ended March 31,
| 2017 |  | 2016
Drilling Technologies |  |  |
Revenue | $ | 6,797 |  |  | $ | 6,456 |
Cost of revenue | (4,655 | ) |  | (5,431 | )
Selling, general and administrative | (3,031 | ) |  | (4,665 | )
Depreciation and amortization | — |  |  | (748 | )
Research and development | — |  |  | (42 | )
Gain (loss) on disposal of long-lived assets | 73 |  |  | — |
Impairment of inventory and long-lived assets | — |  |  | (36,522 | )
Loss from operations | (816 | ) |  | (40,952 | )
Other expense | (71 | ) |  | (175 | )
Loss on write-down of assets held for sale | (6,560 | ) |  | — |
Loss before income taxes | (7,447 | ) |  | (41,127 | )
Income tax benefit | 2,713 |  |  | 14,499 |
Net loss from discontinued operations | $ | (4,734 | ) |  | $ | (26,628 | )
Production Technologies |  |  |
Revenue | $ | 3,153 |  |  | $ | 2,021 |
Cost of revenue | (2,483 | ) |  | (1,911 | )
Selling, general and administrative | (873 | ) |  | (1,211 | )
Depreciation and amortization | — |  |  | (148 | )
Research and development | (271 | ) |  | (267 | )
Impairment of inventory | — |  |  | (3,913 | )
Loss from operations | (474 | ) |  | (5,429 | )
Other expense | (36 | ) |  | (20 | )
Loss on write-down of assets held for sale | (9,717 | ) |  | — |
Loss before income taxes | (10,227 | ) |  | (5,449 | )
Income tax benefit | 3,726 |  |  | 1,921 |
Net loss from discontinued operations | $ | (6,501 | ) |  | $ | (3,528 | )
Drilling Technologies and Production Technologies |  |  |
Loss from discontinued operations, net of tax | $ | (11,235 | ) |  | $ | (30,156 | )
The assets and liabilities held for sale on the Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016 are as follows (in thousands):
| Drilling Technologies |  | Production Technologies
| March 31, 2017 |  | December 31, 2016 |  | March 31, 2017 |  | December 31, 2016
Assets: |  |  |  |  |  |  |
Accounts receivable, net | $ | 5,328 |  |  | $ | 5,072 |  |  | $ | 1,993 |  |  | $ | 1,784 |
Inventories | 9,059 |  |  | 9,078 |  |  | 7,768 |  |  | 8,115 |
Other current assets | 272 |  |  | 278 |  |  | 381 |  |  | 370 |
Long-term receivable | — |  |  | — |  |  | 4,179 |  |  | 4,179 |
Property and equipment, net | 11,352 |  |  | 11,277 |  |  | 4,059 |  |  | 3,978 |
Goodwill | 15,333 |  |  | 15,333 |  |  | 1,689 |  |  | 1,689 |
Other intangible assets, net | 7,398 |  |  | 7,395 |  |  | 489 |  |  | 484 |
Assets held for sale | 48,742 |  |  | 48,433 |  |  | 20,558 |  |  | 20,599 |
Valuation allowance | (25,531 | ) |  | (18,971 | ) |  | (15,878 | ) |  | (6,161 | )
Assets held for sale, net | $ | 23,211 |  |  | $ | 29,462 |  |  | $ | 4,680 |  |  | $ | 14,438 |
Liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 3,162 |  |  | $ | 2,472 |  |  | $ | 834 |  |  | $ | 914 |
Accrued liabilities | 464 |  |  | 1,190 |  |  | 178 |  |  | 385 |
Liabilities held for sale | $ | 3,626 |  |  | $ | 3,662 |  |  | $ | 1,012 |  |  | $ | 1,299 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 + Details
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