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Assets Held for Sale - (Tables) | 12 Months Ended
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Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of assets classified as held for sale | The following summarized financial information has been segregated from continuing operations and reported as Discontinued Operations for the years ended December 31, 2018, 2017, and 2016 (in thousands):
| Consumer and Industrial Chemistry Technologies
| 2018 |  | 2017 |  | 2016
Discontinued operations: |  |  |  |  |
Revenue | $ | 72,344 |  |  | $ | 73,992 |  |  | $ | 74,599 |
Operating expenses | (65,940 | ) |  | (63,621 | ) |  | (62,673 | )
Depreciation and amortization | (2,760 | ) |  | (2,391 | ) |  | (2,257 | )
Research and development | (590 | ) |  | (515 | ) |  | (1 | )
Income from operations | 3,054 |  |  | 7,465 |  |  | 9,668 |
Other income (expense) | 341 |  |  | (284 | ) |  | 127 |
Income before income taxes | 3,395 |  |  | 7,181 |  |  | 9,795 |
Income tax expense | (652 | ) |  | (2,730 | ) |  | (3,441 | )
Net income from discontinued operations | $ | 2,743 |  |  | $ | 4,451 |  |  | $ | 6,354 |
The assets and liabilities held for sale on the Consolidated Balance Sheets as of December 31, 2018 and 2017 are as follows (in thousands):
| Consumer and Industrial Chemistry Technologies
| 2018 |  | 2017
Assets: |  |  |
Accounts receivable, net | $ | 10,547 |  |  | $ | 11,121 |
Inventories, net | 52,069 |  |  | 43,299 |
Other current assets | 446 |  |  | 88 |
Property and equipment, net | 15,899 |  |  | 16,049 |
Goodwill | 19,480 |  |  | 19,480 |
Other intangible assets, net | 20,029 |  |  | 26,183 |
Assets held for sale | 118,470 |  |  | 116,220 |
Liabilities: |  |  |
Accounts payable | $ | 8,883 |  |  | $ | 11,654 |
Accrued liabilities | 291 |  |  | 796 |
Liabilities held for sale | $ | 9,174 |  |  | $ | 12,450 |
The following summarized financial information has been segregated from continuing operations and reported as Discontinued Operations for the years ended December 31, 2017 and 2016 (in thousands):
| Drilling Technologies |  | Production Technologies
| 2017 |  | 2016 |  | 2017 |  | 2016
Discontinued operations: |  |  |  |  |  |  |
Revenue | $ | 11,534 |  |  | $ | 27,627 |  |  | $ | 4,002 |  |  | $ | 8,292 |
Cost of revenue | (7,309 | ) |  | (18,667 | ) |  | (3,236 | ) |  | (7,881 | )
Selling, general and administrative | (6,963 | ) |  | (15,285 | ) |  | (1,759 | ) |  | (3,790 | )
Depreciation and amortization | — |  |  | (1,714 | ) |  | — |  |  | (584 | )
Research and development | (5 | ) |  | (64 | ) |  | (364 | ) |  | (888 | )
Gain (loss) on disposal of long-lived assets | 97 |  |  | 103 |  |  | — |  |  | (50 | )
Impairment of inventory and long-lived assets | — |  |  | (36,522 | ) |  | — |  |  | (3,913 | )
Loss from operations | (2,646 | ) |  | (44,522 | ) |  | (1,357 | ) |  | (8,814 | )
Other expense | (96 | ) |  | (412 | ) |  | (52 | ) |  | (96 | )
Loss on sale of businesses | (1,600 | ) |  | (1,199 | ) |  | (479 | ) |  | — |
Loss on write-down of assets held for sale | (6,831 | ) |  | (18,971 | ) |  | (9,718 | ) |  | (6,161 | )
Loss before income taxes | (11,173 | ) |  | (65,104 | ) |  | (11,606 | ) |  | (15,071 | )
Income tax benefit | 4,138 |  |  | 23,661 |  |  | 4,299 |  |  | 5,477 |
Net loss from discontinued operations | $ | (7,035 | ) |  | $ | (41,443 | ) |  | $ | (7,307 | ) |  | $ | (9,594 | )
The assets classified as held for sale at December 31, 2017 is as follows (in thousands):
Property and equipment, net | $ | 4,998 |
Valuation allowance | — |
Assets held for sale, net | $ | 4,998 |

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