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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Summary of financial information has been segregated from continuing operations | The following summarized financial information has been segregated from continuing operations and reported as Discontinued Operations for the years ended December 31, 2018 and 2017 (in thousands):
| Drilling Technologies |  | Production Technologies
| 2018 |  | 2017 |  |  | 2018 |  | 2017 |
Discontinued operations: |  |  |  |  |  |  |  |  |
Revenue | $ | — |  |  | $ | 11,534 |  |  |  | $ | — |  |  | $ | 4,002 |  |
Cost of revenue | — |  |  | (7,309 | ) |  |  | — |  |  | (3,236 | ) |
Selling, general and administrative | — |  |  | (6,963 | ) |  |  | — |  |  | (1,759 | ) |
Research and development | — |  |  | (5 | ) |  |  | — |  |  | (364 | ) |
Gain (loss) on disposal of long-lived assets | — |  |  | 97 |  |  |  | — |  |  | — |  |
Loss from operations | — |  |  | (2,646 | ) |  |  | — |  |  | (1,357 | ) |
Other expense | — |  |  | (96 | ) |  |  | — |  |  | (52 | ) |
Loss on sale of businesses | — |  |  | (1,600 | ) |  |  | — |  |  | (479 | ) |
Loss on write-down of assets held for sale | — |  |  | (6,831 | ) |  |  | — |  |  | (9,718 | ) |
Loss before income taxes | — |  |  | (11,173 | ) |  |  | — |  |  | (11,606 | ) |
Income tax benefit | — |  |  | 4,138 |  |  |  | — |  |  | 4,299 |  |
Net loss from discontinued operations | $ | — |  |  | $ | (7,035 | ) |  |  | $ | — |  |  | $ | (7,307 | ) |
The following summarized financial information has been segregated from continuing operations and reported as Discontinued Operations for the years ended December 31, 2019, 2018, and 2017 (in thousands):
| Consumer and Industrial Chemistry Technologies
| 2019 |  | 2018 |  | 2017
Discontinued operations: |  |  |  |  |
Revenue | $ | 11,031 |  |  | $ | 72,344 |  |  | $ | 73,992 |
Operating expenses | (11,572 | ) |  | (65,940 | ) |  | (63,621 | )
Depreciation and amortization | — |  |  | (2,760 | ) |  | (2,391 | )
Research and development | (69 | ) |  | (590 | ) |  | (515 | )
Income from operations | (610 | ) |  | 3,054 |  |  | 7,465 |
Other income (expense) | 35 |  |  | 341 |  |  | (284 | )
Gain on sale of businesses | 64,160 |  |  | — |  |  | — |
Income before income taxes | 63,585 |  |  | 3,395 |  |  | 7,181 |
Income tax expense | (19,129 | ) |  | (652 | ) |  | (2,730 | )
Net income (loss) from discontinued operations | $ | 44,456 |  |  | $ | 2,743 |  |  | $ | 4,451 |
The assets and liabilities held for sale on the Consolidated Balance Sheets as of December 31, 2019 and 2018 are as follows (in thousands):
| Consumer and Industrial Chemistry Technologies
| 2019 |  | 2018
Assets: |  |  |
Accounts receivable, net | $ | — |  |  | $ | 10,547 |
Inventories, net | — |  |  | 52,069 |
Other current assets | — |  |  | 446 |
Property and equipment, net | — |  |  | 15,899 |
Goodwill | — |  |  | 19,480 |
Other intangible assets, net | — |  |  | 20,029 |
Assets held for sale | — |  |  | 118,470 |
Liabilities: |  |  |
Accounts payable | $ | — |  |  | $ | 8,883 |
Accrued liabilities | — |  |  | 291 |
Liabilities held for sale | $ | — |  |  | $ | 9,174 |

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