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Impairment of Fixed and Long-lived Assets | 6 Months Ended
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Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Impairment of Fixed and Long-lived Assets | Impairment of Fixed and Long-lived Assets During the first quarter 2020, the price of crude oil declined by over 50%, trading below $25 per barrel, causing a significant disruption across the industry, which began to negatively impact the Company’s results of operations. These declines of results of operations were driven by an oversupply of oil, insufficient storage, and demand destruction resulting from the reaction to COVID-19. Based on these factors, the Company concluded that a triggering event occurred and, accordingly, an interim quantitative impairment test was performed as of March 31, 2020. Using the income approach, the fair value of the reporting unit was determined based on the present value of future cash flows. The Company utilized internal forecast trends and potential growth rates to estimate future cash flows of the asset group. Based on the results of the quantitative assessment, the Company concluded the carrying value of the asset group exceeded its fair value as of March 31, 2020 and an impairment loss of $57.5 million was recorded as a result of the adverse effect of the COVID-19 pandemic and the related negative impact on oil and natural gas prices on projections of future cash flows. The Company recorded impairment charges during the six months ended June 30, 2020 as follows (in thousands):
Property and equipment, net | $ | 30,178 |
Operating lease right-of-use assets | 7,434 |
Other Intangibles: |
Patents | 9,902 |
Customer Lists | 9,165 |
Intangibles assets in progress | 596 |
Trademarks and brand names | 179 |
Total Other Intangibles | 19,842 |
Total Impairment of fixed and long-lived assets | $ | 57,454 |
With the acquisition of JP3, the Company evaluated its segment information and determined that there were two segments: Chemistry Technologies and Data Analytics, which are both supported by its Research & Innovation advanced laboratory capabilities.

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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