XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.20.2

Discontinued Operations | 9 Months Ended
--- | ---
Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued OperationsSince the middle of 2019, the upstream energy markets that the Company served has deteriorated as prices of oil and natural gas declined due to weakening demand. This deterioration has recently accelerated as a result of the global COVID-19 pandemic and the associated reduction in demand due to reduced travel and movement of goods throughout the world. As U.S. exploration and production companies have reduced production and implemented spending cuts, demand for much of the Company’s offerings in its IOS Test and Inspection Services business had sharply declined. As a result, on September 4, 2020, the Company completed the sale of the issued and outstanding membership interests of its upstream oil and gas test and inspection business, IOS Acquisitions, LLC and subsidiaries (“Test and Inspection Services”). Proceeds from the sale were $4,000 and resulted in a loss of $10,034, net of tax. We have reflected the results of operations of the Test and Inspection Services business as discontinued operations in the Condensed Consolidated Financial Statements for all periods presented. The Test and Inspection Services business was historically included in the Tubular and Energy Services business segment. The following table provides the net sales and losses from discontinued operations for the periods presented:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Net sales |  | $ | 2,520 |  |  | $ | 9,428 |  |  | $ | 13,590 |  |  | $ | 30,581 |
Loss from discontinued operations |  | (306) |  |  | (1,475) |  |  | (10,393) |  |  | (2,964) |
Income tax benefit |  | 592 |  |  | 785 |  |  | 2,371 |  |  | 1,509 |
Loss on the sale of discontinued operations |  | (13,172) |  |  | — |  |  | (13,172) |  |  | — |
Income tax benefit on the sale of discontinued operations |  | 3,138 |  |  | — |  |  | 3,138 |  |  | — |
Loss from discontinued operations |  | $ | (9,748) |  |  | $ | (690) |  |  | $ | (18,056) |  |  | $ | (1,455) |
The assets and liabilities of the discontinued operations as of December 31, 2019 were as follows:
|  | December 31, 2019
Current assets: |  |
Accounts receivable - net |  | $ | 4,959 |
Inventories - net |  | 840 |
Other current assets |  | 509 |
Total current assets |  | 6,308 |
Property, plant, and equipment - net |  | 21,879 |
Operating lease right-of-use assets - net |  | 1,994 |
Other assets: |  |
Other intangibles - net |  | 1,401 |
Deferred tax assets (1) |  | 9,116 |
Other assets |  | 83 |
Total assets |  | $ | 40,781 |
Current liabilities: |  |
Accounts payable |  | $ | 3,332 |
Accrued payroll and employee benefits |  | 902 |
Current maturities of long-term debt |  | 28 |
Other accrued liabilities |  | 1,376 |
Total current liabilities |  | 5,638 |
Long-term debt |  | 13 |
Long-term operating lease liabilities |  | 1,256 |
Other long-term liabilities |  | 4,342 |
Total liabilities |  | $ | 11,249 |
(1) The assets of discontinued operations as of December 31, 2019 included $9,116 attributable to IOS Acquisitions, Inc. As part of the Company's restructuring activities in the second quarter of 2020, IOS Acquisitions, Inc. was converted to a limited liability company and subsequently treated as a disregarded entity for income tax purposes. As a result of this transaction, the deferred tax assets were not transferred upon the disposition of the Test and Inspection Services business.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration