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Discontinued Operations
 12 Months Ended
Dec. 31, 2016
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 has 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.
On December 30, 2016, the Company sold a portion of its Drilling Technologies segment and recorded a loss of $1,199,000 which is included in the loss from discontinued operations for the year ended December 31, 2016.
The following summarized financial information has been segregated from continuing operations and reported as Discontinued Operations for the years ended December 31, 2016, 2015, and 2014 (in thousands):
 
Drilling Technologies
 
Production Technologies
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Discontinued operations:
 
 
 
 
 
 
 
 
 
 
 
Revenue
$
27,627

 
$
52,112

 
$
113,302

 
$
8,292

 
$
12,281

 
$
16,003

Cost of revenue
(18,667
)
 
(35,410
)
 
(67,651
)
 
(7,881
)
 
(10,179
)
 
(9,459
)
Selling, general and administrative
(15,285
)
 
(21,049
)
 
(22,870
)
 
(3,790
)
 
(4,158
)
 
(3,040
)
Depreciation and amortization
(1,714
)
 
(3,240
)
 
(3,343
)
 
(584
)
 
(658
)
 
(254
)
Research and development
(64
)
 
(202
)
 
(172
)
 
(888
)
 
(596
)
 
(17
)
Gain (loss) on disposal of long-lived assets
103

 
17

 
(244
)
 
(50
)
 
3

 
14

Impairment of inventory and long-lived assets
(36,522
)
 
(19,568
)
 
—

 
(3,913
)
 
(804
)
 
—

(Loss) income from operations
(44,522
)
 
(27,340
)
 
19,022

 
(8,814
)
 
(4,111
)
 
3,247

Other expense
(412
)
 
(259
)
 
(227
)
 
(96
)
 
(40
)
 
(28
)
Loss on sale of assets
(1,199
)
 
—

 
—

 
—

 
—

 
—

Loss on write-down of assets held for sale
(18,971
)
 
—

 
—

 
(6,161
)
 
—

 
—

(Loss) income before income taxes
(65,104
)
 
(27,599
)
 
18,795

 
(15,071
)
 
(4,151
)
 
3,219

Income tax benefit (expense)
23,661

 
9,675

 
(6,858
)
 
5,477

 
1,455

 
(1,175
)
Net (loss) income from discontinued operations
$
(41,443
)
 
$
(17,924
)
 
$
11,937

 
$
(9,594
)
 
$
(2,696
)
 
$
2,044

The assets and liabilities held for sale on the Consolidated Balance Sheets as of December 31, 2016 and 2015 are as follows (in thousands):
 
Drilling Technologies
 
Production Technologies
 
December 31, 2016
 
December 31, 2015
 
December 31, 2016
 
December 31, 2015
Assets:
 
 
 
 
 
 
 
Accounts receivable, net
$
5,072

 
$
7,712

 
$
1,784

 
$
5,974

Inventories
9,078

 
22,388

 
8,115

 
12,234

Other current assets
278

 
315

 
370

 
232

Long-term receivable
—

 
—

 
4,179

 
—

Property and equipment, net
11,277

 
27,837

 
3,978

 
4,070

Goodwill
15,333

 
15,333

 
1,689

 
1,689

Other intangible assets, net
7,395

 
17,648

 
484

 
540

Assets held for sale
48,433

 
91,233

 
20,599

 
24,739

Valuation allowance
(18,971
)
 
—

 
(6,161
)
 
—

Assets held for sale, net
$
29,462

 
$
91,233

 
$
14,438

 
$
24,739

Liabilities:
 
 
 
 
 
 
 
Accounts payable
$
2,472

 
$
1,441

 
$
914

 
$
782

Accrued liabilities
1,190

 
1,897

 
385

 
517

Liabilities held for sale
$
3,662

 
$
3,338

 
$
1,299

 
$
1,299