Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2017

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 three and nine months ended September 30, 2017 and 2016 (in thousands):

	Three months ended September 30,						Nine months ended September 30,
	2017			2016			2017			2016
Drilling Technologies
Revenue	$	—		$	7,197		$	11,534		$	20,026
Cost of revenue	—			(4,290		)	(7,259		)	(13,876		)
Selling, general and administrative	(791		)	(3,568		)	(6,562		)	(11,723		)
Depreciation and amortization	—			(340		)	—			(1,425		)
Research and development	—			—			(6		)	(65		)
Gain on disposal of long-lived assets	36			77			97			92
Impairment of inventory and long-lived assets	—			—			—			(36,522		)
Loss from operations	(755		)	(924		)	(2,196		)	(43,493		)
Other income (expense)	26			(77		)	(91		)	(320		)
Gain (loss) on sales of businesses	463			—			(902		)	—
Loss on write-down of assets held for sale	—			—			(6,831		)	—
Loss before income taxes	(266		)	(1,001		)	(10,020		)	(43,813		)
Income tax benefit	581			592			3,473			15,673
Net income (loss) from discontinued operations	$	315		$	(409	)	$	(6,547	)	$	(28,140	)
Production Technologies
Revenue	$	—		$	2,145		$	4,002		$	6,034
Cost of revenue	—			(2,040		)	(3,189		)	(5,833		)
Selling, general and administrative	(64		)	(878		)	(1,739		)	(2,929		)
Depreciation and amortization	—			(149		)	—			(447		)
Research and development	—			(204		)	(364		)	(671		)
Gain (loss) on disposal of long-lived assets	—			8			—			(51		)
Impairment of inventory	—			—			—			(3,913		)
Loss from operations	(64		)	(1,118		)	(1,290		)	(7,810		)
Other expense	—			(24		)	(52		)	(68		)
Gain on sale of businesses	61			—			233			—
Loss on write-down of assets held for sale	—			—			(9,718		)	—
Loss before income taxes	(3		)	(1,142		)	(10,827		)	(7,878		)
Income tax benefit	7			675			3,753			2,818
Net income (loss) from discontinued operations	$	4		$	(467	)	$	(7,074	)	$	(5,060	)
Drilling Technologies and Production Technologies
Income (loss) from discontinued operations, net of tax	$	319		$	(876	)	$	(13,621	)	$	(33,200	)

The assets and liabilities held for sale on the Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 are as follows (in thousands):

	Drilling Technologies						Production Technologies
	September 30, 2017			December 31, 2016			September 30, 2017		December 31, 2016
Assets:
Accounts receivable, net	$	1,749		$	5,072		$	201	$	1,784
Inventories	5			9,078			5		8,115
Other current assets	1,585			278			699		370
Long-term receivable	—			—			—		4,179
Property and equipment, net	—			11,277			—		3,978
Goodwill	—			15,333			—		1,689
Other intangible assets, net	—			7,395			—		484
Assets held for sale	3,339			48,433			905		20,599
Valuation allowance	(109		)	(18,971		)	—		(6,161		)
Assets held for sale, net	$	3,230		$	29,462		$	905	$	14,438
Liabilities:
Accounts payable	$	15		$	2,472		$	10	$	914
Accrued liabilities	1,419			1,190			142		385
Liabilities held for sale	$	1,434		$	3,662		$	152	$	1,299