0001723089-20-000148 | 10-Q | XBRL Viewer

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Oct. 26, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-38441
Entity Registrant Name	ChampionX Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3066826
Entity Address, Address Line One	2445 Technology Forest Blvd,
Entity Address, Address Line Two	Building 4, 12th Floor
Entity Address, City or Town	The Woodlands,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77381
City Area Code	(281)
Local Phone Number	403-5772
Security 12b Title	Common stock, $0.01 par value
Trading Symbol	CHX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		199,833,331
Entity Central Index Key	0001723089
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lease and other revenue	$ 16,036	$ 12,993	$ 41,298	$ 36,161
Total revenue	633,526	276,839	1,193,874	883,503
Cost of goods and services	505,066	184,140	950,845	579,033
Gross profit	128,460	92,699	243,029	304,470
Selling, general and administrative expense	122,156	68,405	330,956	199,221
Goodwill impairment	0	0	616,271	0
Long-lived asset impairment	0	0	40,980	1,746
Interest expense, net	15,935	9,590	36,236	30,226
Other (income) expense, net	1,663	(309)	342	3,469
Income (loss) before income taxes	(11,294)	15,013	(781,756)	69,808
Provision for (benefit from) income taxes	(3,962)	3,425	(31,922)	15,274
Net income (loss)	(7,332)	11,588	(749,834)	54,534
Less: Net income attributable to noncontrolling interest	582	194	1,453	547
Net income (loss) attributable to ChampionX	$ (7,914)	$ 11,394	$ (751,287)	$ 53,987
Earnings (loss) per share attributable to ChampionX:
Basic (in dollars per share)	$ (0.04)	$ 0.15	$ (5.73)	$ 0.70
Diluted (in dollars per share)	$ (0.04)	$ 0.15	$ (5.73)	$ 0.70
Weighted-average shares outstanding:
Weighted-average number of shares outstanding, basic (in shares)	199,809	77,460	131,064	77,416
Weighted-average number of shares outstanding, diluted (in shares)	199,809	77,573	131,064	77,615
Product revenue
Revenue	$ 540,825	$ 239,867	$ 1,014,140	$ 775,489
Service revenue
Revenue	$ 76,665	$ 23,979	$ 138,436	$ 71,853

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ (7,332)

$ 11,588

$ (749,834)

$ 54,534

Foreign currency translation adjustments

^[1]

3,782

(2,900)

(1,567)

(836)

Cash flow hedges

(862)

(209)

Defined pension and other post-retirement benefits adjustments, net

^[2]

297

235

Other comprehensive income (loss)

3,019

(2,832)

(1,479)

(601)

Comprehensive income (loss)

(4,313)

8,756

(751,313)

53,933

Comprehensive income attributable to noncontrolling interest

582

194

1,453

547

Comprehensive income (loss) attributable to ChampionX

$ (4,895)

$ 8,562

$ (752,766)

$ 53,386

[1]	Net of income tax (expense) benefit of $0 for the three and nine months ended September 30, 2020 and 2019.
[2]	Net of income tax (expense) benefit of $33 and $23 for the three months ended September 30, 2020 and 2019, respectively, and $99 and $202 for the nine months ended September 30, 2020 and 2019, respectively.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0
Pension and other post-retirement benefit plans, tax	$ 33,000	$ 23,000	$ 99,000	$ 202,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 171,462	$ 35,290
Receivables, net	516,245	219,874
Inventories, net	471,331	211,342
Prepaid expenses and other current assets	73,713	26,934
Total current assets	1,232,751	493,440
Property, plant and equipment, net of accumulated depreciation of $495,380 in 2020 and $426,722 in 2019	868,111	248,181
Operating lease right-of-use assets	118,993	24,289
Goodwill	660,329	911,113
Intangible assets, net	509,789	238,707
Other non-current assets	63,759	7,095
Total assets	3,453,732	1,922,825
Liabilities and Equity
Current portion of long-term debt	31,470	4,845
Accounts payable	262,092	120,291
Accrued compensation and employee benefits	60,566	38,470
Current portion of operating lease liabilities	33,888	7,620
Accrued distributor fees	36,386	0
Accrued expenses and other current liabilities	150,005	28,455
Total current liabilities	574,407	199,681
Long-term debt	989,690	559,821
Deferred income taxes	141,047	84,060
Operating lease liabilities	80,261	19,419
Other long-term liabilities	82,295	23,630
Total liabilities	1,867,700	886,611
Stockholders’ equity:
Common stock (2.5 billion shares authorized, $0.01 par value) 199.8 million shares and 77.5 million shares issued and outstanding in 2020 and 2019, respectively	1,998	775
Capital in excess of par value of common stock	2,288,930	969,174
Retained earnings (accumulated deficit)	(645,863)	107,048
Accumulated other comprehensive loss	(45,516)	(44,037)
Total stockholders’ equity	1,599,549	1,032,960
Noncontrolling interest	(13,517)	3,254
Total equity	1,586,032	1,036,214
Total liabilities and equity	$ 3,453,732	$ 1,922,825

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accumulated depreciation on property, plant, and equipment	$ 495,380	$ 426,722
Par value of common stock (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)	199,800,000	77,500,000
Common stock, shares outstanding (in shares)	199,800,000	77,500,000

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock, Par Value	Common Stock, Capital in excess of par value	Retained Earnings (Accum. Deficit)	Accum. Other Comp. Loss	Non-controlling Interest	Cumulative Effect Adjustment	Cumulative Effect Adjustment Retained Earnings (Accum. Deficit)
Common stock, shares outstanding, beginning of period (in shares) at Dec. 31, 2018		77,353
Beginning balance at Dec. 31, 2018	$ 975,983	$ 774	$ 960,773	$ 54,884	$ (42,906)	$ 2,458	$ 0
Net income (loss)	19,938			19,656		282
Other comprehensive income (loss)	1,189				1,189
Stock-based compensation (in shares)		39
Stock-based compensation	2,285		2,285
Taxes withheld on issuance of stock-based awards	(719)		(719)
Other	14					14
Common stock, shares outstanding, end of period (in shares) at Mar. 31, 2019		77,392
Ending balance at Mar. 31, 2019	998,690	$ 774	962,339	74,540	(41,717)	2,754
Common stock, shares outstanding, beginning of period (in shares) at Dec. 31, 2018		77,353
Beginning balance at Dec. 31, 2018	975,983	$ 774	960,773	54,884	(42,906)	2,458	0
Net income (loss)	54,534
Other comprehensive income (loss)	(601)
Common stock, shares outstanding, end of period (in shares) at Sep. 30, 2019		77,459
Ending balance at Sep. 30, 2019	1,035,620	$ 775	966,476	108,871	(43,507)	3,005
Common stock, shares outstanding, beginning of period (in shares) at Mar. 31, 2019		77,392
Beginning balance at Mar. 31, 2019	998,690	$ 774	962,339	74,540	(41,717)	2,754
Net income (loss)	23,008			22,937		71
Other comprehensive income (loss)	1,042				1,042
Stock-based compensation (in shares)		67
Stock-based compensation	2,736	$ 1	2,735
Taxes withheld on issuance of stock-based awards	(1,080)		(1,080)
Other	(14)					(14)
Common stock, shares outstanding, end of period (in shares) at Jun. 30, 2019		77,459
Ending balance at Jun. 30, 2019	1,024,382	$ 775	963,994	97,477	(40,675)	2,811
Net income (loss)	11,588			11,394		194
Other comprehensive income (loss)	(2,832)				(2,832)
Stock-based compensation	2,524		2,524
Other	(42)		(42)
Common stock, shares outstanding, end of period (in shares) at Sep. 30, 2019		77,459
Ending balance at Sep. 30, 2019	$ 1,035,620	$ 775	966,476	108,871	(43,507)	3,005
Common stock, shares outstanding, beginning of period (in shares) at Dec. 31, 2019	77,500	77,460
Beginning balance at Dec. 31, 2019	$ 1,036,214	$ 775	969,174	107,048	(44,037)	3,254	(1,573)	$ (1,573)
Net income (loss)	(633,455)			(633,728)		273
Other comprehensive income (loss)	(10,953)				(10,953)
Stock-based compensation (in shares)		44
Stock-based compensation	2,429	$ 0	2,429
Taxes withheld on issuance of stock-based awards	(368)		(368)
Common stock, shares outstanding, end of period (in shares) at Mar. 31, 2020		77,504
Ending balance at Mar. 31, 2020	$ 392,294	$ 775	971,235	(528,253)	(54,990)	3,527
Common stock, shares outstanding, beginning of period (in shares) at Dec. 31, 2019	77,500	77,460
Beginning balance at Dec. 31, 2019	$ 1,036,214	$ 775	969,174	107,048	(44,037)	3,254	$ (1,573)	$ (1,573)
Net income (loss)	(749,834)
Other comprehensive income (loss)	$ (1,479)
Common stock, shares outstanding, end of period (in shares) at Sep. 30, 2020	199,800	199,820
Ending balance at Sep. 30, 2020	$ 1,586,032	$ 1,998	2,288,930	(645,863)	(45,516)	(13,517)
Common stock, shares outstanding, beginning of period (in shares) at Mar. 31, 2020		77,504
Beginning balance at Mar. 31, 2020	392,294	$ 775	971,235	(528,253)	(54,990)	3,527
Issuance of common stock related to the Merger (in shares)		122,237
Issuance of common stock related to the Merger	1,263,931	$ 1,223	1,262,708
Issuance of replacement awards related to the Merger	43,964		43,964
Non-controlling interest acquired in the Merger	(16,015)					(16,015)
Net income (loss)	(109,047)			(109,645)		598
Other comprehensive income (loss)	6,455				6,455
Stock-based compensation (in shares)		67
Stock-based compensation	5,433		5,433
Taxes withheld on issuance of stock-based awards	(244)		(244)
Distributions to noncontrolling interest	(2,200)					(2,200)
Other	25			37		(12)
Common stock, shares outstanding, end of period (in shares) at Jun. 30, 2020		199,808
Ending balance at Jun. 30, 2020	1,584,596	$ 1,998	2,283,096	(637,861)	(48,535)	(14,102)
Net income (loss)	(7,332)			(7,914)		582
Other comprehensive income (loss)	3,019				3,019
Stock-based compensation (in shares)		12
Stock-based compensation	5,856		5,856
Taxes withheld on issuance of stock-based awards	(28)		(28)
Other	$ (79)		6	(88)		3
Common stock, shares outstanding, end of period (in shares) at Sep. 30, 2020	199,800	199,820
Ending balance at Sep. 30, 2020	$ 1,586,032	$ 1,998	$ 2,288,930	$ (645,863)	$ (45,516)	$ (13,517)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash provided by (used for) operating activities:
Net income (loss)	$ (749,834)	$ 54,534
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	101,434	51,126
Amortization	47,827	38,504
Stock-based compensation	13,718	7,545
Loss (gain) on disposal of fixed assets	3,685	(846)
Loss on goodwill and long-lived asset impairment	657,251	1,746
Loss on sale of business	0	2,475
Provision for losses on accounts receivable	2,945	122
Provision for inventory obsolescence and write-downs	15,626	(997)
Amortization of deferred loan costs and accretion of discount	2,480	1,943
Deferred income taxes	(34,318)	(4,439)
Employee benefit plan expense	1,606	1,506
Other	(1,696)	386
Changes in operating assets and liabilities (net of effects of foreign exchange):
Receivables	91,204	14,133
Inventories	62,225	13,232
Prepaid expenses and other current assets	17,737	(16,270)
Accounts payable	(48,519)	(16,861)
Accrued compensation and employee benefits	1,518	(3,651)
Accrued expenses and other liabilities	12,846	14,121
Leased assets	(7,799)	(34,305)
Other	(504)	(614)
Net cash provided by operating activities	189,432	123,390
Cash provided by (used for) investing activities:
Capital expenditures	(32,169)	(31,589)
Acquisitions, net of cash acquired	57,588	(12,500)
Proceeds from sale of fixed assets	9,295	2,954
Payment on sale of business	0	(2,194)
Net cash provided by (used for) investing activities	34,714	(43,329)
Cash provided by (used for) financing activities:
Proceeds from long-term debt	125,000	36,500
Payment of debt issue costs	(4,356)	0
Repayment of long-term debt	(206,713)	(111,500)
Distribution to noncontrolling interest	(2,200)	0
Payment of finance lease obligations	(4,536)	(4,108)
Payments related to taxes withheld on stock-based compensation	(640)	(1,841)
Net cash used for financing activities	(93,445)	(80,949)
Effect of exchange rate changes on cash and cash equivalents	5,471	(317)
Net increase (decrease) in cash and cash equivalents	136,172	(1,205)
Cash and cash equivalents at beginning of period	35,290	41,832
Cash and cash equivalents at end of period	$ 171,462	$ 40,627

Basis of Presentation

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

ChampionX Corporation is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world.

Unless the context requires otherwise, references in this report to “we,” “us,” “our,” “the Company,” or “ChampionX” mean ChampionX Corporation, together with our subsidiaries where the context requires.

On June 3, 2020, the Company and Ecolab Inc. (“Ecolab”) completed a Reverse Morris Trust transaction in which Ecolab transferred their upstream energy business to Champion X Holding, Inc. (“legacy ChampionX”) and, thereafter, distributed all of the shares of legacy ChampionX common stock to certain Ecolab stockholders (“the Distribution”). Immediately following the Distribution, a wholly owned subsidiary of the Company merged with and into legacy ChampionX, with legacy ChampionX continuing as the surviving company in the Merger and as a wholly owned subsidiary of the Company (“the Merger”). In association with the completion of the Merger, the Company has changed its name from Apergy Corporation (“Apergy”) to ChampionX Corporation, and common shares began trading on the New York Stock Exchange under the symbol “CHX”.

As a result of the Merger, the results of operations of legacy ChampionX have been reflected in our accompanying condensed consolidated financial statements from the closing date of the Merger through September 30, 2020. Results for the periods prior to June 3, 2020 reflect the financial and operating results of Apergy and do not include the financial and operating results of legacy ChampionX. See Note 2—Merger Transaction for additional information on the Merger.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of ChampionX have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the audited consolidated financial statements, and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2019.

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions that we may undertake in the future, actual results may differ from our estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments unless otherwise specified) necessary for a fair statement of our financial condition and results of operations as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these financial statements may not be representative of the results that may be expected for the year ending December 31, 2020.

Change in Accounting Estimate

During the second quarter, we entered into new commercial agreements, which changed the economics of the leased asset program of our Electrical Submersible Pump (“ESP”) subsidiary in our Production & Automation Technologies segment. As such, we re-evaluated the estimated useful life and salvage value of our assets based on the combination of new commercial contracts and historical operating trends related to the aging of our lease fleet, including functioning assets beyond original expected life. Based on our analysis, effective April 1, 2020, we changed our estimate of useful life and salvage values for certain equipment to better reflect the useful life and estimated values of these assets at the end of their useful life. The estimated useful life, previously estimated at 12 months, was increased to 18 months. The estimated salvage value of the equipment, previously estimated at 50%, was decreased to 0%. The effect of the changes in estimate for the three and nine months ended September 30, 2020, was an increase in depreciation expense of $8.6 million and $26.2 million, respectively, a decrease in net income of $5.7 million and $17.6 million, and a decrease in basic and diluted earnings per share of $0.03 per share and $0.13 per share, respectively.

Reclassifications

Certain prior period amounts have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported net loss.

Revisions

We revised our previously issued financial statements for the three and nine months ended September 30, 2019, for the correction of immaterial errors related to: (i) the assessing and recording of liabilities for state sales tax and associated penalties and interest, primarily resulting in an understatement of our selling, general, and administrative expense and interest expense for the three and nine months ended September 30, 2019; and (ii) previously recorded amounts including, but not limited to, the write-off of inventory and leased assets, timing of revenue recognition, and revenue classification, that the Company concluded were immaterial to our previously filed condensed consolidated financial statements. See the following table for the impact of the corrections on our condensed consolidated financial statements:

Condensed Consolidated Statement of Income



	Three Months Ended September 30, 2019
(in thousands, except per share data)	As Reported		Adjustments			As Revised
Product revenue ⁽¹⁾	$	244,651	$	(4,784	)	$	239,867
Service revenue ⁽¹⁾	20,708		3,271			23,979
Lease and other revenue ⁽¹⁾	13,022		(29		)	12,993
Total revenue	278,381		(1,542		)	276,839
Cost of goods and services	186,862		(2,722		)	184,140
Gross profit	91,519		1,180			92,699
Selling, general and administrative expense	68,813		(408		)	68,405
Interest expense, net	9,537		53			9,590
Income before income taxes	13,478		1,535			15,013
Provision for income taxes	3,059		366			3,425
Net income	10,419		1,169			11,588
Net income attributable to ChampionX	$	10,225	$	1,169		$	11,394

Earnings per share attributable to ChampionX:
Basic	$	0.13	$	0.02		$	0.15
Diluted	$	0.13	$	0.02		$	0.15

Comprehensive income	$	7,587	$	1,169		$	8,756
Comprehensive income attributable to ChampionX	$	7,393	$	1,169		$	8,562

(1) Certain as reported amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported net income (loss).



	Nine Months Ended September 30, 2019
(in thousands, except per share data)	As Reported		Adjustments			As Revised
Product revenue ⁽¹⁾	$	787,698	$	(12,209	)	$	775,489
Service revenue ⁽¹⁾	62,056		9,797			71,853
Lease and other revenue ⁽¹⁾	36,372		(211		)	36,161
Total revenue	886,126		(2,623		)	883,503
Cost of goods and services	579,289		(256		)	579,033
Gross profit	306,837		(2,367		)	304,470
Selling, general and administrative expense	199,044		177			199,221
Long-lived asset impairment ⁽¹⁾	1,746		—			1,746
Interest expense, net	30,068		158			30,226
Income before income taxes	72,510		(2,702		)	69,808
Provision for income taxes	15,672		(398		)	15,274
Net income	56,838		(2,304		)	54,534
Net income attributable to ChampionX	$	56,291	$	(2,304	)	$	53,987

Earnings per share attributable to ChampionX:
Basic	$	0.73	$	(0.03	)	$	0.70
Diluted	$	0.73	$	(0.03	)	$	0.70

Comprehensive income	$	56,237	(2,304		)	$	53,933
Comprehensive income attributable to ChampionX	$	55,690	(2,304		)	$	53,386

(1) Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported net income (loss).

Condensed Consolidated Statement of Changes in Stockholders’ Equity



	September 30, 2019
(in thousands)	As Reported		Adjustments			As Revised
Stockholders’ Equity:
Capital in excess of par value of common stock	$	971,075	$	(4,599	)	$	966,476
Retained earnings	110,458		(1,587		)	108,871
Total equity	1,041,806		(6,186		)	1,035,620



(in thousands)	As Reported			Adjustments			As Revised
Total equity at December 31, 2018	$	981,527		$	(5,544	)	$	975,983
Cumulative effect of accounting changes	(1,662		)	1,662			—
Net income	22,569			(2,631		)	19,938
Total equity at March 31, 2019	1,005,203			(6,513		)	998,690
Net income	23,850			(842		)	23,008
Total equity at June 30, 2019	1,031,737			(7,355		)	1,024,382
Net income	10,419			1,169			11,588
September 30, 2019	1,041,806			(6,186		)	1,035,620

Condensed Consolidated Statements of Cash Flows



	Nine Months Ended September 30, 2019
(in thousands)	As Reported			Adjustments			As Revised
Cash provided by (used for) operating activities:
Net income	$	56,838		$	(2,304	)	$	54,534
Adjustments to reconcile net income to net cash provided (required) by operating activities:
Deferred income taxes	(3,717		)	(722		)	(4,439		)
Gain on sale of fixed assets ⁽¹⁾	(846		)	—			(846		)
Provision for losses on accounts receivable ⁽¹⁾	122			—			122
Amortization of deferred loan costs and accretion of discount ⁽¹⁾	1,943			—			1,943
Other	386			—			386
Changes in operating assets and liabilities (net of effects of foreign exchange):
Receivables	12,218			1,915			14,133
Inventories	11,455			1,777			13,232
Prepaid expenses and other current assets	(16,742		)	472			(16,270		)
Accounts payable	(15,532		)	(1,329		)	(16,861		)
Accrued compensation and employee benefits	(3,651		)	—			(3,651		)
Accrued expenses and other liabilities	14,288			(167		)	14,121
Leased assets	(34,645		)	340			(34,305		)
Other	(634		)	20			(614		)

_______________________

(1) Each of these amounts were included within other on the condensed consolidated statements of cash flows reported for the nine months ended September 30, 2019. These amounts have been reclassified consistent with the presentation in the current reporting period.

Merger Transactions

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Merger Transactions

MERGER TRANSACTION

On June 3, 2020 we completed the acquisition of the legacy ChampionX business through the merger of one of our wholly owned subsidiaries with legacy ChampionX. Immediately prior to the Merger, Ecolab transferred their upstream energy business to legacy ChampionX. Pursuant to the Merger, shares of Ecolab common stock that were tendered through an exchange offer were converted into common shares of legacy ChampionX on a 1-for-24.6667 basis, with each share of legacy ChampionX automatically converting into one share of the Company. To complete the acquisition, we issued 122.2 million shares of common stock, at a share price of $10.34 per share, in exchange for 100% equity ownership of legacy ChampionX. The transaction resulted in legacy ChampionX equityholders owning approximately 62% of the Company on a fully diluted basis, with equityholders of the Company prior to the Merger owning approximately 38% on a fully diluted basis.

Acquisition-related costs associated with the Merger were expensed as incurred and total $3.1 million and $60.9 million for the three and nine months ended September 30, 2020, respectively, and are included in selling, general and administrative expense in our condensed consolidated statements of income (loss). The acquisition-related transaction costs consisted primarily of investment banker fees and legal and accounting costs.

The Merger constitutes a business combination, with the Company (formerly known as Apergy) treated as the accounting acquirer and legacy ChampionX treated as the acquired company for accounting purposes.

Legacy ChampionX provides on-site, technology-driven chemistry programs and value-enabling solutions and services to the global upstream oil and natural gas industry.

Preliminary Purchase Price Allocation

The acquisition-date fair value of the consideration transferred consisted of the following:



(in thousands)
Equity consideration	$	1,263,931
Replacement awards attributable to pre-combination services⁽¹⁾	43,964
Unfavorable supply agreement⁽²⁾	44,000
Favorable supply agreement⁽²⁾	(55,000		)
Fair value of consideration transferred	$	1,296,895

_______________________

(1) Represents the fair value of the replacement equity awards to the extent services were provided by employees of legacy ChampionX prior to closing. See Note 12—Equity And Cash Incentive Programs for additional information about the replacement equity awards.

(2) As part of the Merger, the Company entered into a Cross Supply and Product Transfer Agreement with Ecolab in which over a period of approximately three years from the merger date, certain products will be manufactured by one party for the other. The cross selling prices in which each party will transfer their products, and include a take-or-pay element, have been set forth within this agreement and are not reflective of market terms. As a result, we recognized an intangible asset recorded at fair value for the favorable terms and a liability recorded at fair value for the unfavorable terms. The intangible asset will be amortized on a straight-line basis over a three-year period into cost of goods and services and the liability will be amortized as a component of product revenue.

The purchase price was allocated to the tangible and intangible assets acquired and liabilities assumed based on their preliminary fair value estimates as of the acquisition date. The measurements of assets acquired and liabilities assumed, other than debt which was measured using Level 2 measurements, are based on inputs that are not observable in the market and thus represent Level 3 inputs. The excess of the purchase price over such fair values was recorded as goodwill. The purchase price allocation is based upon a preliminary valuation only and will be finalized upon completion of certain valuation procedures. Our estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). The primary areas in which the preliminary purchase price allocation is not yet finalized relate to the fair values of certain tangible assets acquired and liabilities assumed, the valuation of intangible assets acquired, certain working capital items, deferred income taxes and residual goodwill. We will complete the purchase price allocation and valuation during the 12-month period following the Merger date.

The following table provides the preliminary allocation of the purchase price as of the acquisition date.



(in thousands)
Cash and cash equivalents	$	57,588
Receivables	392,409
Inventories	339,214
Prepaid expenses and other current assets	62,011
Property, plant, and equipment	690,047
Identifiable intangible assets⁽¹⁾	305,000
Other non-current assets	156,002
Total identifiable assets acquired	2,002,271
Accounts payable	183,445
Other current liabilities⁽¹⁾	170,433
Long-term debt ⁽²⁾	537,000
Deferred tax liabilities	93,290
Other liabilities⁽¹⁾	104,980
Total liabilities assumed	1,089,148
Net identifiable assets acquired	913,123
Add: Negative fair value of non-controlling interests	16,052
Goodwill	367,720
Total net assets acquired	$	1,296,895

_______________________

(1) The fair value of the consideration transferred related to the Favorable and Unfavorable supply agreements has been excluded.

(2) In connection with the Merger, we assumed a term loan from legacy ChampionX, of which approximately $26.9 million has been classified as short-term representing the mandatory amortization payments due within the next twelve months. See Note 6—Debt for further information.

Summary of Significant Fair Value Methods

Inventories

Acquired inventory is comprised of raw materials and finished goods. The preliminary fair value of finished goods was calculated as the estimated selling price, adjusted for costs of the selling effort and a reasonable profit allowance relating to the selling effort. The preliminary fair value of raw materials and supplies was determined based on replacement cost which approximates historical carrying value. The preliminary fair value step-up of $13.6 million of inventories measured on a First In First Out (“FIFO”) basis is amortized to cost of goods and services in the condensed consolidated financial statements as the inventory is sold, which is expected to be a period of three months from the acquisition date. For inventories measured on a Last In First Out (“LIFO”) basis, the acquired inventory becomes the LIFO base layer inventory.

Property, Plant, and Equipment

The preliminary fair value of identifiable fixed assets was calculated using a combination of valuation approaches, primarily including the cost approach which adjusts estimates of replacement cost for the age, condition and utility of the associated assets, as well as the market approach to value asset types where market comparable data is available, and is summarized below:



(in thousands)	Fair Value		Useful Life (years)
Land and land improvements	$	125,733	-
Buildings and leasehold improvements	207,427		5 to 40
Machinery, equipment and other	337,374		3 to 20
Capitalized software and computer hardware	19,513		3 to 7
Total property, plant, and equipment acquired	$	690,047

Identifiable Intangible Assets

The preliminary fair values of trademarks, trade names, and developed technology were determined using a relief from royalty methodology which estimates cost savings generated by a company related to the ownership of an asset for which otherwise have had to pay royalties or license fees on revenues earned through the use of the asset. Customer relationships were determined using the multi-period excess earnings method which involves isolating the net earnings attributable to the asset being measured based on the present value of the incremental after-tax cash flows attributable solely to the intangible assets over its remaining useful life. Preliminary fair values are summarized below:



(in thousands)	Fair Value		Useful Life (years)
Trademarks and trade names	$	25,000	15
Developed technology	115,000		7
Customer relationships	165,000		15
Total identifiable intangible assets acquired	305,000
Favorable supply agreements	55,000		3
Total identifiable intangible assets recognized	$	360,000

The weighted average amortization period for identifiable intangible assets recognized is 10.5 years.

Leases

Lease-related assets and liabilities acquired were remeasured at the present value of the future minimum lease payments over the remaining lease term utilizing an updated incremental borrowing rate of the Company as if the acquired leases were new leases as of the acquisition date. Right-of-use assets were further adjusted for any off-market terms of the lease. The remaining lease term is based on the remaining term at the acquisition date plus any renewal or extension options that the Company is reasonably certain will be exercised. Additionally, the Company has elected short-term lease treatment for those acquired lease contracts which, at the acquisition date, have a remaining lease term of 12 months or less. For the leases acquired through the

Merger, the Company will retain the previous lease classification. This resulted in legacy ChampionX assets and liabilities of $100.6 million and $93.2 million, respectively, as of the acquisition date.

Goodwill

Goodwill of $367.7 million arising from the acquisition consisted largely of the expected synergies and economies of scale from combining the operations of the Company and legacy ChampionX. Goodwill recognized as a result of the acquisition is not deductible for tax purposes. We have allocated goodwill of $278.7 million and $89.0 million to our Production Chemical Technologies and Reservoir Chemical Technologies operating segments, respectively. See Note 5—Goodwill And Intangible Assets for a rollforward of our goodwill balance by operating segment.

Pro forma financial information

The results of operations for legacy ChampionX that have been included in our condensed consolidated financial statements from the June 3, 2020 acquisition date through September 30, 2020 include revenue of $644.5 million and net income of $23.1 million. The following unaudited pro forma results of operations have been prepared as though the Merger was completed on January 1, 2019. Pro forma amounts are based on the preliminary purchase price allocation of the acquisition and are not necessarily indicative of results that may be reported in the future. Non-recurring pro forma adjustments including acquisition-related costs directly attributable to the Merger are included within the reported pro forma revenue and net income (loss).



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2020		2019		2020			2019
Revenues	$	633,526	$	866,506	$	2,068,904		$	2,634,009
Net income (loss) attributable to ChampionX	4,667		53,251		(789,858		)	163,130

Transactions with Ecolab

Certain agreements have been entered into between the Company and Ecolab, including, among others, a Tax Matters Agreement, an Intellectual Property Matters Agreement, a Cross Supply and Product Transfer Agreement, and a Transition Services Agreement, each entered into on the Closing Date; as well as the Employee Matters Agreement entered into on December 18, 2019. Pursuant to the Transition Services Agreement, Ecolab and its subsidiaries as well as legacy ChampionX and its subsidiaries will provide each other with specified support services and other assistance for a limited time following the closing of the Merger. Charges for services under the agreement are representative of our best estimate of market price and will be determined on an allocated cost basis, subject to an overall annual aggregate cap. Revenue recognized under the Cross Supply and Product Transfer Agreement for the three and nine months ended September 30, 2020 was $49.5 million and $67.4 million, respectively. The Cross Supply and Product Transfer Agreement also includes a take-or-pay element which requires the Company to purchase a minimum of 13.7 million kilograms of product over a ten-year period, approximately $23.3 million. The Company has the option to terminate early beginning in the fifth year upon a two-year’s notice, subject to a termination fee which declines over the contract term.

New Accounting Standards

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

New Accounting Standards

NEW ACCOUNTING STANDARDS

Recently Adopted Accounting Standards

Effective January 1, 2020, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This update amends the impairment model to utilize an expected credit loss methodology in place of the incurred credit loss methodology for financial instruments. We applied the provisions of this ASU to our financial instruments, mostly consisting of trade receivables, as of January 1, 2020. We utilized the modified retrospective method of adoption; therefore, prior period amounts have not been adjusted and continue to be reflected in accordance with our historical accounting policies. As of January 1, 2020, we recorded a cumulative adjustment to retained earnings of $1.6 million, net of $0.4 million of income tax benefit.

Our exposure to credit losses is primarily the result of product sales to our customers, resulting in trade receivables with payment terms generally ranging from 30 days to 90 days. We manage credit risk on trade receivables by transacting only with what management believes are financially secure customers. Accounts receivable are carried at the invoiced amounts, less an

allowance for doubtful accounts, and generally do not bear interest. The Company estimates the allowance for doubtful accounts for expected credit losses by analyzing accounts receivable balances by applying historical write-off and collection trend rates as well as current economic and market conditions. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Account balances are written off against the allowance when it is determined the receivable will not be recovered.

The following table provides a rollforward of our allowance for credit losses balance:



(in thousands)	Allowance for Credit Losses
December 31, 2019	$	8,072
Impact of adoption on January 1, 2020	2,042
Provision for expected credit losses	3,384
Accounts written off	(1,947		)
Recoveries	1,770
Foreign currency translation	(470		)
September 30, 2020	$	12,851

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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-Subparagraph (e)(3)

+ Details

Inventories

9 Months Ended

Sep. 30, 2020

Inventory, Net [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:



(in thousands)	September 30, 2020			December 31, 2019
Raw materials	$	140,875		$	50,099
Work in progress	11,051			13,325
Finished goods	354,584			175,774
	506,510			239,198
Inventory reserve	(17,237		)	(12,067		)
LIFO adjustments	(17,942		)	(15,789		)
Inventories, net	$	471,331		$	211,342

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

During the first quarter of 2020, certain unprecedented events caused the rapid decline of several market indicators in the oil and gas industry. Decisions by the Organization of Petroleum Exporting Countries (“OPEC”) and other oil producing nations resulted in an oversupply of crude oil. Compounding this situation, demand for oil and gas commodities declined significantly as the world was impacted by the COVID-19 outbreak, which resulted in a sharp decline in crude oil prices. Consequently, our market capitalization was negatively impacted as a result of these market conditions and overall impact to our industry.

Management determined that these events and their related impact to future revenues and cash flows constituted a triggering event in the first quarter of 2020, requiring us to perform a recoverability test of our long-lived assets and an interim impairment assessment of goodwill as of March 31, 2020.

Goodwill

The carrying amount of goodwill, including changes therein, by reporting segment is below:



(in thousands)	Production Chemical Technologies		Production & Automation Technologies			Drilling Technologies		Reservoir Chemical Technologies			Total
December 31, 2019	$	—	$	809,977		$	101,136	$	—		$	911,113
Acquisition ⁽¹⁾	278,723		—			—		88,997			$	367,720
Impairment	—		(616,271		)	—		—			$	(616,271	)
Foreign currency translation	243		(2,473		)	—		(3		)	$	(2,233	)
September 30, 2020	$	278,966	$	191,233		$	101,136	$	88,994		$	660,329

_______________________

(1) See Note 2—Merger Transaction for additional information related to the acquisition completed during June 2020.

Goodwill is not subject to amortization but is tested for impairment on an annual basis or more frequently if impairment indicators arise.

During the first quarter of 2020, we performed a quantitative analysis for each of our reporting units to determine the existence of goodwill impairment and the amount of the impairment loss. In performing the quantitative assessment, we estimated the fair value of each of our reporting units using a combination of the income and market approaches, which determined that the fair values were less than the respective carrying values for our Artificial Lift and Automation reporting units.

Our income-based valuation method determines the present value of estimated future cash flows to estimate the fair value of a reporting unit. Significant assumptions used in estimating our reporting unit fair values include: (i) annual revenue growth rates; (ii) operating margins; (iii) risk-adjusted discount rate; and (iv) terminal value determined using a long-term growth rate. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to the reporting unit. Given the unprecedented uncertainty of both short-term and long-term market conditions, we utilized a weighted-average projection for estimated future cash flows that consists of three estimated future cash flows scenarios with the following weightings: (i) low case scenario with a 40% weighting, (ii) base case scenario with a 40% weighting, and (iii) high case scenario with a 20% weighting.

Under the market approach, we estimated a fair value based on comparable companies’ market multiples of revenues and earnings before interest, taxes, depreciation and amortization and factored in a control premium. Finally, we compared our estimates of fair values to our March 31, 2020 total public market capitalization and assessed an implied control premium based on the 20-day average of our common stock.

The reporting unit carrying values were adjusted based on the long-lived asset impairment assessment noted below. Financial and credit market volatility directly impacts our fair value measurement through the weighted average cost of capital used to determine a discount rate. During times of volatility, significant judgment must be applied to determine whether credit market changes are a short-term or long-term trend. We utilized discount rates of 14.5% and 16.5% for our Artificial Lift and Automation reporting units, respectively.

During the first quarter of 2020, we recorded a $616.3 million impairment charge to goodwill, consisting of $539.2 million and $77.1 million in our Artificial Lift reporting unit and our Automation reporting unit, respectively. Both reporting units are within our Production & Automation Technologies reportable segment. The goodwill impairment charge includes $560.1 million of non-taxable goodwill, which was recognized as a discrete item in determining our effective tax rate for the period. We did not identify any triggering events at any of our reporting units during the third quarter of 2020.

Long-lived Asset Impairment

Long-lived assets, which include property, plant and equipment, right-of-use assets, and identified intangible assets, comprise a significant amount of our total assets. The Company makes judgments and estimates in conjunction with the carrying value of these assets, including amounts to be capitalized, depreciation and amortization methods and estimated useful lives.

The negative market indicators described above, as well as the results of the previously mentioned fair value determinations of certain of our reporting units, were triggering events indicating that certain of our long-lived tangible and intangible assets may be impaired. We performed recoverability tests on our asset groups as of March 31, 2020, which indicated that long-lived assets associated with two of our asset groups within Production & Automation Technologies were not recoverable as the aggregate amount of estimated undiscounted cash flows of these asset groups was determined to be below their respective carrying values. We estimated the fair value of these intangible and fixed assets using an income approach that required us to make long-term forecasts of our future revenues and costs related to the assets subject to review. These forecasts utilized assumptions about demand for our products and services, future market conditions and technological developments. The forecasts are dependent upon assumptions including those regarding oil prices and the general outlook for the global oil and gas industry, among other factors. Financial and credit market volatility directly impacts our fair value measurement through our income forecast. Changes to these assumptions, including, but not limited to: variability of spot and futures prices for crude oil; sustained declines in worldwide rig counts below current analysts’ forecasts; significant deterioration of external financing for our customers; higher risk premiums or higher cost of equity; or any other significant adverse economic news could require a provision for impairment.

Accordingly, the estimated fair value of each of these asset groups was below their respective carrying value and as a result, we recorded a long-lived asset impairment charge of $41.0 million in the first quarter of 2020, consisting of $40.4 million to customer relationships and $0.6 million to trademarks. We did not identify impairment triggering events at any of our asset groups during the third quarter of 2020.

The components of our definite- and indefinite-lived intangible assets were as follows:



	September 30, 2020						December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships ⁽¹⁾	$	610,091	$	309,762	$	300,329	$	560,316	$	353,189	$	207,127
Trademarks ⁽¹⁾	59,860		26,459		33,401		35,695		24,830		10,865
Patents	38,280		28,547		9,733		38,436		26,838		11,598
Unpatented technologies	128,700		15,349		113,351		13,700		9,811		3,889
Favorable supply agreements ⁽²⁾	54,728		5,929		48,799		—		—		—
Drawings and manuals	1,739		1,739		—		2,558		1,758		800
Other	5,299		4,723		576		5,332		4,504		828
	898,697		392,508		506,189		656,037		420,930		235,107
Indefinite-lived intangible assets:
Trademarks	3,600		—		3,600		3,600		—		3,600
Total	$	902,297	$	392,508	$	509,789	$	659,637	$	420,930	$	238,707

_______________________

(1) Includes impairment of customer relationship and trademark intangible assets of $40.4 million and $0.6 million, respectively, all of which relate to asset groups included within our Artificial Lift business.

(2) Favorable supply agreements were entered into as part of the Merger transaction. See Note 2—Merger Transaction for further information.

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

DEBT

Long-term debt consisted of the following:



(in thousands)	September 30, 2020			December 31, 2019
2018 Credit Facility	$	—		$	—
2018 Term Loan Facility	190,000			265,000
2020 Term Loan Facility	530,287			—
6.375% Senior Notes due 2026	300,000			300,000
Finance lease obligations	9,561			9,375
Total	1,029,848			574,375
Net unamortized discounts and issuance costs	(8,688		)	(9,709		)
Total long-term debt	$	1,021,160		$	564,666
Current portion of long-term debt ⁽¹⁾	(31,470		)	(4,845		)
Long-term debt, less current portion	$	989,690		$	559,821

_______________________

(1) Primarily includes the mandatory amortization payments due within twelve months related to the 2020 Term Loan Facility.

2018 Credit Facility

On February 14, 2020, the Company entered into an amendment to its existing credit facility dated May 9, 2018 (as amended, the “2018 Credit Facility”), which (i) provided for the incurrence of an additional $150 million of revolving commitments under the 2018 Credit Facility, upon consummation of the Merger, (ii) permitted the consummation of the Merger and the incurrence of a senior secured term loan facility (“2020 Term Loan Facility”) in an aggregate amount up to $537 million by legacy ChampionX, and (iii) continued to provide that all obligations under the 2018 Credit Facility continue to be guaranteed by certain of the Company’s wholly owned U.S. subsidiaries, including upon the consummation of the Merger, certain legacy ChampionX wholly owned U.S. subsidiaries. The weighted average interest rate on borrowings during the period was 2.69%.

2020 Term Loan Facility

On June 3, 2020, legacy ChampionX entered into a term loan facility for $537.0 million (“2020 Term Loan Facility”). Proceeds from the 2020 Term Loan Facility were utilized to fund a cash payment of $527.4 million from legacy ChampionX to Ecolab upon the completion of the Merger. We assumed the 2020 Term Loan Facility upon completion of the Merger, which is fully and unconditionally guaranteed by the Company and certain of its wholly owned domestic subsidiaries, which also guarantee the obligations under the 2018 Credit Facility. The 2020 Term Loan Facility matures at the earlier of (i) June 3, 2027 or (ii) January 30, 2026 in the event the Company’s senior unsecured notes due May 1, 2026 remain outstanding. Amounts outstanding under the 2020 Term Loan Facility bear interest, at the option of the Company, at a rate equal to (a) LIBOR plus 5.0% for eurocurrency rate loans (to the extent LIBOR is less than 1%, the LIBOR rate will be deemed to be 1%) or (b) the highest of (i) the Federal Funds Rate plus 1/2 of 1%, (ii) the “prime rate” quoted by Bank of America, N.A., (iii) LIBOR plus 1.00% and (iv) 1.00%, plus 4.0%. The 2020 Term Loan Facility contains customary representations and warranties, covenants, and events of default for loan facilities of this type. The weighted average interest rate on borrowings during the period was 6.00%.

The term loan is subject to mandatory amortization payments of $6.7 million paid quarterly, beginning on September 30, 2020. Any voluntary prepayment of the 2020 Term Loan Facility which occurs prior to June 3, 2022, is subject to a make-whole prepayment premium on the aggregate prepaid principal amount of the 2020 Term Loan Facility.

Senior Notes

ChampionX has senior notes outstanding, the payment obligations of which are fully and unconditionally guaranteed by certain wholly owned subsidiaries of ChampionX on a joint and several basis. On June 18, 2020, the wholly owned subsidiaries of legacy ChampionX that guarantee the 2018 Credit Facility and the 2020 Term Loan Facility, delivered a Supplemental Indenture to join as guarantors of the senior notes.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES The Company is subject to various claims and contingencies related to, among other things, workers’ compensation, general liability (including product liability), automobile claims, health care claims, environmental matters and lawsuits. We record liabilities where a contingent loss is probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. In accordance with applicable GAAP, the Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred. Guarantees and Indemnifications We have provided indemnities in connection with sales of certain businesses and assets, including representations and warranties, covenants and related indemnities for environmental health and safety, tax and employment matters. We do not have any material liabilities recorded for these indemnifications and are not aware of any claims or other information that would give rise to material payments under such indemnities. In connection with the Company’s separation from Dover Corporation (“Dover”) in 2018 (the “Separation”), we entered into agreements with Dover that govern the treatment between Dover and us for certain indemnification matters and litigation responsibility. Generally, the separation and distribution agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and to place financial responsibility for the obligations and liabilities of Dover’s business with Dover. The separation and distribution agreement also establishes procedures for handling claims subject to indemnification and related matters. In addition, pursuant to the tax matters agreement, we have agreed to indemnify Dover and its affiliates against any and all tax-related liabilities incurred by them relating to the Separation and/or certain related transactions to the extent caused by an acquisition of ChampionX stock or assets or by any other action or failure to act undertaken by ChampionX or its affiliates. Pursuant to the provisions of the tax matters agreement with Dover, we recorded an indemnification liability of $3.4 million as of December 31, 2019, with respect to certain liabilities related to tax audits for the 2012-2016 tax years. We received notification in February 2020 that the tax audits and related assessments were completed, resulting in a final settlement amount of $3.0 million, which was paid in April 2020. In connection with the Merger, we entered into agreements with Ecolab that govern the treatment between Ecolab and us for certain indemnification matters and litigation responsibility. Generally, the separation and distribution agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and to place financial responsibility for the obligations and liabilities of Ecolab’s business with Ecolab. The separation and distribution agreement also establishes procedures for handling claims subject to indemnification and related matters. In addition, pursuant to the Tax Matters Agreement, we have agreed to indemnify Ecolab and its affiliates for (i) all taxes for which ChampionX is responsible as defined within the Tax Matters Agreement, (ii) all taxes resulting from a breach by ChampionX of any of its representations (but only to the extent relating to a breach occurring after the consummation of the Merger) or any of its covenants under the Tax Matters Agreement, (iii) all taxes resulting from an acquisition after the Merger of any of the stock or assets of ChampionX, other than as a result of the Merger or a repayment of the ChampionX Credit Facilities and (iv) reasonable costs and expenses (including reasonable attorneys’ fees and expenses) related to the foregoing. As of September 30, 2020 and December 31, 2019, we had $51.6 million and $15.7 million, respectively, of outstanding letters of credit, surety bonds and guarantees which expire at various dates through 2025. These financial instruments are primarily maintained as security for insurance, warranty and other performance obligations. Generally, we would only be liable for the amount of these letters of credit and surety bonds in the event of default in the performance of our obligations, the probability of which we believe is remote. Litigation and Environmental Matters We are involved in various pending or potential lawsuits, claims and environmental actions that have arisen in the ordinary course of our business. These proceedings primarily involve claims by private parties alleging injury arising out of use of our products, patent infringement, employment matters, and commercial disputes, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain chemical substances at various sites, such as Superfund sites and either operating or owned facilities. We review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and accrued to date, and the availability and extent of insurance coverage. We accrue a liability for legal matters that are probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. We are unable to predict the ultimate outcome of these actions because of the inherent uncertainty of litigation and unfavorable rulings or developments could occur, and there can be no certainty that the Company may not ultimately incur changes in excess of recorded liabilities. However, we believe the most probable, ultimate resolution of these matters will not have a material adverse effect on our condensed consolidated financial position, results of operations or cash flows. Environmental Matters The Company is currently participating in environmental assessments and remediation at approximately 11 locations, the majority of which are in the U.S., and environmental liabilities have been accrued reflecting our best estimate of future costs. Potential insurance reimbursements are not anticipated in the Company’s accruals for environmental liabilities. As of September 30, 2020 environmental liability accruals related to these locations were $8.9 million. Prior to the Separation, groundwater contamination was discovered at the Norris Sucker Rods plant site located in Tulsa, Oklahoma ("Norris"). Initial remedial efforts were undertaken at the time of discovery of the contamination and Norris has since coordinated monitoring and remediation with the Oklahoma Department of Environmental Quality ("ODEQ"). As part of the ongoing long-term remediation process, Norris contracted an engineering and consulting firm to develop a range of possible additional remedial alternatives in order to accelerate the remediation process and associated cost estimates for the work. In October 2019, we received the firm’s preliminary remedial alternatives for consideration. Now that we have such recommendations, we have begun discussions with ODEQ regarding our proposed long-term remediation plan. The plan is subject to ODEQ’s review, input, and approval. Because we have not yet finalized a plan for further remediation at the site and discussions with ODEQ remain ongoing, we cannot fully anticipate the timing, outcome or possible impact of such further remedial activities, financial or otherwise. As a result of the recommendations in the report, we accrued liabilities for these remediation efforts of approximately $2.0 million as of December 31, 2019. Liabilities could increase in the future at such time as we ultimately reach agreement with ODEQ on our remediation plan and such liabilities become probable and can be reasonably estimated, however, there have been no changes to our estimated liability as of September 30, 2020. Matters Related to Deepwater Horizon Incident Response On April 22, 2010, the deepwater drilling platform, the Deepwater Horizon, operated by a subsidiary of BP plc, sank in the Gulf of Mexico after an explosion and fire, resulting in a massive oil spill. Certain entities that are now subsidiaries of ChampionX as a result of the Merger (collectively the “COREXIT Defendants”) supplied COREXIT™ 9500, an oil dispersant product listed on the U.S. EPA National Contingency Plan Product Schedule, which was used in the response to the spill. In connection with the provision of COREXIT™, the COREXIT Defendants were named in several lawsuits. Cases arising out of the Deepwater Horizon accident were administratively transferred and consolidated for pre-trial purposes under In Re: Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico, on April 20, 2010, Case No. 10-md-02179 (E.D. La.) (“MDL 2179”). Claims related to the response to the oil spill were consolidated in a master complaint captioned the “B3 Master Complaint.” In 2011, Transocean Deepwater Drilling, Inc. and its affiliates (the “Transocean Entities”) named the COREXIT Defendants and other unaffiliated companies as first party defendants (In re the Complaint and Petition of Triton Asset Leasing GmbH, et al, MDL No. 2179, Civil Action 10-2771). In April and May 2011, the Transocean Entities, Cameron International Corporation, Halliburton Energy Services, Inc., M-I L.L.C., Weatherford U.S., L.P. and Weatherford International, Inc. (collectively, the “Cross Claimants”) filed cross claims in MDL 2179 against the COREXIT Defendants and other unaffiliated cross defendants. In April and June 2011, in support of its defense of the claims against it, the COREXIT Defendants filed counterclaims against the Cross Claimants. On May 18, 2012, the COREXIT Defendants filed a motion for summary judgment as to the claims in the B3 Master Complaint. On November 28, 2012, the Court granted the COREXIT Defendants’ motion and dismissed with prejudice the claims in the B3 Master Complaint asserted against the COREXIT Defendants. There currently remain three cases pending against the COREXIT Defendants relating to the Deepwater Horizon oil spill, all of which are expected to ultimately be dismissed pursuant to the Court’s November 28, 2012 order granting the COREXIT Defendants’ motion for summary judgment. The Company believes the claims asserted against the COREXIT Defendants are without merit and intends to defend these lawsuits vigorously. The Company also believes that it has rights to contribution and/or indemnification (including legal expenses) from third parties. However, we cannot predict the outcome of these lawsuits, the involvement it might have in these matters in the future, or the potential for future litigation.

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss—Accumulated other comprehensive loss consisted of the following:



(in thousands)	Foreign Currency Translation			Defined Pension and Other Post-Retirement Benefits			Cash Flow Hedges		Accumulated Other Comprehensive Loss
December 31, 2018	$	(36,146	)	$	(6,760	)	$	—	$	(42,906	)
Other comprehensive income (loss) before reclassifications, net of tax	1,090			(323		)	—		767
Reclassification adjustment for net losses included in net income, net of tax	—			422			—		422
Other comprehensive income, net of tax	1,090			99			—		1,189
March 31, 2019	$	(35,056	)	$	(6,661	)	$	—	$	(41,717	)
Other comprehensive income (loss) before reclassifications, net of tax	974			—			—		974
Reclassification adjustment for net losses included in net income, net of tax	—			68			—		68
Other comprehensive income (loss), net of tax	974			68			—		1,042
June 30, 2019	$	(34,082	)	$	(6,593	)	$	—	$	(40,675	)
Other comprehensive loss before reclassifications, net of tax	(2,900		)	—			—		(2,900		)
Reclassification adjustment for net losses included in net income, net of tax	—			68			—		68
Other comprehensive income (loss), net of tax	(2,900		)	68			—		(2,832		)
September 30, 2019	$	(36,982	)	$	(6,525	)	$	—	$	(43,507	)



(in thousands)	Foreign Currency Translation			Defined Pension and Other Post-Retirement Benefits			Cash Flow Hedges			Accumulated Other Comprehensive Loss
December 31, 2019	$	(35,210	)	$	(8,827	)	$	—		$	(44,037	)
Other comprehensive loss before reclassifications, net of tax	(11,052		)	—			—			(11,052		)
Reclassification adjustment for net losses included in net income, net of tax	—			99			—			99
Other comprehensive income (loss), net of tax	(11,052		)	99			—			(10,953		)
March 31, 2020	$	(46,262	)	$	(8,728	)	$	—		$	(54,990	)
Other comprehensive income before reclassifications, net of tax	5,703			—			653			6,356
Reclassification adjustment for net losses included in net income, net of tax	—			99			—			99
Other comprehensive income, net of tax	5,703			99			653			6,455
June 30, 2020	$	(40,559	)	$	(8,629	)	$	653		$	(48,535	)
Other comprehensive loss before reclassifications, net of tax	3,782			—			(862		)	2,920
Reclassification adjustment for net losses included in net income, net of tax	—			99			—			99
Other comprehensive income (loss), net of tax	3,782			99			(862		)	3,019
September 30, 2020	$	(36,777	)	$	(8,530	)	$	(209	)	$	(45,516	)

Reclassifications from accumulated other comprehensive loss—Reclassification adjustments from accumulated other comprehensive loss to net income (loss) related to defined pension and other post-retirement benefits consisted of the following:



	Three Months Ended September 30,						Nine Months Ended September 30,						Affected line items on the condensed consolidated statements of income (loss)
(in thousands)	2020			2019			2020			2019
Pensions and other post-retirement benefits:
Amortization of actuarial loss and other	$	132		$	91		$	396		$	274		Other (income) expense, net
Settlement loss	—			—			—			486			Other (income) expense, net
Total before tax	132			91			396			760			Income (loss) before income taxes
Tax benefit	(33		)	(23		)	(99		)	(202		)	Provision for (benefit from) income taxes
Net of tax	$	99		$	68		$	297		$	558		Net income (loss)

Earnings per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

A reconciliation of the number of shares used for the basic and diluted earnings (loss) per share calculation was as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except per share data)	2020			2019		2020			2019
Net income (loss) attributable to ChampionX	$	(7,914	)	$	11,394	$	(751,287	)	$	53,987

Weighted-average number of shares outstanding	199,809			77,460		131,064			77,416
Dilutive effect of stock-based compensation	—			113		—			199
Total shares and dilutive securities	199,809			77,573		131,064			77,615

Basic earnings (loss) per share attributable to ChampionX	$	(0.04	)	$	0.15	$	(5.73	)	$	0.70
Diluted earnings (loss) per share attributable to ChampionX	$	(0.04	)	$	0.15	$	(5.73	)	$	0.70

For all periods presented, the computation of diluted earnings (losses) per share excludes awards with an anti-dilutive impact. For the three and nine months ended September 30, 2020, we excluded all outstanding equity awards from the calculation of weighted-average shares outstanding, because their inclusion would be anti-dilutive as we were in a loss position. For the three and nine months ended September 30, 2019, the diluted shares include the dilutive impact of equity awards except for approximately 0.4 million shares that were excluded because their inclusion would be anti-dilutive.

Revenue

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

Our revenue is generated primarily from product sales. Service revenue is generated from providing services to our customers. These services include laboratory and logistics services, chemical management services, troubleshooting, reporting, water treatment services, technical advisory assistance and field services. Lease revenue is derived from rental income of leased production equipment. These lease arrangements generally allow customers to rent equipment on a daily basis with no stated end date. Management accounts for these arrangements as a daily renewal option beginning on the lease commencement date, with the lease term determined as the period in which it is reasonably certain the option will be exercised. We do not track cost of goods sold separately for all of our revenue streams.

Within our Production & Automation Technologies and Drilling Technologies segments, substantially all of our performance obligations are recognized at a point in time and are primarily related to our product revenue derived from the sale of drilling and production equipment. Revenue is recognized when control transfers to the customer upon shipment or completion of installation, testing, or certification as required under the contract. Within our Production Chemical Technologies and Reservoir Chemical Technologies segments, revenue recognized from the sale of products and equipment is recognized at the point in time when the obligations in the contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment.

In certain markets, the Company utilizes joint ventures and independent third-party distributors and sales agents to sell and market products and services. Amounts payable to independent third-party distributors and sales agents may fluctuate based on sales and timing of distributor fee payments. For services rendered by such independent third-party distributors and sales agents, the Company records the consideration received on a net basis within product revenue in our condensed consolidated statements of income. As of September 30, 2020, accrued distributor fees were $36.4 million and nil at December 31, 2019.

Disaggregation of Revenue

Revenue disaggregated by revenue type was as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Production Chemical Technologies:
Product revenue	$	361,167	$	—	$	480,634	$	—
Service revenue	46,933		—		63,165		—
Lease and other revenue	2,051		—		2,354		—
Total Production Chemical Technologies revenue	$	410,151	$	—	$	546,153	$	—
Production & Automation Technologies:
Product revenue	$	96,605	$	185,051	$	347,477	$	572,797
Service revenue	26,331		23,918		70,720		71,781
Lease and other revenue	13,985		12,993		38,944		36,161
Total Production & Automation Technologies revenue	$	136,921	$	221,962	$	457,141	$	680,739
Drilling Technologies:
Product revenue	$	15,706	$	54,816	$	92,576	$	202,692
Service revenue	9		61		42		72
Total Drilling Technologies revenue	$	15,715	$	54,877	$	92,618	$	202,764
Reservoir Chemical Technologies:
Product revenue	$	21,234	$	—	$	30,473	$	—
Service revenue	30		—		97		—
Total Reservoir Chemical Technologies revenue	$	21,264	$	—	$	30,570	$	—
Corporate and other: ⁽¹⁾
Product revenue	$	46,113	$	—	$	62,980	$	—
Service revenue	3,362		—		4,412		—
Total Corporate and other revenue	$	49,475	$	—	$	67,392	$	—
Total Revenue:
Product revenue	$	540,825	$	239,867	$	1,014,140	$	775,489
Service revenue	76,665		23,979		138,436		71,853
Lease and other revenue	16,036		12,993		41,298		36,161
Total revenue	$	633,526	$	276,839	$	1,193,874	$	883,503

_______________________

(1) Revenue generated from the Cross Supply and Product Transfer Agreement with Ecolab is recorded to Corporate. See Note 2—Merger Transaction for additional information on this arrangement.

Revenue disaggregated by geography was as follows:



	Three Months Ended September 30, 2020
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate		Total
United States	$	136,689	$	100,875	$	11,308	$	10,901	$	33,125	$	292,898
Canada	53,681		6,018		942		686		136		61,463
Middle East	66,352		10,899		182		4,696		6,048		88,177
Europe	45,720		1,823		1,948		715		5,822		56,028
Australia	5,944		11,266		32		82		—		17,324
Latin America	80,761		4,319		—		1,696		1,278		88,054
Asia-Pacific	11,931		1,382		818		882		3,066		18,079
Other	9,073		339		485		1,606		—		11,503
Total revenue	$	410,151	$	136,921	$	15,715	$	21,264	$	49,475	$	633,526



	Nine Months Ended September 30, 2020
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate		Total
United States	$	178,442	$	338,457	$	66,142	$	15,177	$	45,057	$	643,275
Canada	69,641		23,140		6,213		817		198		100,009
Middle East	94,500		33,065		722		7,583		8,485		144,355
Europe	62,864		9,481		9,543		987		7,048		89,923
Australia	7,827		32,801		101		93		—		40,822
Latin America	105,795		15,034		22		2,183		1,768		124,802
Asia-Pacific	15,623		4,653		8,495		1,155		4,836		34,762
Other	11,461		510		1,380		2,575		—		15,926
Total revenue	$	546,153	$	457,141	$	92,618	$	30,570	$	67,392	$	1,193,874



	Three Months Ended September 30, 2019
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate		Total
United States	$	—	$	169,658	$	39,705	$	—	$	—	$	209,363
Canada	—		14,012		5,212		—		—		19,224
Middle East	—		16,030		286		—		—		16,316
Europe	—		4,530		5,939		—		—		10,469
Australia	—		7,919		83		—		—		8,002
Latin America	—		6,816		19		—		—		6,835
Asia-Pacific	—		2,239		3,335		—		—		5,574
Other	—		758		298		—		—		1,056
Total revenue	$	—	$	221,962	$	54,877	$	—	$	—	$	276,839



	Nine Months Ended September 30, 2019
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate		Total
United States	$	—	$	527,893	$	149,880	$	—	$	—	$	677,773
Canada	—		39,712		14,296		—		—		54,008
Middle East	—		43,440		920		—		—		44,360
Europe	—		14,384		26,134		—		—		40,518
Australia	—		21,927		83		—		—		22,010
Latin America	—		23,917		19		—		—		23,936
Asia-Pacific	—		8,307		10,678		—		—		18,985
Other	—		1,159		754		—		—		1,913
Total revenue	$	—	$	680,739	$	202,764	$	—	$	—	$	883,503

Revenue is attributed to regions based on the location of our direct customer, which in some instances is an intermediary and not necessarily the end user.

Contract balances

Contract assets and contract liabilities from contracts with customers were as follows:



(in thousands)	September 30, 2020		December 31, 2019
Contract assets	$	—	$	285
Contract liabilities - current	16,883		6,148

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 12
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Restructuring and Other Related Charges

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Other Related Charges

RESTRUCTURING AND OTHER RELATED CHARGES

Restructuring and other related charges as classified in our condensed consolidated statements of income (loss) were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Segment restructuring charges ⁽¹⁾:
Production Chemical Technologies	$	2,305	$	—	$	2,305	$	—
Production & Automation Technologies	914		1,246		9,919		2,317
Drilling Technologies	—		526		5,521		526
Reservoir Chemical Technologies	207		—		207		—
Corporate	—		—		368		—
Total	$	3,426	$	1,772	$	18,320	$	2,843

Statements of Income (Loss) classification:
Cost of goods and services	$	2,228	$	1,344	$	12,974	$	1,743
Selling, general and administrative expense	1,198		428		5,346		1,100
Total ⁽¹⁾	$	3,426	$	1,772	$	18,320	$	2,843

_______________________

(1) Total restructuring expenses include asset write-downs, which are not included in the restructuring accrual below.

Restructuring and other related charges during the three and nine months ended September 30, 2020 included the following activities, which the Company expects will be completed by early 2021:

Production Chemical Technologies. Production Chemical Technologies incurred restructuring charges of $2.3 million during the three and nine months ended September 30, 2020, primarily due to costs associated with employee severance and related benefits as a result of workforce reductions to better align the cost base with the significantly lower demand environment.

Production & Automation Technologies. Production & Automation Technologies incurred restructuring charges of $0.9 million and $9.9 million during the three and nine months ended September 30, 2020, respectively, related to various programs, primarily focused on facility closures and consolidations, exit of certain nonstrategic product lines, and workforce reductions.

Drilling Technologies. Drilling Technologies incurred restructuring charges of $5.5 million during the nine months ended September 30, 2020, primarily due to costs associated with employee severance and related benefits as a result of workforce reductions and facility closures to better align the cost base with the significantly lower demand environment.

Reservoir Chemical Technologies. Reservoir Chemical Technologies incurred restructuring charges of $0.2 million during the three and nine months ended September 30, 2020, primarily due to costs associated with employee severance and related benefits as a result of workforce reductions to better align the cost base with the significantly lower demand environment.

The following table details our restructuring accrual activities during the nine months ended September 30, 2020:



(in thousands)	Restructuring Accrual Balance
December 31, 2019	$	130
Restructuring charges and asset write downs	10,993
Payments	(12,078		)
Liabilities assumed in the Merger	4,843
Other, including foreign currency translation	(39		)
September 30, 2020	$	3,849

Our liability balance for restructuring and other related charges at September 30, 2020, reflects employee severance and related benefits initiated during the period as well as liabilities assumed in the Merger. Additional programs may be initiated during 2020 with related restructuring charges.

Equity and Cash Incentive Programs

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Equity and Cash Incentive Programs

EQUITY AND CASH INCENTIVE PROGRAMS

Stock-based compensation expense is reported within “Selling, general and administrative expense” in the condensed consolidated statements of income (loss). Stock-based compensation expense relating to all stock-based incentive plans was as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2020			2019			2020			2019
Stock-based compensation expense	$	5,856		$	2,524		$	13,718		$	7,545
Tax benefit	(1,342		)	(615		)	(3,144		)	(1,841		)
Stock-based compensation expense, net of tax	$	4,514		$	1,909		$	10,574		$	5,704

A summary of activity relating to our share-based awards for the nine months ended September 30, 2020, was as follows:



(in shares)	Stock-Settled Appreciation Rights		Performance Share Awards		Restricted Stock Units		Non-Qualified Stock Options
Outstanding at January 1, 2020	422,361		174,726		440,048		—
Granted	—		121,261		583,814		—
Replacement awards ⁽¹⁾	—		—		2,357,733		7,324,853
Forfeited	(7,030	)	(5,011	)	(24,834	)	(9,693	)
Exercised / vested	—		(6,891	)	(164,314	)	(946	)
Outstanding at September 30, 2020	415,331		284,085		3,192,447		7,314,214

_______________________

(1) In connection with the Merger, the Company entered into the Employee Matters Agreement dated December 18, 2019, which provided the terms in which certain Ecolab share-based awards held by legacy ChampionX employees were replaced with share-based awards of the Company on the merger date. The fair value of the replacement awards has been allocated between each employee’s pre-combination and post-combination services. Amounts allocated to pre-combination services have been included as consideration transferred as part of the Merger. See Note 2—Merger Transaction for a summary of consideration

transferred. Compensation costs of $15.8 million allocated to post-combination services will be recorded as stock-based compensation expense over each employees’ remaining service period.

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The hierarchy is broken down into three levels:

Level 1- Inputs are quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2- Inputs include observable inputs other than quoted prices in active markets.

Level 3- Inputs are unobservable inputs for which there is little or no market data available.

The carrying amount and the estimated fair value for assets and liabilities measured on a recurring basis are as follows:



	September 30, 2020
	Carrying Amount		Fair Value Measurements
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3
Assets
Foreign currency forward contracts	$	1,392	$	—	$	1,392	$	—

Liabilities
Foreign currency forward contracts	$	4,647	$	—	$	4,647	$	—

The carrying value of foreign currency forward contracts is at fair value, which is determined based on foreign currency exchange rates as of the balance sheet date and is classified within Level 2. For purposes of fair value disclosure above, derivative values are presented gross. See Note 14—Derivatives And Hedging Transactions for further discussion of gross versus net presentation of the Company’s derivatives.

The carrying amounts of cash and cash equivalents, trade receivables, accounts payable, as well as amounts included in other current assets and other current liabilities that meet the definition of financial instruments, approximate fair value due to their short-term nature.

The fair value of our senior notes is based on Level 1 quoted market prices. The fair value of our term loan facilities are based on Level 2 quoted market prices for the same or similar debt instruments. The carrying amount and the estimated fair value of long-term debt, including current maturities, held by the Company were:



	September 30, 2020				December 31, 2019
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2018 Term Loan Facility	$	190,000	$	185,963	$	265,000	$	266,161
2020 Term Loan Facility	$	530,287	$	527,636	$	—	$	—
6.375% Senior Notes due 2026	$	300,000	$	288,300	$	300,000	$	316,710

We consider the inputs for our long-lived asset and goodwill impairment calculations to be Level 3 inputs in the fair value hierarchy. See Note 5—Goodwill And Intangible Assets for further information.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivatives and Hedging Transactions

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Transactions

DERIVATIVES AND HEDGING TRANSACTIONS

The Company uses foreign currency forward contracts to manage risks associated with foreign currency exchange rates. The Company does not hold derivative financial instruments of a speculative nature or for trading purposes. Derivative contracts are recorded as assets and liabilities on the balance sheet at fair value. We evaluate hedge effectiveness at contract inception and thereafter on a quarterly basis. If a derivative is no longer expected to be effective, hedge accounting is discontinued. Changes in fair value are recognized immediately in earnings unless the derivative qualifies and is designated as a hedge. Changes in fair value attributable to changes in spot exchange rates for derivative contracts that have been designated as cash flow hedges are recognized in accumulated other comprehensive income (loss) (“AOCI”) and reclassified into earnings in the same period the hedged transaction affects earnings and are presented in the same income statement line as the earnings effect of the hedged item. Cash flows from derivatives are classified in the statement of cash flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships.

The Company is exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts. We monitor our exposure to credit risk by using major global banks and financial institutions as counterparties and monitoring their financial condition and credit profile. The Company does not anticipate nonperformance by any of these counterparties, and therefore, recording a valuation allowance against the Company’s derivative balance is not considered necessary.

Derivative Positions Summary

Certain of the Company’s derivative transactions are subject to master netting arrangements that allow the Company to settle with the same counterparties. These arrangements generally do not call for collateral and as of the applicable dates presented in the following table, no cash collateral had been received or pledged related to the underlying derivatives. We have elected to present our derivative balances on a gross basis on the condensed consolidated balance sheet.

The following table summarizes the gross fair value of the Company’s outstanding derivatives and the lines in which they are presented on the condensed consolidated balance sheet. We did not have outstanding derivatives at December 31, 2019:



	September 30, 2020
(in thousands)	Derivative Assets		Derivative Liabilities
Prepaid expenses and other current assets	$	1,392	$	—
Accrued expenses and other current liabilities	—		4,647
	$	1,392	$	4,647

The following table summarizes the notional values of the Company’s outstanding derivatives:



(in thousands)	September 30, 2020		December 31, 2019
Notional value of foreign currency forward contracts	$	457,239	$	—

Cash Flow Hedges

The Company utilizes foreign currency forward contracts to hedge the effect of foreign currency exchange rate fluctuations on forecasted foreign currency transactions, primarily related to inventory purchases. These forward contracts are designated as cash flow hedges. The changes in fair value of these contracts attributable to changes in spot exchange rates are recorded in AOCI until the hedged items affect earnings, at which time the gain or loss is reclassified into the same line item in the condensed consolidated statements of income (loss) as the underlying exposure being hedged. The forward points are marked-to-market monthly and recognized in the same line item in the condensed consolidated statement of income as the underlying exposure being hedged.

Derivatives Not Designated as Hedging Instruments

The Company also uses foreign currency forward contracts to offset its exposure to the change in value of certain foreign currency denominated assets and liabilities, primarily receivables and payables, which are remeasured at the end of each period. Although the contracts are effective economic hedges, they are not designated as accounting hedges. Therefore, changes in the

value of these derivatives are recognized immediately in earnings, thereby offsetting the current earnings effect of the related foreign currency denominated assets and liabilities.

Effect of Derivative Instruments on Income

The loss of all derivative instruments recognized is summarized below:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Loss reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	19	$	—	$	34	$	—
Loss on derivatives not designated as hedging instruments:
Other (income) expense, net	772		—		1,483		—
Total loss of derivative instruments	$	791	$	—	$	1,517	$	—

Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

Upon completion of the Merger, the Company re-evaluated its reporting segments. Our determination of reporting segments was made on the basis of our strategic priorities within each segment and corresponds to the manner in which our chief operating decision maker reviews and evaluates operating performance to make decisions about resources to be allocated to the segment. In addition to our strategic priorities, segment reporting is also based on differences in the products and services we provide. As a result, we added two new reportable segments - Production Chemical Technologies and Reservoir Chemical Technologies. The legacy Apergy reportable segments remain unchanged.

Our reporting segments are:


•	Production Chemical Technologies—provides oil and natural gas production and midstream markets with solutions to manage and control corrosion, oil and water separation, flow assurance, sour gas treatment and a host of water-related issues.

•

Production & Automation Technologies—designs, manufactures, markets and services a full range of artificial lift equipment, end-to-end digital automation solutions, as well as other production equipment. Production & Automation Technologies’ products are sold under a collection of brands including Harbison-Fischer, Norris, Alberta Oil Tool, Oil Lift Technology, PCS Ferguson, Pro-Rod, Upco, Unbridled ESP, Norriseal-Wellmark, Quartzdyne, Spirit, Theta, Timberline and Windrock.


•	Drilling Technologies—designs, manufactures and markets polycrystalline diamond cutters and bearings for use in oil and gas drill bits under the US Synthetic brand.


•	Reservoir Chemical Technologies—manufactures specialty products that support well stimulation, construction (including drilling and cementing) and remediation needs in the oil and natural gas industry.

Business activities that do not meet the criteria of an operating segment have been combined into Corporate and other. Corporate and other includes (i) corporate and overhead expenses, and (ii) revenue and costs for activities that are not operating segments.

Segment revenue and segment operating profit were as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands)	2020			2019		2020			2019
Segment revenue:
Production Chemical Technologies	$	410,151		$	—	$	546,153		$	—
Production & Automation Technologies	136,921			221,962		457,141			680,739
Drilling Technologies	15,715			54,877		92,618			202,764
Reservoir Chemical Technologies	21,264			—		30,570			—
Corporate and other ⁽¹⁾	49,475			—		67,392			—
Total revenue	$	633,526		$	276,839	$	1,193,874		$	883,503

Segment operating profit (loss):
Production Chemical Technologies	$	35,172		$	—	$	45,094		$	—
Production & Automation Technologies	(7,454		)	18,917		(693,213		)	51,849
Drilling Technologies	(5,127		)	13,797		2,421			64,853
Reservoir Chemical Technologies	(3,819		)	—		(6,630		)	—
Total segment operating profit (loss)	18,772			32,714		(652,328		)	116,702
Corporate and other ⁽¹⁾	14,131			8,111		93,192			16,668
Interest expense, net	15,935			9,590		36,236			30,226
Income (loss) before income taxes	$	(11,294	)	$	15,013	$	(781,756	)	$	69,808

_______________________

(1)

Corporate and other includes costs not directly attributable or allocated to our reporting segments such as corporate executive management and other administrative functions, and the results attributable to our noncontrolling interest. Additionally, the sales and expenses related to the Cross Supply Agreement with Ecolab are included within Corporate and other. See Note 2—Merger Transaction for further information.

Legacy ChampionX has an integrated supply chain function that serves the Production Chemical Technologies and Reservoir Chemical Technologies reportable segments. As such, asset information for these reportable segments has not been provided and is not available, since the Company does not produce or utilize such information.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Cash Flow Information

9 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Cash Flow Information

CASH FLOW INFORMATION

Supplemental cash flow information is as follows:



	Nine Months Ended September 30,
(in thousands)	2020		2019
Non-cash information:
Finance lease additions	$	4,071	$	3,990

Lease program

Our ESP leased asset program is reported in our Production & Automation Technologies segment. At the time of purchase, assets are recorded to inventory and are transferred to property, plant, and equipment when a customer contracts for an asset under our lease program. During the nine months ended September 30, 2020 and September 30, 2019, we transferred $26.5 million and $61.2 million, respectively, of inventory into property, plant, and equipment as a result of assets entering our leased asset program.

Expenditures for assets that are placed into our leased asset program expected to be recovered through sale are reported in leased assets in the operating section of our condensed consolidated statements of cash flows. All other capitalizable expenditures for assets that are placed into our lease asset program are classified as capital expenditures in the investing section of our condensed consolidated statements of cash flows. During the nine months ended September 30, 2020 and 2019, such expenditures were estimated to be $12.9 million and $13.9 million, respectively.

Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Reclassifications and Revisions

Reclassifications

Revisions

Condensed Consolidated Statement of Income



	Three Months Ended September 30, 2019
(in thousands, except per share data)	As Reported		Adjustments			As Revised
Product revenue ⁽¹⁾	$	244,651	$	(4,784	)	$	239,867
Service revenue ⁽¹⁾	20,708		3,271			23,979
Lease and other revenue ⁽¹⁾	13,022		(29		)	12,993
Total revenue	278,381		(1,542		)	276,839
Cost of goods and services	186,862		(2,722		)	184,140
Gross profit	91,519		1,180			92,699
Selling, general and administrative expense	68,813		(408		)	68,405
Interest expense, net	9,537		53			9,590
Income before income taxes	13,478		1,535			15,013
Provision for income taxes	3,059		366			3,425
Net income	10,419		1,169			11,588
Net income attributable to ChampionX	$	10,225	$	1,169		$	11,394

Earnings per share attributable to ChampionX:
Basic	$	0.13	$	0.02		$	0.15
Diluted	$	0.13	$	0.02		$	0.15

Comprehensive income	$	7,587	$	1,169		$	8,756
Comprehensive income attributable to ChampionX	$	7,393	$	1,169		$	8,562

(1) Certain as reported amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported net income (loss).



	Nine Months Ended September 30, 2019
(in thousands, except per share data)	As Reported		Adjustments			As Revised
Product revenue ⁽¹⁾	$	787,698	$	(12,209	)	$	775,489
Service revenue ⁽¹⁾	62,056		9,797			71,853
Lease and other revenue ⁽¹⁾	36,372		(211		)	36,161
Total revenue	886,126		(2,623		)	883,503
Cost of goods and services	579,289		(256		)	579,033
Gross profit	306,837		(2,367		)	304,470
Selling, general and administrative expense	199,044		177			199,221
Long-lived asset impairment ⁽¹⁾	1,746		—			1,746
Interest expense, net	30,068		158			30,226
Income before income taxes	72,510		(2,702		)	69,808
Provision for income taxes	15,672		(398		)	15,274
Net income	56,838		(2,304		)	54,534
Net income attributable to ChampionX	$	56,291	$	(2,304	)	$	53,987

Earnings per share attributable to ChampionX:
Basic	$	0.73	$	(0.03	)	$	0.70
Diluted	$	0.73	$	(0.03	)	$	0.70

Comprehensive income	$	56,237	(2,304		)	$	53,933
Comprehensive income attributable to ChampionX	$	55,690	(2,304		)	$	53,386

(1) Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported net income (loss).

Condensed Consolidated Statement of Changes in Stockholders’ Equity



	September 30, 2019
(in thousands)	As Reported		Adjustments			As Revised
Stockholders’ Equity:
Capital in excess of par value of common stock	$	971,075	$	(4,599	)	$	966,476
Retained earnings	110,458		(1,587		)	108,871
Total equity	1,041,806		(6,186		)	1,035,620



(in thousands)	As Reported			Adjustments			As Revised
Total equity at December 31, 2018	$	981,527		$	(5,544	)	$	975,983
Cumulative effect of accounting changes	(1,662		)	1,662			—
Net income	22,569			(2,631		)	19,938
Total equity at March 31, 2019	1,005,203			(6,513		)	998,690
Net income	23,850			(842		)	23,008
Total equity at June 30, 2019	1,031,737			(7,355		)	1,024,382
Net income	10,419			1,169			11,588
September 30, 2019	1,041,806			(6,186		)	1,035,620

Condensed Consolidated Statements of Cash Flows



	Nine Months Ended September 30, 2019
(in thousands)	As Reported			Adjustments			As Revised
Cash provided by (used for) operating activities:
Net income	$	56,838		$	(2,304	)	$	54,534
Adjustments to reconcile net income to net cash provided (required) by operating activities:
Deferred income taxes	(3,717		)	(722		)	(4,439		)
Gain on sale of fixed assets ⁽¹⁾	(846		)	—			(846		)
Provision for losses on accounts receivable ⁽¹⁾	122			—			122
Amortization of deferred loan costs and accretion of discount ⁽¹⁾	1,943			—			1,943
Other	386			—			386
Changes in operating assets and liabilities (net of effects of foreign exchange):
Receivables	12,218			1,915			14,133
Inventories	11,455			1,777			13,232
Prepaid expenses and other current assets	(16,742		)	472			(16,270		)
Accounts payable	(15,532		)	(1,329		)	(16,861		)
Accrued compensation and employee benefits	(3,651		)	—			(3,651		)
Accrued expenses and other liabilities	14,288			(167		)	14,121
Leased assets	(34,645		)	340			(34,305		)
Other	(634		)	20			(614		)

_______________________

Recently Adopted Accounting Standards

Commitments and Contingencies

We record liabilities where a contingent loss is probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. In accordance with applicable GAAP, the Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred.

Fair Value Measurements

Level 1- Inputs are quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2- Inputs include observable inputs other than quoted prices in active markets.

Level 3- Inputs are unobservable inputs for which there is little or no market data available.

Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revisions to Previously Issued Financial Statements

See the following table for the impact of the corrections on our condensed consolidated financial statements:

Condensed Consolidated Statement of Income



	Three Months Ended September 30, 2019
(in thousands, except per share data)	As Reported		Adjustments			As Revised
Product revenue ⁽¹⁾	$	244,651	$	(4,784	)	$	239,867
Service revenue ⁽¹⁾	20,708		3,271			23,979
Lease and other revenue ⁽¹⁾	13,022		(29		)	12,993
Total revenue	278,381		(1,542		)	276,839
Cost of goods and services	186,862		(2,722		)	184,140
Gross profit	91,519		1,180			92,699
Selling, general and administrative expense	68,813		(408		)	68,405
Interest expense, net	9,537		53			9,590
Income before income taxes	13,478		1,535			15,013
Provision for income taxes	3,059		366			3,425
Net income	10,419		1,169			11,588
Net income attributable to ChampionX	$	10,225	$	1,169		$	11,394

Earnings per share attributable to ChampionX:
Basic	$	0.13	$	0.02		$	0.15
Diluted	$	0.13	$	0.02		$	0.15

Comprehensive income	$	7,587	$	1,169		$	8,756
Comprehensive income attributable to ChampionX	$	7,393	$	1,169		$	8,562

(1) Certain as reported amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported net income (loss).



	Nine Months Ended September 30, 2019
(in thousands, except per share data)	As Reported		Adjustments			As Revised
Product revenue ⁽¹⁾	$	787,698	$	(12,209	)	$	775,489
Service revenue ⁽¹⁾	62,056		9,797			71,853
Lease and other revenue ⁽¹⁾	36,372		(211		)	36,161
Total revenue	886,126		(2,623		)	883,503
Cost of goods and services	579,289		(256		)	579,033
Gross profit	306,837		(2,367		)	304,470
Selling, general and administrative expense	199,044		177			199,221
Long-lived asset impairment ⁽¹⁾	1,746		—			1,746
Interest expense, net	30,068		158			30,226
Income before income taxes	72,510		(2,702		)	69,808
Provision for income taxes	15,672		(398		)	15,274
Net income	56,838		(2,304		)	54,534
Net income attributable to ChampionX	$	56,291	$	(2,304	)	$	53,987

Earnings per share attributable to ChampionX:
Basic	$	0.73	$	(0.03	)	$	0.70
Diluted	$	0.73	$	(0.03	)	$	0.70

Comprehensive income	$	56,237	(2,304		)	$	53,933
Comprehensive income attributable to ChampionX	$	55,690	(2,304		)	$	53,386

(1) Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported net income (loss).

Condensed Consolidated Statement of Changes in Stockholders’ Equity



	September 30, 2019
(in thousands)	As Reported		Adjustments			As Revised
Stockholders’ Equity:
Capital in excess of par value of common stock	$	971,075	$	(4,599	)	$	966,476
Retained earnings	110,458		(1,587		)	108,871
Total equity	1,041,806		(6,186		)	1,035,620



(in thousands)	As Reported			Adjustments			As Revised
Total equity at December 31, 2018	$	981,527		$	(5,544	)	$	975,983
Cumulative effect of accounting changes	(1,662		)	1,662			—
Net income	22,569			(2,631		)	19,938
Total equity at March 31, 2019	1,005,203			(6,513		)	998,690
Net income	23,850			(842		)	23,008
Total equity at June 30, 2019	1,031,737			(7,355		)	1,024,382
Net income	10,419			1,169			11,588
September 30, 2019	1,041,806			(6,186		)	1,035,620

Condensed Consolidated Statements of Cash Flows



	Nine Months Ended September 30, 2019
(in thousands)	As Reported			Adjustments			As Revised
Cash provided by (used for) operating activities:
Net income	$	56,838		$	(2,304	)	$	54,534
Adjustments to reconcile net income to net cash provided (required) by operating activities:
Deferred income taxes	(3,717		)	(722		)	(4,439		)
Gain on sale of fixed assets ⁽¹⁾	(846		)	—			(846		)
Provision for losses on accounts receivable ⁽¹⁾	122			—			122
Amortization of deferred loan costs and accretion of discount ⁽¹⁾	1,943			—			1,943
Other	386			—			386
Changes in operating assets and liabilities (net of effects of foreign exchange):
Receivables	12,218			1,915			14,133
Inventories	11,455			1,777			13,232
Prepaid expenses and other current assets	(16,742		)	472			(16,270		)
Accounts payable	(15,532		)	(1,329		)	(16,861		)
Accrued compensation and employee benefits	(3,651		)	—			(3,651		)
Accrued expenses and other liabilities	14,288			(167		)	14,121
Leased assets	(34,645		)	340			(34,305		)
Other	(634		)	20			(614		)

_______________________

Merger Transactions (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Consideration Transferred

The acquisition-date fair value of the consideration transferred consisted of the following:



(in thousands)
Equity consideration	$	1,263,931
Replacement awards attributable to pre-combination services⁽¹⁾	43,964
Unfavorable supply agreement⁽²⁾	44,000
Favorable supply agreement⁽²⁾	(55,000		)
Fair value of consideration transferred	$	1,296,895

_______________________

Schedule of Preliminary Allocation of Purchase Price



(in thousands)	Fair Value		Useful Life (years)
Land and land improvements	$	125,733	-
Buildings and leasehold improvements	207,427		5 to 40
Machinery, equipment and other	337,374		3 to 20
Capitalized software and computer hardware	19,513		3 to 7
Total property, plant, and equipment acquired	$	690,047

The following table provides the preliminary allocation of the purchase price as of the acquisition date.



(in thousands)
Cash and cash equivalents	$	57,588
Receivables	392,409
Inventories	339,214
Prepaid expenses and other current assets	62,011
Property, plant, and equipment	690,047
Identifiable intangible assets⁽¹⁾	305,000
Other non-current assets	156,002
Total identifiable assets acquired	2,002,271
Accounts payable	183,445
Other current liabilities⁽¹⁾	170,433
Long-term debt ⁽²⁾	537,000
Deferred tax liabilities	93,290
Other liabilities⁽¹⁾	104,980
Total liabilities assumed	1,089,148
Net identifiable assets acquired	913,123
Add: Negative fair value of non-controlling interests	16,052
Goodwill	367,720
Total net assets acquired	$	1,296,895

_______________________

(1) The fair value of the consideration transferred related to the Favorable and Unfavorable supply agreements has been excluded.

Schedule of Identifiable Intangible Assets Acquired

Preliminary fair values are summarized below:



(in thousands)	Fair Value		Useful Life (years)
Trademarks and trade names	$	25,000	15
Developed technology	115,000		7
Customer relationships	165,000		15
Total identifiable intangible assets acquired	305,000
Favorable supply agreements	55,000		3
Total identifiable intangible assets recognized	$	360,000

Schedule of Pro Forma Information

The following unaudited pro forma results of operations have been prepared as though the Merger was completed on January 1, 2019. Pro forma amounts are based on the preliminary purchase price allocation of the acquisition and are not necessarily indicative of results that may be reported in the future. Non-recurring pro forma adjustments including acquisition-related costs directly attributable to the Merger are included within the reported pro forma revenue and net income (loss).



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2020		2019		2020			2019
Revenues	$	633,526	$	866,506	$	2,068,904		$	2,634,009
Net income (loss) attributable to ChampionX	4,667		53,251		(789,858		)	163,130

New Accounting Standards (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Schedule of Rollforward of Allowance for Credit Losses

The following table provides a rollforward of our allowance for credit losses balance:



(in thousands)	Allowance for Credit Losses
December 31, 2019	$	8,072
Impact of adoption on January 1, 2020	2,042
Provision for expected credit losses	3,384
Accounts written off	(1,947		)
Recoveries	1,770
Foreign currency translation	(470		)
September 30, 2020	$	12,851

Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Inventory, Net [Abstract]

Components of Inventory

Inventories consisted of the following:



(in thousands)	September 30, 2020			December 31, 2019
Raw materials	$	140,875		$	50,099
Work in progress	11,051			13,325
Finished goods	354,584			175,774
	506,510			239,198
Inventory reserve	(17,237		)	(12,067		)
LIFO adjustments	(17,942		)	(15,789		)
Inventories, net	$	471,331		$	211,342

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amount of goodwill, including changes therein, by reporting segment is below:



(in thousands)	Production Chemical Technologies		Production & Automation Technologies			Drilling Technologies		Reservoir Chemical Technologies			Total
December 31, 2019	$	—	$	809,977		$	101,136	$	—		$	911,113
Acquisition ⁽¹⁾	278,723		—			—		88,997			$	367,720
Impairment	—		(616,271		)	—		—			$	(616,271	)
Foreign currency translation	243		(2,473		)	—		(3		)	$	(2,233	)
September 30, 2020	$	278,966	$	191,233		$	101,136	$	88,994		$	660,329

_______________________

(1) See Note 2—Merger Transaction for additional information related to the acquisition completed during June 2020.

Schedule of Finite-Lived Intangible Assets

The components of our definite- and indefinite-lived intangible assets were as follows:



	September 30, 2020						December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships ⁽¹⁾	$	610,091	$	309,762	$	300,329	$	560,316	$	353,189	$	207,127
Trademarks ⁽¹⁾	59,860		26,459		33,401		35,695		24,830		10,865
Patents	38,280		28,547		9,733		38,436		26,838		11,598
Unpatented technologies	128,700		15,349		113,351		13,700		9,811		3,889
Favorable supply agreements ⁽²⁾	54,728		5,929		48,799		—		—		—
Drawings and manuals	1,739		1,739		—		2,558		1,758		800
Other	5,299		4,723		576		5,332		4,504		828
	898,697		392,508		506,189		656,037		420,930		235,107
Indefinite-lived intangible assets:
Trademarks	3,600		—		3,600		3,600		—		3,600
Total	$	902,297	$	392,508	$	509,789	$	659,637	$	420,930	$	238,707

_______________________

(2) Favorable supply agreements were entered into as part of the Merger transaction. See Note 2—Merger Transaction for further information.

Schedule of Indefinite-Lived Intangible Assets

The components of our definite- and indefinite-lived intangible assets were as follows:



	September 30, 2020						December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships ⁽¹⁾	$	610,091	$	309,762	$	300,329	$	560,316	$	353,189	$	207,127
Trademarks ⁽¹⁾	59,860		26,459		33,401		35,695		24,830		10,865
Patents	38,280		28,547		9,733		38,436		26,838		11,598
Unpatented technologies	128,700		15,349		113,351		13,700		9,811		3,889
Favorable supply agreements ⁽²⁾	54,728		5,929		48,799		—		—		—
Drawings and manuals	1,739		1,739		—		2,558		1,758		800
Other	5,299		4,723		576		5,332		4,504		828
	898,697		392,508		506,189		656,037		420,930		235,107
Indefinite-lived intangible assets:
Trademarks	3,600		—		3,600		3,600		—		3,600
Total	$	902,297	$	392,508	$	509,789	$	659,637	$	420,930	$	238,707

_______________________

(2) Favorable supply agreements were entered into as part of the Merger transaction. See Note 2—Merger Transaction for further information.

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consisted of the following:



(in thousands)	September 30, 2020			December 31, 2019
2018 Credit Facility	$	—		$	—
2018 Term Loan Facility	190,000			265,000
2020 Term Loan Facility	530,287			—
6.375% Senior Notes due 2026	300,000			300,000
Finance lease obligations	9,561			9,375
Total	1,029,848			574,375
Net unamortized discounts and issuance costs	(8,688		)	(9,709		)
Total long-term debt	$	1,021,160		$	564,666
Current portion of long-term debt ⁽¹⁾	(31,470		)	(4,845		)
Long-term debt, less current portion	$	989,690		$	559,821

_______________________

(1) Primarily includes the mandatory amortization payments due within twelve months related to the 2020 Term Loan Facility.

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consisted of the following:



(in thousands)	Foreign Currency Translation			Defined Pension and Other Post-Retirement Benefits			Cash Flow Hedges		Accumulated Other Comprehensive Loss
December 31, 2018	$	(36,146	)	$	(6,760	)	$	—	$	(42,906	)
Other comprehensive income (loss) before reclassifications, net of tax	1,090			(323		)	—		767
Reclassification adjustment for net losses included in net income, net of tax	—			422			—		422
Other comprehensive income, net of tax	1,090			99			—		1,189
March 31, 2019	$	(35,056	)	$	(6,661	)	$	—	$	(41,717	)
Other comprehensive income (loss) before reclassifications, net of tax	974			—			—		974
Reclassification adjustment for net losses included in net income, net of tax	—			68			—		68
Other comprehensive income (loss), net of tax	974			68			—		1,042
June 30, 2019	$	(34,082	)	$	(6,593	)	$	—	$	(40,675	)
Other comprehensive loss before reclassifications, net of tax	(2,900		)	—			—		(2,900		)
Reclassification adjustment for net losses included in net income, net of tax	—			68			—		68
Other comprehensive income (loss), net of tax	(2,900		)	68			—		(2,832		)
September 30, 2019	$	(36,982	)	$	(6,525	)	$	—	$	(43,507	)



(in thousands)	Foreign Currency Translation			Defined Pension and Other Post-Retirement Benefits			Cash Flow Hedges			Accumulated Other Comprehensive Loss
December 31, 2019	$	(35,210	)	$	(8,827	)	$	—		$	(44,037	)
Other comprehensive loss before reclassifications, net of tax	(11,052		)	—			—			(11,052		)
Reclassification adjustment for net losses included in net income, net of tax	—			99			—			99
Other comprehensive income (loss), net of tax	(11,052		)	99			—			(10,953		)
March 31, 2020	$	(46,262	)	$	(8,728	)	$	—		$	(54,990	)
Other comprehensive income before reclassifications, net of tax	5,703			—			653			6,356
Reclassification adjustment for net losses included in net income, net of tax	—			99			—			99
Other comprehensive income, net of tax	5,703			99			653			6,455
June 30, 2020	$	(40,559	)	$	(8,629	)	$	653		$	(48,535	)
Other comprehensive loss before reclassifications, net of tax	3,782			—			(862		)	2,920
Reclassification adjustment for net losses included in net income, net of tax	—			99			—			99
Other comprehensive income (loss), net of tax	3,782			99			(862		)	3,019
September 30, 2020	$	(36,777	)	$	(8,530	)	$	(209	)	$	(45,516	)

Schedule of Reclassifications from Accumulated Other Comprehensive Loss

Reclassification adjustments from accumulated other comprehensive loss to net income (loss) related to defined pension and other post-retirement benefits consisted of the following:



	Three Months Ended September 30,						Nine Months Ended September 30,						Affected line items on the condensed consolidated statements of income (loss)
(in thousands)	2020			2019			2020			2019
Pensions and other post-retirement benefits:
Amortization of actuarial loss and other	$	132		$	91		$	396		$	274		Other (income) expense, net
Settlement loss	—			—			—			486			Other (income) expense, net
Total before tax	132			91			396			760			Income (loss) before income taxes
Tax benefit	(33		)	(23		)	(99		)	(202		)	Provision for (benefit from) income taxes
Net of tax	$	99		$	68		$	297		$	558		Net income (loss)

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings per Share

A reconciliation of the number of shares used for the basic and diluted earnings (loss) per share calculation was as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands, except per share data)	2020			2019		2020			2019
Net income (loss) attributable to ChampionX	$	(7,914	)	$	11,394	$	(751,287	)	$	53,987

Weighted-average number of shares outstanding	199,809			77,460		131,064			77,416
Dilutive effect of stock-based compensation	—			113		—			199
Total shares and dilutive securities	199,809			77,573		131,064			77,615

Basic earnings (loss) per share attributable to ChampionX	$	(0.04	)	$	0.15	$	(5.73	)	$	0.70
Diluted earnings (loss) per share attributable to ChampionX	$	(0.04	)	$	0.15	$	(5.73	)	$	0.70

Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue disaggregated by revenue type was as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Production Chemical Technologies:
Product revenue	$	361,167	$	—	$	480,634	$	—
Service revenue	46,933		—		63,165		—
Lease and other revenue	2,051		—		2,354		—
Total Production Chemical Technologies revenue	$	410,151	$	—	$	546,153	$	—
Production & Automation Technologies:
Product revenue	$	96,605	$	185,051	$	347,477	$	572,797
Service revenue	26,331		23,918		70,720		71,781
Lease and other revenue	13,985		12,993		38,944		36,161
Total Production & Automation Technologies revenue	$	136,921	$	221,962	$	457,141	$	680,739
Drilling Technologies:
Product revenue	$	15,706	$	54,816	$	92,576	$	202,692
Service revenue	9		61		42		72
Total Drilling Technologies revenue	$	15,715	$	54,877	$	92,618	$	202,764
Reservoir Chemical Technologies:
Product revenue	$	21,234	$	—	$	30,473	$	—
Service revenue	30		—		97		—
Total Reservoir Chemical Technologies revenue	$	21,264	$	—	$	30,570	$	—
Corporate and other: ⁽¹⁾
Product revenue	$	46,113	$	—	$	62,980	$	—
Service revenue	3,362		—		4,412		—
Total Corporate and other revenue	$	49,475	$	—	$	67,392	$	—
Total Revenue:
Product revenue	$	540,825	$	239,867	$	1,014,140	$	775,489
Service revenue	76,665		23,979		138,436		71,853
Lease and other revenue	16,036		12,993		41,298		36,161
Total revenue	$	633,526	$	276,839	$	1,193,874	$	883,503

_______________________

(1) Revenue generated from the Cross Supply and Product Transfer Agreement with Ecolab is recorded to Corporate. See Note 2—Merger Transaction for additional information on this arrangement.

Revenue disaggregated by geography was as follows:



	Three Months Ended September 30, 2020
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate		Total
United States	$	136,689	$	100,875	$	11,308	$	10,901	$	33,125	$	292,898
Canada	53,681		6,018		942		686		136		61,463
Middle East	66,352		10,899		182		4,696		6,048		88,177
Europe	45,720		1,823		1,948		715		5,822		56,028
Australia	5,944		11,266		32		82		—		17,324
Latin America	80,761		4,319		—		1,696		1,278		88,054
Asia-Pacific	11,931		1,382		818		882		3,066		18,079
Other	9,073		339		485		1,606		—		11,503
Total revenue	$	410,151	$	136,921	$	15,715	$	21,264	$	49,475	$	633,526



	Nine Months Ended September 30, 2020
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate		Total
United States	$	178,442	$	338,457	$	66,142	$	15,177	$	45,057	$	643,275
Canada	69,641		23,140		6,213		817		198		100,009
Middle East	94,500		33,065		722		7,583		8,485		144,355
Europe	62,864		9,481		9,543		987		7,048		89,923
Australia	7,827		32,801		101		93		—		40,822
Latin America	105,795		15,034		22		2,183		1,768		124,802
Asia-Pacific	15,623		4,653		8,495		1,155		4,836		34,762
Other	11,461		510		1,380		2,575		—		15,926
Total revenue	$	546,153	$	457,141	$	92,618	$	30,570	$	67,392	$	1,193,874



	Three Months Ended September 30, 2019
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate		Total
United States	$	—	$	169,658	$	39,705	$	—	$	—	$	209,363
Canada	—		14,012		5,212		—		—		19,224
Middle East	—		16,030		286		—		—		16,316
Europe	—		4,530		5,939		—		—		10,469
Australia	—		7,919		83		—		—		8,002
Latin America	—		6,816		19		—		—		6,835
Asia-Pacific	—		2,239		3,335		—		—		5,574
Other	—		758		298		—		—		1,056
Total revenue	$	—	$	221,962	$	54,877	$	—	$	—	$	276,839



	Nine Months Ended September 30, 2019
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate		Total
United States	$	—	$	527,893	$	149,880	$	—	$	—	$	677,773
Canada	—		39,712		14,296		—		—		54,008
Middle East	—		43,440		920		—		—		44,360
Europe	—		14,384		26,134		—		—		40,518
Australia	—		21,927		83		—		—		22,010
Latin America	—		23,917		19		—		—		23,936
Asia-Pacific	—		8,307		10,678		—		—		18,985
Other	—		1,159		754		—		—		1,913
Total revenue	$	—	$	680,739	$	202,764	$	—	$	—	$	883,503

Schedule of Contract Balances

Contract assets and contract liabilities from contracts with customers were as follows:



(in thousands)	September 30, 2020		December 31, 2019
Contract assets	$	—	$	285
Contract liabilities - current	16,883		6,148

Restructuring and Other Related Charges (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

Restructuring and other related charges as classified in our condensed consolidated statements of income (loss) were as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Segment restructuring charges ⁽¹⁾:
Production Chemical Technologies	$	2,305	$	—	$	2,305	$	—
Production & Automation Technologies	914		1,246		9,919		2,317
Drilling Technologies	—		526		5,521		526
Reservoir Chemical Technologies	207		—		207		—
Corporate	—		—		368		—
Total	$	3,426	$	1,772	$	18,320	$	2,843

Statements of Income (Loss) classification:
Cost of goods and services	$	2,228	$	1,344	$	12,974	$	1,743
Selling, general and administrative expense	1,198		428		5,346		1,100
Total ⁽¹⁾	$	3,426	$	1,772	$	18,320	$	2,843

_______________________

(1) Total restructuring expenses include asset write-downs, which are not included in the restructuring accrual below.

The following table details our restructuring accrual activities during the nine months ended September 30, 2020:



(in thousands)	Restructuring Accrual Balance
December 31, 2019	$	130
Restructuring charges and asset write downs	10,993
Payments	(12,078		)
Liabilities assumed in the Merger	4,843
Other, including foreign currency translation	(39		)
September 30, 2020	$	3,849

Equity and Cash Incentive Programs (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense relating to all stock-based incentive plans was as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2020			2019			2020			2019
Stock-based compensation expense	$	5,856		$	2,524		$	13,718		$	7,545
Tax benefit	(1,342		)	(615		)	(3,144		)	(1,841		)
Stock-based compensation expense, net of tax	$	4,514		$	1,909		$	10,574		$	5,704

Summary of Activity Related to Share-Based Awards

A summary of activity relating to our share-based awards for the nine months ended September 30, 2020, was as follows:



(in shares)	Stock-Settled Appreciation Rights		Performance Share Awards		Restricted Stock Units		Non-Qualified Stock Options
Outstanding at January 1, 2020	422,361		174,726		440,048		—
Granted	—		121,261		583,814		—
Replacement awards ⁽¹⁾	—		—		2,357,733		7,324,853
Forfeited	(7,030	)	(5,011	)	(24,834	)	(9,693	)
Exercised / vested	—		(6,891	)	(164,314	)	(946	)
Outstanding at September 30, 2020	415,331		284,085		3,192,447		7,314,214

_______________________

transferred. Compensation costs of $15.8 million allocated to post-combination services will be recorded as stock-based compensation expense over each employees’ remaining service period.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured on Recurring Basis

The carrying amount and the estimated fair value for assets and liabilities measured on a recurring basis are as follows:



	September 30, 2020
	Carrying Amount		Fair Value Measurements
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3
Assets
Foreign currency forward contracts	$	1,392	$	—	$	1,392	$	—

Liabilities
Foreign currency forward contracts	$	4,647	$	—	$	4,647	$	—

Schedule of Fair Value of Long-Term Debt

The carrying amount and the estimated fair value of long-term debt, including current maturities, held by the Company were:



	September 30, 2020				December 31, 2019
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2018 Term Loan Facility	$	190,000	$	185,963	$	265,000	$	266,161
2020 Term Loan Facility	$	530,287	$	527,636	$	—	$	—
6.375% Senior Notes due 2026	$	300,000	$	288,300	$	300,000	$	316,710

Derivatives and Hedging Transactions (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Values of Outstanding Derivatives



	September 30, 2020
(in thousands)	Derivative Assets		Derivative Liabilities
Prepaid expenses and other current assets	$	1,392	$	—
Accrued expenses and other current liabilities	—		4,647
	$	1,392	$	4,647

The following table summarizes the notional values of the Company’s outstanding derivatives:



(in thousands)	September 30, 2020		December 31, 2019
Notional value of foreign currency forward contracts	$	457,239	$	—

Schedule of Gain (Loss) on Derivative Instruments

The loss of all derivative instruments recognized is summarized below:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Loss reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	19	$	—	$	34	$	—
Loss on derivatives not designated as hedging instruments:
Other (income) expense, net	772		—		1,483		—
Total loss of derivative instruments	$	791	$	—	$	1,517	$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Revenue and Operating Profit

Segment revenue and segment operating profit were as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
(in thousands)	2020			2019		2020			2019
Segment revenue:
Production Chemical Technologies	$	410,151		$	—	$	546,153		$	—
Production & Automation Technologies	136,921			221,962		457,141			680,739
Drilling Technologies	15,715			54,877		92,618			202,764
Reservoir Chemical Technologies	21,264			—		30,570			—
Corporate and other ⁽¹⁾	49,475			—		67,392			—
Total revenue	$	633,526		$	276,839	$	1,193,874		$	883,503

Segment operating profit (loss):
Production Chemical Technologies	$	35,172		$	—	$	45,094		$	—
Production & Automation Technologies	(7,454		)	18,917		(693,213		)	51,849
Drilling Technologies	(5,127		)	13,797		2,421			64,853
Reservoir Chemical Technologies	(3,819		)	—		(6,630		)	—
Total segment operating profit (loss)	18,772			32,714		(652,328		)	116,702
Corporate and other ⁽¹⁾	14,131			8,111		93,192			16,668
Interest expense, net	15,935			9,590		36,236			30,226
Income (loss) before income taxes	$	(11,294	)	$	15,013	$	(781,756	)	$	69,808

_______________________

(1)

Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information is as follows:



	Nine Months Ended September 30,
(in thousands)	2020		2019
Non-cash information:
Finance lease additions	$	4,071	$	3,990

Basis of Presentation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Apr. 01, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Change in Accounting Estimate [Line Items]
Property, plant and equipment useful life	18 months	12 months
Increase in depreciation expense					$ 101,434	$ 51,126
Decrease in net income			$ 7,914	$ (11,394)	$ 751,287	$ (53,987)
Decrease in earnings per share, basic (in dollars per share)			$ 0.04	$ (0.15)	$ 5.73	$ (0.70)
Decrease in earnings per share, diluted (in dollars per share)			$ 0.04	$ (0.15)	$ 5.73	$ (0.70)
Salvage Value
Change in Accounting Estimate [Line Items]
Equipment salvage value estimate, as a percentage of total value	0.00%	50.00%
Increase in depreciation expense			$ 26,200		$ 8,600
Decrease in net income			$ 17,600		$ 5,700
Decrease in earnings per share, basic (in dollars per share)			$ 0.03		$ 0.13
Decrease in earnings per share, diluted (in dollars per share)			$ 0.03		$ 0.14

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Basis of Presentation - Schedule of Revisions to Previously Issued Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended						9 Months Ended
	Jan. 01, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Lease and other revenue		$ 16,036			$ 12,993			$ 41,298	$ 36,161
Total revenue		633,526			276,839			1,193,874	883,503
Cost of goods and services		505,066			184,140			950,845	579,033
Gross profit		128,460			92,699			243,029	304,470
Selling, general and administrative expense		122,156			68,405			330,956	199,221
Long-lived asset impairment		0		$ 41,000	0			40,980	1,746
Interest expense, net		15,935			9,590			36,236	30,226
Income (loss) before income taxes		(11,294)			15,013			(781,756)	69,808
Provision for income taxes		(3,962)			3,425			(31,922)	15,274
Net income (loss)		(7,332)	$ (109,047)	(633,455)	11,588	$ 23,008	$ 19,938	(749,834)	54,534
Net income (loss) attributable to ChampionX		$ (7,914)			$ 11,394			$ (751,287)	$ 53,987
Earnings per share attributable to ChampionX:
Basic (in dollars per share)		$ (0.04)			$ 0.15			$ (5.73)	$ 0.70
Diluted (in dollars per share)		$ (0.04)			$ 0.15			$ (5.73)	$ 0.70
Comprehensive income		$ (4,313)			$ 8,756			$ (751,313)	$ 53,933
Comprehensive income attributable to ChampionX		(4,895)			8,562			(752,766)	53,386
Stockholders' Equity Attributable to Parent [Abstract]
Beginning balance	$ 1,036,214	1,584,596	392,294	1,036,214	1,024,382	998,690	975,983	1,036,214	975,983
Net income		(7,332)	(109,047)	(633,455)	11,588	23,008	19,938	(749,834)	54,534
Ending balance		1,586,032	1,584,596	392,294	1,035,620	1,024,382	998,690	1,586,032	1,035,620
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes								(34,318)	(4,439)
Gain on disposal of fixed assets								3,685	(846)
Provision for losses on accounts receivable								2,945	122
Amortization of deferred loan costs and accretion of discount								2,480	1,943
Other								(1,696)	386
Changes in operating assets and liabilities (net of effects of foreign exchange):
Receivables								91,204	14,133
Inventories								62,225	13,232
Prepaid expenses and other current assets								17,737	(16,270)
Accounts payable								(48,519)	(16,861)
Accrued compensation and employee benefits								1,518	(3,651)
Accrued expenses and other liabilities								12,846	14,121
Leased assets								(7,799)	(34,305)
Other								(504)	(614)
Product revenue
Income Statement [Abstract]
Revenue		540,825			239,867			1,014,140	775,489
Service revenue
Income Statement [Abstract]
Revenue		76,665			23,979			138,436	71,853
As Reported
Income Statement [Abstract]
Lease and other revenue					13,022				36,372
Total revenue					278,381				886,126
Cost of goods and services					186,862				579,289
Gross profit					91,519				306,837
Selling, general and administrative expense					68,813				199,044
Long-lived asset impairment									1,746
Interest expense, net					9,537				30,068
Income (loss) before income taxes					13,478				72,510
Provision for income taxes					3,059				15,672
Net income (loss)					10,419	23,850	22,569		56,838
Net income (loss) attributable to ChampionX					$ 10,225				$ 56,291
Earnings per share attributable to ChampionX:
Basic (in dollars per share)					$ 0.13				$ 0.73
Diluted (in dollars per share)					$ 0.13				$ 0.73
Comprehensive income					$ 7,587				$ 56,237
Comprehensive income attributable to ChampionX					7,393				55,690
Stockholders' Equity Attributable to Parent [Abstract]
Beginning balance					1,031,737	1,005,203	981,527		981,527
Net income					10,419	23,850	22,569		56,838
Ending balance					1,041,806	1,031,737	1,005,203		1,041,806
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes									(3,717)
Gain on disposal of fixed assets									(846)
Provision for losses on accounts receivable									122
Amortization of deferred loan costs and accretion of discount									1,943
Other									386
Changes in operating assets and liabilities (net of effects of foreign exchange):
Receivables									12,218
Inventories									11,455
Prepaid expenses and other current assets									(16,742)
Accounts payable									(15,532)
Accrued compensation and employee benefits									(3,651)
Accrued expenses and other liabilities									14,288
Leased assets									(34,645)
Other									(634)
As Reported \| Product revenue
Income Statement [Abstract]
Revenue					244,651				787,698
As Reported \| Service revenue
Income Statement [Abstract]
Revenue					20,708				62,056
Adjustments
Income Statement [Abstract]
Lease and other revenue					(29)				(211)
Total revenue					(1,542)				(2,623)
Cost of goods and services					(2,722)				(256)
Gross profit					1,180				(2,367)
Selling, general and administrative expense					(408)				177
Long-lived asset impairment									0
Interest expense, net					53				158
Income (loss) before income taxes					1,535				(2,702)
Provision for income taxes					366				(398)
Net income (loss)					1,169	(842)	(2,631)		(2,304)
Net income (loss) attributable to ChampionX					$ 1,169				$ (2,304)
Earnings per share attributable to ChampionX:
Basic (in dollars per share)					$ 0.02				$ (0.03)
Diluted (in dollars per share)					$ 0.02				$ (0.03)
Comprehensive income					$ 1,169				$ (2,304)
Comprehensive income attributable to ChampionX					1,169				(2,304)
Stockholders' Equity Attributable to Parent [Abstract]
Beginning balance					(7,355)	(6,513)	(5,544)		(5,544)
Net income					1,169	(842)	(2,631)		(2,304)
Ending balance					(6,186)	(7,355)	(6,513)		(6,186)
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes									(722)
Gain on disposal of fixed assets									0
Provision for losses on accounts receivable									0
Amortization of deferred loan costs and accretion of discount									0
Other									0
Changes in operating assets and liabilities (net of effects of foreign exchange):
Receivables									1,915
Inventories									1,777
Prepaid expenses and other current assets									472
Accounts payable									(1,329)
Accrued compensation and employee benefits									0
Accrued expenses and other liabilities									(167)
Leased assets									340
Other									20
Adjustments \| Product revenue
Income Statement [Abstract]
Revenue					(4,784)				(12,209)
Adjustments \| Service revenue
Income Statement [Abstract]
Revenue					3,271				9,797
Cumulative Effect Adjustment
Income Statement [Abstract]
Provision for income taxes	400
Stockholders' Equity Attributable to Parent [Abstract]
Beginning balance	(1,573)			(1,573)			0	(1,573)	0
Cumulative Effect Adjustment \| As Reported
Stockholders' Equity Attributable to Parent [Abstract]
Beginning balance							(1,662)		(1,662)
Cumulative Effect Adjustment \| Adjustments
Stockholders' Equity Attributable to Parent [Abstract]
Beginning balance							1,662		1,662
Common Stock, Capital in excess of par value
Stockholders' Equity Attributable to Parent [Abstract]
Beginning balance	969,174	2,283,096	971,235	969,174	963,994	962,339	960,773	969,174	960,773
Ending balance		2,288,930	2,283,096	971,235	966,476	963,994	962,339	2,288,930	966,476
Common Stock, Capital in excess of par value \| As Reported
Stockholders' Equity Attributable to Parent [Abstract]
Ending balance					971,075				971,075
Common Stock, Capital in excess of par value \| Adjustments
Stockholders' Equity Attributable to Parent [Abstract]
Ending balance					(4,599)				(4,599)
Retained Earnings (Accum. Deficit)
Income Statement [Abstract]
Net income (loss)		(7,914)	(109,645)	(633,728)	11,394	22,937	19,656
Stockholders' Equity Attributable to Parent [Abstract]
Beginning balance	107,048	(637,861)	(528,253)	107,048	97,477	74,540	54,884	107,048	54,884
Net income		(7,914)	(109,645)	(633,728)	11,394	22,937	19,656
Ending balance		$ (645,863)	$ (637,861)	(528,253)	108,871	$ 97,477	$ 74,540	(645,863)	108,871
Retained Earnings (Accum. Deficit) \| As Reported
Stockholders' Equity Attributable to Parent [Abstract]
Ending balance					110,458				110,458
Retained Earnings (Accum. Deficit) \| Adjustments
Stockholders' Equity Attributable to Parent [Abstract]
Ending balance					$ (1,587)				$ (1,587)
Retained Earnings (Accum. Deficit) \| Cumulative Effect Adjustment
Stockholders' Equity Attributable to Parent [Abstract]
Beginning balance	$ (1,573)			$ (1,573)				$ (1,573)

Merger Transactions - Narrative (Details) $ / shares in Units, $ in Thousands, kg in Millions			1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 03, 2020 USD ($) $ / shares shares	Dec. 18, 2019 USD ($) kg	Jun. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Operating lease right-of-use assets				$ 118,993	$ 118,993	$ 24,289
Goodwill acquired					367,720
Minimum purchase obligations (in kilograms) \| kg		13.7
Purchase obligation term		10 years
Minimum purchase obligations		$ 23,300
Legacy ChampionX
Business Acquisition [Line Items]
Number of shares issued (in shares) \| shares	122,200,000
Share price (in dollars per share) \| $ / shares	$ 10.34
Percentage of equity interest acquired	100.00%
Acquisition related costs				3,100	60,900
Fair-value step up on inventory acquired measured under FIFO	$ 13,600
Weighted average amortization period for identifiable intangible assets	10 years 6 months
Operating lease right-of-use assets	$ 100,600
Operating lease liabilities	93,200
Goodwill acquired	$ 367,700
Revenues of acquiree since date of acquisition			$ 644,500
Net income of acquiree since date of acquisition			$ 23,100
Legacy ChampionX \| Ecolab
Business Acquisition [Line Items]
Number of shares converted (in shares) \| shares	0.040540
Legacy ChampionX \| ChampionX Equityholders
Business Acquisition [Line Items]
Percentage of equity interest acquired	62.00%
Legacy ChampionX \| Equityholders, Prior To Merger
Business Acquisition [Line Items]
Percentage of equity interest acquired	38.00%
Production Chemical Technologies
Business Acquisition [Line Items]
Goodwill acquired					278,723
Production Chemical Technologies \| Legacy ChampionX
Business Acquisition [Line Items]
Goodwill acquired	$ 278,700
Reservoir Chemical Technologies
Business Acquisition [Line Items]
Goodwill acquired					88,997
Reservoir Chemical Technologies \| Legacy ChampionX
Business Acquisition [Line Items]
Goodwill acquired	$ 89,000
Ecolab
Business Acquisition [Line Items]
Revenue recognized under supply and product transfer agreement				$ 49,500	$ 67,400

Merger Transactions - Schedule of Preliminary Purchase Price Allocation (Details) - Legacy ChampionX $ in Thousands	Jun. 03, 2020 USD ($)
Business Acquisition [Line Items]
Equity consideration	$ 1,263,931
Replacement awards attributable to pre-combination services	43,964
Unfavorable supply agreement	44,000
Favorable supply agreement	(55,000)
Fair value of consideration transferred	$ 1,296,895
Favorable supply agreements
Business Acquisition [Line Items]
Useful life of intangible assets recognized	3 years

Merger Transactions - Schedule of Preliminary Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 03, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 660,329		$ 911,113
Legacy ChampionX
Business Acquisition [Line Items]
Cash and cash equivalents		$ 57,588
Receivables		392,409
Inventories		339,214
Prepaid expenses and other current assets		62,011
Property, plant, and equipment		690,047
Identifiable intangible assets		305,000
Other non-current assets		156,002
Total identifiable assets acquired		2,002,271
Accounts payable		183,445
Other current liabilities		170,433
Long-term debt		537,000
Deferred tax liabilities		93,290
Other liabilities		104,980
Total liabilities assumed		1,089,148
Net identifiable assets acquired		913,123
Add: Negative fair value of non-controlling interests		16,052
Goodwill		367,720
Total net assets acquired		1,296,895
Short-term debt		$ 26,900

Merger Transactions - Schedule of Property, Plant and Equipment Acquired (Details) - USD ($) $ in Thousands	Jun. 03, 2020	Apr. 01, 2020	Mar. 31, 2020
Business Acquisition [Line Items]
Property, plant and equipment useful life		18 months	12 months
Legacy ChampionX
Business Acquisition [Line Items]
Land and land improvements	$ 125,733
Buildings and leasehold improvements	207,427
Machinery, equipment and other	337,374
Capitalized software and computer hardware	19,513
Total property, plant, and equipment acquired	$ 690,047
Land and land improvements \| Legacy ChampionX
Business Acquisition [Line Items]
Property, plant and equipment useful life	0 years
Buildings and leasehold improvements \| Minimum \| Legacy ChampionX
Business Acquisition [Line Items]
Property, plant and equipment useful life	5 years
Buildings and leasehold improvements \| Maximum \| Legacy ChampionX
Business Acquisition [Line Items]
Property, plant and equipment useful life	40 years
Capitalized software and computer hardware \| Minimum \| Legacy ChampionX
Business Acquisition [Line Items]
Property, plant and equipment useful life	3 years
Capitalized software and computer hardware \| Maximum \| Legacy ChampionX
Business Acquisition [Line Items]
Property, plant and equipment useful life	20 years
Capitalized software and computer hardware \| Minimum \| Legacy ChampionX
Business Acquisition [Line Items]
Property, plant and equipment useful life	3 years
Capitalized software and computer hardware \| Maximum \| Legacy ChampionX
Business Acquisition [Line Items]
Property, plant and equipment useful life	7 years

Merger Transactions - Schedule of Identifiable Intangible Assets Acquired (Details) - Legacy ChampionX $ in Thousands	Jun. 03, 2020 USD ($)
Business Acquisition [Line Items]
Identifiable intangible assets acquired	$ 305,000
Useful life of intangible assets acquired	10 years 6 months
Identifiable intangible assets recognized	$ 360,000
Trademarks and trade names
Business Acquisition [Line Items]
Identifiable intangible assets acquired	$ 25,000
Useful life of intangible assets acquired	15 years
Developed technology
Business Acquisition [Line Items]
Identifiable intangible assets acquired	$ 115,000
Useful life of intangible assets acquired	7 years
Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets acquired	$ 165,000
Useful life of intangible assets acquired	15 years
Favorable supply agreements
Business Acquisition [Line Items]
Identifiable intangible assets recognized	$ 55,000
Useful life of intangible assets recognized	3 years

Merger Transactions - Schedule of Pro Forma Information (Details) - Legacy ChampionX - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Revenues	$ 633,526	$ 866,506	$ 2,068,904	$ 2,634,009
Net income (loss) attributable to ChampionX	$ 4,667	$ 53,251	$ (789,858)	$ 163,130

New Accounting Standards - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reduction in retained earnings		$ 645,863		$ 645,863		$ (107,048)
Income tax benefit		$ 3,962	$ (3,425)	$ 31,922	$ (15,274)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Cumulative Effect Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reduction in retained earnings	$ (1,600)
Income tax benefit	$ (400)

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

New Accounting Standards - Allowance for Credit Losses Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses, beginning balance	$ 8,072
Provision for expected credit losses	3,384
Accounts written off	(1,947)
Recoveries	1,770
Foreign currency translation	(470)
Allowance for credit losses, ending balance	12,851
Cumulative Effect Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses, beginning balance	$ 2,042

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory, Net [Abstract]
Raw materials	$ 140,875	$ 50,099
Work in progress	11,051	13,325
Finished goods	354,584	175,774
Subtotal	506,510	239,198
Inventory reserve	(17,237)	(12,067)
LIFO adjustments	(17,942)	(15,789)
Inventories, net	$ 471,331	$ 211,342

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill [Roll Forward]
Beginning balance		$ 911,113		$ 911,113
Acquisition				367,720
Impairment	$ 0	(616,300)	$ 0	(616,271)	$ 0
Foreign currency translation				(2,233)
Ending balance	660,329			660,329
Production Chemical Technologies
Goodwill [Roll Forward]
Beginning balance		0		0
Acquisition				278,723
Impairment				0
Foreign currency translation				243
Ending balance	278,966			278,966
Production & Automation Technologies
Goodwill [Roll Forward]
Beginning balance		809,977		809,977
Acquisition				0
Impairment				(616,271)
Foreign currency translation				(2,473)
Ending balance	191,233			191,233
Drilling Technologies
Goodwill [Roll Forward]
Beginning balance		101,136		101,136
Acquisition				0
Impairment				0
Foreign currency translation				0
Ending balance	101,136			101,136
Reservoir Chemical Technologies
Goodwill [Roll Forward]
Beginning balance		$ 0		0
Acquisition				88,997
Impairment				0
Foreign currency translation				(3)
Ending balance	$ 88,994			$ 88,994

Goodwill and Intangible Assets - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 616,300	$ 0	$ 616,271	$ 0
Long-lived asset impairment	$ 0	41,000	$ 0	40,980	$ 1,746
Impairment of non-taxable goodwill, amount impacting the effective tax rate		560,100
Production & Automation Technologies
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment				$ 616,271
Production & Automation Technologies \| Artificial lift
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment		539,200
Production & Automation Technologies \| Automation technologies
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment		$ 77,100
Discount Rate \| Artificial lift
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.145			0.145
Discount Rate \| Automation technologies
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment measurement input	0.165			0.165

Goodwill and Intangible Assets - Schedule of Definite and Indefinite Lived Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		$ 898,697	$ 656,037
Accumulated amortization		392,508	420,930
Net carrying amount		506,189	235,107
Intangible assets, gross (excluding goodwill)		902,297	659,637
Intangible assets, net		509,789	238,707
Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (excluding goodwill)		3,600	3,600
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		610,091	560,316
Accumulated amortization		309,762	353,189
Net carrying amount		300,329	207,127
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		59,860	35,695
Accumulated amortization		26,459	24,830
Net carrying amount		33,401	10,865
Patents
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		38,280	38,436
Accumulated amortization		28,547	26,838
Net carrying amount		9,733	11,598
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		128,700	13,700
Accumulated amortization		15,349	9,811
Net carrying amount		113,351	3,889
Favorable supply agreements
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		54,728	0
Accumulated amortization		5,929	0
Net carrying amount		48,799	0
Drawings and manuals
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		1,739	2,558
Accumulated amortization		1,739	1,758
Net carrying amount		0	800
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount		5,299	5,332
Accumulated amortization		4,723	4,504
Net carrying amount		$ 576	$ 828
Artificial lift \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)	$ 40,400
Artificial lift \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)	$ 600

Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Finance lease liabilities, noncurrent	$ 9,561	$ 9,375
Total	1,029,848	574,375
Net unamortized discounts and issuance costs	(8,688)	(9,709)
Total long-term debt	1,021,160	564,666
Current portion of long-term debt	(31,470)	(4,845)
Long-term debt, less current portion	989,690	559,821
Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Term Loan Facility \| 2018 Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	190,000	265,000
Term Loan Facility \| 2020 Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 530,287	$ 0
Senior Notes \| 6.375% Senior Notes Due May 2026
Debt Instrument [Line Items]
Debt interest rate	6.375%	6.375%
Long-term debt, gross	$ 300,000	$ 300,000

Debt - Narrative (Details) - USD ($)	Jun. 03, 2020	Sep. 30, 2020	Feb. 14, 2020
Debt Instrument [Line Items]
Cash payment to fund completion of merger	$ 527,400,000
Mandatory quarterly amortization payments	6,700,000
2018 Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate		2.69%
2020 Term Loan Facility
Debt Instrument [Line Items]
Weighted average interest rate		6.00%
Line of Credit \| 2018 Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 150,000,000
Term Loan Facility \| 2018 Credit Facility
Debt Instrument [Line Items]
Principal amount of debt issued			$ 537,000,000
Term Loan Facility \| 2020 Term Loan Facility
Debt Instrument [Line Items]
Principal amount of debt issued	$ 537,000,000.0
Federal Funds Rate \| Term Loan Facility \| 2020 Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Eurocurrency Marginal Rate \| Term Loan Facility \| 2020 Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate	5.00%
LIBOR \| Term Loan Facility \| 2020 Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Minimum \| LIBOR \| Term Loan Facility \| 2020 Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Maximum \| LIBOR \| Term Loan Facility \| 2020 Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Apr. 30, 2020 USD ($)	Sep. 30, 2020 USD ($) location	Dec. 31, 2019 USD ($)
Loss Contingencies [Line Items]
Letters of credit outstanding and surety bonds, amount		$ 51.6	$ 15.7
Number of locations \| location		11
Accrued liability - environmental		$ 8.9	2.0
Tax Indemnification Agreement
Loss Contingencies [Line Items]
Indemnification liability			$ 3.4
Settlement amount	$ 3.0

Accumulated Other Comprehensive Loss - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 1,032,960				$ 1,032,960
Other comprehensive income (loss)	$ 3,019	$ 6,455	(10,953)	$ (2,832)	$ 1,042	$ 1,189	(1,479)	$ (601)
Ending balance	1,599,549						1,599,549
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(48,535)	(54,990)	(44,037)	(40,675)	(41,717)	(42,906)	(44,037)	(42,906)
Other comprehensive income (loss) before reclassifications, net of tax	2,920	6,356	(11,052)	(2,900)	974	767
Reclassification adjustment for net losses included in net income, net of tax	99	99	99	68	68	422
Other comprehensive income (loss)	3,019	6,455	(10,953)	(2,832)	1,042	1,189
Ending balance	(45,516)	(48,535)	(54,990)	(43,507)	(40,675)	(41,717)	(45,516)	(43,507)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(40,559)	(46,262)	(35,210)	(34,082)	(35,056)	(36,146)	(35,210)	(36,146)
Other comprehensive income (loss) before reclassifications, net of tax	3,782	5,703	(11,052)	(2,900)	974	1,090
Reclassification adjustment for net losses included in net income, net of tax	0	0	0	0	0	0
Other comprehensive income (loss)	3,782	5,703	(11,052)	(2,900)	974	1,090
Ending balance	(36,777)	(40,559)	(46,262)	(36,982)	(34,082)	(35,056)	(36,777)	(36,982)
Defined Pension and Other Post-Retirement Benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(8,629)	(8,728)	(8,827)	(6,593)	(6,661)	(6,760)	(8,827)	(6,760)
Other comprehensive income (loss) before reclassifications, net of tax	0	0	0	0	0	(323)
Reclassification adjustment for net losses included in net income, net of tax	99	99	99	68	68	422
Other comprehensive income (loss)	99	99	99	68	68	99
Ending balance	(8,530)	(8,629)	(8,728)	(6,525)	(6,593)	(6,661)	(8,530)	(6,525)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	653	0	0	0	0	0	0	0
Other comprehensive income (loss) before reclassifications, net of tax	(862)	653	0	0	0	0
Reclassification adjustment for net losses included in net income, net of tax	0	0	0	0	0	0
Other comprehensive income (loss)	(862)	653	0	0	0	0
Ending balance	$ (209)	$ 653	$ 0	$ 0	$ 0	$ 0	$ (209)	$ 0

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Accumulated Other Comprehensive Loss - Reclassifications from accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from AOCI, before tax	$ 132	$ 91	$ 396	$ 274
Settlement Loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from AOCI, before tax	0	0	0	486
Defined Pension and Other Post-Retirement Benefits
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from AOCI, before tax	132	91	396	760
Reclassification from AOCI, tax	(33)	(23)	(99)	(202)
Reclassification from AOCI, net of tax	$ 99	$ 68	$ 297	$ 558

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income (loss) attributable to ChampionX	$ (7,914)	$ 11,394	$ (751,287)	$ 53,987
Weighted-average number of shares outstanding (in shares)	199,809	77,460	131,064	77,416
Dilutive effect of stock-based compensation (in shares)	0	113	0	199
Total shares and dilutive securities (in shares)	199,809	77,573	131,064	77,615
Basic earnings (loss) per share attributable to ChampionX (in dollars per share)	$ (0.04)	$ 0.15	$ (5.73)	$ 0.70
Diluted earnings (loss) per share attributable to ChampionX (in dollars per share)	$ (0.04)	$ 0.15	$ (5.73)	$ 0.70
Potentially diluted securities excluded as anti-dilutive (in shares)		400		400

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenue - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accrued distributor fees	$ 36,386	$ 0

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Lease and other revenue	$ 16,036	$ 12,993	$ 41,298	$ 36,161
Total revenue	633,526	276,839	1,193,874	883,503
United States
Disaggregation of Revenue [Line Items]
Total revenue	292,898	209,363	643,275	677,773
Canada
Disaggregation of Revenue [Line Items]
Total revenue	61,463	19,224	100,009	54,008
Middle East
Disaggregation of Revenue [Line Items]
Total revenue	88,177	16,316	144,355	44,360
Europe
Disaggregation of Revenue [Line Items]
Total revenue	56,028	10,469	89,923	40,518
Australia
Disaggregation of Revenue [Line Items]
Total revenue	17,324	8,002	40,822	22,010
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	88,054	6,835	124,802	23,936
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	18,079	5,574	34,762	18,985
Other
Disaggregation of Revenue [Line Items]
Total revenue	11,503	1,056	15,926	1,913
Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenue	49,475	0	67,392	0
Corporate and Other \| United States
Disaggregation of Revenue [Line Items]
Total revenue	33,125	0	45,057	0
Corporate and Other \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	136	0	198	0
Corporate and Other \| Middle East
Disaggregation of Revenue [Line Items]
Total revenue	6,048	0	8,485	0
Corporate and Other \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	5,822	0	7,048	0
Corporate and Other \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Corporate and Other \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	1,278	0	1,768	0
Corporate and Other \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	3,066	0	4,836	0
Corporate and Other \| Other
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Product revenue
Disaggregation of Revenue [Line Items]
Revenue	540,825	239,867	1,014,140	775,489
Product revenue \| Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	46,113	0	62,980	0
Service revenue
Disaggregation of Revenue [Line Items]
Revenue	76,665	23,979	138,436	71,853
Service revenue \| Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	3,362	0	4,412	0
Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Lease and other revenue	2,051	0	2,354	0
Production Chemical Technologies \| United States
Disaggregation of Revenue [Line Items]
Total revenue	136,689	0	178,442	0
Production Chemical Technologies \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	53,681	0	69,641	0
Production Chemical Technologies \| Middle East
Disaggregation of Revenue [Line Items]
Total revenue	66,352	0	94,500	0
Production Chemical Technologies \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	45,720	0	62,864	0
Production Chemical Technologies \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	5,944	0	7,827	0
Production Chemical Technologies \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	80,761	0	105,795	0
Production Chemical Technologies \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	11,931	0	15,623	0
Production Chemical Technologies \| Other
Disaggregation of Revenue [Line Items]
Total revenue	9,073	0	11,461	0
Production Chemical Technologies \| Product revenue
Disaggregation of Revenue [Line Items]
Revenue	361,167	0	480,634	0
Production Chemical Technologies \| Service revenue
Disaggregation of Revenue [Line Items]
Revenue	46,933	0	63,165	0
Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Lease and other revenue	13,985	12,993	38,944	36,161
Production & Automation Technologies \| United States
Disaggregation of Revenue [Line Items]
Total revenue	100,875	169,658	338,457	527,893
Production & Automation Technologies \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	6,018	14,012	23,140	39,712
Production & Automation Technologies \| Middle East
Disaggregation of Revenue [Line Items]
Total revenue	10,899	16,030	33,065	43,440
Production & Automation Technologies \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	1,823	4,530	9,481	14,384
Production & Automation Technologies \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	11,266	7,919	32,801	21,927
Production & Automation Technologies \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	4,319	6,816	15,034	23,917
Production & Automation Technologies \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	1,382	2,239	4,653	8,307
Production & Automation Technologies \| Other
Disaggregation of Revenue [Line Items]
Total revenue	339	758	510	1,159
Production & Automation Technologies \| Product revenue
Disaggregation of Revenue [Line Items]
Revenue	96,605	185,051	347,477	572,797
Production & Automation Technologies \| Service revenue
Disaggregation of Revenue [Line Items]
Revenue	26,331	23,918	70,720	71,781
Drilling Technologies \| United States
Disaggregation of Revenue [Line Items]
Total revenue	11,308	39,705	66,142	149,880
Drilling Technologies \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	942	5,212	6,213	14,296
Drilling Technologies \| Middle East
Disaggregation of Revenue [Line Items]
Total revenue	182	286	722	920
Drilling Technologies \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	1,948	5,939	9,543	26,134
Drilling Technologies \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	32	83	101	83
Drilling Technologies \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	0	19	22	19
Drilling Technologies \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	818	3,335	8,495	10,678
Drilling Technologies \| Other
Disaggregation of Revenue [Line Items]
Total revenue	485	298	1,380	754
Drilling Technologies \| Product revenue
Disaggregation of Revenue [Line Items]
Revenue	15,706	54,816	92,576	202,692
Drilling Technologies \| Service revenue
Disaggregation of Revenue [Line Items]
Revenue	9	61	42	72
Reservoir Chemical Technologies \| United States
Disaggregation of Revenue [Line Items]
Total revenue	10,901	0	15,177	0
Reservoir Chemical Technologies \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	686	0	817	0
Reservoir Chemical Technologies \| Middle East
Disaggregation of Revenue [Line Items]
Total revenue	4,696	0	7,583	0
Reservoir Chemical Technologies \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	715	0	987	0
Reservoir Chemical Technologies \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	82	0	93	0
Reservoir Chemical Technologies \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	1,696	0	2,183	0
Reservoir Chemical Technologies \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	882	0	1,155	0
Reservoir Chemical Technologies \| Other
Disaggregation of Revenue [Line Items]
Total revenue	1,606	0	2,575	0
Reservoir Chemical Technologies \| Product revenue
Disaggregation of Revenue [Line Items]
Revenue	21,234	0	30,473	0
Reservoir Chemical Technologies \| Service revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 30	$ 0	$ 97	$ 0

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0	$ 285
Contract liabilities - current	$ 16,883	$ 6,148

Restructuring and Other Related Charges - Schedule of Restructuring and Other Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3,426	$ 1,772	$ 18,320	$ 2,843
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,228	1,344	12,974	1,743
Selling, general and administrative expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,198	428	5,346	1,100
Production Chemical Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,305	0	2,305	0
Production & Automation Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	914	1,246	9,919	2,317
Drilling Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	526	5,521	526
Reservoir Chemical Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	207	0	207	0
Corporate and Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0	$ 368	$ 0

Restructuring and Other Related Charges - Restructuring Reserve Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Restructuring and Related Activities [Abstract]
Beginning balance	$ 130
Restructuring charges and asset write downs	10,993
Payments	(12,078)
Liabilities assumed in the Merger	4,843
Other, including foreign currency translation	(39)
Ending balance	$ 3,849

Equity and Cash Incentive Programs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stock-based compensation expense [Abstract]
Stock-based compensation expense	$ 5,856	$ 2,524	$ 13,718	$ 7,545
Tax benefit	(1,342)	(615)	(3,144)	(1,841)
Stock-based compensation expense, net of tax	$ 4,514	$ 1,909	$ 10,574	$ 5,704
Stock-Settled Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, beginning balance (in shares)			422,361
Granted (in shares)			0
Replacement awards (in shares)			0
Forfeited (in shares)			(7,030)
Exercised/vested (in shares)			0
Outstanding, ending balance (in shares)	415,331		415,331
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, beginning balance (in shares)			174,726
Granted (in shares)			121,261
Replacement awards (in shares)			0
Forfeited (in shares)			(5,011)
Exercised/vested (in shares)			(6,891)
Outstanding, ending balance (in shares)	284,085		284,085
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, beginning balance (in shares)			440,048
Granted (in shares)			583,814
Replacement awards (in shares)			2,357,733
Forfeited (in shares)			(24,834)
Exercised/vested (in shares)			(164,314)
Outstanding, ending balance (in shares)	3,192,447		3,192,447
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, beginning balance (in shares)			0
Granted (in shares)			0
Replacement awards (in shares)			7,324,853
Forfeited (in shares)			(9,693)
Exercised/vested (in shares)			(946)
Outstanding, ending balance (in shares)	7,314,214		7,314,214
Legacy ChampionX
Stock-based compensation expense [Abstract]
Stock-based compensation expense, net of tax			$ 15,800

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 1,392
Derivative liabilities	4,647
Term Loan Facility \| 2018 Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	190,000	$ 265,000
Term Loan Facility \| 2018 Term Loan Facility \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	185,963	266,161
Term Loan Facility \| 2020 Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	530,287	0
Term Loan Facility \| 2020 Term Loan Facility \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	527,636	0
Senior Notes \| 6.375% Senior Notes Due May 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	300,000	300,000
Senior Notes \| 6.375% Senior Notes Due May 2026 \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	288,300	$ 316,710
Foreign currency forward contracts \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,392
Derivative liabilities	4,647
Foreign currency forward contracts \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Derivative liabilities	0
Foreign currency forward contracts \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,392
Derivative liabilities	4,647
Foreign currency forward contracts \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Derivative liabilities	$ 0

Derivatives and Hedging Transactions - Schedule of Fair Value of Derivative Instruments (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Derivative Asset [Abstract]
Derivative assets	$ 1,392
Derivative Liability [Abstract]
Derivative liabilities	4,647
Prepaid expenses and other current assets
Derivative Asset [Abstract]
Derivative assets	1,392
Accrued expenses and other current liabilities
Derivative Liability [Abstract]
Derivative liabilities	$ 4,647

Derivatives and Hedging Transactions - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Foreign currency forward contracts
Derivative [Line Items]
Notional value of foreign currency forward contracts	$ 457,239	$ 0

Derivatives and Hedging Transactions - Schedule of Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	$ 791	$ 0	$ 1,517	$ 0
Cost of goods and services \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	19	0	34	0
Other (income) expense, net \| Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	$ 772	$ 0	$ 1,483	$ 0

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment revenue:
Revenue	$ 633,526	$ 276,839	$ 1,193,874	$ 883,503
Segment operating profit (loss):
Interest expense, net	15,935	9,590	36,236	30,226
Income (loss) before income taxes	(11,294)	15,013	(781,756)	69,808
Operating Segments
Segment operating profit (loss):
Income (loss) before income taxes	18,772	32,714	(652,328)	116,702
Operating Segments \| Production Chemical Technologies
Segment revenue:
Revenue	410,151	0	546,153	0
Segment operating profit (loss):
Income (loss) before income taxes	35,172	0	45,094	0
Operating Segments \| Production & Automation Technologies
Segment revenue:
Revenue	136,921	221,962	457,141	680,739
Segment operating profit (loss):
Income (loss) before income taxes	(7,454)	18,917	(693,213)	51,849
Operating Segments \| Drilling Technologies
Segment revenue:
Revenue	15,715	54,877	92,618	202,764
Segment operating profit (loss):
Income (loss) before income taxes	(5,127)	13,797	2,421	64,853
Operating Segments \| Reservoir Chemical Technologies
Segment revenue:
Revenue	21,264	0	30,570	0
Segment operating profit (loss):
Income (loss) before income taxes	(3,819)	0	(6,630)	0
Corporate Expense and Other
Segment revenue:
Revenue	49,475	0	67,392	0
Segment operating profit (loss):
Income (loss) before income taxes	$ 14,131	$ 8,111	$ 93,192	$ 16,668

Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
Cash Flow Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Non-cash information for finance lease additions	$ 4,071	$ 3,990
Transfers from inventory	26,500	61,200
Assets Leased to Others
Capital expenditures	$ 12,900	$ 13,900