0001723089-23-000082 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	NASDAQ
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		197,973,797
Entity Central Index Key	0001723089
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Lease and other revenue	$ 22,079	$ 18,898
Total revenue	948,347	865,960
Cost of goods and services	664,992	658,350
Gross profit	283,355	207,610
Costs and expenses:
Selling, general and administrative expense	160,816	150,360
Loss on disposal group	12,965	0
Interest expense, net	12,466	11,363
Other expense, net	5,295	1,320
Income before income taxes	91,813	44,567
Provision for income taxes	28,669	6,394
Net income	63,144	38,173
Net income (loss) attributable to noncontrolling interest	(388)	1,471
Net income attributable to ChampionX	$ 63,532	$ 36,702
Earnings per share attributable to ChampionX:
Basic (in dollars per share)	$ 0.32	$ 0.18
Diluted (in dollars per share)	$ 0.31	$ 0.18
Weighted-average shares outstanding:
Weighted-average shares outstanding, basic (in shares)	198,286	203,079
Weighted-average shares outstanding, diluted (in shares)	202,440	208,850
Product revenue
Revenue:
Revenue	$ 833,023	$ 750,668
Service revenue
Revenue:
Revenue	$ 93,245	$ 96,394

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 63,144	$ 38,173
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(10,676)	(1,565)
Cash flow hedges	(4,689)	(1,299)
Defined pension and other post-retirement benefits adjustments, net	53	69
Other comprehensive loss	(15,312)	(2,795)
Comprehensive income	47,832	35,378
Less: Comprehensive income (loss) attributable to noncontrolling interest	(388)	1,471
Comprehensive income attributable to ChampionX	$ 48,220	$ 33,907

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 247,996	$ 250,187
Receivables, net	539,380	601,061
Inventories, net	591,788	542,543
Assets held for sale	15,316	29,334
Prepaid expenses and other current assets	74,018	75,456
Total current assets	1,468,498	1,498,581
Property, plant, and equipment, net of accumulated depreciation of $717,383 in 2023 and $693,226 in 2022	739,853	734,810
Goodwill	666,689	679,488
Intangible assets, net	286,888	305,010
Operating lease right-of-use assets	89,344	92,928
Other non-current assets	76,064	76,666
Total assets	3,327,336	3,387,483
Current Liabilities:
Current portion of long-term debt	6,250	6,250
Accounts payable	539,166	469,566
Accrued compensation and employee benefits	61,535	102,750
Current portion of operating lease liabilities	27,396	28,838
Accrued distributor fees	67,096	102,034
Liabilities held for sale	0	7,186
Accrued expenses and other current liabilities	139,564	142,352
Total current liabilities	841,007	858,976
Long-term debt	595,938	621,702
Deferred income taxes	84,551	94,235
Operating lease liabilities	57,247	59,686
Other long-term liabilities	78,424	75,669
Total liabilities	1,657,167	1,710,268
Stockholders’ equity:
Common stock (2.5 billion shares authorized, $0.01 par value) 198.0 million shares and 198.5 million shares issued and outstanding in 2023 and 2022, respectively	1,980	1,985
Capital in excess of par value of common stock	2,238,027	2,249,698
Accumulated deficit	(506,458)	(527,603)
Accumulated other comprehensive loss	(44,842)	(29,530)
ChampionX stockholders’ equity	1,688,707	1,694,550
Noncontrolling interest	(18,538)	(17,335)
Total equity	1,670,169	1,677,215
Total liabilities and equity	$ 3,327,336	$ 3,387,483

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accumulated depreciation on property, plant, and equipment	$ 717,383	$ 693,226
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	198,000,000	198,500,000
Common stock, shares outstanding (in shares)	198,000,000	198,500,000

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock, Par Value	Common Stock, Capital in Excess of Par Value	Accum. Deficit	Accum. Other Comp. Loss	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2021		202,866,000
Beginning balance at Dec. 31, 2021	$ 1,754,307	$ 2,029	$ 2,315,399	$ (525,158)	$ (21,625)	$ (16,338)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38,173			36,702		1,471
Other comprehensive loss	(2,795)				(2,795)
Stock-based compensation (in shares)		290,000
Stock-based compensation	4,728	$ 3	4,725
Stock options exercised (in shares)		189,000
Stock options exercised	1,055	$ 1	1,054
Taxes withheld on issuance of stock-based awards	(2,639)		(2,639)
Dividends declared to common stockholders	(15,465)			(15,465)
Cumulative translation adjustments	208					208
Ending balance (in shares) at Mar. 31, 2022		203,345,000
Ending balance at Mar. 31, 2022	$ 1,777,572	$ 2,033	2,318,539	(503,921)	(24,420)	(14,659)
Beginning balance (in shares) at Dec. 31, 2022	198,500,000	198,466,000
Beginning balance at Dec. 31, 2022	$ 1,677,215	$ 1,985	2,249,698	(527,603)	(29,530)	(17,335)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	63,144			63,532		(388)
Other comprehensive loss	(15,312)				(15,312)
Stock-based compensation (in shares)		327,000
Stock-based compensation	5,234	$ 3	5,231
Stock options exercised (in shares)		481,000
Stock options exercised	3,014	$ 5	3,009
Taxes withheld on issuance of stock-based awards	(5,100)		(5,100)
Dividends declared to common stockholders	$ (16,784)			(16,784)
Repurchase and cancellation of common stock (in shares)	(1,302,499)	(1,302,000)
Repurchase and cancellation of common stock	$ (40,427)	$ (13)	(14,811)	(25,603)
Distributions to noncontrolling interest	(823)					(823)
Cumulative translation adjustments	$ 8					8
Ending balance (in shares) at Mar. 31, 2023	198,000,000	197,972,000
Ending balance at Mar. 31, 2023	$ 1,670,169	$ 1,980	$ 2,238,027	$ (506,458)	$ (44,842)	$ (18,538)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares		3 Months Ended
	Feb. 15, 2023	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared to common shareholders (in dollars per share)	$ 0.085	$ 0.085	$ 0.075

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 63,144	$ 38,173
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	56,710	57,699
Loss on disposal group	12,965	0
Stock-based compensation	5,234	4,728
Provision for inventory obsolescence and write-downs	9,966	3,988
Deferred income taxes	(8,441)	(7,788)
(Gain) loss on disposal of fixed assets	(534)	(5,070)
Amortization of deferred loan costs and accretion of discount	1,014	828
Other	1,512	612
Changes in operating assets and liabilities (net of effects of foreign exchange):
Receivables	62,673	(73,262)
Inventories	(63,139)	(81,283)
Prepaid expenses and other current assets	(2,060)	6,647
Accounts payable	40,708	27,184
Accrued compensation and employee benefits	(42,025)	(38,174)
Accrued expenses and other liabilities	(39,051)	28,746
Leased assets	(9,830)	(5,265)
Other	3,532	(888)
Net cash flows provided by (used in) operating activities	92,378	(43,125)
Cash flows from investing activities:
Capital expenditures	(26,530)	(30,597)
Proceeds from sale of fixed assets	3,505	12,731
Acquisitions, net of cash acquired	0	(3,198)
Net cash used for investing activities	(23,025)	(21,064)
Cash flows from financing activities:
Repayment of long-term debt	(26,563)	(6,713)
Repurchases of common stock	(40,428)	0
Dividends paid	(15,011)	0
Payments related to taxes withheld on stock-based compensation	(5,100)	(2,639)
Payment of finance lease obligations	(1,970)	(1,501)
Distributions to noncontrolling interest	(823)	0
Proceeds from exercise of stock options	3,014	1,055
Proceeds expected to be remitted under the Accounts Receivable Facility	15,774	0
Net cash used for financing activities	(71,107)	(9,798)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(437)	(582)
Net decrease in cash and cash equivalents and restricted cash	(2,191)	(74,569)
Cash and cash equivalents and restricted cash at beginning of period	250,187	255,178
Cash and cash equivalents and restricted cash at end of period	$ 247,996	$ 180,609

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Business ChampionX Corporation is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. Our expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. 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. 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 fiscal year ended December 31, 2022. 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, 2023. Significant Accounting Policies Please refer to “Note 1–Basis of Presentation and Summary of Significant Accounting Policies” to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 for the discussion of our significant accounting policies. New Accounting Standards Issued In September 2022, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which requires that a buyer in a supplier finance program disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. The ASU does not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The adoption of this ASU did not have a material effect on our consolidated financial statements. See Note 15—Supply Chain Finance for information on our supplier finance programs.

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

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 and asset monitoring technologies. 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.

We refer to our Production Chemical Technologies segment and our Reservoir Chemical Technologies segment collectively as our Chemical Technologies business. Although Reservoir Chemical Technologies is not required to be disclosed separately as a reportable segment based on materiality, management believes the additional information may contribute to a better understanding of the business. Other 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


	Three Months Ended March 31,
(in thousands)	2023		2022
Segment revenue:
Production Chemical Technologies	$	591,684	$	514,972
Production & Automation Technologies	251,548		220,349
Drilling Technologies	56,707		56,859
Reservoir Chemical Technologies	25,806		39,900
Corporate and other (1)	22,602		33,880
Total revenue	$	948,347	$	865,960

Segment operating profit (loss):
Production Chemical Technologies	$	66,314	$	31,263
Production & Automation Technologies	34,792		24,710
Drilling Technologies	11,887		15,220
Reservoir Chemical Technologies	1,987		(3,469)
Total segment operating profit	114,980		67,724
Corporate and other (1)	10,701		11,794
Interest expense, net	12,466		11,363
Income before income taxes	$	91,813	$	44,567

_______________________

(1) Corporate and other includes costs not directly attributable or allocated to our reporting segments such as overhead and other costs pertaining to 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 and Product Transfer Agreement with Ecolab Inc. (“Ecolab”) are included within Corporate and other.

- 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.

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+ Details

REVENUE

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

Our revenue is generated primarily from product sales. Service revenue is generated from providing services to our customers. These services include installation, repair and maintenance, laboratory and logistics services, chemical management services, troubleshooting, reporting, water treatment services, technical advisory assistance, emissions detection and monitoring, and other field services. Lease revenue is derived from rental income of leased production equipment. As our costs are shared across the various revenue categories, cost of goods sold is not tracked separately and is not discretely identifiable.

In certain geographical areas, 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. Additionally, amounts owed to distributors and sales agents are reported within accrued distributor fees within our consolidated balance sheets.

Revenue disaggregated by geography was as follows:


	Three Months Ended March 31, 2023
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	241,761	$	192,541	$	42,960	$	12,573	$	13,590	$	503,425
Latin America	124,471		4,688		—		3,968		967		134,094
Middle East & Africa	76,987		15,421		2,481		6,737		(385)		101,241
Canada	74,164		20,537		3,767		418		11		98,897
Europe	49,803		4,959		6,160		368		2,631		63,921
Asia-Pacific	9,219		2,078		1,337		1,179		5,788		19,601
Australia	5,949		11,324		—		—		—		17,273
Other	9,330		—		2		563		—		9,895
Total revenue	$	591,684	$	251,548	$	56,707	$	25,806	$	22,602	$	948,347

	Three Months Ended March 31, 2022
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	190,906	$	167,802	$	46,819	$	25,221	$	21,854	$	452,602
Latin America	99,605		5,003		—		3,590		725		108,923
Middle East & Africa	74,044		16,711		1,689		7,721		314		100,479
Canada	75,799		19,452		2,941		478		26		98,696
Europe	49,021		2,345		3,710		903		3,471		59,450
Asia-Pacific	8,483		1,671		1,675		1,045		7,490		20,364
Australia	5,843		7,275		—		108		—		13,226
Other	11,271		90		25		834		—		12,220
Total revenue	$	514,972	$	220,349	$	56,859	$	39,900	$	33,880	$	865,960

______________________

(1) Revenues associated with sales under the Cross Supply and Product Transfer Agreement with Ecolab are included within Corporate and other.

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

The beginning and ending contract asset and contract liability balances from contracts with customers were as follows:


(in thousands)	March 31, 2023		December 31, 2022
Contract assets	$	—	$	—
Contract liabilities - current	$	16,953	$	14,113

- 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.

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INTANGIBLE ASSETS AND GOODWILL

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

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


	March 31, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships	$	582,498	$	414,737	$	167,761	$	582,466	$	407,212	$	175,254
Unpatented technologies	142,760		60,989		81,771		142,760		56,264		86,496
Favorable supply agreements	57,000		53,822		3,178		57,000		49,056		7,944
Trademarks	59,857		36,949		22,908		59,856		36,048		23,808
Patents	38,190		31,726		6,464		38,175		31,481		6,694
Other	1,894		1,888		6		1,892		1,878		14
	882,199		600,111		282,088		882,149		581,939		300,210
Indefinite-lived intangible assets:
Trademarks	3,600		—		3,600		3,600		—		3,600
In-process research and development	1,200		—		1,200		1,200		—		1,200
	4,800		—		4,800		4,800		—		4,800
Total	$	886,999	$	600,111	$	286,888	$	886,949	$	581,939	$	305,010

Goodwill

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


(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Total
December 31, 2022	$	367,084	$	211,268	$	101,136	$	—	$	679,488



Foreign currency translation	(12,802)		3		—		—		(12,799)
March 31, 2023	$	354,282	$	211,271	$	101,136	$	—	$	666,689

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

DEBT

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

DEBT

Long-term debt consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
2022 Revolving Credit Facility	$	—	$	25,000
2022 Term Loan Facility	621,875		623,438
Total	621,875		648,438
Net unamortized discounts and issuance costs	(19,687)		(20,486)
Total long-term debt	602,188		627,952
Current portion of long-term debt (1)	(6,250)		(6,250)
Long-term debt, less current portion	$	595,938	$	621,702

_______________________

(1) Includes the mandatory amortization payments due within twelve months related to the 2022 Term Loan Facility as of March 31, 2023.

On June 7, 2022, we entered into a restated credit agreement, which provides for (i) a $625.0 million seven-year senior secured term loan B facility (the “2022 Term Loan Facility”) and (ii) a five-year senior secured revolving credit facility in an aggregate principal amount of $700.0 million, of which $100.0 million is available for the issuance of letters of credit (the “2022 Revolving Credit Facility,” together with the 2022 Term Loan Facility, the “Senior Secured Credit Facility”). The full amount of the 2022 Term Loan Facility was funded, and $135.0 million of the 2022 Revolving Credit Facility was drawn, on June 7, 2022. As of March 31, 2023, we had no outstanding balance on the 2022 Revolving Credit Facility.

The 2022 Term Loan Facility matures June 7, 2029 and the 2022 Revolving Credit Facility matures June 7, 2027. The 2022 Term Loan Facility is subject to mandatory amortization payments of 1% per annum of the initial commitment paid quarterly, which began on December 30, 2022. The Senior Secured Credit Facility contains customary representations and warranties, covenants, and events of default for loan facilities of this type. We were in compliance with all covenants as of March 31, 2023.

At the Company’s election, outstanding borrowings under the Senior Secured Credit Facility will accrue interest at a per annum rate of (i) an adjusted SOFR rate plus the applicable spread or (ii) a base rate plus the applicable spread. On June 29, 2022, the Company executed a five-year amortizing floating-to-fixed interest rate swap to hedge our exposure to increases in variable interest rates on the 2022 Term Loan Facility. This interest rate swap agreement is based on a $300.0 million notional amount for the first three years, reducing to $150.0 million for years four and five. See Note 12—Derivatives and Hedging Transactions for additional information on interest rate swaps.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
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 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. As of March 31, 2023 and December 31, 2022, we had $71.4 million and $82.4 million, respectively, of outstanding letters of credit, surety bonds and guarantees, which expire at various dates through 2039. 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, surety bonds, and guarantees in the event of default in the performance of our obligations, the probability of which we believe is remote. Litigation and Environmental Matters The Company is party to various proceedings and claims incidental to its business, including matters arising under provisions relating to the protection of the environment. 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. While many of these matters involve inherent uncertainty, we believe that the amount of the liability, if any, ultimately incurred with respect to these proceedings and claims will not have a material adverse effect on our 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 United States (“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 March 31, 2023 and December 31, 2022, environmental liability accruals related to these locations were $6.0 million and $5.9 million, respectively. Prior to the commencement of our operations as an independent publicly traded company in 2018, 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. We have submitted our long-term remediation plan and it was approved by ODEQ. We are now in discussion with ODEQ to finalize a consent order. Because we have not yet finalized the consent order 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 March 31, 2023. 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 acquisition of the Chemical Technologies business in 2020 (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™ 9500, 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 in the United States District Court in the Eastern District of Louisiana (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 remains one “B3” case that asserted claims against the COREXIT Defendants and that remains pending against other defendants. Because the Court’s decision was not a “final judgment” for purposes of appeal with respect to those claims, under Federal Rule of Appellate Procedure 4(a), the plaintiff will have 30 days after entry of final judgment in the case to appeal the Court’s summary judgment decision. 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.

RESTRUCTURING AND OTHER RELATED CHARGES

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER RELATED CHARGES

We approved various restructuring plans related to the consolidation of product lines and associated facility closures and workforce reductions during prior periods, which we expect to be completed during 2023. We recognized charges of $2.2 million during the three months ended March 31, 2023, consisting primarily of contract termination costs, inventory obsolescence, and employee severance and related benefits. During the three months ended March 31, 2022, we recorded restructuring and other charges of $8.5 million.

The following table presents the restructuring and other related charges by segment as classified in our condensed consolidated statements of income.


	Three Months Ended March 31,
(in thousands)	2023		2022
Segment restructuring charges (income):
Production Chemical Technologies	$	1,144	$	11,636
Production & Automation Technologies	785		(4,147)
Drilling Technologies	—		—
Reservoir Chemical Technologies	396		743
Corporate and other	(95)		252
Total	$	2,230	$	8,484

Statements of Income classification:
Cost of goods and services	$	1,531	$	(4,139)
Selling, general and administrative expense	699		12,623
Total	$	2,230	$	8,484

Our liability balance for restructuring and other related charges at March 31, 2023 reflects contract termination costs, employee severance and related benefits initiated during the period. Additional programs may be initiated during the remainder of 2023 with related restructuring charges.

The following table details our restructuring accrual activities during the three months ended March 31, 2023:


(in thousands)	Restructuring Accrual Balance
December 31, 2022	$	28,518
Restructuring charges	2,230
Asset sales and write-offs	(669)
Payments	(10,586)
Other, including foreign currency translation	(1)
March 31, 2023	$	19,492

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Dividends On February 16, 2023, the Company announced that our Board of Directors (“Board”) approved an increase of our regular quarterly cash dividend to $0.085 per share of the Company’s common stock. Our first quarter cash dividend of $0.085 per share was declared on February 15, 2023 and is payable on April 28, 2023 to stockholders of record on April 7, 2023. As a result, we recorded a dividend payable of $17.5 million on our condensed consolidated balance sheet as of March 31, 2023. Subsequent dividend declarations, if any, including the amounts and timing of future dividends, are subject to approval by the Board and will depend on future business conditions, financial conditions, results of operations and other factors. Repurchases On March 7, 2022, the Company announced that our Board authorized the Company to repurchase up to $250 million of its common stock. On October 24, 2022, our Board increased the authorization under this program to $750 million. This program has no time limit and does not obligate the Company to acquire any particular amount of shares of its common stock. During the three months ended March 31, 2023, we repurchased and cancelled 1,302,499 shares of common stock at a volume-weighted average price of $30.71 per share for a total of $40.0 million, including commissions.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Name Accounting Standards Codification
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+ Details

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


	Three Months Ended March 31,
(in thousands, except per share data)	2023		2022
Net income attributable to ChampionX	$	63,532	$	36,702

Weighted-average number of shares outstanding	198,286		203,079
Dilutive effect of stock-based compensation	4,154		5,771
Total shares and dilutive securities	202,440		208,850

Earnings per share attributable to ChampionX:
Basic	$	0.32	$	0.18
Diluted	$	0.31	$	0.18

For all periods presented, the computation of diluted earnings per share excludes awards with an anti-dilutive impact. For the three months ended March 31, 2023 and March 31, 2022, the diluted shares include the dilutive impact of equity awards except for approximately 0.6 million and 0.4 million shares, respectively, that were excluded because their inclusion would be anti-dilutive.

ACQUISITIONS AND DIVESTITURES	3 Months Ended
ACQUISITIONS AND DIVESTITURES	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Acquisitions On February 23, 2022, we acquired the assets of Leak Surveys, Inc., a leader in optical gas imaging technology that provides aerial and ground-based emissions leak detection to the oil and gas industry. These assets have been included in our Production & Automation Technologies segment. Under the terms of the agreement, we paid an initial amount of $3.2 million, net of cash acquired, with an additional $0.5 million which was paid on the first anniversary of the closing date. We may also be required to make future payments of up to an additional $2.5 million, contingent on the future performance of the business. As part of our purchase price allocation, we recorded goodwill of $6.3 million in the first quarter of 2022. The pro forma effect of this acquisition on revenue and net income has been determined to be immaterial to our financial statements. Divestitures Due to the deteriorating business conditions in Russia following the Ukraine invasion and the resultant sanctions imposed by the United States, European Union, and United Kingdom, we initiated a plan to dispose of our operations in Russia (the “CT Russia Business”), which is included in our Production Chemical Technologies segment. As a result, the CT Russia Business met the criteria to be classified as held for sale during the second quarter of 2022 and we measured the carrying value of the disposal group to the lower of its carrying value or fair value less costs to sell. We assess the fair value of the CT Russia Business (less any costs to sell) each reporting period that it remains classified as held for sale and report any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Due to the continued deterioration of the business environment, increasing trade regulations and sanctions and Russia’s imposition of an exit tax on divestments to facilitate exit from in-country operations, we assessed the fair value less cost to sell the business as of March 31, 2023 to be zero, resulting in a $13.0 million pre-tax impairment expense recorded during the period.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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:


		Carrying Amount
(in thousands)	Measurement Level	March 31, 2023		December 31, 2022
Assets
Foreign currency forward contracts	Level 2	$	3,796	$	7,066
Interest rate swaps	Level 2	4,974		8,476
Total		$	8,770	$	15,542

Liabilities
Foreign currency forward contracts	Level 2	$	3,161	$	4,209
Interest rate swaps	Level 2	—		—
Total		$	3,161	$	4,209

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 12—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, and accounts payable approximate their fair value due to their short-term nature.

The fair value of our term loan facility is based on Level 2 quoted market prices for the same or similar debt instruments. The fair value of our revolving line of credit approximates carrying value due to the variable interest rates charged on the

borrowings, which reprice frequently (Level 2). The carrying amount and the estimated fair value of long-term debt, including current maturities, held by the Company were:


	March 31, 2023				December 31, 2022
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2022 Revolving Credit Facility	$	—	$	—	$	25,000	$	25,000
2022 Term Loan Facility	$	621,875	$	618,766	$	623,438	$	610,969

- 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

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING TRANSACTIONS

The Company uses foreign currency forward contracts to manage risks associated with foreign currency exchange rates. The Company also utilizes floating-to-fixed interest rate swap agreements as cash flow hedges on certain debt to mitigate interest rate risk. 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 evaluated the interest rate swap hedge effectiveness and determined it to be perfectly effective. We evaluate foreign currency forward contracts 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. The Company accounts for the interest rate swap agreements as a cash flow hedge, thus the effective portion of gains and losses resulting from changes in fair value are recognized in AOCI and are amortized to interest expense over the term of the respective debt. 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 and interest rate swaps. We monitor our exposure to credit risk by using major 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.


	Derivative Assets				Derivative Liabilities
(in thousands)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Prepaid expenses and other current assets	$	8,367	$	11,911	$	—	$	—
Other non-current assets	403		3,631		—		—
Accrued expenses and other current liabilities	—		—		3,161		4,209

	$	8,770	$	15,542	$	3,161	$	4,209

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


(in thousands)	March 31, 2023		December 31, 2022
Notional value of foreign currency forward contracts and interest rate swaps	$	875,633	$	965,973

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 statements of income (loss) as the underlying exposure being hedged.

Under interest rate swaps, we agree with other parties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed notional principal amount. Any unrealized gain or loss at the time of settlement will be reclassified to interest expense, where we record the interest expense on the associated debt.

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 March 31,
(in thousands)	2023		2022
Loss (gain) reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	(957)	$	71
Interest expense	(937)		—
Loss on derivatives not designated as hedging instruments:
Other (income) expense, net	1,441		4,160
Total loss of derivative instruments	$	(453)	$	4,231

INVENTORIES

3 Months Ended

Mar. 31, 2023

Inventory, Net [Abstract]

INVENTORIES

Inventories consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
Raw materials	$	157,717	$	142,571
Work in progress	20,615		19,582
Finished goods	501,699		467,628
	680,031		629,781
Inventory reserve	(31,801)		(24,702)
LIFO adjustments (1)	(56,442)		(62,536)
Inventories, net	$	591,788	$	542,543

_______________________

(1) Represents the amount by which the current cost of LIFO inventories exceeded their carrying value.

ACCOUNTS RECEIVABLE FACILITY	3 Months Ended
ACCOUNTS RECEIVABLE FACILITY	Mar. 31, 2023
Receivables [Abstract]
ACCOUNTS RECEIVABLE FACILITY	ACCOUNTS RECEIVABLE FACILITY On June 28, 2022, we entered into an uncommitted accounts receivable purchase agreement (the “Accounts Receivable Facility”) with JPMorgan Chase Bank, N.A. as the purchaser. Transfers under the Accounts Receivable Facility are accounted for as sales of receivables, resulting in the receivables being derecognized from our condensed consolidated balance sheet. The purchaser assumes the credit risk at the time of sale and has the right at any time to assign or transfer (including as a participation interest) any of its rights under the purchased receivables to another bank or financial institution. The amount available for sale under the Accounts Receivable Facility fluctuates over time based on the total amount of eligible receivables generated during the normal course of business. A maximum of $160.0 million in receivables may be sold and remain unpaid under the Accounts Receivable Facility at any time. Accounts receivable sold were $165.2 million for the three months ended March 31, 2023. The accounts receivable sold that remained outstanding as of March 31, 2023 was $79.4 million. During this period, cash receipts from the purchaser at the time of the sale were classified as operating activities in our condensed consolidated statement of cash flows. The difference between the carrying amount of the accounts receivable sold and the sum of the cash received is recorded as a loss on sale of receivables in other income (expense), net in our condensed consolidated statements of income. The loss on sale of accounts receivable was $1.5 million for the three months ended March 31, 2023.

SUPPLY CHAIN FINANCE	3 Months Ended
SUPPLY CHAIN FINANCE	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
SUPPLY CHAIN FINANCE	SUPPLY CHAIN FINANCEWe use a supply chain finance program in connection with the purchase of goods, which allows our suppliers to work directly with a third party to provide financing by purchasing their receivables earlier in the payment cycle. We maintain the same contractually agreed upon invoice terms prior to each supplier entering into the program. As of March 31, 2023, we had approximately $47.0 million outstanding under the program, which is included in accounts payable on our condensed consolidated balance sheet.

CASH FLOW INFORMATION	3 Months Ended
CASH FLOW INFORMATION	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
CASH FLOW INFORMATION	CASH FLOW INFORMATION Leased Asset Program Our electrical submersible pumping 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 leased asset program. During the three months ended March 31, 2023 and March 31, 2022, we transferred $28.4 million and $12.9 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 leased asset program are classified as capital expenditures in the investing section of our condensed consolidated statements of cash flows.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 fiscal year ended December 31, 2022. 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, 2023.
New Accounting Standards Issued	New Accounting Standards Issued In September 2022, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which requires that a buyer in a supplier finance program disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. The ASU does not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The adoption of this ASU did not have a material effect on our consolidated financial statements. See Note 15—Supply Chain Finance for information on our supplier finance programs.
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.

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Revenue and Operating Profit

Segment revenue and segment operating profit


	Three Months Ended March 31,
(in thousands)	2023		2022
Segment revenue:
Production Chemical Technologies	$	591,684	$	514,972
Production & Automation Technologies	251,548		220,349
Drilling Technologies	56,707		56,859
Reservoir Chemical Technologies	25,806		39,900
Corporate and other (1)	22,602		33,880
Total revenue	$	948,347	$	865,960

Segment operating profit (loss):
Production Chemical Technologies	$	66,314	$	31,263
Production & Automation Technologies	34,792		24,710
Drilling Technologies	11,887		15,220
Reservoir Chemical Technologies	1,987		(3,469)
Total segment operating profit	114,980		67,724
Corporate and other (1)	10,701		11,794
Interest expense, net	12,466		11,363
Income before income taxes	$	91,813	$	44,567

_______________________

REVENUE (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended March 31, 2023
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	241,761	$	192,541	$	42,960	$	12,573	$	13,590	$	503,425
Latin America	124,471		4,688		—		3,968		967		134,094
Middle East & Africa	76,987		15,421		2,481		6,737		(385)		101,241
Canada	74,164		20,537		3,767		418		11		98,897
Europe	49,803		4,959		6,160		368		2,631		63,921
Asia-Pacific	9,219		2,078		1,337		1,179		5,788		19,601
Australia	5,949		11,324		—		—		—		17,273
Other	9,330		—		2		563		—		9,895
Total revenue	$	591,684	$	251,548	$	56,707	$	25,806	$	22,602	$	948,347

	Three Months Ended March 31, 2022
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	190,906	$	167,802	$	46,819	$	25,221	$	21,854	$	452,602
Latin America	99,605		5,003		—		3,590		725		108,923
Middle East & Africa	74,044		16,711		1,689		7,721		314		100,479
Canada	75,799		19,452		2,941		478		26		98,696
Europe	49,021		2,345		3,710		903		3,471		59,450
Asia-Pacific	8,483		1,671		1,675		1,045		7,490		20,364
Australia	5,843		7,275		—		108		—		13,226
Other	11,271		90		25		834		—		12,220
Total revenue	$	514,972	$	220,349	$	56,859	$	39,900	$	33,880	$	865,960

______________________

(1) Revenues associated with sales under the Cross Supply and Product Transfer Agreement with Ecolab are included within Corporate and other.

Schedule of Contract Balances

The beginning and ending contract asset and contract liability balances from contracts with customers were as follows:


(in thousands)	March 31, 2023		December 31, 2022
Contract assets	$	—	$	—
Contract liabilities - current	$	16,953	$	14,113

INTANGIBLE ASSETS AND GOODWILL (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


	March 31, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships	$	582,498	$	414,737	$	167,761	$	582,466	$	407,212	$	175,254
Unpatented technologies	142,760		60,989		81,771		142,760		56,264		86,496
Favorable supply agreements	57,000		53,822		3,178		57,000		49,056		7,944
Trademarks	59,857		36,949		22,908		59,856		36,048		23,808
Patents	38,190		31,726		6,464		38,175		31,481		6,694
Other	1,894		1,888		6		1,892		1,878		14
	882,199		600,111		282,088		882,149		581,939		300,210
Indefinite-lived intangible assets:
Trademarks	3,600		—		3,600		3,600		—		3,600
In-process research and development	1,200		—		1,200		1,200		—		1,200
	4,800		—		4,800		4,800		—		4,800
Total	$	886,999	$	600,111	$	286,888	$	886,949	$	581,939	$	305,010

Schedule of Indefinite-Lived Intangible Assets

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


	March 31, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships	$	582,498	$	414,737	$	167,761	$	582,466	$	407,212	$	175,254
Unpatented technologies	142,760		60,989		81,771		142,760		56,264		86,496
Favorable supply agreements	57,000		53,822		3,178		57,000		49,056		7,944
Trademarks	59,857		36,949		22,908		59,856		36,048		23,808
Patents	38,190		31,726		6,464		38,175		31,481		6,694
Other	1,894		1,888		6		1,892		1,878		14
	882,199		600,111		282,088		882,149		581,939		300,210
Indefinite-lived intangible assets:
Trademarks	3,600		—		3,600		3,600		—		3,600
In-process research and development	1,200		—		1,200		1,200		—		1,200
	4,800		—		4,800		4,800		—		4,800
Total	$	886,999	$	600,111	$	286,888	$	886,949	$	581,939	$	305,010

Schedule of Goodwill

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


(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Total
December 31, 2022	$	367,084	$	211,268	$	101,136	$	—	$	679,488



Foreign currency translation	(12,802)		3		—		—		(12,799)
March 31, 2023	$	354,282	$	211,271	$	101,136	$	—	$	666,689

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
2022 Revolving Credit Facility	$	—	$	25,000
2022 Term Loan Facility	621,875		623,438
Total	621,875		648,438
Net unamortized discounts and issuance costs	(19,687)		(20,486)
Total long-term debt	602,188		627,952
Current portion of long-term debt (1)	(6,250)		(6,250)
Long-term debt, less current portion	$	595,938	$	621,702

_______________________

(1) Includes the mandatory amortization payments due within twelve months related to the 2022 Term Loan Facility as of March 31, 2023.

RESTRUCTURING AND OTHER RELATED CHARGES (Tables)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table presents the restructuring and other related charges by segment as classified in our condensed consolidated statements of income.


	Three Months Ended March 31,
(in thousands)	2023		2022
Segment restructuring charges (income):
Production Chemical Technologies	$	1,144	$	11,636
Production & Automation Technologies	785		(4,147)
Drilling Technologies	—		—
Reservoir Chemical Technologies	396		743
Corporate and other	(95)		252
Total	$	2,230	$	8,484

Statements of Income classification:
Cost of goods and services	$	1,531	$	(4,139)
Selling, general and administrative expense	699		12,623
Total	$	2,230	$	8,484

The following table details our restructuring accrual activities during the three months ended March 31, 2023:


(in thousands)	Restructuring Accrual Balance
December 31, 2022	$	28,518
Restructuring charges	2,230
Asset sales and write-offs	(669)
Payments	(10,586)
Other, including foreign currency translation	(1)
March 31, 2023	$	19,492

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings per Share

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


	Three Months Ended March 31,
(in thousands, except per share data)	2023		2022
Net income attributable to ChampionX	$	63,532	$	36,702

Weighted-average number of shares outstanding	198,286		203,079
Dilutive effect of stock-based compensation	4,154		5,771
Total shares and dilutive securities	202,440		208,850

Earnings per share attributable to ChampionX:
Basic	$	0.32	$	0.18
Diluted	$	0.31	$	0.18

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2023

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:


		Carrying Amount
(in thousands)	Measurement Level	March 31, 2023		December 31, 2022
Assets
Foreign currency forward contracts	Level 2	$	3,796	$	7,066
Interest rate swaps	Level 2	4,974		8,476
Total		$	8,770	$	15,542

Liabilities
Foreign currency forward contracts	Level 2	$	3,161	$	4,209
Interest rate swaps	Level 2	—		—
Total		$	3,161	$	4,209

Schedule of Fair Value of Long-Term Debt


	March 31, 2023				December 31, 2022
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2022 Revolving Credit Facility	$	—	$	—	$	25,000	$	25,000
2022 Term Loan Facility	$	621,875	$	618,766	$	623,438	$	610,969

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Values of Outstanding Derivatives

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.


	Derivative Assets				Derivative Liabilities
(in thousands)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Prepaid expenses and other current assets	$	8,367	$	11,911	$	—	$	—
Other non-current assets	403		3,631		—		—
Accrued expenses and other current liabilities	—		—		3,161		4,209

	$	8,770	$	15,542	$	3,161	$	4,209

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


(in thousands)	March 31, 2023		December 31, 2022
Notional value of foreign currency forward contracts and interest rate swaps	$	875,633	$	965,973

Schedule of Derivative Instruments

The loss of all derivative instruments recognized is summarized below:


	Three Months Ended March 31,
(in thousands)	2023		2022
Loss (gain) reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	(957)	$	71
Interest expense	(937)		—
Loss on derivatives not designated as hedging instruments:
Other (income) expense, net	1,441		4,160
Total loss of derivative instruments	$	(453)	$	4,231

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Paragraph 1B
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 815
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-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2023

Inventory, Net [Abstract]

Components of Inventory

Inventories consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
Raw materials	$	157,717	$	142,571
Work in progress	20,615		19,582
Finished goods	501,699		467,628
	680,031		629,781
Inventory reserve	(31,801)		(24,702)
LIFO adjustments (1)	(56,442)		(62,536)
Inventories, net	$	591,788	$	542,543

_______________________

(1) Represents the amount by which the current cost of LIFO inventories exceeded their carrying value.

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 948,347	$ 865,960
Income before income taxes	91,813	44,567
Interest expense, net	12,466	11,363
Operating Segments
Segment Reporting Information [Line Items]
Income before income taxes	114,980	67,724
Operating Segments \| Production Chemical Technologies
Segment Reporting Information [Line Items]
Total revenue	591,684	514,972
Income before income taxes	66,314	31,263
Operating Segments \| Production & Automation Technologies
Segment Reporting Information [Line Items]
Total revenue	251,548	220,349
Income before income taxes	34,792	24,710
Operating Segments \| Drilling Technologies
Segment Reporting Information [Line Items]
Total revenue	56,707	56,859
Income before income taxes	11,887	15,220
Operating Segments \| Reservoir Chemical Technologies
Segment Reporting Information [Line Items]
Total revenue	25,806	39,900
Income before income taxes	1,987	(3,469)
Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	22,602	33,880
Income before income taxes	$ 10,701	$ 11,794

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 948,347	$ 865,960
United States
Disaggregation of Revenue [Line Items]
Total revenue	503,425	452,602
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	134,094	108,923
Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	101,241	100,479
Canada
Disaggregation of Revenue [Line Items]
Total revenue	98,897	98,696
Europe
Disaggregation of Revenue [Line Items]
Total revenue	63,921	59,450
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	19,601	20,364
Australia
Disaggregation of Revenue [Line Items]
Total revenue	17,273	13,226
Other
Disaggregation of Revenue [Line Items]
Total revenue	9,895	12,220
Operating Segments \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	591,684	514,972
Operating Segments \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	251,548	220,349
Operating Segments \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	56,707	56,859
Operating Segments \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	25,806	39,900
Operating Segments \| United States \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	241,761	190,906
Operating Segments \| United States \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	192,541	167,802
Operating Segments \| United States \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	42,960	46,819
Operating Segments \| United States \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	12,573	25,221
Operating Segments \| Latin America \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	124,471	99,605
Operating Segments \| Latin America \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	4,688	5,003
Operating Segments \| Latin America \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments \| Latin America \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	3,968	3,590
Operating Segments \| Middle East & Africa \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	76,987	74,044
Operating Segments \| Middle East & Africa \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	15,421	16,711
Operating Segments \| Middle East & Africa \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	2,481	1,689
Operating Segments \| Middle East & Africa \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	6,737	7,721
Operating Segments \| Canada \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	74,164	75,799
Operating Segments \| Canada \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	20,537	19,452
Operating Segments \| Canada \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	3,767	2,941
Operating Segments \| Canada \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	418	478
Operating Segments \| Europe \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	49,803	49,021
Operating Segments \| Europe \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	4,959	2,345
Operating Segments \| Europe \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	6,160	3,710
Operating Segments \| Europe \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	368	903
Operating Segments \| Asia-Pacific \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	9,219	8,483
Operating Segments \| Asia-Pacific \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	2,078	1,671
Operating Segments \| Asia-Pacific \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	1,337	1,675
Operating Segments \| Asia-Pacific \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	1,179	1,045
Operating Segments \| Australia \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	5,949	5,843
Operating Segments \| Australia \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	11,324	7,275
Operating Segments \| Australia \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Operating Segments \| Australia \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	0	108
Operating Segments \| Other \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	9,330	11,271
Operating Segments \| Other \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	0	90
Operating Segments \| Other \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	2	25
Operating Segments \| Other \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	563	834
Corporate and other
Disaggregation of Revenue [Line Items]
Total revenue	22,602	33,880
Corporate and other \| United States
Disaggregation of Revenue [Line Items]
Total revenue	13,590	21,854
Corporate and other \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	967	725
Corporate and other \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	(385)	314
Corporate and other \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	11	26
Corporate and other \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	2,631	3,471
Corporate and other \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	5,788	7,490
Corporate and other \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Corporate and other \| Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0	$ 0
Contract liabilities - current	$ 16,953	$ 14,113

INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 882,199	$ 882,149
Accumulated Amortization	600,111	581,939
Net Carrying Amount	282,088	300,210
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	4,800	4,800
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, gross	886,999	886,949
Accumulated Amortization	600,111	581,939
Intangible assets, net	286,888	305,010
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	3,600	3,600
In-process research and development
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,200	1,200
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	582,498	582,466
Accumulated Amortization	414,737	407,212
Net Carrying Amount	167,761	175,254
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	414,737	407,212
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	142,760	142,760
Accumulated Amortization	60,989	56,264
Net Carrying Amount	81,771	86,496
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	60,989	56,264
Favorable supply agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	57,000	57,000
Accumulated Amortization	53,822	49,056
Net Carrying Amount	3,178	7,944
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	53,822	49,056
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	59,857	59,856
Accumulated Amortization	36,949	36,048
Net Carrying Amount	22,908	23,808
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	36,949	36,048
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	38,190	38,175
Accumulated Amortization	31,726	31,481
Net Carrying Amount	6,464	6,694
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	31,726	31,481
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,894	1,892
Accumulated Amortization	1,888	1,878
Net Carrying Amount	6	14
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 1,888	$ 1,878

INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 679,488
Foreign currency translation	(12,799)
Ending balance	666,689
Production Chemical Technologies
Goodwill [Roll Forward]
Beginning balance	367,084
Foreign currency translation	(12,802)
Ending balance	354,282
Production & Automation Technologies
Goodwill [Roll Forward]
Beginning balance	211,268
Foreign currency translation	3
Ending balance	211,271
Drilling Technologies
Goodwill [Roll Forward]
Beginning balance	101,136
Foreign currency translation	0
Ending balance	101,136
Reservoir Chemical Technologies
Goodwill [Roll Forward]
Beginning balance	0
Foreign currency translation	0
Ending balance	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

DEBT - Long-term Debt (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt and Lease Obligation	$ 621,875,000	$ 648,438,000
Net unamortized discounts and issuance costs	(19,687,000)	(20,486,000)
Total long-term debt	602,188,000	627,952,000
Current portion of long-term debt	(6,250,000)	(6,250,000)
Long-term debt, less current portion	595,938,000	621,702,000
2022 Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt and Lease Obligation	621,875,000	623,438,000
Revolving Credit Facility \| 2022 Revolving Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term Debt and Lease Obligation	$ 0	$ 25,000,000

DEBT - Narrative (Details) - USD ($)	Jun. 29, 2022	Jun. 07, 2022	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Amount			$ 621,875,000	$ 648,438,000
Interest rate swaps \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative instrument, term (in years)	5 years
Interest Rate Swap, First Three Years \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional value of foreign currency forward contracts and interest rate swaps	$ 300,000,000
Interest Rate Swap, Years Four And Five \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Notional value of foreign currency forward contracts and interest rate swaps	$ 150,000,000
2022 Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Principal amount of debt issued		$ 625,000,000
Debt instrument, term (in years)		7 years
Carrying Amount			621,875,000	623,438,000
Mandatory amortization payment, percent per annum		1.00%
2022 Revolving Credit Facility \| Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term (in years)		5 years
Maximum borrowing capacity		$ 700,000,000
Borrowings from lines of credit		135,000,000
Carrying Amount			$ 0	$ 25,000,000
2022 Revolving Credit Facility \| Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2023 USD ($) location case	Dec. 31, 2022 USD ($)	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit, surety bonds and guarantees	$ 71.4	$ 82.4
Number of locations participating in assessments and remediation \| location	11
Accrued environmental liability	$ 6.0	$ 5.9	$ 2.0
Number of pending cases \| case	1

RESTRUCTURING AND OTHER RELATED CHARGES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 2,230	$ 8,484

RESTRUCTURING AND OTHER RELATED CHARGES - Schedule of Restructuring and Other Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2,230	$ 8,484
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,531	(4,139)
Selling, general and administrative expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	699	12,623
Operating Segments \| Production Chemical Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,144	11,636
Operating Segments \| Production & Automation Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	785	(4,147)
Operating Segments \| Drilling Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Operating Segments \| Reservoir Chemical Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	396	743
Corporate and other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (95)	$ 252

RESTRUCTURING AND OTHER RELATED CHARGES - Restructuring Reserve Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Accrual Balance
Beginning balance	$ 28,518
Restructuring charges	2,230
Asset sales and write-offs	(669)
Payments	(10,586)
Other, including foreign currency translation	(1)
Ending balance	$ 19,492

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Feb. 16, 2023	Feb. 15, 2023	Mar. 31, 2023	Mar. 31, 2022	Oct. 24, 2022	Mar. 07, 2022
Stockholders' Equity Note [Abstract]
Approved quarterly cash dividend (in dollars per share)	$ 0.085
Dividends declared to common shareholders (in dollars per share)		$ 0.085	$ 0.085	$ 0.075
Dividends payable			$ 17.5
Authorized amount of stock repurchase					$ 750.0	$ 250.0
Repurchase and cancellation of common stock (in shares)			1,302,499
Weighted average price of common stock repurchased (in dollars per share)			$ 30.71
Value of repurchased common stock			$ 40.0

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income attributable to ChampionX	$ 63,532	$ 36,702
Weighted-average number of shares outstanding (in shares)	198,286	203,079
Dilutive effect of stock-based compensation (in shares)	4,154	5,771
Total shares and dilutive securities (in shares)	202,440	208,850
Earnings per share attributable to ChampionX:
Basic (in dollars per share)	$ 0.32	$ 0.18
Diluted (in dollars per share)	$ 0.31	$ 0.18
Number of antidilutive securities excluded (in shares)	600	400

- 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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- Definition

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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- Definition

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

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+ Details

ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($)			3 Months Ended
	Feb. 23, 2023	Feb. 23, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Goodwill			$ 666,689,000	$ 679,488,000
Disposal Group, Held-for-sale, Not Discontinued Operations \| CT Russia Business
Business Acquisition [Line Items]
Recoverable value on divestiture			0
Pre-tax impairment expense			$ 13,000,000
Leak Surveys, Inc.
Business Acquisition [Line Items]
Amount paid for acquisition	$ 500,000	$ 3,200,000
Future payments contingent upon performance		$ 2,500,000
Goodwill					$ 6,300,000

- Definition

+ References + Details

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Assets
Derivative assets	$ 8,770,000	$ 15,542,000
Liabilities
Derivative liabilities	3,161,000	4,209,000
Carrying Amount	621,875,000	648,438,000
2022 Term Loan Facility \| Term Loan Facility
Liabilities
Carrying Amount	621,875,000	623,438,000
Revolving Credit Facility \| 2022 Revolving Credit Facility \| Credit Facility
Liabilities
Carrying Amount	0	25,000,000
Fair Value	0	25,000,000
Level 2 \| 2022 Term Loan Facility \| Term Loan Facility
Liabilities
Fair Value	618,766,000	610,969,000
Level 2 \| Fair Value, Recurring
Assets
Derivative assets	8,770,000	15,542,000
Liabilities
Derivative liabilities	3,161,000	4,209,000
Foreign currency forward contracts \| Level 2 \| Fair Value, Recurring
Assets
Derivative assets	3,796,000	7,066,000
Liabilities
Derivative liabilities	3,161,000	4,209,000
Interest rate swaps \| Level 2 \| Fair Value, Recurring
Assets
Derivative assets	4,974,000	8,476,000
Liabilities
Derivative liabilities	$ 0	$ 0

DERIVATIVES AND HEDGING TRANSACTIONS - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Assets
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Derivative asset, current	$ 8,367	$ 11,911
Derivative asset, noncurrent	403	3,631
Derivative assets	$ 8,770	$ 15,542
Derivative Liabilities
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Derivative liability, current	$ 3,161	$ 4,209
Derivative liabilities	$ 3,161	$ 4,209

DERIVATIVES AND HEDGING TRANSACTIONS - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Foreign Exchange Forward Contracts and Interest Rate Swap
Derivative [Line Items]
Notional value of foreign currency forward contracts and interest rate swaps	$ 875,633	$ 965,973

DERIVATIVES AND HEDGING TRANSACTIONS - Schedule of Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	$ (453)	$ 4,231
Cost of goods and services \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	(957)	71
Interest expense \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	(937)	0
Other (income) expense, net \| Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	$ 1,441	$ 4,160

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Raw materials	$ 157,717	$ 142,571
Work in progress	20,615	19,582
Finished goods	501,699	467,628
Subtotal	680,031	629,781
Inventory reserve	(31,801)	(24,702)
LIFO adjustments	(56,442)	(62,536)
Inventories, net	$ 591,788	$ 542,543

ACCOUNTS RECEIVABLE FACILITY (Details) - Accounts receivable held for sale under Accounts Receivable Facility - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Jun. 28, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum accounts receivable that can be sold		$ 160.0
Accounts receivable sold	$ 165.2
Accounts receivable outstanding	79.4
Loss on sale of trade receivable	$ 1.5

SUPPLY CHAIN FINANCE (Details) $ in Millions	Mar. 31, 2023 USD ($)
Supply Chain Finance Program
Short-Term Debt [Line Items]
Supply chain finance outstanding	$ 47.0

CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Transfers from inventory	$ 28.4	$ 12.9