0001723089-23-000133 | 10-Q | XBRL Viewer

INTANGIBLE ASSETS AND GOODWILL (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 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	$	583,522	$	423,001	$	160,521	$	582,466	$	407,212	$	175,254
Unpatented technologies	142,760		65,713		77,047		142,760		56,264		86,496
Favorable supply agreements	57,000		57,000		—		57,000		49,056		7,944
Trademarks	59,862		37,865		21,997		59,856		36,048		23,808
Patents	38,346		32,112		6,234		38,175		31,481		6,694
Other	525		525		—		1,892		1,878		14
	882,015		616,216		265,799		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	$	886,815	$	616,216	$	270,599	$	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:


	June 30, 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	$	583,522	$	423,001	$	160,521	$	582,466	$	407,212	$	175,254
Unpatented technologies	142,760		65,713		77,047		142,760		56,264		86,496
Favorable supply agreements	57,000		57,000		—		57,000		49,056		7,944
Trademarks	59,862		37,865		21,997		59,856		36,048		23,808
Patents	38,346		32,112		6,234		38,175		31,481		6,694
Other	525		525		—		1,892		1,878		14
	882,015		616,216		265,799		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	$	886,815	$	616,216	$	270,599	$	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	(10,554)		133		—		—		(10,421)
June 30, 2023	$	356,530	$	211,401	$	101,136	$	—	$	669,067

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Lease and other revenue	$ 24,539	$ 23,176	$ 46,618	$ 42,074
Total revenue	926,600	932,572	1,874,947	1,798,532
Cost of goods and services	644,394	720,684	1,309,386	1,379,034
Gross profit	282,206	211,888	565,561	419,498
Costs and expenses:
Selling, general and administrative expense	162,484	141,351	323,300	291,711
Loss on disposal group	0	22,924	12,965	22,924
Interest expense, net	14,544	10,765	27,010	22,128
Other expense (income), net	(3,104)	9,357	2,191	10,677
Income before income taxes	108,282	27,491	200,095	72,058
Provision for (benefit from) income taxes	11,656	(1,405)	40,325	4,989
Net income	96,626	28,896	159,770	67,069
Net income attributable to noncontrolling interest	829	1,554	441	3,025
Net income attributable to ChampionX	$ 95,797	$ 27,342	$ 159,329	$ 64,044
Earnings per share attributable to ChampionX:
Basic (in dollars per share)	$ 0.49	$ 0.13	$ 0.81	$ 0.32
Diluted (in dollars per share)	$ 0.48	$ 0.13	$ 0.79	$ 0.31
Weighted-average shares outstanding:
Basic (in shares)	197,034	203,322	197,657	203,200
Diluted (in shares)	200,735	208,714	201,694	208,863
Product revenue
Revenue:
Revenue	$ 813,416	$ 807,553	$ 1,646,439	$ 1,558,221
Service revenue
Revenue:
Revenue	$ 88,645	$ 101,843	$ 181,890	$ 198,237

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		196,581,903
Entity Central Index Key	0001723089
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

FAIR VALUE MEASUREMENTS - Fair Value of Long-term Debt (Details) - Level 2 - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Amount \| 2022 Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 0	$ 25,000
Carrying Amount \| 2022 Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	620,304	623,438
Fair Value \| 2022 Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	25,000
Fair Value \| 2022 Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 620,304	$ 610,969

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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 its 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, other than the newly required disclosures. See Note 15—Supply Chain Finance for information on our supplier finance programs.

ACCOUNTS RECEIVABLE FACILITY (Details) - Accounts receivable held for sale under Accounts Receivable Facility - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 28, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum accounts receivable that can be sold			$ 160.0
Accounts receivable sold		$ 359.3
Accounts receivable outstanding	$ 112.6	112.6
Loss on sale of trade receivable	$ 1.8	$ 3.4

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 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 June 30, 2023 and December 31, 2022, we had $72.2 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 June 30, 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. Initial remedial efforts were undertaken at the time of discovery of the contamination and we have since coordinated monitoring and remediation with the Oklahoma Department of Environmental Quality (“ODEQ”). As part of the ongoing long-term remediation process, we 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 June 30, 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.

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Raw materials	$ 157,451	$ 142,571
Work in progress	20,456	19,582
Finished goods	518,913	467,628
Subtotal	696,820	629,781
Inventory reserve	(34,010)	(24,702)
LIFO adjustments	(63,770)	(62,536)
Inventories, net	$ 599,040	$ 542,543

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 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	June 30, 2023		December 31, 2022
Assets
Foreign currency forward contracts	Level 2	$	2,456	$	7,066
Interest rate swaps	Level 2	5,982		8,476
Total		$	8,438	$	15,542

Liabilities
Foreign currency forward contracts	Level 2	$	3,821	$	4,209
Interest rate swaps	Level 2	—		—
Total		$	3,821	$	4,209

Schedule of Fair Value of Long-Term Debt

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


	June 30, 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	$	620,304	$	620,304	$	623,438	$	610,969

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares		3 Months Ended
	May 11, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared to common shareholders (in dollars per share)	$ 0.085	$ 0.085	$ 0.085	$ 0.075	$ 0.075

STOCKHOLDERS' EQUITY (Details) - USD ($)			3 Months Ended				6 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($)	May 11, 2023	Feb. 16, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	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	$ 0.085	$ 0.075	$ 0.075
Dividends payable			$ 17,300,000				$ 17,300,000
Authorized amount of stock repurchase								$ 750,000,000	$ 250,000,000
Repurchase and cancellation of common stock (in shares)			1,883,480				3,185,979
Value of repurchased common stock			$ 51,200,000				$ 91,600,000

INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 679,488
Foreign currency translation	(10,421)
Ending balance	669,067
Production Chemical Technologies
Goodwill [Roll Forward]
Beginning balance	367,084
Foreign currency translation	(10,554)
Ending balance	356,530
Production & Automation Technologies
Goodwill [Roll Forward]
Beginning balance	211,268
Foreign currency translation	133
Ending balance	211,401
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

REVENUE (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue disaggregated by geography was as follows:


	Three Months Ended June 30, 2023
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	236,917	$	197,655	$	44,233	$	11,677	$	7,014	$	497,496
Latin America	116,083		5,457		—		3,044		752		125,336
Middle East & Africa	81,776		14,756		2,967		7,123		(53)		106,569
Canada	72,403		15,648		2,922		540		7		91,520
Europe	53,415		4,980		6,544		775		2,494		68,208
Asia-Pacific	8,572		3,527		658		692		6,751		20,200
Australia	5,136		12,133		—		2		—		17,271
Other	—		—		—		—		—		—
Total revenue	$	574,302	$	254,156	$	57,324	$	23,853	$	16,965	$	926,600

	Three Months Ended June 30, 2022
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	205,457	$	187,982	$	45,848	$	31,038	$	20,039	$	490,364
Latin America	124,540		6,358		—		3,221		905		135,024
Middle East & Africa	76,028		19,062		1,220		5,561		287		102,158
Canada	72,581		17,484		3,477		633		37		94,212
Europe	45,889		3,384		5,156		968		3,297		58,694
Asia-Pacific	9,518		784		2,142		909		11,225		24,578
Australia	4,960		7,308		15		91		—		12,374
Other	13,438		37		—		1,693		—		15,168
Total revenue	$	552,411	$	242,399	$	57,858	$	44,114	$	35,790	$	932,572


	Six Months Ended June 30, 2023
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	478,678	$	390,196	$	87,193	$	24,250	$	20,604	$	1,000,921
Latin America	240,554		10,145		—		7,012		1,719		259,430
Middle East & Africa	158,763		30,177		5,448		13,860		(438)		207,810
Canada	146,567		36,185		6,689		958		18		190,417
Europe	103,218		9,939		12,704		1,143		5,125		132,129
Asia-Pacific	17,791		5,605		1,995		1,871		12,539		39,801
Australia	11,085		23,457		—		2		—		34,544
Other	9,330		—		2		563		—		9,895
Total revenue	$	1,165,986	$	505,704	$	114,031	$	49,659	$	39,567	$	1,874,947

	Six Months Ended June 30, 2022
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	396,363	$	355,784	$	92,667	$	56,259	$	41,893	$	942,966
Latin America	224,145		11,361		—		6,811		1,630		243,947
Middle East & Africa	150,072		35,773		2,909		13,282		601		202,637
Canada	148,380		36,936		6,418		1,111		63		192,908
Europe	94,910		5,729		8,866		1,871		6,768		118,144
Asia-Pacific	18,001		2,455		3,817		1,954		18,715		44,942
Australia	10,803		14,583		15		199		—		25,600
Other	24,709		127		25		2,527		—		27,388
Total revenue	$	1,067,383	$	462,748	$	114,717	$	84,014	$	69,670	$	1,798,532

______________________(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)	June 30, 2023		December 31, 2022
Contract assets	$	—	$	—
Contract liabilities - current	$	20,549	$	14,113

DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:


(in thousands)	June 30, 2023		December 31, 2022
2022 Revolving Credit Facility	$	—	$	25,000
2022 Term Loan Facility	620,304		623,438
Total	620,304		648,438
Net unamortized discounts and issuance costs	(18,889)		(20,486)
Total long-term debt	601,415		627,952
Current portion of long-term debt (1)	(6,250)		(6,250)
Long-term debt, less current portion	$	595,165	$	621,702

_______________________

(1) Includes the mandatory amortization payments due within twelve months related to the 2022 Term Loan Facility as of June 30, 2023.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	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 income (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, 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	67,069
Other comprehensive income (loss)	15,041
Ending balance (in shares) at Jun. 30, 2022		202,931,000
Ending balance at Jun. 30, 2022	1,792,855	$ 2,029	2,315,965	(503,089)	(6,584)	(15,466)
Beginning balance (in shares) at Mar. 31, 2022		203,345,000
Beginning balance at Mar. 31, 2022	1,777,572	$ 2,033	2,318,539	(503,921)	(24,420)	(14,659)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,896			27,342		1,554
Other comprehensive income (loss)	17,836				17,836
Stock-based compensation (in shares)		64,000
Stock-based compensation	5,071	$ 1	5,070
Stock options exercised (in shares)		312,000
Stock options exercised	2,090	$ 3	2,087
Taxes withheld on issuance of stock-based awards	(739)		(739)
Dividends declared to common stockholders	(15,494)			(15,494)
Repurchase and cancellation of common stock (in shares)		(790,000)
Repurchase and cancellation of common stock	(20,016)	$ (8)	(8,992)	(11,016)
Distributions to noncontrolling interest	(2,369)					(2,369)
Cumulative translation adjustments	8					8
Ending balance (in shares) at Jun. 30, 2022		202,931,000
Ending balance at Jun. 30, 2022	$ 1,792,855	$ 2,029	2,315,965	(503,089)	(6,584)	(15,466)
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 income (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)		(1,302,000)
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		197,972,000
Ending balance at Mar. 31, 2023	$ 1,670,169	$ 1,980	2,238,027	(506,458)	(44,842)	(18,538)
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	159,770
Other comprehensive income (loss)	$ (6,163)
Repurchase and cancellation of common stock (in shares)	(3,185,979)
Ending balance (in shares) at Jun. 30, 2023	196,300,000	196,296,000
Ending balance at Jun. 30, 2023	$ 1,712,322	$ 1,963	2,220,909	(457,148)	(35,693)	(17,709)
Beginning balance (in shares) at Mar. 31, 2023		197,972,000
Beginning balance at Mar. 31, 2023	1,670,169	$ 1,980	2,238,027	(506,458)	(44,842)	(18,538)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	96,626			95,797		829
Other comprehensive income (loss)	9,149				9,149
Stock-based compensation (in shares)		180,000
Stock-based compensation	6,341	$ 2	6,339
Stock options exercised (in shares)		27,000
Stock options exercised	24	$ 0	24
Taxes withheld on issuance of stock-based awards	(2,039)		(2,039)
Dividends declared to common stockholders	$ (16,758)			(16,758)
Repurchase and cancellation of common stock (in shares)	(1,883,480)	(1,883,000)
Repurchase and cancellation of common stock	$ (51,190)	$ (19)	(21,442)	(29,729)
Ending balance (in shares) at Jun. 30, 2023	196,300,000	196,296,000
Ending balance at Jun. 30, 2023	$ 1,712,322	$ 1,963	$ 2,220,909	$ (457,148)	$ (35,693)	$ (17,709)

INTANGIBLE ASSETS AND GOODWILL

6 Months Ended

Jun. 30, 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:


	June 30, 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	$	583,522	$	423,001	$	160,521	$	582,466	$	407,212	$	175,254
Unpatented technologies	142,760		65,713		77,047		142,760		56,264		86,496
Favorable supply agreements	57,000		57,000		—		57,000		49,056		7,944
Trademarks	59,862		37,865		21,997		59,856		36,048		23,808
Patents	38,346		32,112		6,234		38,175		31,481		6,694
Other	525		525		—		1,892		1,878		14
	882,015		616,216		265,799		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	$	886,815	$	616,216	$	270,599	$	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	(10,554)		133		—		—		(10,421)
June 30, 2023	$	356,530	$	211,401	$	101,136	$	—	$	669,067

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

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Revenue and Operating Profit

Segment revenue and segment operating profit


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Segment revenue:
Production Chemical Technologies	$	574,302	$	552,411	$	1,165,986	$	1,067,383
Production & Automation Technologies	254,156		242,399		505,704		462,748
Drilling Technologies	57,324		57,858		114,031		114,717
Reservoir Chemical Technologies	23,853		44,114		49,659		84,014
Corporate and other (1)	16,965		35,790		39,567		69,670
Total revenue	$	926,600	$	932,572	$	1,874,947	$	1,798,532

Segment operating profit (loss):
Production Chemical Technologies	$	87,163	$	25,606	$	153,477	$	56,869
Production & Automation Technologies	33,208		23,650		68,000		48,360
Drilling Technologies	12,660		15,043		24,547		30,263
Reservoir Chemical Technologies	2,186		(8,147)		4,173		(11,616)
Total segment operating profit	135,217		56,152		250,197		123,876
Corporate and other (1)	12,391		17,896		23,092		29,690
Interest expense, net	14,544		10,765		27,010		22,128
Income before income taxes	$	108,282	$	27,491	$	200,095	$	72,058

_______________________

(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.

RESTRUCTURING EXPENSE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring expense	$ 3,960	$ 6,620	$ 6,190	$ 15,104

DERIVATIVES AND HEDGING TRANSACTIONS - Schedule of Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	$ (1,382)	$ 1,133	$ (1,835)	$ 5,364
Cost of goods and services \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	(966)	(118)	(1,923)	(47)
Interest expense \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	(1,322)	0	(2,259)	0
Other (income) expense, net \| Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	$ 906	$ 1,251	$ 2,347	$ 5,411

RESTRUCTURING EXPENSE

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING EXPENSE

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 $4.0 million and $6.2 million during the three and six months ended June 30, 2023, respectively, consisting primarily of contract termination costs, inventory obsolescence, and employee severance and related benefits. During the three and six months ended June 30, 2022, we recorded restructuring expense of $6.6 million and $15.1 million, respectively.

The following table presents the restructuring expense by segment as classified in our condensed consolidated statements of income.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Segment restructuring expense (income):
Production Chemical Technologies	$	3,434	$	336	$	4,578	$	11,972
Production & Automation Technologies	—		125		785		(4,022)
Drilling Technologies	—		—		—		—
Reservoir Chemical Technologies	427		5,358		823		6,101
Corporate and other	99		801		4		1,053
Total	$	3,960	$	6,620	$	6,190	$	15,104

Statements of Income classification:
Cost of goods and services	$	1,013	$	5,147	$	2,544	$	1,008
Selling, general and administrative expense	2,947		1,473		3,646		14,096
Total	$	3,960	$	6,620	$	6,190	$	15,104

Our liability balance for restructuring expense at June 30, 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 six months ended June 30, 2023:


(in thousands)	Restructuring Accrual Balance
December 31, 2022	$	28,518
Restructuring charges	6,190
Asset sales and write-offs	(669)
Payments	(16,984)
Other, including foreign currency translation	(2)
June 30, 2023	$	17,053

DERIVATIVES AND HEDGING TRANSACTIONS - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative Assets
Derivative asset, current	$ 7,705	$ 11,911
Derivative asset, noncurrent	733	3,631
Derivative assets	$ 8,438	$ 15,542
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 Liabilities
Derivative liability, current	$ 3,821	$ 4,209
Derivative liabilities	$ 3,821	$ 4,209
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities

ACCOUNTS RECEIVABLE FACILITY	6 Months Ended
ACCOUNTS RECEIVABLE FACILITY	Jun. 30, 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 $359.3 million for the six months ended June 30, 2023. The accounts receivable sold that remained outstanding as of June 30, 2023 was $112.6 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 $1.8 million and $3.4 million for the three and six months ended June 30, 2023, respectively.

RESTRUCTURING EXPENSE - Restructuring Reserve Rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Restructuring Accrual Balance
Beginning balance	$ 28,518
Restructuring charges	6,190
Asset sales and write-offs	(669)
Payments	(16,984)
Other, including foreign currency translation	(2)
Ending balance	$ 17,053

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 263,088	$ 250,187
Receivables, net	522,106	601,061
Inventories, net	599,040	542,543
Assets held for sale	13,165	29,334
Prepaid expenses and other current assets	87,432	75,456
Total current assets	1,484,831	1,498,581
Property, plant, and equipment, net of accumulated depreciation of $743,426 in 2023 and $693,226 in 2022	757,841	734,810
Goodwill	669,067	679,488
Intangible assets, net	270,599	305,010
Operating lease right-of-use assets	84,476	92,928
Other non-current assets	63,024	76,666
Total assets	3,329,838	3,387,483
Current Liabilities:
Current portion of long-term debt	6,250	6,250
Accounts payable	550,827	469,566
Accrued compensation and employee benefits	85,521	102,750
Current portion of operating lease liabilities	26,641	28,838
Accrued distributor fees	19,297	102,034
Liabilities held for sale	0	7,186
Accrued expenses and other current liabilities	125,919	142,352
Total current liabilities	814,455	858,976
Long-term debt	595,165	621,702
Deferred income taxes	72,399	94,235
Operating lease liabilities	52,528	59,686
Other long-term liabilities	82,969	75,669
Total liabilities	1,617,516	1,710,268
Stockholders’ equity:
Common stock (2.5 billion shares authorized, $0.01 par value) 196.3 million shares and 198.5 million shares issued and outstanding in 2023 and 2022, respectively	1,963	1,985
Capital in excess of par value of common stock	2,220,909	2,249,698
Accumulated deficit	(457,148)	(527,603)
Accumulated other comprehensive loss	(35,693)	(29,530)
ChampionX stockholders’ equity	1,730,031	1,694,550
Noncontrolling interest	(17,709)	(17,335)
Total equity	1,712,322	1,677,215
Total liabilities and equity	$ 3,329,838	$ 3,387,483

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 159,770	$ 67,069
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	115,387	117,229
Loss on disposal group	12,965	22,924
Stock-based compensation	11,575	9,799
Provision for inventory obsolescence and write-downs	12,344	6,926
Loss on debt extinguishment	0	4,043
Deferred income taxes	(22,187)	(34,386)
Gain on disposal of fixed assets	(1,070)	(6,284)
Amortization of deferred loan costs and accretion of discount	2,029	1,766
Other	3,185	805
Changes in operating assets and liabilities (net of effects of foreign exchange):
Receivables	83,589	(42,456)
Inventories	(70,040)	(81,935)
Leased assets	(22,125)	(13,949)
Other assets	3,135	16,133
Accounts payable	40,632	21,507
Other liabilities	(120,901)	(58,076)
Net cash flows provided by operating activities	208,288	31,115
Cash flows from investing activities:
Capital expenditures	(57,277)	(53,555)
Proceeds from sale of fixed assets	7,109	14,946
Acquisitions, net of cash acquired	0	(3,198)
Net cash used for investing activities	(50,168)	(41,807)
Cash flows from financing activities:
Proceeds from long-term debt	15,500	844,838
Repayment of long-term debt	(43,633)	(869,987)
Payment of debt issue costs	0	(8,008)
Repurchases of common stock	(91,617)	(20,016)
Dividends paid	(31,591)	(15,465)
Payments related to taxes withheld on stock-based compensation	(7,139)	(3,378)
Proceeds from exercise of stock options	3,038	3,145
Payment of finance lease obligations	(4,376)	(3,123)
Distributions to noncontrolling interest	(823)	(2,369)
Proceeds expected to be remitted under the Accounts Receivable Facility	15,400	0
Net cash used for financing activities	(145,241)	(74,363)
Effect of exchange rate changes on cash and cash equivalents	22	659
Net increase (decrease) in cash and cash equivalents	12,901	(84,396)
Cash and cash equivalents at beginning of period	250,187	255,178
Cash and cash equivalents at end of period	$ 263,088	$ 170,782

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2023

Inventory, Net [Abstract]

Components of Inventory

Inventories consisted of the following:


(in thousands)	June 30, 2023		December 31, 2022
Raw materials	$	157,451	$	142,571
Work in progress	20,456		19,582
Finished goods	518,913		467,628
	696,820		629,781
Inventory reserve	(34,010)		(24,702)
LIFO adjustments (1)	(63,770)		(62,536)
Inventories, net	$	599,040	$	542,543

_______________________

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

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Segment revenue:
Production Chemical Technologies	$	574,302	$	552,411	$	1,165,986	$	1,067,383
Production & Automation Technologies	254,156		242,399		505,704		462,748
Drilling Technologies	57,324		57,858		114,031		114,717
Reservoir Chemical Technologies	23,853		44,114		49,659		84,014
Corporate and other (1)	16,965		35,790		39,567		69,670
Total revenue	$	926,600	$	932,572	$	1,874,947	$	1,798,532

Segment operating profit (loss):
Production Chemical Technologies	$	87,163	$	25,606	$	153,477	$	56,869
Production & Automation Technologies	33,208		23,650		68,000		48,360
Drilling Technologies	12,660		15,043		24,547		30,263
Reservoir Chemical Technologies	2,186		(8,147)		4,173		(11,616)
Total segment operating profit	135,217		56,152		250,197		123,876
Corporate and other (1)	12,391		17,896		23,092		29,690
Interest expense, net	14,544		10,765		27,010		22,128
Income before income taxes	$	108,282	$	27,491	$	200,095	$	72,058

_______________________

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DERIVATIVES AND HEDGING TRANSACTIONS - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 931,238	$ 965,973

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2023		2022		2023		2022
Net income attributable to ChampionX	$	95,797	$	27,342	$	159,329	$	64,044

Weighted-average number of shares outstanding	197,034		203,322		197,657		203,200
Dilutive effect of stock-based compensation	3,701		5,392		4,037		5,663
Total shares and dilutive securities	200,735		208,714		201,694		208,863

Earnings per share attributable to ChampionX:
Basic	$	0.49	$	0.13	$	0.81	$	0.32
Diluted	$	0.48	$	0.13	$	0.79	$	0.31

For all periods presented, the computation of diluted earnings per share excludes awards with an anti-dilutive impact. For the three and six months ended June 30, 2023, the diluted shares include the dilutive impact of equity awards except for approximately 1.0 million and 0.8 million shares, respectively, that were excluded because their inclusion would be anti-dilutive. For the three and six months ended June 30, 2022, the diluted shares include the dilutive impact of equity awards except for approximately 0.4 million shares and 0.4 million shares, respectively, that were excluded because their inclusion would be anti-dilutive.

DEBT

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

Long-term debt consisted of the following:


(in thousands)	June 30, 2023		December 31, 2022
2022 Revolving Credit Facility	$	—	$	25,000
2022 Term Loan Facility	620,304		623,438
Total	620,304		648,438
Net unamortized discounts and issuance costs	(18,889)		(20,486)
Total long-term debt	601,415		627,952
Current portion of long-term debt (1)	(6,250)		(6,250)
Long-term debt, less current portion	$	595,165	$	621,702

_______________________

(1) Includes the mandatory amortization payments due within twelve months related to the 2022 Term Loan Facility as of June 30, 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,” and, 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 June 30, 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 June 30, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 96,626	$ 28,896	$ 159,770	$ 67,069
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	9,020	21,169	(1,656)	19,604
Cash flow hedges	231	(3,403)	(4,458)	(4,702)
Defined pension and other post-retirement benefits adjustments, net	(102)	70	(49)	139
Other comprehensive income (loss)	9,149	17,836	(6,163)	15,041
Comprehensive income	105,775	46,732	153,607	82,110
Less: Comprehensive income attributable to noncontrolling interest	829	1,554	441	3,025
Comprehensive income attributable to ChampionX	$ 104,946	$ 45,178	$ 153,166	$ 79,085

SUPPLY CHAIN FINANCE	6 Months Ended
SUPPLY CHAIN FINANCE	Jun. 30, 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 June 30, 2023, we had approximately $50.0 million outstanding under the program, which is included in accounts payable on our condensed consolidated balance sheet.

INTANGIBLE ASSETS AND GOODWILL - Schedule of Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 882,015	$ 882,149
Accumulated Amortization	616,216	581,939
Net Carrying Amount	265,799	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	886,815	886,949
Accumulated Amortization	616,216	581,939
Intangible assets, net	270,599	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	583,522	582,466
Accumulated Amortization	423,001	407,212
Net Carrying Amount	160,521	175,254
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	423,001	407,212
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	142,760	142,760
Accumulated Amortization	65,713	56,264
Net Carrying Amount	77,047	86,496
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	65,713	56,264
Favorable supply agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	57,000	57,000
Accumulated Amortization	57,000	49,056
Net Carrying Amount	0	7,944
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	57,000	49,056
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	59,862	59,856
Accumulated Amortization	37,865	36,048
Net Carrying Amount	21,997	23,808
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	37,865	36,048
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	38,346	38,175
Accumulated Amortization	32,112	31,481
Net Carrying Amount	6,234	6,694
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	32,112	31,481
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	525	1,892
Accumulated Amortization	525	1,878
Net Carrying Amount	0	14
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 525	$ 1,878

REVENUE

6 Months Ended

Jun. 30, 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 June 30, 2023
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	236,917	$	197,655	$	44,233	$	11,677	$	7,014	$	497,496
Latin America	116,083		5,457		—		3,044		752		125,336
Middle East & Africa	81,776		14,756		2,967		7,123		(53)		106,569
Canada	72,403		15,648		2,922		540		7		91,520
Europe	53,415		4,980		6,544		775		2,494		68,208
Asia-Pacific	8,572		3,527		658		692		6,751		20,200
Australia	5,136		12,133		—		2		—		17,271
Other	—		—		—		—		—		—
Total revenue	$	574,302	$	254,156	$	57,324	$	23,853	$	16,965	$	926,600

	Three Months Ended June 30, 2022
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	205,457	$	187,982	$	45,848	$	31,038	$	20,039	$	490,364
Latin America	124,540		6,358		—		3,221		905		135,024
Middle East & Africa	76,028		19,062		1,220		5,561		287		102,158
Canada	72,581		17,484		3,477		633		37		94,212
Europe	45,889		3,384		5,156		968		3,297		58,694
Asia-Pacific	9,518		784		2,142		909		11,225		24,578
Australia	4,960		7,308		15		91		—		12,374
Other	13,438		37		—		1,693		—		15,168
Total revenue	$	552,411	$	242,399	$	57,858	$	44,114	$	35,790	$	932,572


	Six Months Ended June 30, 2023
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	478,678	$	390,196	$	87,193	$	24,250	$	20,604	$	1,000,921
Latin America	240,554		10,145		—		7,012		1,719		259,430
Middle East & Africa	158,763		30,177		5,448		13,860		(438)		207,810
Canada	146,567		36,185		6,689		958		18		190,417
Europe	103,218		9,939		12,704		1,143		5,125		132,129
Asia-Pacific	17,791		5,605		1,995		1,871		12,539		39,801
Australia	11,085		23,457		—		2		—		34,544
Other	9,330		—		2		563		—		9,895
Total revenue	$	1,165,986	$	505,704	$	114,031	$	49,659	$	39,567	$	1,874,947

	Six Months Ended June 30, 2022
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	396,363	$	355,784	$	92,667	$	56,259	$	41,893	$	942,966
Latin America	224,145		11,361		—		6,811		1,630		243,947
Middle East & Africa	150,072		35,773		2,909		13,282		601		202,637
Canada	148,380		36,936		6,418		1,111		63		192,908
Europe	94,910		5,729		8,866		1,871		6,768		118,144
Asia-Pacific	18,001		2,455		3,817		1,954		18,715		44,942
Australia	10,803		14,583		15		199		—		25,600
Other	24,709		127		25		2,527		—		27,388
Total revenue	$	1,067,383	$	462,748	$	114,717	$	84,014	$	69,670	$	1,798,532

______________________

(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)	June 30, 2023		December 31, 2022
Contract assets	$	—	$	—
Contract liabilities - current	$	20,549	$	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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 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	June 30, 2023		December 31, 2022
Assets
Foreign currency forward contracts	Level 2	$	2,456	$	7,066
Interest rate swaps	Level 2	5,982		8,476
Total		$	8,438	$	15,542

Liabilities
Foreign currency forward contracts	Level 2	$	3,821	$	4,209
Interest rate swaps	Level 2	—		—
Total		$	3,821	$	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 the 2022 Term Loan Facility is based on Level 2 quoted market prices for the same or similar debt instruments. The fair value of the 2022 Revolving Credit Facility 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:


	June 30, 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	$	620,304	$	620,304	$	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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income attributable to ChampionX	$ 95,797	$ 27,342	$ 159,329	$ 64,044

- Definition

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

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVENTORIES

6 Months Ended

Jun. 30, 2023

Inventory, Net [Abstract]

INVENTORIES

Inventories consisted of the following:


(in thousands)	June 30, 2023		December 31, 2022
Raw materials	$	157,451	$	142,571
Work in progress	20,456		19,582
Finished goods	518,913		467,628
	696,820		629,781
Inventory reserve	(34,010)		(24,702)
LIFO adjustments (1)	(63,770)		(62,536)
Inventories, net	$	599,040	$	542,543

_______________________

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

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 926,600	$ 932,572	$ 1,874,947	$ 1,798,532
United States
Disaggregation of Revenue [Line Items]
Total revenue	497,496	490,364	1,000,921	942,966
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	125,336	135,024	259,430	243,947
Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	106,569	102,158	207,810	202,637
Canada
Disaggregation of Revenue [Line Items]
Total revenue	91,520	94,212	190,417	192,908
Europe
Disaggregation of Revenue [Line Items]
Total revenue	68,208	58,694	132,129	118,144
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	20,200	24,578	39,801	44,942
Australia
Disaggregation of Revenue [Line Items]
Total revenue	17,271	12,374	34,544	25,600
Other
Disaggregation of Revenue [Line Items]
Total revenue	0	15,168	9,895	27,388
Operating Segments \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	574,302	552,411	1,165,986	1,067,383
Operating Segments \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	254,156	242,399	505,704	462,748
Operating Segments \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	57,324	57,858	114,031	114,717
Operating Segments \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	23,853	44,114	49,659	84,014
Operating Segments \| United States \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	236,917	205,457	478,678	396,363
Operating Segments \| United States \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	197,655	187,982	390,196	355,784
Operating Segments \| United States \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	44,233	45,848	87,193	92,667
Operating Segments \| United States \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	11,677	31,038	24,250	56,259
Operating Segments \| Latin America \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	116,083	124,540	240,554	224,145
Operating Segments \| Latin America \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	5,457	6,358	10,145	11,361
Operating Segments \| Latin America \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments \| Latin America \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	3,044	3,221	7,012	6,811
Operating Segments \| Middle East & Africa \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	81,776	76,028	158,763	150,072
Operating Segments \| Middle East & Africa \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	14,756	19,062	30,177	35,773
Operating Segments \| Middle East & Africa \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	2,967	1,220	5,448	2,909
Operating Segments \| Middle East & Africa \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	7,123	5,561	13,860	13,282
Operating Segments \| Canada \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	72,403	72,581	146,567	148,380
Operating Segments \| Canada \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	15,648	17,484	36,185	36,936
Operating Segments \| Canada \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	2,922	3,477	6,689	6,418
Operating Segments \| Canada \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	540	633	958	1,111
Operating Segments \| Europe \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	53,415	45,889	103,218	94,910
Operating Segments \| Europe \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	4,980	3,384	9,939	5,729
Operating Segments \| Europe \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	6,544	5,156	12,704	8,866
Operating Segments \| Europe \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	775	968	1,143	1,871
Operating Segments \| Asia-Pacific \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	8,572	9,518	17,791	18,001
Operating Segments \| Asia-Pacific \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	3,527	784	5,605	2,455
Operating Segments \| Asia-Pacific \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	658	2,142	1,995	3,817
Operating Segments \| Asia-Pacific \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	692	909	1,871	1,954
Operating Segments \| Australia \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	5,136	4,960	11,085	10,803
Operating Segments \| Australia \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	12,133	7,308	23,457	14,583
Operating Segments \| Australia \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	0	15	0	15
Operating Segments \| Australia \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	2	91	2	199
Operating Segments \| Other \| Production Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	0	13,438	9,330	24,709
Operating Segments \| Other \| Production & Automation Technologies
Disaggregation of Revenue [Line Items]
Total revenue	0	37	0	127
Operating Segments \| Other \| Drilling Technologies
Disaggregation of Revenue [Line Items]
Total revenue	0	0	2	25
Operating Segments \| Other \| Reservoir Chemical Technologies
Disaggregation of Revenue [Line Items]
Total revenue	0	1,693	563	2,527
Corporate and other
Disaggregation of Revenue [Line Items]
Total revenue	16,965	35,790	39,567	69,670
Corporate and other \| United States
Disaggregation of Revenue [Line Items]
Total revenue	7,014	20,039	20,604	41,893
Corporate and other \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	752	905	1,719	1,630
Corporate and other \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	(53)	287	(438)	601
Corporate and other \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	7	37	18	63
Corporate and other \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	2,494	3,297	5,125	6,768
Corporate and other \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	6,751	11,225	12,539	18,715
Corporate and other \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Corporate and other \| Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0	$ 0	$ 0

RESTRUCTURING EXPENSE (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

The following table presents the restructuring expense by segment as classified in our condensed consolidated statements of income.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Segment restructuring expense (income):
Production Chemical Technologies	$	3,434	$	336	$	4,578	$	11,972
Production & Automation Technologies	—		125		785		(4,022)
Drilling Technologies	—		—		—		—
Reservoir Chemical Technologies	427		5,358		823		6,101
Corporate and other	99		801		4		1,053
Total	$	3,960	$	6,620	$	6,190	$	15,104

Statements of Income classification:
Cost of goods and services	$	1,013	$	5,147	$	2,544	$	1,008
Selling, general and administrative expense	2,947		1,473		3,646		14,096
Total	$	3,960	$	6,620	$	6,190	$	15,104

The following table details our restructuring accrual activities during the six months ended June 30, 2023:


(in thousands)	Restructuring Accrual Balance
December 31, 2022	$	28,518
Restructuring charges	6,190
Asset sales and write-offs	(669)
Payments	(16,984)
Other, including foreign currency translation	(2)
June 30, 2023	$	17,053

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 926,600	$ 932,572	$ 1,874,947	$ 1,798,532
Income before income taxes	108,282	27,491	200,095	72,058
Interest expense, net	14,544	10,765	27,010	22,128
Operating Segments
Segment Reporting Information [Line Items]
Income before income taxes	135,217	56,152	250,197	123,876
Operating Segments \| Production Chemical Technologies
Segment Reporting Information [Line Items]
Total revenue	574,302	552,411	1,165,986	1,067,383
Income before income taxes	87,163	25,606	153,477	56,869
Operating Segments \| Production & Automation Technologies
Segment Reporting Information [Line Items]
Total revenue	254,156	242,399	505,704	462,748
Income before income taxes	33,208	23,650	68,000	48,360
Operating Segments \| Drilling Technologies
Segment Reporting Information [Line Items]
Total revenue	57,324	57,858	114,031	114,717
Income before income taxes	12,660	15,043	24,547	30,263
Operating Segments \| Reservoir Chemical Technologies
Segment Reporting Information [Line Items]
Total revenue	23,853	44,114	49,659	84,014
Income before income taxes	2,186	(8,147)	4,173	(11,616)
Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	16,965	35,790	39,567	69,670
Income before income taxes	$ 12,391	$ 17,896	$ 23,092	$ 29,690

DEBT - Long-term Debt (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 620,304,000	$ 648,438,000
Net unamortized discounts and issuance costs	(18,889,000)	(20,486,000)
Total long-term debt	601,415,000	627,952,000
Current portion of long-term debt	(6,250,000)	(6,250,000)
Long-term debt, less current portion	595,165,000	621,702,000
2022 Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Total	620,304,000	623,438,000
Revolving Credit Facility \| 2022 Revolving Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Total	$ 0	$ 25,000,000

ACQUISITIONS AND DIVESTITURES	6 Months Ended
ACQUISITIONS AND DIVESTITURES	Jun. 30, 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 three months ended March 31, 2023. There were no changes in the three month period ended June 30, 2023.

CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	6 Months Ended
CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Transfers from inventory	$ 54.8	$ 34.7

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income attributable to ChampionX	$ 95,797	$ 27,342	$ 159,329	$ 64,044
Weighted-average number of shares outstanding (in shares)	197,034	203,322	197,657	203,200
Dilutive effect of stock-based compensation (in shares)	3,701	5,392	4,037	5,663
Total shares and dilutive securities (in shares)	200,735	208,714	201,694	208,863
Earnings per share attributable to ChampionX:
Basic (in dollars per share)	$ 0.49	$ 0.13	$ 0.81	$ 0.32
Diluted (in dollars per share)	$ 0.48	$ 0.13	$ 0.79	$ 0.31
Number of antidilutive securities excluded (in shares)	1,000	400	800	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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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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+ Details

- Definition

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

+ References

+ Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 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	$ 72.2	$ 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

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2023		2022		2023		2022
Net income attributable to ChampionX	$	95,797	$	27,342	$	159,329	$	64,044

Weighted-average number of shares outstanding	197,034		203,322		197,657		203,200
Dilutive effect of stock-based compensation	3,701		5,392		4,037		5,663
Total shares and dilutive securities	200,735		208,714		201,694		208,863

Earnings per share attributable to ChampionX:
Basic	$	0.49	$	0.13	$	0.81	$	0.32
Diluted	$	0.48	$	0.13	$	0.79	$	0.31

CASH FLOW INFORMATION	6 Months Ended
CASH FLOW INFORMATION	Jun. 30, 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 six months ended June 30, 2023 and 2022, we transferred $54.8 million and $34.7 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.

FAIR VALUE MEASUREMENTS - Assets And Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Derivative assets	$ 8,438	$ 15,542
Liabilities
Derivative liabilities	3,821	4,209
Level 2 \| Fair Value, Recurring
Assets
Derivative assets	8,438	15,542
Liabilities
Derivative liabilities	3,821	4,209
Foreign currency forward contracts \| Level 2 \| Fair Value, Recurring
Assets
Derivative assets	2,456	7,066
Liabilities
Derivative liabilities	3,821	4,209
Interest rate swaps \| Level 2 \| Fair Value, Recurring
Assets
Derivative assets	5,982	8,476
Liabilities
Derivative liabilities	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

SUPPLY CHAIN FINANCE (Details) $ in Millions	Jun. 30, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Supply chain finance outstanding	$ 50.0

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accumulated depreciation on property, plant and equipment	$ 743,426	$ 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)	196,300,000	198,500,000
Common stock, shares outstanding (in shares)	196,300,000	198,500,000

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 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 second quarter cash dividend of $0.085 per share was declared on May 11, 2023 and is payable on July 28, 2023 to shareholders of record on July 7, 2023. As a result, we recorded a dividend payable of $17.3 million on our condensed consolidated balance sheet as of June 30, 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 June 30, 2023, we repurchased and cancelled 1,883,480 shares of common stock for a total of $51.2 million, including commissions and excise tax. During the six months ended June 30, 2023, we repurchased and cancelled 3,185,979 shares of common stock for a total of $91.6 million, including commissions and excise tax.

- Definition

The entire disclosure for equity.

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+ Details

ACQUISITIONS AND DIVESTITURES (Details) - USD ($)			3 Months Ended
ACQUISITIONS AND DIVESTITURES (Details) - USD ($)	Feb. 23, 2023	Feb. 23, 2022	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Goodwill				$ 669,067,000	$ 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

DERIVATIVES AND HEDGING TRANSACTIONS

6 Months Ended

Jun. 30, 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)	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Prepaid expenses and other current assets	$	7,705	$	11,911	$	—	$	—
Other non-current assets	733		3,631		—		—
Accrued expenses and other current liabilities	—		—		3,821		4,209

	$	8,438	$	15,542	$	3,821	$	4,209

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


(in thousands)	June 30, 2023		December 31, 2022
Notional value of foreign currency forward contracts and interest rate swaps	$	931,238	$	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 June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Loss (gain) reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	(966)	$	(118)	$	(1,923)	$	(47)
Interest expense	(1,322)		—		(2,259)		—
Loss on derivatives not designated as hedging instruments:
Other (income) expense, net	906		1,251		2,347		5,411
Total loss of derivative instruments	$	(1,382)	$	1,133	$	(1,835)	$	5,364

RESTRUCTURING EXPENSE - Schedule of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 3,960	$ 6,620	$ 6,190	$ 15,104
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring expense	1,013	5,147	2,544	1,008
Selling, general and administrative expense
Restructuring Cost and Reserve [Line Items]
Restructuring expense	2,947	1,473	3,646	14,096
Operating Segments \| Production Chemical Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring expense	3,434	336	4,578	11,972
Operating Segments \| Production & Automation Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring expense	0	125	785	(4,022)
Operating Segments \| Drilling Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring expense	0	0	0	0
Operating Segments \| Reservoir Chemical Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring expense	427	5,358	823	6,101
Corporate and other
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 99	$ 801	$ 4	$ 1,053

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0	$ 0
Contract liabilities - current	$ 20,549	$ 14,113

DEBT - Narrative (Details) - USD ($)	Jun. 29, 2022	Jun. 07, 2022	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Amount			$ 620,304,000	$ 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			620,304,000	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

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 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)	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Prepaid expenses and other current assets	$	7,705	$	11,911	$	—	$	—
Other non-current assets	733		3,631		—		—
Accrued expenses and other current liabilities	—		—		3,821		4,209

	$	8,438	$	15,542	$	3,821	$	4,209

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


(in thousands)	June 30, 2023		December 31, 2022
Notional value of foreign currency forward contracts and interest rate swaps	$	931,238	$	965,973

Schedule of Derivative Instruments

The loss of all derivative instruments recognized is summarized below:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Loss (gain) reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	(966)	$	(118)	$	(1,923)	$	(47)
Interest expense	(1,322)		—		(2,259)		—
Loss on derivatives not designated as hedging instruments:
Other (income) expense, net	906		1,251		2,347		5,411
Total loss of derivative instruments	$	(1,382)	$	1,133	$	(1,835)	$	5,364

- 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 + Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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, other than the newly required disclosures. 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.