0001723089-24-000011 | 10-K | XBRL Viewer

DEBT

Long-term debt consisted of the following:


	December 31,
(in thousands)	2023		2022
2022 Revolving Credit Facility	$	—	$	25,000


2022 Term Loan Facility	618,762		623,438

Total	618,762		648,438
Net unamortized discounts and issuance costs	(18,276)		(20,486)
Total long-term debt	600,486		627,952
Current portion of long-term debt (1)	(6,203)		(6,250)
Long-term debt, less current portion	$	594,283	$	621,702

_______________________

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

2022 Credit Facility

On June 7, 2022, we entered into a restated credit agreement (the “Restated Credit Agreement”), which amends and restates the prior credit agreement. The Restated Credit Agreement provides for (i) a $625.0 million seven-year senior secured term loan B facility (the “2022 Term Loan Facility”) and (ii) a five-year senior secured revolving credit facility in an aggregate principal amount of $700.0 million, of which $100.0 million is available for the issuance of letters of credit (the “2022 Revolving Credit Facility,” together with the 2022 Term Loan Facility, the “Senior Secured Credit Facility”). The full amount of the 2022 Term Loan Facility was funded, and $135.0 million of the 2022 Revolving Credit Facility was drawn, on June 7, 2022, with the aggregate proceeds used to repay outstanding amounts under our prior credit agreement, repay and terminate our 2020 Term Loan Facility, and to redeem all outstanding 6.375% Senior Notes due 2026 (the “Notes”). Proceeds from future borrowings under the 2022 Revolving Credit Facility are expected to be used for working capital and general corporate purposes. The initial amount drawn on the 2022 Revolving Credit Facility has been repaid. As of December 31, 2023, we had no amounts outstanding on the 2022 Revolving Credit Facility.

2022 Term Loan 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. On September 29, 2023, we amended the Restated Credit Agreement to, among other things, reprice the Company’s $620.3 million of existing term loans under the 2022 Term Loan Facility, in connection with which new term loans in the same amount were issued. The new term loans bear interest at a per annum rate of (i) an adjusted SOFR Rate plus 2.75% per annum or (ii) a base rate plus 1.75%. The new term loans may be prepaid at any time without penalty, other than a 1.00% premium if the loans are repriced at any time prior to March 30, 2024 and subject to the payment of customary breakage costs in the case of the SOFR rate loans. All other material terms of the Senior Secured Credit Facility remain unchanged. We were in compliance with all covenants as of December 31, 2023.

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 16—Fair Value Measurements and Note 17—Derivatives and Hedging Transactions for additional information on interest rate swaps.

2020 Term Loan Facility

The 2020 Term Loan Facility was entered into on June 3, 2020, and had an initial commitment of $537.0 million. Proceeds were utilized to fund a cash payment of $527.4 million to Ecolab upon the completion of the Merger. The remaining balance was repaid June 7, 2022.

2018 Term Loan Facility

The 2018 Term Loan Facility had an initial commitment of $415.0 million, which was funded on May 9, 2018. The remaining balance was repaid on June 7, 2022.

Senior Notes

On May 3, 2018, we completed the offering of $300.0 million in aggregate principal amount of Notes. All remaining Notes were redeemed June 7, 2022.

Redemptions and Repurchase

In connection with the Restated Credit Agreement, as noted above, we completed the redemption of all the remaining Notes at 103.188% of the principal amount thereof during 2022. We redeemed $92.0 million in aggregate principal amount of the Notes for $95.6 million in cash, including $0.6 million in accrued interest. In connection with these redemptions, we recognized a net loss of approximately $3.9 million for 2022, inclusive of the write off of the remaining unamortized debt financing costs related to the Notes, which is included in other expense (income), net in our consolidated statements of income.

During 2021, the Company completed the redemption of certain of the Company’s 6.375% Senior Notes at 104.781% of the principal amount thereof. We repurchased $185.0 million in aggregate principal amount of the Senior Notes for $196.6 million in cash, including $2.7 million in accrued interest. In connection with these redemptions, we recognized a net loss of approximately $11.1 million for the year ended December 31, 2021, inclusive of the write off of unamortized debt financing costs related to the extinguished portion of the Senior Notes, which is included in other expense (income), net in our consolidated statements of income.

As of December 31, 2023, aggregate contractual future principal payments on long-term debt are as follows:


(in thousands)	Principal Payments(1)
2024	$	6,203
2025	6,203
2026	6,203
2027	6,203
2028	6,203
Thereafter	587,747
Total	$	618,762

_______________________

(1) Principal payments included relate to our 2022 Term Loan Facility. See Note 10—Leases for future payments related to finance lease obligations.

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.

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Property, Plant and Equipment [Abstract]

SEGMENT INFORMATION - Other Business Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Capital expenditures	$ 142,324	$ 102,808	$ 84,464
Depreciation and amortization	235,936	241,880	237,285
Operating Segments \| Production Chemical Technologies
Segment Reporting Information [Line Items]
Capital expenditures	49,485	41,782	38,915
Depreciation and amortization	105,058	91,875	98,049
Operating Segments \| Production & Automation Technologies
Segment Reporting Information [Line Items]
Capital expenditures	86,029	56,363	40,137
Depreciation and amortization	109,017	103,592	101,575
Operating Segments \| Drilling Technologies
Segment Reporting Information [Line Items]
Capital expenditures	4,700	3,732	2,826
Depreciation and amortization	6,192	6,639	7,295
Operating Segments \| Reservoir Chemical Technologies
Segment Reporting Information [Line Items]
Depreciation and amortization	6,471	14,662	10,295
Corporate and other
Segment Reporting Information [Line Items]
Capital expenditures	2,110	931	2,586
Depreciation and amortization	$ 9,198	$ 25,112	$ 20,071

DEBT - Long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 29, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Aggregate principal outstanding	$ 618,762		$ 648,438
Net unamortized discounts and issuance costs	(18,276)		(20,486)
Total long-term debt	600,486		627,952
Current portion of long-term debt	(6,203)		(6,250)
Long-term debt, less current portion	594,283		621,702
Revolving Credit Facility \| 2022 Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate principal outstanding	0		25,000
Term Loan Facility \| 2022 Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal outstanding	$ 618,762	$ 620,300	$ 623,438

PROPERTY, PLANT, AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Property, Plant and Equipment

Property, plant and equipment, net consisted of the following:


	December 31,
(in thousands)	2023		2022
Land and land improvements	$	126,151	$	125,531
Buildings and improvements	311,436		308,278
Software	60,945		55,400
Machinery, equipment and other	1,056,387		938,827
	1,554,919		1,428,036
Accumulated depreciation	(781,367)		(693,226)
Property, plant and equipment, net	$	773,552	$	734,810

Components of our leased asset program, all of which are included within property, plant, and equipment, net on our consolidated balance sheet, are as follows:


(in thousands)	Useful life	December 31, 2023
Cable equipment	18 months	$	61,594
Downhole equipment	18 months	54,771
Surface equipment	5 years	103,075
Other lease equipment	3 - 5 years	19,154
		238,594
Accumulated depreciation		(138,697)
Leased assets, net		$	99,897

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is subject to various claims and contingencies related to, among other things, workers’ compensation, general liability (including product liability), automobile claims, health care claims, environmental matters, and lawsuits. We record liabilities where a contingent loss is probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. In accordance with applicable GAAP, the Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred. Lease Commitments See Note 10—Leases for a schedule of future minimum payments on our operating and finance lease arrangements. 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 December 31, 2023 and December 31, 2022, we had $70.7 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. Supply Agreements Vendor Supply Agreement We acquired a Vendor Supply Agreement from Ecolab related to the Merger, whereby Ecolab made payments in the aggregate of $25.0 million and the Company assumed the receivable for the repayment of this loan. The fair value of the expected future cash flows as of December 31, 2022, was $14.6 million, and included in other non-current assets on our consolidated balance sheets. During the second quarter of 2023, the receivable was settled and the net proceeds received were included in cash flows from operating activities for the year ended December 31, 2023. 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 8 locations, the majority of which are in the U.S., and environmental liabilities have been accrued reflecting our best estimate of future costs. Potential insurance reimbursements are not anticipated in the Company’s accruals for environmental liabilities. As of December 31, 2023 and December 31, 2022, environmental liability accruals related to these locations were $5.9 million and $5.9 million, respectively. Prior to our separation as an independent publicly traded company in 2018, groundwater contamination was discovered at the Norris Sucker Rods plant site located in Tulsa, Oklahoma (“Norris”). Initial remedial efforts were undertaken at the time of discovery of the contamination and Norris has since coordinated monitoring and remediation with the Oklahoma Department of Environmental Quality (“ODEQ”). As part of the ongoing long-term remediation process, Norris contracted an engineering and consulting firm to develop a range of possible additional remedial alternatives in order to accelerate the remediation process and associated cost estimates for the work. In October 2019, we received the firm’s preliminary remedial alternatives for consideration. We have submitted our long-term remediation plan and it was approved by ODEQ. We are now in discussion with ODEQ to finalize a consent order. Because we have not yet finalized the consent order for further remediation at the site and discussions with ODEQ remain ongoing, we cannot fully anticipate the timing, outcome or possible impact of such further remedial activities, financial or otherwise. As a result of the recommendations in the report, we accrued liabilities for these remediation efforts of approximately $2.0 million as of December 31, 2019. Liabilities could increase in the future at such time as we ultimately reach agreement with ODEQ on our remediation plan and such liabilities become probable and can be reasonably estimated, however, there have been no changes to our estimated liability as of December 31, 2023. Matters Related to Deepwater Horizon Incident Response On April 22, 2010, the deepwater drilling platform, the Deepwater Horizon, operated by a subsidiary of BP plc, sank in the Gulf of Mexico after an explosion and fire, resulting in a massive oil spill. Certain entities that are now subsidiaries of ChampionX as a result of the Merger (collectively the “COREXIT Defendants”) supplied COREXIT™ 9500, an oil dispersant product listed on the U.S. EPA National Contingency Plan Product Schedule, which was used in the response to the spill. In connection with the provision of COREXIT™ 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 had 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), plaintiff will have 30 days after entry of final judgment in the case to appeal the Court’s summary judgment decision. The Company intends to vigorously defend these lawsuits and 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.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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


		Carrying Amount
	Measurement Level	December 31,
(in thousands)		2023		2022
Assets
Foreign currency forward contracts	Level 2	$	6,231	$	7,066
Interest rate swaps	Level 2	5,599		8,476
Total		$	11,830	$	15,542

Liabilities
Foreign currency forward contracts	Level 2	$	5,354	$	4,209
Interest rate swaps	Level 2	—		—
Total		$	5,354	$	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 17—Derivatives and Hedging Transactions for further discussion of gross versus net presentation of the Company’s derivatives.

The fair value of our term loan facility is based on Level 2 quoted market prices for the same or similar debt instruments. The fair value of our revolving line of credit approximates carrying value due to the variable interest rates charged on the borrowings, which reprice frequently (Level 2). The carrying amount and the estimated fair value of long-term debt, including current maturities, held by the Company were:


	December 31, 2023				December 31, 2022
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2022 Revolving Credit Facility	$	—	$	—	$	25,000	$	25,000
2022 Term Loan Facility	$	618,762	$	623,402	$	623,438	$	610,969

Impairment of Goodwill and Long-lived Assets

We consider the inputs for our long-lived asset and goodwill impairment calculations to be Level 3 inputs in the fair value hierarchy. See Note 7—Goodwill and Intangible Assets for additional information.

Credit Risk

By their nature, financial instruments involve risk, including credit risk, for non-performance by counterparties. Financial instruments that potentially subject us to credit risk primarily consist of trade receivables. See Note 1—Basis of Presentation and Summary of Significant Accounting Policies for additional information on the mitigation of credit risk.

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.

Schedule of Assets and Liabilities Measured on Recurring Basis

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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


		Carrying Amount
	Measurement Level	December 31,
(in thousands)		2023		2022
Assets
Foreign currency forward contracts	Level 2	$	6,231	$	7,066
Interest rate swaps	Level 2	5,599		8,476
Total		$	11,830	$	15,542

Liabilities
Foreign currency forward contracts	Level 2	$	5,354	$	4,209
Interest rate swaps	Level 2	—		—
Total		$	5,354	$	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:


	December 31, 2023				December 31, 2022
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2022 Revolving Credit Facility	$	—	$	—	$	25,000	$	25,000
2022 Term Loan Facility	$	618,762	$	623,402	$	623,438	$	610,969

DERIVATIVES AND HEDGING TRANSACTIONS - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative Assets
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Derivative asset, current	$ 11,004	$ 11,911
Derivative asset, noncurrent	826	3,631
Derivative assets	$ 11,830	$ 15,542
Derivative Liabilities
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Derivative liability, current	$ 5,354	$ 4,209
Derivative liability, noncurrent	0	0
Derivative liabilities	$ 5,354	$ 4,209

EQUITY AND CASH INCENTIVE PROGRAMS - Fair Value and Average Attainment Used in Determining Compensation Cost of the Performance Shares (Details) - Performance shares - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Market Vesting Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at date of grant (in dollars per share)	$ 41.50	$ 23.90	$ 26.32
Performance Vesting Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value at date of grant (in dollars per share)	$ 31.96	$ 20.55	$ 17,610
Average attainment rate reflected in expense	100.00%	100.00%	100.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule of Leases, Balance Sheet Information

Schedule II - Valuation and Qualifying Accounts - Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 5,506	$ 7,662	$ 10,192
Charged to Cost and Expense	1,480	(927)	4,418
Accounts Written Off	(1,244)	(869)	(7,002)
Other	(8)	(360)	54
Balance at End of Year	$ 5,734	$ 5,506	$ 7,662

LEASES - Lease Cost and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Finance lease cost, amortization of right-of-use assets	$ 11,114	$ 6,024
Finance lease cost, interest on lease liabilities	2,480	695
Operating lease cost	35,163	42,365
Short-term and variable lease cost	18,845	24,291
Sublease income	0	0
Total lease cost	$ 67,602	$ 73,375
Operating lease, weighted-average remaining lease term (in years)	7 years 1 month 6 days	6 years 6 months
Finance lease, weighted-average remaining lease term (in years)	4 years 1 month 6 days	3 years 6 months
Operating lease, weighted-average discount rate (in percent)	6.40%	5.90%
Finance lease, weighted-average discount rate (in percent)	7.30%	5.70%

SUPPLY CHAIN FINANCE - Supply Chain Finance Payables (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Supplier Finance Program, Obligation [Roll Forward]
Beginning Balance	$ 36,421
Purchases	216,667
Payments	(222,357)
Other, including foreign currency translation	52
Ending Balance	$ 30,783

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases are presented in our consolidated balance sheet as follows:


		December 31,
(in thousands)	Balance Sheet Classification	2023		2022
Right-of Use Assets:
Finance leases	Property, plant, and equipment, net	$	41,554	$	17,435
Operating leases	Operating lease right-of-use assets	69,561		92,928
Total lease right-of-use assets		111,115		110,363
Lease Liabilities:
Finance leases - current	Accrued expenses and other current liabilities	$	11,723	$	5,983
Finance leases	Other long-term liabilities	31,202		11,955
Operating leases - current	Current portion of operating lease liabilities	23,292		28,838
Operating leases	Operating lease liabilities	41,975		59,686
Total lease liabilities		$	108,192	$	106,462

Schedule of Lease Costs and Other Information

Components of total lease cost were as follows:


	Years Ended December 31,
(in thousands)	2023		2022
Finance lease cost:
Amortization of right-of-use assets	$	11,114	$	6,024
Interest on lease liabilities	2,480		695
Operating lease cost	35,163		42,365
Short-term and variable lease cost	18,845		24,291
Sublease income	—		—
Total lease cost	$	67,602	$	73,375

Our weighted-average remaining lease term and weighted-average discount rate for operating and finance leases are as follows:


	December 31,
	2023		2022
Weighted-average remaining lease term (years):
Operating lease	7.1		6.5
Finance lease	4.1		3.5
Weighted-average discount rate:
Operating lease	6.4	%	5.9	%
Finance lease	7.3	%	5.7	%

Supplemental cash flow information related to our lease liabilities is as follows:


	Statement of Cash Flows Classification	December 31,
(in thousands)		2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating leases (1)	Operating	$	35,297	$	42,747
Finance leases - interest	Operating	$	2,480	$	695
Finance leases - principal	Financing	$	9,982	$	6,540
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets:
Operating leases	Non-cash	$	4,197	$	4,572
Finance leases	Non-cash	$	31,113	$	15,473

_______________________

(1) Cash required by operating leases is reported net of operating lease expense in the operating section of our consolidated statements of cash flows in accrued expenses and other liabilities.

Schedule of Future Minimum Operating Lease Payments

Future minimum payments, as determined in accordance with ASC 842, on our operating and finance leases as of December 31, 2023 are as follows:


(in thousands)	Operating		Finance
2024	$	27,829	$	14,434
2025	17,514		12,160
2026	9,169		9,236
2027	6,263		8,163
2028	2,917		5,176
Thereafter	19,374		616
Total future minimum lease payments	83,066		49,785
Interest included within lease payments	(17,799)		(6,860)
Total lease liabilities	$	65,267	$	42,925

Schedule of Future Minimum Financing Lease Payments

Future minimum payments, as determined in accordance with ASC 842, on our operating and finance leases as of December 31, 2023 are as follows:


(in thousands)	Operating		Finance
2024	$	27,829	$	14,434
2025	17,514		12,160
2026	9,169		9,236
2027	6,263		8,163
2028	2,917		5,176
Thereafter	19,374		616
Total future minimum lease payments	83,066		49,785
Interest included within lease payments	(17,799)		(6,860)
Total lease liabilities	$	65,267	$	42,925

Schedule of Leased Assets

Property, plant and equipment, net consisted of the following:


	December 31,
(in thousands)	2023		2022
Land and land improvements	$	126,151	$	125,531
Buildings and improvements	311,436		308,278
Software	60,945		55,400
Machinery, equipment and other	1,056,387		938,827
	1,554,919		1,428,036
Accumulated depreciation	(781,367)		(693,226)
Property, plant and equipment, net	$	773,552	$	734,810

Components of our leased asset program, all of which are included within property, plant, and equipment, net on our consolidated balance sheet, are as follows:


(in thousands)	Useful life	December 31, 2023
Cable equipment	18 months	$	61,594
Downhole equipment	18 months	54,771
Surface equipment	5 years	103,075
Other lease equipment	3 - 5 years	19,154
		238,594
Accumulated depreciation		(138,697)
Leased assets, net		$	99,897

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Net actuarial (loss) gain arising during period	$ (0.5)	$ 2.9	$ (8.5)
Unfunded liability	9.3	9.1
Defined benefit plan, net periodic benefit expense	$ 0.9	$ 1.3	$ 2.5

DEBT - Aggregate Contractual Future Principal Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 6,203
2025	6,203
2026	6,203
2027	6,203
2028	6,203
Thereafter	587,747
Total	$ 618,762

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Schedule of Domestic And Foreign Components Of Income (Loss) Before Income Taxes

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Domestic and foreign components of income before income taxes were as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Domestic	$	304,725	$	58,141	$	(2,099)
Foreign	119,099		138,665		154,784
Income before income taxes	$	423,824	$	196,806	$	152,685

Schedule of Provision For (Benefit From) Income Tax

The provision for (benefit from) income taxes consisted of:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Current:
U.S. federal	$	74,022	$	49,997	$	14,895
State and local	9,234		11,147		4,867
Foreign	44,121		24,381		40,149
Total current	127,377		85,525		59,911
Deferred:
U.S. federal	(17,219)		(35,207)		(24,962)
State and local	(3,198)		(4,900)		(862)
Foreign	(1,855)		(5,175)		4,358
Total deferred	(22,272)		(45,282)		(21,466)
Provision for income taxes	$	105,105	$	40,243	$	38,445

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate was different from the statutory U.S. federal income tax rate due to the following:


	Years Ended December 31,
	2023		2022		2021
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
Net difference resulting from:
State and local taxes, net of federal income tax benefit	1.1		0.6		2.1
Foreign withholding tax	4.0		5.7		8.5
Foreign derived intangible income	(1.9)		(1.0)		(0.7)
Foreign operations tax effect	2.1		2.8		(1.3)
Research and experimentation tax credits	(1.3)		(1.5)		(2.5)
Foreign tax credit	(3.9)		(4.5)		(9.9)
Nondeductible expenses	0.2		0.5		1.6
Branch income	1.2		3.5		7.6
Tax return to accrual adjustments	(1.6)		(2.1)		(7.3)
State deferred taxes	(0.2)		(1.0)		—
Goodwill impairment	—		1.8		—
Foreign inclusions (including global intangible low-taxed income)	4.3		3.5		6.6

Change in valuation allowance	0.8		(7.3)		1.8
Stock compensation	(2.1)		(3.6)		(3.7)
Nondeductible officer compensation	0.7		0.8		2.1
Other	0.4		1.2		(0.7)
Effective income tax rate	24.8	%	20.4	%	25.2	%

Schedule of Significant Components Of Deferred Tax Assets And Liabilities

Significant components of deferred tax assets and liabilities were as follows:


	December 31,
(in thousands)	2023		2022
Deferred tax assets attributable to:
Accrued compensation	$	10,558	$	11,840
Accrued expenses	6,565		7,713
Inventories	4,674		5,969
Net operating loss and other carryforwards	31,355		32,648
Accounts receivable	13,401		17,739
Lease liability	7,198		11,294
Research and Development	31,324		14,652
Long-term liabilities	—		1,141
Other assets	1,258		1,577
Deferred tax assets	106,333		104,573
Valuation allowance	(33,031)		(32,500)
Deferred tax assets, net of valuation allowance	$	73,302	$	72,073
Deferred tax liabilities attributable to:
Inventories	$	(3,462)	$	(4,338)
Intangible assets, including goodwill	(38,651)		(54,572)
Property, plant and equipment	(65,559)		(63,502)
Foreign withholding taxes	(15,934)		(16,922)
Lease asset	(7,012)		(12,792)
Investment in subsidiary	(1,950)		(1,973)
Long-term liabilities	(3,128)		—
Deferred tax liabilities	(135,696)		(154,099)
Net deferred tax liabilities	$	(62,394)	$	(82,026)

Classified as follows in the consolidated balance sheets:
Assets held for sale	$	—	$	3,165
Other non-current assets	9,103		10,742
Liabilities held for sale	—		(1,698)
Deferred income taxes	(71,497)		(94,235)
Net deferred tax liabilities	$	(62,394)	$	(82,026)

STOCKHOLDERS' EQUITY (Details) - USD ($)				12 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($)	Jan. 31, 2024	Nov. 09, 2023	Feb. 16, 2023	Dec. 31, 2023	Oct. 24, 2022	Mar. 07, 2022
Class of Stock [Line Items]
Approved quarterly cash dividend (in dollars per share)		$ 0.085	$ 0.085
Dividends payable				$ 17,300,000
Authorized amount of stock repurchase					$ 750,000,000	$ 250,000,000
Repurchase and cancellation of common stock (in shares)				8,965,320
Average price of common stock repurchased (in dollars per share)				$ 30.63
Repurchase and cancellation of common stock				$ 274,600,000
Subsequent Event
Class of Stock [Line Items]
Approved quarterly cash dividend (in dollars per share)	$ 0.095
Authorized amount of stock repurchase	$ 1,500,000,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule of Earnings (Loss) Per Share, Basic and Diluted

DERIVATIVES AND HEDGING TRANSACTIONS - Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Foreign Exchange Forward Contracts and Interest Rate Swap
Derivative [Line Items]
Notional value of foreign currency forward contracts and interest rate swaps	$ 892,711	$ 965,973

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash provided by (used for) operating activities:
Net income	$ 318,719	$ 156,563	$ 114,240
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	235,936	241,880	237,285
Loss (gain) on disposal groups	12,965	16,515	(38,131)
Loss on goodwill and long-lived asset impairments	0	39,617	0
Stock-based compensation	23,749	20,089	23,178
Provision for inventory obsolescence and write-downs	18,974	26,336	4,968
Loss on debt extinguishment and modification	0	4,043	11,098
Deferred income tax expense (benefit)	(22,272)	(45,282)	(20,552)
Gain on disposal of fixed assets	(1,046)	(1,683)	(2,240)
Amortization of deferred loan costs and accretion of discount	4,103	3,751	3,543
Other	5,948	1,888	1,097
Changes in operating assets and liabilities:
Receivables	70,021	(23,988)	(28,736)
Inventories	18,753	(52,426)	(124,154)
Leased assets	(51,247)	(25,275)	(5,151)
Other assets	20,395	(1,838)	300
Accounts payable	(53,891)	(13,366)	171,398
Other liabilities	(60,836)	66,536	(19,924)
Net cash provided by operating activities	540,271	413,360	328,219
Cash provided by (used for) investing activities:
Capital expenditures	(142,324)	(102,808)	(84,464)
Proceeds from disposal of business	0	0	66,786
Proceeds from sale of fixed assets	14,545	18,017	5,236
Acquisitions, net of cash acquired	0	(3,198)	(20,095)
Purchase of investments	0	0	(4,874)
Net cash used for investing activities	(127,779)	(87,989)	(37,411)
Cash provided by (used for) financing activities:
Proceeds from long-term debt	15,500	995,038	0
Repayment of long-term debt	(45,176)	(1,092,950)	(223,413)
Payment of debt issuance costs	(1,028)	(8,008)	0
Dividends paid	(64,980)	(45,594)	0
Repurchases of common stock	(277,575)	(180,142)	0
Proceeds from exercise of stock options	6,046	10,132	8,819
Payments related to taxes withheld on stock-based compensation	(9,763)	(11,964)	(9,777)
Distribution to noncontrolling interest	(3,505)	(3,016)	(3,718)
Payment of finance lease obligations	(9,982)	(6,540)	(6,258)
Proceeds expected to be remitted under the Accounts Receivable Facility	17,298	18,239	0
Net cash used for financing activities	(373,165)	(324,805)	(234,347)
Effect of exchange rate changes on cash and cash equivalents	(957)	(5,557)	(2,704)
Net increase (decrease) in cash and cash equivalents	38,370	(4,991)	53,757
Cash and cash equivalents at beginning of period	250,187	255,178	201,421
Cash and cash equivalents at end of period	$ 288,557	$ 250,187	$ 255,178

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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


	Years Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Net income attributable to ChampionX	$	314,238	$	154,969	$	113,299

Weighted-average number of shares outstanding	196,083		201,740		201,579
Dilutive effect of stock-based compensation	3,823		5,519		6,746
Total shares and dilutive securities	199,906		207,259		208,325

Basic earnings per share attributable to ChampionX	$	1.60	$	0.77	$	0.56
Diluted earnings per share attributable to ChampionX	$	1.57	$	0.75	$	0.54

PROPERTY, PLANT, AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following:


	December 31,
(in thousands)	2023		2022
Land and land improvements	$	126,151	$	125,531
Buildings and improvements	311,436		308,278
Software	60,945		55,400
Machinery, equipment and other	1,056,387		938,827
	1,554,919		1,428,036
Accumulated depreciation	(781,367)		(693,226)
Property, plant and equipment, net	$	773,552	$	734,810

Depreciation expense was $174.0 million, $154.6 million, and $149.8 million for the years ended December 31, 2023, 2022, and 2021, respectively.

EQUITY AND CASH INCENTIVE PROGRAMS - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 23,749	$ 20,089	$ 23,178
Tax benefit	(5,310)	(4,492)	(5,257)
Stock-based compensation expense, net of tax	$ 18,439	$ 15,597	$ 17,921

RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Other Related Charges

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


	Years Ended December 31,
(in thousands)	2023		2022		2021
Segment restructuring charges:
Production Chemical Technologies	$	4,662	$	13,899	$	6,508
Production & Automation Technologies	770		1,111		5,441
Drilling Technologies	—		—		—
Reservoir Chemical Technologies	856		47,692		415
Corporate and other	6		5,400		910
Total	$	6,294	$	68,102	$	13,274

Statements of Income classification:
Cost of goods and services	$	2,571	$	47,216	$	6,554
Selling, general and administrative expense	3,723		20,886		6,720
Total	$	6,294	$	68,102	$	13,274

The following table details our restructuring accrual activities during the year ended December 31, 2023:


(in thousands)	Restructuring Accrual Balance
December 31, 2022	$	28,518
Restructuring charges	6,294
Asset sales and write-offs	(787)
Payments	(20,049)
Other, including foreign currency translation	(2)
December 31, 2023	$	13,974

RESTRUCTURING - Restructuring and Other Related Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6,294	$ 68,102	$ 13,274
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,571	47,216	6,554
Selling, general and administrative expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,723	20,886	6,720
Operating Segments \| Production Chemical Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,662	13,899	6,508
Operating Segments \| Production & Automation Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	770	1,111	5,441
Operating Segments \| Drilling Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0	0
Operating Segments \| Reservoir Chemical Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	856	47,692	415
Corporate and other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6	$ 5,400	$ 910

EQUITY AND CASH INCENTIVE PROGRAMS - Non-Qualified Stock Options (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Shares
Options outstanding, balance at the beginning of the period (in shares) \| shares	3,737,657
Options granted (in shares) \| shares	0
Options forfeited/expired (in shares) \| shares	(23,420)
Options exercised (in shares) \| shares	(985,861)
Options outstanding, balance at the end of the period (in shares) \| shares	2,728,376
Options exercisable (in shares) \| shares	2,728,376
Weighted Average Exercise Price
Options outstanding, balance at the beginning of the period (in dollars per share) \| $ / shares	$ 6.35
Options granted (in dollars per share) \| $ / shares	0
Options forfeited/expired (in dollars per share) \| $ / shares	6.96
Options exercised (in dollars per share) \| $ / shares	6.18
Options outstanding, balance at the end of the period (in dollars per share) \| $ / shares	6.41
Options exercisable, weighted-average exercise price (in dollars per share) \| $ / shares	$ 6.41
Weighted-average remaining contractual term, outstanding at end of period (in years)	3 years 3 months 18 days
Options exercisable, weighted average remaining contractual term (in years)	3 years 3 months 18 days
Aggregate intrinsic value, at end of period \| $	$ 62,214
Aggregate intrinsic value, options \| $	$ 62,214

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


	Years Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Net income attributable to ChampionX	$	314,238	$	154,969	$	113,299

Weighted-average number of shares outstanding	196,083		201,740		201,579
Dilutive effect of stock-based compensation	3,823		5,519		6,746
Total shares and dilutive securities	199,906		207,259		208,325

Basic earnings per share attributable to ChampionX	$	1.60	$	0.77	$	0.56
Diluted earnings per share attributable to ChampionX	$	1.57	$	0.75	$	0.54

For all periods presented, the computation of diluted earnings (losses) per share excludes awards with an anti-dilutive impact. For the years ended December 31, 2023, 2022, and 2021, the diluted shares include the dilutive impact of equity awards except for approximately 0.3 million, 0.4 million, and 0.4 million shares, respectively, that were excluded because their inclusion would be anti-dilutive.

EARNINGS PER SHARE - Reconciliation of the Shares Used in EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income attributable to ChampionX	$ 314,238	$ 154,969	$ 113,299
Weighted-average number of shares outstanding (in shares)	196,083	201,740	201,579
Dilutive effect of stock-based compensation (in shares)	3,823	5,519	6,746
Total shares and dilutive securities (in shares)	199,906	207,259	208,325
Basic earnings per share attributable to ChampionX (in dollars per share)	$ 1.60	$ 0.77	$ 0.56
Diluted earnings per share attributable to ChampionX (in dollars per share)	$ 1.57	$ 0.75	$ 0.54

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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Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

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 consolidated balance sheet.


	Derivative Assets				Derivative Liabilities
	December 31,				December 31,
(in thousands)	2023		2022		2023		2022
Prepaid expenses and other current assets	$	11,004	$	11,911	$	—	$	—
Other non-current assets	826		3,631		—		—
Accrued expenses and other current liabilities	—		—		5,354		4,209
Other long-term liabilities	—		—		—		—
	$	11,830	$	15,542	$	5,354	$	4,209

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


	December 31,
(in thousands)	2023		2022
Notional value of foreign currency forward contracts and interest rate swaps	$	892,711	$	965,973

Schedule of Loss on Derivative Instruments

The loss on all derivative instruments recognized is summarized below:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Loss (gain) reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	(2,571)	$	(1,665)	$	3,717
Interest expense	(5,034)		549		—
Loss on derivatives not designated as hedging instruments:
Foreign currency transaction losses, net	1,195		7,147		3,589
Total gain of derivative instruments	$	(6,410)	$	6,031	$	7,306

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.

Goodwill and Intangible Assets Disclosure [Abstract]

ACQUISITIONS AND DIVESTITURES	12 Months Ended
ACQUISITIONS AND DIVESTITURES	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Acquisitions Leak Surveys On February 23, 2022, we acquired the assets of Leak Surveys, a leader in optical gas imaging technology that provides aerial and ground-based emissions leak detection to the oil and gas industry. These assets are 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. The pro forma effect of this acquisition on revenue and net income has been determined to be immaterial to our financial statements. Divestitures Russia 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, resulting in net charges of $16.5 million for the year ended December 31, 2022. 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 other charges in the year ended December 31, 2023. The Corsicana Plant On September 7, 2021, we sold the U.S.-based assets associated with our chemical manufacturing plant in Corsicana, Texas (the “Corsicana Plant”) for a total purchase price of $70.0 million, subject to certain closing costs, pursuant to an Asset Purchase Agreement. The sale constituted an asset sale for accounting purposes. Upon closing of the transaction, we received $68.8 million in cash, including $3.5 million to be held in escrow for one year to cover post-closing indemnification obligations and is included in restricted cash on our consolidated balance sheet as of December 31, 2021. Proceeds from the sale were used to pay down debt. As of December 31, 2022, the escrow account was settled. Pursuant to the Asset Purchase Agreement, we sold all of our property, plant and equipment as well as all other assets necessary to operate the Corsicana Plant. Total assets sold primarily consisted of $23.6 million in property, plant and equipment, $2.2 million in inventory, and $1.8 million in spare parts. We recognized a net gain of $38.1 million, which is included in our consolidated statements of income for the year ended December 31, 2021 and reflected in our Reservoir Chemical Technologies segment.

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets attributable to:
Accrued compensation	$ 10,558	$ 11,840
Accrued expenses	6,565	7,713
Inventories	4,674	5,969
Net operating loss and other carryforwards	31,355	32,648
Accounts receivable	13,401	17,739
Lease liability	7,198	11,294
Research and Development	31,324	14,652
Long-term liabilities	0	1,141
Other assets	1,258	1,577
Deferred tax assets	106,333	104,573
Valuation allowance	(33,031)	(32,500)
Deferred tax assets, net of valuation allowance	73,302	72,073
Deferred tax liabilities attributable to:
Inventories	(3,462)	(4,338)
Intangible assets, including goodwill	(38,651)	(54,572)
Property, plant and equipment	(65,559)	(63,502)
Foreign withholding taxes	(15,934)	(16,922)
Lease asset	(7,012)	(12,792)
Investment in subsidiary	(1,950)	(1,973)
Long-term liabilities	(3,128)	0
Deferred tax liabilities	(135,696)	(154,099)
Net deferred tax liabilities	(62,394)	(82,026)
Assets held for sale	0	3,165
Other non-current assets	9,103	10,742
Liabilities held for sale	0	(1,698)
Deferred income taxes	$ (71,497)	$ (94,235)

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

GOODWILL AND INTANGIBLE ASSETS

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, 2021	$	356,638	$	205,467	$	101,136	$	39,626	$	702,867
Acquisition (1)	—		6,345		—		—		6,345
Allocated to disposal group (2)	(2,695)		—		—		—		(2,695)
Impairment	—		—		—		(39,617)		(39,617)
Foreign currency translation	13,141		(544)		—		(9)		12,588
December 31, 2022	367,084		211,268		101,136		—		679,488



Foreign currency translation	(10,526)		102		—		—		(10,424)
December 31, 2023	$	356,558	$	211,370	$	101,136	$	—	$	669,064

_______________________

(1) See Note 4—Acquisitions and Divestitures for additional information related to the acquisition completed in February 2022.

(2) See Note 4—Acquisitions and Divestitures for additional information on the reclassification of assets and liabilities held for sale related to our Russia CT Business.

As part of our annual goodwill impairment analysis, on October 1, 2022, we performed a quantitative goodwill impairment analysis for each of our reporting units. As part of our forecasted operating plan that took place during the fourth quarter of 2022, we adjusted the future projected cash flows from our Reservoir Chemical Technologies reporting unit given our market focus and relative size of the business within our portfolio. We determined that the fair values were less than the respective carrying values for our Reservoir Chemical Technologies reporting unit. As a result, we recorded a goodwill impairment charge totaling $39.6 million to write off the remaining goodwill within that reporting unit. There were no negative conditions, or triggering events, that occurred prior to our annual goodwill impairment analysis requiring us to perform an impairment review. The entire goodwill impairment charge is non-taxable and was recognized in determining our effective tax rate for the period.

We completed our annual impairment test as of October 1, 2023 for Production Chemical Technologies, Production & Automation Technologies and Drilling Technologies and concluded that the goodwill related to these reporting units was not impaired. The annual impairment test did not include Reservoir Chemical Technologies as that reporting unit had no goodwill.

Intangible Assets

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


	December 31, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships (1)	$	583,326	$	438,181	$	145,145	$	582,466	$	407,212	$	175,254
Unpatented technologies	142,760		75,224		67,536		142,760		56,264		86,496
Favorable supply agreements (2)	—		—		—		57,000		49,056		7,944
Trademarks	59,862		39,564		20,298		59,856		36,048		23,808
Patents	36,438		30,664		5,774		38,175		31,481		6,694
Other	1,554		1,554		—		5,274		5,260		14
	823,940		585,187		238,753		885,531		585,321		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	$	828,740	$	585,187	$	243,553	$	890,331	$	585,321	$	305,010

_______________________

(1) During 2022, we reclassified $5.5 million of net intangible assets related to our Russia CT Business within our Production Chemical Technologies segment to assets held for sale. See Note 4—Acquisitions and Divestitures for further information.

(2) During 2022, we wrote off the remaining $1.3 million of favorable supply agreements within our Reservoir Chemical Technologies segment as part of the restructuring plan to exit certain product lines.

Amortization expense related to our intangible assets was $61.9 million, $87.3 million, and $87.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. Estimated future amortization expense related to intangible assets held as of December 31, 2023, is as follows:


(in thousands)	Estimated Amortization
2024	$	48,222
2025	37,186
2026	36,827
2027	25,752
2028	16,496

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%
State and local taxes, net of federal income tax benefit	1.10%	0.60%	2.10%
Foreign withholding tax	4.00%	5.70%	8.50%
Foreign derived intangible income	(1.90%)	(1.00%)	(0.70%)
Foreign operations tax effect	2.10%	2.80%	(1.30%)
Research and experimentation tax credits	(1.30%)	(1.50%)	(2.50%)
Foreign tax credit	(3.90%)	(4.50%)	(9.90%)
Nondeductible expenses	0.20%	0.50%	1.60%
Branch income	1.20%	3.50%	7.60%
Tax return to accrual adjustments	(1.60%)	(2.10%)	(7.30%)
State deferred taxes	(0.20%)	(1.00%)	0.00%
Goodwill impairment	0.00%	1.80%	0.00%
Foreign inclusions (including global intangible low-taxed income)	4.30%	3.50%	6.60%
Change in valuation allowance	0.80%	(7.30%)	1.80%
Stock compensation	(2.10%)	(3.60%)	(3.70%)
Nondeductible officer compensation	0.70%	0.80%	2.10%
Other	0.40%	1.20%	(0.70%)
Effective income tax rate	24.80%	20.40%	25.20%

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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, 2021	$	356,638	$	205,467	$	101,136	$	39,626	$	702,867
Acquisition (1)	—		6,345		—		—		6,345
Allocated to disposal group (2)	(2,695)		—		—		—		(2,695)
Impairment	—		—		—		(39,617)		(39,617)
Foreign currency translation	13,141		(544)		—		(9)		12,588
December 31, 2022	367,084		211,268		101,136		—		679,488



Foreign currency translation	(10,526)		102		—		—		(10,424)
December 31, 2023	$	356,558	$	211,370	$	101,136	$	—	$	669,064

_______________________

(1) See Note 4—Acquisitions and Divestitures for additional information related to the acquisition completed in February 2022.

(2) See Note 4—Acquisitions and Divestitures for additional information on the reclassification of assets and liabilities held for sale related to our Russia CT Business.

Schedule of Finite-Lived Intangible Assets

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


	December 31, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships (1)	$	583,326	$	438,181	$	145,145	$	582,466	$	407,212	$	175,254
Unpatented technologies	142,760		75,224		67,536		142,760		56,264		86,496
Favorable supply agreements (2)	—		—		—		57,000		49,056		7,944
Trademarks	59,862		39,564		20,298		59,856		36,048		23,808
Patents	36,438		30,664		5,774		38,175		31,481		6,694
Other	1,554		1,554		—		5,274		5,260		14
	823,940		585,187		238,753		885,531		585,321		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	$	828,740	$	585,187	$	243,553	$	890,331	$	585,321	$	305,010

_______________________

Schedule of Indefinite-Lived Intangible Assets

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


	December 31, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships (1)	$	583,326	$	438,181	$	145,145	$	582,466	$	407,212	$	175,254
Unpatented technologies	142,760		75,224		67,536		142,760		56,264		86,496
Favorable supply agreements (2)	—		—		—		57,000		49,056		7,944
Trademarks	59,862		39,564		20,298		59,856		36,048		23,808
Patents	36,438		30,664		5,774		38,175		31,481		6,694
Other	1,554		1,554		—		5,274		5,260		14
	823,940		585,187		238,753		885,531		585,321		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	$	828,740	$	585,187	$	243,553	$	890,331	$	585,321	$	305,010

_______________________

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future amortization expense related to intangible assets held as of December 31, 2023, is as follows:


(in thousands)	Estimated Amortization
2024	$	48,222
2025	37,186
2026	36,827
2027	25,752
2028	16,496

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

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SUPPLY CHAIN FINANCE - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Supply chain finance outstanding	$ 30,783	$ 36,421
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially diluted securities excluded as anti-dilutive (in shares)	0.3	0.4	0.4

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

Lessee Accounting

We have operating and finance leases for real estate, vehicles, and equipment. Certain of our vehicle leases include residual value guarantees, which have been excluded from the measurement of our lease liabilities as we do not believe it is probable the residual value guarantees will be paid at the end of the lease. Our real estate and vehicle leases generally include options to renew or extend the lease term at our discretion. These options are included in the measurement of our lease liabilities only when it is reasonably certain that we will exercise these rights.

Balance sheet presentation—Leases are presented in our consolidated balance sheet as follows:


		December 31,
(in thousands)	Balance Sheet Classification	2023		2022
Right-of Use Assets:
Finance leases	Property, plant, and equipment, net	$	41,554	$	17,435
Operating leases	Operating lease right-of-use assets	69,561		92,928
Total lease right-of-use assets		111,115		110,363
Lease Liabilities:
Finance leases - current	Accrued expenses and other current liabilities	$	11,723	$	5,983
Finance leases	Other long-term liabilities	31,202		11,955
Operating leases - current	Current portion of operating lease liabilities	23,292		28,838
Operating leases	Operating lease liabilities	41,975		59,686
Total lease liabilities		$	108,192	$	106,462

Components of total lease cost—Components of total lease cost were as follows:


	Years Ended December 31,
(in thousands)	2023		2022
Finance lease cost:
Amortization of right-of-use assets	$	11,114	$	6,024
Interest on lease liabilities	2,480		695
Operating lease cost	35,163		42,365
Short-term and variable lease cost	18,845		24,291
Sublease income	—		—
Total lease cost	$	67,602	$	73,375

Lease term and discount rate—Our weighted-average remaining lease term and weighted-average discount rate for operating and finance leases are as follows:


	December 31,
	2023		2022
Weighted-average remaining lease term (years):
Operating lease	7.1		6.5
Finance lease	4.1		3.5
Weighted-average discount rate:
Operating lease	6.4	%	5.9	%
Finance lease	7.3	%	5.7	%

Maturity Analysis—Future minimum payments, as determined in accordance with ASC 842, on our operating and finance leases as of December 31, 2023 are as follows:


(in thousands)	Operating		Finance
2024	$	27,829	$	14,434
2025	17,514		12,160
2026	9,169		9,236
2027	6,263		8,163
2028	2,917		5,176
Thereafter	19,374		616
Total future minimum lease payments	83,066		49,785
Interest included within lease payments	(17,799)		(6,860)
Total lease liabilities	$	65,267	$	42,925

Lessor Accounting

Lease revenue is primarily generated from our ESP leased asset program within our Production & Automation Technologies segment. An ESP rental unit has components consisting of surface, downhole and cable equipment. The average length of these arrangements generally range from 12 months to 14 months. Lease revenue for our leased asset programs was $84.2 million and $71.1 million for the years ended December 31, 2023 and 2022, respectively.

Leased assets—Components of our leased asset program, all of which are included within property, plant, and equipment, net on our consolidated balance sheet, are as follows:


(in thousands)	Useful life	December 31, 2023
Cable equipment	18 months	$	61,594
Downhole equipment	18 months	54,771
Surface equipment	5 years	103,075
Other lease equipment	3 - 5 years	19,154
		238,594
Accumulated depreciation		(138,697)
Leased assets, net		$	99,897

Depreciation expense on our leased assets was $67.4 million and $47.2 million for the year ended December 31, 2023 and 2022, respectively.

LEASES

Lessee Accounting

Balance sheet presentation—Leases are presented in our consolidated balance sheet as follows:


		December 31,
(in thousands)	Balance Sheet Classification	2023		2022
Right-of Use Assets:
Finance leases	Property, plant, and equipment, net	$	41,554	$	17,435
Operating leases	Operating lease right-of-use assets	69,561		92,928
Total lease right-of-use assets		111,115		110,363
Lease Liabilities:
Finance leases - current	Accrued expenses and other current liabilities	$	11,723	$	5,983
Finance leases	Other long-term liabilities	31,202		11,955
Operating leases - current	Current portion of operating lease liabilities	23,292		28,838
Operating leases	Operating lease liabilities	41,975		59,686
Total lease liabilities		$	108,192	$	106,462

Components of total lease cost—Components of total lease cost were as follows:


	Years Ended December 31,
(in thousands)	2023		2022
Finance lease cost:
Amortization of right-of-use assets	$	11,114	$	6,024
Interest on lease liabilities	2,480		695
Operating lease cost	35,163		42,365
Short-term and variable lease cost	18,845		24,291
Sublease income	—		—
Total lease cost	$	67,602	$	73,375

Lease term and discount rate—Our weighted-average remaining lease term and weighted-average discount rate for operating and finance leases are as follows:


	December 31,
	2023		2022
Weighted-average remaining lease term (years):
Operating lease	7.1		6.5
Finance lease	4.1		3.5
Weighted-average discount rate:
Operating lease	6.4	%	5.9	%
Finance lease	7.3	%	5.7	%

Maturity Analysis—Future minimum payments, as determined in accordance with ASC 842, on our operating and finance leases as of December 31, 2023 are as follows:


(in thousands)	Operating		Finance
2024	$	27,829	$	14,434
2025	17,514		12,160
2026	9,169		9,236
2027	6,263		8,163
2028	2,917		5,176
Thereafter	19,374		616
Total future minimum lease payments	83,066		49,785
Interest included within lease payments	(17,799)		(6,860)
Total lease liabilities	$	65,267	$	42,925

Lessor Accounting

Leased assets—Components of our leased asset program, all of which are included within property, plant, and equipment, net on our consolidated balance sheet, are as follows:


(in thousands)	Useful life	December 31, 2023
Cable equipment	18 months	$	61,594
Downhole equipment	18 months	54,771
Surface equipment	5 years	103,075
Other lease equipment	3 - 5 years	19,154
		238,594
Accumulated depreciation		(138,697)
Leased assets, net		$	99,897

Depreciation expense on our leased assets was $67.4 million and $47.2 million for the year ended December 31, 2023 and 2022, respectively.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared to common shareholders (in dollars per share)	$ 0.34	$ 0.30
Currency translation adjustments	$ (2)	$ (425)
Distributions declared and paid to noncontrolling interest	$ (3,505)	$ (3,016)

LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Finance lease, right-of-use asset	$ 41,554	$ 17,435
Operating lease right-of-use assets	69,561	92,928
Total lease right-of-use assets	111,115	110,363
Finance leases - current	11,723	5,983
Finance leases	31,202	11,955
Current portion of operating lease liabilities	23,292	28,838
Operating lease liabilities	41,975	59,686
Total lease liability	$ 108,192	$ 106,462
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities

Schedule II - Valuation and Qualifying Accounts - LIFO and Inventory Valuation Adjustments (Details) - Inventory Reserves (including LIFO) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 87,238	$ 78,923	$ 39,579
Additions	18,974	26,306	44,435
Reductions	(27,578)	(16,566)	(4,811)
Other	(429)	(1,425)	(280)
Balance at End of Year	$ 78,205	$ 87,238	$ 78,923

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 48,222
2025	37,186
2026	36,827
2027	25,752
2028	$ 16,496

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Dividends On February 16, 2023, our Board approved an increase of our regular quarterly cash dividend to $0.085 per share of the Company’s common stock. Our January 2024 cash dividend of $0.085 per share was declared on November 9, 2023, and was paid on January 26, 2024 to shareholders of record on January 5, 2024. As a result, we recorded a dividend payable of $17.3 million on our consolidated balance sheet as of December 31, 2023. On January 31, 2024, our Board approved an increase of our regular quarterly cash dividend to $0.095 per share of the Company’s common stock and declared our next quarterly cash dividend payable on April 26, 2024 to shareholders of record on April 5, 2024. 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, which was increased to $750 million by the Board on October 24, 2022. On January 31, 2024, our Board authorized an increase in the aggregate value of shares that may be repurchased under the share repurchase program to $1.5 billion. This program has no time limit and does not obligate the Company to acquire any particular amount of shares of its common stock. During 2023, we repurchased and cancelled 8,965,320 shares of common stock at a volume-weighted average price of $30.63 per share for a total of $274.6 million including commissions.

The entire disclosure for equity.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of the Business

ChampionX Corporation is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. Our expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well.

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

On June 3, 2020, the Company and Ecolab Inc. (“Ecolab”) completed a Reverse Morris Trust transaction in which we acquired the Chemical Technologies business (the “Merger”). At the completion of the Merger, the Company changed its name from Apergy Corporation (“Apergy”) to ChampionX Corporation.

Basis of Presentation

Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany accounts and transactions have been eliminated.

Significant Accounting Policies

Use of estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Such estimates include, but are not limited to, net realizable value of inventories; allowance for doubtful accounts; pension and post-retirement plans; future cash flows associated with impairment testing of goodwill; indefinite-lived intangible assets and other long-lived assets; estimates related to income taxes; and estimates related to contingencies.

Cash and cash equivalents—Cash equivalents are highly liquid, short-term investments with original maturities of three months or less from their date of purchase.

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

Inventories, net—Inventories are stated at the lower of cost or net realizable value. The majority of our inventory costs are determined on the first-in, first-out (FIFO) basis. As of December 31, 2023 and 2022, approximately 28% and 28%, respectively, of our total net inventories were accounted for using the last-in, first-out (LIFO) basis. Under the LIFO method, the cost assigned to items sold is based on the cost of the most recent items purchased. As a result, the costs of the first items purchased remain in inventory and are used to value ending inventory.

Inventories, net consisted of the following:


	December 31,
(in thousands)	2023		2022
Raw materials	$	137,402	$	142,571
Work in progress	16,915		19,582
Finished goods	445,437		467,628
	599,754		629,781
Inventory reserve	(29,081)		(24,702)
LIFO adjustments (1)	(49,124)		(62,536)
Inventories, net	$	521,549	$	542,543

_______________________

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

Property, plant and equipment, net—Property, plant and equipment is recorded at cost, or fair value for those assets acquired in a business combination. Depreciation is applied on the straight-line basis over the estimated useful lives of our assets as follows: buildings and improvements 5 to 40 years; machinery and equipment 1 to 20 years; and software 3 to 7 years. Expenditures for maintenance and repairs are expensed as incurred. Gains and losses are realized upon the sale or disposition of assets and are recorded in other expense (income), net on our consolidated statements of income.

Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of the long-lived asset may not be recoverable. The carrying value of a long-lived asset is not recoverable to the extent it exceeds the sum of undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the impairment loss is measured as the amount by which the carrying value of the long-lived asset exceeds its fair value.

Goodwill and intangible assets, net—We review goodwill for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount of such goodwill allocated to reporting units may exceed their fair value. We initially assess goodwill for impairment based on qualitative factors to determine whether it is necessary to perform a goodwill impairment test. When performing the quantitative assessment, we estimate fair value of our reporting units using an income approach. Our income-based valuation method determines the present value of estimated future cash flows to estimate the fair value of a reporting unit, which requires the use of significant unobservable inputs, and represents a Level 3 fair value measurement. Significant assumptions used in estimating our reporting unit fair values include discount rate, revenue growth rates, future operating margins, future capital expenditures, changes in working capital requirements and terminal growth rates. If the carrying amount exceeds the fair value, an impairment charge will be recognized in an amount equal to the excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.

Our finite-lived acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which generally range from 3 to 15 years. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not recoverable to the extent it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the intangible asset exceeds its fair value. We have two intangible assets with an indefinite life which are tested annually for impairment.

See Note 7—Goodwill and Intangible Assets for additional information related to our impairment analysis.

Revenue Recognition—Revenue is recognized upon the transfer of control of the related goods and services to the customer. The majority of our revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of control, which typically occurs as title and risk of loss transfers. We account for shipping and handling activities performed after control of a good has been transferred to the customer as a contract fulfillment cost rather than a separate performance obligation. Revenue arrangements with customers may require delivery, installation, testing, or other acceptance provisions to be satisfied before revenue is recognized. Service revenue is recognized as the services are performed.

Estimates are used to determine the amount of variable consideration in contracts, as well as the determination of the standalone selling price among separate performance obligations. No material variable consideration has been identified within our contracts.

Lessor accounting—Our lease arrangements generally allow customers to rent equipment on a daily basis with no stated end date. Customers may return the equipment at any point subsequent to the lease commencement date without penalty. We account for these arrangements as a daily renewal option beginning on the lease commencement date, with the lease term determined as the period in which it is reasonably certain the option will be exercised. Based on our assessment of the lease classification criteria, our lease arrangements have been classified as operating leases. Our lease arrangements generally include lease and non-lease components for which revenue is recognized based on each component’s standalone selling price. Lease revenue is recognized on a straight-line basis over the term of the lease and is included in lease and other revenue in the consolidated statements of income. Non-lease components related to our lease arrangements, such as installation, monitoring and field service support, are recognized in accordance with our revenue recognition accounting policy. Assets in our lease program are reported in property, plant, and equipment, net on our consolidated balance sheets and are depreciated over their estimated useful lives. Certain contracts allow for leased equipment damaged in operation to be charged to the customer. Charges for damaged leased equipment is recorded as product revenue and the remaining net book value of the leased asset is expensed as costs of goods and services in the consolidated statements of income.

Lessee accounting—Lease liabilities are measured at the lease commencement date and are based on the present value of remaining payments contractually required under the contract. Payments that are variable in nature are excluded from the measurement of our lease liabilities and are recorded as an expense as incurred. Options to renew or extend a lease are included in the measurement of our lease liabilities only when it is reasonably certain that we will exercise these rights. In estimating the present value of our lease liabilities, payments are discounted at our incremental borrowing rate (“IBR”), which we apply utilizing a portfolio approach. We utilize information publicly available from companies within our industry with similar credit profiles to construct a company-specific yield curve in order to estimate the rate of interest we would pay to borrow at various lease terms. At lease commencement, we recognize a lease right-of-use asset equal to our lease liability, adjusted for lease payments paid to the lessor prior to the lease commencement date, and any initial direct costs incurred. Operating lease expense is recorded on a straight-line basis over the lease term. For finance leases, we amortize our right-of-use assets on a straight-line basis over the shorter of the asset’s useful life or the lease term. Additionally, interest expense is recognized each period related to the accretion of our lease liabilities over their respective lease terms.

Stock-based compensation—The cost of stock-based awards is measured at the grant date and is based on the fair value of the award. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period and is included in selling, general and administrative expense in our consolidated statements of income. Forfeitures are accounted for as they occur, but are not material to the financial statements. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service.

Research and development costs—Research and development costs are expensed as incurred and amounted to $53.3 million, $45.1 million, and $46.5 million for the years ended December 31, 2023, 2022, and 2021, respectively, and are included in selling, general and administrative expense in the consolidated statements of income.

Income Taxes—Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. We record valuation allowances related to our deferred tax assets when we determine it is more likely than not the benefits will not be realized. Interest and penalties related to unrecognized tax benefits are recorded as a component of our provision for income taxes. We have recorded a deferred tax liability of approximately $15.9 million for foreign withholding taxes on our undistributed foreign earnings from jurisdictions which impose such taxes.

The Global Intangible Low-Taxed Income (“GILTI”) provisions of the Tax Reform Act require us to include in our U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. We have elected to account for GILTI tax in the period in which it is incurred.

Earnings per share (“EPS”)—Basic EPS is computed using the weighted-average number of common shares outstanding during the year. We use the treasury stock method to compute diluted EPS which gives effect to the potential dilution of earnings that could have occurred if additional shares were issued for awards granted under our incentive compensation and stock plan. The treasury stock method assumes proceeds that would be obtained upon exercise of awards granted under our incentive compensation and stock plan are used to purchase outstanding common stock at the average market price during the period.

Investments in Affiliated Companies—Investments in companies in which ChampionX does not have a controlling financial interest, but over which it has significant influence, are accounted for using the equity method and reported within other non-current assets in our consolidated balance sheets. ChampionX’s share of the after-tax earnings of equity method investees is included within other expense (income), net in our consolidated statements of income.

Fair value measurements—We record our financial assets and financial liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date (an exit price). In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.

Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

•Level 1 — Unadjusted quoted prices in active markets for identical assets and liabilities.

•Level 2 — Observable inputs other than quoted prices included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

•Level 3 — Unobservable inputs reflecting management’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

Derivative financial instruments— 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. See Note 17—Derivatives and Hedging Transactions for further information.

Foreign currency—Financial statements of operations for which the U.S. dollar is not the functional currency, and are located in non-highly inflationary countries, are translated into U.S. dollars prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the weighted-average monthly exchange rates. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive income in stockholders’ equity until the foreign entity is sold or liquidated. Assets and liabilities of an entity that are denominated in currencies other than an entity’s functional currency are remeasured into the functional currency using end of period exchange rates or historical rates when applicable to certain balances. Gains and losses related to these re-measurements are recorded in our consolidated statements of income in foreign currency transaction losses.

Reclassification—Foreign currency transaction losses, net, previously included in other expense (income), net, have been reclassified as a separate line on the consolidated statements of income. Prior period amounts also have been reclassified to conform to the current period presentation. These reclassifications had no effect on the reported results of operations.

EQUITY AND CASH INCENTIVE PROGRAMS

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

EQUITY AND CASH INCENTIVE PROGRAMS

Our Board of Directors (“Board”) adopted the 2018 Equity and Cash Incentive Plan (“2018 Plan”). The 2018 Plan was amended and restated in 2020 to increase the shares of common stock reserved for issuance under the 2018 Plan to 18.2 million, and in 2021 to increase the shares of common stock reserved for issuance to 31.4 million, in each case subject to customary adjustments arising from stock splits and other similar changes, along with other amendments.

The 2018 Plan authorizes the grant of stock options, stock-settled stock appreciation rights (“SARs”), restricted stock awards, restricted stock units, performance share awards, cash performance awards, directors’ shares and deferred stock units. The ChampionX Compensation Committee determines the exercise price for options and the base price of SARs, which may not be less than the fair value of ChampionX common stock on the date of grant. Generally, stock options or SARs vest after 3 years of service and expire at the end of 10 years. Performance share awards vest if ChampionX achieves certain pre-established performance targets based on specified performance criteria over a performance period of not less than 3 years.

In connection with the Merger, the Company entered into the Employee Matters Agreement dated December 18, 2019, which provided the terms in which certain Ecolab share-based awards held by legacy ChampionX employees were replaced with share-based awards of the Company on the merger date. The fair value of the replacement awards has been allocated between each employee’s pre-combination and post-combination services. Amounts allocated to pre-combination services have been included as consideration transferred as part of the Merger. Compensation costs of $15.8 million allocated to post-combination services was recorded as stock-based compensation expense over each employees’ remaining service period of approximately two years from the Merger date.

Stock-based compensation expense is reported within selling, general and administrative expense in the consolidated statements of income. Stock-based compensation expense relating to all stock-based incentive plans was as follows:


	Years Ended December 31,
	2023		2022		2021
Stock-based compensation expense	$	23,749	$	20,089	$	23,178
Tax benefit	(5,310)		(4,492)		(5,257)
Stock-based compensation expense, net of tax	$	18,439	$	15,597	$	17,921

SARs

We did not issue SARs during 2023, 2022 or 2021. A summary of activity relating to SARs outstanding for the year ended December 31, 2023, is as follows:


	SARs
	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023	286,106	$	31.77


Forfeited / expired	(6,226)	33.72
Exercised	(44,755)	30.88
Outstanding at December 31, 2023	235,125	$	31.89	2.4	$	222

Exercisable at December 31, 2023	235,125	$	31.89	2.4	$	222

There is no unrecognized compensation expense related to SARs, as all SARs are exercisable as of December 31, 2023.

Other information regarding the exercise of SARs is presented below:


(in thousands)	2023		2022		2021
SARs:
Fair value of SARs that became exercisable	$	—	$	—	$	—
Aggregate intrinsic value of SARs exercised	169		634		71

Performance Share Awards - ChampionX

Market Vesting Conditions

We granted 122,060, 173,960, and 166,519 performance share awards subject to market vesting conditions during 2023, 2022, and 2021, respectively, under the 2018 Plan. These awards vest if ChampionX achieves certain pre-established performance targets based on specified performance criteria over a performance period of not less than 3 years. The performance targets for these awards are classified as a market vesting condition, therefore the compensation cost was calculated using the grant date fair value, as estimated using a Monte Carlo simulation, and is not subject to change based on future events. The fair value used in determining stock-based compensation expense of the performance share awards issued in 2023, 2022, and 2021, is as follows:


Performance shares:	2023		2022		2021
Fair value per share at date of grant	$	41.50	$	23.90	$	26.32

Performance Vesting Conditions

We granted 122,060, 173,960, and 166,519 performance share awards subject to performance vesting conditions during 2023, 2022, and 2021 respectively, under the 2018 Plan. These awards are considered performance condition awards as attainment is based on ChampionX’s performance relative to established internal metrics. The fair value of these awards was determined using ChampionX’s closing stock price on the date of grant.

The fair value and average attainment used in determining stock-based compensation expense of the performance shares issued in 2023 and 2022 are as follows:


Performance shares:	2023			2022			2021
Fair value per share at date of grant	$	31.96		$	20.55		17.61
Average attainment rate reflected in expense	100		%	100		%	100	%

A summary of activity for ChampionX’s performance share awards under the 2018 Plan for the year ended December 31, 2023, is as follows:


	Shares	Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2023	774,997	$	21.07
Granted	244,120	36.73
Forfeited	(11,716)	23.55
Vested	(190,330)	14.55
Performance adjustment (1)	84,590	14.55
Unvested at December 31, 2023	901,661	$	26.04

_______________________

(1)Represents the additional shares that were issued to participants upon vesting of the awards due to the performance factor being exceeded for the three-year performance period.

Unrecognized compensation expense related to unvested performance share awards as of December 31, 2023, was $9.4 million, which will be recognized over a weighted average period of 1.8 years.

Restricted Stock Units, Directors’ Shares and Deferred Stock Units

Restricted stock units may be granted at no cost to certain officers and key employees. Restricted stock units generally vest over a three- or four-year period.

Directors’ shares are granted at no cost to non-employee directors and deferred stock units are recorded for non-employee directors who elect to defer receipt of their directors’ shares to a later date.

A summary of activity for restricted stock units, directors’ shares and deferred stock units for the year ended December 31, 2023, is as follows:


	Shares (1)	Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2023	1,797,220	$	18.64
Granted	588,602	31.79
Forfeited	(70,787)	21.46
Vested	(777,991)	17.00
Unvested at December 31, 2023	1,537,044	$	24.37

_______________________

(1)Shares unvested on the dates indicated includes deferred stock units recorded for non-employee directors who elected to defer receipt of directors’ shares awarded to a later date; shares granted includes directors’ shares and deferred stock units awarded in the year; and shares vested includes directors’ shares awarded in the year and deferred stock units recorded in previous years that were issued in accordance with a non-employee director’s deferral election.

Unrecognized compensation expense relating to unvested restricted stock units, directors’ shares and deferred stock units as of December 31, 2023, was $20.9 million, which will be recognized over a weighted average period of 0.9 year.

Non-Qualified Stock Options

We did not grant non-qualified stock options in 2023, 2022 or 2021. All outstanding non-qualified stock options were issued to employees of the Chemical Technologies business upon the closing of the Merger as replacement awards for options originally granted to them by Ecolab. A summary of activity for non-qualified stock options for the year ended December 31, 2023 is as follows:


	Non-Qualified Stock Options
	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023	3,737,657	$	6.35
Granted	—	—
Forfeited / expired	(23,420)	6.96
Exercised	(985,861)	6.18
Outstanding at December 31, 2023	2,728,376	$	6.41	3.3	$	62,214

Exercisable at December 31, 2023	2,728,376	$	6.41	3.3	$	62,214

We had no unrecognized compensation expense relating to unvested stock options as of December 31, 2023.

During the year ended December 31, 2023, the total intrinsic value of stock options exercised was approximately $25.7 million and cash received from stock options exercised was approximately $6.0 million. The cash tax benefit from stock options exercised during the year ended December 31, 2023 was approximately $5.2 million.

EQUITY AND CASH INCENTIVE PROGRAMS - Activity Relating to SARs Outstanding (Details) - SARs $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Shares
Number of shares outstanding, beginning of the period (in shares) \| shares	286,106
Forfeited / expired (in shares) \| shares	(6,226)
Exercised (in shares) \| shares	(44,755)
Number of shares outstanding, end of the period (in shares) \| shares	235,125
Number of shares, exercisable (in shares) \| shares	235,125
Weighted-Average Exercise Price
Weighted average exercise price outstanding, beginning of the period (in dollars per share) \| $ / shares	$ 31.77
Forfeited / expired (in dollars per share) \| $ / shares	33.72
Exercised (in dollars per share) \| $ / shares	30.88
Weighted average exercise price outstanding, end of the period (in dollars per share) \| $ / shares	31.89
Weighted average exercise price exercisable (in dollars per share) \| $ / shares	$ 31.89
Weighted average remaining contractual term, outstanding (years)	2 years 4 months 24 days
Weighted average remaining contractual term, exercisable (in years)	2 years 4 months 24 days
Aggregate intrinsic value \| $	$ 222
Aggregate intrinsic value, exercisable \| $	$ 222

EQUITY AND CASH INCENTIVE PROGRAMS - Other Information Regarding the Exercise of SARs (Details) - SARs - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of SARs that became exercisable	$ 0	$ 0	$ 0
Aggregate intrinsic value of SARs exercised	$ 169	$ 634	$ 71

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Supplemental Cash Flow Elements [Abstract]

CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2023

CASH FLOW INFORMATION

Cash payments for income taxes and cash payments for interest incurred related to our debt are as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Cash information:
Cash paid for income taxes	$	116,677	$	127,271	$	50,097
Cash paid for interest	$	57,267	$	46,781	$	51,995
Net increase (decrease) in accounts payable for capital expenditures	$	4,321	$	(6,803)	$	8,686

Supplemental cash flow information related to our lease liabilities is as follows:


	Statement of Cash Flows Classification	December 31,
(in thousands)		2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating leases (1)	Operating	$	35,297	$	42,747
Finance leases - interest	Operating	$	2,480	$	695
Finance leases - principal	Financing	$	9,982	$	6,540
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets:
Operating leases	Non-cash	$	4,197	$	4,572
Finance leases	Non-cash	$	31,113	$	15,473

_______________________

(1) Cash required by operating leases is reported net of operating lease expense in the operating section of our consolidated statements of cash flows in accrued expenses and other liabilities.

Leased Asset Program

Our ESP leased asset program is reported in our Production & Automation Technologies segment. At the time of purchase, assets are recorded to inventory and are transferred to property, plant, and equipment when a customer contracts for an asset

under our leased asset program. During the years ended December 31, 2023, 2022, and 2021, we transferred $105.0 million, $80.2 million, and $48.7 million, respectively, of inventory into property, plant, and equipment as a result of assets entering our lease 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 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 consolidated statements of cash flows. During the years ended December 31, 2023, 2022, and 2021, we made cash payments of $58.2 million, $39.8 million, and $37.1 million, respectively, for leased asset program equipment.

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

Components of income before income taxes—Domestic and foreign components of income before income taxes were as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Domestic	$	304,725	$	58,141	$	(2,099)
Foreign	119,099		138,665		154,784
Income before income taxes	$	423,824	$	196,806	$	152,685

Provision for (benefit from) income taxes—The provision for (benefit from) income taxes consisted of:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Current:
U.S. federal	$	74,022	$	49,997	$	14,895
State and local	9,234		11,147		4,867
Foreign	44,121		24,381		40,149
Total current	127,377		85,525		59,911
Deferred:
U.S. federal	(17,219)		(35,207)		(24,962)
State and local	(3,198)		(4,900)		(862)
Foreign	(1,855)		(5,175)		4,358
Total deferred	(22,272)		(45,282)		(21,466)
Provision for income taxes	$	105,105	$	40,243	$	38,445

Effective income tax rate reconciliation—The effective income tax rate was different from the statutory U.S. federal income tax rate due to the following:


	Years Ended December 31,
	2023		2022		2021
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
Net difference resulting from:
State and local taxes, net of federal income tax benefit	1.1		0.6		2.1
Foreign withholding tax	4.0		5.7		8.5
Foreign derived intangible income	(1.9)		(1.0)		(0.7)
Foreign operations tax effect	2.1		2.8		(1.3)
Research and experimentation tax credits	(1.3)		(1.5)		(2.5)
Foreign tax credit	(3.9)		(4.5)		(9.9)
Nondeductible expenses	0.2		0.5		1.6
Branch income	1.2		3.5		7.6
Tax return to accrual adjustments	(1.6)		(2.1)		(7.3)
State deferred taxes	(0.2)		(1.0)		—
Goodwill impairment	—		1.8		—
Foreign inclusions (including global intangible low-taxed income)	4.3		3.5		6.6

Change in valuation allowance	0.8		(7.3)		1.8
Stock compensation	(2.1)		(3.6)		(3.7)
Nondeductible officer compensation	0.7		0.8		2.1
Other	0.4		1.2		(0.7)
Effective income tax rate	24.8	%	20.4	%	25.2	%

Deferred tax assets and liabilities—Significant components of deferred tax assets and liabilities were as follows:


	December 31,
(in thousands)	2023		2022
Deferred tax assets attributable to:
Accrued compensation	$	10,558	$	11,840
Accrued expenses	6,565		7,713
Inventories	4,674		5,969
Net operating loss and other carryforwards	31,355		32,648
Accounts receivable	13,401		17,739
Lease liability	7,198		11,294
Research and Development	31,324		14,652
Long-term liabilities	—		1,141
Other assets	1,258		1,577
Deferred tax assets	106,333		104,573
Valuation allowance	(33,031)		(32,500)
Deferred tax assets, net of valuation allowance	$	73,302	$	72,073
Deferred tax liabilities attributable to:
Inventories	$	(3,462)	$	(4,338)
Intangible assets, including goodwill	(38,651)		(54,572)
Property, plant and equipment	(65,559)		(63,502)
Foreign withholding taxes	(15,934)		(16,922)
Lease asset	(7,012)		(12,792)
Investment in subsidiary	(1,950)		(1,973)
Long-term liabilities	(3,128)		—
Deferred tax liabilities	(135,696)		(154,099)
Net deferred tax liabilities	$	(62,394)	$	(82,026)

Classified as follows in the consolidated balance sheets:
Assets held for sale	$	—	$	3,165
Other non-current assets	9,103		10,742
Liabilities held for sale	—		(1,698)
Deferred income taxes	(71,497)		(94,235)
Net deferred tax liabilities	$	(62,394)	$	(82,026)

Effective Tax Rate. Our effective tax rate was 24.8% for 2023 compared to 20.4% for 2022. The lower effective tax rate for 2022 was primarily due to the release of valuation allowance on the deferred tax asset of a foreign affiliate.

Net operating loss carryforwards. As of December 31, 2023, our deferred tax asset balance included non-U.S. net operating loss carryforwards of $6.6 million. This entire balance is available to be carried forward; certain non-U.S. carryforwards will expire during the years 2027 through 2039.

Foreign tax credit carryforwards. As of December 31, 2023, our deferred tax asset balance included U.S. foreign tax credit carryforwards of $26.8 million. This entire balance is available to be carried forward and will begin to expire during 2029.

Valuation allowance. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. With respect to foreign net operating losses, a significant piece of objective negative evidence evaluated was the cumulative loss incurred in various international jurisdictions over the three-year period ended December 31, 2023. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. In addition, we analyzed our foreign income classification and determined we would not generate sufficient general limitation income to utilize our general limitation foreign tax credits. Based on this evaluation, as of December 31, 2023, we recorded a valuation allowance of $10.0 million relating to net foreign deferred tax assets (including net operating losses) and $23.1 million relating to foreign tax credits to recognize only the portion of the deferred tax asset that is more likely than not to be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased if objective negative evidence in the form of cumulative losses are no longer present and additional weight is given to subjective

evidence such as our projections of future growth. In addition, if we increase our general limitation income, we could utilize and thus recognize additional foreign tax credit deferred tax assets.

Unrecognized tax benefits. We file federal, state, and local tax returns in the United States as well as foreign tax returns. We are routinely audited by the tax authorities in these jurisdictions, and a number of audits are currently underway. We believe all income tax uncertainties have been properly accounted for as of December 31, 2023.

The Company accounts for uncertain tax positions in accordance with guidance in ASC 740, “Income Taxes (Topic 740)”, which prescribes the minimum recognition threshold a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements.

The Company is subject to U.S. federal income tax as well as income tax in multiple state jurisdictions. The earliest period the Company is subject to examination of federal income tax returns by the Internal Revenue Service is 2020. The state income tax returns and other state tax filings of the Company are subject to examination by the state taxing authorities for various periods, generally up to four years after they are filed.

Undistributed Earnings. As of December 31, 2023, the Company has $15.9 million of deferred tax liabilities primarily associated with withholding taxes on undistributed earnings generated by foreign subsidiaries. The Company continues to assert permanent reinvestment of the remaining undistributed earnings for which deferred taxes have not been provided for as of December 31, 2023. If there are policy changes, the Company would record the applicable taxes in the period of change. No deferred taxes have been provided for withholding taxes and other taxes on the remaining earnings as of December 31, 2023 as computation of the potential deferred tax liability associated with these undistributed earnings and any other basis differences is not practicable.

Tax Holidays. The Company has a tax incentive awarded by the Singapore Economic Development Board. This incentive provides 0% tax rate on manufacturing profits generated at the Company’s facility located on Jurong Island which expires in December 2024.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule II - Valuation and Qualifying Accounts - Deferred Tax Valuation Allowance (Details) - Deferred Tax Valuation Allowance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 32,500	$ 38,716	$ 26,786
Additions	472	0	14,696
Reductions	0	(6,120)	(2,766)
Other	59	(96)	0
Balance at End of Year	$ 33,031	$ 32,500	$ 38,716

DERIVATIVES AND HEDGING TRANSACTIONS

12 Months Ended

Dec. 31, 2023

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 (“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 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 consolidated balance sheet.


	Derivative Assets				Derivative Liabilities
	December 31,				December 31,
(in thousands)	2023		2022		2023		2022
Prepaid expenses and other current assets	$	11,004	$	11,911	$	—	$	—
Other non-current assets	826		3,631		—		—
Accrued expenses and other current liabilities	—		—		5,354		4,209
Other long-term liabilities	—		—		—		—
	$	11,830	$	15,542	$	5,354	$	4,209

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


	December 31,
(in thousands)	2023		2022
Notional value of foreign currency forward contracts and interest rate swaps	$	892,711	$	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 consolidated statements of income as the underlying exposure being hedged. The forward points are marked-to-market monthly and recognized in the same line item in the consolidated statements of income 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 on all derivative instruments recognized is summarized below:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Loss (gain) reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	(2,571)	$	(1,665)	$	3,717
Interest expense	(5,034)		549		—
Loss on derivatives not designated as hedging instruments:
Foreign currency transaction losses, net	1,195		7,147		3,589
Total gain of derivative instruments	$	(6,410)	$	6,031	$	7,306

SEGMENT INFORMATION - Segment Revenue and Segment Operating Profit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 3,758,285	$ 3,805,948	$ 3,074,990
Income before income taxes	423,824	196,806	152,685
Interest expense, net	54,562	45,204	51,921
Operating Segments
Segment Reporting Information [Line Items]
Income before income taxes	524,647	293,369	271,818
Operating Segments \| Production Chemical Technologies
Segment Reporting Information [Line Items]
Total revenue	2,404,377	2,347,526	1,842,400
Income before income taxes	350,216	239,936	165,463
Operating Segments \| Production & Automation Technologies
Segment Reporting Information [Line Items]
Total revenue	1,003,146	954,646	762,371
Income before income taxes	118,409	89,133	45,635
Operating Segments \| Drilling Technologies
Segment Reporting Information [Line Items]
Total revenue	215,721	229,479	172,066
Income before income taxes	45,481	54,512	30,409
Operating Segments \| Reservoir Chemical Technologies
Segment Reporting Information [Line Items]
Total revenue	96,154	145,197	141,095
Income before income taxes	10,541	(90,212)	30,311
Corporate and other
Segment Reporting Information [Line Items]
Total revenue	38,887	129,100	157,058
Income before income taxes	$ 46,261	$ 51,359	$ 67,212

CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash and Non-cash Supplemental Information

Cash payments for income taxes and cash payments for interest incurred related to our debt are as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Cash information:
Cash paid for income taxes	$	116,677	$	127,271	$	50,097
Cash paid for interest	$	57,267	$	46,781	$	51,995
Net increase (decrease) in accounts payable for capital expenditures	$	4,321	$	(6,803)	$	8,686

Schedule of Supplemental Cash Flow Information Related to Leases

Components of total lease cost were as follows:


	Years Ended December 31,
(in thousands)	2023		2022
Finance lease cost:
Amortization of right-of-use assets	$	11,114	$	6,024
Interest on lease liabilities	2,480		695
Operating lease cost	35,163		42,365
Short-term and variable lease cost	18,845		24,291
Sublease income	—		—
Total lease cost	$	67,602	$	73,375

Our weighted-average remaining lease term and weighted-average discount rate for operating and finance leases are as follows:


	December 31,
	2023		2022
Weighted-average remaining lease term (years):
Operating lease	7.1		6.5
Finance lease	4.1		3.5
Weighted-average discount rate:
Operating lease	6.4	%	5.9	%
Finance lease	7.3	%	5.7	%

Supplemental cash flow information related to our lease liabilities is as follows:


	Statement of Cash Flows Classification	December 31,
(in thousands)		2023		2022
Cash paid for amounts included in measurement of lease liabilities:
Operating leases (1)	Operating	$	35,297	$	42,747
Finance leases - interest	Operating	$	2,480	$	695
Finance leases - principal	Financing	$	9,982	$	6,540
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets:
Operating leases	Non-cash	$	4,197	$	4,572
Finance leases	Non-cash	$	31,113	$	15,473

_______________________

(1) Cash required by operating leases is reported net of operating lease expense in the operating section of our consolidated statements of cash flows in accrued expenses and other liabilities.

NEW ACCOUNTING STANDARDS	12 Months Ended
NEW ACCOUNTING STANDARDS	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
NEW ACCOUNTING STANDARDS	NEW ACCOUNTING STANDARDS New Accounting Standards Issued In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” which requires a public business entity to disclose its significant segment expense categories and amounts for each reportable segment. A significant segment expense is an expense that is significant to the segment, regularly provided to or easily computes from information regularly provides to the Chief operating decision maker (CODM), and included in the reported measure of segment profit or loss. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-09, “Improvements to Income Tax Disclosure” which requires a public business entity to disclose disaggregated information about a reporting entity’s effective tax rate reconciliation, using both percentages and reporting currency amounts for specific standardized categories. Separate disclosures will be required for any reconciling items that are equal to or greater than a specified quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Accounting Standards Adopted 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 was 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 21—Supply Chain Finance for information on our supplier finance program.

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

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Cover Page - USD ($) shares in Millions	12 Months Ended
Cover Page - USD ($) shares in Millions	Dec. 31, 2023	Jan. 26, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	CHX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 6,058,760,115
Entity Common Stock, Shares Outstanding		191.1
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2024 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated, or such information will be included in an amendment to this Form 10-K in accordance with Instruction G(3) of Form 10-K.
Entity Central Index Key	0001723089
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

PROPERTY, PLANT, AND EQUIPMENT, NET - PPE (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,554,919	$ 1,428,036
Accumulated depreciation	(781,367)	(693,226)
Property, plant and equipment, net	773,552	734,810
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	126,151	125,531
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	311,436	308,278
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	60,945	55,400
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,056,387	$ 938,827

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Receivables, allowances	$ 5,734	$ 5,506
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)	191,100,000	198,500,000
Common stock, shares outstanding (in shares)	191,100,000	198,500,000

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Effective income tax rate	24.80%	20.40%	25.20%
Net operating loss carryforwards, foreign	$ 6,600
Foreign tax credit carryforwards	26,800
Valuation allowance	33,031	$ 32,500
Provision for income taxes	105,105	40,243	$ 38,445
Accrued foreign withholding taxes on undistributed foreign earnings	15,934	16,922
Foreign Deferred Tax Assets
Valuation Allowance [Line Items]
Valuation allowance	$ 10,000
Foreign Tax Credits
Valuation Allowance [Line Items]
Valuation allowance		$ 23,100

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

ACCOUNTS RECEIVABLE FACILITY (Details) - Accounts Receivable Held For Sale Under Accounts Receivable Facility - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 28, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum accounts receivable that can be sold			$ 160.0
Accounts receivable sold	$ 698.8	$ 249.8
Accounts receivable outstanding	115.9	83.8
Loss on sale of trade receivable	$ 7.1	$ 2.0

RESTRUCTURING - Restructuring Reserve Rollforward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 28,518
Restructuring charges	6,294
Asset sales and write-offs	(787)
Payments	(20,049)
Other, including foreign currency translation	(2)
Ending balance	$ 13,974

EQUITY AND CASH INCENTIVE PROGRAMS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved and authorized for issuance (in shares)			31,400,000	18,200,000
Compensation costs	$ 18,439,000	$ 15,597,000	$ 17,921,000
Unrecognized compensation costs related to options	0
Total intrinsic value of stock options exercised	25,700,000
Proceeds from exercise of stock options	6,046,000	$ 10,132,000	$ 8,819,000
Tax benefit from stock options exercised	$ 5,200,000
Legacy ChampionX
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	2 years
Compensation costs	$ 15,800,000
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Expiration period	10 years
Unrecognized compensation expense not yet exercisable	$ 0
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Unrecognized compensation expense not yet exercisable	$ 9,400,000
Granted (in shares)	244,120
Weighted average period (in years)	1 year 9 months 18 days
Performance shares \| Market Vesting Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Granted (in shares)	122,060	173,960	166,519
Performance shares \| Performance Vesting Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	122,060	173,960	166,519
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense not yet exercisable	$ 20,900,000
Granted (in shares)	588,602
Weighted average period (in years)	10 months 24 days
Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

Our reporting segments are:

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

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

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

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

We refer to our Production Chemical Technologies segment and our Reservoir Chemical Technologies segment collectively as our Chemical Technologies business. Although Reservoir Chemical Technologies is not required to be disclosed separately as a reportable segment, based on materiality, management believes the additional information may contribute to a better understanding of the business. Other business activities that do not meet the criteria of an operating segment have been combined into Corporate and other. Corporate and other includes (i) corporate and overhead expenses, and (ii) revenue and costs for activities that are not operating segments.

Segment revenue and segment operating profit


	Years Ended December 31,
(in thousands)	2023		2022		2021
Segment revenue:
Production Chemical Technologies	$	2,404,377	$	2,347,526	$	1,842,400
Production & Automation Technologies	1,003,146		954,646		762,371
Drilling Technologies	215,721		229,479		172,066
Reservoir Chemical Technologies	96,154		145,197		141,095
Corporate and other (1)	38,887		129,100		157,058
Total revenue	$	3,758,285	$	3,805,948	$	3,074,990

Income (loss) before income taxes:
Segment operating profit (loss):
Production Chemical Technologies	$	350,216	$	239,936	$	165,463
Production & Automation Technologies	118,409		89,133		45,635
Drilling Technologies	45,481		54,512		30,409
Reservoir Chemical Technologies	10,541		(90,212)		30,311
Total segment operating profit (loss)	524,647		293,369		271,818
Corporate and other (1)	46,261		51,359		67,212
Interest expense, net	54,562		45,204		51,921
Income before income taxes	$	423,824	$	196,806	$	152,685

____________________

(1) Corporate and other includes costs not directly attributable or allocated to our reportable 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 were included within Corporate and other from June 3, 2020, the date of the Merger, through June 30, 2023. Beginning, July 1, 2023, these sales and expenses are recognized in the Production Chemical Technologies segment.

Geographic information


	December 31,
(in thousands)	2023		2022
Property, plant, and equipment, net:
United States	$	522,640	$	481,908
Singapore	80,526		89,015
Canada	69,974		70,132
Other Countries	100,412		93,755
Total property, plant, and equipment, net	$	773,552	$	734,810

See Note 5—Revenue for information related to revenue by geography and end markets.

Other business segment information


	Capital Expenditures Years Ended December 31,
(in thousands)	2023		2022		2021
Chemical Technologies (1)	$	49,485	$	41,782	$	38,915
Production & Automation Technologies	86,029		56,363		40,137
Drilling Technologies	4,700		3,732		2,826
Corporate and other	2,110		931		2,586
Total	$	142,324	$	102,808	$	84,464

(1) Our Chemical Technologies business has an integrated supply chain function that serves the Production Chemical Technologies and Reservoir Chemical Technologies reportable segments. As such, capital expenditure information by each reportable segment has not been provided and is not available, since the Company does not produce or utilize such information.


	Depreciation & Amortization Years Ended December 31,
(in thousands)	2023		2022		2021
Production Chemical Technologies	$	105,058	$	91,875	$	98,049
Production & Automation Technologies	109,017		103,592		101,575
Drilling Technologies	6,192		6,639		7,295
Reservoir Chemical Technologies	6,471		14,662		10,295
Corporate and other	9,198		25,112		20,071
Total	$	235,936	$	241,880	$	237,285

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 14: http://www.xbrl.org/2003/role/disclosureRef
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GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 885,531	$ 823,940
Accumulated Amortization	585,321	585,187
Net Carrying Amount	300,210	238,753
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	4,800	4,800
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	890,331	828,740
Accumulated Amortization	585,321	585,187
Net Carrying Amount	305,010	243,553
Trademarks
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	3,600	3,600
In-process research and development
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,200	1,200
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	582,466	583,326
Accumulated Amortization	407,212	438,181
Net Carrying Amount	175,254	145,145
Impairment of intangible assets (excluding goodwill)	5,500
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	407,212	438,181
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	142,760	142,760
Accumulated Amortization	56,264	75,224
Net Carrying Amount	86,496	67,536
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	56,264	75,224
Favorable supply agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	57,000	0
Accumulated Amortization	49,056	0
Net Carrying Amount	7,944	0
Impairment of intangible assets (excluding goodwill)	1,300
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	49,056	0
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	59,856	59,862
Accumulated Amortization	36,048	39,564
Net Carrying Amount	23,808	20,298
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	36,048	39,564
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	38,175	36,438
Accumulated Amortization	31,481	30,664
Net Carrying Amount	6,694	5,774
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	31,481	30,664
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,274	1,554
Accumulated Amortization	5,260	1,554
Net Carrying Amount	14	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 5,260	$ 1,554

EQUITY AND CASH INCENTIVE PROGRAMS - Activity for Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Number of shares outstanding, beginning of the period (in shares) \| shares	1,797,220
Granted (in shares) \| shares	588,602
Forfeited (in shares) \| shares	(70,787)
Vested (in shares) \| shares	(777,991)
Number of shares outstanding, end of the period (in shares) \| shares	1,537,044
Weighted-Average Grant-Date Fair Value
Weighted average grant-date fair value, outstanding beginning of the period (in dollars per share) \| $ / shares	$ 18.64
Granted (in dollars per share) \| $ / shares	31.79
Forfeited (in dollars per share) \| $ / shares	21.46
Vested (in dollars per share) \| $ / shares	17.00
Weighted average grant-date fair value, outstanding end of the period (in dollars per share) \| $ / shares	$ 24.37

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning of period		$ 679,488,000	$ 702,867,000
Acquisition			6,345,000
Allocated to disposal group			(2,695,000)
Impairment		0	(39,617,000)	$ 0
Foreign currency translation		(10,424,000)	12,588,000
Goodwill, end of period	$ 669,064,000	669,064,000	679,488,000	702,867,000
Production Chemical Technologies
Goodwill [Roll Forward]
Goodwill, beginning of period		367,084,000	356,638,000
Acquisition			0
Allocated to disposal group			(2,695,000)
Impairment	0		0
Foreign currency translation		(10,526,000)	13,141,000
Goodwill, end of period	356,558,000	356,558,000	367,084,000	356,638,000
Production & Automation Technologies
Goodwill [Roll Forward]
Goodwill, beginning of period		211,268,000	205,467,000
Acquisition			6,345,000
Allocated to disposal group			0
Impairment	0		0
Foreign currency translation		102,000	(544,000)
Goodwill, end of period	211,370,000	211,370,000	211,268,000	205,467,000
Drilling Technologies
Goodwill [Roll Forward]
Goodwill, beginning of period		101,136,000	101,136,000
Acquisition			0
Allocated to disposal group			0
Impairment	0		0
Foreign currency translation		0	0
Goodwill, end of period	101,136,000	101,136,000	101,136,000	101,136,000
Reservoir Chemical Technologies
Goodwill [Roll Forward]
Goodwill, beginning of period		0	39,626,000
Acquisition			0
Allocated to disposal group			0
Impairment			(39,617,000)
Foreign currency translation		0	(9,000)
Goodwill, end of period	$ 0	$ 0	$ 0	$ 39,626,000

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment		$ 0	$ 39,617,000	$ 0
Amortization of intangible assets		$ 61,900,000	87,300,000	$ 87,400,000
Reservoir Chemical Technologies
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment			39,617,000
Production Chemical Technologies
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0		0
Production & Automation Technologies
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	0		0
Drilling Technologies
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0		$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 318,719	$ 156,563	$ 114,240
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(916)	(18,592)	(4,465)
Cash flow hedges	(5,464)	7,558	3,601
Pension and other post-retirement benefit plans	(616)	3,129	9,994
Other comprehensive income (loss)	(6,996)	(7,905)	9,130
Comprehensive income	311,723	148,658	123,370
Less: Comprehensive income attributable to noncontrolling interest	4,481	1,594	941
Comprehensive income attributable to ChampionX	$ 307,242	$ 147,064	$ 122,429

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0	$ 0
Contract liabilities	$ 27,406	$ 14,113

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Dec. 31, 2023	Sep. 29, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets
Derivative assets	$ 11,830,000		$ 15,542,000
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities
Derivative liabilities	$ 5,354,000		4,209,000
Carrying Amount	618,762,000		648,438,000
Credit Facility \| 2022 Revolving Credit Facility \| Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	0		25,000,000
Fair Value	0		25,000,000
Term Loan Facility \| 2022 Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	618,762,000	$ 620,300,000	623,438,000
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	11,830,000		15,542,000
Derivative liabilities	5,354,000		4,209,000
Level 2 \| Term Loan Facility \| 2022 Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	623,402,000		610,969,000
Level 2 \| Foreign currency forward contracts \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	6,231,000		7,066,000
Derivative liabilities	5,354,000		4,209,000
Level 2 \| Interest rate swaps \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	5,599,000		8,476,000
Derivative liabilities	$ 0		$ 0

INCOME TAXES - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 304,725	$ 58,141	$ (2,099)
Foreign	119,099	138,665	154,784
Income before income taxes	$ 423,824	$ 196,806	$ 152,685

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The Company sponsors several pension and post-employment benefit plans in the U.S. and internationally, of which, approximately half of such plans are frozen to new participants. We recognized a $0.5 million net actuarial loss, and gains in the amount of $2.9 million and $8.5 million during the years ended December 31, 2023, 2022, and 2021, respectively. The actuarial gains and losses are reflected in our consolidated statements of comprehensive income, net of tax. The net unfunded liability of the plans as of December 31, 2023 and 2022 was approximately $9.3 million and $9.1 million, respectively, and is included in other long-term liabilities within our consolidated balance sheets. The net periodic benefit expense was $0.9 million, $1.3 million, and $2.5 million for the years ended December 31, 2023, 2022, and 2021, respectively.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Subparagraph (q)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

Schedule of Segment Revenue and Operating Profit

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment revenue and segment operating profit


	Years Ended December 31,
(in thousands)	2023		2022		2021
Segment revenue:
Production Chemical Technologies	$	2,404,377	$	2,347,526	$	1,842,400
Production & Automation Technologies	1,003,146		954,646		762,371
Drilling Technologies	215,721		229,479		172,066
Reservoir Chemical Technologies	96,154		145,197		141,095
Corporate and other (1)	38,887		129,100		157,058
Total revenue	$	3,758,285	$	3,805,948	$	3,074,990

Income (loss) before income taxes:
Segment operating profit (loss):
Production Chemical Technologies	$	350,216	$	239,936	$	165,463
Production & Automation Technologies	118,409		89,133		45,635
Drilling Technologies	45,481		54,512		30,409
Reservoir Chemical Technologies	10,541		(90,212)		30,311
Total segment operating profit (loss)	524,647		293,369		271,818
Corporate and other (1)	46,261		51,359		67,212
Interest expense, net	54,562		45,204		51,921
Income before income taxes	$	423,824	$	196,806	$	152,685

____________________

Schedule of Property, Plant and Equipment, Net by Geographical Area

Geographic information


	December 31,
(in thousands)	2023		2022
Property, plant, and equipment, net:
United States	$	522,640	$	481,908
Singapore	80,526		89,015
Canada	69,974		70,132
Other Countries	100,412		93,755
Total property, plant, and equipment, net	$	773,552	$	734,810

Schedule of Other Segment Information

Other business segment information


	Capital Expenditures Years Ended December 31,
(in thousands)	2023		2022		2021
Chemical Technologies (1)	$	49,485	$	41,782	$	38,915
Production & Automation Technologies	86,029		56,363		40,137
Drilling Technologies	4,700		3,732		2,826
Corporate and other	2,110		931		2,586
Total	$	142,324	$	102,808	$	84,464


	Depreciation & Amortization Years Ended December 31,
(in thousands)	2023		2022		2021
Production Chemical Technologies	$	105,058	$	91,875	$	98,049
Production & Automation Technologies	109,017		103,592		101,575
Drilling Technologies	6,192		6,639		7,295
Reservoir Chemical Technologies	6,471		14,662		10,295
Corporate and other	9,198		25,112		20,071
Total	$	235,936	$	241,880	$	237,285

LEASES - Leased Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	$ 1,554,919	$ 1,428,036
Accumulated depreciation	(781,367)	(693,226)
Property, plant and equipment, net	773,552	$ 734,810
Equipment Leased Assets
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	238,594
Accumulated depreciation	(138,697)
Property, plant and equipment, net	$ 99,897
Cable equipment
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	18 months
Property, plant, and equipment	$ 61,594
Downhole equipment
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	18 months
Property, plant, and equipment	$ 54,771
Surface equipment
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	5 years
Property, plant, and equipment	$ 103,075
Other lease equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	$ 19,154
Minimum \| Other lease equipment
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	3 years
Maximum \| Other lease equipment
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	5 years

ACCOUNTS RECEIVABLE FACILITY	12 Months Ended
ACCOUNTS RECEIVABLE FACILITY	Dec. 31, 2023
Receivables [Abstract]
ACCOUNTS RECEIVABLE FACILITY	ACCOUNTS RECEIVABLE FACILITY On June 28, 2022, we entered into an uncommitted accounts receivable purchase agreement (the “Accounts Receivable Facility”), as amended, 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 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. An aggregate $698.8 million and $249.8 million of accounts receivable were sold in the year ended December 31, 2023 and December 31, 2022, respectively. The accounts receivable sold that remained outstanding as of December 31, 2023 and December 31, 2022 was $115.9 million and $83.8 million, respectively. During each period, cash receipts from the purchaser at the time of the sale were classified as operating activities in our 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 consolidated statements of income. The loss on sale of accounts receivable was $7.1 million for the year ended December 31, 2023 and $2.0 million for the year ended December 31, 2022.

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Payments of ordinary dividends, noncontrolling interest	$ 3,505	$ 3,016	$ 3,718
Proceeds from sale of inventory to related parties	10,900
Unconsolidated Majority-Owned Subsidiary \| Apergy Middle East Services LLC
Related Party Transaction [Line Items]
Payments of ordinary dividends, noncontrolling interest	1,900	1,200	1,600
Unconsolidated Majority-Owned Subsidiary \| Champion Arabia Co Ltd
Related Party Transaction [Line Items]
Payments of ordinary dividends, noncontrolling interest	700	1,300	1,600
Unconsolidated Majority-Owned Subsidiary \| Petrochem Performance Products
Related Party Transaction [Line Items]
Payments of ordinary dividends, noncontrolling interest	$ 100	$ 200	$ 500

SUPPLY CHAIN FINANCE (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Supply Chain Finance Payables


(in thousands)	Supply Chain Finance Payables Outstanding
December 31, 2022	$	36,421
Purchases	216,667
Payments	(222,357)
Other, including foreign currency translation	52
December 31, 2023	$	30,783

DERIVATIVES AND HEDGING TRANSACTIONS - Loss on Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total gain of derivative instruments	$ (6,410)	$ 6,031	$ 7,306
Cost of goods and services \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total gain of derivative instruments	(2,571)	(1,665)	3,717
Interest expense \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total gain of derivative instruments	(5,034)	549	0
Foreign currency transaction losses, net \| Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total gain of derivative instruments	$ 1,195	$ 7,147	$ 3,589

PROPERTY, PLANT, AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 174.0	$ 154.6	$ 149.8

CASH FLOW INFORMATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Inventory transferred into property, plant, and equipment	$ 105.0	$ 80.2	$ 48.7
Expenditures for assets expected to be placed in lease asset program	$ 58.2	$ 39.8	$ 37.1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 288,557	$ 250,187
Receivables, net of allowances of $5,734 in 2023 and $5,506 in 2022	534,534	601,061
Inventories, net	521,549	542,543
Assets held for sale	15,565	29,334
Prepaid expenses and other current assets	65,212	75,456
Total current assets	1,425,417	1,498,581
Property, plant and equipment, net	773,552	734,810
Goodwill	669,064	679,488
Intangible assets, net	243,553	305,010
Operating lease right-of-use assets	69,561	92,928
Other non-current assets	60,555	76,666
Total assets	3,241,702	3,387,483
Current Liabilities:
Current portion of long-term debt	6,203	6,250
Accounts payable	451,680	469,566
Accrued compensation and employee benefits	109,626	102,750
Current portion of operating lease liabilities	23,292	28,838
Accrued distributor fees	56,443	102,034
Liabilities held for sale	0	7,186
Accrued expenses and other current liabilities	135,505	142,352
Total current liabilities	782,749	858,976
Long-term debt	594,283	621,702
Deferred income taxes	71,497	94,235
Operating lease liabilities	41,975	59,686
Other long-term liabilities	90,167	75,669
Total liabilities	1,580,671	1,710,268
Stockholders’ equity:
Common stock (2.5 billion shares authorized, $0.01 par value) 191.1 million shares and 198.5 million shares issued and outstanding at December 31, 2023 and 2022, respectively	1,913	1,985
Capital in excess of par value of common stock	2,166,911	2,249,698
Accumulated deficit	(455,676)	(527,603)
Accumulated other comprehensive loss	(36,526)	(29,530)
ChampionX stockholders’ equity	1,676,622	1,694,550
Noncontrolling interest	(15,591)	(17,335)
Total equity	1,661,031	1,677,215
Total liabilities and equity	$ 3,241,702	$ 3,387,483

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) asset	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Number of indefinite-lived intangible assets \| asset	2
Research and development expense	$ 53,300	$ 45,100	$ 46,500
Accrued foreign withholding taxes on undistributed foreign earnings	$ 15,934	$ 16,922
Minimum \| Other intangible assets
Property, Plant and Equipment [Line Items]
Useful life of acquired intangibles (in years)	3 years
Maximum \| Other intangible assets
Property, Plant and Equipment [Line Items]
Useful life of acquired intangibles (in years)	15 years
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	5 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	40 years
Machinery, equipment and other \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	1 year
Machinery, equipment and other \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	20 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment (in years)	7 years

SEGMENT INFORMATION - Geographic Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant, and equipment, net	$ 773,552	$ 734,810
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant, and equipment, net	522,640	481,908
Singapore
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant, and equipment, net	80,526	89,015
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant, and equipment, net	69,974	70,132
Other Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant, and equipment, net	$ 100,412	$ 93,755

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Noncontrolling Interest and Unconsolidated Affiliates For the years ended December 31, 2023, 2022, and 2021, we declared and paid $1.9 million, $1.2 million, and $1.6 million, respectively, of distributions to the noncontrolling interest holders in ChampionX Middle East Services LLC. For the years ended December 31, 2023, 2022, and 2021 we declared and paid distributions of $0.7 million, $1.3 million, and $1.6 million respectively, to the noncontrolling interest holders in Champion Arabia Co. Ltd. and $0.1 million, $0.2 million, and 0.5 million respectively, to the noncontrolling interest holders in Petrochem Performance Products LLC. In the ordinary course of business, we enter into certain transactions with our unconsolidated affiliates at contractual prices. These transactions primarily related to inventory sales and amounted to approximately $10.9 million for the year ended December 31, 2023

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,758,285	$ 3,805,948	$ 3,074,990
United States
Disaggregation of Revenue [Line Items]
Total revenue	1,980,251	1,934,716	1,567,355
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	560,001	633,487	402,801
Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	426,392	409,890	358,535
Canada
Disaggregation of Revenue [Line Items]
Total revenue	385,574	386,762	339,369
Europe
Disaggregation of Revenue [Line Items]
Total revenue	245,499	245,975	214,099
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	81,002	84,428	84,372
Australia
Disaggregation of Revenue [Line Items]
Total revenue	69,671	56,516	63,104
Other
Disaggregation of Revenue [Line Items]
Total revenue	9,895	54,174	45,355
Corporate and other
Disaggregation of Revenue [Line Items]
Total revenue	38,887	129,100	157,058
Corporate and other \| United States
Disaggregation of Revenue [Line Items]
Total revenue	20,659	76,461	105,855
Corporate and other \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	1,720	3,100	4,741
Corporate and other \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	(1,170)	2,314	8,896
Corporate and other \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	18	116	342
Corporate and other \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	5,121	13,936	11,617
Corporate and other \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	12,539	33,173	25,607
Corporate and other \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0
Corporate and other \| Other
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0
Production Chemical Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	2,404,377	2,347,526	1,842,400
Production Chemical Technologies \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total revenue	983,542	851,057	653,826
Production Chemical Technologies \| Operating Segments \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	522,372	594,737	364,386
Production Chemical Technologies \| Operating Segments \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	325,142	307,154	268,096
Production Chemical Technologies \| Operating Segments \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	296,001	296,623	263,887
Production Chemical Technologies \| Operating Segments \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	196,533	194,034	180,269
Production Chemical Technologies \| Operating Segments \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	48,718	35,536	43,593
Production Chemical Technologies \| Operating Segments \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	22,739	21,866	28,388
Production Chemical Technologies \| Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Total revenue	9,330	46,519	39,955
Production & Automation Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	1,003,146	954,646	762,371
Production & Automation Technologies \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total revenue	763,103	738,178	583,010
Production & Automation Technologies \| Operating Segments \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	22,727	21,756	18,454
Production & Automation Technologies \| Operating Segments \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	65,396	66,918	53,995
Production & Automation Technologies \| Operating Segments \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	73,806	73,561	58,927
Production & Automation Technologies \| Operating Segments \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	17,641	13,655	6,088
Production & Automation Technologies \| Operating Segments \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	13,556	6,170	7,229
Production & Automation Technologies \| Operating Segments \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	46,917	34,318	34,451
Production & Automation Technologies \| Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Total revenue	0	90	217
Drilling Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	215,721	229,479	172,066
Drilling Technologies \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total revenue	163,776	180,912	136,351
Drilling Technologies \| Operating Segments \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	0	7	0
Drilling Technologies \| Operating Segments \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	10,471	6,628	5,408
Drilling Technologies \| Operating Segments \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	14,326	14,529	13,474
Drilling Technologies \| Operating Segments \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	23,401	20,911	11,810
Drilling Technologies \| Operating Segments \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	3,745	6,434	3,358
Drilling Technologies \| Operating Segments \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	0	33	130
Drilling Technologies \| Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Total revenue	2	25	1,535
Reservoir Chemical Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	96,154	145,197	141,095
Reservoir Chemical Technologies \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total revenue	49,171	88,108	88,313
Reservoir Chemical Technologies \| Operating Segments \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	13,182	13,887	15,220
Reservoir Chemical Technologies \| Operating Segments \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	26,553	26,876	22,140
Reservoir Chemical Technologies \| Operating Segments \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	1,423	1,933	2,739
Reservoir Chemical Technologies \| Operating Segments \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	2,803	3,439	4,315
Reservoir Chemical Technologies \| Operating Segments \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	2,444	3,115	4,585
Reservoir Chemical Technologies \| Operating Segments \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	15	299	135
Reservoir Chemical Technologies \| Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 563	$ 7,540	$ 3,648

SUPPLY CHAIN FINANCE

12 Months Ended

Dec. 31, 2023

SUPPLY CHAIN FINANCE

We 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 December 31, 2023, we had approximately $30.8 million outstanding under the program, which is included in accounts payable on our consolidated balance sheet.


(in thousands)	Supply Chain Finance Payables Outstanding
December 31, 2022	$	36,421
Purchases	216,667
Payments	(222,357)
Other, including foreign currency translation	52
December 31, 2023	$	30,783

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany accounts and transactions have been eliminated.
Use of estimates	Use of estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Such estimates include, but are not limited to, net realizable value of inventories; allowance for doubtful accounts; pension and post-retirement plans; future cash flows associated with impairment testing of goodwill; indefinite-lived intangible assets and other long-lived assets; estimates related to income taxes; and estimates related to contingencies.
Cash and cash equivalents	Cash and cash equivalents—Cash equivalents are highly liquid, short-term investments with original maturities of three months or less from their date of purchase.
Receivables, net	Receivables, net—Accounts receivable are carried at the invoiced amounts, less an allowance for doubtful accounts, and generally do not bear interest. The Company estimates the allowance for doubtful accounts for expected credit losses by analyzing accounts receivable balances through the application of historical write-off and collection trend rates, as well as current economic and market conditions. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. Account balances are written off against the allowance when it is determined the receivable will not be recovered.
Inventories, net	Inventories, net—Inventories are stated at the lower of cost or net realizable value. The majority of our inventory costs are determined on the first-in, first-out (FIFO) basis. As of December 31, 2023 and 2022, approximately 28% and 28%, respectively, of our total net inventories were accounted for using the last-in, first-out (LIFO) basis. Under the LIFO method, the cost assigned to items sold is based on the cost of the most recent items purchased. As a result, the costs of the first items purchased remain in inventory and are used to value ending inventory.
Property, plant and equipment, net	Property, plant and equipment, net—Property, plant and equipment is recorded at cost, or fair value for those assets acquired in a business combination. Depreciation is applied on the straight-line basis over the estimated useful lives of our assets as follows: buildings and improvements 5 to 40 years; machinery and equipment 1 to 20 years; and software 3 to 7 years. Expenditures for maintenance and repairs are expensed as incurred. Gains and losses are realized upon the sale or disposition of assets and are recorded in other expense (income), net on our consolidated statements of income. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying value of the long-lived asset may not be recoverable. The carrying value of a long-lived asset is not recoverable to the extent it exceeds the sum of undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the impairment loss is measured as the amount by which the carrying value of the long-lived asset exceeds its fair value.
Goodwill and intangible assets, net	Goodwill and intangible assets, net—We review goodwill for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount of such goodwill allocated to reporting units may exceed their fair value. We initially assess goodwill for impairment based on qualitative factors to determine whether it is necessary to perform a goodwill impairment test. When performing the quantitative assessment, we estimate fair value of our reporting units using an income approach. Our income-based valuation method determines the present value of estimated future cash flows to estimate the fair value of a reporting unit, which requires the use of significant unobservable inputs, and represents a Level 3 fair value measurement. Significant assumptions used in estimating our reporting unit fair values include discount rate, revenue growth rates, future operating margins, future capital expenditures, changes in working capital requirements and terminal growth rates. If the carrying amount exceeds the fair value, an impairment charge will be recognized in an amount equal to the excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Our finite-lived acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which generally range from 3 to 15 years. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the intangible asset may not be recoverable. The carrying amount of an intangible asset is not recoverable to the extent it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the intangible asset exceeds its fair value. We have two intangible assets with an indefinite life which are tested annually for impairment. See Note 7—Goodwill and Intangible Assets for additional information related to our impairment analysis.
Revenue Recognition	Revenue Recognition—Revenue is recognized upon the transfer of control of the related goods and services to the customer. The majority of our revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of control, which typically occurs as title and risk of loss transfers. We account for shipping and handling activities performed after control of a good has been transferred to the customer as a contract fulfillment cost rather than a separate performance obligation. Revenue arrangements with customers may require delivery, installation, testing, or other acceptance provisions to be satisfied before revenue is recognized. Service revenue is recognized as the services are performed. Estimates are used to determine the amount of variable consideration in contracts, as well as the determination of the standalone selling price among separate performance obligations. No material variable consideration has been identified within our contracts.
Lessor accounting	Lessor accounting—Our lease arrangements generally allow customers to rent equipment on a daily basis with no stated end date. Customers may return the equipment at any point subsequent to the lease commencement date without penalty. We account for these arrangements as a daily renewal option beginning on the lease commencement date, with the lease term determined as the period in which it is reasonably certain the option will be exercised. Based on our assessment of the lease classification criteria, our lease arrangements have been classified as operating leases. Our lease arrangements generally include lease and non-lease components for which revenue is recognized based on each component’s standalone selling price. Lease revenue is recognized on a straight-line basis over the term of the lease and is included in lease and other revenue in the consolidated statements of income. Non-lease components related to our lease arrangements, such as installation, monitoring and field service support, are recognized in accordance with our revenue recognition accounting policy. Assets in our lease program are reported in property, plant, and equipment, net on our consolidated balance sheets and are depreciated over their estimated useful lives. Certain contracts allow for leased equipment damaged in operation to be charged to the customer. Charges for damaged leased equipment is recorded as product revenue and the remaining net book value of the leased asset is expensed as costs of goods and services in the consolidated statements of income.
Lessee accounting	Lessee accounting—Lease liabilities are measured at the lease commencement date and are based on the present value of remaining payments contractually required under the contract. Payments that are variable in nature are excluded from the measurement of our lease liabilities and are recorded as an expense as incurred. Options to renew or extend a lease are included in the measurement of our lease liabilities only when it is reasonably certain that we will exercise these rights. In estimating the present value of our lease liabilities, payments are discounted at our incremental borrowing rate (“IBR”), which we apply utilizing a portfolio approach. We utilize information publicly available from companies within our industry with similar credit profiles to construct a company-specific yield curve in order to estimate the rate of interest we would pay to borrow at various lease terms. At lease commencement, we recognize a lease right-of-use asset equal to our lease liability, adjusted for lease payments paid to the lessor prior to the lease commencement date, and any initial direct costs incurred. Operating lease expense is recorded on a straight-line basis over the lease term. For finance leases, we amortize our right-of-use assets on a straight-line basis over the shorter of the asset’s useful life or the lease term. Additionally, interest expense is recognized each period related to the accretion of our lease liabilities over their respective lease terms.
Stock-based compensation	Stock-based compensation—The cost of stock-based awards is measured at the grant date and is based on the fair value of the award. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period and is included in selling, general and administrative expense in our consolidated statements of income. Forfeitures are accounted for as they occur, but are not material to the financial statements. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service.
Research and development costs	Research and development costs—Research and development costs are expensed as incurred
Income Taxes	Income Taxes—Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. We record valuation allowances related to our deferred tax assets when we determine it is more likely than not the benefits will not be realized. Interest and penalties related to unrecognized tax benefits are recorded as a component of our provision for income taxes. The Global Intangible Low-Taxed Income (“GILTI”) provisions of the Tax Reform Act require us to include in our U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. We have elected to account for GILTI tax in the period in which it is incurred.
Earnings per share (“EPS”)	Earnings per share (“EPS”)—Basic EPS is computed using the weighted-average number of common shares outstanding during the year. We use the treasury stock method to compute diluted EPS which gives effect to the potential dilution of earnings that could have occurred if additional shares were issued for awards granted under our incentive compensation and stock plan. The treasury stock method assumes proceeds that would be obtained upon exercise of awards granted under our incentive compensation and stock plan are used to purchase outstanding common stock at the average market price during the period.
Investments in Affiliated Companies	Investments in Affiliated Companies—Investments in companies in which ChampionX does not have a controlling financial interest, but over which it has significant influence, are accounted for using the equity method and reported within other non-current assets in our consolidated balance sheets. ChampionX’s share of the after-tax earnings of equity method investees is included within other expense (income), net in our consolidated statements of income.
Fair value measurements	Fair value measurements—We record our financial assets and financial liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date (an exit price). In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: •Level 1 — Unadjusted quoted prices in active markets for identical assets and liabilities. •Level 2 — Observable inputs other than quoted prices included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. •Level 3 — Unobservable inputs reflecting management’s own assumptions about the assumptions market participants would use in pricing the asset or liability.
Derivative financial instruments	Derivative financial instruments— 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. See Note 17—Derivatives and Hedging Transactions for further information.
Foreign currency	Foreign currency—Financial statements of operations for which the U.S. dollar is not the functional currency, and are located in non-highly inflationary countries, are translated into U.S. dollars prior to consolidation. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date, while income statement accounts are translated at the weighted-average monthly exchange rates. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive income in stockholders’ equity until the foreign entity is sold or liquidated. Assets and liabilities of an entity that are denominated in currencies other than an entity’s functional currency are remeasured into the functional currency using end of period exchange rates or historical rates when applicable to certain balances. Gains and losses related to these re-measurements are recorded in our consolidated statements of income in foreign currency transaction losses.
Reclassification	Reclassification—Foreign currency transaction losses, net, previously included in other expense (income), net, have been reclassified as a separate line on the consolidated statements of income. Prior period amounts also have been reclassified to conform to the current period presentation. These reclassifications had no effect on the reported results of operations.
New Accounting Standards Issued and Adopted	New Accounting Standards Issued In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting - Improvements to Reportable Segment Disclosures” which requires a public business entity to disclose its significant segment expense categories and amounts for each reportable segment. A significant segment expense is an expense that is significant to the segment, regularly provided to or easily computes from information regularly provides to the Chief operating decision maker (CODM), and included in the reported measure of segment profit or loss. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-09, “Improvements to Income Tax Disclosure” which requires a public business entity to disclose disaggregated information about a reporting entity’s effective tax rate reconciliation, using both percentages and reporting currency amounts for specific standardized categories. Separate disclosures will be required for any reconciling items that are equal to or greater than a specified quantitative threshold. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Accounting Standards Adopted 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 was 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 21—Supply Chain Finance for information on our supplier finance program.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 314,238	$ 154,969	$ 113,299

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

DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Long-term debt

Long-term debt consisted of the following:


	December 31,
(in thousands)	2023		2022
2022 Revolving Credit Facility	$	—	$	25,000


2022 Term Loan Facility	618,762		623,438

Total	618,762		648,438
Net unamortized discounts and issuance costs	(18,276)		(20,486)
Total long-term debt	600,486		627,952
Current portion of long-term debt (1)	(6,203)		(6,250)
Long-term debt, less current portion	$	594,283	$	621,702

_______________________

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

Schedule of Contractual Obligation, Maturity Schedule

As of December 31, 2023, aggregate contractual future principal payments on long-term debt are as follows:


(in thousands)	Principal Payments(1)
2024	$	6,203
2025	6,203
2026	6,203
2027	6,203
2028	6,203
Thereafter	587,747
Total	$	618,762

_______________________

(1) Principal payments included relate to our 2022 Term Loan Facility. See Note 10—Leases for future payments related to finance lease obligations.

RESTRUCTURING

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING

During 2023, we recognized net charges of $6.3 million consisting primarily of contract termination costs, inventory obsolescence, and employee severance and related benefits. We approved various restructuring plans related to the consolidation of product lines and associated facility closures and workforce reductions during prior periods. During 2022, we completed the exit of one of our product lines within the Reservoir Chemical Technologies segment. As a result, we recognized net charges of $68.1 million during 2022, consisting primarily of contract termination costs, employee severance and related benefits, disposals of equipment and warehouse closures, partially offset by gains realized on the sale of facilities. During 2021, we recorded restructuring and other charges of $13.3 million.

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


	Years Ended December 31,
(in thousands)	2023		2022		2021
Segment restructuring charges:
Production Chemical Technologies	$	4,662	$	13,899	$	6,508
Production & Automation Technologies	770		1,111		5,441
Drilling Technologies	—		—		—
Reservoir Chemical Technologies	856		47,692		415
Corporate and other	6		5,400		910
Total	$	6,294	$	68,102	$	13,274

Statements of Income classification:
Cost of goods and services	$	2,571	$	47,216	$	6,554
Selling, general and administrative expense	3,723		20,886		6,720
Total	$	6,294	$	68,102	$	13,274

Our liability balance for restructuring and other related charges at December 31, 2023 reflects contract termination costs, employee severance and related benefits initiated during the period.

The following table details our restructuring accrual activities during the year ended December 31, 2023:


(in thousands)	Restructuring Accrual Balance
December 31, 2022	$	28,518
Restructuring charges	6,294
Asset sales and write-offs	(787)
Payments	(20,049)
Other, including foreign currency translation	(2)
December 31, 2023	$	13,974

RESTRUCTURING - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 6,294	$ 68,102	$ 13,274

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Lease and other revenue	$ 96,484	$ 87,727	$ 75,720
Total revenue	3,758,285	3,805,948	3,074,990
Cost of goods and services	2,618,646	2,907,284	2,331,715
Gross profit	1,139,639	898,664	743,275
Costs and expenses:
Selling, general and administrative expense	633,032	592,282	570,357
Goodwill impairment	0	39,617	0
Long-lived asset impairments and loss (gain) on disposal groups	12,965	18,493	(38,131)
Interest expense, net	54,562	45,204	51,921
Foreign currency transaction losses, net	36,334	8,555	4,104
Other expense (income), net	(21,078)	(2,293)	2,339
Income before income taxes	423,824	196,806	152,685
Provision for income taxes	105,105	40,243	38,445
Net income	318,719	156,563	114,240
Net income attributable to noncontrolling interest	4,481	1,594	941
Net income attributable to ChampionX	$ 314,238	$ 154,969	$ 113,299
Earnings per share attributable to ChampionX:
Basic (in dollars per share)	$ 1.60	$ 0.77	$ 0.56
Diluted (in dollars per share)	$ 1.57	$ 0.75	$ 0.54
Weighted-average shares outstanding:
Basic (in shares)	196,083	201,740	201,579
Diluted (in shares)	199,906	207,259	208,325
Product revenue
Revenue:
Product and service revenue	$ 3,297,468	$ 3,318,357	$ 2,656,184
Service revenue
Revenue:
Product and service revenue	$ 364,333	$ 399,864	$ 343,086

CASH FLOW INFORMATION - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Operating leases	$ 35,297	$ 42,747
Finance leases - interest	2,480	695
Finance leases - principal	9,982	6,540	$ 6,258
Operating leases	4,197	4,572
Finance leases	$ 31,113	$ 15,473

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Lease revenue	$ 84.2	$ 71.1
Equipment Leased Assets
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 67.4	$ 47.2
Minimum
Property, Plant and Equipment [Line Items]
Lessor, term of leases	12 months
Maximum
Property, Plant and Equipment [Line Items]
Lessor, term of leases	14 months

EQUITY AND CASH INCENTIVE PROGRAMS (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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


	Years Ended December 31,
	2023		2022		2021
Stock-based compensation expense	$	23,749	$	20,089	$	23,178
Tax benefit	(5,310)		(4,492)		(5,257)
Stock-based compensation expense, net of tax	$	18,439	$	15,597	$	17,921

Schedule of Activity Related to SARs Outstanding

A summary of activity relating to SARs outstanding for the year ended December 31, 2023, is as follows:


	SARs
	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023	286,106	$	31.77


Forfeited / expired	(6,226)	33.72
Exercised	(44,755)	30.88
Outstanding at December 31, 2023	235,125	$	31.89	2.4	$	222

Exercisable at December 31, 2023	235,125	$	31.89	2.4	$	222

Schedule of Other Information Related to the Exercise of SARs

Other information regarding the exercise of SARs is presented below:


(in thousands)	2023		2022		2021
SARs:
Fair value of SARs that became exercisable	$	—	$	—	$	—
Aggregate intrinsic value of SARs exercised	169		634		71

Schedule of Fair Value Used in Determining Stock-Based Compensation Expense

The fair value used in determining stock-based compensation expense of the performance share awards issued in 2023, 2022, and 2021, is as follows:


Performance shares:	2023		2022		2021
Fair value per share at date of grant	$	41.50	$	23.90	$	26.32

The fair value and average attainment used in determining stock-based compensation expense of the performance shares issued in 2023 and 2022 are as follows:


Performance shares:	2023			2022			2021
Fair value per share at date of grant	$	31.96		$	20.55		17.61
Average attainment rate reflected in expense	100		%	100		%	100	%

Schedule of Performance Shares

A summary of activity for ChampionX’s performance share awards under the 2018 Plan for the year ended December 31, 2023, is as follows:


	Shares	Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2023	774,997	$	21.07
Granted	244,120	36.73
Forfeited	(11,716)	23.55
Vested	(190,330)	14.55
Performance adjustment (1)	84,590	14.55
Unvested at December 31, 2023	901,661	$	26.04

_______________________

(1)Represents the additional shares that were issued to participants upon vesting of the awards due to the performance factor being exceeded for the three-year performance period.

Schedule of Restricted Stock Unit Activity

A summary of activity for restricted stock units, directors’ shares and deferred stock units for the year ended December 31, 2023, is as follows:


	Shares (1)	Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2023	1,797,220	$	18.64
Granted	588,602	31.79
Forfeited	(70,787)	21.46
Vested	(777,991)	17.00
Unvested at December 31, 2023	1,537,044	$	24.37

_______________________

Schedule of Non-Qualified Stock Options

A summary of activity for non-qualified stock options for the year ended December 31, 2023 is as follows:


	Non-Qualified Stock Options
	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023	3,737,657	$	6.35
Granted	—	—
Forfeited / expired	(23,420)	6.96
Exercised	(985,861)	6.18
Outstanding at December 31, 2023	2,728,376	$	6.41	3.3	$	62,214

Exercisable at December 31, 2023	2,728,376	$	6.41	3.3	$	62,214

INCOME TAXES - Provision for (Benefit From) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
U.S. federal	$ 74,022	$ 49,997	$ 14,895
State and local	9,234	11,147	4,867
Foreign	44,121	24,381	40,149
Total current	127,377	85,525	59,911
Deferred:
U.S. federal	(17,219)	(35,207)	(24,962)
State and local	(3,198)	(4,900)	(862)
Foreign	(1,855)	(5,175)	4,358
Total deferred	(22,272)	(45,282)	(21,466)
Provision for income taxes	$ 105,105	$ 40,243	$ 38,445

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common stock	Common Stock, Capital in excess of par value	Accum. Deficit	Accum. Other Comp. Loss	Non- controlling Interest
Beginning balance (in shares) at Dec. 31, 2020		200,380,000
Beginning balance at Dec. 31, 2020	$ 1,612,575	$ 2,004	$ 2,293,179	$ (638,457)	$ (30,755)	$ (13,396)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	114,240			113,299		941
Other comprehensive income (loss)	9,130				9,130
Stock-based compensation (in shares)		840,000
Stock-based compensation	23,187	$ 9	23,178
Stock options exercised (in shares)		1,646,000
Stock options exercised	8,835	$ 16	8,819
Taxes withheld on issuance of stock-based awards	(9,777)		(9,777)
Distributions declared and paid to noncontrolling interest	(3,718)					(3,718)
Currency translation adjustments	(165)					(165)
Ending balance (in shares) at Dec. 31, 2021		202,866,000
Ending 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	156,563			154,969		1,594
Other comprehensive income (loss)	(7,905)				(7,905)
Stock-based compensation (in shares)		933,000
Stock-based compensation	20,089	$ 10	20,079
Stock options exercised (in shares)		1,748,000
Stock options exercised	10,149	$ 17	10,132
Taxes withheld on issuance of stock-based awards	(11,964)		(11,964)
Dividends declared to common stockholders ($0.34 per share)	(61,291)			(61,291)
Repurchase and cancellation of common stock (in shares)		(7,081,000)
Repurchase and cancellation of common stock	(180,142)	$ (71)	(83,948)	(96,123)
Distributions declared and paid to noncontrolling interest	(3,016)					(3,016)
Currency translation adjustments	$ 425					425
Ending balance (in shares) at Dec. 31, 2022	198,500,000	198,466,000
Ending 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	318,719			314,238		4,481
Other comprehensive income (loss)	(6,996)				(6,996)
Stock-based compensation (in shares)		648,000
Stock-based compensation	$ 23,749	$ 6	23,743
Stock options exercised (in shares)	985,861	986,000
Stock options exercised	$ 6,056	$ 10	6,046
Taxes withheld on issuance of stock-based awards	(9,763)		(9,763)
Dividends declared to common stockholders ($0.34 per share)	$ (66,871)			(66,871)
Repurchase and cancellation of common stock (in shares)	(8,965,320)	(8,965,000)
Repurchase and cancellation of common stock	$ (277,575)	$ (88)	(102,047)	(175,440)
Distributions declared and paid to noncontrolling interest	(3,505)		(766)			(2,739)
Currency translation adjustments	$ 2					2
Ending balance (in shares) at Dec. 31, 2023	191,100,000	191,135,000
Ending balance at Dec. 31, 2023	$ 1,661,031	$ 1,913	$ 2,166,911	$ (455,676)	$ (36,526)	$ (15,591)

REVENUE (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue disaggregated by geography was as follows:


	Year Ended December 31, 2023
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	983,542	$	763,103	$	163,776	$	49,171	$	20,659	$	1,980,251
Latin America	522,372		22,727		—		13,182		1,720		560,001
Middle East & Africa	325,142		65,396		10,471		26,553		(1,170)		426,392
Canada	296,001		73,806		14,326		1,423		18		385,574
Europe	196,533		17,641		23,401		2,803		5,121		245,499
Asia-Pacific	48,718		13,556		3,745		2,444		12,539		81,002
Australia	22,739		46,917		—		15		—		69,671
Other	9,330		—		2		563		—		9,895
Total revenue	$	2,404,377	$	1,003,146	$	215,721	$	96,154	$	38,887	$	3,758,285


	Year Ended December 31, 2022
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	851,057	$	738,178	$	180,912	$	88,108	$	76,461	$	1,934,716
Latin America	594,737		21,756		7		13,887		3,100		633,487
Middle East & Africa	307,154		66,918		6,628		26,876		2,314		409,890
Canada	296,623		73,561		14,529		1,933		116		386,762
Europe	194,034		13,655		20,911		3,439		13,936		245,975
Asia-Pacific	35,536		6,170		6,434		3,115		33,173		84,428
Australia	21,866		34,318		33		299		—		56,516
Other	46,519		90		25		7,540		—		54,174
Total revenue	$	2,347,526	$	954,646	$	229,479	$	145,197	$	129,100	$	3,805,948


	Year Ended December 31, 2021
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	653,826	$	583,010	$	136,351	$	88,313	$	105,855	$	1,567,355
Latin America	364,386		18,454		—		15,220		4,741		402,801
Middle East & Africa	268,096		53,995		5,408		22,140		8,896		358,535
Canada	263,887		58,927		13,474		2,739		342		339,369
Europe	180,269		6,088		11,810		4,315		11,617		214,099
Asia-Pacific	43,593		7,229		3,358		4,585		25,607		84,372
Australia	28,388		34,451		130		135		—		63,104
Other	39,955		217		1,535		3,648		—		45,355
Total revenue	$	1,842,400	$	762,371	$	172,066	$	141,095	$	157,058	$	3,074,990

_______________________

(1) The sales related to the Cross Supply and Product Transfer Agreement with Ecolab were included within Corporate and other from the date of the Merger through June 30, 2023. Beginning July 1, 2023, these sales and expenses are recognized in the Production Chemical Technologies segment.

Schedule of Contract Balances

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


	December 31,
(in thousands)	2023		2022
Contract assets	$	—	$	—
Contract liabilities	27,406		14,113

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Houston, Texas

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II—Valuation and Qualifying Accounts


Allowance for Doubtful Accounts	Balance at Beginning of Year		Charged to Cost and Expense(1)	Accounts Written Off	Other	Balance at End of Year
Year Ended December 31, 2023	$	5,506	1,480	(1,244)	(8)	$	5,734
Year Ended December 31, 2022	$	7,662	(927)	(869)	(360)	$	5,506
Year Ended December 31, 2021	$	10,192	4,418	(7,002)	54	$	7,662

_______________________

(1) Net of recoveries on previously reserved or written-off balances.


Deferred Tax Valuation Allowance	Balance at Beginning of Year		Additions	Reductions	Other(2)	Balance at End of Year
Year Ended December 31, 2023	$	32,500	472	—	59	$	33,031
Year Ended December 31, 2022	$	38,716	—	(6,120)	(96)	$	32,500
Year Ended December 31, 2021	$	26,786	14,696	(2,766)	—	$	38,716

_______________________

(2) Other represents impact of changes in foreign exchange rates


Inventory Reserves (including LIFO)	Balance at Beginning of Year		Additions	Reductions	Other	Balance at End of Year
Year Ended December 31, 2023	$	87,238	18,974	(27,578)	(429)	$	78,205
Year Ended December 31, 2022	$	78,923	26,306	(16,566)	(1,425)	$	87,238
Year Ended December 31, 2021	$	39,579	44,435	(4,811)	(280)	$	78,923

REVENUE

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

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

In certain geographical areas, the Company utilizes joint ventures and independent third-party distributors and sales agents to sell and market products and services. Amounts payable to independent third-party distributors and sales agents may fluctuate based on sales and timing of distributor fee payments. For services rendered by such independent third-party distributors and sales agents, the Company records the consideration received on a net basis within product revenue in our 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:


	Year Ended December 31, 2023
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	983,542	$	763,103	$	163,776	$	49,171	$	20,659	$	1,980,251
Latin America	522,372		22,727		—		13,182		1,720		560,001
Middle East & Africa	325,142		65,396		10,471		26,553		(1,170)		426,392
Canada	296,001		73,806		14,326		1,423		18		385,574
Europe	196,533		17,641		23,401		2,803		5,121		245,499
Asia-Pacific	48,718		13,556		3,745		2,444		12,539		81,002
Australia	22,739		46,917		—		15		—		69,671
Other	9,330		—		2		563		—		9,895
Total revenue	$	2,404,377	$	1,003,146	$	215,721	$	96,154	$	38,887	$	3,758,285


	Year Ended December 31, 2022
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	851,057	$	738,178	$	180,912	$	88,108	$	76,461	$	1,934,716
Latin America	594,737		21,756		7		13,887		3,100		633,487
Middle East & Africa	307,154		66,918		6,628		26,876		2,314		409,890
Canada	296,623		73,561		14,529		1,933		116		386,762
Europe	194,034		13,655		20,911		3,439		13,936		245,975
Asia-Pacific	35,536		6,170		6,434		3,115		33,173		84,428
Australia	21,866		34,318		33		299		—		56,516
Other	46,519		90		25		7,540		—		54,174
Total revenue	$	2,347,526	$	954,646	$	229,479	$	145,197	$	129,100	$	3,805,948


	Year Ended December 31, 2021
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	653,826	$	583,010	$	136,351	$	88,313	$	105,855	$	1,567,355
Latin America	364,386		18,454		—		15,220		4,741		402,801
Middle East & Africa	268,096		53,995		5,408		22,140		8,896		358,535
Canada	263,887		58,927		13,474		2,739		342		339,369
Europe	180,269		6,088		11,810		4,315		11,617		214,099
Asia-Pacific	43,593		7,229		3,358		4,585		25,607		84,372
Australia	28,388		34,451		130		135		—		63,104
Other	39,955		217		1,535		3,648		—		45,355
Total revenue	$	1,842,400	$	762,371	$	172,066	$	141,095	$	157,058	$	3,074,990

_______________________

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.

Performance Obligations

Some of our contracts have a single performance obligation which represents, in most cases, the equipment or product sold to the customer. Some contracts include multiple performance obligations, often satisfied at or near the same time, such as a product and the related installation and/or maintenance services. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. We typically use observable prices to determine the stand-alone selling price of a performance obligation.

Within our Production Chemical Technologies and Reservoir Chemical Technologies segments, revenue recognized from the sale of products is recognized at the point in time when the obligations in the contract with the customer are satisfied, which generally occurs with the delivery of the product. Within our Production & Automation Technologies and Drilling Technologies reportable segments, substantially all of our performance obligations are recognized at a point in time and are primarily related to product revenue derived from the sale of drilling and production equipment. Revenue is recognized when control transfers to the customer upon shipment or completion of installation, testing, or certification as required under the contract. Within our ESP leased asset program, when stipulated in the contract, equipment damaged in operation is charged to the customer and recognized as product revenue. Service and lease revenue are recognized over time when the services are provided to the customer or when the customer receives the benefit of the leased equipment.

Remaining performance obligations

As of December 31, 2023, we did not have any contracts with an original length of greater than a year from which revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied).

Contract Balances

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


	December 31,
(in thousands)	2023		2022
Contract assets	$	—	$	—
Contract liabilities	27,406		14,113

Contract assets primarily relate to work completed for performance obligations that are satisfied over time and are recorded in prepaid expenses and other current assets on our consolidated balance sheets. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to billings or consideration received in advance of performance (obligation to transfer goods or services to a customer) under the contract. Contract liabilities are recognized as revenue when the performance obligation has been performed, which primarily occurs during the subsequent quarter. Current contract liabilities are recorded in accrued expenses and other current liabilities on our consolidated balance sheets.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-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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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org//606/tableOfContent