0001723089-22-000083 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38441
Entity Registrant Name	ChampionX Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3066826
Entity Address, Address Line One	2445 Technology Forest Blvd,
Entity Address, Address Line Two	Building 4, 12th Floor
Entity Address, City or Town	The Woodlands,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77381
City Area Code	(281)
Local Phone Number	403-5772
Security 12b Title	Common stock, $0.01 par value
Trading Symbol	CHX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		203,400,646
Entity Central Index Key	0001723089
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Lease and other revenue	$ 18,898	$ 18,905
Total revenue	865,960	684,888
Cost of goods and services	658,350	522,556
Gross profit	207,610	162,332
Costs and expenses:
Selling, general and administrative expense	150,360	143,478
Interest expense, net	11,363	13,971
Other (income) expense, net	1,320	(1,936)
Income before income taxes	44,567	6,819
Provision for income taxes	6,394	2,782
Net income	38,173	4,037
Less: Net income (loss) attributable to noncontrolling interest	1,471	(1,735)
Net income attributable to ChampionX	$ 36,702	$ 5,772
Earnings per share attributable to ChampionX:
Basic (in dollars per share)	$ 0.18	$ 0.03
Diluted (in dollars per share)	$ 0.18	$ 0.03
Weighted-average shares outstanding:
Weighted-average shares outstanding, basic (in shares)	203,079	200,580
Weighted-average shares outstanding, diluted (in shares)	208,850	207,271
Product revenue
Revenue:
Revenue	$ 750,668	$ 585,357
Service revenue
Revenue:
Revenue	$ 96,394	$ 80,626

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 38,173	$ 4,037
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(1,565)	3,213
Cash flow hedges	(1,299)	413
Defined pension and other post-retirement benefits adjustments, net	69	167
Other comprehensive income (loss)	(2,795)	3,793
Comprehensive income	35,378	7,830
Less: Comprehensive income (loss) attributable to noncontrolling interest	1,471	(1,735)
Comprehensive income attributable to ChampionX	$ 33,907	$ 9,565

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 177,109	$ 251,678
Restricted cash	3,500	3,500
Receivables, net	658,292	584,440
Inventories, net	625,540	542,910
Prepaid expenses and other current assets	70,848	78,372
Total current assets	1,535,289	1,460,900
Property, plant and equipment, net of accumulated depreciation of $633,913 in 2022 and $618,867 in 2021	762,234	776,813
Goodwill	705,097	702,867
Intangible assets, net	379,485	401,470
Operating lease right-of-use assets	112,348	115,458
Other non-current assets	77,265	77,193
Total assets	3,571,718	3,534,701
Current Liabilities:
Current portion of long-term debt	26,850	26,850
Accounts payable	508,825	473,561
Accrued compensation and employee benefits	56,127	93,131
Current portion of operating lease liabilities	35,788	36,389
Accrued distributor fees	30,309	25,621
Accrued expenses and other current liabilities	173,976	146,773
Total current liabilities	831,875	802,325
Long-term debt	691,241	697,657
Deferred income taxes	129,340	137,971
Operating lease liabilities	71,592	73,521
Other long-term liabilities	70,098	68,920
Total liabilities	1,794,146	1,780,394
Stockholders’ equity:
Common stock (2.5 billion shares authorized, $0.01 par value) 203.3 million shares and 202.9 million shares issued and outstanding in 2022 and 2021, respectively	2,033	2,029
Capital in excess of par value of common stock	2,318,539	2,315,399
Accumulated deficit	(503,921)	(525,158)
Accumulated other comprehensive loss	(24,420)	(21,625)
ChampionX stockholders’ equity	1,792,231	1,770,645
Noncontrolling interest	(14,659)	(16,338)
Total equity	1,777,572	1,754,307
Total liabilities and equity	$ 3,571,718	$ 3,534,701

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accumulated depreciation on property, plant, and equipment	$ 633,913	$ 618,867
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)	203,300,000	202,900,000
Common stock, shares outstanding (in shares)	203,300,000	202,900,000

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock, Par Value	Common Stock, Capital in Excess of Par Value	Accum. Deficit	Accum. Other Comp. Loss	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2020		200,380
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 (loss)	4,037			5,772		(1,735)
Other comprehensive income (loss)	3,793				3,793
Stock-based compensation (in shares)		64
Stock-based compensation	6,442		6,442
Stock options exercised (in shares)		577
Stock options exercised	3,347	$ 6	3,341
Taxes withheld on issuance of stock-based awards	(556)		(556)
Cumulative translation adjustments	268					268
Distributions to noncontrolling interest	(800)					(800)
Ending balance (in shares) at Mar. 31, 2021		201,021
Ending balance at Mar. 31, 2021	$ 1,629,106	$ 2,010	2,302,406	(632,685)	(26,962)	(15,663)
Beginning balance (in shares) at Dec. 31, 2021	202,900	202,866
Beginning balance at Dec. 31, 2021	$ 1,754,307	$ 2,029	2,315,399	(525,158)	(21,625)	(16,338)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	38,173			36,702		1,471
Other comprehensive income (loss)	(2,795)				(2,795)
Stock-based compensation (in shares)		290
Stock-based compensation	4,728	$ 3	4,725
Stock options exercised (in shares)		189
Stock options exercised	1,055	$ 1	1,054
Taxes withheld on issuance of stock-based awards	(2,639)		(2,639)
Dividends declared to common stockholders ($0.075 per share)	(15,465)			(15,465)
Cumulative translation adjustments	$ 208					208
Ending balance (in shares) at Mar. 31, 2022	203,300	203,345
Ending balance at Mar. 31, 2022	$ 1,777,572	$ 2,033	$ 2,318,539	$ (503,921)	$ (24,420)	$ (14,659)

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 38,173	$ 4,037
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	57,699	61,001
Stock-based compensation	4,728	6,442
(Gain) loss on disposal of fixed assets	(5,070)	1,954
Provision (recovery) for bad debt	13	(1,413)
Provision for inventory obsolescence and write-downs	3,988	4,856
Amortization of deferred loan costs and accretion of discount	828	948
Deferred income taxes	(7,788)	(2,450)
Employee benefit plan expense	497	718
Other	102	103
Changes in operating assets and liabilities (net of effects of foreign exchange):
Receivables	(73,262)	30,019
Inventories	(81,283)	(6,511)
Prepaid expenses and other current assets	6,647	(1,247)
Accounts payable	27,184	36,227
Accrued compensation and employee benefits	(38,174)	(8,467)
Accrued expenses and other liabilities	28,746	(34,399)
Leased assets	(5,265)	(1,138)
Other	(888)	(466)
Net cash flows from operating activities	(43,125)	90,214
Cash flows from investing activities:
Capital expenditures	(30,597)	(25,579)
Proceeds from sale of fixed assets	12,731	912
Acquisitions, net of cash acquired	(3,198)	0
Net cash used for investing activities	(21,064)	(24,667)
Cash flows from financing activities:
Repayment of long-term debt	(6,713)	(6,712)
Payments related to taxes withheld on stock-based compensation	(2,639)	(556)
Proceeds from exercise of stock options	1,055	3,347
Distributions to noncontrolling interest	0	(800)
Payment of finance lease obligations	(1,501)	(1,215)
Net cash used for financing activities	(9,798)	(5,936)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(582)	(1,211)
Net increase (decrease) in cash and cash equivalents and restricted cash	(74,569)	58,400
Cash and cash equivalents and restricted cash at beginning of period	255,178	201,421
Cash and cash equivalents and restricted cash at end of period	$ 180,609	$ 259,821

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Business ChampionX Corporation is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently and sustainably around the world. Our products provide efficient and safe operations throughout the lifecycle of a well with a focus on the production phase of wells. Unless the context requires otherwise, references in this report to “we,” “us,” “our,” “the Company,” or “ChampionX” mean ChampionX Corporation, together with our subsidiaries where the context requires. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of ChampionX have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the audited consolidated financial statements, and notes thereto, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions that we may undertake in the future, actual results may differ from our estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments unless otherwise specified) necessary for a fair statement of our financial condition and results of operations as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these financial statements may not be representative of the results that may be expected for the year ending December 31, 2022. Significant Accounting Policies Please refer to "Note 1–Basis of Presentation and Summary of Significant Accounting Policies" to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 for the discussion of our significant accounting policies. New Accounting Standards All new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS On February 23, 2022, we acquired LSI, a leader in optical gas imaging technology that provides aerial and ground-based emissions leak detection to the oil and gas industry. LSI has been included in our Production & Automation Technologies segment. Under the terms of the agreement, we paid an initial amount of $3.2 million, net of cash acquired, with an additional $0.5 million payable 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.

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

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, Scientific Aviation, Norriseal-Wellmark, Quartzdyne, Spirit, Theta, Timberline, Windrock, and Leak Surveys, Inc. (“LSI”).

•Drilling Technologies—designs, manufactures and markets polycrystalline diamond cutters and bearings primarily 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 well intervention 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. Business activities that do not meet the criteria of an operating segment have been combined into Corporate and other. Corporate and other includes (i) corporate and overhead expenses, and (ii) revenue and costs for activities that are not operating segments.

Segment revenue and segment operating profit


	Three Months Ended March 31,
(in thousands)	2022		2021
Segment revenue:
Production Chemical Technologies	$	514,972	$	412,371
Production & Automation Technologies	220,349		166,845
Drilling Technologies	56,859		34,994
Reservoir Chemical Technologies	39,900		29,891
Corporate and other (1)	33,880		40,787
Total revenue	$	865,960	$	684,888

Segment operating profit (loss):
Production Chemical Technologies	$	31,263	$	30,357
Production & Automation Technologies	24,710		5,362
Drilling Technologies	15,220		6,386
Reservoir Chemical Technologies	(3,469)		(3,228)
Total segment operating profit	67,724		38,877
Corporate and other (1)	11,794		18,087
Interest expense, net	11,363		13,971
Income before income taxes	$	44,567	$	6,819

_______________________

(1) Corporate and other includes costs not directly attributable or allocated to our reporting segments such as corporate executive management and other administrative functions, and the results attributable to our noncontrolling interest. Additionally, the sales and expenses related to the Cross Supply and Product Transfer Agreement with Ecolab Inc. (“Ecolab”) are included within Corporate and other.

- Definition

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

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+ Details

Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

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

In certain geographical areas, the Company utilizes joint ventures and independent third-party distributors and sales agents to sell and market products and services. Amounts payable to independent third-party distributors and sales agents may fluctuate based on sales and timing of distributor fee payments. For services rendered by such independent third-party distributors and sales agents, the Company records the consideration received on a net basis within product revenue in our condensed consolidated statements of income. Additionally, amounts owed to distributors and sales agents are reported within accrued distributor fees within our condensed consolidated balance sheets.

Revenue disaggregated by geography was as follows:


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


	Three Months Ended March 31, 2021
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	149,864	$	126,374	$	25,407	$	15,609	$	25,556	$	342,810
Latin America	71,616		4,642		—		3,019		1,431		80,708
Middle East & Africa	58,370		10,272		716		6,062		5,583		81,003
Canada	61,292		12,528		3,827		729		158		78,534
Europe	42,608		1,983		2,499		1,389		2,257		50,736
Asia-Pacific	10,492		1,463		1,553		1,120		5,802		20,430
Australia	6,395		9,576		117		54		—		16,142
Other	11,734		7		875		1,909		—		14,525
Total revenue	$	412,371	$	166,845	$	34,994	$	29,891	$	40,787	$	684,888

_______________________

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

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

Contract Balances

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


(in thousands)	March 31, 2022		December 31, 2021
Contract assets	$	—	$	—
Contract liabilities - current	$	16,645	$	15,246

- Definition

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

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+ Details

Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

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


	March 31, 2022						December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships	$	593,312	$	377,103	$	216,209	$	593,242	$	365,773	$	227,469
Unpatented technologies	142,727		42,090		100,637		142,540		37,264		105,276
Favorable supply agreements	59,000		35,355		23,645		59,000		30,546		28,454
Trademarks	59,876		33,221		26,655		59,873		32,270		27,603
Patents	38,822		31,417		7,405		38,735		31,080		7,655
Other	5,409		5,275		134		5,390		5,177		213
	899,146		524,461		374,685		898,780		502,110		396,670
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	$	903,946	$	524,461	$	379,485	$	903,580	$	502,110	$	401,470

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

Foreign currency translation	(3,772)		76		—		(419)		(4,115)
March 31, 2022	$	352,866	$	211,888	$	101,136	$	39,207	$	705,097

_______________________

(1) See Note 11—Acquisitions for additional information related to the acquisition of LSI completed during the first quarter of 2022.

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

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

DEBT

Long-term debt consisted of the following:


(in thousands)	March 31, 2022		December 31, 2021

2018 Term Loan Facility	$	140,000	$	140,000
2020 Term Loan Facility	490,013		496,725
6.375% Senior Notes due 2026	92,041		92,041
Total	722,054		728,766
Net unamortized discounts and issuance costs	(3,963)		(4,259)
Total long-term debt	718,091		724,507
Current portion of long-term debt (1)	(26,850)		(26,850)
Long-term debt, less current portion	$	691,241	$	697,657

_______________________

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

On May 9, 2018, we entered into a credit agreement governing the terms of, among other things, a 7-year senior secured term

loan B facility that had an initial commitment of $415 million (the “2018 Term Loan Facility”), and on June 3, 2020,

ChampionX Holdings Inc. entered into a term loan facility for $537.0 million (the “2020 Term Loan Facility”). The 2018 Term

Loan is subject to mandatory amortization payments of 1% per annum of the initial commitment paid quarterly, and the 2020 Term Loan Facility is subject to mandatory amortization payments of $6.7 million paid quarterly, which began on September 30, 2020. The 2018 Term Loan Facility and the 2020 Term Loan Facility each contains customary representations and warranties, covenants, and events of default for loan facilities of this type. We were in compliance with all covenants as of March 31, 2022. The weighted average interest rate on borrowings during the three month period ended March 31, 2022 was 2.67% and 6.00% for the 2018 Term Loan Facility and 2020 Term Loan Facility, respectively.

- Definition

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

+ References

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES The Company is subject to various claims and contingencies related to, among other things, workers’ compensation, general liability (including product liability), automobile claims, health care claims, environmental matters, and lawsuits. We record liabilities where a contingent loss is probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. In accordance with applicable GAAP, the Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred. Guarantees and Indemnifications We have provided indemnities in connection with sales of certain businesses and assets, including indemnities for environmental health and safety, tax, and employment matters. We do not have any material liabilities recorded for these indemnifications and are not aware of any claims or other information that would give rise to material payments under such indemnities. In connection with the Company’s separation from Dover Corporation (“Dover”) in 2018, we entered into agreements with Dover that govern the treatment between Dover and us for certain indemnification matters and litigation responsibility. Generally, the separation and distribution agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and to place financial responsibility for the obligations and liabilities of Dover’s business with Dover. The separation and distribution agreement also establishes procedures for handling claims subject to indemnification and related matters. In connection with the acquisition of the Chemical Technologies business from Ecolab in 2020 (the “Merger”), we entered into agreements with Ecolab that govern the treatment between Ecolab and us for certain indemnification matters and litigation responsibility. Generally, the separation and distribution agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of our business with us and to place financial responsibility for the obligations and liabilities of Ecolab’s business with Ecolab. The separation and distribution agreement also establishes procedures for handling claims subject to indemnification and related matters. In addition, pursuant to the tax matters agreement relating to the Merger (the “Tax Matters Agreement”), we have agreed to indemnify Ecolab and its affiliates for (i) all taxes for which ChampionX is responsible as defined within the Tax Matters Agreement, (ii) all taxes resulting from a breach by ChampionX of any of its representations (but only to the extent relating to a breach occurring after the consummation of the Merger) or any of its covenants under the Tax Matters Agreement, (iii) all taxes resulting from an acquisition after the Merger of any of the stock or assets of ChampionX, other than as a result of the Merger or a repayment of the 2018 Credit Facility (as defined in “Note 8–Debt” to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021), 2018 Term Loan Facility or 2020 Term Loan Facility and (iv) reasonable costs and expenses (including reasonable attorneys’ fees and expenses) related to the foregoing. As of March 31, 2022 and December 31, 2021, we had $77.7 million and $80.2 million, respectively, of outstanding letters of credit, surety bonds and guarantees, which expire at various dates through 2039. These financial instruments are primarily maintained as security for insurance, warranty, and other performance obligations. Generally, we would only be liable for the amount of these letters of credit, surety bonds, and guarantees in the event of default in the performance of our obligations, the probability of which we believe is remote. Litigation and Environmental Matters We are involved in various pending or potential lawsuits, claims and environmental actions that have arisen in the ordinary course of our business. These proceedings primarily involve claims by private parties alleging injury arising out of use of our products, patent infringement, employment matters, and commercial disputes, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain chemical substances at various sites, such as Superfund sites and either operating or owned facilities. We review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and accrued to date, and the availability and extent of insurance coverage. We accrue a liability for legal matters that are probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. We are unable to predict the ultimate outcome of these actions because of the inherent uncertainty of litigation and unfavorable rulings or developments could occur, and there can be no certainty that the Company may not ultimately incur charges in excess of recorded liabilities. However, we believe the most probable, ultimate resolution of these matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. Environmental Matters The Company is currently participating in environmental assessments and remediation at approximately 11 locations, the majority of which are in the United States (“U.S.”), and environmental liabilities have been accrued reflecting our best estimate of future costs. Potential insurance reimbursements are not anticipated in the Company’s accruals for environmental liabilities. As of March 31, 2022, environmental liability accruals related to these locations were $6.5 million. Prior to the separation from Dover in 2018, groundwater contamination was discovered at the Norris Sucker Rods plant site located in Tulsa, Oklahoma (“Norris”). Initial remedial efforts were undertaken at the time of discovery of the contamination and Norris has since coordinated monitoring and remediation with the Oklahoma Department of Environmental Quality (“ODEQ”). As part of the ongoing long-term remediation process, Norris contracted an engineering and consulting firm to develop a range of possible additional remedial alternatives in order to accelerate the remediation process and associated cost estimates for the work. In October 2019, we received the firm’s preliminary remedial alternatives for consideration. We have submitted our long-term remediation plan and it was approved by ODEQ. We are now in discussion with ODEQ to finalize a consent order. Because we have not yet finalized the consent order for further remediation at the site and discussions with ODEQ remain ongoing, we cannot fully anticipate the timing, outcome or possible impact of such further remedial activities, financial or otherwise. As a result of the recommendations in the report, we accrued liabilities for these remediation efforts of approximately $2.0 million as of December 31, 2019. Liabilities could increase in the future at such time as we ultimately reach agreement with ODEQ on our remediation plan and such liabilities become probable and can be reasonably estimated; however, there have been no changes to our estimated liability as of March 31, 2022. Matters Related to Deepwater Horizon Incident Response On April 22, 2010, the deepwater drilling platform, the Deepwater Horizon, operated by a subsidiary of BP plc, sank in the Gulf of Mexico after an explosion and fire, resulting in a massive oil spill. Certain entities that are now subsidiaries of ChampionX as a result of the Merger (collectively the “COREXIT Defendants”) supplied COREXIT™ 9500, an oil dispersant product listed on the U.S. EPA National Contingency Plan Product Schedule, which was used in the response to the spill. In connection with the provision of COREXIT™, the COREXIT Defendants were named in several lawsuits. Cases arising out of the Deepwater Horizon accident were administratively transferred and consolidated for pre-trial purposes under In Re: Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico, on April 20, 2010, Case No. 10-md-02179 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 remain three “B3” cases that had asserted claims against the COREXIT Defendants and that remain 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), plaintiffs will have 30 days after entry of final judgment in each case to appeal the Court’s summary judgment decision. The Company believes the claims asserted against the COREXIT Defendants are without merit and intends to defend these lawsuits vigorously. The Company also believes that it has rights to contribution and/or indemnification (including legal expenses) from third parties. However, we cannot predict the outcome of these lawsuits, the involvement it might have in these matters in the future, or the potential for future litigation.

Restructuring and Other Related Charges

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Other Related Charges

RESTRUCTURING AND OTHER RELATED CHARGES

During the current and prior periods, we approved various restructuring plans related to the consolidation of product lines and associated facility closures and workforce reductions. As a result, we recognized charges of $8.5 million during the three months ended March 31, 2022, consisting primarily of employee severance and related benefits, partially offset by gains realized on the sale of facilities. During the three months ended March 31, 2021, we recorded restructuring and other charges of $4.3 million.

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


	Three Months Ended March 31,
(in thousands)	2022		2021
Segment restructuring charges (income):
Production Chemical Technologies	$	11,636	$	688
Production & Automation Technologies	(4,147)		3,524
Drilling Technologies	—		—
Reservoir Chemical Technologies	743		44
Corporate and other	252		—
Total	$	8,484	$	4,256

Statements of Income (Loss) classification:
Cost of goods and services	$	(4,139)	$	3,484
Selling, general and administrative expense	12,623		772
Total	$	8,484	$	4,256

Our liability balance for restructuring and other related charges at March 31, 2022 reflects employee severance and related benefits initiated during the period. Additional programs may be initiated during 2022 with related restructuring charges.

The following table details our restructuring accrual activities during the three months ended March 31, 2022:


(in thousands)	Restructuring Accrual Balance
December 31, 2021	$	3,743
Restructuring charges	8,484
Asset sales	4,523
Payments	(3,819)

March 31, 2022	$	12,931

Equity and Cash Incentive Programs

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Equity and Cash Incentive Programs

EQUITY AND CASH INCENTIVE PROGRAMS

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


	Three Months Ended March 31,
(in thousands)	2022		2021
Stock-based compensation expense	$	4,728	$	6,442
Tax benefit	(993)		(1,353)
Stock-based compensation expense, net of tax	$	3,735	$	5,089

A summary of activity relating to our share-based awards for the three months ended March 31, 2022 was as follows:


(in shares)	Stock-Settled Appreciation Rights	Performance Share Awards	Restricted Stock Units	Non-Qualified Stock Options
Outstanding at January 1, 2022	393,523	505,509	2,342,107	5,488,653
Granted	—	347,920	900,606	—
Forfeited / expired	(1,758)	—	(103,471)	—
Exercised / vested	—	(72,410)	(344,288)	(187,927)

Outstanding at March 31, 2022	391,765	781,019	2,794,954	5,300,726

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

Dividend

On February 4, 2022, our Board of Directors (“Board”) approved a plan to initiate a regular quarterly cash dividend of $0.075 per share of the Company’s common stock. The first declared dividend is payable on April 29, 2022 to stockholders of record on April 8, 2022. 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.

Accumulated other comprehensive loss

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


(in thousands)	Foreign Currency Translation		Defined Pension and Other Post-Retirement Benefits		Cash Flow Hedges		Accumulated Other Comprehensive Loss
December 31, 2021	$	(19,430)	$	(3,476)	$	1,281	$	(21,625)
Other comprehensive loss before reclassifications, net of tax	(1,565)		—		(1,299)		(2,864)
Reclassification adjustment for net losses included in net income, net of tax	—		69		—		69
Other comprehensive loss, net of tax	(1,565)		69		(1,299)		(2,795)
March 31, 2022	$	(20,995)	$	(3,407)	$	(18)	$	(24,420)


(in thousands)	Foreign Currency Translation		Defined Pension and Other Post-Retirement Benefits		Cash Flow Hedges		Accumulated Other Comprehensive Loss
December 31, 2020	$	(14,965)	$	(13,470)	$	(2,320)	$	(30,755)
Other comprehensive income before reclassifications, net of tax	3,213		—		413		3,626
Reclassification adjustment for net losses included in net income, net of tax	—		167		—		167
Other comprehensive income, net of tax	3,213		167		413		3,793
March 31, 2021	$	(11,752)	$	(13,303)	$	(1,907)	$	(26,962)

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


	Three Months Ended March 31,				Affected line items on the condensed consolidated statements of income (loss)
(in thousands)	2022		2021
Pensions and other post-retirement benefits:
Amortization of actuarial loss and other	$	69	$	214		Other (income) expense, net

Total before tax	69		214			Income before income taxes
Tax benefit	—		(47)			Provision for income taxes
Net of tax	$	69	$	167		Net income

- Definition

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

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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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


	Three Months Ended March 31,
(in thousands, except per share data)	2022		2021
Net income attributable to ChampionX	$	36,702	$	5,772

Weighted-average number of shares outstanding	203,079		200,580
Dilutive effect of stock-based compensation	5,771		6,691
Total shares and dilutive securities	208,850		207,271

Basic earnings per share attributable to ChampionX	$	0.18	$	0.03
Diluted earnings per share attributable to ChampionX	$	0.18	$	0.03

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

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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

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

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

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

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


	Carrying Amount
(in thousands)	March 31, 2022		December 31, 2021
Assets
Foreign currency forward contracts	$	2,244	$	4,081

Liabilities
Foreign currency forward contracts	$	6,804	$	3,773

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 13—Derivatives and Hedging Transactions for further discussion of gross versus net presentation of the Company’s derivatives.

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

The fair value of our 6.375% Senior Notes due 2026 is based on Level 1 quoted market prices. The fair value of our term loan facilities are based on Level 2 quoted market prices for the same or similar debt instruments. The carrying amount and the estimated fair value of long-term debt, including current maturities, held by the Company were:


	March 31, 2022				December 31, 2021
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2018 Term Loan Facility	$	140,000	$	138,775	$	140,000	$	138,950
2020 Term Loan Facility	$	490,013	$	490,625	$	496,725	$	502,313
6.375% Senior Notes due 2026	$	92,041	$	94,425	$	92,041	$	95,805

- Definition

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

+ References + Details

Derivatives and Hedging Transactions

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Transactions

DERIVATIVES AND HEDGING TRANSACTIONS

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

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

Derivative Positions Summary

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

The following table summarizes the gross fair value of the Company’s outstanding derivatives and the lines in which they are presented on the condensed consolidated balance sheet.


	Derivative Assets				Derivative Liabilities
(in thousands)	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Prepaid expenses and other current assets	$	2,244	$	4,081	$	—	$	—
Accrued expenses and other current liabilities	—		—		6,804		$	3,773
	$	2,244	$	4,081	$	6,804	$	3,773

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


(in thousands)	March 31, 2022		December 31, 2021
Notional value of foreign currency forward contracts	$	605,556	$	704,190

Cash Flow Hedges

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

Derivatives Not Designated as Hedging Instruments

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

Effect of Derivative Instruments on Income

The loss of all derivative instruments recognized is summarized below:


	Three Months Ended March 31,
(in thousands)	2022		2021
Loss reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	71	$	754
Loss on derivatives not designated as hedging instruments:
Other (income) expense, net	4,160		667
Total loss of derivative instruments	$	4,231	$	1,421

Inventories

3 Months Ended

Mar. 31, 2022

Inventory, Net [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:


(in thousands)	March 31, 2022		December 31, 2021
Raw materials	$	222,722	$	186,516
Work in progress	17,245		13,615
Finished goods	491,692		421,702
	731,659		621,833
Inventory reserve	(27,579)		(24,646)
LIFO adjustments (1)	(78,540)		(54,277)
Inventories, net	$	625,540	$	542,910

_______________________

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

Cash Flow Information	3 Months Ended
Cash Flow Information	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information	CASH FLOW INFORMATION Leased Asset Program Our electrical submersible pumping (“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 three months ended March 31, 2022 and March 31, 2021, we transferred $12.9 million and $8.5 million, respectively, of inventory into property, plant, and equipment as a result of assets entering our leased asset program. Expenditures for assets that are placed into our leased asset program expected to be recovered through sale are reported in leased assets in the operating section of our condensed consolidated statements of cash flows. All other capitalizable expenditures for assets that are placed into our leased asset program are classified as capital expenditures in the investing section of our condensed consolidated statements of cash flows.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of ChampionX have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the audited consolidated financial statements, and notes thereto, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions that we may undertake in the future, actual results may differ from our estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments unless otherwise specified) necessary for a fair statement of our financial condition and results of operations as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these financial statements may not be representative of the results that may be expected for the year ending December 31, 2022.
New Accounting Standards	New Accounting Standards All new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.
Fair Value Measurements	Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The hierarchy is broken down into three levels: Level 1- Inputs are quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2- Inputs include observable inputs other than quoted prices in active markets. Level 3- Inputs are unobservable inputs for which there is little or no market data available.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Revenue and Operating Profit

Segment revenue and segment operating profit


	Three Months Ended March 31,
(in thousands)	2022		2021
Segment revenue:
Production Chemical Technologies	$	514,972	$	412,371
Production & Automation Technologies	220,349		166,845
Drilling Technologies	56,859		34,994
Reservoir Chemical Technologies	39,900		29,891
Corporate and other (1)	33,880		40,787
Total revenue	$	865,960	$	684,888

Segment operating profit (loss):
Production Chemical Technologies	$	31,263	$	30,357
Production & Automation Technologies	24,710		5,362
Drilling Technologies	15,220		6,386
Reservoir Chemical Technologies	(3,469)		(3,228)
Total segment operating profit	67,724		38,877
Corporate and other (1)	11,794		18,087
Interest expense, net	11,363		13,971
Income before income taxes	$	44,567	$	6,819

_______________________

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue disaggregated by geography was as follows:


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


	Three Months Ended March 31, 2021
(in thousands)	Production Chemical Technologies		Production & Automation Technologies		Drilling Technologies		Reservoir Chemical Technologies		Corporate and other (1)		Total
United States	$	149,864	$	126,374	$	25,407	$	15,609	$	25,556	$	342,810
Latin America	71,616		4,642		—		3,019		1,431		80,708
Middle East & Africa	58,370		10,272		716		6,062		5,583		81,003
Canada	61,292		12,528		3,827		729		158		78,534
Europe	42,608		1,983		2,499		1,389		2,257		50,736
Asia-Pacific	10,492		1,463		1,553		1,120		5,802		20,430
Australia	6,395		9,576		117		54		—		16,142
Other	11,734		7		875		1,909		—		14,525
Total revenue	$	412,371	$	166,845	$	34,994	$	29,891	$	40,787	$	684,888

_______________________

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

Schedule of Contract Balances

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


(in thousands)	March 31, 2022		December 31, 2021
Contract assets	$	—	$	—
Contract liabilities - current	$	16,645	$	15,246

Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


	March 31, 2022						December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships	$	593,312	$	377,103	$	216,209	$	593,242	$	365,773	$	227,469
Unpatented technologies	142,727		42,090		100,637		142,540		37,264		105,276
Favorable supply agreements	59,000		35,355		23,645		59,000		30,546		28,454
Trademarks	59,876		33,221		26,655		59,873		32,270		27,603
Patents	38,822		31,417		7,405		38,735		31,080		7,655
Other	5,409		5,275		134		5,390		5,177		213
	899,146		524,461		374,685		898,780		502,110		396,670
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	$	903,946	$	524,461	$	379,485	$	903,580	$	502,110	$	401,470

Schedule of Indefinite-Lived Intangible Assets

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


	March 31, 2022						December 31, 2021
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Customer relationships	$	593,312	$	377,103	$	216,209	$	593,242	$	365,773	$	227,469
Unpatented technologies	142,727		42,090		100,637		142,540		37,264		105,276
Favorable supply agreements	59,000		35,355		23,645		59,000		30,546		28,454
Trademarks	59,876		33,221		26,655		59,873		32,270		27,603
Patents	38,822		31,417		7,405		38,735		31,080		7,655
Other	5,409		5,275		134		5,390		5,177		213
	899,146		524,461		374,685		898,780		502,110		396,670
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	$	903,946	$	524,461	$	379,485	$	903,580	$	502,110	$	401,470

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

Foreign currency translation	(3,772)		76		—		(419)		(4,115)
March 31, 2022	$	352,866	$	211,888	$	101,136	$	39,207	$	705,097

_______________________

(1) See Note 11—Acquisitions for additional information related to the acquisition of LSI completed during the first quarter of 2022.

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:


(in thousands)	March 31, 2022		December 31, 2021

2018 Term Loan Facility	$	140,000	$	140,000
2020 Term Loan Facility	490,013		496,725
6.375% Senior Notes due 2026	92,041		92,041
Total	722,054		728,766
Net unamortized discounts and issuance costs	(3,963)		(4,259)
Total long-term debt	718,091		724,507
Current portion of long-term debt (1)	(26,850)		(26,850)
Long-term debt, less current portion	$	691,241	$	697,657

_______________________

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

Restructuring and Other Related Charges (Tables)

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

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


	Three Months Ended March 31,
(in thousands)	2022		2021
Segment restructuring charges (income):
Production Chemical Technologies	$	11,636	$	688
Production & Automation Technologies	(4,147)		3,524
Drilling Technologies	—		—
Reservoir Chemical Technologies	743		44
Corporate and other	252		—
Total	$	8,484	$	4,256

Statements of Income (Loss) classification:
Cost of goods and services	$	(4,139)	$	3,484
Selling, general and administrative expense	12,623		772
Total	$	8,484	$	4,256

The following table details our restructuring accrual activities during the three months ended March 31, 2022:


(in thousands)	Restructuring Accrual Balance
December 31, 2021	$	3,743
Restructuring charges	8,484
Asset sales	4,523
Payments	(3,819)

March 31, 2022	$	12,931

Equity and Cash Incentive Programs (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Stock-Based Compensation Expense

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


	Three Months Ended March 31,
(in thousands)	2022		2021
Stock-based compensation expense	$	4,728	$	6,442
Tax benefit	(993)		(1,353)
Stock-based compensation expense, net of tax	$	3,735	$	5,089

Summary of Activity Related to Share-Based Awards

A summary of activity relating to our share-based awards for the three months ended March 31, 2022 was as follows:


(in shares)	Stock-Settled Appreciation Rights	Performance Share Awards	Restricted Stock Units	Non-Qualified Stock Options
Outstanding at January 1, 2022	393,523	505,509	2,342,107	5,488,653
Granted	—	347,920	900,606	—
Forfeited / expired	(1,758)	—	(103,471)	—
Exercised / vested	—	(72,410)	(344,288)	(187,927)

Outstanding at March 31, 2022	391,765	781,019	2,794,954	5,300,726

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consisted of the following:


(in thousands)	Foreign Currency Translation		Defined Pension and Other Post-Retirement Benefits		Cash Flow Hedges		Accumulated Other Comprehensive Loss
December 31, 2021	$	(19,430)	$	(3,476)	$	1,281	$	(21,625)
Other comprehensive loss before reclassifications, net of tax	(1,565)		—		(1,299)		(2,864)
Reclassification adjustment for net losses included in net income, net of tax	—		69		—		69
Other comprehensive loss, net of tax	(1,565)		69		(1,299)		(2,795)
March 31, 2022	$	(20,995)	$	(3,407)	$	(18)	$	(24,420)


(in thousands)	Foreign Currency Translation		Defined Pension and Other Post-Retirement Benefits		Cash Flow Hedges		Accumulated Other Comprehensive Loss
December 31, 2020	$	(14,965)	$	(13,470)	$	(2,320)	$	(30,755)
Other comprehensive income before reclassifications, net of tax	3,213		—		413		3,626
Reclassification adjustment for net losses included in net income, net of tax	—		167		—		167
Other comprehensive income, net of tax	3,213		167		413		3,793
March 31, 2021	$	(11,752)	$	(13,303)	$	(1,907)	$	(26,962)

Schedule of Reclassifications from Accumulated Other Comprehensive Loss

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


	Three Months Ended March 31,				Affected line items on the condensed consolidated statements of income (loss)
(in thousands)	2022		2021
Pensions and other post-retirement benefits:
Amortization of actuarial loss and other	$	69	$	214		Other (income) expense, net

Total before tax	69		214			Income before income taxes
Tax benefit	—		(47)			Provision for income taxes
Net of tax	$	69	$	167		Net income

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings per Share

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


	Three Months Ended March 31,
(in thousands, except per share data)	2022		2021
Net income attributable to ChampionX	$	36,702	$	5,772

Weighted-average number of shares outstanding	203,079		200,580
Dilutive effect of stock-based compensation	5,771		6,691
Total shares and dilutive securities	208,850		207,271

Basic earnings per share attributable to ChampionX	$	0.18	$	0.03
Diluted earnings per share attributable to ChampionX	$	0.18	$	0.03

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured on Recurring Basis

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


	Carrying Amount
(in thousands)	March 31, 2022		December 31, 2021
Assets
Foreign currency forward contracts	$	2,244	$	4,081

Liabilities
Foreign currency forward contracts	$	6,804	$	3,773

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:


	March 31, 2022				December 31, 2021
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2018 Term Loan Facility	$	140,000	$	138,775	$	140,000	$	138,950
2020 Term Loan Facility	$	490,013	$	490,625	$	496,725	$	502,313
6.375% Senior Notes due 2026	$	92,041	$	94,425	$	92,041	$	95,805

Derivatives and Hedging Transactions (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Values of Outstanding Derivatives

The following table summarizes the gross fair value of the Company’s outstanding derivatives and the lines in which they are presented on the condensed consolidated balance sheet.


	Derivative Assets				Derivative Liabilities
(in thousands)	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
Prepaid expenses and other current assets	$	2,244	$	4,081	$	—	$	—
Accrued expenses and other current liabilities	—		—		6,804		$	3,773
	$	2,244	$	4,081	$	6,804	$	3,773

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


(in thousands)	March 31, 2022		December 31, 2021
Notional value of foreign currency forward contracts	$	605,556	$	704,190

Schedule of Gain (Loss) on Derivative Instruments

The loss of all derivative instruments recognized is summarized below:


	Three Months Ended March 31,
(in thousands)	2022		2021
Loss reclassified from AOCI to income on cash flow hedges:
Cost of goods and services	$	71	$	754
Loss on derivatives not designated as hedging instruments:
Other (income) expense, net	4,160		667
Total loss of derivative instruments	$	4,231	$	1,421

- Definition

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

+ References

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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 815
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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

+ Details

Inventories (Tables)

3 Months Ended

Mar. 31, 2022

Inventory, Net [Abstract]

Components of Inventory

Inventories consisted of the following:


(in thousands)	March 31, 2022		December 31, 2021
Raw materials	$	222,722	$	186,516
Work in progress	17,245		13,615
Finished goods	491,692		421,702
	731,659		621,833
Inventory reserve	(27,579)		(24,646)
LIFO adjustments (1)	(78,540)		(54,277)
Inventories, net	$	625,540	$	542,910

_______________________

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

Acquisitions (Details) - USD ($) $ in Thousands	Feb. 23, 2023	Feb. 23, 2022	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill			$ 705,097	$ 702,867
Leak Surveys, Inc.
Business Acquisition [Line Items]
Amount paid for acquisition		$ 3,200
Future payments contingent upon performance		2,500
Goodwill		$ 6,300
Leak Surveys, Inc. \| Forecast
Business Acquisition [Line Items]
Amount paid for acquisition	$ 500

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Segment revenue:
Revenue	$ 865,960	$ 684,888
Segment operating profit (loss):
Interest expense, net	11,363	13,971
Income before income taxes	44,567	6,819
Operating Segments
Segment operating profit (loss):
Income before income taxes	67,724	38,877
Operating Segments \| Production Chemical Technologies
Segment revenue:
Revenue	514,972	412,371
Segment operating profit (loss):
Income before income taxes	31,263	30,357
Operating Segments \| Production & Automation Technologies
Segment revenue:
Revenue	220,349	166,845
Segment operating profit (loss):
Income before income taxes	24,710	5,362
Operating Segments \| Drilling Technologies
Segment revenue:
Revenue	56,859	34,994
Segment operating profit (loss):
Income before income taxes	15,220	6,386
Operating Segments \| Reservoir Chemical Technologies
Segment revenue:
Revenue	39,900	29,891
Segment operating profit (loss):
Income before income taxes	(3,469)	(3,228)
Corporate and Other
Segment revenue:
Revenue	33,880	40,787
Segment operating profit (loss):
Income before income taxes	$ 11,794	$ 18,087

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 865,960	$ 684,888
United States
Disaggregation of Revenue [Line Items]
Total revenue	452,602	342,810
Latin America
Disaggregation of Revenue [Line Items]
Total revenue	108,923	80,708
Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	100,479	81,003
Canada
Disaggregation of Revenue [Line Items]
Total revenue	98,696	78,534
Europe
Disaggregation of Revenue [Line Items]
Total revenue	59,450	50,736
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	20,364	20,430
Australia
Disaggregation of Revenue [Line Items]
Total revenue	13,226	16,142
Other
Disaggregation of Revenue [Line Items]
Total revenue	12,220	14,525
Corporate and other
Disaggregation of Revenue [Line Items]
Total revenue	33,880	40,787
Corporate and other \| United States
Disaggregation of Revenue [Line Items]
Total revenue	21,854	25,556
Corporate and other \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	725	1,431
Corporate and other \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	314	5,583
Corporate and other \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	26	158
Corporate and other \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	3,471	2,257
Corporate and other \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	7,490	5,802
Corporate and other \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Corporate and other \| Other
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Production Chemical Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	514,972	412,371
Production Chemical Technologies \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total revenue	190,906	149,864
Production Chemical Technologies \| Operating Segments \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	99,605	71,616
Production Chemical Technologies \| Operating Segments \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	74,044	58,370
Production Chemical Technologies \| Operating Segments \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	75,799	61,292
Production Chemical Technologies \| Operating Segments \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	49,021	42,608
Production Chemical Technologies \| Operating Segments \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	8,483	10,492
Production Chemical Technologies \| Operating Segments \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	5,843	6,395
Production Chemical Technologies \| Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Total revenue	11,271	11,734
Production & Automation Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	220,349	166,845
Production & Automation Technologies \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total revenue	167,802	126,374
Production & Automation Technologies \| Operating Segments \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	5,003	4,642
Production & Automation Technologies \| Operating Segments \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	16,711	10,272
Production & Automation Technologies \| Operating Segments \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	19,452	12,528
Production & Automation Technologies \| Operating Segments \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	2,345	1,983
Production & Automation Technologies \| Operating Segments \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	1,671	1,463
Production & Automation Technologies \| Operating Segments \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	7,275	9,576
Production & Automation Technologies \| Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Total revenue	90	7
Drilling Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	56,859	34,994
Drilling Technologies \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total revenue	46,819	25,407
Drilling Technologies \| Operating Segments \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	0	0
Drilling Technologies \| Operating Segments \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	1,689	716
Drilling Technologies \| Operating Segments \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	2,941	3,827
Drilling Technologies \| Operating Segments \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	3,710	2,499
Drilling Technologies \| Operating Segments \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	1,675	1,553
Drilling Technologies \| Operating Segments \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	0	117
Drilling Technologies \| Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Total revenue	25	875
Reservoir Chemical Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue	39,900	29,891
Reservoir Chemical Technologies \| Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total revenue	25,221	15,609
Reservoir Chemical Technologies \| Operating Segments \| Latin America
Disaggregation of Revenue [Line Items]
Total revenue	3,590	3,019
Reservoir Chemical Technologies \| Operating Segments \| Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenue	7,721	6,062
Reservoir Chemical Technologies \| Operating Segments \| Canada
Disaggregation of Revenue [Line Items]
Total revenue	478	729
Reservoir Chemical Technologies \| Operating Segments \| Europe
Disaggregation of Revenue [Line Items]
Total revenue	903	1,389
Reservoir Chemical Technologies \| Operating Segments \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	1,045	1,120
Reservoir Chemical Technologies \| Operating Segments \| Australia
Disaggregation of Revenue [Line Items]
Total revenue	108	54
Reservoir Chemical Technologies \| Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 834	$ 1,909

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0	$ 0
Contract liabilities - current	$ 16,645	$ 15,246

Intangible Assets and Goodwill - Schedule of Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 899,146	$ 898,780
Accumulated Amortization	524,461	502,110
Net Carrying Amount	374,685	396,670
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	4,800	4,800
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, gross	903,946	903,580
Accumulated Amortization	524,461	502,110
Intangible assets, net	379,485	401,470
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	593,312	593,242
Accumulated Amortization	377,103	365,773
Net Carrying Amount	216,209	227,469
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	377,103	365,773
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	142,727	142,540
Accumulated Amortization	42,090	37,264
Net Carrying Amount	100,637	105,276
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	42,090	37,264
Favorable supply agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	59,000	59,000
Accumulated Amortization	35,355	30,546
Net Carrying Amount	23,645	28,454
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	35,355	30,546
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	59,876	59,873
Accumulated Amortization	33,221	32,270
Net Carrying Amount	26,655	27,603
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	33,221	32,270
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	38,822	38,735
Accumulated Amortization	31,417	31,080
Net Carrying Amount	7,405	7,655
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	31,417	31,080
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,409	5,390
Accumulated Amortization	5,275	5,177
Net Carrying Amount	134	213
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 5,275	$ 5,177

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 702,867
Acquisition	6,345
Foreign currency translation	(4,115)
Ending balance	705,097
Production Chemical Technologies
Goodwill [Roll Forward]
Beginning balance	356,638
Acquisition	0
Foreign currency translation	(3,772)
Ending balance	352,866
Production & Automation Technologies
Goodwill [Roll Forward]
Beginning balance	205,467
Acquisition	6,345
Foreign currency translation	76
Ending balance	211,888
Drilling Technologies
Goodwill [Roll Forward]
Beginning balance	101,136
Acquisition	0
Foreign currency translation	0
Ending balance	101,136
Reservoir Chemical Technologies
Goodwill [Roll Forward]
Beginning balance	39,626
Acquisition	0
Foreign currency translation	(419)
Ending balance	$ 39,207

Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term Debt and Lease Obligation	$ 722,054	$ 728,766
Net unamortized discounts and issuance costs	(3,963)	(4,259)
Total long-term debt	718,091	724,507
Current portion of long-term debt	(26,850)	(26,850)
Long-term debt, less current portion	691,241	697,657
Term Loan Facility \| 2018 Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt and Lease Obligation	140,000	140,000
Term Loan Facility \| 2020 Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt and Lease Obligation	$ 490,013	$ 496,725
Senior Notes \| 6.375% Senior Notes due 2026
Debt Instrument [Line Items]
Debt interest rate	6.375%	6.375%
Long-term Debt and Lease Obligation	$ 92,041	$ 92,041

Debt - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	May 09, 2018	Mar. 31, 2022	Jun. 03, 2020
Credit Agreement \| Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, term (in years)		7 years
2018 Term Loan Facility
Debt Instrument [Line Items]
Weighted average interest rate			2.67%
2018 Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Principal amount of debt issued		$ 415.0
Mandatory amortization payment, percent per annum		1.00%
2020 Term Loan Facility
Debt Instrument [Line Items]
Mandatory quarterly amortization payments	$ 6.7
Weighted average interest rate			6.00%
2020 Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Principal amount of debt issued				$ 537.0

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2022 USD ($) location case	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit, surety bonds and guarantees	$ 77.7	$ 80.2
Number of locations participating in assessments and remediation \| location	11
Accrued environmental liability	$ 6.5		$ 2.0
Number of pending cases \| case	3

Restructuring and Other Related Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 8,484	$ 4,256

Restructuring and Other Related Charges - Schedule of Restructuring and Other Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 8,484	$ 4,256
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(4,139)	3,484
Selling, general and administrative expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	12,623	772
Corporate and other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	252	0
Production Chemical Technologies \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	11,636	688
Production & Automation Technologies \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(4,147)	3,524
Drilling Technologies \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0
Reservoir Chemical Technologies \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 743	$ 44

Restructuring and Other Related Charges - Restructuring Reserve Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 3,743
Restructuring charges	8,484
Asset sales	4,523
Payments	(3,819)
Ending balance	$ 12,931

Equity and Cash Incentive Programs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation expense [Abstract]
Stock-based compensation expense	$ 4,728	$ 6,442
Tax benefit	(993)	(1,353)
Stock-based compensation expense, net of tax	$ 3,735	$ 5,089
Stock-Settled Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	393,523
Granted (in shares)	0
Forfeited / expired (in shares)	(1,758)
Exercised / vested (in shares)	0
Outstanding, ending balance (in shares)	391,765
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	505,509
Granted (in shares)	347,920
Forfeited / expired (in shares)	0
Exercised / vested (in shares)	(72,410)
Outstanding, ending balance (in shares)	781,019
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	2,342,107
Granted (in shares)	900,606
Forfeited / expired (in shares)	(103,471)
Exercised / vested (in shares)	(344,288)
Outstanding, ending balance (in shares)	2,794,954
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	5,488,653
Granted (in shares)	0
Forfeited / expired (in shares)	0
Exercised / vested (in shares)	(187,927)
Outstanding, ending balance (in shares)	5,300,726

Stockholders' Equity - Narrative (Details)	3 Months Ended
Stockholders' Equity - Narrative (Details)	Mar. 31, 2022 $ / shares
Equity [Abstract]
Approved quarterly cash dividend (in dollars per share)	$ 0.075

Stockholders' Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,770,645
Other comprehensive income (loss)	(2,795)	$ 3,793
Ending balance	1,792,231
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(21,625)	(30,755)
Other comprehensive income (loss) before reclassifications, net of tax	(2,864)	3,626
Reclassification adjustment for net losses included in net income, net of tax	69	167
Other comprehensive income (loss)	(2,795)	3,793
Ending balance	(24,420)	(26,962)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(19,430)	(14,965)
Other comprehensive income (loss) before reclassifications, net of tax	(1,565)	3,213
Reclassification adjustment for net losses included in net income, net of tax	0	0
Other comprehensive income (loss)	(1,565)	3,213
Ending balance	(20,995)	(11,752)
Defined Pension and Other Post-Retirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,476)	(13,470)
Other comprehensive income (loss) before reclassifications, net of tax	0	0
Reclassification adjustment for net losses included in net income, net of tax	69	167
Other comprehensive income (loss)	69	167
Ending balance	(3,407)	(13,303)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,281	(2,320)
Other comprehensive income (loss) before reclassifications, net of tax	(1,299)	413
Reclassification adjustment for net losses included in net income, net of tax	0	0
Other comprehensive income (loss)	(1,299)	413
Ending balance	$ (18)	$ (1,907)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Stockholders' Equity - Reclassifications from Accumulated Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense, net	$ 1,320	$ (1,936)
Income before income taxes	(44,567)	(6,819)
Provision for income taxes	6,394	2,782
Net income	(38,173)	(4,037)
Amortization of actuarial loss and other \| Reclassification from accumulated other comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense, net	69	214
Accumulated defined benefit plans adjustment including portion attributable to noncontrolling interest \| Reclassification from accumulated other comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	69	214
Provision for income taxes	0	(47)
Net income	$ 69	$ 167

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

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

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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income attributable to ChampionX	$ 36,702	$ 5,772
Weighted-average number of shares outstanding (in shares)	203,079	200,580
Dilutive effect of stock-based compensation (in shares)	5,771	6,691
Total shares and dilutive securities (in shares)	208,850	207,271
Basic earnings per share attributable to ChampionX (in dollars per share)	$ 0.18	$ 0.03
Diluted earnings per share attributable to ChampionX (in dollars per share)	$ 0.18	$ 0.03
Number of antidilutive securities excluded (in shares)	400	400

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

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

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Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 2,244	$ 4,081
Derivative liabilities	6,804	3,773
Carrying Amount	722,054	728,766
Term Loan Facility \| 2018 Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	140,000	140,000
Term Loan Facility \| 2018 Term Loan Facility \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	138,775	138,950
Term Loan Facility \| 2020 Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	490,013	496,725
Term Loan Facility \| 2020 Term Loan Facility \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 490,625	$ 502,313
Senior Notes \| 6.375% Senior Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt interest rate	6.375%	6.375%
Carrying Amount	$ 92,041	$ 92,041
Senior Notes \| 6.375% Senior Notes due 2026 \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	94,425	95,805
Foreign currency forward contracts \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	2,244	4,081
Derivative liabilities	$ 6,804	$ 3,773

Derivatives and Hedging Transactions - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 2,244	$ 4,081
Derivative Liabilities	6,804	3,773
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	2,244	4,081
Accrued expenses and other current liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 6,804	$ 3,773

Derivatives and Hedging Transactions - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Foreign currency forward contracts
Derivative [Line Items]
Notional value of foreign currency forward contracts	$ 605,556	$ 704,190

Derivatives and Hedging Transactions - Schedule of Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	$ 4,231	$ 1,421
Cost of goods and services \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	71	754
Other (income) expense, net \| Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total loss of derivative instruments	$ 4,160	$ 667

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Raw materials	$ 222,722	$ 186,516
Work in progress	17,245	13,615
Finished goods	491,692	421,702
Subtotal	731,659	621,833
Inventory reserve	(27,579)	(24,646)
LIFO adjustments	(78,540)	(54,277)
Inventories, net	$ 625,540	$ 542,910

Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
Cash Flow Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Transfers from inventory	$ 12.9	$ 8.5