0001738827-25-000041 | 10-K | XBRL Viewer | KLX Energy Services Holdings INC

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Segment Reporting - Revenues and Operating (Loss) Earnings by Reportable Segment (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments \| segment	3
Revenues	$ 709.3	$ 888.4
Cost of sales	549.7	672.5
Depreciation and amortization	94.0	72.8
Selling, general and administrative	79.6	86.7
Segment operating income	(15.5)	56.9
Unallocated corporate expenses	(45.3)	(49.1)
Interest income	2.5	1.8
Interest expense	(39.4)	(36.5)
Net (loss) income before income tax	(52.4)	22.2
Eliminations
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Revenues	2.1	2.2
Cost of sales	2.1	2.2
Total
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Segment operating income	29.8	106.0
Rocky Mountains \| Operating Segments
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Revenues	229.1	271.5
Cost of sales	164.6	187.5
Depreciation and amortization	27.3	22.4
Selling, general and administrative	7.7	7.5
Other segment items	5.9	8.0
Segment operating income	23.6	46.1
Southwest \| Operating Segments
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Revenues	270.7	306.8
Cost of sales	218.4	243.6
Depreciation and amortization	30.8	25.7
Selling, general and administrative	12.7	12.6
Other segment items	4.8	5.1
Segment operating income	4.0	19.8
Northeast /Mid-Con \| Operating Segments
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Revenues	211.6	312.3
Cost of sales	164.9	236.5
Depreciation and amortization	34.1	22.9
Selling, general and administrative	6.6	6.8
Other segment items	3.8	6.0
Segment operating income	$ 2.2	$ 40.1

Net (Loss) Income Per Common Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive securities excluded from determination of diluted earnings per common share (in shares)	0.4	0.0

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 8.7	$ 16.4
Operating cash flows for finance leases	4.8	3.2
Financing cash flows for finance leases	21.6	14.6
ROU assets obtained in exchange for lease obligations:
Operating leases	4.9	7.2
Finance leases	$ 3.9	$ 44.0

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 709.3	$ 888.4
Costs and expenses:
Cost of sales	549.7	672.5
Depreciation and amortization	94.0	72.8
Selling, general and administrative	79.6	86.7
Research and development costs	1.4	1.4
Impairment and other charges	0.1	0.0
Bargain purchase gain	0.0	(1.9)
Operating (loss) income	(15.5)	56.9
Non-operating expense:
Interest income	(2.5)	(1.8)
Interest expense	39.4	36.5
Net (loss) income before income tax	(52.4)	22.2
Income tax expense	0.6	3.0
Net (loss) income	$ (53.0)	$ 19.2
Net income (loss) per share - basic (in dollars per share)	$ (3.27)	$ 1.23
Net income (loss) per share - diluted (in dollars per share)	$ (3.27)	$ 1.22

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On March 7, 2025, the Company and certain of its subsidiaries party thereto entered into a Securities Purchase Agreement with certain holders (the “Investors”) of its 2025 Senior Notes, pursuant to which the Company agreed to issue and sell to the Investors (a) approximately $232.2 in aggregate principal amount of 2030 Senior Notes and (b) warrants entitling the holders thereof to purchase, in the aggregate, up to 2,373,187 shares of Common Stock, at an exercise price of $0.01 per share, subject to adjustment (collectively, the “Warrants”) in exchange for (i) approximately $78.4 in aggregate cash consideration and (ii) approximately $143.6 aggregate principal amount of the 2025 Senior Notes, which will be cancelled by the Company upon receipt thereof (collectively, the “Refinancing”). The Company completed the Refinancing on March 12, 2025, and in connection therewith, deposited with the trustee under the indenture governing the 2025 Senior Notes, $97.1 in trust and irrevocably instructed the trustee to apply such funds to effect the redemption of the remaining 2025 Senior Notes. Upon deposit of such redemption amount, the indenture governing the 2025 Senior Notes was satisfied and discharged in accordance with its terms and, as a result, the Company has been released from its obligations under the indenture governing the 2025 Senior Notes except with respect to those provisions of such indenture that, by their terms, survive the satisfaction and discharge thereof. In connection with the Refinancing, the Company also entered into a Credit Agreement, dated as of March 7, 2025 (the “New ABL Facility”), with the Company, as borrower, Eclipse Business Capital LLC, as administrative agent, as collateral agent and as FILO administrative agent and the lenders party thereto. The initial funding under the New ABL Facility occurred on March 12, 2025, and the proceeds therefrom were used to repay the Prior ABL Facility in full. Please see Note 7 - Long Term Debt for additional information regarding the redemption of the 2025 Senior Notes, the 2030 Senior Notes, the repayment of the Prior ABL Facility and the New ABL Facility.

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Outstanding long-term debt consisted of the following:


	December 31, 2024		December 31, 2023
2025 Senior Notes (1)	$	236.3	$	237.3
Prior ABL Facility (1)	50.0		50.0
Total principal outstanding	286.3		287.3
Less: Unamortized debt issuance costs	(1.2)		(3.0)
Total debt	$	285.1	$	284.3

(1) Subsequent to December 31, 2024, the Company completed the Refinancing (as defined below) and entered into the New ABL Facility (as defined below). In connection therewith, the Company deposited funds in trust to be used to effect the redemption of all the remaining outstanding 2025 Senior Notes and repaid the Prior ABL Facility in full. As such, these obligations are classified as long-term on the Company's Consolidated Balance Sheets at December 31, 2024. See below for further information on these transactions.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69E
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Equity and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock

The following table summarizes shares of restricted stock awards that were granted, vested, forfeited and outstanding:


	Year Ended
	December 31, 2024				December 31, 2023
	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value per Share		Weighted Average Remaining vesting Period (in years)	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value per Share		Weighted Average Remaining vesting Period (in years)
Outstanding, beginning of period	550	$	11.81	1.20	511	$	11.86	2.00
Shares granted	441	9.26			278	11.48
Shares vested	(249)	12.35			(233)	11.28
Shares forfeited	(21)	9.44			(6)	9.87
Outstanding, end of period	721	$	9.98	1.42	550	$	11.81	1.20

Description of Business and Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts
Balance at beginning of period	$ 5.5	$ 5.7
Charged (credited) to costs and expenses	0.6	0.6
Deductions	(1.9)	(0.8)
Balance at end of period	$ 4.2	$ 5.5

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Lease Expense and Supplemental Cash Flow Information Related to Leases

The components of lease expense were as follows:


	Year Ended
	December 31, 2024		December 31, 2023
Operating lease fixed cost	$	9.2	$	16.9
Finance lease fixed cost	24.0		14.5
Interest on finance lease liabilities	4.8		3.2
Lease variable cost	5.5		5.9
Total lease cost	$	43.5	$	40.5

Supplemental cash flow information related to leases was as follows:


	Year Ended
	December 31, 2024		December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	8.7	$	16.4
Operating cash flows for finance leases	4.8		3.2
Financing cash flows for finance leases	21.6		14.6

ROU assets obtained in exchange for lease obligations:
Operating leases	$	4.9	$	7.2
Finance leases	3.9		44.0

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:


	Year Ended
	December 31, 2024			December 31, 2023
Operating Leases
Operating lease assets	$	19.6		$	22.3

Current portion of operating lease liabilities	$	6.9		$	6.9
Long-term operating lease liabilities	13.5			16.0
Total operating lease liabilities	$	20.4		$	22.9

Finance leases
Property and equipment, net	$	38.9		$	59.9
Total finance lease assets	$	38.9		$	59.9

Current portion of finance lease liabilities	$	13.0		$	22.0
Long-term finance lease liabilities	26.4			36.2
Total finance lease liabilities	$	39.4		$	58.2

Weighted Average Remaining Lease Term
Operating leases (in years)	3.1			3.6
Finance leases (in years)	2.2			2.7

Weighted Average Discount Rate
Operating leases	9.0		%	6.7		%
Finance leases	10.3		%	9.8		%

Schedule of Operating Lease Maturity

Maturities of lease liabilities were as follows:


Years ending December 31,	Operating Leases		Finance Leases
2025	$	8.5	$	24.2
2026	7.0		16.5
2027	5.1		1.8
2028	2.4		0.6
2029	0.5		0.3
Thereafter	0.1		—
Total lease payments	23.6		43.4
Less: imputed interest	(3.2)		(4.0)
Total	$	20.4	$	39.4

Schedule of Finance Lease Maturity

Maturities of lease liabilities were as follows:


Years ending December 31,	Operating Leases		Finance Leases
2025	$	8.5	$	24.2
2026	7.0		16.5
2027	5.1		1.8
2028	2.4		0.6
2029	0.5		0.3
Thereafter	0.1		—
Total lease payments	23.6		43.4
Less: imputed interest	(3.2)		(4.0)
Total	$	20.4	$	39.4

Commitments, Contingencies and Off-Balance Sheet Arrangements	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Off-Balance-Sheet Arrangements	Commitments, Contingencies and Off-Balance Sheet Arrangements Environmental Regulations & Liabilities The Company is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for the protection of the environment. The Company continues to monitor the status of these laws and regulations. However, the Company cannot predict the future impact of such laws and regulations, as well as standards and requirements, on its business, which are subject to change and can have retroactive effectiveness. Currently, the Company has not been fined, cited or notified of any environmental violations or liabilities that would have a material adverse effect on its consolidated financial statement position, results of operations, liquidity or capital resources. However, management does recognize that by the very nature of its business, material costs could be incurred in the future to maintain compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible regulation or liabilities, the unknown timing and extent of the corrective actions that may be required, the determination of the Company’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification. Litigation The Company is at times either a plaintiff or a defendant in various legal actions arising in the normal course of business, the outcomes of which, in the opinion of management, neither individually nor in the aggregate are likely to result in a material adverse effect on the Company’s consolidated financial statements, except as noted herein. Indemnities, Commitments and Guarantees During its ordinary course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These indemnities include indemnities to various lessors in connection with facility leases for certain claims arising from such facility or lease, as well as indemnities to other parties to certain acquisition agreements. The duration of these indemnities, commitments and guarantees varies and, in certain cases, is indefinite. Many of these indemnities, commitments and guarantees provide for limitations on the maximum potential future payments the Company could be obligated to make. However, the Company is unable to estimate the maximum amount of liability related to its indemnities, commitments and guarantees because such liabilities are contingent upon the occurrence of events that are not reasonably determinable. Management believes that any liability for these indemnities, commitments and guarantees would not be material to the accompanying consolidated financial statements. Accordingly, no significant amounts have been accrued for indemnities, commitments and guarantees.

Employee Retirement Plans (Details) - 401K Retirement Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Employer match percent (as a percent)	50.00%
Percent of employees' gross pay contributed (as a percent)	6.00%
Defined benefit plan vesting period	3 years
Defined benefit plan expense	$ 3.4	$ 3.5
KLX 401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Contribution rate (as a percent)	100.00%

Fair Value Information (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Placement in the Fair Value Hierarchy of Notes and Assets Held for Sale

The following tables present the placement in the fair value hierarchy of the 2025 Senior Notes, based on market prices for publicly traded debt, as of December 31, 2024 and December 31, 2023:


			Fair value measurements at reporting date using
	December 31, 2024		Level 1		Level 2		Level 3
2025 Senior Notes	$	231.2	$	—	$	231.2	$	—


Total Senior Notes	$	231.2	$	—	$	231.2	$	—


			Fair value measurements at reporting date using
	December 31, 2023		Level 1		Level 2		Level 3
2025 Senior Notes	$	233.7	$	—	$	233.7	$	—


Total Senior Notes	$	233.7	$	—	$	233.7	$	—

The following tables present the placement in the fair value hierarchy of Assets Held for Sale, as disclosed in Note 5, based on sales contracts and comparative price quotes, as of December 31, 2024 and December 31, 2023:


			Fair value measurements at reporting date using
	December 31, 2024		Level 1		Level 2		Level 3
Assets Held for Sale	$	2.3	$	—	$	2.3	$	—
Total Assets Held for Sale	$	2.3	$	—	$	2.3	$	—


			Fair value measurements at reporting date using
	December 31, 2023		Level 1		Level 2		Level 3
Assets Held for Sale	$	2.3	$	—	$	2.3	$	—
Total Assets Held for Sale	$	2.3	$	—	$	2.3	$	—

Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net (Loss) Income Per Common Share

Basic net (loss) income per common share is computed using the weighted average common shares outstanding during the period. Diluted net (loss) income per common share is computed by using the weighted average common shares outstanding, excluding unvested restricted shares when their inclusion would be anti-dilutive. For the years ended December 31, 2024 and December 31, 2023, we excluded 0.4 and 0.0 million shares of the Company’s Common Stock, respectively. The computations of basic and diluted net loss per share for the years ended December 31, 2024 and December 31, 2023 are as follows:


	Year Ended
	December 31, 2024		December 31, 2023
Net (loss) income	$	(53.0)	$	19.2
(Shares in millions)
Basic weighted average common shares	16.2		15.6
Effect of dilutive securities - dilutive securities	—		0.1
Diluted weighted average common shares	16.2		15.7

Basic net (loss) income per common share	$	(3.27)	$	1.23
Diluted net (loss) income per common share	$	(3.27)	$	1.22

Inventories, net

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories, net

Inventories consisted of the following:


	December 31, 2024		December 31, 2023
Spare parts	$	20.5	$	21.9
Plugs	8.0		8.3
Consumables	3.9		4.1
Other	1.8		3.7
Subtotal	34.2		38.0
Less: Inventory reserve	(3.2)		(4.5)
Total inventories, net	$	31.0	$	33.5

Inventories are made up primarily of spare parts, composite and dissolvable plugs, consumables (including thru tubing accessory tools, chemicals and cement) and other (including coiled tubing strings and wireline spools) used to perform services for customers. The Company values inventories at the lower of cost or net realizable value. Inventory reserves were approximately $3.2 and $4.5 as of December 31, 2024 and December 31, 2023, respectively.

Activity in the reserve for inventory accounts during the years ended December 31, 2024 and December 31, 2023 is set forth in the table below:


Reserve for inventory	Balance at beginning of period		Charged to costs and expenses		Deductions (1)		Balance at end of period
December 31, 2024	$	4.5	$	1.0	$	(2.3)	$	3.2
December 31, 2023	$	4.4	$	0.5	$	(0.4)	$	4.5

(1) Reserve for inventory balances written off during the period, net of recoveries.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense consisted of the following:


	Year Ended
	December 31, 2024		December 31, 2023
Current:
Federal	$	(0.3)	$	2.3
State	0.9		1.3
Total current income tax expense	$	0.6	$	3.6
Deferred:
Federal	$	—	$	(0.6)
State	—		—
Total deferred income tax expense (benefit)	—		(0.6)
Total income tax expense	$	0.6	$	3.0

Schedule of Reconciliation of Income Tax Expense

A reconciliation of income tax expense using the federal statutory income tax rate of 21% to the actual income tax consists of the following:


	Year Ended
	December 31, 2024		December 31, 2023
Income tax (benefit) expense at statutory rate	$	(11.0)	$	4.6
State income taxes, net of federal tax benefit	0.7		1.1
Valuation allowance	9.5		(6.4)
Adjustments to prior year tax accruals	(0.3)		2.2
Stock based compensation	0.1		(0.1)
Non-deductible meals and entertainment	1.3		1.4
Officer compensation	0.3		0.6
Bargain purchase gain	—		(0.5)
Other	—		0.1
Total income tax expense	$	0.6	$	3.0

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and carryforwards that give rise to deferred income tax assets and liabilities consisted of the following:


	Year Ended
	December 31, 2024		December 31, 2023
Deferred tax assets:
Intangible assets	$	57.6	$	74.1
Net operating loss carryforward	195.0		180.1
Operating lease liabilities	4.8		5.4
Interest expense limitation	23.3		10.3
Other	6.8		7.0
	287.5		276.9
Deferred tax liabilities:

Operating lease assets	(4.6)		(5.2)
Depreciation	(16.4)		(16.4)
Other	(1.2)		(1.1)
	(22.2)		(22.7)
Net deferred tax asset before valuation allowance	$	265.3	$	254.2
Valuation allowance	(265.2)		(254.1)
Net deferred tax asset	$	0.1	$	0.1

Business Combinations

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combinations

On March 8, 2023, KLXE acquired all of the equity interests of Greene's Energy Group, LLC (“Greene’s”), in an all-stock transaction (“Greene's Acquisition”). The total consideration for the acquisition consisted of the issuance of approximately 2.4 million shares of KLXE Common Stock, subject to customary post-closing adjustments, with an implied enterprise value of approximately $30.3 based on a 30-day volume weighted average price as of March 7, 2023 less acquired cash. Following the closing of the transaction, former shareholders of Greene’s held approximately 14.7% of the fully diluted Common Stock of the Company, as of March 8, 2023. The integration was complete in the third quarter of 2023.

This transaction was accounted for as a purchase under FASB ASC Topic 805, Business Combinations (“ASC 805”). The results of operations for the acquisition are included in the accompanying consolidated statements of operations from the respective date of acquisition.

Under the ASC 805 acquisition method of accounting, we allocate the fair value of purchase consideration transferred to the tangible assets and intangible assets acquired, if any, and liabilities assumed based on their estimated fair values on the date of the acquisition. The fair values assigned, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants, are based on assumptions and methodologies determined by management. Real property was valued using a market approach. Personal property was valued using a combination of market approach and replacement cost approach. The estimated fair value of the assets acquired, net of liabilities assumed, exceeds the purchase consideration, resulting in a bargain purchase gain. This has been presented as a separate line item on the consolidated statements of operations for the year ended December 31, 2024.

The fair values assigned to certain assets acquired and liabilities assumed in relation to the Company’s acquisition have been prepared on a preliminary basis with information currently available and are subject to change. The Company expects to finalize its analysis by the first quarter of 2024. The following table summarizes the fair values of assets acquired and liabilities assumed in the acquisition in accordance with ASC 805:


	Greene's
Cash	$	1.1
Accounts receivable-trade	17.1

Other current and non-current assets	0.2
Property and equipment	23.1


Accounts payable	(3.2)
Accrued liabilities	(1.2)
Other current and non-current liabilities	(1.2)
Bargain purchase, net of deferred taxes	(1.9)
Total purchase price	$	34.0

Unaudited Supplemental Pro Forma Information

The unaudited supplemental pro forma financial information has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by combining the companies for the periods presented, or of the results that may be achieved by the combined companies in the future. Further, actual results may vary significantly from the results reflected in the following unaudited supplemental pro forma financial information because of future events and transactions, as well as other factors. The unaudited supplemental pro forma financial information does not include adjustments to reflect the impact of other cost savings or synergies that may result from the acquisition.

On a pro forma basis to give effect to the acquisition, as if it occurred on January 1, 2023, revenues and net income for the years ended December 31, 2024 and December 31, 2023 would have been as follows:


	Unaudited Pro Forma
		Year Ended
		December 31, 2024		December 31, 2023
Revenues		$	709.3	$	900.7
Net income		(53.0)		19.2

Business Combinations - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Details) - Greene's Acquisition $ in Millions	Mar. 08, 2023 USD ($)
Business Combinations
Cash	$ 1.1
Accounts receivable-trade	17.1
Other current and non-current assets	0.2
Property and equipment	23.1
Accounts payable	(3.2)
Accrued liabilities	(1.2)
Other current and non-current liabilities	(1.2)
Bargain purchase, net of deferred taxes	(1.9)
Total purchase price	$ 34.0

Segment Reporting - Capital Expenditures by Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Capital expenditures	$ 65.1	$ 57.1
Unallocated corporate assets
Property, Plant and Equipment [Line Items]
Capital expenditures	0.4	0.9
Rocky Mountains \| Operating Segments
Property, Plant and Equipment [Line Items]
Capital expenditures	14.5	14.1
Southwest \| Operating Segments
Property, Plant and Equipment [Line Items]
Capital expenditures	24.1	16.4
Northeast /Mid-Con \| Operating Segments
Property, Plant and Equipment [Line Items]
Capital expenditures	$ 26.1	$ 25.7

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
Operating lease assets	$ 19.6	$ 22.3
Current portion of operating lease liabilities	6.9	6.9
Long-term operating lease liabilities	13.5	16.0
Total operating lease liabilities	20.4	22.9
Finance leases
Total finance lease assets	38.9	59.9
Current portion of finance lease liabilities	13.0	22.0
Long-term finance lease liabilities	26.4	36.2
Total finance lease liabilities	$ 39.4	$ 58.2
Weighted Average Remaining Lease Term
Operating leases (in years)	3 years 1 month 6 days	3 years 7 months 6 days
Finance leases (in years)	2 years 2 months 12 days	2 years 8 months 12 days
Weighted Average Discount Rate
Operating leases	9.00%	6.70%
Finance leases	10.30%	9.80%

Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following:


	December 31, 2024		December 31, 2023
Accrued compensation and employee benefits	$	27.9	$	25.9
Accrued property taxes	1.8		2.4
Accrued taxes other than property	3.5		7.3
Other accrued liabilities	8.1		7.1
Total accrued liabilities	$	41.3	$	42.7

Inventories, net - Schedule of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Spare parts	$ 20.5	$ 21.9
Plugs	8.0	8.3
Consumables	3.9	4.1
Other	1.8	3.7
Subtotal	34.2	38.0
Less: Inventory reserve	(3.2)	(4.5)	$ (4.4)
Total inventories, net	$ 31.0	$ 33.5

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	December 31, 2024		December 31, 2023
Accrued compensation and employee benefits	$	27.9	$	25.9
Accrued property taxes	1.8		2.4
Accrued taxes other than property	3.5		7.3
Other accrued liabilities	8.1		7.1
Total accrued liabilities	$	41.3	$	42.7

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Examination [Line Items]
Income tax expense	$ 600,000	$ 3,000,000.0
Effective income tax rate reconciliation (as a percent)	(1.10%)
State	$ 900,000	1,300,000	$ 200,000
Federal	(300,000)	2,300,000	$ 2,000,000.0
Federal	0	(600,000)
Valuation allowance	265,200,000	254,100,000
Valuation allowance decrease		(11,100,000)
Deferred tax assets, net	100,000	100,000
Tax-effected annual limitation under IRC	500,000
Operating losses, annual limitation	300,000
Federal net operating loss carryforward subject to section 382 limitation	724,100,000
Operating loss carryforward, Section 382 limitation, subject to expiration	12,100,000
Unrecognized tax benefits	0	0
TEXAS
Income Tax Examination [Line Items]
State	900,000	1,100,000
Federal		300,000
Domestic Tax Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforwards	840,200,000	780,000,000.0
State and Local Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 269,300,000	$ 291,700,000

Consolidated Balance Sheets - USD ($)
$ in Millions

Dec. 31, 2024

Dec. 31, 2023

Current assets:

Cash and cash equivalents

$ 91.6

$ 112.5

Accounts receivable–trade, net of allowance of $4.2 and $5.5

96.9

127.0

Inventories, net

31.0

33.5

Prepaid expenses and other current assets

13.5

17.3

Total current assets

233.0

290.3

Property and equipment, net

^[1]

197.1

220.6

Operating lease assets

19.6

22.3

Intangible assets, net

1.5

1.8

Other assets

5.1

4.8

Total assets

456.3

539.8

Current liabilities:

Accounts payable

74.4

87.9

Accrued interest

4.5

4.6

Accrued liabilities

41.3

42.7

Current portion of operating lease liabilities

6.9

Current portion of finance lease liabilities

13.0

22.0

Total current liabilities

140.1

164.1

Long-term debt

285.1

284.3

Long-term operating lease liabilities

13.5

16.0

Long-term finance lease liabilities

26.4

36.2

Other non-current liabilities

1.7

0.4

Commitments, contingencies and off-balance sheet arrangements (Note 10)

Stockholders’ equity:

Common Stock, $0.01 par value; 110.0 authorized; 17.5 and 14.3 issued

0.2

0.1

Additional paid-in capital

557.5

553.4

Treasury stock, at cost, 0.5 shares and 0.4 shares

(5.8)

(5.3)

Accumulated deficit

(562.4)

(509.4)

Total stockholders’ (deficit) equity

(10.5)

38.8

Total liabilities and stockholders' equity

$ 456.3

$ 539.8

[1]	Includes right-of-use ("ROU") assets - finance leases. See Note 5 - Property and Equipment, Net and Note 8 - Leases.

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following:


	December 31, 2024		December 31, 2023
Spare parts	$	20.5	$	21.9
Plugs	8.0		8.3
Consumables	3.9		4.1
Other	1.8		3.7
Subtotal	34.2		38.0
Less: Inventory reserve	(3.2)		(4.5)
Total inventories, net	$	31.0	$	33.5

Schedule of Changes in Reserve for Inventory Accounts

Activity in the reserve for inventory accounts during the years ended December 31, 2024 and December 31, 2023 is set forth in the table below:


Reserve for inventory	Balance at beginning of period		Charged to costs and expenses		Deductions (1)		Balance at end of period
December 31, 2024	$	4.5	$	1.0	$	(2.3)	$	3.2
December 31, 2023	$	4.4	$	0.5	$	(0.4)	$	4.5

(1) Reserve for inventory balances written off during the period, net of recoveries.

Equity and Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity and Stock-Based Compensation

Equity Distribution Agreement

On June 14, 2021, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Piper Sandler & Co. as sales agent (the “Agent”). Pursuant to the terms of the Equity Distribution Agreement, the Company may sell from time to time through the Agent (the “ATM Offering”) the Company’s Common Stock, par value $0.01 per share, having an aggregate offering price of up to $50.0. On November 16, 2022, the Company entered into Amendment No. 1 to the Equity Distribution Agreement (the “EDA Amendment”). Among other things, the EDA Amendment allows for debt for equity exchanges in accordance with Section 3(a)(9) of the Securities Act.

Shares of Common Stock offered and sold in the ATM Offering were issued pursuant to the Company's shelf registration statement on Form S-3 (Registration No. 333-256149) filed with the SEC on May 14, 2021 and declared effective on June 11, 2021 (the “Registration Statement”), the prospectus supplement relating to the ATM Offering filed with the SEC on June 14, 2021 and any applicable additional prospectus supplements related to the ATM Offering that form a part of the Registration Statement. The Registration Statement expired on June 11, 2024 pursuant to Rule 415(a)(5) under the Securities Act. Sales under the ATM Offering program may restart when and if the Company files a prospectus supplement under a successor registration statement.

The Equity Distribution Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Agent, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. Under the terms of the Equity Distribution Agreement, the Company will pay the Agent a commission equal to 3.0% of the gross sales price of the Common Stock sold.

The Company used the net proceeds from the ATM Offering, after deducting the Agent’s commissions and the Company’s offering expenses, for general corporate purposes, which included funding acquisitions, capital expenditures and working capital.

During the three and twelve months ended December 31, 2024, the Company did not sell any shares of Common Stock and incurred legal and administrative fees of $0.3 and $0.5, respectively. During the three and twelve months ended December 31, 2023, the Company did not sell any shares of Common Stock and incurred legal and administrative fees of $0.1 and $0.5, respectively.

The Company has a Long-Term Incentive Plan (“LTIP”) under which the Compensation Committee has the authority to grant stock options, stock appreciation rights, restricted stock, restricted stock units or other forms of equity-based or equity-related awards. Compensation cost for the LTIP grants is generally recorded on a straight-line basis over the vesting term of the shares based on the grant date value using the closing trading price.

An amendment to the LTIP was approved by stockholders on May 10, 2023 to, among other things, increase the total number of shares of Common Stock for issuance by 1,200,000 shares, resulting in an increase of the total number of shares of our Common Stock reserved for issuance to 1,256,289, and extend the expiration date to March 8, 2033.

Stock-based compensation cost recognized during the years ended December 31, 2024 and December 31, 2023 related to grants of restricted stock granted by or approved by the Compensation Committee. Stock-based compensation was $3.9 and $3.0 for the years ended December 31, 2024 and December 31, 2023, respectively. Unrecognized compensation cost related to restricted stock awards made by the Company was $3.9 at December 31, 2024 and $4.2 at December 31, 2023.

The following table summarizes shares of restricted stock awards that were granted, vested, forfeited and outstanding:


	Year Ended
	December 31, 2024				December 31, 2023
	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value per Share		Weighted Average Remaining vesting Period (in years)	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value per Share		Weighted Average Remaining vesting Period (in years)
Outstanding, beginning of period	550	$	11.81	1.20	511	$	11.86	2.00
Shares granted	441	9.26			278	11.48
Shares vested	(249)	12.35			(233)	11.28
Shares forfeited	(21)	9.44			(6)	9.87
Outstanding, end of period	721	$	9.98	1.42	550	$	11.81	1.20

Employee Retirement Plans	12 Months Ended
Employee Retirement Plans	Dec. 31, 2024
Postemployment Benefits [Abstract]
Employee Retirement Plans	Employee Retirement Plans The Company sponsors a qualified, defined contribution savings and investment plan, covering substantially all employees. The KLX Energy Services Holdings, Inc. Retirement Plan (“401(k) Plan”) was established pursuant to Section 401(k) of the Internal Revenue Code. Under the terms of this plan, covered employees may contribute up to 100% of their annual compensation, limited to certain statutory maximum contributions. Participants would vest in discretionary matching contributions in an amount equal to 50% of the first 6% of an employee’s eligible compensation that is contributed to the 401(k) Plan based on a 3-year vesting schedule. Total expense for the Plan was $3.4 and $3.5 for the years ended December 31, 2024 and December 31, 2023, respectively.

Inventories, net - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory reserve	$ 3.2	$ 4.5	$ 4.4

Description of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Allowance for Doubtful Accounts

Activity in our allowance for doubtful accounts during the years ended December 31, 2024 and December 31, 2023 is set forth in the table below:


Allowance for doubtful accounts	Balance at beginning of period		Charged (credited) to costs and expenses		Deductions (1)		Balance at end of period
December 31, 2024	$	5.5	$	0.6	$	(1.9)	$	4.2
December 31, 2023	$	5.7	$	0.6	$	(0.8)	$	5.5

* ASC Topic 326, Financial Instruments - Credit Losses.

(1) Accounts receivable balances written off during the period, net of recoveries.

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Intangible assets	$ 57.6	$ 74.1
Net operating loss carryforward	195.0	180.1
Operating lease liabilities	4.8	5.4
Other	23.3	10.3
Interest expense limitation	6.8	7.0
Total deferred tax assets	287.5	276.9
Deferred tax liabilities:
Operating lease assets	(4.6)	(5.2)
Depreciation	(16.4)	(16.4)
Other	(1.2)	(1.1)
Total deferred tax liabilities	(22.2)	(22.7)
Net deferred tax asset before valuation allowance	265.3	254.2
Valuation allowance	(265.2)	(254.1)
Net deferred tax asset	$ 0.1	$ 0.1

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense consisted of the following:


	Year Ended
	December 31, 2024		December 31, 2023
Current:
Federal	$	(0.3)	$	2.3
State	0.9		1.3
Total current income tax expense	$	0.6	$	3.6
Deferred:
Federal	$	—	$	(0.6)
State	—		—
Total deferred income tax expense (benefit)	—		(0.6)
Total income tax expense	$	0.6	$	3.0

A reconciliation of income tax expense using the federal statutory income tax rate of 21% to the actual income tax consists of the following:


	Year Ended
	December 31, 2024		December 31, 2023
Income tax (benefit) expense at statutory rate	$	(11.0)	$	4.6
State income taxes, net of federal tax benefit	0.7		1.1
Valuation allowance	9.5		(6.4)
Adjustments to prior year tax accruals	(0.3)		2.2
Stock based compensation	0.1		(0.1)
Non-deductible meals and entertainment	1.3		1.4
Officer compensation	0.3		0.6
Bargain purchase gain	—		(0.5)
Other	—		0.1
Total income tax expense	$	0.6	$	3.0

Income tax expense was $0.6 for the year ended December 31, 2024, which reflects an effective tax rate of approximately (1.1)%. For the fiscal year ended December 31, 2024, the Company recognized current state tax expense on its year-to-date income of $0.9, primarily related to Texas franchise tax, less a federal tax adjustment of $(0.3) to the prior year accrual. For the fiscal year ended December 31, 2023, the Company recognized current federal tax expense on its year-to-date income of $0.3 and $1.1 of state income tax, primarily related to Texas franchise tax, less a deferred tax benefit of $(0.6), primarily due to the bargain purchase gain related to the Greene's Acquisition. In addition, the Company recognized $2.0 of federal tax expense and $0.2 of state income tax expense for the fiscal year ended December 31, 2022.

The tax effects of temporary differences and carryforwards that give rise to deferred income tax assets and liabilities consisted of the following:


	Year Ended
	December 31, 2024		December 31, 2023
Deferred tax assets:
Intangible assets	$	57.6	$	74.1
Net operating loss carryforward	195.0		180.1
Operating lease liabilities	4.8		5.4
Interest expense limitation	23.3		10.3
Other	6.8		7.0
	287.5		276.9
Deferred tax liabilities:

Operating lease assets	(4.6)		(5.2)
Depreciation	(16.4)		(16.4)
Other	(1.2)		(1.1)
	(22.2)		(22.7)
Net deferred tax asset before valuation allowance	$	265.3	$	254.2
Valuation allowance	(265.2)		(254.1)
Net deferred tax asset	$	0.1	$	0.1

The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss that existed for the three-year period ended December 31, 2024. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth.

On the basis of this evaluation, as of December 31, 2024 and December 31, 2023, a valuation allowance of $265.2 and $254.1 has been recorded, respectively, to recognize only the portion of the deferred tax assets that are more likely than not to be realized. The amount of the deferred tax assets considered realizable, however, could be adjusted if additional objectively verifiable positive evidence materializes in future reporting periods, such as a demonstrated operating profitability. The change in the valuation allowance from December 31, 2023 was a net increase of $11.1, which is primarily due to the current year operating loss plus prior year adjustments. The valuation allowance recorded is exclusive of the $0.1 relating to the Texas franchise tax, which the Company expects to fully realize.

Internal Revenue Code (“IRC”) Section 382 provides an annual limitation with respect to the ability of a corporation to utilize its net operating loss and other tax attributes, as well as certain built-in-losses, against future U.S. taxable income in the event of a change in ownership. The Company had an ownership change during 2020. As a result, the Company's pre-ownership change net operating loss carryforwards and recognized built-in-losses are subject to an annual limitation, which will significantly restrict its ability to use the net operating losses and recognized built-in-losses to offset taxable income in periods following the ownership change. The Company is limited to an approximate $0.5 annual limitation on its pre-change net operating loss carryforwards and recognized built-in-losses.

In addition, on July 28, 2020, the Company completed the all stock QES Merger, in which QES became a wholly owned subsidiary of the Company. The QES Merger resulted in an ownership change under IRC Section 382 of the historical QES net operating losses and other tax attributes. QES's pre-merger net operating losses and other tax attributes are subject to an annual limitation of $0.3.

The Company has U.S. federal net operating loss carryforwards of $840.2 and $780.0, for the fiscal years ended December 31, 2024 and December 31, 2023, respectively. Of these net operating losses, $724.1 is subject to an IRC Section 382 limitation, excluding $12.1 that will expire between 2029 and 2037 that the Company believes will not be utilized. The Company also has state net operating loss carryforwards of $269.3 for the fiscal year ended December 31, 2024, and $291.7 for the fiscal year ended December 31, 2023, which begin to expire for tax years ending in 2028. The Company's ability to utilize the state net operating loss carryforwards may be limited according to state law and conformity to the IRC Section 382 limitation.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based not only on the technical merits of the tax position based on tax law, but also the past administrative practices and precedents of the taxing authority. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company had no unrecognized tax benefits for the years ended December 31, 2024 and December 31, 2023.

The Company is subject to taxation in the United States and various states. Tax years that remain subject to examinations by major tax jurisdictions are generally open for tax years beginning in 2020 and after.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Net (Loss) Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The computations of basic and diluted net loss per share for the years ended December 31, 2024 and December 31, 2023 are as follows:


	Year Ended
	December 31, 2024		December 31, 2023
Net (loss) income	$	(53.0)	$	19.2
(Shares in millions)
Basic weighted average common shares	16.2		15.6
Effect of dilutive securities - dilutive securities	—		0.1
Diluted weighted average common shares	16.2		15.7

Basic net (loss) income per common share	$	(3.27)	$	1.23
Diluted net (loss) income per common share	$	(3.27)	$	1.22

Long-Term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Outstanding long-term debt consisted of the following:


	December 31, 2024		December 31, 2023
2025 Senior Notes (1)	$	236.3	$	237.3
Prior ABL Facility (1)	50.0		50.0
Total principal outstanding	286.3		287.3
Less: Unamortized debt issuance costs	(1.2)		(3.0)
Total debt	$	285.1	$	284.3

2025 Senior Notes

As of December 31, 2024, long-term debt included $236.3 principal amount of the 2025 Senior Notes offered pursuant to Rule 144A under the Securities Act of 1933 (as amended, the “Securities Act”) and to certain non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. On a net basis, after taking into consideration the debt issuance costs for the 2025 Senior Notes, long-term debt related to the 2025 Senior Notes as of December 31, 2024 was $235.1. The 2025 Senior Notes bear interest at an annual rate of 11.5%, payable semi-annually in arrears on May 1 and November 1. Interest expense related to the 2025 Senior Notes amounted to $27.3 and $27.3 for the years ended December 31, 2024 and December 31, 2023, respectively. Accrued interest related to the 2025 Senior Notes as of December 31, 2024 and December 31, 2023 was $4.5 and $4.5, respectively.

During the year ended December 31, 2024, we entered into a debt-for-equity exchange agreement (the “Exchange Agreement”) with a noteholder of our 2025 Senior Notes. Pursuant to the Exchange Agreement, the noteholder exchanged $1.0 in aggregate principal amount of the Company’s outstanding 2025 Senior Notes for an aggregate of 190,476 shares of our Common Stock (the “Exchange”).

The Company’s shares of Common Stock issued in connection with the debt-for-equity exchanges were not registered under the Securities Act, and were issued to existing holders of the Company’s securities without commission in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act.

The 2025 Senior Notes exchanged in 2024 represent approximately 0.4% of the outstanding principal amount of outstanding 2025 Senior Notes prior to the Exchange. Following the Exchange, approximately $236.3 in aggregate principal amount of the 2025 Senior Notes remained outstanding.

No 2025 Senior Notes were exchanged in 2023 and there were approximately $237.3 in aggregate principal amount of the 2025 Senior Notes outstanding as of December 31, 2023.

On March 12, 2025, approximately $143.6 aggregate principal amount of the 2025 Senior Notes were exchanged in connection with the Refinancing, and the Company deposited $97.1 in trust with the trustee for the 2025 Senior Notes and irrevocably instructed the trustee to apply such funds to effect the redemption of all of the remaining outstanding 2025 Senior Notes on March 30, 2025 at a redemption price of 100.000% of the principal amount thereof, plus accrued and unpaid interest. Upon deposit of such redemption amount, the indenture that governs the 2025 Senior Notes was satisfied and discharged in accordance with its terms and, as a result thereof, the Company has been released from its obligations under the 2025 Senior Notes except with respect to those provisions of the indenture that, by their terms, survive the satisfaction and discharge of thereof.

2030 Senior Notes

On March 12, 2025, as part of the Refinancing, the Company and certain of its subsidiaries entered into an indenture, dated as of March 12, 2025 (the “2030 Senior Notes Indenture”), with U.S. Bank Trust Company, National Association, as the trustee and notes collateral agent, pursuant to which $232.2 of the 2030 Senior Notes were issued. The 2030 Senior Notes will mature on March 12, 2030 and bear a floating rate of interest

of Term SOFR plus the Applicable Margin (as defined in the 2030 Senior Notes Indenture) based on the Secured Net Leverage Ratio (as defined in the 2030 Senior Notes Indenture) payable on the last day of the applicable interest period in cash or, at the Company’s election, additional 2030 Senior Notes paid-in-kind on one-, three- or six-month interest periods, which shall include a 100 basis point premium for any period where interest is paid-in-kind. The 2030 Senior Notes are senior secured obligations of the Company and are guaranteed on a senior secured basis by each of the Company’s current domestic subsidiaries and by certain future subsidiaries, subject to agreed guaranty and security principles and certain exclusions.

The 2030 Senior Notes were initially fully and unconditionally guaranteed by each of the Company’s current subsidiaries. The 2030 Senior Notes will also be guaranteed by each of the Company’s future subsidiaries that guarantee the Company’s indebtedness or indebtedness of guarantors, including under the New ABL Facility and such subsidiaries that become guarantors in the future will also pledge their collateral in support of such guarantees. These guarantees are senior secured obligations of the guarantors secured by a first priority security interest on substantially all of the guarantors’ assets (other than collateral securing the New ABL Facility on a first priority basis) and a second priority security interest on the guarantors’ assets which secure the New ABL Facility on a first priority basis, subject in each case to certain excluded assets.

The Company will be required to redeem the 2030 Senior Notes in an amount equal to 2.00% per annum of all 2030 Senior Notes outstanding as of the prior applicable Interest Payment Date (as defined in the 2030 Senior Notes Indenture) on the last business day of each of March, June, September and December, commencing on March 31, 2025. Additionally, upon certain changes of control, consummation of certain asset sales and other events, the Company will be required to repurchase the 2030 Senior Notes at the applicable redemption prices.

The 2030 Senior Notes Indenture contains certain financial covenants that include (i) a maximum total net leverage ratio of not greater than 4.50 to 1.0 for the test periods ending March 31, 2025 through December 31, 2025, stepping down to 4.00 to 1.0 for the test periods ending March 31, 2026 through December 31, 2026, 3.50 to 1.0 for the test periods ending March 31, 2027 through December 31, 2027, 3.00 to 1.0 for the test periods ending March 31, 2028 through December 31, 2028, and 2.50 to 1.0 for each test period thereafter and (ii) restrictions on making net capital expenditures in any test period in excess of the greater of (x) $65.0 in the aggregate or (y) 7% of revenues during such test period.

The 2030 Senior Notes Indenture also restricts, among other things, the Company’s ability to incur indebtedness and liens, pay dividends or make other distributions, make certain other restricted payments or investments, sell assets, enter into restrictive agreements, enter into transactions with the Company’s affiliates, and merge or consolidate with other entities or convey, transfer or lease all or substantially all of the Company’s properties and assets to another person, which, in each case, is subject to certain limitations and exceptions. The 2030 Senior Notes Indenture also contains customary events of default including, among other things, the failure to pay interest for three business days, failure to pay principal when due, failure to observe or perform any other covenants or agreement in the 2030 Senior Notes Indenture subject to grace periods, cross-acceleration to indebtedness with an aggregate principal amount in excess of $7.5, material impairment of liens, failure to pay certain material judgments and certain events of bankruptcy. The 2030 Senior Notes Indenture permits the Company to incur additional pari passu indebtedness of up to $150.0 within twelve months of the Refinancing (including for the purpose of consummating permitted acquisitions and investments) subject to the terms and conditions contained in the 2030 Senior Notes Indenture and contains certain other covenants, events of default and other customary provisions.

Prior ABL Facility

On August 10, 2018, the Company entered into a Credit Agreement, by and among the Company, as borrower, certain subsidiaries of the Company, as guarantors, JPMorgan Chase Bank, N.A., as administrative agent (“Prior Administrative Agent”), as collateral agent and as issuing lender, and the lenders party thereto, which has been repaid in full and the commitments thereunder terminated (as amended, supplemented, or otherwise modified prior to the date hereof, the “Prior ABL Facility”). The Prior ABL Facility became effective on September 14, 2018 and was scheduled to mature in 2025. Borrowings under the Prior ABL Facility bore interest at a rate equal to Term SOFR (as defined in the Prior ABL Facility) plus the Applicable Margin (as defined in the Prior ABL Facility).

As of December 31, 2024, $50.0 was outstanding under the Prior ABL Facility and the effective interest rate under the Prior ABL Facility was approximately 7.44%.

On March 12, 2025, in connection with the completion of the Refinancing, the Prior Credit Facility was repaid in full using borrowings under the New ABL Facility and the commitments thereunder terminated. In connection with the prepayment and termination of the Prior ABL Facility, the Company provided Prior Administrative Agent cash collateral in support of certain existing letters of credit and existing purchasing card program in an aggregate amount of approximately $8.1.

New ABL Facility

On March 7, 2025, the Company also entered into a Credit Agreement, dated as of March 7, 2025 (the “New ABL Facility”), with the Company, as borrower, Eclipse Business Capital LLC, as administrative agent, as collateral agent and as FILO administrative agent and the lenders party thereto. The New ABL Facility is comprised of an asset-based revolving credit facility with a $125.0 commitment (the “Revolving Facility”), a first-in-last-out asset-based credit facility with a $10.0 commitment (the “FILO Facility”), and a committed incremental loan option under the Revolving Facility with a $25.0 commitment (the “Incremental Revolving Loans”). The availability of the Incremental Revolving Loans are subject to usual and customary conditions to effectiveness, including, for example, the Company electing to utilize such Incremental Revolving Loans by a date certain and the payment of required fees. Borrowings under the Revolving Facility (including, to the extent incurred, the Incremental Revolving Loans) bear interest at a rate equal to adjusted term SOFR plus an applicable margin of 4.625%. Borrowings under the FILO Facility bear interest at a rate equal to adjusted term SOFR plus an applicable margin of 6.00%. The applicable margin under the Revolving Facility is subject to a 0.125% reduction and the applicable margin under the FILO Facility is subject to a 0.50% reduction, in each case upon the repayment in full of a $5.0 over-advance provided on the initial funding date under the Revolving Facility. The New ABL Facility is secured by, among other things, a first priority lien on accounts receivable and inventory and contains customary conditions precedent to borrowing and affirmative and negative covenants.

The initial funding under the New ABL Facility occurred on March 12, 2025, and the proceeds therefrom were used to repay the Prior ABL Facility in full. After giving effect to the foregoing, we had approximately $39.9 of available borrowing capacity under the New ABL Facility. The New ABL Facility includes a springing financial covenant which requires the Company’s consolidated fixed charge coverage ratio to be at least 1.0 to 1.0 if availability under the Revolving Facility falls below $7.0.

The New ABL Facility includes financial, operating and negative covenants that limit our ability to incur indebtedness, to create liens or other encumbrances, to make certain payments and investments, including dividend payments, to engage in transactions with affiliates, to engage in sale/leaseback transactions, to guarantee indebtedness and to sell or otherwise dispose of assets and merge or consolidate with other entities. It also includes a covenant to deliver annual audited financial statements that are not qualified by a “going concern” or like qualification or exception. A failure to comply with the obligations contained in the New ABL Facility could result in an event of default, which could permit acceleration of the debt, termination of undrawn commitments and enforcement against any liens securing the debt. The New ABL Facility contains certain other covenants (including the ability to incur indebtedness for the purpose of consummating permitted acquisitions, subject to the terms of the New ABL Facility), events of default and other customary provisions. Our New ABL Facility matures in 2028.

Other debt-related items

The Company uses standby letters of credit to facilitate commercial transactions with third parties and to secure our performance to certain vendors. Total letters of credit outstanding under the Prior ABL Facility were $6.5 at December 31, 2024. To the extent liabilities are incurred as a result of the activities covered by the letters of credit, such liabilities are included on the accompanying consolidated balance sheets.

As of December 31, 2024, the Company had $1.9 of outstanding short-term indebtedness related to the financing of various insurance premiums.

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740). This ASU includes specific requirements for the rate reconciliation, income taxes paid and other tax-related disclosures. The guidance is effective for the Company for the fiscal year beginning January 1, 2025 and is not expected to have a material impact on the Company’s consolidated financial statements. Recently Adopted Accounting Standard Updates In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). This ASU is intended to enhance reportable segment disclosures by adopting a number of provisions currently in Regulation S-X and Regulation S-K upon the provisions' removal from these regulations. This guidance has been adopted as of this Form 10-K for the year ended December 31, 2024. Note that while Note 14 - Segment Reporting has been updated to comply with the guidance provisions, there is no material impact on the Company’s consolidated financial statements.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and employee benefits	$ 27.9	$ 25.9
Accrued property taxes	1.8	2.4
Accrued taxes other than property	3.5	7.3
Other accrued liabilities	8.1	7.1
Total accrued liabilities	$ 41.3	$ 42.7

Description of Business and Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Significant Accounting Policies

Description of Business

KLX Energy Services Holdings, Inc. (the “Company”, “KLXE” or “KLX Energy Services”) is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production (“E&P”) companies operating in both conventional and unconventional plays in all of the active major basins throughout the United States. The Company delivers mission critical oilfield services focused on drilling, completion, production and intervention activities for the most technically demanding wells in over 50 service and support facilities located throughout the United States.

The Company offers a complementary suite of proprietary products and specialized services that is supported by technically skilled personnel and a broad portfolio of innovative in-house manufacturing, repair and maintenance capabilities. KLXE’s primary services include coiled tubing, directional drilling, hydraulic fracturing rentals, fishing, pressure control, wireline, rig-assisted snubbing, fluid pumping, flowback, testing and well control services. KLXE’s primary rentals and products include hydraulic fracturing stacks, blow out preventers, tubulars, downhole tools, dissolvable plugs, composite plugs and accommodation units.

On July 28, 2020, KLX Energy Services, Krypton Intermediate, LLC, an indirect wholly owned subsidiary of KLXE, Krypton Merger Sub, Inc., an indirect wholly owned subsidiary of KLXE (“Merger Sub”), and Quintana Energy Services Inc. (“QES”) completed the previously announced acquisition of QES, by means of a merger of Merger Sub with and into QES, with QES surviving the merger as a subsidiary of KLXE (the “QES Merger”). On July 28, 2020, immediately prior to the consummation of the QES Merger, the Reverse Stock Split Amendment became effective and thereby effectuated the 1-for-5 Reverse Stock Split of the Company’s issued and outstanding Common Stock.

Basis of Presentation

The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP”). The consolidated financial statements include all accounts of KLXE and its subsidiaries. All intercompany transactions and account balances have been eliminated upon consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.

Revenue Recognition

Revenue is recognized upon the customer obtaining control of promised goods or services, in an amount that reflects the consideration which is expected to be received in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of Accounting Standards Codification (“ASC”) Topic 606, the following five steps are performed: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Service revenues are recorded over time throughout and for the duration of the service period pursuant to a

master services agreement combined with a completed field ticket or a work order. Revenues from product sales are recognized when the customer obtains control of the product, which occurs at a point in time, typically upon delivery in accordance with the terms of the field ticket or work order.

Income Taxes

The Company accounts for deferred income taxes through the asset and liability method. Under this method, a deferred tax liability or asset is recognized for the expected future tax consequences resulting from the differences in financial reporting bases and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes accrued interest and penalties related to uncertain tax positions, if any, as a component of income tax expense.

Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents consist of cash on hand, and certificates of deposits. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

The Company maintains its cash and cash equivalents in various financial institutions, which at times may exceed federally insured amounts. Management believes that this risk is not significant.

Accounts Receivable, Net

The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current creditworthiness, as determined by review of their current credit information. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon historical experience and any specific customer collection issues that have been identified. The allowance for doubtful accounts at December 31, 2024 and December 31, 2023 was $4.2 and $5.5, respectively.

Activity in our allowance for doubtful accounts during the years ended December 31, 2024 and December 31, 2023 is set forth in the table below:


Allowance for doubtful accounts	Balance at beginning of period		Charged (credited) to costs and expenses		Deductions (1)		Balance at end of period
December 31, 2024	$	5.5	$	0.6	$	(1.9)	$	4.2
December 31, 2023	$	5.7	$	0.6	$	(0.8)	$	5.5

* ASC Topic 326, Financial Instruments - Credit Losses.

(1) Accounts receivable balances written off during the period, net of recoveries.

Inventories

Inventories, made up primarily of dissolvable plugs, supplies, finished goods and other consumables used to perform services for customers. The Company values inventories at the lower of cost or net realizable value and uses the weighted average costing and first-in, first-out methods. Reserves for excess and obsolete inventory were approximately $3.2 and $4.5 as of years ended December 31, 2024 and December 31, 2023, respectively.

Property and Equipment

Property and equipment is stated at cost and depreciated under the straight-line method over the estimated useful life of the asset. Equipment held under finance leases is stated at the present value of its future

minimum lease payments and is depreciated under the straight-line method over the shorter of the lease term or the estimated useful life of the asset. Estimated useful lives requires significant judgment which is influenced by our historical experience in operating property and equipment, technological developments, and expectations of future demand.

Intangible Assets, Net

Under Financial Accounting Standards Board (“FASB”) ASC Topic 350, Intangibles—Goodwill and Other, indefinite-lived intangible assets are reviewed at least annually for impairment. Acquired intangible assets with definite lives are amortized under the straight-line method over their individual useful lives. As of December 31, 2024 and December 31, 2023, there were net intangible assets, consisting of customer relationships and patents, with definite lives of $1.5 and $1.8, respectively. As of December 31, 2024 and December 31, 2023, intangible assets had gross carrying amount of $5.9 and $5.9 and accumulated amortization of $4.4 and $4.1, respectively, with amortization expense for the years then ended of $0.3 and $0.3, respectively.

Long‑Lived Assets

Long-lived assets, such as property and equipment and purchased intangibles subject to amortization, are tested for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. An impairment loss is recognized when the undiscounted cash flows expected to be generated by an asset (or group of assets) is less than its carrying amount. Any required impairment loss is measured as the amount by which the asset’s carrying value exceeds its fair value and is recorded as a reduction in the carrying value of the related asset and a charge to operating results. For the years ended December 31, 2024 and December 31, 2023, there were no impairments of long-lived assets.

Debt Issuance Costs

The Company capitalizes certain third-party fees directly related to the issuance of debt and amortizes these costs over the life of the debt using the effective interest method. Debt issuance costs related to the Prior ABL Facility (as defined below) are presented net of amortization as a non-current asset. Debt issuance costs related to the Company’s $236.3 principal amount of 11.5% senior secured notes due 2025 (the “2025 Senior Notes”) are presented net of amortization as an offset to the liability. Amortized debt issuance costs are included in interest expense and totaled $2.6 and $1.8 for the years ended December 31, 2024 and December 31, 2023, respectively.

Common Stock Equivalents

The Company has potential Common Stock equivalents related to its outstanding restricted stock awards and restricted stock units. These potential Common Stock equivalents are not included in diluted loss per share for any period presented in which there is a net loss because the effect would have been anti‑dilutive.

Stock-Based Compensation

The Company accounts for share-based compensation arrangements in accordance with the provisions of FASB ASC Topic 718, Stock Compensation whereby share-based compensation cost is measured on the date of grant, based on the calculated fair value of the award and recognized as selling, general and administrative expenses in the consolidated statement of operations over the requisite service period. Compensation cost recognized during the years ended December 31, 2024 and December 31, 2023 primarily related to grants of restricted stock and restricted stock units granted or approved by the Board’s compensation committee (the “Compensation Committee”). See Note 12 - Equity and Stock-Based Compensation for additional information related to stock-based compensation.

Concentration of Risk

The Company provides products and services to energy industry customers who focus on developing and producing oil and gas onshore in North America. The Company’s management performs ongoing credit evaluations on the financial condition of all of its customers and maintains allowances for uncollectible accounts receivable based on expected collectability. Credit losses have historically been within management’s expectations and the provisions established.

Significant customers change from year to year depending on the level of E&P activity and the use of the Company’s services. During the years ended December 31, 2024 and December 31, 2023, no single customer accounted for more than 10% of the Company’s revenues.

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


	Useful Life (Years)			December 31, 2024		December 31, 2023
Land, buildings and improvements	1	—	40	$	36.3	$	36.0
Machinery	1	—	20	289.0		259.4
Equipment and furniture	1	—	15	243.4		215.2
ROU assets - finance leases	1	—	20	83.9		84.2
Total property and equipment				652.6		594.8
Less: Accumulated depreciation				(461.1)		(382.2)
Add: Construction in progress				5.6		8.0
Total property and equipment, net				$	197.1	$	220.6

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (53.0)	$ 19.2

- Definition

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

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+ Details

Business Combinations - Narrative (Details) - USD ($) shares in Millions, $ in Millions		12 Months Ended
	Mar. 08, 2023	Dec. 31, 2023
Common Stock
Business Combinations
Number of shares in acquisition (in shares)		2.4
Greene's Acquisition
Business Combinations
Equity value	$ 30.3
Fully diluted common stock	14.70%

Net (Loss) Income Per Common Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net (loss) income	$ (53.0)	$ 19.2
Basic weighted average common shares (in shares)	16.2	15.6
Effect of dilutive securities - dilutive securities (in shares)		0.1
Diluted weighted average common shares (in shares)	16.2	15.7
Basic net income (loss) per common share (in dollars per share)	$ (3.27)	$ 1.23
Diluted net income (loss) per common share (in dollars per share)	$ (3.27)	$ 1.22

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Feb. 28, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	01-38609
Entity Registrant Name	KLX Energy Services Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4904146
Entity Address, Address Line One	3040 Post Oak Boulevard
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	832
Local Phone Number	844-1015
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	KLXE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 72.4
Entity Common Stock, Shares Outstanding		17,403,369
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Registrant’s proxy statement for its annual meeting of stockholders to be held on May 7, 2025, which will be filed with the Securities and Exchange Commission within 120 days of December 31, 2024, are incorporated by reference in Part III.
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001738827
Amendment Flag	false

Segment Reporting - Total Assets by Reportable Segment (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 456.3	$ 539.8
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	364.7	427.3
Unallocated corporate assets
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	91.6	112.5
Rocky Mountains \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	114.0	135.8
Southwest \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	152.3	174.3
Northeast /Mid-Con \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 98.4	$ 117.2

- Definition

Amount of asset recognized for present right to economic benefit.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 30: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment consisted of the following:


	Useful Life (Years)			December 31, 2024		December 31, 2023
Land, buildings and improvements	1	—	40	$	36.3	$	36.0
Machinery	1	—	20	289.0		259.4
Equipment and furniture	1	—	15	243.4		215.2
ROU assets - finance leases	1	—	20	83.9		84.2
Total property and equipment				652.6		594.8
Less: Accumulated depreciation				(461.1)		(382.2)
Add: Construction in progress				5.6		8.0
Total property and equipment, net				$	197.1	$	220.6

Depreciation of assets is computed using the straight-line method over the lesser of the estimated useful lives of the respective assets or the lease term, if shorter. Depreciation expense related to non-leased assets was $69.7 and $57.7 for the years ended December 31, 2024 and December 31, 2023, respectively. Finance lease amortization expense was $24.0 and $14.5 for the years ended December 31, 2024 and December 31, 2023.

Assets Held for Sale

As of December 31, 2024 and December 31, 2023, the Company’s consolidated balance sheet includes assets classified as held for sale of $2.3 and $2.3, respectively. As of December 31, 2024, the assets held for sale are reported within prepaid expenses and other current assets on the consolidated balance sheet and represent the value of one facility and select equipment. These assets are being actively marketed for sale as of December 31, 2024 and are recorded at the lower of their carrying value or fair value less costs to sell.

Long-Term Debt - Narrative (Details) $ in Millions			12 Months Ended
Long-Term Debt - Narrative (Details) $ in Millions	Mar. 11, 2025 USD ($)	Mar. 07, 2025 USD ($)	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2029	Dec. 31, 2028	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Mar. 12, 2025 USD ($)
Debt Instrument [Line Items]
Long term debt outstanding			$ 285.1	$ 284.3
Interest expense			39.4	36.5
Accrued interest			4.5	4.6
Long term debt, gross			286.3	287.3
Outstanding short-term debt			1.9
Revolving credit facility
Debt Instrument [Line Items]
Outstanding letter of credit amount			6.5
2025 Senior Notes
Debt Instrument [Line Items]
Principle amount			236.3
Long term debt outstanding			$ 235.1
Debt instrument, stated interest rate (as a percent)			11.50%
Interest expense			$ 27.3	27.3
Accrued interest			4.5	4.5
Senior notes			236.3	237.3
Long term debt, gross			236.3	237.3
2025 Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Long term debt outstanding	$ 97.1
Aggregate principal amount	$ 143.6
Debt instrument, redemption price (as percent)	100.00%
Exchange Agreement
Debt Instrument [Line Items]
Debt conversion, principal debt, amount			$ 1.0
Debt conversion, converted instrument, shares issued (in shares) \| shares			190,476
Outstanding principal amount (as a percent)			0.40%
2030 Senior Notes \| Forecast
Debt Instrument [Line Items]
Net leverage ratio					2.50	3.00	3.50	4.00	4.50
2030 Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Principle amount		$ 232.2
Debt instrument, stated interest rate (as a percent)		2.00%
Basis spread on variable rate		1.00%
Net capital expenditures maximum		$ 65.0
Net capital expenditures of revenue, percentage		7.00%
Cross-acceleration to indebtedness		$ 7.5
Pari passu indebtedness incurred		$ 150.0
Prior ABL Facility
Debt Instrument [Line Items]
Debt instrument, stated interest rate (as a percent)			7.44%
Long term debt, gross			$ 50.0	$ 50.0
Prior ABL Facility \| Letter of Credit \| Subsequent Event
Debt Instrument [Line Items]
Long term debt, gross										$ 8.1
New ABL Facility \| Revolving credit facility \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate		4.625%
Revolving credit facility		$ 125.0
Incremental revolving loans		$ 25.0
Reduction limit on basis spread		0.125%
Repayment in full over-advance		$ 5.0
Current borrowing capacity										39.9
Asset based facility										$ 7.0
New ABL Facility \| Filo Facility \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate		6.00%
Revolving credit facility		$ 10.0
Reduction limit on basis spread		0.50%

Leases - Narrative (Details)	Dec. 29, 2023 coiled_tubing_unit
Leases [Abstract]
Number of coiled tubing units	5

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Houston, Texas

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Information

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Information

All financial instruments are carried at amounts that approximate estimated fair value. The fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. Assets measured at fair value are categorized based upon the lowest level of significant input to the valuations.

Level 1 – quoted prices in active markets for identical assets and liabilities.

Level 2 – quoted prices for identical assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3 – unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions.

The carrying amounts of cash and cash equivalents, accounts receivable-trade and accounts payable represent their respective fair values due to their short-term nature. There was $50.0 debt outstanding under the Prior ABL Facility as of December 31, 2024. The fair value of the Prior ABL Facility approximates its carrying value as of December 31, 2024.

The following tables present the placement in the fair value hierarchy of the 2025 Senior Notes, based on market prices for publicly traded debt, as of December 31, 2024 and December 31, 2023:


			Fair value measurements at reporting date using
	December 31, 2024		Level 1		Level 2		Level 3
2025 Senior Notes	$	231.2	$	—	$	231.2	$	—


Total Senior Notes	$	231.2	$	—	$	231.2	$	—


			Fair value measurements at reporting date using
	December 31, 2023		Level 1		Level 2		Level 3
2025 Senior Notes	$	233.7	$	—	$	233.7	$	—


Total Senior Notes	$	233.7	$	—	$	233.7	$	—


			Fair value measurements at reporting date using
	December 31, 2024		Level 1		Level 2		Level 3
Assets Held for Sale	$	2.3	$	—	$	2.3	$	—
Total Assets Held for Sale	$	2.3	$	—	$	2.3	$	—


			Fair value measurements at reporting date using
	December 31, 2023		Level 1		Level 2		Level 3
Assets Held for Sale	$	2.3	$	—	$	2.3	$	—
Total Assets Held for Sale	$	2.3	$	—	$	2.3	$	—

During the years ended December 31, 2024 and December 31, 2023, there was no before-tax loss (gain) related to Assets Held for Sale.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4.2	$ 5.5
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	110,000,000.0	110,000,000.0
Common stock, shares issued (in shares)	17,500,000	14,300,000
Treasury stock (in shares)	500,000	400,000

Business Combinations - Pro Forma Information (Details) - Greene's Acquisition - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combinations
Revenues	$ 709.3	$ 900.7
Net income	$ (53.0)	$ 19.2

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenues and Operating (Loss) Earnings by Reportable Segment

The Company has adopted ASU 2023-07, Segment Reporting (Topic 280) as of December 31, 2024. Accordingly, the following tables have been updated to present revenues, significant expenses and operating income by reportable segment:


	Year Ended
		December 31, 2024
		Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Revenues		$	229.1	$	270.7	$	211.6	$	(2.1)	$	709.3
Less
Cost of sales		164.6		218.4		164.9		(2.1)
Depreciation and amortization		27.3		30.8		34.1
Selling, general and administrative(1)		7.7		12.7		6.6
Other segment items		5.9		4.8		3.8
Segment operating income		$	23.6	$	4.0	$	2.2	$	—	$	29.8
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses										(45.3)
Interest income										2.5
Interest expense										(39.4)
Loss before income tax										$	(52.4)

(1) Note that the Selling, general and administrative line item in the Consolidated Statement of Operations contains the Other segment items line item here, less the Research and development costs line item.


	Year Ended
		December 31, 2023
		Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Revenues		$	271.5	$	306.8	$	312.3	$	(2.2)	$	888.4
Less
Cost of sales		187.5		243.6		236.5		(2.2)
Depreciation and amortization		22.4		25.7		22.9
Selling, general and administrative(1)		7.5		12.6		6.8
Other segment items		8.0		5.1		6.0
Segment operating income		$	46.1	$	19.8	$	40.1	$	—	$	106.0
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses										(49.1)
Interest income										1.8
Interest expense										(36.5)
Income before income tax										$	22.2

Other segment items include research and development costs, allocations and other expenses.

Schedule of Revenues by Service Offering by Reportable Segment

The following tables present revenues by service offering by reportable segment:


	Year Ended
	December 31, 2024
	Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Drilling	$	24.6	$	76.3	$	57.3	$	(2.1)	$	156.1
Completion	123.8		125.6		123.3				372.7
Production	58.2		37.9		14.6				110.7
Intervention	22.5		30.9		16.4				69.8
Total revenues	$	229.1	$	270.7	$	211.6	$	(2.1)	$	709.3



	December 31, 2023
	Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Drilling	$	31.1	$	102.0	$	89.3	$	(2.2)	$	220.2
Completion	149.9		138.9		179.7				468.5
Production	65.2		34.0		18.6				117.8
Intervention	25.3		31.9		24.7				81.9
Total revenues	$	271.5	$	306.8	$	312.3	$	(2.2)	$	888.4

Schedule of Total Assets by Reportable Segment

The following table presents total assets by segment:


	December 31, 2024		December 31, 2023
Rocky Mountains	$	114.0	$	135.8
Southwest	152.3		174.3
Northeast/Mid-Con	98.4		117.2
Total	364.7		427.3
Unallocated corporate assets	91.6		112.5
Total assets	$	456.3	$	539.8

Schedule of Capital Expenditures by Reportable Segment

The following table presents capital expenditures by reportable segment:


	Year Ended
	December 31, 2024		December 31, 2023
Rocky Mountains	$	14.5	$	14.1
Southwest	24.1		16.4
Northeast/Mid-Con	26.1		25.7
Unallocated corporate expenditures	0.4		0.9
Total capital expenditures	$	65.1	$	57.1

Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) expense at statutory rate	$ (11.0)	$ 4.6
State income taxes, net of federal tax benefit	0.7	1.1
Valuation allowance	9.5	(6.4)
Adjustments to prior year tax accruals	(0.3)	2.2
Stock based compensation	0.1	(0.1)
Non-deductible meals and entertainment	1.3	1.4
Officer compensation	0.3	0.6
Bargain purchase gain	0.0	(0.5)
Other	0.0	0.1
Total income tax expense	$ 0.6	$ 3.0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company, as part of its normal business operations, leases certain equipment, vehicles, manufacturing facilities, and office space under various operating and finance leases. We determine if an arrangement is or contains a lease at the lease inception date by evaluating whether the arrangement conveys the right to use an identified asset and whether the Company obtains substantially all of the economic benefits and has the ability to direct the use of the underlying asset. Leases with an initial term of twelve months or less meet the definition of a short-term lease and are not recorded on the balance sheet.

At the lease commencement date, the Company recognized a lease liability and an ROU asset representing its right to use the underlying asset over the lease term. The initial measurement of the lease liability is calculated on the basis of the present value of the remaining lease payments and the ROU asset is measured on the basis of this liability, adjusted by prepaid and accrued rent, lease incentives, and initial direct costs. The subsequent measurement of a lease is dependent on whether the lease is classified as an operating lease or a finance lease. Operating lease cost is recognized on a straight-line basis over the lease term, with the cost presented as a component of the Selling, general and administrative expenses line item in the Consolidated Statement of Operations. Finance lease cost is comprised of a separate interest component and amortization component and is presented as a component of the Interest expense, net and Depreciation and amortization line items, respectively, in the Consolidated Statement of Operations.

ASU 2016-02, Leases (Topic 842), requires that a lessee use the rate implicit in the lease when measuring the lease liability and ROU asset, when available. Alternatively, the Company is permitted to use its incremental borrowing rate which is defined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Since the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate when measuring its leases. We estimate our incremental borrowing rate to discount the lease payments at the lease commencement date based on credit adjusted interest rates available to us over the lease term.

The Company does not have any material leases that have not yet commenced that would create significant rights and obligations, nor does it have any material leases with related parties. Additionally, the Company’s leases do not impose any restrictions or covenants on us. Short-term lease expense is not material for the Company.

The components of lease expense were as follows:


	Year Ended
	December 31, 2024		December 31, 2023
Operating lease fixed cost	$	9.2	$	16.9
Finance lease fixed cost	24.0		14.5
Interest on finance lease liabilities	4.8		3.2
Lease variable cost	5.5		5.9
Total lease cost	$	43.5	$	40.5

Supplemental cash flow information related to leases was as follows:


	Year Ended
	December 31, 2024		December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	8.7	$	16.4
Operating cash flows for finance leases	4.8		3.2
Financing cash flows for finance leases	21.6		14.6

ROU assets obtained in exchange for lease obligations:
Operating leases	$	4.9	$	7.2
Finance leases	3.9		44.0

Supplemental balance sheet information related to leases was as follows:


	Year Ended
	December 31, 2024			December 31, 2023
Operating Leases
Operating lease assets	$	19.6		$	22.3

Current portion of operating lease liabilities	$	6.9		$	6.9
Long-term operating lease liabilities	13.5			16.0
Total operating lease liabilities	$	20.4		$	22.9

Finance leases
Property and equipment, net	$	38.9		$	59.9
Total finance lease assets	$	38.9		$	59.9

Current portion of finance lease liabilities	$	13.0		$	22.0
Long-term finance lease liabilities	26.4			36.2
Total finance lease liabilities	$	39.4		$	58.2

Weighted Average Remaining Lease Term
Operating leases (in years)	3.1			3.6
Finance leases (in years)	2.2			2.7

Weighted Average Discount Rate
Operating leases	9.0		%	6.7		%
Finance leases	10.3		%	9.8		%

Maturities of lease liabilities were as follows:


Years ending December 31,	Operating Leases		Finance Leases
2025	$	8.5	$	24.2
2026	7.0		16.5
2027	5.1		1.8
2028	2.4		0.6
2029	0.5		0.3
Thereafter	0.1		—
Total lease payments	23.6		43.4
Less: imputed interest	(3.2)		(4.0)
Total	$	20.4	$	39.4

As of December 29, 2023, the Company has entered into an agreement to modify the leases for its five coiled tubing units. As a result, these are now classified as finance leases on the balance sheet as of December 31, 2023. The lease cost up to December 29, 2023, is included in the operating lease cost disclosure in this footnote, and the lease cash flows up to December 29, 2023, are included in the operating cash flows for operating leases disclosure in this footnote.

Leases

The components of lease expense were as follows:


	Year Ended
	December 31, 2024		December 31, 2023
Operating lease fixed cost	$	9.2	$	16.9
Finance lease fixed cost	24.0		14.5
Interest on finance lease liabilities	4.8		3.2
Lease variable cost	5.5		5.9
Total lease cost	$	43.5	$	40.5

Supplemental cash flow information related to leases was as follows:


	Year Ended
	December 31, 2024		December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	8.7	$	16.4
Operating cash flows for finance leases	4.8		3.2
Financing cash flows for finance leases	21.6		14.6

ROU assets obtained in exchange for lease obligations:
Operating leases	$	4.9	$	7.2
Finance leases	3.9		44.0

Supplemental balance sheet information related to leases was as follows:


	Year Ended
	December 31, 2024			December 31, 2023
Operating Leases
Operating lease assets	$	19.6		$	22.3

Current portion of operating lease liabilities	$	6.9		$	6.9
Long-term operating lease liabilities	13.5			16.0
Total operating lease liabilities	$	20.4		$	22.9

Finance leases
Property and equipment, net	$	38.9		$	59.9
Total finance lease assets	$	38.9		$	59.9

Current portion of finance lease liabilities	$	13.0		$	22.0
Long-term finance lease liabilities	26.4			36.2
Total finance lease liabilities	$	39.4		$	58.2

Weighted Average Remaining Lease Term
Operating leases (in years)	3.1			3.6
Finance leases (in years)	2.2			2.7

Weighted Average Discount Rate
Operating leases	9.0		%	6.7		%
Finance leases	10.3		%	9.8		%

Maturities of lease liabilities were as follows:


Years ending December 31,	Operating Leases		Finance Leases
2025	$	8.5	$	24.2
2026	7.0		16.5
2027	5.1		1.8
2028	2.4		0.6
2029	0.5		0.3
Thereafter	0.1		—
Total lease payments	23.6		43.4
Less: imputed interest	(3.2)		(4.0)
Total	$	20.4	$	39.4

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		14.3
Beginning balance at Dec. 31, 2022	$ (15.8)	$ 0.1	$ 517.3	$ (4.6)	$ (528.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock, net of forfeitures (in share)		0.2
Restricted stock, net of forfeitures	2.6		2.6
Purchase of treasury stock	(0.7)			(0.7)
Issuance of common stock, net of cost	(0.5)		(0.5)
Greene's acquisition (in shares)		2.4
Greene's acquisition	34.0		34.0
Net income (loss)	19.2				19.2
Ending balance (in shares) at Dec. 31, 2023		16.9
Ending balance at Dec. 31, 2023	38.8	$ 0.1	553.4	(5.3)	(509.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock, net of forfeitures	3.6		3.6
Purchase of treasury stock	(0.5)			(0.5)
Issuance of Common Stock, net of cost (in shares)		0.6
Issuance of common stock, net of cost	0.6	$ 0.1	0.5
Net income (loss)	(53.0)				(53.0)
Ending balance (in shares) at Dec. 31, 2024		17.5
Ending balance at Dec. 31, 2024	$ (10.5)	$ 0.2	$ 557.5	$ (5.8)	$ (562.4)

Segment Reporting - Revenues by Service Offering by Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ (709.3)	$ (888.4)
Eliminations
Segment Reporting Information [Line Items]
Revenues	(2.1)	(2.2)
Rocky Mountains \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(229.1)	(271.5)
Southwest \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(270.7)	(306.8)
Northeast /Mid-Con \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(211.6)	(312.3)
Drilling
Segment Reporting Information [Line Items]
Revenues	(156.1)	(220.2)
Drilling \| Eliminations
Segment Reporting Information [Line Items]
Revenues	(2.1)	(2.2)
Drilling \| Rocky Mountains \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(24.6)	(31.1)
Drilling \| Southwest \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(76.3)	(102.0)
Drilling \| Northeast /Mid-Con \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(57.3)	(89.3)
Completion
Segment Reporting Information [Line Items]
Revenues	(372.7)	(468.5)
Completion \| Rocky Mountains \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(123.8)	(149.9)
Completion \| Southwest \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(125.6)	(138.9)
Completion \| Northeast /Mid-Con \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(123.3)	(179.7)
Production
Segment Reporting Information [Line Items]
Revenues	(110.7)	(117.8)
Production \| Rocky Mountains \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(58.2)	(65.2)
Production \| Southwest \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(37.9)	(34.0)
Production \| Northeast /Mid-Con \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(14.6)	(18.6)
Intervention
Segment Reporting Information [Line Items]
Revenues	(69.8)	(81.9)
Intervention \| Rocky Mountains \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(22.5)	(25.3)
Intervention \| Southwest \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	(30.9)	(31.9)
Intervention \| Northeast /Mid-Con \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ (16.4)	$ (24.7)

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company is organized on a geographic basis. The Company’s reportable segments, which are also its operating segments, are comprised of the Southwest Region (the Permian Basin and the Eagle Ford Shale), the Rocky Mountains Region (the Bakken, Williston, DJ, Uinta, Powder River, Piceance and Niobrara basins) and the Northeast/Mid-Con Region (the Marcellus and Utica Shale as well as the Mid-Continent STACK and SCOOP and Haynesville Shale). The segments regularly report their results of operations and make requests for capital expenditures and acquisition funding to the Chief Operating Decision Maker ("CODM"). The Company's CODM is our Chief Executive Officer. As a result, Company has three reportable segments.


	Year Ended
		December 31, 2024
		Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Revenues		$	229.1	$	270.7	$	211.6	$	(2.1)	$	709.3
Less
Cost of sales		164.6		218.4		164.9		(2.1)
Depreciation and amortization		27.3		30.8		34.1
Selling, general and administrative(1)		7.7		12.7		6.6
Other segment items		5.9		4.8		3.8
Segment operating income		$	23.6	$	4.0	$	2.2	$	—	$	29.8
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses										(45.3)
Interest income										2.5
Interest expense										(39.4)
Loss before income tax										$	(52.4)


	Year Ended
		December 31, 2023
		Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Revenues		$	271.5	$	306.8	$	312.3	$	(2.2)	$	888.4
Less
Cost of sales		187.5		243.6		236.5		(2.2)
Depreciation and amortization		22.4		25.7		22.9
Selling, general and administrative(1)		7.5		12.6		6.8
Other segment items		8.0		5.1		6.0
Segment operating income		$	46.1	$	19.8	$	40.1	$	—	$	106.0
Reconciliation of profit or loss (segment profit/(loss))
Unallocated corporate expenses										(49.1)
Interest income										1.8
Interest expense										(36.5)
Income before income tax										$	22.2

Other segment items include research and development costs, allocations and other expenses.

The following tables present revenues by service offering by reportable segment:


	Year Ended
	December 31, 2024
	Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Drilling	$	24.6	$	76.3	$	57.3	$	(2.1)	$	156.1
Completion	123.8		125.6		123.3				372.7
Production	58.2		37.9		14.6				110.7
Intervention	22.5		30.9		16.4				69.8
Total revenues	$	229.1	$	270.7	$	211.6	$	(2.1)	$	709.3



	December 31, 2023
	Rocky Mountains		Southwest		Northeast /Mid-Con		Eliminations		Total
Drilling	$	31.1	$	102.0	$	89.3	$	(2.2)	$	220.2
Completion	149.9		138.9		179.7				468.5
Production	65.2		34.0		18.6				117.8
Intervention	25.3		31.9		24.7				81.9
Total revenues	$	271.5	$	306.8	$	312.3	$	(2.2)	$	888.4

The following table presents total assets by segment:


	December 31, 2024		December 31, 2023
Rocky Mountains	$	114.0	$	135.8
Southwest	152.3		174.3
Northeast/Mid-Con	98.4		117.2
Total	364.7		427.3
Unallocated corporate assets	91.6		112.5
Total assets	$	456.3	$	539.8

The following table presents capital expenditures by reportable segment:


	Year Ended
	December 31, 2024		December 31, 2023
Rocky Mountains	$	14.5	$	14.1
Southwest	24.1		16.4
Northeast/Mid-Con	26.1		25.7
Unallocated corporate expenditures	0.4		0.9
Total capital expenditures	$	65.1	$	57.1

- 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

Description of Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP”). The consolidated financial statements include all accounts of KLXE and its subsidiaries. All intercompany transactions and account balances have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition Revenue is recognized upon the customer obtaining control of promised goods or services, in an amount that reflects the consideration which is expected to be received in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of Accounting Standards Codification (“ASC”) Topic 606, the following five steps are performed: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Revenue is recognized in the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Service revenues are recorded over time throughout and for the duration of the service period pursuant to a master services agreement combined with a completed field ticket or a work order. Revenues from product sales are recognized when the customer obtains control of the product, which occurs at a point in time, typically upon delivery in accordance with the terms of the field ticket or work order.
Income Taxes	Income Taxes The Company accounts for deferred income taxes through the asset and liability method. Under this method, a deferred tax liability or asset is recognized for the expected future tax consequences resulting from the differences in financial reporting bases and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company recognizes accrued interest and penalties related to uncertain tax positions, if any, as a component of income tax expense.
Cash Equivalents	Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents consist of cash on hand, and certificates of deposits. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains its cash and cash equivalents in various financial institutions, which at times may exceed federally insured amounts. Management believes that this risk is not significant.
Accounts Receivable, Net	Accounts Receivable, Net The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current creditworthiness, as determined by review of their current credit information. The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon historical experience and any specific customer collection issues that have been identified.
Inventories	Inventories Inventories, made up primarily of dissolvable plugs, supplies, finished goods and other consumables used to perform services for customers. The Company values inventories at the lower of cost or net realizable value and uses the weighted average costing and first-in, first-out methods. Reserves for excess and obsolete inventory were approximately $3.2 and $4.5 as of years ended December 31, 2024 and December 31, 2023, respectively.
Property and Equipment	Property and Equipment Property and equipment is stated at cost and depreciated under the straight-line method over the estimated useful life of the asset. Equipment held under finance leases is stated at the present value of its future minimum lease payments and is depreciated under the straight-line method over the shorter of the lease term or the estimated useful life of the asset. Estimated useful lives requires significant judgment which is influenced by our historical experience in operating property and equipment, technological developments, and expectations of future demand.
Intangible Assets, Net	Intangible Assets, Net Under Financial Accounting Standards Board (“FASB”) ASC Topic 350, Intangibles—Goodwill and Other, indefinite-lived intangible assets are reviewed at least annually for impairment. Acquired intangible assets with definite lives are amortized under the straight-line method over their individual useful lives. As of December 31, 2024 and December 31, 2023, there were net intangible assets, consisting of customer relationships and patents, with definite lives of $1.5 and $1.8, respectively. As of December 31, 2024 and December 31, 2023, intangible assets had gross carrying amount of $5.9 and $5.9 and accumulated amortization of $4.4 and $4.1, respectively, with amortization expense for the years then ended of $0.3 and $0.3, respectively.
Long-Lived Assets	Long‑Lived Assets Long-lived assets, such as property and equipment and purchased intangibles subject to amortization, are tested for impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. An impairment loss is recognized when the undiscounted cash flows expected to be generated by an asset (or group of assets) is less than its carrying amount. Any required impairment loss is measured as the amount by which the asset’s carrying value exceeds its fair value and is recorded as a reduction in the carrying value of the related asset and a charge to operating results. For the years ended December 31, 2024 and December 31, 2023, there were no impairments of long-lived assets.
Debt Issuance Costs	Debt Issuance Costs The Company capitalizes certain third-party fees directly related to the issuance of debt and amortizes these costs over the life of the debt using the effective interest method. Debt issuance costs related to the Prior ABL Facility (as defined below) are presented net of amortization as a non-current asset. Debt issuance costs related to the Company’s $236.3 principal amount of 11.5% senior secured notes due 2025 (the “2025 Senior Notes”) are presented net of amortization as an offset to the liability. Amortized debt issuance costs are included in interest expense and totaled $2.6 and $1.8 for the years ended December 31, 2024 and December 31, 2023, respectively.
Common Stock Equivalents	Common Stock Equivalents The Company has potential Common Stock equivalents related to its outstanding restricted stock awards and restricted stock units. These potential Common Stock equivalents are not included in diluted loss per share for any period presented in which there is a net loss because the effect would have been anti‑dilutive.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for share-based compensation arrangements in accordance with the provisions of FASB ASC Topic 718, Stock Compensation whereby share-based compensation cost is measured on the date of grant, based on the calculated fair value of the award and recognized as selling, general and administrative expenses in the consolidated statement of operations over the requisite service period. Compensation cost recognized during the years ended December 31, 2024 and December 31, 2023 primarily related to grants of restricted stock and restricted stock units granted or approved by the Board’s compensation committee (the “Compensation Committee”). See Note 12 - Equity and Stock-Based Compensation for additional information related to stock-based compensation.
Concentration of Risk	Concentration of Risk The Company provides products and services to energy industry customers who focus on developing and producing oil and gas onshore in North America. The Company’s management performs ongoing credit evaluations on the financial condition of all of its customers and maintains allowances for uncollectible accounts receivable based on expected collectability. Credit losses have historically been within management’s expectations and the provisions established. Significant customers change from year to year depending on the level of E&P activity and the use of the Company’s services. During the years ended December 31, 2024 and December 31, 2023, no single customer accounted for more than 10% of the Company’s revenues.
Recent Accounting Pronouncements and Recently Adopted Accounting Standard Updates	In December 2023, FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740). This ASU includes specific requirements for the rate reconciliation, income taxes paid and other tax-related disclosures. The guidance is effective for the Company for the fiscal year beginning January 1, 2025 and is not expected to have a material impact on the Company’s consolidated financial statements. Recently Adopted Accounting Standard Updates In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). This ASU is intended to enhance reportable segment disclosures by adopting a number of provisions currently in Regulation S-X and Regulation S-K upon the provisions' removal from these regulations. This guidance has been adopted as of this Form 10-K for the year ended December 31, 2024. Note that while Note 14 - Segment Reporting has been updated to comply with the guidance provisions, there is no material impact on the Company’s consolidated financial statements.

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ (0.3)	$ 2.3	$ 2.0
State	0.9	1.3	$ 0.2
Total current income tax expense	0.6	3.6
Deferred:
Federal	0.0	(0.6)
State	0.0	0.0
Total deferred income tax expense (benefit)	0.0	(0.6)
Total income tax expense	$ 0.6	$ 3.0

- Definition

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

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-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long term debt, gross	$ 286.3	$ 287.3
Less: Unamortized debt issuance costs	(1.2)	(3.0)
Total debt	285.1	284.3
2025 Senior Notes
Debt Instrument [Line Items]
Long term debt, gross	236.3	237.3
Total debt	235.1
Prior ABL Facility
Debt Instrument [Line Items]
Long term debt, gross	$ 50.0	$ 50.0

- Definition

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

+ References

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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

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

+ References + Details

Equity and Stock-Based Compensation - Schedule of Restricted Stock (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares (in thousands)
Outstanding, beginning of period (in shares)	550	511
Shares granted (in shares)	441	278
Shares vested (in shares)	(249)	(233)
Shares forfeited (in shares)	(21)	(6)
Outstanding, end of period (in shares)	721	550	511
Weighted Average Grant Date Fair Value per Share
Outstanding beginning of period (in dollars per share)	$ 11.81	$ 11.86
Shares granted (in dollars per share)	9.26	11.48
Shares vested (in dollars per share)	12.35	11.28
Shares forfeited (in dollars per share)	9.44	9.87
Outstanding end of period (in dollars per share)	$ 9.98	$ 11.81	$ 11.86
Weighted Average Remaining vesting Period (in years)
Weighted average remaining vesting period, outstanding	1 year 5 months 1 day	1 year 2 months 12 days	2 years

Equity and Stock-Based Compensation - Narrative (Details) - USD ($)			3 Months Ended		12 Months Ended
	May 10, 2023	Jun. 14, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, increase (decrease) in capital (in shares)	1,200,000
Common stock reserved for future issuance (in shares)	1,256,289
Share based compensation expense, net					$ 3,900,000	$ 3,000,000.0
Unrecognized compensation cost			$ 3,900,000	$ 4,200,000	3,900,000	4,200,000
At The Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)		$ 0.01
Maximum consideration on transaction		$ 50,000,000.0
Commission fee percentage		3.00%
Consideration received on transaction			0	0	0	0
Payments of stock issuance costs			$ 300,000	$ 100,000	$ 500,000	$ 500,000

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)
$ in Millions

Dec. 31, 2024

Dec. 31, 2023

Property, Plant and Equipment [Line Items]

ROU assets - finance leases

$ 83.9

$ 84.2

Less: Accumulated depreciation

(461.1)

(382.2)

Total property and equipment, net

^[1]

197.1

220.6

Depreciable Property, Plant and Equipment

Property, Plant and Equipment [Line Items]

Total property and equipment

652.6

594.8

Land, buildings and improvements

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 36.3

36.0

Land, buildings and improvements | Minimum

Property, Plant and Equipment [Line Items]

Useful Life (Years)

1 year

Land, buildings and improvements | Maximum

Property, Plant and Equipment [Line Items]

Useful Life (Years)

40 years

Machinery

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 289.0

259.4

Machinery | Minimum

Property, Plant and Equipment [Line Items]

Useful Life (Years)

1 year

Machinery | Maximum

Property, Plant and Equipment [Line Items]

Useful Life (Years)

20 years

Equipment and furniture

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 243.4

215.2

Equipment and furniture | Minimum

Property, Plant and Equipment [Line Items]

Useful Life (Years)

1 year

Equipment and furniture | Maximum

Property, Plant and Equipment [Line Items]

Useful Life (Years)

15 years

ROU assets - finance leases | Minimum

Property, Plant and Equipment [Line Items]

Useful Life (Years)

1 year

ROU assets - finance leases | Maximum

Property, Plant and Equipment [Line Items]

Useful Life (Years)

20 years

Add: Construction in progress

Property, Plant and Equipment [Line Items]

Property and equipment, gross

$ 5.6

$ 8.0

[1]	Includes right-of-use ("ROU") assets - finance leases. See Note 5 - Property and Equipment, Net and Note 8 - Leases.

Description of Business and Significant Accounting Policies - Narrative (Details)		12 Months Ended
	Jul. 28, 2020	Dec. 31, 2024 USD ($) serviceFacility	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of service facilities \| serviceFacility		50
Reverse stock split ratio	0.2
Allowance for doubtful accounts		$ 4,200,000	$ 5,500,000
Inventory reserve		3,200,000	4,500,000	$ 4,400,000
Intangible assets, net		1,500,000	1,800,000
Gross intangible assets		5,900,000	5,900,000
Accumulated amortization		4,400,000	4,100,000
Amortization expense of intangible assets		300,000	300,000
Long-lived asset impairment charge		0	0
Amortization of deferred financing fees		2,600,000	$ 1,800,000
2025 Senior Notes
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Principle amount		$ 236,300,000
Debt instrument, stated interest rate (as a percent)		11.50%

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 11, 2025	Mar. 07, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Long term debt outstanding			$ 285.1	$ 284.3
2030 Senior Notes \| Subsequent Event
Subsequent Event [Line Items]
Principle amount		$ 232.2
Class of warrants (in shares)		2,373,187
Share price (in dollars per share)		$ 0.01
Aggregate cash consideration		$ 78.4
2025 Senior Notes
Subsequent Event [Line Items]
Principle amount			236.3
Long term debt outstanding			$ 235.1
2025 Senior Notes \| Subsequent Event
Subsequent Event [Line Items]
Aggregate principal amount	$ 143.6
Long term debt outstanding	$ 97.1

Fair Value Information - Placement in the Fair Value Hierarchy of Notes and Assets Held for Sale (Details) - Fair Value, Recurring - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	$ 231.2	$ 233.7
Assets Held for Sale	2.3	2.3
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0.0	0.0
Assets Held for Sale	0.0	0.0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	231.2	233.7
Assets Held for Sale	2.3	2.3
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0.0	0.0
Assets Held for Sale	0.0	0.0
2025 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	231.2	233.7
2025 Senior Notes \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	0.0	0.0
2025 Senior Notes \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	231.2	233.7
2025 Senior Notes \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	$ 0.0	$ 0.0

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease fixed cost	$ 9.2	$ 16.9
Finance lease fixed cost	24.0	14.5
Interest on finance lease liabilities	4.8	3.2
Lease variable cost	5.5	5.9
Total lease cost	$ 43.5	$ 40.5

Leases - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 8.5
2026	7.0
2027	5.1
2028	2.4
2029	0.5
Thereafter	0.1
Total lease payments	23.6
Less: imputed interest	(3.2)
Total	20.4	$ 22.9
Finance Leases
2025	24.2
2026	16.5
2027	1.8
2028	0.6
2029	0.3
Thereafter	0.0
Total lease payments	43.4
Less: imputed interest	(4.0)
Financing lease obligations	$ 39.4	$ 58.2

Inventories, net - Reserve for Inventory (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reserve for Inventory [Roll Forward]
Balance at beginning of period	$ 4.5	$ 4.4
Charged to costs and expenses	1.0	0.5
Deductions	(2.3)	(0.4)
Balance at end of period	$ 3.2	$ 4.5

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of assets acquired and liabilities assumed in the acquisition in accordance with ASC 805:


	Greene's
Cash	$	1.1
Accounts receivable-trade	17.1

Other current and non-current assets	0.2
Property and equipment	23.1


Accounts payable	(3.2)
Accrued liabilities	(1.2)
Other current and non-current liabilities	(1.2)
Bargain purchase, net of deferred taxes	(1.9)
Total purchase price	$	34.0

Schedule of Pro Forma Information


	Unaudited Pro Forma
		Year Ended
		December 31, 2024		December 31, 2023
Revenues		$	709.3	$	900.7
Net income		(53.0)		19.2

Fair Value Information - Narrative (Details) - USD ($)	12 Months Ended
Fair Value Information - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loss (gain) on disposition of assets	$ 0	$ 0
Asset based revolving line of credit \| ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount outstanding	$ 50,000,000.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net (loss) income	$ (53.0)	$ 19.2
Adjustments to reconcile net income (loss) to net cash flows from operating activities
Depreciation and amortization	94.0	72.8
Impairment and other charges	0.1	0.0
Non-cash compensation	3.9	3.0
Amortization of deferred financing fees	2.6	1.8
Provision for inventory reserve	0.9	0.5
Gain on disposal of property, equipment and other	(11.9)	(10.0)
Bargain purchase gain	0.0	(1.9)
Other	(0.7)	(1.2)
Changes in operating assets and liabilities:
Accounts receivable	30.6	44.0
Inventories	1.4	(9.0)
Prepaid expenses and other current and non-current assets	14.0	18.7
Accounts payable	(16.6)	(4.2)
Other current and non-current liabilities	(11.1)	(18.1)
Net cash flows provided by operating activities	54.2	115.6
Cash flows from investing activities:
Purchases of property and equipment	(65.1)	(57.1)
Proceeds from sale of property and equipment	14.0	16.3
Cash from acquisition	0.0	1.1
Net cash flows used in investing activities	(51.1)	(39.7)
Cash flows from financing activities:
Proceeds from stock issuance, net of costs	(0.4)	(0.4)
Payments on finance lease obligations	(21.6)	(14.6)
Payments of debt issuance costs	(0.9)	(0.5)
Proceeds from note payable	5.4	0.0
Change in financed payables	(6.1)	(4.6)
Other	(0.4)	(0.7)
Net cash flows used in financing activities	(24.0)	(20.8)
Net change in cash and cash equivalents	(20.9)	55.1
Cash and cash equivalents, beginning of period	112.5	57.4
Cash and cash equivalents, end of period	91.6	112.5
Cash paid during period for:
Income taxes paid, net of refunds	3.3	0.6
Interest	37.1	35.0
Supplemental schedule of non-cash activities:
Accrued capital expenditures	12.7	4.8
Acquisition of Greene's Energy Group, LLC	0.0	(32.9)
Issuance of KLX stock for Acquisition of Greene's Energy Group, LLC	0.0	34.0
Debt-for-equity exchanges	$ 1.0	$ 0.0

Property and Equipment, Net - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) facility	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 69.7	$ 57.7
Finance lease fixed cost	24.0	14.5
Assets held-for-sale	$ 2.3	$ 2.3
Number of operational facilities \| facility	1