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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Apr. 30, 2020	Jun. 02, 2020
Document And Entity Information
Document Type	10-Q
Document Period End Date	Apr. 30, 2020
Entity Registrant Name	KLX Energy Services Holdings, Inc.
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,861,932
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001738827
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 30, 2020	Jan. 31, 2020
Current assets:
Cash and cash equivalents	$ 125.6	$ 123.5
Accounts receivable–trade, less allowance for doubtful accounts ($12.3 at April 30, 2020 and $12.9 at January 31, 2020)	54.9	79.2
Inventories, net	12.1	12.0
Other current assets	11.8	13.8
Total current assets	204.4	228.5
Property and equipment, net of accumulated depreciation ($213.2 at April 30, 2020 and $206.0 at January 31, 2020)	158.1	306.8
Goodwill	0.0	28.3
Identifiable intangible assets, net	5.5	45.8
Other assets	10.2	14.0
Total assets	378.2	623.4
Current liabilities:
Accounts payable	27.3	31.4
Accrued interest	14.4	7.2
Accrued liabilities	21.7	26.2
Total current liabilities	63.4	64.8
Long-term debt	243.2	243.0
Other non-current liabilities	3.5	3.4
Commitments, contingencies and off-balance sheet arrangements (Note 9)
Parent company equity:
Common stock, $0.01 par value per share; 110.0 shares authorized; 25.4 shares issued as of April 30, 2020 and 25.0 shares issued as of January 31, 2020	0.2	0.2
Additional paid-in capital	415.8	416.5
Treasury stock: 0.5 shares as of April 30, 2020 and 0.3 shares as of January 31, 2020	(3.9)	(3.6)
Accumulated deficit	(344.0)	(100.9)
Total stockholders' equity	68.1	312.2
Total liabilities and equity	$ 378.2	$ 623.4

CONDENSED CONSOLIDATED BALANCE SHEETS - Parenthetical - USD ($) shares in Millions, $ in Millions	Apr. 30, 2020	Jan. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable - trade, allowance for doubtful accounts	$ 12.3	$ 12.9
Property and equipment, accumulated depreciation	$ 213.2	$ 206.0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	110.0	110.0
Common stock, shares issued	25.4	25.0
Treasury stock	0.5	0.3

CONDENSED CONSOLIDATED STATEMENTS OF LOSS - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS
Service revenues	$ 83.0	$ 145.8
Cost of sales	92.2	118.9
Selling, general and administrative	17.4	23.8
Research and development costs	0.3	0.7
Goodwill and long-lived asset impairment charge	208.7
Operating (loss) earnings	(235.6)	2.4
Interest expense, net	7.4	7.1
Loss before income taxes	(243.0)	(4.7)
Income tax expense	0.1	0.3
Net loss	$ (243.1)	$ (5.0)
Net loss per share - basic	$ (10.52)	$ (0.24)
Net loss per share - diluted	$ (10.52)	$ (0.24)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Earnings (Deficit)	Total
Balance at Jan. 31, 2019	$ 0.2	$ 345.0		$ (4.5)	$ 340.7
Balance (shares) at Jan. 31, 2019	22.6
Restricted stock, net of forfeitures		4.4			4.4
Issuance of shares as a component of acquisition price		12.1			12.1
Issuance of shares as a component of acquisition price (in shares)	0.5
Issuance of shares as a component of acquisition price		36.4			36.4
Escrowed shares related to Tecton acquisition			$ (1.4)		(1.4)
Net loss				(5.0)	(5.0)
Balance at Apr. 30, 2019	$ 0.2	397.9	(1.4)	(9.5)	387.2
Balance (shares) at Apr. 30, 2019	23.1
Balance at Jan. 31, 2020	$ 0.2	416.5	(3.6)	(100.9)	312.2
Balance (shares) at Jan. 31, 2020	25.0
Restricted stock, net of forfeitures		(0.7)			(0.7)
Purchase of treasury stock			(0.3)		(0.3)
Issuance of shares as a component of acquisition price (in shares)	0.4
Net loss				(243.1)	(243.1)
Balance at Apr. 30, 2020	$ 0.2	$ 415.8	$ (3.9)	$ (344.0)	$ 68.1
Balance (shares) at Apr. 30, 2020	25.4

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (243.1)	$ (5.0)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization	16.2	14.8
Goodwill and long-lived asset impairment charge	208.7
Non-cash compensation	(0.7)	4.5
Amortization of deferred financing fees	0.3	0.3
Provision for inventory reserve	0.7	0.1
Change in allowance for doubtful accounts	(0.6)	0.9
Loss on disposal of property, equipment and other	0.6	0.8
Changes in operating assets and liabilities:
Accounts receivable	25.0	(10.6)
Inventories	(0.8)	(0.3)
Other current and non-current assets	1.2	(0.8)
Accounts payable	(3.2)	(3.8)
Other current and non-current liabilities	2.7	3.3
Net cash flows provided by operating activities	7.0	4.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(4.8)	(29.6)
Proceeds from sale of assets	0.2	0.1
Acquisitions, net of cash acquired		(27.9)
Net cash flows used in investing activities	(4.6)	(57.4)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock	(0.3)
Net cash flows used in financing activities	(0.3)
Net change in cash and cash equivalents	2.1	(53.2)
Cash and cash equivalents, beginning of period	123.5	163.8
Cash and cash equivalents, end of period	125.6	110.6
Cash paid during period for:
Interest	0.1	0.1
Supplemental schedule of non-cash activities:
Change in deposits on capital expenditures	(4.4)	(1.4)
Accrued capital expenditures	$ 3.7	$ 10.1

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Apr. 30, 2020
Description of Business and Basis of Presentation
Description of Business and Basis of Presentation	Note 1.Description of Business and Basis of Presentation Description of Business The Company is a provider of completion, intervention and production services and products to the major onshore oil and gas producing regions of the United States. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments which, in the opinion of the Company’s management, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full fiscal year or for any future period. The information included in these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the KLX Energy Services Holdings, Inc. (the “Company”, “KLXE” or “KLX Energy Services”) Annual Report on Form 10-K for the fiscal year ended January 31, 2020. 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.

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Apr. 30, 2020
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 2.Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments related to how certain cash receipts and payments are presented and classified in the statement of cash flows. These cash flow issues include debt prepayment or extinguishment costs, settlement of zero-coupon debt, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019, with early adoption permitted, and should be applied retrospectively. The adoption of ASU 2016-15 did not have a material impact on the Company’s condensed consolidated financial statements as the Company’s condensed consolidated statements of cash flows are not impacted by the eight issues listed above. In February 2016, the FASB issued ASU 2016-02, Leases, which supersedes ASC Topic 840, Leases, and creates a new topic, ASC Topic 842, Leases. ASU 2016-02 requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. ASU 2016-02 will be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In November 2019, the FASB deferred the effective date for implementation of ASU 2016-02 by one year and in June 2020 the FASB deferred the effective date by an additional year. The guidance under ASU 2016-02 is effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Earlier adoption is permitted. To assess the impact of this guidance, the Company has established a cross functional implementation project team and is currently in the process of accumulating and evaluating all the necessary information required to properly account for its lease portfolio under the new standard. The Company is in the process of developing its new accounting policies and determining the potential aggregate impact this guidance is likely to have on its financial statements as of its adoption date.

Business Combinations

3 Months Ended

Apr. 30, 2020

Business Combinations

BUSINESS COMBINATIONS

Note 3.Business Combinations

On March 15, 2019, the Company acquired Tecton Energy Services (“Tecton”), a leading provider of flowback, drill-out and production testing services, operating primarily in the greater Rocky Mountains. On March 19, 2019, the Company acquired Red Bone Services LLC (“Red Bone”), a premier provider of oilfield services primarily in the Mid-Continent, providing fishing, non-frac high pressure pumping, thru-tubing and certain other services. The aggregate acquisition price of the acquisitions was approximately $74.6, comprised of approximately $47.0 in shares of the Company’s common stock issuable over time at a fixed price and approximately $27.6 in cash to the sellers and for the retirement of debt. The Company issued shares in its common stock to effect the Tecton acquisition, a portion of which is not included in the purchase consideration as the shares were escrowed and held as treasury stock to satisfy identified future tax obligations through cancellation of the shares. To effect the Red Bone acquisition, the Company issued shares in a subsidiary company, which were exchangeable for KLXE common stock on specified dates between the acquisition date and September 2020. 416,667 shares of KLXE common stock, representing the balance of the share consideration to effect the Red Bone acquisition, will be issued in September 2020. The shares issued to the sellers of Tecton and Red Bone are subject to restrictions on public re-sale from a minimum of six months to a maximum of 24 months, subject to acceleration upon the occurrence of certain events.

Based on the Company’s final purchase price allocation, the excess of the purchase price over the fair value of the identifiable assets acquired approximated $51.2, of which $19.4 was allocated to identifiable intangible assets consisting of customer contracts and relationships and covenants not to compete, and $31.8 was allocated to goodwill. The useful life assigned to the customer contracts and relationships is 20 years, and the covenants not to compete are being amortized over their contractual periods of 18 months and three years for Tecton and Red Bone, respectively.

The Tecton and Red Bone acquisitions were accounted for as purchases under FASB ASC 805, Business Combinations (“ASC 805”). The results of operations for the Tecton and Red Bone acquisitions are included in the accompanying condensed consolidated statements of loss from the respective dates of acquisition.

The following table summarizes the fair values of assets acquired and liabilities assumed in the Tecton and Red Bone acquisitions in accordance with ASC 805:


	Tecton		Red Bone
Accounts receivable-trade	$	2.1	$	7.2
Inventories		-		2.7
Other current and non-current assets		0.2		-
Property and equipment		2.8		23.6
Goodwill		15.0		16.8
Identified intangibles		6.2		13.2
Accounts payable		(0.7)		(3.3)
Accrued liabilities		(1.4)		(0.9)
Other current and non-current liabilities		(1.6)		(7.3)
Total consideration paid	$	22.6	$	52.0

The majority of goodwill and intangible assets for Tecton and Red Bone are not expected to be deductible for tax purposes. As more fully described in Note 5, the Company performed an interim goodwill impairment test and a long-lived asset recovery test during the three months ended April 30, 2020, which resulted in a $208.7 goodwill and long-lived asset impairment charge. The goodwill and long-lived asset impairment charge is included in the condensed consolidated statements of loss for the three months ended April 30, 2020.

The Company has substantially integrated Red Bone and, as a result, it is not practicable to report stand-alone revenues and operating earnings of the acquired business since the acquisition date. The amount of Tecton revenues included in the Company’s results was approximately $3.1 for the three months ended April 30, 2019. It is not practicable to report stand-alone operating earnings of Tecton since the acquisition date.

On a pro forma basis to give effect to the Tecton and Red Bone acquisitions, as if they occurred on February 1, 2018, revenues, net loss and loss per diluted share for the three months ended April 30, 2019 would have been as follows:


	UNAUDITED
	THREE MONTHS ENDED
	April 30, 2019
	Pro forma
Revenues	$	153.5
Net loss		(4.5)
Loss per diluted share		(0.20)

Property and Equipment, Net

3 Months Ended

Apr. 30, 2020

Property and Equipment, Net

PROPERTY AND EQUIPMENT, NET

Note 4.Property and Equipment, Net

Property and equipment consist of the following:


	Useful		April 30,		January 31,
	Life (Years)		2020		2020
Land, buildings and improvements		1 - 40	$	25.9	$	38.2
Machinery		1 - 20		189.0		257.9
Furniture and equipment		1 - 15		156.4		216.7
				371.3		512.8
Less accumulated depreciation				213.2		206.0
			$	158.1	$	306.8

The long-lived asset impairment charge has been preliminarily allocated to the above asset classes based on each asset class’s percentage of total property and equipment. Depreciation expense was $15.2 and $14.0 for the three months ended April 30, 2020 and 2019, respectively. Refer to Note 5 for a discussion of the interim long-lived asset recovery test performed during the three months ended April 30, 2020.

Goodwill and Intangible Assets, Net

3 Months Ended

Apr. 30, 2020

Goodwill and Intangible Assets, Net

GOODWILL AND INTANGIBLE ASSETS, NET

Note 5.Goodwill and Intangible Assets, Net

Goodwill and indefinite life intangible assets are tested for impairment annually or on an interim basis if events or circumstances indicate that the fair value of the asset has decreased below its carrying value. The abrupt deterioration in demand during the second half of 2019, which has continued into 2020, was further exacerbated by the unprecedented demand destruction being caused by the COVID-19 pandemic. The combination of the Saudi Arabia/Russia oil market share dispute and the demand destruction caused by the COVID-19 pandemic has driven the price of oil to unprecedented levels resulting in decreases in demand for oilfield services such as those provided by the Company and lower current and expected revenues for the Company. As a result, during the three months ended April 30, 2020, the Company performed an interim goodwill impairment test and a long-lived asset recoverability test.

The valuation of the Company and its reportable segments’ goodwill impairment test was estimated using the guideline public company analysis and the discounted cash flow analysis, which were equally weighted in the fair value analysis. See Note 8 for additional information regarding the fair value determination. The results of the goodwill impairment test as of April 30, 2020, indicated that goodwill was impaired because the carrying value of the Rocky Mountains reporting unit exceeded its relative fair value. Accordingly, the Company recorded a $28.3 goodwill impairment charge, which is included in the condensed consolidated statements of loss for the three months ended April 30, 2020. The charge reflects the full value of the goodwill attributable to the Rocky Mountains segment, leaving the Company with no goodwill as of April 30, 2020.

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 and if the carrying amount exceeds the asset’s fair value. 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. Based on the impairment indicators above, the Company performed a long-lived asset impairment analysis and concluded that the carrying amount of the long-lived assets exceeded the relative fair values of two of the reporting units asset groups. As a result, the Company recorded a $180.4 long-lived asset impairment charge, $39.2 related to identified intangible assets and $141.2 related to property and equipment, which is included in the condensed consolidated statements of loss for the three months ended April 30, 2020. The charge reflects $91.3 and $89.1 of the long-lived assets attributable to the Southwest and Northeast/Mid-Con segments, respectively. The sum of the undiscounted cash flows of the Rocky Mountains long-lived assets exceeded the carrying value by approximately 20.5% as of April 30, 2020. As of April 30, 2020, $5.5 of identifiable intangible assets and $158.1 of property and equipment remain.

Determining fair value requires the use of estimates and assumptions. Such estimates and assumptions include revenue growth rates, operating profit margins, weighted average cost of capital, terminal growth rates, future market share and future market conditions, among others. The Company's cash flow projections were a significant input into the April 30, 2020 fair value. See Note 8 for additional information regarding the fair value determination. If the business continues to be unable to achieve projected results or long-term projections are adjusted downward, it could negatively impact future valuations of the Rocky Mountains reporting unit and the Company’s long-lived assets and result in a future impairment charge.

The following sets forth the intangible assets by major asset class, all of which were acquired through business purchase transactions:


		April 30, 2020						January 31, 2020
	Useful Life	Original		Accumulated		Net Book		Original		Accumulated		Net Book
	(Years)	Cost		Amortization		Value		Cost		Amortization		Value
Customer contracts and relationships	20	$	8.3	$	2.9	$	5.4	$	43.0	$	2.4	$	40.6
Covenants not to compete	1.5 - 3		2.5		2.4		0.1		4.7		1.9		2.8
Developed technologies	15		1.0		1.0		-		3.3		0.9		2.4
		$	11.8	$	6.3	$	5.5	$	51.0	$	5.2	$	45.8

Amortization expense associated with identifiable intangible assets was $1.0 and $0.8 for the three months ended April 30, 2020 and 2019, respectively. Due to the impairment of intangible assets, the Company does not expect to recognize future material amortization expense related to intangible assets. Actual future amortization expense may be different due to future acquisitions.

The changes in the carrying amount of goodwill for the three months ended April 30, 2020 are as follows:


Balance, January 31, 2020	$	28.3
Goodwill impairment		(28.3)
Balance, April 30, 2020	$	—

Accrued Liabilities

3 Months Ended

Apr. 30, 2020

Accrued Liabilities

ACCRUED LIABILITIES

Note 6.Accrued Liabilities

Accrued liabilities consist of the following:


	April 30,		January 31,
	2020		2020
Accrued salaries, vacation and related benefits	$	11.2	$	13.9
Accrued incentive compensation		—		2.3
Accrued property taxes		2.7		2.3
Other accrued liabilities		7.8		7.7
	$	21.7	$	26.2

Long-Term Debt	3 Months Ended
Long-Term Debt	Apr. 30, 2020
Long-Term Debt
LONG-TERM DEBT	Note 7.Long-Term Debt As of April 30, 2020, long-term debt consisted of $250.0 principal amount of 11.5% senior secured notes due 2025 (the “Notes”) offered pursuant to Rule 144A under 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 issue costs for the Notes, total debt as of April 30, 2020 was $243.2. As of April 30, 2020, the Company also had a $100.0 asset-based revolving credit facility pursuant to a senior secured credit agreement dated August 10, 2018 (the “ABL Facility”). The ABL Facility became effective on September 14, 2018, the date of the spin-off, and matures in September 2023. On October 22, 2018, the ABL Facility was amended primarily to permit the Company to issue the Notes and acquire Motley Services, LLC (“Motley”) and the definition of the required ratio (as defined in the ABL Facility) was also amended as a result of the Notes issuance. Borrowings under the ABL Facility bear interest at a rate equal to the London Interbank Offered Rate plus the applicable margin (as defined in the ABL Facility). No amounts were outstanding under the ABL Facility as of April 30, 2020. The ABL Facility is tied to a borrowing base formula and has no maintenance financial covenants. The ABL Facility is secured by, among other things, a first priority lien on the Company’s accounts receivable and inventory and contains customary conditions precedent to borrowing and affirmative and negative covenants, all of which were met as of April 30, 2020. Availability under the ABL Facility was $42.0 and $60.0 as of April 30, 2020 and January 31, 2020, respectively. The decrease in availability during the current period is primarily related to lower levels of accounts receivable at April 30, 2020. Letters of credit issued under the ABL Facility aggregated $2.2 at April 30, 2020.

Fair Value Information

3 Months Ended

Apr. 30, 2020

Fair Value Information

FAIR VALUE INFORMATION

Note 8.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 no debt outstanding under the ABL Facility as of April 30, 2020. The fair value of the Company’s Notes, based on market prices for publicly-traded debt (which the Company classifies as Level 2 inputs), was $92.8 and $202.5 as of April 30, 2020 and January 31, 2020, respectively.

Goodwill and long-lived assets, including certain property and equipment and purchased intangibles subject to amortization, were impaired and written down to their estimated fair values during the first quarter of Fiscal 2020. The goodwill Level 3 fair value was determined using the average of the guideline public company analysis and the discounted cash flow analysis, both of which were unobservable. The long-lived asset Level 3 fair value was determined using the discounted cash flow analysis using the market and income approaches, both of which were unobservable.

The following table summarizes impairments of goodwill and long-lived assets and the related post-impairment fair values of the corresponding assets for the three months ended April 30, 2020:


	Three Months Ended
	April 30, 2020
	Impairment		Fair Value
Property and equipment, net	$	141.2	$	52.8
Goodwill		28.3		—
Intangible assets		39.2		—
	$	208.7	$	52.8

Fair value is measured as of the impairment date. See Note 5 for a discussion of the goodwill and long-lived asset impairment charge recorded during the three months ended April 30, 2020.

- Definition

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

+ References + Details

Commitments, Contingencies and Off-Balance Sheet Arrangements	3 Months Ended
	Apr. 30, 2020
Commitments, Contingencies and Off-Balance Sheet Arrangements
COMMITMENTS, CONTINGENCIES AND OFF-BALANCE-SHEET ARRANGEMENTS	Note 9.Commitments, Contingencies and Off-Balance-Sheet Arrangements Lease Commitments – The Company finances its use of certain facilities and equipment under committed lease arrangements provided by various institutions. Since the terms of these arrangements meet the accounting definition of operating lease arrangements, the aggregate sum of future minimum lease payments is not reflected on the condensed consolidated balance sheets. At April 30, 2020, future minimum lease payments under these arrangements approximated $75.0, of which $25.0 is related to long-term real estate leases. Litigation – The Company is 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 condensed consolidated financial statements. During the year ended January 31, 2020 (“Fiscal 2019”), the Company discovered a credit card theft by third parties of approximately $2.6 (which is included in Fiscal 2019 Cost of Sales) and promptly reported the theft to its insurers and law enforcement. The Company has also filed suit against several third parties to recover damages related to the theft. While the Company cannot reasonably determine the outcome of any related litigation at this time, it believes its insurance coverage will be available for recovery of some or all of this loss after the appropriate legal proceedings have concluded. Indemnities, Commitments and Guarantees – During its normal 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 and 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 condensed consolidated financial statements. Accordingly, no significant amounts have been accrued for indemnities, commitments and guarantees.

Accounting for Stock-Based Compensation	3 Months Ended
Accounting for Stock-Based Compensation	Apr. 30, 2020
Accounting for Stock-Based Compensation
Accounting for Stock-Based Compensation	Note 10.Accounting for Stock-Based Compensation The Company has a Long-Term Incentive Plan (“LTIP”) under which its 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 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. Compensation cost recognized during the three months ended April 30, 2020 and 2019 related to grants of restricted stock granted or approved by the Company’s Compensation Committee. Share based compensation was $(0.7) and $4.4 for the three months ended April 30, 2020 and 2019, respectively. Share based compensation was negative during the three months ended April 30, 2020 due to modifications of awards, which resulted in reversal of unvested stock compensation and determination of new grant date fair value. Unrecognized compensation cost related to restricted stock awards made by the Company was $21.1 at April 30, 2020. The Company has established a qualified Employee Stock Purchase Plan (the “Plan”), the terms of which allow for qualified employees (as defined in the Plan) to participate in the purchase of designated shares of the Company’s common stock at a price equal to 85% of the closing price on the last business day of each semi-annual stock purchase period. The fair value of the employee purchase rights represents the difference between the closing price of the Company’s shares on the date of purchase and the purchase price of the shares. Compensation cost was $0.0 and $0.1 for the three months ended April 30, 2020 and 2019, respectively.

Income Taxes	3 Months Ended
Income Taxes	Apr. 30, 2020
Income Taxes
Income Taxes	Note 11.Income Taxes Income tax expense was $0.1 and $0.3 for the three months ended April 30, 2020 and 2019, respectively, and was comprised primarily of state and local taxes. Due to the fact the Company has a valuation allowance against its deferred tax balances, it was unable to recognize a tax benefit at the federal statutory rate of 21% on its year to date losses. In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures may include deferring the due dates of tax payments or other changes to their income and non-income-based tax laws. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was enacted on March 27, 2020 in the United States, includes measures to assist companies, including temporary changes to income and non-income-based tax laws. For the three months ended April 30, 2020, there were no material tax impacts on the Company’s condensed consolidated financial statements as it relates to COVID-19 measures. The Company continues to monitor additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others.

Segment Reporting

3 Months Ended

Apr. 30, 2020

Segment Reporting

Segment Reporting

Note 12.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 (the Permian Basin and the Eagle Ford), the Rocky Mountains (the Bakken, Williston, DJ, Uinta, Powder River, Piceance and Niobrara basins) and the Northeast/Mid-Con (the Marcellus and Utica as well as the Mid-Continent STACK and SCOOP and Haynesville). The segments regularly report their results of operations and make requests for capital expenditures and acquisition funding to the Company’s chief operational decision maker (“CODM”), the President, Chief Executive Officer and Chief Financial Officer. As a result, the CODM has determined the Company has three reportable segments.

The following table presents revenues and operating (losses) earnings by reportable segment:


	Three Months Ended
	April 30,		April 30,
	2020		2019
Revenues
Southwest	$	24.4	$	58.0
Rocky Mountains		33.8		48.6
Northeast/Mid-Con		24.8		39.2
Total revenues		83.0		145.8
Operating (loss) earnings(1)(2)
Southwest		(100.4)		(4.0)
Rocky Mountains		(37.8)		2.9
Northeast/Mid-Con		(97.4)		3.5
Total operating (loss) earnings		(235.6)		2.4
Interest expense		7.4		7.1
Loss before income taxes	$	(243.0)	$	(4.7)

(1)

Operating (loss) earnings include an allocation of employee benefits and general and administrative costs primarily based on each segment’s percentage of total revenues for the three months ended April 30, 2020 and 2019.

(2)

Operating loss for the three month period ended April 30, 2020 includes a goodwill and long-lived asset impairment charge of $208.7, of which $91.3 was attributable to the Southwest segment, $28.3 was attributable to the Rocky Mountains segment and $89.1 was attributable to the Northeast/Mid-Con segment.

The following table presents revenues by service offering by reportable segment:


	Three Months Ended
	April 30, 2020								April 30, 2019
			Rocky		Northeast						Rocky		Northeast
	Southwest		Mountains		/Mid-Con		Total		Southwest		Mountains		/Mid-Con		Total
Completion revenues	$	16.0	$	19.8	$	14.1	$	49.9	$	40.6	$	27.5	$	18.3	$	86.4
Intervention revenues		5.5		6.5		7.0		19.0		10.2		10.6		8.6		29.4
Production revenues		2.9		7.5		3.7		14.1		7.2		10.5		12.3		30.0
Total revenues	$	24.4	$	33.8	$	24.8	$	83.0	$	58.0	$	48.6	$	39.2	$	145.8

The following table presents capital expenditures by reportable segment:


	Three Months Ended
	April 30,		April 30,
	2020		2019
Southwest	$	1.5	$	5.4
Rocky Mountains		2.2		11.5
Northeast/Mid-Con		1.1		12.7
	$	4.8	$	29.6

Capital expenditures for the administrative office and functions have been allocated to the above segments based on each segment’s percentage of total capital expenditures.

The following table presents total assets by reportable segment:


	April 30,		January 31,
	2020(1)		2020
Southwest	$	76.9	$	203.6
Rocky Mountains		247.6		233.5
Northeast/Mid-Con		53.7		186.3
	$	378.2	$	623.4

(1)

See Note 5 for a discussion of the goodwill and long-lived asset impairment charge recorded during the three months ended April 30, 2020.

Assets for the administrative office and functions have been allocated to the above segments based on each segment’s percentage of total assets.

The following table presents total goodwill by reportable segment:


	April 30,		January 31,
	2020		2020
Southwest	$	—	$	—
Rocky Mountains(1)		—		28.3
Northeast/Mid-Con		—		—
	$	—	$	28.3

(1)

See Note 5 for a discussion of the goodwill impairment charge recorded during the three months ended April 30, 2020.

Net Loss Per Common Share

3 Months Ended

Apr. 30, 2020

Net Loss Per Common Share

Net Loss Per Common Share

Note 13.Net Loss Per Common Share

Basic net loss per common share is computed using the weighted average common shares outstanding during the period and includes 416,667 shares of KLXE common stock to effect the Red Bone acquisition, which will be issued in September 2020. Such shares are included in the computation of basic weighted average common shares from the date of the acquisition. Diluted net loss per common share is computed by using the weighted average common shares outstanding including the dilutive effect of restricted shares based on an average share price during the period. For the three months ended April 30, 2020 and 2019, 2.3 and 0.4 shares of the Company’s common stock, respectively, were excluded from the determination of diluted net loss per common share because their effect would have been anti-dilutive. The computations of basic and diluted net loss per share for the three months ended April 30, 2020 and 2019 are as follows:


	Three Months Ended
	April 30,		April 30,
	2020		2019
Net loss	$	(243.1)	$	(5.0)
(Shares in millions)
Basic weighted average common shares		23.1		21.2
Effect of dilutive securities - dilutive securities		-		-
Diluted weighted average common shares		23.1		21.2

Basic net loss per common share	$	(10.52)	$	(0.24)
Diluted net loss per common share	$	(10.52)	$	(0.24)

Subsequent Events	3 Months Ended
Subsequent Events	Apr. 30, 2020
Subsequent Events
Subsequent Events	Note 14.Subsequent Events On May 3, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Quintana Energy Services Inc., a Delaware corporation (“QES”), Krypton Intermediate LLC, a Delaware limited liability company and an indirect wholly owned subsidiary of the Company (“Acquiror”), and Krypton Merger Sub Inc., a Delaware corporation and an indirect wholly owned subsidiary of the Company (“Merger Sub”), pursuant to which the companies will combine in an all-stock merger transaction. Merger Sub will merge with and into QES (the “Merger”), with QES continuing as the surviving corporation and becoming an indirect wholly owned subsidiary of the Company, as provided by the terms and subject to the conditions set forth in the Merger Agreement. At the effective time of the Merger (the “Effective Time”), each issued and outstanding share of QES common stock, par value $0.01 per share (the “QES Common Stock”), will automatically be converted into the right to receive 0.4844 shares of KLXE common stock (the “Exchange Ratio”), par value $0.01 per share (the “KLXE Common Stock”). Holders of QES Common Stock will receive cash in lieu of any fractional shares. Upon closing of the Merger, KLXE stockholders will own approximately 59% and QES stockholders will own approximately 41% of the combined company. The respective boards of directors of KLXE and QES have unanimously approved the Merger Agreement, and the board of directors of KLXE has agreed to recommend that KLXE’s stockholders approve the issuance of shares of KLXE Common Stock in the Merger, and the board of directors of QES has agreed to recommend that QES’s stockholders adopt the Merger Agreement. The consummation of the Merger is subject to customary closing conditions, including (i) the adoption of the Merger Agreement by QES’ stockholders and approval of the issuance of KLXE Common Stock in connection with the Merger (the “Share Issuance”) by KLXE’s stockholders, (ii) the absence of certain legal impediments, (iii) the approval for listing of KLXE Common Stock issuable in the Merger on Nasdaq and (iv) the effectiveness of the registration statement on Form S-4, pursuant to which the shares of KLXE Common Stock issuable in the Merger will be registered with the Securities and Exchange Commission (the “SEC”). KLXE and QES have made customary representations, warranties and covenants in the Merger Agreement, including, among others, covenants regarding (i) the conduct of their respective businesses during the period between signing and closing, (ii) obligations to convene and hold meetings of their respective stockholders to obtain the required stockholder approvals and (iii) obligations to cooperate with each other to prepare and file a registration statement on Form S-4 and joint proxy statement with the SEC. The Merger Agreement contains certain termination rights for both KLXE and QES. Upon termination of the Merger Agreement in certain specified circumstances, including in connection with a superior proposal or certain intervening events, KLXE or QES may be required to pay a termination fee of $3.0 to the other party and reimburse the other party for its expenses of up to $1.5. If the Merger Agreement is terminated by KLXE or QES due to the failure of either party’s stockholders to approve the Merger under certain circumstances, then the party who failed to obtain such stockholder approval may be required to reimburse the other party for up to $1.5 of expenses but such party will not be required to pay a termination fee.

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Apr. 30, 2020
Description of Business and Basis of Presentation
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments which, in the opinion of the Company’s management, are considered necessary for a fair presentation of the results of operations for the periods shown are of a normal recurring nature and have been reflected in the condensed consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results expected for the full fiscal year or for any future period. The information included in these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the KLX Energy Services Holdings, Inc. (the “Company”, “KLXE” or “KLX Energy Services”) Annual Report on Form 10-K for the fiscal year ended January 31, 2020. 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.

Business Combinations (Tables)

3 Months Ended

Apr. 30, 2020

Business Combinations

Schedule of Fair Values of Assets Acquired and Liabilities Assumed


	Tecton		Red Bone
Accounts receivable-trade	$	2.1	$	7.2
Inventories		-		2.7
Other current and non-current assets		0.2		-
Property and equipment		2.8		23.6
Goodwill		15.0		16.8
Identified intangibles		6.2		13.2
Accounts payable		(0.7)		(3.3)
Accrued liabilities		(1.4)		(0.9)
Other current and non-current liabilities		(1.6)		(7.3)
Total consideration paid	$	22.6	$	52.0

Schedule of proforma information of revenues and net earnings (loss)


	UNAUDITED
	THREE MONTHS ENDED
	April 30, 2019
	Pro forma
Revenues	$	153.5
Net loss		(4.5)
Loss per diluted share		(0.20)

Property and Equipment, Net (Tables)

3 Months Ended

Apr. 30, 2020

Property and Equipment, Net

Property and Equipment


	Useful		April 30,		January 31,
	Life (Years)		2020		2020
Land, buildings and improvements		1 - 40	$	25.9	$	38.2
Machinery		1 - 20		189.0		257.9
Furniture and equipment		1 - 15		156.4		216.7
				371.3		512.8
Less accumulated depreciation				213.2		206.0
			$	158.1	$	306.8

Goodwill and Intangible Assets, Net (Tables)

3 Months Ended

Apr. 30, 2020

Goodwill and Intangible Assets, Net

Intangible Assets by Major Asset Class


		April 30, 2020						January 31, 2020
	Useful Life	Original		Accumulated		Net Book		Original		Accumulated		Net Book
	(Years)	Cost		Amortization		Value		Cost		Amortization		Value
Customer contracts and relationships	20	$	8.3	$	2.9	$	5.4	$	43.0	$	2.4	$	40.6
Covenants not to compete	1.5 - 3		2.5		2.4		0.1		4.7		1.9		2.8
Developed technologies	15		1.0		1.0		-		3.3		0.9		2.4
		$	11.8	$	6.3	$	5.5	$	51.0	$	5.2	$	45.8

Schedule of activity for carrying amount of goodwill


Balance, January 31, 2020	$	28.3
Goodwill impairment		(28.3)
Balance, April 30, 2020	$	—

Accrued Liabilities (Tables)

3 Months Ended

Apr. 30, 2020

Accrued Liabilities

Accrued Liabilities


	April 30,		January 31,
	2020		2020
Accrued salaries, vacation and related benefits	$	11.2	$	13.9
Accrued incentive compensation		—		2.3
Accrued property taxes		2.7		2.3
Other accrued liabilities		7.8		7.7
	$	21.7	$	26.2

Fair Value Information (Tables)

3 Months Ended

Apr. 30, 2020

Fair Value Information

Summary of Impairments of Goodwill and Long-lived Assets


	Three Months Ended
	April 30, 2020
	Impairment		Fair Value
Property and equipment, net	$	141.2	$	52.8
Goodwill		28.3		—
Intangible assets		39.2		—
	$	208.7	$	52.8

Segment Reporting (Tables)

3 Months Ended

Apr. 30, 2020

Segment Reporting

Revenues and Other Financial Information by Business Segment


	Three Months Ended
	April 30,		April 30,
	2020		2019
Revenues
Southwest	$	24.4	$	58.0
Rocky Mountains		33.8		48.6
Northeast/Mid-Con		24.8		39.2
Total revenues		83.0		145.8
Operating (loss) earnings(1)(2)
Southwest		(100.4)		(4.0)
Rocky Mountains		(37.8)		2.9
Northeast/Mid-Con		(97.4)		3.5
Total operating (loss) earnings		(235.6)		2.4
Interest expense		7.4		7.1
Loss before income taxes	$	(243.0)	$	(4.7)

(1)

(2)

Schedule of revenues by service offering by reportable segment


	Three Months Ended
	April 30, 2020								April 30, 2019
			Rocky		Northeast						Rocky		Northeast
	Southwest		Mountains		/Mid-Con		Total		Southwest		Mountains		/Mid-Con		Total
Completion revenues	$	16.0	$	19.8	$	14.1	$	49.9	$	40.6	$	27.5	$	18.3	$	86.4
Intervention revenues		5.5		6.5		7.0		19.0		10.2		10.6		8.6		29.4
Production revenues		2.9		7.5		3.7		14.1		7.2		10.5		12.3		30.0
Total revenues	$	24.4	$	33.8	$	24.8	$	83.0	$	58.0	$	48.6	$	39.2	$	145.8

Capital Expenditures by Reportable Segment


	Three Months Ended
	April 30,		April 30,
	2020		2019
Southwest	$	1.5	$	5.4
Rocky Mountains		2.2		11.5
Northeast/Mid-Con		1.1		12.7
	$	4.8	$	29.6

Total Assets by Reportable Segment


	April 30,		January 31,
	2020(1)		2020
Southwest	$	76.9	$	203.6
Rocky Mountains		247.6		233.5
Northeast/Mid-Con		53.7		186.3
	$	378.2	$	623.4

Goodwill by Reportable Segment


	April 30,		January 31,
	2020		2020
Southwest	$	—	$	—
Rocky Mountains(1)		—		28.3
Northeast/Mid-Con		—		—
	$	—	$	28.3

See Note 5 for a discussion of the goodwill impairment charge recorded during the three months ended April 30, 2020.

Net Loss Per Common Share (Tables)

3 Months Ended

Apr. 30, 2020

Net Loss Per Common Share

Computation of Basic and Diluted Net Loss Per Share


	Three Months Ended
	April 30,		April 30,
	2020		2019
Net loss	$	(243.1)	$	(5.0)
(Shares in millions)
Basic weighted average common shares		23.1		21.2
Effect of dilutive securities - dilutive securities		-		-
Diluted weighted average common shares		23.1		21.2

Basic net loss per common share	$	(10.52)	$	(0.24)
Diluted net loss per common share	$	(10.52)	$	(0.24)

Business Combinations (Details) - USD ($) $ in Millions		3 Months Ended
Business Combinations (Details) - USD ($) $ in Millions	Mar. 19, 2019	Apr. 30, 2020	Apr. 30, 2019	Jan. 31, 2020
Business Combinations
Purchase price, net of cash acquired			$ 27.9
Goodwill		$ 0.0		$ 28.3
Goodwill		$ 0.0		$ 28.3
Tecton and Red Bone
Business Combinations
Total consideration	$ 74.6
Cash paid for acquisition	$ 27.6
Shares issued	416,667
Common stock value issued as consideration	$ 47.0
Goodwill	31.8
Excess of purchase price over the fair market value of identifiable assets.	51.2
Identifiable intangible assets	19.4
Goodwill	$ 31.8
Acquisitions revenues			3.1
Tecton and Red Bone \| Minimum
Business Combinations
Restriction period on re-sale of shares	6 months
Tecton and Red Bone \| Maximum
Business Combinations
Restriction period on re-sale of shares	24 months
Tecton
Business Combinations
Identified intangibles			6.2
Goodwill			15.0
Goodwill			15.0
Red Bone
Business Combinations
Identified intangibles			13.2
Goodwill			16.8
Goodwill			$ 16.8
Customer contracts and relationships
Business Combinations
Useful Life (years)		20 years
Customer contracts and relationships \| Tecton and Red Bone
Business Combinations
Useful Life (years)	20 years
Covenants not to compete \| Minimum
Business Combinations
Useful Life (years)		1 year 6 months
Covenants not to compete \| Maximum
Business Combinations
Useful Life (years)		3 years
Covenants not to compete \| Tecton and Red Bone \| Minimum
Business Combinations
Useful Life (years)	18 months
Covenants not to compete \| Tecton and Red Bone \| Maximum
Business Combinations
Useful Life (years)	3 years

Business Combinations (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Jan. 31, 2020	Mar. 19, 2019
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill	$ 0.0		$ 28.3
Asset impairment charge	208.7
Goodwill impairment charge	28.3
Intangible assets impairment	$ 39.2
Pro forma
Revenues		$ 153.5
Net (loss) earnings		$ (4.5)
(Loss) earnings per diluted share		$ (0.20)
Tecton and Red Bone
Business Combination, Separately Recognized Transactions [Line Items]
Goodwill				$ 31.8
Pro forma
Revenues included in the Company's results		$ 3.1
Tecton
Business Combination, Separately Recognized Transactions [Line Items]
Accounts receivable-trade		2.1
Other current and non-current assets		0.2
Property and equipment		2.8
Goodwill		15.0
Identified intangibles		6.2
Accounts payable		(0.7)
Accrued liabilities		(1.4)
Other current and non-current liabilities		(1.6)
Total consideration paid		22.6
Red Bone
Business Combination, Separately Recognized Transactions [Line Items]
Accounts receivable-trade		7.2
Inventories		2.7
Property and equipment		23.6
Goodwill		16.8
Identified intangibles		13.2
Accounts payable		(3.3)
Accrued liabilities		(0.9)
Other current and non-current liabilities		(7.3)
Total consideration paid		$ 52.0

Property and Equipment, Net (Property and Equipment) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Jan. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 371.3		$ 512.8
Less accumulated depreciation	213.2		206.0
Property, Plant and Equipment, Net, Total	158.1		306.8
Depreciation expense	15.2	$ 14.0
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 25.9		38.2
Land, buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	P1Y
Land, buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	P40Y
Machinery
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 189.0		257.9
Machinery \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	P1Y
Machinery \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	P20Y
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 156.4		$ 216.7
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life	P1Y
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life	P15Y

Goodwill and Intangible Assets (Major Asset Classes) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Jan. 31, 2020
Goodwill and Intangible Assets Disclosure [Line Items]
Original Cost	$ 11.8		$ 51.0
Accumulated Amortization	6.3		5.2
Impairment charge	39.2
Net Book Value	5.5		45.8
Amortization expense of intangible assets	1.0	$ 0.8
Property and equipment	158.1		306.8
Long-lived asset impairment charge	180.4
Asset impairment charge	208.7
Long-lived asset impairment charge, property and equipment	141.2
Goodwill [Roll Forward]
Goodwill, Beginning Balance	28.3
Goodwill impairment	(28.3)
Goodwill, Ending Balance	$ 0.0
Customer contracts and relationships
Goodwill and Intangible Assets Disclosure [Line Items]
Useful Life (years)	20 years
Original Cost	$ 8.3		43.0
Accumulated Amortization	2.9		2.4
Net Book Value	5.4		40.6
Covenants not to compete
Goodwill and Intangible Assets Disclosure [Line Items]
Original Cost	2.5		4.7
Accumulated Amortization	2.4		1.9
Net Book Value	$ 0.1		2.8
Covenants not to compete \| Minimum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful Life (years)	1 year 6 months
Covenants not to compete \| Maximum
Goodwill and Intangible Assets Disclosure [Line Items]
Useful Life (years)	3 years
Developed Technologies
Goodwill and Intangible Assets Disclosure [Line Items]
Useful Life (years)	15 years
Original Cost	$ 1.0		3.3
Accumulated Amortization	1.0		0.9
Net Book Value			$ 2.4
Southwest
Goodwill and Intangible Assets Disclosure [Line Items]
Asset impairment charge	91.3
Impairment charge	$ 91.3
Rocky Mountains
Goodwill and Intangible Assets Disclosure [Line Items]
Percentage of undiscounted cash flows exceeding carrying value of assets	20.50%
Asset impairment charge	$ 28.3
Goodwill [Roll Forward]
Goodwill, Beginning Balance	28.3
Goodwill impairment	(28.3)
Goodwill, Ending Balance	0.0
Northeast/Mid-Con
Goodwill and Intangible Assets Disclosure [Line Items]
Asset impairment charge	89.1
Impairment charge	$ 89.1

Accrued Liabilities (Details) - USD ($) $ in Millions	Apr. 30, 2020	Jan. 31, 2020
Accrued Liabilities
Accrued salaries, vacation and related benefits	$ 11.2	$ 13.9
Accrued interest	14.4	7.2
Accrued incentive compensation		2.3
Accrued property taxes	2.7	2.3
Other accrued liabilities	7.8	7.7
Total accrued liabilities	$ 21.7	$ 26.2

Long-Term Debt (Details) - USD ($) $ in Millions	Apr. 30, 2020	Jan. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 243.2	$ 243.0
Asset based revolving line of credit
Debt Instrument [Line Items]
Amount outstanding	0.0
Revolving credit facility	100.0
Current borrowing capacity	42.0	$ 60.0
Outstanding letter of credit amount	2.2
Senior Secured Notes 11.5 Percent Due 2025
Debt Instrument [Line Items]
Principle amount	$ 250.0
Debt instrument, stated interest rate (as a percent)	11.50%
Long term debt outstanding	$ 243.2

Fair Value Information (Details) - USD ($) $ in Millions	3 Months Ended
Fair Value Information (Details) - USD ($) $ in Millions	Apr. 30, 2020	Jan. 31, 2020
Asset Impairment Charges [Abstract]
Property and equipment impairment, net	$ 141.2
Goodwill impairment charge	28.3
Intangible assets impairment	39.2
Goodwill and long-lived asset impairment charge	208.7
Assets, Fair Value Disclosure [Abstract]
Property and equipment fair value, net	52.8
Total fair value	52.8
Asset based revolving line of credit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount outstanding	0.0
Fair Value, Inputs, Level 2 \| Senior Secured Notes 11.5 Percent Due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior secured notes, fair value	$ 92.8	$ 202.5

Commitments, Contingencies and Off-Balance Sheet Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2020	Apr. 30, 2020
Future minimum lease payments		$ 75.0
Third Party Credit Card Theft
Credit card theft, loss	$ 2.6
Real Estate
Future minimum lease payments		$ 25.0

Accounting for Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense, net	$ (0.7)
Share based compensation		$ 4.4
Unrecognized compensation cost	21.1
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation	$ 0.0	$ 0.1
Qualified employees purchase of stock at a price equal to percentage of closing price	85.00%

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Apr. 30, 2020	Apr. 30, 2019
Income Taxes
Income Tax Expense Benefit	$ 0.1	$ 0.3
Effective U.S. federal income tax rate	21.00%

Segment Reporting (Revenues and Operating Earnings (Losses) by Reportable Segment) (Details) $ in Millions	3 Months Ended
	Apr. 30, 2020 USD ($) segment	Apr. 30, 2019 USD ($)
Reportable Segments [Abstract]
Number of reportable segments \| segment	3
Revenues	$ 83.0	$ 145.8
Operating (loss) earnings	(235.6)	2.4
Interest expense	7.4	7.1
Loss before income taxes	(243.0)	(4.7)
Asset impairment charge	208.7
Southwest
Reportable Segments [Abstract]
Revenues	24.4	58.0
Operating (loss) earnings	(100.4)	(4.0)
Asset impairment charge	91.3
Rocky Mountains
Reportable Segments [Abstract]
Revenues	33.8	48.6
Operating (loss) earnings	(37.8)	2.9
Asset impairment charge	28.3
Northeast/Mid-Con
Reportable Segments [Abstract]
Revenues	24.8	39.2
Operating (loss) earnings	(97.4)	$ 3.5
Asset impairment charge	$ 89.1

Segment Reporting (Revenues by Service Offering by Reportable Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Segment Reporting Information [Line Items]
Revenues	$ 83.0	$ 145.8
Southwest
Segment Reporting Information [Line Items]
Revenues	24.4	58.0
Rocky Mountains
Segment Reporting Information [Line Items]
Revenues	33.8	48.6
Northeast/Mid-Con
Segment Reporting Information [Line Items]
Revenues	24.8	39.2
Completion revenues
Segment Reporting Information [Line Items]
Revenues	49.9	86.4
Completion revenues \| Southwest
Segment Reporting Information [Line Items]
Revenues	16.0	40.6
Completion revenues \| Rocky Mountains
Segment Reporting Information [Line Items]
Revenues	19.8	27.5
Completion revenues \| Northeast/Mid-Con
Segment Reporting Information [Line Items]
Revenues	14.1	18.3
Intervention revenues
Segment Reporting Information [Line Items]
Revenues	19.0	29.4
Intervention revenues \| Southwest
Segment Reporting Information [Line Items]
Revenues	5.5	10.2
Intervention revenues \| Rocky Mountains
Segment Reporting Information [Line Items]
Revenues	6.5	10.6
Intervention revenues \| Northeast/Mid-Con
Segment Reporting Information [Line Items]
Revenues	7.0	8.6
Production revenues
Segment Reporting Information [Line Items]
Revenues	14.1	30.0
Production revenues \| Southwest
Segment Reporting Information [Line Items]
Revenues	2.9	7.2
Production revenues \| Rocky Mountains
Segment Reporting Information [Line Items]
Revenues	7.5	10.5
Production revenues \| Northeast/Mid-Con
Segment Reporting Information [Line Items]
Revenues	$ 3.7	$ 12.3

Segment Reporting (Capital Expenditures by Reportable Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Property, Plant and Equipment [Line Items]
Capital expenditures	$ 4.8	$ 29.6
Southwest
Property, Plant and Equipment [Line Items]
Capital expenditures	1.5	5.4
Rocky Mountains
Property, Plant and Equipment [Line Items]
Capital expenditures	2.2	11.5
Northeast/Mid-Con
Property, Plant and Equipment [Line Items]
Capital expenditures	$ 1.1	$ 12.7

Segment Reporting (Total Assets by Reportable Segment) (Details) - USD ($) $ in Millions	Apr. 30, 2020	Jan. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 378.2	$ 623.4
Southwest
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	76.9	203.6
Rocky Mountains
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	247.6	233.5
Northeast/Mid-Con
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 53.7	$ 186.3

Segment Reporting (Goodwill by Reportable Segment) (Details) - USD ($) $ in Millions	Apr. 30, 2020	Jan. 31, 2020
Goodwill [Line Items]
Goodwill	$ 0.0	$ 28.3
Rocky Mountains
Goodwill [Line Items]
Goodwill	$ 0.0	$ 28.3

Net Earnings Per Common Share (Details) - shares	3 Months Ended
Net Earnings Per Common Share (Details) - shares	Apr. 30, 2020	Apr. 30, 2019
Shares included in weighted average common shares outstanding, acquisitions	416,667
Restricted Stock
Anti-dilutive securities excluded from determination of diluted earnings per common share	2,300,000	400,000

Net Earnings Per Common Share (Computations of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Net Loss Per Common Share
Net loss	$ (243.1)	$ (5.0)
Basic weighted average common shares	23.1	21.2
Diluted weighted average common shares	23.1	21.2
Basic net loss per common share (in dollars per share)	$ (10.52)	$ (0.24)
Diluted net loss per common share (in dollars per share)	$ (10.52)	$ (0.24)

- Definition

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

+ References

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+ 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.

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+ Details

- Definition

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

+ References + Details

Subsequent Events (Details) $ / shares in Units, $ in Millions	May 03, 2020 USD ($) $ / shares	Apr. 30, 2020 $ / shares	Jan. 31, 2020 $ / shares
Subsequent Event [Line Items]
Common stock, par value		$ 0.01	$ 0.01
Subsequent Event \| Agreement and Plan of Merger
Subsequent Event [Line Items]
Termination fees \| $	$ 3.0
Subsequent Event \| Agreement and Plan of Merger \| Maximum
Subsequent Event [Line Items]
Reimbursement expense \| $	$ 1.5
Subsequent Event \| KLX ENERGY SERVICES HOLDINGS, INC. [Member] \| Agreement and Plan of Merger
Subsequent Event [Line Items]
Common stock, par value	$ 0.01
Exchange ratio	0.4844
Ownership percentage acquired (in percentage)	59.00%
Subsequent Event \| Quintana Energy Services Inc. \| Agreement and Plan of Merger
Subsequent Event [Line Items]
Common stock, par value	$ 0.01
Ownership percentage acquired (in percentage)	41.00%