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RESTRUCTURING, IMPAIRMENT AND OTHER | 3 Months Ended
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Mar. 31, 2024
Restructuring and Related Activities [Abstract] |
RESTRUCTURING, IMPAIRMENT AND OTHER | RESTRUCTURING, IMPAIRMENT AND OTHER We recorded restructuring, impairment and other charges of $7 million and $56 million during the three months ended March 31, 2024 and 2023, respectively. The charges in the first quarter of 2023 primarily relate to employee termination expenses driven by actions taken by the Company to facilitate the reorganization into two segments and corporate restructuring. These actions also included inventory impairments of $18 million, recorded in "Cost of goods sold" in our condensed consolidated statements of income (loss). The following table presents restructuring and impairment charges by the impacted segment; however, these net charges are not included in the reported segment results:
|  | Three Months Ended |
Segments |  | March 31, 2023 |  |
Oilfield Services & Equipment |  | $ | 15 |  |  |
Industrial & Energy Technology |  | 14 |  |  |
Corporate |  | 27 |  |  |
Total |  | $ | 56 |  |  |
The following table presents restructuring and impairment charges by type, and includes gains on the dispositions of certain facilities as a consequence of exit activities:
|  | Three Months Ended |
Charges by Type |  | March 31, 2023 |  |
Property, plant & equipment, net |  | $ | 15 |  |  |
Employee-related termination costs |  | 31 |  |  |
Other incremental costs |  | 10 |  |  |
Total |  | $ | 56 |  |  |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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