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Restructuring Expenses | 6 Months Ended
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Jun. 30, 2021
Restructuring Costs [Abstract] |
Restructuring Expenses | 16. Restructuring Expenses During the second quarter of 2020, we implemented a restructuring plan to improve operating margins, achieve operational efficiencies and reduce indirect support costs. The restructuring included workforce reductions, changes to management structure and facility consolidations and closures. We recorded $38.3 million of charges associated with this plan in the second quarter of 2020. We completed the restructuring plan during the third quarter of 2020 and did not incur additional expenses related to the plan. Contract termination costs related primarily to agreements to purchase minimum quantities of proppants (sand) from certain vendors. These costs were primarily comprised of a $5.3 million negotiated settlement and termination of a contract to purchase minimum quantities of sand and $14.0 million of contractual future payments under two contracts to purchase minimum quantities of sand without future economic benefit to us. We will not receive any sand under these contracts. Other exit costs related primarily to facility closure costs and moving expenses. The right of use (“ROU”) asset abandonments related to facility and equipment ROU assets abandoned as a result of restructuring. The following table presents restructuring expenses by reportable segment for the six months ended June 30, 2020 (in thousands):
| Contract Drilling |  |  | Pressure Pumping |  |  | Directional Drilling |  |  | Other Operations |  |  | Corporate |  |  | Total |
Severance costs | $ | 1,821 |  |  | $ | 3,460 |  |  | $ | 503 |  |  | $ | 501 |  |  | $ | 215 |  |  | $ | 6,500 |
Contract termination costs |  | — |  |  |  | 20,373 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,373 |
Other exit costs |  | 523 |  |  |  | 194 |  |  |  | 827 |  |  |  | — |  |  |  | — |  |  |  | 1,544 |
ROU asset abandonments |  | 86 |  |  |  | 7,304 |  |  |  | 1,845 |  |  |  | — |  |  |  | 686 |  |  |  | 9,921 |
Total | $ | 2,430 |  |  | $ | 31,331 |  |  | $ | 3,175 |  |  | $ | 501 |  |  | $ | 901 |  |  | $ | 38,338 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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- References No definition available. + Details
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