XML 28 R12.htm IDEA: XBRL DOCUMENT v3.20.4
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
    The following is a summary of property, plant and equipment at December 31, 2020 and 2019 (in thousands):
December 31,
Estimated Useful Lives in Years20202019
Land—$30,869 $30,724 
Land improvements
8-15
7,620 7,193 
Buildings and improvements
13-39
121,105 116,182 
Rental machinery and equipment
2-7
897,398 882,979 
Machinery and equipment - other
7
54,842 60,182 
Furniture, fixtures and computers
3-5
16,928 17,251 
Automobiles and other vehicles
5
25,948 28,734 
Leasehold improvements
7-15,or lease term if shorter
12,773 14,258 
Construction in progress - machinery and equipment—24,381 46,564 
1,191,864 1,204,067 
Less: Accumulated depreciation(919,157)(875,635)
Total property, plant and equipment, net$272,707 $328,432 
    
    During the first quarter of 2019, buildings with a net book value of $1.1 million met the criteria to be classified as held for sale and were reclassified from property, plant and equipment to assets held for sale on our consolidated balance sheet. During the second quarter of 2019, we sold a building classified as held for sale for $0.2 million and recorded an immaterial loss. During the third quarter of 2019, an additional building met the criteria to be classified as held for sale and a $4.0 million impairment loss was recorded, which is included in severance and other charges (credits), net on our consolidated statements of operations. The building's remaining net book value of $5.3 million was reclassified from property, plant and equipment to assets held for sale on our consolidated balance sheets. During the fourth quarter of 2019, we sold a building classified as held for sale for $0.3 million and recorded an immaterial loss. Also during the fourth quarter of 2019, equipment in our Tubular Running Services segment met the criteria to be classified as held for sale and a $0.3 million impairment loss was recorded, which is included in severance and other charges (credits), net on our consolidated statements of operations. The equipment’s remaining net book value of $0.2 million was reclassified from property, plant and equipment to assets held for sale on our consolidated balance sheets.

During the second quarter of 2020, we sold a building classified as held for sale for $5.4 million and recorded a gain of $0.6 million. During the third quarter of 2020, we determined a building no longer met the held for sale criteria, and reclassified the fair value of $5.3 million from assets held for sale to property, plant and equipment on our consolidated balance sheets. During the fourth quarter of 2020, we sold a building classified as held for sale for $0.7 million and recorded an immaterial gain.

During the year ended December 31, 2020, we recorded fixed asset impairment charges of $15.7 million primarily associated with construction in progress in our Cementing Equipment segment, which is included in severance and other charges (credits), net on our consolidated statements of operations. During the first quarter of 2020, the results of the Company's test for impairment of goodwill in the Cementing Equipment segment as a result of negative market indicators was a triggering event that indicated that our long-lived tangible assets in this segment were impaired. Impairment testing performed in the first quarter resulted in the determination that certain long-lived assets were not recoverable and that the estimated fair value was below the carrying value. During the year ended December 31, 2019, we recorded fixed asset impairment charges of $32.9 million primarily associated with construction in progress in our Tubular Running Service segment, which is included in severance and other charges (credits), net on our consolidated statement of operations. No impairments were recognized during the year ended December 31, 2018. Please see Note 17—Severance and Other Charges (Credits), net in these Notes to Consolidated Financial Statements for additional details.

The following table presents the depreciation and amortization associated with each line for the years ended December 31, 2020, 2019 and 2018 (in thousands):
December 31,
202020192018
Cost of revenue
Services$63,511 $80,072 $93,280 
Products701 1,511 4,354 
General and administrative expenses5,957 11,217 13,658 
Total$70,169 $92,800 $111,292