XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.21.2

Impairment, Restructuring and Other Charges | 9 Months Ended
--- | ---
Sep. 30, 2021
Restructuring And Related Activities [Abstract] |
Impairment, Restructuring and Other Charges | 7. Impairment, Restructuring and Other Charges Restructuring and Other Charges During the nine months ended September 30, 2021, the Company incurred additional costs under our existing 2018 global strategic plan to realign manufacturing facilities globally. These charges were primarily related to the restructuring of our downhole tools business where we exited certain underperforming countries and markets and shifted from manufacturing in-house to a vendor sourcing model. The Company has concluded its 2018 global strategic plan and did not incur any additional costs during the three months ended September 30, 2021. As a result of unfavorable market conditions primarily due to the COVID-19 pandemic and developments in global oil markets, which triggered historically low crude oil prices and decreases in our customers’ capital budgets, we incurred additional costs under our 2018 global strategic plan primarily focused on workforce reductions and the reorganization of certain facilities during the three and nine months ended September 30, 2020. The following table summarizes the components of charges included in "Restructuring and other charges" in our condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2021 and 2020 (in thousands):
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Inventory write-down |  | $ | - |  |  | $ | - |  |  | $ | 19,251 |  |  | $ | 17,272 |
Severance |  |  | - |  |  |  | - |  |  |  | 2,745 |  |  |  | 8,399 |
Long-lived asset write-down |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,854 |
Other |  |  | - |  |  |  | 602 |  |  |  | 4,024 |  |  |  | 1,377 |
|  | $ | - |  |  | $ | 602 |  |  | $ | 26,020 |  |  | $ | 34,902 |
The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of September 30, 2021 (in thousands):
|  | Total |
Beginning balance at January 1, 2021 |  | $ | 1,146 |
Additions for costs expensed |  |  | 5,768 |
Reductions for payments |  |  | (2,554 | )
Other |  |  | (2 | )
Ending balance at September 30, 2021 |  | $ | 4,358 |
Goodwill Impairment For the three months ended March 31, 2020, as a result of our updated assessment of market conditions and restructuring efforts, impairment losses consisted of a full impairment of our Goodwill balance of $7.7 million, all of which was in the Eastern Hemisphere reporting unit. These charges are reflected as "Impairments" in our condensed consolidated statements of income (loss).

X
- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
Name: | us-gaap_AssetImpairmentChargesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration