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Restructuring and Other Charges | 12 Months Ended
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Dec. 31, 2021
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | 7. Restructuring and Other Charges In the fourth quarter of 2021, in an effort to realign our subsea product business with the market conditions, we initiated a 2021 global strategic plan. As part of the 2021 global strategic plan we discontinued certain product categories which resulted in inventory write-downs, long-lived asset write-downs and severance charges of approximately $47.7 million, $4.2 million, and $1.0 million, respectively. During 2021, the Company incurred additional costs under the 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 which resulted in inventory write-downs of approximately $19.3 million, severance charges of $2.7 million and other charges of $4.0 million, consisting of facilities-related market exit costs and consulting fees. This concluded our 2018 global strategic plan as of the third quarter of 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 first quarter of 2020. These charges are reflected as "Restructuring and other charges" in our Consolidated Statements of Income (Loss). The following table summarizes the components of charges included in "Restructuring and other charges" in our Consolidated Statements of Income (Loss) for the year ended December 31, 2021, 2020 and 2019 (in thousands):
|  | Year Ended |
|  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |
Inventory write-down |  | $ | 66,910 |  |  | $ | 17,272 |  |  | $ | - |
Severance |  |  | 3,760 |  |  |  | 8,462 |  |  |  | 1,125 |
Long-lived asset write-down |  |  | 4,240 |  |  |  | 8,269 |  |  |  | - |
Other |  |  | 4,023 |  |  |  | 1,377 |  |  |  | 3,271 |
|  | $ | 78,933 |  |  | $ | 35,380 |  |  | $ | 4,396 |
The following table summarizes the changes to our accrued liability balances related to restructuring and other charges as of December 30, 2021 (in thousands):
|  | December 31, 2021 |
Balance at January 1, 2021 |  | $ | 1,146 |
Additions for costs expensed |  |  | 5,577 |
Reductions for payments |  |  | (2,723 | )
Ending balance at December 31, 2021 |  | $ | 4,000 |

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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