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Impairment, Restructuring and Other Charges | 3 Months Ended
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Mar. 31, 2022
Restructuring and Related Activities [Abstract] |
Impairment, Restructuring and Other Charges | 6. Impairment, Restructuring and Other Charges Restructuring and Other Charges During the three months ended March 31, 2022, the Company did not incur any significant costs under the 2021 global strategic plan. During the three months ended March 31, 2021, the Company incurred costs under our former 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 non-cash inventory write downs of $19.3 million, severance charges of $2.7 million and other charges of $3.0 million, consisting of facilities-related restructuring charges and professional fees. The Company completed its 2018 global strategic plan in the third quarter of 2021. 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 months ended March 31, 2022 and 2021 (in thousands):
|  | Three months ended March 31, |
|  | 2022 |  |  | 2021 |
Inventory write-down |  | $ | - |  |  | $ | 19,251 |
Severance |  |  | 32 |  |  |  | 2,746 |
Long-lived asset write-down |  |  | - |  |  |  | - |
Other |  |  | - |  |  |  | 3,023 |
|  | $ | 32 |  |  | $ | 25,020 |
The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of March 31, 2022 (in thousands):
|  | Total |
Beginning balance at January 1, 2022 |  | $ | 4,000 |
Additions for costs expensed |  |  | - |
Reductions for payments |  |  | (493 | )
Other |  |  | 9 |
Ending balance at March 31, 2022 |  | $ | 3,516 |

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- 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
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