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Impairment, Restructuring and Other Charges | 6 Months Ended
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Jun. 30, 2022
Restructuring and Related Activities [Abstract] |
Impairment, Restructuring and Other Charges | 7. Impairment, Restructuring and Other Charges Restructuring and Other Charges During the three and six months ended June 30, 2022, the Company incurred additional costs of approximately $5.8 million under the 2021 global strategic plan. These charges were primarily related to the write-downs of long-lived assets and other charges of approximately $5.1 million and $0.7 million, respectively. Other charges consisted of consulting and legal fees, office moves, cleanup and preparation costs, and brokerage fees. During the three and six months ended June 30, 2021, the Company incurred additional costs under the 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. 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 six months ended June 30, 2022 and 2021 (in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Inventory write-down |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 19,251 |
Severance |  |  | - |  |  |  | - |  |  |  | 32 |  |  |  | 2,745 |
Long-lived asset write-down |  |  | 5,055 |  |  |  | - |  |  |  | 5,055 |  |  |  | - |
Other |  |  | 710 |  |  |  | 1,000 |  |  |  | 710 |  |  |  | 4,024 |
|  | $ | 5,765 |  |  | $ | 1,000 |  |  | $ | 5,797 |  |  | $ | 26,020 |
The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of June 30, 2022 (in thousands):
|  | Total |
Beginning balance at January 1, 2022 |  | $ | 4,000 |
Additions for costs expensed |  |  | 655 |
Reductions for payments |  |  | (1,358 | )
Other |  |  | 4 |
Ending balance at June 30, 2022 |  | $ | 3,301 |

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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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