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Restructuring and Other Charges | 6 Months Ended
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Jun. 30, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges | 8. Restructuring and Other Charges During the three and six months ended June 30, 2023, the Company incurred costs of approximately ($0.6) million and $1.1 million, under the 2021 global strategic plan. During the second quarter of 2023, as we completed our re-segmentation project and as the 2021 global strategic program comes to a conclusion, the Company reassessed the reasonability of a restructuring liability related to its Well Construction business. During our assessment certain market exit costs became known and the liability was adjusted accordingly, resulting in a release of approximately $2.3 million. This release of restructuring liability was partially offset by charges incurred during the current year, primarily consisting of office moves, site cleanup, preparation costs, consulting and legal fees. 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. 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, 2023 and 2022 (in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Severance |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 32 |
Long-lived asset write-down |  |  | - |  |  |  | 5,055 |  |  |  | - |  |  |  | 5,055 |
Other |  |  | (610 | ) |  |  | 710 |  |  |  | 1,108 |  |  |  | 710 |
|  | $ | (610 | ) |  | $ | 5,765 |  |  | $ | 1,108 |  |  | $ | 5,797 |
The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of June 30, 2023 (in thousands):
|  | Total |
Beginning balance at January 1, 2023 |  | $ | 3,802 |
Additions for costs expensed |  |  | - |
Reductions for payments |  |  | (645 | )
Other |  |  | (2,254 | )
Ending balance at June 30, 2023 |  | $ | 903 |

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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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