XML 34 R23.htm IDEA: XBRL DOCUMENT v3.21.2
Asset Impairments and Other Restructuring Items (Tables)
6 Months Ended
Jun. 30, 2021
Restructuring and Related Activities [Abstract]  
Schedule of Asset Impairment Charges As a result of these events, actions and assessments, the Company recorded the following charges during the first quarter of 2020 (in thousands):
Offshore/
Manufactured Products
Downhole TechnologiesWell Site ServicesCorporatePre-tax TotalTaxAfter-tax Total
First quarter 2020
Impairments of:
Goodwill
$86,500 $192,502 $127,054 $— $406,056 $19,600 $386,456 
Fixed assets— — 5,198 — 5,198 1,092 4,106 
Inventories (Note 4)
16,249 — 8,981 — 25,230 4,736 20,494 
Severance and restructuring costs112 — 548 — 660 139 521 
The Company further reduced its workforce and closed additional facilities in the United States during the second quarter of 2020, and recorded the following charges (in thousands):
Offshore/ Manufactured ProductsDownhole TechnologiesWell Site ServicesCorporatePre-tax TotalTaxAfter-tax Total
Second quarter 2020
Impairments of fixed assets$— $— $2,992 $— $2,992 $628 $2,364 
Severance and restructuring costs322 1,315 3,544 216 5,397 1,133 4,264 
During the first and second quarters of 2021, the Company continued its restructuring efforts, closed additional facilities in the United States and continued to assess the carrying value of its assets based on the industry outlook regarding demand for and pricing of its products and services, and recorded the following charges (in thousands):
Offshore/ Manufactured ProductsDownhole TechnologiesWell Site ServicesCorporatePre-tax TotalTaxAfter-tax Total
First quarter 2021
Impairments of fixed assets$— $— $650 $— $650 $137 $513 
Severance and restructuring costs282 275 1,306 1,555 3,418 717 2,701 
Second quarter 2021
Impairment of operating lease assets$— $— $2,794 $— $2,794 $587 $2,207 
Restructuring costs(1)
— 203 2,351 — 2,554 536 2,018 
____________________
(1)Includes recognition of $1.9 million in additional lease-related liabilities associated with the exit of a long-term lease supporting the Well Site Services segment.