Asset Impairments and Other Restructuring Items (Tables)

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

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 Technologies		Well Site Services		Corporate		Pre-tax Total		Tax		After-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 costs	112		—		548		—		660		139		521

During the second and third quarters of 2020, the Company further reduced its workforce and 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 Products		Downhole Technologies		Well Site Services		Corporate		Pre-tax Total		Tax		After-tax Total
Second quarter 2020
Impairments of fixed assets	$	—	$	—	$	2,992	$	—	$	2,992	$	628	$	2,364
Severance and restructuring costs	322		1,315		3,544		216		5,397		1,133		4,264

Third quarter 2020
Impairments of inventories (Note 4)	$	—	$	5,921	$	—	$	—	$	5,921	$	1,243	$	4,678
Severance and restructuring costs	288		—		—		—		288		60		228

During the first nine months 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 management actions and the industry outlook regarding demand for and pricing of its products and services, and recorded the following charges (in thousands):


	Offshore/ Manufactured Products		Downhole Technologies		Well Site Services		Corporate		Pre-tax Total		Tax		After-tax Total
First quarter 2021
Impairments of fixed assets	$	—	$	—	$	650	$	—	$	650	$	137	$	513
Severance and restructuring costs	282		275		1,306		1,555		3,418		717		2,701

Second quarter 2021
Impairments of operating lease assets	$	—	$	—	$	2,794	$	—	$	2,794	$	587	$	2,207
Severance and restructuring costs(1)	—		203		2,351		—		2,554		536		2,018

Third quarter 2021
Impairment of inventories (Note 4)	$	—	$	2,113	$	—	$	—	$	2,113	$	444	$	1,669
Severance and restructuring costs	256		129		352		—		737		154		583

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(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.