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Asset Impairments and Other Restructuring Items | 6 Months Ended
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Jun. 30, 2022
Restructuring and Related Activities [Abstract] |
Asset Impairments and Other Restructuring Items | Asset Impairments and Other Restructuring Items In March of 2020, the spot price of West Texas Intermediate ("WTI") crude oil declined over 50% in response to actual and forecasted reductions in global demand for crude oil due to the COVID-19 pandemic, coupled with announcements by Saudi Arabia and Russia of plans to increase crude oil production. As demand for most of the Company's products and services depends substantially on the level of capital expenditures by the oil and natural gas industry, these conditions caused rapid reductions to most of the Company's customers' drilling, completion and production activities and their related spending on the Company's products and services, particularly those supporting activities in the U.S. shale play regions, until the supply/demand imbalances eased. Following these March 2020 events, the Company immediately implemented significant cost reduction initiatives, which continued into 2021. In this regard, during the first six 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 |  | Well Site Services |  | Downhole Technologies |  | Corporate |  | Pre-tax Total |  | Tax |  | After-tax Total
First quarter 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Impairments of fixed assets (Note 4) | $ | — |  |  | $ | 650 |  |  | $ | — |  |  | $ | — |  |  | $ | 650 |  |  | $ | 137 |  |  | $ | 513 |
Severance and restructuring costs | 282 |  |  | 1,306 |  |  | 275 |  |  | 1,555 |  |  | 3,418 |  |  | 717 |  |  | 2,701 |
Second quarter 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Impairments of operating lease assets (Note 4) | $ | — |  |  | $ | 2,794 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,794 |  |  | $ | 587 |  |  | $ | 2,207 |
Severance and restructuring costs | — |  |  | 2,351 |  |  | 203 |  |  | — |  |  | 2,554 |  |  | 536 |  |  | 2,018 |
Additionally, during the three and six months ended June 30, 2021, the Company recognized $2.8 million and $7.6 million, respectively, in aggregate reductions to payroll tax expense (within cost of revenues and selling, general and administrative expense) as part of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") employee retention credit program. As further discussed in Note 12, "Commitment and Contingencies," on June 28, 2022, the Company settled its disputes with the seller (the "GEO Seller") of GEODynamics, Inc. ("GEODynamics"), which was acquired in 2018, including the full and final settlement of all amounts due pursuant to the GEO Note (as defined below). As consideration for such settlement, on July 1, 2022, the Company issued the GEO Seller approximately 1.9 million shares of its common stock (having a market value of $10.3 million on the date of issuance) and paid the GEO Seller $10.0 million in cash. In connection with this settlement, the $17.5 million carrying value of the GEO Note and accrued interest of $2.2 million was extinguished on July 1, 2022. Should, among other events and circumstances, the ongoing war between Russia and Ukraine escalate or spread, global economic and industry conditions deteriorate, the COVID-19 pandemic business, supply chain and market disruptions worsen, the outlook for future operating results and cash flow for any of the Company's segments decline, income tax rates increase or regulations change, climate and environmental regulations or rules change, costs of equity or debt capital increase, valuation for comparable public companies or comparable acquisition valuations decrease, or management implements strategic decisions based on industry conditions, the Company may need to recognize additional impairment losses and/or other costs in future periods.

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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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