Asset Impairments and Other Charges and Benefits

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Asset Impairments and Other Charges and Benefits

During 2023, the Offshore/Manufactured Products segment recognized facility consolidation charges totaling $2.5 million in connection with the ongoing consolidation and relocation of certain manufacturing and service facilities and the relocation of related equipment, which is included in “Other operating income, net.” Additionally, during 2023, the Well Site Services segment recognized $0.6 million in costs associated with the defense of certain patents, which are included in “Selling, general and administrative expense.”

In August 2022, the Offshore/Manufactured Products segment settled outstanding litigation against certain service providers in exchange for cash totaling $6.9 million. In connection with this settlement, the Company recognized a gain of $6.1 million (net of legal and other related costs) in 2022, which is included in “other operating income, net.”

During 2021, the Company continued its restructuring efforts which began in 2020 due to the COVID-19 pandemic, closing facilities in the United States and assessing 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
Impairments of:
Fixed assets (Note 5)	$	—	$	1,372	$	—	$	—	$	1,372	$	289	$	1,083
Operating lease assets (Note 8)	—		2,794		—		—		2,794		587		2,207
Inventories (Note 5)	—		1,468		2,113		—		3,581		752		2,829
Severance and restructuring costs(1)	868		4,266		809		1,555		7,498		1,573		5,925
Release of foreign currency translation adjustments on liquidation of an international operation	—		—		—		9,320		9,320		—		9,320

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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.

Additionally, during 2021, the Company recognized $8.8 million 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 employee retention credit program.