XML 29 R13.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Asset Impairments and Other Charges and Credits | 12 Months Ended
--- | ---
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Asset Impairments and Other Charges and Credits | Asset Impairments and Other Charges and Credits In 2023, the Company implemented initiatives to reduce future costs, which continued throughout 2024. These management actions included the consolidation, relocation and exit of certain manufacturing and service locations, the exit of certain service offerings, reductions in the Company’s workforce in the United States as well as the realignment of operations within two of the Company’s reportable segments. The Company has also incurred legal and other related costs to enforce certain patents related to its proprietary technologies. As a result of these events, actions and assessments, the Company recorded the following charges and credits in 2024 (in thousands):
| Offshore Manufactured Products |  | Completion and Production Services |  | Downhole Technologies |  | Corporate |  | Total
Impairments of: |  |  |  |  |  |  |  |  |
Goodwill | $ | — |  |  | $ | — |  |  | $ | 10,000 |  |  | $ | — |  |  | $ | 10,000 |
Intangible assets | — |  |  | 10,787 |  |  | — |  |  | — |  |  | 10,787 |
Operating lease assets | — |  |  | 3,280 |  |  | 487 |  |  | — |  |  | 3,767 |
Facility consolidation and exit, and other charges | 3,364 |  |  | 7,442 |  |  | 123 |  |  | 34 |  |  | 10,963 |
Patent defense costs | — |  |  | 2,753 |  |  | — |  |  | — |  |  | 2,753 |
Gains on disposition of property held for sale | — |  |  | — |  |  | — |  |  | (15,316) |  |  | (15,316) |
Gains on extinguishment of debt | — |  |  | — |  |  | — |  |  | (515) |  |  | (515) |
Pre-tax totals | $ | 3,364 |  |  | $ | 24,262 |  |  | $ | 10,610 |  |  | $ | (15,797) |  |  | 22,439 |
Income tax provision |  |  |  |  |  |  |  |  | 430 |
After-tax total |  |  |  |  |  |  |  |  | $ | 22,009 |
During 2024, in response to further reductions in customer activity in the United States, management made strategic decisions to exit its underperforming flowback and well testing service offering and sell the related equipment and inventory. Management also decided to exit eight leased facilities. As a result of these events and actions, the Company recorded non-cash intangible asset (customer relationships and tradenames) impairment charges of $10.8 million associated with the exit of this service offering and operating lease impairments of $3.8 million related to facility closures. Additionally, the equipment and inventory of the exited service offering in the Completion and Production Services segment was reclassified to assets held for sale, and transferred from property, plant and equipment and inventory to prepaid and other current assets. The carrying value of assets held for sale totaled $6.5 million as of December 31, 2024. 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 Completion and Production 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 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.”

X
- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
Name: | us-gaap_AssetImpairmentChargesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration