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Impairments of Long-Lived Assets | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Impairments of Long-Lived Assets | Impairments of Long-Lived Assets During the three months ended March 31, 2021, there were no impairments of long-lived assets. During the three months ended March 31, 2020, the COVID-19 pandemic and associated preventative actions taken around the world to mitigate its spread caused oil demand to deteriorate and economic activity to decrease. As a result, oil prices declined significantly during the period and created an extremely challenging market for all sub-sectors of the oil and natural gas industry. In addition, responses to the spread of COVID-19, including significant government restrictions on movement, resulted in sharp declines in global economic activity. As a result, during the three months ended March 31, 2020, we determined that certain long-lived assets were impaired as their carrying values exceeded their fair values. The amount of the impairment charges were measured as the difference between the carrying value and the estimated fair value of the assets. The fair value was determined either through analysis of discounted future cash flows or, for certain real estate, based on a third party's sales price estimate (classified within level 3 of the fair value hierarchy). Following is a summary of impairment charges recognized in our segments during the three months ended March 31, 2020 (in thousands):
|  |  | Three Months Ended March 31, 2020
Impairments of: |  |  |  |  |  |  |  |  |  |  | Drilling & Downhole |  | Completions |  | Production |  | Total Impairments
Property and equipment (1) |  |  |  |  |  |  |  |  |  |  | 1,076 |  |  | 9,608 |  |  | 1,378 |  |  | 12,062 |
Intangible assets (2) |  |  |  |  |  |  |  |  |  |  | 5,258 |  |  | — |  |  | — |  |  | 5,258 |
Operating lease right of use assets (3) |  |  |  |  |  |  |  |  |  |  | 1,429 |  |  | 6,139 |  |  | 1,915 |  |  | 9,483 |
Total impairments |  |  |  |  |  |  |  |  |  |  | $ | 7,763 |  |  | $ | 15,747 |  |  | $ | 3,293 |  |  | $ | 26,803 |
(1) These charges are included in Impairments of intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss. (2) These charges are included in Impairments of intangible assets, property and equipment in the condensed consolidated statements of comprehensive loss and include primarily customer relationships, technology and distributor relationships. (3) $8.6 million of these charges are included in Cost of sales and $0.9 million are included in Selling, general and administrative expenses in the condensed consolidated statements of comprehensive loss.

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- 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
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- References No definition available. + Details
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