Restructuring and Other Charges

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

10. Restructuring and Other Charges

During the three and nine months ended September 30, 2023, the Company incurred costs of approximately $2.3 million and $3.4 million, under the 2021 global strategic plan. The restructuring charges incurred during the current year primarily consist of office moves, site cleanup, preparation costs, severance, consulting and legal fees. During the second quarter of 2023, the Company reassessed the reasonability of a restructuring liability related to its Well Construction business. During our assessment certain market exit costs became known and the liability was adjusted accordingly, resulting in a release of approximately $2.3 million, which partially offsets the current year restructuring costs.

During the three and nine months ended September 30, 2022, the Company incurred additional costs of approximately $4.1 million and $9.9 million under the 2021 global strategic plan. Approximately $5.1 million of these charges were primarily related to write-down of our long-lived assets and the remaining $4.8 million were related to consulting and legal fees, office moves and site cleanup, and preparation costs.

The following table summarizes the components of charges included in “Restructuring and other charges” in our condensed consolidated statements of income (loss) for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Severance	$	504	$	-	$	504	$	32
Long-lived asset write-down		-		-		-		5,055
Other		1,763		4,101		2,871		4,811
	$	2,267	$	4,101	$	3,375	$	9,898

The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of September 30, 2023 (in thousands):


	Total
Beginning balance at January 1, 2023	$	3,802
Additions for costs expensed		-
Reductions for payments		(645	)
Other		(2,255	)
Ending balance at September 30, 2023	$	902