Restructuring and Other Charges

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other Charges

9. Restructuring and Other Charges

The 2021 global strategic plan concluded in the third quarter of 2023. As a result, the Company did not incur any restructuring charges during the three and six months ended June 30, 2024.

During the three and six months ended June 30, 2023, the Company incurred costs of approximately ($0.6) million and $1.1 million under the 2021 global strategic plan. During the second quarter of 2023, the Company reassessed the reasonability of a restructuring liability related to its Well Construction business. During this assessment, certain market exit costs became known and the liability was adjusted accordingly. This was partially offset by other charges that primarily consisted of office moves, site cleanup, preparation costs, consulting and legal fees.

The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of June 30, 2024 (in thousands):

	Total
Beginning balance at January 1, 2024	$	630
Additions for costs expensed		-
Reductions for payments		(600	)
Other		(30	)
Ending balance at June 30, 2024	$	0