Restructuring and Other Charges

12 Months Ended

Dec. 31, 2020

Restructuring And Related Activities [Abstract]

Restructuring and Other Charges

7. Restructuring and Other Charges

As a result of unfavorable market conditions primarily due to the COVID-19 pandemic and developments in global oil markets, which triggered historically low crude oil prices and decreases in our customers’ capital budgets, we incurred additional costs under our 2018 global strategic plan primarily focused on workforce reductions and the reorganization of certain facilities during the first quarter of 2020. These charges are reflected as "Restructuring and other charges" in our Consolidated Statements of Income (Loss).

The following table summarizes the components of charges included in "Restructuring and other charges" in our Consolidated Statements of Income (Loss) for the year ended December 31, 2020, 2019 and 2018 (in thousands):

	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Inventory write-down	$	17,272	$	-	$	32,070
Severance		8,462		1,125		7,324
Long-lived asset write-down		8,269		-		14,902
Exit costs		-		-		447
Other		1,377		3,271		5,300
	$	35,380	$	4,396	$	60,043

The following table summarizes the changes to our accrued liability balance related to restructuring and other charges as of December 30, 2020 (in thousands):

	December 31, 2020
Balance at January 1, 2020	$	-
Additions for costs expensed		8,462
Reductions for payments		(7,316	)
Ending balance at December 31, 2020	$	1,146