Impairments and Other Charges

12 Months Ended

Dec. 31, 2021

Impairments and Other Charges [Abstract]

Impairments and Other Charges

6 – Impairments and Other Charges, Net

We recorded the following in “Goodwill and Long-Lived Assets Impairment” and “Other Charges (Credits), Net” on the accompanying Consolidated Statements of Operations:

	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		1/1/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Long-lived Assets Impairment	$	—	$	814	$	—	$	20
Goodwill Impairment	—		239		—		730
Total Goodwill and Long-lived Assets Impairment	$	—	$	1,053	$	—	$	750
Inventory Charges	$	7	$	138	$	—	$	117
Asset Write-downs and Rigs Related Charges	—		11		—		132
Other Charges, Net	(17)		22		—		90
Total Other Charges (Credits), Net	$	(10)	$	171	$	—	$	339
Gain on Sale of Businesses, Net	$	—	$	—	$	—	$	(112)

See “Note 7 – Long-Lived Assets Impairment”, “Note 11 – Goodwill and Intangibles, Net” and “Note 9 – Inventories, Net” for further details.

We did not have any significant divestitures of businesses in our Successor Periods. In the 2019 Predecessor Period, we disposed of net assets of $161 million of our laboratory, surface data logging and a portion of our rigs businesses for proceeds of $328 million and recognized $112 million in “Gain on Sale of Businesses, Net” on the Consolidated Statements of Operations.