Restructuring Charges

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

8 – Restructuring Charges

We had no restructuring charges for the 2021 Successor Period. Our prior restructuring plans include workforce reductions, organization restructurings, facility consolidations and other cost reduction measures and efficiency initiatives targeted to better align with activity levels at the time.

The following table presents restructuring charges for the Successor Periods and the 2019 Predecessor Period.


	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		01/01/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Severance Charges	$	—	$	132	$	—	$	53
Facility Exit Charges	—		10		—		99
Inventory Charges	—		15		—		24
Property, Plant and Equipment	—		40		—		13
Right of Use and Other Assets	—		9		—		—
Total Restructuring Charges	$	—	$	206	$	—	$	189

The following table presents total restructuring charges by reportable segment and corporate and other for the Successor and Predecessor Periods.










	Successor						Predecessor
					Period From		Period From
	Year		Year		12/14/2019		01/01/2019
	Ended		Ended		through		through
(Dollars in millions)	12/31/2021		12/31/2020		12/31/2019		12/13/2019
Drilling and Evaluation	$	—	$	35	$	—	$	29
Well Construction and Completions	—		60		—		47
Production and Intervention	—		52		—		54
Corporate and Other	—		59		—		59
Total Restructuring Charges	$	—	$	206	$	—	$	189

The following table presents total restructuring accrual activity for the periods presented. Restructuring charges in the table below exclude restructuring related asset charges.



(Dollars in millions)	Accrued Balance at Beginning of Period		Charges		Cash Payments		Other		Accrued Balance at End of Period
2021 Successor Period	$	53	$	—	$	(30)	$	(6)	$	17
2020 Successor Period	$	66	$	142	$	(137)	$	(18)	$	53
2019 Successor Period	$	66	$	—	$	—	$	—	$	66
2019 Predecessor Period	$	59	$	152	$	(120)	$	(25)	$	66