XML 36 R25.htm IDEA: XBRL DOCUMENT v3.22.0.1
Restructuring, Impairment and Other
 12 Months Ended
Dec. 31, 2021
Restructuring and Related Activities [Abstract]  
Restructuring, Impairment and Other RESTRUCTURING, IMPAIRMENT AND OTHER
In 2021, we recorded restructuring, impairment and other charges totaling $209 million. Charges incurred are primarily related to the continuation of our overall strategy to restructure our business, which is designed to optimize our structural costs for the year-over-year change in activity levels and market conditions.
In 2020, in response to the impact on our business from the COVID-19 pandemic and the significant decline in oil and gas prices, we recorded restructuring, impairment and other charges totaling $1,866 million, and inventory impairments of $246 million, see "Note 4. Inventories" for further discussion. Charges incurred are primarily related to rationalizing certain product lines and restructuring our business to right-size our operations and to address the challenging market conditions in the upstream oil and gas market.
In 2019, we recorded restructuring, impairment and other charges of $342 million. Charges incurred are primarily related to the consolidation of certain manufacturing and service facilities and reduction in headcount across various functions.
RESTRUCTURING AND IMPAIRMENT
The following table presents the restructuring and impairment charges by the impacted segment, however, these charges are not included in the reported segment results.
202120202019
Oilfield Services$121 $675 $211 
Oilfield Equipment— 125 18 
Turbomachinery & Process Solutions9 35 48 
Digital Solutions2 54 15 
Corporate6 14 22 
Total$138 $903 $314 
Restructuring and impairment charges were primarily related to employee termination expenses from reducing our headcount in certain geographical locations, and product line rationalization, including facility closures and related expenses such as property, plant and equipment impairments, and contract termination fees. The table
below includes any gains on the dispositions of certain property, plant and equipment previously impaired as a consequence of exit activities. Details of these charges are as follows:
202120202019
Property, plant and equipment$7 $385 $107 
Employee-related termination expenses99 464 179 
Asset relocation costs20 15 4 
Contract termination fees2 23 12 
Other incremental costs10 16 12 
Total$138 $903 $314 
OTHER CHARGES
Other charges included in "Restructuring, impairment and other" caption in the consolidated statements of income (loss) were $71 million, $963 million, and $28 million for the years ended December 31, 2021, 2020 and 2019, respectively.
In 2021, such charges were primarily related to certain litigation matters in our TPS segment and the release of foreign currency translation adjustments for certain restructured product lines in our DS segment.
In 2020, such charges were comprised of intangible asset impairments of $605 million driven by our decision to exit certain businesses primarily in our OFS segment, other long-lived asset impairments of $216 million ($124 million of intangible assets, $77 million of property, plant and equipment and $15 million of other assets) in our OFE segment, other charges of $73 million driven by certain litigation matters and the impairment of an equity method investment primarily in corporate and the OFE segment, and charges related to corporate facility rationalization.
In 2019, such charges primarily relate to currency devaluations in our OFS segment.