RESTRUCTURING, IMPAIRMENT AND OTHER

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

We recorded restructuring, impairment and other charges of $56 million and $70 million during the three months ended March 31, 2023 and 2022, respectively.

RESTRUCTURING AND IMPAIRMENT CHARGES

We recorded restructuring and impairment charges of $56 million for the three months ended March 31, 2023. In the third quarter of 2022, we announced a restructuring plan in conjunction with a change in our operating segments that was effective October 1, 2022 (the "2022 Plan"). As a result, we continued to incur charges in the first quarter of 2023 related to the 2022 Plan primarily for employee termination expenses driven by actions taken by the Company to facilitate the reorganization into two segments and corporate restructuring. In addition, under a new plan (the "2023 Plan") we incurred costs related to exit activities at specific locations in our segments to align with our current market outlook and rationalize our manufacturing supply chain footprint. These actions also included inventory impairments of $18 million recorded in "Cost of goods sold" in our condensed consolidated statements of income (loss). We expect to incur additional charges of approximately $145 million in 2023 in connection with these restructuring plans, and currently expect these plans to be substantially completed by the end of 2023, with the majority of charges incurred within the first half of 2023.

The following table presents restructuring and impairment charges by the impacted segment, however, these charges are not included in the reported segment results:


	Three Months Ended March 31,
Segments	2023		2022
Oilfield Services & Equipment	$	15	$	2
Industrial & Energy Technology	14		(1)
Corporate	27		3
Total	$	56	$	4

The following table presents restructuring and impairment charges by type, and includes gains on the dispositions of certain property, plant and equipment previously impaired as a consequence of exit activities:


	Three Months Ended March 31,
Charges by Type	2023		2022
Property, plant & equipment, net	$	15	$	(9)
Employee-related termination costs	31		8



Other incremental costs	10		5
Total	$	56	$	4

OTHER CHARGES

We recorded other charges of nil and $66 million for the three months ended March 31, 2023 and 2022, respectively. Other charges for the three months ended March 31, 2022 were predominately in our IET segment for

a write-off of an equity method investment and the release of foreign currency translation adjustments. The 2022 charges also include separation related costs.