Management has implemented certain cost reduction actions including: the consolidation, relocation and exit of certain operating locations; the exit of certain service offerings; and reductions in the Company’s workforce in the United States. As a result of these events, actions and assessments, the Company recorded the following charges during the three months ended March 31, 2026 and 2025 (in thousands):


	Offshore Manufactured Products		Completion and Production Services		Downhole Technologies		Corporate		Total
Three Months Ended March 31, 2026




Impairment of assets held for sale	$	—	$	—	$	—	$	1,384	$	1,384


Facility consolidation, exit and other charges	192		—		—		2,496		2,688


Pre-tax totals	$	192	$	—	$	—	$	3,880	4,072
Income tax benefit									—
After-tax total									$	4,072



Three Months Ended March 31, 2025




Facility consolidation, exit and other charges	$	—	$	930	$	—	$	—	$	930


Pre-tax totals	$	—	$	930	$	—	$	—	930
Income tax benefit									196
After-tax total									$	734

The Company’s remaining goodwill exists in the Offshore Manufactured Products segment, totaling $70.3 million and $70.5 million, respectively, as of March 31, 2026 and December 31, 2025.

The Company does not amortize goodwill, but rather assesses goodwill for impairment annually and when an event occurs or circumstances change that indicate the carrying amounts may not be recoverable. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss is recorded.

An assessment for impairment of long-lived tangible and intangible assets is conducted when an event occurs or circumstances change that indicate that the carrying value of long-lived tangible and intangible assets may not be recoverable. During the first quarter of 2026, management made a decision to exit an additional U.S. land-based service line within the Completion and Production Services segment and market the related equipment. These assets were reclassified to Corporate assets held for sale. The carrying value of assets held for sale was assessed and reduced to estimated net realizable value, resulting in the recognition of an impairment charge of $1.4 million within Corporate operations.