Restructuring and Impairment Expense

3 Months Ended

Mar. 31, 2017

Restructuring and Related Activities [Abstract]

Restructuring and Impairment Expense

RESTRUCTURING AND IMPAIRMENT EXPENSE

Restructuring and impairment expense was as follows:

	Three Months Ended March 31,
(In millions)	2017			2016
Subsea	$	6.7		$	0.3
Onshore/Offshore	(0.3		)	35.4
Surface Technologies	1.4			—
Corporate and other	1.9			—
Total restructuring and impairment expense	$	9.7		$	35.7

Restructuring—As a result of the decline in crude oil prices and its effect on the demand for products and services in the oilfield services industry worldwide, we initiated a company-wide reduction in workforce and facility consolidation intended to reduce costs and better align our workforce with current and anticipated activity levels, which resulted in the continued recognition of severance costs relating to termination benefits and other restructuring charges.

Asset impairments—We conduct impairment tests on long-lived assets whenever events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition over the asset’s remaining useful life. Our review of recoverability of the carrying value of our assets considers several assumptions including the intended use and service potential of the asset.