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Reduction in Value of Assets
12 Months Ended
Dec. 31, 2019
Reduction In Value Of Assets [Abstract]  
Reduction In Value Of Assets (11) Reduction in Value of Assets

During 2019, 2018 and 2017, the Company recorded $17.2 million, $322.7 million and $10.4 million in expense related to reduction in value of assets, respectively. The components of the reductions in value of assets are as follows (in thousands):

Years ended December 31,

2019

2018

2017

Reduction in value of goodwill

$

-

$

251,826

$

-

Reduction in value of long-lived assets

17,185

70,887

10,390

Total reduction in value of assets

$

17,185

$

322,713

$

10,390

Reduction in Value of Long-Lived Assets

During 2019, the Company recorded $17.2 million in connection with the reduction in value of its long-lived assets. The reduction in value of assets was primarily related to reduction in value of certain intangibles in the Onshore Completion and Workover Services segment and long-lived assets in the Technical Solutions segment.

During 2018, the Company recorded $70.9 million in connection with the reduction in value of its long-lived assets. The reduction in value of assets was comprised of $41.4 million and $19.8 million related to property, plant and equipment and intangibles, respectively, in the well servicing rigs business in the Onshore Completion and Workover Services segment and $5.1 million related to property, plant and equipment and $1.9 million related to intangibles in the Production Services segment. The reduction in value of assets recorded during 2018 was primarily driven by the decline in demand for these services and the forecast did not indicate a timely recovery sufficient to support the carrying values of these assets. In addition, the Company recorded a $2.6 million reduction in carrying value of its former corporate facility and its related assets.

During 2017, the Company recorded $10.4 million in connection with the reduction in value of its long-lived assets. The reduction in value of assets was comprised of $8.1 million related to property, plant and equipment in the Technical Solutions segment and $2.3 million related to property, plant and equipment primarily in the Drilling Products and Services segment.

Reduction in Value of Goodwill

During 2018, the Company recorded a $251.8 million reduction in value of goodwill relating to its Onshore Completion and Workover Services and Production Services segments. The Company determined that the fair value of its goodwill for the Onshore Completion and Workover Services segment was less than its carrying value and fully wrote-off the related goodwill balances.