When a machine comes to a complete stop we call that as breakdown maintenance ,this refers to equipment only.
Refurbishment is meant for spare parts,
there are three valuation types assigned to a material c1,c2 and c3
C1-Brand new part,C2-refurbished part,c3-defective part
When a spare part gets into c3 (defective) condition ,the company will access the particular part and see the cost effective way of doing it.For example if i my refurbishing will take around 10dollors and a new one takes around 8 dollors. The company will opt for the later one.