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Restructuring and Reorganization Costs | 6 Months Ended
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Jun. 30, 2020
Restructuring and Related Activities [Abstract] |
Restructuring and Reorganization Costs | Restructuring and Reorganization Costs The company is undertaking an enterprise-wide transformation that includes the capture of cost efficiencies. As part of this restructuring, employee-reduction programs were announced, and in second quarter 2020, the company recorded severance accruals. The programs are expected to be substantially completed by the end of 2021. A before-tax charge of $1,015 million ($784 million after-tax) was recorded in second quarter 2020, with $895 million reported as “Operating expenses” and $120 million reported as “Selling, general and administrative expenses” on the Consolidated Statement of Income. The accrued liability, covering severance benefits, is classified as current on the Consolidated Balance Sheet. Approximately $157 million ($120 million after-tax) is associated with terminations in U.S. Upstream, $376 million ($296 million after-tax) in International Upstream, $109 million ($82 million after-tax) in U.S. Downstream, $78 million ($62 million after-tax) in International Downstream, and $295 million ($224 million after-tax) in All Other.
| Amounts Before Tax
| (Millions of dollars)
Balance at January 1, 2020 | $ | 7 |
Accruals/Adjustments | 1,031 |
Payments | (11) |
Balance at June 30, 2020 | $ | 1,027 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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