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Restructuring and Reorganization Costs

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Reorganization Costs

Restructuring and Reorganization Costs

In 2020, the company recorded severance accruals and adjustments for employee reduction programs related to enterprise-wide restructuring, which are expected to be substantially completed by the end of 2021.

A before-tax charge of $859 ($670 after-tax) was recorded in 2020, with $690 reported as "Operating expenses" and $169 reported as “Selling, general and administrative expenses" on the Consolidated Statement of Income. Approximately $127 ($97 after-tax) is associated with terminations in U.S. Upstream, $288 ($228 after-tax) in International Upstream, $112 ($85 after-tax) in U.S. Downstream, $69 ($54 after-tax) in International Downstream and $263 ($206 after-tax) in All Other.

During 2020, the company made payments of $396 associated with these liabilities. The following table summarizes the accrued severance liability, which is classified as current on the Consolidated Balance Sheet.

			Amounts Before Tax
Balance at January 1, 2020			$	7
Accruals/Adjustments			859
Payments			(396)
Balance at December 31, 2020			$	470

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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

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