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Restructuring Charges

12 Months Ended

Dec. 31, 2023

Restructuring Charges

Restructuring Charges

22. Restructuring Charges

During the first quarter of 2023, a plan to further streamline our organization and more fully align our teams to improve our customer service and profitability was approved by management. We expect to incur additional restructuring charges of approximately $0.4 million related to these restructuring activities.

During the year ended December 31, 2021, in response to the decreased activity level of our customers that resulted from the COVID–19 pandemic, we recorded pandemic restructuring charges for severance costs of $1.7 million. We do not expect to incur additional material costs under this restructuring plan. In addition, during the year ended December 31, 2021, management approved and initiated a plan to exit a facility no longer deemed economical for our business, and we incurred $0.9 million of costs to complete the exit of the facility.  We do not expect to incur additional material costs under this restructuring plan.

The following table presents restructuring charges incurred by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract

​

Aftermarket

​

​

​

​

​

​

(in thousands)

​

Operations

​

Services

​

Other(1)

​

Total

2023

​

​

​

​

​

​

​

​

​

​

​

​

Organizational restructuring

​

$

101

​

$

387

​

$

1,287

​

$

1,775

Total restructuring charges

​

$

101

​

$

387

​

$

1,287

​

$

1,775

​

​

​

​

​

​

​

​

​

​

​

​

​

2021

​

​

​

​

​

​

​

​

​

​

​

​

Pandemic restructuring

​

$

616

​

$

145

​

$

956

​

$

1,717

Property restructuring

​

​

929

​

​

-

​

​

35

​

​

964

Other restructuring

​

​

-

​

​

-

​

​

222

​

​

222

Total restructuring charges

​

$

1,545

​

$

145

​

$

1,213

​

$

2,903

(1) Represents expense incurred within our corporate function and not directly attributable to our segments.

The following table presents restructuring charges incurred by cost type:

​

​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2023		​	2021
Severance costs	​	​	​	​	​	​
Organizational Restructuring	​	$	1,517	​	$	—
Pandemic restructuring	​	​	—	​	​	1,717
Total severance costs	​	​	1,517	​	​	1,717
Property restructuring	​	​	—	​	​	964
Other restructuring costs	​	​	258	​	​	222
Total restructuring costs	​	$	1,775	​	$	2,903

​

The following table presents the changes to our accrued liability balance related to restructuring charges during the year ended December 31, 2023:

​

​	​	​	​
​	​	​
​	​	​	​
(in thousands)	​	Total
Balance at December 31, 2022		$	—
Charges incurred	​		1,775
Payments	​	​	(1,554)
Balance at December 31, 2023	​	$	221

​

X

- References

No definition available.

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//420/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2

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