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Restructuring Charges

6 Months Ended

Jun. 30, 2024

Restructuring Charges

Restructuring Charges

11. 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. While we did not incur restructuring charges during the six months ended June 30, 2024, we expect to incur additional restructuring charges of $0.1 million related to these restructuring activities.

​

The following table presents restructuring charges incurred by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contract

​

Aftermarket

​

​

​

​

​

​

(in thousands)

​

Operations

​

Services

​

Other(1)

​

Total

Three months ended June 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

Organizational restructuring

​

$

(101)

​

$

—

​

$

16

​

$

(85)

Total restructuring charges

​

$

(101)

​

$

—

​

$

16

​

$

(85)

​

​

​

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

Organizational restructuring

​

$

101

​

$

—

​

$

861

​

$

962

Total restructuring charges

​

$

101

​

$

—

​

$

861

​

$

962

(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:

​

​	​	​	​	​	​	​
​	​	Three Months Ended		​	Six Months Ended
​	​	June 30,		​	June 30,
(in thousands)	​	2023			2023
Organizational Restructuring	​	​	​	​	​	​
Severance costs	​	$	(85)	​	$	705
Consulting costs	​	​	—	​	​	257
Total restructuring costs	​	$	(85)	​	$	962

​

X

- References

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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 S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/420/tableOfContent

Reference 5: 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

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