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Restructuring Charges | 9 Months Ended
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Sep. 30, 2020
Restructuring and Related Activities [Abstract] |
Restructuring Charges | Note Q – Restructuring Charges On May 6, 2020, the Company announced that it was closing its headquarter office in El Dorado, Arkansas, its office in Calgary, Alberta, and consolidating all worldwide staff activities to its existing office location in Houston, Texas. As a result of this decision, certain directly attributable costs and charges have been recognized and reported as Restructuring charges as part of net income during the three and nine months ended September 30, 2020. These costs include severance, relocation, IT costs, pension curtailment charges and a write-off of the right of use asset lease associated with the Canada office. Further, the office building in El Dorado and two airplanes are classified as held for sale as of September 30, 2020. Subsequent to period end, one of the planes has been sold. All Restructuring charges have been recorded in the Corporate segment. The following table presents a summary of the restructuring charges included in Operating (loss) income from continuing operations for the three and nine months ended September 30, 2020:
(Thousands of dollars) | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020
Severance | $ | 2,635 |  | 22,502 |
Pension and termination benefit charges | — |  | 10,913 |
Contract exit costs and other | 2,347 |  | 12,964 |
Restructuring charges | $ | 4,982 |  | 46,379 |
The following table represents a reconciliation of the liability associated with the Company’s restructuring activities at September 30, 2020, which is reflected in Other accrued liabilities on the Consolidated Balance Sheet:
(Thousands of dollars) |
Restructuring accruals | $ | 28,814 |
Utilizations | (19,635) |
Liability at September 30, 2020 | $ | 9,179 |

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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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