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Restructuring Charges

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring Charges

During the fourth quarter of 2017, we began an enterprise-wide restructuring plan that is designed to streamline the organization, and reallocate resources to better align our organizational structure and costs with our strategy. While these activities are ongoing, we expect the majority of these activities to be completed over the course of 2018, and based on activities being reviewed, we cannot reasonably estimate the ultimate cost that will be incurred. Specifically, as the restructuring plan involves reviewing non-core businesses and assets, our organizational structure, and expected commercial opportunities in the markets we serve. We will also consider our existing technology platforms, specifically with an aim to more fully integrate recent acquisitions and increase associated profit contribution.

During the fourth quarter, we incurred $59.6 million in restructuring charges, comprised primarily of costs associated with exiting certain business lines, including completely exiting the railcar business, exiting a low return capital-intensive distributor program within the land segment, approximately $26.0 million non-cash impairment charge related to notes due from certain of those preferred distributors and employee and facility-related costs. As of December 31, 2017, approximately $32.0 million of total restructuring charges is included in accrued expenses and other current liabilities on our consolidated balance sheet.

A summary of the restructuring charges we recorded by segment, are as follows:

	Aviation			Land			Marine			Corporate			Consolidated
Business line exit costs	$	—		$	50.3		$	—		$	—		$	50.3
Employee and facility-related	0.9			2.1			1.4			5.1			9.4
Restructuring charges	$	0.9		$	52.4		$	1.4		$	5.1		$	59.6

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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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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