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Restructuring

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

As a result of the continued review of our land business and changes in the overall economic landscape for all reportable segments as a result of the COVID-19 pandemic, we are implementing a restructuring initiative focused on further streamlining our operations and sharpening our deployment of resources in 2020.  While the company took several actions during the second quarter of 2020, we continue to evaluate and define the overall restructuring plan as the full impact of COVID-19 on our business and our customers is unknown.

For the six months ended June 30, 2020, we incurred $4.8 million in restructuring costs, comprised principally of certain severance costs included in Restructuring charges in our Consolidated Statements of Income and Comprehensive Income. Our accrued restructuring charges as of June 30, 2020 are included in Accrued expenses and other current liabilities on our Consolidated Balance Sheet.

The following table provides a summary of our restructuring activities during the six months ended June 30, 2020 (in millions):

			Aviation			Land			Marine			Corporate			Consolidated
Balance as of December 31, 2019			$	0.5		$	7.5		$	1.3		$	0.2		$	9.5
Severance costs			0.7			2.7			0.4			1.0			4.8
Payments			(0.5)			(4.5)			(1.0)			(0.5)			(6.5)
Restructuring charges as of June 30, 2020			$	0.7		$	5.7		$	0.7		$	0.8		$	7.9

During the second quarter of 2020, we implemented a cost reduction initiative to rationalize our global office footprint and approved the abandonment of certain office leases, including the transition of select offices to smaller or more cost-effective locations. These asset groups, consisting mainly of right-of-use assets and leasehold improvements, were tested for impairment. We concluded that the carrying amounts of these asset groups were not recoverable and the fair value determined was concluded to be nominal based on a discounted cash flow model. As a result, an $18.6 million impairment charge was recognized and is included within Asset impairments on our Consolidated Statements of Income and Comprehensive Income.

The following table provides a summary of this impairment by reportable business segment (in millions):

			Aviation			Land			Marine			Corporate			Consolidated
Asset impairments			$	6.9		$	5.9		$	4.0		$	1.8		$	18.6

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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://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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