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Restructuring

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

As a result of the ongoing review of our land business and changes in the overall economic landscape for all our reportable segments due to the COVID-19 pandemic, we implemented a restructuring initiative focused on streamlining our operations and sharpening the deployment and allocation of resources.  While we took several actions during the nine months ended September 30, 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.

During the nine months ended September 30, 2020, we incurred $7.7 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 September 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 nine months ended September 30, 2020 (in millions):

			Aviation			Land			Marine			Corporate			Consolidated
Accrued balance as of December 31, 2019			$	0.5		$	7.5		$	1.3		$	0.2		$	9.5
Severance costs			2.1			3.1			1.3			1.2			7.7
Payments			(1.4)			(6.2)			(1.8)			(1.0)			(10.3)
Accrued charges as of September 30, 2020			$	1.2		$	4.4		$	0.9		$	0.4		$	6.9

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 recorded during the second quarter of 2020 and 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 for the nine months ended September 30, 2020 (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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