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Restructuring

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

As a result of the review of our land business and changes in the overall economic landscape for all our reportable segments due to the COVID-19 pandemic, in the first quarter of 2020, we implemented a restructuring initiative focused on streamlining our operations and rationalizing our deployment and allocation of resources. While we took several actions during the year ended December 31, 2020, our focus has been mainly the cost-reduction initiatives as a result of the pandemic. As a result, the overall land restructuring plan is now expected to be finalized by the end of the second quarter of 2021.

For the year ended December 31, 2020, we incurred $10.3 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 December 31, 2020 are included in Accrued expenses and other current liabilities within our Consolidated Balance Sheet.

The following table provides a summary of our restructuring activities during the years ended December 31, 2020 and 2019 (in millions):

			Aviation			Land			Marine			Corporate			Consolidated
Accrued charges as of December 31, 2018			$	1.4		$	12.6		$	2.6		$	4.0		$	20.7
Restructuring charges			1.2			4.4			1.2			13.0			19.7
Paid during the period			(2.1)			(9.6)			(2.4)			(16.8)			(30.8)
Accrued charges as of December 31, 2019			0.5			7.5			1.3			0.2			9.5
Restructuring charges			3.3			3.9			1.9			1.2			10.3
Paid during the period			(3.0)			(6.7)			(2.3)			(1.4)			(13.3)
Accrued charges as of December 31, 2020			$	0.9		$	4.6		$	0.9		$	0.1		$	6.6

During the second quarter of 2020, we completed 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 for the year ended December 31, 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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