Restructuring

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

15. Restructuring and Exit Activities

2023 Restructuring Plan

In November 2023, we approved and began implementing a restructuring plan (the "2023 Restructuring Plan") to realign our operational focus with the purpose of simplifying our business, enabling us to focus more clearly on growing our core businesses and our new sustainability-related activities, and improving our cost structure. As part of this plan, during the fourth quarter of 2023, we identified open positions that were eliminated and other positions that were closed to better align the workforce necessary to execute the revised strategy. We recognized restructuring charges of $7.2 million during the year ended December 31, 2023, composed of severance and other compensation costs. We also decided to shift future investments away from underperforming businesses and to continue assessing our global office footprint, resulting in impairment charges of $11.2 million during the fourth quarter of 2023.

During the first half of 2024, we continued to assess potential initiatives, resulting in additional severance and other compensation cost-related restructuring charges of $2.5 million. The following table provides a summary of our severance and other compensation cost activities as part of the 2023 Restructuring Plan (in millions):


	Aviation		Land		Marine		Corporate		Consolidated



Accrued charges as of December 31, 2023	$	1.2	$	3.7	$	—	$	0.9	$	5.7
Restructuring charges	0.1		1.2		—		1.2		2.5
Paid during the period	(0.7)		(2.7)		—		(0.8)		(4.2)
Accrued charges as of June 30, 2024	$	0.6	$	2.1	$	—	$	1.3	$	4.0

In addition, as part of the 2023 Restructuring Plan, within our marine segment we made the decision to cease operations at one of our subsidiaries in Brazil, resulting in the write-off of $3.3 million of VAT credits that are no longer recoverable.

We completed the restructuring activities during the second quarter of 2024.