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Restructuring and Exit Activities
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Exit Activities
16. Restructuring and Exit Activities
2024 Exit Activities
During the fourth quarter of 2024, we decided to take actions to exit certain operations, including the rationalization of certain assets and associated personnel within our North American land business as well as the disposal of our subsidiaries in Brazil. As a result of the actions taken in 2024, during the three months ended December 31, 2024, we recognized asset impairment charges of $3.1 million, wrote off accounts receivable totaling $4.4 million, and recognized additional charges for severance and other compensation costs of $1.4 million.
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. In addition, as part of the 2023 Restructuring Plan, within our marine segment we made the decision during the second quarter of 2024 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.
2020 Restructuring Program
In the first quarter of 2020, we implemented a restructuring initiative focused on streamlining our operations and rationalizing our deployment and allocation of resources in the overall economic landscape due to the COVID-19 pandemic. During the fourth quarter of 2021, we completed all necessary activities and closed the restructuring program. During the year ended December 31, 2022, we paid previously accrued restructuring charges of $0.2 million and released the remaining accrual associated with the restructuring program, which resulted in the reversal of $0.8 million of previously recognized restructuring charges.
Rollforward of Restructuring and Exit Activity Accruals
The following table provides a summary of our severance and other compensation cost activities as part of the 2023 Restructuring Plan and other exit activities (in millions):
AviationLandMarineCorporateConsolidated
Accrued charges as of December 31, 2022$— $— $— $— $— 
Restructuring and exit activity charges1.5 3.9 — 1.7 7.2 
Paid during the period(0.4)(0.3)— (0.8)(1.5)
Accrued charges as of December 31, 2023$1.2 $3.7 $— $0.9 $5.7 
Restructuring and exit activity charges0.1 3.2 — 0.5 3.8 
Paid during the period(1.3)(5.1)— (1.1)(7.5)
Accrued charges as of December 31, 2024$— $1.7 $— $0.3 $2.0