Restructuring Charges

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Note V – Restructuring Charges

In 2020, the Company announced that it was closing its headquarters office in El Dorado, Arkansas, its office in Calgary, Alberta, and consolidating all worldwide staff activities to its existing office location in Houston, Texas. As a result of this decision, certain directly attributable costs and charges have been recognized and reported as Restructuring charges as part of net loss during the year ended December 31, 2020. These costs include severance, relocation, IT costs, pension curtailment charges and a write-off of the right of use asset lease associated with the Canada office. Further, the office building in El Dorado is classified as held for sale as of December 31, 2020 and 2021. Restructuring charges are primarily reported in the Corporate segment.

The following table presents a summary of the restructuring charges included in Operating (loss) income from continuing operations for the year ended December 31, 2020:


(Thousands of dollars)	Year Ended December 31, 2020
Severance	$	25,088
Contract exit costs and other	13,993
Pension and termination benefit charges	10,913
Restructuring charges	$	49,994

The following table represents a reconciliation of the liability associated with the Company’s restructuring activities at December 31, 2020 and 2021, which is reflected in Other accrued liabilities on the Consolidated Balance Sheet:


(Thousands of dollars)
Restructuring accruals	$	32,430
2020 Utilizations	(25,500)
Liability at December 31, 2020	6,930
2021 Utilizations	(4,757)
Liability at December 31, 2021	$	2,173