Restructuring Charges

12 Months Ended

Dec. 31, 2022

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 consolidated 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, information technology costs, pension curtailment charges and a write-off of the right of use asset lease associated with the Calgary office. 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 liability associated with the Company’s restructuring activities at December 31, 2022 and 2021 is nil and $2.2 million, respectively, which is reflected in “Other accrued liabilities” on the Consolidated Balance Sheets.