Restructuring

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

15. Restructuring

2023 Restructuring Plan

In November 2023, we approved and began implementing a 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, 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 quarter of 2024, we continued to assess potential initiatives, resulting in additional restructuring charges of $0.2 million, with the intent of completing the restructuring activities during the second quarter of 2024.

The following table provides a summary of our 2023 Restructuring Program activities (in millions):

	Aviation		Land		Marine		Corporate		Consolidated
Accrued charges as of December 31, 2023	$	1.2	$	3.7	$	—	$	0.9	$	5.7
Restructuring charges	—		0.2		—		(0.1)		0.2
Paid during the period	(0.4)		(1.6)		—		(0.5)		(2.6)
Accrued charges as of March 31, 2024	$	0.8	$	2.3	$	—	$	0.3	$	3.3