Note 11. Restructuring Activities (Notes)

12 Months Ended

Dec. 31, 2019

Restructuring Charges [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

Note 11. Restructuring Activities

In November 2019, we approved a restructuring plan to resize certain resources, reduce stranded costs, and better align support services with our rail-focused strategy. As part of the restructuring program, we eliminated positions across multiple locations and functions, including certain corporate and operational support functions. Other restructuring actions associated with this plan are expected to be substantially completed in 2020.

During the year ended December 31, 2019, we recorded total restructuring charges of $14.7 million, consisting of approximately $3.8 million in cash charges for severance costs and approximately $10.9 million of non-cash charges, primarily from write-downs of assets associated with our non-operating facilities that will no longer be utilized as we execute our rail-focused strategy. The final liquidation of our non-operating facilities could result in the disposition of certain assets, which were not included in the fourth quarter 2019 restructuring charge, at amounts in excess of their carrying value. As we continue to reposition the organization, it is possible that we will engage in additional restructuring activities in 2020.

The following table sets forth the restructuring activity and balance of the restructuring liability, which is included in other liabilities in our Consolidated Balance Sheet:

	Accrued charges as of December 31, 2018		Charges and adjustments		Payments			Accrued charges as of December 31, 2019
	(in millions)
Cash charges:
Employee severance costs	$	—	$	3.8	$	(0.4	)	$	3.4
	$	—	$	3.8	$	(0.4	)	$	3.4
Non-cash charges:
Write-down of assets			$	10.9
Total restructuring activities			$	14.7

Although restructuring activities are not allocated to our reportable segments, the following table summarizes the restructuring activities by reportable segment:

	Year Ended December 31, 2019
	Employee Severance Costs		Write-down of Assets		Total
	(in millions)
Railcar Leasing and Management Services Group	$	0.2	$	—	$	0.2
Rail Products Group	0.7		—		0.7
All Other	0.5		10.9		11.4
Corporate	2.4		—		2.4
Total restructuring activities	$	3.8	$	10.9	$	14.7