Chesapeake Energy 2014 Annual Report Download - page 142
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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
134
Below is a summary of our restructuring and other termination costs for the years ended December 31, 2014,
2013 and 2012:
Years Ended December 31,
2014 2013 2012
($ in millions)
Oilfield services spin-off costs:
Transaction costs $ 17 $ — $ —
Stock-based compensation adjustments for Chesapeake
employees 5 — —
Stock-based compensation forfeitures for SSE employees (10) — —
Debt extinguishment costs 3 — —
Total oilfield services spin-off costs 15 — —
Restructuring charges under workforce reduction plan:
Salary expense — 20 —
Acceleration of stock-based compensation — 45 —
Other termination benefits — 1 —
Total restructuring changes under workforce reduction plan — 66 —
Termination benefits provided to Mr. McClendon:
Salary and bonus expense — 11 —
Acceleration of 2008 performance bonus clawback — 11 —
Acceleration of stock-based compensation — 22 —
Acceleration of performance share unit awards(a) (8) 18 —
Estimated aircraft usage benefits — 7 —
Total termination benefits provided to Mr. McClendon (8) 69 —
Termination benefits provided to VSP participants:
Salary and bonus expense — 33 1
Acceleration of stock-based compensation — 29 1
Other termination benefits — 1 —
Total termination benefits provided to VSP participants — 63 2
Other termination benefits(a) — 50 5
Total restructuring and other termination costs $ 7 $ 248 $ 7
____________________________________________
(a) Amounts for the year ended December 31, 2014 are primarily related to negative fair value adjustments to PSUs
granted to former executives of the Company. For further discussion of our PSUs, see Note 9.