Chesapeake Energy 2015 Annual Report Download - page 142
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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
138
18. Restructuring and Other Termination Costs
A summary of our restructuring and other termination costs for the years ended December 31, 2015, 2014 and
2013 is as follows:
Years Ended December 31,
2015 2014 2013
($ in millions)
Restructuring charges under workforce reduction plan:
Salary expense ....................................................................................... $ 47 $ — $ 20
Acceleration of stock-based compensation............................................. — — 45
Other termination benefits....................................................................... 8 — 1
Total restructuring changes under workforce reduction plan............ 55 — 66
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 —
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) (8) 18
Estimated aircraft usage benefits ......................................................... — — 7
Total termination benefits provided to Mr. McClendon.................... (8) (8) 69
Termination benefits provided to VSP participants:
Salary and bonus expense ................................................................... — — 33
Acceleration of stock-based compensation .......................................... — — 29
Other termination benefits .................................................................... — — 1
Total termination benefits provided to VSP participants................. — — 63
Other termination benefits(a) ........................................................................ (11) — 50
Total restructuring and other termination costs............................... $ 36 $ 7 $ 248
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(a) Amounts for the years ended December 31, 2015 and 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.