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Restructuring Charges

12 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Restructuring Costs

Restructuring Charges

The 2018 Plan

On January 30, 2018, the Company announced its plans to close its lighting division and manufacturing operations in Brecksville, Ohio, ("the 2018 Plan"). The Company believes that such business was not core to its strategy and growth objectives. In connection therewith, the Company has terminated approximately fifty employees, and began the process to exit the facilities in Ohio and sell the related equipment. The Company expected to record restructuring charges of approximately $2 million to $5 million related to employee terminations and severance costs and facility related costs. During the year ended December 31, 2018, the Company recorded a net charge of $2.2 million, primarily related to the reduction in workforce, of which $2.0 million was related to the Other segment and $0.2 million was related to corporate support functions. The 2018 Plan was substantially completed as of December 31, 2018.

The following table summarizes the 2018 Plan restructuring activities during the year ended December 31, 2018:

		Employee Severance and Related Benefits				Facilities				Total
		(In thousands)
Balance at December 31, 2017		$	—			$	—			$	—
Charges		2,234				1,208				3,442
Payments		(2,227		)		(226		)		(2,453		)
Non-cash settlements		—				(670		)	*	(670		)
Balance at December 31, 2018		$	7			$	312			$	319

______________________________________

*The non-cash charge of $0.7 million is primarily related to the write down of fixed assets and inventory related to the Other segment.

The Company concluded that the closure of its lighting division did not meet the criteria for reporting in discontinued operations in accordance with ASC 360, "Property, Plant, and Equipment". Consequently, the lighting division's long-lived assets were reclassified as held for sale. As of December 31, 2018, the Company sold all property, plant and equipment from its lighting division reclassified as held for sale on the consolidated balance sheets of approximately $3.5 million and recognized a gain on the disposal of the held for sale assets of approximately $1.2 million included in restructuring charges on the consolidated statements of operations.

During 2017 and 2016, the Company did not initiate any restructuring programs.

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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