XML 34 R22.htm IDEA: XBRL DOCUMENT v3.21.2

Restructuring

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring

RestructuringRestructuring costs include charges associated with exit or disposal activities that meet the definition of restructuring under FASB ASC Topic 420, Exit or Disposal Cost Obligations (“ASC 420”). The Company's restructuring plans are generally country or region specific and are typically completed within a one-year period. Restructuring costs incurred under these plans include (i) one-time termination benefits related to employee separations, (ii) contract termination costs, and (iii) other related costs associated with exit or disposal activities, including but not limited to, costs for consolidating or closing facilities other than lease costs accounted for under ASC 842. Costs related to the integration of acquired businesses that do not meet the definition of restructuring under ASC 420, such as employee training costs, duplicate facility costs and professional services expenses, are included within SG&A expense.

The following is a summary of the activity in the Company’s restructuring accruals for the three and six months ended June 30, 2021 and 2020:

			Three Months Ended June 30,
			2021																		2020
(in thousands)			Employee Costs						Facility Exit Costs						Total						Employee Costs						Facility Exit Costs						Total
Beginning balance			$	3,318					$	—					$	3,318					$	168					$	—					$	168
Charges			6,960						—						6,960						743						6						749
Cash payments			(1,567)						—						(1,567)						(388)						—						(388)
Foreign currency translation			—						—						—						1						—						1
Non-cash movements			(4,331)						—						(4,331)						—						(5)						(5)
Ending balance			$	4,380					$	—					$	4,380					$	524					$	1					$	525

			Six Months Ended June 30,
			2021																		2020
(in thousands)			Employee Costs						Facility Exit Costs						Total						Employee Costs						Facility Exit Costs						Total
Beginning balance			$	1,750					$	—					$	1,750					$	447					$	—					$	447
Charges			10,102						—						10,102						671						18						689
Cash payments			(1,703)						—						(1,703)						(595)						—						(595)
Foreign currency translation			—						—						—						1						—						1
Non-cash movements			(5,769)						—						(5,769)						—						(17)						(17)
Ending balance			$	4,380					$	—					$	4,380					$	524					$	1					$	525

The restructuring charges during the three and six months ended June 30, 2021 are primarily driven by employee termination costs as a result of the elimination of positions due to the Merger. The restructuring charges during the three and six months ended June 30, 2020 primarily relate to employee termination costs due to reductions in force in response to the COVID-19 pandemic.

The restructuring non-cash movements during the three and six months ended June 30, 2021 primarily represent stock compensation costs recognized as a result of the modification of certain equity awards associated with the Transition, Separation and Release Agreement entered into on February 25, 2021 with the Company's President and Chief Operating Officer.

Segments (as defined in Note 18)

The $7.0 million of restructuring charges for the three months ended June 30, 2021 includes $0.5 million of charges related to the NA Modular segment, $2.1 million of charges related to the NA Storage segment, and $4.4 million of unallocated charges.

The $10.1 million of restructuring charges for the six months ended June 30, 2021 includes $1.5 million of charges related to the NA Modular segment, $2.8 million of charges related to the NA Storage segment, and $5.8 million of unallocated charges.

Restructuring charges for the three and six months ended 2020 pertain to the NA Modular segment.

X

- References

No definition available.

+ Details

Name:	us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

+ Details

Name:	us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration