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Exit Activity Costs and Asset Impairments | 9 Months Ended
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Sep. 30, 2015
Restructuring and Related Activities [Abstract] |
Exit Activity Costs And Asset Impairments | EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS The Company focuses on value-creation strategies which include aligning its cost structure to market demand, which has in part led to the consolidation of facilities and product lines. During the nine months ended September 30, 2015, the Company eliminated three product lines, closed three facilities, and sold and leased back a fourth facility. The discontinuation of the product lines and closing of three facilities resulted in additional asset impairment charges of $3,247,000, an increase to cost of sales, during the nine months ended September 30, 2015. The sale leaseback of the third facility resulted in a gain of $6,799,000, thus a reduction to selling, general and administrative expense (SG&A) in the nine months ended September 30, 2015. The net result of these activities was a reduction of expense of $3,552,000 for asset impairment during the nine months ended September 30, 2015. In addition, the Company incurred exit activity costs of $1,029,000, including severance costs, contract termination costs, and other moving and closing costs during the nine months ended September 30, 2015. During 2014, the Company consolidated two facilities in this effort. For the nine months ended September 30, 2014, the Company recorded a reduction of SG&A expense of $554,000, the net result of a gain on the sale of one of the consolidated facilities previously impaired in 2013, partially offset by impairment charges for the other facility consolidated during 2014, along with exit activity costs, including contract termination costs, severance costs, and other moving and closing costs. If future opportunities for cost savings are identified, other facility consolidations and closings will be considered. The following table provides a summary of asset impairments and exit activity costs (gains) incurred by segment during the three and nine months ended September 30, (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Residential Products | $ | 757 |  |  | $ | 487 |  |  | $ | (2,572 | ) |  | $ | 632 |
Industrial and Infrastructure Products | 8 |  |  | 175 |  |  | 49 |  |  | 634 |
Net asset impairment and exit activity charges (gains) | $ | 765 |  |  | $ | 662 |  |  | $ | (2,523 | ) |  | $ | 1,266 |
The following table provides a summary of where the asset impairments and exit activity costs (gains) were recorded in the statement of operations for the three and nine months ended September 30, (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Cost of sales | $ | 666 |  |  | $ | 378 |  |  | $ | 4,027 |  |  | $ | 580 |
Selling, general, and administrative expense | 99 |  |  | 284 |  |  | (6,550 | ) |  | 686 |
Net asset impairment and exit activity charges (gains) | $ | 765 |  |  | $ | 662 |  |  | $ | (2,523 | ) |  | $ | 1,266 |
The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands):
| 2015 |  | 2014
Balance at January 1 | $ | 575 |  |  | $ | 1,092 |
Exit activity costs recognized | 1,029 |  |  | 1,820 |
Cash payments | (1,083 | ) |  | (2,275 | )
Balance at September 30 | $ | 521 |  |  | $ | 637 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=27011515&loc=d3e140864-122747 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 + Details
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