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Exit Activity Costs and Asset Impairments | 12 Months Ended
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Dec. 31, 2015
Restructuring and Related Activities [Abstract] |
Exit Activity Costs and Asset Impairments | EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS The Company’s business strategy has been formulated to effect a transformation of its operations and much-improved financial results over a five year period. In 2015, the first year of this planned transformation, an 80/20 simplification initiative commenced across many of our business units. This initiative, in part, focuses the Company’s internal resources on further increasing the value provided to our customers. A result of this initiative in 2015 was the identification of low-volume, internally-produced products which have been or will be planned to be outsourced or discontinued. There were costs resulting from this identification that aggregated $8,504,000. These charges relate to the write-down of inventory and impairment of machinery and equipment associated with either discontinued product lines or the reduction of manufactured goods offered within a product line. These assets were written down to their sale or scrap value, and were subsequently sold or disposed of. Exit activity costs of $1,418,000 were incurred relating to contract termination costs, severance costs, and other moving and closing costs. These costs were the result of the closing and consolidation of four facilities, relocation of inventory and equipment at those facilities and the reduction of workforce associated with the discontinued products and closed facilities. Lastly, the Company sold and leased back a facility which resulted in a gain of $6,799,000. In 2014, the Company closed and consolidated two facilities which resulted in asset impairment charges of $208,000 and exit activity costs of $2,126,000. In addition, the Company recognized a gain on the sale of a consolidated facility previously impaired in 2013 of $663,000. The following table sets forth the asset impairment charges, exit activity costs and gain on facilities sold in conjunction with these efforts, incurred by segment during the years ended December 31 related to the restructuring activities described above (in thousands):
| 2015 |  | 2014 |  | 2013
| Inventory write-downs &/or asset impairment charges |  | Exit activity costs |  | Gain on sale leaseback |  | Total |  | Inventory write-downs &/or asset impairment charges |  | Exit activity costs |  | Gain on sale |  | Total |  | Inventory write-downs &/or asset impairment charges |  | Exit activity costs |  | Total
Residential Products | $ | 6,495 |  |  | $ | 1,256 |  |  | $ | (6,799 | ) |  | $ | 952 |  |  | $ | 83 |  |  | $ | 1,332 |  |  | $ | (663 | ) |  | $ | 752 |  |  | $ | 1,616 |  |  | $ | 905 |  |  | $ | 2,521 |
Industrial & Infrastructure Products | 2,009 |  |  | 162 |  |  | — |  |  | 2,171 |  |  | 125 |  |  | 794 |  |  | — |  |  | 919 |  |  | — |  |  | 113 |  |  | 113 |
Total exit activity costs & asset impairments | $ | 8,504 |  |  | $ | 1,418 |  |  | $ | (6,799 | ) |  | $ | 3,123 |  |  | $ | 208 |  |  | $ | 2,126 |  |  | $ | (663 | ) |  | $ | 1,671 |  |  | $ | 1,616 |  |  | $ | 1,018 |  |  | $ | 2,634 |
The following table provides a summary of where the above exit activity costs and asset impairments are recorded in the consolidated statements of operations for the years ended December 31 (in thousands):
| 2015 |  | 2014 |  | 2013
Cost of sales | $ | 9,381 |  |  | $ | 843 |  |  | $ | 2,519 |
Selling, general, and administrative expense | (6,258 | ) |  | 828 |  |  | 115 |
Total exit activity costs and asset impairments | $ | 3,123 |  |  | $ | 1,671 |  |  | $ | 2,634 |
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 as of January 1 | $ | 575 |  |  | $ | 1,092 |
Exit activity costs recognized | 1,418 |  |  | 2,126 |
Cash payments | (1,390 | ) |  | (2,643 | )
Balance as of December 31 | $ | 603 |  |  | $ | 575 |

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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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