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Exit Activity Costs and Asset Impairments | 9 Months Ended
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Sep. 30, 2016
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 improve 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 on-going initiative, in part, focuses the Company’s internal resources on further increasing the value provided to our customers. A result of this initiative was the identification of low-volume, internally-produced products which have been or will be outsourced or discontinued. During the nine months ended September 30, 2016, charges resulted from this identification which 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 were also incurred during the nine months ended September 30, 2016 which relate to contract termination costs, severance costs, and other moving and closing costs. These costs were the result of the closing and consolidation of facilities, relocation of inventory and equipment at those facilities and the reduction of workforce associated with the discontinued products and closed facilities. During the nine months ended September 30, 2015, the Company closed three facilities and eliminated three product lines which resulted in asset impairment charges. In addition, the Company sold and leased back a fourth facility, which resulted in a gain. The following tables set forth the asset impairment charges, exit activity costs and gain on facilities sold in conjunction with these efforts, incurred by segment during the three and nine months ended September 30, related to the restructuring activities described above (in thousands):
| Three Months Ended September 30,
| 2016 |  | 2015
| Inventory write-downs &/or asset impairment charges |  | Exit activity costs |  | Total |  | Inventory write-downs &/or asset impairment charges |  | Exit activity costs |  | Total
Residential Products | $ | 373 |  |  | $ | 207 |  |  | $ | 580 |  |  | $ | 502 |  |  | $ | 255 |  |  | $ | 757 |
Industrial & Infrastructure Products | 2,429 |  |  | 756 |  |  | 3,185 |  |  | — |  |  | 8 |  |  | 8 |
Total exit activity costs & asset impairments | $ | 2,802 |  |  | $ | 963 |  |  | $ | 3,765 |  |  | $ | 502 |  |  | $ | 263 |  |  | $ | 765 |
| Nine Months Ended September 30,
| 2016 |  | 2015
| Inventory write-downs &/or asset impairment charges |  | Exit activity costs |  | Total |  | Inventory write-downs &/or asset impairment charges |  | Exit activity costs |  | Gain on sale leaseback |  | Total
Residential Products | $ | 1,179 |  |  | $ | 677 |  |  | $ | 1,856 |  |  | $ | 3,247 |  |  | $ | 980 |  |  | $ | (6,799 | ) |  | $ | (2,572 | )
Industrial & Infrastructure Products | 2,697 |  |  | 2,019 |  |  | 4,716 |  |  | — |  |  | 49 |  |  | — |  |  | 49 |
Total exit activity costs & asset impairments | $ | 3,876 |  |  | $ | 2,696 |  |  | $ | 6,572 |  |  | $ | 3,247 |  |  | $ | 1,029 |  |  | $ | (6,799 | ) |  | $ | (2,523 | )
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,
| 2016 |  | 2015 |  | 2016 |  | 2015
Cost of sales | $ | 3,433 |  |  | $ | 666 |  |  | $ | 5,111 |  |  | $ | 4,027 |
Selling, general, and administrative expense | 332 |  |  | 99 |  |  | 1,461 |  |  | (6,550 | )
Net asset impairment and exit activity charges (gains) | $ | 3,765 |  |  | $ | 765 |  |  | $ | 6,572 |  |  | $ | (2,523 | )
The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands):
| 2016 |  | 2015
Balance at January 1 | $ | 603 |  |  | $ | 575 |
Exit activity costs recognized | 2,696 |  |  | 1,029 |
Cash payments | (2,182 | ) |  | (1,083 | )
Balance at September 30 | $ | 1,117 |  |  | $ | 521 |

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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 + Details
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