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Exit Activity Costs and Asset Impairments | 9 Months Ended
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Sep. 30, 2018
Restructuring and Related Activities [Abstract] |
EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS | EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS The Company has incurred exit activity costs and asset impairment charges as a result of its 80/20 simplification and portfolio management initiatives. These initiatives have resulted in the identification of low-volume, low margin, internally-produced products which have been or will be outsourced or discontinued, and in the sale and exiting of less profitable businesses or products lines. Exit activity costs were incurred during the nine months ended September 30, 2018 which related to contract terminations, severance, and other moving and closing costs. During this time, the Company also incurred asset impairment charges related to the write-down of inventory, impairment of machinery and equipment and intangible assets associated with either discontinued product lines or reduced sales of lower margin products. In conjunction with these initiatives, the Company also sold and leased back a facility which resulted in a gain, as well as closed two other facilities during the first nine months of 2018. During the nine months ended September 30, 2017, the Company incurred asset impairment charges and exit activity costs resulting from the above initiatives. Also, as a result of these initiatives, the Company closed three facilities during the first nine months of 2017. The following tables set forth the asset impairment charges and exit activity costs 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,
| 2018 |  | 2017
| Inventory write-downs &/or asset impairment charges |  | Exit activity costs (recoveries), net |  | Total |  | Inventory write-downs &/or asset impairment charges |  | Exit activity costs (recoveries), net |  | Total
Residential Products | $ | 1,392 |  |  | $ | 485 |  |  | $ | 1,877 |  |  | $ | 442 |  |  | $ | 566 |  |  | $ | 1,008 |
Industrial & Infrastructure Products | 358 |  |  | 1,417 |  |  | 1,775 |  |  | 98 |  |  | (12 | ) |  | 86 |
Renewable Energy & Conservation | — |  |  | (156 | ) |  | (156 | ) |  | 266 |  |  | 191 |  |  | 457 |
Corporate | — |  |  | 164 |  |  | 164 |  |  | — |  |  | 16 |  |  | 16 |
Total exit activity costs & asset impairments | $ | 1,750 |  |  | $ | 1,910 |  |  | $ | 3,660 |  |  | $ | 806 |  |  | $ | 761 |  |  | $ | 1,567 |
| Nine months ended September 30,
| 2018 |  | 2017
| Inventory write-downs &/or asset impairment charges (recoveries), net |  | Exit activity costs (recoveries), net |  | Total |  | Inventory write-downs &/or asset impairment charges (recoveries), net |  | Exit activity costs |  | Total
Residential Products | $ | 1,349 |  |  | $ | 333 |  |  | $ | 1,682 |  |  | $ | 295 |  |  | $ | 958 |  |  | $ | 1,253 |
Industrial & Infrastructure Products | (345 | ) |  | 1,607 |  |  | 1,262 |  |  | (2,492 | ) |  | 2,959 |  |  | 467 |
Renewable Energy & Conservation | 84 |  |  | (107 | ) |  | (23 | ) |  | 266 |  |  | 2,610 |  |  | 2,876 |
Corporate | — |  |  | 431 |  |  | 431 |  |  | — |  |  | 179 |  |  | 179 |
Total exit activity costs & asset impairments | $ | 1,088 |  |  | $ | 2,264 |  |  | $ | 3,352 |  |  | $ | (1,931 | ) |  | $ | 6,706 |  |  | $ | 4,775 |
The following table provides a summary of where the asset impairments and exit activity costs were recorded in the consolidated statements of income for the three and nine months ended September 30, (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Cost of sales | $ | 1,621 |  |  | $ | 860 |  |  | $ | 1,465 |  |  | $ | 382 |
Selling, general, and administrative expense | 2,039 |  |  | 707 |  |  | 1,887 |  |  | 4,393 |
Net asset impairment and exit activity charges | $ | 3,660 |  |  | $ | 1,567 |  |  | $ | 3,352 |  |  | $ | 4,775 |
The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands):
| 2018 |  | 2017
Balance at January 1 | $ | 961 |  |  | $ | 3,744 |
Exit activity costs recognized | 2,264 |  |  | 6,706 |
Cash payments | (1,608 | ) |  | (9,207 | )
Balance at September 30 | $ | 1,617 |  |  | $ | 1,243 |

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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 + Details
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