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Exit Activity Costs and Asset Impairments | 3 Months Ended
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Mar. 31, 2019
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, the simplification of processes, and in the sale and exiting of less profitable businesses or products lines. Exit activity costs were incurred during the three months ended March 31, 2019 which related to contract terminations, severance, and other moving and closing costs. During the three months ended March 31, 2018, the Company incurred exit activity costs resulting from the above initiatives. In conjunction with these initiatives, the Company closed one facility during the first three months of 2018 and sold and leased back another facility which resulted in a gain, which was partially offset by inventory impairment charges incurred for discontinued products. The following tables set forth the asset impairment charges and exit activity costs incurred by segment during the three months ended March 31, related to the restructuring activities described above (in thousands):
| Three months ended March 31,
| 2019 |  | 2018
| Inventory write-downs &/or asset impairment charges |  | Exit activity costs (recoveries), net |  | Total |  | Inventory write-downs &/or asset impairment (recoveries) charges, net |  | Exit activity (recoveries) costs, net |  | Total
Residential Products | $ | — |  |  | $ | 151 |  |  | $ | 151 |  |  | $ | (43 | ) |  | $ | (123 | ) |  | $ | (166 | )
Industrial & Infrastructure Products | — |  |  | (33 | ) |  | (33 | ) |  | (703 | ) |  | 218 |  |  | (485 | )
Renewable Energy & Conservation | — |  |  | 94 |  |  | 94 |  |  | 19 |  |  | 117 |  |  | 136 |
Corporate | — |  |  | 7 |  |  | 7 |  |  | — |  |  | 44 |  |  | 44 |
Total exit activity costs & asset impairments | $ | — |  |  | $ | 219 |  |  | $ | 219 |  |  | $ | (727 | ) |  | $ | 256 |  |  | $ | (471 | )
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 months ended March 31, (in thousands):
| Three Months Ended March 31,
| 2019 |  | 2018
Cost of sales | $ | (34 | ) |  | $ | 37 |
Selling, general, and administrative expense (recoveries) | 253 |  |  | (508 | )
Net asset impairment and exit activity charges (recoveries) | $ | 219 |  |  | $ | (471 | )
The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands):
| 2019 |  | 2018
Balance at January 1 | $ | 1,923 |  |  | $ | 961 |
Exit activity costs recognized | 219 |  |  | 256 |
Cash payments | (550 | ) |  | (739 | )
Balance at March 31 | $ | 1,592 |  |  | $ | 478 |

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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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