XML 59 R21.htm IDEA: XBRL DOCUMENT
v3.19.3

Exit Activity Costs and Asset Impairments | 9 Months Ended
--- | ---
Sep. 30, 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 nine months ended September 30, 2019 which related to contract terminations, moving and closing costs, and severance incurred as a result of process simplification initiatives. One facility was closed during the nine months ended September 30, 2019. During the nine months ended September 30, 2018, the Company incurred exit activity costs and asset impairment charges resulting from the above initiatives. In conjunction with these initiatives, the Company closed two facilities during the first nine 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 and nine months ended September 30, related to the restructuring activities described above (in thousands):
| Three months ended September 30,
| 2019 |  | 2018
| Inventory write-downs &/or asset impairment (recoveries) charges, net |  | Exit activity costs |  | Total |  | Inventory write-downs &/or asset impairment charges |  | Exit activity (recoveries) costs, net |  | Total
Renewable Energy and Conservation | $ | (9 | ) |  | $ | 46 |  |  | $ | 37 |  |  | $ | — |  |  | $ | (156 | ) |  | $ | (156 | )
Residential Products | 478 |  |  | 2,937 |  |  | 3,415 |  |  | 1,392 |  |  | 485 |  |  | 1,877 |
Industrial and Infrastructure Products | 10 |  |  | 275 |  |  | 285 |  |  | 358 |  |  | 1,417 |  |  | 1,775 |
Corporate | — |  |  | 246 |  |  | 246 |  |  | — |  |  | 164 |  |  | 164 |
Total exit activity costs & asset impairments | $ | 479 |  |  | $ | 3,504 |  |  | $ | 3,983 |  |  | $ | 1,750 |  |  | $ | 1,910 |  |  | $ | 3,660 |
| Nine months ended September 30,
| 2019 |  | 2018
| Inventory write-downs &/or asset impairment (recoveries) charges, net |  | Exit activity costs |  | Total |  | Inventory write-downs &/or asset impairment charges (recoveries), net |  | Exit activity (recoveries) costs, net |  | Total
Renewable Energy and Conservation | $ | (9 | ) |  | $ | 45 |  |  | $ | 36 |  |  | $ | 84 |  |  | $ | (107 | ) |  | $ | (23 | )
Residential Products | 478 |  |  | 3,307 |  |  | 3,785 |  |  | 1,349 |  |  | 333 |  |  | 1,682 |
Industrial and Infrastructure Products | 10 |  |  | 1,588 |  |  | 1,598 |  |  | (345 | ) |  | 1,607 |  |  | 1,262 |
Corporate | — |  |  | 919 |  |  | 919 |  |  | — |  |  | 431 |  |  | 431 |
Total exit activity costs & asset impairments | $ | 479 |  |  | $ | 5,859 |  |  | $ | 6,338 |  |  | $ | 1,088 |  |  | $ | 2,264 |  |  | $ | 3,352 |
The following table provides a summary of where the asset impairments and exit activity costs (recoveries) 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,
| 2019 |  | 2018 |  | 2019 |  | 2018
Cost of sales | $ | 683 |  |  | $ | 1,621 |  |  | $ | 968 |  |  | $ | 1,465 |
Selling, general, and administrative expense | 3,300 |  |  | 2,039 |  |  | 5,370 |  |  | 1,887 |
Net asset impairment and exit activity charges | $ | 3,983 |  |  | $ | 3,660 |  |  | $ | 6,338 |  |  | $ | 3,352 |
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 | 5,859 |  |  | 2,264 |
Cash payments | (3,032 | ) |  | (1,608 | )
Balance at September 30 | $ | 4,750 |  |  | $ | 1,617 |

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration