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Exit Activity Costs and Asset Impairments | 3 Months Ended
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Mar. 31, 2020
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, in the sale and exiting of less profitable businesses or products lines, and the reduction in our manufacturing footprint. Exit activity costs were incurred during the three months ended March 31, 2020 and 2019 which related to moving and closing costs, contract terminations, and severance incurred as a result of process simplification initiatives. No facilities were closed as a result of these initiatives during these respective periods. The following tables set forth the exit activity costs (recoveries) incurred by segment during the three months ended March 31, related to the restructuring activities described above (in thousands):
| Three months ended March 31,
| 2020 |  | 2019
Renewable Energy and Conservation | $ | 18 |  |  | $ | 94 |
Residential Products | 221 |  |  | 151 |
Industrial and Infrastructure Products | (2 | ) |  | (33 | )
Corporate | 54 |  |  | 7 |
Total exit activity costs | $ | 291 |  |  | $ | 219 |
The following table provides a summary of where the exit activity costs (recoveries) were recorded in the consolidated statements of income for the three months ended March 31, (in thousands):
| Three Months Ended March 31,
| 2020 |  | 2019
Cost of sales | $ | 87 |  |  | $ | (34 | )
Selling, general, and administrative expense | 204 |  |  | 253 |
Net exit activity charges | $ | 291 |  |  | $ | 219 |
The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands):
| 2020 |  | 2019
Balance at January 1 | $ | 5,449 |  |  | $ | 1,923 |
Exit activity costs recognized | 291 |  |  | 219 |
Cash payments | (4,728 | ) |  | (550 | )
Balance at March 31 | $ | 1,012 |  |  | $ | 1,592 |

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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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