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Exit Activity Costs and Asset Impairments | 6 Months Ended
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Jun. 30, 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, the sale and exiting of less profitable businesses or product lines, and the reduction in our manufacturing footprint. Exit activity costs were incurred during the six months ended June 30, 2020 and 2019 which related to moving and closing costs, contract terminations, and severance incurred as a result of process simplification initiatives. During the six months ended June 30, 2020, the Company closed one facility in conjunction with these initiatives. No facilities were closed as a result of these initiatives during the first half of 2019. The following tables set forth the asset impairment charges and exit activity costs incurred by segment during the three and six months ended June 30, related to the restructuring activities described above (in thousands):
| Three months ended June 30, |  |  |  |  |  |  |  |  |  |
| 2020 |  |  |  |  |  | 2019 |  |  |  |
| Inventory write-downs &/or asset impairment charges |  | Exit activity costs |  | Total |  | Inventory write-downs &/or asset impairment charges |  | Exit activity (recoveries) costs, net |  | Total
Renewable Energy and Conservation | $ | 72 |  |  | $ | 316 |  |  | $ | 388 |  |  | $ | — |  |  | $ | (95) |  |  | $ | (95) |
Residential Products | — |  |  | 263 |  |  | 263 |  |  | — |  |  | 219 |  |  | 219 |
Industrial and Infrastructure Products | 274 |  |  | 40 |  |  | 314 |  |  | — |  |  | 1,346 |  |  | 1,346 |
Corporate | — |  |  | 45 |  |  | 45 |  |  | — |  |  | 666 |  |  | 666 |
Total exit activity costs & asset impairments | $ | 346 |  |  | $ | 664 |  |  | $ | 1,010 |  |  | $ | — |  |  | $ | 2,136 |  |  | $ | 2,136 |
| Six months ended June 30, |  |  |  |  |  |  |  |  |  |
| 2020 |  |  |  |  |  | 2019 |  |  |  |
| Inventory write-downs &/or asset impairment charges |  | Exit activity costs |  | Total |  | Inventory write-downs &/or asset impairment charges |  | Exit activity (recoveries) costs, net |  | Total
Renewable Energy and Conservation | $ | 72 |  |  | $ | 334 |  |  | $ | 406 |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Residential Products | — |  |  | 484 |  |  | 484 |  |  | — |  |  | 370 |  |  | 370 |
Industrial and Infrastructure Products | 274 |  |  | 38 |  |  | 312 |  |  | — |  |  | 1,313 |  |  | 1,313 |
Corporate | — |  |  | 99 |  |  | 99 |  |  | — |  |  | 673 |  |  | 673 |
Total exit activity costs & asset impairments | $ | 346 |  |  | $ | 955 |  |  | $ | 1,301 |  |  | $ | — |  |  | $ | 2,355 |  |  | $ | 2,355 |
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 six months ended June 30, (in thousands):
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Cost of sales | $ | 786 |  |  | $ | 319 |  |  | $ | 873 |  |  | $ | 285 |
Selling, general, and administrative expense | 224 |  |  | 1,817 |  |  | 428 |  |  | 2,070 |
Total asset impairment and exit activity charges | $ | 1,010 |  |  | $ | 2,136 |  |  | $ | 1,301 |  |  | $ | 2,355 |
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 | 955 |  |  | 2,355 |
Cash payments | (5,575) |  |  | (1,329) |
Balance at June 30 | $ | 829 |  |  | $ | 2,949 |
On June 30, 2020, the Company sold its self-guided apartment tour application business to a third party from its Residential Products segment. The $2.0 million net proceeds from the sale resulted in pre-tax net gain of $1.9 million and has been presented within other (income) expense in the consolidated statements of income. This divestiture does not meet the criteria to be reported as a discontinued operation nor will it have a major effect on the Company's operations.

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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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