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Exit Activity Costs and Asset Impairments | 3 Months Ended
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Mar. 31, 2021
Restructuring and Related Activities [Abstract] |
EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS | EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTSThe 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 a reduction in our manufacturing footprint. Exit activity costs were incurred during the three months ended March 31, 2021 which related to moving and closing costs, contract terminations, and severance, along with asset impairment charges related to the write-down of inventory and impairment of machinery and equipment associated with discontinued product lines, as a result of process simplification initiatives. In conjunction with these initiatives, the Company closed two facilities during the three months ended March 31, 2021. Exit activity costs were incurred from the above initiatives for the three months ended March 31, 2020. No facilities were closed as a result of these initiatives during the three months ended March 31, 2020. 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,
| 2021 |  | 2020
| Asset impairment charges |  | Exit activity costs (recoveries), net |  | Total |  | Asset impairment charges |  | Exit activity costs |  | Total
Renewables | $ | 1,193 |  |  | $ | 3,778 |  |  | $ | 4,971 |  |  | $ | — |  |  | $ | 18 |  |  | $ | 18 |
Residential | — |  |  | 65 |  |  | 65 |  |  | — |  |  | 221 |  |  | 221 |
Agtech | — |  |  | 204 |  |  | 204 |  |  | — |  |  | — |  |  | — |
Infrastructure | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate | — |  |  | — |  |  | — |  |  | — |  |  | 54 |  |  | 54 |
Total exit activity costs & asset impairments | $ | 1,193 |  |  | $ | 4,047 |  |  | $ | 5,240 |  |  | $ | — |  |  | $ | 293 |  |  | $ | 293 |
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, |  |
| 2021 |  | 2020 |  |  |  |
Cost of sales | $ | 5,047 |  |  | $ | 69 |  |  |  |  |
Selling, general, and administrative expense | 193 |  |  | 224 |  |  |  |  |
Total asset impairment and exit activity charges | $ | 5,240 |  |  | $ | 293 |  |  |  |  |
The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands):
| 2021 |  | 2020
Balance at January 1 | $ | 1,030 |  |  | $ | 2,083 |
Exit activity costs recognized | 4,047 |  |  | 293 |
Cash payments | (1,464) |  |  | (1,365) |
Balance at March 31 | $ | 3,613 |  |  | $ | 1,011 |

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- References No definition available. + Details
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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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