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Exit Activity Costs and Asset Impairments | 9 Months Ended
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Sep. 30, 2021
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 a reduction in our manufacturing footprint. Exit activity costs were incurred during the nine months ended September 30, 2021 and 2020 which related to moving and closing costs, severance, and contract terminations, 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 nine months ended September 30, 2021. During the nine months ended September 30, 2020, the Company closed one facility and, separately, sold a facility closed in 2017, as a result of these initiatives. The following tables set forth the exit activity costs and asset impairment charges 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,
| 2021 |  | 2020
| Exit activity costs |  | Asset impairment charges |  | Total |  | Exit activity (recoveries) costs, net |  | Asset impairment charges |  | Total
Renewables | $ | 131 |  |  | $ | — |  |  | $ | 131 |  |  | $ | (3) |  |  | $ | — |  |  | $ | (3) |
Residential | 83 |  |  | — |  |  | 83 |  |  | 165 |  |  | 21 |  |  | 186 |
Agtech | 293 |  |  | — |  |  | 293 |  |  | 175 |  |  | — |  |  | 175 |
Infrastructure | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate | 37 |  |  | — |  |  | 37 |  |  | 17 |  |  | — |  |  | 17 |
Total exit activity costs & asset impairments | $ | 544 |  |  | $ | — |  |  | $ | 544 |  |  | $ | 354 |  |  | $ | 21 |  |  | $ | 375 |
| Nine months ended September 30,
| 2021 |  | 2020
| Exit activity costs |  | Asset impairment charges |  | Total |  | Exit activity costs |  | Asset impairment charges |  | Total
Renewables | $ | 4,695 |  |  | $ | 1,193 |  |  | $ | 5,888 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |
Residential | 177 |  |  | — |  |  | 177 |  |  | 649 |  |  | 21 |  |  | 670 |
Agtech | 1,784 |  |  | — |  |  | 1,784 |  |  | 491 |  |  | 72 |  |  | 563 |
Infrastructure | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate | 96 |  |  | — |  |  | 96 |  |  | 116 |  |  | — |  |  | 116 |
Total exit activity costs & asset impairments | $ | 6,752 |  |  | $ | 1,193 |  |  | $ | 7,945 |  |  | $ | 1,271 |  |  | $ | 93 |  |  | $ | 1,364 |
The following table provides a summary of where the exit activity costs and asset impairment charges 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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Cost of sales | $ | 194 |  |  | $ | 222 |  |  | $ | 5,959 |  |  | $ | 763 |
Selling, general, and administrative expense | 350 |  |  | 153 |  |  | 1,986 |  |  | 601 |
Total exit activity and asset impairment charges | $ | 544 |  |  | $ | 375 |  |  | $ | 7,945 |  |  | $ | 1,364 |
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 | 6,752 |  |  | 1,271 |
Cash payments | (5,970) |  |  | (2,708) |
Balance at September 30 | $ | 1,812 |  |  | $ | 646 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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