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Exit Activity Costs and Asset Impairments | 9 Months Ended
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Sep. 30, 2023
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 the Company's manufacturing footprint. Exit activity costs (recoveries) were incurred during the nine months ended September 30, 2023 and 2022 which related to moving and closing costs, severance, and contract terminations, along with asset impairment charges (recoveries) related to the write-down of inventory and other charges associated with discontinued product lines, as a result of process simplification initiatives. In conjunction with these initiatives, the Company recorded costs during the nine months ended September 30, 2023 associated with the final closure and sale of a facility closed during the fourth quarter of 2022. During the nine months ended September 30, 2022, the Company exited a facility, relocating to a new one, and separately, closed one other facility as a result of these initiatives. The following tables set forth the exit activity costs (recoveries) and asset impairment charges (recoveries) 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,
| 2023 |  | 2022
| Exit Activity |  | Asset Impairment |  | Total |  | Exit Activity |  | Asset Impairment |  | Total
Renewables | $ | 4,389 |  |  | $ | (59) |  |  | $ | 4,330 |  |  | $ | (44) |  |  | $ | — |  |  | $ | (44) |
Residential | 22 |  |  | 654 |  |  | 676 |  |  | — |  |  | 12 |  |  | 12 |
Agtech | 5 |  |  | — |  |  | 5 |  |  | 15 |  |  | 217 |  |  | 232 |
Infrastructure | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate | (33) |  |  | — |  |  | (33) |  |  | 11 |  |  | — |  |  | 11 |
Total | $ | 4,383 |  |  | $ | 595 |  |  | $ | 4,978 |  |  | $ | (18) |  |  | $ | 229 |  |  | $ | 211 |
| Nine Months Ended September 30,
| 2023 |  | 2022
| Exit Activity |  | Asset Impairment |  | Total |  | Exit Activity |  | Asset Impairment |  | Total
Renewables | $ | 7,298 |  |  | $ | (82) |  |  | $ | 7,216 |  |  | $ | 1,359 |  |  | $ | 1,198 |  |  | $ | 2,557 |
Residential | 136 |  |  | 654 |  |  | 790 |  |  | 1,298 |  |  | 12 |  |  | 1,310 |
Agtech | 722 |  |  | — |  |  | 722 |  |  | 103 |  |  | 217 |  |  | 320 |
Infrastructure | — |  |  | — |  |  | — |  |  | (63) |  |  | — |  |  | (63) |
Corporate | (33) |  |  | — |  |  | (33) |  |  | 93 |  |  | — |  |  | 93 |
Total | $ | 8,123 |  |  | $ | 572 |  |  | $ | 8,695 |  |  | $ | 2,790 |  |  | $ | 1,427 |  |  | $ | 4,217 |
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,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of sales | $ | 4,544 |  |  | $ | (39) |  |  | $ | 8,155 |  |  | $ | 2,249 |
Selling, general, and administrative expense | 434 |  |  | 250 |  |  | 540 |  |  | 1,968 |
Total exit activity and asset impairment charges | $ | 4,978 |  |  | $ | 211 |  |  | $ | 8,695 |  |  | $ | 4,217 |
The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s facility consolidation efforts (in thousands):
| 2023 |  | 2022
Balance at January 1 | $ | 2,417 |  |  | $ | 272 |
Exit activity costs recognized | 8,123 |  |  | 2,790 |
Cash payments | (3,254) |  |  | (2,782) |
Balance at September 30 | $ | 7,286 |  |  | $ | 280 |

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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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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