XML 29 R17.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Exit Activity Costs and Asset Impairments
 3 Months Ended
Mar. 31, 2024
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.
As a result of process simplification initiatives, the Company has incurred exit activity costs related to moving and closing costs and severance, along with asset impairment recoveries related to the write-down of inventory and other charges associated with discontinued product lines. Additionally, the Company has incurred the aforementioned costs resulting from the sale and/or closure of facilities including costs recorded during the three months ended March 31, 2023.
The following tables set forth the exit activity costs and asset impairment 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,
20242023
Exit ActivityAsset ImpairmentTotalExit ActivityAsset ImpairmentTotal
Renewables$269 $— $269 $— $(63)$(63)
Residential— (72)(72)114 — 114 
Agtech138 — 138 561 — 561 
Infrastructure— — — — — — 
Corporate— — — — — — 
Total$407 $(72)$335 $675 $(63)$612 
The following table provides a summary of where the exit activity costs and asset impairment recoveries were recorded in the consolidated statements of income for the three months ended March 31, (in thousands):
20242023
Cost of sales$(72)$513 
Selling, general, and administrative expense407 99 
Total exit activity and asset impairment charges $335 $612 
The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s restructuring efforts (in thousands):
20242023
Balance at January 1$6,725 $2,417 
Exit activity costs recognized407 675 
Cash payments(553)(1,321)
Balance at March 31$6,579 $1,771