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Exit Activity Costs and Asset Impairments | 9 Months Ended
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Sep. 30, 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 costs (recoveries) related to the write-down of inventory and other charges such as warranty costs 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 nine months ended September 30, 2023. The following tables set forth the exit activity costs and asset impairment charges (recoveries) incurred by segment related to the restructuring activities described above (in thousands):
| Three Months Ended September 30,
| 2024 |  | 2023
| Exit Activity |  | Asset Impairment |  | Total |  | Exit Activity |  | Asset Impairment |  | Total
Residential | $ | 106 |  |  | $ | — |  |  | $ | 106 |  |  | $ | 22 |  |  | $ | 654 |  |  | $ | 676 |
Renewables | 4,641 |  |  | — |  |  | 4,641 |  |  | 4,389 |  |  | (59) |  |  | 4,330 |
Agtech | 328 |  |  | — |  |  | 328 |  |  | 5 |  |  | — |  |  | 5 |
Infrastructure | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate | 31 |  |  | — |  |  | 31 |  |  | (33) |  |  | — |  |  | (33) |
Total | $ | 5,106 |  |  | $ | — |  |  | $ | 5,106 |  |  | $ | 4,383 |  |  | $ | 595 |  |  | $ | 4,978 |
| Nine Months Ended September 30,
| 2024 |  | 2023
| Exit Activity |  | Asset Impairment |  | Total |  | Exit Activity |  | Asset Impairment |  | Total
Residential | $ | 251 |  |  | $ | (72) |  |  | $ | 179 |  |  | $ | 136 |  |  | $ | 654 |  |  | $ | 790 |
Renewables | 9,124 |  |  | 235 |  |  | 9,359 |  |  | 7,298 |  |  | (82) |  |  | 7,216 |
Agtech | 477 |  |  | — |  |  | 477 |  |  | 722 |  |  | — |  |  | 722 |
Infrastructure | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate | 35 |  |  | — |  |  | 35 |  |  | (33) |  |  | — |  |  | (33) |
Total | $ | 9,887 |  |  | $ | 163 |  |  | $ | 10,050 |  |  | $ | 8,123 |  |  | $ | 572 |  |  | $ | 8,695 |
The following table provides a summary of where the exit activity costs and asset impairments were recorded in the consolidated statements of income (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of sales | $ | 4,289 |  |  | $ | 4,544 |  |  | $ | 8,388 |  |  | $ | 8,155 |
Selling, general, and administrative expense | 817 |  |  | 434 |  |  | 1,662 |  |  | 540 |
Total exit activity and asset impairment charges | $ | 5,106 |  |  | $ | 4,978 |  |  | $ | 10,050 |  |  | $ | 8,695 |
The following table reconciles the beginning and ending liability for exit activity costs recorded in current accrued expenses on the consolidated balance sheet relating to the Company’s restructuring efforts (in thousands):
| 2024 |  | 2023
Balance at January 1 | $ | 6,725 |  |  | $ | 2,417 |
Exit activity costs recognized | 9,887 |  |  | 8,123 |
Cash payments | (3,650) |  |  | (3,254) |
Balance at September 30 | $ | 12,962 |  |  | $ | 7,286 |

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