XML 39 R20.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Exit Activity Costs and Asset Impairments | 12 Months Ended
--- | ---
Dec. 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 products lines, and the reduction in the Company's manufacturing footprint. As a result of process simplification initiatives, the Company has incurred exit activity costs (recoveries) 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 such as warranty costs associated with discontinued product lines. Additionally, the Company has incurred the aforementioned costs resulting from the sale, relocation and/or closure of facilities including two closures and one relocation in 2022. The following table sets forth the exit activity costs (recoveries) and asset impairment charges (recoveries) incurred by segment during the years ended December 31 related to the restructuring activities described above (in thousands):
| 2024 |  | 2023 |  | 2022
| Exit Activity |  | Asset Impairment |  | Total |  | Exit Activity |  | Asset Impairment |  |  |  | Total |  | Exit Activity |  | Asset Impairment |  |  |  | Total
Residential | $ | 678 |  |  | $ | (72) |  |  | $ | 606 |  |  | $ | 960 |  |  | $ | 3,851 |  |  |  |  | $ | 4,811 |  |  | $ | 1,825 |  |  | $ | 12 |  |  |  |  | $ | 1,837 |
Renewables | 9,792 |  |  | 103 |  |  | 9,895 |  |  | 7,558 |  |  | 1,136 |  |  |  |  | 8,694 |  |  | 3,256 |  |  | 1,198 |  |  |  |  | 4,454 |
Agtech | 477 |  |  | — |  |  | 477 |  |  | 718 |  |  | — |  |  |  |  | 718 |  |  | 771 |  |  | 1,066 |  |  |  |  | 1,837 |
Infrastructure | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (63) |  |  | — |  |  |  |  | (63) |
Corporate | 83 |  |  | — |  |  | 83 |  |  | (32) |  |  | — |  |  |  |  | (32) |  |  | 250 |  |  | — |  |  |  |  | 250 |
Total | $ | 11,030 |  |  | $ | 31 |  |  | $ | 11,061 |  |  | $ | 9,204 |  |  | $ | 4,987 |  |  |  |  | $ | 14,191 |  |  | $ | 6,039 |  |  | $ | 2,276 |  |  |  |  | $ | 8,315 |
The following table provides a summary of where the above exit activity costs and asset impairments are recorded in the consolidated statements of income for the years ended December 31 (in thousands):
| 2024 |  | 2023 |  | 2022
Cost of sales | $ | 8,514 |  |  | $ | 12,634 |  |  | $ | 5,258 |
Selling, general, and administrative expense | 2,547 |  |  | 1,557 |  |  | 3,057 |
Total exit activity costs and asset impairments | $ | 11,061 |  |  | $ | 14,191 |  |  | $ | 8,315 |
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 as of January 1 | $ | 6,725 |  |  | $ | 2,417 |
Exit activity costs recognized | 11,030 |  |  | 9,204 |
Cash payments | (5,744) |  |  | (4,896) |
Balance as of December 31 | $ | 12,011 |  |  | $ | 6,725 |

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration