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Note 4 - Management Actions | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] |
| 4. | Management Actions
Restructuring Actions In the fourth quarter of 2020, we implemented a restructuring action as part of our global reorganization efforts. The pre-tax charge of $3.5 million in 2020 consisted of severance-related costs included in Selling and Administrative Expense in the Consolidated Statements of Operations. The charge primarily impacted our EMEA operating segment but also impacted the Americas and APAC operating segments. All restructuring costs have been substantially incurred in 2020. In the third quarter of 2020, we implemented a restructuring action to consolidate our Gaomei business and our existing China business in order to deliver cost synergies and improve our profitability. The pre-tax charge of $3.1 million in 2020 consisted of $1.4 million of severance-related costs and $1.7 million of other costs. Of the restructuring costs, $1.2 million were included in Cost of Sales and $1.9 million in Selling and Administrative Expense in the Consolidated Statements of Operations. The charge impacted our APAC operating segment. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action. All restructuring costs have been substantially incurred in 2020. In the first quarter of 2020, we implemented a restructuring action in an effort to streamline our operating model in Japan. The pre-tax charge of $2.0 million in 2020 consisted of $1.3 million of severance-related costs and $0.7 million of other costs. Of the restructuring costs, $0.3 million were included in Cost of Sales and $1.7 million in Selling and Administrative Expense in the Consolidated Statements of Operations. The charge impacted our APAC operating segment. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action. All restructuring costs have been substantially incurred in 2020. During 2019, we implemented restructuring actions to further our integration efforts related to the IPC Group. The pre-tax charge of $4.8 million consisting of severance was included, with $0.3 million in Cost of Sales and $4.5 million in Selling and Administrative Expense in the Consolidated Statements of Operations. The charge impacted our EMEA and Americas operating segments. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action. A reconciliation to the ending liability balance of severance and related costs as of December 31, 2020 is as follows:
|  | Severance and Related Costs |
December 31, 2018 balance |  | $ | 2.2 |
2019 charges and utilization: |  |  |  |
New charges |  |  | 6.1 |
Cash payments |  |  | (2.5 | )
Foreign currency adjustments |  |  | (1.3 | )
December 31, 2019 balance |  |  | 4.5 |
2020 charges and utilization: |  |  |  |
New charges |  |  | 6.2 |
Cash payments |  |  | (5.4 | )
Foreign currency adjustments |  |  | 0.2 |
Adjustment to accrual |  |  | (1.0 | )
December 31, 2020 balance |  | $ | 4.5 |
Other Actions In 2019, we made the decision to exit certain product lines, and as a result, recorded $3.3 million in Cost of Sales to reflect our estimate of inventory that will not be sold. During the year ended December 31, 2020, we recorded an additional $1.7 million in Cost of Sales in the Consolidated Statements of Operations to reflect our estimate of inventory that will not be sold, all of which was recorded in the first quarter 2020. During the second quarter of 2019, we recorded a $2.7 million write-down of a portion of a note receivable related to the divestiture of the Green Machine business to adjust the balance to net realizable value. This write-down was recorded in Selling and Administrative Expense. In the third quarter of 2019, we collected the remaining balance of the note receivable.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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