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Note 4 - Management Actions | 3 Months Ended
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Mar. 31, 2021
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 consisted of severance-related costs included in Selling and Administrative Expense in the Consolidated Statements of Income in 2020. The charge primarily impacted our Europe, Middle East and Africa ("EMEA") operating segment but also impacted the Americas and Asia Pacific ("APAC") operating segments. We expect no further charges related to this restructuring action. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action. 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 profitability. The pre-tax charge of $3.1 million consisted of $1.4 million of severance-related costs and $1.7 million of other costs in 2020. 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 Income. The charge impacted our APAC operating segment. We expect no further charges related to this restructuring action. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action. 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 consisted of $1.3 million of severance-related costs and $0.7 million of other costs in 2020. 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 Income. The charge impacted our APAC operating segment. We expect no further charges related to this restructuring action. We estimate the savings will offset the pre-tax charge approximately one year from the date of the action. A reconciliation of the beginning and ending liability balances is as follows:
|  | Severance-related Costs |
December 31, 2019 balance |  | $ | 4.5 |
2020 activity: |  |  |  |
New charges |  |  | 6.2 |
Cash payments |  |  | (5.4 | )
Foreign currency adjustments |  |  | 0.2 |
Adjustments to accrual |  |  | (1.0 | )
December 31, 2020 balance |  | $ | 4.5 |
2021 activity: |  |  |  |
Cash payments |  |  | (0.9 | )
Foreign currency fluctuations |  |  | (0.1 | )
March 31, 2021 balance |  | $ | 3.5 |
Other Actions In 2019, we made the decision to discontinue certain product lines. In the first quarter of 2020, we recorded an additional $1.7 million in Cost of Sales in the Consolidated Statements of Income to reflect our estimate of inventory that will not be sold.

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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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