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Note 12 - Restructuring and Other Charges

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

12. Restructuring and Other Charges:

During the nine months ended September 30, 2020, the Company recorded restructuring and other charges in the amount of $3.6 million in the carbon and specialty metals flat products segments. The expenses were incurred as a result of decisions made during the COVID-19 pandemic to reduce operating expenses and improve liquidity and were recorded to “Warehouse and processing”, “Administrative and general”, “Selling” and “Occupancy” expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss).

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
(in thousands)		2020				2019				2020				2019
Net loss on sale of fixed assets		$	-			$	-			$	2,109			$	-
Mexico facility exit			-								900
COVID-19 related severance pay and bad debt			-				-				577
Total restructuring and other charges		$	-			$	-			$	3,586			$	-

The loss on sales of fixed assets was incurred as a result of the sale of real estate related to a previously idled expansion project in South Carolina. The Mexico charges relate to the exit from the Company’s leased Monterrey, Mexico facility. The COVID-19 related severance pay and bad debt relate to employee severance pay for employee reductions associated with the COVID-19 pandemic, sales declines and additional foreign bad debt expense incurred as a result of court closures and the uncertainty related to recoverability of the 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

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