XML 64 R24.htm IDEA: XBRL DOCUMENT v3.19.3
Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

Note 17 – Subsequent Events



On October 1, 2019, Johnstown America, LLC notified the lessor of its Roanoke, Virginia manufacturing facility of its intention to cease operations at the facility as of November 29, 2019. Johnstown America, LLC also informed the lessor of its current intent to terminate its leases for the facility effective as of March 31, 2020.  The lease termination will result in 1) a decrease in the lease liability of $12.8 million, 2) a decrease in the right of use asset of $10.3 million and 3) a net lease termination gain of $1.9 million.



On October 15, 2019 the Company notified retirees and affected active employees that it will terminate medical benefits offered to retirees of the Company and their dependents effective January 1, 2020.  The retiree benefits that are being terminated include medical insurance and vison insurance that were offered under the Company’s Health and Welfare Plan.  The benefit termination is expected to result in a gain of approximately $6.3 million which will be recorded in the fourth quarter of 2019.