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Restructuring and Impairment Charges

3 Months Ended

Mar. 31, 2020

Restructuring and Impairment Charges [Abstract]

Restructuring and Impairment Charges

Note 16 – Restructuring and Impairment Charges



On July 22, 2019, the Company announced its intention to close its Roanoke, Virginia manufacturing facility as part of its “Back to Basics” strategy. The Company ceased operations at the facility as of November 29, 2019.  The Company terminated its leases for the facility effective as of March 31, 2020.  Restructuring and impairment charges of $3,295 and a lease termination gain of $2,224 related to the plant closure were recorded during 2019.  Restructuring and impairment charges related to the plant closure primarily include non-cash  impairment charges for property, plant and equipment at the Roanoke facility and employee severance and retention charges.

Restructuring and impairment charges are reported as a separate line item on the Company’s condensed consolidated statements of operations for the three months ended March 31, 2020 and are detailed below:








		Three Months
		Ended
		March 31,
		2020

Loss on disposal of machinery and equipment	$	438
Employee severance and retention		(4)
Other charges related to facility closure		446
Total restructuring and impairment costs	$	880



There were no restructuring and impairment charges for the three months ended March 31, 2019.





	Accrued as of                      December 31,  2019			Cash Charges			Non-cash charges			Cash payments			Accrued as of                      March 31,  2020

Loss on disposal of machinery and equipment	$	-		$	-		$	438		$	-		$	-
Employee severance and retention		647			(4)			-			(612)			31
Other charges related to facility closure		359			567			(120)			(848)			78
Total restructuring and impairment costs	$	1,006		$	563		$	318		$	(1,460)		$	109





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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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