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Restructuring and Impairment Charges

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2020 and 2019, and are detailed below:

		Three months ended					Six months ended
		June 30,					June 30,
		2020			2019			2020			2019
Impairment and loss on disposal of machinery and equipment	$	-		$	1,319		$	438		$	1,319
Employee severance and retention		1			-			(3)			-
Other charges related to facility closure		266			-			712			-
Total restructuring and impairment costs	$	267		$	1,319		$	1,147		$	1,319

	Accrued as of December 31, 2019			Cash Charges			Non-cash charges			Cash payments			Accrued as of June 30, 2020
Impairment and loss on disposal of machinery and equipment	$	-		$	-		$	438		$	-		$	-
Employee severance and retention		647			(4)			-			(636)			7
Other charges related to facility closure		359			798			(86)			(1,097)			60
Total restructuring and impairment costs	$	1,006		$	794		$	352		$	(1,733)		$	67

	Accrued as of December 31, 2018			Cash Charges			Non-cash charges			Cash payments			Accrued as of June 30, 2019
Impairment charges for leasehold improvements and equipment	$	-		$	-		$	1,319		$	-		$	-
Employee severance and retention		-			-			-			-			-
Other charges related to facility closure		-			-			-			-			-
Total restructuring and impairment costs	$	-		$	-		$	1,319		$	-		$	-

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- References

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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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