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Restructuring and Impairment Charges | 9 Months Ended
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Sep. 30, 2021
Restructuring and Related Activities [Abstract] |
Restructuring and Impairment Charges | Note 14 – Restructuring and Impairment Charges On September 10, 2020, the Company announced its plan to permanently close its Shoals Facility in light of the ongoing cyclical industry downturn, which has been magnified by the COVID-19 pandemic. On October 8, 2020, the Company reached an agreement with the Shoals facility owner and landlord, to shorten the Shoals lease term by amending the expiration date to the end of February 2021. In addition, the landlord agreed to waive the base rent payable under the original lease for the months of October 2020 through February 2021. Property, plant and equipment with an estimated fair value of $10,148 was sold or transferred to the Shoals landlord during the nine months ended September 30, 2021 as consideration for the landlord’s entry into the lease amendment and the aforementioned rent waiver. Restructuring and impairment charges related to the plant closure for the nine months ended September 30, 2021 primarily represented costs related to relocating some of the facility’s equipment to Castaños. 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 and terminated its leases for the facility effective as of March 31, 2020. Restructuring and impairment charges related to the plant closure for the nine months ended September 30, 2020 primarily represented impairment charges for property, plant and equipment and costs related to relocating some of the facility’s equipment to other manufacturing locations. Restructuring and impairment charges are reported as a separate line item on the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020, and are detailed below:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  |  | September 30, |
|  | 2021 |  |  | 2020 |  |  |  | 2021 |  |  | 2020 |
Impairment and loss on right of use asset |  | $ | - |  |  | $ | 17,540 |  |  |  | $ | - |  |  | $ | 17,540 |
Impairment and loss on disposal of machinery and equipment |  | $ | - |  |  | $ | 9,031 |  |  |  | $ | 1,591 |  |  | $ | 9,469 |
Employee severance and retention |  |  | - |  |  |  | 3,381 |  |  |  |  | (5 | ) |  |  | 3,378 |
Other charges related to facility closure |  |  | - |  |  |  | 151 |  |  |  |  | 4,944 |  |  |  | 863 |
Total restructuring and impairment costs |  | $ | - |  |  | $ | 30,103 |  |  |  | $ | 6,530 |  |  | $ | 31,250 |
|  | Accrued as of December 31, 2020 |  |  | Cash Charges |  |  | Non-cash charges |  |  | Cash payments |  |  | Accrued as of September 30, 2021 |
Impairment and loss on disposal of machinery and equipment |  | $ | - |  |  | $ | - |  |  | $ | 269 |  |  | $ | - |  |  | $ | - |
Employee severance and retention |  |  | 1,596 |  |  |  | - |  |  |  | (80 | ) |  |  | (1,297 | ) |  |  | 219 |
Other charges related to facility closure |  |  | 251 |  |  |  | 6,437 |  |  |  | (96 | ) |  |  | (6,688 | ) |  |  | - |
Total restructuring and impairment costs |  | $ | 1,847 |  |  | $ | 6,437 |  |  | $ | 93 |  |  | $ | (7,985 | ) |  | $ | 219 |
|  | Accrued as of December 31, 2019 |  |  | Cash Charges |  |  | Non-cash charges |  |  | Cash payments |  |  | Accrued as of September 30, 2020 |
Impairment and loss on right of use asset |  | $ | - |  |  | $ | - |  |  | $ | 17,540 |  |  | $ | - |  |  | $ | - |
Loss on disposal of machinery and equipment |  |  | - |  |  |  | - |  |  |  | 9,469 |  |  |  | - |  |  |  | - |
Employee severance and retention |  |  | 647 |  |  |  | 3,371 |  |  |  | - |  |  |  | (659 | ) |  |  | 3,359 |
Other charges related to facility closure |  |  | 359 |  |  |  | 798 |  |  |  | (86 | ) |  |  | (1,157 | ) |  |  | - |
Total restructuring and impairment costs |  | $ | 1,006 |  |  | $ | 4,169 |  |  | $ | 26,923 |  |  | $ | (1,816 | ) |  | $ | 3,359 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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