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Restructuring Costs | 9 Months Ended
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Sep. 28, 2019
Restructuring Costs [Abstract] |
Restructuring Costs | Note I – Restructuring Costs The Company has consolidated the Composites Group by relocating the Composite Panels Technologies division based in Salisbury, North Carolina to the Canadian Commercial Vehicle division located in Kelowna, British Columbia. There were no costs incurred related to the consolidation in the third quarter of 2019. Non-recurring costs for the third quarter and first nine months of 2019 were $1.0 million, which included the write off of inventory in the amount of $0.5 million, fixed assets in the amount of $0.3 million, moving costs in the amount of $0.1 million, severance in the amount of $0.1 million and lease termination costs. The Composites Group facility was closed in April of 2019. During the second quarter of 2019, the Company discontinued the Velvac Road IQ development operations based in Bellingham, Washington. There were no costs related to the discontinuation in the third quarter of 2019. Non-recurring costs related to the discontinuation of this operation in the first nine months of 2019 were $3.7 million, which included the write-off of fixed assets in the amount of $0.2 million, inventory $0.6 million, intangible assets $2.4 million, severance $0.2 million, lease termination costs $0.3 million, and other non-recurring operating expenses. These costs were partially offset by the reversal of a $2.1 million contingent liability the Company established with the acquisition of Velvac in April of 2017 which was no longer applicable at September 28, 2019, resulting in a net charge to earnings of $1.6 million.

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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 + Details
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