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Note 9 - Restructuring and Other Exit Costs

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

9. Restructuring and Other Exit Costs

During

2019,

the Board of Directors of the Company approved a restructuring program designed to improve gross margins and operating margins while reinvesting in resources required to deliver sustained, profitable organic growth. The restructuring program will entail consolidating and downsizing several sites and includes headcount reductions in Europe and North America to improve operational efficiency and reduce costs.

The restructuring program is expected to be completed by the end of

2020,

with the majority of activities completed in the

first

half of

2020.

The Company expects to incur costs associated with headcount reductions, program management and other transition costs necessary to affect the site consolidations and other business improvements including the

$1.4

million restructuring costs incurred during the year ended

December 31, 2019.

Substantially all of these costs are expected to result in future cash outlays.

The following table summarizes the activity for accrued restructuring liability for the year ended

December 31, 2019:

(in thousands)		Cost of Revenues				Severance Costs				Impairment				Other				Total
Restructuring charges		$	235			$	530			$	460			$	129			$	1,354
Non-cash charges			(235	)			-				(460	)			(10	)			(705	)
Cash payments			-				(166	)			-				(115	)			(281	)
Balance at December 31, 2019		$	-			$	364			$	-			$	4			$	368

Of the

$1.4

million restructuring costs incurred during the year ended

December 31, 2019,

$0.5

million has been recorded as impairment of intangible assets in the accompanying consolidated statements of operations,

$0.2

million has been included in cost of revenues, and the remaining costs of

$0.7

million have been included as a component of selling, general and administrative expenses. As of 

December 31, 2019,

the Company had a restructuring liability of 

$0.4

million which is payable within the next

twelve

months and has been included in other current liabilities in the consolidated balance sheet.

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- References

No definition available.

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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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