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Note 7 - Restructuring and Other Exit Costs

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

7. 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.

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

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

three

months ended

March 31, 2020:

(in thousands)		Severance Costs				Other				Total
Balance at December 31, 2019		$	364			$	4			$	368
Restructuring charges			834				40				874
Adjustments			(45	)			-				(45	)
Cash payments			(569	)			(36	)			(605	)
Balance at March 31, 2020		$	584			$	8			$	592

As of

March 31, 2020,

the Company had a restructuring liability of

$0.6

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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