Restructuring

6 Months Ended

Jun. 30, 2020

Restructuring And Related Activities [Abstract]

Restructuring

3. RESTRUCTURING

In the first quarter of 2020 we announced restructuring actions within the Composite Fibers operating segment. The actions primarily consisted of the consolidation of our metallizing operation from Gernsbach, Germany to our Caerphilly, U.K. site.

	Three months ended June 30		Six months ended June 30
In thousands	2020		2020
Severance and benefit continuation	$	2,689	$	6,143
Accelerated depreciation		1,352		3,885
Inventory and spare parts		935		935
Other		91		91
Total	$	5,067	$	11,054

The restructuring charge is recorded under the caption “Costs of product sold” in the accompanying condensed consolidated statements of income for the three months and six months ended June 30, 2020. The amounts accrued for severance and benefit continuation are recorded as other current liabilities in the accompanying condensed consolidated balance sheet as of June 30, 2020. With the exception of the severance and benefit continuation amounts, substantially all other amounts accrued represent accelerated non-cash asset write-downs. The severance and benefit continuation costs are primarily expected to be paid out ratably over the next 6 months.