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Exit Activity Costs and Asset Impairments
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Exit Activity Costs and Asset Impairments EXIT ACTIVITY COSTS AND ASSET IMPAIRMENTS
The Company has incurred exit activity costs and asset impairment charges as a result of its 80/20 simplification and portfolio management initiatives. These initiatives have resulted in the identification of low-volume, low margin, internally-produced products which have been or will be outsourced or discontinued, the simplification of processes, in the sale and exiting of less profitable businesses or products lines, and the reduction in the Company's manufacturing footprint.
As a result of process simplification initiatives, the Company has incurred exit activity costs (recoveries) related to moving and closing costs, severance and contract terminations, along with asset impairment charges related to the write-down of inventory and impairment of machinery and equipment associated with discontinued product lines. Additionally, the Company has incurred the aforementioned costs resulting from the sale, relocation and/or closure of facilities including two closures and one relocation in 2022 and four facility closures in 2021.
The following table sets forth the exit activity costs (recoveries) and asset impairment charges incurred by segment during the years ended December 31 related to the restructuring activities described above (in thousands):
202320222021
Exit ActivityAsset ImpairmentTotalExit ActivityAsset ImpairmentTotalExit ActivityAsset ImpairmentTotal
Renewables$7,558 $1,136 $8,694 $3,256 $1,198 $4,454 $4,769 $1,193 $5,962 
Residential960 3,851 4,811 1,825 12 1,837 393 — 393 
Agtech718 — 718 771 1,066 1,837 1,687 — 1,687 
Infrastructure — — — (63)— (63)26 — 26 
Corporate(32)— (32)250 — 250 145 — 145 
Total$9,204 $4,987 $14,191 $6,039 $2,276 $8,315 $7,020 $1,193 $8,213 
The following table provides a summary of where the above exit activity costs and asset impairments are recorded in the consolidated statements of income for the years ended December 31 (in thousands):
202320222021
Cost of sales$12,634 $5,258 $6,176 
Selling, general, and administrative expense1,557 3,057 2,037 
Total exit activity costs and asset impairments$14,191 $8,315 $8,213 
The following table reconciles the beginning and ending liability for exit activity costs relating to the Company’s restructuring efforts (in thousands):
20232022
Balance as of January 1$2,417 $272 
Exit activity costs recognized9,204 6,039 
Cash payments(4,896)(3,894)
Balance as of December 31$6,725 $2,417