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Exit Activity Costs and Asset Impairments
 9 Months Ended
Sep. 30, 2024
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, the sale and exiting of less profitable businesses or product lines, and a reduction in the Company's manufacturing footprint.
As a result of process simplification initiatives, the Company has incurred exit activity costs related to moving and closing costs and severance, along with asset impairment costs (recoveries) related to the write-down of inventory and other charges such as warranty costs associated with discontinued product lines. Additionally, the Company has incurred the aforementioned costs resulting from the sale and/or closure of facilities including costs recorded during the nine months ended September 30, 2023.
The following tables set forth the exit activity costs and asset impairment charges (recoveries) incurred by segment related to the restructuring activities described above (in thousands):
Three Months Ended
September 30,
20242023
Exit ActivityAsset ImpairmentTotalExit ActivityAsset ImpairmentTotal
Residential$106 $— $106 $22 $654 $676 
Renewables4,641 — 4,641 4,389 (59)4,330 
Agtech328 — 328 5 — 5 
Infrastructure— — — — — — 
Corporate31 — 31 (33)— (33)
Total$5,106 $— $5,106 $4,383 $595 $4,978 
Nine Months Ended
September 30,
20242023
Exit ActivityAsset ImpairmentTotalExit ActivityAsset ImpairmentTotal
Residential$251 $(72)$179 $136 $654 $790 
Renewables9,124 235 9,359 7,298 (82)7,216 
Agtech477 — 477 722 — 722 
Infrastructure— — — — — — 
Corporate35 — 35 (33)— (33)
Total$9,887 $163 $10,050 $8,123 $572 $8,695 
The following table provides a summary of where the exit activity costs and asset impairments were recorded in the consolidated statements of income (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Cost of sales$4,289 $4,544 $8,388 $8,155 
Selling, general, and administrative expense817 434 1,662 540 
Total exit activity and asset impairment charges $5,106 $4,978 $10,050 $8,695 
The following table reconciles the beginning and ending liability for exit activity costs recorded in current accrued expenses on the consolidated balance sheet relating to the Company’s restructuring efforts (in thousands):
20242023
Balance at January 1$6,725 $2,417 
Exit activity costs recognized9,887 8,123 
Cash payments(3,650)(3,254)
Balance at September 30$12,962 $7,286