XML 39 R20.htm IDEA: XBRL DOCUMENT v3.25.0.1
Exit Activity Costs and Asset Impairments
 12 Months Ended
Dec. 31, 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 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 (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, relocation and/or closure of facilities including two closures and one relocation in 2022.
The following table sets forth the exit activity costs (recoveries) and asset impairment charges (recoveries) incurred by segment during the years ended December 31 related to the restructuring activities described above (in thousands):
202420232022
Exit
Activity		Asset ImpairmentTotalExit
Activity		Asset ImpairmentTotalExit
Activity		Asset ImpairmentTotal
Residential$678 $(72)$606 $960 $3,851 $4,811 $1,825 $12 $1,837 
Renewables9,792 103 9,895 7,558 1,136 8,694 3,256 1,198 4,454 
Agtech477 — 477 718 — 718 771 1,066 1,837 
Infrastructure — — — — — — (63)— (63)
Corporate83 — 83 (32)— (32)250 — 250 
Total$11,030 $31 $11,061 $9,204 $4,987 $14,191 $6,039 $2,276 $8,315 
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):
202420232022
Cost of sales$8,514 $12,634 $5,258 
Selling, general, and administrative expense2,547 1,557 3,057 
Total exit activity costs and asset impairments$11,061 $14,191 $8,315 
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 as of January 1$6,725 $2,417 
Exit activity costs recognized11,030 9,204 
Cash payments(5,744)(4,896)
Balance as of December 31$12,011 $6,725