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Restructuring
12 Months Ended
Dec. 31, 2022
Restructuring and Related Activities [Abstract]  
Restructuring

NOTE 20- RESTRUCTURING

During the fourth quarter of 2021, the Company announced a reduction in its workforce at Werdohl, Germany. As a result, the Company recognized a restructuring charge of $4.5 million in cost of sales, principally comprised of termination and related benefits. During 2022 we incurred termination costs and related expenses of $1.9 million which were charged against the restructuring accrual. As of December 31, 2022, the Company determined that there are no further planned staffing reductions and reversed the remaining accrual and credited cost of sales for $2.3 million, the original accrual balance less charges incurred and foreign exchange of $0.3 million.

During the third quarter of 2019, the Company initiated a plan to significantly reduce production and manufacturing operations at its Fayetteville, Arkansas location, recognizing restructuring expenses of $14.8 million in cost of sales. On July 15, 2021, the Company consummated the sale of the Fayetteville facility for an adjusted net sale price of $7.1 million, resulting in a gain of $4.4 million which has been credited against selling, general and administrative expenses. During the year ended December 31, 2021, we recognized additional charges to cost of sales of $2.2 million, principally related to relocation costs for redeployment of machinery and equipment and environmental remediation and repairs required under the sale agreement.