Restructuring |
6 Months Ended |
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Jun. 30, 2017 | |
| Restructuring [Abstract] | |
| Restructuring |
NOTE 14 – RESTRUCTURING During the six months ended June 30, 2017, the Company recorded $1,530,000 in restructuring expense. This consisted of severance and related benefits costs due to the restructuring within the Suttle business segment, including ongoing costs related to the closure of the Costa Rica facility. We transferred substantially all of the production from Costa Rica to Minnesota by the end of the second quarter of 2017. We expect total 2017 restructuring costs expected to be $2,600,000. Any remaining assets will be transferred to the Company’s facilities in Minnesota for use in operations. The Company paid $1,005,000 in restructuring charges during the first six months of 2017 and had $525,000 in restructuring accruals recorded in accrued compensation and benefits at June 30, 2017 that are expected to be paid during 2017.
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- References No definition available.
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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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