State and Local Incentives

12 Months Ended

Dec. 31, 2020

State and Local Incentives [Abstract]

State and Local Incentives

Note 11 – State and Local Incentives

During the year ended December 31, 2015, the Company received cash payments of $15,733 for Alabama state and local incentives related to the Company’s capital investment and employment levels at the Shoals Facility. In December 2016, the Company also qualified for an additional $1,410 in incentives at the Shoals Facility. This amount was received in January 2017. Under the incentive agreements, a certain portion of the incentives may be repayable by the Company if targeted levels of employment are not maintained for a period of six years from the date of the incentive. In the event that employment levels drop below the minimum targeted levels of employment

and any portion of the incentives is required to be paid back, the amount is unlikely to exceed the deferred liability balance at December 31, 2020.

The changes in deferred income from these incentives for the years ended December 31, 2020 and 2019, are as follows:

		December 31,
		2020		2019
Balance at the beginning of the year	$	6,941	$	9,160
Recognition of state and local incentives as a reduction of cost of sales		(2,219)		(2,219)
Balance at the end of the year, including current portion	$	4,722	$	6,941