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Costs Associated with Exit and Restructuring Activities
6 Months Ended
Jun. 30, 2022
Restructuring and Related Activities [Abstract]  
Costs Associated with Exit and Restructuring Activities

NOTE 9 – Costs Associated with Exit and Restructuring Activities

Restructuring charges are reported as a separate line within operating earnings in the Condensed Consolidated Statement of Earnings.

Total restructuring charges are as follows:

 

 

 

Three Months Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

Restructuring charges

 

$

630

 

 

$

151

 

 

 

 

Six Months Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

Restructuring charges

 

$

942

 

 

$

232

 

September 2020 Plan

In September 2020, we initiated a restructuring plan focused on optimizing our manufacturing footprint and improving operational efficiency by better utilizing our systems capabilities (the "September 2020 Plan"). This plan includes transitioning certain administrative functions to a shared service center, realignment of manufacturing locations, and certain other efficiency improvement actions. The restructuring cost of the September 2020 Plan is now estimated to be in the range of $3,500 and $4,500, including workforce reduction charges, building and equipment relocation charges and other contract and asset-related costs. We have incurred $1,555 in program costs to date. We recorded $158 in workforce reduction costs during the three and six months ended June 30, 2022 under the 2020 Plan. Due to the robust market demand and COVID-19 limitations, some projects have been delayed. The total restructuring liability associated with these actions was $158 as of June 30, 2022. There was no liability related to the September 2020 Plan as of December 31, 2021.

Other Restructuring Activities

From time to time we undertake other restructuring activities that are not part of a formal plan. During the three and six months ended June 30, 2022, we incurred restructuring charges of $470 and $782, respectively. During the three and six months ended June 30, 2021, we incurred restructuring charges of $161 and $262, respectively. The total restructuring liability associated with these actions was $723 at June 30, 2022 and $962 at December 31, 2021.

The following table displays the restructuring liability activity included in accrued expenses and other liabilities for all plans for the six months ended June 30, 2022:

 

Restructuring liability at January 1, 2022

 

$

962

 

Restructuring charges

 

 

942

 

Cost paid

 

 

(1,023

)

Other activity(1)

 

 

 

Restructuring liability at June 30, 2022

 

$

881

 

 

(1)
Other activity includes the effects of currency translation, non-cash asset write-downs and other charges that do not flow through restructuring expense.