Costs Associated with Exit and Restructuring Activities

9 Months Ended

Sep. 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
	September 30, 2022		September 30, 2021
Restructuring charges	$	492	$	319

	Nine Months Ended
	September 30, 2022		September 30, 2021
Restructuring charges	$	1,434	$	551

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 to $4,500, including workforce reduction charges, building and equipment relocation charges and other contract and asset-related costs. We have incurred $1,793 in program costs to date. We recorded $238 and $396 in workforce reduction costs during the three and nine months ended September 30, 2022, respectively, 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 $396 as of September 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 nine months ended September 30, 2022, we incurred restructuring charges of $252 and $1,034, respectively. During the three and nine months ended September 30, 2021, we incurred restructuring charges of $319 and $582, respectively. The total restructuring liability associated with these actions was $588 at September 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 nine months ended September 30, 2022:

Restructuring liability at January 1, 2022	$	962
Restructuring charges		1,434
Cost paid		(1,412	)
Restructuring liability at September 30, 2022	$	984