Restructuring, Exit, Impairment and Integration Activities
|12 Months Ended
Dec. 31, 2021
|Restructuring and Related Activities [Abstract]
|Restructuring, Exit and Impairment Activities
The Company has announced and implemented a number of initiatives designed to improve its cost structure, general operating efficiencies, and its utilization of production capacity. These initiatives resulted in the recognition of restructuring, exit and impairment charges in the Consolidated Statements of Operations during 2021, 2020 and 2019. Restructuring, exit and impairment costs include employee termination and other benefits, inventory adjustments to lower of cost or net realizable value, costs to retain and relocate employees, consulting costs, consolidation of manufacturing footprint, facility shutdown costs, and asset disposition and impairment actions. The Company recognizes the expense in the accounting period when it has committed to or incurred the cost, as appropriate.
The following table is a summary of the net expense associated with the restructuring, exit and impairment activities. Restructuring, exit and impairment charges in 2021 primarily relate to organizational realignment within the P&A segment, specifically in Europe. Restructuring, exit and impairment charges in 2020 primarily relate to the consolidation of our Greenville manufacturing location within the Boat segment, in order to streamline the overall cost structure. Restructuring, exit and impairment charges in 2019 primarily relate to headcount reductions aimed at streamlining the cost structure of our enterprise-wide general and administrative functions and expenses within the Boat segment related to consolidating our commercial and government products operations in order to rationalize our product line to better align with customer demand.
The following tables summarize the change in accrued restructuring, exit and impairment charges within Accrued expenses in the Consolidated Balance Sheets for the years ended December 31, 2021, 2020 and 2019:
(A) Cash payments may include payments related to prior period charges.
(B) The accrued charges as of December 31, 2021 are expected to be paid during 2022.Reductions in demand for the Company's products, further refinement of its product portfolio, further opportunities to reduce costs or the cost of integrating future acquisitions may result in additional restructuring, exit and impairment charges in future periods.