Restructuring Activities

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Given the economically-sensitive and highly competitive nature of the automotive electronics industry, the Company continues to closely monitor current market factors and industry trends, taking actions as necessary which may include restructuring actions. However, there can be no assurance that any such actions will be sufficient to fully offset the impact of adverse factors on the Company or its results of operations, financial position and cash flows.

During the six months ended June 30, 2024 and 2023, the Company recorded $3 million and $2 million of net restructuring expense primarily related to employee severance, respectively.

Current restructuring actions include the following:

•During the six months ended June 30, 2024, the Company approved and recorded $3 million of net restructuring expense globally to improve efficiencies and rationalize the Company's footprint. As of June 30, 2024, $2 million remains accrued related to this action.

•During prior periods, the Company approved various restructuring programs to improve efficiencies across the organization. As of June 30, 2024, $2 million remains accrued related to these previously announced actions.

•As of June 30, 2024, the Company retained restructuring reserves as part of the Company's divestiture of the majority of its global Interiors business (the "Interiors Divestiture") and legacy operations of $3 million associated with completed programs for the fundamental reorganization of operations at facilities in Brazil and France.

Restructuring Reserves

The Company’s restructuring reserves and related activity are summarized below.


(In millions)
December 31, 2023	$	8
Expense	2
Utilization	(2)
March 31, 2024	$	8
Expense	1

Utilization	(2)
June 30, 2024	$	7