Cost Reduction and Manufacturing Capacity Rationalization

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Cost Reduction and Manufacturing Capacity Rationalization

During the quarter ended December 31, 2023, management approved restructuring programs to align the Company’s cost structure to support margin expansion. The programs include workforce reductions and footprint optimization across segments. We incurred $10.8 million expense during the year ended December 31, 2024 related to this program.

The changes in accrued restructuring balances are as follows:


	Vehicle Solutions		Electrical Systems		Aftermarket & Accessories		Corporate/Other		Total
December 31, 2023	$	128	$	—	$	—	$	983	$	1,111
New charges	5,936		3,745		939		164		10,784
Payments and other adjustments	(6,036)		(3,745)		(939)		(787)		(11,507)
December 31, 2024	$	28	$	—	$	—	$	360	$	388


	Vehicle Solutions		Electrical Systems		Aftermarket & Accessories		Corporate/Other		Total
December 31, 2022	$	(5)	$	—	$	—	$	—	$	(5)
New charges	809		8		—		983		1,800
Payments and other adjustments	(676)		(8)		—		—		(684)
December 31, 2023	$	128	$	—	$	—	$	983	$	1,111

Of the $10.8 million costs incurred in the twelve months ended December 31, 2024, $8.4 million primarily related to headcount reductions and $2.4 million related to facility exit and other costs. For the twelve months ended December 31, 2024, Vehicle Solutions segment had new charges of $4.5 million related to headcount reductions and $1.4 million related to facility exit and other costs. Electrical Systems segment had a new charge of $3.7 million related to headcount reductions. Aftermarket & Accessories segment had a new charge of $0.9 million related to facility exit and other costs. Corporate had a new charge of $0.2 million related to headcount reductions. Of the $10.8 million costs incurred, $9.2 million was recorded in cost of revenues and $1.6 million was recorded in selling, general and administrative expenses.

Of the $1.8 million costs incurred in the twelve months ended December 31, 2023, $1.8 million related to headcount reductions. For the twelve months ended December 31, 2023, Vehicle Solutions segment had new charges of $0.8 million related to headcount reductions. Corporate had a new charge of $1.0 million related to headcount reductions. Of the $1.8 million costs incurred, $0.8 million was recorded in cost of revenues and $1.0 million was recorded in selling, general and administrative expenses.