Note 4 - Restructuring of Operations

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

Note 4. Restructuring of Operations

Our restructuring activities include rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations, and headcount reduction initiatives focused on reducing operating and overhead costs. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs, including certain costs of facilities that we are in the process of closing.

During 2024, we announced actions to consolidate certain manufacturing facilities along with global headcount reductions focused on reducing engineering and overhead costs in response to market dynamics, including delays in the adoption of electric vehicles. During 2026, we continued to execute on these initiatives.

Accrued restructuring costs and activity —

	Employee Termination Benefits			Exit Costs			Total
Balance, December 31, 2025	$	21		$	2		$	23
Charges to restructuring		3			5			8
Adjustments of accruals		(2	)					(2	)
Cash payments		(8	)		(7	)		(15	)
Currency impact		1						1
Balance, March 31, 2026	$	15		$	—		$	15

At March 31, 2026, the accrued employee termination benefits include costs to reduce approximately 300 employees to be completed over the next year.