Restructuring Activities

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Summary of 2022 Restructuring Plan

In April 2022, management approved and commenced a restructuring plan that will better position us for stronger performance. The restructuring plan mainly reduces headcount and consolidates facilities. As a result of this restructuring plan, we analyzed the need to write-down inventory and impair long-lived assets, including operating lease right-of-use assets. During the year ended December 31, 2024, we recorded total charges of $7.7 million. Cumulative through the year ended December 31, 2024, we recorded total charges of $29.2 million. As of December 31, 2024, we estimate the remaining amount of charges related to this initiative will be $1.0 million to $1.5 million in total pre-tax restructuring charges through 2025 for facility consolidation related expenses.

In the Electronics Systems segment, we recorded (credits) charges of $(0.1) million, zero, and $0.2 million during the year ended December 31, 2024, for severance and benefits that were classified as restructuring charges, charges for inventory write down that were classified as cost of sales, and other restructuring, respectively. Cumulative through the year ended December 31, 2024, we recorded total charges for severance and benefits that were classified as restructuring charges, accelerated depreciation of property and equipment that was classified as restructuring charges, charges for inventory write down that were classified as cost of sales, and other restructuring of $9.5 million, $0.3 million, $0.3 million, and $0.2 million, respectively.

In the Structural Systems segment, we recorded $1.7 million, zero, $1.2 million, and $4.6 million during the year ended December 31, 2024 for severance and benefits that were classified as restructuring charges, accelerated depreciation of property and equipment that was classified as restructuring charges, charges for inventory write down that was classified as cost of sales, and other restructuring charges, respectively. Cumulative through the year ended December 31, 2024, we recorded total charges for severance and benefits that were classified as restructuring charges, accelerated depreciation of property and equipment that was classified as restructuring charges, impairment of property and equipment that was classified as restructuring charges, charges for inventory write down that was classified as cost of sales, and other restructuring of $7.6 million, $1.7 million, $0.3 million, $1.8 million, and $7.4 million, respectively.

Our restructuring activities for 2024 were as follows (in thousands):


	December 31, 2023		2024								December 31, 2024
	Balance		Charges		Cash Payments		Non-Cash Payments		Change in Estimates		Balance
Severance and benefits	$	5,389	$	1,623	$	(5,395)	$	—	$	(74)	$	1,543

Property and equipment accelerated depreciation due to restructuring	—		—		—		—		—		—

Inventory write down	—		1,212		—		(1,212)		—		—
Other	—		4,821		(3,861)		(571)		—		389
Ending balance	$	5,389	$	7,656	$	(9,256)	$	(1,783)	$	(74)	$	1,932

The restructuring activities accrual for severance and benefits and other of $1.9 million as of December 31, 2024 was included as part of accrued and other liabilities.