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Restructuring Expenses
9 Months Ended
Nov. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Expenses

(17) Restructuring Expenses

The Company records liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. Employee severance costs are accrued when the restructuring actions are probable and estimable. Costs for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits are recognized ratably over the future service period.

During the second quarter of Fiscal 2023, the Company began moving certain of its OEM production operations from Florida to Mexico, which is expected to be completed by the end of Fiscal 2025. During the second quarters of Fiscal 2024 and Fiscal 2025, the Company implemented cost reduction initiatives in order to streamline operations, reduce costs, and align its business in response to market conditions. As a result of these initiatives, the Company incurred restructuring expenses, consisting primarily of employee severance and relocation expenditures, of $49 and $2,378, and

$101 and $2,168 for the three and nine months ended November 30, 2024 and 2023, respectively. For the three and nine months ended November 30, 2024, we incurred restructuring charges within the Automotive Electronics segment of $49 and $443, respectively, and for the nine months ended November 30, 2024, we incurred restructuring charges of $1,935 within the Consumer Electronics segment. For the three and nine months ended November 30, 2023 we incurred restructuring charges within the Automotive Electronics segment of $101 and $887, respectively, and for the nine months ended November 30, 2023 we incurred restructuring charges of $1,077 in the Consumer Electronics segment, $27 in the Biometrics segment, and $177 in Corporate. At November 30, 2024, the balance of restructuring charges not yet settled was $413 and are included within Accrued expenses and other current liabilities on the Company's Consolidated Balance Sheet. The Company expects substantially all of this liability balance to be settled by February 28, 2025. Additional restructuring charges related to relocation and cost reductions may be incurred during the remainder of Fiscal 2025.