XML 28 R21.htm IDEA: XBRL DOCUMENT v3.24.2
Restructuring Charges and Other Costs
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Charges and Other Costs

Note 12 – Restructuring Charges and Other Costs

The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The Company’s restructuring process entails moving production between facilities, reducing staff levels, realigning business processes, reorganizing management and other activities.

During the six months ended June 30, 2024, the Company recognized $4.8 million of restructuring charges, which primarily related to capacity and workforce reductions at its sites in the Americas.

The Company recognized $3.8 million of restructuring charges during the six months ended June 30, 2023 primarily related to the previously announced closures of our site in Moorpark, California in the Americas, and other smaller activities involving capacity reductions and reductions in workforce in certain facilities across various regions. Moorpark, California operations have ceased as of March 31, 2023 with restructuring activity substantially completed in 2023.

The components of restructuring charges were as follows:

 

 

 

Six Months Ended June 30, 2024

 

(in thousands)

 

Americas

 

 

Asia

 

 

Europe

 

 

Total

 

Severance costs

 

$

3,699

 

 

$

371

 

 

$

—

 

 

$

4,070

 

Lease facility costs

 

 

—

 

 

 

(9

)

 

 

—

 

 

 

(9

)

Other exit costs

 

 

753

 

 

 

—

 

 

 

—

 

 

 

753

 

Total restructuring charges

 

$

4,452

 

 

$

362

 

 

$

—

 

 

$

4,814

 

 

The changes in the Company’s accrued restructuring costs were as follows:

 

(in thousands)

 

Balances as of
December 31,
2023

 

 

Restructuring
Charges

 

 

Cash
Payments

 

 

Non-Cash
Activity

 

 

Balances as of
June 30,
2024

 

Severance

 

$

35

 

 

$

4,070

 

 

$

(3,717

)

 

$

—

 

 

$

388

 

Lease facility costs

 

 

9

 

 

 

(9

)

 

 

—

 

 

 

—

 

 

 

—

 

Other exit costs

 

 

81

 

 

 

753

 

 

 

(834

)

 

 

—

 

 

 

—

 

Total accrued restructuring costs

 

$

125

 

 

$

4,814

 

 

$

(4,551

)

 

$

—

 

 

$

388