Restructuring Charges and Other Costs

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Note 16 – 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 three months ended March 31, 2025, the Company recognized $1.3 million of restructuring charges, which primarily related to capacity and workforce reductions at its sites in the Americas. Accrued restructuring costs are included in accrued liabilities on the consolidated balance sheet. Additionally, the Company agreed to a $10.1 million settlement related to a tax assessment in the Americas. See Note 15 for further information on the tax assessment.

The Company recognized $3.3 million of restructuring charges during the three months ended March 31, 2024 primarily related to capacity and workforce reductions at its sites in the Americas and reductions in workforce in certain facilities in Asia.

The components of restructuring charges were as follows:


	Three Months Ended March 31, 2025
(in thousands)	Americas		Asia		Europe		Total
Severance costs	$	752	$	—	$	298	$	1,050
Lease facility costs		—		—		—		—
Other exit costs		292		—		—		292
Total restructuring charges	$	1,044	$	—	$	298	$	1,342

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


(in thousands)	Balances as of December 31, 2024		Restructuring Charges		Cash Payments			Non-Cash Activity		Balances as of March 31, 2025
Severance costs	$	209	$	1,050	$	(1,155	)	$	—	$	104
Lease facility costs		—		—		—			—		—
Other exit costs		—		292		(292	)		—		—
Total accrued restructuring costs	$	209	$	1,342	$	(1,447	)	$	—	$	104