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Restructuring
3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring

NOTE 19 – RESTRUCTURING

During the first quarter of 2023, the Company initiated a reduction in its global workforce to better align our cost structure with lower automotive industry production levels. As a result, the Company recognized a restructuring charge of $5.3 million of separation costs, $2.8 million of which was charged to selling, general and administrative expenses and $2.5 million which was charged to cost of sales. During the second quarter of 2023, the Company recognized an additional restructuring charge of $2.5 million for separation costs which was charged to cost of sales. As of March 31, 2024, the Company had paid $3.8 million in separation costs, reduced the accrual by $1.8 million related to the deconsolidation of a subsidiary and reversed $0.7 million subsequent to recognition of the restructuring charges, resulting in a remaining accrual of $1.5 million.