XML 33 R25.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Restructuring
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring

NOTE 17 – RESTRUCTURING

The Company initiates restructuring activities to execute management’s strategy, such as gaining operational efficiencies and achieving net cost reductions. Restructuring charges primarily consist of employee severance costs. During the three months ended June 30, 2024, an additional restructuring charge was incurred of $1.0 million related to further restructuring of our European business. During the three and six months ended June 30, 2023, we initiated a program to reduce our global workforce to better align our cost structure with lower automotive industry production levels. As a result, we recognized restructuring charges of $2.5 million and $7.8 million for the three and six months ended June 30, 2023.

The changes in the restructuring reserve balance for the three and six months ended June 30, 2024 and June 30, 2023 were as follows:

 

 

2024

 

 

2023

 

Balance at beginning of period

 

$

(3,386

)

 

$

—

 

Revision to previous estimates

 

 

933

 

 

 

(5,270

)

Cash payment

 

 

907

 

 

 

—

 

Foreign exchange

 

 

77

 

 

 

—

 

Balance at March 31

 

$

(1,469

)

 

$

(5,270

)

Provision

 

 

(1,014

)

 

 

(2,537

)

Cash payment

 

 

45

 

 

 

—

 

Foreign exchange

 

 

11

 

 

 

—

 

Balance at end of period

 

$

(2,427

)

 

$

(7,807

)