Restructuring

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

NOTE 18 - 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 2024, the Company initiated a program to reduce its global workforce to better align its cost structure with the forecasted light vehicle industry volumes. During the year ended December 31, 2024, the Company recognized net restructuring charges of $7.0 million.

During 2023, the Company initiated a program to reduce its global workforce to better align the cost structure with lower automotive industry production levels. During the year ended December 31, 2023, the Company recognized net restructuring charges of $8.1 million.

In January 2025, the Company recognized restructuring charges of $2.1 million related to cash severance costs under an approved restructuring plan.

The changes in the restructuring reserve balance for the years ended December 31, 2024 and 2023 were as follows:

Year Ended December 31,	2024			2023
Balance at beginning of period	$	3,187		$	—
Provision (1)		7,020			8,098
Cash payment		(4,953	)		(2,841	)
SPG deconsolidation		—			(1,802	)
Foreign exchange		(102	)		(268	)
Balance at end of period	$	5,152		$	3,187

(1) Provision is net of revisions to previous estimates.