XML 37 R21.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Restructuring and Acquisition-Related Costs | 12 Months Ended
--- | ---
Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block] | 12. RESTRUCTURING AND ACQUISITION-RELATED COSTS In 2022, we completed our acquisition of Tekfor and in 2023 we initiated certain restructuring actions associated with the acquired entities. We expect to incur restructuring costs associated with the acquired entities into 2025. In the first quarter of 2024, we initiated a global restructuring program (the 2024 Program) focused on optimizing our cost structure. We expect to incur costs under the 2024 Program into 2028. A summary of our restructuring activity for the years 2024, 2023 and 2022 is shown below:
| Severance Charges |  | Implementation Costs |  |  |  | Total
| (in millions)
Accrual at January 1, 2022 | $ | 0.7 |  |  | $ | 2.7 |  |  |  |  | $ | 3.4 |
Charges | 3.5 |  |  | 18.2 |  |  |  |  | 21.7 |
Cash utilization | (1.8) |  |  | (19.5) |  |  |  |  | (21.3) |
Accrual at December 31, 2022 | 2.4 |  |  | 1.4 |  |  |  |  | 3.8 |
Charges | 7.2 |  |  | 11.1 |  |  |  |  | 18.3 |
Cash utilization | (6.6) |  |  | (10.8) |  |  |  |  | (17.4) |
Accrual at December 31, 2023 | 3.0 |  |  | 1.7 |  |  |  |  | 4.7 |
Charges | 6.5 |  |  | 3.5 |  |  |  |  | 10.0 |
Cash utilization | (8.7) |  |  | (3.2) |  |  |  |  | (11.9) |
Accrual at December 31, 2024 | $ | 0.8 |  |  | $ | 2.0 |  |  |  |  | $ | 2.8 |
As part of our restructuring actions during 2024, we incurred total severance charges of approximately $6.5 million, as well as implementation costs, consisting primarily of plant exit costs, of approximately $3.5 million. In 2024, we incurred $0.5 million of costs related to restructuring actions associated with Tekfor and $9.5 million of restructuring costs under the 2024 Program. We have incurred $2.6 million of total costs related to restructuring actions associated with Tekfor. Approximately $4.6 million of our total restructuring costs in 2024 related to our Driveline segment and these costs were primarily associated with the closure of our Glasgow Manufacturing Facility in the United Kingdom, which is part of the 2024 Program. Approximately $1.9 million of our total restructuring costs in 2024 related to our Metal Forming segment, while the remainder were corporate costs. In 2023, we incurred severance charges of approximately $7.2 million, as well as implementation costs, consisting primarily of plant exit costs and professional fees, of approximately $11.1 million. Approximately $4.9 million and $11.3 million of our total restructuring costs in 2023 related to our Driveline and Metal Forming segments, respectively, while the remainder were corporate costs. In 2022, we incurred severance charges of approximately $3.5 million, as well as implementation costs, consisting primarily of plant exit costs and professional fees, of approximately $18.2 million. Approximately $1.6 million and $14.3 million of our total restructuring costs in 2022 related to our Driveline and Metal Forming segments, respectively, while the remainder were corporate costs. We expect to incur approximately $20 million to $30 million of total restructuring charges in 2025 associated with the 2024 Program and our continued restructuring actions associated with Tekfor. In 2024, we incurred acquisition-related costs associated with our pending combination with Dowlais and integration costs associated with our acquisition of Tekfor. Additionally, in 2023 we incurred integration costs associated with our acquisition of Tekfor. In 2022, we incurred acquisition and integration costs associated with Tekfor, and we also incurred integration costs associated with our 2021 acquisition of a manufacturing facility in Emporium, Pennsylvania. The following table represents a summary of charges incurred in 2024, 2023 and 2022 associated with acquisition and integration costs:
| Acquisition-Related Costs |  |  |  | Integration Expenses |  | Total
| (in millions)
2024 Charges | $ | 5.7 |  |  |  |  | $ | 2.3 |  |  | $ | 8.0 |
2023 Charges | — |  |  |  |  | 6.9 |  |  | 6.9 |
2022 Charges | 6.0 |  |  |  |  | 2.5 |  |  | 8.5 |
Acquisition-related costs primarily consist of advisory, legal, accounting, valuation and certain other professional or consulting fees incurred. Integration expenses primarily reflect costs incurred for information technology infrastructure and enterprise resource planning systems, and consulting fees incurred in conjunction with integration activities. Total restructuring charges and acquisition-related charges of $18.0 million, $25.2 million and $30.2 million are shown on a separate line item titled "Restructuring and acquisition-related costs" in our Consolidated Statements of Operations for 2024, 2023 and 2022, respectively.

X
- Definition The entire description for costs incurred to effect a business combination that have been expensed during the period. Such costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
Name: | us-gaap_BusinessAcquisitionIntegrationRestructuringAndOtherRelatedCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration