XML 33 R20.htm IDEA: XBRL DOCUMENT
v3.25.1

Restructuring and Acquisition-Related Costs (Notes) | 3 Months Ended
--- | ---
Mar. 31, 2025
Restructuring and Related Activities [Abstract] |
Business Combination, Integration, Restructuring, and Other Related Costs [Text Block] | 12. RESTRUCTURING AND ACQUISITION-RELATED COSTS In 2022, we completed our acquisition of Tekfor Group (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 throughout 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 first three months of 2025 and 2024 is shown below:
| Severance Charges |  | Implementation Costs |  |  |  | Total
| (in millions)
Accrual at December 31, 2023 | $ | 3.0 |  |  | $ | 1.7 |  |  |  |  | $ | 4.7 |
Charges | 0.2 |  |  | 1.2 |  |  |  |  | 1.4 |
Cash utilization | (1.6) |  |  | (1.1) |  |  |  |  | (2.7) |
Accrual at March 31, 2024 | $ | 1.6 |  |  | $ | 1.8 |  |  |  |  | $ | 3.4 |
Accrual at December 31, 2024 | $ | 0.8 |  |  | $ | 2.0 |  |  |  |  | $ | 2.8 |
Charges | 1.0 |  |  | 2.4 |  |  |  |  | 3.4 |
Cash utilization | (1.4) |  |  | (1.2) |  |  |  |  | (2.6) |
Accrual at March 31, 2025 | $ | 0.4 |  |  | $ | 3.2 |  |  |  |  | $ | 3.6 |
As part of our restructuring actions, we incurred total severance charges of approximately $1.0 million and $0.2 million during the three months ended March 31, 2025 and 2024, respectively. We also incurred total implementation costs of approximately $2.4 million and $1.2 million during the three months ended March 31, 2025 and 2024, respectively. Implementation costs consist primarily of plant exit costs. Approximately $1.8 million of our total restructuring costs for the three months ended March 31, 2025 related to the 2024 Program and approximately $1.6 million were associated with Tekfor. From inception of the 2024 Program, we have incurred $11.3 million of total restructuring costs under this program. We have incurred $4.2 million of total restructuring costs associated with Tekfor. Approximately $1.0 million and $1.9 million of our total restructuring costs for the three months ended March 31, 2025 related to our Driveline and Metal Forming segments, respectively, while the reminder were corporate costs. Approximately $1.1 million of our total restructuring costs for the three months ended March 31, 2024 related to our Metal Forming segment, while the remainder were corporate costs. We expect to incur approximately $20 million to $30 million of total restructuring charges in 2025. The following table represents a summary of acquisition-related costs associated with the Business Combination and integration costs primarily related to our previous acquisition of Tekfor:
| Acquisition-Related Costs |  |  |  | Integration Expenses |  | Total
| (in millions)
Charges for the three months ended March 31, 2025 | $ | 16.2 |  |  |  |  | $ | 0.1 |  |  | $ | 16.3 |
Charges for the three months ended March 31, 2024 | — |  |  |  |  | 1.1 |  |  | 1.1 |
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 are presented on a separate line item titled Restructuring and acquisition-related costs in our Condensed Consolidated Statements of Income and totaled $19.7 million and $2.5 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

X
- Definition The entire disclosure for cost incurred and expensed by acquirer in connection with business combination. Includes, but is not limited to, business and system integration-related, employee-related, restructuring, and other related costs. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-7 + 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