XML 31 R19.htm IDEA: XBRL DOCUMENT
v3.24.2

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES | 6 Months Ended
--- | ---
Jun. 30, 2024
RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES |
RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES | NOTE 11. RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES Details of restructuring, asset impairments, and other charges are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
​ | ​ | 2024 | ​ | 2023 |  | 2024 | ​ | 2023 | ​
Restructuring |  | $ | 84 | ​ | $ | 3,154 | ​ | $ | 53 | ​ | $ | 4,197 | ​
Other charges | ​ | ​ | 541 | ​ | ​ | — | ​ | ​ | 817 | ​ | ​ | — | ​
Total restructuring, asset impairments, and other charges | ​ | $ | 625 |  | $ | 3,154 |  | $ | 870 |  | $ | 4,197 | ​
​ Restructuring We have two restructuring plans in process: 2023 Plan In 2023, we approved a plan intended to optimize and further consolidate our manufacturing operations and functional support groups as well as a general reduction-in-force to align our expenses to revenue levels (the “2023 Plan”). We expect additional charges of $1.0 million to $2.0 million to be incurred in future periods through the second quarter of 2025. We anticipate the 2023 Plan will be substantially completed by the end of 2024, with the final activities concluding in the second quarter of 2025. On July 29, 2024, we approved actions in furtherance of our previously announced manufacturing consolidation initiatives intended to optimize our manufacturing network and cost structure. In connection with these actions, we estimate we will incur $25.0 million to $30.0 million primarily associated with employment-related charges for, among other things, one-time cash payments for severance, benefits expenses, payroll taxes, facility exit costs, and other ancillary costs. We expect to recognize the majority of these charges during calendar year 2024 with any remaining charges to be recognized in the first half of 2025. 2022 Plan This plan was approved to further improve our operating efficiencies and drive the realization of synergies from our business combinations by consolidating our operations, optimizing our factory footprint, including moving certain production into our higher volume factories, reducing redundancies, and lowering our cost structure. We anticipate the 2022 Plan will be substantially completed by the end of 2024. Our restructuring liabilities are included in other accrued expenses in our Consolidated Balance Sheets. Changes in restructuring liabilities were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 Plan |  | 2022 Plan |  | Other |  | Total
December 31, 2023 | ​ | $ | 14,224 | ​ | $ | 2,930 | ​ | $ | 188 | ​ | $ | 17,342
Costs incurred and charged to expense | ​ | ​ | (4) | ​ | ​ | 57 | ​ | ​ | — | ​ | ​ | 53
Costs paid or otherwise settled | ​ | ​ | (6,994) | ​ | ​ | (2,987) | ​ | ​ | (188) | ​ | ​ | (10,169)
June 30, 2024 | ​ | $ | 7,226 | ​ | $ | — | ​ | $ | — | ​ | $ | 7,226
​ ​ Charges related to our restructuring plans are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 | ​
Severance and related charges |  | $ | 84 |  | $ | 3,154 |  | $ | 53 |  | $ | 4,197 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cumulative Cost Through
​ | ​ | June 30, 2024
​ |  | 2023 Plan |  | 2022 Plan |  | Total
Severance and related charges |  | $ | 17,099 | ​ | $ | 14,044 | ​ | $ | 31,143
​ Other Charges Other charges relate to vacating and relocating facilities.

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

X
- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
Name: | us-gaap_RestructuringImpairmentAndOtherActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration