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Restructuring Activities

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring Activities

Restructuring Activities

Given the economically-sensitive and highly competitive nature of the automotive electronics industry, the Company continues to closely monitor current market factors and industry trends, including potential impacts related to COVID-19 and the related semiconductor shortage, taking action as necessary which may include restructuring actions. However, there can be no assurance that any such actions will be sufficient to fully offset the impact of adverse factors on the Company or its results of operations, financial position and cash flows.

During the third quarter of 2021, the Company released $2 million of net restructuring expense due to a change in estimate related to previous restructuring actions.

During the second quarter of 2021, the Company approved and recorded $2 million of net restructuring expense for various restructuring actions, primarily impacting Brazil. As of September 30, 2021, $1 million remains accrued related to these programs.

During 2020 the Company approved various restructuring programs impacting engineering, administrative and manufacturing functions to improve efficiency and rationalize the Company’s footprint. The Company recorded $69 million of net restructuring expense for cash severance, retention, and termination costs for the nine months ended September 30, 2020 related to these programs. As of September 30, 2021, $12 million remains accrued related to these programs. The Company anticipates that the activities associated with the current restructuring programs will be substantially complete by the end of 2022.

During 2018, the Company approved a restructuring program impacting legacy employees at a South America facility due to the wind-down of certain products. As of September 30, 2021, $2 million remains accrued related to this program.

As of September 30, 2021, the Company retained restructuring reserves as part of the Company's divestiture of the majority of its global Interiors business (the "Interiors Divestiture") of $1 million associated with completed programs for the fundamental reorganization of operations at facilities in Brazil and France.

Restructuring Reserves

The Company’s restructuring reserves and related activity are summarized below and include amounts associated with discontinued operations.

(In millions)
December 31, 2020			$	49
Expense			—
Change in estimate			(1)
Utilization			(16)
Foreign currency			(1)
March 31, 2021			$	31
Expense			2
Change in estimate			(1)
Utilization			(9)
Foreign currency			—
June 30, 2021			$	23
Expense			—
Change in estimate			(2)
Utilization			(4)
Foreign currency			—
September 30, 2021			$	17

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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