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Note 3 - Restructuring of Operations
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Restructuring and Related Activities Disclosure [Text Block]

Note 3.  Restructuring of Operations

 

Our restructuring activities include rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations, and headcount reduction initiatives focused on reducing operating and overhead costs. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs, including certain operating costs of facilities that we are in the process of closing.

 

During 2024, we announced actions to consolidate certain manufacturing facilities along with global headcount reductions focused on reducing engineering and overhead costs in response to market dynamics, including delays in the adoption of electric vehicles. 

 

Accrued restructuring costs and activity, including noncurrent portion —

 

  

Employee

         
  

Termination

  

Exit

     
  

Benefits

  

Costs

  

Total

 

Balance, December 31, 2021

 $11  $—  $11 

Charges to restructuring

  2   2   4 

Adjustments of accruals

  (5)      (5)

Cash payments

  (6)  (2)  (8)

Balance, December 31, 2022

  2   —   2 

Charges to restructuring

  17   8   25 

Cash payments

  (9)  (8)  (17)

Balance, December 31, 2023

  10   —   10 

Charges to restructuring

  65   13   78 

Adjustments of accruals

  (2)      (2)

Cash payments

  (22)  (12)  (34)

Currency impact

  (1)      (1)

Balance, December 31, 2024

 $50  $1  $51 

 

At  December 31, 2024, accrued employee termination benefits include costs to reduce approximately 1,300 employees to be completed over the next year.