v3.24.3

RESTRUCTURING AND OTHER EXIT ACTIVITIES | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
RESTRUCTURING AND OTHER EXIT ACTIVITIES | NOTE 21: RESTRUCTURING AND OTHER EXIT ACTIVITIES On January 21, 2024, the Company announced the adoption of a restructuring plan in response to challenging industry conditions (the “Restructuring Plan”). Under the Restructuring Plan, the Company reduced its headcount by approximately 16% over the first half of 2024 in an involuntary workforce reduction. The adoption of the Restructuring Plan follows the Company’s previous measures taken to align with current market conditions, including termination of manufacturing in Mexico, reduction of manufacturing capacity in China, and discontinuation of the Company’s light commercial vehicle e-mobility activity. Restructuring and other exit charges for the three months ended September 30, 2024, by segment and type of cost were as follows:
|  | Solar |  |  | e-Mobility |  |  |  |
|  | Employee termination costs |  |  | Contract termination and other |  |  | Employee termination costs |  |  | Inventory write-down |  |  | Contract termination and other |  |  | Total |
Cost of revenues |  | $ | 884 |  |  | $ | 332 |  |  | $ | - |  |  | $ | (2 | ) |  | $ | (4 | ) |  | $ | 1,210 |
Research and development |  |  | 648 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 648 |
Sales and marketing |  |  | 468 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 468 |
General and administrative |  |  | 183 |  |  |  | - |  |  |  | (11 | ) |  |  | - |  |  |  | - |  |  |  | 172 |
Total |  | $ | 2,183 |  |  | $ | 332 |  |  | $ | (11 | ) |  | $ | (2 | ) |  | $ | (4 | ) |  | $ | 2,498 |
Restructuring and other exit charges for the nine months ended September 30, 2024, by segment and type of cost were as follows:
|  | Solar |  |  | e-Mobility |  |  |  |
|  | Employee termination costs |  |  | Contract termination and other |  |  | Employee termination costs |  |  | Inventory write-down |  |  | Contract termination and other |  |  | Total |
Cost of revenues |  | $ | 1,938 |  |  | $ | 9,619 |  |  | $ | (200 | ) |  | $ | (138 | ) |  | $ | (859 | ) |  | $ | 10,360 |
Research and development |  |  | 3,561 |  |  |  | 248 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,809 |
Sales and marketing |  |  | 1,113 |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | - |  |  |  | 1,109 |
General and administrative |  |  | 568 |  |  |  | 118 |  |  |  | (54 | ) |  |  | - |  |  |  | - |  |  |  | 632 |
Total |  | $ | 7,180 |  |  | $ | 9,985 |  |  | $ | (258 | ) |  | $ | (138 | ) |  | $ | (859 | ) |  | $ | 15,910 |
The Company’s liability balance for the restructuring and other exit charges is as follows:
|  | Employee termination costs |  |  | Inventory write-down 1 |  |  | Contract termination and other |
Balance as of December 31, 2023 |  | $ | 2,373 |  |  | $ | 27,774 |  |  | $ | 30,393 |
Charges |  |  | 6,922 |  |  |  | (137 | ) |  |  | 9,124 |
Cash payments |  |  | (9,029 | ) |  |  | - |  |  |  | (36,853 | )
Non-cash utilization and other |  |  | (266 | ) |  |  | (6,171 | ) |  |  | (2,664 | )
Balance as of September 30, 2024 |  | $ | - |  |  | $ | 21,466 |  |  | $ | - |
1 Inventory write-down is included under Inventories, net on the balance sheet.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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