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Restructuring and Related Activities (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities

10. Restructuring and Related Activities

Restructuring and related activities are designed to better align the Company's operations with current market conditions through targeted facility consolidations, headcount reductions, and other measures to further optimize operations.

No restructuring charges were recorded within Gross profit for the year ended December 31, 2021. During the year ended December 31, 2021, the Company recorded restructuring charges within Operating expenses of $0.5 million. These charges were primarily for actions associated with the Intelligent Audio product line, which is included within the Audio segment.

During the year ended December 31, 2020, the Company restructured its Intelligent Audio product line. These actions resulted in a reduction in workforce and the refocusing of certain research and development activities. The Company recorded restructuring charges of $8.3 million related to these actions, including $5.4 million in severance pay and benefits, $1.7 million in fixed asset write-off costs, and $1.2 million in contract termination costs.

In addition, during the year ended December 31, 2020, the Company recorded restructuring charges of $4.0 million for severance pay and benefits primarily to rationalize the remaining Audio segment workforce as a direct result of the lower demand the Company experienced due to the COVID-19 pandemic.

During the year ended December 31, 2020, the Company recorded total restructuring charges within Gross profit of $2.3 million, primarily for fixed asset write-off costs and severance pay and benefits associated with the restructuring of the Intelligent Audio product line and other actions to rationalize the remaining Audio segment workforce. The Company also recorded total restructuring charges within Operating expenses of $10.0 million, primarily for severance pay and benefits and contract termination costs associated with the restructuring of the Intelligent Audio product line and other actions to rationalize the remaining Audio segment workforce.

During the year ended December 31, 2019, the Company recorded restructuring charges of $1.7 million within Gross profit, primarily for actions associated with transferring certain operations of capacitors manufacturing to other existing facilities in order to further optimize operations in the PD segment, as well as rationalizing the Audio segment workforce. The Company also recorded restructuring charges of $4.3 million within Operating expenses, primarily for actions associated with rationalizing the Audio segment workforce.

The following table details restructuring charges incurred by reportable segment for the periods presented:

			Years Ended December 31,
(in millions)			2021						2020						2019
Audio			$	0.4					$	10.5					$	4.8
Precision Devices			0.1						0.1						0.8
Corporate			—						1.7						0.4
Total			$	0.5					$	12.3					$	6.0

The following table details the Company’s severance and other restructuring accrual activity:

(in millions)			Severance Pay and Benefits						Contract Termination and Other Costs						Total
Balance at January 1, 2019			$	0.8					$	—					$	0.8
Restructuring charges			6.0						—						6.0
Payments			(5.4)						—						(5.4)
Balance at December 31, 2019			1.4						—						1.4
Restructuring charges			9.4						1.2						10.6
Payments			(8.9)						(0.5)						(9.4)
Balance at December 31, 2020			1.9						0.7						2.6
Restructuring charges			0.5						—						0.5
Payments			(2.0)						(0.7)						(2.7)
Balance at December 31, 2021			$	0.4					$	—					$	0.4

The severance and restructuring accruals are recorded in the following line items on the Consolidated Balance Sheets:

(in millions)			December 31, 2021						December 31, 2020
Other accrued expenses			$	0.4					$	2.4
Other liabilities			—						0.2
Total			$	0.4					$	2.6

Schedule of Restructuring and Related Costs

The following table details restructuring charges incurred by reportable segment for the periods presented:

			Years Ended December 31,
(in millions)			2021						2020						2019
Audio			$	0.4					$	10.5					$	4.8
Precision Devices			0.1						0.1						0.8
Corporate			—						1.7						0.4
Total			$	0.5					$	12.3					$	6.0

Schedule of Restructuring Reserve by Type of Cost

The following table details the Company’s severance and other restructuring accrual activity:

(in millions)			Severance Pay and Benefits						Contract Termination and Other Costs						Total
Balance at January 1, 2019			$	0.8					$	—					$	0.8
Restructuring charges			6.0						—						6.0
Payments			(5.4)						—						(5.4)
Balance at December 31, 2019			1.4						—						1.4
Restructuring charges			9.4						1.2						10.6
Payments			(8.9)						(0.5)						(9.4)
Balance at December 31, 2020			1.9						0.7						2.6
Restructuring charges			0.5						—						0.5
Payments			(2.0)						(0.7)						(2.7)
Balance at December 31, 2021			$	0.4					$	—					$	0.4

Schedule of Restructuring Reserve by Balance Sheet Location

The severance and restructuring accruals are recorded in the following line items on the Consolidated Balance Sheets:

(in millions)			December 31, 2021						December 31, 2020
Other accrued expenses			$	0.4					$	2.4
Other liabilities			—						0.2
Total			$	0.4					$	2.6

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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.

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Tabular 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.

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Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

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