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Restructuring Charges | 9 Months Ended
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Sep. 30, 2023
Restructuring and Related Activities [Abstract] |
Restructuring Charges | Note 12 – Restructuring Charges The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The process of restructuring entails moving production between facilities, reducing staff levels, realigning our business processes, reorganizing our management and other activities. The Company recognized $5.2 million of restructuring charges during the nine months ended September 30, 2023 primarily related to the previously announced closure of our site in Moorpark, California in the Americas, and other smaller activities involving capacity reductions and reductions in workforce in certain facilities across various regions. Moorpark, California operations ceased as of March 31, 2023 with restructuring activity expected to be substantially completed in 2023. The following table summarizes the 2023 activity in accrued restructuring, which is included in accrued liabilities on the condensed consolidated balance sheet, as of September 30, 2023 and relates to various restructuring activities initiated prior to September 30, 2023:
|  | Balance as of |  |  |  |  |  |  |  |  |  |  |  | Foreign |  |  | Balance as of |
|  | December 31, |  |  | Restructuring |  |  | Cash |  |  | Non-Cash |  |  | Exchange |  |  | September 30, |
(in thousands) |  | 2022 |  |  | Charges |  |  | Payments |  |  | Activity |  |  | Adjustments |  |  | 2023 |
Restructuring: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Severance |  | $ | 3,683 |  |  | $ | 2,971 |  |  | $ | (6,600 | ) |  | $ | — |  |  | $ | 32 |  |  | $ | 86 |
Lease facility costs |  |  | 17 |  |  |  | 153 |  |  |  | (161 | ) |  |  | — |  |  |  | — |  |  |  | 9 |
Other exit costs |  |  | 81 |  |  |  | 2,104 |  |  |  | (2,103 | ) |  |  | — |  |  |  | — |  |  |  | 82 |
|  | $ | 3,781 |  |  | $ | 5,228 |  |  | $ | (8,864 | ) |  | $ | - |  |  | $ | 32 |  |  | $ | 177 |
The components of restructuring charges during the first nine months of 2023 were as follows:
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Severance costs |  | $ | 2,908 |  |  | $ | 63 |  |  | $ | — |  |  | $ | 2,971 |
Lease facility costs |  |  | 153 |  |  |  | — |  |  |  | — |  |  |  | 153 |
Other exit costs |  |  | 2,104 |  |  |  | — |  |  |  | — |  |  |  | 2,104 |
|  | $ | 5,165 |  |  | $ | 63 |  |  | $ | — |  |  | $ | 5,228 |
During the second quarter of 2023, the Company made the decision to no longer continue certain manufacturing capabilities in the Americas. In connection with that decision, the Company assessed the facility and equipment assets used in those manufacturing capabilities and recorded $1.1 million of impairment charges as a result of that assessment. The asset impairment charges are included in the restructuring charges and other costs line item on the condensed consolidated statements of income for the nine months ended September 30, 2023. Additionally, during the third quarter of 2021, the Company made the decision to no longer continue certain manufacturing capabilities in the Americas. In connection with that decision, the Company assessed the facility and equipment assets used in those manufacturing capabilities using valuation information from third parties and recorded $4.4 million of impairment charges as a result of that assessment. The asset impairment charges are included in the restructuring charges and other costs line item on the consolidated statements of income as of September 30, 2021. During the nine months ended September 30, 2022, the Company completed the sale of the equipment for $1.3 million and recorded a loss on assets held for sale of $2.0 million included in the restructuring charges and other costs line item on the consolidated statements of income. During the nine months ended September 30, 2022, the Company completed the sale of a building in Angleton, Texas for $4.3 million and recorded a gain on assets held for sale of $2.4 million included in the restructuring charges and other costs line item on the consolidated statements of income.

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