XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Restructuring Charges and Other Costs | 12 Months Ended
--- | ---
Dec. 31, 2023
Restructuring and Related Activities [Abstract] |
Restructuring Charges and Other Costs | Note 17—Restructuring Charges and Other Costs 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 Company's restructuring process entails moving production between facilities, reducing staff levels, realigning business processes, reorganizing management and other activities. During 2023, 2022 and 2021, the Company recognized $7.3 million, $5.7 million and $9.3 million of restructuring charges primarily related to the previously announced closures of its sites in San Jose, California, Angleton, Texas, and Moorpark, California in the Americas, and other smaller activities involving capacity reductions and reductions in workforce in certain facilities across various regions. San Jose, California operations ceased, and all restructuring activity was complete as of March 31, 2022. Angleton, Texas operations ceased, and all restructuring activity was complete as of June 30, 2022 upon the disposition of the facility. Moorpark, California operations ceased as of March 31, 2023 with restructuring activity substantially complete by the end 2023. Accrued restructuring costs are included in accrued liabilities on the consolidated balance sheet. The following table summarizes the 2023 activity in accrued restructuring costs:
(in thousands) |  | Balances as of December 31, 2022 |  |  | Restructuring Charges |  |  | Cash Payments |  |  | Non-Cash Activity |  |  | Balances as of December 31, 2023 |
Severance |  | $ | 3,683 |  |  | $ | 4,508 |  |  | $ | (8,156 | ) |  | $ | — |  |  | $ | 35 |
Lease facility costs |  |  | 17 |  |  |  | 176 |  |  |  | (184 | ) |  |  | — |  |  |  | 9 |
Other exit costs |  |  | 81 |  |  |  | 2,643 |  |  |  | (2,643 | ) |  |  | — |  |  |  | 81 |
Total accrued restructuring costs |  | $ | 3,781 |  |  | $ | 7,327 |  |  | $ | (10,983 | ) |  | $ | — |  |  | $ | 125 |
The components of restructuring charges during 2023 were as follows:
|  | Year Ended December 31, 2023 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Severance costs |  | $ | 4,226 |  |  | $ | — |  |  | $ | 282 |  |  | $ | 4,508 |
Lease facility costs |  |  | 176 |  |  |  | — |  |  |  | — |  |  |  | 176 |
Other exit costs |  |  | 2,640 |  |  |  | — |  |  |  | 3 |  |  |  | 2,643 |
Total restructuring charges |  | $ | 7,042 |  |  | $ | — |  |  | $ | 285 |  |  | $ | 7,327 |
The following table summarizes the 2022 activity in accrued restructuring costs:
(in thousands) |  | Balances as of December 31, 2021 |  |  | Restructuring Charges |  |  | Cash Payments |  |  | Non-Cash Activity |  |  | Balances as of December 31, 2022 |
Severance |  | $ | 3,257 |  |  | $ | 2,428 |  |  | $ | (1,713 | ) |  | $ | (289 | ) |  | $ | 3,683 |
Lease facility costs |  |  | 17 |  |  |  | 1,261 |  |  |  | (1,261 | ) |  |  | — |  |  |  | 17 |
Other exit costs |  |  | 237 |  |  |  | 2,021 |  |  |  | (2,056 | ) |  |  | (121 | ) |  |  | 81 |
Total accrued restructuring costs |  | $ | 3,511 |  |  | $ | 5,710 |  |  | $ | (5,030 | ) |  | $ | (410 | ) |  | $ | 3,781 |
The components of restructuring charges during 2022 were as follows:
|  | Year Ended December 31, 2022 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Severance costs |  | $ | 2,298 |  |  | $ | 130 |  |  | $ | — |  |  | $ | 2,428 |
Lease facility costs |  |  | 1,261 |  |  |  | — |  |  |  | — |  |  |  | 1,261 |
Other exit costs |  |  | 2,021 |  |  |  | — |  |  |  | — |  |  |  | 2,021 |
Total restructuring charges |  | $ | 5,580 |  |  | $ | 130 |  |  | $ | — |  |  | $ | 5,710 |
The following table summarizes the 2021 activity in accrued restructuring costs:
(in thousands) |  | Balances as of December 31, 2020 |  |  | Restructuring Charges |  |  | Cash Payments |  |  | Non-Cash Activity |  |  | Balances as of December 31, 2021 |
Severance |  | $ | 3,996 |  |  | $ | 4,130 |  |  | $ | (4,685 | ) |  | $ | (184 | ) |  | $ | 3,257 |
Lease facility costs |  |  | 50 |  |  |  | 2,745 |  |  |  | (2,618 | ) |  |  | (160 | ) |  |  | 17 |
Other exit costs |  |  | 408 |  |  |  | 2,470 |  |  |  | (2,252 | ) |  |  | (389 | ) |  |  | 237 |
Total accrued restructuring costs |  | $ | 4,454 |  |  | $ | 9,345 |  |  | $ | (9,555 | ) |  | $ | (733 | ) |  | $ | 3,511 |
The components of restructuring charges during 2021 were as follows:
|  | Year Ended December 31, 2021 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Severance costs |  | $ | 4,084 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 4,130 |
Lease facility costs |  |  | 2,581 |  |  |  | 164 |  |  |  | — |  |  |  | 2,745 |
Other exit costs |  |  | 2,470 |  |  |  | — |  |  |  | — |  |  |  | 2,470 |
Total restructuring charges |  | $ | 9,135 |  |  | $ | 210 |  |  | $ | — |  |  | $ | 9,345 |
During 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 a s a result of that assessment. The asset impairment charges are included in restructuring charges and other costs in the consolidated statement of income for 2023. During 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 restructuring charges and other costs in the consolidated statements of income for 2021. During 2022, the Company completed the sale of the related equipment for $1.3 million and recorded a loss on assets held for sale of $2.0 million, which is included in restructuring charges and other costs in the consolidated statement of income. Additionally, during 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 which is also included in restructuring charges and other costs. Furthermore, during 2022, the Company agreed to $3.3 million in legal settlements that are included in restructuring charges and other costs.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration