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Restructuring Charges and Other Costs | 3 Months Ended
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Mar. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring Charges and Other Costs | Note 12 – 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 the three months ended March 31, 2024, the Company recognized $3.3 million of restructuring charges, which primarily related to capacity and workforce reductions at its sites in the Americas. During the three months ended March 31, 2023, the Company recognized $1.4 million of restructuring charges, which primarily related to the previously announced closures of its sites in Moorpark, California and other smaller activities involving capacity and workforce reductions at other facilities. The operations at the Moorpark, California facility ceased as of March 31, 2023 and the related restructuring activity was substantially completed as of December 31, 2023. The components of restructuring charges were as follows:
|  | Three Months Ended March 31, 2024 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Severance costs |  | $ | 2,617 |  |  | $ | 371 |  |  | $ | — |  |  | $ | 2,988 |
Lease facility costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other exit costs |  |  | 355 |  |  |  | — |  |  |  | — |  |  |  | 355 |
Total restructuring charges |  | $ | 2,972 |  |  | $ | 371 |  |  | $ | — |  |  | $ | 3,343 |
The changes in the Company’s accrued restructuring costs were as follows:
(in thousands) |  | Balances as of December 31, 2023 |  |  | Restructuring Charges |  |  | Cash Payments |  |  | Non-Cash Activity |  |  | Balances as of March 31, 2024 |
Severance |  | $ | 35 |  |  | $ | 2,988 |  |  | $ | (3,023 | ) |  | $ | — |  |  | $ | — |
Lease facility costs |  |  | 9 |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | 8 |
Other exit costs |  |  | 81 |  |  |  | 355 |  |  |  | (436 | ) |  |  | — |  |  |  | — |
Total accrued restructuring costs |  | $ | 125 |  |  | $ | 3,343 |  |  | $ | (3,460 | ) |  | $ | — |  |  | $ | 8 |

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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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