XML 28 R21.htm IDEA: XBRL DOCUMENT
v3.24.2

Restructuring Charges and Other Costs | 6 Months Ended
--- | ---
Jun. 30, 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 six months ended June 30, 2024, the Company recognized $4.8 million of restructuring charges, which primarily related to capacity and workforce reductions at its sites in the Americas. The Company recognized $3.8 million of restructuring charges during the six months ended June 30, 2023 primarily related to the previously announced closures 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 have ceased as of March 31, 2023 with restructuring activity substantially completed in 2023. The components of restructuring charges were as follows:
|  | Six Months Ended June 30, 2024 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Severance costs |  | $ | 3,699 |  |  | $ | 371 |  |  | $ | — |  |  | $ | 4,070 |
Lease facility costs |  |  | — |  |  |  | (9 | ) |  |  | — |  |  |  | (9 | )
Other exit costs |  |  | 753 |  |  |  | — |  |  |  | — |  |  |  | 753 |
Total restructuring charges |  | $ | 4,452 |  |  | $ | 362 |  |  | $ | — |  |  | $ | 4,814 |
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 June 30, 2024 |
Severance |  | $ | 35 |  |  | $ | 4,070 |  |  | $ | (3,717 | ) |  | $ | — |  |  | $ | 388 |
Lease facility costs |  |  | 9 |  |  |  | (9 | ) |  |  | — |  |  |  | — |  |  |  | — |
Other exit costs |  |  | 81 |  |  |  | 753 |  |  |  | (834 | ) |  |  | — |  |  |  | — |
Total accrued restructuring costs |  | $ | 125 |  |  | $ | 4,814 |  |  | $ | (4,551 | ) |  | $ | — |  |  | $ | 388 |

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