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Restructuring Charges and Other Costs | 9 Months Ended
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Sep. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructuring Charges and Other Costs | Note 16 – 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 and nine months ended September 30, 2025, the Company recogniz ed $1.2 million and $4.5 million, respectively, of restructuring charges, which primarily related to closures of our site in Fremont, California and our old facility in Guadalajara, Mexico in the Americas, the exit of a business in the Americas, and other smaller activities involving capacity reductions and reductions in workforce in certain facilities across various regions. Fremont, California operations ceased during the three months ending September 30, 2025 and all restructuring activity is expected to be fully complete in 2025 upon the disposition of the facility. Operations at our new facility in Guadalajara, Mexico commenced in 2024 with customer programs continuing to transition into 2025. Operations at our old facility in Guadalajara, Mexico operations ceased during the three months ending September 30, 2025 and all restructuring activity is expected to be fully complete in 2025 upon the disposition of the facility. Accrued restructuring costs are included in accrued liabilities on the consolidated balance sheet. Additionally, the Company agreed to a $0.3 million settlement and an $11.0 million settlement related to a tax assessment in the Americas for the three and nine months ended September 30, 2025, respectively. See Note 15 for further information on the tax assessment. The Company recognized $0.8 million and $5.6 million of restructuring charges during the three and nine months ended September 30, 2024, respectively, primarily related to capacity and workforce reductions at its sites in the Americas. The components of restructuring charges were as follows:
|  | Nine Months Ended September 30, 2025 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Severance costs |  | $ | 3,998 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,998 |
Lease facility costs |  |  | 1,994 |  |  |  | — |  |  |  | — |  |  |  | 1,994 |
Other exit costs |  |  | (1,500 | ) |  |  | — |  |  |  | — |  |  |  | (1,500 | )
Total restructuring charges |  | $ | 4,492 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,492 |
The changes in the Company’s accrued restructuring costs were as follows:
(in thousands) |  | Balances as of December 31, 2024 |  |  | Restructuring Charges |  |  | Cash Payments |  |  | Non-Cash Activity |  |  | Balances as of September 30, 2025 |
Severance costs |  | $ | 209 |  |  | $ | 3,998 |  |  | $ | (4,128 | ) |  | $ | — |  |  | $ | 79 |
Lease facility costs |  |  | — |  |  |  | 1,994 |  |  |  | (1,994 | ) |  |  | — |  |  |  | — |
Other exit costs |  |  | — |  |  |  | (1,500 | ) |  |  | 2,447 |  |  |  | — |  |  |  | 947 |
Total accrued restructuring costs |  | $ | 209 |  |  | $ | 4,492 |  |  | $ | (3,675 | ) |  | $ | — |  |  | $ | 1,026 |

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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 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
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