XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.20.2

Restructuring | 9 Months Ended
--- | ---
Sep. 30, 2020
Restructuring And Related Activities [Abstract] |
Restructuring | Note 4 – Restructuring Manufacturing Footprint Rationalization On September 23, 2019, the Company committed to a restructuring plan to improve the Company’s manufacturing productivity and rationalize its footprint. Under this plan, the Company will relocate and consolidate certain existing automotive manufacturing and, as a result, reduce the number of plants by two. On March 20, 2020, the Company announced the initial phase of this restructuring plan, which includes the consolidation of all North American electronics manufacturing to Celaya, Mexico. This will result in the closure of the Burlington, Canada facility, and the transfer of electronics manufacturing from Acuña, Mexico. During the second quarter of 2020, due to circumstances arising from the COVID-19 pandemic, management adjusted the plan to proactively manage its cash position. Adjustments to the plan have resulted in changes to the estimated number of employee separations and total costs to execute the plan. During the three and nine months ended September 30, 2020, the Company recognized restructuring expense of $116 and $(1,327) for employee separation costs, respectively, $122 and $564 for accelerated depreciation, respectively, and $0 and $16 for other costs, respectively. The net activity for the nine months ended September 30, 2020 is primarily related to a reduction in the estimates of previously recognized employee separation costs. During the three months ended September 30, 2019, the Company recognized restructuring expense of $5,200 for employee separation costs, and $1,612 of accelerated depreciation and fixed asset impairment. The Company has recorded approximately $6,203 of restructuring expenses since the inception of this program. Under the revised restructuring plan, the Company expects to incur total costs of between $16,000 and $19,000, of which $13,000 and $16,000 are expected to be cash expenditures. The total expected costs include employee separation costs of between $6,500 and $7,500, capital expenditures of between $3,500 and $4,500 and non-cash expenses for accelerated depreciation and impairment of fixed assets of approximately $3,000. The Company also expects to incur other transition costs including recruiting, relocation, and machinery and equipment move and set up costs of between $3,000 and $4,000. The actions under this plan are expected to be substantially completed by the end of 2021. The actual timing, costs and savings of the plan may differ materially from the Company’s current expectations and estimates. Other Restructuring Activities As part of the Company’s continued efforts to optimize its cost structure, the Company has undertaken several discrete restructuring actions. During the three and nine months ended September 30, 2020, the Company recognized $64 and $3,978 of employee separation costs, respectively, and $(18) and $221 of other related costs, respectively. During the three and nine months ended September 30, 2019, the Company recognized $1,467 and $2,726 of employee separation costs, respectively, and $385 and $734 of other related costs, respectively. In addition, during the three and nine months ended September 30, 2019, the Company recognized $0 and $425 of asset impairment loss, respectively. These restructuring expenses were primarily associated with restructuring actions focused on the rotation of our manufacturing footprint to lower cost locations and the reduction of global overhead costs. The Company will continue to explore opportunities to improve its future profitability and competitiveness. These actions may result in the recognition of additional restructuring charges that could be material. GPT and CSZ-IC Costs associated with the divestiture process were classified as restructuring. During the three and nine months ended September 30, 2019, the Company recognized $0 and $251 of employee separation costs, respectively, and $0 and $861 of other related costs, related to the marketing of GPT and CSZ-IC, respectively. The Company recorded approximately $2,303 of restructuring expenses since inception of this program and it is complete. Restructuring Expenses By Reporting Segment The following table summarizes restructuring expense for the three and nine months ended September 30, 2020 and 2019 by reporting segment:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Automotive |  | $ | 284 |  |  | $ | 7,820 |  |  | $ | 2,787 |  |  | $ | 9,016 |
Industrial |  |  | — |  |  |  | 88 |  |  |  | 100 |  |  |  | 1,689 |
Reconciling items |  |  | — |  |  |  | 756 |  |  |  | 565 |  |  |  | 1,104 |
Total |  | $ | 284 |  |  | $ | 8,664 |  |  | $ | 3,452 |  |  | $ | 11,809 |
Restructuring Liability Restructuring liabilities are classified as Other current liabilities in the consolidated condensed balance sheets. The following table summarizes restructuring liability for the nine months ended September 30, 2020:
|  | Employee Separation Costs |  |  | Accelerated Depreciation Charges |  |  | Other Related Costs |  |  | Total |
Balance at December 31, 2019 |  | $ | 5,994 |  |  | $ | — |  |  | $ | 71 |  |  | $ | 6,065 |
Additions, charged to restructuring expenses |  |  | 3,302 |  |  |  | 242 |  |  |  | 222 |  |  |  | 3,766 |
Cash payments |  |  | (1,932 | ) |  |  | — |  |  |  | (202 | ) |  |  | (2,134 | )
Non-cash utilization |  |  | — |  |  |  | (242 | ) |  |  | — |  |  |  | (242 | )
Currency translation |  |  | (306 | ) |  |  | — |  |  |  | 38 |  |  |  | (268 | )
Balance at March 31, 2020 |  |  | 7,058 |  |  |  | — |  |  |  | 129 |  |  |  | 7,187 |
Additions, charged to restructuring expenses |  |  | 1,301 |  |  |  | 200 |  |  |  | 33 |  |  |  | 1,534 |
Change in estimate |  |  | (2,132 | ) |  |  | — |  |  |  | — |  |  |  | (2,132 | )
Cash payments |  |  | (1,286 | ) |  |  | — |  |  |  | (173 | ) |  |  | (1,459 | )
Non-cash utilization |  |  | — |  |  |  | (200 | ) |  |  | — |  |  |  | (200 | )
Currency translation |  |  | 175 |  |  |  | — |  |  |  | 46 |  |  |  | 221 |
Balance at June 30, 2020 |  |  | 5,116 |  |  |  | — |  |  |  | 35 |  |  |  | 5,151 |
Additions, charged to restructuring expenses |  |  | 514 |  |  |  | 122 |  |  |  | — |  |  |  | 636 |
Change in estimate |  |  | (334 | ) |  |  | — |  |  |  | (18 | ) |  |  | (352 | )
Cash payments |  |  | (1,069 | ) |  |  | — |  |  |  | (53 | ) |  |  | (1,122 | )
Non-cash utilization |  |  | — |  |  |  | (122 | ) |  |  | — |  |  |  | (122 | )
Currency translation and other |  |  | 56 |  |  |  | — |  |  |  | 36 |  |  |  | 92 |
Balance at September 30, 2020 |  | $ | 4,283 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,283 |

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration