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Restructuring | 9 Months Ended
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Sep. 30, 2021
Restructuring And Related Activities [Abstract] |
Restructuring | Note 3 – 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 is relocating and consolidating certain automotive electronics manufacturing plants in North America and China. On March 20, 2020, the Company announced the initial phase of this restructuring plan, which includes the consolidation of all North American electronics manufacturing from the Burlington, Canada facility and Acuña, Mexico facility to Celaya, Mexico. As of September 30, 2021, our Burlington, Canada facility has closed, and the electronics manufacturing in Acuña, Mexico continues to transition to Celaya, Mexico. On December 10, 2020, the Company announced the consolidation of its electronics manufacturing in Asia to Bantian, Shenzhen, China, which will result in the closure of our Longgang, Shenzhen, China facility. The remaining actions under this plan are expected to be substantially completed by the first quarter of 2022. During the three and nine months ended September 30, 2021, the Company recognized restructuring expense of $294 and $1,259, respectively, for employee separation costs, $26 and $218, respectively, for accelerated depreciation, and $617 and $1,269, respectively, for other costs. During the three and nine months ended September 30, 2020, the Company recognized restructuring expense of $116 and $(1,327), respectively, for employee separation costs and $122 and $564, respectively, of accelerated depreciation and $0 and $16 for other costs. The net activity for the nine months ended September 30, 2020 wa s primarily related to a reduction in the estimates of previously recognized employee separation costs. The Company has recorded approximately $9,883 of restructuring expenses since the inception of this program. The Company expects to incur total costs of between $15,000 and $18,000, of which between $13,000 and $16,000 are expected to be cash expenditures. The total expected costs include employee separation costs of between $5,500 and $6,500, 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. 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, 2021, the Company recognized $(188) and $885, respectively, of employee separation costs. During the three and nine months ended September 30, 2020, the Company recognized $64 and $3,978, respectively, of employee separation costs and $(18) and $221 of other related costs. These restructuring expenses were primarily associated with restructuring actions focused on the rotation of our manufacturing footprint to best cost locations and the reduction of global overhead costs. Restructuring Expenses By Reporting Segment The following table summarizes restructuring expense for the three and nine months ended September 30, 2021 and 2020 by reporting segment:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Automotive |  | $ | 701 |  |  | $ | 284 |  |  | $ | 2,567 |  |  | $ | 2,787 |
Medical |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100 |
Corporate |  |  | 48 |  |  |  | — |  |  |  | 1,064 |  |  |  | 565 |
Total |  | $ | 749 |  |  | $ | 284 |  |  | $ | 3,631 |  |  | $ | 3,452 |
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, 2021:
|  | Employee Separation Costs |  |  | Accelerated Depreciation |  |  | Other Related Costs |  |  | Total |
Balance at December 31, 2020 |  | $ | 5,627 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,627 |
Additions, charged to restructuring expenses |  |  | 632 |  |  |  | 95 |  |  |  | 164 |  |  |  | 891 |
Cash payments |  |  | (1,439 | ) |  |  | — |  |  |  | (164 | ) |  |  | (1,603 | )
Non-cash utilization |  |  | — |  |  |  | (95 | ) |  |  | — |  |  |  | (95 | )
Change in estimate |  |  | (100 | ) |  |  | — |  |  |  | — |  |  |  | (100 | )
Currency translation |  |  | (74 | ) |  |  | — |  |  |  | — |  |  |  | (74 | )
Balance at March 31, 2021 |  |  | 4,646 |  |  |  | — |  |  |  | — |  |  |  | 4,646 |
Additions, charged to restructuring expenses |  |  | 1,478 |  |  |  | 97 |  |  |  | 488 |  |  |  | 2,063 |
Cash payments |  |  | (1,099 | ) |  |  | — |  |  |  | (488 | ) |  |  | (1,587 | )
Non-cash utilization |  |  | — |  |  |  | (97 | ) |  |  | — |  |  |  | (97 | )
Change in estimate |  |  | 28 |  |  |  | — |  |  |  | — |  |  |  | 28 |
Currency translation |  |  | (92 | ) |  |  | — |  |  |  | — |  |  |  | (92 | )
Balance at June 30, 2021 |  |  | 4,961 |  |  |  | — |  |  |  | — |  |  |  | 4,961 |
Additions, charged to restructuring expenses |  |  | 296 |  |  |  | 26 |  |  |  | 617 |  |  |  | 939 |
Cash payments |  |  | (2,958 | ) |  |  | — |  |  |  | (617 | ) |  |  | (3,575 | )
Non-cash utilization |  |  | — |  |  |  | (26 | ) |  |  | — |  |  |  | (26 | )
Change in estimate |  |  | (190 | ) |  |  | — |  |  |  | — |  |  |  | (190 | )
Currency translation |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | (18 | )
Balance at September 30, 2021 |  | $ | 2,091 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,091 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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