The Company continuously monitors market developments, industry trends and changing customer needs and in response, has taken and may continue to undertake restructuring actions, as necessary, to execute management’s strategy, streamline operations and optimize the Company’s cost structure. Restructuring actions may include the realignment of existing manufacturing footprint, facility closures, or similar actions, either in the normal course of business or pursuant to significant restructuring programs.

These actions may result in employees receiving voluntary or involuntary employee termination benefits, which are mainly statutory requirements or other contractual agreements. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination.

On September 19, 2023, the Company committed to a restructuring plan (“2023 Plan”) to improve the Company’s manufacturing productivity and rationalize its footprint. Under this 2023 Plan, the Company is in the process of relocating certain existing manufacturing and related activities in its Greenville, South Carolina facility to a new facility in Monterrey, Mexico.

During the three months ended September 30, 2024, the Company completed the sale of our Greenville, South Carolina manufacturing facility, resulting in a gain on sale of $1,686. The gain on sale was recorded as a reduction of restructuring expenses, net in the consolidated condensed statements of income.

During the three and nine months ended September 30, 2024, the Company recognized restructuring expense of $287 and $1,773, respectively, for employee separation costs and $251 and $638, respectively, for other costs, including the gain on sale of the Greenville facility.

During the three and nine months ended September 30, 2023, the Company did not recognize any material amounts of restructuring expense.

As of September 30, 2024, the Company has recorded $4,794 of restructuring expenses related to employee severance, retention termination costs, accelerated depreciation of fixed assets and other transition costs since the inception of this program. The actions under this 2023 Plan are expected to be substantially completed by the end of 2025. The Company expects to incur less than $1,000 of additional restructuring costs for the 2023 Plan.

The Company has undertaken several discrete restructuring actions in an effort to optimize its cost structure.

During the three and nine months ended September 30, 2024, the Company’s Automotive segment recognized $787 and $6,150, respectively, for employee separation costs related to structural cost reductions impacting the Company’s global salaried workforce. These cost reductions are connected to Fit-for-Growth 2.0.

During the three and nine months ended September 30, 2024, the Company’s Automotive segment recognized $60 and $1,965, respectively, for employee separation costs and $0 and $29, respectively, for other costs related to the relocation of electronic component manufacturing in Germany to a manufacturing facility in China.

During the three and nine months ended September 30, 2024, the Company recognized $661 and $780, respectively, for employee separation costs and $616 and $1,007, respectively, for other costs related to all other restructuring actions. These other restructuring actions are focused on the reduction of global overhead costs.

The Company expects to incur less than $1,000 of additional restructuring costs for the other restructuring actions that have been approved as of September 30, 2024.

During the three and nine months ended September 30, 2023, the Company recognized $1,099 and $2,642, respectively, for employee separation costs and $0 and $770, respectively, for other 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.

The following table summarizes restructuring expenses, net for the three and nine months ended September 30, 2024 and 2023 by reporting segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Automotive	$	2,662	$	852	$	11,470	$	2,222
Medical		—		—		20		—
Corporate		—		247		852		1,190
Total	$	2,662	$	1,099	$	12,342	$	3,412

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, 2024:


	Employee Separation Costs			Other Related Costs, Net			Total
Balance at December 31, 2023	$	2,150		$	—		$	2,150
Additions, charged to restructuring expenses, net		6,771			467			7,238
Cash payments		(1,762	)		(380	)		(2,142	)
Non-cash utilization		—			(87	)		(87	)
Currency translation		(19	)		—			(19	)
Balance at March 31, 2024	$	7,140		$	—		$	7,140
Additions, charged to restructuring expenses, net		2,102			340			2,442
Cash payments		(2,762	)		(246	)		(3,008	)
Non-cash utilization		—			(94	)		(94	)
Currency translation		(21	)		—			(21	)
Balance at June 30, 2024	$	6,459		$	—		$	6,459
Additions, charged to restructuring expenses, net		1,795			867			2,662
Cash (payments) receipts		(3,536	)		74			(3,462	)
Non-cash utilization		—			(941	)		(941	)
Currency translation		100			—			100
Balance at September 30, 2024	$	4,818		$	—		$	4,818