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Restructuring and Integration Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Integration Expenses [Abstract]

Restructuring and Integration Expense

Activity for the six months ended June 30, 2024 related to the voluntary retirement incentive program workforce reduction consisted of the following (in thousands):

Exit activity liability at December 31, 2023		$	—
Restructuring and integration costs:
Amounts provided for during 2024 (a)			2,589
Stock-based compensation			166
Cash payments			(128	)
Exit activity liability at June 30, 2024		$	2,627

(a) Restructuring and integration expenses incurred during the six months ended June 30, 2024 consist of $1.1 million in our Vehicle Control segment, $0.2 million in our Temperature Control segment, $0.4 million in our Engineered Solutions segment and $0.9 million in our Other segment.

Activity for the six months ended June 30, 2024 related to the cost reduction initiative consisted of the following (in thousands):

		Workforce Reduction				Other Exit Costs				Total
Exit activity liability at December 31, 2023		$	1,729			$	—			$	1,729
Restructuring and integration costs:
Amounts provided for during 2024 (a)			(46	)			208				162
Cash payments			(949	)			(208	)			(1,157	)
Foreign currency exchange rate changes			(24	)			—				(24	)
Exit activity liability at June 30, 2024		$	710			$	—			$	710

(a) Restructuring and integration expenses incurred during the six months ended June 30, 2024 consist of $52,000 in our Vehicle Control segment, $75,000 in our Temperature Control segment and $35,000 in our Engineered Solutions segment.

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- References

No definition available.

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- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.b.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

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