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Restructuring and Integration Expenses | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Integration Expenses | Restructuring and Integration Expenses Separation Program During the second quarter of 2024 we offered a voluntary retirement incentive package of severance and other benefit enhancements to eligible employees in the United States and Canada as part of our commitment to optimizing our cost structure and providing professional development opportunities to our employees. The offer period ended on June 14, 2024. During the quarter, we expanded the program to include involuntary separations. Costs primarily comprise of compensation expense and enhanced medical benefits, and are charged to restructuring and integration expenses in our statement of operations as a one-time termination benefit. Voluntary retirement incentive costs are recognized when the employee accepted the offer or over their remaining period of service based on the agreed retirement date. The criteria to recognize involuntary separation costs were met during the quarter and costs were recorded either during the quarter or over the remaining service period for the affected employees. We anticipate that the program will be substantially complete by the end of 2027. Additional pre-tax restructuring costs related to the program are expected to be $1.3 million in the remainder of 2024, $0.6 million in 2025, and $0.1 million in 2026 for an aggregate cost of approximately $7.6 million. Activity for the nine months ended September 30, 2024 related to the separation 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) | 5,602 |
Stock-based compensation | 150 |
Cash payments | (959) |
Foreign currency exchange rate changes | 1 |
Exit activity liability at September 30, 2024 | $ | 4,794 |
(a)Restructuring and integration expenses incurred during the nine months ended September 30, 2024 consist of $2.7 million in our Vehicle Control segment, $0.6 million in our Temperature Control segment, $0.6 million in our Engineered Solutions segment and $1.7 million in our Other segment. Cost Reduction Initiative During the fourth quarter of 2022, to further our ongoing efforts to improve operating efficiencies and reduce costs, we announced plans for a reduction in our sales force, and initiated plans to relocate certain product lines from our Independence, Kansas manufacturing facility and from our St. Thomas, Canada manufacturing facility to our manufacturing facilities in Reynosa, Mexico. We anticipate that the Cost Reduction Initiative will be substantially completed by the end of 2024. Additional restructuring costs related to the initiative are expected to be immaterial. Activity for the nine months ended September 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) | (45) |  |  | 217 |  |  | 172 |
Cash payments | (1,315) |  |  | (217) |  |  | (1,532) |
Foreign currency exchange rate changes | (22) |  |  | — |  |  | (22) |
Exit activity liability at September 30, 2024 | $ | 347 |  |  | $ | — |  |  | $ | 347 |
(a)Restructuring and integration expenses incurred during the nine months ended September 30, 2024 consist of $61 thousand in our Vehicle Control segment, $59 thousand in our Temperature Control segment and $52 thousand in our Engineered Solutions segment. Restructuring and integration activities are included within “sundry payables and accrued expenses” and “other accrued liabilities” in the consolidated balance sheet.

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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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