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Business Realignment and Restructuring | 3 Months Ended
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Mar. 31, 2020
Business Realignment and Restructuring |
Business Realignment and Restructuring | (11) Business Realignment and Restructuring On January 10, 2019, the Company committed to a restructuring plan that resulted in the closure of the Canton, Massachusetts facility (“Canton Facility”) on March 31, 2020 and the consolidation of manufacturing operations at that site into other Company locations (“Canton Restructuring”). Company management informed employees at the Canton Facility of this restructuring decision on January 11, 2019. The estimated costs for the Canton Restructuring include employee severance and termination costs, contract terminations costs, professional fees and other related costs such as moving and set-up costs for equipment and costs to restore the engineering function previously located at the Canton facility. The Company recognized expense of $2,222 and $2,225, respectively, for the three months ended March 31, 2020 and 2019 as a result of these actions for employee termination benefits and other restructuring related costs. For the three months ended March 31, 2020 severance and other restructuring related costs of $1,490, $314 and $418 were recognized in COGS, SG&A and D&D, respectively, in the condensed consolidated statement of operations. For the three months ended March 31, 2019 severance and other related restructuring costs of $1,252, $195 and $778 were recognized in COGS, SG&A and D&D, respectively, in the condensed consolidated statement of operations. The estimated additional cost of this restructuring plan, that will impact the Control Devices segment, is approximately $700 and is related to additional costs to restore the engineering function previously located at the Canton Facility. These costs will be incurred throughout 2020. The expenses for the Canton Restructuring that relate to the Control Devices reportable segment include the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Accrual as of | ​ | 2020 Charge | ​ | ​ | Utilization | ​ | Accrual as of
​ | ​ | January 1, 2020 | ​ | to Expense | ​ | Cash | ​ | Non-Cash | ​ | March 31, 2020
Employee termination benefits | ​ | $ | 2,636 | ​ | $ | 1,118 | ​ | $ | (3,437) | ​ | $ | - | ​ | $ | 317
Other related costs | ​ | ​ | - | ​ | ​ | 1,104 | ​ | ​ | (1,104) | ​ | ​ | - | ​ | ​ | -
Total | ​ | $ | 2,636 | ​ | $ | 2,222 | ​ | $ | (4,541) | ​ | $ | - | ​ | $ | 317
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Accrual as of | ​ | 2019 Charge | ​ | ​ | Utilization | ​ | Accrual as of
​ | ​ | January 1, 2019 | ​ | to Expense | ​ | Cash | ​ | Non-Cash | ​ | March 31, 2019
Employee termination benefits | ​ | $ | - | ​ | $ | 1,980 | ​ | $ | - | ​ | $ | - | ​ | $ | 1,980
Other related costs | ​ | ​ | - | ​ | ​ | 245 | ​ | ​ | (245) | ​ | ​ | - | ​ | ​ | -
Total | ​ | $ | - | ​ | $ | 2,225 | ​ | $ | (245) | ​ | $ | - | ​ | $ | 1,980
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ In the fourth quarter of 2018, the Company undertook restructuring actions for the Electronics segment affecting the European Aftermarket business and China operations. The Company recognized expense of $7 and $216, respectively, for the three months ended March 31, 2020 and 2019 as a result of these actions for severance, contract termination costs, accelerated depreciation of fixed assets and other related costs. Electronics segment restructuring costs were recognized in SG&A in the condensed consolidated statement of operations for the three months ended March 31, 2020 and 2019. The Company expects to incur approximately $750 of additional restructuring costs related to these actions through 2020. The expenses for the restructuring activities that relate to the Electronics reportable segment include the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Accrual as of | ​ | 2020 Charge to | ​ | ​ | Utilization | ​ | Accrual as of
​ | ​ | January 1, 2020 | ​ | Expense | ​ | Cash | ​ | Non-Cash | ​ | March 31, 2020
Employee termination benefits | ​ | $ | 52 | ​ | $ | - | ​ | $ | - | ​ | $ | - | ​ | $ | 52
Other related costs | ​ | ​ | - | ​ | ​ | 7 | ​ | ​ | (7) | ​ | ​ | - | ​ | ​ | -
Total | ​ | $ | 52 | ​ | $ | 7 | ​ | $ | (7) | ​ | $ | - | ​ | $ | 52
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Accrual as of | ​ | 2019 Charge to | ​ | ​ | Utilization | ​ | Accrual as of
​ | ​ | January 1, 2019 | ​ | Expense (Income) | ​ | Cash | ​ | Non-Cash | ​ | March 31, 2019
Employee termination benefits | ​ | $ | 520 | ​ | $ | (15) | ​ | $ | (456) | ​ | $ | - | ​ | $ | 49
Accelerated depreciation | ​ | ​ | - | ​ | ​ | 98 | ​ | ​ | - | ​ | ​ | (98) | ​ | ​ | -
Contract termination costs | ​ | ​ | 17 | ​ | ​ | 16 | ​ | ​ | (33) | ​ | ​ | - | ​ | ​ | -
Other related costs | ​ | ​ | 119 | ​ | ​ | 117 | ​ | ​ | (236) | ​ | ​ | - | ​ | ​ | -
Total | ​ | $ | 656 | ​ | $ | 216 | ​ | $ | (725) | ​ | $ | (98) | ​ | $ | 49
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ In addition to the specific restructuring activities, the Company regularly evaluates the performance of its businesses and cost structures, including personnel, and makes necessary changes thereto in order to optimize its results. The Company also evaluates the required skill sets of its personnel and periodically makes strategic changes. As a consequence of these actions, the Company incurs severance related costs which are referred to as business realignment charges. Business realignment charges by reportable segment were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended March 31, |  | 2020 |  | 2019 | ​
Control Devices (A) | ​ | $ | 377 | ​ | $ | 522 | ​
Stoneridge Brazil (B) | ​ | ​ | 153 | ​ | ​ | - | ​
Unallocated Corporate (C) | ​ | ​ | 74 | ​ | ​ | 613 | ​
Total business realignment charges | ​ | $ | 604 | ​ | $ | 1,135 | ​
​
(A) | Severance costs for the three months ended March 31, 2020 related to SG&A were $377. Severance costs for the three months ended March 31, 2019 related to SG&A and D&D were $512 and $10, respectively.
(B) | Severance costs for the three months ended March 31, 2020 related to COGS and SG&A were $86 and $67, respectively.
(C) | Severance costs for the three months ended March 31, 2020 and 2019 related to SG&A were $74 and $613, respectively.
Business realignment charges classified by statement of operations line item were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended March 31, |  | 2020 |  | 2019 | ​
Cost of goods sold | ​ | $ | 86 | ​ | $ | - | ​
Selling, general and administrative | ​ | ​ | 518 | ​ | ​ | 1,125 | ​
Design and development | ​ | ​ | - | ​ | ​ | 10 | ​
Total business realignment charges | ​ | $ | 604 | ​ | $ | 1,135 | ​
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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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