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Business Realignment and Restructuring | 9 Months Ended
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Sep. 30, 2023
Restructuring and Related Activities [Abstract] |
Business Realignment and Restructuring | Business Realignment and RestructuringOn 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”). The costs for the Canton Restructuring included 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. We do not expect to incur additional costs related to the Canton Restructuring. The settlement of liabilities associated with for the Canton Restructuring that relate to the Control Devices reportable segment include the following:
| Accrual as of January 1, 2022 |  | 2022 Charge to Expense |  | Utilization |  | Accrual as of September 30, 2022
|  |  | Cash |  | Non-Cash |
Employee termination benefits | $ | 93 |  |  | $ | — |  |  | $ | (93) |  |  | $ | — |  |  | $ | — |
Total | $ | 93 |  |  | $ | — |  |  | $ | (93) |  |  | $ | — |  |  | $ | — |
In addition to 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 that are referred to as business realignment charges. Realignment expense for the three months ended September 30, 2023 was primarily related to the centralization of the product line management, sales and engineering functions. Business realignment charges incurred by reportable segment were as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Control Devices (A) | $ | 132 |  |  | $ | — |  |  | $ | 511 |  |  | $ | — |
Electronics (B) | 1,070 |  |  | — |  |  | 2,726 |  |  | — |
Stoneridge Brazil (C) | — |  |  | 64 |  |  | — |  |  | 98 |
Unallocated Corporate (D) | — |  |  | 190 |  |  | 1,137 |  |  | 190 |
Total business realignment charges | $ | 1,202 |  |  | $ | 254 |  |  | $ | 4,374 |  |  | $ | 288 |
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(A) | Severance costs for the three months ended September 30, 2023 related to SG&A were $132. Severance costs for the nine months ended September 30, 2023 related to COGS and SG&A were $369 and $142, respectively.
(B) | Severance costs for the three months ended September 30, 2023 related to COGS, SG&A and D&D were $30, $657 and $383, respectively. Severance costs for the nine months ended September 30, 2023 related to COGS, SG&A and D&D were $287, $2,056 and $383, respectively.
(C) | Severance costs for the three and nine months ended September 30, 2022 related to SG&A were $64 and $98, respectively.
(D) | Employee separation related costs for the three and nine months ended September 30, 2023 related to SG&A were $0 and $1,122, respectively. Employee separation related costs for the nine months ended September 30, 2023 related to D&D were $15. Severance costs for both the three and nine months ended September 30, 2022 related to SG&A were $190.
Business realignment charges incurred, classified by statement of operations line item were as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of goods sold | $ | 30 |  |  | $ | — |  |  | $ | 656 |  |  | $ | — |
Selling, general and administrative | 789 |  |  | 254 |  |  | 3,320 |  |  | 288 |
Design and development | 383 |  |  | — |  |  | 398 |  |  | — |
Total business realignment charges | $ | 1,202 |  |  | $ | 254 |  |  | $ | 4,374 |  |  | $ | 288 |

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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 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: 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 Reference 5: 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 + Details
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