XML 32 R19.htm IDEA: XBRL DOCUMENT v3.24.3
Business Realignment
9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Business Realignment Business Realignment
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.
Business realignment charges incurred by reportable segment were as follows:
Three months ended
September 30,
Nine months ended
September 30,
2024202320242023
Control Devices (A)
$ $132 $ $511 
Electronics (B)
254 1,070 2,144 2,726 
Unallocated Corporate (C)
 — 59 1,137 
Total business realignment charges$254 $1,202 $2,203 $4,374 
_____________________________________
(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, 2024 related to COGS and D&D were $140 and $114, respectively. Severance costs for the nine months ended September 30, 2024 related to COGS, SG&A and D&D were $140, $458 and $1,546, respectively. 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 related costs for the nine months ended September 30, 2024 related to SG&A was $59. Severance related costs for the nine months ended September 30, 2023 related to SG&A was $1,122. Severance related costs for the nine months ended September 30, 2023 related to D&D was $15.
Business realignment charges incurred, classified by statement of operations line item were as follows:
Three months ended
September 30,
Nine months ended
September 30,
2024202320242023
Cost of goods sold$140 $30 $140 $656 
Selling, general and administrative 789 517 3,320 
Design and development114 383 1,546 398 
Total business realignment charges$254 $1,202 $2,203 $4,374