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Business Realignment | 3 Months Ended
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Mar. 31, 2025
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. The Company does not expect future charges related to the previously incurred termination actions noted below. Business realignment charges incurred by reportable segment were as follows:
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Control Devices (A) | $ | 377 |  |  | $ | — |  |  |  |  |
Electronics (B) | 1,373 |  |  | — |  |  |  |  |
Unallocated Corporate (C) | 1,077 |  |  | — |  |  |  |  |
Total business realignment charges | $ | 2,827 |  |  | $ | — |  |  |  |  |
_____________________________________
(A) | Severance costs for the three months ended March 31, 2025 related to COGS and design and development ("D&D") were $327 and $50, respectively. The majority of the business realignment costs relate to operational efficiency initiatives at our Juarez facility.
(B) | Severance costs for the three months ended March 31, 2025 related to COGS, SG&A and D&D were $1,073, $106 and $194, respectively. The majority of the business realignment costs relate to operational efficiency initiatives at our Juarez facility.
(C) | Severance related costs for the three months ended March 31, 2025 related to SG&A were $1,077 for executive separation costs.
Business realignment charges incurred, classified by statement of operations line item were as follows:
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Cost of goods sold | $ | 1,400 |  |  | $ | — |  |  |  |  |
Selling, general and administrative | 1,183 |  |  | — |  |  |  |  |
Design and development | 244 |  |  | — |  |  |  |  |
Total business realignment charges | $ | 2,827 |  |  | $ | — |  |  |  |  |
Reconciliations of the beginning and ending liability balances related to business realignment were as follows:
|  |  |  |  | Utilization |  |
| Accrual as of January 1, 2025 |  | 2025 Charge to Expense |  | Cash |  | Non-Cash |  | Accrual as of March 31, 2025
Employee termination costs | $ | 411 |  |  | $ | 2,827 |  |  | $ | (1,020) |  |  | $ | — |  |  | $ | 2,218 |
Total | $ | 411 |  |  | $ | 2,827 |  |  | $ | (1,020) |  |  | $ | — |  |  | $ | 2,218 |
|  |  |  |  | Utilization |  |
| Accrual as of January 1, 2024 |  | 2024 Charge to Expense |  | Cash |  | Non-Cash |  | Accrual as of March 31, 2024
Employee termination costs | $ | 1,230 |  |  | $ | — |  |  | $ | (1,095) |  |  | $ | — |  |  | $ | 135 |
Total | $ | 1,230 |  |  | $ | — |  |  | $ | (1,095) |  |  | $ | — |  |  | $ | 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://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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