XML 32 R21.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Cost Reduction and Manufacturing Capacity Rationalization
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Cost Reduction and Manufacturing Capacity Rationalization Cost Reduction and Manufacturing Capacity Rationalization
The Company's restructuring program includes aligning cost structure to support margin expansion. The program includes workforce reductions and footprint optimization across segments.

The changes in accrued restructuring balances are as follows: 
Vehicle SolutionsElectrical SystemsAftermarket & AccessoriesIndustrial AutomationCorporate/OtherTotal
December 31, 2023$128 $— $— $— $983 $1,111 
New charges533 1,090 34 75 164 1,896 
Payments and other adjustments(533)(1,090)(34)(75)(540)(2,272)
March 31, 2024$128 $— $— $— $607 $735 
New charges3,236 1,379 197 116 — 4,928 
Payments and other adjustments(3,240)(1,379)(197)(116)(97)(5,029)
June 30, 2024$124 $— $— $— $510 $634 
Vehicle SolutionsElectrical SystemsAftermarket & AccessoriesIndustrial AutomationCorporate/OtherTotal
December 31, 2022$(5)$— $— $458 $— $453 
New charges83 8 — 622 — 713 
Payments and other adjustments(78)(8)— (369)— (455)
March 31, 2023$— $— $— $711 $— $711 
New charges340 — — 378 — 718 
Payments and other adjustments(340)— — (391)— (731)
June 30, 2023$— $— $— $698 $— $698 
Of the $4.9 million costs incurred in the three months ended June 30, 2024 for restructuring, $4.5 million related to headcount reductions and $0.4 million related to facility exit and other; $4.7 million were recorded in cost of revenue and $0.2 million were recorded in selling, general and administrative expenses.
Of the $6.8 million costs incurred in the six months ended June 30, 2024 for restructuring, $6.0 million primarily related to headcount reductions and $0.8 million related to facility exit and other; $6.4 million were recorded in cost of revenues and $0.4 million were recorded in selling, general and administrative expenses.