Note 4 - Restructuring of Operations

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

Our restructuring activities have historically included rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations and reducing overhead costs. In recent years our focus has been primarily headcount reduction initiatives to reduce operating costs, including actions taken at acquired businesses to rationalize cost structures and achieve operating synergies. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs, including certain operating costs of facilities that we are in the process of closing.

Net restructuring charges of $1 and $2 in the third quarter of 2021 and 2020 and $2 and $21 in the nine months ended  September 30, 2021 and 2020 were comprised of severance and benefit costs related to integration of recent acquisitions, headcount reductions across our operations and exit costs related to previously announced actions.

Accrued restructuring costs and activity —

	Employee Termination Benefits			Exit Costs			Total
Balance, June 30, 2021	$	20		$	—		$	20
Charges to restructuring		1			1			2
Adjustments of accruals		(1	)					(1	)
Cash payments		(4	)		(1	)		(5	)
Balance, September 30, 2021	$	16		$	—		$	16
Balance, December 31, 2020	$	30		$	—		$	30
Charges to restructuring		1			5			6
Adjustments of accruals		(4	)					(4	)
Cash payments		(10	)		(5	)		(15	)
Currency impact		(1	)					(1	)
Balance, September 30, 2021	$	16		$	—		$	16

At September 30, 2021, the accrued employee termination benefits include costs to reduce approximately 300 employees to be completed over the next year.

Cost to complete — The following table provides project-to-date and estimated future restructuring expenses for completion of our approved restructuring initiatives for our business segments at September 30, 2021.

	Expense Recognized
	Prior to 2021		2021		Total to Date		Future Cost to Complete
Commercial Vehicle	$	41	$	1	$	42	$	1

The future cost to complete includes estimated separation costs, primarily those associated with one-time benefit programs, and exit costs through 2021, equipment transfers and other costs which are required to be recognized as closures are finalized or as incurred during the closure.