v3.25.2
Note 5 - Restructuring of Operations
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Restructuring and Related Activities Disclosure [Text Block]

Note 5. Restructuring of Operations

 

Our restructuring activities include rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations, and headcount reduction initiatives focused on reducing operating and overhead costs. 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 costs of facilities that we are in the process of closing.

 

During 2024, we announced actions to consolidate certain manufacturing facilities along with global headcount reductions focused on reducing engineering and overhead costs in response to market dynamics, including delays in the adoption of electric vehicles. During the first half of 2025, we continued to execute on these initiatives.

 

Accrued restructuring costs and activity —

 

  

Employee Termination Benefits

  

Exit Costs

  

Total

 

Balance, March 31, 2025

 $35  $—  $35 

Charges to restructuring

  11   1   12 

Adjustments of accruals

  (1)     (1)

Cash payments

  (9)  (1)  (10)

Currency impact

  2      2 

Balance, June 30, 2025

 $38  $—  $38 
             

Balance, December 31, 2024

 $44  $1  $45 

Charges to restructuring

  13   3   16 

Adjustments of accruals

  (3)     (3)

Cash payments

  (19)  (4)  (23)

Currency impact

  3      3 

Balance, June 30, 2025

 $38  $—  $38 

 

At June 30, 2025, the accrued employee termination benefits include costs to reduce approximately 700 employees to be completed over the next year.