Note 3 – Restructuring

The Company continuously monitors market developments, industry trends and changing customer needs and in response, has taken and may continue to undertake restructuring actions, as necessary, to execute management’s strategy, streamline operations and optimize the Company’s cost structure. Restructuring actions may include the realignment of existing manufacturing footprint, facility closures or similar actions, either in the normal course of business or pursuant to significant restructuring programs.

These actions may result in employees receiving voluntary or involuntary employee termination benefits, which are mainly statutory requirements or other contractual agreements. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for separation or termination.

2026 Plan

In February 2026, the Company committed to a restructuring plan to realign its operating model and organizational structure to deliver on its key financial and operational priorities (“2026 Plan”). The 2026 Plan is expected to result in structural cost reductions impacting the Company’s global salaried workforce.

The Company expects to incur cash restructuring costs of between $9,000 and $9,500 for employee separation costs. The

actions under the 2026 Plan are expected to be substantially completed by the end of 2026.

During the three and six months ended June 30, 2026, the Company recognized restructuring expense of $3,896 and $9,013, respectively, for employee separation costs.

2025 Manufacturing Footprint Plan

In July 2025, the Company committed to an additional restructuring plan to further optimize the Company’s manufacturing footprint by realigning its global manufacturing capacity (“2025 Manufacturing Footprint Plan”). As a result, the Company will relocate certain manufacturing activities between existing locations.

The Company expects to incur cash restructuring costs of between $3,000 and $4,000 for employee separation and retention costs and $1,000 of other transition costs primarily for machinery and equipment move and set up costs. Additionally, we expect to incur capital expenditures of between $1,000 and $2,000.

During the three and six months ended June 30, 2026, the Company recognized restructuring expense of $0.

Since the inception of this program, the Company has recorded $2,190 of restructuring expenses. The actions under the 2025 Manufacturing Footprint Plan are expected to be substantially completed by the end of 2027.

2025 EMEA Plan

In February 2025, the Company committed to a restructuring plan to further optimize the Company’s manufacturing footprint by realigning its manufacturing capacity in Europe (“2025 EMEA Plan”). As a result, the Company will close its facility in Plzeň, Czech Republic and relocate the manufacturing activities into other existing facilities within the region.

The Company expects to incur cash restructuring costs of between $4,000 and $6,000 for employee separation and retention costs and between $2,000 and $3,000 of other transition costs primarily for machinery and equipment move and set up costs. Additionally, we expect to incur capital expenditures of between $1,000 and $2,000.

During the three and six months ended June 30, 2026, the Company recognized restructuring expense of $332 and $710, respectively, for employee separation costs and $472 and $1,039, respectively, for other costs. During the three and six months ended June 30, 2025, the Company recognized restructuring expense of $367 and $2,773, respectively, for employee separation costs and $293 and $333, respectively, for other costs.

Since the inception of this program, the Company has recorded $6,531 of restructuring expenses. The remaining actions under the 2025 EMEA Plan are expected to be substantially completed by the end of 2026.

2025 Asia Plan

In February 2025, the Company committed to an additional restructuring plan to further optimize the Company’s manufacturing footprint by realigning its manufacturing capacity in Asia (“2025 Asia Plan”). As a result, the Company relocated certain manufacturing activities from its facility in Shanghai, China to its facility in Tianjin, China.

During the three and six months ended June 30, 2026, the Company recognized restructuring expense of $69 for employee separation costs and $294 and $327, respectively, for other costs. During the three and six months ended June 30, 2025, the Company recognized restructuring expense of $493 and $1,952, respectively, for employee separation costs and $89 and $117, respectively, for other costs.

Since the inception of this program, the Company has recorded $3,492 of restructuring expenses. The actions under the 2025 Asia Plan are substantially complete.

Other Restructuring Actions

The Company has undertaken several discrete restructuring actions in an effort to optimize its cost structure.

During the three and six months ended June 30, 2026, the Company recognized $25 and $58, for employee separation costs related to structural cost reductions impacting the Company’s global salaried workforce. During the three and six months ended June 30, 2025, the Company recognized $695 and $1,216, for employee separation costs related to structural cost reductions impacting

the Company’s global salaried workforce.

During the three and six months ended June 30, 2026, the Company’s Automotive segment recognized $876 and $1,439, respectively, for other costs, primarily related to the relocation of certain manufacturing to best cost locations. During the three and six months ended June 30, 2025, the Company’s Automotive segment recognized $(106) and $(262), respectively, for employee separation costs and $277 and $493, respectively, for other costs, primarily related to the relocation of certain manufacturing to best cost locations.

Restructuring Expenses, Net By Reporting Segment

Restructuring Liability

Restructuring liabilities are classified as other current liabilities in the consolidated condensed balance sheets. The following table summarizes restructuring activity for all restructuring initiatives for the six months ended June 30, 2026: