Restructuring Activities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring Activities | Restructuring Given the economically-sensitive and highly competitive nature of the automotive electronics industry, the Company continues to closely monitor current market factors and industry trends, taking actions as necessary which may include restructuring actions. However, there can be no assurance that any such actions will be sufficient to fully offset the impact of adverse factors on the Company or its results of operations, financial position and cash flows. During the six months ended June 30, 2026 and 2025, the Company recorded $17 million and $1 million, respectively, of net restructuring expense. These expenses are primarily related to employee severance. Current restructuring actions include the following: •In 2026, The Company has approved and began to execute on restructuring actions designed to rebalance resources and better align talent with areas of business growth while improving operational efficiencies. As of June 30, 2026, the Company has $10 million accrued related to these actions and payments related to these programs are expected to be complete by the end of 2028. •The Company has analyzed and approved various global restructuring programs impacting manufacturing and engineering facilities, as well as administrative functions to improve efficiency and further rationalize the Company’s footprint. As of June 30, 2026, $11 million remains accrued for the program and payments related to this program are expected to be complete by the end of 2027. •As of June 30, 2026, the Company retained restructuring reserves as part of the Company's divestiture of the majority of its global Interiors business (the "Interiors Divestiture") and legacy operations of $3 million associated with completed programs for the fundamental reorganization of operations at facilities in Brazil and France. Restructuring Reserves The Company’s restructuring reserves and related activity are summarized below. The Company anticipates that the activities associated with the current restructuring reserve balance will be substantially complete by the end of 2028. The Company’s condensed consolidated restructuring reserves are shown as Other liabilities as detailed in Note 8, "Other Liabilities".
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