3/20/2024 0 Comments Are account executives cogs or sgaIn the fourth quarter of 2018, the Company undertook restructuring actions for the Electronics segment affecting the European Aftermarket business and China operations. In the second quarter of 2020, the Company finalized plans to move its European Aftermarket sales activities in Dundee, Scotland to a new location which resulted in incurring contract termination costs as well as employee severance and termination costs. The expenses for the Canton Restructuring that relate to the Control Devices reportable segment include the following: ![]() These costs will be incurred through the first quarter of 2021. ![]() The estimated additional cost of this restructuring plan, that will impact the Control Devices segment, is approximately $300 and is related to additional costs to restore the engineering function previously located at the Canton Facility. For the nine months ended Septemseverance and other related restructuring costs of $6,173, $762 and $2,340 were recognized in COGS, SG&A and D&D, respectively, in the condensed consolidated statement of operations. For the nine months ended Septemseverance and other restructuring related costs of $1,659, $549 and $673 were recognized in COGS, SG&A and D&D, respectively, in the condensed consolidated statement of operations. As a result of the Canton Restructuring actions, the Company recognized expense of $2,881 and $9,275, respectively, for the nine months ended Septemand 2019 for employee termination benefits and other restructuring related costs. For the three months ended Septemseverance and other related restructuring costs of $2,567, $287 and $753 were recognized in COGS, SG&A and D&D, respectively, in the condensed consolidated statement of operations. For the three months ended Septemother restructuring related costs of $88, $0 and $109 were recognized in COGS, SG&A and D&D, respectively, in the condensed consolidated statement of operations. Company management informed employees at the Canton Facility of this restructuring decision on January 11, 2019. The costs for the Canton Restructuring include employee severance and termination costs, contract terminations costs, professional fees and other related costs such as moving and set-up costs for equipment and costs to restore the engineering function previously located at the Canton facility.Īs a result of the Canton Restructuring actions, the Company recognized expense of $197 and $3,607 respectively, for the three months ended Septemand 2019 for employee termination benefits and other restructuring related costs. On January 10, 2019, the Company committed to a restructuring plan that resulted in the closure of the Canton, Massachusetts facility (“Canton Facility”) on Maand the consolidation of manufacturing operations at that site into other Company locations (“Canton Restructuring”). ![]() The expenses for the exit of the PM sensor line that relate to the Control Devices reportable segment include the following:įixed asset impairment and accelerated depreciation We anticipate that these costs will be incurred through the third quarter of 2021. The estimated range of additional cost of the plan to exit the PM sensor product line, that will impact the Control Devices segment, is approximately $1,335 and $4,015 and is related to employee severance and termination costs, contract terminations costs, other related costs and non-cash fixed asset charges. For the nine months ended Septemrestructuring related costs of $503 and $2,391 were recognized in COGS and SG&A, respectively. For the three months ended Septemrestructuring related costs of $340 and $2 were recognized in COGS and SG&A, respectively. The Company expects the exit from the PM sensor product line to be completed in the third quarter of 2021.Īs a result of the PM sensor restructuring actions, the Company recognized expense of $342 and $2,894 for the three and nine months ended Septemfor non-cash fixed asset charges, including impairment and accelerated depreciation of PM sensor related fixed assets and other related costs. The decision to exit the PM sensor product line was made after consideration of the decline in the market outlook for diesel passenger vehicles, the current and expected profitability of the product line and the Company’s strategic focus on aligning resources with the greatest opportunities. On May 19, 2020, the Company committed to the strategic exit of its Control Devices particulate matter (“PM”) sensor product line. ![]() (12) Business Realignment and Restructuring
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