v3.24.2.u1
RESTRUCTURING AND OTHER EXIT ACTIVITIES
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER EXIT ACTIVITIES
NOTE 20:       RESTRUCTURING AND OTHER EXIT ACTIVITIES
 
On January 21, 2024, the Company announced the adoption of a restructuring plan in response to challenging industry conditions (the “Restructuring Plan”). Under the Restructuring Plan, the Company reduced its headcount by approximately 16% over the first half of 2024 in an involuntary workforce reduction. The adoption of the Restructuring Plan follows the Company’s previous measures taken to align with current market conditions, including termination of manufacturing in Mexico, reduction of manufacturing capacity in China, and discontinuation of the Company’s light commercial vehicle e-mobility activity.
 
Restructuring and other exit charges for the three months ended June 30, 2024, by segment and type of cost were as follows:
 
   
Solar
    
e-Mobility
        
   
Employee
termination costs
    
Contract
termination and
other
    
Inventory write-
down
    
Contract
termination and
other
    
Total
  
Cost of revenues
  
$
247
    
$
4,272
    
$
98
    
$
(855
)
  
$
3,762
  
Research and development
    
-
      
248
      
-
      
-
      
248
  
Sales and marketing
    
-
      
-
      
-
      
-
      
-
  
General and administrative
    
-
      
118
       -      
-
      
118
  
Total
  
$
247
    
$
4,638
    
$
98
    
$
(855
)
  
$
4,128
  
 
Restructuring and other exit charges for the six months ended June 30, 2024, by segment and type of cost were as follows:
 
   
Solar
    
e-Mobility
        
   
Employee termination costs
    
Contract termination and other
    
Employee termination costs
    
Inventory
write-down
    
Contract termination and other
    
Total
  
Cost of revenues
  
$
1,054
    
$
9,287
    
$
(200
)
  
$
(136
)
  
$
(855
)
  
$
9,150
  
Research and development
    
2,913
      
248
      
-
      
-
      
-
      
3,161
  
Sales and marketing
    
645
      
-
      
(4
)
    
-
      
-
      
641
  
General and administrative
    
385
      
118
      
(43
)
    
-
      
-
      
460
  
Total
  
$
4,997
    
$
9,653
    
$
(247
)
  
$
(136
)
  
$
(855
)
  
$
13,412
  
 
The Company’s liability balance for the restructuring and other exit charges is as follows:
 
   
Employee
termination costs
    
Inventory
write-down 1
    
Contract
termination and
other
  
Balance as of December 31, 2023
  
$
2,373
    
$
27,774
    
$
30,393
  
Charges
    
4,750
      
(136
)
    
8,798
  
Cash payments
    
(6,857
)
    
-
      
(12,091
)
Non-cash utilization and other
    
(266
)
    
(6,732
)
    
(2,340
)
Balance as of June 30, 2024
  
$
-
    
$
20,906
    
$
24,760
  
 
1 Inventory write-down is included under Inventories, net on the balance sheet.