Restructuring and Acquisition-Related Costs (Notes)

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Business Combination, Integration, Restructuring, and Other Related Costs [Text Block]

12. RESTRUCTURING AND ACQUISITION-RELATED COSTS

In 2022, we completed our acquisition of Tekfor Group (Tekfor) and in 2023 we initiated certain restructuring actions associated with the acquired entities. We expect to incur restructuring costs associated with the acquired entities through 2026. In the first quarter of 2024, we initiated a global restructuring program (the 2024 Program) focused on optimizing our cost structure, including the closure of certain of the Company's facilities. We expect to incur costs under the 2024 Program into 2029, due to the long-lead nature of these projects. In February 2026, we completed our acquisition of Dowlais, which had existing restructuring programs at the time of the acquisition.

A summary of our restructuring activity for the first six months of 2026 and 2025 is shown below:


	Severance Charges		Implementation Costs		Total
	(in millions)
Accrual at December 31, 2024	$	0.8	$	2.0	$	2.8
Charges	1.4		4.9		6.3
Cash utilization	(2.2)		(4.6)		(6.8)


Accrual at June 30, 2025	$	—	$	2.3	$	2.3

Accrual at December 31, 2025	$	32.2	$	5.8	$	38.0
Business Combination with Dowlais	48.4		11.9		60.3
Charges	11.3		35.5		46.8
Cash utilization	(38.3)		(38.1)		(76.4)


Accrual at June 30, 2026	$	53.6	$	15.1	$	68.7

As part of our restructuring actions, we incurred total severance charges of approximately $11.3 million and $1.4 million during the six months ended June 30, 2026 and 2025, respectively. We also incurred total implementation costs of approximately $35.5 million and $4.9 million during the six months ended June 30, 2026 and 2025, respectively. Implementation costs consist primarily of plant exit costs.

Approximately $31.2 million of our total restructuring costs for the six months ended June 30, 2026 related to Dowlais' existing restructuring programs, approximately $8.6 million were associated with the 2024 Program and approximately $7.0 million were associated with Tekfor. From inception of the 2024 Program, we have incurred $30.9 million of total restructuring costs under this program. We have incurred $48.6 million of total restructuring costs associated with Tekfor.

Approximately $32.1 million and $9.2 million of our total restructuring costs for the six months ended June 30, 2026 related to our Driveline and Metal Forming segments, respectively, while the remainder were corporate costs. Approximately $2.0 million and $3.4 million of our total restructuring costs for the six months ended June 30, 2025 related to our Driveline and Metal Forming segments, respectively, while the remainder were corporate costs. We expect to incur approximately $90 million to $120 million of total restructuring charges in 2026.

In 2026, we incurred acquisition-related costs associated with the Business Combination and integration costs primarily related to our acquisition of Dowlais. Additionally, in 2025 we incurred acquisition-related costs associated with the Business Combination and integration costs primarily related to our previous acquisition of Tekfor. The following table represents a summary of charges incurred in 2026 and 2025 associated with acquisition and integration costs:


	Acquisition-Related Costs		Integration Expenses		Total
	(in millions)
Charges for the six months ended June 30, 2026	$	57.4	$	44.5	$	101.9
Charges for the six months ended June 30, 2025	29.8		0.1		29.9

Acquisition-related costs primarily consist of advisory, legal, accounting, valuation and certain other professional or consulting fees incurred, as well as expenses related to compensation arrangements under the Co-operation Agreement associated with the Business Combination. Integration expenses primarily reflect costs for synergy attainment, including professional fees and severance incurred in conjunction with integration activities. Total restructuring charges and acquisition-related charges are presented on a separate line item titled Restructuring and acquisition-related costs in our Condensed Consolidated Statements of Operations and totaled $49.8 million and $16.5 million for the three months ended June 30, 2026 and June 30, 2025, and $148.7 million and $36.2 million for the six months ended June 30, 2026 and June 30, 2025, respectively.