Company: BHE
Filing Date: 2025-02-27
Form Type: 10-K/A
Source: 0000950170-25-029247
Chunk: 35

Company: BENCHMARK ELECTRONICS INC
Filing Date: 2025-02-27
Form: 10-K/A
Chunk 35
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 quarter of 2016. Benchmark Guadalajara disagrees with the findings in the tax assessment and is pursuing available administrative and judicial appeals and related reimbursement and offset opportunities. It is reasonably possible that Benchmark Guadalajara will be required to make a payment to satisfy the assessment levied by SAT; however, the Company believes the administrative and judicial appeals may ultimately prove successful and an estimate of loss cannot be made at this time. The Company is involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations.

Note 16—Restructuring Charges and Other Costs

The Company has undertaken initiatives to restructure its business operations to improve utilization and realize cost savings. These initiatives have included changing the number and location of production facilities, largely to align capacity and infrastructure with current and anticipated customer demand. This alignment includes transferring programs from higher cost geographies to lower cost geographies. The Company’s restructuring process entails moving production between facilities, reducing staff levels, realigning business processes, reorganizing management and other activities.

During 2024, 2023 and 2022, the Company recognized $6.3million, $7.3million and $5.7million of restructuring charges. In 2024, these changesprimarily related to capacity and workforce reductions at its sites in the Americas. In 2023 and 2022, these charges primarily related to the previously announced closures of its sites in San Jose, California, Angleton, Texas, and Moorpark, California in the Americas, and other smaller activities involving capacity reductions and reductions in workforce in certain facilities across various regions. San Jose, California operations ceased, and all restructuring activity was complete as of March 31, 2022. Angleton, Texas operations ceased, and all restructuring activity was complete as of June 30, 2022 upon the disposition of the facility. Moorpark, California operations ceased as of March 31, 2023 with restructuring activity substantially complete by the end 2023. Accrued restructuring costs are included in accrued liabilities on the consolidated balance sheet.

The following table summarizes the2024 activity in accrued restructuring costs:

|                                   | (in thousands) |   | Balances as of 
   December 31, 
           2023 |     |   | Restructuring 
       Charges |   |     |   | Cash     
 Payments |   |     |