Company: ST
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001477294-25-000067
Chunk: 57

Company: Sensata Technologies Holding plc
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 57
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. The majority of the actions under the 2H 2024 Plan are expected to be completed on or before December 31, 2025. We expect to settle these charges with cash on hand.Q3 2023 PlanIn the year ended December 31, 2023, we committed to a plan to reorganize our business (the “Q3 2023 Plan”). The Q3 2023 Plan, consisting of voluntary and involuntary reductions-in-force, site closures, and other cost-savings initiatives, was commenced to adjust our cost structure and business activities.

9

The reductions-in-force, which are subject to the laws and regulations of the countries in which the actions were executed or planned, impacted 505 positions. Over the life of the Q3 2023 Plan, we expect to incur restructuring charges of between $24.8 million and $25.8 million, primarily related to reductions-in-force. The majority of the actions under the Q3 2023 Plan are expected to be completed on or before December 31, 2025. We expect to settle these charges with cash on hand.SummaryThe following table presents the components of restructuring and other charges, net for the three months ended March 31, 2025, and 2024:For the three months endedMarch 31, 2025March 31, 20242H 2024 Plan, net $2,454 $— Q3 2023 Plan, net918 598 Other restructuring and other charges, netSeverance charges, net (80)(9)Facility and other exit costs— 168 Loss on sale of business 4,420 — Acquisition-related compensation arrangements (1)— 955 Other(732)(930)Restructuring and other charges, net$6,980 $782 ___________________________________(1)    Acquisition-related compensation arrangements consist of incentive compensation to previous owners of companies we have acquired. Payment is generally tied to technical and/or financial targets set at the time of acquisition.The following table presents a rollforward of our severance liability, which is primarily related to the 2H 2024 Plan, for the three months ended March 31, 2025: TotalBalance as of December 31, 20246,087 Charges, net of reversals553 Payments(2,142)Foreign currency remeasurement71 Balance as of March 31, 2025$4,569