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RESTRUCTURING COSTS

12 Months Ended

Dec. 31, 2022

RESTRUCTURING COSTS

RESTRUCTURING COSTS

NOTE 14.           RESTRUCTURING COSTS

In the fourth quarter of 2022, management approved a restructuring plan (the “2022 Plan”), which is expected to further improve our operating efficiencies and drive the realization of synergies from business combinations by consolidating our operations, optimizing our factory footprint including moving certain production into our higher volume factories, and reducing redundancies. We anticipate the 2022 Plan will be substantially completed, and associated expenses will be incurred by 2024.

​

In 2018, we committed to a restructuring plan (the “2018 Plan”) to optimize our manufacturing footprint and to improve our operating efficiencies and synergies related to business combinations. We incurred severance costs primarily related to the transition and exit of our facility in Shenzhen, China and actions associated with synergies related to the acquisition of Artesyn Embedded Technologies, Inc.’s embedded power business (“Artesyn”). This plan is substantially complete with the final closure of our Shenzhen facility expected in early 2023. The table below summarizes the charges related to our restructuring plans:

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​	​	2022			2021			2020
Severance and related charges	​	$	6,469	​	$	3,467	​	$	9,632
Facility relocation and closure charges	​		345	​		1,285	​		3,534
Total restructuring charges	​	$	6,814	​	$	4,752	​	$	13,166

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	Cumulative Cost
​	​	​	​	​	​	​	​	Through
​	​	​	​	​	​	​	​	December 31,
​		2022 Plan			2018 Plan			2022
Severance and related charges		$	5,788	​	$	21,061	​	$	26,849
Facility relocation and closure charges	​	​	—	​	​	7,160	​	​	7,160
Total restructuring charges	​	$	5,788	​	$	28,221	​	$	34,009

​

Our restructuring liabilities are included in other accrued expenses in our Consolidated Balance Sheets. Changes in restructuring liabilities were as follows:

​

​	​	​	​	​	​	​	​	​	​
​		2022 Plan			2018 Plan			Total
December 31, 2020	​	$	—	​	$	10,641	​	$	10,641
Costs incurred and charged to expense	​	​	—	​	​	4,752	​	​	4,752
Costs paid or otherwise settled	​	​	—	​	​	(6,127)	​	​	(6,127)
Foreign currency translation	​	​	—	​	​	(3)	​	​	(3)
December 31, 2021	​	$	—	​	$	9,263	​	$	9,263
Costs incurred and charged to expense	​	​	5,788	​	​	1,026	​	​	6,814
Costs paid or otherwise settled	​	​	—	​	​	(8,751)	​	​	(8,751)
Foreign currency translation	​	​	—	​	​	(116)	​	​	(116)
December 31, 2022	​	$	5,788	​	$	1,422	​	$	7,210

​

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The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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-Publisher FASB
-Name Accounting Standards Codification
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