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RESTRUCTURING COSTS

3 Months Ended

Mar. 31, 2023

RESTRUCTURING COSTS

RESTRUCTURING COSTS

NOTE 13.    RESTRUCTURING COSTS

In the fourth quarter of 2022, we 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 the beginning of 2024.

In 2018, we committed to a restructuring plan (the “2018 Plan”) to optimize our manufacturing footprint and improve 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. The Shenzhen facility closed in the first quarter of 2023, and the 2018 Plan is substantially complete.

The tables below summarize the charges related to our restructuring plans:

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​	​	2023		​	2022
Severance and related charges		$	1,043		$	873
Facility relocation and closure charges	​	​	—		​	345
Total restructuring charges	​	$	1,043		$	1,218

​

​	​	​	​	​	​	​	​	​	​
​	​	Cumulative Cost Through
​	​	March 31, 2023
​		2022 Plan			2018 Plan			Total
Severance and related charges		$	6,547	​	$	21,345	​	$	27,892
Facility relocation and closure charges	​	​	—	​	​	7,160	​	​	7,160
Total restructuring charges	​	$	6,547	​	$	28,505	​	$	35,052

​

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, 2022	​	$	5,788	​	$	1,422	​	$	7,210
Costs incurred and charged to expense	​	​	759	​	​	284	​	​	1,043
Costs paid or otherwise settled	​	​	(924)	​	​	(947)	​	​	(1,871)
Foreign currency translation	​	​	—	​	​	(223)	​	​	(223)
March 31, 2023	​	$	5,623	​	$	536	​	$	6,159

​

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
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