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RESTRUCTURING COSTS | 9 Months Ended
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Sep. 30, 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 our business combinations by consolidating our operations, optimizing our factory footprint, including moving certain production into our higher volume factories, reducing redundancies, and lowering our cost structure. The majority of these actions impact our factory operations and should partially mitigate the impact of lower volumes on gross margins. Although we expect additional charges under this plan as we refine and execute our actions, we anticipate the 2022 Plan will be substantially completed, and associated expenses will be incurred, by the end of 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. This plan is substantially complete with the closure of our Shenzhen facility in February 2023. The tables below summarize the charges related to our restructuring plans: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Severance and related charges |  | $ | 4,709 |  | $ | 121 |  | $ | 8,906 |  | $ | 833
Facility relocation and closure charges | ​ | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 345
Total restructuring charges | ​ | $ | 4,709 |  | $ | 121 |  | $ | 8,906 |  | $ | 1,178
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cumulative Cost Through
​ | ​ | September 30, 2023
​ |  | 2022 Plan |  | 2018 Plan |  | Total
Severance and related charges |  | $ | 14,792 | ​ | $ | 20,963 | ​ | $ | 35,755
Facility relocation and closure charges | ​ | ​ | — | ​ | ​ | 7,160 | ​ | ​ | 7,160
Total restructuring charges | ​ | $ | 14,792 | ​ | $ | 28,123 | ​ | $ | 42,915
​ 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 | ​ | ​ | 9,004 | ​ | ​ | (98) | ​ | ​ | 8,906
Costs paid or otherwise settled | ​ | ​ | (8,314) | ​ | ​ | (960) | ​ | ​ | (9,274)
September 30, 2023 | ​ | $ | 6,478 | ​ | $ | 364 | ​ | $ | 6,842
​

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- Definition 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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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