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RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES

12 Months Ended

Dec. 31, 2023

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES

NOTE 12. RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES

Details of restructuring, asset impairments, and other charges are as follows:


	Years Ended December 31,
	2023		2022		2021
Restructuring	$	25,134	$	6,814	$	4,752
Asset impairments		1,446		—		—
Other charges		397		—		—
Total restructuring, asset impairments, and other charges	$	26,977	$	6,814	$	4,752

Restructuring

We have several restructuring plans in process:

2023 Plan

In 2023, we approved a plan intended to optimize and consolidate our manufacturing operations and functional support groups as well as a general reduction-in-force to align to our expenses to revenue levels (the “2023 Plan”). We expect additional charges of $1.0 million to $2.0 million to be incurred in future periods through the second quarter of 2025. We anticipate the 2023 Plan will be substantially completed by the end of 2024, with the final activities concluding by June 2025.

2022 Plan

This plan was approved 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. We anticipate the 2022 Plan will be substantially completed by the end of 2024.

2018 Plan

The purpose of this plan is 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 complete with the closure of our Shenzhen facility in February 2023.

Charges related to our restructuring plans are as follows:



	Years Ended December 31,
	2023		2022		2021
Severance and related charges	$	25,134	$	6,469	$	3,467
Facility relocation and closure charges		—		345		1,285
Total restructuring charges	$	25,134	$	6,814	$	4,752


	Cumulative Cost Through
	December 31, 2023
	2023 Plan		2022 Plan		2018 Plan		Total
Severance and related charges	$	17,103	$	13,987	$	20,893	$	51,983
Facility relocation and closure charges		—		—		7,160		7,160
Total restructuring charges	$	17,103	$	13,987	$	28,053	$	59,143

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


	2023 Plan		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
Costs incurred and charged to expense		17,103		8,199		(168)		25,134
Costs paid or otherwise settled		(2,879)		(11,057)		(1,066)		(15,002)
December 31, 2023	$	14,224	$	2,930	$	188	$	17,342

Asset Impairments

In connection with vacating facilities, we remeasured the operating lease right-of-use assets at fair value using Level 2 measurements and recorded a $1.4 million impairment charge.