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RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES

3 Months Ended

Mar. 31, 2025

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES

NOTE 10.    RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES

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

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,					​
​	​	2025		​	2024
​	​	(in millions)					​
Restructuring		$	0.6	​	$	—	​
Other charges	​	​	0.6	​	​	0.2	​
Total restructuring, asset impairments, and other charges	​	$	1.2		$	0.2

​

Restructuring

We have the following restructuring plans in process:

2024 Plan

On July 29, 2024, we approved actions in furtherance of our manufacturing consolidation initiatives intended to optimize our manufacturing footprint and cost structure, including the closure of our Zhongshan, China manufacturing facility (the “2024 Plan”).

The amounts incurred as a result of the approved actions are estimates and actual results may differ, which could result in incremental restructuring charges in future periods. We anticipate the 2024 Plan will be substantially completed by the end of the second quarter of 2025, with final activities expected to conclude in 2026.

2023 Plan

In 2023, we approved a plan intended to optimize and further consolidate our manufacturing operations and functional support groups as well as a general reduction-in-force to align our expenses to revenue levels (the “2023 Plan”). We expect to incur approximately $1.0 million in additional charges through the second quarter of 2026. The 2023 Plan is substantially complete, with the final activities expected to conclude in 2026.

Changes in restructuring liabilities were as follows:

​

​	​	​	​	​	​	​	​	​	​
​		2024 Plan			2023 Plan			Total
​	​	(in millions)
December 31, 2024	​	$	25.0	​	$	5.0	​	$	30.0
Severance costs incurred and charged to expense	​	​	0.6	​	​	—	​	​	0.6
Costs paid	​	​	(2.9)	​	​	(0.8)	​	​	(3.7)
March 31, 2025	​	$	22.7	​	$	4.2	​	$	26.9

​

The above restructuring liability of $26.9 million is comprised of $24.4 million in other accrued expenses and $2.5 million included in other long-term liabilities on our Consolidated Balance Sheets.

​

​	​	​	​	​	​	​	​	​	​
​	​	Cumulative Cost Through
​	​	March 31, 2025
​		2024 Plan			2023 Plan			Total
​	​	(in millions)
Severance and related charges		$	30.2	​	$	15.4	​	$	45.6
Facility relocation and closure charges	​	​	0.1	​	​	—	​	​	0.1
Total restructuring charges	​	$	30.3	​	$	15.4	​	$	45.7

​

Other Charges

Other charges relate to vacating and relocating facilities.

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- Definition

The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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