XML 30 R18.htm IDEA: XBRL DOCUMENT

RESTRUCTURING, ASSET IMPAIRMENTS, AND OTHER CHARGES

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

	(in millions)
Restructuring	$	4.0	$	0.1	$	4.6	$	0.1
Asset impairments		1.6		—		1.6		—
Other charges		1.4		0.5		2.0		0.8
Total restructuring, asset impairments, and other charges	$	7.0	$	0.6	$	8.2	$	0.9

Restructuring

We have the following restructuring plans in process. 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.

2025 Plan

During the second quarter of 2025, we approved actions related to consolidating our research and development, sales, and administrative functions in connection with our manufacturing and footprint consolidation (the “2025 Plan”). We expect these actions to be substantially complete by the end of 2026 and do not expect to incur significant additional charges.

2024 Plan

In 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”). As of June 30, 2025, manufacturing operations have ceased. Final closure activities are in progress and 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 final activities to conclude in the first quarter of 2027.

Changes in restructuring liabilities were as follows:


	2025 Plan		2024 Plan		2023 Plan		Total

	(in millions)
December 31, 2024	$	—	$	25.0	$	5.0	$	30.0
Severance costs incurred and charged to expense		2.9		1.2		0.5		4.6
Costs paid		—		(13.2)		(1.0)		(14.2)
Foreign currency translation		—		—		(0.1)		(0.1)
June 30, 2025	$	2.9	$	13.0	$	4.4	$	20.3

The above restructuring liability of $20.3 million is comprised of $15.6 million in other accrued expenses and $4.7 million in other long-term liabilities on our Consolidated Balance Sheets.


	Cumulative Cost Through
	June 30, 2025
	2025 Plan		2024 Plan		2023 Plan		Total

	(in millions)
Severance and related charges	$	2.9	$	30.8	$	15.9	$	49.6
Facility relocation and closure charges		—		0.1		—		0.1
Total restructuring charges	$	2.9	$	30.9	$	15.9	$	49.7

Asset Impairments

During the three months ended June 30, 2025, in connection with vacating facilities, we remeasured the operating lease right-of-use assets and leasehold improvements at fair value using Level 2 measurements and recorded a $1.6 million impairment charge.

Other Charges

Other charges relate to vacating and relocating facilities as well as certain personnel transition costs not associated with our restructuring programs.