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Other Charges, Net | 3 Months Ended
--- | ---
Mar. 31, 2024
Restructuring and Related Activities [Abstract] |
Other Charges, Net | 14. Other Charges, Net The components of other charges, net were as follows (in millions):
|  | Three Months Ended March 31, |  |
|  | 2024 |  |  | 2023 |  |
Information technology transformation costs |  | $ | 0.8 |  |  | $ | 0.5 |  |
Restructuring charges |  |  | 3.5 |  |  |  | 0.3 |  |
Acquisition-related expenses, net |  |  | 4.1 |  |  |  | 2.9 |  |
Other |  |  | 2.5 |  |  |  | 1.6 |  |
Other charges, net |  | $ | 10.9 |  |  | $ | 5.3 |  |
Restructuring Initiatives Restructuring charges include charges for various programs that were recorded in the accompanying unaudited condensed consolidated statements of income and comprehensive income. The following table sets forth the restructuring charges (in millions):
|  | Three Months Ended March 31, |  |
|  | 2024 |  |  | 2023 |  |
Cost of revenues |  | $ | 3.7 |  |  | $ | 0.2 |  |
Other charges, net |  |  | 3.5 |  |  |  | 0.3 |  |
Total |  | $ | 7.2 |  |  | $ | 0.5 |  |
The following table sets forth the changes in restructuring reserves (in millions):
|  | Total |  |  | Severance |  |  | Exit Costs |  |  | Provisions for Excess Inventory |
Balance at December 31, 2023 |  | $ | 13.1 |  |  | $ | 9.6 |  |  | $ | 2.9 |  |  | $ | 0.6 |
Restructuring charges |  |  | 7.2 |  |  |  | 3.0 |  |  |  | 1.4 |  |  |  | 2.8 |
Cash payments |  |  | (9.1 | ) |  |  | (7.2 | ) |  |  | (1.9 | ) |  |  | — |
Other, non-cash adjustments and foreign currency effect |  |  | (2.9 | ) |  |  | (0.1 | ) |  |  | — |  |  |  | (2.8 | )
Balance at March 31, 2024 |  | $ | 8.3 |  |  | $ | 5.3 |  |  | $ | 2.4 |  |  | $ | 0.6 |
In October 2023, the Company announced a restructuring plan associated with BCA (formerly PhenomeX), a component of the NANO reportable segment, to optimize costs and to facilitate integration efforts. The restructuring plan includes a reduction in headcount, consolidation of leased facilities, and a planned change in future product offerings. The restructuring plan is expected to be completed during 2024. ﻿ In connection with the BCA restructuring plan, the Company recorded and accrued severance and termination charges of $14.9 million in the year ended December 31, 2023, and an additional charge of $3.9 million in the three months ended March 31, 2024. The company paid $9.8 million and $7.0 million of these charges in the three months ended December 31, 2023 and March 31, 2024, respectively. The unpaid severance charges noted above will be paid in 2024 and 2025. As it relates to the consolidation of leased facilities, the Company recorded an impairment charge against operating lease right of use assets of $3.2 million and $1.2 million in the three months ended December 31, 2023 and March 31, 2024, respectively. on termination of a facility. As of March 31, 2024, no other modification of operating leases connected to the restructuring plan had occurred. The Company is also likely to terminate additional leases as operations are consolidated and arrangements for early terminations with the landlord are reached. The Company does not expect termination payments to be significantly different from amounts recorded as outstanding lease liabilities as of March 31, 2024. Due to delays in consolidating facilities, certain inventories that are expiring or have expired will no longer be usable for the manufacture of products. The cost of these inventories was charged to product restructuring costs and scrapped in the three months ended March 31, 2024. ﻿ Certain other restructuring programs relating to in reductions in force recorded by the BSI NANO, BSI Biospin, BSI CALID and Corporate segments in 2024 were not material. In April 2024, the Company announced a global restructuring program to reduce personnel costs affecting the BBIO and CALID Segments. The Company expects to incur additional restructuring charges of $7.4 million for this program through the remainder of 2024.

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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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