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Restructuring and Other Charges, Net | 3 Months Ended
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Mar. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges, Net | Restructuring and Other Charges, Net Q3 2023 Plan In the three months ended September 30, 2023, we committed to a plan to reorganize our business (the “Q3 2023 Plan”). The Q3 2023 Plan, consisting of voluntary and involuntary reductions-in-force, site closures, and other cost-savings initiatives, was commenced to adjust our cost structure and business activities to better align with weaker market demand and continued economic uncertainty in many of our end-markets and to take active measures to accelerate our margin recovery. The reductions-in-force, which are subject to the laws and regulations of the countries in which the actions are planned, are expected to impact 510 positions. Over the life of the Q3 2023 Plan, we expect to incur restructuring charges of between $20.5 million and $25.5 million, primarily related to reductions-in-force. The majority of the actions under the Q3 2023 Plan are expected to be completed on or before June 30, 2024. We expect to settle these charges with cash on hand. We expect these restructuring charges to impact our business segments and corporate functions as follows:
|  |  | Charges |  |
(Dollars in thousands) | Positions |  | Minimum |  | Maximum |  |  |  |
Performance Sensing | 160 |  |  | 7,043 |  |  | 8,495 |  |  |  |  |
Sensing Solutions | 150 |  |  | 5,214 |  |  | 7,495 |  |  |  |  |
Corporate and other | 200 |  |  | 8,243 |  |  | 9,510 |  |  |  |  |
Total | 510 |  |  | 20,500 |  |  | 25,500 |  |  |  |  |
Restructuring charges, net recognized in the three months ended March 31, 2024 resulting from the Q3 2023 Plan are presented by business segment and corporate functions below.
(In thousands) | Severance |  | Facility and other exit costs (1) |  |  |  |
Performance Sensing | $ | 528 |  |  | $ | — |  |  |  |  |
Sensing Solutions | (349) |  |  | — |  |  |  |  |
Corporate and other | 419 |  |  | — |  |  |  |  |
Q3 2023 Plan total | $ | 598 |  |  | $ | — |  |  |  |  |
___________________________________ (1) Includes site closures. Summary The following table presents the charges and gains included as components of restructuring and other charges, net for the three months ended March 31, 2024 and 2023:
| For the three months ended |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |
Q3 2023 Plan charges, net (1) | $ | 598 |  |  | $ | — |  |  |  |  |
Other restructuring and other charges, net |  |  |  |  |  |  |
Severance charges, net (2) | (9) |  |  | 4,213 |  |  |  |  |
Facility and other exit costs | 168 |  |  | 225 |  |  |  |  |
Gain on sale of business | — |  |  | (5,877) |  |  |  |  |
Acquisition-related compensation arrangements | 955 |  |  | 7,272 |  |  |  |  |
Other | (930) |  |  | 166 |  |  |  |  |
Restructuring and other charges, net | $ | 782 |  |  | $ | 5,999 |  |  |  |  |
___________________________________ (1) Includes severance charges, net and facility and other exit costs relating to the Q3 2023 Plan as detailed under the heading Q3 2023 Plan above. (2) Each period presented includes severance charges, net of reversals, that do not represent the initiation of a larger restructuring plan. The following table presents a rollforward of our severance liability for the three months ended March 31, 2024:
| Q3 2023 Plan |  | Other |  | Total
Balance as of December 31, 2023 | $ | 6,017 |  |  | $ | 769 |  |  | $ | 6,786 |
Charges, net of reversals | 598 |  |  | (9) |  |  | 589 |
Payments | (3,296) |  |  | (369) |  |  | (3,665) |
Foreign currency remeasurement | (97) |  |  | (13) |  |  | (110) |
Balance as of March 31, 2024 | $ | 3,222 |  |  | $ | 378 |  |  | $ | 3,600 |
The severance liability as of March 31, 2024 and December 31, 2023 were entirely recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.

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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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