Restructuring and related activities are designed to better align the Company's operations with current market conditions through targeted facility consolidations, headcount reductions, and other measures to further optimize operations.

The Company recorded a credit of $0.1 million and restructuring charges of $1.7 million during the three and six months ended June 30, 2024, respectively, related to headcount reductions and $0.3 million and $1.0 million during the three and six months ended June 30, 2024, respectively, for costs associated with transferring certain capacitors manufacturing to existing facilities to further optimize operations within the PD segment.

The Company recorded charges of $0.3 million and $1.3 million within Gross profit for the three and six months ended June 30, 2024, respectively, and the remaining credit of $0.1 million and expense of $1.4 million within Operating expenses for the three and six months ended June 30, 2024, respectively.

During the three and six months ended June 30, 2023, the Company recorded restructuring charges of $0.6 million and $1.4 million to rationalize the MEMS Microphones product line, which is included within the Consumer MEMS Microphones segment, and $0.3 million for Corporate charges for the six months ended June 30, 2023.

During the three months ended June 30, 2023, the Company recorded a $0.9 million gain on the sale of certain machinery and equipment that was previously written off through restructuring charges within the Consumer MEMS Microphones segment. In addition, during the three months ended June 30, 2023, the Company recorded a $0.8 million reversal of restructuring charges within the Consumer MEMS Microphones related to a change in estimate.

The Company recorded credits of $1.7 million and $1.6 million for the aforementioned restructuring charges within Gross profit for the three and six months ended June 30, 2023, respectively, and the remaining $0.6 million and $1.6 million of expense within Operating expenses for the three and six months ended June 30, 2023, respectively.

The following table details restructuring charges incurred by reportable segment for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Precision Devices	$	0.2	$	—	$	2.7	$	—

Consumer MEMS Microphones	—		(1.1)		—		(0.3)
Corporate	—		—		—		0.3
Total	$	0.2	$	(1.1)	$	2.7	$	—

The following table details the Company’s severance and other restructuring accrual activity:


(in millions)	Severance Pay and Benefits (1)		Contract Termination and Other Costs (2)		Total
Balance at December 31, 2023	$	2.4	$	16.8	$	19.2

Restructuring charges	2.7		—		2.7
Payments	(2.8)		(5.7)		(8.5)
Other, including foreign currency	(0.4)		(1.6)		(2.0)
Balance at June 30, 2024	$	1.9	$	9.5	$	11.4

(1) All accruals for Severance Pay and Benefits are reflected within Other accrued expenses on the Consolidated Balance Sheet.

(2) Accruals for Contract Termination and Other Costs of $4.7 million and $6.1 million were reflected within Other accrued expenses on the Consolidated Balance Sheet at June 30, 2024 and December 31, 2023, respectively. The remaining balances are reflected within Other liabilities.

The severance and restructuring accruals are recorded in the following line item on the Consolidated Balance Sheets:


(in millions)	June 30, 2024		December 31, 2023
Other accrued expenses	$	6.6	$	8.5
Other liabilities	4.8		10.7
Total	$	11.4	$	19.2