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Restructuring and Related Activities (Notes)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities
7. Restructuring and Related Activities

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 restructuring charges of $2.9 million during the six months ended June 30, 2025, related to headcount reductions across the Company to rightsize operating expenses subsequent to the sale of the CMM business. The Company recorded charges of $0.5 million within Gross profit and $2.4 million within Operating expenses for the six months ended June 30, 2025. There was no restructuring activity for the three months ended June 30, 2025.

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 charges of $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, all 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 $1.4 million within Operating expenses for the three and six months ended June 30, 2024, respectively.
The following table details restructuring charges incurred by reportable segment for the periods presented:
 Three Months Ended June 30, Six Months Ended June 30,
(in millions)2025202420252024
Precision Devices$— $0.2 $1.4 $2.7 
MedTech & Specialty Audio— — 0.3 — 
Corporate— — 1.2 — 
Total$— $0.2 $2.9 $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, 2024$0.4 $9.4 $9.8 
Restructuring charges2.9 — 2.9 
Payments(1.4)(4.9)(6.3)
Other, including foreign currency— 0.7 0.7 
Balance at June 30, 2025$1.9 $5.2 $7.1 
(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 $5.2 million and $4.6 million were reflected within Other accrued expenses on the Consolidated Balance Sheet at June 30, 2025 and December 31, 2024, 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, 2025December 31, 2024
Other accrued expenses$7.1 $5.0 
Other liabilities— 4.8 
Total$7.1 $9.8