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Other Charges, Net
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Other Charges, Net

21. Other Charges, Net

The components of other charges, net, were as follows (in millions):

 

 

2023

 

 

2022

 

 

2021

 

Acquisition-related expenses, net

 

$

16.8

 

 

$

19.3

 

 

$

6.1

 

Professional fees incurred in connection with investigation
   matters and other legal matters

 

 

0.6

 

 

 

2.4

 

 

 

1.1

 

Information technology transformation costs

 

 

5.0

 

 

 

3.0

 

 

 

2.8

 

Restructuring

 

 

18.8

 

 

 

3.9

 

 

 

4.8

 

Long-lived asset impairments

 

 

5.7

 

 

 

0.3

 

 

 

(0.5

)

Other

 

 

5.3

 

 

 

0.8

 

 

 

—

 

Other charges, net

 

$

52.2

 

 

$

29.7

 

 

$

14.3

 

Restructuring Initiatives

Restructuring charges for the years ended December 31, 2023, 2022 and 2021 included charges for various other programs which were recorded in the accompanying consolidated statements of income and comprehensive income as follows (in millions):

 

 

2023

 

 

2022

 

 

2021

 

Cost of revenues

 

$

3.5

 

 

$

0.9

 

 

$

3.4

 

Other charges, net

 

 

18.8

 

 

 

3.9

 

 

 

4.8

 

 

$

22.3

 

 

$

4.8

 

 

$

8.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table sets forth the changes in the restructuring reserves (in millions):

 

 

 

Total

 

 

Severance

 

 

Exit Costs

 

 

Provisions for
Excess
Inventory

 

Balance at December 31, 2020

 

$

9.8

 

 

$

7.6

 

 

$

0.8

 

 

$

1.4

 

Restructuring charges

 

 

8.2

 

 

 

5.3

 

 

 

1.5

 

 

 

1.4

 

Cash payments

 

 

(10.3

)

 

 

(9.3

)

 

 

(1.0

)

 

 

—

 

Non-cash adjustments

 

 

(1.1

)

 

 

—

 

 

 

(1.0

)

 

 

(0.1

)

Foreign currency impact

 

 

(0.2

)

 

 

(0.1

)

 

 

—

 

 

 

(0.1

)

Balance at December 31, 2021

 

$

6.4

 

 

$

3.5

 

 

$

0.3

 

 

$

2.6

 

Restructuring charges

 

 

4.8

 

 

 

2.4

 

 

 

2.3

 

 

 

0.1

 

Cash payments

 

 

(7.8

)

 

 

(5.4

)

 

 

(2.4

)

 

 

—

 

Non-cash adjustments

 

 

(1.4

)

 

 

—

 

 

 

—

 

 

 

(1.4

)

Foreign currency impact

 

 

(0.2

)

 

 

(0.1

)

 

 

—

 

 

 

(0.1

)

Balance at December 31, 2022

 

$

1.8

 

 

$

0.4

 

 

$

0.2

 

 

$

1.2

 

Restructuring charges

 

 

22.3

 

 

 

20.5

 

 

 

0.8

 

 

 

1.0

 

Cash payments

 

 

(13.1

)

 

 

(12.3

)

 

 

(0.8

)

 

 

—

 

Non-cash adjustments

 

 

(1.6

)

 

 

—

 

 

 

—

 

 

 

(1.6

)

Acquired

 

 

3.6

 

 

 

0.9

 

 

 

2.7

 

 

 

—

 

Foreign currency impact

 

 

0.1

 

 

 

0.1

 

 

 

—

 

 

 

—

 

Balance at December 31, 2023

 

$

13.1

 

 

$

9.6

 

 

$

2.9

 

 

$

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 accrued severance and termination charges of $14.9 million. As of December 31, 2023, $9.8 million of these charges have been paid. 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, as detailed in Note 16, Leases, and expensed a negligible amount of associated leasehold improvements. As of December 31, 2023, no modification of operating leases connected to the restructuring plan had occurred. Finally, in connection with the planned change of future product offerings, the Company recorded an impairment charge against various equipment of $2.3 million.

 

The Company anticipates additional severance charges in 2024, which are not expected to be material. 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 December 31, 2023.

 

Certain other restructuring programs relating to in reductions in force recorded by the BSI NANO, BSI Biospin, BSI CALID and Corporate segments in 2023 were not material and substantially complete at the end of the year.