Note 17—Other Charges, Net

The components of other charges, net for the years ended December 31, 2015, 2014 and 2013, were as follows (in millions):

	2015			2014		2013
Acquisition-related expenses (income), net	$	(7.2	)	$	2.9	$	3.6
Professional fees incurred in connection with internal investigation		0.4			3.2		6.1
Pension settlement charge		10.2			—		—
Information technology transformation costs		8.9			4.0		—
Restructuring charges		8.1			11.1		18.2
Factory relocation charges		—			—		0.7

Other charges, net	$	20.4		$	21.2	$	28.6

In 2013, 2014 and 2015, the Company commenced and executed productivity improvement initiatives at both BSI and BEST in an effort to better optimize its operations. These restructuring initiatives include the divestiture of certain non-core businesses, outsourcing of various manufacturing activities, transferring or ceasing operations at certain facilities and an overall right-sizing within the Company based on the then current business environments.

The Company recorded total restructuring charges during the year ended December 31, 2015, 2014 and 2013 of $29.3 million, $36.1 million and $25.3 million, respectively, related to these initiatives. For the year ended December 31, 2015, restructuring charges of $28.4 million related to the BSI Segment and of $0.9 million related to the BEST Segment. These charges consisted of $7.0 million of inventory provisions for excess inventory, $15.9 million of severance costs and $6.4 million of exit related costs, such as professional service and facility exit charges. For the year ended December 31, 2014, the charges were all within the BSI Segment and consisted of $11.8 million of inventory provisions for excess inventory, $15.5 million of severance costs and $8.8 million of exit related costs. For the year ended December 31, 2013, $23.0 million related to the BSI Segment and $2.3 million related to the BEST Segment, and consisted of $2.1 million of inventory provisions for excess inventory, $17.9 million of severance costs and $5.3 million of exit related costs. During the year ended December 31, 2015, 2014 and 2013, the Company recorded restructuring charges of $21.2 million, $25.0 million and $7.1 million, respectively, as a component of Cost of Revenue, and $8.1 million, $11.1 million and $18.2 million, respectively, as a component of Other Charges, net in the accompanying consolidated statements of income and comprehensive income (loss).

The Company commenced a restructuring initiative in 2015 within the Bruker BioSpin Group, which was developed as a result of a revenue decline that occurred during the second half of 2014 and continued during the first half of 2015. This initiative is intended to improve Bruker BioSpin Group's operating results. Restructuring actions are expected to result in a reduction of employee headcount within the Bruker BioSpin Group of approximately 9%. Included in the total restructuring charges discussed above are restructuring expenses related to this initiative recorded during the year ended December 31, 2015 in the amount of $14.1 million, consisting of $2.1 million for inventory write-downs and $12.0 million of severance and exit costs, of which $12.3 was recorded as a component of Cost of Revenue and $1.8 million as a component of Other Charges, net in the accompanying consolidated statement of income and comprehensive income (loss). The restructuring also includes the closure and consolidation of certain Bruker BioSpin manufacturing facilities. The Company determined the restructuring was an indicator requiring the evaluation of property, plant and equipment for recoverability. The Company performed an evaluation during the year ended December 31, 2015 and determined that certain property, plant and equipment were impaired and recorded an impairment charge of $2.1 million to reduce those assets to fair value. This impairment charge is recorded within "Impairment of assets" in the accompanying consolidated statement of income and comprehensive income (loss) for the year ended December 31, 2015. Total restructuring and other one-time charges related to this initiative continuing into 2016 are expected to be between $3 and $5 million, which all relate to employee separation and facility exit costs.

Included in the total restructuring charges are expenses specifically related to the Plan in the former CAM Division. From inception of the Plan in the third quarter of 2014, cumulative restructuring expenses recorded have been $18.8 million, consisting of $10.3 million of inventory write-downs and $8.5 million of severance and exit costs. Expenses expected to be incurred under the 2014 Plan have been substantially completed during the year ended December 31, 2015.

In addition, in September and October 2014 the Company divested the assets of the former CAM Division's Inductively Coupled Plasma-Mass Spectrometry (ICP-MS) product line and the Gas Chromatography (GC) and GC single-quadrupole (GC-SQ) GC-MS mass spectrometry products, respectively. The gain on sale of the product lines of $8.0 million was recorded as part of Interest and Other Income (Expense), net within the accompanying consolidated statement of income and comprehensive income (loss) for the year ended December 31, 2014.

The following table sets forth the changes in the restructuring reserves for the years ended December 31, 2015 and 2014 (in millions):

	Total			Severance			Exit Costs			Provisions for Excess Inventory
Balance at December 31, 2013	$	11.5		$	8.4		$	1.1		$	2.0
Restructuring charges		36.1			15.5			8.8			11.8
Cash payments		(22.9	)		(14.6	)		(8.2	)		(0.1	)
Non-cash adjustments		(7.5	)		(1.4	)		(0.3	)		(5.8	)
Foreign currency impact		(1.1	)		(0.8	)		(0.1	)		(0.2	)

Balance at December 31, 2014		16.1			7.1			1.3			7.7
Restructuring charges		29.3			15.9			6.4			7.0
Cash payments		(18.0	)		(11.9	)		(5.1	)		(1.0	)
Non-cash adjustments		(2.9	)		(0.2	)		(0.2	)		(2.5	)
Foreign currency impact		(1.4	)		(0.6	)		—			(0.8	)

Balance at December 31, 2015	$	23.1		$	10.3		$	2.4		$	10.4