13.Other Charges, Net

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

	Three Months Ended March 31,
	2015		2014
Information technology transformation costs	$	1.7	$	0.6
Restructuring charges	1.3		0.2
Pension settlement charge	10.2		—
Professional fees incurred in connection with internal investigation	—		2.2
Acquisition-related charges	—		0.6
Other charges, net	$	13.2	$	3.6

Over the past couple of years, the Company has been undertaking productivity improvement initiatives in an effort to better optimize its operations. These restructuring initiatives have included 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 current business environment.

The Company recorded total restructuring charges during the three months ended March 31, 2015 of $3.3 million related to these initiatives, all within BSI. For the three months ended March 31, 2015, the charges consisted of $0.4 million of inventory provisions for excess inventory, $1.4 million of severance costs and $1.5 million of exit related costs, such as professional service and facility exit charges. During the three months ended March 31, 2015, the Company has recorded restructuring charges of $2.0 as a component of Cost of Revenue and $1.3 million as a component of Other Charges, net in the accompanying condensed consolidated statement of income and comprehensive income (loss).

Included in the total restructuring charges are expenses specifically related to a plan approved by the Company’s Board of Directors in the third quarter of 2014 (the “Plan”) to divest certain assets and implement a restructuring program in the former Chemical and Applied Markets (CAM) division within the Bruker CALID Group. Restructuring expenses recorded during the three months ended March 31, 2015 related to the Plan consisted of $0.8 million of severance and exit costs and $0.5 million of inventory write-downs, of which $0.7 million was recorded as component of Cost of Revenue and $0.6 million as a component of Other Charges, net in the accompanying condensed consolidated statement of income and comprehensive income (loss). 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. As of March 31, 2015, expenses incurred under the Plan are substantially complete.

The following table sets forth the changes in restructuring reserves for the three months ended March 31, 2015 (in millions):

	Total			Severance			Exit Costs			Provisions for Excess Inventory
Balance at December 31, 2014	$	16.1		$	7.1		$	1.3		$	7.7
Restructuring charges	3.3			1.3			1.5			0.5
Cash payments	(5.0		)	(3.5		)	(1.5		)	—
Foreign currency effect	(1.5		)	(0.6		)	—			(0.9		)
Balance at March 31, 2015	$	12.9		4.3			$	1.3		$	7.3

During the three months ended March 31, 2015, the Company outsourced its pension plan in Switzerland to an outside insurance provider and made certain plan design changes. In conjunction with the outsourcing of the plan, the Company recorded a one-time, non-cash settlement charge of $10.2 million as the plan assets and pension obligations for the retirees and other certain members of the population were transferred to the outside insurance provider. The settlement charge was recorded as a component of Other Charges, net in the accompanying condensed consolidated statement of income and comprehensive income (loss).