13.Other Charges, Net

The components of Other Charges, net were as follows (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015			2014
Information technology transformation costs	$	2.6	$	1.1	$	6.2		$	2.4
Restructuring charges	3.0		2.8		5.3			7.0
Pension settlement charge	—		—		10.2			—
Professional fees incurred in connection with internal investigation	0.4		0.3		0.4			3.1
Acquisition-related charges (benefits)	0.4		1.2		(2.5		)	2.1
Long-lived asset impairments	2.5		6.9		4.3			6.9

Other charges, net	$	8.9	$	12.3	$	23.9		$	21.5

In recent 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 and nine months ended September 30, 2015 of $12.7 million and $21.2 million, respectively, related to these initiatives. For the three months ended September 30, 2015, restructuring charges of $12.0 million related to the BSI segment and restructuring charges of $0.7 million related to the BEST segment. These charges consisted of $3.4 million of inventory provisions for excess inventory, $6.2 million of severance costs and $3.1 million of exit related costs, such as professional service and facility exit charges. For the nine months ended September 30, 2015, restructuring charges of $20.5 million related to the BSI segment and restructuring charges of $0.7 million related to the BEST segment. These charges consisted of $5.4 million of inventory provisions for excess inventory, $10.3 million of severance costs and $5.5 million of exit related costs. During the three and nine months ended September 30, 2015, the Company has recorded restructuring charges of $9.7 million and $15.9 million, respectively, as a component of Cost of Revenue and $3.0 million and $5.3 million, respectively, as a component of Other Charges, net in the accompanying condensed consolidated statements of income and comprehensive income (loss).

The Company recorded restructuring charges during the three and nine months ended September 30, 2014 of $16.2 million and $29.3 million, respectively, related to these initiatives, all within BSI. For the three months ended September 30, 2014, the charges consisted of $4.1 million of severance costs, $2.0 million of exit related costs and $10.1 million of inventory provisions for excess inventory. For the nine months ended September 30, 2014, the charges consisted of $11.3 million of severance costs, $5.9 million of exit related costs and $12.1 million of inventory provisions for excess inventory. During the three and nine months ended September 30, 2014, the Company has recorded restructuring charges of $13.4 million and $22.3 million, respectively, as a component of Cost of Revenue and $2.8 million and $7.0 million, respectively, as a component of Other Charges, net in the condensed consolidated statements of income and comprehensive income (loss).

Included in the total restructuring charges for the nine months ended September 30, 2015 are expenses specifically related to a plan approved by the Company’s Board of Directors in the third quarter of 2014 (the “ 2014 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 nine months ended September 30, 2015 related to the 2014 Plan consisted of $0.8 million of severance and exit costs and $0.5 million of inventory write-downs, of which $0.7 million were recorded as a component of Cost of Revenue and $0.6 million as a component of Other Charges, net in the accompanying condensed consolidated statements of income and comprehensive income (loss). From inception of the 2014 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 nine months ended September 30, 2015.

The Company commenced a restructuring initiative in the first nine months of 2015 within the Magnetic Resonance division of 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 first nine months of 2015 in the amount of $10.2 million, with the majority recorded in the second and third quarters, consisting of $2.1 million for inventory write-downs and $8.1 million of severance and exit costs, of which $9.0 was recorded as a component of Cost of Revenue and $1.2 million as a component of Other Charges, net in the accompanying condensed consolidated statements 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 nine months ended September 30, 2015 and determined that certain property, plant and equipment were impaired and recorded an impairment charge of $1.8 million to reduce those assets to fair value. This impairment charge is included as a component of Other Charges, net in the accompanying condensed consolidated statements of income and comprehensive income (loss). Total restructuring and other one-time charges related to this initiative, incurred in 2015 and continuing into 2016, are expected to be between $16 and $20 million, of which $12 to $15 million relate to employee separation and facility exit costs, and $4 to $5 million relate to estimated inventory write-downs and asset impairments.

The following table sets forth the changes in restructuring reserves for the nine months ended September 30, 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	21.2			10.3			5.5			5.4
Cash payments	(14.7		)	(9.6		)	(4.1		)	(1.0		)
Other, non-cash adjustments and foreign currency effect	(2.4		)	(0.5		)	—			(1.9		)

Balance at September 30, 2015	$	20.2		7.3			$	2.7		$	10.2

During the nine months ended September 30, 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 statements of income and comprehensive income (loss).