13. Other Charges, Net

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

	Three Months Ended March 31,
	2016		2015
Information technology transformation costs	$	2.2	$	1.7
Restructuring charges	1.8		1.3
Pension settlement charge	—		10.2

Other charges, net	$	4.0	$	13.2

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 months ended March 31, 2016 of $3.8 million, related to these initiatives, all within the BSI Segment. These charges consisted of $0.2 million of inventory provisions for excess inventory, $2.3 million of severance costs and $1.3 million of exit related costs, such as professional service and facility exit charges. During the three months ended March 31, 2016, the Company recorded restructuring charges of $2.0 million as a component of Cost of Revenue and $1.8 million as a component of Other Charges, net in the accompanying unaudited condensed 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 resulted 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 three months ended March 31, 2016 of $2.3 million of severance and exit costs, of which $1.3 million was recorded as a component of Cost of Revenue and $1.0 million as a component of Other Charges, net in the accompanying unaudited condensed consolidated statements of income and comprehensive income (loss). The restructuring initiative also included the closure and consolidation of a Bruker BioSpin Group manufacturing facility. From inception of the restructuring initiative in the second quarter of 2015, cumulative restructuring expenses and other one-time charges recorded have been $18.5 million, consisting of $4.2 million of inventory write-downs and asset impairments and $14.3 million of severance and exit costs. As of March 31, 2016, expenses incurred under the restructuring initiative are substantially complete.

The following table sets forth the changes in restructuring reserves for the three months ended March 31, 2016 (in millions):

	Total			Severance			Exit Costs			Provisions for Excess Inventory
Balance at December 31, 2015	$	23.1		$	10.3		$	2.4		$	10.4
Restructuring charges	3.8			2.3			1.3			0.2
Cash payments	(5.2		)	(3.6		)	(1.2		)	(0.4		)
Other, non-cash adjustments and foreign currency effect	(2.2		)	0.3			(0.8		)	(1.7		)

Balance at March 31, 2016	$	19.5		$	9.3		$	1.7		$	8.5