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,
	2016		2015		2016		2015
Information technology transformation costs	$	1.6	$	2.6	$	5.5	$	6.2
Restructuring charges	2.8		3.0		6.4		5.3
Pension settlement charge	—		—		—		10.2
Professional fees incurred in connection with internal investigation	—		0.4		—		0.4
Acquisition-related charges (benefits)	0.2		0.4		8.1		(2.5		)
Long-lived asset impairments	—		2.5		0.6		4.3

Other charges, net	$	4.6	$	8.9	$	20.6	$	23.9

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 September 30, 2016 of $5.3 million related to these initiatives, all within the BSI Segment. These charges consisted of $0.3 million of inventory provisions for excess inventory, $4.6 million of severance costs and $0.4 million of exit related costs, such as professional service and facility exit charges. During the three months ended September 30, 2016, the Company recorded restructuring charges of $2.5 million as a component of cost of revenue and $2.8 million as a component of other charges, net in the accompanying unaudited condensed consolidated statements of income and comprehensive income. The Company recorded total restructuring charges during the nine months ended September 30, 2016 of $12.8 million related to these initiatives, all within the BSI Segment. These charges consisted of $1.4 million of inventory provisions for excess inventory, $7.9 million of severance costs and $3.5 million of exit related costs, such as professional service and facility exit charges. During the nine months ended September 30, 2016, the Company recorded restructuring charges of $6.4 million as a component of cost of revenue and $6.4 million as a component of other charges, net in the accompanying unaudited condensed consolidated statements of income and comprehensive income.

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 was 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 nine months ended September 30, 2016 of $3.3 million of severance and exit costs, of which $2.2 million was recorded as a component of cost of revenue and $1.1 million as a component of other charges, net in the accompanying unaudited condensed consolidated statements of income and comprehensive income. This restructuring initiative also included the closure and consolidation of a Bruker BioSpin Group manufacturing facility. From inception of this restructuring initiative in the second quarter of 2015, cumulative restructuring expenses and other one-time charges recorded have been $19.5 million, consisting of $4.2 million of inventory write-downs and asset impairments and $15.3 million of severance and exit costs. As of September 30, 2016, expenses incurred under this restructuring initiative were substantially complete.

The Company commenced a restructuring initiative in 2016 to address lower demand in the Bruker CALID and Bruker Nano Groups as a result of weakness in European academic funding and ongoing weakness in several of the industrial end market segments that affect the Bruker Nano Group. This initiative is intended to improve the Bruker CALID and Bruker Nano Group operating results in response to these market conditions. Restructuring actions will result in a reduction of approximately 125 employees within the Bruker CALID and Bruker Nano Groups. Included in the total restructuring charges discussed above are restructuring expenses related to this initiative of $5.4 million for severance and exit costs, of which $3.0 million was recorded as a component of cost of revenue and $2.4 million as a component of other charges, net, and $0.7 million for inventory write-down and asset impairment charges related to the closure and consolidation of manufacturing facilities, of which $0.5 million was recorded as a component of cost of revenue and $0.2 million as a component of other charges, net in the accompanying unaudited condensed consolidated statements of income and comprehensive income for the three months ended September 30, 2016, respectively. Total restructuring and other one-time charges related to this initiative in 2016 and 2017 are expected to be between $11.0 and $13.0 million, of which $10.0 to $11.5 million relate to employee separation and facility exit costs and $1.0 to $1.5 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, 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	12.8			7.9			3.5			1.4
Cash payments	(16.7		)	(12.5		)	(3.3		)	(0.9		)
Other, non-cash adjustments and foreign currency effect	(3.2		)	(0.1		)	(0.6		)	(2.5		)

Balance at September 30, 2016	$	16.0		$	5.6		$	2.0		$	8.4