Restructuring and related activities are designed to better align the Company's operations with current market conditions through targeted facility consolidations, headcount reductions, and other measures to further optimize operations.

The Company recorded restructuring charges of $1.8 million during the three months ended March 31, 2024 related to headcount reductions and $0.7 million for costs associated with transferring certain capacitors manufacturing to existing facilities to further optimize operations, all within the PD segment. The Company recorded charges of $1.0 million within Gross profit and the remaining $1.5 million within Operating expenses for the three months ended March 31, 2024.

During the three months ended March 31, 2023, the Company recorded restructuring charges of $0.8 million to rationalize the MEMS Microphones product line, which is included within the Consumer MEMS Microphones segment, and $0.3 million for other costs. Restructuring charges of $0.1 million are reflected within Gross profit and $1.0 million are reflected within Operating expenses for the three months ended March 31, 2023.

The following table details restructuring charges incurred by reportable segment for the periods presented:


	Three Months Ended March 31,
(in millions)	2024		2023
Precision Devices	$	2.5	$	—

Consumer MEMS Microphones	—		0.8
Corporate	—		0.3
Total	$	2.5	$	1.1

The following table details the Company’s severance and other restructuring accrual activity:


(in millions)	Severance Pay and Benefits (1)		Contract Termination and Other Costs (2)		Total
Balance at December 31, 2023	$	2.4	$	16.8	$	19.2

Restructuring charges	2.1		0.4		2.5
Payments	(1.6)		(5.7)		(7.3)
Other, including foreign currency	—		(1.4)		(1.4)
Balance at March 31, 2024	$	2.9	$	10.1	$	13.0

(1) All accruals for Severance Pay and Benefits are reflected within Other accrued expenses on the Consolidated Balance Sheet.

(2) Accruals for Contract Termination and Other Costs of $5.1 million and $6.1 million were reflected within Other accrued expenses on the Consolidated Balance Sheet at March 31, 2024 and December 31, 2023, respectively. The remaining balances are reflected within Other liabilities.

The severance and restructuring accruals are recorded in the following line item on the Consolidated Balance Sheets:


(in millions)	March 31, 2024		December 31, 2023
Other accrued expenses	$	8.0	$	8.5
Other liabilities	5.0		10.7
Total	$	13.0	$	19.2