
	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Restructuring charges
Global workforce reduction	$	8.8	$	—	$	—
Facility consolidations	8.1		0.4		—
Manufacturing footprint optimization	—		1.1		3.1
Total restructuring charges	16.9		1.5		3.1
Impairment charges
Fixed assets impairment charges	—		47.2		0.5
Other impairment charges	—		17.9		—
Total impairment charges	—		65.1		0.5
Total restructuring and impairment charges	$	16.9	$	66.6	$	3.6

On February 16, 2023, we announced a plan to reduce our global workforce that was substantially completed in the first half of 2023, and concluded in the fourth quarter of 2023. The plan significantly reduced our manufacturing costs and operating expenses. We incurred $8.8 million in pre-tax restructuring charges related to this plan, all of which was in the form of cash-based expenditures and substantially all of which were related to employee severance and other termination benefits.


(Dollars in millions)	Global Workforce Reduction Restructuring Severance and Related Benefits
Balance as of December 31, 2022	$	—
Provisions	8.5
Payments	(8.6)
Foreign currency translation adjustment	0.1
Balance as of December 31, 2023	$	—

In late 2022 and early 2023, we announced our intention to exit certain facilities in the U.S. and Asia. The plan significantly reduced our manufacturing costs and operating expenses. We incurred $8.1 million in pre-tax restructuring charges related to these facility consolidations, most of which were in the form of accelerated depreciation.

As part of our facility consolidations plan, on February 17, 2023, we entered into an asset purchase agreement to sell our high-performance engineered cellular elastomer business in our EMS operating segment for a purchase price of $1.8 million, which was completed in early September 2023. The assets primarily comprised of the property, plant and equipment, including the facility, accounts receivable, contract assets and inventories, net, while the liabilities were primarily comprised of accounts payable and other accrued liabilities, along with the previously recognized accrual against the net assets of the business based on the estimated fair value of the business in December 2022. We incurred $1.2 million of selling costs in 2023, which were recorded in the “Selling, general and administrative expenses” line item in the consolidated statements of operations.

Further, on September 22, 2023, we completed the sale of one of our Suzhou, China facilities, which had a carrying value of $3.0 million, for $6.8 million, resulting in a pre-tax gain of $1.9 million, inclusive of selling and disposal costs. The sale was completed in December 2023. The net impact of this transaction was recorded in the “Other operating (income) expense, net” line item in the consolidated statements of operations.

As of December 31, 2023, we recognized $13.1 million of assets held for sale within the “Other current assets” financial statement line item of our consolidated statements of financial position. This includes $13.1 million for land and building at our Price Road facility in Chandler, Arizona.

During the third quarter of 2020, we commenced manufacturing footprint optimization plans involving certain Europe and Asia manufacturing locations, primarily impacting our AES operating segment, in order to achieve greater cost competitiveness as well as align capacity with end market demand. The majority of the restructuring activities were completed in the first half of 2021. We incurred restructuring charges and related expenses of $1.1 million and $3.1 million in 2022 and 2021, respectively.

We recognized $65.1 million and $0.5 million of impairment charges in 2022 and 2021, respectively. The impairment charges in 2022 primarily related to certain AES operating segment equipment-in-process in the U.S. as well as certain EMS operating segment intangible assets and fixed assets related to our high-performance engineered cellular elastomer business in the U.S. The impairment of the equipment-in-process in our AES operating segment was triggered by our decision in November 2022 to exit the Price Road facility in Arizona. The impairment charges in 2021 were primarily related to AES operating segment fixed assets in Belgium.


	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Advanced Electronics Solutions
Allocated restructuring charges	$	10.7	$	1.1	$	3.0
Allocated impairment charges	—		40.5		0.5
Elastomeric Material Solutions
Allocated restructuring charges	6.2		0.4		0.1
Allocated impairment charges	—		24.6		—
Total restructuring and impairment charges	$	16.9	$	66.6	$	3.6


	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
UTIS fire
Fixed assets write-offs	$	—	$	—	$	1.1
Inventory charges	—		0.2		0.9
Professional services	0.9		1.4		2.7
Lease obligations	—		0.4		1.0
Lease impairments	—		—		0.5
Compensation & benefits	—		2.4		2.1
Third-party property claims	—		—		4.7
Other	—		(0.2)		0.1
Insurance recoveries	(31.4)		(6.6)		(6.9)
Total UTIS fire	(30.5)		(2.4)		6.2
Regulatory termination fee, net	—		(142.1)		—
Loss (gain) on sale or disposal of property, plant and equipment	(2.6)		0.5		(0.9)
Total other operating (income) expense, net	$	(33.1)	$	(144.0)	$	5.3

In early February 2021, there was a fire at our UTIS manufacturing facility in Ansan, South Korea, which manufactures eSorba® polyurethane foams used in portable electronics and display applications. The site was safely evacuated and there were no reported injuries; however, there was extensive damage to the manufacturing site and some damage to nearby property. Commercial production at our new location in Siheung, South Korea commenced in late-January 2023.

In 2023, in connection with the UTIS fire, we recognized insurance recoveries of $31.4 million related to our business interruption and property damage insurance claims and incurred $0.9 million for various professional services.

In 2022, in connection with the UTIS fire, we recognized insurance recoveries of $6.6 million related to our ongoing insurance claim for property damage and compensation and benefits of hourly employees, incurred $1.4 million for various professional services and incurred $2.4 million for compensation and benefits for UTIS manufacturing employees subsequent to the fire.

In 2021, in connection with the UTIS fire, we recognized fixed asset write-offs and inventory charges of $1.1 million and $0.9 million, respectively, related to property destroyed in the fire, a $4.7 million contingent liability pertaining to damage to nearby property and a $0.5 million contingent liability pertaining to our obligations for the fire damage to the building in connection with the underlying lease agreement. Further, in 2021 we incurred $2.7 million of fees for various professional services in connection with the assessment of the fire and the efforts to rebuild and resume operations and $2.1 million of compensation and benefits for UTIS manufacturing employees, subsequent to the fire. In 2021, we also recognized anticipated insurance recoveries of $6.9 million related to our ongoing insurance claim for property damage and compensation and benefits of hourly employees, less the applicable $0.3 million deductible.

In 2022, we recognized income from a regulatory termination fee of $142.1 million, which was net of an incurred transaction-related fee. For additional information, refer to “Note 16 – Mergers and Acquisitions.”


	Years Ended December 31,
(Dollars in millions)	2023		2022		2021
Interest on revolving credit facility	$	9.6	$	9.0	$	0.9
Line of credit fees	0.8		0.5		1.1
Debt issuance amortization costs	0.7		0.7		0.7
Interest income	(1.2)		(0.7)		(0.5)
Other	0.2		—		0.4
Total interest expense, net	$	10.1	$	9.5	$	2.5