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Restructuring and Asset Impairments
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Asset Impairments

12. Restructuring and Asset Impairments

The Company has undertaken restructuring actions impacting the reportable segments at various locations across North America, Europe and Asia. This includes workforce right-sizing actions resulting in severance and transition costs; and costs related to the consolidation of facilities resulting in asset impairment and accelerated depreciation charges.

The following table presents restructuring costs by segment as included within the Company’s consolidated statements of income for the years ended December 31, 2024, 2023 and 2022 (in millions):

 

 

 

2024

 

 

2023

 

 

2022

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

1.0

 

 

$

—

 

 

$

0.7

 

BSI CALID

 

 

1.0

 

 

 

1.5

 

 

 

0.3

 

BSI NANO

 

 

9.6

 

 

 

2.0

 

 

 

(0.1

)

Total Cost of revenues

 

$

11.6

 

 

$

3.5

 

 

$

0.9

 

Other charges, net:

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

1.6

 

 

$

1.7

 

 

$

1.3

 

BSI CALID

 

 

2.2

 

 

 

1.9

 

 

 

0.3

 

BSI NANO

 

 

8.8

 

 

 

14.4

 

 

 

0.2

 

Corporate

 

 

0.5

 

 

 

0.8

 

 

 

2.1

 

Total Other charges, net

 

 

13.1

 

 

 

18.8

 

 

 

3.9

 

Total

 

$

24.7

 

 

$

22.3

 

 

$

4.8

 

 

The following table sets forth the changes in the restructuring reserves (in millions):

 

 

 

Total

 

 

Severance

 

 

Exit Costs

 

 

Provisions for
Excess
Inventory

 

Balance at December 31, 2021

 

$

6.4

 

 

$

3.5

 

 

$

0.3

 

 

$

2.6

 

Restructuring charges

 

 

4.8

 

 

 

2.4

 

 

 

2.3

 

 

 

0.1

 

Cash payments

 

 

(7.8

)

 

 

(5.4

)

 

 

(2.4

)

 

 

—

 

Non-cash adjustments

 

 

(1.4

)

 

 

—

 

 

 

—

 

 

 

(1.4

)

Foreign currency impact

 

 

(0.2

)

 

 

(0.1

)

 

 

—

 

 

 

(0.1

)

Balance at December 31, 2022

 

$

1.8

 

 

$

0.4

 

 

$

0.2

 

 

$

1.2

 

Restructuring charges

 

 

22.3

 

 

 

20.5

 

 

 

0.8

 

 

 

1.0

 

Cash payments

 

 

(13.1

)

 

 

(12.3

)

 

 

(0.8

)

 

 

—

 

Non-cash adjustments

 

 

(1.6

)

 

 

—

 

 

 

—

 

 

 

(1.6

)

Acquired

 

 

3.6

 

 

 

0.9

 

 

 

2.7

 

 

 

—

 

Foreign currency impact

 

 

0.1

 

 

 

0.1

 

 

 

—

 

 

 

—

 

Balance at December 31, 2023

 

$

13.1

 

 

$

9.6

 

 

$

2.9

 

 

$

0.6

 

Restructuring charges

 

 

24.7

 

 

 

13.1

 

 

 

6.1

 

 

 

5.5

 

Cash payments

 

 

(24.2

)

 

 

(17.8

)

 

 

(6.4

)

 

 

—

 

Non-cash adjustments

 

 

(5.6

)

 

 

—

 

 

 

—

 

 

 

(5.6

)

Foreign currency impact

 

 

(0.3

)

 

 

(0.3

)

 

 

0.0

 

 

 

—

 

Balance at December 31, 2024

 

$

7.7

 

 

$

4.6

 

 

$

2.6

 

 

$

0.5

 

 

 

Bruker Cellular Analysis or BCA:

 

In October 2023, the Company announced a restructuring plan associated with BCA (formerly PhenomeX), a component of the NANO reportable segment, to optimize costs and to facilitate integration efforts. The restructuring plan includes a reduction in headcount, consolidation of leased facilities, and a planned change in future product offerings. The restructuring plan is expected to be completed during 2025.

 

During the years ended December 31, 2024 and 2023, in connection with the BCA restructuring plan, the Company recorded and accrued severance and termination charges of $9.0 million and $14.9 million respectively, and made payments of $15.1 million $9.8 respectively.

 

Furthermore, during the years ended December 31, 2024 and 2023, the Company recorded an impairment charge against operating lease right of use assets of $1.5 million and $3.2 million respectively as it relates to the consolidation of leased BCA facilities. During the year ended December 31, 2023, the Company recorded an impairment charge against various equipment of $2.3 million in connection with the planned change of future product offerings. No impairment charge against equipment was recorded in 2024.

 

Certain inventories that are expiring or have expired will no longer be usable for the manufacture of products. During the year ended December 31, 2024, the Company charged $4.7 million to product restructuring costs due to scrapping of expired or expiring inventories.

 

Other:

 

In April 2024, the Company announced a global restructuring program to reduce personnel costs affecting the BBIO, NANO and CALID Segments. The Company recorded and accrued severance and termination charges of $4.6 million and made payments of $3.4 million during the year ended December 31, 2024. The remaining balance of accrued severance at December 31, 2024 is expected to be paid during the first half of 2025. In connection with this restructuring plan, the Company closed one of its R&D facilities and recorded an impairment charge of $0.4 million for one of its technology intangible assets for the year ended December 31, 2024.

 

Other restructuring programs relating to reductions in workforce recorded by the BSI NANO, BSI BioSpin, BSI CALID and Corporate segments in 2024 and 2023 were not material.