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Restructuring and Asset Impairments (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Summary of restructuring costs by segment

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

 

 
Schedule of changes in restructuring reserves

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