Restructuring and Related Impairments

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

The Company incurs costs associated with restructuring initiatives intended to improve operating performance, profitability, and working capital levels. Actions associated with these initiatives may include improving productivity, workforce reductions, and the consolidation of facilities.

In June 2024, management announced that it would close its Middleton, Wisconsin facility and move operations to our Virginia facility within the Medical segment in an effort to simplify product lines and cease the production of the lasers product line. As a result of the announcement, the Company recorded $3.4 million of losses for the impairment of the facility's right-of-use asset, related leasehold improvements, and write-off of inventories along with $1.1 million of severance expense.

As of December 31, 2024, the Company does not expect a significant impact of additional charges from these previously announced initiatives.

The Company’s restructuring and impairment expenses are comprised of the following (in millions):


	Fiscal Year Ended December 31, 2024
(in millions)	Cost of revenue		Selling, general and administrative		Total
Severance and employee costs	$	0.5	$	1.1	$	1.6
Asset impairments/Other(1)	1.6		1.8		3.4
Total	$	2.1	$	2.9	$	5.0

	Fiscal Year Ended December 31, 2023
(in millions)	Cost of revenue		Selling, general and administrative		Total
Severance and employee costs	$	0.1	$	1.1	$	1.2
Asset impairments/Other(1)	—		0.4		0.4
Total	$	0.1	$	1.5	$	1.6

	Fiscal Year Ended December 31, 2022
(in millions)	Cost of revenue		Selling, general and administrative		Total
Severance and employee costs	$	0.3	$	1.5	$	1.8
Asset impairments/Other(1)	0.5		3.7		4.2
Total	$	0.8	$	5.2	$	6.0

(1) Includes facilities, inventory write-downs, outside services, and legal matters.

The following table summarizes restructuring and impairment expenses for each reportable segment (in millions):


	Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023		Fiscal Year Ended December 31, 2022
Restructuring expenses and related asset impairments:
Medical	$	4.5	$	0.3	$	3.4
Nuclear & Safety	0.5		0.2		1.8
Corporate and other	—		1.1		0.8
Total	$	5.0	$	1.6	$	6.0

The following table summarizes the changes in the Company’s accrued restructuring balance for severance and employee costs, which are included in Accrued expenses and other current liabilities in the accompanying Consolidated Balance Sheets (in millions).


Balance at December 31, 2022	$	1.5
Restructuring charges	1.6
Payments	(3.0)
Adjustments	(0.1)
Balance at December 31, 2023	$	—
Restructuring charges (excluding impairments)	1.6
Payments	(1.4)
Adjustments	—
Balance at December 31, 2024	$	0.2