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Other Expense (Income)
 12 Months Ended
Dec. 31, 2022
Other Income and Expenses [Abstract]  
Other Expense (Income) Other Expense (Income)
Other expense (income) consisted of:
($ in millions)202220212020
Restructuring and related charges:
Severance and post-employment benefits$8.7 $0.6 $4.6 
Asset-related charges15.3 — — 
Other charges(0.2)1.6 — 
Total restructuring and related charges$23.8 $2.2 $4.6 
Fixed asset impairments and sale of equipment, net2.7 1.3 7.7 
(Gain) loss on oil hedges(1.5)(1.7)0.2 
Contingent consideration3.0 1.5 1.2 
Foreign exchange transaction gains(4.1)(1.4)(1.5)
Cost investment activity3.5 4.3 2.5 
Other items(0.6)1.7 (2.7)
Total other expense (income) $26.8 $7.9 $12.0 

Restructuring and Related Charges

In December 2022, the Company approved a restructuring plan to adjust our operating cost base to better respond to the macroeconomic factors influencing our business. These changes are expected to be implemented over a period of up to twelve months from the date of the approval. The plan is expected to require restructuring and related charges of approximately $25 million to $27 million, with annualized savings in the range of $22 million to $24 million. Included within the expected restructuring charges is an impairment charge of $15.3 million representing the net book value of long-lived fixed assets held in our production facilities that were determined to have no future use to the Company.

The following table presents activity related to our restructuring obligations related to our 2022 restructuring plan:

($ in millions)Severance and benefitsAsset-related chargesTotal
Balance, December 31, 2021$— $— $— 
Charges10.1 15.3 25.4 
Cash payments— — — 
Balance, December 31, 2022$10.1 $15.3 $25.4 


In July 2020, our Board of Directors approved a restructuring plan designed to optimize certain organizational structures within the Company to better support our continued growth and business priorities. These changes were implemented over a period of approximately twenty-four months from the date of the approval. The plan is expected to have annualized savings in the range of $0.9 million to $1.6 million. Since its approval, we recorded a net pre-tax amount equal to $5.2 million in restructuring and related charges associated with this plan.
The following table presents activity related to our restructuring obligations related to our 2020 restructuring plan:
($ in millions)Severance and benefitsOther chargesTotal
Balance, December 31, 2021$2.8 $0.5 $3.3 
Charges(1.4)(0.2)(1.6)
Cash payments(0.7)(0.3)(1.0)
Balance, December 31, 2022$0.7 $— $0.7 

Contingent Consideration

Contingent consideration represents changes in the fair value of the SmartDose® contingent consideration. Please refer to Note 12, Fair Value Measurements, for additional details.

Oil Hedges

During 2022, 2021 and 2020, we recorded a gain of $1.5 million, a gain of $1.7 million, and a loss of $0.2 million, respectively, related to oil hedges. Please refer to Note 11, Derivative Financial Instruments, for further discussion of our hedging activity.

Cost Investment

During 2022, specific to our cost method investments, we recorded a total impairment charge of $3.5 million. During 2021, specific to our cost method investments, we recorded a total impairment charge of $4.6 million which was offset by a net gain of $0.3 million on the sale of a cost investment. During 2020, specific to our cost method investments, we recorded a total impairment charge of $2.5 million.