Other Expense (Income)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other expense (income) consisted of:


($ in millions)	2023		2022		2021
Restructuring and related charges:
Severance and benefits	$	(2.8)	$	8.7	$	0.6
Asset-related charges	—		15.3		—
Other charges	—		(0.2)		1.6
Total restructuring and related charges	$	(2.8)	$	23.8	$	2.2
Loss on disposal of plant	11.6		—		—

Asset impairments	9.6		6.2		5.6

Foreign exchange transaction losses (gains)	9.4		(4.1)		(1.4)
Contingent consideration	2.3		3.0		1.5
Loss (gain) on oil hedges	1.3		(1.5)		(1.7)
Other items	—		(0.6)		1.7
Total other expense (income)	$	31.4	$	26.8	$	7.9

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 twenty-four months from the date of the approval. The plan is expected to require restructuring and related charges of approximately $22 million to $24 million, with annualized savings in the range of $22 million to $24 million. The following table presents activity related to our restructuring obligations related to our 2022 restructuring plan:


($ in millions)	Severance and benefits		Other charges		Total
Balance, December 31, 2022	$	10.1	$	15.3	$	25.4
(Credits) charges	(2.6)		—		(2.6)
Cash payments	(4.5)		—		(4.5)
Non-cash asset write downs	—		(15.3)		(15.3)
Balance, December 31, 2023	$	3.0	$	—	$	3.0

Loss on Disposal of Plant

During 2023, the Company recorded expense of $11.6 million, within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed during the second quarter of 2023.

Asset Impairments

During 2023, we recorded impairment charges of $4.3 million specific to our cost method investments and expense of $5.3 million related to fixed assets impaired and taken out of service. During 2022, we recorded an impairment charge of $3.5 million specific to our cost method investments and expense of $2.7 million related to fixed assets impaired and taken out of service. 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. We also recorded expense of $1.3 million related to fixed assets impaired and taken out of service.

Foreign Exchange Transaction Losses (Gains)

During 2023, we recorded a loss on foreign exchange transactions of $9.4 million. The loss on foreign exchange transactions in 2023 was primarily driven by a highly inflationary environment in Argentina. During 2022 and 2021, we recorded a gain on foreign exchange transactions of $4.1 million and $1.4 million, respectively.

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 2023, 2022 and 2021, we recorded a loss of $1.3 million, a gain of $1.5 million, and a gain of $1.7 million, respectively, related to oil hedges. Please refer to Note 11, Derivative Financial Instruments, for further discussion of our hedging activity.