RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS

NOTE 3 – RESTRUCTURING, DIVESTITURES AND IMPAIRMENTS

Restructuring

There were no restructuring charges during the three and nine months ended September 30, 2021 and 2020, respectively.

Divestitures

On September 1, 2021, the Company completed the sale of its operations in Japan for proceeds of approximately $11.3 million. Revenues of operations in Japan were approximately 1% of our consolidated annual revenues for 2020. The transaction resulted in a third quarter divestiture pre-tax loss of $10.9 million, of which $3.8 million related to the reclassification of accumulated currency translation adjustments to earnings.

Stericycle recognized the following Divestiture losses (gains), net in the Condensed Consolidated Statements of (Loss) Income:

In millions
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
North America Segment
Domestic Environmental Solutions business	$	—	$	(8.3)	$	—	$	53.8
Total North America charges, net	—		(8.3)		—		53.8
International Segment
Japan operations	10.9		—		10.9		—
Argentina operations	—		112.4		—		112.4
Total International charges, net	10.9		112.4		10.9		112.4
Divestiture losses (gains), net	$	10.9	$	104.1	$	10.9	$	166.2

Impairments

Impairments recognized for the period were reported as follows:

In millions
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Impairments
Operational Optimization - SG&A	$	—	$	2.8	$	—	$	2.8
Asset Impairment - COR	—		—		—		6.8
Asset Impairment - SG&A	—		0.6		—		6.1
Total Impairments	$	—	$	3.4	$	—	$	15.7
North America
Operational Optimization - SG&A	$	—	$	—	$	—	$	—
Asset Impairment - COR	—		—		—		6.1
Asset Impairment - SG&A	—		—		—		4.0
Total North America Segment	$	—	$	—	$	—	$	10.1
International
Operational Optimization - SG&A	$	—	$	2.8	$	—	$	2.8
Asset Impairment - COR	—		—		—		0.7
Asset Impairment - SG&A	—		0.6		—		2.1
Total International Segment	$	—	$	3.4	$	—	$	5.6

Operational optimization impairments are associated with our actions to reduce operating costs and optimize operations. In the three and nine months ended September 30, 2020 our International reportable segment includes charges primarily related to the discontinuation of a service line in the U.K.

Asset impairments for the three and nine months ended September 30, 2020, in North America includes charges associated with rationalization of software application assets and intangibles assets as a result of a discontinuation of a service line, and in International, includes charges associated with certain property, plant and equipment assets and operating permit intangible assets primarily in Brazil.