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Other Expense (Income)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Other Expense (Income) Other Expense (Income)
Other expense (income) consisted of:
($ in millions)202420232022
Restructuring and related charges:
Severance and benefits$(2.5)$(2.8)$8.7 
Asset-related charges— — 15.3 
Other charges— — (0.2)
Total restructuring and related charges$(2.5)$(2.8)$23.8 
Asset impairments7.3 9.6 6.2 
Foreign exchange transaction losses (gains)10.2 9.4 (4.1)
Contingent consideration5.1 2.3 3.0 
Loss on disposal of plant— 11.6 — 
Other items0.9 1.3 (2.1)
Total other expense (income) $21.0 $31.4 $26.8 
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 were implemented over a period of approximately twenty-four months from the date of the approval. The plan provided annualized savings of approximately $17 million. As of December 31, 2024, the Company does not expect additional expenses or payments associated with our 2022 restructuring plan. The following table presents activity related to our restructuring obligations related to our 2022 restructuring plan:
($ in millions)Severance and benefitsOther chargesTotal
Balance, December 31, 2023$3.0 $— $3.0 
(Credits) charges(2.5)— (2.5)
Cash payments(0.5)— (0.5)
Balance, December 31, 2024$— $— $— 
Asset Impairments

The Company's asset impairment expense includes impairment charges to its cost method investments and expense related to fixed assets impaired or taken out of service. During the periods ended December 31, asset impairments consisted of:

($ in millions)202420232022
Cost method investment impairment charges$0.3 $4.3 $3.5 
Fixed asset impairment expense7.0 5.3 2.7 
Total asset impairments$7.3 $9.6 $6.2 

Foreign Exchange Transaction Losses (Gains)

During 2024 and 2023, the Company recorded a loss on foreign exchange transactions of $10.2 million and $9.4 million, respectively. During 2024, the increase in losses on foreign exchange transactions was the result of increased expense related to exchange rate activity in Europe, partially offset by a decrease in losses related to Argentina's high inflationary environment year over year. During 2023, the loss on foreign exchange transactions was primarily driven by a highly inflationary environment in Argentina. During 2022, the Company recorded a gain on foreign exchange transactions of $4.1 million.

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.

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 during the second quarter of 2023.