RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS

6 Months Ended

Jun. 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 six months ended June 30, 2021 and 2020, respectively.

Divestitures

On August 4, 2021, the Company entered into an agreement for the sale of its operations in Japan for proceeds of approximately $10.0 million. Revenues of operations in Japan were approximately 1% of our consolidated annual revenues for 2020. As of June 30, 2021, the operations in Japan did not meet the assets held for sale criteria. The transaction is expected to result in a third quarter non-cash divestiture pre-tax loss of approximately $15.0 million, of which $4.0 million relates to the reclassification of accumulated currency translation adjustments to earnings.

On April 6, 2020, the Company completed the sale of all of the outstanding equity interests of its Domestic Environmental Solutions business for approximately $462.5 million. In the first quarter of 2020, the Company recognized an impairment charge of $58.3 million, inclusive of $10.8 million of related deal costs. In the second quarter of 2020, the Company recognized an incremental loss on the sale of the business of $3.8 million driven by working capital adjustments. These charges are reported as Divestiture losses (gains), net in the Company’s Condensed Consolidated Statements of Income (Loss). The estimated fair value was generated using Level 3 inputs.

Impairments

Impairments for the period were reported as follows:

In millions
	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Impairments
Asset Impairment - COR	$	—	$	6.8	$	—	$	6.8
Asset Impairment - SG&A	—		1.5		—		5.5
Total Impairments	$	—	$	8.3	$	—	$	12.3
North America
Asset Impairment - COR	$	—	$	6.1	$	—	$	6.1
Asset Impairment - SG&A	—		0.1		—		4.1
Total North America Segment	$	—	$	6.2	$	—	$	10.2
International
Asset Impairment - COR	$	—	$	0.7	$	—	$	0.7
Asset Impairment - SG&A	—		1.4		—		1.4
Total International Segment	$	—	$	2.1	$	—	$	2.1

Asset impairments for the three and six months ended June 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.