In February 2024, the Company recognized Operational Optimization severance charges of approximately $6 million, primarily within our North America and International segments, related to workforce reduction.

In 2023, the Company recognized Operational Optimization charges of approximately $4.1 million, $2.4 million in COR and $1.7 million in SG&A. The charges were primarily related to severance associated with workforce reduction, split between North America and International segments, and closure of an International facility.

We evaluate our portfolio of services on an ongoing basis with a country-by-country and service line-by-service line approach to assess long-term potential and identify potential business candidates for divestiture. Divestitures resulting from this evaluation may cause us to record significant charges, including those related to goodwill, other intangible assets, long-lived assets, and cumulative currency translation adjustments.

In connection with the divestitures detailed below, the Company provides for indemnifications to the acquirer against certain liabilities, representations, and warranties and enters into certain additional ancillary agreements, including a TSA, for up to 12 months.

On December 1, 2022, we exited our Communication Solutions business for cash proceeds of approximately $45.0 million. The transaction resulted in a divestiture pre-tax gain of $15.6 million.

On December 1, 2021, the Company exited its Environmental Solutions operations in Canada for cash proceeds of $24.4 million. The transaction resulted in a divestiture pre-tax gain of $12.6 million.

On July 25, 2023 and August 10, 2023, respectively, the Company exited its dental recycling business in the Netherlands and its SID joint venture in the UAE for nominal consideration.

On June 1, 2023, the Company exited its operations in the Republic of Korea, for cash proceeds of approximately $109.3 million.

On May 24, 2023, the Company exited its operations in Australia and Singapore, for cash proceeds of approximately $2.9 million.

On April 20, 2023, the Company exited its operations in Brazil for cash consideration to the acquirer of approximately $28 million.

On January 19, 2023, the Company exited its International container manufacturing joint venture in Spain, for cash proceeds of approximately $2.2 million.

On September 1, 2021, the Company exited its operations in Japan for cash proceeds of approximately $11.3 million. The transaction resulted in a divestiture pre-tax loss of $10.9 million, of which $3.8 million related to the reclassification of accumulated currency translation adjustments to earnings.

For divestitures in the year ended December 31, 2023, Stericycle recognized the following Divestiture losses (gains), net in the Consolidated Statements of (Loss) Income:


In millions
	Year Ended December 31, 2023
	Loss (gain) - pre-cumulative currency translation		Cumulative currency translation loss (gain) realized		Total loss (gain)





International Segment
Romania Operations	$	3.2	$	1.0	$	4.2
UAE Joint Venture	0.5		—		0.5
Netherlands Dental Operations	1.0		—		1.0
Republic of Korea Operations	(48.1)		(2.7)		(50.8)
Australia and Singapore Operations	5.1		2.2		7.3
Brazil Operations	26.1		70.1		96.2
International Container Manufacturing Operations	5.0		—		5.0



Divestiture losses (gains), net	$	(7.2)	$	70.6	$	63.4

Revenues of the completed divestiture transactions in 2023, each individually contributed less than 1% or in aggregate approximately 3.5% of consolidated revenues in the year ended December 31, 2022.

Stericycle recognized the following asset impairment charges in the Consolidated Statements of (Loss) Income:


In millions
	Year Ended December 31,
	2023 (1)		2022 (2)		2021 (3)






North America



Asset Impairment - SG&A	$	—	$	5.5	$	2.1
Total North America Segment	$	—	$	5.5	$	2.1
International


Asset Impairment - COR	$	3.4	$	—	$	—
Asset Impairment - SG&A	3.1		—		4.6
Total International Segment	$	6.5	$	—	$	4.6

(1)The Company recognized an impairment in COR in International associated with certain long-lived assets, primarily property, plant and equipment in Romania and an impairment in SG&A in International associated with certain intangible assets in Spain.

(2)The Company recognized an impairment in SG&A in North America associated with exiting certain North America office facilities in the U.S.

(3)The Company recognized impairments in SG&A in North America associated with a Canada site exit and in International associated with certain customer relationship intangibles in Romania.