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RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS RESTRUCTURING, DIVESTITURES, AND IMPAIRMENTS
Restructuring – Operational Optimization:
In February 2024, the Company recognized Operational Optimization severance charges of approximately $5.4 million related to a workforce reduction, within our North America and International segments.
In October 2023, the Company recognized Operational Optimization charges of approximately $3 million, split between our North America and International segments, related to headcount reduction.
Divestitures
On October 9, 2024, the Company entered into a definitive agreement to sell its operations in Spain and Portugal for cash consideration of $86.4 million. The sale is expected to close in the fourth quarter of 2024 once applicable regulatory approvals are obtained.
On October 6, 2023, the Company exited its operations in Romania for nominal consideration which resulted in a third quarter of 2023 assets-held-for-sale impairment charge of $4.2 million, of which $1.0 million related to the reclassification of non-cash accumulated currency translation adjustments to earnings. The impairment charge is included in Divestiture losses, net and impairments in the Condensed Consolidated Statements of (Loss) Income.
On July 25, 2023 and August 10, 2023, the Company exited its dental recycling business in the Netherlands and its SID joint venture in the UAE, respectively, for nominal consideration, which resulted in second quarter 2023 pre-tax charges of $1.5 million.
On June 1, 2023, the Company exited its operations in the Republic of Korea for cash proceeds of approximately $109.3 million. The transaction resulted in a second quarter of 2023 divestiture pre-tax gain of $50.8 million, of which $2.7 million related to the reclassification of non-cash accumulated currency translation adjustments to earnings.
On May 24, 2023, the Company exited its operations in Australia and Singapore for cash proceeds of approximately $2.9 million. The transaction resulted in a second quarter of 2023 divestiture pre-tax loss of $7.3 million, of which $2.2 million related to the reclassification of non-cash accumulated currency translation adjustments to earnings.
On April 20, 2023, the Company exited its operations in Brazil for cash consideration paid to the acquirer of approximately $28.0 million. The transaction resulted in a second quarter of 2023 divestiture pre-tax loss of $96.2 million, of which $70.1 million related to the reclassification of non-cash accumulated currency translation adjustments to earnings.
On January 19, 2023, the Company exited its International container manufacturing operations for cash proceeds of approximately $2.2 million. The transaction resulted in a first quarter of 2023 divestiture pre-tax loss of $5.0 million.
Impairments
Assets and Liabilities Held-For-Sale Impairment
In the third quarter of 2024, the Company recognized a non-cash impairment charge of $10.5 million, associated with classifying certain assets and liabilities, associated with its Spain and Portugal operations, as held-for-sale as the carrying value of the net assets held for sale exceeded their fair value less estimated costs to sell. The impairment charge is reported in Divestiture losses, net and impairments on the Condensed Consolidated Statements of (Loss) Income. The cumulative translation adjustment of $12.0 million was included as part of the carrying value of the disposal group when measuring the impairment charge.
The Company had the following assets and liabilities classified as held-for-sale:
In millions
As of September 30, 2024
Total current assets (primarily receivables)$30.2 
Fixed assets17.1 
Operating lease right-of-use assets10.5 
Intangibles26.6 
Goodwill28.5 
Assets held-for-sale$112.9 
Total current liabilities$22.9 
Long-term operating lease liabilities7.2 
Deferred taxes9.3 
Liabilities held-for-sale$39.4 
There were no assets held-for-sale as of December 31, 2023.
Other Impairments
In the three and nine months ended September 30, 2023, the Company recognized an impairment in SG&A of $3.1 million in International associated with certain intangible assets in Spain.
In the nine months ended September 30, 2023, the Company recognized an impairment in COR of $3.4 million in International associated with certain long-lived assets, primarily property, plant and equipment in Romania.