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Other Expense (Income) | 12 Months Ended
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Dec. 31, 2020
Other Income and Expenses [Abstract] |
Other Expense (Income) | Other Expense (Income) Other expense (income) consisted of:
($ in millions) | 2020 |  | 2019 |  | 2018
Restructuring and related charges: |  |  |  |  |
Severance and post-employment benefits | $ | 4.6 |  |  | $ | 2.6 |  |  | $ | 3.1 |
Asset-related charges | — |  |  | 0.3 |  |  | 2.2 |
Other charges | — |  |  | 2.0 |  |  | 3.8 |
Total restructuring and related charges | $ | 4.6 |  |  | $ | 4.9 |  |  | $ | 9.1 |
Fixed asset impairments and sale of equipment, net | 7.7 |  |  | 0.8 |  |  | 1.8 |
Argentina currency devaluation | — |  |  | 1.0 |  |  | 1.1 |
Brazil tax recovery | — |  |  | (4.7) |  |  | — |
Development and licensing income | (0.9) |  |  | (0.9) |  |  | (0.9) |
Contingent consideration | 1.2 |  |  | 2.1 |  |  | (2.6) |
Foreign exchange transaction gains | (1.5) |  |  | (4.6) |  |  | (5.5) |
Other items | 0.9 |  |  | (1.1) |  |  | (1.1) |
Total other expense (income) | $ | 12.0 |  |  | $ | (2.5) |  |  | $ | 1.9 |
Restructuring and Related Charges In July 2020, our Board of Directors approved a restructuring plan designed to optimize certain organizational structures within the Company to better support our continued growth and business priorities. These changes are expected to be implemented over a period of up to twenty-four months from the date of the approval. The plan is expected to require restructuring and related charges of approximately $15 million to $17 million. Since its approval, we recorded a net pre-tax amount equal to $4.6 million in restructuring related charges associated with this plan. All charges recorded to date are severance related and recorded w ithin other expense (income) in the consolidated statements of income. Once fully completed, we expect the plan will provide us with annualized savings in the range of $3.5 million to $4.5 million. The following table presents activity related to our restructuring obligations related to our 2020 restructuring plan:
($ in millions) | Severance and benefits |  | Asset-related charges |  | Other charges |  | Total
Balance, December 31, 2019 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Charges | 4.6 |  |  | — |  |  | — |  |  | 4.6 |
Cash payments | — |  |  | — |  |  | — |  |  | — |
Balance, December 31, 2020 | $ | 4.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.6 |
In February 2018, our Board of Directors approved a restructuring plan designed to realign our manufacturing capacity with demand. These changes were expected to be implemented over a period of up to twenty-four months from the date of the approval. The plan was expected to require restructuring and related charges of approximately $16.0 million. Since its approval, we recorded $13.7 million in restructuring and related charges associated with this plan. The plan is now considered complete. During 2019, we recorded $4.9 million in restructuring and related charges associated with this plan, consisting of $2.6 million for severance charges, $0.3 million for non-cash asset write-downs associated with the discontinued use of certain equipment, and $2.0 million for other non-cash charges. During 2018, we recorded $8.8 million in restructuring and related charges associated with this plan, consisting of $3.1 million for severance charges, $2.2 million for non-cash asset write-downs associated with the discontinued use of certain equipment, and $3.5 million for other non-cash charges. The following table presents activity related to our restructuring obligations related to our 2018 restructuring plan:
($ in millions) | Severance and benefits |  | Asset-related charges |  | Other charges |  | Total
Balance, December 31, 2018 | $ | 2.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.3 |
Charges | 2.6 |  |  | 0.3 |  |  | 2.0 |  |  | 4.9 |
Cash payments | (3.5) |  |  | — |  |  | — |  |  | (3.5) |
Non-cash asset write-downs | — |  |  | (0.3) |  |  | (2.0) |  |  | (2.3) |
Balance, December 31, 2019 | $ | 1.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.4 |
Cash payments | (1.3) |  |  | — |  |  | — |  |  | (1.3) |
Balance, December 31, 2020 | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |
On February 15, 2016, our Board of Directors approved a restructuring plan designed to repurpose several of our production facilities in support of growing high-value proprietary products and to realign operational and commercial activities to meet the needs of our new market-focused commercial organization. During 2018, we recorded $0.3 million in additional charges related to this restructuring plan. Our remaining restructuring obligations related to our 2016 restructuring plan are complete. Other Items During 2019, we recorded a charge of $1.0 million as a result of the continued devaluation of Argentina’s currency. During 2018, we recorded a charge of $1.1 million related to the classification of Argentina’s economy as highly inflationary under U.S. GAAP as of July 1, 2018. During 2019, we recognized a tax recovery of $4.7 million related to previously-paid international excise taxes, following a favorable court ruling. During 2020, 2019 and 2018, we recorded development income of $0.9 million in each year, related to a nonrefundable customer payment of $20.0 million received in June 2013 in return for the exclusive use of the SmartDose technology platform within a specific therapeutic area. Please refer to Note 3, Revenue, for additional information. Contingent consideration represents changes in the fair value of the SmartDose contingent consideration. Please refer to Note 12, Fair Value Measurements, for additional details.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 720 -URI http://asc.fasb.org/topic&trid=2122503 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 610 -URI http://asc.fasb.org/topic&trid=49130413 + Details
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