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Other (Income) Expense | 3 Months Ended
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Mar. 31, 2022
Other Income and Expenses [Abstract] |
Other (Income) Expense | Other (Income) Expense Other (income) expense consists of:
| Three Months Ended March 31, |  |
($ in millions) | 2022 |  | 2021 |  |  |  |
Restructuring and related charges | $ | — |  |  | $ | 1.2 |  |  |  |  |
Fixed asset impairments and (gain) loss on sale of equipment | (0.1) |  |  | 0.1 |  |  |  |  |
Contingent consideration | 0.8 |  |  | 0.7 |  |  |  |  |
Foreign exchange transaction gains | (1.1) |  |  | (0.3) |  |  |  |  |
Other items | (2.7) |  |  | 2.2 |  |  |  |  |
Total other (income) expense | $ | (3.1) |  |  | $ | 3.9 |  |  |  |  |
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 approval. The plan is expected to require charges to be approximately $7 million to $8 million, with annualized savings in the range of $0.9 million to $1.6 million. Since its approval, we recorded a net pre-tax amount equal to $6.8 million in restructuring and related charges associated with this plan. The following table presents activity related to our restructuring obligations related to our 2020 restructuring plan:
($ in millions) | Severance and benefits |  |  |  | Other charges |  | Total
Balance, December 31, 2021 | $ | 2.8 |  |  |  |  | $ | 0.5 |  |  | $ | 3.3 |
Charges | — |  |  |  |  | — |  |  | — |
Cash payments | (0.3) |  |  |  |  | (0.1) |  |  | (0.4) |
Balance, March 31, 2022 | $ | 2.5 |  |  |  |  | $ | 0.4 |  |  | $ | 2.9 |
Contingent Consideration Contingent consideration represents changes in the fair value of the SmartDose® contingent consideration. Please refer to Note 10, Fair Value Measurements, for additional details. Other Items During the three months ended March 31, 2022 and 2021, we recorded a gain of $2.8 million and a loss of $0.5 million, respectively, related to oil hedges. Please refer to Note 9, Derivative Financial Instruments, for further discussion of our hedging activity. During the three months ended March 31, 2021, we recorded an impairment charge of $2.2 million for one of the Company's cost investments.

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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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