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Other (Income) Expense | 6 Months Ended
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Jun. 30, 2022
Other Income and Expenses [Abstract] |
Other (Income) Expense | Other (Income) Expense Other (income) expense consists of:
| Three Months Ended June 30, |  | Six Months Ended June 30,
($ in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Restructuring and related charges | $ | (1.6) |  |  | $ | 1.0 |  |  | $ | (1.6) |  |  | $ | 2.2 |
Fixed asset impairments and loss on sale of equipment | 0.2 |  |  | 0.2 |  |  | 0.1 |  |  | 0.3 |
Contingent consideration | 0.3 |  |  | 0.2 |  |  | 1.1 |  |  | 0.9 |
Foreign exchange transaction gains | (1.3) |  |  | (2.6) |  |  | (2.4) |  |  | (2.9) |
Other items | (0.4) |  |  | (1.5) |  |  | (3.1) |  |  | 0.7 |
Total other (income) expense | $ | (2.8) |  |  | $ | (2.7) |  |  | $ | (5.9) |  |  | $ | 1.2 |
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 restructuring and related charges of approximately $5 million to $6 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 $5.2 million in restructuring and related charges associated with this plan. The following table presents activity related to our restructuring obligations related to our 2020 restructuring plan:
($ in millions) | Severance and benefits |  |  |  | Other charges |  | Total
Balance, December 31, 2021 | $ | 2.8 |  |  |  |  | $ | 0.5 |  |  | $ | 3.3 |
(Credits) charges | (1.4) |  |  |  |  | (0.2) |  |  | (1.6) |
Cash payments | (0.5) |  |  |  |  | (0.1) |  |  | (0.6) |
Balance, June 30, 2022 | $ | 0.9 |  |  |  |  | $ | 0.2 |  |  | $ | 1.1 |
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 and six months ended June 30, 2022, we recorded a gain of $0.3 million and $3.1 million, respectively, related to oil hedges. During the three and six months ended June 30, 2021, we recorded a gain of $0.7 million and $1.1 million, respectively, related to oil hedges. Please refer to Note 9, Derivative Financial Instruments, for further discussion of our hedging activity. During the six months ended June 30, 2021, we recorded an impairment charge of $2.2 million for one of the Company's cost investments. During the three and six months ended June 30, 2021, we recorded a net gain of $1.3 million on the sale of 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 https://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 https://asc.fasb.org/topic&trid=49130413 + Details
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