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Other Expense (Income) | 3 Months Ended
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Mar. 31, 2023
Other Income and Expenses [Abstract] |
Other Expense (Income) | Other Expense (Income) Other expense (income) consists of:
| Three Months Ended March 31, |  |
($ in millions) | 2023 |  | 2022 |  |  |  |
Asset impairments | $ | 11.3 |  |  | $ | — |  |  |  |  |
Loss (gain) on oil hedges | 0.6 |  |  | (2.8) |  |  |  |  |
Contingent consideration | 0.3 |  |  | 0.8 |  |  |  |  |
Foreign exchange transaction losses (gains) | 0.9 |  |  | (1.1) |  |  |  |  |
Other items | (0.2) |  |  | — |  |  |  |  |
Total other expense (income) | $ | 12.9 |  |  | $ | (3.1) |  |  |  |  |
Restructuring and Related Charges In December 2022, the Company approved a restructuring plan to adjust our operating cost base to better respond to the macroeconomic factors influencing our business. These changes are expected to be implemented over a period of up to twelve months from the date of approval. The plan is expected to require restructuring and related charges of approximately $25 million to $27 million, with annualized savings in the range of $22.0 million to $24.0 million. The following table presents activity related to our restructuring obligations related to our 2022 restructuring plan:
($ in millions) | Severance and benefits |  |  |  | Asset-related charges |  | Total
Balance, December 31, 2022 | $ | 10.1 |  |  |  |  | $ | 15.3 |  |  | $ | 25.4 |
Charges | — |  |  |  |  | — |  |  | — |
Cash payments | (0.7) |  |  |  |  | — |  |  | (0.7) |
Balance, March 31, 2023 | $ | 9.4 |  |  |  |  | $ | 15.3 |  |  | $ | 24.7 |
Asset Impairments During the three months ended March 31, 2023, in preparation for the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment, the Company recorded an impairment expense of $9.4 million within other expense (income) and a corresponding reduction to the disposal group net assets to its fair value less cost to sell. The transaction is expected to close during the second quarter of 2023. 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. Oil Hedges During the three months ended March 31, 2023 and 2022, we recorded a loss of $0.6 million and a gain of $2.8 million, respectively, related to oil hedges. Please refer to Note 9, Derivative Financial Instruments, for further discussion of our hedging activity.

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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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