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Other Expense (Income) | 6 Months Ended
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Jun. 30, 2023
Other Income and Expenses [Abstract] |
Other Expense (Income) | Other Expense (Income) Other expense (income) consists of:
| Three Months Ended June 30, |  | Six Months Ended June 30,
($ in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Loss on disposal of plant | $ | 2.2 |  |  | $ | — |  |  | $ | 11.6 |  |  | $ | — |
Asset impairments | 1.5 |  |  | 0.2 |  |  | 3.4 |  |  | 0.2 |
Restructuring and related charges | (0.8) |  |  | (1.6) |  |  | (0.8) |  |  | (1.6) |
Loss (gain) on oil hedges | 0.4 |  |  | (0.3) |  |  | 1.0 |  |  | (3.1) |
Contingent consideration | 0.5 |  |  | 0.3 |  |  | 0.8 |  |  | 1.1 |
Foreign exchange transaction losses (gains) | 0.3 |  |  | (1.3) |  |  | 1.2 |  |  | (2.4) |
Other items | (0.1) |  |  | (0.1) |  |  | (0.3) |  |  | (0.1) |
Total other expense (income) | $ | 4.0 |  |  | $ | (2.8) |  |  | $ | 16.9 |  |  | $ | (5.9) |
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 million to $24 million. The following table presents activity related to our restructuring obligations related to our 2022 restructuring plan:
($ in millions) | Severance and benefits |  | Asset-related charges |  |  |  | Total
Balance, December 31, 2022 | $ | 10.1 |  |  | $ | 15.3 |  |  |  |  | $ | 25.4 |
(Credits) Charges | (0.8) |  |  | — |  |  |  |  | (0.8) |
Cash payments | (2.6) |  |  | — |  |  |  |  | (2.6) |
Non-cash asset write downs | — |  |  | (15.3) |  |  |  |  | (15.3) |
Balance, June 30, 2023 | $ | 6.7 |  |  | $ | — |  |  |  |  | $ | 6.7 |
Loss on Disposal of Plant During the three and six months ended June 30, 2023, the Company recorded expense of $2.2 million and $11.6 million, respectively, within other expense (income), as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment. The transaction closed 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 and six months ended June 30, 2023, we recorded a loss of $0.4 million and $1.0 million, respectively, related to oil hedges. 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. 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 -Topic 610 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//610/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//720/tableOfContent + Details
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