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Other Expense (Income)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Other Expense (Income) Other Expense (Income)
Other expense (income) consisted of:
($ in millions)202520242023
Restructuring and related charges:
Severance and benefits$19.2 $(2.5)$(2.8)
Asset-related charges5.4 — — 
Total restructuring and related charges$24.6 $(2.5)$(2.8)
Asset impairments8.2 7.3 9.6 
Foreign exchange transaction losses8.4 10.2 9.4 
Contingent consideration8.7 5.1 2.3 
Loss on disposal of plant— — 11.6 
Other items1.3 0.9 1.3 
Total other expense (income) $51.2 $21.0 $31.4 
Restructuring and Related Charges
In January 2025, 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 approximately twenty-four to thirty-six months from the date of approval. The plan is expected to require restructuring and related charges of approximately $30 million to $32 million, with annualized savings in the range of $35 million to $40 million. The following table presents activity related to our restructuring obligations related to our January 2025 restructuring plan:
($ in millions)Severance and benefitsAsset-related chargesTotal
Balance, December 31, 2024$— $— $— 
Charges (credits)15.0 3.4 18.4 
Cash payments(8.1)— (8.1)
Non-cash asset write downs— (3.4)(3.4)
Balance, December 31, 2025$6.9 $— $6.9 
Asset Impairments
The Company's asset impairment expense includes impairment charges to its cost-method investments and expense related to fixed assets impaired or taken out of service. During the periods ended December 31, asset impairments consisted of:
($ in millions)202520242023
Cost-method investment impairment charges$4.5 $0.3 $4.3 
Fixed asset impairment expense3.7 7.0 5.3 
Total asset impairments$8.2 $7.3 $9.6 
Foreign Exchange Transaction Losses (Gains)
During 2025, 2024 and 2023, the Company recorded a loss on foreign exchange transactions of $8.4 million, $10.2 million and $9.4 million. During 2025, the loss on foreign exchange transactions was primarily driven by the fluctuations of foreign translation activity between the Euro and US Dollar in addition to losses from a highly inflationary environment in Argentina. During 2024, the loss was primarily driven by exchange rate activity in Europe. During 2023, the loss was primarily driven by a highly inflationary environment in Argentina.
Contingent Consideration
Contingent consideration represents changes in the fair value of the SmartDose® contingent consideration. Please refer to Note 12, Fair Value Measurements, for additional details.
Loss on Disposal of Plant
During 2023, the Company recorded expense of $11.6 million as a result of the sale of one of the Company’s manufacturing facilities within the Proprietary Products segment during the second quarter of 2023.