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Impairment and Restructuring Charges

6 Months Ended

Jun. 30, 2021

Impairment and Restructuring Charges

Impairment and Restructuring Charges

Note 12.  Impairment and Restructuring Charges

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Our impairment and restructuring charges consisted of the following:

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​	​	​	​	​	​	​	​	​	​	​	​
​	Three Months Ended					​	Six Months Ended
​	June 30,					​	June 30,
​	2021			2020			2021			2020
	(in millions)
Intangible assets, net	$	—	​	$	0.2	​	$	—	​	$	89.0
Property, plant and equipment	​	—	​	​	—	​	​	—	​	​	8.7
Operating lease right-of-use assets	​	—	​	​	—	​	​	—	​	​	0.2
Total impairment charges	​	—	​	​	0.2	​	​	—	​	​	97.9
Restructuring––cost of sales	​	—	​	​	—	​	​	—	​	​	39.8
Restructuring––SG&A	​	—	​	​	5.4	​	​	0.1	​	​	5.4
Total impairment and restructuring charges	$	—	​	$	5.6	​	$	0.1	​	$	143.1

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We recorded impairment and restructuring charges of $143.1 million in the six months ended June 30, 2020 that were mainly comprised of a $137.5 million impairment and restructuring charge recognized during the first quarter of 2020 due to our reduced long-term outlook for our businesses serving the energy (oil and natural gas) market and charges at certain of our other businesses for which our outlook had turned negative based on impacts from COVID-19. Our first quarter of 2020 impairment and restructuring charge also included a property, plant and equipment impairment charge and an inventory provision related to the closure of certain locations where we anticipated losses on the disposition of certain real property, machinery and equipment and inventories.

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The measurement of the intangible assets at fair value in the second quarter of 2020 was determined using discounted cash flow techniques. The use of discounted cash flow models requires judgment and the use of inputs by management that are unobservable, including revenue forecasts, discount rates and long-term growth rates. Unobservable inputs are inputs that reflected the Company’s expectations of the assumptions market participants would use in pricing the eventual recovery of the oil and natural gas and aerospace industries based on the best information available in the circumstances at that time.

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Impairment and Restructuring Charges Disclosure [Abstract]

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The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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