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Impairment and Other Items
12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Impairment and Other Items

17. Impairment and Other Items

We recorded a net credit of $109 million in other items for the year ended December 31, 2024, of which $130 million related to a gain from the divestiture of its Pole Products business, offset by charges related to severance, facility closure and other restructuring costs of $21 million. The other items are reported in “Cost of revenue” ($(110) million for the year ended December 31, 2024) and “Selling, general and administrative” ($1 million for the year ended December 31, 2024) in our Consolidated Statements of Income.

We recorded $51 million in other items for the year ended December 31, 2023, of which $52 million related to charges related to VERP, $25 million related to a non-cash discount charge on royalty receivables, offset by credits related to the release of an earnout accrual of $25 million, and credits related to gains on sales of previously reserved inventory of $20 million. The other items are reported in “Cost of revenue” ($10 million for the year ended December 31, 2023) and “Selling, general and administrative” ($41 million for the year ended December 31, 2023) in our Consolidated Statements of Income.

We recorded $114 million in other items for the year ended December 31, 2022, of which $127 million relates to impairments for Russia and Belarus. The other items are reported in "Cost of revenue" ($63 million for the year ended December 31, 2022) and "Selling, general and administrative" ($51 million for the year ended December 31, 2022) in our Consolidated Statement of Income (Loss).

As previously disclosed, in response to sanctions against Russia and Russian interests, the Company ceased new investments and curtailed our activities in Russia. Further, during the third quarter of 2022, the Company sold its business in Belarus and committed to a plan to sell its businesses in Russia. The sale is subject to various government approvals in Russia and other jurisdictions. For the years ended December 31, 2024 and 2023, all our Russian assets and liabilities were classified as held for sale and reported in “Prepaid and other current assets” and “Accrued liabilities”, respectively, in our Consolidated Balance Sheets.