Other Income (Expense)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]


3.			Other Income (Expense)

Operating

We incurred $5.0 million, $3.0 million and $2.5 million of restructuring and impairment costs, excluding goodwill impairment, for the years ended December 31, 2023, 2022 and 2021, respectively. See Note 1, "Overview, Basis of Presentation, and Significant Accounting Policies" for information related to goodwill impairment charges incurred in 2023 and 2022.

Of the restructuring and impairment costs incurred in 2023 and 2022, we incurred $4.3 million and $1.8 million, respectively, of restructuring costs related to the reorganization of sites and functions, primarily in the United States and$0.7 millionand $1.2 million, respectively, of non-cash impairment charges of long-lived assets.

During 2021, we conducted a number of restructuring activities throughout our operations which mostly comprised of targeted workforce reductions. All costs associated with such initiatives were incurred in 2021.

Restructuring and impairment costs by reportable segment are as follows:


	Years Ended December 31,
	2023		2022		2021
	(in millions)
Sealing Technologies	$	3.0	$	0.7	$	2.4
Advanced Surface Technologies	0.9		1.3		—
Corporate	1.1		1.0		0.1
	$	5.0	$	3.0	$	2.5

Also included in other operating income (expense) for the years ended December 31, 2022 and 2021 were $0.1 million, and $(0.1) million of other costs, respectively.

Non-Operating

During 2023, 2022 and 2021, we recorded expense of $2.9 million, $5.1 million and $8.3 million, respectively, due to environmental reserve increases based on additional information at several specific sites and other ongoing obligations of previously owned businesses. Refer to Note 19, "Commitments and Contingencies - Environmental," for additional information about our environmental liabilities.

We report the service cost component of pension and other postretirement benefits expense in operating income in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are presented in other income (expense). For the years ended December 31, 2023, 2022, 2021, we reported approximately $1.5 million of expense and $3.6 million and $8.5 million, respectively, of income on the Consolidated Statements of Operations related to the components of net benefit cost other than service cost. Refer to Note 14, "Pension," for additional information regarding net benefit costs.

In connection with the sale of GGB, accounted for as a discontinued operation, in the fourth quarter of 2022, we issued a note between a domestic and foreign entity that was denominated in a foreign currency. As a result, we recorded a $3.8 million loss due to the change in exchange rate in December 2022. In January 2023, we hedged the outstanding notes to minimize future gains and losses. In 2023, we recorded a $2.2 million loss due to the change in exchange rate.

In 2022, we evaluated our outstanding long-term receivable related to anticipated receipts from legacy asbestos insurance claims and adjusted the receivable down by $2.8 million.

In connection with the acquisition of Aseptic in 2019, we recognized a liability for uncertain tax positions and a related indemnification asset for the portion of that liability recoverable from the seller. We determined the statute of limitations expired on some of the uncertain tax positions in 2022 and 2021 and, accordingly, removed a portion of the liability and receivable. For the year ended December 31, 2022 and 2021, the release of the related liability was recorded as part of our tax expense and we recorded a $0.9 million and $3.0 million expense, respectively, related to the reversal of the receivable in other non-operating income (expense) on our consolidated statement of operations.

In 2021, we recorded a pre-tax gain of $17.5 million primarily related to the sale of our polymer components business unit, which was principally located in Houston, Texas and included in our Sealing Technologies segment. Sales reported for this business included in our net sales for the year ended December 31, 2021 were $21.4 million.

For a further discussion on businesses disposed of, see Note 20, "Discontinued Operations and Dispositions."

Additional costs included in other non-operating primarily are attributable to costs associated with previously divested businesses.