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Acquisitions, Dispositions and Plant Closures | 9 Months Ended
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Sep. 30, 2025
Acquisitions, Dispositions and Plant Closures [Abstract] |
Acquisitions, Dispositions and Plant Closures | Acquisitions, Dispositions and Plant Closures Dispositions • Micromax Assets and liabilities to be disposed of by sale ("disposal group") are classified as held for sale once all applicable criteria under U.S. GAAP have been satisfied, including when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable and the Company expects to complete the sale within one year. Upon classifying a disposal group as held for sale, the Company measures the disposal group at the lower of its carrying value or fair value less costs to sell and long-lived assets in the disposal group are not depreciated. On May 5, 2025, the Company announced its intent to divest its Micromax® portfolio of products as an opportunity for cash generation and deleveraging of the Company's balance sheet. The proposed divestiture does not represent a strategic shift in the Company's future operations and financial results. During the three months ended September 30, 2025, the Company actively marketed the Micromax® portfolio of products to potential buyers. As of September 30, 2025, the Micromax® portfolio of products, currently included in the Engineered Materials segment, was classified as held for sale and measured and reported at the lower of its carrying amount or fair value less costs to sell. On October 28, 2025, the Company entered into a purchase and sale agreement with Element Solutions Inc to divest its Micromax® portfolio of products, for a purchase price of approximately $500 million in cash, subject to adjustments. The transaction is expected to close in the first quarter of 2026, subject to certain regulatory approvals and other customary closing conditions. The major classes of assets and liabilities classified as held for sale in the unaudited consolidated balance sheet are as follows:
| As of September 30, 2025
| (In $ millions)
Current assets | 86 |
Goodwill | 154 |
Intangible assets, net | 163 |
Other long-term assets | 68 |
Assets held for sale | 471 |
Liabilities held for sale | 62 |
Plant Closures • Lanaken, Belgium On October 28, 2025, the Company announced the intended closure of its facility in Lanaken, Belgium to streamline the Company's production costs across its global network. The Company intends to permanently cease all manufacturing operations during the second half of 2026. As a result of the intended closure, the Company expects to incur exit and shutdown costs, excluding employee termination costs, of approximately $70 million to $90 million, consisting primarily of accelerated depreciation on property, plant and equipment of approximately $55 million to $65 million and plant closure costs of approximately $15 million to $25 million. In addition, the Company expects to incur certain employee termination costs, which are subject to works council consultation. All costs resulting from the planned closure are expected to be incurred during fiscal years 2026 through 2028.

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