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EMPLOYEE SEPARATION AND RESTRUCTURING COSTS

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

EMPLOYEE SEPARATION AND RESTRUCTURING COSTS

Note 5 — EMPLOYEE SEPARATION AND RESTRUCTURING COSTS

We are engaged in a restructuring program associated with our integration of the Clariant Color Acquisition. These actions are expected to enable us to better serve customers, improve efficiency and deliver cost savings. We expect that the full restructuring plan will be implemented through 2024 and anticipate that we will incur approximately $75.0 million of charges in connection with the restructuring plan. As of December 31, 2022, $52.2 million has been incurred.

A summary of the Clariant Color integration restructuring is shown below:

(in millions)			Workforce reductions						Plant closing and other						Total
Balance at January 1, 2020			$	—					$	—					$	—
Restructuring costs			6.7						0.6						7.3
Payments, utilization and translation			(1.1)						(0.2)						(1.3)
Balance at December 31, 2020			$	5.6					$	0.4					$	6.0
Restructuring costs			7.8						4.2						12.0
Payments, utilization and translation			(5.8)						(4.1)						(9.9)
Balance at December 31, 2021			$	7.5					$	0.6					$	8.1
Restructuring costs			30.9						2.1						32.9
Payments, utilization and translation			(4.0)						(0.3)						(4.3)
Balance at December 31, 2022			$	34.4					$	2.3					$	36.7

Total restructuring costs included in the Consolidated Statement of Income for the twelve months ended December 31, 2022, 2021 and 2020 are shown in the table below, and are primarily associated with the Clariant Color integration.

(in millions)			2022						2021						2020
Cost of goods sold			$	31.1					$	14.5					$	4.2
Selling and administrative expenses			7.0						0.2						15.4
Total employee separation and restructuring charges			$	38.1					$	14.7					$	19.6

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI https://asc.fasb.org/topic&trid=2175745

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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