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EMPLOYEE SEPARATION AND RESTRUCTURING COSTS

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

EMPLOYEE SEPARATION AN RESTRUCTURING COSTS

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 March 31, 2023, $55.8 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, 2022			$	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
Restructuring costs			1.3						2.3						3.6
Payments, utilization and translation			(2.6)						(1.8)						(4.5)
Balance at March 31, 2023			$	33.0					$	2.7					$	35.8

Additional headcount reductions were taken in the first quarter of 2023 as a result of global demand reductions, which resulted in a charge of $14.1 million recorded during the three months ended March 31, 2023.

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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))
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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
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-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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