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EMPLOYEE SEPARATION AND RESTRUCTURING COSTS

9 Months Ended

Sep. 30, 2023

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 Clariant Color. 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 September 30, 2023, $59.5 million had 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			30.8						2.1						32.9
Payments, utilization and translation			(4.0)						(0.3)						(4.3)
Balance at December 31, 2022			$	34.3					$	2.4					$	36.7
Restructuring costs			1.3						2.3						3.6
Payments, utilization and translation			(2.6)						(1.9)						(4.5)
Balance at March 31, 2023			$	33.0					$	2.8					$	35.8
Restructuring costs			(0.3)						1.0						0.7
Payments, utilization and translation			(0.8)						(0.1)						(0.9)
Balance at June 30, 2023			$	31.9					$	3.7					$	35.6
Restructuring costs			0.6						2.3						2.9
Payments, utilization and translation			(5.2)						(5.2)						(10.4)
Balance at September 30, 2023			$	27.3					$	0.8					$	28.1

Personnel reductions were taken in the first half of 2023 as a result of slowing global demand, which resulted in a charge of $0.7 million and $15.7 million recorded during the three and nine months ended September 30, 2023, respectively.

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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.

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