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EMPLOYEE SEPARATION AND RESTRUCTURING COSTS

12 Months Ended

Dec. 31, 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 restructuring plan will be primarily implemented by the end of 2024 and anticipate that we will incur approximately $75.0 million of charges in connection with the restructuring plan. As of December 31, 2023, $60.3 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, 2021			$	5.6					$	0.4					$	6.0
Restructuring costs			7.7						4.3						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			30.8						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			6.9						1.2						8.1
Payments, utilization and translation			(10.9)						(2.8)						(13.7)
Balance at December 31, 2023			$	30.3					$	0.8					$	31.1

Additional charges, primarily personnel reductions, taken throughout 2023 due to slowing global demand resulted in costs of $18.3 million recorded. Cash payments of $14.2 million were made in relation to these reductions throughout 2023.

Total restructuring costs included in the Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021 are shown in the table below, and are primarily associated with the Clariant Color integration.

(In millions)			2023						2022						2021
Cost of goods sold			$	11.9					$	31.1					$	14.5
Selling and administrative expenses			14.5						7.0						0.2
Total employee separation and restructuring charges			$	26.4					$	38.1					$	14.7

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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
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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