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EMPLOYEE SEPARATION AND RESTRUCTURING COSTS

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

EMPLOYEE SEPARATION AND RESTRUCTURING COSTS

Note 3 — 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 by the end of 2025 and anticipate that we will incur approximately $75.0 million of charges in connection with the restructuring plan. As of June 30, 2024, $58.6 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, 2023			$	34.3					$	2.4					$	36.7
Restructuring charges			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
Restructuring charges			(2.6)						0.9						(1.7)
Payments, utilization and translation			(5.0)						(0.9)						(5.9)
Balance at June 30, 2024			$	22.7					$	0.8					$	23.5

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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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-Topic 420
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