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Subsequent Events
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 31. Subsequent Events

 

In January 2025, under the Portfolio Management pillar of Pathway to Thrive, management approved a restructuring program to exit its Surface Protection Solutions (“SPS”) CapstoneTM business and begin the shutdown process for the underlying manufacturing assets across the Washington Works and Chambers Works sites, as well as the Villers St. Paul site pending local regulatory approval. This action was taken due to regulatory changes and uncertainty that have caused reduced demand and market deselection of telomer-based chemistries, making SPS economics unfavorable going forward. Manufacturing of SPS CapstoneTM products is expected to end by June 30, 2025, pending local regulatory approval. Sales of SPS CapstoneTM products were $88, $97 and $104 in the years ended December 31, 2024, 2023 and 2022, respectively. Based on current information, we expect that the total cost impact of this restructuring program will include non-cash accelerated depreciation related to the SPS CapstoneTM manufacturing assets remaining useful life of approximately $30, cash payments of approximately $20 for severance and retention, contract termination costs and external spending to support various site closure activities, as well as approximately $10 for deconstruction and ongoing decommissioning expenses which will be expensed as incurred. There are approximately 100 employees expected to be impacted by this program.