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Restructuring and Other Items, net | 12 Months Ended
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Dec. 31, 2023
Restructuring and Other Items, net [Abstract] |
Restructuring and Other Items, net | Note 5. Restructuring and Other Items, net In the third quarter of 2023, the Company recorded a $71.7 million non-cash impairment of long-lived assets charge related to its subsidiaries Barretts Minerals Inc. and Barretts Ventures Texas LLC within the Consumer & Specialties segment. This impairment was triggered by increased claims and continued increases in legal costs, which led to the voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code to address and comprehensively resolve Barretts Minerals Inc.’s liabilities associated with the talc claims. See Note 17 for further information. In the second quarter of 2023, the Company initiated a restructuring and cost savings program to further streamline our cost structure as a result of organizational efficiencies gained through our recent resegmentation. As a result, the Company recorded a charge of $6.6 million for restructuring and other charges related to severance and other costs. In the third quarter of 2023, an incremental charge of $0.3 million was recorded relating to this program. In the third quarter of 2021, PCA Corporation discontinued the use of PCC at their mill in Jackson, Alabama. As a result, the Company recorded a non-cash asset write-down of $0.7 million and $0.4 million in severance related and other closure costs for its Paper PCC satellite facility at this mill. The following table outlines the amount of restructuring charges recorded within the Consolidated Statements of Income and the segments they relate to:
Restructuring and Other Items, net |  | Year Ended December 31, |
(millions of dollars) |  | 2023 |  |  | 2022 |  |  | 2021 |
Asset Write-Downs |  |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 71.7 |  |  | $ | — |  |  | $ | 0.7 |
Total asset write-down charges |  | $ | 71.7 |  |  | $ | — |  |  | $ | 0.7 |
Severance and other employee costs |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties |  | $ | 0.9 |  |  | $ | — |  |  | $ | 0.4 |
Engineered Solutions |  |  | 3.2 |  |  |  | — |  |  |  | — |
Corporate |  |  | 2.8 |  |  |  | — |  |  |  | — |
Total severance and other employee costs |  | $ | 6.9 |  |  | $ | — |  |  | $ | 0.4 |
Total restructuring and other items, net |  | $ | 78.6 |  |  | $ | — |  |  | $ | 1.1 |
At December 31, 2023 and 2022, the Company had $3.8 million and $0 million, respectively, included within other current liabilities within our Consolidated Balance Sheets for cash expenditures needed to satisfy remaining obligations under these reorganization initiatives. The Company expects to pay these remaining restructuring obligations by the end of the second quarter of 2024. The following table is a reconciliation of our restructuring liability balance as of December 31, 2023 and 2022:
|  | December 31, |
(millions of dollars) |  | 2023 |  |  | 2022 |
Restructuring liability, beginning of period |  | $ | — |  |  | $ | 2.2 |
Additional provisions |  |  | 6.9 |  |  |  | — |
Cash payments |  |  | (2.8 | ) |  |  | (0.7 | )
Other |  |  | (0.3 | ) |  |  | (1.5 | )
Restructuring liability, end of period |  | $ | 3.8 |  |  | $ | — |

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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 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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