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Plant Closure Provisions
9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Plant Closure Provisions

NOTE 9 – PLANT CLOSURE PROVISIONS

The Company has continuing plans to remediate manufacturing facilities at sites around the world as and when those operations are expected to cease, or we are required to decommission the sites according to local laws and regulations. The liability for estimated plant closure costs includes costs for environmental remediation liabilities and asset retirement obligations.

The principal site giving rise to asset retirement obligations is the manufacturing site at Ellesmere Port in the United Kingdom. There are also asset retirement obligations and environmental remediation liabilities on a much smaller scale in respect of other manufacturing sites.

 

Movements in the provisions are summarized as follows:

 

(in millions)

 

2024

 

Total at January 1

 

$

61.6

 

Charge for the period

 

 

2.6

 

Utilized in the period

 

 

(2.6

)

Exchange effect

 

 

1.7

 

Total at September 30

 

 

63.3

 

Due within one year

 

 

(4.6

)

Due after one year

 

$

58.7

 

 

The charge for the nine months ended September 30, 2024, was $2.6 million (nine months ended September 30, 2023 – $2.7 million). The current year charge represents the accounting accretion only, with no changes for the expected cost and scope of future remediation activities. Amounts due within one year refer to provisions where expenditure is expected to arise within one year of the balance sheet date.