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Business Restructuring and Asset Disposition | 12 Months Ended
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Dec. 31, 2022
Restructuring and Related Activities [Abstract] |
Business Restructuring and Asset Disposition | 22. Business Restructuring and Asset Disposition 2018 Restructuring During the third quarter of 2018, the Company approved a plan to shut down surfactants operations at its German plant site. As of December 31, 2022, an aggregate of $2,392,000 shut down related expense had been recognized at the site. This aggregate expense is comprised of $1,404,000 of asset and spare part write downs recognized in 2018 and $988,000 of cumulative decommissioning costs. The Company recognized $79,000 and $909,000 in decommissioning expenses in 2020 and 2019, respectively. 2016 Restructuring During 2016, the Company shut down its Longford Mills, Ontario, Canada (Longford Mills) manufacturing facility, a part of the Surfactant reportable segment. The shutdown plan was implemented to improve the Company’s asset utilization in North America and to reduce the Company’s fixed cost base. Manufacturing operations of the Longford Mills plant ceased by the end of 2016, and production of goods manufactured at the facility was transferred to other Company North American production sites. As of December 31, 2022, $9,558,000 of aggregate restructuring expense had been recognized, reflecting $1,644,000 of termination benefits for approximately 30 employees and $7,914,000 for other expenses, principally site decommissioning costs. The Company recognized restructuring expenses of $308,000, $633,000 and $1,133,000 in 2022, 2021 and 2020, respectively. Asset Disposition In the fourth quarter 2021, the Company sold one of its corporate headquarters buildings and recognized a $2,720,000 loss on the sale of the building. The loss is reflected in the Business restructuring and asset disposition line on the Company’s consolidated statements of income.

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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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