Restructuring and Other Impairment Activities

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Other Impairment Activities

In January 2024, we announced an organizational realignment initiative (the "Plan") that is expected to streamline organizational size and complexity and leverage business critical resources to enhance customer support and reduce overhead cost. Restructuring and other impairment expenses related to the Plan were comprised primarily of severance charges. These charges were $16.4 million for the year ended December 31, 2024, of which $3.1 million, $10.0 million and $3.3 million incurred within FAM, SAS and Unallocated, respectively. Restructuring activities associated with the first wave of the Plan were substantially completed during 2024. Additional costs associated with the first wave of the Plan are expected to be insignificant.

Restructuring and other impairment expenses in the FAM segment, excluding costs associated with the Plan were primarily attributable to facility closures announced in prior years. Through December 31, 2024, the FAM Segment

has recognized accumulated restructuring and other impairment charges of $5.7 million related to the facility closures.

Restructuring and other impairment expenses in the SAS segment, excluding costs associated with the Plan included $16.2 million of impairment charges, for the twelve months ended December 31, 2024, respectively, to fully impair the net assets at our Eerbeek, Netherlands facility, which was sold in the fourth quarter of 2024. The impairment assessment was performed after revising our long-term view on cash flows associated with the facility. The remaining restructuring and other impairment expenses were primarily related to a facility closure announced in a prior year, the sale of which was completed during 2024.

Assets held for sale of $10.3 million were included in Other current assets as of December 31, 2024. Assets held for sale of $14.2 million and $2.2 million were included in Other current assets and Other assets as of December 31, 2023, respectively.

The following table summarizes total restructuring and other impairment expense (in millions):


	Year Ended December 31,
	2024		2023		2022
Filtration and Advanced Materials
Severance and termination benefits	$	3.8	$	0.1	$	0.5
Other exit costs	1.8		2.7		1.2
FAM restructuring expense	5.6		2.8		1.7
Sustainable and Adhesive Solutions
Severance and termination benefits	10.6		—		1.3
Other exit costs	2.3		1.1		1.3
SAS restructuring expense	12.9		1.1		2.6
Unallocated
Severance and termination benefits	3.4		—		—
Other exit costs	—		0.1		0.8
Unallocated restructuring expense	3.4		0.1		0.8
Total restructuring expense	$	21.9	$	4.0	$	5.1

Filtration and Advanced Materials
Other impairment expense	$	—	$	—	$	13.0
Sustainable and Adhesive Solutions
Other impairment expense	16.2		18.3		0.2
Unallocated
Other impairment expense	—		0.3		0.8
Total restructuring and other impairment expense	$	38.1	$	22.6	$	19.1

The following table summarizes changes in restructuring liabilities (in millions):


	2024		2023
Balance at beginning of the period	$	3.8	$	4.0
Charges for restructuring programs	21.9		0.3
Cash payments and other	(23.5)		(0.5)
Balance at end of period	$	2.2	$	3.8