Restructuring and Other Impairment Activities

3 Months Ended

Mar. 31, 2025

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. Activities associated with the first wave of the Plan were completed during 2024. Charges were $12.7 million for the three months ended March 31, 2024, of which $2.4 million, $7.3 million and $3.0 million incurred within FAM, SAS and Unallocated, respectively.

Restructuring and other impairment expenses in the FAM segment, excluding costs associated with the Plan, were primarily attributable to a facility closure announced in prior years. Through March 31, 2025, the FAM Segment has recognized accumulated restructuring and other impairment charges of $10.7 million related to the facility closure. During the remainder of 2025, the Company expects to record additional restructuring costs in the FAM segment, not expected to exceed $1.5 million related to the closure of this facility.

Restructuring and other impairment expenses in the SAS segment were immaterial.

Assets held for sale of $5.0 million and $10.3 million were included in Other current assets as of March 31, 2025 and 2024, respectively.

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


	Three Months Ended March 31,
		2025		2024
Filtration and Advanced Materials
Severance and termination benefits		$	0.3	$	2.8
Other exit costs		0.4		0.4
FAM restructuring expense		0.7		3.2
Sustainable and Adhesive Solutions
Severance and termination benefits		0.2		8.0
Other exit costs		0.1		0.2
SAS restructuring expense		0.3		8.2
Unallocated
Severance and termination benefits		—		2.8
Other exit costs		—		0.2
Unallocated restructuring expense		—		3.0
Total restructuring expense		$	1.0	$	14.4

Filtration and Advanced Materials
Other impairment expense		5.3		—
Sustainable and Adhesive Solutions
Other impairment expense		—		—
Total restructuring and other impairment expense		$	6.3	$	14.4

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


	2025		2024
Balance at beginning of the period	$	2.2	$	3.8
Charges for restructuring programs	1.0		4.3
Cash payments and other	(0.7)		(2.2)
Balance at March 31, 2025	$	2.5	$	5.9

Restructuring liabilities were classified within Accrued expenses and other current liabilities and Other liabilities in the unaudited Condensed Consolidated Balance Sheets.