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Restructuring and Other Items, net
 12 Months Ended
Dec. 31, 2024
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 BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) ("Oldco") and Barretts Ventures Texas LLC ("BVT") 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 Oldco’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 2023 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.


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)
  
2024
    
2023
    
2022
  
Asset Write-Downs
                  
Consumer & Specialties
  
$
—
    
$
71.7
    
$
—
  
Total asset write-down charges
  
$
—
    
$
71.7
    
$
—
  
                         
Severance and other employee costs
                        
Consumer & Specialties
  
$
—
    
$
0.9
    
$
—
  
Engineered Solutions
    
—
      
3.2
      
—
  
Corporate
    
—
      
2.8
      
—
  
Total severance and other employee costs
  
$
—
    
$
6.9
    
$
—
  
                         
Total restructuring and other items, net
  
$
—
    
$
78.6
    
$
—
  


At December 31, 2024 and 2023, the Company had $2.4 million and $3.8 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 2025.


The following table is a reconciliation of our restructuring liability balance as of December 31, 2024 and 2023:

 
December 31,
  
(millions of dollars)
  
2024
    
2023
  
Restructuring liability, beginning of period
  
$
3.8
    
$
—
  
Additional provisions
    
—
      
6.9
  
Cash payments
    
(1.4
)
    
(2.8
)
Other
    
—
      
(0.3
)
Restructuring liability, end of period
  
$
2.4
    
$
3.8