Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Accrued Expenses:

Accrued expenses consist of the following at December 31, 2023 and 2022 (in thousands):

	December 31,
	2023		2022
Employee benefits, payroll and related taxes	$	168,361	$	145,885
Dividend payable to noncontrolling interest	—		53,168
Other(a)	376,474		306,841
Total	$	544,835	$	505,894

(a)Other accrued expenses represent balances such as operating lease liabilities, environmental reserves, asset retirement obligations, pension obligations, interest, utilities, other taxes, among other liabilities, expected to be paid within the next 12 months. No individual component exceeds 5% of total current liabilities.

In January 2024, the Company announced it is taking measures to unlock near term cash flow and generate long-term financial flexibility by re-phasing organic growth investments and optimizing its cost structure. As part of those actions, the Company announced headcount reductions and expects to record a charge of approximately $15 million to $20 million for severance and outplacement costs in the first quarter of 2024. The Company expects these severance payments to primarily be made during 2024.