XML 24 R17.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Plant Closure Provisions
6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Plant Closure Provisions

NOTE 9 – PLANT CLOSURE PROVISIONS

The Company has continuing plans to remediate manufacturing facilities at sites around the world as and when those operations are expected to cease, or we are required to decommission the sites according to local laws and regulations. The liability for estimated plant closure costs includes costs for environmental remediation liabilities and asset retirement obligations.

The principal site giving rise to asset retirement obligations is the manufacturing site at Ellesmere Port in the United Kingdom. There are also asset retirement obligations and environmental remediation liabilities on a much smaller scale in respect of other manufacturing sites.

 

Movements in the provisions are summarized as follows:

 

(in millions)

 

2024

 

Total at January 1

 

$

61.6

 

Charge for the period

 

 

1.7

 

Utilized in the period

 

 

(1.8

)

Exchange effect

 

 

(0.4

)

Total at June 30

 

 

61.1

 

Due within one year

 

 

(4.6

)

Due after one year

 

$

56.5

 

 

The charge for the six months ended June 30, 2024, was $1.7 million (six months ended June 30, 2023 – $1.9 million). The current year charge represents the accounting accretion only, with no changes for the expected cost and scope of future remediation activities. Amounts due within one year refer to provisions where expenditure is expected to arise within one year of the balance sheet date.