In February 2026, as part of the Company's Project Catalyst, a comprehensive operational and efficiency plan, the Company’s Board of Directors approved plans to shut down the Company’s Fieldsboro, New Jersey site and decommission select assets at its Elwood, Illinois (Millsdale) and Stalybridge, U.K. facilities during the first half of 2026. The Company is consolidating the impacted operations into its existing network, improving its asset utilization and reducing its fixed cost basis, while maintaining ongoing supply for its customers. Total pre-tax business restructuring expense related to the asset shutdowns was $65,439,000 during the first quarter of 2026. Restructuring costs in the first quarter of 2026 included $62,367,000 of asset impairment charges. The Fieldsboro, New Jersey site, Elwood, Illinois (Millsdale) site and Stalybridge, U.K site recognized $43,022,000, $14,284,000 and $5,061,000, respectively, in asset impairment charges. The Company also recognized $1,817,000 and $1,255,000 in decommissioning and termination expenses, respectively, some of which were paid during the first quarter of 2026.

Although all restructuring charges related to the Surfactants segment, they were excluded from the Surfactant segment results and are shown on a separate Business restructuring line item in the Condensed Consolidated Statements of Income for the three months ended March 31, 2026 and 2025. Below is a reconciliation of the beginning and ending balances of the restructuring liability:

The Company anticipates recognizing total restructuring expenses in the range of $70,000,000 to $80,000,000 for full year 2026.