Restructuring and Asset Related Charges (Tables)

6 Months Ended

Jun. 30, 2022

2022 Restructuring Actions

Restructuring Cost and Reserve [Line Items]

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

	Three Months Ended June 30,		Six Months Ended June 30,
(In millions)	2022		2022
Seed	$	33	$	33
Crop Protection	1		1
Corporate expenses	22		22
Total1	$	56	$	56

1.This amount excludes the pre-tax charges impacting Seed recorded to cost of goods sold and other income - net in the company's interim Consolidated Statement of Operations, relating to inventory write-offs and settlement costs associated with the Russia Exit, and charges associated with the exit of a non-strategic asset.

The following table is a summary of charges incurred related to 2022 Restructuring Actions for the three and six months ended June 30, 2022:

	Three Months Ended June 30,		Six Months Ended June 30,
(In millions)	2022		2022
Severance and related benefit costs	$	22	$	22
Asset related charges	4		4
Contract termination charges1	30		30
Total restructuring and asset related charges - net2	$	56	$	56

1.Contract terminations includes early lease terminations.

2.This amount excludes the pre-tax charges recorded to the cost of goods sold and other income - net in the interim Consolidated Statement of Operations, relating to inventory write-offs and settlement costs associated with the Russia Exit and charges associated with the exit of a non-strategic asset.

A reconciliation of the December 31, 2021 to the June 30, 2022 liability balances related to the 2022 Restructuring Actions is summarized below:

(in millions)	Severance and Related Benefit Costs		Asset Related		Contract Termination1		Total
Balance at December 31, 2021	$	—	$	—	$	—	$	—
Charges to income (loss) from continuing operations	22		4		30		56
Payments	(4)		—		—		(4)
Asset write-offs	—		(4)		—		(4)
Balance at June 30, 2022	$	18	$	—	$	30	$	48

1.The liability for contract terminations includes lease obligations. The cash impact of these obligations will be substantially complete by the end of 2022.

2021 Restructuring Actions [Domain]

Restructuring Cost and Reserve [Line Items]

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Seed	$	—	$	3	$	(2)	$	17
Crop Protection	—		9		(2)		37
Corporate expenses	1		9		3		56
Total	$	1	$	21	$	(1)	$	110

The following table is a summary of charges incurred related to 2021 Restructuring Actions for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Severance and related benefit costs	$	1	$	10	$	3	$	49
Asset related charges	—		9		(1)		22
Contract termination charges	—		2		(3)		39
Total restructuring and asset related charges - net	$	1	$	21	$	(1)	$	110

A reconciliation of the December 31, 2021 to the June 30, 2022 liability balances related to the 2021 Restructuring Actions is summarized below:

(In millions)	Severance and Related Benefit Costs		Asset Related1		Contract Termination2		Total
Balance at December 31, 2021	$	52	$	—	$	12	$	64
Charges to income (loss) from continuing operations	3		(1)		(3)		(1)
Payments	(28)		—		(6)		(34)
Asset write-offs	—		1		—		1
Balance at June 30, 2022	$	27	$	—	$	3	$	30

1.In addition, the company has a liability recorded for asset retirement obligations of $5 million as of June 30, 2022.

2.The liability for contract terminations includes lease obligations. The cash impact of these obligations will be substantially complete by the end of 2022.