Restructuring and Asset Related Charges (Tables)

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
(In millions)	2022		2022
Seed	$	61	$	94
Crop Protection	19		20
Corporate expenses	66		88
Total1	$	146	$	202

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 of $33 million, and a gain on sale of a business of $15 million, settlement costs associated with the Russia Exit, and charges associated with the exit of a non-strategic asset of $5 million, respectively.

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

	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2022		2022
Severance and related benefit costs	$	66	$	88
Asset related charges	66		70
Contract termination charges1	14		44
Total restructuring and asset related charges - net2	$	146	$	202

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 of $33 million, and a gain on sale of a business of $15 million, settlement costs associated with the Russia Exit and charges associated with the exit of a non-strategic asset of $5 million, respectively.

A reconciliation of the December 31, 2021 to the September 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	88		70		44		202
Payments	(19)		—		(5)		(24)
Asset write-offs	—		(70)		—		(70)
Balance at September 30, 2022	$	69	$	—	$	39	$	108

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 September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Seed	$	1	$	4	$	(1)	$	21
Crop Protection	(1)		4		(3)		41
Corporate expenses	—		9		3		65
Total	$	—	$	17	$	(1)	$	127

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

	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Severance and related benefit costs	$	—	$	9	$	3	$	58
Asset related charges	—		7		(1)		29
Contract termination charges	—		1		(3)		40
Total restructuring and asset related charges - net	$	—	$	17	$	(1)	$	127

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

(In millions)	Severance and Related Benefit Costs		Asset Related1		Contract Termination		Total
Balance at December 31, 2021	$	52	$	—	$	12	$	64
Charges to income (loss) from continuing operations	3		(1)		(3)		(1)
Payments	(35)		—		(8)		(43)
Asset write-offs	—		1		—		1
Balance at September 30, 2022	$	20	$	—	$	1	$	21

1.In addition, the company has a liability recorded for asset retirement obligations of $3 million as of September 30, 2022.