Restructuring Expenses

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Expenses

RESTRUCTURING EXPENSES AND IMPAIRMENT CHARGES

Restructuring Expenses

    In recent years, the Company has announced and initiated several actions to rationalize employee headcount in various manufacturing facilities and administrative offices located in the U.S., Europe, South America, Africa and China in order to reduce costs. Restructuring expenses activity during the three months ended March 31, 2022 is summarized as follows (in millions):

	Employee Severance		Other Related Closure Costs		Total
Balance as of December 31, 2021	$	14.5	$	0.2	$	14.7
First quarter 2022 provision	3.0		—		3.0
First quarter 2022 cash activity	(3.4)		—		(3.4)
Foreign currency translation	(0.3)		0.1		(0.2)
Balance as of March 31, 2022	$	13.8	$	0.3	$	14.1

Impairment Charges

    In light of the current conflict between Russia and Ukraine, during the three months ended March 31, 2022, the Company assessed the fair value of its gross assets related to the joint ventures operating in Russia for potential impairment and recorded asset impairment charges of approximately $36.0 million, reflected as “Impairment charges” in its Condensed Consolidated Statements of Operations, with an offsetting benefit of approximately $12.2 million included within “Net loss (income) attributable to noncontrolling interests.” In addition, during the three months ended March 31, 2022, the Company recorded a write-down of its investment in its Russian finance joint venture of approximately $4.8 million, reflected within “Equity in net earnings of affiliates” in its Condensed Consolidated Statements of Operations.