Restructuring Expenses and Impairment Charges

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Expenses and Impairment Charges

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, as well as the rationalization of its grain and protein business, in order to reduce costs in response to fluctuating global market demand. Restructuring expenses activity during the three and nine months ended September 30, 2023 is summarized as follows (in millions):

	Employee Severance		Other Related Closure Costs		Total
Balance as of December 31, 2022	$	6.8	$	—	$	6.8
First quarter 2023 provision	1.4		—		1.4
First quarter 2023 cash activity	(1.0)		—		(1.0)
Balance as of March 31, 2023	$	7.2	$	—	$	7.2
Second quarter 2023 provision	4.1		2.0		6.1
Second quarter 2023 cash activity	(1.7)		—		(1.7)
Foreign currency translation	(0.4)		—		(0.4)
Balance as of June 30, 2023	$	9.2	$	2.0	$	11.2
Third quarter 2023 provision	0.8		—		0.8
Third quarter 2023 cash activity	(2.8)		(2.0)		(4.8)
Foreign currency translation	(0.7)		—		(0.7)
Balance as of September 30, 2023	$	6.5	$	—	$	6.5

    

Restructuring expenses activity during the three and nine months ended September 30, 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
Second quarter 2022 provision	0.8		—		0.8
Second quarter 2022 provision reversal	(0.4)		—		(0.4)
Second quarter 2022 cash activity	(3.3)		—		(3.3)
Foreign currency translation	(0.6)		—		(0.6)
Balance as of June 30, 2022	$	10.3	$	0.3	$	10.6
Third quarter 2022 provision	1.0		—		1.0
Third quarter 2022 cash activity	(3.4)		—		(3.4)
Foreign currency translation	(0.6)		—		(0.6)
Balance as of September 30, 2022	$	7.3	$	0.3	$	7.6

Impairment Charges

    As a consequence of the 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 income attributable to noncontrolling interests.” The Company sold its interest in its Russian distribution joint venture during the three months ended December 31, 2022. 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. The Russian finance joint venture was sold during the three months ended December 31, 2022.