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Restructuring Expenses

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring Expenses

Restructuring Expenses

From 2014 through 2019, the Company announced and initiated several actions to rationalize employee headcount at various manufacturing facilities and various administrative offices located in Europe, South America, Africa, China and the United States to reduce costs in response to softening global market demand and lower production volumes. The aggregate headcount reduction was approximately 3,890 employees between 2014 and 2018. In addition, during the three months ended December 31, 2019, the Company initiated various restructuring activities in an effort to rationalize its grain storage and protein production system operations. The Company recorded severance and related costs associated with these rationalizations in connection with the termination of approximately 270 employee during 2019.

The components of the restructuring expenses are summarized as follows (in millions):

	Loss on Sale of Joint Venture				Write-down of Property, Plant and Equipment				Employee Severance				Facility Closure Costs				Total
Balance as of December 31, 2016	$	—			$	—			$	14.5			$	0.8			$	15.3
2017 provision	—				0.2				12.4				—				12.6
Less: Non-cash expense	—				(0.2		)		—				—				(0.2		)
Cash expense	—				—				12.4				—				12.4
2017 provision reversal	—				—				(1.4		)		—				(1.4		)
2017 cash activity	—				—				(16.0		)		(0.8		)		(16.8		)
Foreign currency translation	—				—				1.4				—				1.4
Balance as of December 31, 2017	—				—				10.9				—				10.9
2018 provision	—				0.3				13.8				—				14.1
Less: Non-cash expense	—				(0.3		)		—				—				(0.3		)
Cash expense	—				—				13.8				—				13.8
2018 provision reversal	—				—				(2.1		)		—				(2.1		)
2018 cash activity	—				—				(14.4		)		—				(14.4		)
Foreign currency translation	—				—				(1.1		)		—				(1.1		)
Balance as of December 31, 2018	—				—				7.1				—				7.1
2019 provision	2.1				1.5				5.6				0.5				9.7
Less: Non-cash expense	(2.1		)		(1.5		)		—				—				(3.6		)
Cash expense	—				—				5.6				0.5				6.1
2019 provision reversal	—				—				(0.7		)		—				(0.7		)
2019 cash activity	—				—				(6.8		)		(0.5		)		(7.3		)
Foreign currency translation	—				—				(0.4		)		—				(0.4		)
Balance as of December 31, 2019	$	—			$	—			$	4.8			$	—			$	4.8

In addition, during the three months ended December 31, 2019, the Company exited and sold its 50% interest in its USC, LLC joint venture to its joint venture partner for approximately $5.1 million. The Company recorded a loss of approximately $2.1 million associated with the sale, which was reflected within “Restructuring expenses” in the Company’s Consolidated Statements of Operations.

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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