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Restructuring Expenses

9 Months Ended

Sep. 30, 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 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 provision reversal									—												—						—
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

    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.

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- References

No definition available.

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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI https://asc.fasb.org/topic&trid=2175745

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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