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Restructuring Expenses | 12 Months Ended
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Dec. 31, 2022
Restructuring and Related Activities [Abstract] |
Restructuring Expenses | Restructuring Expenses and Impairment Charges Restructuring Expenses The Company has announced and initiated actions over the course of several years to rationalize employee headcount at various manufacturing facilities and various administrative offices located in Europe, South America, Africa, China and the United States, as well as the rationalization of its grain storage and protein production system operations. These rationalizations were taken to reduce costs in response to fluctuating global market demand. During 2022, the Company recorded severance and related costs associated with these rationalizations in connection with the termination of approximately 105 employees. The components of the restructuring expenses are summarized as follows (in millions):
|  | Employee Severance |  | Facility Closure Costs |  | Write-down of Property, Plant and Equipment |  | Other Related Closure Costs |  | Loss on Sale of Joint Venture |  | Total
Balance as of December 31, 2019 |  | $ | 4.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.8 |
2020 provision |  | 11.3 |  |  | 4.5 |  |  | 2.5 |  |  | 1.8 |  |  | — |  |  | 20.1 |
Less: Non-cash expense |  | — |  |  | — |  |  | (2.5) |  |  | — |  |  | — |  |  | (2.5) |
Cash expense |  | 11.3 |  |  | 4.5 |  |  | — |  |  | 1.8 |  |  | — |  |  | 17.6 |
2020 provision reversal |  | (0.4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.4) |
2020 cash activity |  | (4.5) |  |  | (0.6) |  |  | — |  |  | — |  |  | — |  |  | (5.1) |
Foreign currency translation |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |
Balance as of December 31, 2020 |  | 11.1 |  |  | 3.9 |  |  | — |  |  | 1.8 |  |  | — |  |  | 16.8 |
2021 provision |  | 18.4 |  |  | — |  |  | 0.2 |  |  | 1.5 |  |  | — |  |  | 20.1 |
Less: Non-cash expense |  | — |  |  | — |  |  | (0.2) |  |  | — |  |  | — |  |  | (0.2) |
Cash expense |  | 18.4 |  |  | — |  |  | — |  |  | 1.5 |  |  | — |  |  | 19.9 |
2021 provision reversal |  | (2.2) |  |  | — |  |  | — |  |  | (0.1) |  |  | (2.5) |  |  | (4.8) |
2021 cash activity |  | (12.3) |  |  | (3.9) |  |  | — |  |  | (2.9) |  |  | 2.5 |  |  | (16.6) |
Foreign currency translation |  | (0.5) |  |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | (0.6) |
Balance as of December 31, 2021 |  | 14.5 |  |  | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 14.7 |
2022 provision |  | 6.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6.9 |
2022 provision reversal |  | (0.8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.8) |
2022 cash activity |  | (12.6) |  |  | — |  |  | — |  |  | (0.2) |  |  | — |  |  | (12.8) |
Foreign currency translation |  | (1.2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.2) |
Balance as of December 31, 2022 |  | $ | 6.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6.8 |
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 operations of the joint venture were part of the Company’s grain storage and production system operations, and the decision to sell the joint venture was as a result of the overall rationalization of the business. 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. As a result of the final payments received from the former joint venture partner related to the sale during 2021 the Company recorded a gain of approximately $2.5 million, also reflected within “Restructuring expenses” in the Company’s Consolidated Statements of Operations. Impairment Charges In light 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 Consolidated Statements of Operations, with an offsetting benefit of approximately $12.2 million included within “Net loss (income) attributable to noncontrolling interests.” The Company sold its interest in its Russian distribution joint venture during the three months ended December 31, 2022. Foreign currency translation impacts since inception of the Russian joint venture previously recognized within “Accumulated other comprehensive loss” were therefore recorded within “Other expense, net” on the Company’s Consolidated Statements of Operations 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 Consolidated Statements of Operations. The Russian finance joint venture was sold during the three months ended December 31, 2022.

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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 + Details
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