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Restructuring Expenses and Impairment Charges | 9 Months Ended
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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.

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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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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