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Restructuring Expenses and Impairment Charges | 12 Months Ended
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Dec. 31, 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 Asia, in order to reduce costs in response to response to fluctuating global market demand. 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, 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 |
Less: Non-cash expense |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash expense |  | 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 |
2023 provision |  | 9.9 |  |  | — |  |  | — |  |  | 2.0 |  |  | — |  |  | 11.9 |
2023 cash activity |  | (7.2) |  |  | — |  |  | — |  |  | (2.0) |  |  | — |  |  | (9.2) |
Foreign currency translation |  | (1.7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.7) |
Balance as of December 31, 2023 |  | $ | 7.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7.8 |
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. In 2021, as a result of the final payments received from the former joint venture partner related to the sale, 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 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 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 -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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