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Restructuring and Business Optimization Expenses | 9 Months Ended
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Sep. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Business Optimization Expenses | RESTRUCTURING AND BUSINESS OPTIMIZATION EXPENSES On June 24, 2024, the Company announced a restructuring program (the “Program”) in response to increased weakening demand in the agriculture industry. The initial phase of the Program is focused on further reducing structural costs, streamlining the Company’s workforce and enhancing global efficiencies related to changing the Company’s operating model for certain corporate and back-office functions and better leveraging technology and global centers of excellence. The Company estimates that it will incur charges for one-time termination benefits of approximately $150.0 million to $200.0 million in connection with this phase of the Program, primarily consisting of cash charges related to severance payments, employees benefits and related costs. The Company expects the majority of these cash charges will be incurred in 2024 and the first half of 2025. Additionally, in recent years, the Company 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 fluctuating global market demand. Restructuring expenses activity, which relates to severance and other related costs, during the three and nine months ended September 30, 2024 is summarized as follows (in millions):
Balance as of December 31, 2023 |  |  | $ | 7.8 |  |  |  |  |  |  |  |  |  |
First quarter 2024 provision |  |  | 1.1 |  |  |  |  |  |  |  |  |  |
First quarter 2024 cash activity |  |  | (3.4) |  |  |  |  |  |  |  |  |  |
Foreign currency translation |  |  | (0.2) |  |  |  |  |  |  |  |  |  |
Balance as of March 31, 2024 |  |  | $ | 5.3 |  |  |  |  |  |  |  |  |  |
Second quarter 2024 provision, net of reversals |  |  | 30.1 |  |  |  |  |  |  |  |  |  |
Second quarter 2024 cash activity |  |  | (2.1) |  |  |  |  |  |  |  |  |  |
Reclassified to held for sale(1) |  |  | (0.4) |  |  |  |  |  |  |  |  |  |
Foreign currency translation |  |  | (0.3) |  |  |  |  |  |  |  |  |  |
Balance as of June 30, 2024 |  |  | $ | 32.6 |  |  |  |  |  |  |  |  |  |
Third quarter 2024 provision, net of reversals |  |  | 5.2 |  |  |  |  |  |  |  |  |  |
Reclassified to held for sale(1) |  |  | 0.4 |  |  |  |  |  |  |  |  |  |
Third quarter 2024 cash activity |  |  | (8.9) |  |  |  |  |  |  |  |  |  |
Foreign currency translation |  |  | 0.6 |  |  |  |  |  |  |  |  |  |
Balance as of September 30, 2024 |  |  | $ | 29.9 |  |  |  |  |  |  |  |  |  |
____________________________________ (1) Reclassification resulting from the Company's classification of the G&P business as held for sale. Refer to Note 3 for additional information. Business optimization expenses primarily related to professional services costs incurred as part of the restructuring program aimed to reduce structural costs, enhance global efficiencies by changing the Company’s operating model for certain corporate and back-office functions. During the three and nine months ended September 30, 2024, the Company recognized approximately $5.3 million of business optimization expenses.

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