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RESTRUCTURING CHARGES

9 Months Ended

Sep. 30, 2022

Restructuring Charges [Abstract]

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES

We periodically take action to improve operating efficiencies, typically in connection with business acquisitions or changes in the economic environment. Our footprint and headcount reductions and organizational integration actions relate to discrete, unique restructuring events, primarily reflected in the following plans.

In 2020, the Company committed to workforce reduction plans in the United States and globally, as part of the Company's continued cost reduction efforts. The workforce reduction plans included a voluntary retirement program, and other voluntary and involuntary severance actions. These actions are substantially complete. The Company has incurred $212 million in employee termination costs related to these actions through September 30, 2022. Cash settlement of $190 million has been paid to date with the remaining cash settlement of $22 million expected to be paid over the duration of 2022 and 2023.

In addition, we ceased production in our Naples, Italy manufacturing plant and exited the facility in 2020. The collective dismissal procedure was completed in 2021. In connection with this action, we have incurred approximately $144 million total costs comprising $43 million in asset impairment costs, $31 million in other associated costs and $70 million in employee-related costs through September 30, 2022. Cash settlement of $97 million has been paid to date with the remaining nominal cash settlement to be paid in 2022.

The following table summarizes the changes to our restructuring liability during the nine months ended September 30, 2022:

Millions of Dollars			December 31, 2021			Charge to Earnings			Cash Paid			Non-Cash and Other			September 30, 2022
Employee Termination			$	53		$	2		$	(31)		$	—		$	24
Asset Impairment			8			7			—			(12)			3
Facility exit costs			—			1			(1)			—			—
Other exit costs			(4)			3			(2)			—			(3)
Total			$	57		$	13		$	(34)		$	(12)		$	24

The following table summarizes the restructuring charges by operating segment for the periods presented:

Millions of dollars			Three Months Ended September 30									Nine Months Ended September 30
			2022			2021						2022			2021
North America			$	—		$	—					$	—		$	—
EMEA			5			7						15			32
Latin America			(2)			—						(2)			—
Asia			—			—						—			2
Corporate/Other			—			—						—			1
Total			$	3		$	7					$	13		$	35

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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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- References

No definition available.

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