XML 38 R17.htm IDEA: XBRL DOCUMENT v3.24.3

RESTRUCTURING CHARGES

9 Months Ended

Sep. 30, 2024

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 March 2024, the Company committed to workforce reduction plans in the United States and globally, in an effort to reduce complexity and simplify our organizational model after the European major domestic appliance transaction. The workforce reduction plans included involuntary severance actions as of the end of the first quarter of 2024. Total expected costs for these actions is $23 million, of which we incurred $14 million in employee termination costs and $9 million other associated costs within the first quarter. All of these costs will result in cash settlements primarily in 2024.

During the second quarter of 2024, the Company evaluated additional restructuring actions as part of the Company's organizational simplification efforts. Total costs for these actions were $58 million, of which $8 million was recorded during the third quarter of 2024. These costs were primarily for employee termination costs.

The following table summarizes the changes to our restructuring liability during the nine months ended September 30, 2024:

Millions of Dollars			December 31, 2023			Charge to Earnings			Cash Paid			Non-Cash and Other			September 30, 2024
Employee Termination			$	10		$	66		$	(59)		$	(7)		$	10
Other exit costs			—			15			(11)			—			4
Total			$	10		$	81		$	(70)		$	(7)		$	14

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

Millions of dollars			Three Months Ended September 30,									Nine Months Ended September 30,
			2024			2023						2024			2023
MDA North America			$	1		$	—					$	29		$	—
MDA Latin America			4			—						25			—
MDA Asia			—			—						6			—
SDA Global			1			—						5			—
Corporate/Other			2			5						16			14
Total			$	8		$	5					$	81		$	14

X

- 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

Name:	us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_RestructuringChargesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration