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Restructuring and Other Charges (Income) | 3 Months Ended
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Mar. 31, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges (Income) | Restructuring and Other Charges (Income) Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below.
|  |  | Three Months Ended March 31,
(in Millions) |  |  |  |  | 2023 |  | 2022
Restructuring charges |  |  |  |  | $ | 0.9 |  |  | $ | 11.2 |
Other charges (income), net |  |  |  |  | 11.6 |  |  | (2.1) |
Total restructuring and other charges (income) |  |  |  |  | $ | 12.5 |  |  | $ | 9.1 |
Restructuring charges For detail on restructuring activities which commenced prior to 2023, see Note 9 to our consolidated financial statements included within our 2022 Form 10-K.
(in Millions) | Severance and Employee Benefits |  | Other Charges (Income) (1) |  | Asset Disposal Charges (Income) (2) |  | Total
DuPont Crop restructuring | $ | — |  |  | $ | (2.4) |  |  | $ | 2.8 |  |  | $ | 0.4 |
Other items | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Three Months Ended March 31, 2023 | $ | — |  |  | $ | (1.9) |  |  | $ | 2.8 |  |  | $ | 0.9 |
DuPont Crop restructuring | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |
Regional realignment | 2.0 |  |  | 0.5 |  |  | — |  |  | 2.5 |
Other items | (0.4) |  |  | 0.6 |  |  | 8.2 |  |  | 8.4 |
Three Months Ended March 31, 2022 | $ | 1.6 |  |  | $ | 1.4 |  |  | $ | 8.2 |  |  | $ | 11.2 |
____________________ (1)Primarily represents costs associated with miscellaneous restructuring activities, including third-party costs. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. (2)Primarily represents asset write-offs (recoveries) and accelerated depreciation on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges. The amount for the three months ended March 31, 2022 represents fixed asset charges resulting from the closure of certain manufacturing sites during the period. Roll forward of restructuring reserves The following table shows a roll forward of restructuring reserves, that will result in cash spending. These amounts exclude asset retirement obligations.
(in Millions) | Balance at 12/31/22 (6) |  | Change in reserves (4) |  | Cash payments |  | Other (5) |  | Balance at 3/31/23 (6)
DuPont Crop restructuring (1) | $ | 5.0 |  |  | $ | — |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | 4.8 |
Regional realignment (2) | 3.0 |  |  | — |  |  | (0.9) |  |  | (0.1) |  |  | 2.0 |
Other workforce related and facility shutdowns (3) | 2.6 |  |  | 0.5 |  |  | (0.5) |  |  | — |  |  | 2.6 |
Total | $ | 10.6 |  |  | $ | 0.5 |  |  | $ | (1.6) |  |  | $ | (0.1) |  |  | $ | 9.4 |
____________________ (1)Primarily consists of residual separation costs associated with DuPont Crop restructuring activities. (2)Primarily consists of severance and employee relocation costs as well as other costs associated with the relocation of our European headquarters and the consolidation of our Asia Pacific operations into a single regional headquarters in Singapore. (3)Primarily severance costs and other exit costs related to workforce reductions and facility shutdowns. (4)Primarily other miscellaneous exit costs. The accelerated depreciation and asset impairment charges associated with these restructurings that have impacted our property, plant and equipment or intangible balances are not included in this table. (5)Primarily foreign currency translation adjustments. (6)Included in "Accrued and other liabilities" and "Other long-term liabilities" on the consolidated balance sheets. Other charges (income), net
|  |  | Three Months Ended March 31,
(in Millions) |  |  |  |  | 2023 |  | 2022
Environmental charges, net |  |  |  |  | $ | 2.3 |  |  | $ | (3.3) |
Pakistan currency devaluation charge |  |  |  |  | 6.9 |  |  | — |
Other items, net |  |  |  |  | 2.4 |  |  | 1.2 |
Other charges (income), net |  |  |  |  | $ | 11.6 |  |  | $ | (2.1) |
Environmental charges, net Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. See Note 12 for additional details. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. Pakistan currency devaluation charge Charges of $6.9 million relate to a remeasurement charge recognized for the three months ended March 31, 2023 resulting from the significant currency depreciation of the Pakistani Rupee. On January 25th, 2023, the Pakistani Rupee experienced its largest single day drop against the US dollar in over two decades following the removal of the USD-PKR exchange cap in place on the country's currency. This action, combined with the decision by Pakistan's central bank to raise interest rates to record highs during the quarter, resulted in the immediate and significant devaluation of the Pakistani Rupee.

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- Definition This describes the aggregate amount provided for estimated restructuring charges, remediation costs, gains on sale of assets, in process research and development acquired as part of an asset acquisition, asset impairment losses and other miscellaneous charges to income during an accounting period. Generally, these items are either unusual or infrequent, but not both (in which case they would be extraordinary items). + References No definition available. + Details
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