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Restructuring and Other Charges (Income)
 9 Months Ended
Sep. 30, 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 September 30,Nine Months Ended September 30,
(in Millions)2023202220232022
Restructuring charges$2.9 $2.0 $2.9 $16.6 
Other charges (income), net25.3 7.0 45.1 82.3 
Total restructuring and other charges (income)$28.2 $9.0 $48.0 $98.9 
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
Other items (3)
2.5 0.4 — 2.9 
Three Months Ended September 30, 2023$2.5 $0.4 $— $2.9 
DuPont Crop restructuring (4)
$— $0.1 $— $0.1 
Regional realignment (5)
0.4 0.7 — 1.1 
Other items0.1 0.7 — 0.8 
Three Months Ended September 30, 2022$0.5 $1.5 $— $2.0 
DuPont Crop restructuring $— $(8.1)$2.8 $(5.3)
Other items (3)
6.8 1.4 — 8.2 
Nine Months Ended September 30, 2023$6.8 $(6.7)$2.8 $2.9 
DuPont Crop restructuring (4)
$— $0.6 $— $0.6 
Regional realignment (5)
3.8 2.2 — 6.0 
Other items— 1.8 8.2 10.0 
Nine Months Ended September 30, 2022$3.8 $4.6 $8.2 $16.6 
____________________ 
(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. The nine months ended September 30, 2023 includes the recognition of a gain of $5.8 million for land disposition related to a transfer agreement with the Shanghai Municipal People's Government, which was executed in December 2022.
(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 nine months ended September 30, 2022 represents fixed asset charges resulting from the closure of certain manufacturing sites during the period.
(3)During the nine months ended September 30, 2023, we incurred severance charges associated with a targeted work force reduction initiative, primarily impacting our EMEA and APAC operations.
(4)Restructuring charges related to DuPont Crop restructuring during the three and nine months ended September 30, 2022 represent the remaining in-flight restructuring charges as we completed the established DuPont Crop Restructuring program associated with integration. These charges are primarily associated with accelerated depreciation on certain fixed assets, severance, and other costs as we exit certain facilities.
(5)Beginning in the second quarter of 2021, we began to consolidate our global operations into centralized regional headquarters within EMEA and APAC. The regional realignment restructuring charges during the three and nine months ended September 30, 2022 are primarily related to severance and other exit costs resulting from this consolidation.
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
9/30/23 (6)
DuPont Crop restructuring (1)
$5.0 $0.2 $(1.2)$(0.1)$3.9 
Regional realignment (2)
3.0 0.1 (2.2)— 0.9 
Other workforce related and facility shutdowns (3)
2.6 8.8 (7.2)0.3 4.5 
Total$10.6 $9.1 $(10.6)$0.2 $9.3 
____________________ 
(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 September 30,Nine Months Ended September 30,
(in Millions)2023202220232022
Environmental charges, net$4.5 $3.4 $14.3 $1.0 
Exit from Russian operations— — — 76.1 
Currency devaluation charges4.9 — 11.8 — 
IPR&D asset acquisition charge11.9 — 11.9 — 
Other items, net4.0 3.6 7.1 5.2 
Other charges (income), net$25.3 $7.0 $45.1 $82.3 
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.
Exit from Russian operations
As the Russia-Ukraine war continues, our values as a company as well as the sanctions imposed on, and cross-sanctions imposed and announced by, the Russian Federation led us to cease operations and business in Russia. This decision was made in mid-April of 2022 when we concluded that it was not sustainable to continue operations. As a result of this decision, we recorded a charge of approximately $76.1 million during the nine months ended September 30, 2022. The charge primarily consists of noncash asset write offs, mainly working capital as well as the value of a packaging and formulation facility. This charge includes approximately $7 million of cash that was stranded and not accessible to us.
Currency devaluation charges    
During the three months ended September 30, 2023, we incurred $4.9 million in losses related to the devaluation of the Argentine peso driven by government actions during the period. The nine months ended September 30, 2023, also includes a $6.9 million remeasurement charge resulting from the significant currency depreciation of the Pakistani Rupee during the first quarter of 2023. On January 25, 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.
IPR&D asset acquisition charge
During the third quarter of 2023, we finalized a development agreement which will bring to market a new herbicide active ingredient used to control weeds in rice. As part of the agreement, FMC acquired a data set that includes studies and technical research that will be used to support the development of formulations and product registrations. Acquired in-process research and development assets are expensed as incurred and included as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss).