XML 30 R18.htm IDEA: XBRL DOCUMENT v3.24.3
Restructuring and Other Charges (Income)
 9 Months Ended
Sep. 30, 2024
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)2024202320242023
Restructuring charges$15.7 $2.9 $133.2 $2.9 
Other charges (income), net6.9 25.3 25.4 45.1 
Total restructuring and other charges (income)$22.6 $28.2 $158.6 $48.0 
Restructuring charges
For detail on restructuring activities that commenced prior to 2024, see Note 8 to our consolidated financial statements included within our 2023 Form 10-K.
Restructuring Charges
(in Millions)
Severance and Employee Benefits
Other Charges (Income) (1)
Asset Disposal Charges (Income) (2)
Total
Project Focus$7.0 $5.4 $6.2 $18.6 
Other items— (2.9)— (2.9)
Three Months Ended September 30, 2024$7.0 $2.5 $6.2 $15.7 
Other items2.5 0.4 — 2.9 
Three Months Ended September 30, 2023$2.5 $0.4 $— $2.9 
Project Focus$44.5 $24.1 $67.7 $136.3 
Other items— (3.1)— (3.1)
Nine Months Ended September 30, 2024$44.5 $21.0 $67.7 $133.2 
DuPont Crop restructuring$— $(8.1)$2.8 $(5.3)
Other items6.8 1.4 — 8.2 
Nine Months Ended September 30, 2023$6.8 $(6.7)$2.8 $2.9 
____________________ 
(1)Primarily represents other charges associated with 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 three and nine months ended September 30, 2024 includes a $3.1 million gain recognized on the disposition of a previously closed manufacturing site.
(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.

Project Focus
In response to the unprecedented downturn in the global crop protection market that resulted in severe channel destocking, which materially impacted volumes in 2023, we initiated a global restructuring plan, referred to as "Project Focus." This program is designed to right-size our cost base and optimize our footprint and organizational structure with a focus on driving significant cost improvement and productivity. We expect the plan to be fully executed by the end of 2025.
During the nine months ended September 30, 2024, charges incurred related to Project Focus include $44.5 million of severance and employee separation costs, including costs associated with the previously announced CEO transition, $24.1 million of professional service provider costs and other miscellaneous charges associated with the project, and accelerated depreciation of $14.4 million on assets identified for disposal in connection with the restructuring initiative. Additionally, as part of the evaluation of our manufacturing footprint in connection with Project Focus, we finalized a termination agreement to exit a contract with one of our third-party manufacturers during the second quarter of 2024, which resulted in an asset write-off charge of approximately $53.3 million. The decision to exit the agreement was driven in part by our ability to source these materials from lower cost locations.
The charges incurred during the nine months ended September 30, 2024 are included in the total estimated range for Project Focus. See Note 8 to our consolidated financial statements in our 2023 Form 10-K for details of the costs previously incurred for Project Focus. The remaining amounts will be reflected in our consolidated results of operations as they become probable and estimable or a triggering event is identified in accordance with the relevant accounting guidance.
Roll forward of restructuring reserves
The following table shows a roll forward of restructuring reserves, that will result in cash spending. These amounts exclude accelerated depreciation on fixed assets, asset impairment charges and asset retirement obligations.
(in Millions)
Balance at
December 31, 2023 (6)
Change in
reserves (4)
Cash
payments
Other (5)
Balance at
September 30, 2024 (6)
Project Focus (1)
$43.1 $59.7 $(89.9)$(0.1)$12.8 
DuPont Crop restructuring (2)
3.9 — (0.7)— 3.2 
Other workforce related and facility shutdowns (3)
3.4 0.1 (1.4)(0.4)1.7 
Total$50.4 $59.8 $(92.0)$(0.5)$17.7 
____________________ 
(1)Relates to the global restructuring plan initiated in 2023 and primarily consists of severance charges related to workforce reduction actions across all regions.
(2)Represents remaining cash spending on facility separation costs associated with DuPont Crop restructuring activities.
(3)Includes exit costs related to workforce reductions and facility shutdowns on previously implemented restructuring initiatives.
(4)Primarily consists of severance and employee separation costs as well as third-party provider fees. The accelerated depreciation and asset impairment charges associated with these restructurings that have impacted our property, plant and equipment, intangible balances or other asset balances are not included in this table.
(5)Primarily comprised of foreign currency translation and other non-cash 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)2024202320242023
Environmental charges, net$4.8 $4.5 $13.8 $14.3 
Currency related matters— 4.9 — 11.8 
IPR&D asset acquisition charge— 11.9 — 11.9 
Other items, net2.1 4.0 11.6 7.1 
Other charges (income), net$6.9 $25.3 $25.4 $45.1 
Environmental charges, net
Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. See Note 11 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.