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Restructuring and Other Charges (Income) | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Other Charges (Income) | Restructuring and Other Charges (Income) The following table shows total restructuring and other charges (income) included in the respective line items of the consolidated statements of income (loss):
| Year Ended December 31,
(in Millions) | 2024 |  | 2023 |  | 2022
Restructuring charges (income) | $ | 303.0 |  |  | $ | 48.4 |  |  | $ | (26.1) |
Other charges (income), net | (83.2) |  |  | 163.9 |  |  | 119.2 |
Total restructuring and other charges (income) | $ | 219.8 |  |  | $ | 212.3 |  |  | $ | 93.1 |
Restructuring charges (income)
(in Millions) | Severance and Employee Benefits |  | Other Charges (Income) (1) |  | Asset Disposal Charges (2) |  | Total
Project Focus | $ | 55.8 |  |  | $ | 163.1 |  |  | $ | 87.0 |  |  | $ | 305.9 |
Other items | — |  |  | (2.9) |  |  | — |  |  | (2.9) |
Year ended December 31, 2024 | $ | 55.8 |  |  | $ | 160.2 |  |  | $ | 87.0 |  |  | $ | 303.0 |
Project Focus | $ | 40.1 |  |  | $ | 5.4 |  |  | $ | — |  |  | $ | 45.5 |
DuPont Crop restructuring | — |  |  | (8.1) |  |  | 2.8 |  |  | (5.3) |
Other items | 6.9 |  |  | 1.3 |  |  | — |  |  | 8.2 |
Year ended December 31, 2023 | $ | 47.0 |  |  | $ | (1.4) |  |  | $ | 2.8 |  |  | $ | 48.4 |
DuPont Crop restructuring | $ | — |  |  | $ | (49.9) |  |  | $ | 1.2 |  |  | $ | (48.7) |
Regional realignment | 3.8 |  |  | 4.1 |  |  | — |  |  | 7.9 |
Other items | 2.1 |  |  | 2.6 |  |  | 10.0 |  |  | 14.7 |
Year ended December 31, 2022 | $ | 5.9 |  |  | $ | (43.2) |  |  | $ | 11.2 |  |  | $ | (26.1) |
____________________ (1)Other charges, primarily represents third-party costs associated with various restructuring activities. The year ended December 31, 2024, includes $132.1 million related to contract abandonment charges. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. The year ended December 31, 2024 includes a $3.1 million gain recognized on the disposition of a previously closed manufacturing site. The years ended December 31, 2023 and 2022 include the recognition of gains of $5.8 million and $50.5 million, respectively, in connection with an agreement for land disposition of a previously closed manufacturing site. (2)Primarily represents asset write-offs (recoveries), and accelerated depreciation and impairment charges 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 2023, we implemented a global restructuring plan, referred to as "Project Focus," designed to right-size our cost base and optimize our footprint and organizational structure with a focus on driving significant cost improvement and productivity in light of the precipitous drop in demand across the crop protection industry in 2023. For the year ended December 31, 2024, we incurred $132.1 million of contract abandonment charges as a result of the continued evaluation of our supply chain footprint during the fourth quarter of 2024 and $53.3 million of non-cash asset write off charges resulting from the contract cessation with one of our third-party manufacturers during the second quarter of 2024. The decision to exit these agreements was driven in part by our ability to source these materials from lower cost locations. Charges incurred in connection with Project Focus also consist of $55.8 million in severance and employee separation charges, including costs associated with the CEO transition, $31.0 million of professional service provider costs and other miscellaneous charges associated with the project, accelerated depreciation of $20.5 million on assets identified for disposal in connection with the restructuring initiative, and $13.2 million of asset impairment charges. The charges incurred during 2024, as well as $45.5 million of charges incurred in 2023, are included in the total estimated range 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. During the year ended December 31, 2024, we also recognized income of $2.9 million related to previously implemented restructuring initiatives including a gain recognized on the disposition of a previously closed manufacturing site. 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 |  | Change in reserves (4) |  | Cash payments |  | Other (5) |  | Balance at 12/31/23 (6) |  | Change in reserves (4) |  | Cash payments |  | Other (5) |  | Balance at 12/31/24 (6)
Project Focus (1) | $ | — |  |  | $ | 45.5 |  |  | $ | (2.4) |  |  | $ | — |  |  | $ | 43.1 |  |  | $ | 210.1 |  |  | $ | (106.2) |  |  | $ | (0.1) |  |  | $ | 146.9 |
DuPont Crop restructuring (2) | 5.0 |  |  | — |  |  | (1.0) |  |  | (0.1) |  |  | 3.9 |  |  | — |  |  | (0.9) |  |  | — |  |  | 3.0 |
Other workforce related and facility shutdowns (3) | 5.6 |  |  | 9.9 |  |  | (12.5) |  |  | 0.4 |  |  | 3.4 |  |  | 0.3 |  |  | (2.1) |  |  | (0.4) |  |  | 1.2 |
Total | $ | 10.6 |  |  | $ | 55.4 |  |  | $ | (15.9) |  |  | $ | 0.3 |  |  | $ | 50.4 |  |  | $ | 210.4 |  |  | $ | (109.2) |  |  | $ | (0.5) |  |  | $ | 151.1 |
____________________ (1)Relates to the global restructuring plan initiated in 2023 and primarily consists of contract abandonment charges resulting from the evaluation of our supply chain footprint as well as 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, third-party provider fees and, in 2024, contract abandonment charges. 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
| Year Ended December 31,
(in Millions) | 2024 |  | 2023 |  | 2022
Environmental charges, net | $ | 74.7 |  |  | $ | 66.9 |  |  | $ | 34.7 |
Gain on sale of GSS | (174.4) |  |  | — |  |  | — |
Exit from Russian Operations | — |  |  | — |  |  | 76.8 |
Currency related matters | — |  |  | 75.2 |  |  | — |
IPR&D asset acquisition charges | — |  |  | 13.0 |  |  | — |
Other items, net | 16.5 |  |  | 8.8 |  |  | 7.7 |
Other charges (income), net | $ | (83.2) |  |  | $ | 163.9 |  |  | $ | 119.2 |
Environmental charges, net Environmental charges represent the net charges associated with environmental remediation at continuing operating sites, which primarily represent obligations at shut down or abandoned facilities but do not meet the criteria for presentation as discontinued operations. Sale of the GSS business On November 1, 2024, we completed the sale of our GSS business to Envu. For the year ended December 31, 2024, we recognized a gain on sale, net of full year incurred transaction costs, of $174.4 million. Refer to Note 1 to the consolidated financial statements included within this Form 10-K for additional information on the transaction. 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 $76.8 million during the twelve months ended December 31, 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 included approximately $7 million of cash that was stranded and not accessible to us. Currency related matters During the twelve months ended December 31, 2023, we incurred $75.2 million in currency related charges driven by significant devaluation actions taken by the Argentine Government during the fourth quarter of 2023 as well as similar devaluation actions in Pakistan and Argentina during previous quarters of 2023. IPR&D asset acquisition charges During 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).

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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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