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RESTRUCTURING AND OTHER COST | 3 Months Ended
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Mar. 31, 2023
Restructuring and Related Activities [Abstract] |
RESTRUCTURING AND OTHER COST | RESTRUCTURING AND OTHER COSTS Restructuring and other costs for the three months ended March 31, 2023 and 2022 were recorded in the Consolidated Statements of Operations as follows:
Affected Line Item |  | Three Months Ended |  |
(in millions) |  | 2023 |  | 2022 |  |  |  |
Cost of products sold |  | $ | 4 |  |  | $ | — |  |  |  |  |
Restructuring and other costs |  | 59 |  |  | 3 |  |  |  |  |
Total restructuring and other costs |  | $ | 63 |  |  | $ | 3 |  |  |  |  |
The restructuring and other costs of $59 million recorded in the first quarter of 2023 consist primarily of employee severance benefits and other restructuring costs related to the plan approved by the Board of Directors of the Company on February 14, 2023. This plan seeks to restructure the Company’s business to improve operational performance and drive shareholder value creation through a new operating model with five global business units, optimization of central functions and overall management infrastructure, and other efforts aimed at cost savings. The restructuring plan anticipates a reduction in the Company’s global workforce of approximately 8% to 10%, subject to co-determination processes with employee representative groups in countries where required. The Company expects to incur between $115 and $135 million in one-time charges, comprising $80 to $100 million in restructuring expenditures and charges, primarily related to employee transition, severance payments, employee benefits and facility closure costs, and $35 million in other non-recurring costs which mostly consist of legal, consulting and other professional service fees. The majority of these costs will be incurred as cash expenditures in 2023. The estimates of these charges and their timing are subject to several assumptions, including local law requirements in various jurisdictions and co-determination aspects in countries where required. Actual amounts may differ materially from estimates. In addition, the Company may incur other charges or cash expenditures in connection with this plan which are not currently contemplated. The liabilities associated with the Company's restructuring plans are recorded in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. Activity in the Company’s restructuring accruals at March 31, 2023 was as follows:
|  |  |  | Severance
(in millions) |  |  |  | 2022 and Prior Plans |  | 2023 Plan |  | Total
Balance at December 31, 2022 |  |  |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |
Provisions |  |  |  | 2 |  |  | 53 |  |  | 55 |
Amounts applied |  |  |  | (2) |  |  | (5) |  |  | (7) |
Balance at March 31, 2023 |  |  |  | $ | 7 |  |  | $ | 48 |  |  | $ | 55 |
|  |  |  | Other Restructuring Costs
(in millions) |  |  |  | 2022 and Prior Plans |  | 2023 Plan |  | Total
Balance at December 31, 2022 |  |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Provisions |  |  |  | — |  |  | 4 |  |  | 4 |
Amounts applied |  |  |  | — |  |  | (4) |  |  | (4) |
Balance at March 31, 2023 |  |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
The cumulative amounts for the provisions and adjustments and amounts applied for all the plans by segment were as follows:
(in millions) |  | December 31, 2022 |  | Provisions |  | Amounts Applied |  |  |  | March 31, 2023
Technologies & Equipment |  | $ | 2 |  |  | $ | 28 |  |  | $ | — |  |  |  |  | $ | 30 |
Consumables |  | 6 |  |  | 24 |  |  | (4) |  |  |  |  | 26 |
All Other |  | — |  |  | 7 |  |  | (7) |  |  |  |  | — |
Total |  | $ | 8 |  |  | $ | 59 |  |  | $ | (11) |  |  |  |  | $ | 56 |

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- References No definition available. + Details
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- Definition The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References No definition available. + Details
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