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Restructuring Costs
12 Months Ended
Dec. 31, 2020
Restructuring And Related Activities [Abstract]  
Restructuring Costs

13. RESTRUCTURING COSTS

 

On August 4, 2020, we approved the advancement of our soybean products to a streamlined go-to-market strategy. The impact of the advancement included staffing adjustments related to soybean processing and product sales, as well as the gradual exit of all supply chain contractual commitments that are not associated with the ongoing soybean seed go-to-market strategy. In the twelve months ended December 31, 2020, we recorded $0.7 million of restructuring costs for severance and other related payments, and we also recorded a $0.9 million recapture benefit of non-cash stock compensation expense from the forfeiture or modification of unvested stock awards. We have not incurred any other material costs from the disposal of any assets or contractual terminations as of December 31, 2020. Contracted grain purchases, subsequent sales of grain, and the wind down of other contractual obligations are on-track to be completed in late 2021.

 

 

The following table presents the employee separation liabilities as of December 31, 2020:

 

 

As of December 31,

 

In Thousands

2020

 

Balance as of December 31, 2019

$

 

Charged to expense

 

685

 

Cash payments

 

(265

)

Balance as of December 31, 2020

$

420

 

 

The December 31, 2020, liability of $0.4 million is expected to be paid through the second quarter of fiscal 2021.