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Restructuring and Asset Related Charges | 3 Months Ended
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Mar. 31, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET 2022 Restructuring Actions In connection with the company’s shift to a global business unit model during 2022, the company assessed its business priorities and operational structure to maximize the customer experience and deliver on growth and earnings potential. As a result of this assessment, the company committed to restructuring actions during the second quarter of 2022 that, when combined with the impact of the company’s separate announcement to withdraw from Russia (“Russia Exit”) (collectively the “2022 Restructuring Actions”), is expected to result in total net pre-tax restructuring and other charges of $350 million to $420 million, comprised of $105 million to $120 million of severance and related benefit costs, $125 million to $150 million of asset related charges, $65 million to $80 million of costs related to contract terminations (including early lease terminations) and $55 million to $70 million of other charges. Through the first quarter of 2023, the company recorded net pre-tax restructuring and other charges of $341 million, comprised of $115 million of severance and related benefit costs, $111 million of asset related charges, $57 million of costs related to contract terminations (including early lease terminations) and $58 million of other charges. Cash payments related to these charges are anticipated to be $180 million to $210 million, of which approximately $115 million has been paid through March 31, 2023, and primarily relate to the payment of severance and related benefits, contract terminations and other charges. The restructuring actions associated with these charges are expected to be substantially complete in 2023. The total net pre-tax restructuring and other charges recognized through the first quarter of 2023 included $49 million associated with the Russia Exit. The Russia Exit net pre-tax restructuring charges consisted of $6 million of severance and related benefit costs, $6 million of asset related charges, and $26 million of costs related to contract terminations (including early lease terminations). Other pre-tax charges associated with the Russia Exit were recorded to cost of goods sold and other income (expense) – net in the interim Consolidated Statement of Operations, relating to inventory write-offs of $3 million and settlement costs of $8 million, respectively. The charges related to the 2022 Restructuring Actions related to the segments, as well as corporate expenses, for the three months ended March 31, 2023 were as follows:
| Three Months Ended March 31, 2023 |
(In millions) |
Seed | $ | 6 |  |
Crop Protection | 1 |  |
Corporate expenses | 4 |  |
Total 1 | $ | 11 |  |
1.This amount excludes other pre-tax charges recorded during the three months ended March 31, 2023 impacting the Seed segment included in cost of goods sold and other income (expense) - net, in the company's interim Consolidated Statement of Operations, relating to inventory write-offs and the loss on the sale of the company's interest in an equity investment. The following table is a summary of charges incurred related to 2022 Restructuring Actions for the three months ended March 31, 2023:
| Three Months Ended March 31, 2023 |
(In millions) |
Severance and related benefit costs | $ | 4 |  |
Asset related charges | 7 |  |
Contract termination charges 1 | — |  |
Total restructuring and asset related charges - net 2 | $ | 11 |  |
1.Contract terminations includes early lease terminations. 2.This amount excludes other pre-tax charges recorded during the three months ended March 31, 2023 included in cost of goods sold and other income (expense) - net, in the company's interim Consolidated Statement of Operations, relating to inventory write-offs and the loss on the sale of the company's interest in an equity investment. A reconciliation of the December 31, 2022 to the March 31, 2023 liability balances related to the 2022 Restructuring Actions is summarized below:
(in millions) | Severance and Related Benefit Costs | Asset Related | Contract Termination 1 | Total
Balance at December 31, 2022 | $ | 71 |  | $ | — |  | $ | 12 |  | $ | 83 |
Charges to income (loss) from continuing operations | 4 |  | 7 |  | — |  | 11 |
Payments | (12) |  | — |  | (11) |  | (23) |
Asset write-offs | — |  | (7) |  | — |  | (7) |
Balance at March 31, 2023 | $ | 63 |  | $ | — |  | $ | 1 |  | $ | 64 |
1.The liability for contract terminations includes lease obligations. The cash impact of these obligations will be substantially complete by the end of 2023. Other Asset Related Charges The company recognized $16 million and $6 million for the three months ended March 31, 2023 and 2022, respectively, in restructuring and asset related charges - net in the interim Consolidated Statement of Operations, from non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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