Restructuring and Asset Related Charges (Tables)

9 Months Ended

Sep. 30, 2023

2022 Restructuring Actions

Restructuring Cost and Reserve [Line Items]

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Seed	$	1	$	61	$	10	$	94
Crop Protection	—		19		5		20
Corporate expenses	—		66		4		88
Total1	$	1	$	146	$	19	$	202

1.This amount excludes other pre-tax charges recorded during the three and nine months ended September 30, 2023 and 2022 impacting the Seed segment. These charges consisted of inventory write-offs and gains (losses) on sale of businesses, assets and equity investments and settlement costs associated with the Russia Exit, which are included in cost of goods sold and other income (expense) - net, in the interim Consolidated Statement of Operations, respectively. See Note 18 – Segment Information, to the interim Consolidated Financial Statements, for additional information.

The following table is a summary of charges incurred related to the 2022 Restructuring Actions for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2023		2022		2023		2022
Severance and related benefit costs	$	—	$	66	$	4	$	88
Asset related charges	—		66		11		70
Contract termination charges1	1		14		4		44
Total restructuring and asset related charges – net2	$	1	$	146	$	19	$	202

1.Contract terminations includes early lease terminations.

2.This amount excludes other pre-tax charges recorded during the three and nine months ended September 30, 2023 and 2022 included in cost of goods sold and other income (expense) – net, in the company’s interim Consolidated Statement of Operations, as noted above.

A reconciliation of the December 31, 2022 to the September 30, 2023 liability balances related to the 2022 Restructuring Actions is summarized below:

(in millions)	Severance and Related Benefit Costs		Asset Related		Contract Termination1		Total
Balance at December 31, 2022	$	71	$	—	$	12	$	83
Charges to income (loss) from continuing operations	4		11		4		19
Payments	(35)		—		(13)		(48)
Asset write-offs	—		(11)		—		(11)
Balance at September 30, 2023	$	40	$	—	$	3	$	43

1.The liability for contract terminations includes lease obligations. The cash impact of these obligations are substantially complete.