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Impairments and Other Charges | 9 Months Ended
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Sep. 30, 2025
Restructuring and Related Activities [Abstract] |
Impairments and Other Charges | Impairments and Other Charges The following table presents various pre-tax charges we recorded during the three and nine months ended September 30, 2025 and 2024, which are reflected within “Impairments and other charges” on our condensed consolidated statements of operations.
| Three Months Ended | Nine Months Ended
| September 30, | September 30,
Millions of dollars | 2025 | 2024 | 2025 | 2024
Severance costs | $169 | $63 | $276 | $63
Fixed and Other assets write-offs | 115 | — | 115 | —
Impairment of assets held for sale | 96 | 49 | 200 | 49
Impairment of real estate facilities | — | — | 53 | —
Cybersecurity incident | (10) | 35 | (10) | 35
Gain on investment | (6) | (43) | (6) | (43)
Other | 28 | 12 | 120 | 12
Total impairments and other charges | $392 | $116 | $748 | $116
During the three months ended September 30, 2025 and 2024, we rationalized global headcount to align with activity levels and recorded severance expense of $169 million and $63 million, respectively. Additionally, we recognized an impairment of assets held for sale of $96 million and $49 million, respectively, associated with a strategic decision to market for sale a portion of our chemical business. During the three months ended September 30, 2025, we wrote off various fixed and other assets, primarily related to our North America Land operations, for a total of $115 million. Offsetting these charges d uring the three months ended September 30, 2025, were a release of accruals related to a cybersecurity incident from the third quarter of 2024 for $10 million and a gain of $6 million related to an equity investment. The charges for the nine months ended September 30, 2025, included $276 million of severance costs, $200 million of an impairment of assets held for sale related to our chemical business, fixed and other asset write-offs of $115 million, a $53 million impairment associated with facility closures and lease terminations, and $120 million of other charges, primarily related to legacy environmental remediation cost estimate increases. The charges for the nine months ended September 30, 2024, included $63 million of severance costs, a $49 million impairment of assets held for sale, $35 million in expenses related to a cybersecurity incident, and $12 million classified as other, and were partially offset by a $43 million gain related to a fair value adjustment on an equity investment.

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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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