v3.25.4

Impairments and Other Charges | 12 Months Ended
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Dec. 31, 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 years ended December 31, 2025 and 2024, which are reflected within “Impairments and other charges” on our Consolidated Statements of Operations.
| Year Ended December 31,
Millions of dollars | 2025 | 2024 | 2023
Severance costs | $299 | $63 | $—
Impairment of assets held for sale | 224 | 49 | —
Fixed and Other assets write-offs | 115 | — | —
Impairment of real estate facilities | 53 | — | —
Equity in earnings loss | 50 | — | —
Gain on investment | (6) | (43) | —
Cybersecurity incident | (10) | 35 | —
Other | 106 | 12 | —
Total impairments and other charges | $831 | $116 | $—
For the year ended December 31, 2025, the charges included $299 million of severance costs, $224 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, $50 million equity in earnings loss, and $106 million of other charges, primarily related to legacy environmental remediation cost estimate increases. Offsetting these charges 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. For the year ended December 31, 2024, the charges 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 of other charges, and were partially offset by a $43 million gain related to a fair value adjustment on an equity investment. For the year ended December 31, 2023, there were no amounts recorded in impairment and other charges.

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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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