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ASSET IMPAIRMENTS AND RESTRUCTURING | 12 Months Ended
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Dec. 31, 2016
Restructuring Costs and Asset Impairment Charges [Abstract] |
ASSET IMPAIRMENTS AND RESTRUCTURING | ASSET IMPAIRMENTS AND RESTRUCTURING Components of asset impairments and restructuring charges, net, are presented below:
| For years ended December 31,
(Dollars in millions) | 2016 |  | 2015 |  | 2014
Asset impairments | $ | 12 |  |  | $ | 85 |  |  | $ | 28 |
Gain on sale of assets, net | (2 | ) |  | (1 | ) |  | (7 | )
Intangible asset and goodwill impairments | — |  |  | 22 |  |  | 24 |
Severance charges | 32 |  |  | 68 |  |  | 13 |
Site closure and restructuring charges | 3 |  |  | 9 |  |  | 19 |
Total | $ | 45 |  |  | $ | 183 |  |  | $ | 77 |
2016 In fourth quarter 2016 the Company impaired a capital project in the AFP segment that resulted in a charge of $12 million. As part of the Company's previously announced plan to reduce costs primarily in 2017, the Company recognized restructuring charges of $34 million primarily for severance in 2016. In 2016, there was a gain of $2 million in the AFP segment for the sale of previously impaired assets at the Crystex® insoluble sulfur R&D site in France. 2015 The Company took actions during 2015 to reduce non-operations workforce resulting in restructuring charges of $51 million for severance. These actions were taken to offset the impacts of low oil prices, a strengthened U.S. dollar, and the continued weak worldwide economic and business conditions. As a result of the annual impairment testing of indefinite-lived intangible assets in 2015, the Company recognized intangible asset impairments of $18 million in the AM segment primarily to reduce the carrying value of the V-KOOL® window films products tradename to the estimated fair value. The estimated fair value was determined using an income approach, specifically, the relief from royalty method. The impairment resulted from a decrease in projected revenues since the tradename was acquired from Solutia in 2012. The decrease in projected revenues was primarily due to the Asian economic downturn impacting car sales growth in those geographic markets. In 2015, net asset impairments and restructuring charges included $81 million of asset impairments and $17 million of restructuring charges, including severance, in the Fibers segment due to the closure of the Workington, UK acetate tow manufacturing site which was substantially completed in 2015. Additionally, in 2015, management decided not to continue a growth initiative that was reported in "Other". This resulted in the Company recognizing asset impairments of $8 million and restructuring charges of $3 million. Additionally, during 2015, net asset impairments and restructuring charges included $4 million of restructuring charges primarily for severance associated with the integration of Taminco. 2014 In 2014, asset impairments of $18 million and restructuring charges, including severance, of $24 million were recognized in the AFP segment for costs of the closure of a Crystex® insoluble sulfur R&D facility in France. As a result of the annual impairment testing of indefinite-lived intangible assets, in 2014 the Company recognized an intangible asset impairment of $22 million in the AFP segment to adjust the carrying value of the Crystex® tradename to the estimated fair value. This impairment resulted from a decrease in projected revenue since the tradename was acquired from Solutia in 2012. The estimated fair value was determined using an income approach, specifically the relief from royalty method. In 2014, a change in estimate of certain costs for the 2012 termination of the operating agreement for the São Jose dos Campos, Brazil site resulted in a restructuring charge of $5 million to previously recognized asset impairments and restructuring charges. In 2014, the Company recognized gains from the sales of previously impaired assets at the former Photovoltaics production facility in Germany and a former polymers production facility in China of $5 million and $2 million, respectively. Additionally, during 2014, charges in the AM segment included $10 million of asset impairments, including intangible assets, and $2 million of restructuring charges primarily due to the closure of a production facility in Taiwan for the Flexvue® product line. 2014 also included $5 million of restructuring charges for severance associated with the integration of Solutia.
| Balance at January 1, 2016 |  | Provision/ Adjustments |  | Non-cash Reductions/ Additions |  | Cash Reductions |  | Balance at December 31, 2016
Noncash charges | $ | — |  |  | $ | 12 |  |  | $ | (12 | ) |  | $ | — |  |  | $ | — |
Severance costs | 55 |  |  | 32 |  |  | — |  |  | (45 | ) |  | 42 |
Site closure & restructuring costs | 11 |  |  | 1 |  |  | 4 |  |  | (3 | ) |  | 13 |
Total | $ | 66 |  |  | $ | 45 |  |  | $ | (8 | ) |  | $ | (48 | ) |  | $ | 55 |
| Balance at January 1, 2015 |  | Provision/ Adjustments |  | Non-cash Reductions/ Additions |  | Cash Reductions |  | Balance at December 31, 2015
Noncash charges | $ | — |  |  | $ | 107 |  |  | $ | (107 | ) |  | $ | — |  |  | $ | — |
Severance costs | 13 |  |  | 67 |  |  | 1 |  |  | (26 | ) |  | 55 |
Site closure & restructuring costs | 15 |  |  | 9 |  |  | 3 |  |  | (16 | ) |  | 11 |
Total | $ | 28 |  |  | $ | 183 |  |  | $ | (103 | ) |  | $ | (42 | ) |  | $ | 66 |
| Balance at January 1, 2014 |  | Provision/ Adjustments |  | Non-cash Reductions/ Additions |  | Cash Reductions |  | Balance at December 31, 2014
Noncash charges | $ | — |  |  | $ | 52 |  |  | $ | (52 | ) |  | $ | — |  |  | $ | — |
Severance costs | 22 |  |  | 13 |  |  | — |  |  | (22 | ) |  | 13 |
Site closure & restructuring costs | 14 |  |  | 12 |  |  | (4 | ) |  | (7 | ) |  | 15 |
Total | $ | 36 |  |  | $ | 77 |  |  | $ | (56 | ) |  | $ | (29 | ) |  | $ | 28 |
Substantially all costs remaining for severance are expected to be applied to the reserves within one year.

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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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