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ASSETS IMPAIRMENTS AND RESTRUCTURING (Tables)

3 Months Ended

Mar. 31, 2022

Restructuring Costs and Asset Impairment Charges [Abstract]

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

The following table summarizes the changes in asset impairments and restructuring charges, the non-cash reductions attributable to asset impairments, and the cash reductions in restructuring reserves for severance costs and site closure costs paid in first three months 2022 and full year 2021:

(Dollars in millions)			Balance at January 1, 2022						Provision/ Adjustments						Non-cash Reductions/ Additions						Cash Reductions						Balance at March 31, 2022
Non-cash charges			$	—					$	—					$	—					$	—					$	—
Severance costs			12						—						—						(2)						10
Other restructuring costs			5						2						—						(4)						3
Total			$	17					$	2					$	—					$	(6)					$	13

(Dollars in millions)			Balance at January 1, 2021						Provision/ Adjustments						Non-cash Reductions/ Additions						Cash Reductions						Balance at December 31, 2021
Non-cash charges			$	—					$	16					$	(16)					$	—					$	—
Severance costs			65						2						(1)						(54)						12
Other restructuring costs			14						29						(9)						(29)						5
Total			$	79					$	47					$	(26)					$	(83)					$	17

Restructuring and Related Costs [Table Text Block]

(Dollars in millions)			First Quarter
Gain on Sale of Previously Impaired Assets			2022						2021
Site optimizations
AFP - Animal nutrition (1)			$	—					$	(1)
			—						(1)
Severance Charges
Site optimizations
AM - Advanced interlayers (2)			—						1
			—						1
Other Restructuring Costs
CI & AFP - Singapore (3)			1						5
Site optimizations
AM - Advanced interlayers (2)			1						—
Other - Tire additives (4)			—						2
			2						7
Total			$	2					$	7

(1)Fixed asset impairments, net in the AFP segment from the previously reported closure of an animal nutrition manufacturing facility in Asia Pacific as part of ongoing site optimization.

(2)Site closure costs in first quarter 2022 and severance costs in first quarter 2021 in the AM segment due to the previously reported closure of an advanced interlayers manufacturing facility in North America as part of ongoing site optimization. In addition, accelerated depreciation of $4 million was recognized in "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in first quarter 2021 related to the closure of this facility.

(3)Site closure costs in first quarter 2022 of $1 million in the Chemical Intermediates ("CI") segment and site closure costs in first quarter 2021 of $4 million and $1 million in the CI and AFP segments, respectively, resulting from closure of the Singapore manufacturing site.

(4)Site closure costs in "Other" from the previously reported closure of a tire additives manufacturing facility in Asia Pacific as part of ongoing site optimization.

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- Definition

Tabular 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.P.3)
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-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
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-Subparagraph (SAB TOPIC 5.P.4)
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- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(b)(2))
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

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