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ASSETS IMPAIRMENTS AND RESTRUCTURING (Tables)

6 Months Ended

Jun. 30, 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 reserves in first six months 2022 and full year 2021:

(Dollars in millions)			Balance at January 1, 2022						Provision/ Adjustments						Non-cash Reductions/ Additions						Cash Reductions						Balance at June 30, 2022
Severance costs			$	12					$	3					$	—					$	(4)					$	11
Other restructuring costs			5						18						—						(5)						18
Total			$	17					$	21					$	—					$	(9)					$	29

(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)			Second Quarter												First Six Months
Tangible Asset Impairments			2022						2021						2022						2021
Site optimizations
Other - Tire additives (1)			$	—					$	4					$	—					$	4
AM - Advanced interlayers (2)			—						1						—						1
			—						5						—						5
Loss (Gain) on Sale of Previously Impaired Assets
Site optimizations
Other - Tire additives (1)			(1)						—						(1)						—
AM - Advanced interlayers (2)			16						—						16						—
AFP - Animal nutrition (3)			—						—						—						(1)
			15						—						15						(1)
Severance Charges
Business improvement and cost reduction actions (4)			2						—						2						—
Site optimizations
AM - Performance films (5)			1						—						1						—
AM - Advanced interlayers (2)			—						—						—						1
			3						—						3						1
Other Restructuring Costs
CI & AFP - Singapore (6)			1						8						2						13
Site optimizations
AM - Advanced interlayers (2)			—						2						1						2
Other - Tire additives (1)			—						—						—						2
			1						10						3						17
Total			$	19					$	15					$	21					$	22

(1)Asset impairment charges, gain on sale of previously impaired assets, and 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.

(2)Asset impairment charges, loss on transfer of previously impaired assets to a third party, severance costs, and site closure costs in the Advanced Materials ("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 six months 2021 related to the closure of this facility.

(3)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.

(4)Severance as part of business improvement which were reported in "Other".

(5)Severance charges in the AM segment from the previously reported closure of a performance films manufacturing facility in North America as part of ongoing site optimization.

(6)Site closure of $1 million and $2 million for second quarter and first six months 2022, respectively, in the Chemical Intermediates ("CI") segment, contract termination fees in both second quarter and first six months 2021 of $7 million and $1 million in the CI and AFP segments, respectively, and site closure costs in first six months 2021 of $4 million and $1 million in the CI and AFP segments, respectively, resulting from closure of the Singapore manufacturing site.

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
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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.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
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