ASSETS IMPAIRMENTS AND RESTRUCTURING

3 Months Ended

Mar. 31, 2023

Restructuring Costs and Asset Impairment Charges [Abstract]

ASSET IMPAIRMENTS AND RESTRUCTURING CHARGES, NET


(Dollars in millions)	First Quarter
	2023		2022
Severance charges (1)	$	16	$	—
Site closure and other restructuring charges (2) (3)	6		2
Total	$	22	$	2

(1)Severance charges as part of fourth quarter 2022 cost reduction initiatives reported in "Other".

(2)First quarter 2023 site closure costs are for the closure of an acetate yarn manufacturing facility in Europe in the Fibers segment. In addition, accelerated depreciation of $23 million was recognized in "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in first quarter 2023 related to the closure of this facility.

(3)First quarter 2022 site closure costs of $1 million in the CI segment for the previously reported closure of a Singapore manufacturing site, and $1 million in the AM segment for the closure of an advanced interlayers manufacturing facility in North America.

Changes in Reserves

The following table summarizes the changes in asset impairments and restructuring reserves in first three months 2023 and full year 2022:


(Dollars in millions)	Balance at January 1, 2023		Provision/ Adjustments		Non-cash Reductions/ Additions		Cash Reductions		Balance at March 31, 2023

Severance costs	$	34	$	16	$	—	$	(20)	$	30
Other restructuring costs	18		6		—		(22)		2
Total	$	52	$	22	$	—	$	(42)	$	32


(Dollars in millions)	Balance at January 1, 2022		Provision/ Adjustments		Non-cash Reductions/ Additions		Cash Reductions		Balance at December 31, 2022

Severance costs	$	12	$	31	$	—	$	(9)	$	34
Other restructuring costs	5		21		1		(9)		18
Total	$	17	$	52	$	1	$	(18)	$	52

Substantially all severance costs remaining are expected to be applied to the reserves within one year.