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ASSET IMPAIRMENTS AND RESTRUCTURING

12 Months Ended

Dec. 31, 2023

Restructuring Costs and Asset Impairment Charges [Abstract]

ASSET IMPAIRMENTS AND RESTRUCTURING

ASSET IMPAIRMENTS AND RESTRUCTURING CHARGES, NET

Components of asset impairments and restructuring charges, net, are presented below:

			For years ended December 31,
(Dollars in millions)			2023						2022						2021
Tangible Asset Impairments
CI & AFP - Singapore (1)			$	—					$	—					$	3
Site optimizations
Other - Tire additives (2)			—						—						12
AM - Advanced interlayers (3)			—						—						1
			—						—						16
Loss (Gain) on Sale of Previously Impaired Assets
Site optimizations
AM - Advanced interlayers (3)			—						16						—
Other - Tire additives (2)			—						(1)						—
AFP - Care additives (4)			—						—						(1)
			—						15						(1)
Severance Charges
Cost reduction and business improvement actions (5)			31						22						1
Site optimizations
AM - Advanced interlayers (3)			—						—						1
AM - Performance films (6)			—						1						—
Fibers - Acetate Yarn (7)			—						7						—
			31						30						2
Other Restructuring Costs
CI & AFP - Singapore (1)			—						3						17
Site optimizations
Other - Tire additives (2)			—						—						6
AM - Advanced interlayers (3)			—						2						5
AM - Performance films (6)			—						—						2
Fibers - Acetate Yarn (7)			6						2						—
			6						7						30
Total			$	37					$	52					$	47

(1)Site closure costs of $3 million in 2022 in the CI segment, asset impairment charges in 2021 of $2 million and $1 million in the CI segment and the AFP segment, respectively, and site closure costs, including contract termination fees, in 2021 of $14 million and $3 million in the CI segment and the AFP segment, respectively, resulting from closure of the Singapore manufacturing site.

(2)Asset impairment charges of $8 million in 2021 for assets associated with divested rubber additives. Gain on sale of previously impaired assets in 2022, asset impairment charges of $4 million, and site closure costs in 2021, from the previously reported closure of a tire additives manufacturing facility in Asia Pacific as part of site optimization.

(3)Asset impairment charges, loss on transfer of previously impaired assets to a third party, severance charges, and site closure costs in the Advanced Materials ("AM") segment due to the closure of an advanced interlayers manufacturing facility in North America as part of site optimization. In addition, accelerated depreciation of $4 million was recognized in "Cost of sales" in the Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in 2021 related to the closure of this facility.

(4)A gain in 2021 from the sale of the previously impaired assets.

(5)Severance charges in 2023, 2022 and 2021 as part of cost reduction initiatives which are reported in "Other".

(6)Severance charges in 2022 for the closure of a performance films research and development facility, and site closure costs in 2021 from the closure of a performance films manufacturing facility in North America as part of site optimization.

(7)Severance charges and site closure costs related to closure of an acetate yarn manufacturing facility in Europe. In addition, accelerated depreciation of $23 million was recognized in "Cost of sales" in the Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in 2023 related to the closure of this facility.

Reconciliations of the beginning and ending restructuring liability amounts are as follows:

(Dollars in millions)			Balance at January 1, 2023						Provision/ Adjustments						Non-cash Reductions/ Additions						Cash Reductions						Balance at December 31, 2023
Severance costs			$	34					$	31					$	—					$	(39)					$	26
Site closure & restructuring costs			1						6						—						(7)						—
Total			$	35					$	37					$	—					$	(46)					$	26

(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
Site closure & restructuring costs			5						21						1						(26)						1
Total			$	17					$	52					$	1					$	(35)					$	35

(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
Site closure & restructuring costs			14						29						(9)						(29)						5
Total			$	79					$	47					$	(26)					$	(83)					$	17

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.

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