RESERVE ROLLFORWARDS (Tables)

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts

Valuation and Qualifying Accounts


(Dollars in millions)			Additions
	Balance at January 1, 2023		Charges (Credits) to Cost and Expense		Other Accounts		Deductions		Balance at December 31, 2023
Reserve for:
Credit losses	$	15	$	2	$	—	$	—	$	17
LIFO inventory	493		(72)		—		—		421
Non-environmental asset retirement obligations	51		1		—		1		51
Environmental contingencies	274		26		—		16		284
Deferred tax valuation allowance	258		(76)		1		—		183
	$	1,091	$	(119)	$	1	$	17	$	956


(Dollars in millions)			Additions
	Balance at January 1, 2022		Charges (Credits) to Cost and Expense		Other Accounts		Deductions		Balance at December 31, 2022
Reserve for:
Credit losses	$	17	$	(2)	$	—	$	—	$	15
LIFO inventory	365		128		—		—		493
Non-environmental asset retirement obligations	51		2		(1)		1		51
Environmental contingencies	281		7		—		14		274
Deferred tax valuation allowance	339		(79)		(2)		—		258
	$	1,053	$	56	$	(3)	$	15	$	1,091


(Dollars in millions)			Additions
	Balance at January 1, 2021		Charges (Credits) to Cost and Expense		Other Accounts (1)		Deductions (2)		Balance at December 31, 2021
Reserve for:
Credit losses	$	14	$	4	$	(1)	$	—	$	17
LIFO inventory	226		159		(30)		(10)		365
Non-environmental asset retirement obligations	51		2		(1)		1		51
Environmental contingencies	285		11		—		15		281
Deferred tax valuation allowance	393		(55)		1		—		339
	$	969	$	121	$	(31)	$	6	$	1,053

(1)Other accounts in the reserve for LIFO inventory was due to assets held for sale classification resulting from the Company entering into a definitive agreement to sell the adhesives resins business.

(2)Deductions in the reserve for LIFO inventory was the result of the divestiture of rubber additives. For additional information, see Note 2, "Divestitures".