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ASSETS IMPAIRMENTS AND RESTRUCTURING

3 Months Ended

Mar. 31, 2024

Restructuring Costs and Asset Impairment Charges [Abstract]

ASSET IMPAIRMENTS AND RESTRUCTURING CHARGES, NET


(Dollars in millions)	First Quarter
	2024		2023

Severance charges (1)	$	11	$	16
Site closure and other restructuring charges (2)	—		6
Total	$	11	$	22

(1)Severance charges as part of fourth quarter 2022 and 2023 cost reduction initiatives reported in "Other".

(2)First quarter 2023 site closure costs related to 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.

Changes in Reserves

The following table summarizes the changes in asset impairments and restructuring reserves in first three months 2024 and full year 2023:


(Dollars in millions)	Balance at January 1, 2024		Provision/ Adjustments		Non-cash Reductions/ Additions		Cash Reductions		Balance at March 31, 2024

Severance costs	$	26	$	11	$	—	$	(10)	$	27

Total	$	26	$	11	$	—	$	(10)	$	27


(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
Other restructuring costs	1		6		—		(7)		—
Total	$	35	$	37	$	—	$	(46)	$	26

Substantially all severance costs remaining as of March 31, 2024 are expected to be paid within one year.