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ASSETS IMPAIRMENTS AND RESTRUCTURING | 9 Months Ended
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Sep. 30, 2024
Restructuring Costs and Asset Impairment Charges [Abstract] |
ASSET IMPAIRMENTS AND RESTRUCTURING | ASSET IMPAIRMENTS, RESTRUCTURING, AND OTHER CHARGES, NET
(Dollars in millions) | Third Quarter |  | First Nine Months
| 2024 |  | 2023 |  | 2024 |  | 2023
Asset impairments (1) | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
Severance charges (1)(2) | 10 |  |  | — |  |  | 21 |  |  | 16 |
Site closure and other charges (1)(3)(4) | 15 |  |  | — |  |  | 15 |  |  | 6 |
Total | $ | 30 |  |  | $ | — |  |  | $ | 41 |  |  | $ | 22 |
(1)Third quarter and first nine months 2024 includes asset impairment charges of $5 million, severance charges of $4 million, and site closure costs of $9 million related to the planned closure of a solvent-based resins production line at an advanced interlayers facility in North America. In addition, inventory adjustments of $4 million and $3 million in the Advanced Materials ("AM") segment and Additives & Functional Products ("AFP") segment, respectively, were recognized in "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in third quarter and first nine months 2024 related to this closure. (2)Third quarter and first nine months 2024 includes severance charges of $6 million and $17 million, respectively, as part of cost reduction initiatives which are reported in "Other". First nine months 2023 includes severance charges as part of fourth quarter 2022 cost reduction initiatives reported in "Other". (3)Third quarter and first nine months 2024 includes other charges of $6 million related to growth and profitability improvement initiatives. (4)First nine months 2023 includes site closure costs of $6 million 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 nine months 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 nine months 2024 and full year 2023:
(Dollars in millions) | Balance at January 1, 2024 |  | Provision/ Adjustments |  | Non-cash Reductions/ Additions |  | Cash Reductions |  | Balance at September 30, 2024
Non-cash charges | $ | — |  |  | $ | 5 |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |
Severance costs | $ | 26 |  |  | $ | 21 |  |  | $ | — |  |  | $ | (22) |  |  | $ | 25 |
Other restructuring costs | — |  |  | 15 |  |  | — |  |  | (6) |  |  | 9 |
Total | $ | 26 |  |  | $ | 41 |  |  | $ | (5) |  |  | $ | (28) |  |  | $ | 34 |
(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 September 30, 2024 are expected to be paid 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. + References No definition available. + Details
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