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ASSETS IMPAIRMENTS AND RESTRUCTURING (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring Costs and Asset Impairment Charges [Abstract]

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

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

Restructuring and Related Costs [Table Text Block]

(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.

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Tabular 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.P.3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1

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-SubTopic 10
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-Name Accounting Standards Codification
-Topic 420
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-Section 50
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- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.b.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

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-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

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