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ASSET IMPAIRMENTS AND RESTRUCTURING | 12 Months Ended
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Dec. 31, 2024
Restructuring Costs and Asset Impairment Charges [Abstract] |
ASSET IMPAIRMENTS AND RESTRUCTURING | ASSET IMPAIRMENTS, RESTRUCTURING, AND OTHER CHARGES, NET Components of asset impairments, restructuring, and other charges, net, are presented below:
| For years ended December 31,
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Tangible Asset Impairments |  |  |  |  |
AM - Advanced interlayers (1) | $ | 5 |  |  | $ | — |  |  | $ | — |
| 5 |  |  | — |  |  | — |
Loss (Gain) on Sale of Previously Impaired Assets |  |  |  |  |
AM - Advanced interlayers (2) | — |  |  | — |  |  | 16 |
Other - Tire additives (3) | — |  |  | — |  |  | (1) |
| — |  |  | — |  |  | 15 |
Severance Charges |  |  |  |  |
Corporate cost reduction and business improvement actions(4) | 21 |  |  | 31 |  |  | 22 |
AM - Advanced interlayers (1) | 4 |  |  | — |  |  | — |
AM - Performance films (5) | — |  |  | — |  |  | 1 |
Fibers - Acetate Yarn (6) | — |  |  | — |  |  | 7 |
| 25 |  |  | 31 |  |  | 30 |
Restructuring and Other Costs |  |  |  |  |
Corporate growth and profitability initiatives (7) | 12 |  |  | — |  |  | — |
CI - Singapore (8) | — |  |  | — |  |  | 3 |
AM - Advanced interlayers (1)(2) | 9 |  |  | — |  |  | 2 |
Fibers - Acetate Yarn (6) | — |  |  | 6 |  |  | 2 |
| 21 |  |  | 6 |  |  | 7 |
Total | $ | 51 |  |  | $ | 37 |  |  | $ | 52 |
(1)Asset impairment charges, severance charges, and site closure costs in 2024, 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 AFP segment, respectively, were recognized in "Cost of sales" in the Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings in 2024 related to this closure. (2)Loss on sale of previously impaired assets and other restructuring costs in 2022, related to the closure of an advanced interlayers manufacturing facility in North America as part of site optimization. (3)Gain on sale of previously impaired assets in 2022, for assets associated with divested rubber additives and other product lines of the global tire additives business. (4)Severance charges related to corporate cost reductions and business improvement actions which are reported in "Other". (5)Severance charges for site optimizations in 2022 related to the closure of a performance films research and development facility. (6)Severance charges in 2022 and site closure costs in 2022 and 2023 related to the 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. (7)Charges related to corporate growth and profitability improvement initiatives which are reported in "Other". (8)Other restructuring charges in 2022 related to the closure of a manufacturing site in Singapore. Reconciliations of the beginning and ending restructuring liability amounts are as follows:
(Dollars in millions) | Balance at January 1, 2024 |  | Provision/ Adjustments |  | Non-cash Reductions/ Additions |  | Cash Reductions |  | Balance at December 31, 2024
Non-cash charges | $ | — |  |  | $ | 5 |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |
Severance costs | 26 |  |  | 25 |  |  | — |  |  | (28) |  |  | 23 |
Site closure & other restructuring costs | — |  |  | 21 |  |  | — |  |  | (18) |  |  | 3 |
Total | $ | 26 |  |  | $ | 51 |  |  | $ | (5) |  |  | $ | (46) |  |  | $ | 26 |
(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 & other 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 & other restructuring costs | 5 |  |  | 21 |  |  | 1 |  |  | (26) |  |  | 1 |
Total | $ | 17 |  |  | $ | 52 |  |  | $ | 1 |  |  | $ | (35) |  |  | $ | 35 |
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. + References No definition available. + Details
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