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ASSETS IMPAIRMENTS AND RESTRUCTURING | 3 Months Ended
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Mar. 31, 2025
Restructuring Costs and Asset Impairment Charges [Abstract] |
ASSET IMPAIRMENTS AND RESTRUCTURING | ASSET IMPAIRMENTS, RESTRUCTURING, AND OTHER CHARGES, NET
(Dollars in millions) | First Quarter |  |
| 2025 |  | 2024 |  |  |  |
Severance charges (1)(2) | $ | 1 |  |  | $ | 11 |  |  |  |  |
Restructuring and other charges (1)(3) | 8 |  |  | — |  |  |  |  |
Total | $ | 9 |  |  | $ | 11 |  |  |  |  |
(1)Severance charges of $1 million and restructuring charges of $3 million in first quarter 2025 related to the closure of a heat-transfer fluids production line at a North America specialty fluids and energy facility in the Additives & Functional Products segment. (2)Severance charges in first quarter 2024 related to corporate cost reductions actions which are reported in "Other". (3)Charges of $5 million related to profitability improvement initiatives which are reported in "Other". Changes in Reserves The following table summarizes the changes in asset impairments and restructuring reserves in first three months 2025 and full year 2024:
(Dollars in millions) | Balance at January 1, 2025 |  | Provision/ Adjustments |  | Non-cash Reductions/ Additions |  | Cash Reductions |  | Balance at March 31, 2025
Severance charges | $ | 23 |  |  | $ | 1 |  |  | $ | — |  |  | $ | (6) |  |  | $ | 18 |
Restructuring and other charges | 3 |  |  | 8 |  |  | — |  |  | (6) |  |  | 5 |
Total | $ | 26 |  |  | $ | 9 |  |  | $ | — |  |  | $ | (12) |  |  | $ | 23 |
(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 charges | 26 |  |  | 25 |  |  | — |  |  | (28) |  |  | 23 |
Restructuring and other charges | — |  |  | 21 |  |  | — |  |  | (18) |  |  | 3 |
Total | $ | 26 |  |  | $ | 51 |  |  | $ | (5) |  |  | $ | (46) |  |  | $ | 26 |
Substantially all severance charges remaining as of March 31, 2025 are expected to be paid within one year.

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- References No definition available. + Details
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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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