ASSETS IMPAIRMENTS AND RESTRUCTURING

3 Months Ended

Mar. 31, 2025

Restructuring Costs and Asset Impairment Charges [Abstract]

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.