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Restructuring | 3 Months Ended
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Dec. 31, 2023
Restructuring and Related Activities [Abstract] |
Restructuring | H. Restructuring 2024 Reorganizations During the first quarter of fiscal 2024, the Company initiated restructuring activities in both its Reinforcement Materials segment (“RM Plan”) and its Performance Chemicals segment (“PC Plan”). Under the RM Plan, the Company will close its reinforcing carbons unit at the facility in Tianjin, China that the Company acquired from Tokai Carbon Group in February 2022. The Company expects to consolidate reinforcing carbons operations and reduce ongoing operational costs. During the three months ended December 31, 2023, the Company recorded charges of $2 million for severance related costs and $6 million for accelerated depreciation as part of the RM Plan. The Company expects to record additional restructuring charges of $1 million related to the RM Plan during the remainder of fiscal 2024. Under the PC Plan, the Company will temporarily idle its aerogel manufacturing plant in Frankfurt, Germany and reorganize certain positions within the Performance Chemicals segment to reduce operating costs. While the Frankfurt facility is idled, the Company expects to reduce inventory levels at that facility as the Company continues its efforts to commercialize aerogel for use in thermal insulation for electric vehicles. During the three months ended December 31, 2023, the Company recorded charges of $1 million for severance related costs as part of the PC Plan. The Company expects to record additional restructuring charges of $3 million related to the PC Plan during the remainder of fiscal 2024. Cabot’s restructuring activities were recorded in the Consolidated Statements of Operations for the three months ended December 31, 2023 and 2022 as follows:
|  | Three Months Ended December 31 |
|  | 2023 |  |  | 2022 |
|  | (In millions) |
Cost of sales |  | $ | 9 |  |  | $ | — |
Total |  | $ | 9 |  |  | $ | — |
Details of all restructuring activities and the related reserves during the three months ended December 31, 2023 were as follows:
|  | Severance and Employee Benefits |  |  | Accelerated Depreciation on Assets |  |  | Total |
|  | (In millions) |
Reserve at September 30, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
Charges |  |  | 3 |  |  |  | 6 |  |  |  | 9 |
Cost charged against assets |  |  | — |  |  |  | (6 | ) |  |  | (6 | )
Cash paid |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Reserve at December 31, 2023 |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Cabot’s severance and employee benefit reserves are reflected in Accounts payable and accrued liabilities on the Company’s Consolidated Balance Sheets.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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