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Restructuring | 9 Months Ended
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Jun. 30, 2024
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 closed its reinforcing carbons unit at the facility in Tianjin, China that the Company acquired from Tokai Carbon Group in February 2022, consolidating its reinforcing carbons operations and reducing ongoing operational costs. Under the PC Plan, the Company has temporarily idled its aerogel manufacturing plant in Frankfurt, Germany and reorganized certain positions within the Performance Chemicals segment to reduce operating costs. Although the Frankfurt facility is idled, the Company continues its efforts to commercialize aerogel for use in thermal insulation for electric vehicles. During the three and nine months ended June 30, 2024, the Company recorded charges of $1 million and $13 million, respectively, primarily for severance related costs and accelerated depreciation as part of these plans. The Company expects to record additional restructuring charges of $1 million related to these plans through fiscal 2025. Cabot’s restructuring activities were recorded in the Consolidated Statements of Operations for the three and nine months ended June 30, 2024 and 2023 as follows:
|  | Three Months Ended June 30 |  |  | Nine Months Ended June 30 |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (In millions) |
Cost of sales |  | $ | 1 |  |  | $ | — |  |  | $ | 12 |  |  | $ | — |
Selling and administrative expenses |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |
Total |  | $ | 1 |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |
Details of all restructuring activities and the related reserves during the three and nine months ended June 30, 2024 are as follows:
|  | Severance and Employee Benefits |  |  | Accelerated Depreciation on Assets |  |  | Other |  |  | 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 |
Charges |  |  | 2 |  |  |  | — |  |  |  | 1 |  |  |  | 3 |
Cash paid |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | (1 | )
Reserve at March 31, 2024 |  | $ | 3 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 4 |
Charges |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Cash paid |  |  | (2 | ) |  |  | — |  |  |  | (1 | ) |  |  | (3 | )
Reserve at June 30, 2024 |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 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 S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: 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 + Details
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