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RESTRUCTURING CHARGES (Tables) | 6 Months Ended | 55 Months Ended
--- | --- | ---
Jun. 30, 2024 | Jun. 30, 2024
Restructuring and Related Activities [Abstract] |  |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the 2024 and 2023 activities by major component of these restructuring actions and the remaining balances of accrued restructuring costs as of June 30, 2024 and 2023:
| Employee Severance and Related Benefit Costs |  | Lease and Other Contract Termination Costs |  | Facility Exit Costs |  | Write-off of Equipment and Facility |  | Total
| ($ in millions)
Balance at January 1, 2023 | $ | 9.4 |  |  | $ | 4.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 13.6 |
Restructuring charges: |  |  |  |  |  |  |  |  |
First quarter | — |  |  | 39.7 |  |  | 8.4 |  |  | 12.8 |  |  | 60.9 |
Second quarter | 3.3 |  |  | 1.7 |  |  | 9.3 |  |  | 4.9 |  |  | 19.2 |
Amounts utilized | (1.4) |  |  | (7.2) |  |  | (17.7) |  |  | (17.7) |  |  | (44.0) |
Balance at June 30, 2023 | $ | 11.3 |  |  | $ | 38.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 49.7 |
Balance at January 1, 2024 | $ | 10.8 |  |  | $ | 16.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 27.5 |
Restructuring charges: |  |  |  |  |  |  |  |  |
First quarter | — |  |  | — |  |  | 8.3 |  |  | — |  |  | 8.3 |
Second quarter | — |  |  | 1.7 |  |  | 5.1 |  |  | — |  |  | 6.8 |
Amounts utilized | (7.4) |  |  | (5.6) |  |  | (13.4) |  |  | — |  |  | (26.4) |
Balance at June 30, 2024 | $ | 3.4 |  |  | $ | 12.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 16.2 |
Cumulative Restructuring Charges by Type and Plan | Pretax restructuring charges, by plan, for the three and six months ended June 30, 2024 and 2023, were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Pretax Restructuring Charges | ($ in millions)
Epoxy Optimization Plan | $ | 5.8 |  |  | $ | 13.3 |  |  | $ | 9.3 |  |  | $ | 71.1 |
McIntosh Plan | 0.1 |  |  | 2.5 |  |  | 2.0 |  |  | 3.9 |
Freeport 2021 Plan | 0.3 |  |  | 1.4 |  |  | 0.7 |  |  | 2.1 |
Freeport 2019 Plan | 0.6 |  |  | 2.0 |  |  | 3.1 |  |  | 3.0 |
Total restructuring charges | $ | 6.8 |  |  | $ | 19.2 |  |  | $ | 15.1 |  |  | $ | 80.1 |
| The following table summarizes the cumulative restructuring charges of these restructuring actions by major component through June 30, 2024:
|  | Chlor Alkali Products and Vinyls |  |  |  | Epoxy |  |  |  | Total
|  | McIntosh Plan |  | Freeport 2021 Plan |  | Freeport 2019 Plan |  |  |  | Epoxy Optimization Plan |  |  |
|  | ($ in millions)
Write-off of equipment and facility |  | $ | 2.7 |  |  | $ | — |  |  | $ | 58.9 |  |  |  |  | $ | 18.3 |  |  |  |  | $ | 79.9 |
Employee severance and related benefit costs |  | — |  |  | — |  |  | 2.1 |  |  |  |  | 15.8 |  |  |  |  | 17.9 |
Facility exit costs |  | 11.4 |  |  | 13.8 |  |  | 22.2 |  |  |  |  | 25.9 |  |  |  |  | 73.3 |
Lease and other contract termination costs |  | 6.4 |  |  | — |  |  | — |  |  |  |  | 30.8 |  |  |  |  | 37.2 |
Total cumulative restructuring charges |  | $ | 20.5 |  |  | $ | 13.8 |  |  | $ | 83.2 |  |  |  |  | $ | 90.8 |  |  |  |  | $ | 208.3 |

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- Definition Tabular 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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