XML 43 R30.htm IDEA: XBRL DOCUMENT v3.24.2

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

X

- References

No definition available.

+ Details

Name:	us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfRestructuringAndRelatedCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration