12. RESTRUCTURING, IMPAIRMENT AND PLANT CLOSING COSTS

As of  December 31, 2024, 2023 and 2022, accrued restructuring and plant closing costs by type of cost consisted of the following (dollars in millions): 

As of December 31, 2024, 2023 and 2022, accrued restructuring and plant closing costs by segment consisted of the following (dollars in millions):

Details with respect to cash and noncash restructuring, impairment and plant closing costs from continuing operations for the years ended December 31, 2024, 2023 and 2022 are provided below (dollars in millions):

RESTRUCTURING ACTIVITIES

Beginning in the fourth quarter of 2024, our Polyurethanes segment implemented a restructuring program to reduce organizational structure costs. In connection with this restructuring program, we recorded net restructuring expense of approximately $20 million for the year ended December 31, 2024, primarily related to workforce reductions. We expect to record further restructuring expenses of approximately $13 million through 2026, primarily related to workforce reductions, site closures and accelerated depreciation.

Beginning in the first quarter of 2024, our Advanced Materials segment implemented a restructuring program to optimize the segment’s manufacturing processes and cost structure in the U.S. to better align with future market opportunities. In connection with this restructuring program, we recorded net restructuring expense of approximately $13 million for the year ended December 31, 2024, primarily related to workforce reductions and accelerated depreciation. We expect to record further restructuring expenses of approximately $8 million through 2026, primarily related to accelerated depreciation.

Beginning in the fourth quarter of 2022, we implemented a restructuring program to further realign our cost structure with additional restructuring in Europe. This program is associated with all of our segments and includes exiting and consolidating certain facilities, workforce relocation to lower cost locations and further personnel rationalization. In connection with this restructuring program, we recorded net restructuring expense of approximately $4 million for the year ended December 31, 2024, primarily related to site closures, and we recorded net restructuring expense of approximately $9 million for the year ended December 31, 2023, primarily related to workforce reductions and accelerated depreciation, partially offset by adjustments to restructuring reserves that were no longer required for certain workforce reductions. We recorded net restructuring expense of approximately $34 million for the year ended December 31, 2022, primarily related to workforce reductions. We do not expect to record any further significant restructuring expenses.

Beginning in the first quarter of 2021, our Corporate function implemented a restructuring program to optimize our global approach to leveraging shared services capabilities. During the second quarter of 2022, this program was further expanded to include additional geographies. During the year ended December 31, 2023, we evaluated the then current developments of this program and related anticipated cash costs, and we recorded a net restructuring credit of approximately $6 million for the year ended December 31, 2023, primarily to adjust restructuring reserves that were no longer required for certain workforce reductions. During the year ended December 31, 2022, we recorded approximately $15 million of net restructuring costs, primarily related to workforce reductions. 

Beginning in the third quarter of 2020, our Polyurethanes segment implemented a restructuring program to optimize its downstream footprint. During the second quarter of 2022, this optimization program was further expanded to include the entire Polyurethanes business. In connection with this restructuring program, we recorded net restructuring expense of approximately $4 million and $10 million for the years ended December 31, 2023 and 2022, respectively, primarily related to workforce reductions. 

Beginning in the second quarter of 2020, our Advanced Materials segment implemented restructuring programs in connection with our 2020 acquisition of CVC Thermoset Specialties, the alignment of the segment’s commercial organization and optimization of the segment’s manufacturing processes. In connection with these restructuring programs, we recorded net restructuring expense of approximately $4 million and $8 million for the years ended December 31, 2023 and 2022, respectively, primarily related to a site closure and accelerated depreciation. 

Beginning in the third quarter of 2022, our Corporate function implemented restructuring programs to optimize our global approaches to leveraging managed services in various information technology functions and to align and optimize our supply chain and EHS processes and systems. In connection with these restructuring programs, we recorded net restructuring expense of approximately $19 million for the year ended December 31, 2022, primarily related to workforce reductions.