The following table sets forth the components of the Company’s restructuring, asset-related, and other charges by segment for the three months ended March 31, 2025 and 2024.


	Thermal & Specialized Solutions		Titanium Technologies		Advanced Performance Materials		Other Non-Reportable Segment		Corporate		Total
Three Months Ended March 31, 2025
Employee separation charges
SPS CapstoneTM Exit	$	—	$	—	$	13	$	—	$	—	$	13
Total employee separation charges		—		—		13		—		—		13
Decommissioning and other charges:
SPS CapstoneTM Exit		—		—		2		—		—		2
2024 Restructuring Program		—		—		1		—		—		1
Titanium Technologies Transformation Plan		—		5		—		—		—		5
Total decommissioning and other charges		—		5		3		—		—		8
Total restructuring and other charges		—		5		16		—		—		21
Asset-related charges:
SPS CapstoneTM Exit		—		—		12		—		—		12
Total asset-related charges		—		—		12		—		—		12
Total restructuring, asset-related, and other charges	$	—	$	5	$	28	$	—	$	—	$	33


	Thermal & Specialized Solutions		Titanium Technologies		Advanced Performance Materials		Other Non-Reportable Segment		Corporate		Total
Three Months Ended March 31, 2024
Employee separation charges:	$	—	$	—	$	—	$	—	$	—	$	—
Decommissioning and other charges:
Titanium Technologies Transformation Plan		—		4		—		—		—		4
Total restructuring and other charges		—		4		—		—		—		4
Asset-related charges:		—		—		—		—		—		—
Total restructuring, asset-related, and other charges	$	—	$	4	$	—	$	—	$	—	$	4

In January 2025, management approved a restructuring plan within the Advanced Performance Materials business to exit its SPS CapstoneTM business and begin the shutdown process for the underlying manufacturing asset across the Washington Works and Chambers Works sites, as well as the Villers St. Paul site pending local regulatory approval. This action was taken due to regulatory changes and uncertainty that have caused reduced demand and market deselection of telomer-based chemistries, making SPS economic unfavorable going forward.

As a result, during the three months ended March 31, 2025, the Company recorded charges of $27, consisting of non-cash asset-related charges of $12, employee separation charges of $13 and decommissioning and other charges of $2. The associated severance payments began in the first quarter of 2025 and are expected to be substantially completed by the second half of 2025. The $12 of asset related charges primarily includes $11 of non-cash accelerated depreciation related to the SPS CapstoneTM manufacturing assets remaining useful life. The Company also expects to incur additional asset-related charges of $13 in the second quarter of 2025, along with decommissioning and other charges of $10 related to retention, external spending to support site closure activities, deconstruction and ongoing decommissioning expenses. These charges will be recognized as period costs as incurred.

In the third quarter of 2024, management initiated certain transformation initiatives principally within the Advanced Performance Materials business and certain Corporate functions to capture operational and commercial synergies and cost optimization. As part of these efforts, during the third quarter of 2024, the Company initiated additional cost savings programs that were largely attributable to further aligning the cost structure of the Company’s businesses and corporate functions with its financial objectives.

During the three months ended March 31, 2025, the Company recorded charges of $1 related to the 2024 Restructuring Program. Through March 31, 2025, the Company has recorded total charges of $52, consisting of non-cash asset-related charges of $27, employee separation charges of $20 and other charges of $5. The associated severance payments began in the third quarter of 2024 and are expected to be substantially completed by the second half of 2025. The Company also expects to incur decommissioning and other charges of approximately $3 through 2026 which will be recognized as period costs as incurred.

On July 27, 2023, the Company announced the closure of its manufacturing site in Kuan Yin, Taiwan effective August 1, 2023, following the Company’s Board of Directors approval on July 26, 2023. The Company began shutting down production and started decommissioning the plant during the third quarter of 2023 and fully completed the shut-down during the fourth quarter of 2023. Decommissioning activities were completed in the second quarter of 2024 and dismantling and removal activities were completed in the first quarter of 2025.

As a result, during the three months ended March 31, 2025, the Company recorded decommissioning and other charges of $5. Through March 31, 2025, the Company has recorded total charges of approximately $134, consisting of asset-related impairments of $78, employee separation costs of $14, contract termination costs of $14 and decommissioning and other charges of $28. The associated severance payments began in the fourth quarter 2023 and were substantially completed in the first quarter of 2025.

As part of the Titanium Technologies Transformation Plan, following the plant closure, the segment also initiated an organizational redesign to further align its cost structure with its financial objectives. As a result, cumulative employee separation charges of $6 were recorded through March 31, 2025. The employee separation and related payments were substantially completed in the fourth quarter of 2024.

There were no other significant outstanding liabilities related to the Company’s decommissioning and other restructuring-related charges at March 31, 2025 and December 31, 2024.