Restructuring & Business Realignment

Restructuring Activities

In November 2017, the Company initiated new restructuring actions with the intent to optimize its cost structure. As of September 30, 2019, $26 of one-time cash costs have been incurred for these restructuring activities, consisting primarily of workforce reduction costs, and no additional costs are expected to be incurred related to the 2017 programs. All costs for these restructuring activities were incurred in the predecessor period.

The following table summarizes restructuring information by reporting segment:



	Epoxy, Phenolic and Coating Resins			Forest Products Resins			Corporate and Other			Total
Total restructuring costs incurred through September 30, 2019	14			8			4			26

Predecessor
Accrued liability at December 31, 2018	$	2		$	2		$	2		$	6
Restructuring charges	1			—			—			1
Payments	(2		)	(1		)	(1		)	(4		)
Accrued liability at July 1, 2019	$	1		$	1		$	1		$	3
Successor
Accrued liability at July 2, 2019	$	1		$	1		$	1		$	3
Restructuring charges	—			—			—			—
Payments	—			—			(1		)	(1		)
Accrued liability at September 30, 2019	$	1		$	1		$	—		$	2

Oilfield

During the first quarter of 2018, the Company indefinitely idled an oilfield manufacturing facility within its Epoxy, Phenolic and Coating Resins segment, and production was shifted to another facility within the oilfield manufacturing group. This represented a triggering event resulting in an impairment evaluation of the fixed and intangible assets within the U.S. oilfield asset group. As a result, an asset impairment of $20 was recorded in the first quarter of 2018 related to the fixed assets at the idled manufacturing facility. In addition, the remaining U.S. oilfield asset group was evaluated for impairment utilizing a discounted cash flow approach, resulting in an additional impairment of $5 that was recorded during the first quarter of 2018 related to an existing customer relationship intangible asset. Overall, the Company incurred $25 of total impairment related to these assets, which is included in “Asset impairments” in the unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2018.