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Insurance Recoveries
3 Months Ended
Dec. 31, 2022
Insurance Recovery [Abstract]  
Insurance Recoveries

H. Insurance Recoveries

Pepinster, Belgium

In July 2021, the Company’s Specialty Compounds manufacturing and research and development facility in Pepinster, Belgium experienced significant flooding. Full production, which was temporarily halted, resumed in the second quarter of fiscal 2022.

During the first quarter of fiscal 2023 the Company recorded no additional expenses related to the flood and received insurance proceeds of $6 million, which is included in Cash provided by investing activities in the Consolidated Statements of Cash Flows. The Company recognized a gain of $5 million and $1 million of loss recovery related to these proceeds, which are included within Cost of sales in the Consolidated Statements of Operations for the first quarter of fiscal 2023.

During the first quarter of fiscal 2022 the Company recorded expenses of $5 million for clean-up costs, inventory devaluation, and fixed asset impairments and simultaneously recognized a fully offsetting loss recovery from expected insurance proceeds as the Company expected insurance proceeds in excess of the total incurred costs and policy deductibles. The flood-related expenses and loss recovery are both included within Cost of sales in the Consolidated Statements of Operations for the first quarter of fiscal 2022.

At December 31, 2022 and September 30, 2022, the receivable for insurance recoveries was $3 million and $4 million, respectively.