As of September 30, 2026, the Company owned an aggregate 50% membership interest in LACC, LLC ("LACC"). The Company accounts for its investment in LACC under the equity method of accounting and the change for the nine months ended September 30, 2026 was as follows:


	Investment in LACC





Balance at December 31, 2025	$	991
Cash contributions	24

Depreciation and amortization	(42)

Balance at September 30, 2026	$	973

In May 2022, the Company entered into a chlorine and hydrogen chloride exchange contract with one of its customers. In the third quarter of 2025, the Company received an up-front payment of $70, representing a fixed portion of the total transaction price. The up-front fee was recorded as a contract liability and will be recognized ratably in net sales over the 20-year contract period. In addition to the fixed portion of the transaction price, the Company charges certain variable fees under the contract.


	Nine Months Ended September 30,
	2026		2025
Balance at January 1,	$	147	$	62
Revenues recognized that were included in the contract liability balances at the beginning of the period	(6)		(4)
Increases due to cash received and due, excluding amounts recognized as revenues during the period	15		91
Balance at September 30,	$	156	$	149

Accrued and other liabilities were $1,513 and $1,490 at September 30, 2026 and December 31, 2025, respectively. Accrued rebates and accrued operating lease liability, which are components of accrued and other liabilities, were $288 and $134 at September 30, 2026 and $225 and $138 at December 31, 2025, respectively. No other component of accrued and other liabilities was more than five percent of total current liabilities. Accrued liabilities with related parties were $21 and $31 at September 30, 2026 and December 31, 2025, respectively.

Restructuring, transaction and integration-related expenses for the three and nine months ended September 30, 2026, were $58 and $79, respectively, and primarily related to charges recorded in the third quarter of 2026 associated with the announced closure of the PVC facility in Cologne, Germany and closure costs that are recognized over time related to closures of certain North American chlorovinyl facilities and a styrene facility in 2025. Restructuring, transaction and integration-related expenses for the three and nine months ended September 30, 2025, were $17 and $139, respectively, and primarily consisted of closure costs of $15 and $130 for the three and nine months ended September 30, 2025 associated with the closure of the Pernis facility in 2025, as discussed below, and costs related to the closure of the PVC resin unit at the Suzhou Huasu Plastics plant located in China.

In September 2026, the Company announced a plan to cease operation of its PVC production plant located in Cologne, Germany, subject to completion of local consultation obligations. The production at the Cologne plant is expected to cease in the first quarter of 2027. The Company plans to continue supplying customers with PVC from its other chlorovinyl facilities, including the recently acquired production site located in Wilhelmshaven, Germany. The total costs recognized for the three and nine months ended September 30, 2026 were $51, of which $50 was included in the restructuring, transaction and integration-related costs and $1 was included in cost of sales in the Company's consolidated statements of operations and Performance and Essential Materials segment operating results. These plant shutdown related costs recorded represent management's best estimate based on information currently available and are subject to change as additional information becomes available. The Company expects to recognize additional charges of $150 primarily consisting of asset write-down and accelerated depreciation and amortization charges of $84, contract termination costs of $57, and other plant shutdown costs of $9 in future periods in connection with the closure. The Company expects to complete the closure plan of the facility by the end of 2027.


	Asset Write-Downs		Accelerated Depreciation and Amortization		Asset Retirement Obligations		Severance and Separation Costs		Total
2026 charges	$	31	$	3	$	—	$	17	$	51
Property, plant and equipment, net	(30)		(3)		—		—		(33)
Inventory write-downs	(1)		—		—		—		(1)
Asset retirement obligations	—		—		16		—		16
Balances at September 30, 2026	$	—	$	—	$	16	$	17	$	33

In December 2025, the Company ceased operations of certain of the Company's North American chlorovinyls production facilities, including (i) its PVC plant at the Aberdeen, Mississippi facility, (ii) its vinyl chloride monomer plant at the Lake Charles, Louisiana North facilities, and (iii) one of its diaphragm chlor-alkali units at the Lake Charles, Louisiana South facilities, as well as (iv) its styrene production plant located at the Lake Charles, Louisiana facilities. The total costs recognized by the Company in 2025 as a result of these closures were $393, which consisted of $287 related to accelerated depreciation and amortization and $30 related to asset write-downs, in addition to asset retirement obligations, severance and separation costs and other plant shutdown costs. The Company recognized asset write-downs of $2 in the three and nine months ended September 30, 2026, resulting in the total cumulative accelerated depreciation and amortization and asset write-down costs of $319 as of September 30, 2026. The Company expects to recognize additional charges related to severance and separation costs of $1 and other plant shutdown costs of $2 in future periods in connection with these closures, and complete the closure plan for these facilities by the end of 2027. Asset retirement obligations and plant shutdown costs recorded represent management's best estimate based on information currently available and are subject to change as additional information becomes available.

The following table sets forth the asset write-downs and accelerated depreciation and amortization and the accrual activity related to the closure of the chlorovinyls and styrene facilities included in accrued and other liabilities, and other liabilities in the Company's consolidated balance sheets, and the cumulative charges recognized:


	Accelerated Depreciation and Amortization and Asset Write-Downs		Asset Retirement Obligations		Severance and Separation Costs		Other Plant Shutdown Costs		Total
Balances at December 31, 2025	$	—	$	52	$	17	$	7	$	76
2026 charges and change in estimates	—		—		3		8		11
Payments	—		(18)		(16)		(10)		(44)
Balances at March 31, 2026	—		34		4		5		43
2026 charges and change in estimates	—		2		1		4		7
Payments	—		(16)		(1)		(7)		(24)
Balances at June 30, 2026	—		20		4		2		26
2026 charges and change in estimates	2		3		—		2		7
Payments	—		(12)		(2)		(3)		(17)
Other assets	(2)		—		—		—		(2)
Balances at September 30, 2026	$	—	$	11	$	2	$	1	$	14
Cumulative charges recognized as of September 30, 2026	$	319	$	57	$	21	$	21	$	418

The Company ceased operations of its Pernis facility in 2025. The total costs recognized by the Company in 2025 as a result of this closure were $247, which consisted of $15 related to inventory write-off, in addition to asset retirement obligations, severance and separation costs and contract termination and other plant shutdown costs. The total costs recognized by the Company related to the Pernis mothballing in 2024 were $75. The Company expects to recognize additional charges related to severance and separation costs of $3 in future periods in connection with the plant closure and complete the closure plan by the end of 2030. Asset retirement obligations and plant shutdown costs recorded represent management's best estimate based on information currently available and are subject to change as additional information becomes available.


	Asset Write-Downs		Asset Retirement Obligations		Severance and Separation Costs		Contract Termination and Other Costs		Total
Balances at December 31, 2025	$	—	$	99	$	25	$	102	$	226
2026 charges and change in estimates	—		4		2		(2)		4
Payments	—		(13)		(11)		(4)		(28)
Foreign currency translation	—		(2)		—		(2)		(4)
Balances at March 31, 2026	—		88		16		94		198
2026 charges and change in estimates	—		(3)		1		(2)		(4)
Payments	—		(11)		(2)		(4)		(17)
Foreign currency translation	—		(1)		(1)		—		(2)
Balances at June 30, 2026	—		73		14		88		175
2026 charges and change in estimates	—		(4)		1		—		(3)
Payments	—		(7)		(1)		(3)		(11)
Foreign currency translation	—		—		—		—		—
Balances at September 30, 2026	$	—	$	62	$	14	$	85	$	161
Cumulative charges recognized as of September 30, 2026	$	15	$	119	$	31	$	154	$	319

The foreign currency swap agreements, designated as net investment hedges, with an aggregate notional value of €150 million matured on August 15, 2026. Upon maturity, the agreements settled through physical delivery of the contractual euro amounts by the Company and receipt of U.S. dollars from the counterparties. This resulted in total cash paid, on a U.S. dollar equivalent basis of $175 and total cash received of $182.