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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Carrying Amount and Estimated Fair Value of Financial Instruments
The carrying value and the estimated fair values of financial instruments at December 31 consisted of the following:
 20212020
(DOLLARS IN MILLIONS)Carrying ValueFair
Value		Carrying ValueFair
Value
LEVEL 1
Cash and cash equivalents(1)
$711 $711 $650 $650 
2025 Notes(6)
1,001 968 — — 
2027 Notes(6)
1,218 1,180 — — 
2030 Notes(6)
1,511 1,466 — — 
2040 Notes(6)
775 762 — — 
2050 Notes(6)
1,572 1,556 — — 
LEVEL 2
Credit facilities and bank overdrafts(2)
7 7 2 2 
Derivatives
Derivative assets(3)
— — 1 1 
Derivative liabilities(3)
7 7 29 29 
Commercial paper(2)
324 324 — — 
Long-term debt:
2021 Euro Notes(4)
— — 368 370 
2022 Notes(4)
300 300 — — 
2023 Notes(4)
300 308 299 316 
2024 Euro Notes(4)
565 585 614 648 
2026 Euro Notes(4)
900 960 978 1,061 
2028 Notes(4)
397 452 397 472 
2047 Notes(4)
494 585 494 608 
2048 Notes(4)
786 1,026 786 1,059 
2018 Term Loan Facility(2)
— — 240 240 
2022 Term Loan Facility(2)
— — 199 200 
2024 Term Loan Facility(7)
625 625 — — 
2026 Term Loan Facility(7)
625 625 — — 
Amortizing Notes(5)
— — 36 37 
_______________________
(1)The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments.
(2)The carrying amount approximates fair value as the interest rate is reset frequently based on current market rates as well as the short maturity of those instruments.
(3)The carrying amount approximates fair value as the instruments are marked-to-market and held at fair value on the Consolidated Balance Sheets.
(4)The fair value of the Company's long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on its own credit risk.
(5)The fair value of the Amortizing Notes of the TEUs was based on the most recently quoted price for the outstanding securities, adjusted for any known significant deviation in value. The estimated fair value of these long-term obligations is not necessarily indicative of the amount that would be realized in a current market exchange.
(6)The fair value of the Notes is based on marketed quoted price as there is an active market for the Notes and observable market data and inputs.
(7)The carrying amount approximates fair value as the Term Loans were assumed at fair value and the interest rate is reset frequently based on current market rates.
Derivative Instruments Notional Amount Outstanding
The following table shows the notional amount of the Company’s derivative instruments outstanding as of December 31, 2021 and December 31, 2020:
December 31,
(DOLLARS IN MILLIONS)20212020
Foreign currency contracts$46 $221 
Commodity contracts10 — 
Cross currency swaps300 300 
Derivative Instruments Measured at Fair Value
The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy) as reflected in the Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020:
 December 31, 2021
(DOLLARS IN MILLIONS)Fair Value of Derivatives
Designated as Hedging
Instruments		Fair Value of Derivatives Not Designated as Hedging InstrumentsTotal Fair Value
Derivative assets(1)
Foreign currency contracts$— $— $— 
Derivative liabilities(2)
Foreign currency contracts$— $2 $2 
Cross currency swaps5 — 5 
Total derivative liabilities$5 $2 $7 
 December 31, 2020
(DOLLARS IN MILLIONS)Fair Value of Derivatives Designated as Hedging InstrumentsFair Value of Derivatives Not Designated as Hedging InstrumentsTotal Fair Value
Derivative assets(1)
Foreign currency contracts$— $1 $1 
Derivative liabilities(2)
Foreign currency contracts$6 $— $6 
Cross currency swaps23 — 23 
Total derivative liabilities$29 $— $29 
_______________________
(1)Derivative assets are recorded to Prepaid expenses and other current assets in the Consolidated Balance Sheets.
(2)Derivative liabilities are recorded as Other current liabilities in the Consolidated Balance Sheets.
Derivative Instruments Which Were Not Designated as Hedging Instruments
The following table shows the effect of the Company’s derivative instruments which were not designated as hedging instruments in the Consolidated Statements of Income and Comprehensive Income (Loss) for the years ended December 31, 2021 and December 31, 2020:
(DOLLARS IN MILLIONS)Amount of Gain (Loss)
For the year ended
December 31,		Location of Gain (Loss)
Recognized in
Income on Derivative
20212020
Foreign currency contracts$6 $9 Other (income) expense, net
Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments
The following table shows the effect of the Company’s derivative instruments designated as cash flow and net investment hedging instruments, net of tax, in the Consolidated Statements of Income and Comprehensive Income (Loss) for the years ended December 31, 2021 and December 31, 2020:
 Amount of Gain (Loss)
Recognized in OCI on Derivative
(Effective Portion)		Location of Gain
(Loss) Reclassified
from AOCI into Income
(Effective Portion)		Amount of Gain (Loss) Reclassified from AOCI
into Income
(Effective Portion)
 For the years ended
December 31,		For the years ended
December 31,
(DOLLARS IN MILLIONS)2021202020212020
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts$7 $(10)Cost of goods sold$(6)$5 
Interest rate swaps (1)
1 1 Interest expense(1)(1)
Derivatives in Net Investment Hedging Relationships:
Cross currency swaps14 (13)N/A— — 
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes38 (42)N/A— — 
2021 Euro Notes & 2026 Euro Notes72 (92)N/A— — 
Total$132 $(156)$(7)$4 
_______________________
(1)Interest rate swaps were entered into as pre-issuance hedges for the Company's bond offerings.