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Nature of Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory The Company's inventories consisted of the following:
 December 31,
(DOLLARS IN MILLIONS)20222021
Raw materials$1,073 $854 
Work in process442 287 
Finished goods1,636 1,375 
Total$3,151 $2,516 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Company’s statement of cash flows periods ended December 31, 2022, 2021 and 2020 to the amounts reported in the Company’s balance sheets as of December 31, 2022, 2021 and 2020.
(DOLLARS IN MILLIONS)December 31, 2022December 31, 2021December 31, 2020
Current assets
Cash and cash equivalents$483 $711 $650 
Cash and cash equivalents included in Assets held for sale52 — — 
Restricted cash10 4 7 
Non-current assets
Restricted cash included in Other assets7 1 3 
Cash, cash equivalents and restricted cash$552 $716 $660 
Contract with Customer, Contract Asset, Contract Liability, and Receivable
Contract Assets and Liabilities
With respect to a small number of contracts for the sale of compounds, the Company has an “enforceable right to payment for performance to date” and as the products do not have an alternative use, the Company recognizes revenue for these contracts over time and records a contract asset using the output method. The output method recognizes revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract.
As of December 31, 2022 and 2021, the Company’s gross accounts receivable was $1.871 billion and $1.952 billion, respectively. The Company’s contract assets and contract liabilities as of December 31, 2022 and 2021 were not material.
Accounts Receivable, Allowance for Credit Loss
The following is a roll forward of the Company’s allowances for bad debts for the years ended December 31, 2021 and 2022:
(DOLLARS IN MILLIONS)Allowance for Bad Debts
Balance at December 31, 2020$21 
Bad debt expense6 
Write-offs(1)
Other adjustments(1)
20 
Balance at December 31, 202146 
Bad debt expense(2)
19 
Foreign exchange(12)
Balance at December 31, 2022$53 
_______________________
(1)The adjustment to allowances for bad debts was a result of purchase price allocation related to the Merger with N&B.
(2)The bad debt expense included approximately $11 million related to expected credit losses on receivables from customers located in Russia and Ukraine (for export and domestic sales) due to recent events in those countries. The Company will continue to evaluate its credit exposure related to Russia and Ukraine.