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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
| 2023 |  | 2022
(DOLLARS IN MILLIONS) | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
LEVEL 1 |  |  |  |  |  |  |
Cash and cash equivalents(1) | $ | 703 |  |  | $ | 703 |  |  | $ | 483 |  |  | $ | 483 |
LEVEL 2 |  |  |  |  |  |  |
Credit facilities and bank overdrafts(2) | 3 |  |  | 3 |  |  | 106 |  |  | 106 |
Derivatives |  |  |  |  |  |  |
Derivative assets(3) | 41 |  |  | 41 |  |  | 1 |  |  | 1 |
Derivative liabilities(3) | 165 |  |  | 165 |  |  | 75 |  |  | 75 |
Commercial paper(2) | — |  |  | — |  |  | 187 |  |  | 187 |
Long-term debt: |  |  |  |  |  |  |
2023 Notes(4) | — |  |  | — |  |  | 300 |  |  | 298 |
2024 Euro Notes(4) | 552 |  |  | 549 |  |  | 532 |  |  | 519 |
2025 Notes(4) | 1,000 |  |  | 924 |  |  | 1,000 |  |  | 884 |
2026 Euro Notes(4) | 879 |  |  | 835 |  |  | 845 |  |  | 774 |
2027 Notes(4) | 1,212 |  |  | 1,049 |  |  | 1,215 |  |  | 1,006 |
2028 Notes(4) | 398 |  |  | 389 |  |  | 398 |  |  | 380 |
2030 Notes(4) | 1,508 |  |  | 1,240 |  |  | 1,510 |  |  | 1,188 |
2040 Notes(4) | 773 |  |  | 536 |  |  | 774 |  |  | 535 |
2047 Notes(4) | 495 |  |  | 382 |  |  | 495 |  |  | 390 |
2048 Notes(4) | 787 |  |  | 678 |  |  | 787 |  |  | 685 |
2050 Notes(4) | 1,569 |  |  | 1,029 |  |  | 1,571 |  |  | 1,021 |
2024 Term Loan Facility(5) | 270 |  |  | 270 |  |  | 625 |  |  | 625 |
2026 Term Loan Facility(5) | 625 |  |  | 625 |  |  | 625 |  |  | 625 |
_______________________ (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 Note is obtained from pricing services engaged by the Company, and the Company receives one price for each security. The fair value provided by the pricing services are estimated using pricing models, where the inputs to those models are based on observable market inputs or recent trades of similar securities. The inputs to the valuation techniques applied by the pricing services are typically benchmark yields, benchmark security prices, credit spreads, reported trades and broker-dealer quotes, all with reasonable levels of transparency. (5)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, 2023 and December 31, 2022:
| December 31,
(DOLLARS IN MILLIONS) | 2023 |  | 2022
Foreign currency contracts(1) | $ | (1,400) |  |  | $ | 92 |
Commodity contracts(1) | 7 |  |  | (1) |
Cross currency swaps | 1,400 |  |  | 1,400 |
______________________ (1)Foreign currency contracts and commodity contracts are presented net of contracts bought and sold.
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, 2023 and December 31, 2022:
| December 31, 2023
(DOLLARS IN MILLIONS) | Fair Value of Derivatives Designated as Hedging Instruments |  | Fair Value of Derivatives Not Designated as Hedging Instruments |  | Total Fair Value
Derivative assets(1) |  |  |  |  |
Foreign currency contracts | $ | — |  |  | $ | 41 |  |  | $ | 41 |
Total derivative assets | $ | — |  |  | $ | 41 |  |  | $ | 41 |
Derivative liabilities(2) |  |  |  |  |
Foreign currency contracts | $ | — |  |  | $ | 4 |  |  | $ | 4 |
Cross currency swaps | 161 |  |  | — |  |  | 161 |
Total derivative liabilities | $ | 161 |  |  | $ | 4 |  |  | $ | 165 |
| December 31, 2022
(DOLLARS IN MILLIONS) | Fair Value of Derivatives Designated as Hedging Instruments |  | Fair Value of Derivatives Not Designated as Hedging Instruments |  | Total Fair Value
Derivative assets(1) |  |  |  |  |
Foreign currency contracts | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Derivative liabilities(2) |  |  |  |  |
Cross currency swaps | $ | 75 |  |  | $ | — |  |  | $ | 75 |
_______________________ (1)Derivative assets are recorded to Prepaid expenses and other current assets on the Consolidated Balance Sheets. (2)Derivative liabilities are recorded to Other current liabilities and Other liabilities on 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 (Loss) Income and Comprehensive Loss for the years ended December 31, 2023 and 2022:
(DOLLARS IN MILLIONS) | Amount of Gain (Loss) For the year ended December 31, |  | Location of Gain (Loss) Recognized in Income on Derivative
2023 |  | 2022 |
Foreign currency contracts(1) | $ | (11) |  |  | $ | 7 |  |  | Other expense (income), net
Commodity contracts | 2 |  |  | — |  |  | Cost of goods sold
Total | $ | (9) |  |  | $ | 7 |  |  |
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 net investment hedging instruments, net of tax, in the Consolidated Statements of (Loss) Income and Comprehensive Loss for the years ended December 31, 2023 and 2022:
| Amount of Gain (Loss) Recognized in OCI on Derivative and Non-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) | 2023 |  | 2022 |  |  | 2023 |  | 2022
Derivatives in Net Investment Hedging Relationships: |  |  |  |  |  |  |  |  |
Cross currency swaps | $ | (67) |  |  | $ | (16) |  |  | N/A |  | $ | — |  |  | $ | — |
Non-Derivatives in Net Investment Hedging Relationships: |  |  |  |  |  |  |  |  |
2024 Euro Notes | (16) |  |  | 27 |  |  | N/A |  | — |  |  | — |
2026 Euro Notes | (26) |  |  | 43 |  |  | N/A |  | — |  |  | — |
Total | $ | (109) |  |  | $ | 54 |  |  |  |  | $ | — |  |  | $ | — |

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