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Nature of Operations and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Reconciliation of Cash

Cash, cash equivalents and restricted cash reported in the Company’s balance sheet as of March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022 were as follows:

(DOLLARS IN MILLIONS)			March 31, 2024						December 31, 2023						March 31, 2023						December 31, 2022
Current assets
Cash and cash equivalents			$	732					$	703					$	590					$	483
Cash and cash equivalents included in Assets held for sale			32						26						4						52
Restricted cash			7						6						16						10
Non-current assets
Restricted cash included in Other assets			—						—						7						7
Cash, cash equivalents and restricted cash			$	771					$	735					$	617					$	552

Schedule of Bad Debt Reserve

The following is a roll-forward of the Company’s allowances for bad debts for the three months ended March 31, 2024:

(DOLLARS IN MILLIONS)			Allowances for Bad Debts
Balance at January 1, 2024			$	52
Bad debt expense (reversals)(1)			(5)
Write-offs			(9)
Foreign exchange			(1)
Balance at March 31, 2024			$	37

_______________________

(1)Included approximately $7 million of reversals of allowances on receivables from certain customers in Egypt. The Company will continue to evaluate its credit exposure related to Egypt.

Schedule of Inventory, Current

The Company’s inventories consisted of the following:

(DOLLARS IN MILLIONS)			March 31, 2024						December 31, 2023
Raw materials			$	728					$	779
Work in process			432						406
Finished goods			1,251						1,292
Total			$	2,411					$	2,477

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