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Nature of Operations and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2024
Accounting Policies [Abstract] |
Reconciliation of Cash | Cash, cash equivalents and restricted cash reported in the Company’s balance sheet as of June 30, 2024, December 31, 2023, June 30, 2023 and December 31, 2022 were as follows:
(DOLLARS IN MILLIONS) | June 30, 2024 |  | December 31, 2023 |  | June 30, 2023 |  | December 31, 2022
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 671 |  |  | $ | 703 |  |  | $ | 638 |  |  | $ | 483 |
Cash and cash equivalents included in Assets held for sale | 3 |  |  | 26 |  |  | 3 |  |  | 52 |
Restricted cash | — |  |  | 6 |  |  | 11 |  |  | 10 |
Non-current assets |  |  |  |  |  |  |
Restricted cash included in Other assets | — |  |  | — |  |  | — |  |  | 7 |
Cash, cash equivalents and restricted cash | $ | 674 |  |  | $ | 735 |  |  | $ | 652 |  |  | $ | 552 |
Schedule of Bad Debt Reserve | The following is a roll-forward of the Company’s allowances for bad debts for the six months ended June 30, 2024 and 2023.
| Six Months Ended June 30,
(DOLLARS IN MILLIONS) | 2024 |  | 2023
Balance at January 1 | $ | 52 |  |  | $ | 53 |
Bad debt expense (reversals) | (9) |  |  | 8
Write-offs | (15) |  |  | — |
Foreign exchange (gains) losses | (1) |  |  | 2
Balance at June 30 | $ | 27 |  |  | $ | 63 |
Schedule of Inventory, Current | The Company’s inventories consisted of the following:
(DOLLARS IN MILLIONS) | June 30, 2024 |  | December 31, 2023
Raw materials | $ | 708 |  |  | $ | 779 |
Work in process | 381 |  |  | 406 |
Finished goods | 1,071 |  |  | 1,292 |
Total | $ | 2,160 |  |  | $ | 2,477 |

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