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Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Inventory | The Company’s inventories consisted of the following:
| December 31,
(DOLLARS IN MILLIONS) | 2024 |  | 2023
Raw materials | $ | 657 |  |  | $ | 779 |
Work in process | 368 |  |  | 406 |
Finished goods | 1,108 |  |  | 1,292 |
Total | $ | 2,133 |  |  | $ | 2,477 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s balance sheets as of December 31, 2024, 2023 and 2022 to the amounts reported on the Company’s statement of cash flows periods ended December 31, 2024, 2023 and 2022.
(DOLLARS IN MILLIONS) | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Current assets |  |  |  |  |
Cash and cash equivalents | $ | 469 |  |  | $ | 703 |  |  | $ | 483 |
Cash and cash equivalents included in Assets held for sale | 2 |  |  | 26 |  |  | 52 |
Restricted cash | — |  |  | 6 |  |  | 10 |
Non-current assets |  |  |  |  |
Restricted cash included in Other assets | — |  |  | — |  |  | 7 |
Cash, cash equivalents and restricted cash | $ | 471 |  |  | $ | 735 |  |  | $ | 552 |
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, 2024 and 2023, the Company’s gross accounts receivable was $1.650 billion and $1.778 billion, respectively. The Company’s contract assets and contract liabilities as of December 31, 2024 and 2023 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, 2022, 2023 and 2024:
(DOLLARS IN MILLIONS) | Allowance for Bad Debts
Balance at December 31, 2021 | $ | 46 |
Bad debt expense (reversal) | 19 |
Foreign exchange (gains) losses | (12) |
Balance at December 31, 2022 | 53 |
Bad debt expense (reversal) | 9 |
Write-offs | (11) |
Foreign exchange (gains) losses | 1 |
Balance at December 31, 2023 | 52 |
Bad debt expense (reversal) | (4) |
Write-offs | (19) |
Foreign exchange (gains) losses | (3) |
Balance at December 31, 2024 | $ | 26 |

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