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Nature of Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
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)20242023
Raw materials$657 $779 
Work in process368 406 
Finished goods1,108 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, 2024December 31, 2023December 31, 2022
Current assets
Cash and cash equivalents$469 $703 $483 
Cash and cash equivalents included in Assets held for sale2 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, 202253 
Bad debt expense (reversal)9 
Write-offs(11)
Foreign exchange (gains) losses1 
Balance at December 31, 202352 
Bad debt expense (reversal)(4)
Write-offs(19)
Foreign exchange (gains) losses(3)
Balance at December 31, 2024$26