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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

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:

			2024												2023
(DOLLARS IN MILLIONS)			Carrying Value						Fair Value						Carrying Value						Fair Value
LEVEL 1
Cash and cash equivalents(1)			$	469					$	469					$	709					$	709
LEVEL 2
Bank overdrafts and other(2)			2						2						3						3
Derivatives
Derivative assets(3)			9						9						41						41
Derivative liabilities(3)			129						129						165						165
Long-term debt:
2024 Euro Notes(4)			—						—						552						549
2025 Notes(4)			1,000						972						1,000						924
2026 Euro Notes(4)			827						813						879						835
2027 Notes(4)			1,209						1,102						1,212						1,049
2028 Notes(4)			398						391						398						389
2030 Notes(4)			1,507						1,274						1,508						1,240
2040 Notes(4)			771						536						773						536
2047 Notes(4)			495						392						495						382
2048 Notes(4)			787						686						787						678
2050 Notes(4)			1,568						985						1,569						1,029
2024 Term Loan Facility(5)			—						—						270						270
2026 Term Loan Facility(5)			413						413						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, 2024 and December 31, 2023:

			December 31,
(DOLLARS IN MILLIONS)			2024						2023
Foreign currency forward contracts(1)			$	(1,512)					$	(1,400)
Commodity contracts(1)			7						7
Cross currency swaps			1,400						1,400

______________________

(1)Foreign currency forward 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, 2024 and December 31, 2023:

			December 31, 2024
(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 forward contracts			$	—					$	8					$	8
Commodity contracts			1						—						1
Total derivative assets			$	1					$	8					$	9
Derivative liabilities(2)
Foreign currency forward contracts			$	—					$	39					$	39
Cross currency swaps			90						—						90
Total derivative liabilities			$	90					$	39					$	129

			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 forward contracts			$	—					$	41					$	41
Derivative liabilities(2)
Foreign currency forward contracts			$	—					$	4					$	4
Cross currency swaps			161						—						161
Total derivative liabilities			$	161					$	4					$	165

_______________________

(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 Income (Loss) and Comprehensive Loss for the years ended December 31, 2024 and 2023:

(DOLLARS IN MILLIONS)			Amount of Gain or (Loss) Recognized in Income on Derivative Settlements December 31,																		Amount of Gain (Loss) Recognized in Income on Changes in Fair Value December 31,															Location of Gain (Loss) Recognized in Income on Derivative
			2024						2023						2022						2024						2023						2022
Foreign currency forward contracts(1)			$	(102)					$	(16)					$	3					$	(68)					$	37					$	—		Other expense (income), net
Commodity contracts			(1)						2						—						—						—						—			Cost of sales
Total			$	(103)					$	(14)					3						$	(68)					$	37					$	—

Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments

The following table shows the effect of the Company’s derivative and non-derivative instruments designated as cash flow and net investment hedging instruments, net of tax, in the Consolidated Statements of Income (Loss) and Comprehensive Loss for the years ended December 31, 2024 and 2023:

			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)
			For the years ended December 31,
(DOLLARS IN MILLIONS)			2024						2023						2022
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts			$	(7)					$	—					$	—		N/A
Commodity contracts			3						—						—			Cost of sales
Derivatives in Net Investment Hedging Relationships:
Cross currency swaps			$	55					$	(67)					$	(16)		N/A
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes			3						(16)						27			N/A
2026 Euro Notes			42						(26)						43			N/A
Total			$	96					$	(109)					$	54

			Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
			For the year ended December 31,
(DOLLARS IN MILLIONS)			2024						2023						2022
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts			$	(1)					$	—					$	—
Total			$	(1)					$	—					$	—

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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