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v3.25.1

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2025
Accounting Policies [Abstract] |
Reconciliation of Cash | Cash, cash equivalents and restricted cash reported in the Company’s balance sheet as of March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023 were as follows:
(DOLLARS IN MILLIONS) | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024 |  | December 31, 2023
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 613 |  |  | $ | 469 |  |  | $ | 732 |  |  | $ | 703 |
Cash and cash equivalents included in Assets held for sale | 37 |  |  | 2 |  |  | 32 |  |  | 26 |
Restricted cash | — |  |  | — |  |  | 7 |  |  | 6 |
Cash, cash equivalents and restricted cash | $ | 650 |  |  | $ | 471 |  |  | $ | 771 |  |  | $ | 735 |
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, 2025 and 2024:
| Three Months Ended March 31,
(DOLLARS IN MILLIONS) | 2025 | 2024
Balance at January 1 | $ | 26 |  | $ | 52 |
Allowances (reversals) for bad debt expense | 1 |  | (5) |
Write-offs | — |  | (9) |
Foreign exchange | 1 |  | (1) |
Balance at March 31 | $ | 28 |  | $ | 37 |
Schedule of Inventory, Current | The Company’s inventories consisted of the following:
(DOLLARS IN MILLIONS) | March 31, 2025 |  | December 31, 2024
Raw materials | $ | 760 |  |  | $ | 657 |
Work in process | 380 |  |  | 368 |
Finished goods | 1,109 |  |  | 1,108 |
Total | $ | 2,249 |  |  | $ | 2,133 |

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