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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Significant Accounting Policies [Line Items]

Schedule of goodwill by segment

The carrying value of goodwill by reportable business segment at December 31, 2018 and 2017 was as follows:

		North			South			Asia
(in millions)		America			America			Pacific			EMEA			Total
Balance at December 31,  2016		$	610		$	26		$	85		$	63		$	784
Acquisitions			(10)	(a)		—			15			—			5
Currency translation			—			—			7			7			14
Balance at December 31,  2017			600			26			107			70			803
Acquisitions			—			—			—			—			—
Currency translation			—			(4)			(3)			(5)			(12)
Balance at December 31,  2018		$	600		$	22		$	104		$	65		$	791

(a) Related to TIC Gums Incorporated (“TIC Gums”) purchase price accounting adjustments

The original carrying value of goodwill by reportable business segment and accumulated impairment charges by reportable business segment at December 31, 2018 and 2017 were as follows:

		North			South			Asia
(in millions)		America			America			Pacific			EMEA			Total
Goodwill before impairment charges		$	601		$	59		$	228		$	70		$	958
Accumulated impairment charges			(1)			(33)			(121)			—			(155)
Balance at December 31,  2017			600			26			107			70			803
Goodwill before impairment charges			601			55			225			65			946
Accumulated impairment charges			(1)			(33)			(121)			—			(155)
Balance at December 31,  2018		$	600		$	22		$	104		$	65		$	791

Schedule of intangible assets

		As of December 31,  2018
(in millions)		Gross			Accumulated Amortization			Net			Weighted Average Useful Life (years)
Trademarks/tradenames (indefinite-lived)		$	178		$	—		$	178		—
Customer relationships			325			(77)			248		20
Technology			103			(80)			23		9
Other			21			(10)			11		16
Total other intangible assets		$	627		$	(167)		$	460		18
		As of December 31,  2017
(in millions)		Gross			Accumulated Amortization			Net			Weighted Average Useful Life (years)
Trademarks/tradenames (indefinite-lived)		$	178		$	—		$	178		—
Customer relationships			329			(62)			267		20
Technology			103			(68)			35		9
Other			22			(9)			13		16
Total other intangible assets		$	632		$	(139)		$	493		18

Schedule of amortization expense related to intangible assets

(in millions)
Year		Amortization Expense
2019		$	29
2020			27
2021			19
2022			18
2023			18
Balance thereafter			171

ASU 2014-09

Significant Accounting Policies [Line Items]

Schedule of new accounting standards

				2017						2016
(in millions)				As Reported			As Adjusted			As Reported			As Adjusted
Consolidated Statements of Income:
Net sales before shipping and handling costs				$	6,180		$	6,244		$	6,022		$	6,082
Less: shipping and handling costs					348			412			318			378
Net sales				$	5,832		$	5,832		$	5,704		$	5,704

ASU 2017-07

Significant Accounting Policies [Line Items]

Schedule of new accounting standards

				2017						2016
(in millions)				As Reported			As Adjusted			As Reported			As Adjusted
Consolidated Statements of Income:
Cost of sales				$	4,359		$	4,360		$	4,302		$	4,303
Gross profit					1,473			1,472			1,402			1,401
Operating expenses					611			616			579			580
Operating income					842			836			808			806
Other, non-operating income					-			(6)			-			(2)

				2017						2016
(in millions)				As Reported			As Adjusted			As Reported			As Adjusted
Operating income:
North America				$	661		$	654		$	610		$	606
South America					80			81			89			90
Asia Pacific					112			115			111			113
EMEA					113			114			106			107
Corporate					(82)			(86)			(86)			(88)
Subtotal					884			878			830			828
Total operating income				$	842		$	836		$	808		$	806

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