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v3.19.3.a.u2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2019
Significant Accounting Policies [Line Items] |
Schedule of property plant and equipment | The following table summarizes the Company’s PP&E and accumulated depreciation for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, | ​
(in millions) | ​ | 2019 |  | 2018 | ​
Property, plant and equipment: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Land | ​ | $ | 202 | ​ | $ | 199 | ​
Buildings | ​ | ​ | 748 | ​ | ​ | 715 | ​
Machinery and equipment | ​ | ​ | 4,412 | ​ | ​ | 4,199 | ​
Property, plant and equipment, at cost | ​ | ​ | 5,362 | ​ | ​ | 5,113 | ​
Accumulated depreciation | ​ | ​ | (3,056) | ​ | ​ | (2,915) | ​
Property, plant and equipment, net | ​ | $ | 2,306 | ​ | $ | 2,198 | ​
Schedule of goodwill by segment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 January 1, 2018 | ​ | ​ | 600 | ​ | ​ | 26 | ​ | ​ | 107 | ​ | ​ | 70 | ​ | ​ | 803 | ​
Acquisitions | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Currency translation | ​ | ​ | — | ​ | ​ | (4) | ​ | ​ | (3) | ​ | ​ | (5) | ​ | ​ | (12) | ​
Balance at December 31, 2018 | ​ | ​ | 600 | ​ | ​ | 22 | ​ | ​ | 104 | ​ | ​ | 65 | ​ | ​ | 791 | ​
Acquisitions | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7 | ​
Currency translation | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | 3 | ​
Balance at December 31, 2019 | ​ | $ | 607 | ​ | $ | 21 | ​ | $ | 108 | ​ | $ | 65 | ​ | $ | 801 | ​
Schedule of intangible assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2019
(in millions) |  | Gross |  | Accumulated Amortization |  | Net |  | Weighted Average Useful Life (years)
Trademarks/tradenames (indefinite-lived) |  | $ | 178 |  | $ | — |  | $ | 178 |  | —
Customer relationships | ​ | ​ | 333 | ​ | ​ | (93) | ​ | ​ | 240 | ​ | 20
Technology | ​ | ​ | 103 | ​ | ​ | (91) | ​ | ​ | 12 | ​ | 9
Other | ​ | ​ | 20 | ​ | ​ | (13) | ​ | ​ | 7 | ​ | 15
Total other intangible assets | ​ | $ | 634 | ​ | $ | (197) | ​ | $ | 437 | ​ | 17
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Schedule of amortization expense related to intangible assets | ​
​ | ​ | ​ | ​
(in millions) | ​ | ​ | ​
Year | ​ | Amortization Expense
2020 | ​ | $ | 28
2021 | ​ | ​ | 20
2022 | ​ | ​ | 19
2023 | ​ | ​ | 19
2024 | ​ | ​ | 19
Balance thereafter | ​ | ​ | 154
ASU 2014-09 |
Significant Accounting Policies [Line Items] |
Schedule of new accounting standards | The effect of the adjustment is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2018 | ​ | 2017 | ​
(in millions) | ​ | As Reported | ​ | As Adjusted | ​ | As Reported | ​ | As Adjusted | ​
Consolidated Statements of Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales before shipping and handling costs | ​ | $ | 6,289 | ​ | $ | — | ​ | $ | 6,244 | ​ | $ | — | ​
Less: shipping and handling costs | ​ | ​ | 448 | ​ | ​ | — | ​ | ​ | 412 | ​ | ​ | — | ​
Net sales | ​ | ​ | 5,841 | ​ | ​ | 6,289 | ​ | ​ | 5,832 | ​ | ​ | 6,244 | ​
Cost of sales | ​ | ​ | 4,473 | ​ | ​ | 4,921 | ​ | ​ | 4,360 | ​ | ​ | 4,772 | ​
Gross profit | ​ | $ | 1,368 | ​ | $ | 1,368 | ​ | $ | 1,472 | ​ | $ | 1,472 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2019 | ​
​ | ​ | First Fiscal Quarter | ​ | Second Fiscal Quarter | ​ | Third Fiscal Quarter | ​
(in millions) | ​ | As Reported | ​ | As Adjusted |  | As Reported | ​ | As Adjusted |  | As Reported | ​ | As Adjusted | ​
Net sales before shipping and handling costs | ​ | $ | 1,536 | ​ | $ | — | ​ | $ | 1,550 | ​ | $ | — | ​ | $ | 1,574 | ​ | $ | — | ​
Less: shipping and handling costs | ​ | ​ | 116 | ​ | ​ | — | ​ | ​ | 116 | ​ | ​ | — | ​ | ​ | 117 | ​ | ​ | — | ​
Net sales | ​ | ​ | 1,420 | ​ | ​ | 1,536 | ​ | ​ | 1,434 | ​ | ​ | 1,550 | ​ | ​ | 1,457 | ​ | ​ | 1,574 | ​
Cost of sales | ​ | ​ | 1,104 | ​ | ​ | 1,220 | ​ | ​ | 1,105 | ​ | ​ | 1,221 | ​ | ​ | 1,113 | ​ | ​ | 1,230 | ​
Gross profit | ​ | $ | 316 | ​ | $ | 316 | ​ | $ | 329 | ​ | $ | 329 | ​ | $ | 344 | ​ | $ | 344 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2018 | ​
​ | ​ | First Fiscal Quarter | ​ | Second Fiscal Quarter | ​ | Third Fiscal Quarter | ​ | Fourth Fiscal Quarter | ​
(in millions) | ​ | As Reported | ​ | As Adjusted |  | As Reported | ​ | As Adjusted | ​ | As Reported | ​ | As Adjusted | ​ | As Reported | ​ | As Adjusted | ​
Net sales before shipping and handling costs | ​ | $ | 1,581 | ​ | $ | — | ​ | $ | 1,608 | ​ | $ | — | ​ | $ | 1,563 | ​ | $ | — | ​ | $ | 1,537 | ​ | $ | — | ​
Less: shipping and handling costs | ​ | ​ | 112 | ​ | ​ | — | ​ | ​ | 112 | ​ | ​ | — | ​ | ​ | 113 | ​ | ​ | — | ​ | ​ | 111 | ​ | ​ | — | ​
Net sales | ​ | ​ | 1,469 | ​ | ​ | 1,581 | ​ | ​ | 1,496 | ​ | ​ | 1,608 | ​ | ​ | 1,450 | ​ | ​ | 1,563 | ​ | ​ | 1,426 | ​ | ​ | 1,537 | ​
Cost of sales | ​ | ​ | 1,115 | ​ | ​ | 1,227 | ​ | ​ | 1,136 | ​ | ​ | 1,248 | ​ | ​ | 1,116 | ​ | ​ | 1,229 | ​ | ​ | 1,106 | ​ | ​ | 1,217 | ​
Gross profit | ​ | $ | 354 | ​ | $ | 354 | ​ | $ | 360 | ​ | $ | 360 | ​ | $ | 334 | ​ | $ | 334 | ​ | $ | 320 | ​ | $ | 320 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2018 | ​ | 2017 | ​
(in millions) | ​ | As Reported | ​ | As Adjusted | ​ | As Reported | ​ | As Adjusted | ​
Net sales to unaffiliated customers: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
North America | ​ | $ | 3,511 | ​ | $ | 3,857 | ​ | $ | 3,529 | ​ | $ | 3,843 | ​
South America | ​ | ​ | 943 | ​ | ​ | 988 | ​ | ​ | 1,007 | ​ | ​ | 1,052 | ​
Asia-Pacific | ​ | ​ | 803 | ​ | ​ | 837 | ​ | ​ | 740 | ​ | ​ | 772 | ​
EMEA | ​ | ​ | 584 | ​ | ​ | 607 | ​ | ​ | 556 | ​ | ​ | 577 | ​
Total | ​ | $ | 5,841 | ​ | $ | 6,289 | ​ | $ | 5,832 | ​ | $ | 6,244 | ​

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