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Summary of Significant Accounting Policies (Tables)
12 Months Ended
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