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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

Schedule of property plant and equipment

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​	​	​	​	​	​	​	​
​	​	As of December 31,					​
(in millions)	​	2020			2019		​
Property, plant and equipment:	​	​	​	​	​	​	​
Land	​	$	207	​	$	202	​
Buildings	​	​	802	​	​	748	​
Machinery and equipment	​	​	4,621	​	​	4,412	​
Property, plant and equipment, at cost	​	​	5,630	​	​	5,362	​
Accumulated depreciation	​	​	(3,175)	​	​	(3,056)	​
Property, plant and equipment, net	​	$	2,455	​	$	2,306	​

Schedule of goodwill

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

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​

North

​

South

​

Asia-

​

​

​

​

​

​

​

(in millions)

America

America

Pacific

EMEA

Total

Goodwill before impairment charges

​

$

601

​

$

55

​

$

225

​

$

65

​

$

946

​

Accumulated impairment charges

​

​

(1)

​

​

(33)

​

​

(121)

​

​

—

​

​

(155)

​

Balance at January 1,  2019

​

​

600

​

​

22

​

​

104

​

​

65

​

​

791

​

Acquisitions

​

​

7

​

​

—

​

​

—

​

​

—

​

​

7

​

Currency translation

​

​

—

​

​

(1)

​

​

4

​

​

—

​

​

3

​

Balance at December 31, 2019

​

​

607

​

​

21

​

​

108

​

​

65

​

​

801

​

Acquisitions

​

​

14

​

​

—

​

​

85

​

​

—

​

​

99

​

Currency translation

​

​

—

​

​

(4)

​

​

2

​

​

4

​

​

2

​

Balance at December 31,  2020

​

$

621

​

$

17

​

$

195

​

$

69

​

$

902

​

Schedule of intangible assets

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	As of December 31,  2020
(in millions)		Gross			Accumulated Amortization			Net			Weighted Average Useful Life (years)
Trademarks/tradenames (indefinite-lived)		$	143		$	—		$	143		—
Patents	​	​	33	​	​	(2)	​	​	31	​	12
Customer relationships	​	​	356	​	​	(115)	​	​	241	​	20
Technology	​	​	103	​	​	(101)	​	​	2	​	9
Other	​	​	38	​	​	(11)	​	​	27	​	19
Total other intangible assets	​	$	673	​	$	(229)	​	$	444	​	17
​	​	​	​	​	​	​	​	​	​	​	​
​	​	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

Schedule of amortization expense related to intangible assets

​

​	​	​	​
(in millions)	​	​	​
Year	​	Amortization Expense
2021	​	$	20
2022	​	​	19
2023	​	​	19
2024	​	​	19
2025	​	​	18
Balance thereafter	​	​	206

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