Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Summary of Significant Accounting Policies

Schedule of indefinite-lived intangible assets

(in millions)	Balance at September 30,  2020		Balance at December 31,  2019
Trademarks/tradenames (indefinite-lived)	$	178	$	178

Schedule of goodwill

	North		South		Asia-
(in millions)	America		America		Pacific		EMEA		Total
Goodwill before impairment charges	$	608	$	54	$	229	$	65	$	956
Accumulated impairment charges		(1)		(33)		(121)		—		(155)
Balance at January 1,  2020		607		21		108		65		801
Acquisitions		—		—		48		—		48
Currency translation		—		(6)		(3)		1		(8)
Balance at September 30,  2020	$	607	$	15	$	153	$	66	$	841

Schedule of change in presentation of shipping and handling costs

	Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Consolidated Statements of Income:
Net sales before shipping and handling costs	$	1,574	$	—	$	4,660	$	—
Less: shipping and handling costs		117		—		349		—
Net sales		1,457		1,574		4,311		4,660
Cost of sales		1,113		1,230		3,322		3,671
Gross profit	$	344	$	344	$	989	$	989

	Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
(in millions)	As Reported		As Adjusted		As Reported		As Adjusted
Net sales to unaffiliated customers:
North America	$	892	$	984	$	2,637	$	2,912
South America		234		245		667		699
Asia-Pacific		196		205		585		611
EMEA		135		140		422		438
Total	$	1,457	$	1,574	$	4,311	$	4,660