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Nature of Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory The Company's inventories consisted of the following:
 December 31,
(DOLLARS IN MILLIONS)20212020
Raw materials$854 $566 
Work in process287 38 
Finished goods1,375 528 
Total$2,516 $1,132 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Company's statement of cash flows periods ended December 31, 2021, 2020 and 2019 to the amounts reported in the Company's balance sheet as at December 31, 2021, 2020 and 2019.
(DOLLARS IN MILLIONS)December 31, 2021December 31, 2020December 31, 2019
Current assets
Cash and cash equivalents$711 $650 $607 
Restricted cash4 7 17 
Noncurrent assets
Restricted cash included in Other assets1 3 — 
Cash, cash equivalents and restricted cash$716 $660 $624 
Contract with Customer, Contract Asset, Contract Liability, and Receivable
Contract Assets and Liabilities
With respect to a small number of contracts for the sale of compounds, the Company has an “enforceable right to payment for performance to date” and as the products do not have an alternative use, the Company recognizes revenue for these contracts over time and records a contract asset using the output method. The output method recognizes revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract.
As of December 31, 2021 and 2020, the Company's gross accounts receivable was $1.952 billion and $950 million, respectively. The Company's contract assets and contract liabilities as of December 31, 2021 and 2020 were not material.
Accounts Receivable, Allowance for Credit Loss
The following is a rollforward of the Company's allowances for bad debts for the year of 2021:
(DOLLARS IN MILLIONS)Allowance for Bad Debts
Balance at December 31, 2020$21 
Bad debt expense6 
Write-offs(1)
Other adjustments(1)
20 
Balance at December 31, 2021$46 
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(1)The adjustment to allowances for bad debts was a result of purchase price allocation related to the Merger with N&B.