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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, All Other Investments [Abstract]  
Carrying Amount and Estimated Fair Values of Financial Instruments
The carrying values and the estimated fair values of financial instruments at March 31, 2022 and December 31, 2021 consisted of the following:
 March 31, 2022December 31, 2021
(DOLLARS IN MILLIONS)Carrying ValueFair ValueCarrying ValueFair Value
LEVEL 1
Cash and cash equivalents(1)
$657 $657 $711 $711 
2025 Notes(5)
1,000 924 1,001 968 
2027 Notes(5)
1,217 1,089 1,218 1,180 
2030 Notes(5)
1,510 1,333 1,511 1,466 
2040 Notes(5)
774 662 775 762 
2050 Notes(5)
1,572 1,307 1,572 1,556 
LEVEL 2
Credit facilities and bank overdrafts(2)
8 8 7 7 
Derivatives
Derivative liabilities(3)
8 8 7 7 
Commercial paper (2)
631 631 324 324 
Long-term debt:(4)
2022 Notes300 298 300 300 
2023 Notes300 301 300 308 
2024 Euro Notes554 561 565 585 
2026 Euro Notes882 888 900 960 
2028 Notes397 415 397 452 
2047 Notes495 494 494 585 
2048 Notes787 872 786 1,026 
2024 Term Loan Facility(6)
625 625 625 625 
2026 Term Loan Facility(6)
625 625 625 625 
_______________________
(1)The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments.
(2)The carrying amount approximates fair value as the interest rate is reset frequently based on current market rates as well as the short maturity of those instruments.
(3)The carrying amount approximates fair value as the instruments are marked-to-market and held at fair value on the Consolidated Balance Sheets.
(4)The fair value of the Company's long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on its own credit risk.
(5)The fair value of the Notes is based on market quoted price as there is an active market for the Notes and observable market data and inputs.
(6)The carrying amount approximates fair value as the Term Loans were assumed at fair value and the interest rate is reset frequently based on current market rates.
Derivative Instruments Notional Amount Outstanding
The following table shows the notional amount of the Company’s derivative instruments outstanding as of March 31, 2022 and December 31, 2021:
(DOLLARS IN MILLIONS)March 31, 2022December 31, 2021
Foreign currency contracts$42 $46 
Commodity contracts4 10 
Cross currency swaps1,700 300 
Derivative Instruments Measured at Fair Value
The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy), as reflected in the Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021:
 March 31, 2022
(DOLLARS IN MILLIONS)Fair Value of
Derivatives
Designated as
Hedging
Instruments		Fair Value of
Derivatives Not
Designated as
Hedging
Instruments		Total Fair Value
Derivative liabilities(1)
Foreign currency contract$— $2 $2 
Cross currency swaps6 — 6 
Total derivative liabilities$6 $2 $8 
 December 31, 2021
(DOLLARS IN MILLIONS)Fair Value of
Derivatives
Designated as
Hedging
Instruments		Fair Value of
Derivatives Not
Designated as
Hedging
Instruments		Total Fair Value
Derivative liabilities(1)
Foreign currency contracts$— $2 $2 
Cross currency swaps5 — 5 
Total derivative liabilities$5 $2 $7 
 _______________________
(1)Derivative liabilities are recorded to Other current liabilities in the Consolidated Balance Sheets.
Derivative Instruments Which Were Not Designated as Hedging Instruments
The following table shows the effect of the Company’s derivative instruments which were not designated as hedging instruments in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021:
Amount of Gain (Loss)Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)Three Months Ended March 31,
20222021
Foreign currency contracts(1)
$2 $(3)Other income, net
_______________________
(1)The foreign currency contract net gains (losses) offset any recognized gains (losses) arising from the revaluation of the related intercompany loans during the same respective periods.
Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments
The following table shows the effect of the Company’s derivative and non-derivative instruments designated as cash flow and net investment hedging instruments, net of tax, in the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three months ended March 31, 2022 and 2021:
 Amount of Gain (Loss) 
Recognized in OCI on
Derivative		Location of Gain (Loss) Reclassified from
AOCI into Income		Amount of Gain (Loss) 
Reclassified from
Accumulated OCI into
Income
 Three Months Ended March 31,Three Months Ended March 31,
(DOLLARS IN MILLIONS)2022202120222021
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts$— $4 Cost of goods sold$— $(2)
Derivatives in Net Investment Hedging Relationships:
Cross currency swaps(1)9 N/A— — 
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes9 20 N/A— — 
2021 Euro Notes & 2026 Euro Notes14 45 N/A— — 
Total$22 $78 $— $(2)