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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2022 and December 31, 2021 consisted of the following:
 June 30, 2022December 31, 2021
(DOLLARS IN MILLIONS)Carrying ValueFair ValueCarrying ValueFair Value
LEVEL 1
Cash and cash equivalents(1)
$569 $569 $711 $711 
2025 Notes(2)
1,000 896 1,001 968 
2027 Notes(2)
1,217 1,023 1,218 1,180 
2030 Notes(2)
1,510 1,215 1,511 1,466 
2040 Notes(2)
774 562 775 762 
2050 Notes(2)
1,572 1,074 1,572 1,556 
LEVEL 2
Credit facilities and bank overdrafts(3)
354 354 7 7 
Derivatives
Derivative assets(4)
68 68 — — 
Derivative liabilities(4)
7 7 7 7 
Commercial paper(3)
792 792 324 324 
Long-term debt:(5)
2022 Notes300 298 300 300 
2023 Notes300 299 300 308 
2024 Euro Notes526 522 565 585 
2026 Euro Notes837 788 900 960 
2028 Notes398 387 397 452 
2047 Notes495 416 494 585 
2048 Notes787 733 786 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 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.
(3)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.
(4)The carrying amount approximates fair value as the instruments are marked-to-market and held at fair value on the Consolidated Balance Sheets.
(5)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.
(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 June 30, 2022 and December 31, 2021:
(DOLLARS IN MILLIONS)June 30, 2022December 31, 2021
Foreign currency contracts$55 $46 
Commodity contracts3 10 
Cross currency swaps1,700 300 
Derivative Instruments Measured at Fair Value
The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy), as reflected on the Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021:
 June 30, 2022
(DOLLARS IN MILLIONS)Fair Value of
Derivatives
Designated as
Hedging
Instruments		Fair Value of
Derivatives Not
Designated as
Hedging
Instruments		Total Fair Value
Derivative assets(1)
Foreign currency contracts$— $5 $5 
Cross currency swaps63 — 63 
Total derivative assets$63 $5 $68 
Derivative liabilities(2)
Foreign currency contract$— $1 $1 
Cross currency swaps6 — 6 
Total derivative liabilities$6 $1 $7 
 December 31, 2021
(DOLLARS IN MILLIONS)Fair Value of
Derivatives
Designated as
Hedging
Instruments		Fair Value of
Derivatives Not
Designated as
Hedging
Instruments		Total Fair Value
Derivative liabilities(2)
Foreign currency contracts$— $2 $2 
Cross currency swaps5 — 5 
Total derivative liabilities$5 $2 $7 
 _______________________
(1)Derivative assets are recorded to Prepaid expenses and other current assets and Other assets on the Consolidated Balance Sheets based on their respective maturity dates.
(2)Derivative liabilities are recorded to Other current liabilities on 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 (Loss) Income for the three and six months ended June 30, 2022 and 2021:
Amount of Gain (Loss)Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)Three Months Ended June 30,
20222021
Foreign currency contracts(1)
$— $8 Other expense (income), net
Amount of Gain (Loss)Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)Six Months Ended June 30,
20222021
Foreign currency contracts(1)
$2 $5 Other expense (income), net
_______________________
(1)The foreign currency contract net gains (losses) offset any recognized gains (losses) arising from the revaluation of the related intercompany loans during the same respective periods.
Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments
The following table shows the effect of the Company’s derivative and non-derivative instruments designated as cash flow and net investment hedging instruments, net of tax, in the Consolidated Statements of Income (Loss) and Comprehensive (Loss) Income for the three and six months ended June 30, 2022 and 2021:
 Amount of Gain (Loss) 
Recognized in OCI on
Derivative		Location of Gain (Loss) Reclassified from
AOCI into Income		Amount of Gain (Loss) 
Reclassified from
Accumulated OCI into
Income
 Three Months Ended June 30,Three Months Ended June 30,
(DOLLARS IN MILLIONS)2022202120222021
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts$— $2 Cost of goods sold$— $(2)
Derivatives in Net Investment Hedging Relationships:
Cross currency swaps49 (3)N/A— — 
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes21 (6)N/A— — 
2021 Euro Notes & 2026 Euro Notes34 (13)N/A— — 
Total$104 $(20)$— $(2)
 Amount of Gain (Loss)
Recognized in OCI on
Derivative (Effective
Portion)		Location of Gain (Loss)
Reclassified from AOCI into Income (Effective Portion)		Amount of Gain (Loss)
Reclassified from
Accumulated OCI into
Income (Effective
Portion)
 Six Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts$— $6 Cost of goods sold$— $(4)
Derivatives in Net Investment Hedging Relationships:
Cross currency swaps48 6 N/A— — 
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes30 14 N/A— — 
2021 Euro Notes & 2026 Euro Notes48 32 N/A— — 
Total$126 $58 $— $(4)