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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023 and December 31, 2022 consisted of the following:
 March 31, 2023December 31, 2022
(DOLLARS IN MILLIONS)Carrying ValueFair ValueCarrying ValueFair Value
LEVEL 1
Cash and cash equivalents(1)
$590 $590 $483 $483 
LEVEL 2
Credit facilities and bank overdrafts(2)
1 1 106 106 
Derivatives
Derivative assets(3)
22 22 20 20 
Derivative liabilities(3)
65 65 56 56 
Commercial paper(2)
588 588 187 187 
Long-term debt:
2023 Notes(4)
300 299 300 298 
2024 Euro Notes(4)
542 531 532 519 
2025 Notes(4)
1,000 895 1,000 884 
2026 Euro Notes(4)
864 789 845 774 
2027 Notes(4)
1,214 1,020 1,215 1,006 
2028 Notes(4)
398 383 398 380 
2030 Notes(4)
1,509 1,205 1,510 1,188 
2040 Notes(4)
773 535 774 535 
2047 Notes(4)
495 393 495 390 
2048 Notes(4)
787 689 787 685 
2050 Notes(4)
1,570 1,022 1,571 1,021 
2024 Term Loan Facility(5)
625 625 625 625 
2026 Term Loan Facility(5)
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 Note is obtained from pricing services engaged by the Company, and the Company receives one price for each security. The fair value provided by the pricing services are estimated using pricing models, where the inputs to those models are based on observable market inputs or recent trades of similar securities. The inputs to the valuation techniques applied by the pricing services are typically benchmark yields, benchmark security prices, credit spreads, reported trades and broker-dealer quotes, all with reasonable levels of transparency.
(5)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, 2023 and December 31, 2022:
(DOLLARS IN MILLIONS)March 31, 2023December 31, 2022
Foreign currency contracts(1)
$86 $92 
Commodity contracts(1)
8 (1)
Cross currency swaps1,400 1,400 
_______________________
(1)Foreign currency contracts and commodity contracts are presented net of contracts bought and sold.
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 March 31, 2023 and December 31, 2022:
 March 31, 2023
(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)
Cross currency swaps$22 $— $22 
Derivative liabilities(2)
Foreign currency contracts$— $2 $2 
Cross currency swaps63 — 63 
Total derivative liabilities$63 $2 $65 

 December 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 assets(1)
Foreign currency contracts$— $1 $1 
Cross currency swaps19 — 19 
Total derivative assets$19 $1 $20 
Derivative liabilities(2)
Cross currency swaps$56 $— $56 
 _______________________
(1)Derivative assets are recorded to Other assets on the Consolidated Balance Sheets.
(2)Derivative liabilities are recorded to Other 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 (Loss) Income and Comprehensive Income for the three months ended March 31, 2023 and 2022:
Amount of Gain (Loss)Location of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)Three Months Ended March 31,
20232022
Foreign currency contracts(1)
$— $2 Other expense (income), net
_______________________
(1)The foreign currency contract net gains (losses) offset any recognized gains (losses) arising from the revaluation of the related intercompany loans during the same respective periods.
Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments
The following table shows the effect of the Company’s derivative and non-derivative instruments designated as net investment hedging instruments, net of tax, in the Consolidated Statements of (Loss) Income and Comprehensive Income for the three months ended March 31, 2023 and 2022:
 Amount of Gain (Loss)
Recognized in OCI on
Derivative and Non-Derivative (Effective
Portion)		Location of Gain (Loss)
Reclassified from AOCI into Income (Effective Portion)		Amount of Gain (Loss)
Reclassified from
AOCI into
Income (Effective
Portion)
 Three Months Ended March 31,Three Months Ended March 31,
(DOLLARS IN MILLIONS)2023202220232022
Derivatives in Net Investment Hedging Relationships:
Cross currency swaps$(3)$(1)N/A$— $— 
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes(9)9 N/A— — 
2021 Euro Notes & 2026 Euro Notes(14)14 N/A— — 
Total$(26)$22 $— $—