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Nature of Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory The Company’s inventories consisted of the following:
 December 31,
(DOLLARS IN MILLIONS)20232022
Raw materials$779 $1,073 
Work in process406 442 
Finished goods1,292 1,636 
Total$2,477 $3,151 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s balance sheets as of December 31, 2023, 2022 and 2021 to the amounts reported on the Company’s statement of cash flows periods ended December 31, 2023, 2022 and 2021.
(DOLLARS IN MILLIONS)December 31, 2023December 31, 2022December 31, 2021
Current assets
Cash and cash equivalents$703 $483 $711 
Cash and cash equivalents included in Assets held for sale26 52 — 
Restricted cash6 10 4 
Non-current assets
Restricted cash included in Other assets— 7 1 
Cash, cash equivalents and restricted cash$735 $552 $716 
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, 2023 and 2022, the Company’s gross accounts receivable was $1.778 billion and $1.871 billion, respectively. The Company’s contract assets and contract liabilities as of December 31, 2023 and 2022 were not material.
Accounts Receivable, Allowance for Credit Loss
The following is a roll forward of the Company’s allowances for bad debts for the years ended December 31, 2022 and 2023:
(DOLLARS IN MILLIONS)Allowance for Bad Debts
Balance at December 31, 2021$46 
Bad debt expense(1)
19 
Foreign exchange(12)
Balance at December 31, 202253 
Bad debt expense(2)
9 
Write-offs(11)
Foreign exchange1 
Balance at December 31, 2023$52 
_______________________
(1)Bad debt expense included approximately $11 million related to expected credit losses on receivables from customers located in Russia and Ukraine (for export and domestic sales) due to the events in those countries.
(2)Bad debt expense included approximately $13 million related to expected credit losses on receivables from certain customers in Egypt, offset by approximately $8 million of reversals of allowances on receivables from customers located in Russia and Ukraine. The Company will continue to evaluate its credit exposure related to Egypt, Russia and Ukraine.