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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025 and December 31, 2024 consisted of the following:
 September 30, 2025December 31, 2024
(DOLLARS IN MILLIONS)Carrying ValueFair ValueCarrying ValueFair Value
LEVEL 1
Cash and cash equivalents(1)
$621 $621 $469 $469 
LEVEL 2
Credit facilities and bank overdrafts(2)
2 2 2 2 
Derivatives
Derivative assets(3)
3 3 9 9 
Derivative liabilities(3)
249 249 129 129 
Commercial paper(2)
370 370 — — 
Long-term debt:
2025 Notes(4)
— — 1,000 972 
2026 Euro Notes(4)
938 932 827 813 
2027 Notes(4)
805 761 1,209 1,102 
2028 Notes(4)
399 402 398 391 
2030 Notes(4)
1,239 1,104 1,507 1,274 
2040 Notes(4)
342 253 771 536 
2047 Notes(4)
392 319 495 392 
2048 Notes(4)
674 602 787 686 
2050 Notes(4)
888 589 1,568 985 
2026 Term Loan Facility(5)
— — 413 413 
LEVEL 3
Earnout Receivable(6)
100 100 — — 
_______________________
(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 interest rate is reset frequently based on current market rates.
(6)The earnout receivable is recognized at fair value. Refer to Note 3 for further discussion of the valuation method and inputs used.
Derivative Instruments Notional Amount Outstanding
The following table shows the notional amount of the Company’s derivative instruments outstanding as of September 30, 2025 and December 31, 2024:
(DOLLARS IN MILLIONS)September 30, 2025December 31, 2024
Foreign currency contracts(1)
$(1,829)$(1,512)
Commodity contracts(1)
3 7 
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 September 30, 2025 and December 31, 2024:
 September 30, 2025
(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 forward contracts$— $3 $3 
Total derivative assets$— $3 $3 
Derivative liabilities(2)
Foreign currency contracts$— $8 $8 
Cross currency swaps240 — 240 
Commodity contracts— 1 1 
Total derivative liabilities$240 $9 $249 
 December 31, 2024
(DOLLARS IN MILLIONS)Fair Value of
Derivatives
Designated as
Hedging
Instruments		Fair Value of
Derivatives Not
Designated as
Hedging
Instruments		Total Fair Value
Derivative assets(1)
Foreign currency contracts$— $8 $8 
Commodity contracts 1 — 1 
Total derivative assets$1 $8 $9 
Derivative liabilities(2)
Foreign currency contracts$— $39 $39 
Cross currency swaps90 — 90 
Total derivative liabilities$90 $39 $129 
 _______________________
(1)Derivative assets are recorded to Prepaid expenses and other current assets on the Consolidated Balance Sheets.
(2)Derivative liabilities are recorded to Other current liabilities and 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 on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024:
Amount of Gain (Loss)
Recognized in Income on
Derivative Settlements		Amount of Gain (Loss) Recognized in Income on Changes in Fair ValueLocation of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)Three Months Ended September 30,Three Months Ended September 30,
2025202420252024
Foreign currency contracts(1)
$16 $62 $(41)$80 Other expense, net
Commodity contracts— — 1 — Cost of sales
Total$16 $62 $(40)$80 
Amount of Gain (Loss)
Recognized in Income on
Derivative Settlements		Amount of Gain (Loss) Recognized in Income on Changes in Fair ValueLocation of Gain (Loss) Recognized in Income on Derivative
(DOLLARS IN MILLIONS)Nine Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Foreign currency contracts(1)
$131 $21 $25 $16 Other expense, net
Commodity contracts— (1)1 — Cost of sales
Total$131 $20 $26 $16 
_______________________
(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, on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024:

 Amount of Gain (Loss)
Recognized in OCI on
Derivative and Non-Derivative (Effective
Portion)		Location of Gain (Loss)
Reclassified from Accumulated Other Comprehensive Income (“AOCI”) into Income (Effective Portion)		Amount of Gain (Loss)
Reclassified from
AOCI into
Income (Effective
Portion)
 Three Months Ended September 30,Three Months Ended September 30,
(DOLLARS IN MILLIONS)2025202420252024
Derivatives in Cash Flow Hedging Relationships:
Commodity contracts$— $1 Cost of sales$— $1 
Interest rate swaps(1)
— — Interest expense— — 
Derivatives in Net Investment Hedging Relationships:
Cross currency swaps11 (38)N/A— — 
Non-Derivatives in Net Investment Hedging Relationships:
2026 Euro Notes3 (28)N/A— — 
Total$14 $(65)$— $1 
 Amount of Gain (Loss)
Recognized in OCI on
Derivative and Non-Derivative (Effective
Portion)		Location of Gain (Loss)
Reclassified from AOCI into Income (Effective Portion)		Amount of Gain (Loss)
Reclassified from
AOCI into
Income (Effective
Portion)
 Nine Months Ended September 30,Nine Months Ended September 30,
 (DOLLARS IN MILLIONS)2025202420252024
Derivatives in Cash Flow Hedging Relationships:
Foreign currency contracts$— $(7)Cost of sales$— $— 
Commodity contracts(1)2 Cost of sales1 1 
Interest rate swaps(1)
— — Interest expense(1)— 
Derivatives in Net Investment Hedging Relationships:
Cross currency swaps(115)(2)N/A— — 
Non-Derivatives in Net Investment Hedging Relationships:
2024 Euro Notes— 3 N/A— — 
2026 Euro Notes(84)(8)N/A— — 
Total$(200)$(12)$— $1