v3.26.1
Nature of Operations and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Reconciliation of Cash
Cash and cash equivalents reported in the Company’s balance sheet as of March 31, 2026, December 31, 2025, March 31, 2025 and December 31, 2024 were as follows:
(DOLLARS IN MILLIONS)March 31, 2026December 31, 2025March 31, 2025December 31, 2024
Current assets
Cash and cash equivalents$562 $590 $613 $469 
Cash and cash equivalents included in Assets held for sale— — 37 2 
Cash and cash equivalents$562 $590 $650 $471 
The Company had no restricted cash as of March 31, 2026 and December 31, 2025.
Schedule of Bad Debt Reserve
The following is a roll-forward of the Company’s allowances for bad debts for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
(DOLLARS IN MILLIONS)20262025
Balance at January 1$27 $26 
Allowances for bad debt expense1 1 
Write-offs(2)— 
Foreign exchange— 1 
Balance at March 31$26 $28 
Schedule of Inventory, Current The Company’s inventories consisted of the following:
(DOLLARS IN MILLIONS)March 31, 2026December 31, 2025
Raw materials$737 $731 
Work in process462 454 
Finished goods1,051 1,060 
Total$2,250 $2,245