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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups, Including Discontinued Operations | Information regarding net income (loss) from discontinued operations, net of taxes includes the following:
|  | Three months ended June 30, |  | Six months ended June 30,
Net Income (Loss) from Discontinued Operations, Net of Taxes (millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Net sales |  | $ | — |  | $ | 2,042 |  | $ | 1,987 |  | $ | 4,018 |  |
Cost of sales |  | — |  | 878 |  | 844 |  | 1,747 |  |
Other operating expenses |  | 46 |  | 764 |  | 837 |  | 1,496 |  |
Other expense (income), net |  | — |  | (7) |  | 44 |  | (11) |  |
Income (loss) from discontinued operations before income taxes |  | (46) |  | 407 |  | 262 |  | 786 |  |
Provision for income taxes |  | 13 |  | 77 |  | 98 |  | 142 |  |
Net income (loss) from discontinued operations, net of taxes |  | $ | (59) |  | $ | 330 |  | $ | 164 |  | $ | 644 |  |
Major classes of assets and liabilities of discontinued operations include the following:
Assets and Liabilities of Discontinued Operations (millions) |  |  |  | December 31, 2023
Assets |  |  |  |
Cash and cash equivalents |  |  |  | $ | 198 |
Marketable securities — current |  |  |  | 3 |
Accounts receivable — net |  |  |  | 1,149 |
Inventories |  |  |  | 878 |
Other current assets |  |  |  | 151 |
Current assets of discontinued operations |  |  |  | 2,379 |
Property, plant and equipment — net |  |  |  | 1,469 |
Operating lease right of use assets |  |  |  | 102 |
Goodwill |  |  |  | 6,545 |
Intangible assets — net |  |  |  | 2,903 |
Other assets |  |  |  | 324 |
Non-current assets of discontinued operations |  |  |  | 11,343 |
Liabilities |  |  |  |
Accounts payable |  |  |  | 469 |
Accrued payroll |  |  |  | 209 |
Accrued income taxes |  |  |  | 61 |
Operating lease liabilities — current |  |  |  | 33 |
Other current liabilities |  |  |  | 951 |
Current liabilities of discontinued operations |  |  |  | 1,723 |
Pension and postretirement benefits |  |  |  | 315 |
Operating lease liabilities |  |  |  | 70 |
Other liabilities |  |  |  | 301 |
Non-current liabilities of discontinued operations |  |  |  | 686 |
Cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statement of Cash Flows for all periods presented. Selected financial information related to cash flows from discontinued operations is below.
|  | Six months ended June 30,
Selected Cash Flows from Discontinued Operations (millions) |  | 2024 |  | 2023 |  |
Depreciation and amortization |  | $ | 139 |  |  | $ | 277 |  |  |
Purchases of property, plant and equipment (PP&E) |  | 77 |  |  | 104 |  |  |

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