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2024 Transformation Initiative (Tables) | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Schedule of Restructuring and Related Costs [Table] | The following charges were incurred in connection with the 2024 Transformation Initiative:
|  | Year Ended December 31, 2024 |  |
Cost of products sold: |  |  |  |  |  |
Charges for workforce reductions |  | $ | 69 |  |  |  |  |
Asset write-offs |  | 27 |  |  |  |  |
Incremental depreciation |  | 38 |  |  |  |  |
Other exit costs |  | 10 |  |  |  |  |
Total |  | 144 |  |  |  |  |
Marketing, research and general expenses: |  |  |  |  |  |
Charges for workforce reductions |  | 116 |  |  |  |  |
Other exit costs |  | 112 |  |  |  |  |
Total |  | 228 |  |  |  |  |
Other (income) and expense, net(a) |  | 84 |  |  |  |  |
Nonoperating expense |  | 1 |  |  |  |  |
Total charges(b) |  | 457 |  |  |  |  |
Provision for income taxes |  | (118) |  |  |  |  |
Net charges |  | $ | 339 |  |  |  |  |
(a)Other (income) and expense, net includes losses recognized for the exit of certain businesses and markets as part of the 2024 Transformation Initiative. (b)We do not include 2024 Transformation Initiative charges within our segment operating results. Total impact of these charges to the NA, IPC and IFP segments would have been $147, $187 and $82, respectively, with the residual relating to Corporate & Other. See further discussion around our segment operating results in Note 15.
2024 Transformation Initiatives Liabilities Activity [Table] | The following summarizes the 2024 Transformation Initiative liabilities activity:
|  | 2024
2024 Transformation Initiative liabilities as of January 1 |  | $ | — |
Charges for workforce reductions and other cash exit costs |  | 291 |
Cash payments |  | (156) |
Currency and other |  | (5) |
2024 Transformation Initiative liabilities as of December 31 |  | $ | 130 |

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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.b.2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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