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REPOSITIONING AND OTHER CHARGES (Tables) | 3 Months Ended
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Mar. 31, 2024
Restructuring and Related Activities [Abstract] |
Repositioning and Other Charges | A summary of net repositioning and other charges follows:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Severance | $ | 33 |  |  | $ | 67 |  |  |  |  |
Asset impairments | 1 |  |  | 12 |  |  |  |  |
Exit costs | 15 |  |  | 24 |  |  |  |  |
Reserve adjustments | (15) |  |  | (5) |  |  |  |  |
Total net repositioning charges | 34 |  |  | 98 |  |  |  |  |
Asbestos-related charges, net of insurance and reimbursements | 18 |  |  | 21 |  |  |  |  |
Probable and reasonably estimable environmental liabilities, net of reimbursements | 24 |  |  | 22 |  |  |  |  |
Other charges | 17 |  |  | — |  |  |  |  |
Total net repositioning and other charges | $ | 93 |  |  | $ | 141 |  |  |  |  |
Pretax Distribution of Total Net Repositioning and Other Charges | The following table summarizes the pre-tax distribution of total net repositioning and other charges by classification in the Consolidated Statement of Operations:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Cost of products and services sold | $ | 58 |  |  | $ | 80 |  |  |  |  |
Selling, general and administrative expenses | 18 |  |  | 65 |  |  |  |  |
Other (income) expense | 17 |  |  | (4) |  |  |  |  |
Total net repositioning and other charges | $ | 93 |  |  | $ | 141 |  |  |  |  |
Pretax Impact of Total Net Repositioning and Other Charges by Segment | The following table summarizes the pre-tax amount of total net repositioning and other charges by reportable business segment. These amounts are excluded from segment profit as described in Note 18 Segment Financial Data:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Aerospace Technologies | $ | 5 |  |  | $ | 3 |  |  |  |  |
Industrial Automation | 17 |  |  | 48 |  |  |  |  |
Building Automation | 4 |  |  | 27 |  |  |  |  |
Energy and Sustainability Solutions | 18 |  |  | 11 |  |  |  |  |
Corporate and All Other | 49 |  |  | 52 |  |  |  |  |
Total net repositioning and other charges | $ | 93 |  |  | $ | 141 |  |  |  |  |
Total Repositioning Reserves | The following table summarizes the status of the Company's total repositioning reserves:
| Severance Costs |  | Asset Impairments |  | Exit Costs |  | Total
Balance at December 31, 2023 | $ | 188 |  |  | $ | — |  |  | $ | 91 |  |  | $ | 279 |
Charges | 33 |  |  | 1 |  |  | 15 |  |  | 49 |
Usage—cash | (22) |  |  | — |  |  | (28) |  |  | (50) |
Usage—noncash | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation | (3) |  |  | — |  |  | — |  |  | (3) |
Adjustments | (9) |  |  | (1) |  |  | (5) |  |  | (15) |
Balance at March 31, 2024 | $ | 187 |  |  | $ | — |  |  | $ | 73 |  |  | $ | 260 |

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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 -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -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 -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 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + 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 -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -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 + Details
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