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SUPPLEMENTAL FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
SUPPLEMENTAL FINANCIAL INFORMATION |
SUPPLEMENTAL FINANCIAL INFORMATION
Inventories
as of December 31 (in millions) | 2021 | 2020
Raw materials | $ | 591 |  | $ | 460 |
Work in process | 300 |  | 196 |
Finished goods | 1,562 |  | 1,260 |
Inventories | $ | 2,453 |  | $ | 1,916 |
Prepaid Expenses and Other Current Assets
as of December 31 (in millions) | 2021 | 2020
Prepaid value added taxes | $ | 199 |  | $ | 163 |
Prepaid income taxes | 166 |  | 183 |
Contract assets | 84 |  | 70 |
Other | 390 |  | 342 |
Prepaid expenses and other current assets | $ | 839 |  | $ | 758 |
Property, Plant and Equipment, Net
as of December 31 (in millions) | 2021 | 2020
Land and land improvements | $ | 172 |  | $ | 166 |
Buildings and leasehold improvements | 1,915 |  | 1,849 |
Machinery and equipment | 7,097 |  | 6,884 |
Equipment on lease with customers | 1,684 |  | 1,671 |
Construction in progress | 860 |  | 701 |
Total property, plant and equipment, at cost | 11,728 |  | 11,271 |
Accumulated depreciation | (6,550) |  | (6,549) |
Property, plant and equipment, net | $ | 5,178 |  | $ | 4,722 |
Depreciation expense was $592 million in 2021, $601 million in 2020 and $606 million in 2019. Other Non-Current Assets
as of December 31 (in millions) | 2021 | 2020
Deferred tax assets | $ | 376 |  | $ | 748 |
Non-current receivables, net | 113 |  | 158 |
Contract assets | 111 |  | 64 |
Capitalized implementation costs in hosting arrangements | 99 |  | 68 |
Pension and other postretirement benefits | 228 |  | 155 |
Investments | 154 |  | 135 |
Other | 132 |  | 67 |
Other non-current assets | $ | 1,213 |  | $ | 1,395 |
Accrued Expenses and Other Current Liabilities
as of December 31 (in millions) | 2021 | 2020
Common stock dividends payable | $ | 140 |  | $ | 125 |
Employee compensation and withholdings | 608 |  | 415 |
Property, payroll and certain other taxes | 174 |  | 148 |
Contract liabilities | 162 |  | 32 |
Restructuring liabilities | 97 |  | 92 |
Accrued rebates | 312 |  | 239 |
Operating lease liabilities | 128 |  | 111 |
Income taxes payable | 90 |  | 135 |
Pension and other postretirement benefits | 46 |  | 48 |
Contingent payments related to acquisitions | 21 |  | 16 |
Other | 701 |  | 523 |
Accrued expenses and other current liabilities | $ | 2,479 |  | $ | 1,884 |
Other Non-Current Liabilities
as of December 31 (in millions) | 2021 | 2020
Pension and other postretirement benefits | $ | 1,052 |  | $ | 1,214 |
Deferred tax liabilities | 962 |  | 143 |
Long-term tax liabilities | 80 |  | 84 |
Contingent payments related to acquisitions | 122 |  | 14 |
Contract liabilities | 84 |  | 34 |
Litigation and environmental reserves | 28 |  | 29 |
Restructuring liabilities | 12 |  | 21 |
Other | 153 |  | 134 |
Other non-current liabilities | $ | 2,493 |  | $ | 1,673 |
Interest Expense, net
years ended December 31 (in millions) | 2021 | 2020 | 2019
Interest costs | $ | 217 |  | $ | 162 |  | $ | 120 |
Interest costs capitalized | (11) |  | (9) |  | (9) |
Interest expense | 206 |  | 153 |  | 111 |
Interest income | (14) |  | (19) |  | (40) |
Interest expense, net | $ | 192 |  | $ | 134 |  | $ | 71 |
Other Expense, net
years ended December 31 (in millions) | 2021 | 2020 | 2019
Foreign exchange (gains) losses, net | $ | 19 |  | $ | 49 |  | $ | 37 |
Change in fair value of marketable equity securities | 7 |  | (13) |  | (1) |
Loss on debt extinguishment | 5 |  | 110 |  | — |
Pension settlements | 2 |  | 46 |  | 755 |
Pension and other postretirement benefit plans | 11 |  | (3) |  | (53) |
Other, net | (3) |  | 1 |  | (7) |
Other expense, net | $ | 41 |  | $ | 190 |  | $ | 731 |
Supplemental Cash Flow Information Non-Cash Investing Activities Purchases of property, plant and equipment included in accounts payable and accrued liabilities as of December 31, 2021, 2020 and 2019 was $79 million, $102 million and $87 million, respectively. Other Supplemental Information
year ended December 31 (in millions) | 2021 | 2020 | 2019
Interest paid, net of portion capitalized | $ | 145 |  | $ | 137 |  | $ | 103 |
Income taxes paid | $ | 282 |  | $ | 249 |  | $ | 294 |

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