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SUPPLEMENTAL FINANCIAL INFORMATION | 9 Months Ended
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Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
SUPPLEMENTAL FINANCIAL INFORMATION | SUPPLEMENTAL FINANCIAL INFORMATION Allowance for Doubtful Accounts The following table is a summary of the changes in our allowance for doubtful accounts for the three and nine months ended September 30, 2022 and 2021.
| Three months ended September 30, | Nine months ended September 30,
(in millions) | 2022 | 2021 | 2022 | 2021
Balance at beginning of period | $ | 125 |  | $ | 117 |  | $ | 122 |  | $ | 125 |
Charged to costs and expenses | 2 |  | 2 |  | 11 |  | (1) |
Write-offs | (2) |  | (2) |  | (4) |  | (3) |
Currency translation adjustments | (5) |  | (2) |  | (9) |  | (6) |
Balance at end of period | $ | 120 |  | $ | 115 |  | $ | 120 |  | $ | 115 |
Inventories
(in millions) | September 30, 2022 | December 31, 2021
Raw materials | $ | 690 |  | $ | 591 |
Work in process | 305 |  | 300 |
Finished goods | 1,680 |  | 1,562 |
Inventories | $ | 2,675 |  | $ | 2,453 |
Property, Plant and Equipment, Net
(in millions) | September 30, 2022 | December 31, 2021
Property, plant and equipment, at cost | $ | 11,084 |  | $ | 11,728 |
Accumulated depreciation | (6,285) |  | (6,550) |
Property, plant and equipment, net | $ | 4,799 |  | $ | 5,178 |
In September 2022, we signed a purchase agreement with a buyer to sell our corporate headquarters in Deerfield, Illinois for $52 million. The related assets are classified as held-for-sale and are presented within prepaid expenses and other current assets in the accompanying consolidated balance sheet as of September 30, 2022. While the closing remains subject to the satisfaction of various closing conditions (including satisfactory completion of municipal diligence by the buyer), we expect the transaction to close in 2023 and the net book value of the assets approximates the transaction price net of estimated selling costs. Interest Expense, Net
| Three months ended September 30, |  | Nine months ended September 30,
(in millions) | 2022 | 2021 |  | 2022 | 2021
Interest expense, net of capitalized interest | $ | 109 |  | $ | 54 |  |  | $ | 290 |  | $ | 128 |
Interest income | (5) |  | (4) |  |  | (12) |  | (10) |
Interest expense, net | $ | 104 |  | $ | 50 |  |  | $ | 278 |  | $ | 118 |
Other (Income) Expense, Net
| Three months ended September 30, |  | Nine months ended September 30,
(in millions) | 2022 | 2021 |  | 2022 | 2021
Foreign exchange (gains) losses, net | $ | — |  | $ | — |  |  | $ | (26) |  | $ | 5 |
Pension and other postretirement benefit plans | (5) |  | 4 |  |  | (17) |  | 11 |
Pension curtailment | — |  | — |  |  | (11) |  | — |
Change in fair value of marketable equity securities | 3 |  | 9 |  |  | (5) |  | 2 |
Reclassification of cumulative translation loss to earnings | 65 |  | — |  |  | 65 |  | — |
Other, net | — |  | (1) |  |  | (3) |  | (3) |
Other (income) expense, net | $ | 63 |  | $ | 12 |  |  | $ | 3 |  | $ | 15 |
We have been winding down our operations in Argentina since early 2021 and we determined that the net assets of the related entities were substantially liquidated during the third quarter of 2022. As a result of that determination, we reclassified their $65 million cumulative translation loss from accumulated other comprehensive income (loss) to other (income) expense, net. Non-Cash Operating and Investing Activities Right-of-use operating lease assets obtained in exchange for lease obligations for the nine months ended September 30, 2022 and 2021 were $59 million and $69 million, respectively. Purchases of property, plant and equipment included in accounts payable as of September 30, 2022 and 2021 were $65 million and $49 million, respectively.

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