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SUPPLEMENTAL FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Inventories | Inventories
as of December 31 (in millions) | 2022 | 2021
Raw materials | $ | 738 |  | $ | 591 |
Work in process | 293 |  | 300 |
Finished goods | 1,687 |  | 1,562 |
Inventories | $ | 2,718 |  | $ | 2,453 |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets
as of December 31 (in millions) | 2022 | 2021
Prepaid value added taxes | $ | 189 |  | $ | 199 |
Prepaid income taxes | 185 |  | 166 |
Contract assets | 93 |  | 84 |
Assets held for sale | 50 |  | — |
Other | 399 |  | 390 |
Prepaid expenses and other current assets | $ | 916 |  | $ | 839 |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net
as of December 31 (in millions) | 2022 | 2021
Land and land improvements | $ | 149 |  | $ | 172 |
Buildings and leasehold improvements | 1,808 |  | 1,915 |
Machinery and equipment | 6,854 |  | 7,097 |
Equipment on lease with customers | 1,610 |  | 1,684 |
Construction in progress | 1,000 |  | 860 |
Total property, plant and equipment, at cost | 11,421 |  | 11,728 |
Accumulated depreciation | (6,442) |  | (6,550) |
Property, plant and equipment, net | $ | 4,979 |  | $ | 5,178 |
Other Non-Current Assets | Other Non-Current Assets
as of December 31 (in millions) | 2022 | 2021
Deferred tax assets | $ | 280 |  | $ | 376 |
Non-current receivables, net | 89 |  | 113 |
Contract assets | 122 |  | 111 |
Capitalized implementation costs in hosting arrangements | 119 |  | 99 |
Pension and other postretirement benefits | 123 |  | 228 |
Investments | 247 |  | 195 |
Other | 131 |  | 91 |
Other non-current assets | $ | 1,111 |  | $ | 1,213 |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities
as of December 31 (in millions) | 2022 | 2021
Common stock dividends payable | $ | 146 |  | $ | 140 |
Employee compensation and withholdings | 418 |  | 608 |
Property, payroll and certain other taxes | 163 |  | 174 |
Contract liabilities | 164 |  | 162 |
Restructuring liabilities | 100 |  | 97 |
Accrued rebates | 257 |  | 312 |
Operating lease liabilities | 121 |  | 128 |
Income taxes payable | 91 |  | 90 |
Pension and other postretirement benefits | 49 |  | 46 |
Contingent payments related to acquisitions | 34 |  | 21 |
Other | 659 |  | 701 |
Accrued expenses and other current liabilities | $ | 2,202 |  | $ | 2,479 |
Other Non-Current Liabilities | Other Non-Current Liabilities
as of December 31 (in millions) | 2022 | 2021
Pension and other postretirement benefits | $ | 879 |  | $ | 1,052 |
Deferred tax liabilities | 698 |  | 962 |
Long-term tax liabilities | 64 |  | 80 |
Contingent payments related to acquisitions | 50 |  | 122 |
Contract liabilities | 80 |  | 84 |
Litigation and environmental reserves | 20 |  | 28 |
Restructuring liabilities | 7 |  | 12 |
Other | 161 |  | 153 |
Other non-current liabilities | $ | 1,959 |  | $ | 2,493 |
Interest Expense, net | Interest Expense, net
years ended December 31 (in millions) | 2022 | 2021 | 2020
Interest costs | $ | 426 |  | $ | 217 |  | $ | 162 |
Interest costs capitalized | (11) |  | (11) |  | (9) |
Interest expense | 415 |  | 206 |  | 153 |
Interest income | (20) |  | (14) |  | (19) |
Interest expense, net | $ | 395 |  | $ | 192 |  | $ | 134 |
Other Expense, net | Other (Income) Expense, net
years ended December 31 (in millions) | 2022 | 2021 | 2020
Foreign exchange (gains) losses, net | $ | (3) |  | $ | 19 |  | $ | 49 |
Change in fair value of marketable equity securities | (8) |  | 7 |  | (13) |
Loss on debt extinguishment | — |  | 5 |  | 110 |
Pension settlement and curtailment (gains) losses | (12) |  | 2 |  | 46 |
Pension and other postretirement benefit (gains) losses | (25) |  | 11 |  | (3) |
Reclassification of cumulative translation loss to earnings | 65 |  | — |  | — |
Other, net | (2) |  | (3) |  | 1 |
Other (income) expense, net | $ | 15 |  | $ | 41 |  | $ | 190 |
Other Supplemental Information | Other Supplemental Information
year ended December 31 (in millions) | 2022 | 2021 | 2020
Interest paid, net of portion capitalized | $ | 355 |  | $ | 145 |  | $ | 137 |
Income taxes paid | $ | 330 |  | $ | 282 |  | $ | 249 |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The following table is a summary of changes in our allowance for doubtful accounts for the years ended December 31, 2022 and 2021.
years ended December 31 (in millions) | 2022 | 2021
Balance at beginning of period | $ | 122 |  | $ | 125 |
Acquisition | — |  | 13 |
Charged to costs and expenses | 7 |  | (2) |
Write-offs | (7) |  | (5) |
Currency translation adjustments | (8) |  | (9) |
Balance at end of period | $ | 114 |  | $ | 122 |

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