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DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Summary of Discontinued Operations | The following table summarizes the major classes of line items included in income from discontinued operations, net of tax, for the years ended December 31, 2023, 2022 and 2021:
(in millions) | 2023 | 2022 | 2021
Net sales | $ | 469 |  | $ | 607 |  | $ | 638 |
Cost of sales | 216 |  | 276 |  | 253 |
Gross margin | 253 |  | 331 |  | 385 |
Selling, general and administrative expenses | 45 |  | 28 |  | 22 |
Research and development expenses | 1 |  | 3 |  | 3 |
Interest expense, net | (1) |  | — |  | (1) |
Other (income) expense, net | 1 |  | 3 |  | — |
Income from discontinued operations before gain on disposition and income taxes | 207 |  | 297 |  | 361 |
Gain on disposition | 2,882 |  | — |  | — |
Income tax expense | 357 |  | 64 |  | 99 |
Income from discontinued operations, net of tax | $ | 2,732 |  | $ | 233 |  | $ | 262 |
The following table summarizes the carrying amounts of the major classes of assets and liabilities classified as discontinued operations in the consolidated balance sheets as of December 31, 2022:
as of December 31 (in millions) | 2022
Accounts receivable, net of allowances | $ | 88 |
Inventories | 39 |
Prepaid expenses and other current assets | 59 |
Property, plant and equipment, net | 284 |
Goodwill | 391 |
Operating lease right-of-use assets | 9 |
Other non-current assets | 2 |
Assets of discontinued operations | $ | 872 |
Accounts payable | $ | 29 |
Accrued expenses and other current liabilities | 32 |
Operating lease liabilities | 9 |
Other non-current liabilities | 111 |
Liabilities of discontinued operations | $ | 181 |

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