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SUPPLEMENTAL FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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, 2023 and 2022.
years ended December 31 (in millions) | 2023 | 2022 | 2021
Balance at beginning of period | $ | 114 |  | $ | 122 |  | $ | 125 |
Acquisition | — |  | — |  | 13 |
Charged to costs and expenses | 16 |  | 7 |  | (2) |
Write-offs | (9) |  | (7) |  | (5) |
Currency translation adjustments | 8 |  | (8) |  | (9) |
Balance at end of period | $ | 129 |  | $ | 114 |  | $ | 122 |
Inventories | Inventories
as of December 31 (in millions) | 2023 | 2022
Raw materials | $ | 731 |  | $ | 698 |
Work in process | 285 |  | 294 |
Finished goods | 1,808 |  | 1,687 |
Inventories | $ | 2,824 |  | $ | 2,679 |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets
as of December 31 (in millions) | 2023 | 2022
Prepaid value added taxes | $ | 190 |  | $ | 188 |
Prepaid income taxes | 211 |  | 185 |
Contract assets | 53 |  | 52 |
Assets held for sale | — |  | 50 |
Derivative assets | 51 |  | 14 |
Other | 387 |  | 368 |
Prepaid expenses and other current assets | $ | 892 |  | $ | 857 |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net
as of December 31 (in millions) | 2023 | 2022
Land and land improvements | $ | 149 |  | $ | 137 |
Buildings and leasehold improvements | 1,791 |  | 1,757 |
Machinery and equipment | 6,693 |  | 6,364 |
Equipment on lease with customers | 1,640 |  | 1,613 |
Construction in progress | 950 |  | 909 |
Total property, plant and equipment, at cost | 11,223 |  | 10,780 |
Accumulated depreciation | (6,790) |  | (6,085) |
Property, plant and equipment, net | $ | 4,433 |  | $ | 4,695 |
Other Non-Current Assets | Other Non-Current Assets
as of December 31 (in millions) | 2023 | 2022
Deferred tax assets | $ | 384 |  | $ | 280 |
Non-current receivables, net | 67 |  | 89 |
Contract assets | 113 |  | 122 |
Capitalized implementation costs in hosting arrangements | 121 |  | 119 |
Pension and other postretirement benefits | 129 |  | 123 |
Investments | 194 |  | 247 |
Other | 118 |  | 129 |
Other non-current assets | $ | 1,126 |  | $ | 1,109 |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities
as of December 31 (in millions) | 2023 | 2022
Common stock dividends payable | $ | 147 |  | $ | 146 |
Employee compensation and withholdings | 636 |  | 409 |
Property, payroll and certain other taxes | 147 |  | 161 |
Contract liabilities | 148 |  | 154 |
Restructuring liabilities | 110 |  | 100 |
Accrued rebates | 263 |  | 257 |
Operating lease liabilities | 128 |  | 120 |
Income taxes payable | 268 |  | 91 |
Pension and other postretirement benefits | 49 |  | 48 |
Contingent payments related to acquisitions | 3 |  | 34 |
Other | 695 |  | 650 |
Accrued expenses and other current liabilities | $ | 2,594 |  | $ | 2,170 |
Other Non-Current Liabilities | Other Non-Current Liabilities
as of December 31 (in millions) | 2023 | 2022
Pension and other postretirement benefits | $ | 919 |  | $ | 846 |
Deferred tax liabilities | 447 |  | 661 |
Long-term tax liabilities | 125 |  | 64 |
Contingent payments related to acquisitions | 11 |  | 50 |
Contract liabilities | 46 |  | 40 |
Litigation and environmental reserves | 22 |  | 20 |
Restructuring liabilities | 18 |  | 7 |
Other | 149 |  | 160 |
Other non-current liabilities | $ | 1,737 |  | $ | 1,848 |
Interest Expense, net | Interest Expense, net
years ended December 31 (in millions) | 2023 | 2022 | 2021
Interest costs | $ | 527 |  | $ | 426 |  | $ | 217 |
Interest costs capitalized | (15) |  | (11) |  | (10) |
Interest expense | 512 |  | 415 |  | 207 |
Interest income | (70) |  | (20) |  | (14) |
Interest expense, net | $ | 442 |  | $ | 395 |  | $ | 193 |
Other Expense, net | Other (Income) Expense, net
years ended December 31 (in millions) | 2023 | 2022 | 2021
Foreign exchange (gains) losses, net | $ | 52 |  | $ | 1 |  | $ | 17 |
Change in fair value of marketable equity securities | (7) |  | (8) |  | 7 |
Loss on debt extinguishment | — |  | — |  | 5 |
Pension settlement and curtailment (gains) losses | 1 |  | (12) |  | 2 |
Pension and other postretirement benefit (gains) losses | (42) |  | (26) |  | 8 |
Reclassification of cumulative translation loss to earnings | — |  | 65 |  | — |
Non-marketable investment impairments | 52 |  | — |  | — |
Other, net | (5) |  | (8) |  | 2 |
Other (income) expense, net | $ | 51 |  | $ | 12 |  | $ | 41 |
Other Supplemental Information | Other Supplemental Information
year ended December 31 (in millions) | 2023 | 2022 | 2021
Interest paid, net of portion capitalized | $ | 484 |  | $ | 355 |  | $ | 145 |
Income taxes paid | $ | 262 |  | $ | 273 |  | $ | 182 |

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