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SUPPLEMENTAL FINANCIAL INFORMATION | 3 Months Ended
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Mar. 31, 2024
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 months ended March 31, 2024 and 2023.
| Three months ended March 31, |
(in millions) | 2024 | 2023 |  |
Balance at beginning of period | $ | 129 |  | $ | 114 |  |  |
Charged to costs and expenses | (1) |  | 7 |  |  |
Write-offs | (6) |  | (1) |  |  |
Currency translation adjustments | (1) |  | 2 |  |  |
Balance at end of period | $ | 121 |  | $ | 122 |  |  |
Inventories
(in millions) | March 31, 2024 | December 31, 2023
Raw materials | $ | 750 |  | $ | 731 |
Work in process | 316 |  | 285 |
Finished goods | 1,922 |  | 1,808 |
Inventories | $ | 2,988 |  | $ | 2,824 |
Property, Plant and Equipment, Net
(in millions) | March 31, 2024 | December 31, 2023
Property, plant and equipment, at cost | $ | 11,197 |  | $ | 11,223 |
Accumulated depreciation | (6,827) |  | (6,790) |
Property, plant and equipment, net | $ | 4,370 |  | $ | 4,433 |
Interest Expense, Net
| Three months ended March 31, |  |
(in millions) | 2024 | 2023 |  |  |
Interest expense, net of capitalized interest | $ | 103 |  | $ | 127 |  |  |  |
Interest income | (25) |  | (10) |  |  |  |
Interest expense, net | $ | 78 |  | $ | 117 |  |  |  |
Other Income, Net
| Three months ended March 31, |  |
(in millions) | 2024 | 2023 |  |  |
Foreign exchange losses, net | $ | 14 |  | $ | 14 |  |  |  |
Pension and other postretirement benefit plans | (12) |  | (10) |  |  |  |
Change in fair value of marketable equity securities | (4) |  | (5) |  |  |  |
Other, net | (5) |  | (1) |  |  |  |
Other income, net | $ | (7) |  | $ | (2) |  |  |  |
Non-Cash Operating and Investing Activities Right-of-use operating lease assets obtained in exchange for lease obligations for the three months ended March 31, 2024 and 2023 were $20 million and $26 million, respectively. Purchases of property, plant and equipment included in accounts payable as of March 31, 2024 and 2023 were $52 million and $70 million, respectively.

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