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SUPPLEMENTAL FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023.
years ended December 31 (in millions) | 2024 | 2023 | 2022
Balance at beginning of period | $ | 62 |  | $ | 50 |  | $ | 52 |
Charged to costs and expenses | 7 |  | 7 |  | 3 |
Write-offs | (8) |  | (4) |  | (3) |
Currency translation adjustments | 10 |  | 9 |  | (2) |
Balance at end of period | $ | 71 |  | $ | 62 |  | $ | 50 |
Inventories | Inventories
as of December 31 (in millions) | 2024 | 2023
Raw materials | $ | 510 |  | $ | 530 |
Work in process | 266 |  | 234 |
Finished goods | 1,270 |  | 1,154 |
Inventories | $ | 2,046 |  | $ | 1,918 |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets
as of December 31 (in millions) | 2024 | 2023
Prepaid value added taxes | $ | 167 |  | $ | 118 |
Prepaid income taxes | 199 |  | 204 |
Spare parts | 123 |  | 141 |
Contract assets | 51 |  | 53 |
Derivative assets | 8 |  | 45 |
Other | 205 |  | 145 |
Prepaid expenses and other current assets | $ | 753 |  | $ | 706 |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net
as of December 31 (in millions) | 2024 | 2023
Land and land improvements | $ | 115 |  | $ | 119 |
Buildings and leasehold improvements | 1,301 |  | 1,238 |
Machinery and equipment | 5,047 |  | 4,909 |
Equipment on lease with customers | 467 |  | 760 |
Construction in progress | 718 |  | 624 |
Total property, plant and equipment, at cost | 7,648 |  | 7,650 |
Accumulated depreciation | (4,778) |  | (4,779) |
Property, plant and equipment, net | $ | 2,870 |  | $ | 2,871 |
Other Non-Current Assets | Other Non-Current Assets
as of December 31 (in millions) | 2024 | 2023
Deferred tax assets | $ | 204 |  | $ | 263 |
Non-current receivables, net | 50 |  | 42 |
Contract assets | 82 |  | 112 |
Capitalized implementation costs in hosting arrangements | 102 |  | 103 |
Pension and other postretirement benefits | 56 |  | 46 |
Investments | 109 |  | 136 |
Other | 152 |  | 107 |
Other non-current assets | $ | 755 |  | $ | 809 |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities
as of December 31 (in millions) | 2024 | 2023
Common stock dividends payable | $ | 87 |  | $ | 147 |
Employee compensation and withholdings | 447 |  | 477 |
Property, payroll and certain other taxes | 96 |  | 92 |
Contract liabilities | 131 |  | 128 |
Restructuring liabilities | 112 |  | 81 |
Accrued rebates | 214 |  | 240 |
Operating lease liabilities | 80 |  | 92 |
Income taxes payable | 121 |  | 78 |
Pension and other postretirement benefits | 39 |  | 37 |
Contingent payments related to acquisitions | — |  | 3 |
Other | 534 |  | 540 |
Accrued expenses and other current liabilities | $ | 1,861 |  | $ | 1,915 |
Other Non-Current Liabilities | Other Non-Current Liabilities
as of December 31 (in millions) | 2024 | 2023
Pension and other postretirement benefits | $ | 678 |  | $ | 714 |
Deferred tax liabilities | 103 |  | 403 |
Long-term tax liabilities | 94 |  | 72 |
Contingent payments related to acquisitions | 11 |  | 11 |
Contract liabilities | 40 |  | 41 |
Litigation and environmental reserves | 29 |  | 19 |
Restructuring liabilities | 10 |  | 14 |
Other | 111 |  | 126 |
Other non-current liabilities | $ | 1,076 |  | $ | 1,400 |
Interest Expense, net | Interest Expense, net
years ended December 31 (in millions) | 2024 | 2023 | 2022
Interest costs | $ | 421 |  | $ | 523 |  | $ | 423 |
Interest costs capitalized | (13) |  | (15) |  | (10) |
Interest expense | 408 |  | 508 |  | 413 |
Interest income | (67) |  | (69) |  | (19) |
Interest expense, net | $ | 341 |  | $ | 439 |  | $ | 394 |
Other Expense, net | Other (Income) Expense, net
years ended December 31 (in millions) | 2024 | 2023 | 2022
Foreign exchange (gains) losses, net | $ | 25 |  | $ | 53 |  | $ | (3) |
Change in fair value of marketable equity securities | (3) |  | (7) |  | (11) |
Pension settlement and curtailment (gains) losses | — |  | — |  | (12) |
Pension and other postretirement benefit (gains) losses | (39) |  | (48) |  | (30) |
Reclassification of cumulative translation loss to earnings | — |  | — |  | 65 |
Non-marketable investment impairments | — |  | 34 |  | — |
Other, net | (21) |  | (6) |  | — |
Other (income) expense, net | $ | (38) |  | $ | 26 |  | $ | 9 |
Other Supplemental Information | Other Supplemental Information
year ended December 31 (in millions) | 2024 | 2023 | 2022
Interest paid, net of portion capitalized | $ | 401 |  | $ | 484 |  | $ | 355 |
Income taxes paid | $ | 223 |  | $ | 174 |  | $ | 168 |

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