SUPPLEMENTAL FINANCIAL INFORMATION (Tables)
|
12 Months Ended |
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 | |
|