DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Results of Discontinued Operations and Assets and Liabilities of Discontinued Operations

The following table summarizes the major classes of line items included in income from discontinued operations, net of tax, for the three and six months ended June 30, 2023 and 2022:

	Three months ended June 30,				Six months ended June 30,
(in millions)	2023		2022		2023		2022
Net sales	$	142	$	152	$	278	$	301
Cost of sales	71		70		135		133
Gross margin	71		82		143		168
Selling, general and administrative expenses	14		6		29		11
Research and development expenses	1		—		1		1
Other income, net	(1)		—		—		—
Income from discontinued operations before income taxes	57		76		113		156
Income tax expense	3		6		14		21
Income from discontinued operations, net of tax	$	54	$	70	$	99	$	135

The following table summarizes the carrying amounts of the major classes of assets and liabilities classified as discontinued operations in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022:

(in millions)	June 30, 2023		December 31, 2022
Accounts receivable, net of allowances	$	82	$	88
Inventories	60		39
Prepaid expenses and other current assets	91		59
Property, plant and equipment, net	297		284
Goodwill	386		391
Operating lease right-of-use assets	9		9
Other non-current assets	6		2
Assets of discontinued operations	$	931	$	872
Accounts payable	$	40	$	29
Accrued expenses and other current liabilities	30		32
Operating lease liabilities	8		9
Other non-current liabilities	115		111
Liabilities of discontinued operations	$	193	$	181