DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

The following table summarizes the major classes of line items included in income from discontinued operations, net of tax, for the years ended December 31, 2023, 2022 and 2021:

(in millions)	2023		2022		2021
Net sales	$	469	$	607	$	638
Cost of sales	216		276		253
Gross margin	253		331		385
Selling, general and administrative expenses	45		28		22
Research and development expenses	1		3		3
Interest expense, net	(1)		—		(1)
Other (income) expense, net	1		3		—
Income from discontinued operations before gain on disposition and income taxes	207		297		361
Gain on disposition	2,882		—		—
Income tax expense	357		64		99
Income from discontinued operations, net of tax	$	2,732	$	233	$	262

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

as of December 31 (in millions)	2022
Accounts receivable, net of allowances	$	88
Inventories	39
Prepaid expenses and other current assets	59
Property, plant and equipment, net	284
Goodwill	391
Operating lease right-of-use assets	9
Other non-current assets	2
Assets of discontinued operations	$	872
Accounts payable	$	29
Accrued expenses and other current liabilities	32
Operating lease liabilities	9
Other non-current liabilities	111
Liabilities of discontinued operations	$	181