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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 845 $ 875
Short-term investments 1 0
Accounts receivable, net of allowance for doubtful accounts of $7 and $6 at March 31, 2024 and December 31, 2023, respectively 576 603
Inventories 971 991
Other current assets 268 227
Total current assets 2,661 2,696
Property, plant and equipment, net 766 784
Right-of-use assets, net 227 225
Goodwill 2,511 2,554
Intangible assets, net 2,501 2,619
Other assets 265 240
Total assets 8,931 9,118
Current liabilities:    
Short-term debt 50 93
Accounts payable 290 327
Other current liabilities 381 428
Total current liabilities 721 848
Long-term debt, net 4,692 4,696
Non-current deferred taxes 622 640
Non-current accrued compensation 148 151
Non-current lease liabilities 210 205
Other non-current liabilities 114 106
Total liabilities 6,507 6,646
Commitments and contingencies (Note 16)
Stockholders’ equity:    
Preferred stock, $0.01 par value per share, 2 shares authorized; no shares issued and outstanding 0 0
Common stock, no par value, 200 shares authorized; 67.1 and 66.9 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 0 0
Additional paid-in capital 2,201 2,195
Retained earnings 373 373
Accumulated other comprehensive loss (150) (96)
Total stockholders’ equity 2,424 2,472
Total liabilities and stockholders’ equity $ 8,931 $ 9,118