Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of inventories

Inventories are valued at the lower of cost (first-in, first-out basis) or market. Cost includes material and conversion costs. Inventories consisted of the following:

as of December 31 (in millions)	2021		2020
Finished goods	$	932	$	1,318
Work-in-process	1,193		1,201
Raw materials	1,003		791
Inventories	$	3,128	$	3,310

Schedule of property and equipment

Property and Equipment

as of December 31 (in millions)	2021		2020
Land	$	287	$	288
Buildings	2,791		2,555
Equipment	6,850		6,976
Construction in progress	799		1,040
Property and equipment, gross	10,727		10,859
Less accumulated depreciation	(5,617)		(5,611)
Property and equipment, net	$	5,110	$	5,248