Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The components of costs incurred in connection with restructuring initiatives, acquisitions and cost-reduction/productivity initiatives are as follows:

	Year Ended December 31,
(MILLIONS OF DOLLARS)	2023		2022		2021
Restructuring charges and certain acquisition-related costs:
Integration costs(a)	$	3	$	4	$	10
Transaction costs(b)	4		1		—
Restructuring charges(c)(d):
Employee termination costs	41		3		17
Asset impairment charges	1		2		13
Exit costs	4		1		3
Total Restructuring charges and certain acquisition-related costs	$	53	$	11	$	43

(a)    Integration costs represent external, incremental costs directly related to integrating acquired businesses and primarily include expenditures for consulting and the integration of systems and processes, as well as product transfer costs.

(b)    Transaction costs represent external costs directly related to acquiring businesses and primarily includes expenditures for banking, legal, accounting and other similar services.

(c)    The restructuring charges for the year ended December 31, 2023 primarily relates to employee termination and exit costs related to organizational structure refinements and other cost-reduction and productivity initiatives.

    The restructuring charges for the year ended December 31, 2022 primarily relates to employee termination and exit costs associated with cost-reduction and productivity initiatives in certain international markets, as well as asset impairment charges primarily related to the consolidation of manufacturing sites in China.

    The restructuring charges for the year ended December 31, 2021 primarily relates to the realignment of our international operations and other cost-reduction and productivity initiatives.

(d)    The restructuring charges are associated with the following:

•For the year ended December 31, 2023, Manufacturing/research/corporate of $22 million, U.S. of $3 million and International of $21 million.

•For the year ended December 31, 2022, Manufacturing/research/corporate of $2 million and International of $4 million.

•For the year ended December 31, 2021, Manufacturing/research/corporate of $21 million and International of $12 million.

The components of, and changes in, our restructuring accruals are as follows:

	Employee		Asset
	Termination		Impairment		Exit
(MILLIONS OF DOLLARS)	Costs		Charges		Costs		Accrual
Balance, December 31, 2020	$	21	$	—	$	—	$	21
Provision	17		13		3		33
Non-cash activity	—		(13)		—		(13)
Utilization and other(a)	(15)		—		(1)		(16)
Balance, December 31, 2021	$	23	$	—	$	2	$	25
Provision	3		2		1		6
Non-cash activity	—		(2)		—		(2)
Utilization and other(a)	(12)		—		(2)		(14)
Balance, December 31, 2022(b)	$	14	$	—	$	1	$	15
Provision	41		1		4		46
Non-cash activity	—		(1)		—		(1)
Utilization and other(a)	(23)		—		(2)		(25)
Balance, December 31, 2023(b)(c)	$	32	$	—	$	3	$	35

(a)    Includes adjustments for foreign currency translation.

(b)    At December 31, 2023 and 2022, included in Accrued Expenses ($26 million and $5 million, respectively) and Other noncurrent liabilities ($9 million and $10 million, respectively).

(c)    Includes contractual obligations of $26 million, of which payments are expected to be approximately $25 million in 2024 and $1 million thereafter.