Business Combinations and Asset Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Disposal Groups, Including Discontinued Operations

As of June 30, 2024, major classes of assets held for sale and liabilities associated with assets held for sale are summarized below:

	June 30,
(MILLIONS OF DOLLARS)	2024
Assets held for sale
Accounts receivable, less allowance for doubtful accounts	$	1
Inventories	176
Other current assets	1
Property, plant and equipment, less accumulated depreciation	106
Operating lease right-of-use assets	2
Goodwill(a)	12
Identifiable intangible assets, less accumulated amortization	26
Noncurrent deferred tax assets	3
Other noncurrent assets	9
Loss on assets held for sale(a)	(10)
Total Assets Held for Sale	$	326
Liabilities associated with assets held for sale
Accounts payable	$	8
Accrued expenses	9
Accrued compensation and related items	1
Other noncurrent liabilities	7
Total Liabilities Associated with Assets Held for Sale	$	25

(a) We recorded a loss on assets held for sale of $22 million in the Condensed Consolidated Statements of Income during the three and six months ended June 30, 2024. Of the loss on assets held for sale, $12 million is allocated to goodwill and the remaining $10 million relates to selling costs to be recognized upon closing and foreign currency translation losses to be reclassified out of accumulated other comprehensive income into earnings at closing of the transaction.