SUPPLEMENTAL FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

Cash, Cash Equivalents and Restricted Cash	As of
	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	1,936	$	1,440
Short-term restricted cash	3		5
Total cash, cash equivalents, and restricted cash as presented on the Condensed Consolidated and Combined Statements of Financial Position	1,939		1,445
Long-term restricted cash(a)	6		6
Total cash, cash equivalents, and restricted cash as presented on the Condensed Consolidated and Combined Statements of Cash Flows	$	1,945	$	1,451

(a) Long-term restricted cash is recognized within All other assets in the Condensed Consolidated and Combined Statements of Financial Position.

Schedule of Restricted Cash and Cash Equivalents

Cash, Cash Equivalents and Restricted Cash	As of
	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	1,936	$	1,440
Short-term restricted cash	3		5
Total cash, cash equivalents, and restricted cash as presented on the Condensed Consolidated and Combined Statements of Financial Position	1,939		1,445
Long-term restricted cash(a)	6		6
Total cash, cash equivalents, and restricted cash as presented on the Condensed Consolidated and Combined Statements of Cash Flows	$	1,945	$	1,451

(a) Long-term restricted cash is recognized within All other assets in the Condensed Consolidated and Combined Statements of Financial Position.

Schedule of Inventory

Inventories
	As of
	June 30, 2023		December 31, 2022
Raw materials	$	1,103	$	1,053
Work in process	106		91
Finished goods	1,055		1,011
Inventories(a)	$	2,264	$	2,155

(a) Certain inventory items are long-term in nature and therefore have been recognized within All other assets in the Condensed Consolidated and Combined Statements of Financial Position.

Summary of Property, Plant and Equipment

Property, Plant, and Equipment - Net
	As of
	June 30, 2023		December 31, 2022
Original cost	$	5,075	$	4,989
Less accumulated depreciation and amortization	(3,057)		(2,988)
Right-of-use operating lease assets	339		313
Property, plant, and equipment - net	$	2,357	$	2,314

Schedule of Redeemable Noncontrolling Interest

The activity attributable to redeemable noncontrolling interests for the six months ended June 30, 2023 and 2022 is presented below.

Redeemable Noncontrolling Interests
	For the six months ended June 30
	2023		2022
Balance at beginning of period	$	230	$	220
Net income attributable to redeemable noncontrolling interests	21		19
Redemption value adjustments(a)	183		—
Distributions to and exercise of redeemable noncontrolling interests(b)	(225)		(19)
Balance at end of period	$	209	$	220

(a) As of January 3, 2023, certain redeemable noncontrolling interests were probable of becoming redeemable due to the change of control that occurred upon consummation of the Spin-Off. These redeemable noncontrolling interests were remeasured to their current redemption value resulting in a redemption value adjustment of $183 million. The remeasurement was accounted for as a deemed preferred stock dividend of redeemable noncontrolling interest and recorded as an adjustment to retained earnings.

(b) In the first quarter of 2023, the redeemable noncontrolling interest holder exercised its option redemption provision. The redemption amount of $211 million was paid in the second quarter of 2023.

Schedule of Other Income (Expense)

Other Income (Expense) – Net
	For the three months ended June 30				For the six months ended June 30
	2023		2022		2023		2022
Net interest and investment income (expense)	$	—	$	(10)	$	13	$	(12)
Equity method investment income	5		6		9		9
Change in fair value of assumed obligation	(6)		—		(19)		—
Other items, net(a)	15		23		19		48
Total other income (expense) – net	$	14	$	19	$	22	$	45

(a) Other items, net primarily consists of lease income, licensing and royalty income, and gains and losses related to derivatives for the three and six months ended June 30, 2023, and licensing and royalty income, and gains and losses related to derivatives for the three and six months ended June 30, 2022.