
Cash, Cash Equivalents, and Restricted Cash	As of
	December 31, 2023		December 31, 2022
Cash and cash equivalents	$	2,494	$	1,440
Short-term restricted cash	10		5
Total Cash, cash equivalents, and restricted cash as presented on the Consolidated and Combined Statements of Financial Position	2,504		1,445
Long-term restricted cash(1)	2		6
Total Cash, cash equivalents, and restricted cash as presented on the Consolidated and Combined Statements of Cash Flows	$	2,506	$	1,451

(1) Certain inventory items are long-term in nature and therefore have been recognized within All other assets in the Consolidated and Combined Statements of Financial Position. See the supplemental table “All Other Current and Non-Current Assets” for further information.


Property, Plant, and Equipment – Net
	Depreciable lives (in years)	Original Cost				Accumulated Depreciation				Net Carrying Value
As of December 31		2023		2022		2023		2022		2023		2022
Land and improvements(1)	8	$	70	$	70	$	(1)	$	(1)	$	69	$	69
Buildings, structures and related equipment	8-40	1,956		1,889		(1,167)		(1,109)		789		780
Machinery and equipment(2)	4-20	2,617		2,541		(1,802)		(1,791)		815		750
Leasehold costs and manufacturing plants under construction	1-40	565		489		(94)		(87)		471		402
Property, plant, and equipment – net, exclusive of ROU operating lease assets		$	5,208	$	4,989	$	(3,064)	$	(2,988)	$	2,144	$	2,001
ROU operating lease assets(3)										356		313
Property, plant, and equipment – net										$	2,500	$	2,314

(2) Equipment leased to customers is classified as Machinery and equipment and is reported at cost less accumulated depreciation, and was $38 million and $39 million as of December 31, 2023 and 2022, respectively.

(3) See Note 7, “Leases” for further information.

Depreciation related to Property, plant, and equipment – net, exclusive of ROU operating lease assets, was $248 million, $228 million, and $225 million for the years ended December 31, 2023, 2022, and 2021, respectively.


All Other Current and Non-Current Assets
	As of
	December 31, 2023		December 31, 2022
Prepaid expenses and deferred costs	$	147	$	163
Financing receivables – net	97		97
Derivative instruments	84		63
Other(1)	61		94
All other current assets	$	389	$	417
Prepaid pension asset	716		70
Equity method and other investments	357		322
Financing receivables – net	178		196
Long-term receivables – net	124		145
Inventories	147		104
Contract and other deferred assets	168		119
Other(2)	191		68
All other non-current assets(3)	$	1,881	$	1,024

(3) All other non-current assets increased in the year ended December 31, 2023, primarily due to assets transferred from GE as a result of the Spin-Off. Refer to Note 1, “Organization and Basis of Presentation” for further information.


Equity Method Investments
		Equity method investment balance				Equity method income (loss)
As of December 31	Ownership Percentage	2023		2022		2023		2022		2021
Nihon Medi-Physics Co., Ltd	50%	$	150	$	162	$	10	$	16	$	22
Other		20		20		1		(3)		5
Total		$	170	$	182	$	11	$	13	$	27


All Other Current and Non-Current Liabilities
	As of
	December 31, 2023		December 31, 2022
Employee compensation and benefit liabilities(1)	$	1,518	$	853
Sales allowances and related liabilities	228		243
Uncertain and other income taxes and related liabilities	260		237
Product warranties	192		193
Accrued freight and utilities	132		150
Operating lease liabilities	110		104
Derivative instruments(2)	128		86
Interest payable on borrowings	87		52
Environmental and asset retirement obligations	21		34
Other(3)	335		238
All other current liabilities(4)	$	3,011	$	2,190
Contract liabilities	705		630
Operating lease liabilities	273		243
Environmental and asset retirement obligations	265		251
Uncertain and other income taxes and related liabilities	208		182
Derivative instruments	136		119
Finance lease obligations	38		39
Sales allowances and related liabilities	27		26
Other(5)	225		113
All other non-current liabilities(4)	$	1,877	$	1,603

(1) Employee compensation and benefit liabilities consists of incentive compensation and commissions, pension and other postretirement benefit obligations, payroll accruals, deferred compensation, and other employee related liabilities.

(4) All other current and non-current liabilities increased in the year ended December 31, 2023, primarily due to liabilities transferred from GE as a result of the Spin-Off. Refer to Note 1, “Organization and Basis of Presentation” for further information.

Included within Accounts payable in the Consolidated and Combined Statements of Financial Position as of December 31, 2023 and 2022 were $365 million and $392 million, respectively, of confirmed supplier invoices that are outstanding and subject to third-party programs. See Note 2, “Summary of Significant Accounting Policies” for further information regarding our supply chain finance programs.

In October 2023, we entered into a Collaboration and License Agreement (“Agreement”) with Novo Nordisk (“Novo”) to pursue a collaboration on the development, regulatory approval and commercialization of an ultrasound therapy. Under the terms of the Agreement, in return for providing development activities associated with the development of the underlying ultrasound device to deliver Novo’s clinical therapies, we received an upfront nonrefundable payment with the potential for additional nonrefundable payments over the next four years. We will recognize the nonrefundable payments as an offset to R&D expense as we perform activities contemplated under the Agreement. These nonrefundable payments are not material. We may also receive future payments based on the achievement of certain development milestones and regulatory approvals associated with the ultrasound therapy.

The Company has noncontrolling interests with redemption features. These redemption features, such as put options, could require the Company to purchase the noncontrolling interests upon the occurrence of certain events. All noncontrolling interests with redemption features that are not solely within our control are recognized within the Consolidated and Combined Statements of Financial Position between liabilities and equity. Redeemable noncontrolling interests are initially recorded at the issuance date fair value. Those that are currently redeemable or probable of becoming redeemable are subsequently adjusted to the greater of current redemption value or initial carrying value.


Redeemable Noncontrolling Interests
	For the years ended December 31
	2023		2022		2021
Balance at beginning of period	$	230	$	220	$	223
Net income attributable to redeemable noncontrolling interests	41		47		39
Redemption value adjustments(1)	183		—		—
Distributions to and exercise of redeemable noncontrolling interests and other(2)	(289)		(37)		(42)
Balance at end of period	$	165	$	230	$	220

(1) 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.

(2) 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.


Other Income (Expense) – Net
	For the years ended December 31
		2023		2022		2021
Net interest and investment income (expense)		$	26	$	(9)	$	34
Equity method income (loss)		11		13		27
Change in fair value of assumed obligations		(32)		—		—
Other items, net(1)		81		58		62
Total other income (expense) – net		$	86	$	62	$	123

(1) Other items, net primarily consists of change in tax indemnities with GE, lease income, gains and losses related to derivatives, and licensing and royalty income for the year ended December 31, 2023, and licensing and royalty income and gains and losses related to derivatives for the years ended December 31, 2022 and 2021.