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SUPPLEMENTAL FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents

Cash, Cash Equivalents, and Restricted Cash
As of
December 31, 2023December 31, 2022
Cash and cash equivalents$2,494 $1,440 
Short-term restricted cash10 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) Long-term restricted cash is recognized within All other assets in the Consolidated and Combined Statements of Financial Position.
Schedule of Restricted Cash and Cash Equivalents

Cash, Cash Equivalents, and Restricted Cash
As of
December 31, 2023December 31, 2022
Cash and cash equivalents$2,494 $1,440 
Short-term restricted cash10 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) Long-term restricted cash is recognized within All other assets in the Consolidated and Combined Statements of Financial Position.
Schedule of Inventory
Inventories
As of
December 31, 2023December 31, 2022
Raw materials$961 $1,053 
Work in process91 91 
Finished goods908 1,011 
Inventories(1)
$1,960 $2,155 
(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.
Summary of Property, Plant and Equipment
Property, Plant, and Equipment – Net
Depreciable lives
(in years)
Original CostAccumulated DepreciationNet Carrying Value
As of December 31
202320222023202220232022
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 
(1) Depreciable lives exclude land.
(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.
Schedule of Other Current Assets
All Other Current and Non-Current Assets
As of
December 31, 2023December 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 
(1) Current Other primarily consists of tax receivables.
(2) Non-current Other primarily consists of indemnities due from GE and derivative instruments.
(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.
Schedule of Other Assets, Noncurrent
All Other Current and Non-Current Assets
As of
December 31, 2023December 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 
(1) Current Other primarily consists of tax receivables.
(2) Non-current Other primarily consists of indemnities due from GE and derivative instruments.
(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.
Schedule of Equity Method Investments
Equity Method Investments
Equity method investment balanceEquity method income (loss)
As of December 31Ownership Percentage20232022202320222021
Nihon Medi-Physics Co., Ltd
50%$150 $162 $10 $16 $22 
Other20 20 1 (3)5 
Total$170 $182 $11 $13 $27 
Schedule of Other Current Liabilities
All Other Current and Non-Current Liabilities
As of
December 31, 2023December 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.
(2) Derivative instruments include the related accrued interest. Refer to Note 13, “Financial Instruments and Fair Value Measurements” for further information.
(3) Current Other primarily consists of miscellaneous accrued costs, dividends payable to shareholders, and contingent consideration 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.
(5) Non-current Other primarily consists of miscellaneous accrued costs, contingent consideration liabilities, and indemnities due to GE.
Schedule of Other Noncurrent Liabilities
All Other Current and Non-Current Liabilities
As of
December 31, 2023December 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.
(2) Derivative instruments include the related accrued interest. Refer to Note 13, “Financial Instruments and Fair Value Measurements” for further information.
(3) Current Other primarily consists of miscellaneous accrued costs, dividends payable to shareholders, and contingent consideration 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.
(5) Non-current Other primarily consists of miscellaneous accrued costs, contingent consideration liabilities, and indemnities due to GE.
Schedule of Redeemable Noncontrolling Interest
The activity attributable to redeemable noncontrolling interests for the years ended December 31, 2023, 2022, and 2021 is presented below.

Redeemable Noncontrolling Interests
For the years ended December 31
202320222021
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.
Schedule of Other Income (Expense)
Other Income (Expense) – Net
For the years ended December 31
202320222021
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.