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SUPPLEMENTAL FINANCIAL INFORMATION
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL FINANCIAL INFORMATION SUPPLEMENTAL FINANCIAL INFORMATION

Cash, Cash Equivalents, and Restricted Cash
As of
March 31, 2024December 31, 2023
Cash and cash equivalents$2,551 $2,494 
Short-term restricted cash12 10 
Total Cash, cash equivalents, and restricted cash as presented on the Condensed Consolidated Statements of Financial Position
2,563 2,504 
Long-term restricted cash(1)
2 2 
Total Cash, cash equivalents, and restricted cash as presented on the Condensed Consolidated Statements of Cash Flows
$2,565 $2,506 
(1) Long-term restricted cash is recognized within All other non-current assets in the Condensed Consolidated Statements of Financial Position.

Inventories
As of
March 31, 2024December 31, 2023
Raw materials$927 $961 
Work in process101 91 
Finished goods961 908 
Inventories(1)
$1,989 $1,960 
(1) Certain inventory items are long-term in nature and therefore have been recognized within All other non-current assets in the Condensed Consolidated Statements of Financial Position.

Property, Plant, and Equipment – Net
As of
March 31, 2024December 31, 2023
Original cost$5,180 $5,208 
Accumulated depreciation
(3,089)(3,064)
Right-of-use operating lease assets, net of amortization
354 356 
Property, plant, and equipment – net
$2,445 $2,500 
All Other Current and Non-Current Assets
As of
March 31, 2024December 31, 2023
Prepaid expenses and deferred costs
$244 $147 
Financing receivables – net
96 97 
Derivative instruments
101 84 
Other(1)
75 61 
All other current assets
$517 $389 
Prepaid pension asset
727 716 
Equity method and other investments
346 357 
Financing receivables – net
181 178 
Long-term receivables – net
130 124 
Inventories
154 147 
Contract and other deferred assets
175 168 
Other(2)
165 191 
All other non-current assets
$1,878 $1,881 
(1) Current Other primarily consists of tax receivables.
(2) Non-current Other primarily consists of indemnities due from GE, capitalized cloud computing software, tax receivables and derivative instruments.

All Other Current and Non-Current Liabilities
As of
March 31, 2024December 31, 2023
Employee compensation and benefit liabilities(1)
$1,502 $1,518 
Sales allowances and related liabilities
208 228 
Income and indirect tax liabilities including uncertain tax positions
266 260 
Product warranties
175 192 
Accrued freight and utilities
113 132 
Operating lease liabilities
109 110 
Derivative instruments(2)
110 128 
Interest payable on borrowings
170 87 
Environmental and asset retirement obligations
20 21 
Other(3)
318 335 
All other current liabilities
$2,993 $3,011 
Contract liabilities
687 705 
Operating lease liabilities
267 273 
Environmental and asset retirement obligations
265 265 
Income and indirect tax liabilities including uncertain tax positions
207 208 
Derivative instruments
114 136 
Finance lease obligations
37 38 
Sales allowances and related liabilities
24 27 
Other(4)
209 225 
All other non-current liabilities
$1,811 $1,877 
(1) Employee compensation and benefit liabilities consists of incentive compensation and commissions, pension and other postretirement benefit obligations, payroll accruals, other employee related liabilities, and deferred compensation.
(2) Derivative instruments include the related accrued interest. Refer to Note 12, “Financial Instruments and Fair Value Measurements” for further information.
(3) Current Other primarily consists of miscellaneous accrued costs, dividends payable to stockholders, and contingent consideration liabilities.
(4) Non-current Other primarily consists of miscellaneous accrued costs, contingent consideration liabilities, and indemnities due to GE.
SUPPLY CHAIN FINANCE PROGRAMS.

The Company participates in voluntary supply chain finance programs which provide participating suppliers the opportunity to sell their GE HealthCare receivables to third parties at the sole discretion of both the suppliers and the third parties. We evaluate supply chain finance programs to ensure the use of a third-party intermediary to settle our trade payables does not change the nature, existence, amount, or timing of our trade payables and does not provide the Company with any direct economic benefit. If any characteristics of the trade payables change or we receive a direct economic benefit, we reclassify the trade payables as borrowings. In connection with the supply chain finance programs, payment terms normally range from 30 to 150 days, not exceeding 180 days, depending on the underlying supplier agreements.

Included within Accounts payable in the Condensed Consolidated Statements of Financial Position as of March 31, 2024 and December 31, 2023 were $384 million and $365 million, respectively, of confirmed supplier invoices that are outstanding and subject to third-party programs.

REDEEMABLE NONCONTROLLING INTERESTS.

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 Condensed Consolidated 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.

The activity attributable to redeemable noncontrolling interests for the three months ended March 31, 2024 and 2023 is presented below.

Redeemable Noncontrolling Interests
For the three months ended March 31
20242023
Balance at beginning of period$165 $230 
Net income attributable to redeemable noncontrolling interests
11 10 
Redemption value adjustments(1)
— 183 
Distributions to and exercise of redeemable noncontrolling interests and other(2)
— (222)
Balance at end of period $177 $201 
(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. As a result, these redeemable noncontrolling interests were remeasured to their current redemption value. 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 expected redemption payment of $211 million was recognized within All other current liabilities as of March 31, 2023 and was subsequently paid out in the second quarter of 2023.

Other Income (Expense) – Net
For the three months ended March 31
20242023
Net financing income and investment income (loss)
$(16)$13 
Equity method income (loss)
1 4 
Change in fair value of assumed obligations
(8)(13)
Other items, net(1)
14 4 
Total other income (expense) – net
$(8)$8 
(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 three months ended March 31, 2024, and lease income, gains and losses related to derivatives, and licensing and royalty income for the three months ended March 31, 2023.