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SUPPLEMENTAL FINANCIAL INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents
Cash, Cash Equivalents, and Restricted Cash
As of
June 30, 2024December 31, 2023
Cash and cash equivalents$1,997 $2,494 
Short-term restricted cash17 10 
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Financial Position
2,015 2,504 
Long-term restricted cash(1)
3 2 
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Cash Flows
$2,018 $2,506 
(1) Long-term restricted cash is recognized within All other non-current assets in the Condensed Consolidated Statements of Financial Position.
Schedule of Restricted Cash and Cash Equivalents
Cash, Cash Equivalents, and Restricted Cash
As of
June 30, 2024December 31, 2023
Cash and cash equivalents$1,997 $2,494 
Short-term restricted cash17 10 
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Financial Position
2,015 2,504 
Long-term restricted cash(1)
3 2 
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Cash Flows
$2,018 $2,506 
(1) Long-term restricted cash is recognized within All other non-current assets in the Condensed Consolidated Statements of Financial Position.
Schedule of Inventory
Inventories
As of
June 30, 2024December 31, 2023
Raw materials$934 $961 
Work in process102 91 
Finished goods987 908 
Inventories(1)
$2,023 $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.
Summary of Property, Plant and Equipment
Property, Plant, and Equipment – Net
As of
June 30, 2024December 31, 2023
Original cost$5,207 $5,208 
Accumulated depreciation
(3,108)(3,064)
Right-of-use operating lease assets, net of amortization
359 356 
Property, plant, and equipment – net
$2,458 $2,500 
Schedule of Other Current Assets
All Other Current and Non-Current Assets
As of
June 30, 2024December 31, 2023
Prepaid expenses and deferred costs
$218 $147 
Financing receivables – net
93 97 
Derivative instruments
58 84 
Other(1)
68 61 
All other current assets
$437 $389 
Prepaid pension asset
$742 $716 
Equity method and other investments
340 357 
Financing receivables – net
172 178 
Long-term receivables – net
153 124 
Inventories
149 147 
Contract and other deferred assets
177 168 
Other(2)
178 191 
All other non-current assets
$1,913 $1,881 
(1) Current Other primarily consists of tax receivables.
(2) Non-current Other primarily consists of indemnity assets associated with separation agreements with GE, capitalized cloud computing software, tax receivables, and derivative instruments.
Schedule of Other Noncurrent Assets
All Other Current and Non-Current Assets
As of
June 30, 2024December 31, 2023
Prepaid expenses and deferred costs
$218 $147 
Financing receivables – net
93 97 
Derivative instruments
58 84 
Other(1)
68 61 
All other current assets
$437 $389 
Prepaid pension asset
$742 $716 
Equity method and other investments
340 357 
Financing receivables – net
172 178 
Long-term receivables – net
153 124 
Inventories
149 147 
Contract and other deferred assets
177 168 
Other(2)
178 191 
All other non-current assets
$1,913 $1,881 
(1) Current Other primarily consists of tax receivables.
(2) Non-current Other primarily consists of indemnity assets associated with separation agreements with GE, capitalized cloud computing software, tax receivables, and derivative instruments.
Schedule of Other Current Liabilities
All Other Current and Non-Current Liabilities
As of
June 30, 2024December 31, 2023
Sales allowances and related liabilities
$211 $228 
Income and indirect tax liabilities including uncertain tax positions
200 260 
Product warranties
172 192 
Accrued freight and utilities
115 132 
Operating lease liabilities
113 110 
Derivative instruments(1)
99 128 
Interest payable on borrowings
87 87 
Environmental and asset retirement obligations
19 21 
Other(2)
331 335 
All other current liabilities
$1,348 $1,493 
Contract liabilities
$685 $705 
Operating lease liabilities
267 273 
Environmental and asset retirement obligations
264 265 
Income and indirect tax liabilities including uncertain tax positions
194 208 
Derivative instruments
108 136 
Finance lease obligations
42 38 
Sales allowances and related liabilities
23 27 
Other(3)
212 225 
All other non-current liabilities
$1,796 $1,877 
(1) Derivative instruments include the related accrued interest. Refer to Note 12, “Financial Instruments and Fair Value Measurements” for further information.
(2) Current Other primarily consists of miscellaneous accrued costs, dividends payable to stockholders, and contingent consideration liabilities.
(3) Non-current Other primarily consists of miscellaneous accrued costs, contingent consideration liabilities, and indemnity liabilities associated with separation agreements with GE.
Schedule of Other Noncurrent Liabilities
All Other Current and Non-Current Liabilities
As of
June 30, 2024December 31, 2023
Sales allowances and related liabilities
$211 $228 
Income and indirect tax liabilities including uncertain tax positions
200 260 
Product warranties
172 192 
Accrued freight and utilities
115 132 
Operating lease liabilities
113 110 
Derivative instruments(1)
99 128 
Interest payable on borrowings
87 87 
Environmental and asset retirement obligations
19 21 
Other(2)
331 335 
All other current liabilities
$1,348 $1,493 
Contract liabilities
$685 $705 
Operating lease liabilities
267 273 
Environmental and asset retirement obligations
264 265 
Income and indirect tax liabilities including uncertain tax positions
194 208 
Derivative instruments
108 136 
Finance lease obligations
42 38 
Sales allowances and related liabilities
23 27 
Other(3)
212 225 
All other non-current liabilities
$1,796 $1,877 
(1) Derivative instruments include the related accrued interest. Refer to Note 12, “Financial Instruments and Fair Value Measurements” for further information.
(2) Current Other primarily consists of miscellaneous accrued costs, dividends payable to stockholders, and contingent consideration liabilities.
(3) Non-current Other primarily consists of miscellaneous accrued costs, contingent consideration liabilities, and indemnity liabilities associated with separation agreements with GE.
Schedule of Redeemable Noncontrolling Interest
The activity attributable to redeemable noncontrolling interests for the six months ended June 30, 2024 and 2023 is presented below.
Redeemable Noncontrolling Interests
For the six months ended June 30
20242023
Balance at beginning of period$165 $230 
Net income attributable to redeemable noncontrolling interests
16 21 
Redemption value adjustments(1)
— 183 
Distributions to and exercise of redeemable noncontrolling interests and other(2)
(4)(225)
Balance at end of period $177 $209 
(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 in the Condensed Consolidated Statements of Financial Position.
(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 three months ended June 30
For the six months ended June 30
2024202320242023
Net financing income and investment income (loss)
$— $— $(15)$13 
Equity method income (loss)
2 5 3 9 
Change in fair value of assumed obligations
(9)(6)(17)(19)
Other items, net(1)
7 15 21 19 
Total other income (expense) – net
$1 $14 $(8)$22 
(1) Other items, net primarily consists of lease income and licensing and royalty income for the three and six months ended June 30, 2024, and lease income, gains and losses related to derivatives, and licensing and royalty income for the three and six months ended June 30, 2023.