XML 52 R41.htm IDEA: XBRL DOCUMENT v3.24.3
SUPPLEMENTAL FINANCIAL INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents
Cash, Cash Equivalents, and Restricted CashAs of
September 30, 2024December 31, 2023
Cash and cash equivalents(1)
$3,550 $2,494 
Short-term restricted cash18 10 
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Financial Position3,568 2,504 
Long-term restricted cash(2)
4 2 
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Cash Flows$3,572 $2,506 
(1) The increase in cash and cash equivalents was primarily due to proceeds from the issuance of senior unsecured notes by the Company in the third quarter of 2024. Refer to Note 8, “Borrowings” for further information.
(2) 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 CashAs of
September 30, 2024December 31, 2023
Cash and cash equivalents(1)
$3,550 $2,494 
Short-term restricted cash18 10 
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Financial Position3,568 2,504 
Long-term restricted cash(2)
4 2 
Total Cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Cash Flows$3,572 $2,506 
(1) The increase in cash and cash equivalents was primarily due to proceeds from the issuance of senior unsecured notes by the Company in the third quarter of 2024. Refer to Note 8, “Borrowings” for further information.
(2) 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
September 30, 2024December 31, 2023
Raw materials$992 $961 
Work in process100 91 
Finished goods1,032 908 
Inventories(1)
$2,124 $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
September 30, 2024December 31, 2023
Original cost$5,356 $5,208 
Accumulated depreciation
(3,176)(3,064)
Right-of-use operating lease assets, net of amortization
359 356 
Property, plant, and equipment – net
$2,539 $2,500 
Schedule of Other Current Assets
All Other Current and Non-Current Assets
As of
September 30, 2024December 31, 2023
Prepaid expenses and deferred costs
$197 $147 
Financing receivables – net
94 97 
Derivative instruments
114 84 
Other(1)
72 61 
All other current assets
$476 $389 
Prepaid pension asset
$797 $716 
Equity method and other investments
361 357 
Financing receivables – net
178 178 
Long-term receivables – net
167 124 
Inventories
151 147 
Contract and other deferred assets
189 168 
Other(2)
255 191 
All other non-current assets
$2,098 $1,881 
(1) Current Other primarily consists of tax receivables.
(2) Non-current Other primarily consists of derivative instruments, indemnity assets associated with separation agreements with GE, capitalized costs associated with cloud computing arrangements, and tax receivables.
Schedule of Other Noncurrent Assets
All Other Current and Non-Current Assets
As of
September 30, 2024December 31, 2023
Prepaid expenses and deferred costs
$197 $147 
Financing receivables – net
94 97 
Derivative instruments
114 84 
Other(1)
72 61 
All other current assets
$476 $389 
Prepaid pension asset
$797 $716 
Equity method and other investments
361 357 
Financing receivables – net
178 178 
Long-term receivables – net
167 124 
Inventories
151 147 
Contract and other deferred assets
189 168 
Other(2)
255 191 
All other non-current assets
$2,098 $1,881 
(1) Current Other primarily consists of tax receivables.
(2) Non-current Other primarily consists of derivative instruments, indemnity assets associated with separation agreements with GE, capitalized costs associated with cloud computing arrangements, and tax receivables.
Schedule of Other Current Liabilities
All Other Current and Non-Current Liabilities
As of
September 30, 2024December 31, 2023
Sales allowances and related liabilities
$215 $228 
Income and indirect tax liabilities including uncertain tax positions
160 260 
Product warranties
168 192 
Accrued freight and utilities
127 132 
Operating lease liabilities
114 110 
Derivative instruments(1)
84 128 
Interest payable on borrowings
164 87 
Environmental and asset retirement obligations
19 21 
Other(2)
356 335 
All other current liabilities
$1,409 $1,493 
Contract liabilities
$704 $705 
Operating lease liabilities
263 273 
Environmental and asset retirement obligations
306 265 
Income and indirect tax liabilities including uncertain tax positions
205 208 
Derivative instruments
183 136 
Finance lease obligations
43 38 
Sales allowances and related liabilities
23 27 
Other(3)
195 225 
All other non-current liabilities
$1,920 $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, contingent consideration liabilities, and dividends payable to stockholders.
(3) Non-current Other primarily consists of miscellaneous accrued costs, indemnity liabilities associated with separation agreements with GE, and contingent consideration liabilities.
Schedule of Other Noncurrent Liabilities
All Other Current and Non-Current Liabilities
As of
September 30, 2024December 31, 2023
Sales allowances and related liabilities
$215 $228 
Income and indirect tax liabilities including uncertain tax positions
160 260 
Product warranties
168 192 
Accrued freight and utilities
127 132 
Operating lease liabilities
114 110 
Derivative instruments(1)
84 128 
Interest payable on borrowings
164 87 
Environmental and asset retirement obligations
19 21 
Other(2)
356 335 
All other current liabilities
$1,409 $1,493 
Contract liabilities
$704 $705 
Operating lease liabilities
263 273 
Environmental and asset retirement obligations
306 265 
Income and indirect tax liabilities including uncertain tax positions
205 208 
Derivative instruments
183 136 
Finance lease obligations
43 38 
Sales allowances and related liabilities
23 27 
Other(3)
195 225 
All other non-current liabilities
$1,920 $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, contingent consideration liabilities, and dividends payable to stockholders.
(3) Non-current Other primarily consists of miscellaneous accrued costs, indemnity liabilities associated with separation agreements with GE, and contingent consideration liabilities.
Schedule of Redeemable Noncontrolling Interest
The activity attributable to redeemable noncontrolling interests for the nine months ended September 30, 2024 and 2023 is presented below.
Redeemable Noncontrolling Interests
For the nine months ended September 30
20242023
Balance at beginning of period$165 $230 
Net income attributable to redeemable noncontrolling interests
35 28 
Redemption value adjustments(1)
— 183 
Distributions to and exercise of redeemable noncontrolling interests and other(2)
(23)(280)
Balance at end of period $177 $161 
(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 September 30
For the nine months ended September 30
2024202320242023
Net financing income and investment income (loss)
$5 $6 $(11)$19 
Equity method income (loss)
2 — 5 9 
Change in fair value of assumed obligations
(9)(5)(26)(24)
Other items, net(1)
11 62 33 81 
Total other income (expense) – net
$9 $63 $1 $85 
(1) Other items, net primarily consists of government grants, lease income, gains and losses related to derivatives, and licensing and royalty income for the three and nine months ended September 30, 2024, and change in tax indemnity, gains and losses related to derivatives, licensing and royalty income, and lease income for the three and nine months ended September 30, 2023.