Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

Information regarding net income (loss) from discontinued operations, net of taxes includes the following:

	Three months ended June 30,				Six months ended June 30,
Net Income (Loss) from Discontinued Operations, Net of Taxes (millions)	2024		2023		2024		2023
Net sales	$	—	$	2,042	$	1,987	$	4,018
Cost of sales	—		878		844		1,747
Other operating expenses	46		764		837		1,496
Other expense (income), net	—		(7)		44		(11)
Income (loss) from discontinued operations before income taxes	(46)		407		262		786
Provision for income taxes	13		77		98		142
Net income (loss) from discontinued operations, net of taxes	$	(59)	$	330	$	164	$	644

Major classes of assets and liabilities of discontinued operations include the following:

Assets and Liabilities of Discontinued Operations (millions)	December 31, 2023
Assets
Cash and cash equivalents	$	198
Marketable securities — current	3
Accounts receivable — net	1,149
Inventories	878
Other current assets	151
Current assets of discontinued operations	2,379
Property, plant and equipment — net	1,469
Operating lease right of use assets	102
Goodwill	6,545
Intangible assets — net	2,903
Other assets	324
Non-current assets of discontinued operations	11,343
Liabilities
Accounts payable	469
Accrued payroll	209
Accrued income taxes	61
Operating lease liabilities — current	33
Other current liabilities	951
Current liabilities of discontinued operations	1,723
Pension and postretirement benefits	315
Operating lease liabilities	70
Other liabilities	301
Non-current liabilities of discontinued operations	686

Cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statement of Cash Flows for all periods presented. Selected financial information related to cash flows from discontinued operations is below.

	Six months ended June 30,
Selected Cash Flows from Discontinued Operations (millions)	2024		2023
Depreciation and amortization	$	139	$	277
Purchases of property, plant and equipment (PP&E)	77		104