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Supplemental Balance Sheet Information | 9 Months Ended
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Sep. 30, 2020
Supplemental Balance Sheet Information [Abstract] |
SUPPLEMENTAL BALANCE SHEET INFORMATION | NOTE F – SUPPLEMENTAL BALANCE SHEET INFORMATION Components of selected captions in our accompanying unaudited condensed consolidated balance sheets are as follows: Cash, cash equivalents, restricted cash and restricted cash equivalents
| As of
(in millions) | September 30, 2020 |  | December 31, 2019
Cash and cash equivalents | $ | 2,022 |  |  | $ | 217 |
Restricted cash and restricted cash equivalents in Other current assets | 214 |  |  | 346 |
Restricted cash equivalents in Other long-term assets | 46 |  |  | 43 |
| $ | 2,282 |  |  | $ | 607 |
Trade accounts receivable, net
| As of
(in millions) | September 30, 2020 |  | December 31, 2019
Trade accounts receivable | $ | 1,701 |  |  | $ | 1,902 |
Allowance for credit losses | (103) |  |  | (74) |
| $ | 1,598 |  |  | $ | 1,828 |
The following is a rollforward of our Allowance for credit losses:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Beginning balance | $ | 94 |  |  | $ | 73 |  |  | $ | 74 |  |  | $ | 68 |
Cumulative effect adjustment for adoption of ASU 2016-13 | n/a |  | n/a |  | 10 |  |  | n/a
Credit loss expense | 16 |  |  | 8 |  |  | 39 |  |  | 19 |
Write-offs | (7) |  |  | (5) |  |  | (19) |  |  | (11) |
Ending balance | $ | 103 |  |  | $ | 75 |  |  | $ | 103 |  |  | $ | 75 |
Note: Effective January 1, 2020, we adopted FASB ASC Topic 326 using the modified retrospective method, which requires that we recognize credit loss reserves when financial assets are established if credit losses are expected over the asset’s contractual life. Prior period amounts have not been restated and are presented in accordance with FASB ASC Topic 310. Please refer to Note A – Basis of Presentation for additional information. In accordance with FASB ASC Topic 326, we record credit loss reserves to Allowance for credit losses when we establish Trade accounts receivable if credit losses are expected over the asset's contractual life. We base our estimates of credit loss reserves on historical experience and adjust, as necessary, to reflect current conditions using reasonable and supportable forecasts not already reflected in the historical loss information. We utilize an accounts receivable aging approach to determine the reserve to record at accounts receivable commencement for certain customers, applying country or region-specific factors. In performing the assessment of outstanding accounts receivable, regardless of country or region, we may consider significant factors relevant to collectability including those specific to a customer such as bankruptcy, lengthy average payment cycles and type of account. Inventories
| As of
(in millions) | September 30, 2020 |  | December 31, 2019
Finished goods | $ | 871 |  |  | $ | 971 |
Work-in-process | 179 |  |  | 192 |
Raw materials | 421 |  |  | 416 |
| $ | 1,472 |  |  | $ | 1,579 |
Other current assets
| As of
(in millions) | September 30, 2020 |  | December 31, 2019
Restricted cash and restricted cash equivalents | $ | 214 |  |  | $ | 346 |
Derivative assets | 146 |  |  | 105 |
Licensing arrangements | 149 |  |  | 186 |
Other | 385 |  |  | 243 |
| $ | 894 |  |  | $ | 880 |
Property, plant and equipment, net
| As of
(in millions) | September 30, 2020 |  | December 31, 2019
Land | $ | 120 |  |  | $ | 117 |
Buildings and improvements | 1,243 |  |  | 1,198 |
Equipment, furniture and fixtures | 3,411 |  |  | 3,411 |
Capital in progress | 402 |  |  | 442 |
| 5,176 |  |  | 5,169 |
Less: accumulated depreciation | 3,112 |  |  | 3,089 |
| $ | 2,064 |  |  | $ | 2,079 |
Depreciation expense was $84 million for the third quarter of 2020, $79 million for the third quarter of 2019, $238 million for the first nine months of 2020 and $220 million for the first nine months of 2019. Other long-term assets
| As of
(in millions) | September 30, 2020 |  | December 31, 2019
Restricted cash equivalents | $ | 46 |  |  | $ | 43 |
Operating lease right-of-use assets | 311 |  |  | 336 |
Derivative assets | 179 |  |  | 216 |
Investments | 567 |  |  | 458 |
Licensing arrangements | 246 |  |  | 332 |
Other | 165 |  |  | 144 |
| $ | 1,516 |  |  | $ | 1,529 |
Accrued expenses
| As of
(in millions) | September 30, 2020 |  | December 31, 2019
Legal reserves | $ | 552 |  |  | $ | 470 |
Payroll and related liabilities | 728 |  |  | 708 |
Rebates | 324 |  |  | 298 |
Contingent consideration | 47 |  |  | 56 |
Other | 544 |  |  | 576 |
| $ | 2,195 |  |  | $ | 2,109 |
Other current liabilities
| As of
(in millions) | September 30, 2020 |  | December 31, 2019
Deferred revenue | $ | 147 |  |  | $ | 144 |
Licensing arrangements | 151 |  |  | 197 |
Taxes payable | 37 |  |  | 265 |
Other | 310 |  |  | 195 |
| $ | 644 |  |  | $ | 800 |
Other long-term liabilities
| As of
(in millions) | September 30, 2020 |  | December 31, 2019
Accrued income taxes | $ | 571 |  |  | $ | 667 |
Legal reserves | 48 |  |  | 227 |
Accrued contingent consideration | 167 |  |  | 299 |
Licensing arrangements | 262 |  |  | 374 |
Operating lease liabilities | 256 |  |  | 276 |
Deferred revenue | 258 |  |  | 257 |
Other | 569 |  |  | 535 |
| $ | 2,132 |  |  | $ | 2,635 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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