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Supplemental Balance Sheet Information | 9 Months Ended
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Sep. 30, 2021
Supplemental Balance Sheet Information [Abstract] |
SUPPLEMENTAL BALANCE SHEET INFORMATION | NOTE F – SUPPLEMENTAL BALANCE SHEET INFORMATION Components of selected captions in our accompanying unaudited consolidated balance sheets are as follows: Trade accounts receivable, net
| As of
(in millions) | September 30, 2021 |  | December 31, 2020
Trade accounts receivable | $ | 1,778 |  |  | $ | 1,637 |
Allowance for credit losses | (108) |  |  | (105) |
| $ | 1,669 |  |  | $ | 1,531 |
The following is a rollforward of our Allowance for credit losses:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Beginning balance | $ | 107 |  |  | $ | 94 |  |  | $ | 105 |  |  | $ | 74 |
Cumulative effect adjustment(1) | n/a |  | n/a |  | n/a |  | 10 |
Credit loss expense | 9 |  |  | 16 |  |  | 20 |  |  | 39 |
Write-offs | (7) |  |  | (7) |  |  | (17) |  |  | (19) |
Ending balance | $ | 108 |  |  | $ | 103 |  |  | $ | 108 |  |  | $ | 103 |
(1) Effective January 1, 2020, we adopted FASB ASC Topic 326, Financial Instruments - Credit Losses 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. Refer to Note R – New Accounting Pronouncements to our audited financial statements contained in Item 8 of our most recent Annual Report on Form 10-K 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. We closely monitor outstanding receivables for potential collection risks, including those that may arise from economic conditions. Our sales to government-owned or supported customers, particularly in southern Europe, are subject to an increased number of days outstanding prior to payment relative to other countries. More recently, we have seen an increase in the volume of our U.S. business conducted in ambulatory surgery centers and office-based laboratories. Many of these customers are smaller than those we have historically done business with and may have limited liquidity. We have adjusted our estimates of credit loss reserves for these customers, regions and conditions based on collection trends. Inventories
| As of
(in millions) | September 30, 2021 |  | December 31, 2020
Finished goods | $ | 1,039 |  |  | $ | 893 |
Work-in-process | 127 |  |  | 109 |
Raw materials | 436 |  |  | 349 |
| $ | 1,603 |  |  | $ | 1,351 |
Other current assets
| As of
(in millions) | September 30, 2021 |  | December 31, 2020
Restricted cash and restricted cash equivalents | $ | 155 |  |  | $ | 208 |
Derivative assets | 192 |  |  | 133 |
Licensing arrangements | 142 |  |  | 148 |
Other | 302 |  |  | 263 |
| $ | 792 |  |  | $ | 751 |
Property, plant and equipment, net
| As of
(in millions) | September 30, 2021 |  | December 31, 2020
Land | $ | 103 |  |  | $ | 104 |
Buildings and improvements | 1,340 |  |  | 1,292 |
Equipment, furniture and fixtures | 3,515 |  |  | 3,465 |
Capital in progress | 465 |  |  | 446 |
| 5,423 |  |  | 5,308 |
Less: accumulated depreciation | 3,314 |  |  | 3,224 |
| $ | 2,109 |  |  | $ | 2,084 |
Depreciation expense was $88 million for the third quarter of 2021, $84 million for the third quarter of 2020, $254 million for the first nine months of 2021 and $238 million for the first nine months of 2020. Other long-term assets
| As of
(in millions) | September 30, 2021 |  | December 31, 2020
Restricted cash equivalents | $ | 57 |  |  | $ | 52 |
Operating lease right-of-use assets | 415 |  |  | 458 |
Derivative assets | 176 |  |  | 109 |
Investments | 434 |  |  | 918 |
Licensing arrangements | 138 |  |  | 218 |
Other | 223 |  |  | 166 |
| $ | 1,444 |  |  | $ | 1,921 |
Accrued expenses
| As of
(in millions) | September 30, 2021 |  | December 31, 2020
Legal reserves | $ | 357 |  |  | $ | 505 |
Payroll and related liabilities | 884 |  |  | 681 |
Rebates | 351 |  |  | 331 |
Contingent consideration liability | 253 |  |  | 26 |
Other | 574 |  |  | 656 |
| $ | 2,418 |  |  | $ | 2,197 |
Other current liabilities
| As of
(in millions) | September 30, 2021 |  | December 31, 2020
Deferred revenue | $ | 160 |  |  | $ | 138 |
Licensing arrangements | 142 |  |  | 153 |
Taxes payable | 113 |  |  | 158 |
Liabilities held for sale | — |  |  | 200 |
Other | 255 |  |  | 307 |
| $ | 669 |  |  | $ | 958 |
Other long-term liabilities
| As of
(in millions) | September 30, 2021 |  | December 31, 2020
Accrued income taxes | $ | 541 |  |  | $ | 547 |
Legal reserves | 191 |  |  | 64 |
Contingent consideration liability | 195 |  |  | 171 |
Licensing arrangements | 155 |  |  | 253 |
Operating lease liabilities | 377 |  |  | 401 |
Deferred revenue | 296 |  |  | 257 |
Other | 542 |  |  | 615 |
| $ | 2,296 |  |  | $ | 2,309 |

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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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