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Supplemental Balance Sheet Information | 12 Months Ended
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Dec. 31, 2021
Supplemental Balance Sheet Information [Abstract] |
SUPPLEMENTAL BALANCE SHEET INFORMATION | NOTE I – SUPPLEMENTAL BALANCE SHEET INFORMATION Components of selected captions in our accompanying consolidated balance sheets are as follows: Trade accounts receivable, net
| As of December 31,
(in millions) | 2021 |  | 2020
Trade accounts receivable | $ | 1,886 |  |  | $ | 1,637 |
Allowance for credit losses | (108) |  |  | (105) |
| $ | 1,778 |  |  | $ | 1,531 |
The following is a rollforward of our Allowance for credit losses:
| Year Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Beginning balance | $ | 105 |  |  | $ | 74 |  |  | $ | 68 |
Cumulative effect adjustment for adoption of ASU 2016-13 | n/a |  | 10 |  |  | n/a
Credit loss expense | 28 |  |  | 49 |  |  | 23 |
Write-offs | (25) |  |  | (27) |  |  | (17) |
Ending balance | $ | 108 |  |  | $ | 105 |  |  | $ | 74 |
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. Inventories
| As of December 31,
(in millions) | 2021 |  | 2020
Finished goods | $ | 1,029 |  |  | $ | 893 |
Work-in-process | 128 |  |  | 109 |
Raw materials | 452 |  |  | 349 |
| $ | 1,610 |  |  | $ | 1,351 |
Approximately 30 percent of our finished goods inventory as of December 31, 2021 and approximately 33 percent as of December 31, 2020 was at customer locations pursuant to consignment arrangements or held by sales representatives. Other current assets
| As of December 31,
(in millions) | 2021 |  | 2020
Restricted cash and restricted cash equivalents | $ | 188 |  |  | $ | 208 |
Derivative assets | 226 |  |  | 133 |
Licensing arrangements | 132 |  |  | 148 |
Other | 254 |  |  | 263 |
| $ | 799 |  |  | $ | 751 |
Property, plant and equipment, net
| As of December 31,
(in millions) | 2021 |  | 2020
Land | $ | 109 |  |  | $ | 104 |
Buildings and improvements | 1,335 |  |  | 1,292 |
Equipment, furniture and fixtures | 3,475 |  |  | 3,465 |
Capital in progress | 605 |  |  | 446 |
| 5,525 |  |  | 5,308 |
Less: accumulated depreciation | 3,273 |  |  | 3,224 |
| $ | 2,252 |  |  | $ | 2,084 |
Depreciation expense was $352 million in 2021, $333 million in 2020 and $311 million in 2019. Other long-term assets
| As of December 31,
(in millions) | 2021 |  | 2020
Restricted cash equivalents | $ | 55 |  |  | $ | 52 |
Operating lease right-of-use assets | 435 |  |  | 458 |
Derivative assets | 169 |  |  | 109 |
Investments | 412 |  |  | 918 |
Licensing arrangements | 114 |  |  | 218 |
Other | 225 |  |  | 166 |
| $ | 1,410 |  |  | $ | 1,921 |
Accrued expenses
| As of December 31,
(in millions) | 2021 |  | 2020
Legal reserves | $ | 264 |  |  | $ | 505 |
Payroll and related liabilities | 848 |  |  | 681 |
Rebates | 350 |  |  | 331 |
Contingent consideration | 289 |  |  | 26 |
Other | 686 |  |  | 656 |
| $ | 2,436 |  |  | $ | 2,197 |
Other current liabilities
| As of December 31,
(in millions) | 2021 |  | 2020
Deferred revenue | $ | 208 |  |  | $ | 138 |
Licensing arrangements | 138 |  |  | 153 |
Taxes payable | 209 |  |  | 158 |
Liabilities held for sale | — |  |  | 200 |
Other | 228 |  |  | 307 |
| $ | 783 |  |  | $ | 958 |
Other long-term liabilities
| As of December 31,
(in millions) | 2021 |  | 2020
Accrued income taxes | $ | 442 |  |  | $ | 547 |
Legal reserves | 284 |  |  | 64 |
Contingent consideration | 197 |  |  | 171 |
Licensing arrangements | 143 |  |  | 253 |
Operating lease liabilities | 389 |  |  | 401 |
Deferred revenue | 276 |  |  | 257 |
Other | 489 |  |  | 615 |
| $ | 2,220 |  |  | $ | 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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