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Supplemental Balance Sheet Information | 9 Months Ended
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Sep. 30, 2022
Supplemental Balance Sheet Information [Abstract] |
SUPPLEMENTAL BALANCE SHEET INFORMATION | NOTE F – SUPPLEMENTAL BALANCE SHEET INFORMATION Components of selected captions within our accompanying unaudited consolidated balance sheets are as follows: Trade accounts receivable, net
| As of
(in millions) | September 30, 2022 |  | December 31, 2021
Trade accounts receivable | $ | 1,986 |  |  | $ | 1,886 |
Allowance for credit losses | (114) |  |  | (108) |
| $ | 1,871 |  |  | $ | 1,778 |
The following is a roll forward of our Allowance for credit losses:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Beginning balance | $ | 117 |  |  | $ | 107 |  |  | $ | 108 |  |  | $ | 105 |
Credit loss expense | 7 |  |  | 9 |  |  | 26 |  |  | 20 |
Write-offs | (9) |  |  | (7) |  |  | (20) |  |  | (17) |
Ending balance | $ | 114 |  |  | $ | 108 |  |  | $ | 114 |  |  | $ | 108 |
In accordance with FASB ASC Topic 326, Financial Instruments - Credit Losses (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, applying country or region-specific factors, to determine the reserve to record at accounts receivable commencement for certain customers. 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 and geopolitical 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 entities, and, in southern Europe, relative to those in other countries. In addition, 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 more 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, 2022 |  | December 31, 2021
Finished goods | $ | 1,107 |  |  | $ | 1,029 |
Work-in-process | 149 |  |  | 128 |
Raw materials | 533 |  |  | 452 |
| $ | 1,788 |  |  | $ | 1,610 |
Other current assets
| As of
(in millions) | September 30, 2022 |  | December 31, 2021
Restricted cash and restricted cash equivalents | $ | 112 |  |  | $ | 188 |
Derivative assets | 367 |  |  | 226 |
Licensing arrangements | 73 |  |  | 132 |
Other | 332 |  |  | 254 |
| $ | 884 |  |  | $ | 799 |
Property, plant and equipment, net
| As of
(in millions) | September 30, 2022 |  | December 31, 2021
Land | $ | 117 |  |  | $ | 109 |
Buildings and improvements | 1,461 |  |  | 1,335 |
Equipment, furniture and fixtures | 3,372 |  |  | 3,475 |
Capital in progress | 513 |  |  | 605 |
| 5,463 |  |  | 5,525 |
Less: accumulated depreciation | 3,190 |  |  | 3,273 |
| $ | 2,273 |  |  | $ | 2,252 |
Depreciation expense was $82 million for the third quarter of 2022, $88 million for the third quarter of 2021, $238 million for the first nine months of 2022, and $254 million for the first nine months of 2021. Other long-term assets
| As of
(in millions) | September 30, 2022 |  | December 31, 2021
Restricted cash equivalents | $ | 48 |  |  | $ | 55 |
Operating lease right-of-use assets | 388 |  |  | 435 |
Derivative assets | 285 |  |  | 169 |
Investments | 389 |  |  | 412 |
Licensing arrangements | 78 |  |  | 114 |
Indemnification asset | 168 |  |  | — |
Other | 247 |  |  | 225 |
| $ | 1,602 |  |  | $ | 1,410 |
Accrued expenses
| As of
(in millions) | September 30, 2022 |  | December 31, 2021
Legal reserves | $ | 174 |  |  | $ | 264 |
Payroll and related liabilities | 777 |  |  | 848 |
Rebates | 341 |  |  | 350 |
Contingent consideration | 87 |  |  | 289 |
Other | 596 |  |  | 686 |
| $ | 1,974 |  |  | $ | 2,436 |
Other current liabilities
| As of
(in millions) | September 30, 2022 |  | December 31, 2021
Deferred revenue | $ | 216 |  |  | $ | 208 |
Licensing arrangements | 83 |  |  | 138 |
Taxes payable | 234 |  |  | 209 |
Other | 220 |  |  | 228 |
| $ | 752 |  |  | $ | 783 |
Other long-term liabilities
| As of
(in millions) | September 30, 2022 |  | December 31, 2021
Accrued income taxes | $ | 549 |  |  | $ | 442 |
Legal reserves | 130 |  |  | 284 |
Contingent consideration | 95 |  |  | 197 |
Licensing arrangements | 84 |  |  | 143 |
Operating lease liabilities | 350 |  |  | 389 |
Deferred revenue | 278 |  |  | 276 |
Other | 429 |  |  | 489 |
| $ | 1,916 |  |  | $ | 2,220 |
As a result of our 2019 acquisition of BTG plc. (BTG), we assumed a benefit obligation related to a defined benefit pension plan sponsored by BTG for eligible United Kingdom employees. During the second quarter of 2022, we transferred the benefit obligation and associated assets of the pension plan to third party insurers, and as a result, were relieved from primary responsibility of the benefit obligation and the related plan assets. The transaction did not have a material impact on our financial position or results of operations.

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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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