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Supplemental Balance Sheet Information | 12 Months Ended
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Dec. 31, 2023
Supplemental Balance Sheet Information [Abstract] |
SUPPLEMENTAL BALANCE SHEET INFORMATION | NOTE G – 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) | 2023 |  | 2022
Trade accounts receivable | $ | 2,338 |  |  | $ | 2,079 |
Allowance for credit losses | (110) |  |  | (109) |
| $ | 2,228 |  |  | $ | 1,970 |
The following is a rollforward of our Allowance for credit losses:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Beginning balance | $ | 109 |  |  | $ | 108 |  |  | $ | 105 |
Credit loss expense | 50 |  |  | 35 |  |  | 28 |
Write-offs | (48) |  |  | (35) |  |  | (25) |
Ending balance | $ | 110 |  |  | $ | 109 |  |  | $ | 108 |
Inventories
| As of December 31,
(in millions) | 2023 |  | 2022
Finished goods | $ | 1,537 |  |  | $ | 1,171 |
Work-in-process | 174 |  |  | 147 |
Raw materials | 773 |  |  | 548 |
| $ | 2,484 |  |  | $ | 1,867 |
Approximately 22 percent of our finished goods inventory as of December 31, 2023 and approximately 27 percent as of December 31, 2022 was at customer locations pursuant to consignment arrangements or held by sales representatives. Other current assets
| As of December 31,
(in millions) | 2023 |  | 2022
Restricted cash and restricted cash equivalents | $ | 130 |  |  | $ | 149 |
Derivative assets | 159 |  |  | 232 |
Licensing arrangements | 47 |  |  | 60 |
Other | 285 |  |  | 290 |
| $ | 621 |  |  | $ | 731 |
Property, plant and equipment, net
| As of December 31,
(in millions) | 2023 |  | 2022
Land | $ | 140 |  |  | $ | 137 |
Buildings and improvements | 1,843 |  |  | 1,695 |
Equipment, furniture and fixtures | 3,503 |  |  | 3,297 |
Capital in progress | 857 |  |  | 598 |
| 6,343 |  |  | 5,728 |
Less: accumulated depreciation | 3,484 |  |  | 3,282 |
| $ | 2,859 |  |  | $ | 2,446 |
Depreciation expense was $367 million in 2023, $333 million in 2022 and $352 million in 2021. Other long-term assets
| As of December 31,
(in millions) | 2023 |  | 2022
Restricted cash equivalents | $ | 60 |  |  | $ | 48 |
Operating lease right-of-use assets | 439 |  |  | 386 |
Derivative assets | 107 |  |  | 149 |
Investments | 413 |  |  | 407 |
Licensing arrangements | 30 |  |  | 67 |
Indemnification asset | 176 |  |  | 172 |
Other | 306 |  |  | 271 |
| $ | 1,531 |  |  | $ | 1,500 |
Accrued expenses
| As of December 31,
(in millions) | 2023 |  | 2022
Legal reserves | $ | 206 |  |  | $ | 231 |
Payroll and related liabilities | 1,051 |  |  | 830 |
Rebates | 389 |  |  | 352 |
Contingent consideration | 304 |  |  | 74 |
Other | 696 |  |  | 674 |
| $ | 2,646 |  |  | $ | 2,160 |
Other current liabilities
| As of December 31,
(in millions) | 2023 |  | 2022
Deferred revenue | $ | 266 |  |  | $ | 220 |
Licensing arrangements | 49 |  |  | 79 |
Taxes payable | 220 |  |  | 232 |
Other | 278 |  |  | 230 |
| $ | 814 |  |  | $ | 761 |
Other long-term liabilities
| As of December 31,
(in millions) | 2023 |  | 2022
Accrued income taxes | $ | 470 |  |  | $ | 597 |
Legal reserves | 172 |  |  | 212 |
Contingent consideration | 100 |  |  | 75 |
Licensing arrangements | 41 |  |  | 80 |
Operating lease liabilities | 390 |  |  | 347 |
Deferred revenue | 311 |  |  | 289 |
Other | 484 |  |  | 434 |
| $ | 1,967 |  |  | $ | 2,035 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//210/tableOfContent + Details
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