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Supplemental Balance Sheet Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Supplemental Balance Sheet Information [Abstract] |
Trade accounts receivable, net | Trade accounts receivable, net
| As of
(in millions) | June 30, 2024 |  | December 31, 2023
Trade accounts receivable | $ | 2,505 |  |  | $ | 2,338 |
Allowance for credit losses | (105) |  |  | (110) |
| $ | 2,400 |  |  | $ | 2,228 |
The following is a roll forward of our Allowance for credit losses:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance | $ | 109 |  |  | $ | 118 |  |  | $ | 110 |  |  | $ | 109 |
Credit loss expense | 12 |  |  | 19 |  |  | 21 |  |  | 35 |
Write-offs | (16) |  |  | (10) |  |  | (26) |  |  | (16) |
Ending balance | $ | 105 |  |  | $ | 127 |  |  | $ | 105 |  |  | $ | 127 |
Inventory Disclosure | Inventories
| As of
(in millions) | June 30, 2024 |  | December 31, 2023
Finished goods | $ | 1,558 |  |  | $ | 1,537 |
Work-in-process | 201 |  |  | 174 |
Raw materials | 849 |  |  | 773 |
| $ | 2,608 |  |  | $ | 2,484 |
Schedule of Other Current Assets | Other current assets
| As of
(in millions) | June 30, 2024 |  | December 31, 2023
Restricted cash and restricted cash equivalents | $ | 75 |  |  | $ | 130 |
Derivative assets | 267 |  |  | 159 |
Licensing arrangements | 38 |  |  | 47 |
Other | 376 |  |  | 285 |
| $ | 756 |  |  | $ | 621 |
Property, plant and equipment, net | Property, plant and equipment, net
| As of
(in millions) | June 30, 2024 |  | December 31, 2023
Land | $ | 140 |  |  | $ | 140 |
Buildings and improvements | 1,876 |  |  | 1,843 |
Equipment, furniture and fixtures | 3,598 |  |  | 3,503 |
Capital in progress | 897 |  |  | 857 |
| 6,512 |  |  | 6,343 |
Less: accumulated depreciation | 3,561 |  |  | 3,484 |
| $ | 2,951 |  |  | $ | 2,859 |
Schedule of Other Assets | Other long-term assets
| As of
(in millions) | June 30, 2024 |  | December 31, 2023
Restricted cash equivalents | $ | 74 |  |  | $ | 60 |
Operating lease right-of-use assets | 416 |  |  | 439 |
Derivative assets | 46 |  |  | 107 |
Investments | 450 |  |  | 413 |
Licensing arrangements | 13 |  |  | 30 |
Indemnification asset | 172 |  |  | 176 |
Other | 381 |  |  | 306 |
| $ | 1,551 |  |  | $ | 1,531 |
Schedule of Accrued Liabilities | Accrued expenses
| As of
(in millions) | June 30, 2024 |  | December 31, 2023
Legal reserves | $ | 118 |  |  | $ | 206 |
Payroll and related liabilities | 948 |  |  | 1,051 |
Rebates | 412 |  |  | 389 |
Contingent consideration | 175 |  |  | 304 |
Other | 667 |  |  | 696 |
| $ | 2,320 |  |  | $ | 2,646 |
Other Current Liabilities | Other current liabilities
| As of
(in millions) | June 30, 2024 |  | December 31, 2023
Deferred revenue | $ | 284 |  |  | $ | 266 |
Licensing arrangements | 40 |  |  | 49 |
Taxes payable | 224 |  |  | 220 |
Other | 222 |  |  | 278 |
| $ | 770 |  |  | $ | 814 |
Other long-term liabilities | Other long-term liabilities
| As of
(in millions) | June 30, 2024 |  | December 31, 2023
Accrued income taxes | $ | 356 |  |  | $ | 470 |
Legal reserves | 133 |  |  | 172 |
Contingent consideration | 118 |  |  | 100 |
Licensing arrangements | 20 |  |  | 41 |
Operating lease liabilities | 365 |  |  | 390 |
Deferred revenue | 316 |  |  | 311 |
Other | 491 |  |  | 484 |
| $ | 1,800 |  |  | $ | 1,967 |

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