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Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The following table summarizes our Inventories:

						December 31,
(in millions)						2021						2020
Raw materials						$	1,112					$	1,080
Work in process						590						976
Finished goods						1,032						958
Total						$	2,734					$	3,014
Reported as:
Inventories						$	1,618					$	1,683
Other long-term assets						1,116						1,331
Total						$	2,734					$	3,014

Amounts reported as Other long-term assets primarily consisted of raw materials as of December 31, 2021 and 2020. Total inventories as of December 31, 2021 and 2020 include $294 million and $797 million, respectively, of fair value adjustments resulting from the Immunomedics acquisition.

Inventory write-down charges were $228 million, $86 million and $649 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the year ended December 31, 2019, $547 million of the $649 million inventory write-down charges was related to slow-moving and excess raw material and work in process inventory primarily due to lower long-term demand for our HCV products.

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- References

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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