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Other Financial Information
 12 Months Ended
Dec. 31, 2022
Other Financial Information [Abstract]  
Other Financial Information OTHER FINANCIAL INFORMATION
Accounts receivable, net
The following table summarizes our Accounts receivable, net:
December 31,
(in millions)20222021
Accounts receivable$5,464 $5,278 
Less: allowances for chargebacks549 671 
Less: allowances for cash discounts and other83 67 
Less: allowances for credit losses55 47 
Accounts receivable, net$4,777 $4,493 
The majority of our trade accounts receivable arises from product sales in the U.S. and Europe.
Inventories
The following table summarizes our Inventories:
December 31,
(in millions)20222021
Raw materials$1,177 $1,112 
Work in process577 590 
Finished goods1,066 1,032 
Total$2,820 $2,734 
Reported as:
Inventories$1,507 $1,618 
Other long-term assets(1)
1,313 1,116 
Total$2,820 $2,734 
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(1)     Amounts primarily consist of raw materials.
Total inventories as of December 31, 2021 included $294 million of fair value adjustments resulting from the Immunomedics acquisition. There were no fair value adjustments in total inventories as of December 31, 2022.
Other current liabilities
The following table summarizes the components of Other current liabilities:
December 31,
(in millions)20222021
Compensation and employee benefits$1,018 $927 
Income taxes payable959 539 
Allowance for sales returns422 499 
Accrual for settlement related to bictegravir litigation(1)
— 1,250 
Other accrued liabilities2,182 2,930 
Other current liabilities$4,580 $6,145 
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(1)     See Note 13. Commitments and Contingencies for additional information.