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OTHER FINANCIAL INFORMATION | 6 Months Ended
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Jun. 30, 2023
Other Financial Information [Abstract] |
OTHER FINANCIAL INFORMATION | OTHER FINANCIAL INFORMATION Accounts receivable, net The following table summarizes our Accounts receivable, net:
(in millions) |  | June 30, 2023 |  | December 31, 2022
Accounts receivable |  | $ | 5,049 |  |  | $ | 5,464 |
Less: allowances for chargebacks |  | 665 |  |  | 549 |
Less: allowances for cash discounts and other |  | 96 |  |  | 83 |
Less: allowances for credit losses |  | 59 |  |  | 55 |
Accounts receivable, net |  | $ | 4,229 |  |  | $ | 4,777 |
The majority of our trade accounts receivable arises from product sales in the U.S. and Europe. Inventories The following table summarizes our Inventories:
(in millions) |  | June 30, 2023 |  | December 31, 2022
Raw materials |  | $ | 1,231 |  |  | $ | 1,177 |
Work in process |  | 622 |  |  | 577 |
Finished goods |  | 1,327 |  |  | 1,066 |
Total |  | $ | 3,181 |  |  | $ | 2,820 |
Reported as: |  |  |  |
Inventories |  | $ | 1,633 |  |  | $ | 1,507 |
Other long-term assets(1) |  | 1,547 |  |  | 1,313 |
Total |  | $ | 3,181 |  |  | $ | 2,820 |
_______________________________ (1) Amounts primarily consist of raw materials. Other current liabilities The following table summarizes the components of Other current liabilities:
(in millions) |  | June 30, 2023 |  | December 31, 2022
Compensation and employee benefits |  | $ | 764 |  |  | $ | 1,018 |
Income taxes payable |  | 2,226 |  |  | 959 |
Allowance for sales returns |  | 438 |  |  | 422 |
Other |  | 2,383 |  |  | 2,182 |
Other current liabilities |  | $ | 5,810 |  |  | $ | 4,580 |
Accumulated other comprehensive income The following tables summarizes the changes in Accumulated other comprehensive income by component, net of tax:
(in millions) |  | Foreign Currency Translation |  | Unrealized Gains and Losses on Available-for-Sale Debt Securities, Net of Tax |  | Unrealized Gains and Losses on Cash Flow Hedges, Net of Tax |  | Total
Balance as of December 31, 2022 |  | $ | 2 |  |  | $ | (33) |  |  | $ | 33 |  |  | $ | 2 |
Net unrealized gain (loss) |  | 32 |  |  | 6 |  |  | (1) |  |  | 37 |
Reclassifications to net income |  | — |  |  | 1 |  |  | (29) |  |  | (28) |
Net current period other comprehensive income (loss) |  | 32 |  |  | 7 |  |  | (30) |  |  | 9 |
Balance as of June 30, 2023 |  | $ | 34 |  |  | $ | (26) |  |  | $ | 3 |  |  | $ | 10 |
(in millions) |  | Foreign Currency Translation |  | Unrealized Gains and Losses on Available-for-Sale Debt Securities, Net of Tax |  | Unrealized Gains and Losses on Cash Flow Hedges, Net of Tax |  | Total
Balance as of December 31, 2021 |  | $ | 13 |  |  | $ | (4) |  |  | $ | 74 |  |  | $ | 83 |
Net unrealized gain (loss) |  | (21) |  |  | (31) |  |  | 114 |  |  | 62 |
Reclassifications to net income |  | — |  |  | 1 |  |  | (59) |  |  | (58) |
Net current period other comprehensive income (loss) |  | (21) |  |  | (30) |  |  | 55 |  |  | 4 |
Balance as of June 30, 2022 |  | $ | (8) |  |  | $ | (34) |  |  | $ | 129 |  |  | $ | 87 |

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