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OTHER FINANCIAL INFORMATION
 9 Months Ended
Sep. 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)September 30, 2023December 31, 2022
Accounts receivable$5,585 $5,464 
Less: allowances for chargebacks638 549 
Less: allowances for cash discounts and other104 83 
Less: allowances for credit losses54 55 
Accounts receivable, net$4,790 $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)September 30, 2023December 31, 2022
Raw materials$1,266 $1,177 
Work in process614 577 
Finished goods1,323 1,066 
Total
$3,202 $2,820 
Reported as:
Inventories
$1,663 $1,507 
Other long-term assets(1)
1,539 1,313 
Total
$3,202 $2,820 
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(1)     Amounts primarily consist of raw materials.
Other current liabilities
The following table summarizes the components of Other current liabilities:
(in millions)September 30, 2023December 31, 2022
Compensation and employee benefits$961 $1,018 
Income taxes payable2,086 959 
Allowance for sales returns403 422 
Other2,402 2,182 
Other current liabilities$5,852 $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 TranslationUnrealized Gains and Losses on Available-for-Sale Debt Securities, Net of TaxUnrealized Gains and Losses on Cash Flow Hedges, Net of TaxTotal
Balance as of December 31, 2022$2 $(33)$33 $2 
Net unrealized gain (loss)(3)10 65 72 
Reclassifications to net income— 2 (44)(42)
Net current period other comprehensive income (loss)(3)11 21 30 
Balance as of September 30, 2023$(1)$(22)$54 $31 
(in millions)Foreign Currency TranslationUnrealized Gains and Losses on Available-for-Sale Debt Securities, Net of TaxUnrealized Gains and Losses on Cash Flow Hedges, Net of TaxTotal
Balance as of December 31, 2021$13 $(4)$74 $83 
Net unrealized gain (loss)(102)(38)254 114 
Reclassifications to net income— 1 (100)(99)
Net current period other comprehensive income (loss)(102)(37)154 15 
Balance as of September 30, 2022$(89)$(41)$228 $98