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OTHER FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  | 2022
Accounts receivable |  | $ | 5,495 |  |  | $ | 5,464 |
Less: allowances for chargebacks |  | 679 |  |  | 549 |
Less: allowances for cash discounts and other |  | 101 |  |  | 83 |
Less: allowances for credit losses |  | 56 |  |  | 55 |
Accounts receivable, net |  | $ | 4,660 |  |  | $ | 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:
|  | December 31,
(in millions) |  | 2023 |  | 2022
Raw materials |  | $ | 1,246 |  |  | $ | 1,177 |
Work in process |  | 847 |  |  | 577 |
Finished goods |  | 1,272 |  |  | 1,066 |
Total |  | $ | 3,366 |  |  | $ | 2,820 |
Reported as: |  |  |  |
Inventories |  | $ | 1,787 |  |  | $ | 1,507 |
Other long-term assets(1) |  | 1,578 |  |  | 1,313 |
Total |  | $ | 3,366 |  |  | $ | 2,820 |
_______________________________ (1) Amounts primarily consist of raw materials. Other Current Liabilities The following table summarizes the components of Other current liabilities:
|  | December 31,
(in millions) |  | 2023 |  | 2022
Compensation and employee benefits |  | $ | 1,201 |  |  | $ | 1,018 |
Income taxes payable |  | 1,208 |  |  | 959 |
Allowance for sales returns |  | 387 |  |  | 422 |
Other |  | 2,334 |  |  | 2,182 |
Other current liabilities |  | $ | 5,130 |  |  | $ | 4,580 |
Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in Accumulated other comprehensive income (loss) 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, 2020 |  | $ | 51 |  |  | $ | 2 |  |  | $ | (113) |  |  | $ | (60) |
Net unrealized (loss) gain |  | (38) |  |  | (6) |  |  | 129 |  |  | 85 |
Reclassifications to net income |  | — |  |  | — |  |  | 58 |  |  | 58 |
Other comprehensive (loss) income, net |  | (38) |  |  | (6) |  |  | 187 |  |  | 143 |
Balance as of December 31, 2021 |  | $ | 13 |  |  | $ | (4) |  |  | $ | 74 |  |  | $ | 83 |
Net unrealized (loss) gain |  | $ | (11) |  |  | $ | (30) |  |  | $ | 130 |  |  | $ | 88 |
Reclassifications to net income |  | — |  |  | 1 |  |  | (171) |  |  | (170) |
Other comprehensive loss, net |  | (11) |  |  | (29) |  |  | (41) |  |  | (81) |
Balance as of December 31, 2022 |  | $ | 2 |  |  | $ | (33) |  |  | $ | 33 |  |  | $ | 2 |
Net unrealized gain (loss) |  | $ | 60 |  |  | $ | 26 |  |  | $ | (12) |  |  | $ | 75 |
Reclassifications to net income |  | — |  |  | 2 |  |  | (51) |  |  | (49) |
Other comprehensive income (loss), net |  | 60 |  |  | 28 |  |  | (62) |  |  | 26 |
Balance as of December 31, 2023 |  | $ | 62 |  |  | $ | (5) |  |  | $ | (29) |  |  | $ | 28 |
Restructuring During 2023, we incurred restructuring charges totaling $527 million primarily due to changes in our manufacturing strategy which included a decision to no longer utilize certain facilities. As a result of this decision, we determined that the related assets were fully impaired based on the difference between fair value and the carrying amount. The total charges consisted of write-offs of manufacturing assets of $381 million, write-offs of inventory of $89 million and other costs of $57 million. As a result, we recorded a $479 million charge to Cost of goods sold, a $20 million charge to Research and development expenses and a $28 million charge to Selling, general and administrative expenses on our Consolidated Statements of Income.

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