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OTHER FINANCIAL INFORMATION | 3 Months Ended
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Mar. 31, 2024
Other Financial Information [Abstract] |
OTHER FINANCIAL INFORMATION | OTHER FINANCIAL INFORMATION Accounts Receivable, Net The following table summarizes our Accounts receivable, net:
(in millions) |  | March 31, 2024 |  | December 31, 2023
Accounts receivable |  | $ | 5,518 |  |  | $ | 5,495 |
Less: allowances for chargebacks |  | 693 |  |  | 679 |
Less: allowances for cash discounts and other |  | 96 |  |  | 101 |
Less: allowances for credit losses |  | 59 |  |  | 56 |
Accounts receivable, net |  | $ | 4,669 |  |  | $ | 4,660 |
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) |  | March 31, 2024 |  | December 31, 2023
Raw materials |  | $ | 1,237 |  |  | $ | 1,246 |
Work in process |  | 778 |  |  | 847 |
Finished goods |  | 1,348 |  |  | 1,272 |
Total |  | $ | 3,363 |  |  | $ | 3,366 |
Reported as: |  |  |  |
Inventories |  | $ | 1,853 |  |  | $ | 1,787 |
Other long-term assets(1) |  | 1,510 |  |  | 1,578 |
Total |  | $ | 3,363 |  |  | $ | 3,366 |
_______________________________ (1) Amounts primarily consist of raw materials. Other Current Liabilities The following table summarizes the components of Other current liabilities:
(in millions) |  | March 31, 2024 |  | December 31, 2023
Compensation and employee benefits |  | $ | 755 |  |  | $ | 1,201 |
Income taxes payable |  | 1,198 |  |  | 1,208 |
Allowance for sales returns |  | 376 |  |  | 387 |
Other |  | 2,135 |  |  | 2,334 |
Other current liabilities |  | $ | 4,464 |  |  | $ | 5,130 |
Accumulated Other Comprehensive Income (Loss) The following tables summarize 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, 2023 |  | $ | 62 |  |  | $ | (5) |  |  | $ | (29) |  |  | $ | 28 |
Net unrealized (loss) gain |  | (17) |  |  | — |  |  | 53 |  |  | 36 |
Reclassifications to net income |  | — |  |  | 5 |  |  | — |  |  | 5 |
Net current period other comprehensive (loss) income |  | (17) |  |  | 5 |  |  | 53 |  |  | 41 |
Balance as of March 31, 2024 |  | $ | 45 |  |  | $ | — |  |  | $ | 24 |  |  | $ | 69 |
(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) |  | (5) |  |  | 8 |  |  | (6) |  |  | (2) |
Reclassifications to net income |  | — |  |  | 1 |  |  | (21) |  |  | (20) |
Net current period other comprehensive (loss) income |  | (5) |  |  | 9 |  |  | (26) |  |  | (22) |
Balance as of March 31, 2023 |  | $ | (3) |  |  | $ | (24) |  |  | $ | 7 |  |  | $ | (20) |
Restructuring During the three months ended March 31, 2024, we incurred restructuring charges of $63 million primarily related to the initiation of reductions in our commercial and research and development workforce. We recorded $50 million of these charges in Research and development expenses and $13 million of these charges in Selling, general and administrative expenses on our Condensed Consolidated Statements of Operations.

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