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OTHER FINANCIAL INFORMATION | 6 Months Ended
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Jun. 30, 2024
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, 2024 |  | December 31, 2023
Accounts receivable |  | $ | 5,486 |  |  | $ | 5,495 |
Less: allowances for chargebacks |  | 672 |  |  | 679 |
Less: allowances for cash discounts and other |  | 92 |  |  | 101 |
Less: allowances for credit losses |  | 60 |  |  | 56 |
Accounts receivable, net |  | $ | 4,663 |  |  | $ | 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) |  | June 30, 2024 |  | December 31, 2023
Raw materials |  | $ | 1,259 |  |  | $ | 1,246 |
Work in process |  | 803 |  |  | 847 |
Finished goods |  | 1,326 |  |  | 1,272 |
Total |  | $ | 3,388 |  |  | $ | 3,366 |
Reported as: |  |  |  |
Inventories |  | $ | 2,026 |  |  | $ | 1,787 |
Other long-term assets(1) |  | 1,362 |  |  | 1,578 |
Total |  | $ | 3,388 |  |  | $ | 3,366 |
_______________________________ (1) Amounts primarily consist of raw materials. Other Current Liabilities The following table summarizes the components of Other current liabilities:
(in millions) |  | June 30, 2024 |  | December 31, 2023
Compensation and employee benefits |  | $ | 852 |  |  | $ | 1,201 |
Income taxes payable |  | 1,265 |  |  | 1,208 |
Allowance for sales returns |  | 413 |  |  | 387 |
Other |  | 1,980 |  |  | 2,334 |
Other current liabilities |  | $ | 4,510 |  |  | $ | 5,130 |
Accumulated Other Comprehensive Income 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 |  | (16) |  |  | — |  |  | 81 |  |  | 65 |
Reclassifications to net income |  | — |  |  | 5 |  |  | (5) |  |  | — |
Net current period other comprehensive (loss) income |  | (16) |  |  | 5 |  |  | 77 |  |  | 65 |
Balance as of June 30, 2024 |  | $ | 46 |  |  | $ | — |  |  | $ | 47 |  |  | $ | 93 |
(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 |
Restructuring During the three and six months ended June 30, 2024, we incurred restructuring charges of $21 million and $84 million, respectively, primarily related to the initiation of reductions in our commercial and research and development workforce. We recorded $13 million and $63 million of these charges in Research and development expenses and $8 million and $22 million of these charges in Selling, general and administrative expenses on our Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2024, respectively.

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