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OTHER FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  | 2023
Accounts receivable |  | $ | 5,319 |  |  | $ | 5,495 |
Less: allowances for chargebacks |  | 759 |  |  | 679 |
Less: allowances for cash discounts and other |  | 89 |  |  | 101 |
Less: allowances for credit losses |  | 52 |  |  | 56 |
Accounts receivable, net |  | $ | 4,420 |  |  | $ | 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:
|  | December 31,
(in millions) |  | 2024 |  | 2023
Raw materials |  | $ | 1,295 |  |  | $ | 1,246 |
Work in process |  | 847 |  |  | 847 |
Finished goods |  | 1,447 |  |  | 1,272 |
Total |  | $ | 3,589 |  |  | $ | 3,366 |
Reported as: |  |  |  |
Inventories |  | $ | 1,710 |  |  | $ | 1,787 |
Other long-term assets(1) |  | 1,879 |  |  | 1,578 |
Total |  | $ | 3,589 |  |  | $ | 3,366 |
_______________________________ (1) Amounts primarily consist of raw materials. Prepaid and Other Current Assets The following table summarizes the components of Prepaid and other current assets:
|  | December 31,
(in millions) |  | 2024 |  | 2023
Prepaid taxes |  | $ | 480 |  |  | $ | 559 |
Equity securities |  | 1,577 |  |  | 1,086 |
Other |  | 995 |  |  | 728 |
Prepaid and other current assets |  | $ | 3,052 |  |  | $ | 2,374 |
Other Current Liabilities The following table summarizes the components of Other current liabilities:
|  | December 31,
(in millions) |  | 2024 |  | 2023
Compensation and employee benefits |  | $ | 1,228 |  |  | $ | 1,201 |
Income taxes payable |  | 1,646 |  |  | 1,208 |
Allowance for sales returns |  | 321 |  |  | 387 |
Other |  | 2,269 |  |  | 2,334 |
Other current liabilities |  | $ | 5,464 |  |  | $ | 5,130 |
Accumulated Other Comprehensive Income The following table summarizes the changes in Accumulated other comprehensive income by component, net of tax:
(in millions) |  | Foreign Currency Translation |  | Available-for-Sale Debt Securities(1) |  | Cash Flow Hedges(2) |  | Total
Balance as of December 31, 2021 |  | $ | 13 |  |  | $ | (4) |  |  | $ | 74 |  |  | $ | 83 |
Net unrealized (loss) gain, net of tax impact of $0, $0, and $20, respectively |  | $ | (11) |  |  | $ | (30) |  |  | $ | 130 |  |  | $ | 88 |
Reclassifications to net income, net of tax impact of $0, $0, and $25, respectively(3) |  | — |  |  | 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), net of tax impact of $0, $0, and $(2), respectively |  | $ | 60 |  |  | $ | 26 |  |  | $ | (12) |  |  | $ | 75 |
Reclassifications to net income, net of tax impact of $0, $0, and $7, respectively(3) |  | — |  |  | 2 |  |  | (51) |  |  | (49) |
Other comprehensive income (loss), net |  | 60 |  |  | 28 |  |  | (62) |  |  | 26 |
Balance as of December 31, 2023 |  | $ | 62 |  |  | $ | (5) |  |  | $ | (29) |  |  | $ | 28 |
Net unrealized (loss) gain, net of tax impact of $0, $0, and $21, respectively |  | $ | (26) |  |  | $ | — |  |  | $ | 149 |  |  | $ | 124 |
Reclassifications to net income, net of tax impact of $0, $0, and $3, respectively(3) |  | — |  |  | 5 |  |  | (24) |  |  | (19) |
Other comprehensive (loss) income, net |  | (26) |  |  | 5 |  |  | 125 |  |  | 104 |
Balance as of December 31, 2024 |  | $ | 36 |  |  | $ | — |  |  | $ | 96 |  |  | $ | 132 |
_______________________________ (1) Reclassifications before tax were $5 million, $2 million and $1 million and are included in Other (income) expense, net on our Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively. (2) Reclassifications before tax were $27 million, $58 million and $196 million and are included in Product sales on our Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 5. Derivative Financial Instruments. (3) Tax impacts of reclassifications are included in Income tax expense on our Consolidated Statements of Operations. Restructuring During 2024, we incurred restructuring charges of $188 million, primarily related to the initiation of reductions in our commercial and R&D workforce. We recorded $98 million of these charges in Research and development expenses and $91 million of these charges in Selling, general and administrative expenses on our Consolidated Statements of Operations. As of December 31, 2024, we have recorded a liability of $93 million on our Consolidated Balance Sheets associated with these restructuring charges, a majority of which we anticipate will be paid in the next 12 months. During 2023, we incurred restructuring charges of $527 million primarily related 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. We recorded $479 million of these charges in Cost of goods sold, $20 million of these charges in Research and development expenses and $28 million of these charges in Selling, general and administrative expenses on our Consolidated Statements of Operations. Other (Income) Expense, Net The following table summarizes the components of Other (income) expense, net:
|  | Year Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Loss from equity securities, net |  | $ | 274 |  |  | $ | 167 |  |  | $ | 657 |
Interest income |  | (281) |  |  | (376) |  |  | (106) |
Other, net |  | 2 |  |  | 11 |  |  | 29 |
Other (income) expense, net |  | $ | (6) |  |  | $ | (198) |  |  | $ | 581 |

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