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OTHER FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Other Financial Information [Abstract] |
Summary of 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 |
Summary of 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.
Summary of 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 |
Summary of 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 |
Summary of Accumulated OCI by Component | 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.
Summary of 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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