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OTHER FINANCIAL INFORMATION | 3 Months Ended
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Mar. 31, 2025
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, 2025 |  | December 31, 2024
Accounts receivable |  | $ | 5,255 |  |  | $ | 5,319 |
Less: allowances for chargebacks |  | 717 |  |  | 759 |
Less: allowances for cash discounts and other |  | 90 |  |  | 89 |
Less: allowances for credit losses |  | 59 |  |  | 52 |
Accounts receivable, net |  | $ | 4,388 |  |  | $ | 4,420 |
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, 2025 |  | December 31, 2024
Raw materials |  | $ | 1,196 |  |  | $ | 1,295 |
Work in process |  | 1,076 |  |  | 847 |
Finished goods |  | 1,506 |  |  | 1,447 |
Total |  | $ | 3,778 |  |  | $ | 3,589 |
Reported as: |  |  |  |
Inventories |  | $ | 1,759 |  |  | $ | 1,710 |
Other long-term assets(1) |  | 2,018 |  |  | 1,879 |
Total |  | $ | 3,778 |  |  | $ | 3,589 |
_______________________________ (1) Amounts primarily consist of raw materials. Property, Plant and Equipment, Net The following table summarizes our Property, plant and equipment, net:
(in millions) |  | March 31, 2025 |  | December 31, 2024
Property, plant and equipment |  | $ | 7,963 |  |  | $ | 7,884 |
Less: accumulated depreciation |  | 2,542 |  |  | 2,470 |
Property, plant and equipment, net |  | $ | 5,421 |  |  | $ | 5,414 |
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 |  | Available-for-Sale Debt Securities |  | Cash Flow Hedges |  | Total
Balance as of December 31, 2024 |  | $ | 36 |  |  | $ | — |  |  | $ | 96 |  |  | $ | 132 |
Net unrealized gain (loss), net of tax impact of $0, $0, and $(6), respectively |  | 18 |  |  | — |  |  | (40) |  |  | (22) |
Reclassifications to net income, net of tax impact of $0, $0, and $3, respectively |  | — |  |  | — |  |  | (18) |  |  | (18) |
Other comprehensive income (loss), net |  | 18 |  |  | — |  |  | (58) |  |  | (40) |
Balance as of March 31, 2025 |  | $ | 54 |  |  | $ | — |  |  | $ | 38 |  |  | $ | 92 |
(in millions) |  | Foreign Currency Translation |  | Available-for-Sale Debt Securities |  | Cash Flow Hedges |  | Total
Balance as of December 31, 2023 |  | $ | 62 |  |  | $ | (5) |  |  | $ | (29) |  |  | $ | 28 |
Net unrealized (loss) gain, net of tax impact of $0, $0, and $8, respectively |  | (17) |  |  | — |  |  | 53 |  |  | 36 |
Reclassifications to net income net of tax impact of $0, $0, and $0, respectively |  | — |  |  | 5 |  |  | — |  |  | 5 |
Other comprehensive (loss) income, net |  | (17) |  |  | 5 |  |  | 53 |  |  | 41 |
Balance as of March 31, 2024 |  | $ | 45 |  |  | $ | — |  |  | $ | 24 |  |  | $ | 69 |
The following table summarizes the reclassifications out of Accumulated other comprehensive income and into Net income (loss), including the affected line items from our Condensed Consolidated Statements of Operations:
|  | Three Months Ended |  |  |  |
|  | March 31, |  |  |  |
(in millions) |  | 2025 |  | 2024 |  | Line Item Affected |  |  |  |
Net gain related to cash flow hedges |  | $ | 21 |  |  | $ | — |  |  | Product sales |  |  |  |
Net loss related to available-for-sale debt securities |  | $ | — |  |  | $ | 5 |  |  | Other (income) expense, net |  |  |  |
Income tax expense |  | $ | 3 |  |  | $ | — |  |  | Income tax expense (benefit) |  |  |  |
Restructuring During the three months ended March 31, 2025 and 2024, we incurred restructuring charges of $74 million and $63 million, respectively, primarily related to reductions in our workforce. We recorded $38 million and $50 million of these charges in Research and development expenses and $36 million and $13 million of these charges in Selling, general and administrative expenses on our Condensed Consolidated Statements of Operations during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, we have recorded a liability of $138 million on our Condensed Consolidated Balance Sheets associated with these restructuring charges, a majority of which we anticipate will be paid in the next 12 months. Other (Income) Expense, Net The following table summarizes the components of Other (income) expense, net:
|  | Three Months Ended |  |
|  | March 31, |  |
(in millions) |  | 2025 |  | 2024 |  |  |  |
Loss from equity securities, net |  | $ | 426 |  |  | $ | 14 |  |  |  |  |
Interest income |  | (94) |  |  | (108) |  |  |  |  |
Other, net |  | (4) |  |  | 4 |  |  |  |  |
Other (income) expense, net |  | $ | 328 |  |  | $ | (91) |  |  |  |  |

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