OTHER FINANCIAL INFORMATION

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022
Accounts receivable	$	4,933	$	5,464
Less: allowances for chargebacks	634		549
Less: allowances for cash discounts and other	81		83
Less: allowances for credit losses	56		55
Accounts receivable, net	$	4,162	$	4,777

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, 2023		December 31, 2022
Raw materials	$	1,157	$	1,177
Work in process	570		577
Finished goods	1,283		1,066
Total	$	3,010	$	2,820
Reported as:
Inventories	$	1,576	$	1,507
Other long-term assets(1)	1,434		1,313
Total	$	3,010	$	2,820

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(1)     Amounts primarily consist of raw materials.

Other current liabilities

The following table summarizes the components of Other current liabilities:

(in millions)	March 31, 2023		December 31, 2022
Compensation and employee benefits	$	707	$	1,018
Income taxes payable	1,138		959
Allowance for sales returns	444		422
Other	1,851		2,182
Other current liabilities	$	4,140	$	4,580

Accumulated other comprehensive income (loss)

The following table summarizes the changes in Accumulated other comprehensive income (loss) 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, 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 income (loss)	(5)		9		(26)		(22)
Balance as of March 31, 2023	$	(3)	$	(24)	$	7	$	(20)

(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, 2021	$	13	$	(4)	$	74	$	83
Net unrealized gain (loss)	5		(19)		24		10
Reclassifications to net income	—		—		(20)		(20)
Net current period other comprehensive income (loss)	5		(19)		4		(10)
Balance as of March 31, 2022	$	18	$	(23)	$	78	$	73