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OTHER FINANCIAL INFORMATION
 6 Months Ended
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, 2024December 31, 2023
Accounts receivable$5,486 $5,495 
Less: allowances for chargebacks672 679 
Less: allowances for cash discounts and other92 101 
Less: allowances for credit losses60 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, 2024December 31, 2023
Raw materials$1,259 $1,246 
Work in process803 847 
Finished goods1,326 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 
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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)June 30, 2024December 31, 2023
Compensation and employee benefits$852 $1,201 
Income taxes payable1,265 1,208 
Allowance for sales returns413 387 
Other1,980 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 TranslationUnrealized Gains and Losses on Available-for-Sale Debt Securities, Net of TaxUnrealized Gains and Losses on Cash Flow Hedges, Net of TaxTotal
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 TranslationUnrealized Gains and Losses on Available-for-Sale Debt Securities, Net of TaxUnrealized Gains and Losses on Cash Flow Hedges, Net of TaxTotal
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.