Components of selected captions in our accompanying consolidated balance sheets are as follows:

Trade accounts receivable, net


	As of December 31,
(in millions)	2021		2020
Trade accounts receivable	$	1,886	$	1,637
Allowance for credit losses	(108)		(105)

	$	1,778	$	1,531

The following is a rollforward of our Allowance for credit losses:


	Year Ended December 31,
(in millions)	2021		2020		2019
Beginning balance	$	105	$	74	$	68
Cumulative effect adjustment for adoption of ASU 2016-13	n/a		10		n/a
Credit loss expense	28		49		23
Write-offs	(25)		(27)		(17)
Ending balance	$	108	$	105	$	74

Note: Effective January 1, 2020, we adopted FASB ASC Topic 326 using the modified retrospective method, which requires that we recognize credit loss reserves when financial assets are established if credit losses are expected over the asset’s contractual life. Prior period amounts have not been restated and are presented in accordance with FASB ASC Topic 310.

Inventories


	As of December 31,
(in millions)	2021		2020
Finished goods	$	1,029	$	893
Work-in-process	128		109
Raw materials	452		349
	$	1,610	$	1,351

Approximately 30 percent of our finished goods inventory as of December 31, 2021 and approximately 33 percent as of December 31, 2020 was at customer locations pursuant to consignment arrangements or held by sales representatives.

Other current assets


	As of December 31,
(in millions)	2021		2020
Restricted cash and restricted cash equivalents	$	188	$	208
Derivative assets	226		133
Licensing arrangements	132		148

Other	254		263
	$	799	$	751

Property, plant and equipment, net


	As of December 31,
(in millions)	2021		2020
Land	$	109	$	104
Buildings and improvements	1,335		1,292
Equipment, furniture and fixtures	3,475		3,465
Capital in progress	605		446
	5,525		5,308
Less: accumulated depreciation	3,273		3,224
	$	2,252	$	2,084

Depreciation expense was $352 million in 2021, $333 million in 2020 and $311 million in 2019.

Other long-term assets


	As of December 31,
(in millions)	2021		2020
Restricted cash equivalents	$	55	$	52
Operating lease right-of-use assets	435		458
Derivative assets	169		109
Investments	412		918
Licensing arrangements	114		218
Other	225		166
	$	1,410	$	1,921

Accrued expenses


	As of December 31,
(in millions)	2021		2020
Legal reserves	$	264	$	505
Payroll and related liabilities	848		681
Rebates	350		331
Contingent consideration	289		26
Other	686		656
	$	2,436	$	2,197

Other current liabilities


	As of December 31,
(in millions)	2021		2020
Deferred revenue	$	208	$	138
Licensing arrangements	138		153
Taxes payable	209		158
Liabilities held for sale	—		200
Other	228		307
	$	783	$	958

Other long-term liabilities


	As of December 31,
(in millions)	2021		2020
Accrued income taxes	$	442	$	547
Legal reserves	284		64
Contingent consideration	197		171
Licensing arrangements	143		253
Operating lease liabilities	389		401
Deferred revenue	276		257
Other	489		615
	$	2,220	$	2,309