Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2023

Supplemental Balance Sheet Information [Abstract]

SUPPLEMENTAL BALANCE SHEET INFORMATION

NOTE G – SUPPLEMENTAL BALANCE SHEET INFORMATION

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

Trade accounts receivable, net

	As of December 31,
(in millions)	2023		2022
Trade accounts receivable	$	2,338	$	2,079
Allowance for credit losses	(110)		(109)
	$	2,228	$	1,970

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

	Year Ended December 31,
(in millions)	2023		2022		2021
Beginning balance	$	109	$	108	$	105
Credit loss expense	50		35		28
Write-offs	(48)		(35)		(25)
Ending balance	$	110	$	109	$	108

Inventories

	As of December 31,
(in millions)	2023		2022
Finished goods	$	1,537	$	1,171
Work-in-process	174		147
Raw materials	773		548
	$	2,484	$	1,867

Approximately 22 percent of our finished goods inventory as of December 31, 2023 and approximately 27 percent as of December 31, 2022 was at customer locations pursuant to consignment arrangements or held by sales representatives.

Other current assets

	As of December 31,
(in millions)	2023		2022
Restricted cash and restricted cash equivalents	$	130	$	149
Derivative assets	159		232
Licensing arrangements	47		60
Other	285		290
	$	621	$	731

Property, plant and equipment, net

	As of December 31,
(in millions)	2023		2022
Land	$	140	$	137
Buildings and improvements	1,843		1,695
Equipment, furniture and fixtures	3,503		3,297
Capital in progress	857		598
	6,343		5,728
Less: accumulated depreciation	3,484		3,282
	$	2,859	$	2,446

Depreciation expense was $367 million in 2023, $333 million in 2022 and $352 million in 2021.

Other long-term assets

	As of December 31,
(in millions)	2023		2022
Restricted cash equivalents	$	60	$	48
Operating lease right-of-use assets	439		386
Derivative assets	107		149
Investments	413		407
Licensing arrangements	30		67
Indemnification asset	176		172
Other	306		271
	$	1,531	$	1,500

Accrued expenses

	As of December 31,
(in millions)	2023		2022
Legal reserves	$	206	$	231
Payroll and related liabilities	1,051		830
Rebates	389		352
Contingent consideration	304		74
Other	696		674
	$	2,646	$	2,160

Other current liabilities

	As of December 31,
(in millions)	2023		2022
Deferred revenue	$	266	$	220
Licensing arrangements	49		79
Taxes payable	220		232
Other	278		230
	$	814	$	761

Other long-term liabilities

	As of December 31,
(in millions)	2023		2022
Accrued income taxes	$	470	$	597
Legal reserves	172		212
Contingent consideration	100		75
Licensing arrangements	41		80
Operating lease liabilities	390		347
Deferred revenue	311		289
Other	484		434
	$	1,967	$	2,035