Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2024

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)	2024		2023
Trade accounts receivable	$	2,667	$	2,338
Allowance for credit losses	(109)		(110)
	$	2,558	$	2,228

The following is a roll forward of our Allowance for credit losses:

	Year Ended December 31,
(in millions)	2024		2023		2022
Beginning balance	$	110	$	109	$	108
Credit loss expense	41		50		35
Write-offs	(43)		(48)		(35)
Ending balance	$	109	$	110	$	109

Inventories

	As of December 31,
(in millions)	2024		2023
Finished goods	$	1,798	$	1,537
Work-in-process	193		174
Raw materials	819		773
	$	2,810	$	2,484

Approximately 22 percent of our finished goods inventory as of December 31, 2024 and 2023 was at customer locations pursuant to consignment arrangements or held by sales representatives.

Other current assets

	As of December 31,
(in millions)	2024		2023
Restricted cash and restricted cash equivalents	$	111	$	130
Derivative assets	305		159
Other	414		332
	$	831	$	621

Property, plant and equipment, net

	As of December 31,
(in millions)	2024		2023
Land	$	144	$	140
Buildings and improvements	2,019		1,843
Equipment, furniture and fixtures	3,630		3,503
Capital in progress	1,035		857
	6,827		6,343
Less: accumulated depreciation	3,533		3,484
	$	3,294	$	2,859

Depreciation expense was $412 million in 2024, $367 million in 2023 and $333 million in 2022.

Other long-term assets

	As of December 31,
(in millions)	2024		2023
Restricted cash equivalents	$	80	$	60
Operating lease right-of-use assets	449		439
Derivative assets	79		107
Investments	555		413
Indemnification asset	188		176
Other	402		336
	$	1,754	$	1,531

Accrued expenses

	As of December 31,
(in millions)	2024		2023
Legal reserves	$	177	$	206
Payroll and related liabilities	1,288		1,051
Rebates	494		389
Contingent consideration	63		304
Other	751		696
	$	2,773	$	2,646

Other current liabilities

	As of December 31,
(in millions)	2024		2023
Deferred revenue	$	306	$	266
Taxes payable	268		220
Other	313		328
	$	887	$	814

Other long-term liabilities

	As of December 31,
(in millions)	2024		2023
Accrued income taxes	$	357	$	470
Legal reserves	149		172
Contingent consideration	108		100
Operating lease liabilities	401		390
Deferred revenue	329		311
Other	527		525
	$	1,870	$	1,967