Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2025

Supplemental Balance Sheet Information [Abstract]

SUPPLEMENTAL BALANCE SHEET INFORMATION

NOTE F – SUPPLEMENTAL BALANCE SHEET INFORMATION

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

Trade accounts receivable, net

	As of
(in millions)	March 31, 2025		December 31, 2024
Trade accounts receivable	$	2,806	$	2,667
Allowance for credit losses	(113)		(109)
	$	2,693	$	2,558

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

	Three Months Ended March 31,
(in millions)	2025		2024
Beginning balance	$	109	$	110
Credit loss expense	17		9
Write-offs	(13)		(10)
Ending balance	$	113	$	109

Inventories

	As of
(in millions)	March 31, 2025		December 31, 2024
Finished goods	$	1,805	$	1,798
Work-in-process	218		193
Raw materials	843		819
	$	2,867	$	2,810

Other current assets

	As of
(in millions)	March 31, 2025		December 31, 2024
Restricted cash and restricted cash equivalents	$	103	$	111
Derivative assets	221		305
Other	432		414
	$	756	$	831

Property, plant and equipment, net

	As of
(in millions)	March 31, 2025		December 31, 2024
Land	$	145	$	144
Buildings and improvements	2,096		2,019
Equipment, furniture and fixtures	3,781		3,630
Capital in progress	1,009		1,035
	7,031		6,827
Less: accumulated depreciation	3,642		3,533
	$	3,389	$	3,294

Depreciation expense was $106 million for the first quarter of 2025 and $90 million for the first quarter of 2024.

Other long-term assets

	As of
(in millions)	March 31, 2025		December 31, 2024
Restricted cash equivalents	$	91	$	80
Operating lease right-of-use assets	448		449
Derivative assets	11		79
Investments	655		555
Indemnification asset	187		188
Other	443		402
	$	1,834	$	1,754

Accrued expenses

	As of
(in millions)	March 31, 2025		December 31, 2024
Legal reserves	$	137	$	177
Payroll and related liabilities	927		1,288
Rebates	519		494
Contingent consideration	114		63
Other	657		751
	$	2,354	$	2,773

Other current liabilities

	As of
(in millions)	March 31, 2025		December 31, 2024
Deferred revenue	$	306	$	306
Taxes payable	315		268
Other	302		313
	$	923	$	887

Other long-term liabilities

	As of
(in millions)	March 31, 2025		December 31, 2024
Legal reserves	$	180	$	149
Accrued income taxes	361		357
Contingent consideration	100		108
Operating lease liabilities	399		401
Deferred revenue	335		329
Other	572		527
	$	1,946	$	1,870