Supplemental Balance Sheet Information

6 Months Ended

Jun. 30, 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)	June 30, 2025		December 31, 2024
Trade accounts receivable	$	2,927	$	2,667
Allowance for credit losses	(112)		(109)
	$	2,815	$	2,558

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

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Beginning balance	$	113	$	109	$	109	$	110
Credit loss expense	4		12		21		21
Write-offs	(5)		(16)		(18)		(26)
Ending balance	$	112	$	105	$	112	$	105

Inventories

	As of
(in millions)	June 30, 2025		December 31, 2024
Finished goods	$	1,808	$	1,798
Work-in-process	218		193
Raw materials	835		819
	$	2,861	$	2,810

Other current assets

	As of
(in millions)	June 30, 2025		December 31, 2024
Restricted cash and restricted cash equivalents	$	109	$	111
Derivative assets	89		305
Other	415		414
	$	613	$	831

Property, plant and equipment, net

	As of
(in millions)	June 30, 2025		December 31, 2024
Land	$	147	$	144
Buildings and improvements	2,152		2,019
Equipment, furniture and fixtures	3,903		3,630
Capital in progress	1,041		1,035
	7,243		6,827
Less: accumulated depreciation	3,783		3,533
	$	3,461	$	3,294

Depreciation expense was $111 million for the second quarter of 2025, $98 million for the second quarter of 2024, $217 million for the first six months of 2025 and $188 million for the first six months of 2024.

Other long-term assets

	As of
(in millions)	June 30, 2025		December 31, 2024
Restricted cash equivalents	$	98	$	80
Operating lease right-of-use assets	492		449
Investments	626		555
Indemnification asset	206		188
Other	442		481
	$	1,864	$	1,754

Accrued expenses

	As of
(in millions)	June 30, 2025		December 31, 2024
Legal reserves	$	131	$	177
Payroll and related liabilities	1,183		1,288
Rebates	573		494
Contingent consideration	73		63
Other	836		751
	$	2,797	$	2,773

Other current liabilities

	As of
(in millions)	June 30, 2025		December 31, 2024
Deferred revenue	$	313	$	306
Taxes payable	173		268
Other	467		313
	$	952	$	887

Other long-term liabilities

	As of
(in millions)	June 30, 2025		December 31, 2024
Legal reserves	$	169	$	149
Accrued income taxes	387		357
Contingent consideration	294		108
Operating lease liabilities	440		401
Deferred revenue	349		329
Other	744		527
	$	2,383	$	1,870