| OTHER FINANCIAL INFORMATION |
OTHER FINANCIAL INFORMATION Accounts Receivable, Net The following table summarizes our Accounts receivable, net: | | | | | | | | | | | | | | | | (in millions) | | June 30, 2024 | | December 31, 2023 | | Accounts receivable | | $ | 5,486 | | | $ | 5,495 | | | Less: allowances for chargebacks | | 672 | | | 679 | | | Less: allowances for cash discounts and other | | 92 | | | 101 | | | Less: allowances for credit losses | | 60 | | | 56 | | | Accounts receivable, net | | $ | 4,663 | | | $ | 4,660 | |
The majority of our trade accounts receivable arises from product sales in the U.S. and Europe. Inventories The following table summarizes our Inventories: | | | | | | | | | | | | | | | | (in millions) | | June 30, 2024 | | December 31, 2023 | | Raw materials | | $ | 1,259 | | | $ | 1,246 | | | Work in process | | 803 | | | 847 | | | Finished goods | | 1,326 | | | 1,272 | | | Total | | $ | 3,388 | | | $ | 3,366 | | | Reported as: | | | | | | Inventories | | $ | 2,026 | | | $ | 1,787 | | Other long-term assets(1) | | 1,362 | | | 1,578 | | | Total | | $ | 3,388 | | | $ | 3,366 | |
_______________________________ (1) Amounts primarily consist of raw materials. Other Current Liabilities The following table summarizes the components of Other current liabilities: | | | | | | | | | | | | | | | | (in millions) | | June 30, 2024 | | December 31, 2023 | | Compensation and employee benefits | | $ | 852 | | | $ | 1,201 | | | Income taxes payable | | 1,265 | | | 1,208 | | | Allowance for sales returns | | 413 | | | 387 | | | Other | | 1,980 | | | 2,334 | | | Other current liabilities | | $ | 4,510 | | | $ | 5,130 | |
Accumulated Other Comprehensive IncomeThe following tables summarize the changes in Accumulated other comprehensive income by component, net of tax: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Foreign Currency Translation | | Unrealized Gains and Losses on Available-for-Sale Debt Securities, Net of Tax | | Unrealized Gains and Losses on Cash Flow Hedges, Net of Tax | | Total | | Balance as of December 31, 2023 | | $ | 62 | | | $ | (5) | | | $ | (29) | | | $ | 28 | | | Net unrealized (loss) gain | | (16) | | | — | | | 81 | | | 65 | | | Reclassifications to net income | | — | | | 5 | | | (5) | | | — | | | Net current period other comprehensive (loss) income | | (16) | | | 5 | | | 77 | | | 65 | | | Balance as of June 30, 2024 | | $ | 46 | | | $ | — | | | $ | 47 | | | $ | 93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Foreign Currency Translation | | Unrealized Gains and Losses on Available-for-Sale Debt Securities, Net of Tax | | Unrealized Gains and Losses on Cash Flow Hedges, Net of Tax | | Total | | Balance as of December 31, 2022 | | $ | 2 | | | $ | (33) | | | $ | 33 | | | $ | 2 | | | Net unrealized gain (loss) | | 32 | | | 6 | | | (1) | | | 37 | | | Reclassifications to net income | | — | | | 1 | | | (29) | | | (28) | | | Net current period other comprehensive income (loss) | | 32 | | | 7 | | | (30) | | | 9 | | | Balance as of June 30, 2023 | | $ | 34 | | | $ | (26) | | | $ | 3 | | | $ | 10 | |
Restructuring During the three and six months ended June 30, 2024, we incurred restructuring charges of $21 million and $84 million, respectively, primarily related to the initiation of reductions in our commercial and research and development workforce. We recorded $13 million and $63 million of these charges in Research and development expenses and $8 million and $22 million of these charges in Selling, general and administrative expenses on our Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2024, respectively.
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