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

Trade accounts receivable, net


	As of December 31,
(in millions)	2022		2021
Trade accounts receivable	$	2,079	$	1,886
Allowance for credit losses	(109)		(108)

	$	1,970	$	1,778

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


	Year Ended December 31,
(in millions)	2022		2021		2020
Beginning balance	$	108	$	105	$	74
Cumulative effect adjustment for adoption of ASU 2016-13	n/a		n/a		10
Credit loss expense	35		28		49
Write-offs	(35)		(25)		(27)
Ending balance	$	109	$	108	$	105

Note: Effective January 1, 2020, we adopted FASB ASC Topic 326 using the modified retrospective method, which requires that we recognize credit loss reserves when financial assets are established if credit losses are expected over the asset’s contractual life.

Inventories


	As of December 31,
(in millions)	2022		2021
Finished goods	$	1,171	$	1,029
Work-in-process	147		128
Raw materials	548		452
	$	1,867	$	1,610

Approximately 27 percent of our finished goods inventory as of December 31, 2022 and approximately 30 percent as of December 31, 2021 was at customer locations pursuant to consignment arrangements or held by sales representatives.

Other current assets


	As of December 31,
(in millions)	2022		2021
Restricted cash and restricted cash equivalents	$	149	$	188
Derivative assets	232		226
Licensing arrangements	60		132

Other	290		254
	$	731	$	799

Property, plant and equipment, net


	As of December 31,
(in millions)	2022		2021
Land	$	137	$	109
Buildings and improvements	1,695		1,523
Equipment, furniture and fixtures	3,297		3,287
Capital in progress	598		605
	5,728		5,525
Less: accumulated depreciation	3,282		3,273
	$	2,446	$	2,252

Depreciation expense was $333 million in 2022, $352 million in 2021 and $333 million in 2020.

Other long-term assets


	As of December 31,
(in millions)	2022		2021
Restricted cash equivalents	$	48	$	55
Operating lease right-of-use assets	386		435
Derivative assets	149		169
Investments	407		412
Licensing arrangements	67		114
Indemnification asset	172		—
Other	271		225
	$	1,500	$	1,410

Accrued expenses


	As of December 31,
(in millions)	2022		2021
Legal reserves	$	231	$	264
Payroll and related liabilities	830		848
Rebates	352		350
Contingent consideration	74		289
Other	674		686
	$	2,160	$	2,436

Other current liabilities


	As of December 31,
(in millions)	2022		2021
Deferred revenue	$	220	$	208
Licensing arrangements	79		138
Taxes payable	232		209

Other	230		228
	$	761	$	783

Other long-term liabilities


	As of December 31,
(in millions)	2022		2021
Accrued income taxes	$	597	$	442
Legal reserves	212		284
Contingent consideration	75		197
Licensing arrangements	80		143
Operating lease liabilities	347		389
Deferred revenue	289		276
Other	434		489
	$	2,035	$	2,220