| Supplemental Financial Statement Information |
Supplemental Financial Statement Information Accounts Receivable The allowance for credit losses on accounts receivable was $550 million and $754 million as of December 31, 2021 and 2022, respectively. Property and Equipment, Net Property and equipment, net, consisted of the following (in millions): | | | | | | | | | | | | | As of December 31, | | 2021 | | 2022 | | Land and buildings | $ | 58,881 | | | $ | 66,897 | | | Information technology assets | 55,606 | | | 66,267 | | | Construction in progress | 23,172 | | | 27,657 | | | Leasehold improvements | 9,146 | | | 10,575 | | | Furniture and fixtures | 208 | | | 314 | | | Property and equipment, gross | 147,013 | | | 171,710 | | | Less: accumulated depreciation | (49,414) | | | (59,042) | | | Property and equipment, net | $ | 97,599 | | | $ | 112,668 | |
Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in millions): | | | | | | | | | | | | | As of December 31, | | 2021 | | 2022 | European Commission fines(1) | $ | 9,799 | | | $ | 9,106 | | | Accrued customer liabilities | 3,505 | | | 3,619 | | | Accrued purchases of property and equipment | 2,415 | | | 3,019 | | | Current operating lease liabilities | 2,189 | | | 2,477 | | | Other accrued expenses and current liabilities | 14,136 | | | 19,645 | | | Accrued expenses and other current liabilities | $ | 32,044 | | | $ | 37,866 | |
(1) While each EC decision is under appeal, the fines are included in accrued expenses and other current liabilities on our Consolidated Balance Sheets, as we provided bank guarantees (in lieu of a cash payment) for the fines. Amounts include the effects of foreign exchange and interest. See Note 10 for further details. Accumulated Other Comprehensive Income (Loss) Components of AOCI, net of income tax, were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Translation Adjustments | | Unrealized Gains (Losses) on Available-for-Sale Investments | | Unrealized Gains (Losses) on Cash Flow Hedges | | Total | | Balance as of December 31, 2019 | $ | (2,003) | | | $ | 812 | | | $ | (41) | | | $ | (1,232) | | | Other comprehensive income (loss) before reclassifications | 1,139 | | | 1,313 | | | 79 | | | 2,531 | | | Amounts excluded from the assessment of hedge effectiveness recorded in AOCI | 0 | | | 0 | | | (37) | | | (37) | | | Amounts reclassified from AOCI | 0 | | | (513) | | | (116) | | | (629) | | | Other comprehensive income (loss) | 1,139 | | | 800 | | | (74) | | | 1,865 | | | Balance as of December 31, 2020 | (864) | | | 1,612 | | | (115) | | | 633 | | | Other comprehensive income (loss) before reclassifications | (1,442) | | | (1,312) | | | 668 | | | (2,086) | | | Amounts excluded from the assessment of hedge effectiveness recorded in AOCI | 0 | | | 0 | | | 48 | | | 48 | | | Amounts reclassified from AOCI | 0 | | | (64) | | | (154) | | | (218) | | | Other comprehensive income (loss) | (1,442) | | | (1,376) | | | 562 | | | (2,256) | | | Balance as of December 31, 2021 | (2,306) | | | 236 | | | 447 | | | (1,623) | | | Other comprehensive income (loss) before reclassifications | (1,836) | | | (4,720) | | | 1,463 | | | (5,093) | | | Amounts excluded from the assessment of hedge effectiveness recorded in AOCI | 0 | | | 0 | | | (188) | | | (188) | | | Amounts reclassified from AOCI | 0 | | | 1,007 | | | (1,706) | | | (699) | | | Other comprehensive income (loss) | (1,836) | | | (3,713) | | | (431) | | | (5,980) | | | Balance as of December 31, 2022 | $ | (4,142) | | | $ | (3,477) | | | $ | 16 | | | $ | (7,603) | |
The effects on net income of amounts reclassified from AOCI were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gains (Losses) Reclassified from AOCI to the Consolidated Statements of Income | | | | | Year Ended December 31, | | | AOCI Components | | Location | 2020 | | 2021 | | 2022 | | | Unrealized gains (losses) on available-for-sale investments | | | | | | | | | Other income (expense), net | $ | 650 | | | $ | 82 | | | $ | (1,291) | | | | | Benefit (provision) for income taxes | (137) | | | (18) | | | 284 | | | | | Net of income tax | 513 | | | 64 | | | (1,007) | | | | Unrealized gains (losses) on cash flow hedges | | | | | | | | Foreign exchange contracts | | Revenue | 144 | | | 165 | | | 2,046 | | | | Interest rate contracts | | Other income (expense), net | 6 | | | 6 | | | 6 | | | | | Benefit (provision) for income taxes | (34) | | | (17) | | | (346) | | | | | Net of income tax | 116 | | | 154 | | | 1,706 | | | | Total amount reclassified, net of income tax | $ | 629 | | | $ | 218 | | | $ | 699 | | |
Other Income (Expense), Net Components of OI&E were as follows (in millions): | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2020 | | 2021 | | 2022 | | Interest income | $ | 1,865 | | | $ | 1,499 | | | $ | 2,174 | | Interest expense(1) | (135) | | | (346) | | | (357) | | | Foreign currency exchange gain (loss), net | (344) | | | (240) | | | (654) | | | Gain (loss) on debt securities, net | 725 | | | (110) | | | (2,064) | | | Gain (loss) on equity securities, net | 5,592 | | | 12,380 | | | (3,455) | | | Performance fees | (609) | | | (1,908) | | | 798 | | | Income (loss) and impairment from equity method investments, net | 401 | | | 334 | | | (337) | | | Other | (637) | | | 411 | | | 381 | | | Other income (expense), net | $ | 6,858 | | | $ | 12,020 | | | $ | (3,514) | |
(1) Interest expense is net of interest capitalized of $218 million, $163 million, and $128 million for the years ended December 31, 2020, 2021, and 2022, respectively.
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