Supplemental Financial Statement Information

The allowance for credit losses on accounts receivable was $754 million and $771 million as of December 31, 2022 and 2023, respectively.

Property and Equipment, Net

Property and equipment, net, consisted of the following (in millions):


	As of December 31,
	2022		2023
Land and buildings	$	66,897	$	74,083
Information technology assets	66,267		80,594
Construction in progress	27,657		35,229
Leasehold improvements	10,575		11,425
Furniture and fixtures	314		472
Property and equipment, gross	171,710		201,803
Less: accumulated depreciation	(59,042)		(67,458)
Property and equipment, net	$	112,668	$	134,345

Our technical infrastructure is comprised of information technology assets, including servers and networking equipment, and data center land and buildings.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in millions):


	As of December 31,
	2022		2023
European Commission fines(1)	$	9,106	$	9,525
Accrued purchases of property and equipment	3,019		4,679
Accrued customer liabilities	3,619		4,140
Current operating lease liabilities	2,477		2,791
Income taxes payable, net	1,632		2,748
Other accrued expenses and current liabilities	18,013		22,285
Accrued expenses and other current liabilities	$	37,866	$	46,168

(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, 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)
Other comprehensive income (loss) before reclassifications	735		1,344		84		2,163
Amounts excluded from the assessment of hedge effectiveness recorded in AOCI	0		0		84		84
Amounts reclassified from AOCI	0		1,168		(214)		954
Other comprehensive income (loss)	735		2,512		(46)		3,201
Balance as of December 31, 2023	$	(3,407)	$	(965)	$	(30)	$	(4,402)

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	2021		2022		2023
Unrealized gains (losses) on available-for-sale investments
	Other income (expense), net	$	82	$	(1,291)	$	(1,497)
	Benefit (provision) for income taxes	(18)		284		329
	Net of income tax	64		(1,007)		(1,168)
Unrealized gains (losses) on cash flow hedges
Foreign exchange contracts	Revenue	165		2,046		213
Interest rate contracts	Other income (expense), net	6		6		6
	Benefit (provision) for income taxes	(17)		(346)		(5)
	Net of income tax	154		1,706		214
Total amount reclassified, net of income tax		$	218	$	699	$	(954)

Other Income (Expense), Net

Components of OI&E were as follows (in millions):


	Year Ended December 31,
	2021		2022		2023
Interest income	$	1,499	$	2,174	$	3,865
Interest expense(1)	(346)		(357)		(308)
Foreign currency exchange gain (loss), net	(240)		(654)		(1,238)
Gain (loss) on debt securities, net	(110)		(2,064)		(1,215)
Gain (loss) on equity securities, net	12,380		(3,455)		392
Performance fees	(1,908)		798		257
Income (loss) and impairment from equity method investments, net	334		(337)		(628)
Other	411		381		299
Other income (expense), net	$	12,020	$	(3,514)	$	1,424

(1) Interest expense is net of interest capitalized of $163 million, $128 million, and $181 million for the years ended December 31, 2021, 2022, and 2023, respectively.