The allowance for credit losses on accounts receivable was $771 million and $745 million as of December 31, 2023 and March 31, 2024, respectively.

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


	As of December 31, 2023		As of March 31, 2024
Land and buildings	$	74,083	$	77,421
Information technology assets	80,594		85,976
Construction in progress	35,229		37,679
Leasehold improvements	11,425		11,576
Furniture and fixtures	472		534
Property and equipment, gross	201,803		213,186
Less: accumulated depreciation	(67,458)		(70,004)
Property and equipment, net	$	134,345	$	143,182

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


	As of December 31, 2023		As of March 31, 2024
European Commission fines(1)	$	9,525	$	9,475
Accrued purchases of property and equipment	4,679		5,666
Accrued customer liabilities	4,140		4,355
Current operating lease liabilities	2,791		2,874
Income taxes payable, net	2,748		4,926
Other accrued expenses and current liabilities	22,285		21,307
Accrued expenses and other current liabilities	$	46,168	$	48,603

(1) While each European Commission (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 8 for further details.

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, 2022	$	(4,142)	$	(3,477)	$	16	$	(7,603)
Other comprehensive income (loss) before reclassifications	596		866		(121)		1,341
Amounts excluded from the assessment of hedge effectiveness recorded in AOCI	0		0		47		47
Amounts reclassified from AOCI	0		292		(77)		215
Other comprehensive income (loss)	596		1,158		(151)		1,603
Balance as of March 31, 2023	$	(3,546)	$	(2,319)	$	(135)	$	(6,000)


	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, 2023	$	(3,407)	$	(965)	$	(30)	$	(4,402)
Other comprehensive income (loss) before reclassifications	(503)		(360)		128		(735)
Amounts excluded from the assessment of hedge effectiveness recorded in AOCI	0		0		58		58
Amounts reclassified from AOCI	0		311		(71)		240
Other comprehensive income (loss)	(503)		(49)		115		(437)
Balance as of March 31, 2024	$	(3,910)	$	(1,014)	$	85	$	(4,839)

The effects on net income of amounts reclassified from AOCI were as follows (in millions):


		Three Months Ended
		March 31,
AOCI Components	Location	2023		2024
Unrealized gains (losses) on available-for-sale investments
	Other income (expense), net	$	(374)	$	(399)
	Benefit (provision) for income taxes	82		88
	Net of income tax	(292)		(311)
Unrealized gains (losses) on cash flow hedges
Foreign exchange contracts	Revenue	88		74
Interest rate contracts	Other income (expense), net	2		1
	Benefit (provision) for income taxes	(13)		(4)
	Net of income tax	77		71
Total amount reclassified, net of income tax		$	(215)	$	(240)

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


	Three Months Ended
	March 31,
	2023		2024
Interest income	$	797	$	1,061
Interest expense(1)	(80)		(94)
Foreign currency exchange gain (loss), net	(210)		(238)
Gain (loss) on debt securities, net	(293)		(462)
Gain (loss) on equity securities, net	377		2,243
Performance fees	118		104
Income (loss) and impairment from equity method investments, net	(51)		(26)
Other	132		255
Other income (expense), net	$	790	$	2,843