OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS

Composition of Certain Financial Statement Captions

(in millions)

Components of selected captions in the consolidated condensed balance sheets consisted of the following:


	March 31, 2025		December 31, 2024
Inventories
Raw materials	$	259.2	$	241.1
Work in process	260.2		236.2
Finished products	594.5		609.4
	$	1,113.9	$	1,086.7

At March 31, 2025 and December 31, 2024, $200.3 million and $181.7 million, respectively, of the Company's finished products inventories were held on consignment.


	March 31, 2025		December 31, 2024
Other assets
Tax receivable (Note 14)	$	297.8	$	293.9
Notes and other receivables	147.8		129.3
Acquisition options	150.3		147.1
Long-term prepaid royalties	99.7		101.6
Fair value of derivatives	26.6		34.7
Other long-term assets	20.5		15.0
	$	742.7	$	721.6

Accrued and other liabilities

Employee compensation and withholdings	$	232.8	$	358.6
Taxes payable	297.4		286.6
Property, payroll, and other taxes	79.3		88.1
Research and development accruals	74.9		74.1
Accrued rebates	118.9		139.3
Fair value of derivatives	10.5		8.3
Accrued marketing expenses	15.3		13.8
Legal and insurance	28.0		26.8
Litigation settlement	87.5		73.8
Accrued relocation costs	14.5		15.4
Accrued professional services	18.0		20.1
Accrued realignment reserves	22.0		27.4
Unfavorable contract liability	46.2		53.7
Liability under transition services agreement	66.0		—


Other accrued liabilities	85.1		96.4
	$	1,196.4	$	1,282.4

Supplemental Cash Flow Information

(in millions)


	Three Months Ended March 31,
	2025		2024
Cash paid during the year for:
Income taxes (a) (Note 14)	$	35.1	$	349.2
Amounts included in the measurement of operating lease liabilities	$	7.0	$	7.3
Non-cash investing and financing transactions:



Right-of-use assets obtained in exchange for new lease liabilities	$	3.2	$	7.7
Capital expenditures accruals	$	31.2	$	34.0

______________________________________

(a) Includes cash paid for income taxes from discontinued operations of zero and $6.6 million for the three months ended March 31, 2025 and 2024, respectively.

Cash, Cash Equivalents, and Restricted Cash

(in millions)


	March 31, 2025		December 31, 2024
Continuing operations
Cash and cash equivalents	$	3,140.6	$	3,045.2
Restricted cash included in other current assets	0.7		3.2
Restricted cash included in other assets	1.0		0.8
Total	$	3,142.3	$	3,049.2
Discontinued operations
Cash and cash equivalents	$	6.5	$	9.6
Total	$	6.5	$	9.6
Total cash, cash equivalents, and restricted cash	$	3,148.8	$	3,058.8

Amounts included in restricted cash primarily represent funds placed in escrow related to litigation.