OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS

2. 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:

	June 30, 2025		December 31, 2024
Inventories
Raw materials	$	249.8	$	241.1
Work in process	261.4		236.2
Finished products	630.5		609.4
	$	1,141.7	$	1,086.7

At June 30, 2025 and December 31, 2024, $216.7 million and $181.7 million, respectively, of the Company's finished products inventories were held on consignment.

	June 30, 2025		December 31, 2024
Other assets
Tax receivable (Note 14)	$	297.8	$	293.9
Notes and other receivables	205.6		129.3
Acquisition options	111.5		147.1
Long-term prepaid royalties	97.7		101.6
Fair value of derivatives	3.1		34.7
Other long-term assets	27.3		15.0
	$	743.0	$	721.6
Accrued and other liabilities
Employee compensation and withholdings	$	352.7	$	358.6
Taxes payable	146.3		286.6
Accrued rebates	143.2		139.3
Property, payroll, and other taxes	78.5		88.1
Litigation settlement	77.3		73.8
Research and development accruals	74.4		74.1
Liability under transition services agreement	60.3		—
Fair value of derivatives	54.2		8.3
Unfavorable contract liability	36.8		53.7
Accrued professional services	28.3		20.1
Legal and insurance	26.4		26.8
Accrued realignment reserves	19.9		27.4
Accrued marketing expenses	16.4		13.8
Accrued relocation costs	14.4		15.4
Other accrued liabilities	85.3		96.4
	$	1,214.4	$	1,282.4

Supplemental Cash Flow Information

(in millions)

	Six Months Ended June 30,
	2025		2024
Cash paid during the year for:
Income taxes (a) (Note 14)	$	375.7	$	528.9
Amounts included in the measurement of operating lease liabilities	$	14.5	$	14.5
Non-cash investing and financing transactions:
Right-of-use assets obtained in exchange for new lease liabilities	$	8.7	$	24.6
Capital expenditures accruals	$	31.9	$	24.1

______________________________________

(a)     Includes cash paid for income taxes from discontinued operations of $7.1 million for the six months ended June 30, 2024. No cash was paid for income taxes from discontinued operations for the six months ended June 30, 2025.

Cash, Cash Equivalents, and Restricted Cash

(in millions)

	June 30, 2025		December 31, 2024
Continuing operations
Cash and cash equivalents	$	3,272.8	$	3,045.2
Restricted cash included in other current assets	1.2		3.2
Restricted cash included in other assets	1.0		0.8
Total	$	3,275.0	$	3,049.2
Discontinued operations
Cash and cash equivalents	$	15.0	$	9.6
Total	$	15.0	$	9.6
Total cash, cash equivalents, and restricted cash	$	3,290.0	$	3,058.8

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