OTHER CONSOLIDATED FINANCIAL STATEMENT DETAILS

9 Months Ended

Sep. 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:

	September 30, 2025		December 31, 2024
Inventories
Raw materials	$	222.8	$	241.1
Work in process	275.9		236.2
Finished products	642.2		609.4
	$	1,140.9	$	1,086.7

At September 30, 2025 and December 31, 2024, $216.3 million and $181.7 million, respectively, of the Company's finished products inventories were held on consignment.

	September 30, 2025		December 31, 2024
Other assets
Tax receivable (Note 14)	$	303.9	$	293.9
Notes and other receivables	227.3		129.3
Acquisition options	129.9		147.1
Long-term prepaid royalties	95.7		101.6
Fair value of derivatives	5.1		34.7
Other long-term assets	22.9		15.0
	$	784.8	$	721.6
Accrued and other liabilities
Employee compensation and withholdings	$	437.4	$	358.6
Accrued rebates	158.2		139.3
Taxes payable	129.5		286.6
Legal and insurance accrual	104.9		26.8
Property, payroll, and other taxes	93.5		88.1
Liability under transition services agreement	84.4		—
Research and development accruals	75.3		74.1
Litigation settlement	64.8		73.8
Fair value of derivatives	34.5		8.3
Unfavorable contract liability	33.2		53.7
Accrued professional services	21.2		20.1
Accrued realignment reserves	19.6		27.4
Accrued marketing expenses	17.7		13.8
Accrued relocation costs	15.3		15.4
Other accrued liabilities	104.4		96.4
	$	1,393.9	$	1,282.4

Supplemental Cash Flow Information

(in millions)

	Nine Months Ended September 30,
	2025		2024
Cash paid during the year for:
Income taxes (a) (Note 14)	$	458.0	$	633.8
Amounts included in the measurement of operating lease liabilities	$	21.9	$	21.0
Non-cash investing and financing transactions:
Right-of-use assets obtained in exchange for new lease liabilities	$	13.3	$	38.9
Capital expenditures accruals	$	30.6	$	22.9

______________________________________

(a)     Includes $29.7 million of cash paid for income taxes from discontinued operations for the nine months ended September 30, 2024. No cash was paid for income taxes from discontinued operations for the nine months ended September 30, 2025.

Cash, Cash Equivalents, and Restricted Cash

(in millions)

	September 30, 2025		December 31, 2024
Continuing operations
Cash and cash equivalents	$	2,685.6	$	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	$	2,687.3	$	3,049.2
Discontinued operations
Cash and cash equivalents	$	7.5	$	9.6
Total	$	7.5	$	9.6
Total cash, cash equivalents, and restricted cash	$	2,694.8	$	3,058.8

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

Intangible Assets

In August 2025, the Company recorded a $40.0 million charge related to the full impairment of certain developed technology assets due to management’s determination that the assets are no longer expected to generate future economic benefit. The impairment was recognized in Intangible Assets Impairment Charges within operating income on the consolidated condensed statement of operations during the three and nine months ended September 30, 2025. There were no intangible assets impairment charges recognized during the three and nine months ended September 30, 2024.