Balance Sheet Components

Selected balance sheet components consist of the following:



(In millions)	June 30, 2016		December 31, 2015
Inventories:
Raw materials	$	688.7	$	592.4
Work in process	435.2		387.0
Finished goods	1,067.4		971.6
	$	2,191.3	$	1,951.0



Property, plant and equipment:
Land and improvements	$	134.8	$	124.5
Buildings and improvements	997.2		950.6
Machinery and equipment	2,077.7		1,928.4
Construction in progress	274.8		290.5
	3,484.5		3,294.0
Less accumulated depreciation	1,426.9		1,310.1
	$	2,057.6	$	1,983.9



Other current liabilities:
Legal and professional accruals, including litigation accruals	$	119.3	$	122.6
Payroll and employee benefit plan accruals	317.4		367.9
Accrued sales allowances	726.5		681.8
Accrued interest	38.1		25.1
Fair value of financial instruments	97.4		19.8
Other	626.3		624.7
	$	1,925.0	$	1,841.9

Contingent consideration included in other current liabilities totaled $37.5 million and $35.0 million at June 30, 2016 and December 31, 2015, respectively. During the six months ended June 30, 2016, the Company recorded contingent consideration of $16 million in other current liabilities related to the acquisition of the Topicals Business and made $15.5 million of contingent consideration payments. Contingent consideration included in other long-term obligations was $513.2 million and $491.4 million at June 30, 2016 and December 31, 2015, respectively. Included in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets was $156.1 million and $106.6 million of restricted cash at June 30, 2016 and December 31, 2015, respectively. During the second quarter of 2016, the Company recorded restricted cash of approximately $50 million related to amounts deposited in escrow, for potential contingent consideration payments related to the acquisition of the Topicals Business. An additional $100 million of restricted cash was classified in other long-term assets at June 30, 2016 and December 31, 2015, principally related to amounts deposited in escrow, or restricted amounts, for potential contingent consideration payments related to the acquisition of Agila Specialties Private Limited (“Agila”), which the Company acquired in 2013 from Strides Arcolab Limited (“Strides Arcolab”).