Balance Sheet Components

3 Months Ended

Mar. 31, 2021

Balance Sheet Components [Abstract]

Balance Sheet Components

Balance Sheet Components

Selected balance sheet components consist of the following:

Cash and restricted cash

(In millions)	March 31, 2021		December 31, 2020		March 31, 2020
Cash and cash equivalents	$	806.9	$	844.4	$	572.4
Restricted cash, included in prepaid expenses and other current assets	6.2		5.6		15.5
Cash, cash equivalents and restricted cash	$	813.1	$	850.0	$	587.9

Inventories

(In millions)	March 31, 2021		December 31, 2020
Raw materials	$	935.3	$	958.4
Work in process	1,223.4		1,438.1
Finished goods	2,783.5		3,075.4
Inventories	$	4,942.2	$	5,471.9

Prepaid expenses and other current assets

(In millions)	March 31, 2021		December 31, 2020
Prepaid expenses	$	259.9	$	267.8
Available-for-sale fixed income securities	37.9		39.1
Fair value of financial instruments	103.6		118.6
Equity securities	47.5		45.8
Other current assets	1,591.5		1,236.1
Prepaid expenses and other current assets	$	2,040.4	$	1,707.4

Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items.

Property, plant and equipment, net

(In millions)	March 31, 2021		December 31, 2020
Machinery and equipment	$	3,161.0	$	3,235.0
Buildings and improvements	1,943.2		1,954.8
Construction in progress	359.8		376.3
Land and improvements	151.7		155.8
Gross property, plant and equipment	5,615.7		5,721.9
Accumulated depreciation	2,368.8		2,262.0
Property, plant and equipment, net	$	3,246.9	$	3,459.9

Other assets

(In millions)	March 31, 2021		December 31, 2020
Equity method investments, clean energy investments	$	33.6	$	47.9
Operating lease right-of-use assets	311.4		323.6
Other long-term assets	674.6		676.0
Other assets	$	1,019.6	$	1,047.5

Accounts payable

(In millions)	March 31, 2021		December 31, 2020
Trade accounts payable	$	1,549.7	$	1,345.7
Other payables	493.5		558.5
Accounts payable	$	2,043.2	$	1,904.2

Other current liabilities

(In millions)	March 31, 2021		December 31, 2020
Accrued sales allowances	$	1,196.6	$	1,211.8
Legal and professional accruals, including litigation accruals	481.9		362.9
Payroll and employee benefit liabilities	675.9		828.2
Contingent consideration	85.7		100.5
Accrued interest	254.6		90.9
Restructuring	217.5		149.2
Equity method investments, clean energy investments	39.5		47.5
Fair value of financial instruments	49.0		103.6
Operating lease liability	91.9		92.9
Other	1,753.2		1,973.2
Other current liabilities	$	4,845.8	$	4,960.7

Other long-term obligations

(In millions)	March 31, 2021		December 31, 2020
Employee benefit liabilities	$	999.0	$	1,020.4
Contingent consideration	123.5		123.1
Tax related items, including contingencies	466.6		469.5
Operating lease liability	217.2		229.5
Accrued Restructuring	154.6		134.8
Other	508.7		505.8
Other long-term obligations	$	2,469.6	$	2,483.1