Balance Sheet Components

12 Months Ended

Dec. 31, 2021

Selected balance sheet components consist of the following:

Cash and restricted cash


(In millions)	December 31, 2021		December 31, 2020		December 31, 2019
Cash and cash equivalents	$	701.2	$	844.4	$	475.6
Restricted cash, included in other current and non-current assets	5.0		5.6		15.5
Cash, cash equivalents and restricted cash	$	706.2	$	850.0	$	491.1

Inventories


(In millions)	December 31, 2021		December 31, 2020
Raw materials	$	922.4	$	958.4
Work in process	993.3		1,438.1
Finished goods	2,062.0		3,075.4
Inventories	$	3,977.7	$	5,471.9

Inventory reserves totaled $519.0 million and $353.6 million at December 31, 2021 and 2020, respectively. Included as a component of cost of sales is expense related to the net realizable value of inventories of $474.9 million, $206.1 million and $399.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Prepaid expenses and other current assets


(In millions)	December 31, 2021		December 31, 2020
Prepaid expenses	$	256.7	$	267.8

Available-for-sale fixed income securities	38.2		39.1
Fair value of financial instruments	144.6		118.6
Equity securities	51.0		45.8
Other current assets	1,467.1		1,236.1
Prepaid expenses and other current assets	$	1,957.6	$	1,707.4

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

Property, plant and equipment, net


(In millions)	December 31, 2021		December 31, 2020
Machinery and equipment	$	3,054.0	$	3,235.0
Buildings and improvements	1,808.5		1,954.8
Construction in progress	588.7		376.3
Land and improvements	137.9		155.8
Gross property, plant and equipment	5,589.1		5,721.9
Accumulated depreciation	2,400.5		2,262.0
Property, plant and equipment, net	$	3,188.6	$	3,459.9

Capitalized software costs included in our consolidated balance sheets were $62.3 million and $70.9 million, net of accumulated depreciation, at December 31, 2021 and 2020, respectively. The Company periodically reviews the estimated useful lives of assets and makes adjustments when appropriate. Depreciation expense was approximately $509.5 million, $289.7 million and $256.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Other assets


(In millions)	December 31, 2021		December 31, 2020
Equity method investments, clean energy investments	$	—	$	47.9
Operating lease right-of-use assets	290.8		323.6

Other long-term assets	879.9		676.0
Other assets	$	1,170.7	$	1,047.5

Accounts payable


(In millions)	December 31, 2021		December 31, 2020
Trade accounts payable	$	1,056.1	$	1,345.7
Other payables	601.3		558.5
Accounts payable	$	1,657.4	$	1,904.2

Other current liabilities


(In millions)	December 31, 2021		December 31, 2020
Accrued sales allowances	$	1,362.1	$	1,211.8
Payroll and employee benefit liabilities	741.9		828.2
Legal and professional accruals, including litigation accruals	715.6		362.9
Contingent consideration	66.7		100.5
Accrued restructuring	233.5		149.2
Equity method investments, clean energy investments	10.9		47.5
Accrued interest	86.6		90.9
Fair value of financial instruments	61.0		103.6
Operating lease liability	86.7		92.9
Other	1,254.6		1,973.2
Other current liabilities	$	4,619.6	$	4,960.7

Other long-term obligations


(In millions)	December 31, 2021		December 31, 2020
Employee benefit liabilities	$	876.4	$	1,020.4

Contingent consideration	133.0		123.1
Tax related items, including contingencies	426.1		469.5
Operating lease liability	200.9		229.5
Accrued restructuring	64.3		134.8
Other	232.9		505.8
Other long-term obligations	$	1,933.6	$	2,483.1