Balance Sheet Components

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021		March 31, 2021
Cash and cash equivalents	$	752.4	$	701.2	$	806.9
Restricted cash, included in prepaid expenses and other current assets	5.0		5.0		6.2
Cash, cash equivalents and restricted cash	$	757.4	$	706.2	$	813.1

Inventories

(In millions)	March 31, 2022		December 31, 2021
Raw materials	$	868.1	$	922.4
Work in process	767.5		993.3
Finished goods	2,161.7		2,062.0
Inventories	$	3,797.3	$	3,977.7

Prepaid expenses and other current assets

(In millions)	March 31, 2022		December 31, 2021
Prepaid expenses	$	268.1	$	256.7
Available-for-sale fixed income securities	36.6		38.2
Fair value of financial instruments	202.8		144.6
Equity securities	48.0		51.0
Other current assets	1,208.1		1,467.1
Prepaid expenses and other current assets	$	1,763.6	$	1,957.6

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

Property, plant and equipment, net

(In millions)	March 31, 2022		December 31, 2021
Machinery and equipment	$	2,845.8	$	3,054.0
Buildings and improvements	1,578.4		1,808.5
Construction in progress	541.8		588.7
Land and improvements	126.5		137.9
Gross property, plant and equipment	5,092.5		5,589.1
Accumulated depreciation	1,942.3		2,400.5
Property, plant and equipment, net	$	3,150.2	$	3,188.6

Other assets

(In millions)	March 31, 2022		December 31, 2021
Operating lease right-of-use assets	$	281.7	$	290.8
Other long-term assets	774.3		879.9
Other assets	$	1,056.0	$	1,170.7

Accounts payable

(In millions)	March 31, 2022		December 31, 2021
Trade accounts payable	$	928.4	$	1,056.1
Other payables	571.2		601.3
Accounts payable	$	1,499.6	$	1,657.4

Other current liabilities

(In millions)	March 31, 2022		December 31, 2021
Accrued sales allowances	$	1,095.8	$	1,362.1
Legal and professional accruals, including litigation accruals	694.9		715.6
Payroll and employee benefit liabilities	567.1		741.9
Contingent consideration	86.2		66.7
Accrued restructuring	171.8		233.5
Accrued interest	228.8		86.6
Equity method investments, clean energy investments	4.3		10.9
Fair value of financial instruments	98.9		61.0
Operating lease liability	89.9		86.7
Other	1,388.6		1,254.6
Other current liabilities	$	4,426.3	$	4,619.6

Other long-term obligations

(In millions)	March 31, 2022		December 31, 2021
Employee benefit liabilities	$	861.3	$	876.4
Contingent consideration	112.2		133.0
Tax related items, including contingencies	429.5		426.1
Operating lease liability	191.7		200.9
Accrued restructuring	51.4		64.3
Other	238.2		232.9
Other long-term obligations	$	1,884.3	$	1,933.6