Balance Sheet Components

12 Months Ended

Dec. 31, 2022

Selected balance sheet components consist of the following:

Cash and restricted cash


(In millions)	December 31, 2022		December 31, 2021		December 31, 2020
Cash and cash equivalents	$	1,259.9	$	701.2	$	844.4
Restricted cash, included in other current and non-current assets	2.6		5.0		5.6
Cash, cash equivalents and restricted cash	$	1,262.5	$	706.2	$	850.0

Inventories


(In millions)	December 31, 2022		December 31, 2021
Raw materials	$	571.5	$	922.4
Work in process	755.4		993.3
Finished goods	2,192.6		2,062.0
Inventories	$	3,519.5	$	3,977.7

Inventory reserves totaled $484.8 million and $519.0 million at December 31, 2022 and 2021, respectively. Included as a component of cost of sales is expense related to the net realizable value of inventories of $326.1 million, $474.9 million and $206.1 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Prepaid expenses and other current assets


(In millions)	December 31, 2022		December 31, 2021
Prepaid expenses	$	194.6	$	256.7

Available-for-sale fixed income securities	35.3		38.2
Fair value of financial instruments	134.7		144.6
Equity securities	42.6		51.0
Other current assets	1,404.0		1,467.1
Prepaid expenses and other current assets	$	1,811.2	$	1,957.6

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

Property, plant and equipment, net


(In millions)	December 31, 2022		December 31, 2021
Machinery and equipment	$	2,936.7	$	3,054.0
Buildings and improvements	1,539.7		1,808.5
Construction in progress	474.0		588.7
Land and improvements	133.4		137.9
Gross property, plant and equipment	5,083.8		5,589.1
Accumulated depreciation	2,059.3		2,400.5
Property, plant and equipment, net	$	3,024.5	$	3,188.6

Capitalized software costs included in our consolidated balance sheets were $121.5 million and $62.3 million, net of accumulated depreciation, at December 31, 2022 and 2021, respectively. The Company periodically reviews the estimated useful lives of assets and makes adjustments when appropriate. Depreciation expense was approximately $349.5 million, $509.5 million and $289.7 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Other assets


(In millions)	December 31, 2022		December 31, 2021

CCPS in Biocon Biologics	$	997.4	$	—
Operating lease right-of-use assets	259.3		290.8

Non-marketable equity investments	94.0		81.4
Deferred consideration due from Biocon Biologics	299.5		—
Other long-term assets	753.3		798.5
Other assets	$	2,403.5	$	1,170.7

Accounts payable


(In millions)	December 31, 2022		December 31, 2021
Trade accounts payable	$	1,158.0	$	1,056.1
Other payables	608.6		601.3
Accounts payable	$	1,766.6	$	1,657.4

Other current liabilities


(In millions)	December 31, 2022		December 31, 2021
Accrued sales allowances	$	888.8	$	1,362.1
Payroll and employee benefit liabilities	746.8		741.9
Legal and professional accruals, including litigation accruals	297.2		715.6
Contingent consideration	64.4		66.7
Accrued restructuring	95.3		233.5
Accrued interest	80.2		86.6
Fair value of financial instruments	187.0		61.0
Operating lease liability	80.6		86.7
Due to Biocon Biologics	22.5		—
Other	978.1		1,265.5
Other current liabilities	$	3,440.9	$	4,619.6

Other long-term obligations


(In millions)	December 31, 2022		December 31, 2021
Employee benefit liabilities	$	544.6	$	876.4

Contingent consideration (1)	310.6		133.0
Tax related items, including contingencies	414.6		426.1
Operating lease liability	181.4		200.9
Accrued restructuring	60.4		64.3
Other	244.9		232.9
Other long-term obligations	$	1,756.5	$	1,933.6

(1) Includes a total of $221.2 million due to Biocon Biologics. Refer to Note 10 Financial Instruments and Risk Management for additional information.