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Balance Sheet Components (Tables)
9 Months Ended
Sep. 30, 2023
Balance Sheet Components [Abstract]  
Schedule of Cash, cash equivalents, and restricted cash
Cash and restricted cash
(In millions)September 30,
2023
December 31,
2022
September 30, 2022
Cash and cash equivalents$1,309.6 $1,259.9 $646.7 
Restricted cash, included in prepaid expenses and other current assets2.2 2.6 3.7 
Cash, cash equivalents and restricted cash$1,311.8 $1,262.5 $650.4 
Inventories
Inventories
(In millions)September 30,
2023
December 31,
2022
Raw materials$742.4 $571.5 
Work in process1,030.9 755.4 
Finished goods1,898.6 2,192.6 
Inventories$3,671.9 $3,519.5 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets
(In millions)September 30,
2023
December 31, 2022
Prepaid expenses$166.9 $194.6 
Deferred consideration due from Biocon Biologics167.5 — 
Available-for-sale fixed income securities35.1 35.3 
Fair value of financial instruments174.7 134.7 
Equity securities45.1 42.6 
Other current assets1,195.4 1,404.0 
Prepaid expenses and other current assets$1,784.7 $1,811.2 
Property, Plant and Equipment
Property, plant and equipment, net
(In millions)September 30,
2023
December 31, 2022
Machinery and equipment$3,022.7 $2,936.7 
Buildings and improvements1,501.1 1,539.7 
Construction in progress389.8 474.0 
Land and improvements123.5 133.4 
Gross property, plant and equipment5,037.1 5,083.8 
Accumulated depreciation2,110.5 2,059.3 
Property, plant and equipment, net$2,926.6 $3,024.5 
Other Assets
Other assets
(In millions)September 30,
2023
December 31, 2022
Non-marketable equity investments$165.7 $94.0 
Deferred consideration due from Biocon Biologics148.5 299.5 
CCPS in Biocon Biologics1,048.0 997.4 
Operating lease right-of-use assets247.7 259.3 
Other long-term assets785.1 753.3 
Other assets$2,395.0 $2,403.5 
Accounts payable
Accounts payable
(In millions)September 30,
2023
December 31, 2022
Trade accounts payable$1,218.5 $1,158.0 
Other payables770.6 608.6 
Accounts payable$1,989.1 $1,766.6 
Other Current Liabilities
Other current liabilities
(In millions)September 30,
2023
December 31, 2022
Accrued sales allowances$921.2 $888.8 
Legal and professional accruals, including litigation accruals205.5 297.2 
Payroll and employee benefit liabilities771.6 746.8 
Contingent consideration59.4 64.4 
Accrued restructuring38.1 95.3 
Accrued interest206.5 80.2 
Fair value of financial instruments49.2 187.0 
Due to Biocon Biologics59.1 22.5 
Operating lease liability88.4 80.6 
Other917.2 978.1 
Other current liabilities$3,316.2 $3,440.9 
Other Noncurrent Liabilities
Other long-term obligations
(In millions)September 30,
2023
December 31, 2022
Employee benefit liabilities$520.5 $544.6 
Contingent consideration (1)
311.7 310.6 
Tax related items, including contingencies382.1 414.6 
Operating lease liability160.5 181.4 
Accrued restructuring60.3 60.4 
Other212.0 244.9 
Other long-term obligations$1,647.1 $1,756.5 
(1)    Balances as of September 30, 2023 and December 31, 2022 include $232.0 million and $221.2 million, respectively, due to Biocon Biologics. Refer to Note 11 Financial Instruments and Risk Management for additional information.
Disposal Groups, Including Discontinued Operations
Assets and liabilities held for sale associated with the women’s healthcare business, rights to two women’s healthcare products, and Upjohn Distributor Markets divestitures consisted of the following:
(In millions)September 30, 2023December 31, 2022
Assets held for sale
Accounts receivable, net$34.5 $— 
Inventories40 — 
Prepaid expenses and other current assets0.7 — 
Property, plant and equipment, net26.3 — 
Intangible assets, net259.7 230.3 
Goodwill65.9 — 
Other assets0.2 — 
Total assets held for sale$427.3 $230.3 
Liabilities held for sale
Accounts payable$8.4 $— 
Other current liabilities5.5 — 
Other long-term obligations0.4 — 
Total liabilities held for sale$14.3 $—