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Balance Sheet Components
 12 Months Ended
Dec. 31, 2023
Balance Sheet Components [Abstract]  
Balance Sheet Components Balance Sheet Components
Selected balance sheet components consist of the following:
Cash and restricted cash
(In millions)December 31,
2023		December 31,
2022		December 31,
2021
Cash and cash equivalents$991.9 $1,259.9 $701.2 
Restricted cash, included in prepaid and other current assets1.7 2.6 5.0 
Cash, cash equivalents and restricted cash$993.6 $1,262.5 $706.2 
Inventories
(In millions)December 31, 2023December 31, 2022
Raw materials$731.7 $571.5 
Work in process602.1 755.4 
Finished goods2,135.9 2,192.6 
Inventories$3,469.7 $3,519.5 
Inventory reserves totaled $479.3 million and $484.8 million at December 31, 2023 and 2022, respectively. Included as a component of cost of sales is expense related to the net realizable value of inventories of $226.9 million, $326.1 million and $474.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Prepaid expenses and other current assets
(In millions)December 31, 2023December 31, 2022
Prepaid expenses$155.9 $194.6 
Deferred consideration due from Biocon Biologics321.2 — 
Available-for-sale fixed income securities37.0 35.3 
Fair value of financial instruments106.2 134.7 
Equity securities49.3 42.6 
Deferred charge for taxes on intercompany profit747.3 747.2 
Income tax receivable340.2 328.4 
Other current assets271.0 328.4 
Prepaid expenses and other current assets$2,028.1 $1,811.2 
Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items.
Property, plant and equipment, net
(In millions)December 31, 2023December 31, 2022
Machinery and equipment$2,774.5 $2,936.7 
Buildings and improvements1,444.4 1,539.7 
Construction in progress431.2 474.0 
Land and improvements120.2 133.4 
Gross property, plant and equipment4,770.3 5,083.8 
Accumulated depreciation2,010.7 2,059.3 
Property, plant and equipment, net$2,759.6 $3,024.5 
Capitalized software costs included in our consolidated balance sheets were $167.2 million and $121.5 million, net of accumulated depreciation, at December 31, 2023 and 2022, respectively. The Company periodically reviews the estimated useful lives of assets and makes adjustments when appropriate. Depreciation expense was approximately $362.1 million, $349.5 million and $509.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Other assets
(In millions)December 31, 2023December 31, 2022
CCPS in Biocon Biologics$976.3 $997.4 
Operating lease right-of-use assets245.6 259.3 
Non-marketable equity investments165.7 94.0 
Deferred consideration due from Biocon Biologics— 299.5 
Other long-term assets821.1 753.3 
Other assets$2,208.7 $2,403.5 
Accounts payable
(In millions)December 31, 2023December 31, 2022
Trade accounts payable$1,381.4 $1,158.0 
Other payables556.8 608.6 
Accounts payable$1,938.2 $1,766.6 
The Company has certain voluntary supply chain finance programs with financial intermediaries which provide participating suppliers the option to be paid by the intermediary earlier than the original invoice due date. The Company’s responsibility is limited to making payments on the terms originally negotiated with the suppliers, regardless of whether the intermediary pays the supplier in advance of the original due date. The range of payment terms the Company negotiates with suppliers are consistent, regardless of whether a supplier participates in a supply chain finance program. The total amounts due to financial intermediaries to settle supplier invoices under supply chain finance programs as of December 31, 2023 and 2022 were $65.1 million and $33.4 million, respectively. These amounts are included within Accounts payable in the consolidated balance sheets.
Other current liabilities
(In millions)December 31, 2023December 31, 2022
Accrued sales allowances$996.3 $888.8 
Payroll and employee benefit liabilities 844.5 746.8 
Legal and professional accruals, including litigation accruals244.0 297.2 
Contingent consideration76.1 64.4 
Accrued restructuring36.4 95.3 
Accrued interest66.8 80.2 
Fair value of financial instruments124.6 187.0 
Operating lease liability83.0 80.6 
Due to Biocon Biologics23.8 22.5 
Other898.4 978.1 
Other current liabilities$3,393.9 $3,440.9 
Other long-term obligations
(In millions)December 31, 2023December 31, 2022
Employee benefit liabilities$504.3 $544.6 
Contingent consideration (1)
139.0 310.6 
Tax related items, including contingencies399.3 414.6 
Operating lease liability165.4 181.4 
Accrued restructuring59.2 60.4 
Other249.7 244.9 
Other long-term obligations$1,516.9 $1,756.5 
(1)    Balances as of December 31, 2023 and 2022 include a total of $15.8 million and $221.2 million, respectively, due to Biocon Biologics. Refer to Note 9 Financial Instruments and Risk Management for additional information.