Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2023

Balance Sheet Components [Abstract]

Cash and Restricted Cash

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 assets	1.7		2.6		5.0
Cash, cash equivalents and restricted cash	$	993.6	$	1,262.5	$	706.2

Inventories

Inventories

(In millions)	December 31, 2023		December 31, 2022
Raw materials	$	731.7	$	571.5
Work in process	602.1		755.4
Finished goods	2,135.9		2,192.6
Inventories	$	3,469.7	$	3,519.5

Prepaid expenses and other current assets

Prepaid expenses and other current assets

(In millions)	December 31, 2023		December 31, 2022
Prepaid expenses	$	155.9	$	194.6
Deferred consideration due from Biocon Biologics	321.2		—
Available-for-sale fixed income securities	37.0		35.3
Fair value of financial instruments	106.2		134.7
Equity securities	49.3		42.6
Deferred charge for taxes on intercompany profit	747.3		747.2
Income tax receivable	340.2		328.4
Other current assets	271.0		328.4
Prepaid expenses and other current assets	$	2,028.1	$	1,811.2

Property, plant and equipment, net

Property, plant and equipment, net

(In millions)	December 31, 2023		December 31, 2022
Machinery and equipment	$	2,774.5	$	2,936.7
Buildings and improvements	1,444.4		1,539.7
Construction in progress	431.2		474.0
Land and improvements	120.2		133.4
Gross property, plant and equipment	4,770.3		5,083.8
Accumulated depreciation	2,010.7		2,059.3
Property, plant and equipment, net	$	2,759.6	$	3,024.5

Other assets

Other assets

(In millions)	December 31, 2023		December 31, 2022
CCPS in Biocon Biologics	$	976.3	$	997.4
Operating lease right-of-use assets	245.6		259.3
Non-marketable equity investments	165.7		94.0
Deferred consideration due from Biocon Biologics	—		299.5
Other long-term assets	821.1		753.3
Other assets	$	2,208.7	$	2,403.5

Accounts payable

Accounts payable

(In millions)	December 31, 2023		December 31, 2022
Trade accounts payable	$	1,381.4	$	1,158.0
Other payables	556.8		608.6
Accounts payable	$	1,938.2	$	1,766.6

Other current liabilities

Other current liabilities

(In millions)	December 31, 2023		December 31, 2022
Accrued sales allowances	$	996.3	$	888.8
Payroll and employee benefit liabilities	844.5		746.8
Legal and professional accruals, including litigation accruals	244.0		297.2
Contingent consideration	76.1		64.4
Accrued restructuring	36.4		95.3
Accrued interest	66.8		80.2
Fair value of financial instruments	124.6		187.0
Operating lease liability	83.0		80.6
Due to Biocon Biologics	23.8		22.5
Other	898.4		978.1
Other current liabilities	$	3,393.9	$	3,440.9

Other long-term obligations

(In millions)	December 31, 2023		December 31, 2022
Employee benefit liabilities	$	504.3	$	544.6
Contingent consideration (1)	139.0		310.6
Tax related items, including contingencies	399.3		414.6
Operating lease liability	165.4		181.4
Accrued restructuring	59.2		60.4
Other	249.7		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.