Balance Sheet Components

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023		March 31, 2023
Cash and cash equivalents	$	1,014.6	$	991.9	$	506.6
Restricted cash, included in prepaid expenses and other current assets	1.3		1.7		4.1
Cash, cash equivalents and restricted cash	$	1,015.9	$	993.6	$	510.7

Inventories

(In millions)	March 31, 2024		December 31, 2023
Raw materials	$	686.7	$	731.7
Work in process	1,097.5		602.1
Finished goods	2,039.0		2,135.9
Inventories	$	3,823.2	$	3,469.7

Prepaid expenses and other current assets

(In millions)	March 31, 2024		December 31, 2023
Prepaid expenses	$	178.9	$	155.9
Deferred consideration due from Biocon Biologics	328.3		321.2
Available-for-sale fixed income securities	38.7		37.0
Fair value of financial instruments	73.3		106.2
Equity securities	52.1		49.3
Deferred charge for taxes on intercompany profit	701.8		747.3
Income tax receivable	310.7		340.2
Other current assets	249.5		271.0
Prepaid expenses and other current assets	$	1,933.3	$	2,028.1

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

Property, plant and equipment, net

(In millions)	March 31, 2024		December 31, 2023
Machinery and equipment	$	2,745.8	$	2,774.5
Buildings and improvements	1,438.8		1,444.4
Construction in progress	406.5		431.2
Land and improvements	114.6		120.2
Gross property, plant and equipment	4,705.7		4,770.3
Accumulated depreciation	1,997.5		2,010.7
Property, plant and equipment, net	$	2,708.2	$	2,759.6

Other assets

(In millions)	March 31, 2024		December 31, 2023
Non-marketable equity investments	$	165.7	$	165.7
CCPS in Biocon Biologics	1,023.2		976.3
Operating lease right-of-use assets	242.1		245.6
Other long-term assets	800.6		821.1
Other assets	$	2,231.6	$	2,208.7

Accounts payable

(In millions)	March 31, 2024		December 31, 2023
Trade accounts payable	$	1,584.0	$	1,381.4
Other payables	612.9		556.8
Accounts payable	$	2,196.9	$	1,938.2

Other current liabilities

(In millions)	March 31, 2024		December 31, 2023
Accrued sales allowances	$	1,008.8	$	996.3
Legal and professional accruals, including litigation accruals	321.6		244.0
Payroll and employee benefit liabilities	598.2		844.5
Contingent consideration (1)	105.2		76.1
Accrued restructuring	29.9		36.4
Accrued interest	204.7		66.8
Fair value of financial instruments	70.1		124.6
Operating lease liability	91.8		83.0
Other	851.4		922.2
Other current liabilities	$	3,281.7	$	3,393.9

Other long-term obligations

(In millions)	March 31, 2024		December 31, 2023
Employee benefit liabilities	$	495.1	$	504.3
Contingent consideration (2)	464.7		139.0
Tax related items, including contingencies	406.3		399.3
Operating lease liability	156.2		165.4
Accrued restructuring	57.9		59.2
Other	244.9		249.7
Other long-term obligations	$	1,825.1	$	1,516.9