Balance Sheet Components

9 Months Ended

Sep. 30, 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)	September 30, 2024		December 31, 2023		September 30, 2023
Cash and cash equivalents	$	1,878.7	$	991.9	$	1,309.6
Restricted cash, included in prepaid expenses and other current assets	1.4		1.7		2.2
Cash, cash equivalents and restricted cash	$	1,880.1	$	993.6	$	1,311.8

Inventories

(In millions)	September 30, 2024		December 31, 2023
Raw materials	$	1,285.9	$	731.7
Work in process	554.8		602.1
Finished goods	2,243.9		2,135.9
Inventories	$	4,084.6	$	3,469.7

Prepaid expenses and other current assets

(In millions)	September 30, 2024		December 31, 2023
Prepaid expenses	$	134.5	$	155.9
Deferred consideration due from Biocon Biologics	158.3		321.2
Available-for-sale fixed income securities	39.7		37.0
Fair value of financial instruments	73.7		106.2
Equity securities	55.6		49.3
Deferred charge for taxes on intercompany profit	602.5		747.3
Income tax receivable	227.5		340.2
Other current assets	335.2		271.0
Prepaid expenses and other current assets	$	1,627.0	$	2,028.1

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

Property, plant and equipment, net

(In millions)	September 30, 2024		December 31, 2023
Machinery and equipment	$	2,862.1	$	2,774.5
Buildings and improvements	1,465.0		1,444.4
Construction in progress	441.3		431.2
Land and improvements	116.4		120.2
Gross property, plant and equipment	4,884.8		4,770.3
Accumulated depreciation	2,207.9		2,010.7
Property, plant and equipment, net	$	2,676.9	$	2,759.6

Other assets

(In millions)	September 30, 2024		December 31, 2023
Non-marketable equity investments	$	132.1	$	165.7
CCPS in Biocon Biologics	1,345.0		976.3
Operating lease right-of-use assets	267.6		245.6
Other long-term assets	721.1		821.1
Other assets	$	2,465.8	$	2,208.7

Accounts payable

(In millions)	September 30, 2024		December 31, 2023
Trade accounts payable	$	1,242.2	$	1,381.4
Other payables	683.7		556.8
Accounts payable	$	1,925.9	$	1,938.2

Other current liabilities

(In millions)	September 30, 2024		December 31, 2023
Accrued sales allowances	$	1,031.6	$	996.3
Legal and professional accruals, including litigation accruals	446.2		244.0
Payroll and employee benefit liabilities	668.2		844.5
Contingent consideration	49.8		76.1
Accrued restructuring	30.9		36.4
Accrued interest	188.5		66.8
Fair value of financial instruments	136.5		124.6
Operating lease liability	84.2		83.0
Other	1,219.8		922.2
Other current liabilities	$	3,855.7	$	3,393.9

Other long-term obligations

(In millions)	September 30, 2024		December 31, 2023
Employee benefit liabilities	$	490.8	$	504.3
Contingent consideration (1)	490.8		139.0
Tax related items, including contingencies	328.5		399.3
Operating lease liability	188.1		165.4
Accrued restructuring	127.8		59.2
Other	243.3		249.7
Other long-term obligations	$	1,869.3	$	1,516.9