Balance Sheet Components

6 Months Ended

Jun. 30, 2025

Balance Sheet Components [Abstract]

Balance Sheet Components

Balance Sheet Components

Selected balance sheet components consist of the following:

Cash and restricted cash

(In millions)	June 30, 2025		December 31, 2024		June 30, 2024
Cash and cash equivalents	$	566.4	$	734.8	$	917.2
Restricted cash, included in prepaid expenses and other current assets	1.4		1.3		1.3
Cash, cash equivalents and restricted cash	$	567.8	$	736.1	$	918.5

Inventories

(In millions)	June 30, 2025		December 31, 2024
Raw materials	$	1,547.4	$	1,345.9
Work in process	531.7		527.3
Finished goods	2,185.2		1,980.9
Inventories	$	4,264.3	$	3,854.1

Prepaid expenses and other current assets

(In millions)	June 30, 2025		December 31, 2024
Prepaid expenses	$	179.9	$	140.9
Available-for-sale fixed income securities	39.7		38.0
Fair value of financial instruments	142.4		261.6
Equity securities	60.1		55.5
Deferred charge for taxes on intercompany profit	665.1		526.6
Income tax receivable	339.2		300.7
Other current assets	259.4		387.2
Prepaid expenses and other current assets	$	1,685.8	$	1,710.5

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

Property, plant and equipment, net

(In millions)	June 30, 2025		December 31, 2024
Machinery and equipment	$	3,040.1	$	2,894.7
Buildings and improvements	1,519.9		1,464.3
Construction in progress	390.2		397.1
Land and improvements	117.0		113.2
Gross property, plant and equipment	5,067.2		4,869.3
Accumulated depreciation	2,424.6		2,203.2
Property, plant and equipment, net	$	2,642.6	$	2,666.1

Other assets

(In millions)	June 30, 2025		December 31, 2024
CCPS in Biocon Biologics	950.0		1,349.8
Operating lease right-of-use assets	276.3		253.1
Other long-term assets	771.6		754.0
Other assets	$	1,997.9	$	2,356.9

Accounts payable

(In millions)	June 30, 2025		December 31, 2024
Trade accounts payable	$	1,320.0	$	1,355.3
Other payables	462.6		498.4
Accounts payable	$	1,782.6	$	1,853.7

Other current liabilities

(In millions)	June 30, 2025		December 31, 2024
Accrued sales allowances	$	1,046.3	$	989.4
Payroll and employee benefit liabilities	567.8		729.3
Legal and professional accruals, including litigation accruals	540.8		472.8
Contingent consideration	37.1		59.5
Accrued restructuring	44.7		63.4
Accrued interest	46.0		49.9
Fair value of financial instruments	377.0		125.8
Operating lease liability	111.6		87.1
Other	898.8		1,147.5
Other current liabilities	$	3,670.1	$	3,724.7

Other long-term obligations

(In millions)	June 30, 2025		December 31, 2024
Employee benefit liabilities	$	487.8	$	467.9
Contingent consideration	330.1		496.6
Tax related items, including contingencies	320.6		341.9
Operating lease liability	182.0		179.3
Accrued restructuring	129.7		128.5
Other	385.0		325.0
Other long-term obligations	$	1,835.2	$	1,939.2