XML 88 R22.htm IDEA: XBRL DOCUMENT v3.20.1
Other Consolidated Financial Statement Detail
 3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Consolidated Financial Statement Detail
Other Consolidated Financial Statement Detail
Other Income (Expense), Net
Components of other income (expense), net, are summarized as follows:
 
 
For the Three Months
Ended March 31,
(In millions)
 
2020
 
2019
Interest income
 
$
24.4

 
$
31.2

Interest expense
 
(44.3
)
 
(47.9
)
Gain (loss) on investments, net
 
(77.3
)
 
376.4

Foreign exchange gains (losses), net
 
(18.9
)
 
(2.2
)
Other, net
 
(4.4
)
 
(0.2
)
Total other income (expense), net
 
$
(120.5
)
 
$
357.3


Gain (loss) on investments, net, as reflected in the table above, relate to debt securities, equity securities of certain biotechnology companies, venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities.
For the three months ended March 31, 2020, compared to the same period in 2019, the change in other income (expense), net primarily reflects net losses totaling $77.3 million recognized on our investments related to our holdings in equity and debt securities, compared to net gains totaling $376.4 million related to our holdings in equity and debt securities in the prior year comparative period. The net losses recognized during the three months ended March 31, 2020, primarily reflects a decrease in the fair value in our investment in Ionis common stock from December 31, 2019. The following table summarizes our gain (loss) on investments, net, that relates to our equity securities held as of March 31, 2020 and 2019:
 
 
For the Three Months
Ended March 31,
(In millions)
 
2020
 
2019
Net gains (losses) recognized during the period on equity securities
 
$
(60.9
)
 
$
375.3

Less: Net gains (losses) recognized during the period on equity securities sold during the period
 
—

 
0.8

Unrealized gains (losses) recognized during the period on equity securities held as of March 31
 
$
(60.9
)
 
$
376.1


Accrued Expenses and Other
Accrued expenses and other consists of the following:
(In millions)
 
As of
March 31,
2020
 
As of
December 31,
2019
Revenue-related reserves for discounts and allowances
 
$
1,046.4

 
$
1,001.1

Employee compensation and benefits
 
190.3

 
309.1

Royalties and licensing fees
 
209.9

 
220.9

Collaboration expenses
 
154.6

 
281.6

Current portion of contingent consideration obligations
 
147.3

 
148.4

Construction in progress
 
27.3

 
78.0

Other
 
662.0

 
726.7

Total accrued expenses and other
 
$
2,437.8

 
$
2,765.8


Other Long-term Liabilities
Other long-term liabilities were $1,357.3 million and $1,348.9 million as of March 31, 2020 and December 31, 2019, respectively, and included accrued income taxes totaling $801.3 million and $803.3 million, respectively.