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Other Consolidated Financial Statement Detail
 6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Consolidated Financial Statement Detail
Other Income (Expense), Net
Components of other income (expense), net, are summarized as follows:
 
 
For the Three Months
Ended June 30,
 
For the Six Months
Ended June 30,
(In millions)
 
2020
 
2019
 
2020
 
2019
Interest income
 
$
7.6

 
$
29.1

 
$
32.0

 
$
60.3

Interest expense
 
(66.0
)
 
(47.7
)
 
(110.3
)
 
(95.6
)
Gain (loss) on investments, net
 
106.8

 
(173.4
)
 
29.5

 
203.0

Foreign exchange gains (losses), net
 
10.4

 
1.7

 
(8.5
)
 
(0.5
)
Other, net
 
4.2

 
(7.1
)
 
(0.2
)
 
(7.3
)
Total other income (expense), net
 
$
63.0

 
$
(197.4
)
 
$
(57.5
)
 
$
159.9


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 June 30, 2020, compared to the same period in 2019, the change in other income (expense), net primarily reflects net gains of approximately $106.8 million recognized on our investments related to our holdings in equity and debt securities, compared to net losses totaling $173.4 million in the prior year comparative period. The net gains recognized during the three months ended June 30, 2020, primarily reflect an increase in the fair value of Ionis common stock of approximately $67.2 million and an increase in the fair value of Sangamo common stock of approximately $40.9 million.
For the six months ended June 30, 2020, compared to the same period in 2019, the change in other income (expense), net was primarily due to approximately $203.0 million of net gains recognized on our investments related to our holdings in equity and debt securities during the six months ended June 30, 2019.
The following table summarizes our gain (loss) on investments, net that relates to our equity securities held as of June 30, 2020 and 2019:
 
 
For the Three Months
Ended June 30,
 
For the Six Months
Ended June 30,
(In millions)
 
2020
 
2019
 
2020
 
2019
Net gains (losses) recognized during the period on equity securities
 
$
102.9

 
$
(174.2
)
 
$
42.0

 
$
201.9

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

 
(42.9
)
 
—

 
42.4

Unrealized gains (losses) recognized during the period on equity securities
 
$
102.9

 
$
(131.3
)
 
$
42.0

 
$
159.5


Accrued Expenses and Other
Accrued expenses and other consists of the following:
(In millions)
 
As of
June 30,
2020
 
As of
December 31,
2019
Revenue-related reserves for discounts and allowances
 
$
951.3

 
$
1,001.1

Employee compensation and benefits
 
212.0

 
309.1

Royalties and licensing fees
 
203.0

 
220.9

Collaboration expenses
 
172.9

 
281.6

Current portion of contingent consideration obligations
 
149.1

 
148.4

Construction in progress
 
24.1

 
78.0

Other
 
774.1

 
726.7

Total accrued expenses and other
 
$
2,486.5

 
$
2,765.8


Other Long-term Liabilities
Other long-term liabilities were $1,475.4 million and $1,348.9 million as of June 30, 2020 and December 31, 2019, respectively, and included accrued income taxes totaling $743.2 million and $803.3 million, respectively. Included within accrued taxes as of June 30, 2020 and December 31, 2019, is an accrual for a one-time mandatory deemed repatriation tax on accumulated foreign subsidiaries' previously untaxed foreign earnings (the Transition Toll Tax) of approximately $635.0 million and approximately $697.0 million, respectively.