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Other Consolidated Financial Statement Detail
 9 Months Ended
Sep. 30, 2021
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 September 30,For the Nine Months Ended September 30,
(In millions)2021202020212020
Interest income$2.6 $6.0 $8.2 $38.0 
Interest expense(66.3)(56.3)(187.3)(166.5)
Gain (loss) on investments, net(424.5)(82.1)(707.2)(52.6)
Foreign exchange gains (losses), net(13.7)3.1 (23.1)(5.4)
Other, net(1.0)0.7 (4.0)0.4 
Total other income (expense), net$(502.9)$(128.6)$(913.4)$(186.1)
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 September 30, 2021, net unrealized losses and realized gains on our holdings in equity securities were approximately $426.9 million and $2.7 million, respectively, compared to net unrealized losses and realized gains (losses) of $82.3 million and zero, respectively, in the prior year comparative period. The net unrealized losses recognized during the three months ended September 30, 2021, primarily reflect decreases in the aggregate fair value of our investments in Denali, Ionis, Sage and Sangamo common stock of approximately $424.3 million.
For the nine months ended September 30, 2021, net unrealized losses and realized gains on our holdings in equity securities were approximately $715.2 million and $9.3 million, respectively, compared to net unrealized losses and realized gains (losses) of $40.3 million and zero, respectively, in the prior year comparative period. The net unrealized losses recognized during the nine months ended September 30, 2021, primarily reflect decreases in the aggregate fair value of our investments in Denali, Ionis, Sage and Sangamo common stock of approximately $709.1 million.
The following table summarizes our gain (loss) on investments, net that relates to our equity securities held as of September 30, 2021 and 2020:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2021202020212020
Net gains (losses) recognized during the period on equity securities$(424.2)$(82.3)$(705.9)$(40.3)
Less: Net gains (losses) realized during the period on equity securities2.7 — 9.3 — 
Unrealized gains (losses) recognized during the period on equity securities$(426.9)$(82.3)$(715.2)$(40.3)
Accrued Expense and Other
Accrued expense and other consists of the following:
(In millions)As of September 30, 2021As of December 31, 2020
Revenue-related reserves for discounts and allowances$982.4 $1,080.6 
Collaboration expense289.3 389.9 
Employee compensation and benefits299.2 333.8 
Royalties and licensing fees238.9 218.5 
Derivative liabilities27.7 181.5 
Current portion of contingent consideration obligations— 149.6 
Other713.2 791.4 
Total accrued expense and other$2,550.7 $3,145.3 
Other Long-term Liabilities
Other long-term liabilities were $1,318.2 million and $1,329.6 million as of September 30, 2021 and December 31, 2020, respectively, and included accrued income taxes totaling $657.6 million and $709.9 million, respectively.