Other Consolidated Financial Statement Detail

3 Months Ended

Mar. 31, 2022

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 March 31,
(In millions)	2022		2021
Interest income	$	2.9	$	2.9
Interest expense	(66.1)		(64.7)
Gains (losses) on investments, net	(191.1)		(436.6)
Foreign exchange gains (losses), net	(8.3)		(8.6)
Other, net	(0.7)		0.1
Total other income (expense), net	$	(263.3)	$	(506.9)

Gains (losses) 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.

The following table summarizes our gains (losses) on investments, net that relates to our equity securities held as of March 31, 2022 and 2021:

	For the Three Months Ended March 31,
(In millions)	2022		2021
Net gains (losses) recognized during the period on equity securities	$	(190.7)	$	(436.1)
Less: Net gains (losses) realized during the period on equity securities	0.2		6.2
Unrealized gains (losses) recognized during the period on equity securities	$	(190.9)	$	(442.3)

The net unrealized losses recognized during the three months ended March 31, 2022, primarily reflect decreases in the aggregate fair value of our investments in Denali, Sage and Sangamo common stock of approximately $205.5 million.

Accrued Expense and Other

Accrued expense and other consists of the following:

(In millions)	As of March 31, 2022		As of December 31, 2021
Revenue-related reserves for discounts and allowances	$	831.1	$	802.1
Collaboration expense	266.2		324.7
Royalties and licensing fees	216.0		234.7
Employee compensation and benefits	206.6		345.1
Other	711.2		828.6
Total accrued expense and other	$	2,231.1	$	2,535.2

Other Long-term Liabilities

Other long-term liabilities were $1,287.9 million and $1,320.5 million as of March 31, 2022 and December 31, 2021, respectively, and included accrued income taxes totaling $640.5 million and $664.5 million, respectively.