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Other Consolidated Financial Statement Detail
 9 Months Ended
Sep. 30, 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 September 30,For the Nine Months Ended September 30,
(In millions)2022202120222021
Gain on sale of equity interest in Samsung Bioepis(1)
$— $— $(1,505.4)$— 
Litigation settlement agreement— — 900.0 — 
Interest income(23.9)(2.6)(39.4)(8.2)
Interest expense59.9 66.3 191.8 187.3 
(Gains) losses on investments, net(101.8)424.5 167.5 707.2 
Foreign exchange (gains) losses, net11.5 13.7 39.0 23.1 
Other, net(1.7)1.0 25.2 4.0 
Total other (income) expense, net$(56.0)$502.9 $(221.3)$913.4 
(1) Reflects the pre-tax gain, net of transaction costs, recognized from the sale of our 49.9% equity interest in Samsung Bioepis to Samsung BioLogics in April 2022. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 2, Dispositions, to these condensed consolidated financial statements.
(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.
During the second quarter of 2022 we recorded a pre-tax charge of $900.0 million, plus estimated fees and expenses, related to a litigation settlement agreement to resolve a qui tam litigation relating to conduct prior to 2015. This charge is included within other (income) expense, net in our condensed consolidated statements of income for the nine months ended September 30, 2022. For additional information on the litigation settlement agreement, please read Note 20, Litigation, to these condensed consolidated financial statements.
The following table summarizes our (gains) losses on investments, net that relate to our equity securities held during the following periods:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(In millions)2022202120222021
Net (gains) losses recognized on equity securities$(109.8)$424.2 $158.1 $705.9 
Less: Net (gains) losses realized on equity securities(0.5)(2.7)— (9.3)
Net unrealized (gains) losses recognized on equity securities$(109.3)$426.9 $158.1 $715.2 
The net unrealized gains recognized during the three months ended September 30, 2022, primarily reflect an increase in the aggregate fair value of our investments in Sage, Ionis Pharmaceuticals, Inc. (Ionis), Sangamo and Denali common stock of approximately $112.5 million.
The net unrealized losses recognized during the nine months ended September 30, 2022, primarily reflect a decrease in the aggregate fair value of our investments in Denali and Sangamo common stock of approximately $198.0 million.
Accrued Expense and Other
Accrued expense and other consists of the following:
(In millions)As of September 30, 2022As of December 31, 2021
Litigation settlement agreement(1)
$900.0 $— 
Revenue-related reserves for discounts and allowances854.5 802.1 
Collaboration expense260.1 324.7 
Royalties and licensing fees208.6 234.7 
Employee compensation and benefits313.5 345.1 
Other769.2 828.6 
Total accrued expense and other$3,305.9 $2,535.2 
(1) During the second quarter of 2022 we recorded a pre-tax charge of $900.0 million, plus estimated fees and expenses, related to a litigation settlement agreement to resolve a qui tam litigation relating to conduct prior to 2015. For additional information on the litigation settlement agreement, please read Note 20, Litigation, to these condensed consolidated financial statements.
Other Long-term Liabilities
Other long-term liabilities were $1,198.1 million and $1,320.5 million as of September 30, 2022 and December 31, 2021, respectively, and included accrued income taxes totaling $559.7 million and $664.5 million, respectively.