Other Consolidated Financial Statement Detail

3 Months Ended

Mar. 31, 2023

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)	2023		2022
Interest income	$	(80.9)	$	(2.9)
Interest expense	62.5		66.1
(Gains) losses on investments, net	77.7		191.1
Foreign exchange (gains) losses, net	10.7		8.3
Other, net	(0.6)		0.7
Total other (income) expense, net	$	69.4	$	263.3

The (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 relate to our equity securities held during the following periods:

	For the Three Months Ended March 31,
(In millions)	2023		2022
Net (gains) losses recognized on equity securities	$	78.1	$	190.7
Less: Net (gains) losses realized on equity securities	1.6		(0.2)
Net unrealized (gains) losses recognized on equity securities	$	76.5	$	190.9

The net unrealized losses recognized during the three months ended March 31, 2023, primarily reflect a decrease in the aggregate fair value of our investments in Denali, Sangamo and Ionis common stock of approximately $100.0 million, partially offset by an increase in the fair value of Sage common stock of approximately $23.8 million.

The net unrealized losses recognized during the three months ended March 31, 2022, primarily reflect a decrease in the aggregate fair value of our investments in Denali, Sage and Sangamo common stock of approximately $205.5 million, partially offset by an increase in the fair value of Ionis common stock of approximately $19.0 million.

Accrued Expense and Other

Accrued expense and other consists of the following:

(In millions)	As of March 31, 2023		As of December 31, 2022
Revenue-related reserves for discounts and allowances	$	907.2	$	891.6
Employee compensation and benefits	187.2		395.6
Collaboration expense	265.5		277.9
Royalties and licensing fees	183.9		209.4
Other	744.4		746.9
Total accrued expense and other	$	2,288.2	$	2,521.4

Other Long-term Liabilities

Other long-term liabilities were $935.5 million and $944.2 million as of March 31, 2023 and December 31, 2022, respectively, and included accrued income taxes totaling $552.5 million and $541.7 million, respectively.