Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

Total consideration transferred for the acquisition of Reata is summarized as follows:

(In millions)	As of September 26, 2023
Cash consideration paid to Reata shareholders(1)	$	6,602.9
Fair value of Reata equity compensation pre-acquisition services and related taxes(2)	590.5
Total consideration	$	7,193.4

(1) Represents cash consideration transferred of $172.50 per outstanding Reata ordinary share based on 38.3 million Reata shares outstanding at closing.

(2) Represents the fair value of Reata stock options and stock units issued to Reata equity award holders and the related taxes attributable to pre-acquisition vesting services.

The related impact to our consolidated statements of income that would have been recognized in previous periods if the adjustments were recognized as of the acquisition date is immaterial.

(In millions)	Amounts Recognized as of Acquisition Date (as previously reported)		Measurement Period Adjustments		Amounts Recognized as of Acquisition Date (as adjusted)
Cash and cash equivalents	$	267.3	$	—	$	267.3
Accounts receivable	15.9		—		15.9
Inventory	1,692.0		(433.0)		1,259.0
Other current assets	53.6		—		53.6
Intangible assets:
Completed technology for SKYCLARYS (U.S.)	3,600.0		600.0		4,200.0
In-process research and development (omaveloxolone)	1,900.0		400.0		2,300.0
Priority review voucher	100.0		—		100.0
Other clinical programs	20.0		20.0		40.0
Operating lease assets	122.4		(1.2)		121.2
Accrued expense and other	(98.9)		(2.6)		(101.5)
Debt payable	(159.9)		—		(159.9)
Contingent payable to Blackstone(1)	(300.0)		—		(300.0)
Deferred tax liability	(922.5)		10.1		(912.4)
Operating lease liabilities	(151.8)		—		(151.8)
Other assets and liabilities, net	(2.0)		(0.5)		(2.5)
Total identifiable net assets	6,136.1		592.8		6,728.9
Goodwill	1,057.3		(592.8)		464.5
Total assets acquired and liabilities assumed	$	7,193.4	$	—	$	7,193.4

(1) For additional information on the contingent payable to Blackstone, please read Note 18, Other Consolidated Financial Statement Detail, to these consolidated financial statements.