Other Consolidated Financial Statement Detail

3 Months Ended

Mar. 31, 2024

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)	2024		2023
Interest income	$	(17.4)	$	(80.9)
Interest expense	69.2		62.5
(Gains) losses on investments, net	30.6		77.7
Foreign exchange (gains) losses, net	9.4		10.7
Other, net	1.9		(0.6)
Total other (income) expense, net	$	93.7	$	69.4

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)	2024		2023
Net (gains) losses recognized on equity securities	$	30.6	$	78.1
Less: Net (gains) losses realized on equity securities	4.9		1.6
Net unrealized (gains) losses recognized on equity securities	$	25.7	$	76.5

The net unrealized losses recognized during the three months ended March 31, 2024, primarily reflect a decrease in the aggregate fair value of our investments in Sage and Denali common stock of approximately $27.7 million, partially offset by an increase in the fair value of Sangamo common stock of approximately $1.4 million.

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.

Accrued Expense and Other

Accrued expense and other consists of the following:

(In millions)	As of March 31, 2024		As of December 31, 2023
Revenue-related reserves for discounts and allowances	$	957.0	$	926.5
Employee compensation and benefits	164.1		335.1
Collaboration expense	278.0		214.6
Royalties and licensing fees	161.5		191.5
Reata acquisition-related accrued expense	79.2		117.5
Other	714.8		838.4
Total accrued expense and other	$	2,354.6	$	2,623.6

Other Long-term Liabilities

Other long-term liabilities were $777.1 million and $781.1 million as of March 31, 2024 and December 31, 2023, respectively, and included accrued income taxes totaling $411.0 million and $403.2 million, respectively.