Other Consolidated Financial Statement Detail (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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

Gain (loss) on investments in 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 expenses 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