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Other Consolidated Financial Statement Detail (Tables)
 6 Months Ended
Jun. 30, 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 June 30,For the Six Months Ended June 30,
(In millions)2024202320242023
Interest income$(20.1)$(75.9)$(37.5)$(156.8)
Interest expense61.3 49.1 130.5 111.6 
(Gains) losses on investments, net30.7 (105.4)61.3 (27.7)
Foreign exchange (gains) losses, net11.3 8.7 20.7 19.4 
Other, net2.0 2.3 3.9 1.7 
Total other (income) expense, net$85.2 $(121.2)$178.9 $(51.8)
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 June 30,For the Six Months Ended June 30,
(In millions)2024202320242023
Net (gains) losses recognized on equity securities$30.4 $(106.5)$61.0 $(28.4)
Less: Net (gains) losses realized on equity securities0.6 (0.7)5.5 0.9 
Net unrealized (gains) losses recognized on equity securities$29.8 $(105.8)$55.5 $(29.3)
The net unrealized losses recognized during the three months ended June 30, 2024, primarily reflect a decrease in the aggregate fair value of our investments in Sage and Sangamo common stock of approximately $51.4 million, partially offset by an increase in the fair value of Denali common stock of approximately $27.0 million.
The net unrealized gains recognized during the three months ended June 30, 2023, primarily reflect an increase in the aggregate fair value of our investments in Denali and Sage common stock of approximately $117.7 million, partially offset by a decrease in the fair value of Sangamo common stock of approximately $10.9 million.
The net unrealized losses recognized during the six months ended June 30, 2024, primarily reflect a decrease in the aggregate fair value of our investments in Sage and Sangamo common stock of approximately $68.3 million, partially offset by an increase in the fair value of Denali common stock of approximately $17.6 million.
The net unrealized gains recognized during the six months ended June 30, 2023, primarily reflect an increase in the aggregate fair value of our investments in Denali and Sage common stock of approximately $78.0 million, partially offset by a decrease in the fair value of Sangamo and Ionis common stock of approximately $47.4 million.
Accrued expenses and other
Accrued expense and other consists of the following:
(In millions)As of June 30, 2024As of December 31, 2023
Revenue-related reserves for discounts and allowances$964.5 $926.5 
Employee compensation and benefits228.3 335.1 
Collaboration expense319.4 214.6 
Royalties and licensing fees193.0 191.5 
Reata related accrued expense77.4 117.5 
Other689.5 838.4 
Total accrued expense and other$2,472.1 $2,623.6