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Additional Balance Sheet & Cash Flow Information
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Additional Balance Sheet & Cash Flow Information Additional Balance Sheet & Cash Flow Information
“Prepaid expenses and other current assets” consisted of the following:
As of December 31,
20242023
(in millions)
Tax-related prepaid and receivables$357.0 $429.0 
Prepaid expenses102.2 108.6 
Fair value of cash flow hedges130.1 1.8 
Other76.4 84.3 
Total
$665.7 $623.7 
“Accrued expenses” consisted of the following:
As of December 31,
20242023
(in millions)
Product revenue accruals$1,618.9 $1,716.4 
Payroll and benefits352.1 295.0 
Research, development and commercial contract costs319.2 265.2 
Royalty payable271.0 237.6 
Tax related accruals
161.1 99.5 
Other
66.3 41.6 
Total
$2,788.6 $2,655.3 
“Other current liabilities” consisted of the following:
As of December 31,
20242023
(in millions)
Milestones payable$32.5 $222.5 
Contract liabilities206.8 170.3 
Operating lease liabilities87.1 33.1 
Finance lease liabilities5.2 50.6 
Other31.4 50.7 
Total$363.0 $527.2 
“Other long-term liabilities” consisted of the following:
As of December 31,
20242023
(in millions)
Tax-related liabilities$698.6 $681.4 
Contingent consideration76.9 77.4 
Other126.3 118.9 
Total$901.8 $877.7 
Cloud Computing Service Contracts
As of December 31, 2024 and 2023, “Other assets” included $62.6 million and $58.9 million, respectively, related to costs incurred to implement cloud computing service contracts. We recorded amortization associated with cloud computing service contracts of $25.2 million and $11.8 million in 2024 and 2023, respectively. We did not have amortization associated with cloud computing service contracts in 2022.
Cash, Cash Equivalents and Restricted Cash Presented in Consolidated Statements of Cash Flows
The cash, cash equivalents and restricted cash balances at the beginning and ending of each period presented in our consolidated statements of cash flows consisted of the following:
As of December 31,
2024202320222021
(in millions)
Cash and cash equivalents$4,569.6 $10,369.1 $10,504.0 $6,795.0 
Prepaid expenses and other current assets
2.6 3.2 8.0 5.1 
Cash, cash equivalents and restricted cash per consolidated statements of cash flows$4,572.2 $10,372.3 $10,512.0 $6,800.1 
Our restricted cash, if any, is included in “Prepaid expenses and other current assets” and “Other assets” on our consolidated balance sheets.