Additional Balance Sheet & Cash Flow Information

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Balance Sheet & Cash Flow Information

Contract Liabilities

We had contract liabilities of $228.4 million and $206.8 million as of March 31, 2025 and December 31, 2024, respectively, primarily related to annual contracts with government-owned and supported customers in international markets that limit the amount of annual reimbursement we can receive for our CF products. Upon exceeding the annual

reimbursement amount provided by the customer’s contract with us, our CF products are provided free of charge, which is a material right. These contracts include upfront payments and fees. If we estimate that we will exceed the annual reimbursement amount under a contract, we defer a portion of the consideration received for shipments made up to the annual reimbursement limit as a portion of “Other current liabilities.” Once the reimbursement limit has been reached, we recognize the deferred amount as revenue when we ship the free products. Our CF product revenue contracts include performance obligations that are one year or less.

Our contract liabilities at the end of each fiscal year relate to contracts with CF annual reimbursement limits in international markets in which the annual period associated with the contract is not the same as our fiscal year. In these markets, we recognize revenues related to performance obligations satisfied in previous years; however, these revenues do not relate to any performance obligations that were satisfied more than 12 months prior to the beginning of the current year.

Cash, Cash Equivalents and Restricted Cash Presented in Condensed Consolidated Statements of Cash Flows

The cash, cash equivalents and restricted cash at the beginning and ending of each period presented in our condensed consolidated statements of cash flows consisted of the following:


	Three Months Ended March 31,
	2025				2024
	Beginning of period		End of period		Beginning of period		End of period

	(in millions)
Cash and cash equivalents	$	4,569.6	$	4,674.7	$	10,369.1	$	9,158.0
Prepaid expenses and other current assets	2.6		10.7		3.2		11.4

Cash, cash equivalents and restricted cash per condensed consolidated statement of cash flows	$	4,572.2	$	4,685.4	$	10,372.3	$	9,169.4

Supplemental Cash Flow Information

We obtained $5.2 million and $32.3 million of right-of-use operating lease assets in exchange for lease obligations during the three months ended March 31, 2025 and 2024, respectively, which represent non-cash operating activities associated with our condensed consolidated statement of cash flows.