Balance Sheet Components

9 Months Ended

Sep. 30, 2023

Selected balance sheet components consist of the following:

Cash and restricted cash


(In millions)	September 30, 2023		December 31, 2022		September 30, 2022
Cash and cash equivalents	$	1,309.6	$	1,259.9	$	646.7
Restricted cash, included in prepaid expenses and other current assets	2.2		2.6		3.7
Cash, cash equivalents and restricted cash	$	1,311.8	$	1,262.5	$	650.4

Inventories


(In millions)	September 30, 2023		December 31, 2022
Raw materials	$	742.4	$	571.5
Work in process	1,030.9		755.4
Finished goods	1,898.6		2,192.6
Inventories	$	3,671.9	$	3,519.5

Prepaid expenses and other current assets


(In millions)	September 30, 2023		December 31, 2022
Prepaid expenses	$	166.9	$	194.6

Deferred consideration due from Biocon Biologics	167.5		—
Available-for-sale fixed income securities	35.1		35.3
Fair value of financial instruments	174.7		134.7
Equity securities	45.1		42.6
Other current assets	1,195.4		1,404.0
Prepaid expenses and other current assets	$	1,784.7	$	1,811.2

Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items.

Property, plant and equipment, net


(In millions)	September 30, 2023		December 31, 2022
Machinery and equipment	$	3,022.7	$	2,936.7
Buildings and improvements	1,501.1		1,539.7
Construction in progress	389.8		474.0
Land and improvements	123.5		133.4
Gross property, plant and equipment	5,037.1		5,083.8
Accumulated depreciation	2,110.5		2,059.3
Property, plant and equipment, net	$	2,926.6	$	3,024.5

Other assets


(In millions)	September 30, 2023		December 31, 2022

Non-marketable equity investments	$	165.7	$	94.0
Deferred consideration due from Biocon Biologics	148.5		299.5
CCPS in Biocon Biologics	1,048.0		997.4
Operating lease right-of-use assets	247.7		259.3
Other long-term assets	785.1		753.3
Other assets	$	2,395.0	$	2,403.5

Accounts payable


(In millions)	September 30, 2023		December 31, 2022
Trade accounts payable	$	1,218.5	$	1,158.0
Other payables	770.6		608.6
Accounts payable	$	1,989.1	$	1,766.6

Other current liabilities


(In millions)	September 30, 2023		December 31, 2022
Accrued sales allowances	$	921.2	$	888.8
Legal and professional accruals, including litigation accruals	205.5		297.2
Payroll and employee benefit liabilities	771.6		746.8
Contingent consideration	59.4		64.4
Accrued restructuring	38.1		95.3
Accrued interest	206.5		80.2
Fair value of financial instruments	49.2		187.0
Due to Biocon Biologics	59.1		22.5
Operating lease liability	88.4		80.6
Other	917.2		978.1
Other current liabilities	$	3,316.2	$	3,440.9

Other long-term obligations


(In millions)	September 30, 2023		December 31, 2022
Employee benefit liabilities	$	520.5	$	544.6
Contingent consideration (1)	311.7		310.6

Tax related items, including contingencies	382.1		414.6
Operating lease liability	160.5		181.4
Accrued restructuring	60.3		60.4
Other	212.0		244.9
Other long-term obligations	$	1,647.1	$	1,756.5

(1) Balances as of September 30, 2023 and December 31, 2022 include $232.0 million and $221.2 million, respectively, due to Biocon Biologics. Refer to Note 11 Financial Instruments and Risk Management for additional information.