Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of the following:

	As of December 31,
	2020		2019
Raw materials	$	459.4	$	216.3
Work-in-process	904.6		727.7
Finished goods	121.7		70.6
Deferred costs	430.9		400.9
	$	1,916.6	$	1,415.5

Deferred costs represent the costs of product manufactured and shipped to the Company's collaborators for which recognition of revenue has been deferred. For the years ended December 31, 2020, 2019, and 2018, Cost of goods sold included inventory write-downs and reserves of $39.2 million, $73.8 million, and $12.5 million, respectively.