Inventories

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of the following:

	March 31,		December 31,
(In millions)	2022		2021
Raw materials	$	773.5	$	721.9
Work-in-process	644.9		707.2
Finished goods	47.3		73.7
Deferred costs	525.8		448.5
	$	1,991.5	$	1,951.3

Inventory balances in the table above are net of reserves of $566.5 million and $510.0 million as of March 31, 2022 and December 31, 2021, respectively. Deferred costs represent the costs of product manufactured and shipped to the Company's collaborators for which recognition of revenue has been deferred.