Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of the following:

	June 30,		December 31,
(In millions)	2023		2022
Raw materials	$	813.3	$	818.4
Work-in-process	1,069.6		963.1
Finished goods	125.3		98.6
Deferred costs	499.5		521.8
	$	2,507.7	$	2,401.9

Inventory balances in the table above are net of reserves of $747.9 million and $720.7 million as of June 30, 2023 and December 31, 2022, respectively. Deferred costs represent the costs of product manufactured and shipped to the Company's collaborators for which recognition of revenue has been deferred.