Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of the following:

	As of December 31,
(In millions)	2023		2022
Raw materials	$	789.3	$	818.4
Work-in-process	1,121.8		963.1
Finished goods	147.3		98.6
Deferred costs	522.1		521.8
	$	2,580.5	$	2,401.9

Deferred costs represent the costs of product manufactured and shipped to the Company's collaborators for which recognition of revenue has been deferred.

Inventory balances in the table above are net of reserves of $705.9 million and $720.7 million as of December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022, and 2021, Cost of goods sold included inventory write-offs and reserves of $102.3 million, $258.7 million, and $457.1 million, respectively. Inventory write-offs and reserves for the years ended 2022 and 2021 primarily related to REGEN-COV.