Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment are recorded at cost, net of accumulated depreciation. Depreciation expense is recorded using the straight-line method over the estimated useful life of the related asset generally as follows:

Description	Estimated Useful Life
Buildings and improvements	15 to 40 years
Laboratory equipment, other equipment and furniture	7 to 10 years
Leasehold improvements; assets under finance leases	The shorter of the useful life of the assets or the estimated remaining term of the associated lease
Computers and software	3 to 5 years

“Property and equipment, net” consisted of the following:

	As of December 31,
	2023		2022
	(in millions)
Buildings and improvements	$	928.6	$	903.1
Laboratory equipment, other equipment and furniture	579.1		476.5
Leasehold improvements	474.6		410.9
Computers and software	332.8		312.1
Land	33.1		33.1
Total property and equipment, gross	2,348.2		2,135.7
Less: accumulated depreciation	(1,188.9)		(1,027.3)
Total property and equipment, net	$	1,159.3	$	1,108.4