Balance Sheet Details

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

3. Balance Sheet Details

Short-Term Marketable Securities

Short-term marketable securities, consisting of debt securities, were as follows as of the dates indicated:


	March 31, 2021
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Market Value
Debt securities, available for sale:
U.S. government agencies	$	1,502.0	$	0.2	$	—	$	1,502.2
Commercial paper	313.8		—		—		313.8
Corporate debt	82.8		—				82.8
Total debt securities, available for sale	$	1,898.6	$	0.2	$	—	$	1,898.8


	December 31, 2020
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Market Value
Debt securities, available for sale:
U.S. government agencies	$	1,570.4	$	0.1	$	(0.1)	$	1,570.4
Commercial paper	258.7		0.1		—		258.8
Corporate debt	60.9		—		—		60.9
Total debt securities, available for sale	$	1,890.0	$	0.2	$	(0.1)	$	1,890.1

As of March 31, 2021 and December 31, 2020, all of our debt securities had contractual maturities of less than 12 months. Gross realized gains and losses on sales of our debt securities for the three months ended March 31, 2021 and March 31, 2020 were not significant.

We periodically review our portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, we have assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on available-for-sale debt securities at March 31, 2021 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, we have not recorded an allowance for credit losses. We do not intend to sell these investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

Inventory


(In millions)	March 31, 2021		December 31, 2020
Raw materials	$	87.5	$	69.9
Work-in-process	16.9		14.2
Finished goods	185.3		150.6
Total inventory	$	289.7	$	234.7

Property and Equipment


(In millions)	March 31, 2021		December 31, 2020
Land (1)	$	15.6	$	15.6
Building (1)	49.1		49.2
Furniture and fixtures	15.7		15.3
Computer software and hardware	36.6		35.7
Machinery and equipment	212.8		198.9
Leasehold improvements	148.4		135.8
Construction in progress	283.7		219.0
Total cost	761.9		669.5
Less accumulated depreciation and amortization	(172.0)		(154.2)
Total property and equipment, net	$	589.9	$	515.3

(1)Represents our finance lease right-of-use assets.

Accounts Payable and Accrued Liabilities


(In millions)	March 31, 2021		December 31, 2020

Accounts payable trade	$	152.2	$	163.3
Accrued tax, audit, and legal fees	20.6		15.3
Accrued rebates	274.2		247.0
Accrued warranty	11.2		11.7

Other accrued liabilities	44.4		43.8
Total accounts payable and accrued liabilities	$	502.6	$	481.1

Other Long-Term Liabilities


(In millions)	March 31, 2021		December 31, 2020

Finance lease obligations	$	54.2	$	54.0
Contractual obligations	12.6		12.6
Other liabilities	15.6		14.3
Total other liabilities	$	82.4	$	80.9