Balance Sheet Details

6 Months Ended

Jun. 30, 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:


	June 30, 2021
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Market Value
Debt securities, available for sale:
U.S. government agencies	$	1,057.3	$	0.1	$	(0.1)	$	1,057.3
Commercial paper	261.8		—		—		261.8
Corporate debt	107.1		—		(0.1)		107.0
Total debt securities, available for sale	$	1,426.2	$	0.1	$	(0.2)	$	1,426.1


	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 June 30, 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 and six months ended June 30, 2021 and June 30, 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 June 30, 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)	June 30, 2021		December 31, 2020
Raw materials	$	104.6	$	69.9
Work-in-process	13.6		14.2
Finished goods	201.1		150.6
Total inventory	$	319.3	$	234.7

Property and Equipment



(In millions)	June 30, 2021		December 31, 2020
Land (1)	$	15.6	$	15.6
Building (1)	49.1		49.2
Furniture and fixtures	21.9		15.3
Computer software and hardware	39.3		35.7
Machinery and equipment	236.4		198.9
Leasehold improvements	225.0		135.8
Construction in progress	275.5		219.0
Total cost	862.8		669.5
Less accumulated depreciation and amortization	(186.8)		(154.2)
Total property and equipment, net	$	676.0	$	515.3

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

Accounts Payable and Accrued Liabilities


(In millions)	June 30, 2021		December 31, 2020
Accounts payable trade	$	165.9	$	163.3
Accrued tax, audit, and legal fees	17.9		15.3
Accrued rebates	237.4		247.0
Accrued warranty	11.2		11.7

Other accrued liabilities	49.6		43.8
Total accounts payable and accrued liabilities	$	482.0	$	481.1

Accrued Payroll and Related Expenses


(In millions)	June 30, 2021		December 31, 2020
Accrued wages, bonus and taxes	$	64.6	$	87.7
Other accrued employee benefits	33.5		26.6
Total accrued payroll and related expenses	$	98.1	$	114.3

Other Long-Term Liabilities


(In millions)	June 30, 2021		December 31, 2020
Finance lease obligations	$	57.4	$	54.0
Contractual obligations	12.6		12.6
Other liabilities	17.7		14.3
Total other long-term liabilities	$	87.7	$	80.9