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Balance Sheet Details | 9 Months Ended
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Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Details |
3. Balance Sheet Details
Short-Term Marketable Securities
Short-term marketable securities, consisting of debt securities, were as follows as of the dates indicated:
| September 30, 2021
(In millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Market Value
Debt securities, available for sale: |  |  |  |  |  |  |
U.S. government agencies | $ | 898.9 |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | 898.8 |
Commercial paper | 254.8 |  |  | — |  |  | — |  |  | 254.8 |
Corporate debt | 100.1 |  |  | — |  |  | (0.1) |  |  | 100.0 |
Total debt securities, available for sale | $ | 1,253.8 |  |  | $ | — |  |  | $ | (0.2) |  |  | $ | 1,253.6 |
| 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 September 30, 2021, the estimated market value of available-for-sale securities with contractual maturities up to 12 months and up to 18 months were $1,083.7 million and $169.9 million, respectively. As of 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 nine months ended September 30, 2021 and September 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 September 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) | September 30, 2021 |  | December 31, 2020
Raw materials | $ | 129.1 |  |  | $ | 69.9 |
Work-in-process | 18.4 |  |  | 14.2 |
Finished goods | 203.8 |  |  | 150.6 |
Total inventory | $ | 351.3 |  |  | $ | 234.7 |
Property and Equipment
(In millions) | September 30, 2021 |  | December 31, 2020
Land (1) | $ | 15.6 |  |  | $ | 15.6 |
Building (1) | 49.1 |  |  | 49.2 |
Furniture and fixtures | 27.7 |  |  | 15.3 |
Computer software and hardware | 45.5 |  |  | 35.7 |
Machinery and equipment | 241.5 |  |  | 198.9 |
Leasehold improvements | 242.4 |  |  | 135.8 |
Construction in progress | 323.4 |  |  | 219.0 |
Total cost | 945.2 |  |  | 669.5 |
Less accumulated depreciation and amortization | (203.0) |  |  | (154.2) |
Total property and equipment, net | $ | 742.2 |  |  | $ | 515.3 |
(1) Represents finance lease right-of-use assets.
Intangibles and Other Assets, Net
We recorded net intangible assets of $23.4 million, consisting primarily of customer-related relationship, as result of an acquisition in the third quarter of 2021.
Accounts Payable and Accrued Liabilities
(In millions) | September 30, 2021 |  | December 31, 2020
Accounts payable trade | $ | 210.0 |  |  | $ | 163.3 |
Accrued tax, audit, and legal fees | 34.0 |  |  | 15.3 |
Accrued rebates | 293.4 |  |  | 247.0 |
Accrued warranty | 12.5 |  |  | 11.7 |
Other accrued liabilities | 48.1 |  |  | 43.8 |
Total accounts payable and accrued liabilities | $ | 598.0 |  |  | $ | 481.1 |
Accrued Payroll and Related Expenses
(In millions) | September 30, 2021 |  | December 31, 2020
Accrued wages, bonus and taxes | $ | 88.4 |  |  | $ | 87.7 |
Other accrued employee benefits | 26.9 |  |  | 26.6 |
Total accrued payroll and related expenses | $ | 115.3 |  |  | $ | 114.3 |
Other Long-Term Liabilities
(In millions) | September 30, 2021 |  | December 31, 2020
Finance lease obligations | $ | 57.8 |  |  | $ | 54.0 |
Contractual obligations | 12.6 |  |  | 12.6 |
Other liabilities | 28.1 |  |  | 14.3 |
Total other long-term liabilities | $ | 98.5 |  |  | $ | 80.9 |

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