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Balance Sheet Details and Other Financial Information | 9 Months Ended
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Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Details and Other Financial Information |
4. Balance Sheet Details and Other Financial Information
Short-Term Marketable Securities
Short-term marketable securities, consisting of available-for-sale debt securities, were as follows as of the dates indicated:
| September 30, 2023
(In millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Market Value
Debt securities, available-for-sale: |  |  |  |  |  |  |
U.S. government agencies (1) | $ | 1,820.5 |  |  | $ | 0.5 |  |  | $ | (2.0) |  |  | $ | 1,819.0 |
Commercial paper | 387.5 |  |  | — |  |  | (0.2) |  |  | 387.3 |
Corporate debt | 391.2 |  |  | — |  |  | (0.9) |  |  | 390.3 |
Total debt securities, available-for-sale | $ | 2,599.2 |  |  | $ | 0.5 |  |  | $ | (3.1) |  |  | $ | 2,596.6 |
| December 31, 2022
(In millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Market Value
Debt securities, available-for-sale: |  |  |  |  |  |  |
U.S. government agencies (1) | $ | 1,535.1 |  |  | $ | 0.2 |  |  | $ | (4.6) |  |  | $ | 1,530.7 |
Commercial paper | 119.6 |  |  | — |  |  | (0.2) |  |  | 119.4 |
Corporate debt | 164.3 |  |  | — |  |  | (0.5) |  |  | 163.8 |
Total debt securities, available-for-sale | $ | 1,819.0 |  |  | $ | 0.2 |  |  | $ | (5.3) |  |  | $ | 1,813.9 |
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies. As of September 30, 2023, the estimated market value of our short-term debt securities with contractual maturities up to 12 months was $2.60 billion. As of December 31, 2022, the estimated market value of our short-term debt securities with contractual maturities up to 12 months was $1.81 billion. Gross realized gains and losses on sales of our short-term debt securities for the three and nine months ended September 30, 2023 and September 30, 2022 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, 2023 were primarily due to increases 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, 2023 |  | December 31, 2022
Raw materials | $ | 277.5 |  |  | $ | 159.0 |
Work-in-process | 27.5 |  |  | 17.2 |
Finished goods | 193.6 |  |  | 130.5 |
Total inventory | $ | 498.6 |  |  | $ | 306.7 |
Prepaid and Other Current Assets
(In millions) | September 30, 2023 |  | December 31, 2022
Prepaid expenses | $ | 55.2 |  |  | $ | 48.9 |
Prepaid inventory | 61.5 |  |  | 67.8 |
Deferred compensation plan assets | 13.7 |  |  | 10.2 |
Income tax receivables | 2.8 |  |  | 38.9 |
Other current assets | 40.6 |  |  | 26.8 |
Total prepaid and other current assets | $ | 173.8 |  |  | $ | 192.6 |
Property and Equipment
(In millions) | September 30, 2023 |  | December 31, 2022
Land and land improvements | $ | 31.8 |  |  | $ | 26.9 |
Building | 163.2 |  |  | 54.3 |
Furniture and fixtures | 35.9 |  |  | 32.6 |
Computer software and hardware | 62.1 |  |  | 48.8 |
Machinery and equipment | 632.5 |  |  | 449.2 |
Leasehold improvements | 276.6 |  |  | 264.4 |
Construction in progress | 343.1 |  |  | 542.6 |
Total cost | 1,545.2 |  |  | 1,418.8 |
Less accumulated depreciation and amortization | (466.3) |  |  | (363.2) |
Total property and equipment, net | $ | 1,078.9 |  |  | $ | 1,055.6 |
Other Assets
(In millions) | September 30, 2023 |  | December 31, 2022
Long-term investments | $ | 38.5 |  |  | $ | 19.0 |
Long-term deposits | 13.6 |  |  | 16.2 |
Other assets | 22.3 |  |  | 11.9 |
Total other assets | $ | 74.4 |  |  | $ | 47.1 |
Accounts Payable and Accrued Liabilities
(In millions) | September 30, 2023 |  | December 31, 2022
Accounts payable trade | $ | 242.4 |  |  | $ | 237.9 |
Accrued tax, audit, and legal fees | 218.8 |  |  | 44.8 |
Accrued rebates | 837.4 |  |  | 556.4 |
Accrued warranty | 13.3 |  |  | 12.8 |
Deferred compensation plan liabilities | 13.7 |  |  | 10.2 |
Other accrued liabilities | 47.5 |  |  | 39.7 |
Total accounts payable and accrued liabilities | $ | 1,373.1 |  |  | $ | 901.8 |
Accrued Payroll and Related Expenses
(In millions) | September 30, 2023 |  | December 31, 2022
Accrued wages, bonus and taxes | $ | 129.1 |  |  | $ | 96.8 |
Other accrued employee benefits | 22.2 |  |  | 37.5 |
Total accrued payroll and related expenses | $ | 151.3 |  |  | $ | 134.3 |
Other Long-Term Liabilities
(In millions) | September 30, 2023 |  | December 31, 2022
Finance lease obligations | $ | 57.9 |  |  | $ | 59.6 |
Deferred revenue, long-term | 21.3 |  |  | 19.0 |
Deferred tax liabilities | 4.6 |  |  | 4.9 |
Other tax liabilities | 37.0 |  |  | 32.7 |
Other liabilities | 13.1 |  |  | 12.1 |
Total other long-term liabilities | $ | 133.9 |  |  | $ | 128.3 |
Other Income (Expense), Net
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Interest and dividend income | $ | 41.5 |  |  | $ | 5.7 |  |  | $ | 101.2 |  |  | $ | 10.4 |
Interest expense | (4.9) |  |  | (4.6) |  |  | (15.4) |  |  | (13.9) |
Other expense, net | (2.7) |  |  | (2.4) |  |  | (3.4) |  |  | (4.9) |
Total other income (expense), net | $ | 33.9 |  |  | $ | (1.3) |  |  | $ | 82.4 |  |  | $ | (8.4) |

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