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Balance Sheet Details and Other Financial Information
 9 Months Ended
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 paper387.5 — (0.2)387.3 
Corporate debt391.2 — (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 paper119.6 — (0.2)119.4 
Corporate debt164.3 — (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, 2023December 31, 2022
Raw materials$277.5 $159.0 
Work-in-process27.5 17.2 
Finished goods193.6 130.5 
Total inventory$498.6 $306.7 
Prepaid and Other Current Assets
(In millions)September 30, 2023December 31, 2022
Prepaid expenses$55.2 $48.9 
Prepaid inventory61.5 67.8 
Deferred compensation plan assets13.7 10.2 
Income tax receivables2.8 38.9 
Other current assets40.6 26.8 
Total prepaid and other current assets$173.8 $192.6 
Property and Equipment
(In millions)September 30, 2023December 31, 2022
Land and land improvements$31.8 $26.9 
Building163.2 54.3 
Furniture and fixtures35.9 32.6 
Computer software and hardware62.1 48.8 
Machinery and equipment632.5 449.2 
Leasehold improvements276.6 264.4 
Construction in progress 343.1 542.6 
Total cost1,545.2 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, 2023December 31, 2022
Long-term investments$38.5 $19.0 
Long-term deposits13.6 16.2 
Other assets22.3 11.9 
Total other assets$74.4 $47.1 
Accounts Payable and Accrued Liabilities
(In millions)
September 30, 2023December 31, 2022
Accounts payable trade$242.4 $237.9 
Accrued tax, audit, and legal fees218.8 44.8 
Accrued rebates 837.4 556.4 
Accrued warranty13.3 12.8 
Deferred compensation plan liabilities13.7 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, 2023December 31, 2022
Accrued wages, bonus and taxes$129.1 $96.8 
Other accrued employee benefits22.2 37.5 
Total accrued payroll and related expenses$151.3 $134.3 
Other Long-Term Liabilities
(In millions)September 30, 2023December 31, 2022
Finance lease obligations
$57.9 $59.6 
Deferred revenue, long-term21.3 19.0 
Deferred tax liabilities4.6 4.9 
Other tax liabilities37.0 32.7 
Other liabilities13.1 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)2023202220232022
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)