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Balance Sheet Details and Other Financial Information
 3 Months Ended
Mar. 31, 2024
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:
March 31, 2024
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Market
Value
Debt securities, available-for-sale:
U.S. government agencies (1)
$1,432.8 $0.3 $(1.2)$1,431.9 
Commercial paper324.1 — (0.2)323.9 
Corporate debt290.3 0.1 (0.4)290.0 
Total debt securities, available-for-sale$2,047.2 $0.4 $(1.8)$2,045.8 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
December 31, 2023
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Market
Value
Debt securities, available-for-sale:
U.S. government agencies (1)
$1,611.8 $1.2 $(0.5)$1,612.5 
Commercial paper184.8 — (0.1)184.7 
Corporate debt360.8 0.1 (0.3)360.6 
Total debt securities, available-for-sale$2,157.4 $1.3 $(0.9)$2,157.8 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
As of March 31, 2024, the estimated market value of our short-term debt securities with contractual maturities up to 12 months and up to 18 months was $1.77 billion and $275.6 million, respectively. As of December 31, 2023, the estimated market value of our short-term debt securities with contractual maturities up to 12 months was $2.16 billion. Gross realized gains and losses on sales of our short-term debt securities for the three months ended March 31, 2024 and March 31, 2023 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, 2024 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)March 31, 2024December 31, 2023
Raw materials$301.2 $319.5 
Work-in-process49.8 30.0 
Finished goods238.1 210.1 
Total inventory$589.1 $559.6 
Prepaid and Other Current Assets
(In millions)March 31, 2024December 31, 2023
Prepaid expenses$59.4 $58.7 
Prepaid inventory31.7 31.5 
Deferred compensation plan assets18.3 15.2 
Income tax receivables6.2 13.6 
Other current assets40.4 49.3 
Total prepaid and other current assets$156.0 $168.3 
Property and Equipment
(In millions)March 31, 2024December 31, 2023
Land and land improvements$43.2 $34.5 
Building216.1 190.5 
Furniture and fixtures36.9 36.9 
Computer software and hardware67.5 65.8 
Machinery and equipment735.1 683.3 
Leasehold improvements283.9 283.4 
Construction in progress 274.9 328.1 
Total cost1,657.6 1,622.5 
Less: accumulated depreciation and amortization
(549.0)(509.4)
Total property and equipment, net$1,108.6 $1,113.1 
Other Assets
(In millions)March 31, 2024December 31, 2023
Long-term investments$39.8 $38.5 
Long-term deposits14.4 14.4 
Other assets23.5 22.1 
Total other assets$77.7 $75.0 
Accounts Payable and Accrued Liabilities
(In millions)
March 31, 2024December 31, 2023
Accounts payable trade$269.7 $276.4 
Accrued tax, audit, and legal fees43.0 42.6 
Accrued rebates 1,050.1 950.7 
Accrued warranty7.2 12.6 
Income tax payable
11.9 7.5 
Deferred compensation plan liabilities18.3 15.2 
Other accrued liabilities 46.4 40.5 
Total accounts payable and accrued liabilities$1,446.6 $1,345.5 
Accrued Payroll and Related Expenses
(In millions)March 31, 2024December 31, 2023
Accrued wages, bonus and taxes$81.3 $139.8 
Other accrued employee benefits29.2 31.2 
Total accrued payroll and related expenses$110.5 $171.0 
Other Long-Term Liabilities
(In millions)March 31, 2024December 31, 2023
Finance lease obligations
$57.6 $58.6 
Deferred revenue, long-term7.4 7.4 
Asset retirement obligation15.9 15.7 
Other tax liabilities43.7 38.7 
Other liabilities4.8 5.2 
Total other long-term liabilities$129.4 $125.6 
Other Income (Expense), Net
Three Months Ended
March 31,
(In millions)20242023
Interest and dividend income
$36.3 $22.3 
Interest expense
(4.6)(4.6)
Other expense, net
(0.3)(0.4)
Total other income (expense), net
$31.4 $17.3