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Balance Sheet Details and Other Financial Information | 12 Months Ended
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Dec. 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:
| December 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) | $ | 1,149.4 |  |  | $ | 1.3 |  |  | $ | (0.6) |  |  | $ | 1,150.1 |
Commercial paper | 312.2 |  |  | — |  |  | (0.1) |  |  | 312.1 |
Corporate debt | 511.1 |  |  | 0.4 |  |  | (0.4) |  |  | 511.1 |
Total debt securities, available-for-sale | $ | 1,972.7 |  |  | $ | 1.7 |  |  | $ | (1.1) |  |  | $ | 1,973.3 |
(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 paper | 184.8 |  |  | — |  |  | (0.1) |  |  | 184.7 |
Corporate debt | 360.8 |  |  | 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 December 31, 2024, the estimated market values of our short-term debt securities with contractual maturities up to 12 months and up to 18 months were $1.73 billion and $247.7 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 twelve months ended December 31, 2024, 2023 and 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 December 31, 2024 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.
Equity Investments
During the twelve months ended December 31, 2024, unrealized gains or losses on equity investments were not significant. During the twelve months ended December 31, 2023, and 2022, we had no unrealized gains or losses on equity investments. Realized gains from the sale of an equity investment were not significant for the twelve months ended December 31, 2024, 2023 and 2022.
Accounts Receivable
| December 31,
(In millions) | 2024 |  | 2023
Accounts receivable | $ | 1,014.9 |  |  | $ | 983.2 |
Less: allowance for doubtful accounts | (9.2) |  |  | (9.3) |
Total accounts receivable, net | $ | 1,005.7 |  |  | $ | 973.9 |
Reserve for prompt payment cash discounts recorded against accounts receivable, excluding allowance for doubtful accounts, was $17.3 million, $13.7 million, $8.3 million as of December 31, 2024, 2023, and 2022, respectively.
Inventory
| December 31,
(In millions) | 2024 |  | 2023
Raw materials | $ | 327.1 |  |  | $ | 319.5 |
Work-in-process | 28.1 |  |  | 30.0 |
Finished goods | 187.4 |  |  | 210.1 |
Total inventory | $ | 542.6 |  |  | $ | 559.6 |
During the twelve months ended December 31, 2024, 2023 and 2022, we recorded excess and obsolete inventory charges of $53.5 million, $16.6 million and $13.9 million respectively, in cost of sales as a result of our ongoing assessment of sales demand, inventory on hand for each product and the continuous improvement and innovation of our products.
Prepaid and Other Current Assets
| December 31,
(In millions) | 2024 |  | 2023
Prepaid expenses | $ | 76.3 |  |  | $ | 58.7 |
Prepaid inventory | 11.2 |  |  | 31.5 |
Deferred compensation plan assets | 18.6 |  |  | 15.2 |
Income tax receivables | 27.9 |  |  | 13.6 |
Other current assets | 39.7 |  |  | 49.3 |
Total prepaid and other current assets | $ | 173.7 |  |  | $ | 168.3 |
Property and Equipment
| December 31,
(In millions) | 2024 |  | 2023
Land and land improvements | $ | 53.1 |  |  | $ | 34.5 |
Building | 291.0 |  |  | 190.5 |
Furniture and fixtures | 40.2 |  |  | 36.9 |
Computer software and hardware | 76.6 |  |  | 65.8 |
Machinery and equipment | 908.9 |  |  | 683.3 |
Leasehold improvements | 293.8 |  |  | 283.4 |
Construction in progress | 354.6 |  |  | 328.1 |
Total cost | 2,018.2 |  |  | 1,622.5 |
Less: accumulated depreciation and amortization | (678.3) |  |  | (509.4) |
Total property and equipment, net | $ | 1,339.9 |  |  | $ | 1,113.1 |
Depreciation expense related to property and equipment for the twelve months ended December 31, 2024, 2023 and 2022 was $181.2 million, $147.4 million and $144.1 million, respectively. Loss on disposal of property and equipment during the twelve months ended December 31, 2024, 2023 and 2022 recorded in operating expenses was $5.1 million, $0.7 million and $2.2 million, respectively.
Intangibles, Net
The following table summarizes the components of gross intangible assets, accumulated amortization, and net intangible asset balances as of December 31, 2024 and December 31, 2023:
|  |  |  | December 31, 2024
(Dollars in millions) |  | Weighted Average Useful Life (in years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Verily intangible asset (1) |  | 3.3 |  | $ | 152.4 |  |  | $ | (59.5) |  |  | $ | 92.9 |
Customer relationships |  | 1.8 |  | 17.5 |  |  | (13.0) |  |  | 4.5 |
Acquired technology and intellectual property (2) |  | 7.2 |  | 19.6 |  |  | (14.7) |  |  | 4.9 |
Trademarks and trade name |  | 1.6 |  | 3.8 |  |  | (2.7) |  |  | 1.1 |
Intangibles, other |  | 0.0 |  | 0.2 |  |  | (0.2) |  |  | — |
Total |  | 3.4 |  | $ | 193.5 |  |  | $ | (90.1) |  |  | $ | 103.4 |
|  |  |  |  | December 31, 2023
(Dollars in millions) |  | Weighted Average Useful Life (in years) |  |  |  |  |  |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Verily intangible (1) |  | 4.3 |  |  |  |  |  |  | $ | 152.4 |  |  | $ | (31.0) |  |  | $ | 121.4 |
Customer relationships |  | 2.4 |  |  |  |  |  |  | 24.1 |  |  | (15.0) |  |  | 9.1 |
Acquired technology and intellectual property (2) |  | 0.8 |  |  |  |  |  |  | 14.6 |  |  | (12.6) |  |  | 2.0 |
Trademarks and trade name |  | 2.6 |  |  |  |  |  |  | 4.2 |  |  | (2.2) |  |  | 2.0 |
Intangibles, other |  | 0.0 |  |  |  |  |  |  | 0.2 |  |  | (0.2) |  |  | — |
Total |  | 4.1 |  |  |  |  |  |  | $ | 195.5 |  |  | $ | (61.0) |  |  | $ | 134.5 |
(1) See Note 2 “Development and Other Agreements” to the consolidated financial statements in Part II, Item 8 of this Annual Report for more information.
(2) Excludes Verily intangible asset.
The following table presents the total amortization expense of finite-lived intangible assets for the twelve months ended December 31, 2024, 2023 and 2022:
| Twelve Months Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Amortization expense included in cost of sales | $ | 29.8 |  |  | $ | 30.5 |  |  | $ | 4.3 |
Amortization expense included in operating expenses | 6.7 |  |  | 8.1 |  |  | 7.5 |
Total amortization of intangible assets | $ | 36.5 |  |  | $ | 38.6 |  |  | $ | 11.8 |
The following table presents estimated future amortization of the Company’s finite-lived intangible assets as of December 31, 2024:
(In millions) |  |
2025 |  | $ | 32.7 |
2026 |  | 31.5 |
2027 |  | 29.6 |
2028 |  | 7.6 |
2029 |  | 0.5 |
Thereafter |  | 1.5 |
Total |  | $ | 103.4 |
Other Assets
| December 31,
(In millions) | 2024 |  | 2023
Non-marketable equity securities | $ | 119.3 |  |  | $ | 38.5 |
Long-term deposits | 13.8 |  |  | 14.4 |
Other assets | 39.9 |  |  | 22.1 |
Total other assets | $ | 173.0 |  |  | $ | 75.0 |
Accounts Payable and Accrued Liabilities
| December 31,
(In millions) | 2024 |  | 2023
Accounts payable trade | $ | 345.3 |  |  | $ | 276.4 |
Accrued tax, audit, and legal fees | 38.4 |  |  | 42.6 |
Accrued rebates | 1,135.9 |  |  | 950.7 |
Accrued warranty | 5.9 |  |  | 12.6 |
Income tax payable | 3.9 |  |  | 7.5
Deferred compensation plan liabilities | 18.6 |  | 15.2
Other accrued liabilities | 37.1 |  |  | 40.5 |
Total accounts payable and accrued liabilities | $ | 1,585.1 |  |  | $ | 1,345.5 |
Accrued Payroll and Related Expenses
| December 31,
(In millions) | 2024 |  | 2023
Accrued wages, bonus and taxes | $ | 74.5 |  |  | $ | 139.8 |
Other accrued employee benefits | 37.5 |  |  | 31.2 |
Total accrued payroll and related expenses | $ | 112.0 |  |  | $ | 171.0 |
Accrued Warranty
Warranty costs are reflected in our statements of operations as cost of sales. Reconciliations of our accrued warranty costs for the twelve months ended December 31, 2024, 2023 and 2022 were as follows:
| Twelve Months Ended December 31, |  |
(In millions) | 2024 |  | 2023 |  | 2022 |  |  |  |
Beginning balance | $ | 12.6 |  |  | $ | 12.8 |  |  | $ | 12.9 |  |  |  |  |
Charges to costs and expenses | 47.2 |  |  | 51.5 |  |  | 43.0 |  |  |  |  |
Costs incurred | (53.9) |  |  | (51.7) |  |  | (43.1) |  |  |  |  |
Ending balance | $ | 5.9 |  |  | $ | 12.6 |  |  | $ | 12.8 |  |  |  |  |
Other Long-Term Liabilities
| December 31,
(In millions) | 2024 |  | 2023
Finance lease obligations | $ | 58.5 |  |  | $ | 58.6 |
Deferred revenue, long-term | 9.5 |  |  | 7.4 |
Asset retirement obligation | 17.0 |  |  | 15.7 |
Other tax liabilities | 44.8 |  |  | 38.7 |
Other liabilities | 18.1 |  |  | 5.2 |
Total other long-term liabilities | $ | 147.9 |  |  | $ | 125.6 |
Other Income (Expense), Net
| Twelve Months Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Interest and dividend income | $ | 134.2 |  |  | $ | 135.0 |  |  | $ | 23.8 |
Interest expense | (19.0) |  |  | (20.3) |  |  | (18.6) |
Other expense, net | (6.2) |  |  | (2.0) |  |  | (5.6) |
Total other income (expense), net | $ | 109.0 |  |  | $ | 112.7 |  |  | $ | (0.4) |

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