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Balance Sheet Details and Other Financial Information
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Details and Other Financial Information
3. Balance Sheet Details and Other Financial Information
Short-Term Marketable Securities
Short-term marketable securities consists of available-for-sale debt securities and marketable equity securities.
(In millions)
March 31, 2025December 31, 2024
Debt securities, available-for-sale
$1,795.2 $1,973.3 
Marketable equity securities
1.3 — 
Short-term marketable securities$1,796.5 $1,973.3 
Our available-for-sale debt securities were as follows as of the dates indicated:
March 31, 2025
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Market
Value
Debt securities, available-for-sale:
U.S. government agencies (1)
$1,054.4 $0.7 $(0.4)$1,054.7 
Commercial paper231.4 — (0.1)231.3 
Corporate debt508.8 0.5 (0.1)509.2 
Total debt securities, available-for-sale$1,794.6 $1.2 $(0.6)$1,795.2 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
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 paper312.2 — (0.1)312.1 
Corporate debt511.1 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.
As of March 31, 2025, the estimated market values of our short-term debt securities with contractual maturities up to 12 months and up to 18 months were $1.56 billion and $236.8 million, respectively. As of December 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 $1.73 billion and $247.7 million, respectively. Gross realized gains and losses on sales of our short-term debt securities for the three months ended March 31, 2025 and March 31, 2024 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, 2025 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)March 31, 2025December 31, 2024
Raw materials$366.0 $327.1 
Work-in-process64.3 28.1 
Finished goods107.9 187.4 
Total inventory$538.2 $542.6 
During the three months ended March 31, 2025 and 2024, we recorded excess and obsolete inventory charges of $28.2 million and $9.3 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
(In millions)March 31, 2025December 31, 2024
Prepaid expenses$82.6 $87.5 
Deferred compensation plan assets18.4 18.6 
Income tax receivables14.7 27.9 
Other current assets43.3 39.7 
Total prepaid and other current assets$159.0 $173.7 
Property and Equipment
(In millions)March 31, 2025December 31, 2024
Land and land improvements$53.4 $53.1 
Building296.7 291.0 
Furniture and fixtures40.2 40.2 
Computer software and hardware79.9 76.6 
Machinery and equipment954.9 908.9 
Leasehold improvements292.6 293.8 
Construction in progress 372.0 354.6 
Total cost2,089.7 2,018.2 
Less: accumulated depreciation and amortization
(725.0)(678.3)
Total property and equipment, net$1,364.7 $1,339.9 
Other Assets
(In millions)March 31, 2025December 31, 2024
Non-marketable equity securities
$115.8 $119.3 
Long-term deposits14.1 13.8 
Other assets38.6 39.9 
Total other assets$168.5 $173.0 
Accounts Payable and Accrued Liabilities
(In millions)
March 31, 2025December 31, 2024
Accounts payable trade$432.0 $345.3 
Accrued tax, audit, and legal fees33.7 38.4 
Accrued rebates 1,156.2 1,135.9 
Deferred compensation plan liabilities18.4 18.6 
Other accrued liabilities 50.3 46.9 
Total accounts payable and accrued liabilities$1,690.6 $1,585.1 
Accrued Payroll and Related Expenses
(In millions)March 31, 2025December 31, 2024
Accrued wages, bonus and taxes$83.5 $74.5 
Other accrued employee benefits27.3 37.5 
Total accrued payroll and related expenses$110.8 $112.0 
Other Long-Term Liabilities
(In millions)March 31, 2025December 31, 2024
Finance lease obligations
$57.6 $58.5 
Asset retirement obligation17.3 17.0 
Other tax liabilities49.0 44.8 
Other liabilities26.4 27.6 
Total other long-term liabilities$150.3 $147.9 
Other Income, Net
Three Months Ended
March 31,
(In millions)20252024
Interest and dividend income
$28.5 $36.3 
Interest expense
(4.7)(4.6)
Other expense, net(3.2)(0.3)
Total other income, net
$20.6 $31.4