XML 24 R10.htm IDEA: XBRL DOCUMENT
v3.25.2

Balance Sheet Details and Other Financial Information | 6 Months Ended
--- | ---
Jun. 30, 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) | June 30, 2025 |  | December 31, 2024
Debt securities, available-for-sale | $ | 1,769.3 |  |  | $ | 1,973.3 |
Marketable equity securities | 1.0 |  |  | — |
Short-term marketable securities | $ | 1,770.3 |  |  | $ | 1,973.3 |
Our available-for-sale debt securities were as follows as of the dates indicated:
| June 30, 2025
(In millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Market Value
Debt securities, available-for-sale: |  |  |  |  |  |  |
U.S. government agencies (1) | $ | 945.5 |  |  | $ | 0.3 |  |  | $ | (0.5) |  |  | $ | 945.3 |
Commercial paper | 143.8 |  |  | — |  |  | (0.1) |  |  | 143.7 |
Corporate debt | 679.9 |  |  | 0.5 |  |  | (0.1) |  |  | 680.3 |
Total debt securities, available-for-sale | $ | 1,769.2 |  |  | $ | 0.8 |  |  | $ | (0.7) |  |  | $ | 1,769.3 |
(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 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. As of June 30, 2025, the estimated market values of our short-term debt securities with contractual maturities up to 12 months and up to 18 months were $1.59 billion and $182.9 million, respectively. 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. Gross realized gains and losses on sales of our short-term debt securities for the three and six months ended June 30, 2025 and June 30, 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 June 30, 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) | June 30, 2025 |  | December 31, 2024
Raw materials | $ | 346.1 |  |  | $ | 327.1 |
Work-in-process | 94.0 |  |  | 28.1 |
Finished goods | 130.6 |  |  | 187.4 |
Total inventory | $ | 570.7 |  |  | $ | 542.6 |
e recorded excess and obsolete inventory charges of $8.8 million and $0.1 million, during the three months ended June 30, 2025 and 2024, respectively, and $37.0 million and $9.4 million during the six months ended June 30, 2025 and 2024, respectively. These charges are recorded 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) | June 30, 2025 |  | December 31, 2024
Prepaid expenses | $ | 87.1 |  |  | $ | 87.5 |
Deferred compensation plan assets | 19.7 |  |  | 18.6 |
Income tax receivables | 10.1 |  |  | 27.9 |
Indirect tax receivables | 18.1 |  |  | 10.6 |
Other current assets | 46.4 |  |  | 29.1 |
Total prepaid and other current assets | $ | 181.4 |  |  | $ | 173.7 |
Property and Equipment
(In millions) | June 30, 2025 |  | December 31, 2024
Building | $ | 310.1 |  |  | $ | 291.0 |
Computer software and hardware | 82.9 |  |  | 76.6 |
Furniture and fixtures | 40.6 |  |  | 40.2 |
Land and land improvements | 56.6 |  |  | 53.1 |
Leasehold improvements | 297.0 |  |  | 293.8 |
Machinery and equipment | 990.3 |  |  | 908.9 |
Construction in progress | 445.6 |  |  | 354.6 |
Total cost | 2,223.1 |  |  | 2,018.2 |
Less: accumulated depreciation and amortization | (765.8) |  |  | (678.3) |
Total property and equipment, net | $ | 1,457.3 |  |  | $ | 1,339.9 |
Other Assets
(In millions) | June 30, 2025 |  | December 31, 2024
Non-marketable equity securities | $ | 115.8 |  |  | $ | 119.3 |
Long-term deposits | 16.9 |  |  | 13.8 |
Other assets | 42.8 |  |  | 39.9 |
Total other assets | $ | 175.5 |  |  | $ | 173.0 |
Accounts Payable and Accrued Liabilities
(In millions) | June 30, 2025 |  | December 31, 2024
Accounts payable trade | $ | 472.0 |  |  | $ | 345.3 |
Accrued rebates | 1,344.5 |  |  | 1,135.9 |
Accrued tax, audit, and legal fees | 25.1 |  |  | 38.4 |
Accrued warranty | 18.0 |  |  | 5.9 |
Deferred compensation plan liabilities | 19.7 |  |  | 18.6 |
Income tax payable | 21.9 |  |  | 3.9 |
Other accrued liabilities | 42.6 |  |  | 37.1 |
Total accounts payable and accrued liabilities | $ | 1,943.8 |  |  | $ | 1,585.1 |
Accrued Payroll and Related Expenses
(In millions) | June 30, 2025 |  | December 31, 2024
Accrued wages, bonus and taxes | $ | 93.1 |  |  | $ | 74.5 |
Other accrued employee benefits | 36.2 |  |  | 37.5 |
Total accrued payroll and related expenses | $ | 129.3 |  |  | $ | 112.0 |
Other Long-Term Liabilities
(In millions) | June 30, 2025 |  | December 31, 2024
Asset retirement obligation | $ | 17.6 |  |  | $ | 17.0 |
Finance lease obligations | 56.2 |  |  | 58.5 |
Other tax liabilities | 49.6 |  |  | 44.8 |
Other liabilities | 28.2 |  |  | 27.6 |
Total other long-term liabilities | $ | 151.6 |  |  | $ | 147.9 |
Other Income, Net
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Interest and dividend income | $ | 28.0 |  |  | $ | 36.2 |  |  | $ | 56.5 |  |  | $ | 72.5 |
Interest expense | (4.7) |  |  | (4.8) |  |  | (9.4) |  |  | (9.4) |
Other income (expense), net | 5.2 |  |  | (1.6) |  |  | 2.0 |  |  | (1.9) |
Total other income, net | $ | 28.5 |  |  | $ | 29.8 |  |  | $ | 49.1 |  |  | $ | 61.2 |

X
- Definition The entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement. + References No definition available. + Details
Name: | us-gaap_AdditionalFinancialInformationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration