Other Consolidated Financial Statement Detail

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Consolidated Financial Statement Detail

Other Income (Expense), Net

Components of other income (expense), net, are summarized as follows:


	For the Three Months Ended March 31,
(In millions)	2021		2020
Interest income	$	2.9	$	24.4
Interest expense	(64.7)		(44.3)
Gain (loss) on investments, net	(436.6)		(77.3)
Foreign exchange gains (losses), net	(8.6)		(18.9)
Other, net	0.1		(4.4)
Total other income (expense), net	$	(506.9)	$	(120.5)

Gain (loss) on investments, net, as reflected in the table above, relate to debt securities, equity securities of certain biotechnology companies, venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities.

For the three months ended March 31, 2021, net unrealized losses and realized gains on our holdings in equity securities were approximately $442.3 million and $6.2 million, respectively, compared to net unrealized and realized losses of $60.9 million and zero, respectively, in the prior year comparative period. The net unrealized losses recognized during the three months ended March 31, 2021, primarily reflect a decrease in the fair value of Ionis, Sangamo, Denali and Sage common stock of approximately $442.0 million.

The following table summarizes our gain (loss) on investments, net that relates to our equity securities held as of March 31, 2021 and 2020:


	For the Three Months Ended March 31,
(In millions)	2021		2020
Net gains (losses) recognized during the period on equity securities	$	(436.1)	$	(60.9)
Less: Net gains (losses) recognized during the period on equity securities sold during the period	6.2		—
Unrealized gains (losses) recognized during the period on equity securities	$	(442.3)	$	(60.9)

Accrued Expense and Other

Accrued expense and other consists of the following:


(In millions)	As of March 31, 2021		As of December 31, 2020
Revenue-related reserves for discounts and allowances	$	993.0	$	1,080.6
Collaboration expense	390.7		389.9
Royalties and licensing fees	212.5		218.5
Employee compensation and benefits	207.4		333.8
Derivative liabilities	88.6		181.5
Current portion of contingent consideration obligations	—		149.6
Other	700.1		791.4
Total accrued expense and other	$	2,592.3	$	3,145.3

Other Long-term Liabilities

Other long-term liabilities were $1,411.8 million and $1,329.6 million as of March 31, 2021 and December 31, 2020, respectively, and included accrued income taxes totaling $725.2 million and $709.9 million, respectively.