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Other Consolidated Financial Statement Detail (Tables) | 3 Months Ended
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Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Other income (expense), net | Components of other (income) expense, net, are summarized as follows:
|  | For the Three Months Ended March 31, |  |
(In millions) |  | 2023 |  | 2022 |  |  |  |
Interest income |  | $ | (80.9) |  |  | $ | (2.9) |  |  |  |  |
Interest expense |  | 62.5 |  |  | 66.1 |  |  |  |  |
(Gains) losses on investments, net |  | 77.7 |  |  | 191.1 |  |  |  |  |
Foreign exchange (gains) losses, net |  | 10.7 |  |  | 8.3 |  |  |  |  |
Other, net |  | (0.6) |  |  | 0.7 |  |  |  |  |
Total other (income) expense, net |  | $ | 69.4 |  |  | $ | 263.3 |  |  |  |  |
Gain (loss) on investments in equity securities | The following table summarizes our (gains) losses on investments, net that relate to our equity securities held during the following periods:
|  | For the Three Months Ended March 31, |  |
(In millions) |  | 2023 |  | 2022 |  |  |  |
Net (gains) losses recognized on equity securities |  | $ | 78.1 |  |  | $ | 190.7 |  |  |  |  |
Less: Net (gains) losses realized on equity securities |  | 1.6 |  |  | (0.2) |  |  |  |  |
Net unrealized (gains) losses recognized on equity securities |  | $ | 76.5 |  |  | $ | 190.9 |  |  |  |  |
The net unrealized losses recognized during the three months ended March 31, 2023, primarily reflect a decrease in the aggregate fair value of our investments in Denali, Sangamo and Ionis common stock of approximately $100.0 million, partially offset by an increase in the fair value of Sage common stock of approximately $23.8 million. The net unrealized losses recognized during the three months ended March 31, 2022, primarily reflect a decrease in the aggregate fair value of our investments in Denali, Sage and Sangamo common stock of approximately $205.5 million, partially offset by an increase in the fair value of Ionis common stock of approximately $19.0 million.
Accrued expenses and other | Accrued expense and other consists of the following:
(In millions) |  | As of March 31, 2023 |  | As of December 31, 2022
Revenue-related reserves for discounts and allowances |  | $ | 907.2 |  |  | $ | 891.6 |
Employee compensation and benefits |  | 187.2 |  |  | 395.6 |
Collaboration expense |  | 265.5 |  |  | 277.9 |
Royalties and licensing fees |  | 183.9 |  |  | 209.4 |
Other |  | 744.4 |  |  | 746.9 |
Total accrued expense and other |  | $ | 2,288.2 |  |  | $ | 2,521.4 |

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