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Other Consolidated Financial Statement Detail | 3 Months Ended
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Mar. 31, 2024
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) |  | 2024 |  | 2023 |  |  |  |
Interest income |  | $ | (17.4) |  |  | $ | (80.9) |  |  |  |  |
Interest expense |  | 69.2 |  |  | 62.5 |  |  |  |  |
(Gains) losses on investments, net |  | 30.6 |  |  | 77.7 |  |  |  |  |
Foreign exchange (gains) losses, net |  | 9.4 |  |  | 10.7 |  |  |  |  |
Other, net |  | 1.9 |  |  | (0.6) |  |  |  |  |
Total other (income) expense, net |  | $ | 93.7 |  |  | $ | 69.4 |  |  |  |  |
The (gains) losses 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. 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) |  | 2024 |  | 2023 |  |  |  |
Net (gains) losses recognized on equity securities |  | $ | 30.6 |  |  | $ | 78.1 |  |  |  |  |
Less: Net (gains) losses realized on equity securities |  | 4.9 |  |  | 1.6 |  |  |  |  |
Net unrealized (gains) losses recognized on equity securities |  | $ | 25.7 |  |  | $ | 76.5 |  |  |  |  |
The net unrealized losses recognized during the three months ended March 31, 2024, primarily reflect a decrease in the aggregate fair value of our investments in Sage and Denali common stock of approximately $27.7 million, partially offset by an increase in the fair value of Sangamo common stock of approximately $1.4 million. 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. Accrued Expense and Other Accrued expense and other consists of the following:
(In millions) |  | As of March 31, 2024 |  | As of December 31, 2023
Revenue-related reserves for discounts and allowances |  | $ | 957.0 |  |  | $ | 926.5 |
Employee compensation and benefits |  | 164.1 |  |  | 335.1 |
Collaboration expense |  | 278.0 |  |  | 214.6 |
Royalties and licensing fees |  | 161.5 |  |  | 191.5 |
Reata acquisition-related accrued expense |  | 79.2 |  |  | 117.5 |
Other |  | 714.8 |  |  | 838.4 |
Total accrued expense and other |  | $ | 2,354.6 |  |  | $ | 2,623.6 |
Other Long-term Liabilities Other long-term liabilities were $777.1 million and $781.1 million as of March 31, 2024 and December 31, 2023, respectively, and included accrued income taxes totaling $411.0 million and $403.2 million, respectively.

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