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Other Consolidated Financial Statement Detail (Tables) | 3 Months Ended
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Mar. 31, 2024
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) |  | 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 |  |  |  |  |
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) |  | 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 expenses 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 |

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- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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- Definition Tabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items. + References No definition available. + Details
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