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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2021
Balance Sheet Components [Abstract] |
Balance Sheet Components | Balance Sheet Components Selected balance sheet components consist of the following: Cash and restricted cash
(In millions) | December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
Cash and cash equivalents | $ | 701.2 |  |  | $ | 844.4 |  |  | $ | 475.6 |
Restricted cash, included in other current and non-current assets | 5.0 |  |  | 5.6 |  |  | 15.5 |
Cash, cash equivalents and restricted cash | $ | 706.2 |  |  | $ | 850.0 |  |  | $ | 491.1 |
Inventories
(In millions) | December 31, 2021 |  | December 31, 2020
Raw materials | $ | 922.4 |  |  | $ | 958.4 |
Work in process | 993.3 |  |  | 1,438.1 |
Finished goods | 2,062.0 |  |  | 3,075.4 |
Inventories | $ | 3,977.7 |  |  | $ | 5,471.9 |
Inventory reserves totaled $519.0 million and $353.6 million at December 31, 2021 and 2020, respectively. Included as a component of cost of sales is expense related to the net realizable value of inventories of $474.9 million, $206.1 million and $399.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Prepaid expenses and other current assets
(In millions) | December 31, 2021 |  | December 31, 2020
Prepaid expenses | $ | 256.7 |  |  | $ | 267.8 |
Available-for-sale fixed income securities | 38.2 |  |  | 39.1 |
Fair value of financial instruments | 144.6 |  |  | 118.6 |
Equity securities | 51.0 |  |  | 45.8 |
Other current assets | 1,467.1 |  |  | 1,236.1 |
Prepaid expenses and other current assets | $ | 1,957.6 |  |  | $ | 1,707.4 |
Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items. Property, plant and equipment, net
(In millions) | December 31, 2021 |  | December 31, 2020
Machinery and equipment | $ | 3,054.0 |  |  | $ | 3,235.0 |
Buildings and improvements | 1,808.5 |  |  | 1,954.8 |
Construction in progress | 588.7 |  |  | 376.3 |
Land and improvements | 137.9 |  |  | 155.8 |
Gross property, plant and equipment | 5,589.1 |  |  | 5,721.9 |
Accumulated depreciation | 2,400.5 |  |  | 2,262.0 |
Property, plant and equipment, net | $ | 3,188.6 |  |  | $ | 3,459.9 |
Capitalized software costs included in our consolidated balance sheets were $62.3 million and $70.9 million, net of accumulated depreciation, at December 31, 2021 and 2020, respectively. The Company periodically reviews the estimated useful lives of assets and makes adjustments when appropriate. Depreciation expense was approximately $509.5 million, $289.7 million and $256.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Other assets
(In millions) | December 31, 2021 |  | December 31, 2020
Equity method investments, clean energy investments | $ | — |  |  | $ | 47.9 |
Operating lease right-of-use assets | 290.8 |  |  | 323.6 |
Other long-term assets | 879.9 |  |  | 676.0 |
Other assets | $ | 1,170.7 |  |  | $ | 1,047.5 |
Accounts payable
(In millions) | December 31, 2021 |  | December 31, 2020
Trade accounts payable | $ | 1,056.1 |  |  | $ | 1,345.7 |
Other payables | 601.3 |  |  | 558.5 |
Accounts payable | $ | 1,657.4 |  |  | $ | 1,904.2 |
Other current liabilities
(In millions) | December 31, 2021 |  | December 31, 2020
Accrued sales allowances | $ | 1,362.1 |  |  | $ | 1,211.8 |
Payroll and employee benefit liabilities | 741.9 |  |  | 828.2 |
Legal and professional accruals, including litigation accruals | 715.6 |  |  | 362.9 |
Contingent consideration | 66.7 |  |  | 100.5 |
Accrued restructuring | 233.5 |  |  | 149.2 |
Equity method investments, clean energy investments | 10.9 |  |  | 47.5 |
Accrued interest | 86.6 |  |  | 90.9 |
Fair value of financial instruments | 61.0 |  |  | 103.6 |
Operating lease liability | 86.7 |  |  | 92.9 |
Other | 1,254.6 |  |  | 1,973.2 |
Other current liabilities | $ | 4,619.6 |  |  | $ | 4,960.7 |
Other long-term obligations
(In millions) | December 31, 2021 |  | December 31, 2020
Employee benefit liabilities | $ | 876.4 |  |  | $ | 1,020.4 |
Contingent consideration | 133.0 |  |  | 123.1 |
Tax related items, including contingencies | 426.1 |  |  | 469.5 |
Operating lease liability | 200.9 |  |  | 229.5 |
Accrued restructuring | 64.3 |  |  | 134.8 |
Other | 232.9 |  |  | 505.8 |
Other long-term obligations | $ | 1,933.6 |  |  | $ | 2,483.1 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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- Definition Balance Sheet Components + References No definition available. + Details
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