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Other Consolidated Financial Statement Detail
 3 Months Ended
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)20242023
Interest income$(17.4)$(80.9)
Interest expense69.2 62.5 
(Gains) losses on investments, net30.6 77.7 
Foreign exchange (gains) losses, net9.4 10.7 
Other, net1.9 (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)20242023
Net (gains) losses recognized on equity securities$30.6 $78.1 
Less: Net (gains) losses realized on equity securities4.9 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, 2024As of December 31, 2023
Revenue-related reserves for discounts and allowances$957.0 $926.5 
Employee compensation and benefits164.1 335.1 
Collaboration expense278.0 214.6 
Royalties and licensing fees161.5 191.5 
Reata acquisition-related accrued expense79.2 117.5 
Other714.8 838.4 
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.