v3.24.3
Balance Sheet Details and Other Financial Information
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Details and Other Financial Information
4. Balance Sheet Details and Other Financial Information
Short-Term Marketable Securities
Short-term marketable securities, consisting of available-for-sale debt securities, were as follows as of the dates indicated:
September 30, 2024
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Market
Value
Debt securities, available-for-sale:
U.S. government agencies (1)
$1,035.4 $2.8 $(0.1)$1,038.1 
Commercial paper391.3 — (0.2)391.1 
Corporate debt441.0 1.0 (0.1)441.9 
Total debt securities, available-for-sale$1,867.7 $3.8 $(0.4)$1,871.1 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
December 31, 2023
(In millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Market
Value
Debt securities, available-for-sale:
U.S. government agencies (1)
$1,611.8 $1.2 $(0.5)$1,612.5 
Commercial paper184.8 — (0.1)184.7 
Corporate debt360.8 0.1 (0.3)360.6 
Total debt securities, available-for-sale$2,157.4 $1.3 $(0.9)$2,157.8 
(1) Includes debt obligations issued by U.S. government-sponsored enterprises or U.S. government agencies.
As of September 30, 2024, the estimated market values of our short-term debt securities with contractual maturities up to 12 months and up to 18 months were $1.65 billion and $217.3 million, respectively. As of December 31, 2023, the estimated market value of our short-term debt securities with contractual maturities up to 12 months was $2.16 billion. Gross realized gains and losses on sales of our short-term debt securities for the three and nine months ended September 30, 2024 and September 30, 2023 were not significant.
We periodically review our portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, we have assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on available-for-sale debt securities at September 30, 2024 were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, we have not recorded an allowance for credit losses. We do not intend to sell these investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.
Inventory
(In millions)September 30, 2024December 31, 2023
Raw materials$288.9 $319.5 
Work-in-process49.8 30.0 
Finished goods247.6 210.1 
Total inventory$586.3 $559.6 
Prepaid and Other Current Assets
(In millions)September 30, 2024December 31, 2023
Prepaid expenses$62.5 $58.7 
Prepaid inventory21.2 31.5 
Deferred compensation plan assets19.2 15.2 
Income tax receivables31.7 13.6 
Other current assets47.6 49.3 
Total prepaid and other current assets$182.2 $168.3 
Property and Equipment
(In millions)September 30, 2024December 31, 2023
Land and land improvements$50.5 $34.5 
Building266.9 190.5 
Furniture and fixtures38.3 36.9 
Computer software and hardware76.8 65.8 
Machinery and equipment883.5 683.3 
Leasehold improvements290.6 283.4 
Construction in progress 349.2 328.1 
Total cost1,955.8 1,622.5 
Less: accumulated depreciation and amortization
(637.0)(509.4)
Total property and equipment, net$1,318.8 $1,113.1 
Other Assets
(In millions)September 30, 2024December 31, 2023
Long-term investments$46.3 $38.5 
Long-term deposits15.1 14.4 
Other assets26.8 22.1 
Total other assets$88.2 $75.0 
Accounts Payable and Accrued Liabilities
(In millions)
September 30, 2024December 31, 2023
Accounts payable trade$326.6 $276.4 
Accrued tax, audit, and legal fees38.5 42.6 
Accrued rebates 1,159.9 950.7 
Accrued warranty5.8 12.6 
Income tax payable
5.8 7.5 
Deferred compensation plan liabilities19.2 15.2 
Other accrued liabilities 36.7 40.5 
Total accounts payable and accrued liabilities$1,592.5 $1,345.5 
Accrued Payroll and Related Expenses
(In millions)September 30, 2024December 31, 2023
Accrued wages, bonus and taxes$78.2 $139.8 
Other accrued employee benefits27.6 31.2 
Total accrued payroll and related expenses$105.8 $171.0 
Other Long-Term Liabilities
(In millions)September 30, 2024December 31, 2023
Finance lease obligations
$58.2 $58.6 
Deferred revenue, long-term5.2 7.4 
Asset retirement obligation16.1 15.7 
Other tax liabilities44.8 38.7 
Other liabilities5.3 5.2 
Total other long-term liabilities$129.6 $125.6 
Other Income (Expense), Net
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Interest and dividend income
$32.0 $41.5 $104.5 $101.2 
Interest expense
(4.7)(4.9)(14.1)(15.4)
Other expense, net(1.9)(1.7)(3.8)(2.4)
Total other income (expense), net
$25.4 $34.9 $86.6 $83.4 
Accumulated Other Comprehensive Income (Loss), Net of Tax
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2024202320242023
Translation Adjustments and Other:
Beginning balance
$(36.0)$(26.6)$(17.0)$(7.8)
Translation adjustments and other
96.8 (7.0)77.8 (25.8)
Ending balance
$60.8 $(33.6)$60.8 $(33.6)
Investments:
Beginning balance$(2.0)$(2.7)$0.3 $(3.8)
Unrealized gain on marketable debt securities4.6 0.7 2.3 1.8 
Ending balance$2.6 $(2.0)$2.6 $(2.0)
Accumulated other comprehensive income (loss)$63.4 $(35.6)$63.4 $(35.6)