| Balance Sheet Components |
Balance Sheet Components Selected balance sheet components consist of the following: Cash and restricted cash | | | | | | | | | | | | | | | | | | | (In millions) | June 30,
2026 | | December 31,
2025 | | June 30, 2025 | | Cash and cash equivalents | $ | 886.5 | | | $ | 1,322.4 | | | $ | 566.4 | | | Restricted cash, included in prepaid expenses and other current assets | 3.5 | | | 25.6 | | | 1.4 | | | Cash, cash equivalents and restricted cash | $ | 890.0 | | | $ | 1,348.0 | | | $ | 567.8 | |
Inventories | | | | | | | | | | | | | (In millions) | June 30,
2026 | | December 31,
2025 | | Raw materials | $ | 1,457.8 | | | $ | 1,422.4 | | | Work in process | 474.9 | | | 491.7 | | | Finished goods | 2,000.5 | | | 2,085.1 | | | Inventories | $ | 3,933.2 | | | $ | 3,999.2 | |
Prepaid expenses and other current assets | | | | | | | | | | | | | (In millions) | June 30,
2026 | | December 31, 2025 | | Prepaid expenses | $ | 192.1 | | | $ | 225.4 | | | | | | | Available-for-sale fixed income securities | 41.1 | | | 40.7 | | | Fair value of financial instruments | 104.2 | | | 84.2 | | Equity securities (1) | 478.7 | | | 65.7 | | Deferred charge for taxes on intercompany profit | 610.8 | | | 568.3 | | Income tax receivable | 543.3 | | | 315.8 | | | Other current assets | 139.6 | | | 136.2 | | | Prepaid expenses and other current assets | $ | 2,109.8 | | | $ | 1,436.3 | |
(1) Refer to Note 10 Financial Instruments and Risk Management for additional information.
Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items. Property, plant and equipment, net | | | | | | | | | | | | | (In millions) | June 30,
2026 | | December 31, 2025 | | Machinery and equipment | $ | 3,056.2 | | | $ | 3,043.4 | | | Buildings and improvements | 1,537.8 | | | 1,527.9 | | | Construction in progress | 406.9 | | | 448.5 | | | Land and improvements | 106.0 | | | 114.9 | | | Gross property, plant and equipment | 5,106.9 | | | 5,134.7 | | | Accumulated depreciation | 2,667.2 | | | 2,520.7 | | | Property, plant and equipment, net | $ | 2,439.7 | | | $ | 2,614.0 | |
Other assets | | | | | | | | | | | | | (In millions) | June 30,
2026 | | December 31, 2025 | | | | | | | | | | | | | CCPS in Biocon Biologics (1) | — | | | 815.0 | | | Operating lease right-of-use assets | 259.1 | | | 271.3 | | | Other long-term assets | 801.1 | | | 785.6 | | | Other assets | $ | 1,060.2 | | | $ | 1,871.9 | |
(1) Refer to Note 10 Financial Instruments and Risk Management for additional information.
Accounts payable | | | | | | | | | | | | | (In millions) | June 30,
2026 | | December 31, 2025 | | Trade accounts payable | $ | 1,240.4 | | | $ | 1,293.7 | | | Other payables | 486.1 | | | 460.4 | | | Accounts payable | $ | 1,726.5 | | | $ | 1,754.1 | |
Other current liabilities | | | | | | | | | | | | | (In millions) | June 30,
2026 | | December 31, 2025 | | Accrued sales allowances | $ | 899.7 | | | $ | 1,011.2 | | | Payroll and employee benefit liabilities | 600.7 | | | 756.4 | | | Legal and professional accruals, including litigation accruals | 303.0 | | | 326.3 | | Contingent consideration | 18.9 | | | 28.5 | | | Accrued restructuring | 52.2 | | | 40.2 | | | Accrued interest | 43.8 | | | 52.9 | | | Fair value of financial instruments | 101.2 | | | 166.6 | | | Operating lease liability | 115.3 | | | 109.4 | | | Other | 745.6 | | | 791.4 | | | Other current liabilities | $ | 2,880.4 | | | $ | 3,282.9 | |
Other long-term obligations | | | | | | | | | | | | | (In millions) | June 30,
2026 | | December 31, 2025 | | Employee benefit liabilities | $ | 413.6 | | | $ | 425.9 | | | Contingent consideration | 444.7 | | | 343.1 | | | | | | | Tax related items, including contingencies | 294.9 | | | 332.6 | | | Operating lease liability | 159.8 | | | 178.1 | | | Accrued restructuring | 152.4 | | | 116.3 | | | Other | 557.8 | | | 618.9 | | | Other long-term obligations | $ | 2,023.2 | | | $ | 2,014.9 | |
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