| Balance Sheet Components |
Balance Sheet Components Selected balance sheet components consist of the following: Cash and restricted cash | | | | | | | | | | | | | | | | | | | (In millions) | September 30,
2026 | | December 31,
2025 | | September 30, 2025 | | Cash and cash equivalents | $ | 1,789.2 | | | $ | 1,322.4 | | | $ | 975.3 | | | Restricted cash, included in prepaid expenses and other current assets | 3.5 | | | 25.6 | | | 28.2 | | | Cash, cash equivalents and restricted cash | $ | 1,792.7 | | | $ | 1,348.0 | | | $ | 1,003.5 | |
Inventories | | | | | | | | | | | | | (In millions) | September 30,
2026 | | December 31,
2025 | | Raw materials | $ | 1,392.6 | | | $ | 1,422.4 | | | Work in process | 472.5 | | | 491.7 | | | Finished goods | 1,964.1 | | | 2,085.1 | | | Inventories | $ | 3,829.2 | | | $ | 3,999.2 | |
Prepaid expenses and other current assets | | | | | | | | | | | | | (In millions) | September 30,
2026 | | December 31, 2025 | | Prepaid expenses | $ | 266.2 | | | $ | 225.4 | | | | | | | Available-for-sale fixed income securities | 40.0 | | | 40.7 | | | Fair value of financial instruments | 107.2 | | | 84.2 | | | Equity securities | 69.9 | | | 65.7 | | Deferred charge for taxes on intercompany profit | 616.3 | | | 568.3 | | Income tax receivable | 298.9 | | | 315.8 | | | Other current assets | 159.7 | | | 136.2 | | | Prepaid expenses and other current assets | $ | 1,558.2 | | | $ | 1,436.3 | |
Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items. Property, plant and equipment, net | | | | | | | | | | | | | (In millions) | September 30,
2026 | | December 31, 2025 | | Machinery and equipment | $ | 3,174.7 | | | $ | 3,043.4 | | | Buildings and improvements | 1,537.9 | | | 1,527.9 | | | Construction in progress | 348.0 | | | 448.5 | | | Land and improvements | 105.9 | | | 114.9 | | | Gross property, plant and equipment | 5,166.5 | | | 5,134.7 | | | Accumulated depreciation | 2,746.7 | | | 2,520.7 | | | Property, plant and equipment, net | $ | 2,419.8 | | | $ | 2,614.0 | |
Other assets | | | | | | | | | | | | | (In millions) | September 30,
2026 | | December 31, 2025 | | | | | | | | | | | | | CCPS in Biocon Biologics (1) | — | | | 815.0 | | | Operating lease right-of-use assets | 251.4 | | | 271.3 | | | Other long-term assets | 841.1 | | | 785.6 | | | Other assets | $ | 1,092.5 | | | $ | 1,871.9 | |
(1) Refer to Note 11 Financial Instruments and Risk Management for additional information.
Accounts payable | | | | | | | | | | | | | (In millions) | September 30,
2026 | | December 31, 2025 | | Trade accounts payable | $ | 1,011.5 | | | $ | 1,293.7 | | | Other payables | 641.8 | | | 460.4 | | | Accounts payable | $ | 1,653.3 | | | $ | 1,754.1 | |
Other current liabilities | | | | | | | | | | | | | (In millions) | September 30,
2026 | | December 31, 2025 | | Accrued sales allowances | $ | 941.9 | | | $ | 1,011.2 | | | Payroll and employee benefit liabilities | 698.2 | | | 756.4 | | | Legal and professional accruals, including litigation accruals | 309.4 | | | 326.3 | | Contingent consideration | 18.5 | | | 28.5 | | | Accrued restructuring | 57.0 | | | 40.2 | | | Accrued interest | 155.3 | | | 52.9 | | | Fair value of financial instruments | 87.8 | | | 166.6 | | | Operating lease liability | 113.5 | | | 109.4 | | | Other | 754.1 | | | 791.4 | | | Other current liabilities | $ | 3,135.7 | | | $ | 3,282.9 | |
Other long-term obligations | | | | | | | | | | | | | (In millions) | September 30,
2026 | | December 31, 2025 | | Employee benefit liabilities | $ | 398.9 | | | $ | 425.9 | | | Contingent consideration | 422.3 | | | 343.1 | | | | | | | Tax related items, including contingencies | 302.3 | | | 332.6 | | | Operating lease liability | 153.5 | | | 178.1 | | | Accrued restructuring | 163.4 | | | 116.3 | | | Other | 556.7 | | | 618.9 | | | Other long-term obligations | $ | 1,997.1 | | | $ | 2,014.9 | |
|