Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 08, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AGN | ||
Entity Registrant Name | Allergan plc | ||
Entity Central Index Key | 1,578,845 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 332,614,474 | ||
Entity Public Float | $ 56.5 | ||
Warner Chilcott Limited [Member] | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | WARNER CHILCOTT LIMITED | ||
Entity Central Index Key | 1,620,602 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 880,400,000 | $ 1,817,200,000 |
Marketable securities | 1,026,900,000 | 4,632,100,000 |
Accounts receivable, net | 2,868,100,000 | 2,899,000,000 |
Inventories | 846,900,000 | 904,500,000 |
Current assets held for sale | 34,000,000 | |
Prepaid expenses and other current assets | 819,100,000 | 1,123,900,000 |
Total current assets | 6,475,400,000 | 11,376,700,000 |
Property, plant and equipment, net | 1,787,000,000 | 1,785,400,000 |
Investments and other assets | 1,970,600,000 | 267,900,000 |
Non current assets held for sale | 882,200,000 | 81,600,000 |
Deferred tax assets | 1,063,700,000 | 319,100,000 |
Product rights and other intangibles | 43,695,400,000 | 54,648,300,000 |
Goodwill | 45,913,300,000 | 49,862,900,000 |
Total assets | 101,787,600,000 | 118,341,900,000 |
Current liabilities: | ||
Accounts payable and accrued expenses | 4,787,200,000 | 5,541,400,000 |
Income taxes payable | 72,400,000 | 74,900,000 |
Current portion of long-term debt and capital leases | 868,300,000 | 4,231,800,000 |
Total current liabilities | 5,727,900,000 | 9,848,100,000 |
Long-term debt and capital leases | 22,929,400,000 | 25,843,500,000 |
Other long-term liabilities | 882,000,000 | 886,900,000 |
Other taxes payable | 1,615,500,000 | 1,573,900,000 |
Deferred tax liabilities | 5,501,800,000 | 6,352,400,000 |
Total liabilities | 36,656,600,000 | 44,504,800,000 |
Commitments and contingencies (Refer to Note 25) | ||
Equity: | ||
Preferred shares, $0.0001 par value per share, zero and 5.1 million shares authorized, issued and outstanding, respectively | 0 | 4,929,700,000 |
Ordinary shares; $0.0001 par value per share; 1,000.0 million shares authorized, 332.6 million and 330.2 million shares issued and outstanding, respectively | 0 | 0 |
Additional paid-in capital | 56,510,000,000 | 54,013,500,000 |
Retained earnings | 7,258,900,000 | 12,957,200,000 |
Accumulated other comprehensive income | 1,345,200,000 | 1,920,700,000 |
Total shareholders’ equity | 65,114,100,000 | 73,821,100,000 |
Noncontrolling interest | 16,900,000 | 16,000,000 |
Total equity | 65,131,000,000 | 73,837,100,000 |
Total liabilities and equity | 101,787,600,000 | 118,341,900,000 |
Warner Chilcott Limited [Member] | ||
Current assets: | ||
Cash and cash equivalents | 878,600,000 | 1,816,300,000 |
Marketable securities | 1,026,900,000 | 4,632,100,000 |
Accounts receivable, net | 2,868,100,000 | 2,899,000,000 |
Receivables from Parents | 640,900,000 | 5,797,400,000 |
Inventories | 846,900,000 | 904,500,000 |
Current assets held for sale | 34,000,000 | |
Prepaid expenses and other current assets | 818,700,000 | 1,123,000,000 |
Total current assets | 7,114,100,000 | 17,172,300,000 |
Property, plant and equipment, net | 1,787,000,000 | 1,785,400,000 |
Investments and other assets | 1,970,600,000 | 267,900,000 |
Non current receivables from Parents | 0 | 3,964,000,000 |
Non current assets held for sale | 882,200,000 | 81,600,000 |
Deferred tax assets | 1,063,700,000 | 316,000,000 |
Product rights and other intangibles | 43,695,400,000 | 54,648,300,000 |
Goodwill | 45,913,300,000 | 49,862,900,000 |
Total assets | 102,426,300,000 | 128,098,400,000 |
Current liabilities: | ||
Accounts payable and accrued expenses | 4,787,400,000 | 5,515,600,000 |
Payables to Parents | 2,829,200,000 | 2,340,600,000 |
Income taxes payable | 72,400,000 | 74,900,000 |
Current portion of long-term debt and capital leases | 868,300,000 | 4,231,800,000 |
Total current liabilities | 8,557,300,000 | 12,162,900,000 |
Long-term debt and capital leases | 22,929,400,000 | 25,843,500,000 |
Other long-term liabilities | 882,000,000 | 886,900,000 |
Other taxes payable | 1,615,500,000 | 1,573,500,000 |
Deferred tax liabilities | 5,501,800,000 | 6,349,400,000 |
Total liabilities | 39,486,000,000 | 46,816,200,000 |
Commitments and contingencies (Refer to Note 25) | ||
Equity: | ||
Member's capital | 65,797,900,000 | 72,935,100,000 |
Retained earnings | (4,219,700,000) | 6,410,400,000 |
Accumulated other comprehensive income | 1,345,200,000 | 1,920,700,000 |
Noncontrolling interest | 16,900,000 | 16,000,000 |
Total equity | 62,940,300,000 | 81,282,200,000 |
Total members’ equity | 62,923,400,000 | 81,266,200,000 |
Total liabilities and equity | $ 102,426,300,000 | $ 128,098,400,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred shares, par value | $ 0.0001 | $ 0.0001 |
Preferred shares, shares authorized | 0 | 5,100,000 |
Preferred shares, shares issued | 0 | 5,100,000 |
Preferred shares, shares outstanding | 0 | 5,100,000 |
Ordinary shares, par value | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 1,000,000,000 | 1,000,000,000 |
Ordinary shares, shares issued | 332,600,000 | 330,200,000 |
Ordinary shares, shares outstanding | 332,600,000 | 330,200,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net revenues | $ 15,787.4 | $ 15,940.7 | $ 14,570.6 |
Operating expenses: | |||
Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) | 2,191.4 | 2,168 | 1,860.8 |
Research and development | 2,266.2 | 2,100.1 | 2,575.7 |
Selling and marketing | 3,250.6 | 3,514.8 | 3,266.4 |
General and administrative | 1,271.2 | 1,501.9 | 1,473.9 |
Amortization | 6,552.3 | 7,197.1 | 6,470.4 |
Goodwill impairments | 2,841.1 | ||
In-process research and development impairments | 804.6 | 1,452.3 | 743.9 |
Asset sales and impairments, net | 2,857.6 | 3,927.7 | 5 |
Total operating expenses | 22,035 | 21,861.9 | 16,396.1 |
Operating (loss) | (6,247.6) | (5,921.2) | (1,825.5) |
Interest income | 45.2 | 67.7 | 69.9 |
Interest (expense) | (911.2) | (1,095.6) | (1,295.6) |
Other income / (expense), net | 256.7 | (3,437.3) | 219.2 |
Total other income (expense), net | (609.3) | (4,465.2) | (1,006.5) |
Income / (loss) before income taxes and noncontrolling interest | (6,856.9) | (10,386.4) | (2,832) |
(Benefit) for income taxes | (1,770.7) | (6,670.4) | (1,897) |
Net income / (loss) from continuing operations, net of tax | (5,086.2) | (3,716) | (935) |
(Loss) / income from discontinued operations, net of tax | (402.9) | 15,914.5 | |
Net (loss) / income | (5,086.2) | (4,118.9) | 14,979.5 |
(Income) attributable to noncontrolling interest | (10.2) | (6.6) | (6.1) |
Net (loss) / income attributable to shareholders | (5,096.4) | (4,125.5) | 14,973.4 |
Dividends on preferred shares | 46.4 | 278.4 | 278.4 |
Net (loss) / income attributable to ordinary shareholders | $ (5,142.8) | $ (4,403.9) | $ 14,695 |
(Loss) / income per share attributable to ordinary shareholders - basic: | |||
Continuing operations | $ (15.26) | $ (11.99) | $ (3.17) |
Discontinued operations | (1.20) | 41.35 | |
Net (loss) / income per share - basic | (15.26) | (13.19) | 38.18 |
(Loss) / income per share attributable to ordinary shareholders - diluted: | |||
Continuing operations | (15.26) | (11.99) | (3.17) |
Discontinued operations | (1.20) | 41.35 | |
Net (loss) / income per share - diluted | (15.26) | (13.19) | $ 38.18 |
Dividends per ordinary share | $ 2.88 | $ 2.80 | |
Weighted average ordinary shares outstanding: | |||
Basic | 337 | 333.8 | 384.9 |
Diluted | 337 | 333.8 | 384.9 |
Warner Chilcott Limited [Member] | |||
Net revenues | $ 15,787.4 | $ 15,940.7 | $ 14,570.6 |
Operating expenses: | |||
Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) | 2,191.4 | 2,168 | 1,860.8 |
Research and development | 2,266.2 | 2,100.1 | 2,575.7 |
Selling and marketing | 3,250.6 | 3,514.8 | 3,266.4 |
General and administrative | 1,177.5 | 1,402.3 | 1,350.4 |
Amortization | 6,552.3 | 7,197.1 | 6,470.4 |
Goodwill impairments | 2,841.1 | ||
In-process research and development impairments | 804.6 | 1,452.3 | 743.9 |
Asset sales and impairments, net | 2,857.6 | 3,927.7 | 5 |
Total operating expenses | 21,941.3 | 21,762.3 | 16,272.6 |
Operating (loss) | (6,153.9) | (5,821.6) | (1,702) |
Interest income | 270.1 | 166.3 | 111.1 |
Interest (expense) | (911.2) | (1,095.6) | (1,295.6) |
Other income / (expense), net | 256.7 | (3,437.3) | 172.2 |
Total other income (expense), net | (384.4) | (4,366.6) | (1,012.3) |
Income / (loss) before income taxes and noncontrolling interest | (6,538.3) | (10,188.2) | (2,714.3) |
(Benefit) for income taxes | (1,776.4) | (6,670.4) | (1,897) |
Net income / (loss) from continuing operations, net of tax | (4,761.9) | (3,517.8) | (817.3) |
(Loss) / income from discontinued operations, net of tax | (402.9) | 15,914.5 | |
Net (loss) / income | (4,761.9) | (3,920.7) | 15,097.2 |
(Income) attributable to noncontrolling interest | (10.2) | (6.6) | (6.1) |
Net (loss) / income attributable to members | $ (4,772.1) | $ (3,927.3) | $ 15,091.1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) / Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net (loss) / income | $ (5,086.2) | $ (4,118.9) | $ 14,979.5 |
Other comprehensive (loss) / income | |||
Foreign currency translation (losses) / gains | (474.4) | 1,248 | (441.6) |
Net impact of other-than-temporary loss on investment in Teva securities | 1,599.4 | ||
Impact of Teva Transaction | 1,544.8 | ||
Unrealized (losses) / gains, net of tax | (38.1) | 111.7 | (1,647.5) |
Total other comprehensive (loss) / income, net of tax | (512.5) | 2,959.1 | (544.3) |
Comprehensive (loss) / income | (5,598.7) | (1,159.8) | 14,435.2 |
Comprehensive (income) attributable to noncontrolling interest | (10.2) | (6.6) | (6.1) |
Comprehensive (loss) / income attributable to ordinary shareholders | (5,608.9) | (1,166.4) | 14,429.1 |
Warner Chilcott Limited [Member] | |||
Net (loss) / income | (4,761.9) | (3,920.7) | 15,097.2 |
Other comprehensive (loss) / income | |||
Foreign currency translation (losses) / gains | (474.4) | 1,248 | (441.6) |
Net impact of other-than-temporary loss on investment in Teva securities | 1,599.4 | ||
Impact of Teva Transaction | 1,544.8 | ||
Unrealized (losses) / gains, net of tax | (38.1) | 111.7 | (1,647.5) |
Total other comprehensive (loss) / income, net of tax | (512.5) | 2,959.1 | (544.3) |
Comprehensive (loss) / income | (5,274.4) | (961.6) | 14,552.9 |
Comprehensive (income) attributable to noncontrolling interest | (10.2) | (6.6) | (6.1) |
Comprehensive (loss) / income attributable to members | $ (5,284.6) | $ (968.2) | $ 14,546.8 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Cash Flows From Operating Activities: | |||
Net (loss) / income | $ (5,086.2) | $ (4,118.9) | $ 14,979.5 |
Reconciliation to net cash provided by operating activities: | |||
Depreciation | 196.3 | 171.5 | 155.8 |
Amortization | 6,552.3 | 7,197.1 | 6,475.2 |
Provision for inventory reserve | 96.4 | 102.2 | 181.4 |
Share-based compensation | 239.8 | 293.3 | 334.5 |
Deferred income tax benefit | (1,255.7) | (7,783.1) | (1,443.9) |
Pre-tax gain on sale of businesses to Teva | (24,511.1) | ||
Non-cash tax effect of gain on sale of businesses to Teva | 5,285.2 | ||
Goodwill impairments | 2,841.1 | ||
In-process research and development impairments | 804.6 | 1,452.3 | 743.9 |
Loss on asset sales and impairments, net | 2,857.6 | 3,927.7 | 5 |
Charge to settle Teva related matters | 387.4 | ||
(Gain) loss on sale of Teva securities, net | (60.9) | 62.9 | |
Amortization of inventory step-up | 131.7 | 42.4 | |
Gain on sale of businesses | (182.6) | ||
Non-cash extinguishment of debt | 30 | (15.7) | |
Cash (discount) / charge related to extinguishment of debt | (45.6) | 205.6 | |
Amortization of deferred financing costs | 22.6 | 27.8 | 51 |
Contingent consideration adjustments, including accretion | (106.5) | (133.2) | (66.8) |
Other, net | 29 | (37) | (59.9) |
Changes in assets and liabilities (net of effects of acquisitions): | |||
Decrease / (increase) in accounts receivable, net | (37) | (188.3) | (191) |
Decrease / (increase) in inventories | (145.7) | (144.8) | (268.4) |
Decrease / (increase) in prepaid expenses and other current assets | 4.3 | 27.9 | 29.9 |
Increase / (decrease) in accounts payable and accrued expenses | 151.6 | 95.9 | 313.5 |
Increase / (decrease) in income and other taxes payable | (1,191.6) | 1,114.1 | (326.6) |
Increase / (decrease) in other assets and liabilities | (73.7) | 29.1 | (283.9) |
Net cash provided by operating activities | 5,640.1 | 6,079 | 1,445.7 |
Cash Flows From Investing Activities: | |||
Additions to property, plant and equipment | (253.5) | (349.9) | (331.4) |
Additions to product rights and other intangibles | (614.3) | (2) | |
Sale of businesses to Teva | 33,804.2 | ||
Additions to investments | (2,471.7) | (9,783.8) | (15,743.5) |
Proceeds from sale of investments and other assets | 6,259.3 | 15,153.3 | 7,771.6 |
Proceeds from sales of property, plant and equipment | 30.4 | 7.1 | 33.3 |
Acquisitions of businesses, net of cash acquired | (5,290.4) | (1,198.9) | |
Net cash provided by / (used in) investing activities | 3,098.5 | (878) | 24,333.3 |
Cash Flows From Financing Activities: | |||
Proceeds from borrowings of long-term indebtedness, including credit facility | 2,657 | 3,550 | 1,050 |
Payments on debt, including capital lease obligations and credit facility | (8,804.5) | (6,413.6) | (10,848.7) |
Debt issuance and other financing costs | (10.4) | (20.6) | |
Cash charge related to extinguishment of debt | (205.6) | ||
Payments of contingent consideration and other financing | (30.9) | (511.6) | (161.1) |
Proceeds from stock plans | 102.4 | 183.4 | 172.1 |
Proceeds from forward sale of Teva securities | 465.5 | ||
Repurchase of ordinary shares | (2,775.4) | (493) | (15,076.4) |
Dividends paid | (1,049.8) | (1,218.2) | (278.4) |
Net cash (used in) financing activities | (9,680.1) | (5,129.2) | (25,142.5) |
Effect of currency exchange rate changes on cash and cash equivalents | 4.7 | 21.4 | (8.5) |
Net (decrease) / increase in cash and cash equivalents | (936.8) | 93.2 | 628 |
Cash and cash equivalents at beginning of period | 1,817.2 | 1,724 | 1,096 |
Cash and cash equivalents at end of period | 880.4 | 1,817.2 | 1,724 |
Cash paid during the year for: | |||
Income taxes other, net of refunds | 717.4 | (5.1) | 3,692.7 |
Interest | 965.7 | 1,144.4 | 1,277.9 |
Schedule of Non-Cash Investing and Financing Activities: | |||
Conversion of mandatory convertible preferred shares | 4,929.7 | ||
Settlement of secured financing | (465.5) | ||
Dividends accrued | 1.4 | 24.6 | 23.2 |
Warner Chilcott Limited [Member] | |||
Cash Flows From Operating Activities: | |||
Net (loss) / income | (4,761.9) | (3,920.7) | 15,097.2 |
Reconciliation to net cash provided by operating activities: | |||
Depreciation | 196.3 | 171.5 | 155.8 |
Amortization | 6,552.3 | 7,197.1 | 6,475.2 |
Provision for inventory reserve | 96.4 | 102.2 | 181.4 |
Share-based compensation | 239.8 | 293.3 | 334.5 |
Deferred income tax benefit | (1,255.7) | (7,783.1) | (1,443.9) |
Pre-tax gain on sale of businesses to Teva | (24,511.1) | ||
Non-cash tax effect of gain on sale of businesses to Teva | 5,285.2 | ||
Goodwill impairments | 2,841.1 | ||
In-process research and development impairments | 804.6 | 1,452.3 | 743.9 |
Loss on asset sales and impairments, net | 2,857.6 | 3,927.7 | 5 |
Net income impact of other-than-temporary loss on investment in Teva securities | 3,273.5 | ||
Charge to settle Teva related matters | 387.4 | ||
(Gain) loss on sale of Teva securities, net | (60.9) | 62.9 | |
Amortization of inventory step-up | 131.7 | 42.4 | |
Gain on sale of businesses | (182.6) | ||
Non-cash extinguishment of debt | 30 | (15.7) | |
Cash (discount) / charge related to extinguishment of debt | (45.6) | 205.6 | |
Amortization of deferred financing costs | 22.6 | 27.8 | 51 |
Contingent consideration adjustments, including accretion | (106.5) | (133.2) | (66.8) |
Other, net | 29 | (37) | (59.9) |
Changes in assets and liabilities (net of effects of acquisitions): | |||
Decrease / (increase) in accounts receivable, net | (37) | (188.3) | (191) |
Decrease / (increase) in inventories | (145.7) | (144.8) | (268.4) |
Decrease / (increase) in prepaid expenses and other current assets | 4.7 | 28.8 | 28.6 |
Increase / (decrease) in accounts payable and accrued expenses | 151.4 | 121.7 | 339.2 |
Increase / (decrease) in income and other taxes payable | (1,191.6) | 1,114.1 | (326.6) |
Increase / (decrease) in other assets and liabilities, including receivable / payable with Parents | (46.3) | (45.5) | (292.7) |
Net cash provided by operating activities | 5,992 | 6,229.3 | 1,579 |
Cash Flows From Investing Activities: | |||
Additions to property, plant and equipment | (253.5) | (349.9) | (331.4) |
Additions to product rights and other intangibles | (614.3) | (2) | |
Sale of businesses to Teva | 33,804.2 | ||
Additions to investments | (2,471.7) | (9,783.8) | (15,743.5) |
Proceeds from sale of investments and other assets | 6,259.3 | 15,153.3 | 7,771.6 |
Loans to Parents | (13,232.2) | ||
Proceeds from sales of property, plant and equipment | 30.4 | 7.1 | 33.3 |
Acquisitions of businesses, net of cash acquired | (5,290.4) | (1,198.9) | |
Net cash provided by / (used in) investing activities | 3,098.5 | (878) | 11,101.1 |
Cash Flows From Financing Activities: | |||
Proceeds from borrowings of long-term indebtedness, including credit facility | 2,657 | 3,550 | 1,050 |
Payments on debt, including capital lease obligations and credit facility | (8,804.5) | (6,413.6) | (10,848.7) |
Debt issuance and other financing costs | (10.4) | (20.6) | |
Cash charge related to extinguishment of debt | (205.6) | ||
Payments of contingent consideration and other financing | (30.9) | (511.6) | (161.1) |
Dividend to Parent | (4,075.6) | (1,668.2) | (2,034.8) |
Net cash (used in) financing activities | (10,032.9) | (5,269.6) | (11,994.6) |
Effect of currency exchange rate changes on cash and cash equivalents | 4.7 | 21.4 | (8.5) |
Net (decrease) / increase in cash and cash equivalents | (937.7) | 103.1 | 677 |
Cash and cash equivalents at beginning of period | 1,816.3 | 1,713.2 | 1,036.2 |
Cash and cash equivalents at end of period | 878.6 | 1,816.3 | 1,713.2 |
Cash paid during the year for: | |||
Income taxes other, net of refunds | 717.4 | (5.1) | 3,692.7 |
Interest | 965.7 | 1,144.4 | 1,277.9 |
Schedule of Non-Cash Investing and Financing Activities: | |||
Settlement of secured financing | (465.5) | ||
Non-cash dividends to Parents | 9,344.3 | 4,203.9 | |
Zeltiq [Member] | |||
Schedule of Non-Cash Investing and Financing Activities: | |||
Non-cash equity issuance | 8.5 | ||
Teva [Member] | |||
Reconciliation to net cash provided by operating activities: | |||
Net income impact of other-than-temporary loss on investment in Teva securities | 3,273.5 | ||
Cash Flows From Investing Activities: | |||
Payments to settle Teva related matters | (466) | ||
Cash Flows From Financing Activities: | |||
Payments to settle Teva related matters | (234) | ||
Schedule of Non-Cash Investing and Financing Activities: | |||
Non-cash equity issuance | 465.5 | ||
Receipt of ordinary shares in connection with the sale of the generics business | 5,038.6 | ||
Teva [Member] | Warner Chilcott Limited [Member] | |||
Reconciliation to net cash provided by operating activities: | |||
Net income impact of other-than-temporary loss on investment in Teva securities | $ 3,273.5 | ||
(Gain) loss on sale of Teva securities, net | (60.9) | ||
Cash Flows From Investing Activities: | |||
Payments to settle Teva related matters | (466) | ||
Cash Flows From Financing Activities: | |||
Proceeds from forward sale of Teva securities | 465.5 | ||
Payments to settle Teva related matters | (234) | ||
Schedule of Non-Cash Investing and Financing Activities: | |||
Non-cash equity issuance | $ 465.5 | ||
Receipt of ordinary shares in connection with the sale of the generics business | $ 5,038.6 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Teva [Member] | Zeltiq [Member] | Ordinary Shares [Member] | Preferred Shares [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Zeltiq [Member] | Retained Earnings/(Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income / (Loss) [Member] | Accumulated Other Comprehensive Income / (Loss) [Member]Teva [Member] | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2015 | $ 76,589.3 | $ 4,929.7 | $ 68,508.3 | $ 3,647.5 | $ (494.1) | $ (2.1) | |||||
Balance, shares at Dec. 31, 2015 | 394,500,000 | 5,100,000 | |||||||||
Comprehensive income (loss): | |||||||||||
Net income (loss) attributable to shareholders | 14,973.4 | 14,973.4 | |||||||||
Other comprehensive income (loss), net of tax | (2,089.1) | (2,089.1) | |||||||||
Other comprehensive income resulting from the Teva Transaction | $ 1,544.8 | $ 1,544.8 | |||||||||
Share-based compensation | 334.5 | 334.5 | |||||||||
Ordinary shares issued under employee stock plans | 172.1 | 172.1 | |||||||||
Ordinary shares issued under employee stock plans, shares | 2,300,000 | ||||||||||
Tax benefits from exercise of options | 20.4 | 20.4 | |||||||||
Dividends declared | (278.4) | (278.4) | |||||||||
Repurchase of ordinary shares underthe share repurchase programs | (15,000) | (15,000) | |||||||||
Repurchase of ordinary shares under the share repurchase programs, shares | (61,600,000) | ||||||||||
Repurchase of ordinary shares | $ (76.4) | (76.4) | |||||||||
Repurchase of ordinary shares, shares | (61,600,000) | (300,000) | |||||||||
Movement in noncontrolling interest | $ 9.9 | 9.9 | |||||||||
Balance at Dec. 31, 2016 | 76,200.5 | $ 4,929.7 | 53,958.9 | 18,342.5 | (1,038.4) | 7.8 | |||||
Balance, shares at Dec. 31, 2016 | 334,900,000 | 5,100,000 | |||||||||
Comprehensive income (loss): | |||||||||||
Net income (loss) attributable to shareholders | (4,125.5) | (4,125.5) | |||||||||
Other comprehensive income (loss), net of tax | 1,359.7 | 1,359.7 | |||||||||
Net impact of other-than-temporary loss on investment in Teva securities | $ 1,599.4 | $ 1,599.4 | |||||||||
Share-based compensation | 293.3 | 293.3 | |||||||||
Ordinary shares issued in connection with acquisition | $ 8.5 | $ 8.5 | |||||||||
Ordinary shares issued under employee stock plans | 183.4 | 183.4 | |||||||||
Ordinary shares issued under employee stock plans, shares | 2,200,000 | ||||||||||
Impact of change in accounting for share-based compensation plans | 20.8 | 62.4 | (41.6) | ||||||||
Dividends declared | (1,218.2) | (1,218.2) | |||||||||
Repurchase of ordinary shares underthe share repurchase programs | (450) | (450) | |||||||||
Repurchase of ordinary shares under the share repurchase programs, shares | (6,800,000) | ||||||||||
Repurchase of ordinary shares | $ (43) | (43) | |||||||||
Repurchase of ordinary shares, shares | (4,200,000) | (100,000) | |||||||||
Movement in noncontrolling interest | $ 8.2 | 8.2 | |||||||||
Balance at Dec. 31, 2017 | 73,837.1 | $ 4,929.7 | 54,013.5 | 12,957.2 | 1,920.7 | 16 | |||||
Balance, shares at Dec. 31, 2017 | 330,200,000 | 5,100,000 | |||||||||
Comprehensive income (loss): | |||||||||||
Net income (loss) attributable to shareholders | (5,096.4) | (5,096.4) | |||||||||
Other comprehensive income (loss), net of tax | (512.5) | (512.5) | |||||||||
Share-based compensation | 239.8 | 239.8 | |||||||||
Ordinary shares issued under employee stock plans | 102.4 | 102.4 | |||||||||
Ordinary shares issued under employee stock plans, shares | 1,600,000 | ||||||||||
Dividends declared | (1,026.6) | (1,026.6) | |||||||||
Issuance of Mandatory Convertible Preferred Shares | $ (4,929.7) | 4,929.7 | |||||||||
Issuance of Mandatory Convertible Preferred Shares, shares | 17,800,000 | (5,100,000) | |||||||||
Implementation of new accountingpronouncements | 361.7 | 424.7 | (63) | ||||||||
Repurchase of ordinary shares underthe share repurchase programs | (2,740.4) | (2,740.4) | |||||||||
Repurchase of ordinary shares under the share repurchase programs, shares | (16,800,000) | ||||||||||
Repurchase of ordinary shares | (35) | (35) | |||||||||
Repurchase of ordinary shares, shares | (200,000) | ||||||||||
Movement in noncontrolling interest | 0.9 | 0.9 | |||||||||
Balance at Dec. 31, 2018 | $ 65,131 | $ 56,510 | $ 7,258.9 | $ 1,345.2 | $ 16.9 | ||||||
Balance, shares at Dec. 31, 2018 | 332,600,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' and Members' Equity - USD ($) $ in Millions | Total | Teva [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income / (Loss) [Member] | Accumulated Other Comprehensive Income / (Loss) [Member]Teva [Member] | Noncontrolling Interest [Member] | Warner Chilcott Limited [Member] | Warner Chilcott Limited [Member]Teva [Member] | Warner Chilcott Limited [Member]Member's Capital [Member] | Warner Chilcott Limited [Member]Retained Earnings [Member] | Warner Chilcott Limited [Member]Accumulated Other Comprehensive Income / (Loss) [Member] | Warner Chilcott Limited [Member]Accumulated Other Comprehensive Income / (Loss) [Member]Teva [Member] | Warner Chilcott Limited [Member]Noncontrolling Interest [Member] |
Balance at Dec. 31, 2015 | $ 76,589.3 | $ 3,647.5 | $ (494.1) | $ (2.1) | $ 75,571.6 | $ 72,935.1 | $ 3,132.7 | $ (494.1) | $ (2.1) | ||||
Balance, shares at Dec. 31, 2015 | 100 | ||||||||||||
Comprehensive income (loss): | |||||||||||||
Net income (loss)attributable to shareholders | 15,091.1 | 15,091.1 | |||||||||||
Other comprehensive income (loss), net of tax | (2,089.1) | (2,089.1) | (2,089.1) | (2,089.1) | |||||||||
Other comprehensive income resulting from the Teva Transaction | $ 1,544.8 | $ 1,544.8 | $ 1,544.8 | $ 1,544.8 | |||||||||
Dividend to Parent | (2,034.8) | (2,034.8) | |||||||||||
Movement in noncontrolling interest | 9.9 | 9.9 | 9.9 | 9.9 | |||||||||
Balance at Dec. 31, 2016 | 76,200.5 | 18,342.5 | (1,038.4) | 7.8 | 88,093.5 | $ 72,935.1 | 16,189 | (1,038.4) | 7.8 | ||||
Balance, shares at Dec. 31, 2016 | 100 | ||||||||||||
Comprehensive income (loss): | |||||||||||||
Net income (loss)attributable to shareholders | (3,927.3) | (3,927.3) | |||||||||||
Other comprehensive income (loss), net of tax | 1,359.7 | 1,359.7 | 1,359.7 | 1,359.7 | |||||||||
Net impact of other-than-temporary loss on investment in Teva securities | $ 1,599.4 | $ 1,599.4 | $ 1,599.4 | ||||||||||
Impact of change in accounting for share-based compensation plans | 20.8 | 20.8 | |||||||||||
Dividend to Parent | (5,872.1) | (5,872.1) | |||||||||||
Movement in noncontrolling interest | 8.2 | 8.2 | 8.2 | 8.2 | |||||||||
Balance at Dec. 31, 2017 | 73,837.1 | 12,957.2 | 1,920.7 | 16 | 81,282.2 | $ 72,935.1 | 6,410.4 | 1,920.7 | 16 | ||||
Balance, shares at Dec. 31, 2017 | 100 | ||||||||||||
Comprehensive income (loss): | |||||||||||||
Net income (loss)attributable to shareholders | (4,772.1) | (4,772.1) | |||||||||||
Other comprehensive income (loss), net of tax | (512.5) | (512.5) | (512.5) | (512.5) | |||||||||
Dividend to Parent | (13,419.9) | $ (7,137.2) | (6,282.7) | ||||||||||
Implementation of new accounting pronouncements | 361.7 | 424.7 | (63) | ||||||||||
Movement in noncontrolling interest | 0.9 | 0.9 | 0.9 | 0.9 | |||||||||
Balance at Dec. 31, 2018 | $ 65,131 | $ 7,258.9 | $ 1,345.2 | $ 16.9 | $ 62,940.3 | $ 65,797.9 | $ (4,219.7) | $ 1,345.2 | $ 16.9 | ||||
Balance, shares at Dec. 31, 2018 | 100 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of Business | NOTE 1 — Description of Business Allergan plc is a global pharmaceutical leader. Allergan is focused on developing, manufacturing and commercializing branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world. Allergan markets a portfolio of leading brands and best-in-class products primarily focused on four key therapeutic areas including medical aesthetics, eye care, central nervous system and gastroenterology. Allergan is an industry leader in Open Science, a model of research and development, which defines our approach to identifying and developing game-changing ideas and innovation for better patient care. The Company has operations in more than 100 countries. Warner Chilcott Limited is an indirect wholly-owned subsidiary of Allergan plc and has the same principal business activities. On August 2, 2016 we completed the divestiture of our global generics business and certain other assets to Teva Pharmaceutical Industries Ltd. (“Teva”) (the “Teva Transaction”) for $33.3 billion in cash, net of cash acquired by Teva, which included estimated working capital and other contractual adjustments, and 100.3 million unregistered Teva ordinary shares (or American Depository Shares with respect thereto) (“Teva Shares”). As part of the Teva Transaction, Teva acquired our global generics business, including the United States (“U.S.”) and international generic commercial units, our third-party supplier Medis, our global generic manufacturing operations, our global generic research and development (“R&D”) unit, our international over-the-counter (“OTC”) commercial unit (excluding OTC eye care products) and certain established international brands. On October 3, 2016, the Company completed the divestiture of the Anda Distribution business to Teva for $500.0 million. The Anda Distribution business distributed generic, branded, specialty and OTC pharmaceutical products from more than 300 manufacturers to retail independent and chain pharmacies, nursing homes, mail order pharmacies, hospitals, clinics and physician offices across the U.S. The Company recognized a combined gain on the sale of the Anda Distribution business and the Teva Transaction of $15,932.2 million in the year ended December 31, 2016. As a result of the Teva Transaction and the divestiture of the Company’s Anda Distribution business, and in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-08 “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” the financial results of the businesses held for sale were reclassified to discontinued operations for all periods presented in our consolidated financial statements. The results of our discontinued operations include the results of our generic product development, manufacturing and distribution of off-patent pharmaceutical products, certain established international brands marketed similarly to generic products and out-licensed generic pharmaceutical products primarily in Europe through our Medis third-party business through August 2, 2016, as well as our Anda Distribution business through October 3, 2016. |
Formation of the Company
Formation of the Company | 12 Months Ended |
Dec. 31, 2018 | |
Regulated Operations [Abstract] | |
Formation of the Company | NOTE 2 — Formation of the Company Allergan plc was incorporated in Ireland on May 16, 2013 as a private limited company and re-registered effective September 20, 2013 as a public limited company. It was established for the purpose of facilitating the business combination between Allergan Finance, LLC (formerly known as Actavis, Inc.) and Warner Chilcott plc (“Warner Chilcott”). Following the consummation of the acquisition of Warner Chilcott on October 1, 2013 (the “Warner Chilcott Acquisition”), Allergan Finance, LLC and Warner Chilcott became wholly-owned subsidiaries of Allergan plc. Each of Allergan Finance, LLC’s common shares was converted into one Company ordinary share. Effective October 1, 2013, through a series of related-party transactions, Allergan plc contributed its indirect subsidiaries, including Allergan Finance, LLC, to its subsidiary Warner Chilcott Limited. Except where otherwise indicated, and excluding certain insignificant cash and non-cash transactions at the Allergan plc level, the consolidated financial statements and disclosures are for two separate registrants, Allergan plc and Warner Chilcott Limited. The results of Warner Chilcott Limited are consolidated into the results of Allergan plc. Due to the deminimis activity between Allergan plc and Warner Chilcott Limited, references throughout this document relate to both Allergan plc and Warner Chilcott Limited. Refer to “Note 3 —Reconciliation of Warner Chilcott Limited results to Allergan plc results” in the accompanying “Notes to the Consolidated Financial Statements” in this document for a summary of the details on the differences between Allergan plc and Warner Chilcott Limited. Pursuant to Rule 12g-3(c) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Allergan plc “AGN” ordinary shares are deemed to be registered under Section 12(b) of the Exchange Act, are subject to the informational requirements of the Exchange Act, and the rules and regulations promulgated thereunder. References throughout to “we,” “our,” “us,” the “Company” or “Allergan” refer to financial information and transactions of Allergan plc. References to “Warner Chilcott Limited” refer to Warner Chilcott Limited, the Company’s indirect wholly-owned subsidiary, and, unless the context otherwise requires, its subsidiaries. References throughout to “Ordinary Shares” refer to Allergan plc’s ordinary shares, par value $0.0001 per share. |
Reconciliation of Warner Chilco
Reconciliation of Warner Chilcott Limited Results to Allergan plc Results | 12 Months Ended |
Dec. 31, 2018 | |
Adjusted Earnings Before Interest Taxes Depreciation And Amortization And Other Non Cash Items [Abstract] | |
Reconciliation of Warner Chilcott Limited Results to Allergan plc Results | NOTE 3 — Reconciliation of Warner Chilcott Limited results to Allergan plc results Warner Chilcott Limited is an indirect wholly-owned subsidiary of Allergan plc, the ultimate parent of the group (together with other direct or indirect parents of Warner Chilcott Limited, the “Parents”). The results of Warner Chilcott Limited are consolidated into the results of Allergan plc. Due to the deminimis activity between Warner Chilcott Limited and the Parents (including Allergan plc), content throughout this filing relates to both Allergan plc and Warner Chilcott Limited. Warner Chilcott Limited disclosures relate only to itself and not to any other company. Except where otherwise indicated, and excluding certain insignificant cash and non-cash transactions at the Allergan plc level, these notes relate to the consolidated financial statements for both separate registrants, Allergan plc and Warner Chilcott Limited. In addition to certain inter-company payable and receivable amounts between the entities, the following is a reconciliation of the financial position and results of operations of Warner Chilcott Limited to Allergan plc ($ in millions): December 31, 2018 December 31, 2017 Allergan plc Warner Chilcott Limited Difference Allergan plc Warner Chilcott Limited Difference Cash and cash equivalents $ 880.4 $ 878.6 $ 1.8 $ 1,817.2 $ 1,816.3 $ 0.9 Prepaid expenses and other current assets 819.1 818.7 0.4 1,123.9 1,123.0 0.9 Deferred tax assets 1,063.7 1,063.7 - 319.1 316.0 3.1 Accounts payable and accrued liabilities 4,787.2 4,787.4 (0.2 ) 5,541.4 5,515.6 25.8 Other taxes payables 1,615.5 1,615.5 - 1,573.9 1,573.5 0.4 Deferred tax liabilities 5,501.8 5,501.8 - 6,352.4 6,349.4 3.0 Total Equity 65,131.0 62,940.3 2,190.7 73,837.1 81,282.2 (7,445.1 ) Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Allergan plc Warner Chilcott Limited Difference Allergan plc Warner Chilcott Limited Difference Allergan plc Warner Chilcott Limited Difference General and administrative expenses $ 1,271.2 $ 1,177.5 $ 93.7 $ 1,501.9 $ 1,402.3 $ 99.6 $ 1,473.9 $ 1,350.4 $ 123.5 Operating (loss) (6,247.6 ) (6,153.9 ) (93.7 ) (5,921.2 ) (5,821.6 ) (99.6 ) (1,825.5 ) (1,702.0 ) (123.5 ) Interest Income 45.2 270.1 (224.9 ) 67.7 166.3 (98.6 ) 69.9 111.1 (41.2 ) Other income / (expense), net 256.7 256.7 - (3,437.3 ) (3,437.3 ) - 219.2 172.2 47.0 (Loss) before income taxes and noncontrolling interest (6,856.9 ) (6,538.3 ) (318.6 ) (10,386.4 ) (10,188.2 ) (198.2 ) (2,832.0 ) (2,714.3 ) (117.7 ) Net (loss) from continuing operations, net of tax (5,086.2 ) (4,761.9 ) (324.3 ) (3,716.0 ) (3,517.8 ) (198.2 ) (935.0 ) (817.3 ) (117.7 ) Net (loss) / income (5,086.2 ) (4,761.9 ) (324.3 ) (4,118.9 ) (3,920.7 ) (198.2 ) 14,979.5 15,097.2 (117.7 ) Dividends on preferred shares 46.4 - 46.4 278.4 - 278.4 278.4 - 278.4 Net (loss) / income attributable to ordinary shareholders/members (5,142.8 ) (4,772.1 ) (370.7 ) (4,403.9 ) (3,927.3 ) (476.6 ) 14,695.0 15,091.1 (396.1 ) The differences between general and administrative expenses in the years ending December 31, 2018, 2017 and 2016 were due to corporate related expenses incurred at Allergan plc as well as non-recurring transaction costs, including the terminated transaction with Pfizer Inc. The differences in total equity were due to historical differences in the results of operations of the companies and differences in equity awards. As of December 31, 2018 and December 31, 2017, Warner Chilcott Limited had $0.6 billion and $5.8 billion, respectively, in Receivables from the Parents. As of December 31, 2018 and December 31, 2017, Warner Chilcott Limited had zero and $4.0 billion, respectively, in Non-current Receivables from the Parents. These Receivables are related to intercompany loans between Allergan plc and subsidiaries of Warner Chilcott Limited. The intercompany loans cause a difference in interest income between the two entities. Based on planned changes in the expected method of settlement of the Parent company receivables arising during the year ended December 31, 2018, the Company reclassified approximately $9.3 billion to equity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 4 — Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S.”) (“GAAP”). The consolidated financial statements include the accounts of wholly owned subsidiaries, after elimination of intercompany accounts and transactions. The consolidated financial information presented herein reflects all financial information that, in the opinion of management, is necessary for a fair statement of financial position, results of operations and cash flows for the periods presented. The Company’s consolidated financial statements include the financial results of all acquired companies subsequent to the acquisition date. Implementation of New Guidance On January 1, 2018, we adopted ASU No. 2014-09, "Revenue from Contracts with Customers" (“Topic 606”), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historical accounting practices. The impact to revenues for the year ended December 31, 2018 was not significant as a result of the adoption. The adoption of this guidance does not have a material impact on the Company’s financial position or results of operations as the Company’s sales primarily are governed by standard ship and bill terms of pharmaceutical products to customers. The Company applies the “practical expedient” as defined in Topic 606 to recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs which are included in selling, general, and administrative expenses are consistent with the accounting prior to the adoption of Topic 606. The Company also elected to use the practical expedient to not adjust the promised amount of consideration for the effects of the time value of money for contracts in which the anticipated period between when the Company transfers the goods or services to the customer and when the customer pays is equal to one year or less. On January 1, 2018, the Company adopted ASU No. 2016-01, which now requires equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies) to be measured at fair value with changes in the fair value recognized through net income. Under the previous guidance, changes in the fair value of equity securities were recognized through other comprehensive income. On January 1, 2018, the Company adopted ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. Previously, GAAP prohibited the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This prohibition on recognition was an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. The amendment to the guidance eliminated the exception for an intra-entity transfer of an asset other than inventory and required an entity to recognize the income tax consequences when the transfer occurs. The following represents the impact on the Company's Consolidated Balance Sheet as a result of the adoption on January 1, 2018 of these accounting pronouncements ($ in millions): Increase / (decrease) Pronouncement Accounts receivable, net Prepaid expenses and other current assets Accounts payable and accrued expenses Deferred tax liabilities Retained earnings Accumulated other comprehensive income / (loss) Accounting Standards Update No. 2014-09 $ 1.9 $ - $ (3.6 ) $ - $ 5.5 $ - Accounting Standards Update No. 2016-01 $ - $ - $ - $ - $ 63.0 $ (63.0 ) * Accounting Standards Update No. 2016-16 $ - $ (44.8 ) $ - $ (401.0 ) $ 356.2 $ - * The Company adopted ASU 2016-01, Financial Instruments on January 1, 2018. The new standard required modified retrospective adoption through 2018 beginning Retained Earnings and Accumulated Other Comprehensive Income. This was incorrectly recorded as a loss through Other Comprehensive Income of $63.0 million during the quarter ended March 31, 2018. This was corrected for during 2018 and therefore, has no impact on the annual consolidated financial statements. The Company has determined that the adjustment was not material to any previously reported interim periods. On January 1, 2018, the Company adopted ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. This standard amends and adjusts how cash receipts and cash payments are presented and classified in the statement of cash flows. As a result of the guidance, the Company retrospectively applied the standard which resulted in a reclassification of debt extinguishment costs from cash flows from operating activities to cash flows from financing activities. As a result of the application of the guidance, cash flows from operating activities increased by $205.6 million and cash flows from financing activities decreased by $205.6 million in the year ended December 31, 2017. On January 1, 2018, the Company adopted ASU No. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This update requires that an employer disaggregate the service cost component from the other components of net periodic benefit cost. Upon adoption, the Company recorded other components of the net periodic benefit cost with “other income / (expense), net.” On July 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging (Topic 815) — Targeted Improvements to Accounting for Hedging Activities, which now better aligns the Company’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The amendments also make certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness on a prospective basis. After the adoption, the Company presents the entire change in fair value of a hedging instrument in the same income statement line item(s) as the earnings effect of the hedged item when that hedged item affects earnings. Use of Estimates Management is required to make certain estimates and assumptions in order to prepare consolidated financial statements in conformity with GAAP. Such estimates and assumptions affect the reported financial statements. The Company’s most significant estimates relate to the determination of SRAs (defined below) included within either accounts receivable or accrued liabilities, the valuation of inventory balances, the determination of useful lives for intangible assets, pension and other post-retirement benefit plan assumptions, the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment and recognition and measurement of assets acquired and liabilities assumed in business combinations at fair value. The estimation process required to prepare the Company’s consolidated financial statements requires assumptions to be made about future events and conditions, and as such, is inherently subjective and uncertain. The Company’s actual results could differ materially from those estimates. Foreign Currency Translation For most of the Company’s international operations, the local currency has been determined to be the functional currency. The results of its non-U.S. dollar based operations are translated to U.S. dollars at the average exchange rates during the period. Assets and liabilities are translated at the rate of exchange prevailing on the balance sheet date. Equity is translated at the prevailing rate of exchange at the date of the equity transaction. Translation adjustments are reflected in shareholders’ equity and are included as a component of other comprehensive (loss) / income. The translational effects of revaluing non-functional currency assets and liabilities into the functional currency are recorded as general and administrative expenses in the consolidated statements of operations. The Company realizes foreign currency gains / (losses) in the normal course of business based on movement in the applicable exchange rates. These transactional gains / (losses) are included as a component of general and administrative expenses. Cash and Cash Equivalents The Company considers cash and cash equivalents to include cash in banks, commercial paper and deposits with financial institutions that can be liquidated without prior notice or penalty. The Company considers all highly liquid investments with an original maturity from the date acquired of three months or less to be cash equivalents. Fair Value of Other Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts and other receivables, investments, trade accounts payable, and long-term debt, including the current portion. The carrying amounts of cash and cash equivalents, marketable securities, accounts and other receivables and trade accounts payable are representative of their respective fair values due to their relatively short maturities. The fair values of investments in companies that are publicly traded are based on quoted market prices. The Company estimates the fair value of its fixed rate long-term obligations based on quoted market rates. Inventories Inventories consist of finished goods held for sale and distribution, raw materials and work in process. Inventory includes brand and aesthetic products which represent Food and Drug Administration (“FDA”) approved or likely to be approved indications. Inventory valuation reserves are established based on a number of factors/situations including, but not limited to, raw materials, work in process or finished goods not meeting product specifications, product obsolescence, or application of the lower of cost (first-in, first-out method) or net realizable value concepts. The determination of events requiring the establishment of inventory valuation reserves, together with the calculation of the amount of such reserves may require judgment. Assumptions utilized in our quantification of inventory reserves include, but are not limited to, estimates of future product demand, consideration of current and future market conditions, product net selling price, anticipated product launch dates, competition and potential product obsolescence and other events relating to special circumstances surrounding certain products. No material adjustments have been required to our inventory reserve estimates for the periods presented. Adverse changes in assumptions utilized in our inventory reserve calculations could result in an increase to our inventory valuation reserves and higher cost of sales. Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Major renewals and improvements are capitalized if they add functionality or extend the life of the asset, while routine maintenance and repairs are expensed as incurred. The Company capitalizes interest on qualified construction projects. At the time property, plant and equipment are retired from service, the cost and accumulated depreciation are removed from the respective accounts. Depreciation expense is computed principally on the straight-line method, over the estimated useful lives of the related assets. The following table provides the range of estimated useful lives used for each asset type: Computer software/hardware (including internally developed) 3-10 years Machinery and equipment 3-15 years Research and laboratory equipment 3-10 years Furniture and fixtures 3-10 years Buildings, improvements, leasehold improvements and other 4-50 years Transportation equipment 3-20 years The Company assesses property, plant and equipment for impairment whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. Investments The Company’s equity investments are accounted for under the equity method of accounting when the Company can exert significant influence and the Company’s ownership interest does not exceed 50%. The Company records equity method investments at cost and adjusts for the appropriate share of investee net earnings or losses. Investments in which the Company owns less than a 20% interest and cannot exert significant influence are recorded at fair value and the Company recognizes any changes in fair value in net income. For equity investments without readily determinable fair values, the Company may make a separate election for each eligible investment to use a measurement alternative until the investment’s fair value becomes readily determinable. Under the alternative method, the equity investments are accounted for at cost, less any impairment, plus or minus changes resulting from observable price changes in an orderly transaction for an identical or similar investment of the same issuer. Marketable Securities The Company’s marketable securities consist of U.S. treasury and agency securities and debt and equity securities of publicly-held companies. The Company’s marketable securities are recorded at fair value, based upon quoted market prices with an offset to interest income. Product Rights and Other Definite Lived Intangible Assets Our product rights and other definite lived intangible assets are stated at cost, less accumulated amortization, and are amortized using the economic benefit model or the straight-line method, if results are materially aligned, over their estimated useful lives. We determine amortization periods for product rights and other definite lived intangible assets based on our assessment of various factors impacting estimated cash flows. Such factors include the product’s position in its life cycle, the existence or absence of like products in the market, various other competitive and regulatory issues, and contractual terms. Significant changes to any of these factors may result in an impairment, a reduction in the intangibles useful life or an acceleration of related amortization expense, which could cause our net results to decline. Product rights and other definite lived intangible assets are tested periodically for impairment when events or changes in circumstances indicate that an asset’s carrying value may not be recoverable. The impairment testing involves comparing the carrying amount of the asset to the forecasted undiscounted pre-tax future cash flows over its useful life, including any salvage value. In the event the carrying value of the asset exceeds the undiscounted future cash flows, the carrying value is considered not recoverable and an impairment exists. An impairment loss is measured as the excess of the asset’s carrying value over its fair value, calculated using discounted future cash flows. The computed impairment loss is recognized in net (loss) / income in the period that the impairment occurs. Assets which are not impaired may require an adjustment to the remaining useful lives for which to amortize the asset. Our projections of discounted cash flows use a discount rate determined by our management to be commensurate with the risk inherent in our business model. Our estimates of future cash flows attributable to our other definite lived intangible assets require significant judgment based on our historical and anticipated results and are subject to many factors. Different assumptions and judgments could materially affect the calculation of the undiscounted cash flows of the other definite lived intangible assets which could trigger impairment. Goodwill and Intangible Assets with Indefinite Lives The Company tests goodwill and intangible assets with indefinite lives for impairment annually in the second quarter. Additionally, the Company may perform interim tests if an event occurs or circumstances change that could potentially reduce the fair value of a reporting unit or an indefinite lived intangible asset below its carrying amount such as those fourth quarter 2018 triggering events relating to the Company’s General Medicine Reporting Unit as discussed in “NOTE 16 — Goodwill, Product Rights and Other Intangible Assets”. The carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company tests goodwill for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors, including Reporting Unit specific operating results as well as industry, market and general economic conditions, to determine whether it is more likely than not that the fair values of a Reporting Unit is less than its carrying amount, including goodwill. The Company may elect to bypass this qualitative assessment for some or all of its Reporting Units and perform a quantitative test as of the measurement date of the test. Goodwill is considered impaired if the carrying amount of the net assets exceeds the fair value of the reporting unit. Impairment, if any, would be recorded in operating income / (loss) and this could result in a material impact to net income / (loss) and income / (loss) per share. Prior to Allergan’s 2018 annual impairment test, the Company adopted the new guidance under Accounting Standard Update No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment Acquired in-process research and development (“IPR&D”) intangible assets represent the value assigned to research and development projects acquired in a business combination that, as of the date acquired, represent the right to develop, use, sell and/or offer for sale a product or other intellectual property that has not been completed or approved. The IPR&D intangible assets are subject to impairment testing until completion or abandonment of each project. Upon abandonment, the assets are impaired if there is no future alternative use or ability to sell the asset. Impairment testing requires the development of significant estimates and assumptions involving the determination of estimated net cash flows for each year for each project or product (including net revenues, cost of sales, R&D costs, selling and marketing costs and other costs which may be allocated), determination of the appropriate discount rate in order to measure the risk inherent in each future cash flow stream, assessment of each asset’s life cycle, potential regulatory and commercial success risks, and competitive trends impacting the asset and each cash flow stream as well as other factors. The major risks and uncertainties associated with the timely and successful completion of IPR&D projects include legal risk, market risk and regulatory risk. Changes in our assumptions could result in future impairment charges. No assurances can be given that the underlying assumptions used to prepare the discounted cash flow analysis will not change or the timely completion of each project and commercial success will occur. For these and other reasons, actual results may vary significantly from estimated results. Upon successful completion of each project and approval of a product, we will make a separate determination of the useful life of the intangible asset, transfer the amount to currently marketed products (“CMP”) and amortization expense will be recorded over the estimated useful life. Contingent Consideration We determine the acquisition date fair value of contingent consideration obligations for business acquisitions based on a probability-weighted income approach derived from revenue estimates, post-tax gross profit levels and a probability assessment with respect to the likelihood of achieving contingent obligations including contingent payments such as milestone obligations, royalty obligations and contract earn-out criteria, where applicable. The fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined using the fair value concepts defined in ASC Topic 820 “Fair Value Measurement,” (“ASC 820”). The resultant probability-weighted cash flows are discounted using an appropriate effective annual interest rate. At each reporting date, the contingent consideration obligation will be revalued to estimated fair value and changes in fair value will be reflected as income or expense in our consolidated statement of operations. Changes in the fair value of the contingent consideration obligations may result from changes in discount periods and rates, changes in the timing and amount of future revenue estimates and changes in probability assumptions with respect to the likelihood of achieving the various contingent payment obligations. Changes in assumptions utilized in our contingent consideration fair value estimates could result in an increase or decrease in our contingent consideration obligation and a corresponding charge or reduction to operating results. Refer to “NOTE 24 — Fair Value Measurement” for additional details regarding the fair value of contingent consideration. Revenue Recognition General Topic 606 provides that revenues are recognized when control of the promised goods under a contract is transferred to a customer, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods as specified in the underlying terms with the customer. The Company warrants products against defects and for specific quality standards, permitting the return of products under certain circumstances. Product sales are recorded net of all sales-related deductions including, but not limited to: chargebacks, trade discounts, commercial and government rebates, customer loyalty programs, fee-for-service arrangements with certain distributors, returns, and other allowances which we refer to in the aggregate as sales returns and allowances (“SRA”). The Company’s performance obligations are primarily achieved when control of the products is transferred to the customer. Transfer of control is based on contractual performance obligations, but typically occurs upon receipt of the goods by the customer as that is when the customer has obtained control of significantly all of the economic benefits. Prior to the achievement of performance obligations, shipping and handling costs associated with outbound freight for a product to be transferred to a customer are accounted for as a fulfillment cost and are included in selling and marketing expenses. When the Company sells a business and future royalties are considered as part of the consideration, the Company recognizes the royalties as a component of “other income / (expense), net”. Other revenues earned are mainly comprised of royalty income from licensing of intellectual property. Royalty income is recognized when the licensee’s subsequent sale occurs. Refer to “NOTE 21 – Segments” for our revenues disaggregated by product and segment and our revenues disaggregated by geography for our international segment. We believe this level of disaggregation best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Significant Payment Terms A contract with a customer states the final terms of the sale, including the description, quantity, and price of each product purchased. The Company’s payment terms vary by the type and location of the customer and the products offered. A customer agrees to a stated rate and price in the contract and given that most of the products sold contain variable consideration, the amount of revenue recognized incorporates adjustments for SRAs as appropriate. Determining the Transaction Price The Company offers discounts and rebates to certain customers who participate in various programs that are referred to as SRA allowances as described further below in the section “Provisions for SRAs”. Such discounting and rebating activity is included as part of the Company’s estimate of the transaction price and is accounted for as a reduction to gross sales. At time of sale, the Company records the related SRA adjustments. The Company performs validation activities each period to assess the adequacy of the liability or contra receivable estimates recorded to reflect actual activity and will adjust the reserve balances accordingly. Provisions for SRAs As is customary in the pharmaceutical industry, certain customers may receive cash-based incentives or credits, which are variable consideration accounted for as SRAs. The Company estimates SRA amounts based on the expected amount to be provided to customers, which reduces the revenues recognized. The Company believes that there will not be significant changes to our estimates of variable consideration. The Company uses a variety of methods to assess the adequacy of the SRA reserves to ensure that our financial statements are fairly stated. These provisions are estimated based on historical payment experience, the historical relationship of the deductions to gross product revenues, government regulations, estimated utilization or redemption rates, estimated customer inventory levels and current contract sales terms. The estimation process used to determine our SRA provisions has been applied on a consistent basis and no material revenue adjustments to total reported revenues have been necessary to increase or decrease our reserves for SRA as a result of a significant change in underlying estimates. Chargebacks — A chargeback represents an amount payable in the future to a wholesaler for the difference between the invoice price paid by such wholesaler customer for a particular product and the negotiated contract price that the wholesaler’s customer pays for that product. The chargeback provision and related reserve varies with changes in product mix, changes in customer pricing and changes to estimated wholesaler inventories. The provision for chargebacks also takes into account an estimate of the expected wholesaler sell-through levels to indirect customers at certain contract prices. The Company validates the chargeback accrual quarterly through a review of the inventory reports obtained from our largest wholesale customers. This customer inventory information is used to verify the estimated liability for future chargeback claims based on historical chargeback and contract rates. These large wholesalers represent the vast majority of the recipients of the Company’s chargeback credits. We continually monitor current pricing trends and wholesaler inventory levels to ensure the contra-receivable for future chargebacks is fairly stated. Rebates — Rebates include volume related incentives to direct and indirect customers, third-party managed care and Medicare Part D rebates, Medicaid rebates and other government rebates. Rebates are accrued based on an estimate of claims to be paid for product sold into trade by the Company. Volume rebates are generally contractually offered to customers as an incentive to use the Company’s products and to encourage greater product sales. These rebate programs include contracted rebates based on customers’ purchases made during an applicable monthly, quarterly or annual period. The provision for third-party rebates is estimated based on our customers’ contracted rebate programs and the Company’s historical experience of rebates paid. Any significant changes to our customer rebate programs are considered in establishing the provision for rebates. The provisions for government rebates are based, in part, upon historical experience of claims submitted by the various states and authorities, contractual terms and government regulations. We monitor legislative changes to determine what impact such legislation may have on our provision. Cash Discounts — Cash discounts are provided to customers that pay within a specific time period. The provision for cash discounts is estimated based upon invoice billings and historical customer payment experience. The Company’s experience of payment history is fairly consistent and most customer payments qualify for a cash discount. Returns and Other Allowances — The Company’s provision for returns and other allowances include returns, promotional allowances and loyalty cards. Consistent with industry practice, the Company maintains a returns policy that allows customers to return product for a credit. In accordance with the Company’s policy, credits for customer returns of products are applied against outstanding account activity or are settled in cash. Product exchanges are generally not permitted. Customer returns of product are generally not resalable. The Company’s estimate of the provision for returns is based upon historical experience and current trends of actual customer returns. Additionally, we consider other factors when estimating the current period returns provision, including levels of inventory in the distribution channel, as well as significant market changes which may impact future expected returns. Promotional allowances are credits with no discernable benefit offered to Allergan that are issued in connection with a product launch or as an incentive for customers to carry our product. The Company establishes a reserve for promotional allowances based upon contractual terms. Loyalty cards allow end-user patients a discount per prescription and are accrued based on historical experience, contract terms and the volume of product and cards in the distribution channel. The following table summarizes the activity from continuing operations in the Company’s major categories of SRA ($ in millions): Chargebacks Rebates Returns and Other Allowances Cash Discounts Total Balance at December 31, 2015 $ 78.2 $ 1,344.4 $ 367.5 $ 25.1 $ 1,815.2 Provision related to sales in 2016 1,003.2 4,338.7 1,390.1 306.5 7,038.5 Credits and payments (967.2 ) (4,069.1 ) (1,341.7 ) (296.9 ) (6,674.9 ) Balance at December 31, 2016 $ 114.2 $ 1,614.0 $ 415.9 $ 34.7 $ 2,178.8 Provision related to sales in 2017 1,098.7 4,891.4 1,799.3 330.6 8,120.0 Credits and payments (1,135.7 ) (4,710.4 ) (1,734.7 ) (328.8 ) (7,909.6 ) Add: LifeCell and Zeltiq Acquisitions - 4.2 37.1 - 41.3 Balance at December 31, 2017 $ 77.2 $ 1,799.2 $ 517.6 $ 36.5 $ 2,430.5 Provision related to sales in 2018 1,117.7 5,464.7 1,725.3 322.2 8,629.9 Credits and payments (1,133.1 ) (5,355.4 ) (1,676.3 ) (328.0 ) (8,492.8 ) Balance at December 31, 2018 $ 61.8 $ 1,908.5 $ 566.6 $ 30.7 $ 2,567.6 Contra accounts receivable at December 31, 2018 $ 61.8 $ 76.4 $ 38.8 $ 30.7 $ 207.7 Accounts payable and accrued expenses at December 31, 2018 $ - $ 1,832.1 $ 527.8 $ - $ 2,359.9 The following table summarizes the balance sheet classification of our SRA reserves ($ in millions): December 31, 2018 December 31, 2017 Contra accounts receivable $ 207.7 $ 250.6 Accounts payable and accrued expenses 2,359.9 2,179.9 Total $ 2,567.6 $ 2,430.5 The SRA provisions recorded to reduce gross product sales to net product sales, excluding discontinued operations, were as follows ($ in millions): Years Ended December 31, 2018 2017 2016 Gross product sales $ 24,056.9 $ 23,688.4 $ 21,398.6 Provisions to reduce gross product sales to net products sales (8,629.9 ) (8,120.0 ) (7,038.5 ) Net product sales $ 15,427.0 $ 15,568.4 $ 14,360.1 Percentage of SRA provisions to gross sales 35.9 % 34.3 % 32.9 % Collectability Assessment At the time of contract inception or customer account set-up, the Company performs a collectability assessment on the creditworthiness of such customer. The Company assesses the probability that the Company will collect the consideration to which it will be entitled in exchange for the goods sold. In evaluating collectability, the Company considers the customer’s ability and intention to pay consideration when it is due. On a recurring basis, the Company estimates the amount of receivables considered uncollectible after sale to the customer to reflect allowances for doubtful accounts. Provision for bad debts, included in general and administrative expenses, were $18.5 million, $11.6 million and $3.5 mill |
Business Developments
Business Developments | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Developments | NOTE 5 — Business Developments 2018 Significant Business Developments The following are the significant transactions that were completed or announced in the year ended December 31, 2018. Licenses and Asset Acquisitions Bonti, Inc. On October 24, 2018, the Company acquired Bonti, Inc. (“Bonti”), a privately held clinical-stage biotechnology company focused on the development and commercialization of novel, fast-acting neurotoxin programs for aesthetic and therapeutic applications, for $195.0 million upfront plus contingent consideration of up to $90.0 million which may be recorded if the corresponding events become probable. The transaction was accounted for as an asset acquisition as the purchase primarily related to one asset. The aggregate upfront expense of $196.6 million was recorded as a component of R&D expense in the year ended December 31, 2018. Elastagen Pty Ltd On April 6, 2018, the Company completed the acquisition of Elastagen Pty Ltd, a clinical stage medical company developing medical and cosmetic treatments including recombinant human tropoelastin, the precursor of elastin, which will be combined with Allergan's existing fillers product lines. The transaction was accounted for as an asset acquisition as the purchase primarily related to one asset. The aggregate upfront expense of $96.1 million was recorded as a component of R&D expense during the year ended December 31, 2018. Under the terms of the agreement, Elastagen Pty Ltd is eligible to receive additional contingent consideration of up to $165.0 million which may be recorded if the corresponding events become probable. Repros Therapeutics, Inc. On January 31, 2018, the Company completed the acquisition of Repros Therapeutics, Inc., which was accounted for as an asset acquisition as the purchase primarily related to one asset. The aggregate upfront expense of $33.2 million was recorded as a component of R&D expense during the year ended December 31, 2018. Divestitures Aclaris Therapeutics, Inc. On November 30, 2018, the Company divested Rhofade ® Aclaris Therapeutics, Inc. Under the terms of the agreement, the purchase price included an upfront cash payment, a potential development milestone payment for an additional dermatology product, and tiered payments based on annual net sales of ® a fair value estimated to be . Almirall, S.A. On September 20, 2018, the Company completed the sale of five medical dermatology products (Aczone ® ® ® ® ™ Purchase Price $ 550.0 Assets sold Intangible assets $ 205.4 Goodwill 184.0 Other assets 31.0 Net assets sold $ 420.4 Net gain included as a component of Other income / (expense), net $ 129.6 2017 Significant Business Developments The following are the significant transactions that were completed or announced in the year ended December 31, 2017. Acquisitions Keller Medical, Inc. On June 23, 2017, the Company acquired Keller Medical, Inc. (“Keller”), a privately held medical device company and developer of the Keller Funnel ® ® Zeltiq ® On April 28, 2017, the Company acquired Zeltiq ® ® Assets Acquired and Liabilities Assumed at Fair Value The Zeltiq Acquisition has been accounted for using the acquisition method of accounting. This method requires that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date and reflects purchase accounting adjustments subsequent to the acquisition date ($ in millions): Final Valuation as of December 31, 2018 Cash and cash equivalents $ 36.7 Accounts receivable 47.0 Inventories 59.3 Property, plant and equipment 12.4 Intangible assets 1,185.0 Goodwill 1,211.6 Other assets 17.1 Accounts payable and accrued expenses (104.6 ) Deferred revenue (10.6 ) Deferred taxes, net (47.2 ) Other liabilities (1.3 ) Net assets acquired $ 2,405.4 IPR&D and Intangible Assets The estimated fair value of the intangible assets, including customer relationships, was determined using the “income approach,” which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. Some of the more significant assumptions inherent in the development of those asset valuations include the estimated net cash flows for each year for each asset or product (including net revenues, cost of sales, R&D costs, selling and marketing costs, other allocated costs, and working capital/contributory asset charges), the appropriate discount rate to select in order to measure the risk inherent in each future cash flow stream, the assessment of each asset’s life cycle, the potential regulatory and commercial success risks, competitive trends impacting the asset and each cash flow stream. This technique is referred to herein as the “IPR&D and Intangible Asset Valuation Technique.” The fair value of the intangible assets acquired in the Zeltiq Acquisition was determined using the IPR&D and Intangible Asset Valuation Technique. The discount rate used to arrive at the present value for these acquired intangible assets ranged from 10.0% to 11.0% to reflect the internal rate of return and incremental commercial uncertainty in the cash flow projections. The discount rate of the Zeltiq Acquisition was driven by the life-cycle stage of the products and the therapeutic indication. For these and other reasons, actual results may vary significantly from estimated results. The following table identifies the summarized amounts recognized and the weighted average useful lives using the economic benefit of intangible assets ($ in millions): Amount recognized as of the acquisition date Weighted average useful lives (years) Definite Lived Assets Consumables $ 985.0 6.7 System 43.0 3.7 Total CMP 1,028.0 Customer Relationships 157.0 6.6 Total Definite Lived Assets $ 1,185.0 Goodwill Among the reasons the Company acquired Zeltiq and the factors that contributed to the recognition of goodwill was the expansion of the Company’s leading medical aesthetics portfolio. Goodwill from the Zeltiq Acquisition of $ 954.7 Inventories The fair value of inventories acquired included an acquisition accounting fair market value step-up of $22.9 million which was recognized as a component of cost of sales as the inventory acquired was sold to the Company’s customers in the year ended December 31, 2017. Deferred Tax Liabilities Deferred tax liabilities result from identifiable intangible assets’ fair value adjustments. These adjustments create excess book basis over tax basis which is tax-effected by the statutory tax rates of applicable jurisdictions. LifeCell Corporation On February 1, 2017, the Company acquired LifeCell Corporation (“LifeCell”), a regenerative medicine company, for an acquisition accounting price of $2,883.1 million (the “LifeCell Acquisition”). The LifeCell Acquisition combined LifeCell's novel, regenerative medicines business, including its high-quality and durable portfolio of dermal matrix products with the Company's leading portfolio of medical aesthetic products, breast implants and tissue expanders. The LifeCell Acquisition expanded the Company’s medical aesthetics portfolio by adding Alloderm ® ® Assets Acquired and Liabilities Assumed at Fair Value The LifeCell Acquisition has been accounted for using the acquisition method of accounting. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date and reflects purchase accounting adjustments subsequent to the acquisition date ($ in millions): Final Valuation Cash and cash equivalents $ 8.7 Accounts receivable 50.8 Inventories 175.4 Property, plant and equipment, net 53.7 Currently marketed products ("CMP") intangible assets 2,010.0 In-process research and development ("IPR&D") intangible assets 10.0 Goodwill 1,449.1 Accounts payable and accrued expenses (149.6 ) Deferred tax liabilities, net (746.2 ) Other 21.2 Net assets acquired $ 2,883.1 IPR&D and Intangible Assets The fair value of the acquired intangible assets was determined using the IPR&D and Intangible Asset Valuation Technique. The discount rate used to arrive at the present value for these acquired intangible assets was 7.5% to reflect the internal rate of return and incremental commercial uncertainty in the cash flow projections in the LifeCell Acquisition. The discount rate of the LifeCell Acquisition was driven by the life-cycle stage of the products including, the advanced nature of IPR&D projects and the therapeutic indication. For these and other reasons, actual results may vary significantly from estimated results. The following table identifies the summarized amounts recognized and the weighted average useful lives using the economic benefit of intangible assets ($ in millions): Amount recognized as of the acquisition date Weighted average useful lives (years) Definite lived assets Alloderm ® $ 1,385.0 6.9 Revolve ® 80.0 7.1 Strattice ® 320.0 5.1 Artia ® 115.0 8.8 Other 10.0 2.8 Total CMP 1,910.0 Customer Relationships 100.0 6.3 Total definite lived assets 2,010.0 In-process research and development Other 10.0 Total IPR&D 10.0 Total intangible assets $ 2,020.0 Goodwill Among the reasons the Company acquired LifeCell and the factors that contributed to the recognition of goodwill was the expansion of the Company’s leading medical aesthetic portfolio. Goodwill from the LifeCell Acquisition of $ 1,449.1 Inventories The fair value of inventories acquired included an acquisition accounting fair market value step-up of $108.4 million which was recognized as a component of cost of sales as the inventory acquired was sold to the Company’s customers in the year ended December 31, 2017, excluding currency impact. Deferred Tax Liabilities Deferred tax liabilities result from identifiable intangible assets’ fair value adjustments. These adjustments create excess book basis over tax basis which is tax-effected by the statutory tax rates of applicable jurisdictions. Licenses and Other Transactions Accounted for as Asset Acquisitions Lyndra, Inc. On July 31, 2017, the Company entered into a collaboration, option and license agreement with Lyndra, Inc. (“Lyndra”) to develop orally administered ultra-long-acting (once-weekly) products for the treatment of Alzheimer’s disease and an additional, unspecified indication. The total upfront payment of $15.0 million was included as a component of R&D expense in the year ended December 31, 2017. The Company concluded based on the stage of development of the assets, the lack of acquired employees and manufacturing, as well as the lack of certain other inputs and processes, that the transaction did not qualify as a business. The future option exercise payments, if any, and any future success based milestones relating to the licensed products of up to $85.0 million will be recorded if the corresponding events become probable. Editas Medicine, Inc. On March 14, 2017, the Company entered into a strategic alliance and option agreement with Editas Medicine, Inc. (“Editas”) for access to early stage, first-in-class eye care programs. Pursuant to the agreement, Allergan made an upfront payment of $90.0 million for the right to license up to five of Editas’ gene-editing programs in eye care, including its lead program for Leber Congenital Amaurosis (“LCA”). Under the terms of the agreement, if an option is exercised, Editas is eligible to receive contingent research and development and commercial milestones plus royalties based on net sales. The Company concluded based on the stage of development of the assets, the lack of acquired employees and manufacturing, as well as the lack of certain other inputs and processes, that the transaction did not qualify as a business. The total upfront payment of $90.0 million was included as a component of R&D expense in the year ended December 31, 2017. The future option exercise payments, if any, and any future success based milestones relating to the licensed products will be recorded if the corresponding events become probable. In the year ended December 31, 2018, the Company exercised a $15.0 million option to develop and commercialize EDIT-101 globally for the treatment of LCA10 which was included as a component of R&D expense. Additionally, Editas has exercised its option to co-develop and share equally in the profits and losses from EDIT-101 in the United States. Editas received an additional $25.0 million milestone, which was included as a component as R&D expense in the year ended December 31, 2018, as the FDA accepted the investigational new drug application for EDIT-101. Assembly Biosciences, Inc. On January 9, 2017, the Company entered into a licensing agreement with Assembly Biosciences, Inc. (“Assembly”) for the worldwide rights to Assembly’s microbiome gastrointestinal development programs. Under the terms of the agreement, the Company made an upfront payment to Assembly of $50.0 million for the exclusive, worldwide rights to develop and commercialize certain development compounds. Additionally, Assembly will be eligible to receive success-based development and commercial milestone payments plus royalties based on net sales. The Company and Assembly will generally share development costs through proof-of-concept (“POC”) studies, and Allergan will assume all post-POC development costs. The Company concluded based on the stage of development of the assets, the lack of acquired employees and manufacturing as well as the lack of certain other inputs and processes that the transaction did not qualify as a business. The total upfront payment of $50.0 million was included as a component of R&D expense in the year ended December 31, 2017 and the future success based milestone payments of up to $2,771.0 million, including amounts for additional development programs not committed to as of December 31, 2017, will be recorded if the corresponding events become probable. Lysosomal Therapeutics, Inc. On January 9, 2017, the Company entered into a definitive agreement for the option to acquire Lysosomal Therapeutics, Inc. (“LTI”). LTI is focused on innovative small-molecule research and development in the field of neurodegeneration, yielding new treatment options for patients with severe neurological diseases. Under the agreement, Allergan acquired an option right directly from LTI shareholders to acquire LTI for $150.0 million plus future milestone payments following completion of a Phase Ib trial for LTI-291 as well as an upfront research and development payment. The Company concluded based on the stage of development of the assets, the lack of acquired employees and manufacturing, as well as the lack of certain other inputs and processes, that the transaction did not qualify as a business. The aggregate upfront payment of $145.0 million was recorded as a component of R&D expense in the year ended December 31, 2017. The Company did not exercise its option and on January 2, 2019, the option agreement with LTI was terminated. Other Transactions Saint Regis Mohawk Tribe On September 8, 2017, the Company entered into an agreement with the Saint Regis Mohawk Tribe, under which the Saint Regis Mohawk Tribe obtained the rights to Orange Book-listed patents covering Restasis ® 2016 Significant Business Developments The following are the significant transactions that were completed in the year ended December 31, 2016. Refer to “NOTE 8 — Discontinued Operations” for material divestitures that were completed into during the year ended December 31, 2016. Acquisitions Tobira On November 1, 2016, the Company acquired Tobira Therapeutics, Inc. (“Tobira”), a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for non-alcoholic steatohepatitis (“NASH”) and other liver diseases for an acquisition accounting purchase price of $570.1 million, plus contingent consideration of up to $49.84 per share in contingent value rights (“CVR”), or up to $1,101.3 million, that may be payable based on the successful completion of certain development, regulatory and commercial milestones (the “Tobira Acquisition”), of which $303.1 million was paid in the year ended December 31, 2017 for the initiation of Phase III clinical trials. The CVR had an acquisition date fair value of $479.0 million. The Tobira Acquisition added Cenicriviroc, a differentiated, complementary development program for the treatment of the multi-factorial elements of NASH, including inflammation, metabolic syndromes and fibrosis, to Allergan's global gastroenterology R&D pipeline. Assets Acquired and Liabilities Assumed at Fair Value The transaction has been accounted for using the acquisition method of accounting. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date ($ in millions): Final Valuation Cash and cash equivalents $ 21.3 IPR&D intangible assets 1,357.0 Goodwill 98.6 Indebtedness (15.9 ) Contingent consideration (479.0 ) Deferred tax liabilities, net (381.8 ) Other assets and liabilities (30.1 ) Net assets acquired $ 570.1 IPR&D and Intangible Assets The fair value of the IPR&D intangible assets was determined using the IPR&D and Intangible Asset Valuation Technique. The discount rate used to arrive at the present value for IPR&D intangible assets was 11.5% to reflect the internal rate of return and incremental commercial uncertainty in the cash flow projections. The discount rate of the acquisition was driven by the stage of the product and the therapeutic indication. No assurances can be given that the underlying assumptions used to prepare the discounted cash flow analysis will not change. For these and other reasons, actual results may vary significantly from estimated results. Goodwill Among the reasons the Company acquired Tobira and the factors that contributed to the recognition of goodwill was the expansion of the Company’s pipeline of NASH products. Goodwill from the Tobira Acquisition of $98.6 million was assigned to the US General Medicine segment and is non-deductible for tax purposes. Contingent Consideration As part of the acquisition, the Company is required to pay the former shareholders of Tobira up to $1,101.3 million, of which $303.1 million was paid in the year ended December 31, 2017, based on the timing of the certain development, regulatory and commercial milestones, if any. At the time of the acquisition, the Company estimated the fair value of the contingent consideration to be $479.0 million using a probability weighted average approach that considered the possible outcomes of scenarios related to the specified product. Deferred Tax Liabilities Deferred tax liabilities result from identifiable intangible assets’ fair value adjustments. These adjustments create excess book basis over tax basis which is tax-effected by the statutory tax rates of applicable jurisdictions. Vitae Pharmaceuticals, Inc. On October 25, 2016, the Company acquired Vitae Pharmaceuticals, Inc. (“Vitae”), a clinical-stage biotechnology company, for an acquisition accounting purchase price of $621.4 million (the “Vitae Acquisition”). At the time of the transaction, the Vitae Acquisition was anticipated to expand Allergan’s dermatology product pipeline with the addition of a Phase II orally active RORyt (retinoic acid receptor-related orphan receptor gamma) inhibitor for the potential treatment of psoriasis and other autoimmune disorders, and a Phase II atopic dermatitis drug candidate. Assets Acquired and Liabilities Assumed at Fair Value The transaction has been accounted for using the acquisition method of accounting. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date ($ in millions): Final Valuation Cash and cash equivalents $ 44.7 Marketable securities 20.2 Property, plant and equipment, net 5.0 IPR&D intangible assets 686.0 Assets held for sale 22.5 Goodwill 30.6 Other assets and liabilities (20.7 ) Deferred tax liabilities, net (166.9 ) Net assets acquired $ 621.4 IPR&D and Intangible Assets The fair value of the IPR&D intangible assets was determined using the IPR&D and Intangible Asset Valuation Technique. The discount rate used to arrive at the present value for IPR&D intangible assets was 9.5% to reflect the internal rate of return and incremental commercial uncertainty in the cash flow projections. The discount rate of the acquisition was driven by the stage of the product and the therapeutic indication. Refer to “NOTE 16 – Goodwill, Product Rights and Other Intangible Assets” for impairments of the acquired assets. Goodwill Among the reasons the Company acquired Vitae and the factors that contributed to the recognition of goodwill was the expansion of the Company’s pipeline of dermatology products. Goodwill from the Vitae Acquisition of $30.6 million was assigned to the US Specialized Therapeutic segment and is non-deductible for tax purposes. Deferred Tax Liabilities Deferred tax liabilities result from identifiable intangible assets’ fair value adjustments. These adjustments create excess book basis over tax basis which is tax-effected by the statutory tax rates of applicable jurisdictions. Assets Held for Sale The Company held for sale certain intangible assets acquired as part of the Vitae Acquisition. These assets had an acquisition accounting value of $22.5 million. In the year ended December 31, 2017, the Company sold these assets for $22.5 million. ForSight VISION5, Inc. On September 23, 2016, the Company acquired ForSight VISION5, Inc. (“ForSight”), a privately held, clinical-stage biotechnology company focused on eye care, in an all cash transaction of approximately $95.0 million (the “ForSight Acquisition”). Under the terms of the ForSight Acquisition, the Company acquired ForSight for an acquisition accounting purchase price of $74.5 million plus the payment of outstanding indebtedness of $14.8 million and other miscellaneous charges. ForSight shareholders are eligible to receive contingent consideration of up to $125.0 million, which had an initial estimated fair value of $79.8 million, relating to commercialization milestones. The Company acquired ForSight for its lead development program, a peri-ocular ring designed for extended drug delivery and reducing elevated intraocular pressure (“IOP”) in glaucoma patients. Assets Acquired and Liabilities Assumed at Fair Value The transaction has been accounted for using the acquisition method of accounting. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date ($ in millions): Final Valuation Cash and cash equivalents $ 1.0 IPR&D intangible assets 158.0 Goodwill 50.5 Current liabilities (14.8 ) Contingent consideration (79.8 ) Deferred tax liabilities, net (37.2 ) Other assets and liabilities (3.2 ) Net assets acquired $ 74.5 IPR&D and Intangible Assets The fair value of the IPR&D intangible assets was determined using the IPR&D and Intangible Asset Valuation Technique. The discount rate used to arrive at the present value for IPR&D intangible assets was 13.0% to reflect the internal rate of return and incremental commercial uncertainty in the cash flow projections. The discount rate of the acquisition was driven by the early stage of the product and the therapeutic indication. No assurances can be given that the underlying assumptions used to prepare the discounted cash flow analysis will not change. For these and other reasons, actual results may vary significantly from estimated results. Goodwill Among the reasons the Company acquired ForSight and the factors that contributed to the recognition of goodwill was the expansion of the Company’s pipeline of eye care products. Goodwill from the ForSight Acquisition of $50.5 million was assigned to the US Specialized Therapeutics segment and is non-deductible for tax purposes. Contingent Consideration As part of the acquisition, the Company is required to pay the former shareholders of ForSight up to $125.0 million based on the timing of the first commercial sale, if any. The Company estimated the fair value of the contingent consideration to be $79.8 million using a probability weighted average approach that considered the possible outcomes of scenarios related to the specified product. In the year ended December 31, 2016, t he Company recognized approximately $33.0 million in impairments of the acquired ForSight IPR&D asset as the Company anticipated a delay in potential launch timing, if any. Offsetting this impairment was a corresponding reduction of acquired contingent consideration of $15.0 million, which reduced overall R&D expenses. Deferred Tax Liabilities Deferred tax liabilities result from identifiable intangible assets’ fair value adjustments. These adjustments create excess book basis over tax basis which is tax-effected by the statutory tax rates of applicable jurisdictions. Licenses and Asset Acquisitions Motus Therapeutics, Inc. On December 15, 2016, the Company acquired Motus Therapeutics, Inc. (“Motus”) for an upfront payment of approximately $200.0 million (the “Motus Transaction”). Motus has the worldwide rights to RM-131 (relamorelin), a peptide ghrelin agonist being developed for the treatment of diabetic gastroparesis. Under the terms of the Motus Transaction, Motus shareholders are eligible to receive contingent consideration in connection with the commercial launch of the product. The Company concluded based on the stage of development of the assets, the lack of acquired employees as well as certain other inputs and processes that the transaction did not qualify as a business. The total upfront net payment of $199.5 million was included as a component of R&D expense in the year ended December 31, 2016 and the future milestone will be recorded if the corresponding event becomes probable. Chase Pharmaceuticals Corporation On November 22, 2016, the Company acquired Chase Pharmaceuticals Corporation (“Chase”), a clinical-stage biopharmaceutical company focused on the development of improved treatments for neurodegenerative disorders including Alzheimer's disease, for an upfront payment of approximately $125.0 million plus potential regulatory and commercial milestones of up to $875.0 million related to Chase's lead compound, CPC-201, and certain backup compounds (the “Chase Transaction”). The Company concluded based on the stage of development of the assets, the lack of acquired employees as well as certain other inputs and processes that the Chase Transaction did not qualify as a business. The total upfront net payment of $122.9 million was expensed as a component of R&D expense in the year ended December 31, 2016 and the future milestones will be recorded if the corresponding events become probable. In the year ended December 31, 2018, milestone payments of $75.0 million were included as a component of R&D expense. AstraZeneca plc License On October 2, 2016, the Company entered into a licensing agreement with MedImmune, AstraZeneca plc's (“AstraZeneca”) global biologics research and development arm, for the global rights to brazikumab (the “AstraZeneca Transaction”). Brazikumab is an anti-IL-23 monoclonal antibody for the treatment of patients with moderate-to-severe Crohn's disease and was Phase II ready for ulcerative colitis and other conditions treated with anti-IL-23 monoclonal antibodies. Under the terms of the AstraZeneca Transaction, AstraZeneca received $250.0 million for the exclusive, worldwide license to develop and commercialize brazikumab and can receive contingent consideration of up to $1.27 billion (as of the time of the transaction), as well as tiered royalties on sales of the product. The Company concluded based on the stage of development of the assets, the lack of acquired employees and manufacturing as well as certain other inputs and processes that the transaction did not qualify as a business. The total upfront payment of $250.0 million was included as a component of R&D expense in the year ended December 31, 2016 and the future milestones will be recorded if the corresponding events become probable. In the year ended December 31, 2018, milestones of $90.0 million, related to the probable initiation of clinical studies, were expensed as a component of R&D expense. RetroSense Therapeutics, LLC On September 6, 2016, the Company acquired certain assets of RetroSense Therapeutics LLC (“RetroSense”), a private, clinical-stage biotechnology company focused on novel gene therapy approaches to restore vision in patients suffering from blindness (the “RetroSense Transaction”). Under the terms of the RetroSense Transaction, RetroSense received approximately $60.0 million upfront, and is eligible to receive up to $495.0 million in contingent regulatory and commercialization milestone payments related to its lead development program, RST-001, a novel gene therapy for the treatment of retinitis pigmentosa. The Company concluded based on the stage of development of the assets, the lack of acquired employees as well as certain other inputs and processes that the RetroSense Transaction did not qualify as a business. The total upfront net payment of $59.7 million was included as a component of R&D expense in the year ended December 31, 2016 and the future milestones will be recorded if the corresponding events become probable. Akarna Therapeutics, Ltd. On August 26, 2016, the Company acquired Akarna Therapeutics, Ltd. (“Akarna”), a biopharmaceutical company developing novel small molecule therapeutics that target inflammatory and fibrotic diseases (the “Akarna Transaction”). Under the terms of the Akarna Transaction, Akarna shareholders received approximately $50.0 million upfront and were eligible to receive contingent development and commercialization milestones of up to $1,015.0 million. The Company concluded based on the stage of development of the assets as well as a lack of certain other inputs and processes that the Akarna Transaction did not qualify as a business. The total upfront net payment of $48.2 million was included as a component of R&D expense in the year ended December 31, 2016 Topokine Therapeutics, Inc. On April 21, 2016, the Company acquired Topokine Therapeutics, Inc. (“Topokine”), a privately held, clinical-stage biotechnology company focused on development stage topical medicines for fat reduction (the “Topokine Transaction”). Under the terms of the Topokine Transaction, Topokine shareholders received an upfront payment of $85.8 million and are eligible to receive contingent development and commercialization milestones of up to $260.0 million for XAF5, a first-in-class topical agent in development for the treatment of steatoblepharon, also known as undereye bags. The Company concluded based on the stage of development of the assets, the lack of acquired employees as well as certain other inputs and processes that the Topokine Transaction did not qualify as a business. The total upfront net payment of approximately $85.0 million was included as a component of R&D expense in the year ended December 31, 2016 Heptares Therapeutics, Ltd. On April 6, 2016, the Company entered into an agreement with Heptares Therapeutics, Ltd. (“Heptares”), under which the Company licensed exclusive global rights to a portfolio of novel subtype-selective muscarinic receptor agonists in development for the treatment of major neurological disorders, including Alzheimer's disease (the “Heptares Transaction”). Under the terms of the Heptares Transaction, Heptares received an upfront payment of $125.0 million and is eligible to receive contingent milestone payments of up to approximately $665.0 million upon successful Phase I, II and III clinical development and launch of the first three licensed compounds for multiple indications and up to approximately $2.575 billion associated with achieving certain annual sales thresholds during the several years following launch. In addition, Heptares was eligible to receive contingent tiered royalties on net sales of all products resulting from the partnership. The Company concluded based on the stage of development of the assets, the lack of acquired employees as well as certain other inputs and processes that the Heptares Transaction did not qualify as a business. The total upfront payment of $125.0 million was included as a component of R&D expense in the year ended December 31, 2016 Anterios, Inc. On January 6, 2016, the Company acquired Anterios, Inc. (“Anterios”), a clinical stage biopharmaceutical company developing a next generation delivery syst |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2018 | |
Assets Held For Sale Not Part Of Disposal Group [Abstract] | |
Assets Held for Sale | NOTE 6 — Assets Held for Sale The following represents the assets held for sale ($ in millions): December 31, December 31, 2018 2017 Assets held for sale: Inventories $ 34.0 $ - Property, plant and equipment, net 32.8 53.0 Product rights and other intangibles 849.4 15.8 Goodwill - 12.8 Total assets held for sale $ 916.2 $ 81.6 As of December 31, 2018, Allergan concluded that its Anti-Infectives business met the criteria for held for sale based on management’s intent and ability to divest the business within the next twelve months. As a result of this decision, Allergan impaired the business assets by $771.7 million, including goodwill of $622.0 million, based on the expected aggregate fair value to be received of approximately $885.0 million. Upon the sale of the business, Allergan would only recognize the upfront proceeds received in exchange for the assets disposed, which may result in further potential write downs as of the date of sale. If contingent consideration is part of the aggregate fair value received, the Company would recognize any future benefits in “other income / (expense)” as the contingent portion of the divestiture is earned. As of December 31, 2017, assets held for sale principally consisted of facilities no longer in use and certain product rights and other intangibles and goodwill. |
Collaborations
Collaborations | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaborations | NOTE 7 — Collaborations The Company has ongoing transactions with other entities through collaboration agreements. The following represent the material collaboration agreements impacting the years ended December 31, 2018, 2017 and 2016. Ironwood Collaboration In September 2007, Forest entered into a collaboration agreement with Ironwood Pharmaceuticals (“Ironwood”) to jointly develop and commercialize Linzess ® The agreement included contingent milestone payments as well as a contingent equity investment based on the achievement of specific clinical and commercial milestones. The Company may be obligated to pay up to an additional $100.0 million if certain sales milestones are achieved. Based on the nature of the arrangement (including its contractual terms), the nature of the payments and applicable guidance, the Company records receipts from and payments to Ironwood in two pools: the “Development pool” which consists of R&D expenses, and the “Commercialization pool,” which consists of revenue, cost of sales and other operating expenses. The net payment to or receipt from Ironwood for the Development pool is recorded in R&D expense and the net payment to or receipt from Ironwood for the Commercialization pool is recorded in cost of goods sold. In the year ended December 31, 2018, the Company recorded a $29.9 million Linzess ® Amgen Collaboration In December 2011, we entered into a collaboration agreement with Amgen Inc. (“Amgen”) to develop and commercialize, on a worldwide basis, biosimilar versions of Herceptin ® ® ® ® In addition, we will contribute our significant expertise in the commercialization and marketing of products in highly competitive specialty markets, including helping effectively manage the lifecycle of the biosimilar products. The collaboration products are expected to be sold under a joint Amgen/Allergan label. We will initially receive royalties and sales milestones from product revenues. The collaboration will not pursue biosimilars of Amgen’s proprietary products. In the year ended December 31, 2017, the FDA approved MVASI ™, a biosimilar of Avastin, for the treatment of five types of cancer. As a result of the approval, the Company can achieve certain commercial and sales based milestones and receive royalties based on the net sales of the product. In the year ended December 31, 2018, the Company recorded $25.0 million in milestone revenue as a result of the anticipated product launch of MVASI ™ ™ ™ |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Global Generics [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Discontinued Operations | NOTE 8 — Discontinued Operations Global Generics Business On July 27, 2015, the Company announced that it entered into the Teva Transaction, which closed on August 2, 2016. On October 3, 2016, the Company completed the divestiture of the Anda Distribution business to Teva for $500.0 million. The Company recognized a combined gain on the sale of the Anda Distribution business and the sale of the global generics business of $15,932.2 million in the twelve months ended December 31, 2016. In October 2016, pursuant to our agreement with Teva, Teva provided the Company with its proposed estimated adjustment to the closing date working capital balance. The Company disagreed with Teva’s proposed adjustment, and, pursuant to our agreement with Teva, each of the Company’s and Teva’s proposed adjustments were submitted to arbitration (“Working Capital Arbitration”) to determine the working capital amount in accordance with GAAP as applied by the Company consistent with past practice. On January 31, 2018, Allergan plc and Teva entered into a Settlement Agreement and Mutual Releases (the “Agreement”). The Agreement provides that the Company will make a one-time payment of $700.0 million to Teva which was paid in the year ended December 31, 2018; the Company and Teva will jointly dismiss their working capital dispute arbitration, and the Company and Teva will release all actual or potential claims under the Master Purchase Agreement, dated July 26, 2015, by and between the Company and Teva, for breach of any representation, warranty, or covenant (other than any breach of a post-closing covenant not known as of the date of the Agreement). The Company recorded a pre-tax charge of $466.0 million as a component of other (expense) / income, net from discontinued operations relating to the settlement in the year ended December 31, 2017. The Company notes the following reconciliation of the proceeds received in the combined transaction to the gain recognized in income from discontinued operations in 2016 ($ in millions): Net cash proceeds received $ 33,804.2 August 2, 2016 fair value of Teva shares 5,038.6 Total Proceeds $ 38,842.8 Net assets sold to Teva, excluding cash (12,487.7 ) Other comprehensive income disposed (1,544.8 ) Deferral of proceeds relating to additional elements of agreements with Teva (299.2 ) Pre-tax gain on sale of generics business and Anda Distribution business $ 24,511.1 Income taxes (8,578.9 ) Net gain on sale of generics business and Anda Distribution business $ 15,932.2 The fair value of Teva Shares owned were recorded within “Marketable securities” on the Company’s Consolidated Balance Sheet. The closing August 2, 2016 Teva stock price discounted at a rate of 5.9 percent due to the lack of marketability was used to initially value the shares. Teva Share Activity During the year ended December 31, 2018, the Company recorded the following movements in its investment in Teva securities ("Teva Share Activity") ($ in millions except per share information): Shares Carrying Value per Share Market Price Proceeds Received Value of Marketable Securities Unrealized Gain / (Loss) as a Component of Other Comprehensive Income Gain / (Loss) Recognized in Other Income/ (Expense), Net Derivative Instrument (Liability)/ Asset Retained Earnings Teva securities as of December 31, 2017 95.9 $ 17.60 $ 18.95 n.a. $ 1,817.7 $ 129.3 $ - $ (62.9 ) $ - Impact of ASU No. 2016-01 during the three months ended March 31, 2018 - - - - - (129.3 ) - - 129.3 Settlement of initial accelerated share repurchase ("ASR"), net during the three months ended March 31, 2018 (1) (25.0 ) 18.95 16.53 (2) 413.3 (473.8 ) - 2.5 62.9 - Settlement of forward sale entered into during the three months ended March 31, 2018, net (3) (25.0 ) 17.09 18.61 (4) 465.5 (427.3 ) - 38.2 - - Open market sales during the twelve months ended December 31, 2018 (45.9 ) n.a. (5) 20.41 936.7 (916.6 ) - 20.2 - - Teva securities as of and for the twelve months ended December 31, 2018 - $ - $ - $ 1,815.5 $ - $ - $ 60.9 $ - $ 129.3 (1) (2) (3) (4) (5) During the year ended December 31, 2017, the Company recorded the following movements in its investment in Teva securities ($ in millions except per share information): Shares Carrying Value per Share Market Price Discount Movement in the Value of Marketable Securities Unrealized Gain / (Loss) as a Component of Other Comprehensive Income (Loss) / Gain Recognized in Other Income / (Expense), Net Teva securities as of December 31, 2016 100.3 $ 53.39 $ 36.25 5.4 % $ 3,439.2 $ (1,599.4 ) $ - Other-than-temporary impairment recognized at March 31, 2017 100.3 32.09 32.09 4.9 % (378.6 ) 1,599.4 (1,978.0 ) Other-than-temporary impairment recognized at September 30, 2017 100.3 17.60 17.60 0.0 % (1,295.5 ) - (1,295.5 ) Sales during the twelve months ended December 31, 2017 (4.4 ) n.a. n.a. 0.0 % (76.7 ) - 4.2 Other fair value movements in the twelve months ended December 31, 2017 95.9 17.60 18.95 0.0 % 129.3 129.3 - Teva securities as of and for the twelve months ended December 31, 2017 95.9 $ 17.60 $ 18.95 0.0 % $ 1,817.7 $ 129.3 $ (3,269.3 ) The Teva stock price was discounted due to the lack of marketability. Financial results of the global generics business and the Anda Distribution business are presented as “(Loss) / income from discontinued operations, net of tax” on the Consolidated Statements of Operations for the years ended December 31, 2017 and 2016. The following table presents key financial results of the global generics business and the Anda Distribution business included in “(Loss) / income from discontinued operations, net of tax” for the years ended December 31, 2017 and 2016 ($ in millions): Years Ended December 31, 2017 2016 Net revenues $ - $ 4,504.3 Operating expenses: Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) - 2,798.3 Research and development - 269.4 Selling and marketing - 352.9 General and administrative 18.8 425.8 Amortization - 4.8 Asset sales and impairments, net 1.2 - Total operating expenses 20.0 3,851.2 Operating (loss) / income (20.0 ) 653.1 Other (expense) / income, net (470.4 ) 15,932.2 (Benefit) / provision for income taxes (87.5 ) 670.8 (Loss) / income from discontinued operations, net of tax $ (402.9 ) $ 15,914.5 The operating income reflects approximately seven months of operating activity of the Company’s former generics business and approximately nine months of operating activity of the Anda Distribution business in the year ended December 31, 2016. “Other (expense) / income, net” includes the gain on sale of the businesses to Teva. Depreciation and amortization was ceased upon the determination that the held for sale criteria were met, which were the announcement dates of the Teva Transaction and the divestiture of the Anda Distribution business. The depreciation, amortization and significant operating and investing non-cash items of the discontinued operations were as follows ($ in millions): Year Ended December 31, 2016 Depreciation from discontinued operations $ 2.1 Amortization from discontinued operations 4.8 Capital expenditures 85.3 Deferred income tax expense 6,038.5 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | NOTE 9 — Share-Based Compensation The Company recognizes compensation expense for all share-based compensation awards made to employees and directors based on the fair value of the awards on the date of grant. A summary of the Company’s share-based compensation plans is presented below. Option award plans require options to be granted at the fair market value of the shares underlying the options at the date of the grant and generally become exercisable over periods ranging from three to five years. Each option granted expires ten years from the date of the grant. Restricted stock awards are grants that entitle the holder to ordinary shares, subject to certain terms. Restricted stock unit awards are grants that entitle the holder the right to receive an ordinary share, subject to certain terms. Restricted stock and restricted stock unit awards (both time-based vesting and performance-based vesting) generally have restrictions that lapse over a one to four year vesting period. Restrictions generally lapse for non-employee directors after one year. Certain restricted stock units are performance-based awards issued at a target number with the actual number of ordinary shares issued ranging based on achievement of the performance criteria. All restricted stock and restricted stock units which remain active under the Company’s equity award plans are eligible to receive cash dividend equivalent payments upon vesting. Fair Value Assumptions All restricted stock and restricted stock units (whether time-based or performance-based) are granted and expensed using the fair value per share on the applicable grant date, over the applicable vesting period. Non-qualified options to purchase ordinary shares are granted to employees at exercise prices per share equal to the closing market price per share on the date of grant. The fair value of non-qualified options is determined on the applicable grant dates using the Black-Scholes method of valuation and that amount is recognized as an expense over the vesting period. Using the Black-Scholes valuation model, the fair value of options is based on the following assumptions: 2018 Grants 2017 Grants 2016 Grants Dividend yield 1.5 % 1.2 % 0.0 % Expected volatility 27.0 % 27.0 % 27.0 % Risk-free interest rate 2.2-2.9% 2.0-2.3% 1.3 - 2.4% Expected term (years) 7.0 7.0 7.0 - 7.5 Share-Based Compensation Expense Share-based compensation expense recognized in the Company’s results of operations, including discontinued operations, for the years ended December 31, 2018, 2017 and 2016 was as follows ($ in millions): Years Ended December 31, 2018 2017 2016 Equity-based compensation awards $ 239.8 $ 293.3 $ 334.5 Cash-settled awards in connection with the Zeltiq Acquisition - 31.5 - Cash-settled awards in connection with the Tobira Acquisition - - 27.0 Cash-settled awards in connection with the Vitae Acquisition - - 18.6 Cash-settled awards in connection with the ForSight Acquisition - - 3.1 Non-equity settled awards other - (16.8 ) - Total share-based compensation expense $ 239.8 $ 308.0 $ 383.2 In the year ended December 31, 2016, share-based compensation expense included in discontinued operations was $12.9 million. In the years ended December 31, 2018, 2017 and 2016, the related tax benefits were $53.5 million, $105.0 million and $131.8 million, respectively, relating to share-based compensation. In the year ended December 31, 2017, the income in non-equity settled awards other was due to an actuarial reversal of $16.8 million based on the decline of the total shareholder return metrics. These awards are cash-settled and fair valued based on a pre-determined total shareholder return metric. Included in the share-based compensation awards for the years ended December 31, 2018, 2017 and 2016 is the impact of accelerations and step-ups relating to the acquisition accounting treatment of outstanding awards acquired in the Zeltiq Acquisition, the acquisition of Allergan, Inc. (the “Allergan Acquisition”), and the acquisition of Forest Laboratories, Inc. (the “Forest Acquisition”) ($ in millions): Years Ended December 31, 2018 2017 2016 Zeltiq Acquisition $ 10.1 $ 47.8 $ - Allergan Acquisition 8.3 47.1 108.9 Forest Acquisition - 10.1 45.2 Total $ 18.4 $ 105.0 $ 154.1 Unrecognized future share-based compensation expense was $312.4 million as of December 31, 2018. This amount will be recognized as an expense over a remaining weighted average period of 1.3 years. Share-based compensation is being amortized and charged to operations over the same period as the restrictions are eliminated for the participants, which is generally on a straight-line basis. Share Activity The following is a summary of equity award activity for unvested restricted stock and stock units in the period from December 31, 2017 through December 31, 2018 (in millions, except per share data): Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (Years) Aggregate Grant Date Fair Value Restricted shares / units outstanding at December 31, 2017 2.0 $ 237.72 1.8 $ 484.1 Granted 1.4 147.10 204.0 Vested (0.6 ) 242.16 (152.5 ) Forfeited (0.3 ) 203.72 (62.7 ) Restricted shares / units outstanding at December 31, 2018 2.5 $ 190.27 1.6 $ 472.9 The following is a summary of equity award activity for non-qualified options to purchase ordinary shares in the period from December 31, 2017 through December 31, 2018 (in millions, except per share data): Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31, 2017 7.3 $ 120.94 5.2 $ 312.7 Granted 0.2 151.27 Exercised (1.0 ) 100.85 Cancelled (0.2 ) 244.13 Outstanding, vested and expected to vest at December 31, 2018 6.3 $ 122.74 4.4 $ 69.0 The decrease in the aggregate intrinsic value of the options is primarily related to the decline in the Company’s stock from $163.58 as of December 31, 2017 to $133.66 as of December 31, 2018. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefit Plans | NOTE 10 — Pension and Other Postretirement Benefit Plans Defined Benefit Plan Obligations The Company has numerous defined benefit plans offered to employees around the world. For these plans, retirement benefits are generally based on an employee’s years of service and compensation. Funding requirements are determined on an individual country and plan basis and are subject to local country practices and market circumstances. As of December 31, 2018, all of the Company’s plans were frozen for future enrollment. The service and settlement costs captured as part of the net periodic (benefit) are recorded within general & administrative expenses and the interest costs and expected return on plan assets are recorded within “other income / (expense), net”. Years Ended December 31, 2018 2017 2016 Service cost $ 2.8 $ 5.5 $ 5.0 Interest cost 38.1 40.7 44.5 Expected return on plan assets (63.8 ) (54.5 ) (53.0 ) Settlement (0.6 ) (0.1 ) (1.8 ) Net periodic (benefit) $ (23.5 ) $ (8.4 ) $ (5.3 ) Obligations and Funded Status Benefit obligation and asset data for the defined benefit plans for continuing operations, was as follows ($ in millions): Years Ended December 31, 2018 2017 Change in Plan Assets Fair value of plan assets at beginning of year $ 1,235.2 $ 1,093.9 Employer contribution 14.8 15.2 (Loss) / gain on plan assets (53.6 ) 117.2 Benefits paid (41.1 ) (36.0 ) Settlements (2.9 ) (5.3 ) Effects of exchange rate changes and other (22.8 ) 50.2 Fair value of plan assets at end of year $ 1,129.6 $ 1,235.2 Years Ended December 31, 2018 2017 Change in Benefit Obligation Benefit obligation at beginning of the year $ 1,330.0 $ 1,234.1 Service cost 2.8 5.5 Interest cost 38.1 40.7 Actuarial (gain) / loss (74.5 ) 36.9 Curtailments - (8.1 ) Settlements and other (2.9 ) (5.3 ) Benefits paid (41.1 ) (36.0 ) Effects of exchange rate changes and other (25.2 ) 62.2 Benefit obligation at end of year $ 1,227.2 $ 1,330.0 Funded status at end of year $ (97.6 ) $ (94.8 ) The following table outlines the funded actuarial amounts ($ in millions): Years Ended December 31, 2018 2017 Noncurrent assets $ 27.6 $ 21.9 Current liabilities (0.9 ) (0.8 ) Noncurrent liabilities (124.3 ) (115.9 ) $ (97.6 ) $ (94.8 ) The underfunding of pension benefits is primarily a function of the different funding incentives that exist outside of the United States. In certain countries, there are no legal requirements or financial incentives provided to companies to pre-fund pension obligations. In these instances, benefit payments are typically paid directly by the Company as they become due. Plan Assets Companies are required to use a fair value hierarchy as defined in ASC 820 which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value (“Fair Value Leveling”). There are three levels of inputs used to measure fair value with Level 1 having the highest priority and Level 3 having the lowest: Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity. The Level 3 assets are those whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques with significant unobservable inputs, as well as instruments for which the determination of fair value requires significant judgment or estimation. If the inputs used to measure the financial assets fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The fair values of the Company’s pension plan assets at December 31, 2018 by asset category are as follows ($ in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Investment funds U.S. equities $ 20.6 $ - $ - $ 20.6 International equities 205.3 - - 205.3 Other equity securities 49.8 - - 49.8 Equity securities $ 275.7 $ - $ - $ 275.7 U.S. Treasury bonds $ - $ 63.0 $ - $ 63.0 Bonds and bond funds - 787.2 - 787.2 Other debt securities - - - - Debt securities $ - $ 850.2 $ - $ 850.2 Other investments Other - 3.7 - 3.7 Total assets $ 275.7 $ 853.9 $ - $ 1,129.6 The fair values of the Company’s pension plan assets at December 31, 2017 by asset category are as follows ($ in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Investment funds U.S. equities $ 33.5 $ - $ - $ 33.5 International equities 265.5 - - 265.5 Other equity securities 70.5 - - 70.5 Equity securities $ 369.5 $ - $ - $ 369.5 U.S. Treasury bonds $ - $ 96.9 $ - $ 96.9 Bonds and bond funds - 745.7 - 745.7 Other debt securities - 21.2 - 21.2 Debt securities $ - $ 863.8 $ - $ 863.8 Other investments Other - 1.9 - 1.9 Total assets $ 369.5 $ 865.7 $ - $ 1,235.2 The assets of the pension plan are held in separately administered trusts. The investment guidelines for the Company’s pension plans is to create an asset allocation that is expected to deliver a rate of return sufficient to meet the long-term obligation of the plan, given an acceptable level of risk. The target investment portfolio of the Company’s continuing operations pension plans is allocated as follows: Target Allocation as of December 31, 2018 2017 Bonds 70.6 % 68.8 % Equity securities 26.0 % 31.2 % Other investments 3.4 % 0.0 % Expected Contributions Employer contributions to the pension plan during the year ending December 31, 2019 are expected to be $8.9 million for continuing operations. Expected Benefit Payments Total expected benefit payments for the Company’s pension plans are as follows ($ in millions): Expected Benefit Payments 2019 $ 36.3 2020 38.7 2021 40.9 2022 43.2 2023 45.6 Thereafter 1,022.5 Total liability $ 1,227.2 Expected benefit payments are based on the same assumptions used to measure the benefit obligations and include estimated future employee service. The majority of the payments will be paid from plan assets and not Company assets. Information for defined benefit plans with an accumulated benefit obligation in excess of plan assets is presented below ($ in millions): Defined Benefit as of December 31, 2018 2017 Projected benefit obligations $ 1,227.2 $ 1,330.0 Accumulated benefit obligations $ 1,223.5 $ 1,324.7 Plan assets $ 1,129.6 $ 1,235.2 Amounts Recognized in Other Comprehensive Income / (Loss) Net (loss) / gain amounts reflect experience differentials primarily relating to differences between expected and actual returns on plan assets as well as the effects of changes in actuarial assumptions. Net loss amounts in excess of certain thresholds are amortized into net pension cost over the average remaining service life of employees. Balances recognized within accumulated other comprehensive income/(loss) excluding the impact of taxes that have not been recognized as components of net periodic benefit costs are as follows ($ in millions): Defined Benefit Balance as of December 31, 2016 $ 24.4 Net actuarial gain 33.8 Balance as of December 31, 2017 $ 58.2 Net actuarial (loss) (44.6 ) Balance as of December 31, 2018 $ 13.6 Actuarial Assumptions The weighted average assumptions used to calculate the projected benefit obligations of the Company’s defined benefit plans, including assets and liabilities held for sale, are as follows: As of December 31, 2018 2017 Discount rate 3.3 % 2.9 % Salary growth rate 3.0 % 3.0 % The weighted average assumptions used to calculate the net periodic benefit cost of the Company’s defined benefit plans are as follows: As of December 31, 2018 2017 Discount rate 2.9 % 3.3 % Expected rate of return on plan assets 5.2 % 5.0 % Salary growth rate 3.0 % 3.0 % In order to select a discount rate for purposes of valuing the plan obligations the Company uses market returns and adjusts them as needed to fit the estimated duration of the plan liabilities. The expected rate of return represents the average rate of return to be earned on plan assets over the period the benefits included in the benefit obligation are to be paid. In developing the expected rate of return, long-term historical returns data are considered as well as actual returns on the plan assets and other capital markets experience. Using this reference information, the long-term return expectations for each asset category and a weighted average expected return was developed, according to the allocation among those investment categories. Other Post-Employment Benefit Plans The Company has post-employment benefit plans. Accumulated benefit obligation for the defined benefit plans, were as follows ($ in millions): Accumulated Benefit Obligation Accumulated benefit obligation as of December 31, 2016 $ 52.7 Interest cost 2.0 Actuarial charge (5.0 ) Benefits paid (2.9 ) Accumulated benefit obligation as of December 31, 2017 $ 46.8 Interest cost 1.6 Actuarial charge (2.6 ) Benefits paid (3.6 ) Accumulated benefit obligation as of December 31, 2018 $ 42.2 Savings Plans The Company also maintains certain defined contribution savings plans covering substantially all U.S.-based employees. The Company contributes to the plans based upon the employee contributions. The Company’s expense for contributions to these retirement plans for amounts included in continuing operations was $128.9 million, $89.1 million and $75.6 million in the years ended December 31, 2018, 2017 and 2016, respectively. |
Other Income _ (Expense), Net
Other Income / (Expense), Net | 12 Months Ended |
Dec. 31, 2018 | |
Other Income And Expenses [Abstract] | |
Other Income / (Expense), Net | NOTE 11 — Other Income / (Expense), Net Other income / (expense), net consisted of the following ($ in millions): Years Ended December 31, 2018 2017 2016 Teva Share Activity $ 60.9 $ (3,269.3 ) $ - Sale of businesses 182.6 - - Debt extinguishment costs as part of the debt tender offer - (161.6 ) - Debt extinguishment other 15.6 (27.6 ) - Other-than-temporary impairments - (26.1 ) - Dividend income - 85.2 68.2 Naurex recovery - 20.0 - Forward sale of Teva shares - (62.9 ) - Pfizer termination fee (Allergan plc only) - - 150.0 Other (expense) / income, net (2.4 ) 5.0 1.0 Other income / (expense), net $ 256.7 $ (3,437.3 ) $ 219.2 Teva Share Activity Refer to “NOTE 8 — Discontinued Operations” for the movements that the Company recorded during the years ended December 31, 2018 and 2017 in its investment in Teva securities. Sale of Business During the year ended December 31, 2018, the Company recorded a net gain of $129.6 million as a result of the sale of five medical dermatology products to Almirall, S.A. During the year ended December 31, 2018, the Company completed the sale of a non-strategic asset group held for sale as of December 31, 2017, which was deemed a business based on the applicable guidance at the time, for $55.0 million in cash plus deferred consideration of $20.0 million. As a result of this transaction, the Company recognized a gain of $53.0 million. Debt Extinguishment Costs as Part of the Debt Tender Offer On May 30, 2017, the Company completed the repurchase of certain debt securities issued for cash under a previously announced tender offer. Debt Extinguishment Other During the year ended December 31, 2018, the Company repurchased $3,939.1 million of senior notes in the open market. As a result of the debt extinguishment, the Company recognized a net gain of $15.6 million within “other income / (expense), net” for the discount received upon repurchase of $45.6 million, offset by the non-cash write-off of premiums and debt fees related to the repaid notes of $30.0 million. During the year ended December 31, 2018, the Company redeemed and retired the following senior notes ($ in millions): Year Ended December 31, 2018 Tranche Face Value Retired Cash Paid for Retirement Remaining Value at December 31, 2018 2.450% due 2019 $ 500.0 $ 500.0 $ - 3.000% due 2020 793.2 791.3 2,706.7 3.450% due 2022 59.5 58.6 2,940.5 3.850% due 2024 163.3 160.9 1,036.7 3.800% due 2025 972.5 963.8 3,027.5 4.550% due 2035 711.0 696.9 1,789.0 4.850% due 2044 420.6 413.5 1,079.4 4.750% due 2045 319.0 308.5 881.0 Total $ 3,939.1 $ 3,893.5 $ 13,460.8 In the year ended December 31, 2017, the Company repaid $750.0 million of senior notes due in the year ending December 31, 2019. As a result Other-than-temporary Impairments The Company recorded other-than-temporary impairment charges on other equity investments and cost method investments of $26.1 million in the year ended December 31, 2017. Dividend Income During the years ended December 31, 2017 and 2016, the Company received dividend income of $85.2 million and $68.2 million, respectively, on the 100.3 million Teva ordinary shares acquired as a result of the Teva Transaction. On February 8, 2018, Teva suspended all dividends on ordinary shares. Naurex Recovery On August 28, 2015, the Company acquired certain products in early stage development of Naurex, Inc. (“Naurex”) in an all-cash transaction, which was accounted for as an asset acquisition. The Company received a purchase price reduction of $20.0 million in the year ended December 31, 2017 based on the settlement of an open contract dispute. Forward Sale of Teva Shares Refer to “NOTE 8 — Discontinued Operations” for the movements in the Company’s investment in Teva securities. Pfizer Termination Fee On November 23, 2015, the Company announced that it entered into a definitive merger agreement (the “Pfizer Agreement”) under which Pfizer Inc. (“Pfizer”), a global innovative biopharmaceutical company, and Allergan plc would merge in a stock and cash transaction. On April 6, 2016, the Company announced that its merger agreement with Pfizer was terminated by mutual agreement. In connection with the termination of the merger agreement, Pfizer paid Allergan plc $150.0 million for expenses associated with the transaction which was included as a component of other income / (expense), net during the year ended December 31, 2016. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 12 — Inventories Inventories consist of finished goods held for sale and distribution, raw materials and work-in-process. Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. The Company writes down inventories to net realizable value based on forecasted demand, market conditions or other factors, which may differ from actual results. Inventories consisted of the following ($ in millions): December 31, December 31, 2018 2017 Raw materials $ 303.2 $ 326.9 Work-in-process 145.7 158.1 Finished goods 520.2 527.8 969.1 1,012.8 Less: inventory reserves 122.2 108.3 Total Inventories $ 846.9 $ 904.5 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | NOTE 13 — Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following ($ in millions): December 31, December 31, 2018 2017 Accrued expenses: Accrued third-party rebates $ 1,832.1 $ 1,713.7 Accrued payroll and related benefits 694.3 635.6 Accrued returns and other allowances 527.8 466.2 Accrued R&D expenditures 215.5 165.9 Interest payable 191.4 245.9 Royalties payable 155.1 189.2 Accrued pharmaceutical fees 145.3 186.4 Litigation-related reserves and legal fees 92.0 78.3 Accrued severance, retention and other shutdown costs 71.6 132.8 Accrued non-provision taxes 68.5 76.5 Accrued selling and marketing expenditures 61.1 53.0 Current portion of contingent consideration obligations 8.3 56.2 Contractual commitments (including amounts due to Teva) 4.3 705.4 Dividends payable 1.4 24.6 Other accrued expenses 368.7 487.2 Total accrued expenses $ 4,437.4 $ 5,216.9 Accounts payable 349.8 324.5 Total accounts payable and accrued expenses $ 4,787.2 $ 5,541.4 |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, plant and equipment, net | NOTE 14 — Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following as of December 31, 2018 and 2017 ($ in millions): Machinery and Equipment Research and Laboratory Equipment Transportation/ Other Land, Buildings and Leasehold Improvements Construction in Progress Total At December 31, 2017 $ 545.3 $ 59.0 $ 475.3 $ 814.9 $ 507.0 $ 2,401.5 Additions 9.9 5.0 35.8 60.4 142.4 253.5 Disposals/transfers/other 44.9 6.4 25.8 45.2 (180.0 ) (57.7 ) Currency translation (9.7 ) (3.0 ) (7.3 ) (9.4 ) (2.7 ) (32.1 ) At December 31, 2018 $ 590.4 $ 67.4 $ 529.6 $ 911.1 $ 466.7 $ 2,565.2 Accumulated depreciation At December 31, 2017 $ 219.3 $ 38.5 $ 232.4 $ 125.9 $ - $ 616.1 Additions 70.9 9.2 71.1 45.1 - 196.3 Disposals/transfers/impairments/other (1.5 ) - (6.7 ) (13.5 ) - (21.7 ) Currency translation (4.5 ) (1.4 ) (5.4 ) (1.2 ) - (12.5 ) At December 31, 2018 $ 284.2 $ 46.3 $ 291.4 $ 156.3 $ - $ 778.2 Property, plant and equipment, net At December 31, 2018 $ 306.2 $ 21.1 $ 238.2 $ 754.8 $ 466.7 $ 1,787.0 Depreciation expense for continuing operations was $196.3 million, $171.5 million and $153.7 million in the years ended December 31, 2018, 2017 and 2016, respectively. |
Prepaid Expenses, Investments a
Prepaid Expenses, Investments and Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Investments All Other Investments [Abstract] | |
Prepaid Expenses, Investments and Other Assets | NOTE 15 — Prepaid Expenses, Investments and Other Assets Prepaid expenses and other current assets consisted of the following ($ in millions): December 31, December 31, 2018 2017 Prepaid taxes $ 403.8 $ 690.9 Prepaid insurance 16.7 20.9 Royalty receivables 67.7 80.1 Sales and marketing 41.8 31.9 Other 289.1 300.1 Total prepaid expenses and other current assets $ 819.1 $ 1,123.9 Investments in marketable securities, including those classified in cash and cash equivalents due to the maturity term of the instrument, other investments and other assets consisted of the following ($ in millions): December 31, December 31, 2018 2017 Marketable securities: Short-term investments $ 1,026.9 $ 2,814.4 Teva shares - 1,817.7 Total marketable securities $ 1,026.9 $ 4,632.1 Investments and other assets: Deferred executive compensation investments $ 90.8 $ 112.4 Equity method investments 8.4 11.5 Other long-term investments 37.6 60.8 Taxes receivable 1,674.8 32.1 Contingent income 75.3 - Other assets 83.7 51.1 Total investments and other assets $ 1,970.6 $ 267.9 The Company’s marketable securities and other long-term investments are recorded at fair value based on quoted market prices using the specific identification method. These investments are classified as either current or non current, as appropriate, in the Company’s consolidated balance sheets. The $1.7 billion of taxes receivable primarily relates to a current tax benefit and reclassification of certain deferred tax assets to non-current taxes receivable for U.S. capital losses. Other assets include security and equipment deposits and long-term receivables. |
Goodwill, Product Rights and Ot
Goodwill, Product Rights and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill, Product Rights and Other Intangible Assets | NOTE 16 — Goodwill, Product Rights and Other Intangible Assets Goodwill Goodwill for the Company’s reporting segments consisted of the following ($ in millions): US Specialized Therapeutics US General Medicine International Total Balance as of December 31, 2017 $ 20,859.6 $ 21,399.7 $ 7,603.6 $ 49,862.9 Divested (184.0 ) - - (184.0 ) Impairments - (2,841.1 ) - (2,841.1 ) Held for sale (622.0 ) (622.0 ) Foreign exchange and other adjustments - - (302.5 ) (302.5 ) Balance as of December 31, 2018 $ 20,675.6 $ 17,936.6 $ 7,301.1 $ 45,913.3 Annual Testing The Company performed its annual goodwill impairment test during the second quarter of 2018 by evaluating its five Reporting Units. In performing this test, the Company utilized long-term growth rates for its Reporting Units ranging from 1.0% to 2.0% in its estimation of fair value and discount rates ranging from 8.5% to 10.0%, which increased versus the prior year annual testing discount rates of 7.5% to 8.5% to reflect changes in market conditions. The assumptions used in evaluating goodwill for impairment are subject to change and are tracked against historical performance by management. Of the Reporting Units tested in the second quarter, the Company’s US Eye Care Reporting Unit, which is a component of its US Specialized Therapeutics Segment and has an allocated goodwill balance of $9,824.8 million, and its General Medicine Reporting Unit, were the most sensitive to a change in future valuation assumptions. These Reporting Units had the lowest level of headroom between the carrying value of the Reporting Unit and the fair value of the Reporting Unit. While management believes the assumptions used were reasonable and commensurate with the views of a market participant, changes in key assumptions for these Reporting Units, including increasing the discount rate, lowering revenue forecasts, lowering the operating margin or lowering the long-term growth rate, could result in a future impairment. Fourth Quarter 2018 Testing In the three months ended December 31, 2018 and subsequent to the Company’s annual impairment test, the Company identified several impairment indicators which led to the fourth quarter assessment of its General Medicine Reporting Unit for impairment. The Company noted the following: • At December 31, 2018, the Company determined that the Anti-Infectives business met the held for sale criteria. Based on this determination, the Company compared the anticipated sales price of the business with internal estimates of discounted future cash flows, noting a decline in the fair value of the group of assets. • Other commercial factors which included a decline in projected cash flows of its Women’s Health business, in part, due to the failure to receive FDA approval for a late stage product candidate. • An increase in the cost of the capital since the Company’s second quarter annual impairment test. The Company’s weighted average cost of capital for the General Medicine Reporting Unit increased to 9.5% due to increased interest rates and other market dynamics. As a result of the evaluation, the Company tested General Medicine’s goodwill for impairment and recorded a $2,841.1 million goodwill impairment charge to its General Medicine Reporting Unit. No impairment indicators were noted for the Company’s other Reporting Units subsequent to the annual impairment test. The fair value of its General Medicine, US Eye Care and the Company’s other Reporting Units are, in part, comprised of anticipated product launches in the next three years. Negative events regarding these pipeline assets including, but not limited to, Abicipar, Atogepant, Bimataprost SR, Cariprazine, Rapastinel, and Ubrogepant, as well as other next generation aesthetic products could lead to further goodwill impairment charges. Allergan’s General Medicine Reporting Unit’s asset value equals fair value as of December 31, 2018, while its US Eye Care Reporting Unit has headroom of less than 10%. As of December 31, 2018 and 2017, the gross balance of goodwill, prior to the consideration of impairments, was $48,771.7 million and $49,880.2 million, respectively. Product Rights and Other Intangible Assets Product rights and other intangible assets consisted of the following for the years ended December 31, 2018 and 2017 ($ in millions): Cost Basis Balance as of December 31, 2017 Additions Impairments Divested / Held Sale Foreign Currency Translation Balance as of December 31, 2018 Intangibles with definite lives: Product rights and other intangibles $ 73,892.5 $ 49.0 $ - $ (3,391.0 ) $ (315.4 ) $ 70,235.1 Trade name 690.0 - - - - 690.0 Total definite lived intangible assets $ 74,582.5 $ 49.0 $ - $ (3,391.0 ) $ (315.4 ) $ 70,925.1 Intangibles with indefinite lives: IPR&D $ 5,874.1 $ - $ (798.0 ) $ (28.0 ) $ - $ 5,048.1 Total indefinite lived intangible assets $ 5,874.1 $ - $ (798.0 ) $ (28.0 ) $ - $ 5,048.1 Total product rights and other intangibles $ 80,456.6 $ 49.0 $ (798.0 ) $ (3,419.0 ) $ (315.4 ) $ 75,973.2 Accumulated Amortization Balance as of December 31, 2017 Amortization Impairments Divested / Held for Sale Foreign Currency Translation Balance as of December 31, 2018 Intangibles with definite lives: Product rights and other intangibles $ (25,593.6 ) $ (6,474.2 ) $ (2,239.9 ) $ 2,233.4 $ 89.3 $ (31,985.0 ) Trade name (214.7 ) (78.1 ) - - - (292.8 ) Total definite lived intangible assets $ (25,808.3 ) $ (6,552.3 ) $ (2,239.9 ) $ 2,233.4 $ 89.3 $ (32,277.8 ) Total product rights and other intangibles $ (25,808.3 ) $ (6,552.3 ) $ (2,239.9 ) $ 2,233.4 $ 89.3 $ (32,277.8 ) Net Product Rights and Other Intangibles $ 54,648.3 $ 43,695.4 In the year ended December 31, 2018, the Company determined that the Anti-Infectives business was deemed held for sale. Based on the anticipated future cash flows, the Company impaired certain Anti-Infective CMP by $149.7 million. The remaining amount of net product rights and other intangibles which met the held for sale criteria is $849.4 million. Non-Annual Testing In addition to the Company’s annual impairment test performed in the second quarter, the Company noted the following impairments based on triggering events during the year ended December 31, 2018: • In the fourth quarter of 2018, the Company impaired the intangible assets associated with Kybella by $1,643.8 million in “Asset sales and impairments, net” as a result of a decrease in the future sales forecasts based on current performance, in part due to risks relating to supply of the product and the corresponding impact on demand; • In the fourth quarter of 2018, the Company impaired the intangible assets associated with True Tear ® • In the year ended December 31, 2018, the Company divested net product rights and other intangibles of $205.4 million in “Asset sales and impairments, net” and $130.5 million (after intangible asset impairment of $252.0 million) as part of the divestitures of the Medical Dermatology business to Almirall, S.A. and the divestiture of Rhofade ® • In the first quarter of 2018, the Company recorded a $522.0 million impairment as a result of negative clinical data related to the oral psoriasis indication received in March 2018 for its RORyt IPR&D project obtained as part of the acquisition of Vitae Pharmaceuticals, Inc. Annual Testing During the second quarter of 2018, the Company performed its annual IPR&D impairment test and based on events occurring or decisions made within the quarter ended June 30, 2018, the Company recorded the following impairments: • a $164.0 million impairment as a result of changes in launch plans based on clinical results of an eye care project obtained as part of the Allergan Acquisition; • a $40.0 million impairment due to a delay in clinical studies and anticipated approval date of a project obtained as part of the acquisition of Vitae Pharmaceuticals, Inc.; • a $27.0 million impairment due to a delay in clinical studies and anticipated approval date of a medical dermatology project obtained as part of the Allergan Acquisition; • a $20.0 million impairment as a result of a strategic decision to no longer pursue approval internationally of an eye care project obtained as part of the Allergan Acquisition; • a $19.0 million impairment due to a delay in clinical studies and anticipated approval date for a CNS project obtained as part of the Allergan Acquisition; and • a $6.0 million impairment due to a delay in clinical studies and anticipated approval date of an eye care project obtained as part of the Allergan Acquisition. Product rights and other intangible assets consisted of the following for the years ended December 31, 2017 and 2016 ($ in millions): Cost Basis Balance as of December 31, 2016 Additions Impairments IPR&D CMP Transfers Divested / Held for Sale / Other Foreign Currency Translation Balance as of December 31, 2017 Intangibles with definite lives: Product rights and other intangibles $ 67,801.4 $ 3,876.9 $ - $ 1,444.0 $ (34.0 ) $ 804.2 $ 73,892.5 Trade name 690 - - - - - 690.0 Total definite lived intangible assets $ 68,491.4 $ 3,876.9 $ - $ 1,444.0 $ (34.0 ) $ 804.2 $ 74,582.5 Intangibles with indefinite lives: IPR&D $ 8,758.3 $ 10.0 $ (1,452.3 ) $ (1,444.0 ) $ (6.6 ) $ 8.7 $ 5,874.1 Total indefinite lived intangible assets $ 8,758.3 $ 10.0 $ (1,452.3 ) $ (1,444.0 ) $ (6.6 ) $ 8.7 $ 5,874.1 Total product rights and other intangibles $ 77,249.7 $ 3,886.9 $ (1,452.3 ) $ - $ (40.6 ) $ 812.9 $ 80,456.6 Accumulated Amortization Balance as of December 31, 2016 Amortization Impairments Divested / Held for Sale / Other Foreign Currency Translation Balance as of December 31, 2017 Intangibles with definite lives: Product rights and other intangibles $ (14,493.9 ) $ (7,119.6 ) $ (3,879.1 ) $ 24.8 $ (125.8 ) $ (25,593.6 ) Trade name (137.2 ) (77.5 ) - - - (214.7 ) Total definite lived intangible assets $ (14,631.1 ) $ (7,197.1 ) $ (3,879.1 ) $ 24.8 $ (125.8 ) $ (25,808.3 ) Total product rights and other intangibles $ (14,631.1 ) $ (7,197.1 ) $ (3,879.1 ) $ 24.8 $ (125.8 ) $ (25,808.3 ) Net Product Rights and Other Intangibles $ 62,618.6 $ 54,648.3 Annual Testing During the second quarter of 2017, the Company performed its annual IPR&D impairment test and recorded the following IPR&D impairments: • a $486.0 million impairment related to an anticipated approval delay due to certain product specifications for a CNS project obtained as part of the Allergan Acquisition; • a $91.3 million impairment of a women’s healthcare project based on the Company’s intention to divest a non-strategic asset; • a $57.0 million ($278.0 million year to date) impairment due to a delay in an anticipated launch of a women’s healthcare project coupled with an anticipated decrease in product demand; • a $44.0 million impairment resulting from a decrease in projected cash flows due to a decline in market demand assumptions of an eye care project obtained as part of the Allergan Acquisition; and • a $20.0 million ($209.0 million year to date) impairment of an eye care project obtained as part of the Allergan Acquisition due to an anticipated delay in launch. Non Annual Testing In addition to the Company’s annual IPR&D impairment test, the Company noted the following impairments based on triggering events during the year ended December 31, 2017: • The Company evaluated all of its dry eye related assets for impairment as a result of the U.S. District Court for the Eastern District of Texas issuing an adverse trial decision finding that the four asserted patents covering Restasis ® ® • The Company impaired the intangible asset related to Aczone ® • The Company impaired an IPR&D medical aesthetics project obtained as part of the Allergan Acquisition by $29.0 million; and • The Company terminated its License, Transfer and Development Agreement for SER-120 (nocturia) with Serenity Pharmaceuticals, LLC. As a result of this termination, the Company recorded an impairment of $140.0 million on the IPR&D intangible asset obtained as part of the Allergan Acquisition during the first quarter of 2017. Other The following items also had a significant impact on net product rights and other intangibles in the year ended December 31, 2017: • The Company acquired $2,020.0 million of intangible assets in connection with the LifeCell Acquisition; • The Company acquired $1,185.0 million of intangible assets in connection with the Zeltiq Acquisition; • The Company reacquired rights on select licensed products promoted in the Company’s US General Medicine segment in an aggregate value of $574.0 million. As part of the rights reacquired, the Company is no longer obligated to pay royalties on the specific products, which increases the Company’s segment gross margin percentage; • The Company reclassified certain intangible assets from IPR&D to CMP primarily related to Juvederm ® ® ® In the year ended December 31, 2016 the Company recorded the following significant impairments: • The Company recognized approximately $210.0 million in impairments relating to a urology product acquired in the Allergan Acquisition due to clinical data not supporting continuation of the R&D study. This impairment was offset, in part, by a reduction of the contingent liability of $186.0 million which reduced overall R&D expenses; • The Company recognized approximately $106.0 million in impairments relating to a migraine treatment acquired in the Allergan Acquisition based on a decrease in projected cash flows due to a delay in potential launch; • The Company recognized approximately $46.0 million in impairments relating to the atopic dermatitis pipeline candidate acquired in the Vitae Acquisition; • The Company recognized approximately $33.0 million in impairments of the acquired ForSight IPR&D asset as the Company anticipated a delay in potential launch timing. Offsetting this impairment was a corresponding reduction of acquired contingent consideration of $15.0 million, which reduced overall R&D expenses; • The Company recognized approximately $42.0 million in IPR&D impairments on a gastroenterology project based on the lack of future availability of active pharmaceutical ingredients; • The Company recognized approximately $190.0 million in IPR&D impairments due to the termination of an osteoarthritis R&D project due to clinical results; • The Company impaired IPR&D assets relating to an international eye care pipeline project of $35.0 million based on a decrease in projected cash flows due to market conditions; • The Company impaired IPR&D assets of $40.0 million for a Botox ® • The Company recognized $24.0 million in IPR&D impairments relating to the termination of a women’s healthcare R&D project due to clinical results. Assuming no additions, disposals or adjustments are made to the carrying values and/or useful lives of the intangible assets, annual amortization expense on product rights and other related intangibles as of December 31, 2018 over each of the next five years is estimated to be as follows ($ in millions): Amortization Expense 2019 $ 5,585.0 2020 $ 5,356.4 2021 $ 4,429.3 2022 $ 4,079.9 2023 $ 3,668.6 The above amortization expense is an estimate. Actual amounts may change from such estimated amounts due to fluctuations in foreign currency exchange rates, additional intangible asset acquisitions, finalization of preliminary fair value estimates, potential impairments, accelerated amortization or other events. Additional amortization may occur as products are approved. In addition, the Company has certain currently marketed products for which operating contribution performance has been below that which was originally assumed in the products’ initial valuations, and certain IPR&D projects which are subject to delays in timing or other events which may negatively impact the asset’s value. The Company, on a quarterly basis, monitors the related intangible assets for these products for potential impairments. It is reasonably possible that impairments may occur in future periods, which may have a material adverse effect on the Company’s results of operations and financial position. |
Long-Term Debt and Capital Leas
Long-Term Debt and Capital Leases | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Capital Leases | NOTE 17 — Long-Term Debt and Capital Leases Debt consisted of the following ($ in millions): Balance As of Fair Market Value As of Guarantor Issuance Date / Acquisition Date Interest Payments December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Senior Notes: Floating Rate Notes $500.0 million floating rate notes due March 12, 2018 (1) (5) March 4, 2015 Quarterly $ - $ 500.0 $ - $ 500.6 $500.0 million floating rate notes due March 12, 2020 (2) (5) March 4, 2015 Quarterly 500.0 500.0 501.9 508.1 500.0 1,000.0 501.9 1,008.7 Fixed Rate Notes $3,000.0 million 2.350% notes due March 12, 2018 (5) March 4, 2015 Semi-annually - 3,000.0 - 3,001.9 $250.0 million 1.350% notes due March 15, 2018 (6) March 17, 2015 Semi-annually - 250.0 - 249.7 $500.0 million 2.450% notes due June 15, 2019 (5) June 10, 2014 Semi-annually - 500.0 - 499.7 $3,500.0 million 3.000% notes due March 12, 2020 (5) March 4, 2015 Semi-annually 2,706.7 3,500.0 2,694.8 3,528.4 $650.0 million 3.375% notes due September 15, 2020 (6) March 17, 2015 Semi-annually 650.0 650.0 648.7 661.3 $750.0 million 4.875% notes due February 15, 2021 (7) July 1, 2014 Semi-annually 450.0 450.0 459.4 474.3 $1,200.0 million 5.000% notes due December 15, 2021 (7) July 1, 2014 Semi-annually 1,200.0 1,200.0 1,234.8 1,282.6 $3,000.0 million 3.450% notes due March 15, 2022 (5) March 4, 2015 Semi-annually 2,940.5 3,000.0 2,891.0 3,044.5 $1,700.0 million 3.250% notes due October 1, 2022 (6) October 2, 2012 Semi-annually 1,700.0 1,700.0 1,652.2 1,703.0 $350.0 million 2.800% notes due March 15, 2023 (6) March 17, 2015 Semi-annually 350.0 350.0 332.8 341.6 $1,200.0 million 3.850% notes due June 15, 2024 (5) June 10, 2014 Semi-annually 1,036.7 1,200.0 1,021.0 1,232.3 $4,000.0 million 3.800% notes due March 15, 2025 (5) March 4, 2015 Semi-annually 3,027.5 4,000.0 2,956.0 4,067.1 $2,500.0 million 4.550% notes due March 15, 2035 (5) March 4, 2015 Semi-annually 1,789.0 2,500.0 1,690.7 2,631.9 $1,000.0 million 4.625% notes due October 1, 2042 (6) October 2, 2012 Semi-annually 456.7 456.7 412.4 471.2 $1,500.0 million 4.850% notes due June 15, 2044 (5) June 10, 2014 Semi-annually 1,079.4 1,500.0 1,019.1 1,606.2 $2,500.0 million 4.750% notes due March 15, 2045 (5) March 4, 2015 Semi-annually 881.0 1,200.0 836.6 1,277.3 18,267.5 25,456.7 17,849.5 26,073.0 Euro Denominated Notes €700.0 million floating rate notes due June 1, 2019 (3) (5) May 26, 2017 Quarterly 802.7 840.4 794.9 837.2 €700.0 million floating rate notes due November 15, 2020 (4) (5) November 15, 2018 Quarterly 802.7 - 791.3 - €750.0 million 0.500% notes due June 1, 2021 (5) May 26, 2017 Annually 860.0 900.4 849.7 895.8 €500.0 million 1.500% notes due November 15, 2023 (5) November 15, 2018 Annually 573.4 - 572.4 - €700.0 million 1.250% notes due June 1, 2024 (5) May 26, 2017 Annually 802.7 840.4 775.5 831.1 €500.0 million 2.625% notes due November 15, 2028 (5) November 15, 2018 Annually 573.4 - 573.4 - €550.0 million 2.125% notes due June 1, 2029 (5) May 26, 2017 Annually 630.7 660.3 594.7 657.8 5,045.6 3,241.5 4,951.9 3,221.9 Total Senior Notes Gross 23,813.1 29,698.2 23,303.3 30,303.6 Unamortized premium 64.3 88.9 - Unamortized discount (64.5 ) (81.7 ) - Total Senior Notes Net 23,812.9 29,705.4 23,303.3 30,303.6 Other Indebtedness Debt Issuance Costs (92.1 ) (121.5 ) Margin Loan - 459.0 Other 69.3 29.7 Total Other Borrowings (22.8 ) 367.2 Capital Leases 7.6 2.7 Total Indebtedness $ 23,797.7 $ 30,075.3 (1) (2) (3) (4) (5) (6) (7) Fair market value in the table above is determined in accordance with Fair Value Leveling under Level 2 based upon quoted prices for similar items in active markets. The following represents the significant activity during the year ended December 31, 2018 to the Company’s total indebtedness: • The Company borrowed $700.0 million, and subsequently repaid $700.0 million, under its revolving credit facility to fund, in part, the repurchase of the Company’s ordinary shares; • The Company repurchased and retired $3,939.1 million of senior notes at face value for a total of $3,893.5 million from open market redemptions. As a result of the debt extinguishment, the Company recognized a net gain of $15.6 million within “other income / (expense), net” for the discount received upon repurchase of $45.6 million, offset by the non-cash write-off of premiums and debt fees related to the repaid notes of $30.0 million; • The Company borrowed €1,700.0 million of senior notes; • The Company repaid scheduled maturities on senior notes of $3,750.0 million; and • The Company prepaid $459.0 million of indebtedness under the Company’s margin loan. The following represents the significant activity during the year ended December 31, 2017 to the Company’s total indebtedness: • The Company repurchased and retired $2,843.3 million of senior notes at face value for a total of $3,013.8 million as a result of a tender offer. As a result of the tender offer, the Company recognized a net loss of $161.6 million within “other income / (expense), net” for the premium paid upon repurchase of $170.5 million, offset by the non-cash write-off of premiums and debt fees related to the repaid notes of $8.9 million; • The Company borrowed €2,700.0 million of senior notes; • The Company repaid scheduled maturities on senior notes of $2,700.0 million; • The Company repurchased and retired $750.0 million of senior notes at face value for a total of $785.1 million as a result of an early tender payment. As a result of the early tender payment, the Company recognized a net loss of $27.6 million within “other income / expense, net” for the premium paid upon repurchase of $35.1 million, offset by the non-cash write-off of premiums and debt fees related to the repaid notes of $7.5 million; and • The Company borrowed $525.0 million of indebtedness under the Company’s margin loan and subsequently repaid $66.0 million. Revolving Credit Facility On June 14, 2017, Allergan plc and certain of its subsidiaries entered into a revolving credit and guaranty agreement (the “Revolver Agreement”) among Allergan Capital, as borrower, Allergan plc, as Ultimate Parent; Warner Chilcott Limited, Allergan Finance LLC, and Allergan Funding SCS, as guarantors; the lenders from time to time party thereto (the “Revolving Lenders”); J.P. Morgan Chase Bank as Administrative Agent; J.P. Morgan Europe Limited, as London Agent; and the other financial institutions party thereto. Under the Revolver Agreement, the Revolving Lenders have committed to provide an unsecured five-year revolving credit facility in an aggregate principal amount of up to $1.5 billion, with the ability to increase the revolving credit facility by $500.0 million to an aggregate principal amount of up to $2.0 billion. The Revolver Agreement provides that loans thereunder would bear interest, at our choice, of a per annum rate equal to either (a) a base rate, plus an applicable margin per annum varying from 0.00% per annum to 1.00% per annum depending on the Debt Rating or (b) a Eurodollar rate, plus an applicable margin varying from 0.875% per annum to 2.00% per annum depending on the Debt Rating. Additionally, to maintain availability of funds, the Company pays an unused commitment fee varying from 0.070% to 0.250% per annum, depending on the Debt Rating, of the unused portion of the revolver. The obligations under the Revolver Agreement are guaranteed by Warner Chilcott Limited, Allergan Finance, LLC and Allergan Funding SCS. The Revolver Agreement contains customary affirmative covenants for facilities of this type, including, among others, covenants pertaining to the delivery of financial statements, notices of default, maintenance of corporate existence and compliance with laws, as well as customary negative covenants for facilities of this type, including, among others, limitations on secured indebtedness, non-guarantor subsidiary indebtedness, mergers and certain other fundamental changes and passive holding company status. The Revolver Agreement also contains a financial covenant requiring maintenance of a maximum consolidated leverage ratio. In addition, the Revolver Agreement also contains customary events of default (with customary grace periods and materiality thresholds). The Company was subject to, and as of December 31, 2018, was in compliance with all financial covenants under the terms of the Revolver Agreement. At December 31, 2018, there were $32.0 million of outstanding borrowings or letters of credit outstanding under the Revolver Agreement. Annual Debt Maturities As of December 31, 2018, annual debt maturities of senior notes gross were as follows ($ in millions): Total Payments 2019 $ 802.7 2020 4,659.4 2021 2,510.0 2022 4,640.5 2023 923.4 2024 and after 10,277.1 Total senior notes gross $ 23,813.1 Amounts represent total anticipated cash payments assuming scheduled repayments. Lease Commitments The Company has operating leases for certain facilities, vehicles and equipment. The terms of the operating leases for the Company’s facility leases may require the Company to pay property taxes, normal maintenance expense and maintain minimum insurance coverage. Total property rental expense for operating leases for the years ended December 31, 2018, 2017, and 2016 was $63.2 million, $72.0 million and $47.7 million, respectively. Total fleet rental expense for operating leases for the years ended December 31, 2018, 2017, and 2016 was $41.1 million, $40.5 million and $39.7 million, respectively. The Company also has deminimis capital leases for certain facilities and equipment. The future anticipated property lease rental payments under both capital and operating leases that have remaining terms in excess of one year are ($ in millions): Total Payments 2019 $ 62.5 2020 52.5 2021 47.9 2022 43.3 2023 39.0 Thereafter 173.8 Total minimum lease payments $ 419.0 The Company has entered into certain sub-lease agreements which will offset future lease commitments. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | NOTE 18 — Other Long-Term Liabilities Other long-term liabilities consisted of the following ($ in millions): December 31, December 31, 2018 2017 Acquisition related contingent consideration liabilities $ 336.3 $ 420.7 Long-term pension and post retirement liability 166.5 162.7 Legacy Allergan deferred executive compensation 90.8 113.8 Accrued R&D milestone 75.0 - Long-term contractual obligations 43.2 45.2 Deferred revenue 36.1 37.9 Product warranties 27.9 28.7 Long-term severance and restructuring liabilities 14.2 53.1 Other long-term liabilities 92.0 24.8 Total other long-term liabilities $ 882.0 $ 886.9 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 19 — Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”), was enacted into law, which made significant changes to the Internal Revenue Code and impacted the U.S. taxation of our domestic and international operations. The estimated income tax effects of the TCJA on the Company’s financial statements were initially recorded on a provisional basis at December 31, 2017, pursuant to the guidance in Staff Accounting Bulletin (“SAB”) 118. The guidance provided for a measurement period for up to one year from the enactment date of the TCJA for which adjustments to provisional amounts may be recorded as a component of tax expense or benefit. As a result, during the year ended December 31, 2018, the Company recorded a net $14.3 million income tax benefit as an adjustment to the provisional amounts recorded as of December 31, 2017. Additionally, the Company has elected to treat GILTI as a period cost when incurred. For the years ended December 31, 2018, 2017 and 2016, losses before income taxes consisted of the following ($ in millions): Years Ended December 31, 2018 2017 2016 Irish $ (4,285.8 ) $ (1,139.0 ) $ (1,329.2 ) Non-Irish (2,571.1 ) (9,247.4 ) (1,502.8 ) Total (loss) / income before taxes $ (6,856.9 ) $ (10,386.4 ) $ (2,832.0 ) The Company’s (benefit)/provision for income taxes consisted of the following ($ in millions): Years Ended December 31, 2018 2017 2016 Current (benefit) / provision: U.S. federal $ (1,024.5 ) $ 763.1 $ (17.5 ) U.S. state 34.2 (54.8 ) - Non-U.S. 481.6 410.0 166.2 Total current (benefit) / provision (508.7 ) 1,118.3 148.7 Deferred (benefit) / provision: U.S. federal (569.9 ) (6,911.9 ) (1,218.5 ) U.S. state (80.6 ) (252.3 ) (132.1 ) Non-U.S. (611.5 ) (624.5 ) (695.1 ) Total deferred (benefit) / provision (1,262.0 ) (7,788.7 ) (2,045.7 ) Total (benefit) / provision for income taxes $ (1,770.7 ) $ (6,670.4 ) $ (1,897.0 ) The reconciliations for the years ended December 31, 2018, 2017 and 2016 between the statutory Irish income tax rate for Allergan plc and the effective income tax rates were as follows: Allergan plc Years Ended December 31, 2018 2017 2016 Statutory rate (12.5 )% (12.5 )% (12.5 )% Earnings subject to U.S. taxes (1) (2) (1.8 )% (17.4 )% (37.5 )% Earnings subject to rates different than the statutory rate (1)(2) (3.4 )% 2.1 % (18.3 )% Impact of U.S. tax reform enactment (3) (0.2 )% (27.2 )% 0.0 % Tax reserves and audit outcomes 2.6 % 0.4 % (0.7 )% Non-deductible expenses (4) 7.4 % 0.2 % 3.1 % Impact of acquisitions and reorganizations (5) (15.3 )% (9.3 )% 3.1 % Tax credits and U.S. special deductions (0.9 )% (1.5 )% (3.1 )% Rate changes (6) 2.2 % (1.2 )% (7.4 )% Valuation allowances (7) (3.7 )% 2.2 % 6.5 % Other (0.2 )% 0.0 % (0.2 )% Effective income tax rate (25.8 )% (64.2 )% (67.0 )% (1) The benefit to the 2018 effective tax rate was lower as compared to 2017 due to fewer losses in jurisdictions with tax rates higher than the Irish statutory rate, the reduction of the U.S. federal tax rate as a result of Tax Reform and the net impact of GILTI, which is being treated as a period cost in 2018 and was not included in 2017. (2) In 2018, the Company recorded amortization expense of $6.6 billion and intangible impairment charges of $3.0 billion, resulting in a tax benefit of $277.5 million, as a portion of these amounts were incurred in jurisdictions with tax rates higher than the Irish statutory rate. Comparatively, in 2017, the Company recorded amortization expense of $7.2 billion and impairment charges of $8.7 billion, including Teva Share Activity, resulting in a net tax benefit of $1,262.2 million, favorably impacting the 2017 effective tax rate as compared to 2018. (3) In 2017, as part of the enactment of the TCJA, the Company recorded a provisional net deferred tax benefit of $2.8 billion related to the change in tax rates applicable to our deferred tax liabilities, the net reversal of amounts previously accrued for taxes on unremitted earnings of certain non-U.S. subsidiaries and the tax on the deemed repatriation of the Deferred Foreign Earnings of certain non-U.S. subsidiaries (toll charge). Adjustments were recorded in 2018 at the close of the measurement period under SAB 118, but were not material. (4) In 2018, the Company recorded goodwill impairments of $3.5 billion (including a portion allocated to assets held for sale) with no corresponding tax benefit, resulting in a tax detriment of $432.9 million to the 2018 effective tax rate. (5) In 2018, the Company recorded a tax benefit of $1,047.8 million for deferred taxes related to the tax effects of integration and the recognition of outside basis differences. This resulted in a more favorable impact on the effective tax rate as compared to 2017. (6) As a result of statutory and other tax rate changes applied to certain deferred tax assets and liabilities, the Company recorded a detriment of $148.0 million in the year ended December 31, 2018. (7) In 2018, the Company recorded a tax benefit of $254.0 million for the full release of a valuation allowance related to the Company’s foreign tax credit and partial release related to non-U.S. net operating loss carryforwards. The reconciliations for the years ended December 31, 2018, 2017 and 2016 between the statutory Bermuda income tax rate for Warner Chilcott Limited and the effective income tax rates were as follows: Warner Chilcott Limited (1) Years Ended December 31, 2018 2017 2016 Statutory rate 0.0 % 0.0 % 0.0 % Earnings subject to U.S. taxes (10.2 )% (27.4 )% (58.4 )% Earnings subject to rates different than the statutory rate (8.4 )% (0.9 )% (11.9 )% Impact of U.S. tax reform enactment (0.2 )% (27.7 )% 0.0 % Tax reserves and audit outcomes 2.6 % 0.5 % (0.7 )% Non-deductible expenses 7.7 % 0.2 % 3.2 % Impact of acquisitions and reorganizations (16.0 )% (9.5 )% 3.2 % Tax credits and U.S. special deductions (1.0 )% (1.5 )% (3.2 )% Rate changes 2.3 % (1.3 )% (7.6 )% Valuation allowances (3.9 )% 2.3 % 6.7 % Other (0.1 )% (0.2 )% (0.1 )% Effective income tax rate (27.2 )% (65.5 )% (68.8 )% (1) The rate reconciliation for Bermuda is largely consistent with the Irish effective tax rate reconciliations presented above. Deferred tax assets and liabilities are measured based on the difference between the financial statement and tax basis of assets and liabilities at the applicable tax rates. The significant components of the Company’s net deferred tax assets and liabilities consisted of the following (in millions): Years Ended December 31, 2018 2017 Benefits from net operating and capital loss carryforwards $ 2,145.8 $ 651.9 Benefits from tax credit and other carryforwards 377.6 363.3 Differences in financial statement and tax accounting for: Inventories, receivables and accruals 231.8 278.4 Basis differences in investments 56.1 1,088.7 Share-based and other compensation 295.5 315.4 Other 82.4 21.5 Total deferred tax asset, gross $ 3,189.2 $ 2,719.2 Less: Valuation allowance (1,637.9 ) (403.8 ) Total deferred tax asset, net $ 1,551.3 $ 2,315.4 Differences in financial statement and tax accounting for: Property, equipment and intangible assets (5,487.4 ) (7,604.8 ) Basis differences in investments (499.9 ) (731.4 ) Other (2.1 ) (12.5 ) Total deferred tax liabilities $ (5,989.4 ) $ (8,348.7 ) Total deferred taxes $ (4,438.1 ) $ (6,033.3 ) During the year ended December 31, 2018, the Company’s net deferred tax liability decreased by $1,595.2 million. This was predominately the result of amortization and impairments related to our intangible assets partially offset by the realization of outside basis differences in investments. The valuation allowance increased because the Company no longer considers the likelihood of utilizing certain net operating losses to be remote. Accordingly, a deferred tax asset mostly offset by a valuation allowance was recorded at the applicable tax rate in the period ended December 31, 2018. The table above includes immaterial reclassifications to conform with current year disclosures. The Company had the following carryforward tax attributes at December 31, 2018: • $914.5 million of U.S. federal net operating losses (“NOL”) and other tax attributes which begin to expire in 2019; • $294.4 million of U.S. tax credits which begin to expire in 2019; • $480.0 million of U.S. state NOLs which begin to expire in 2019; • $4,797.6 million of non-U.S. NOLs which begin to expire in 2019 and $4,826.6 million of non-U.S. NOLs which are not subject to expiration. U.S. net operating loss and tax credit carryforwards of $317.2 million and $213.0 million, respectively, are subject to an annual limitation under Internal Revenue Code Section 382. During the year ended December 31, 2018, the Company recorded a net increase to the valuation allowance of $1,234.1 million primarily related to non-U.S. net operating loss carryforwards. As of December 31, 2018, a valuation allowance balance of $1,637.9 million is recorded due to the uncertainty of realizing tax credits ($6.1 million), net operating losses ($1,596.3 million), capital loss carryforwards ($35.2 million) and other deferred tax assets ($0.3 million). At December 31, 2018, Allergan plc (the Irish parent) is permanently reinvested in approximately $11.0 billion of earnings of its non-Irish subsidiaries and therefore has not provided deferred income taxes on these undistributed earnings. The amounts are intended to be indefinitely reinvested in non-Irish operations and would not be subject to significant taxes if amounts were distributed to Allergan plc. The U.S. subsidiaries of Allergan plc are not permanently reinvested in the earnings of their non-U.S. subsidiaries as the provisions under current U.S. tax law will allow these earnings to be remitted to the U.S. without any significant tax cost. The Company recorded a $53.6 million deferred tax liability for the estimated cost to repatriate the accumulated earnings of these non-U.S. subsidiaries to their U.S. shareholders as of December 31, 2018. Accounting for Uncertainty in Income Taxes A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): Years Ended December 31, 2018 2017 2016 Balance at the beginning of the year $ 850.3 $ 811.2 $ 781.7 Increases for current year tax positions 164.3 10.1 100.7 Increases for prior year tax positions 193.4 69.2 40.5 Increases due to acquisitions 0.0 19.8 0.0 Decreases for prior year tax positions (5.0 ) (38.7 ) (77.9 ) Settlements (5.4 ) (21.7 ) (30.8 ) Lapse of applicable statute of limitations (5.9 ) (2.9 ) (2.9 ) Foreign exchange (4.9 ) 3.3 (0.1 ) Balance at the end of the year $ 1,186.8 $ 850.3 $ 811.2 If these benefits were subsequently recognized, $998.0 million would favorably impact the Company’s effective tax rate. The Company's continuing policy is to recognize interest and penalties related to uncertain tax positions in tax expense. During the years ended December 31, 2018, 2017 and 2016, the company recognized approximately $42.3 million, $45.8 million and $2.0 million in interest and penalties, respectively. At December 31, 2018, 2017 and 2016, the Company had accrued $155.2 million (net of tax benefit of $35.0 million), $113.7 million (net of tax benefit of $25.9 million) and $65.3 million (net of tax benefit of $35.4 million) of interest and penalties related to uncertain tax positions, respectively. Although the company cannot determine the impact with certainty based on specific factors, it is reasonably possible that the unrecognized tax benefits may change by up to approximately $90.0 million within the next twelve months due to the resolution of certain tax examinations. The Company conducts business globally and, as a result, it files U.S. federal, state and foreign tax returns. The Company strives to resolve open matters with each tax authority at the examination level and could reach agreement with a tax authority at any time. While the Company has accrued for amounts it believes are in accordance with the accounting standard, the final outcome with a tax authority may result in a tax liability that is different than that reflected in the consolidated financial statements. Furthermore, the Company may decide to challenge any assessments, if made, and may exercise its right to appeal. The uncertain tax positions are reviewed quarterly and adjusted as events occur that affect potential liabilities for additional taxes, such as lapsing of applicable statutes of limitations, proposed assessments by tax authorities, negotiations with tax authorities, identification of new issues and issuance of new legislation, regulations or case law. The Company has several concurrent audits open and pending with the Internal Revenue Service (“IRS”) as set forth below: IRS Audits Taxable Years Allergan W.C. Holding Inc. f/k/a Actavis W.C. Holding Inc. 2013, 2014, 2015 and 2016 Warner Chilcott Corporation 2010, 2011, 2012 and 2013 Forest Laboratories, Inc. 2010, 2011, 2012, 2013 and 2014 Allergan, Inc. 2009, 2010, 2011, 2012, 2013, 2014 and 3/17/2015 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Shareholders’ Equity | NOTE 20 — Shareholders’ Equity Share Repurchase Programs On January 29, 2019, the Company announced that its Board of Directors approved a separate $2.0 billion share repurchase program. On July 26, 2018, the Company’s Board of Directors approved a $2.0 billion share repurchase program. As of December 31, 2018, the Company had repurchased 7.2 million shares for $1.2 billion under the program. In September 2017, the Company’s Board of Directors approved a $2.0 billion share repurchase program. As of December 31, 2017, the Company had repurchased $450.0 million, or 2.6 million shares under the program. The Company completed the share repurchase program in 2018, repurchasing $1.54 billion or 9.6 million shares. In 2016, the Company’s Board of Directors approved a $5.0 billion share repurchase program which was completed in October 2016. Additionally, the Company’s Board of Directors approved a $10.0 billion accelerated share repurchase (“ASR”) program, which was initiated in November 2016 and completed in 2017. Under the ASR, the Company repurchased 4.2 million and 61.6 million ordinary shares in the years ended December 31, 2017 and 2016, respectively. Quarterly Dividend During the year ended December 31, 2018 the Company paid a quarterly cash dividend of $0.72 per share for holders of the Company’s ordinary shares in March, June, September and December of 2018. The total amount paid in the year ended December 31, 2018 was $980.2 million. During the year ended December 31, 2017 the Company paid a quarterly cash dividend of $0.70 per share for holders of the Company’s ordinary shares in March, June, September and December of 2017. The total amount paid in the year ended December 31, 2017 was $939.8 million. On January 25, 2019, the Company’s Board of Directors approved an increase in the Company's quarterly cash dividend for 2019 to $0.74 per ordinary share. Preferred Shares In February 2015, the Company completed an offering of 5,060,000 of our 5.500% mandatorily convertible preferred shares, Series A, par value $0.0001 per share (the “Mandatory Convertible Preferred Shares”). Dividends on the Mandatory Convertible Preferred Shares were payable on a cumulative basis when, as and if declared by our board of directors, or an authorized committee thereof, at an annual rate of 5.500% on the liquidation preference of $1,000.00 per Mandatory Convertible Preferred Share. The net proceeds from the Mandatory Convertible Preferred Share issuance of $4,929.7 million were used to fund the Allergan Acquisition. In the year ended December 31, 2018, 2017 and 2016, the Company paid $69.6 million, $278.4 million and $278.4 million, respectively, of dividends on the preferred shares. Each preferred share automatically converted to approximately 3.53 ordinary shares on March 1, 2018, for a total of 17,876,930 ordinary shares. Accumulated Other Comprehensive Income / (Loss) For most of the Company’s international operations, the local currency has been determined to be the functional currency. The results of its non-U.S. dollar based operations are translated to U.S. dollars at the average exchange rates during the period. Assets and liabilities are translated at the rate of exchange prevailing on the balance sheet date. Equity is translated at the prevailing rate of exchange at the date of the equity transaction. Translation adjustments are reflected in shareholders’ equity and are included as a component of other comprehensive income / (loss). The effects of converting non-functional currency assets and liabilities into the functional currency are recorded as transaction gains / (losses) in general and administrative expenses in the consolidated statements of operations. Unrealized gain / (losses) net of tax primarily represent experience differentials and other actuarial charges related to the Company’s defined benefit plans. The movements in accumulated other comprehensive income / (loss) for the years ended December 31, 2018 and 2017 were as follows ($ in millions): Foreign Currency Translation Items Unrealized gain / (loss) net of tax Total Accumulated Other Comprehensive Income / (Loss) Balance as of December 31, 2016 $ 534.7 $ (1,573.1 ) $ (1,038.4 ) Other comprehensive gain / (loss) before reclassifications into general and administrative 1,248.0 111.7 1,359.7 Net impact of other-than-temporary loss on investment in Teva securities - 1,599.4 1,599.4 Total other comprehensive income / (loss) 1,248.0 1,711.1 2,959.1 Balance as of December 31, 2017 $ 1,782.7 $ 138.0 $ 1,920.7 Amounts reclassed, net of tax, upon adoption of ASU 2016-01 - (63.0 ) (63.0 ) Balance as of January 1, 2018 $ 1,782.7 $ 75.0 $ 1,857.7 Other comprehensive gain / (loss) before reclassifications into general and administrative (474.4 ) (38.1 ) (512.5 ) Total other comprehensive income / (loss) (474.4 ) (38.1 ) (512.5 ) Balance as of December 31, 2018 $ 1,308.3 $ 36.9 $ 1,345.2 As of December 31, 2018 and 2017, unrealized gain / (loss) net of tax included $36.9 million and $75.0 million, respectively, |
Segments
Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segments | NOTE 21 — Segments The Company’s businesses are organized into the following segments: US Specialized Therapeutics, US General Medicine and International. In addition, certain revenues and shared costs, and the results of corporate initiatives, are managed outside of the three segments. The operating segments are organized as follows: • The US Specialized Therapeutics segment includes sales and expenses relating to branded products within the U.S., including Medical Aesthetics, Medical Dermatology through September 20, 2018, Eye Care and Neuroscience and Urology therapeutic products. • The US General Medicine segment includes sales and expenses relating to branded products within the U.S. that do not fall into the US Specialized Therapeutics business units, including Central Nervous System, Gastrointestinal, Women’s Health, Anti-Infectives and Diversified Brands. • The International segment includes sales and expenses relating to products sold outside the U.S. The Company evaluates segment performance based on segment contribution. Segment contribution for our segments represents net revenues less cost of sales (defined below), selling and marketing expenses, and select general and administrative expenses. Included in segment revenues for 2016 are product sales that were sold through our former Anda Distribution business once the Anda Distribution business had sold the product to a third-party customer. These sales are included in segment results and are reclassified into revenues from discontinued operations through a reduction of Corporate revenues which eliminates the sales made by our former Anda Distribution business through October 3, 2016 from results of continuing operations. Cost of sales for these products in discontinued operations is equal to our average third-party cost of sales for third party branded products distributed by our former Anda Distribution business. The Company does not evaluate the following items at the segment level: • Revenues and operating expenses within cost of sales, selling and marketing expenses, and general and administrative expenses that result from the impact of corporate initiatives. Corporate initiatives primarily include integration, restructuring, divestitures, acquisitions, certain milestones and other shared costs. • General and administrative expenses that result from shared infrastructure, including certain expenses located within the United States. • Other select revenues and operating expenses including R&D expenses, amortization, IPR&D impairments, goodwill impairments and asset sales and impairments, net as not all such information has been accounted for at the segment level, or such information has not been used by all segments. • Total assets including capital expenditures. The Company defines segment net revenues as product sales and other revenue derived from our products or licensing agreements. Cost of sales within segment contribution includes standard production and packaging costs for the products we manufacture, third party acquisition costs for products manufactured by others, profit-sharing or royalty payments for products sold pursuant to licensing agreements and finished goods inventory reserve charges. Cost of sales within segment contribution excludes non-standard production costs, such as non-finished goods inventory obsolescence charges, manufacturing variances and excess capacity utilization charges, where applicable. Cost of sales does not include amortization or impairment costs for acquired product rights or other acquired intangibles. Selling and marketing expenses consist mainly of personnel-related costs, product promotion costs, distribution costs, professional service costs, insurance, depreciation and travel costs. General and administrative expenses consist mainly of personnel-related costs, facilities costs, transaction costs, insurance, depreciation, litigation costs and professional services costs which are general in nature and attributable to the segment. Segment net revenues, segment operating expenses and segment contribution information consisted of the following for the years ended December 31, 2018, 2017 and 2016 ($ in millions): Year Ended December 31, 2018 US Specialized US General Therapeutics Medicine International Total Net revenues $ 6,920.3 $ 5,322.9 $ 3,504.7 $ 15,747.9 Operating expenses: Cost of sales (1) 565.2 799.1 537.1 1,901.4 Selling and marketing 1,348.3 924.6 928.7 3,201.6 General and administrative 205.3 156.4 141.7 503.4 Segment contribution $ 4,801.5 $ 3,442.8 $ 1,897.2 $ 10,141.5 Contribution margin 69.4 % 64.7 % 54.1 % 64.4 % Corporate (2) 1,067.3 Research and development 2,266.2 Amortization 6,552.3 Goodwill impairments 2,841.1 In-process research and development impairments 804.6 Asset sales and impairments, net 2,857.6 Operating (loss) $ (6,247.6 ) Operating margin (39.7 )% (1) (2) Year Ended December 31, 2017 US Specialized US General Therapeutics Medicine International Total Net revenues $ 6,803.6 $ 5,796.2 $ 3,319.5 $ 15,919.3 Operating expenses: Cost of sales (1) 495.4 843.9 478.7 1,818.0 Selling and marketing 1,369.5 1,084.1 913.8 3,367.4 General and administrative 208.2 177.3 120.6 506.1 Segment contribution $ 4,730.5 $ 3,690.9 $ 1,806.4 $ 10,227.8 Contribution margin 69.5 % 63.7 % 54.4 % 64.2 % Corporate (2) 1,471.8 Research and development 2,100.1 Amortization 7,197.1 In-process research and development impairments 1,452.3 Asset sales and impairments, net 3,927.7 Operating (loss) $ (5,921.2 ) Operating margin (37.2 )% (1) (2) Year Ended December 31, 2016 US Specialized US General Therapeutics Medicine International Total Net revenues $ 5,811.7 $ 5,923.9 $ 2,881.3 $ 14,616.9 Operating expenses: Cost of sales (1) 290.9 879.8 418.2 1,588.9 Selling and marketing 1,137.0 1,185.7 788.2 3,110.9 General and administrative 174.2 174.9 117.2 466.3 Segment contribution $ 4,209.6 $ 3,683.5 $ 1,557.7 $ 9,450.8 Contribution margin 72.4 % 62.2 % 54.1 % 64.7 % Corporate (2) 1,481.3 Research and development 2,575.7 Amortization 6,470.4 In-process research and development impairments 743.9 Asset sales and impairments, net 5.0 Operating (loss) $ (1,825.5 ) Operating margin (12.5 )% (1) (2) No country outside of the United States represents ten percent or more of net revenues. The US Specialized Therapeutics and US General Medicine segments are comprised solely of sales within the United States. The following table presents our net revenue disaggregated by geography for our international segment for the years ended December 31, 2018, 2017 and 2016 ($ in millions): Years Ended December 31, 2018 2017 2016 Europe $ 1,482.6 $ 1,439.2 $ 1,322.8 Asia Pacific, Middle East and Africa 1,089.9 929.9 776.1 Latin America and Canada 862.4 863.3 722.3 Other* 69.8 87.1 60.1 Total International $ 3,504.7 $ 3,319.5 $ 2,881.3 *Includes royalty and other revenue The following tables present global net revenues for the top products greater than 10% of total revenues of the Company as well as a reconciliation of segment revenues to total net revenues for the years ended December 31, 2018, 2017 and 2016 ($ in millions): Year Ended December 31, 2018 US Specialized Therapeutics US General Medicine International Total Botox ® $ 2,545.8 $ - $ 1,031.6 $ 3,577.4 Restasis ® 1,197.0 - 64.5 1,261.5 Juvederm ® 548.2 - 614.8 1,163.0 Linzess ® ® - 761.1 24.1 785.2 Lumigan ® ® 291.8 - 392.6 684.4 Bystolic ® ® - 583.8 2.0 585.8 Alphagan ® ® 375.4 - 176.0 551.4 Lo Loestrin ® - 527.7 - 527.7 Vraylar ® - 487.1 - 487.1 Eye Drops 202.7 - 279.7 482.4 Alloderm ® 407.3 - 8.0 415.3 Breast Implants 263.0 - 130.1 393.1 Viibryd ® ® - 342.4 7.2 349.6 Coolsculpting ® 235.3 - 64.2 299.5 Ozurdex ® 111.0 - 187.7 298.7 Zenpep ® - 237.3 0.4 237.7 Carafate ® ® - 217.8 2.8 220.6 Armour Thyroid - 198.8 - 198.8 Canasa ® ® - 169.2 17.6 186.8 Viberzi ® - 176.5 1.3 177.8 Asacol ® ® - 130.8 45.7 176.5 Coolsculpting ® 126.3 - 43.3 169.6 Skin Care 138.8 - 15.2 154.0 Saphris ® - 139.7 - 139.7 Teflaro ® - 128.0 0.3 128.3 Namzaric ® - 115.8 - 115.8 Avycaz ® - 94.6 - 94.6 Rapaflo ® 81.9 - 6.4 88.3 Savella ® - 85.0 - 85.0 Namenda ® - 71.0 - 71.0 Dalvance ® - 56.1 2.3 58.4 Aczone ® 55.1 - 0.4 55.5 Liletta ® - 50.9 - 50.9 Estrace ® - 49.0 - 49.0 Kybella ® ® 31.8 - 6.3 38.1 Tazorac ® 25.4 - 0.7 26.1 Minastrin ® - 9.5 - 9.5 Other 283.5 690.8 379.5 1,353.8 Total segment revenues $ 6,920.3 $ 5,322.9 $ 3,504.7 $ 15,747.9 Corporate revenues 39.5 Total net revenues $ 15,787.4 Year Ended December 31, 2017 US Specialized Therapeutics US General Medicine International Total Botox ® $ 2,254.4 $ - $ 914.5 $ 3,168.9 Restasis ® 1,412.3 - 61.3 1,473.6 Juvederm ® 501.1 - 540.7 1,041.8 Linzess ® ® - 701.1 21.9 723.0 Lumigan ® ® 317.5 - 371.5 689.0 Bystolic ® ® - 612.2 2.2 614.4 Alphagan ® ® 377.3 - 175.1 552.4 Eye Drops 199.5 - 281.0 480.5 Lo Loestrin ® - 459.3 - 459.3 Namenda ® - 452.9 - 452.9 Breast Implants 242.6 - 156.9 399.5 Estrace ® - 366.6 - 366.6 Viibryd ® ® - 333.2 3.1 336.3 Alloderm ® 321.2 - 7.5 328.7 Ozurdex ® 98.4 - 213.4 311.8 Vraylar ® - 287.8 - 287.8 Asacol ® ® - 195.5 50.2 245.7 Carafate ® ® - 235.8 2.9 238.7 Zenpep ® - 212.3 - 212.3 Coolsculpting ® 150.1 - 41.6 191.7 Canasa ® ® - 162.7 18.3 181.0 Armour Thyroid - 169.1 - 169.1 Aczone ® 166.3 - 0.5 166.8 Skin Care 153.2 - 12.0 165.2 Viberzi ® - 156.6 0.5 157.1 Saphris ® - 155.2 - 155.2 Coolsculpting ® 106.6 - 32.1 138.7 Namzaric ® - 130.8 - 130.8 Teflaro ® - 121.9 - 121.9 Rapaflo ® 108.1 - 7.3 115.4 Savella ® - 98.2 - 98.2 Tazorac ® 65.4 - 0.7 66.1 Minastrin ® - 61.4 - 61.4 Avycaz ® - 61.2 - 61.2 Kybella ® ® 49.5 - 6.8 56.3 Dalvance ® - 53.9 2.4 56.3 Liletta ® - 37.6 - 37.6 Other 280.1 730.9 395.1 1,406.1 Total segment revenues $ 6,803.6 $ 5,796.2 $ 3,319.5 $ 15,919.3 Corporate revenues 21.4 Total net revenues $ 15,940.7 Year Ended December 31, 2016 US Specialized Therapeutics US General Medicine International Total Botox ® $ 1,983.2 $ - $ 803.0 $ 2,786.2 Restasis ® 1,419.5 - 68.0 1,487.5 Juvederm ® 446.9 - 420.4 867.3 Lumigan ® ® 326.4 - 361.7 688.1 Linzess ® ® - 625.6 17.3 642.9 Namenda ® - 642.7 - 642.7 Bystolic ® ® - 638.8 1.7 640.5 Alphagan ® ® 376.6 - 169.3 545.9 Eye Drops 186.5 - 276.2 462.7 Asacol ® ® - 360.8 53.7 414.5 Lo Loestrin ® - 403.5 - 403.5 Estrace ® - 379.4 - 379.4 Breast Implants 206.0 - 149.9 355.9 Viibryd ® ® - 342.3 - 342.3 Minastrin ® - 325.9 1.4 327.3 Ozurdex ® 84.4 - 179.0 263.4 Carafate ® ® - 229.0 2.4 231.4 Aczone ® 217.3 - - 217.3 Zenpep ® - 200.7 - 200.7 Canasa ® ® - 178.7 17.7 196.4 Skin Care 186.2 - 8.5 194.7 Saphris ® - 166.8 - 166.8 Armour Thyroid - 166.5 - 166.5 Teflaro ® - 133.6 - 133.6 Rapaflo ® 116.6 - 5.8 122.4 Savella ® - 103.2 - 103.2 Tazorac ® 95.5 - 0.8 96.3 Vraylar ® - 94.3 - 94.3 Viberzi ® - 93.3 - 93.3 Namzaric ® - 57.5 - 57.5 Kybella ® ® 50.2 - 2.3 52.5 Dalvance ® - 39.3 - 39.3 Avycaz ® - 36.1 - 36.1 Liletta ® - 23.3 - 23.3 Other 116.4 682.6 342.2 1,141.2 Total segment revenues $ 5,811.7 $ 5,923.9 $ 2,881.3 $ 14,616.9 Corporate revenues (46.3 ) Total net revenues $ 14,570.6 |
Business Restructuring Charges
Business Restructuring Charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Business Restructuring Charges | NOTE 22 — Business Restructuring Charges Restructuring activities for the year ended December 31, 2018 were as follows ($ in millions): Severance Retention Share-Based Compensation Other Total Reserve balance at December 31, 2017 $ 166.0 $ - $ 19.9 $ 185.9 Charged to expense Cost of sales 7.3 - - 7.3 Research and development 1.0 - - 1.0 Selling and marketing 31.2 4.1 - 35.3 General and administrative 4.3 4.1 - 8.4 Total expense 43.8 8.2 - 52.0 Cash payments (138.4 ) - (5.5 ) (143.9 ) Non-cash adjustments - (8.2 ) - (8.2 ) Reserve balance at December 31, 2018 $ 71.4 $ - $ 14.4 $ 85.8 In the year ended December 31, 2018, the Company recorded severance and other employee related charges of $52.0 million, which includes $8.2 million of share-based compensation related to this program. In the year ending December 31, 2018, the Company incurred $14.1 million in severance and other employee related charges and $8.2 million of share-based compensation related to the restructuring program announced in December 2017. In the year ending December 31, 2018, the Company initiated a new restructuring program of its international commercial operations. As a result of the program, the Company intends to eliminate approximately 200 selling and marketing positions while streamlining the Company’s operations and focusing on key growth markets and products. The Company expects that the majority of the severance costs will be paid during the 2019 fiscal year. Restructuring activities for the year ended December 31, 2017 is as follows ($ in millions): Severance Retention Share-Based Compensation Other Total Reserve balance at December 31, 2016 $ 68.5 $ - $ 39.7 $ 108.2 Charged to expense Cost of sales 50.4 - - 50.4 Research and development 37.1 - - 37.1 Selling and marketing 92.5 - - 92.5 General and administrative 37.5 38.8 16.3 92.6 Total expense 217.5 38.8 16.3 272.6 Cash payments (110.4 ) (31.5 ) (36.1 ) (178.0 ) Other reserve impact (9.6 ) (7.3 ) - (16.9 ) Reserve balance at December 31, 2017 $ 166.0 $ - $ 19.9 $ 185.9 In December 2017, the Company approved a new restructuring program intended to optimize and restructure its operations, while reducing costs and global headcount in anticipation of loss of exclusivity of several key revenue-generating products in 2018. As a result of this program, the Company intended to eliminate over 1,000 then filled positions, impacting employees in commercial and other functions. Commercial reductions primarily focused on products and categories subject to loss of exclusivity. In addition, the Company eliminated approximately 400 open positions. In the year ended December 31, 2017, the Company recorded severance and other employee related charges of $91.3 million, which includes $4.0 million of share based compensation related to this program. During the year ended December 31, 2017 the Company also recorded $14.6 million of other charges relating to the program and impairments of $17.7 million primarily related to fixed assets and facilities which the Company intended to exit during the 2018 fiscal year. During the year ended December 31, 2017, the Company also initiated other restructuring programs which impacted the commercial, research and development, and global operations organizations. As a result of the commercial organization restructuring program, the Company recorded severance and other employee related charges of $16.9 million and eliminated approximately 200 filled positions and approximately 150 open positions during the year. This initiative reduced costs in the commercial organization and primarily impacted the General Medicine sales force. As a result of a research and development restructuring program, the Company recorded severance and other employee related charges of $12.4 million and eliminated approximately 100 filled positions. This initiative intended to reduce costs as a result of prioritizing the Company’s pipeline. The majority of these severance costs were paid during the year ended December 31, 2017 and the Company does not anticipate any additional costs under these programs. As a result of the global operations restructuring program, the Company will close a manufacturing facility in 2019 and reduce the Company’s headcount by approximately 250 employees. This program resulted in the Company recording $41.5 million of severance employee related charges and $4.2 million of accelerated depreciation. The majority of the severance costs will be paid during the year ending December 31, 2019. The Company also recorded other restructuring charges $91.7 million related to various other initiatives and the integration of acquired businesses during the year ended December 31, 2017. During the years ended December 31, 2018, 2017 and 2016, the Company recognized restructuring charges related to continuing operations of $52.0 million, $272.6 million and $106.1 million, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | NOTE 23 — Derivative Instruments and Hedging Activities The Company’s revenue, earnings, cash flows and fair value of its assets and liabilities can be impacted by fluctuations in foreign exchange risks and interest rates, as applicable. The Company manages the impact of foreign exchange risk and interest rate movements through operational means and through the use of various financial instruments, including derivative instruments such as foreign currency derivatives. As of December 31, 2018, the Company had outstanding third-party foreign currency forward instruments, excluding debt, of $42.1 million. As of December 31, 2017, the Company had no material outstanding third-party foreign currency instruments. Internationally, the Company is a net recipient of currencies other than the U.S. dollar and, as such, benefits from a weaker dollar and is adversely affected by a stronger dollar relative to major currencies worldwide. Accordingly, changes in exchange rates, and in particular a strengthening of the U.S. dollar, may negatively affect the Company’s consolidated revenues and favorably impact operating expenses in U.S. dollars. In November 2018, the Company entered into a 700 million Euro forward contract to buy Euros while selling USD. The derivative has a maturity of May 31, 2019. The derivative instrument will be marked-to-market to the P&L offsetting the revaluation (P&L) impact on the Euro 700 million variable interest debt. For the year ended December 31, 2018, the Company recorded a gain of $5.9 million relating to this instrument. Net Investment Hedge In the normal course of business, we manage certain foreign exchange risks through a variety of strategies, including hedging. Our hedging strategies include the use of derivatives, as well as net investment hedges. For net investment hedges, the effective portion of the gains and losses on the instruments arising from the effects of foreign exchange are recorded in the currency translation adjustment component of accumulated other comprehensive income / (loss), consistent with the underlying hedged item. Hedging transactions are limited to an underlying exposure. As a result, any change in the value of our hedging instruments would be substantially offset by an opposite change in the value of the underlying hedged items. We do not use derivative instruments for trading or speculative purposes. The Company is exposed to foreign exchange risk in its international operations from foreign currency purchases, net investments in foreign subsidiaries, and foreign currency assets and liabilities created in the normal course of business, including the Euro Denominated Notes. In the year ended December 31, 2018, we used effective net investment hedges to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries. The total notional amount of our instruments designated as net investment hedges was $5.1 billion as of December 31, 2018 and $3.6 billion as of December 31, 2017. During the year ended December 31, 2018, the impact of the net investment hedges recorded in other comprehensive loss was a gain of $ million, which primarily offset the impact of the Euro denominated notes. During the year ended December 31, 2017, the impact of the net investment hedges recorded in other comprehensive income was a loss of $208.2 million. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 24 — Fair Value Measurement Assets and liabilities that are measured at fair value using Fair Value Leveling or that are disclosed at fair value on a recurring basis as of December 31, 2018 and 2017 consisted of the following ($ in millions): Fair Value Measurements as of December 31, 2018 Using: Total Level 1 Level 2 Level 3 Assets: Cash equivalents * $ 207.1 $ 207.1 $ - $ - Short-term investments 1,026.9 - 1,026.9 - Deferred executive compensation investments 90.8 73.8 17.0 - Royalty receivable 50.3 - - 50.3 Investments and other 46.0 38.5 7.5 - Total assets $ 1,421.1 $ 319.4 $ 1,051.4 $ 50.3 Liabilities: Deferred executive compensation liabilities 90.8 73.8 17.0 - Contingent consideration obligations 344.6 - - 344.6 Total liabilities $ 435.4 $ 73.8 $ 17.0 $ 344.6 * Marketable securities with less than 90 days remaining until maturity at the time of acquisition are classified as cash equivalents. Fair Value Measurements as of December 31, 2017 Using: Total Level 1 Level 2 Level 3 Assets: Cash equivalents * $ 1,328.1 $ 1,328.1 $ - $ - Short-term investments 2,814.4 - 2,814.4 - Deferred executive compensation investments 112.4 92.9 19.5 - Investment in Teva ordinary shares 1,817.7 1,817.7 - - Investments and other 72.3 72.3 - - Total assets $ 6,144.9 $ 3,311.0 $ 2,833.9 $ - Liabilities: Deferred executive compensation liabilities 113.8 94.3 19.5 - Contingent consideration obligations 476.9 - - 476.9 Total liabilities $ 590.7 $ 94.3 $ 19.5 $ 476.9 * Marketable securities with less than 90 days remaining until maturity at the time of acquisition are classified as cash equivalents. Investments in securities as of December 31, 2018 and 2017 included the following ($ in millions): Investments in Securities as of December 31, 2018 Level 1 Carrying amount Estimated fair value Cash & cash equivalents Marketable securities Money market funds $ 207.1 $ 207.1 $ 207.1 $ - Total $ 207.1 $ 207.1 $ 207.1 $ - Level 2 Carrying amount Estimated fair value Cash & cash equivalents Marketable securities Other investments $ 1,026.9 $ 1,026.9 $ - $ 1,026.9 Total $ 1,026.9 $ 1,026.9 $ - $ 1,026.9 Investments in Securities as of December 31, 2017 Level 1 Carrying amount Unrecognized gain Unrecognized loss Estimated fair value Cash & cash equivalents Marketable securities Money market funds $ 1,328.1 $ - $ - $ 1,328.1 $ 1,328.1 $ - Investment in Teva ordinary shares 1,688.4 129.3 - 1,817.7 - 1,817.7 Total $ 3,016.5 $ 129.3 $ - $ 3,145.8 $ 1,328.1 $ 1,817.7 Level 2 Carrying amount Unrecognized gain Unrecognized loss Estimated fair value Cash & cash equivalents Marketable securities Commercial paper and other $ 1,248.9 $ - $ (0.7 ) $ 1,248.2 $ - $ 1,248.2 Certificates of deposit 1,566.2 - - 1,566.2 - 1,566.2 Total $ 2,815.1 $ - $ (0.7 ) $ 2,814.4 $ - $ 2,814.4 Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. Fair values are determined based on Fair Value Leveling. Marketable securities and investments consist of money market securities, U.S. treasury and agency securities, and equity and debt securities of publicly traded companies for which market prices are readily available. Unrealized gains or losses on marketable securities are recorded in interest income beginning January 1, 2018. Unrealized gains or losses on long-term equity investments are recorded in other income / (expense), net beginning on January 1, 2018. These amounts were recorded within accumulated other comprehensive (loss) / income as of December 31, 2017. The Company’s marketable securities and other long-term investments are recorded at fair value based on quoted market prices using the specific identification method. These investments are classified as either current or non-current, as appropriate, in the Company’s consolidated balance sheets. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and maturity management. Contingent Consideration Obligations The fair value measurement of the contingent consideration obligations is determined using Level 3 inputs and is based on a probability-weighted income approach. The measurement is based upon unobservable inputs supported by little or no market activity, and is based on our own assumptions. Changes in the fair value of the contingent consideration obligations, including accretion, are recorded in our consolidated statements of operations as follows ($ in millions): Years Ended December 31, Expense / (income) 2018 2017 2016 Cost of sales $ (111.7 ) $ (183.2 ) $ (17.4 ) Research and development 5.1 50.0 (71.1 ) General and administrative - - 24.3 Total $ (106.6 ) $ (133.2 ) $ (64.2 ) During the year ended December 31, 2018, cost of sales primarily relates to the Company’s True Tear ® During the year ended December 31, 2017, the Company had net contingent consideration income in cost of sales of $183.2 million due to declines in forecasted revenues for select products, including Rhofade ® ® During the year ended December 31, 2016, the Company had net contingent consideration income of $64.2 million primarily driven by ongoing R&D projects that were terminated based on clinical data acquired in the Allergan Acquisition, which was offset by additional contingent consideration expense relating to milestones achieved in connection with the AqueSys and Allergan acquisitions. The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017 ($ in millions): Balance as of December 31, 2017 Net transfers in to (out of) Level 3 Purchases, settlements, and other net Net accretion and fair value adjustments Balance as of December 31, 2018 Liabilities: Contingent consideration obligations $ 476.9 $ - $ (25.7 ) $ (106.6 ) $ 344.6 Balance as of December 31, 2016 Net transfers in to (out of) Level 3 Purchases, settlements, and other net Net accretion and fair value adjustments Balance as of December 31, 2017 Liabilities: Contingent consideration obligations $ 1,172.1 $ - $ (562.0 ) $ (133.2 ) $ 476.9 The Company determines the acquisition date fair value of contingent consideration obligations based on a probability-weighted income approach derived from revenue estimates and a probability assessment with respect to the likelihood of achieving contingent obligations including contingent payments such as milestone obligations, royalty obligations and contract earn-out criteria, where applicable. The fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in ASC 820. The resultant probability-weighted cash flows are discounted using an appropriate effective annual interest rate to reflect the internal rate of return and incremental commercial uncertainty, major risks and uncertainties associated with the successful completion of the events triggering the contingent obligation. At each reporting date, the Company revalues the contingent consideration obligation to estimated fair value and records changes in fair value as income or expense in our consolidated statement of operations. Changes in the fair value of the contingent consideration obligations may result from changes in discount periods and rates, changes in the timing and amount of revenue estimates and changes in probability assumptions with respect to the likelihood of achieving the various contingent consideration obligations. Accretion expense related to the increase in the net present value of the contingent liability is included in operating income for the period. During the year ended December 31, 2018, the following activity in contingent consideration obligations by acquisition was incurred ($ in millions): Business Acquisition Balance as of December 31, 2017 Fair Value Adjustments and Accretion Payments and Other Balance as of December 31, 2018 Tobira Acquisition $ 227.8 $ 27.2 $ - $ 255.0 Allergan Acquisition 18.7 (17.7 ) (1.0 ) - Medicines 360 acquisition 44.4 13.5 (14.8 ) 43.1 AqueSys acquisition 28.5 (23.1 ) - 5.4 Oculeve acquisition 90.1 (88.4 ) - 1.7 ForSight Acquisition 46.3 (22.2 ) - 24.1 Metrogel acquisition 7.5 - (7.5 ) - Forest Acquisition 12.7 3.1 (2.2 ) 13.6 Other 0.9 1.0 (0.2 ) 1.7 Total $ 476.9 $ (106.6 ) $ (25.7 ) $ 344.6 Royalty Receivable The fair value measurement of the royalty receivable is determined using Level 3 inputs and is based on a probability-weighted income approach. The measurement is based upon unobservable inputs supported by little or no market activity, and is based on our own assumptions. Changes in the fair value of the royalty receivable are recorded in our consolidated statements of operations as follows ($ in millions): Balance as of December 31, 2017 Net transfers in to (out of) Level 3 Purchases, settlements, and other net Net accretion and fair value adjustments Balance as of December 31, 2018 Asset: Royalty receivable $ - $ - $ 50.3 $ - $ 50.3 |
Commitments & Contingencies
Commitments & Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments & Contingencies | NOTE 25 — Commitments & Contingencies The Company and its affiliates are involved in various disputes, governmental and/or regulatory inspections, inquires, investigations and proceedings, and litigation matters that arise from time to time in the ordinary course of business. The process of resolving matters through litigation or other means is inherently uncertain and it is possible that an unfavorable resolution of these matters will adversely affect the Company, its results of operations, financial condition and cash flows. The Company’s general practice is to expense legal fees as services are rendered in connection with legal matters, and to accrue for liabilities when losses are probable and reasonably estimable. The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that is accrued. As of December 31, 2018, the Company’s consolidated balance sheet includes accrued loss contingencies of approximately $ 65.0 The Company’s legal proceedings range from cases brought by a single plaintiff to mass tort actions and class actions with thousands of putative class members. These legal proceedings, as well as other matters, involve various aspects of our business and a variety of claims (including, but not limited to, qui tam In matters involving the assertion or defense of the Company’s intellectual property, the Company believes it has meritorious claims and intends to vigorously assert or defend the patents or other intellectual property at issue in such litigation. Similarly, in matters where the Company is a defendant, the Company believes it has meritorious defenses and intends to defend itself vigorously. However, the Company can offer no assurances that it will be successful in a litigation or, in the case of patent enforcement matters, that a generic version of the product at issue will not be launched or enjoined. Failing to prevail in a litigation could adversely affect the Company and could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. Patent Litigation Patent Enforcement Matters Bystolic ® On January 19, 2018, subsidiaries of the Company brought an action for infringement of U.S. Patent No. 6,545,040 in the United States District Court for the District of Delaware against Aurobindo Pharma USA, Inc. and Aurobindo Pharma Ltd. (collectively, “Aurobindo”) in connection with an abbreviated new drug application filed with the FDA by Aurobindo seeking approval to market a generic version of Bystolic and challenging said patent. Allergan entered into a settlement agreement with Aurobindo on September 12, 2018, and the case was dismissed. No patent litigation remains concerning Bystolic. Byvalson ® On September 18, 2017, subsidiaries of the Company brought an action for infringement of U.S. Patent Nos. 7,803,838 (the “‘838 patent”) and 7,838,552 (the “‘552 patent”) in the U.S. District Court for the District of New Jersey against Prinston Pharmaceutical Inc., Zhejiang Huahai Pharmaceutical Co., Ltd., Huahai US Inc. and Solco Healthcare US, LLC (collectively, “Prinston”) in connection with an abbreviated new drug application filed with the FDA by Prinston seeking approval to market a generic versions of Byvalson and challenging said patents. Allergan entered into a settlement agreement with Prinston, and the case was dismissed. No patent litigation remains concerning Bystolic. Combigan ® . On October 30, 2017, subsidiaries of the Company filed an action for infringement of U.S. Patent Number 9,770,453 (the “‘453 Patent”) against Sandoz, Inc. and Alcon Laboratories, Inc. (“Sandoz”) in the U.S. District Court for the District of New Jersey, in connection with the abbreviated new drug applications respectively filed with the FDA by Sandoz and Alcon, seeking approval to market a generic version of Combigan and challenging said patent. On March 6, 2018, U.S. Patent Nos. 9,907,801 (the “‘801 Patent”) and 9,907,802 (the “‘802 Patent”) were added to the case. The ‘453, ‘801 and ‘802 Patents are listed in the Orange Book for Combigan ® Delzicol ® On August 28, 2015, November 9, 2015 and April 1, 2016, subsidiaries of the Company and Qualicaps Co., Ltd. (collectively, “Plaintiffs”) brought actions for infringement of U.S. Patent No. 6,649,180 (the “‘180 patent”) in the United States District Court for the Eastern District of Texas against Teva Pharmaceuticals USA, Inc. and Teva Pharmaceutical Industries Ltd. (collectively, “Teva”), Mylan Pharmaceuticals, Inc., Mylan Laboratories Limited and Mylan, Inc. (collectively, “Mylan”) and Zydus Pharmaceuticals (USA) Inc. and Cadila Healthcare Ltd. (collectively, “Zydus”) in connection with abbreviated new drug applications respectively filed with the FDA by Teva, Mylan and Zydus, each seeking approval to market generic versions of Delzicol and challenging said patent. The ‘180 patent expires on April 13, 2020. On October 24, 2017, the District Court entered final judgment of non-infringement in favor of Teva and Mylan. On December 12, 2018, the United States Court of Appeals for the Federal Circuit affirmed the district court’s decision of non-infringement in favor of Teva and Mylan. Plaintiffs have filed a petition for rehearing, which is currently pending. On November 28, 2016, Plaintiffs entered into a settlement agreement with Zydus. Under the terms of the settlement agreement, Zydus may launch its generic version of Delzicol ® ® Fetzima ® In October and November 2017, subsidiaries of the Company and Pierre Fabre Medicament S.A.S. brought actions for infringement of U.S. Patent Nos. RE43,879 (the “‘879 Patent”); 8,481,598 (the “‘598 Patent”); and 8,865,937 (the “‘937 Patent”) against MSN Laboratories Private Limited and MSN Pharmaceuticals Inc. (collectively, “MSN”), Prinston Pharmaceutical Inc. and Solco Healthcare U.S., LLC (collectively, “Prinston”), Torrent Pharmaceuticals Limited and Torrent Pharma Inc. (collectively, “Torrent”), West-Ward Pharmaceuticals International Limited and West-Ward Pharmaceuticals Corp. (collectively, “West-Ward”), Zydus Pharmaceuticals (USA) Inc. (“Zydus”), Aurobindo Pharma USA, Inc. and Aurobindo Pharma Limited (collectively, “Aurobindo”), and Amneal Pharmaceuticals LLC and Amneal Pharmaceuticals Private Limited (collectively, “Amneal”), In connection with abbreviated new drug applications, respectively filed with the FDA by MSN, Prinston, Torrent, West-Ward, Zydus, Aurobindo, and Amneal, each seeking approval to market generic versions of Fetzima and challenging said patents. The ‘879 Patent expires in June 2023 (not including a pending application for patent term extension (“PTE”)), the ‘598 patent expires in March 2031, and the ‘937 Patent expires in May 2032. The case is currently in fact discovery. No trial date has been set. Kybella ® . On November 9, 2018, a subsidiary of the Company brought an action for infringement of U.S. Patent Nos. 8,101,593 (the “‘593 Patent”), 8,242,294 (the “‘294 Patent”), 8,367,649 (the “‘649 Patent”), 8,461,140 (the “‘140 Patent”), 8,546,367 (the “‘367 Patent”), 8,653,058 (the “‘058 Patent”), 8,883,770 (the “‘770 Patent”), 9,522,155 (the “‘155 Patent”), 9,636,349 (the “‘349 Patent”), and 9,949,986 (the “‘986 Patent”) against Slayback Pharma LLC (“Slayback”) in the U.S. District Court for the District of New Jersey in connection with an abbreviated new drug application filed with the FDA by Slayback seeking approval to market generic versions of Kybella and challenging said patents. The ‘140, ’367, ’770, ’155, ’349 and ’986 Patents expire in February 2028; the ‘294 Patent expires in May 2028; and the ‘593, ‘649, and ‘058 Patents expire in March 2030. No trial date has been set. Lastacaft ® . On September 8, 2017, a subsidiary of the Company and Vistakon Pharmaceuticals, LLC (collectively, “Plaintiffs”), brought an action for infringement of U.S. Patent no. 8,664,215 (“the ‘215 Patent”) in the U.S. District Court for the District of Delaware against Aurobindo Pharma Ltd., Aurobindo Pharma USA, Inc. and Auromedics Pharma LLC (collectively, “Defendants”) in connection with an abbreviated new drug application filed with FDA by Aurobindo, seeking approval to market a generic version of Lastacaft and challenging the ‘215 patent. Plaintiffs entered into a settlement agreement with Aurobindo on November 15, 2018, and the case was dismissed. Latisse ® . In December 2016, Sandoz announced the U.S. market launch of Defendants’ generic copy of LATISSE ® . In July 2017, subsidiaries of the Company and Duke University (collectively, “Plaintiffs”) filed a complaint for infringement of U.S. Patent Number 9,579,270 (“‘270 Patent”) against Defendants Sandoz Inc. (“Sandoz”) and Alcon Laboratories, Inc. (“Alcon”) in the U.S. District Court for the Eastern District of Texas (EDTX). The ‘270 patent expires in January 2021. In their complaint, Plaintiffs seek, among other things, a judgment that Defendants have infringed the ‘270 patent by making, selling, and offering to sell, and/or importing, their generic copy of LATISSE ® The case is currently in fact discovery and a trial date has not yet been set. Latisse ® . On September 25, 2017, subsidiaries of the Company and Duke University brought an action for infringement of U.S. Patent No. 9,579,270 (the “‘270 Patent”) against Alembic Pharmaceuticals, Ltd., Alembic Global Holding SA, and Alembic Pharmaceuticals, Inc. (collectively, “Alembic”) in the U.S. District Court for the District of New Jersey in connection with an abbreviated new drug application filed with FDA by Alembic, seeking approval to market a generic version of Latisse and challenging the ‘270 patent. No trial date has been set. Latisse ® . On September 19, 2018 subsidiaries of the Company and Duke University brought an action for infringement of U.S. Patent No. 9,579,270 (the “‘270 Patent”) against Akorn, Inc. and Hi-Tech Pharmacal Co., Inc. (collectively, “Akorn”) in the U.S. District Court for the District of New Jersey in connection with an abbreviated new drug application filed with FDA by Akorn seeking approval to market a generic version of Latisse and challenging the ‘270 patent. No trial date has been set. Linzess ® In October and November 2016, subsidiaries of the Company and Ironwood received Paragraph IV certification notice letters from Teva Pharmaceuticals USA, Inc. (“Teva”) , Aurobindo Pharma Ltd., Mylan Pharmaceuticals Inc. (“Mylan”), and Sandoz Inc. (“Sandoz”) indicating that they had submitted to FDA ANDAs seeking approval to manufacture and sell generics version of LINZESS ® In May 2017, subsidiaries of the Company and Ironwood also received a Paragraph IV certification notice letter from Sun Pharma Global FZE indicating that it had submitted to FDA an ANDA seeking approval to manufacture and sell a generic version of LINZESS before the expiration of the ‘573, ‘628 and ‘030 Patents. Sun Pharma Global FZE claims that the patents are invalid and/or would not be infringed. On June 30, 2017, Plaintiffs brought an action for infringement of the ‘573, ‘628 and ‘030 Patents in the U.S. District Court for the District of Delaware against Sun Pharma Global FZE and Sun Pharmaceutical Industries Inc. (collectively, “Sun”). In January 2018, subsidiaries of the Company and Ironwood entered into a settlement agreement with Sun and certain Sun affiliates. Under the terms of the settlement agreement, Plaintiffs will provide a license to Sun to market a generic version of LINZESS in the United States beginning on February 1, 2031 (subject to FDA approval), or earlier in certain circumstances. The Sun action was dismissed on January 18, 2018. In July 2017, subsidiaries of the Company and Ironwood received a second Notice Letter relating to the ANDA submitted to the FDA by Aurobindo. Aurobindo claims that the ‘036, ‘727, ‘947, ‘409, ‘526, ‘553 Patents, as well as the ‘573, ‘628 and ‘030 Patents, are invalid and/or would not be infringed. On August 25, 2017, Plaintiffs brought an action for infringement of these patents in the U.S. District Court for the District of Delaware against Aurobindo. On September 28, 2017, this action was consolidated with the first action filed against Aurobindo. On April 30, 2018, subsidiaries of the Company and Ironwood entered into a settlement agreement with Aurobindo. Under the terms of the settlement agreement, Plaintiffs will provide a license to Aurobindo to market a generic version of LINZESS in the United States beginning on August 5, 2030 (subject to FDA approval), or earlier in certain circumstances. The Aurobindo actions were dismissed on May 7, 2018. In September 2017, October 2017 and January 2018, subsidiaries of the Company and Ironwood received second Notice Letters relating to the ANDAs submitted to the FDA by Teva, Mylan and Sandoz, respectively. Teva, Mylan and Sandoz claim that U.S. Patent No. 9,708,371 (the “‘371 Patent”) is invalid and/or would not be infringed by their respective ANDAs. (The ‘371 Patent expires in 2033.) On October 20, 2017, November 30, 2017 and January 20, 2018, Plaintiffs brought actions for infringement of the ‘371 patent in the U.S. District Court for the District of Delaware against Teva, Mylan and Sandoz, respectively. The actions filed in October and November 2017 against Teva and Mylan have been consolidated with the lawsuit filed in November 2016. In December 2017 and February 2018, subsidiaries of the Company and Ironwood received Paragraph IV certification notice letters from Teva and Mylan, respectively indicating that they had submitted to FDA ANDAs seeking approval to manufacture and sell generic versions of LINZESS ® In May and August 2018, the district court granted joint stipulations and orders to dismiss without prejudice all claims, counterclaims, and defenses in the consolidated actions with respect to the ‘371 Patent and the ‘030 Patent, respectively, On June 12, 2018, the district court granted the parties’ request that briefing on Mylan’s motion to dismiss for improper venue be stayed until after a decision issued on Mylan’s renewed motion to dismiss for improper venue in Bristol-Myers Squibb Co. v. Mylan Pharmaceuticals, Inc. BMS BMS On December 21, 2018, subsidiaries of the Company and Ironwood entered into a settlement agreement with Mylan. Under the terms of the settlement agreement, Plaintiffs will provide a license to Mylan to market a generic version of LINZESS in the United States beginning on February 5, 2030 (subject to FDA approval), or earlier in certain circumstances. The Mylan actions were dismissed on December 27, 2018. Namenda XR ® On December 11, 2017, the Court of Appeals for the Federal Circuit issued a decision affirming the district court’s judgment of invalidity with respect to certain claims of the ‘209, ‘708, ‘379, ‘752 and ‘085 patents. The Federal Circuit issued the mandate of the court on February 20, 2018, and certain generics launched the generic products shortly thereafter. Namzaric ® . In 2015 subsidiaries of the Company and Adamas Pharmaceuticals, Inc. (all collectively, “Plaintiffs”), brought an action for infringement of some or all of U.S. Patent Nos. 8,039,009 (the “’009 patent”), 8,058,291 (the “‘291 patent”), 8,168,209 (the “‘209 patent”), 8,173,708 (the “‘708 patent”) 8,283,379 (the “‘379 patent”), 8,293,794 (the “‘794 patent”), 8,329,752 (the “‘752 patent”), 8,338,485 (the “‘485 patent”), 8,338,486 (the “‘486 patent”), 8,362,085 (the “‘085 patent”), 8,580,858 (the “‘858 patent”) and 8,598,233 (the “‘233 patent”) in the U.S. District Court for the District of Delaware against Amneal Pharmaceuticals LLC, Par Pharmaceutical, Inc., and Amerigen Pharmaceuticals, Inc. and Amerigen Pharmaceuticals Ltd. (collectively, “Amerigen”). Plaintiffs entered into settlement agreements with each of the generics. Plaintiffs’ settlement agreement with Amneal, who is believed to be a first applicant with respect to certain dosage strengths (memantine hydrochloride extended-release and donepezil hydrochloride, 14 mg/10 mg and 28 mg/10 mg) of Namzaric ® ® Restasis ® . Between August 2015 and July 2016, a subsidiary of the Company brought actions for infringement of U.S. Patent Nos. 8,629,111 (the “‘111 patent”), 8,633,162 (the “‘162 patent”), 8,642,556 (the “‘556 patent”), 8,648,048 (the “‘048 patent”), 8,685,930 (the “‘930 patent”) and 9,248,191 (the “’191 patent”) in the U.S. District Court for the Eastern District of Texas against Akorn, Inc., Apotex, Inc., Mylan Pharmaceuticals, Inc., Teva Pharmaceuticals USA, Inc., InnoPharma, Inc., Famy Care Limited (“Famy Care”), TWi Pharmaceuticals, Inc. (“TWi”) and related subsidiaries and affiliates thereof. The subsidiary entered into settlement agreements with Apotex, TWi, Famy Care and InnoPharma. As a result of certain of these settlements, Allergan will provide a license to certain parties to launch their generic versions of Restasis ® ® On September 8, 2017, the Company assigned all Orange Book-listed patents for Restasis ® ® On October 16, 2017, the District Court issued a decision and final judgment finding that the asserted claims of the ‘111 patent, the ‘048 patent, the ‘930 patent and the ‘191 patent were infringed, but invalid on the ground of obviousness. The District Court also held that the asserted claims were not invalid as anticipated, for lack of enablement, or for improper inventorship. On November 13, 2018, the U.S. Court of Appeals for the Federal Circuit issued a decision affirming the district court’s finding of invalidity of the asserted claims of the ‘111, ‘048, ‘930 and ‘191 Patents. A petition for rehearing is currently pending. On December 22, 2016, a subsidiary of the Company Allergan filed a complaint for infringement of the ʼ111 patent, ʼ162 patent, ʼ556 patent, ʼ048 patent, ʼ930 patent, and the ʼ191 patent in the U.S. District Court for the Eastern District of Texas against Deva Holding A.S. (“Deva”). On March 6, 2018, the district court granted in part and denied in part the parties’ joint motion for entry of a stipulated order, and stayed the case until such time as the Federal Circuit in the lead appeal case with Teva, Mylan and Akron issues a mandate. The parties’ stipulation provides that Deva will be bound by the outcome of that appeal. On August 10 and September 20, 2018, a subsidiary of the Company and the Tribe filed complaints for infringement of the ʼ162 patent and the ʼ556 patent in the U.S. District Court for the District of Delaware against Saptalis and against Amneal Pharmaceuticals, LLC and Amneal Pharmaceuticals Co. India Private Limited (collectively, “Amneal”), respectively. The cases were voluntarily dismissed on January 2, 2019. Restasis ® On June 6, 2016, a subsidiary of the Company received notification letters that Inter Partes Review of the USPTO (“IPR”) petitions were filed by Mylan Pharmaceuticals Inc. (“Mylan”) regarding U.S. Patent Nos. 8,629,111 (the “‘111 patent”), 8,633,162 (the “‘162 patent”), 8,642,556 (the “‘556 patent”), 8,648,048 (the “‘048 patent”), 8,685,930 (the “‘930 patent”), and 9,248,191 (the “‘191 patent”), which patents expire on August 27, 2024. Mylan filed the IPR petition on June 3, 2016. On June 23, 2016, a subsidiary of the Company received a notification letter that a IPR petition and motion for joinder was filed by Argentum Pharmaceuticals LLC (“Argentum”) regarding the ’111 patent. On December 7, 2016, the Company entered into a settlement agreement with Argentum and Argentum’s petition was withdrawn. On December 8, 2016, the USPTO granted Mylan’s petitions to institute IPRs with respect to these patents. On January 6, 2017, each of Akorn and Teva filed, and on January 9, 2017 the USPTO received, IPR petitions with respect to these patents and motions for joinder with the Mylan IPR. The USPTO granted Teva’s and Akorn’s joinder motions on March 31, 2017. On September 8, 2017, Allergan assigned all Orange Book-listed patents for Restasis ® ® On February 23, 2018, the USPTO issued orders denying the Tribe’s motion to dismiss (or terminate). On July 20, 2018, the Federal Circuit affirmed the USPTO’s denial of the Tribe’s motion to dismiss and Allergan’s motion to withdraw. On August 20, 2018, the Tribe and Allergan filed a petition for rehearing en banc Saphris ® A separate bench trial concerning Sigmapharm’s infringement of the ‘476 patent began on June 20, 2018, and on November 16, 2018, the court held that Sigmapharms’ proposed ANDA product would infringe the ‘476 patent On November 26, 2018, Sigmapharm sought relief from the November 16, 2018 decision. That motion is currently pending. Savella ® On October 5 and 6, 2017, subsidiaries of the Company brought actions for infringement of U.S. Patent Nos. 6,602,911 (the “‘911 patent”), 7,888,342 (the “‘342 patent”), and 7,994,220 (the “‘220 patent”) in the U.S. District Court for the District of Delaware and the District of New Jersey, respectively, against Strides Pharma Global Pte Limited and Strides Pharma Inc. (collectively, Strides”). On April 20, 2018, the Company entered into a settlement agreement with Strides and the case was dismissed. Viibryd ® On January 5, 2018, Argentum Pharmaceuticals LLC submitted to the USPTO a petition for Inter Partes Review (“IPR”) seeking cancellation of certain claims of U.S. Patent No. 8,673,921 (the “‘921 patent”). The ‘921 patent is listed in the Orange Book for Viibryd ® Trademark Enforcement Matters Juvéderm ® On April 5, 2017, a subsidiary of the Company brought an action for unfair competition, false advertising, dilution, conspiracy and infringement of Allergan’s JUVÉDERM trademarks in the U.S. District Court for the Central District of California against Dermavita Limited Partnership (“Dermavita”), Dima Corp. S.A. (“Dima Corp.”) and KBC Media Relations LLC (“KBC”). Dima Corp. had previously announced its acquisition of a license from Dermavita to develop and market in the U.S. cosmetic products under the Juvederm trademark. During June 2017, the Company entered into a settlement agreement with KBC. During July 2017, the Court preliminarily enjoined Dima Corp. from, , promoting or selling within the United States any product bearing the trademark JUVEDERM or any other trademark confusingly similar to it. During January 2018, the Court granted Dermavita’s renewed motion to dismiss the Company’s complaint based on purported lack of personal jurisdiction. The case remains pending against Dima. Subsidiaries of the Company requested a preliminary injunction against Dermavita, Dima Corp, Aesthetic Services, Jacqueline Sillam and Dimitri Sillam in the High Court of Paris, France. During June 2017, the Paris Court preliminarily enjoined the defendants , inter alia Furthermore, more than 150 trademark opposition and cancellation actions between Allergan and Dermavita have been filed in front of the USPTO, EUIPO and various other national and regional trademark offices around the world. Most of these actions remain pending; however, Allergan has received favorable decisions in more than ten (10) such actions. Antitrust Litigation Asacol ® Class action complaints have been filed against certain subsidiaries of the Company on behalf of putative classes of direct and indirect purchasers. The lawsuits have been consolidated in the U.S. District Court for the District of Massachusetts. The complaints allege that plaintiffs paid higher prices for Asacol ® ® ® . Botox ® . A class action complaint was filed against certain subsidiaries of the Company in the United States District Court for the Central District of California on February 24, 2015, alleging unlawful market allocation in violation of Section 1 of the Sherman Act, 15 U.S.C. §1, agreement in restraint of trade in violation of the U.S. federal antitrust laws as well as violations of California state laws. In the complaint, plaintiffs seek an unspecified amount of treble damages. On November 30, 2017, the parties reached a tentative settlement and the court granted plaintiffs’ motion for final approval of class settlement. On September 10, 2018, the court dismissed with prejudice all claims against the defendants. Loestrin ® Putative classes of direct and indirect purchasers as well as opt-out direct purchasers have filed complaints that have been consolidated in the U.S. District Court for the District of Rhode Island. The lawsuits allege that subsidiaries of the Company engaged in anticompetitive conduct, including when settling patent lawsuits related to Loestrin ® 24 Fe, in violation of federal and state antitrust and consumer protection laws. The complaints each seek declaratory and injunctive relief and damages. The court has scheduled hearings on the class plaintiffs’ class certification motions and on defendants motion for summary judgement on the issue of market power. Namenda ® . In 2014, the State of New York filed a lawsuit in the U.S. District Court for the Southern District of New York alleging that Forest was acting to prevent or delay generic competition to Namenda ® ® ® Restasis ® . Shire, which offers the dry-eye disease drug Xiidra ® ® ® ® Restasis ® . Several class actions were filed on behalf of putative classes of direct and indirect purchasers of Restasis ® alleging that subsidiaries of the company harmed competition by engaging in conduct to delay the market entry of generic versions of Restasis ® Commercial Litigation Celexa ® ® . Certain subsidiaries of the Company were named in federal court actions relating to the promotion of Celexa ® ® Warner Chilcott Marketing Practices . A putative nationwide class of private payer entities, or their assignees, that paid Medicare benefits on behalf of their beneficiaries filed a complaint against certain subsidiaries of the Company in the U.S. District Court for the District of Massachusetts. The Complaint asserts claims under the federal RICO statute, state consumer protection statutes, common law fraud, and unjust enrichment with respect to the sale and marketing of certain products. Defendants’ motion to dismiss the Amended Complaint is still pending. Generic Drug Pricing Securities and ERISA Litigation . Putative classes of shareholders and two individual opt-out plaintiffs filed class action lawsuits against the Company and certain of its current and former officers alleging that defendants made materially false and misleading statements between February 2014 and November 2016 regarding the Company’s internal controls over its financial reporting and that it failed to disclose that its former Actavis generics unit had engaged in illegal, anticompetitive price-fixing with its generic industry peers. These lawsuits have been consolidated in the U.S. District Court for the District of New Jersey. The complaints seek unspecified monetary damages. The Company’s motion to dismiss the complaint is still pending. In addition, class action complaints have been filed premised on the same alleged underlying conduct that is at issue in the securities litigation but that assert claims under the Employee Retirement Income Security Act of 1974 (“ERISA”). These complaints have been consolidated in the district court in New Jersey. The court granted the Company’s motion to dismiss this complaint. The ERISA plaintiffs have appealed this decision to the Third Circuit Court of Appeals. Telephone Consumer Protection Act Litigation. In October 2012, Forest and certain of its affiliates were named as defendants in a putative class action in the United States District Court for the Eastern District of Missouri. This suit alleges that Forest and another defendant violated the Telephone Consumer Protection Act (the “TCPA”) by sending unsolicited facsimiles and facsimiles with inadequate opt-out notices. The case was stayed pending the administrative proceeding initiated by the pending FCC Petition and a separate petition Forest filed. A similar lawsuit was filed in in Missouri state court against Warner Chilcott Corporation which Warner Chilcott removed to the federal district court. In the wake of the Court of Appeals decision on the Petition discussed below, the parties reached an agreement to settle these actions. In a related matter, on June 27, 2013, Forest filed a Petition for Declaratory Ruling with the FCC requesting that the FCC find that (1) the faxes at issue in the action complied, or substantially complied with the FCC regulation, and thus did not violate it, or (2) the FCC regulation was not properly promulgated under the TCPA. On October 30, 2014, the FCC issued a final order on the FCC Petition granting Forest and several other petitioners a retroactive waiver of the opt-out notice requirement for all faxes sent with express consent. The litigation plaintiffs appealed the final order to the Court of Appeals for the District of Columbia and on March 31, 2017, the Court of Appeals issued a decision which held that the FCC regulation at issue was not properly promulgated under the TCPA. Plaintiffs’ petition for certiorari was denied by the United States Supreme Court. Prescription Opioid Drug Abuse Litigation . The Company has been named as a defendant, along with several other manufacturers and distributors of opioid products, in over 1,300 matters relating to the promotion and sale of prescription opioid pain relievers and additional suits have been filed. The lawsuits allege generally that the manufacturer defendants engaged in a deceptive campaign to promote their products in violation of state laws and seek unspecified monetary damages, penalties and injunctive relief. Plaintiffs in these suits include states, political subdivisions of states (i.e., counties and municipalities), Native American tribes and other private litigants such as insurance plans, hospital systems and consumers who were prescribed opioid products and were subsequently treated for an overdose or addiction. Cases are pending in both federal and state courts. The federal court cases have been consolidated in an MDL in the U.S. District Court for the Northern District of Ohio, with a first set of cases set for trial in September 2019. In the case filed on behalf of the State of California by the California counties of Santa Clara and Orange, which is pending in California state court, the previously-set trial date has been vacated and a new date has not yet been set. Testosterone Replacement Therapy Class Action . Subsidiaries of the Company were named in a class action complaint filed on behalf a putative class of third party payers in the U.S. District Court for the Northern District of Illinois. The suit alleges that the Company’s subsidiaries violated various laws including the federal RICO statute and state consumer protection laws in connection with the sale and marketing of Androderm ® Xaleron Dispute. On February 5, 2016, Xaleron Pharmaceuticals, Inc. filed a lawsuit against certain subsidiaries of the Company in state court in New York. The complaint, filed on February 26, 2016, alleges the defendants misappropriated Xaleron’s confidential business information and asserts claims for unfair competition, tortious interference with prospective economic advantage and unjust enrichment. The company filed a motion for summary judgment in April 2018 and subsequently, the parties reached an agreement to settle the litigation. Zeltiq Advertising Litigation . A putative class action lawsuit was filed against Zeltiq in state court in California alleging that Zeltiq misled customers regarding the promotion of its CoolSculpting ® product and the product’s premarket notification clearance status. The case was later removed to U.S. District Court for the Central District of California. The case was dismissed by the district court and, while the plaintiffs started the process of appealing this decision to the Ninth Circuit Court of Appeals, they have since voluntarily dismissed their appeal. Employment Litigation In July 2012, a subsidiary of the Company was named as a defendant in an action brought by certain former Company sales representatives and specialty sales representatives in the United States District Court for the Southern District of New York. The action is a putative class and collective action, and alleges class claims under Title VII for gender discrimination with respect to pay and promotions, as well as discrimination on the basis of pregnancy, and a collective action claim under the Equal Pay Act and non-class claims on behalf of certain of the named Plaintiffs for sexual harassment and retaliation under Title VII, and for violations of the Family and Medical Leave Act. On April 3, 2017, the parties agreed to settle this matter. On February 1, 20 |
Warner Chilcott Limited ("WCL")
Warner Chilcott Limited ("WCL") Guarantor and Non-Guarantor Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Warner Chilcott Limited ("WCL") Guarantor and Non-Guarantor Condensed Consolidating Financial Information | NOTE 26 — Warner Chilcott Limited (“WCL”) Guarantor and Non-Guarantor Condensed Consolidating Financial Information The following financial information is presented to segregate the financial results of WCL, Allergan Funding SCS, and Allergan Finance, LLC (the issuers of the long-term notes), the guarantor subsidiaries for the long-term notes and the non-guarantor subsidiaries. The guarantors jointly and severally, and fully and unconditionally, guarantee the Company’s obligation under the long-term notes. The information includes elimination entries necessary to consolidate the guarantor and the non-guarantor subsidiaries. Investments in subsidiaries are accounted for using the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries, equity and intercompany balances and transactions. WCL, Allergan Capital S.a.r.l. and Allergan Finance, LLC are guarantors of the long-term notes. The Company anticipates future legal entity structure changes which may impact the presentation of this footnote in the near future. WCL has revised its consolidating balance sheets as previously presented in its balance sheet in Footnote 25 of the December 31, 2017 Annual Report on Form 10-K due to a change in the Company’s legal entity structure and other reclassifications that occurred during the year ended December 31, 2018. As a result, prior period information has been recast to conform to the current period presentation. Subsequent to December 31, 2018, Allergan’s legal entity structure changed which will result in reclassifications to the presented amounts in the year ending December 31, 2019. The following financial information presents the consolidating balance sheets as of December 31, 2018 and 2017, the related statements of operations and comprehensive income / (loss) for the years ended December 31, 2018, 2017 and 2016 and the statements of cash flows for the years ended December 31, 2018, 2017 and 2016. Warner Chilcott Limited Consolidating Balance Sheets As of December 31, 2018 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited ASSETS Current assets: Cash and cash equivalents $ 0.1 $ 1.8 $ 0.8 $ - $ 875.9 $ - $ 878.6 Marketable securities - 489.9 - - 537.0 - 1,026.9 Accounts receivable, net - - - - 2,868.1 - 2,868.1 Receivables from Parents - - - - 640.9 - 640.9 Inventories - - - - 846.9 - 846.9 Intercompany receivables - 3,534.7 961.0 16.7 24,779.3 (29,291.7 ) - Current assets held for sale - - - - 34.0 - 34.0 Prepaid expenses and other current assets - - - 33.3 785.4 - 818.7 Total current assets 0.1 4,026.4 961.8 50.0 31,367.5 (29,291.7 ) 7,114.1 Property, plant and equipment, net - - - - 1,787.0 - 1,787.0 Investments and other assets - - - - 1,970.6 - 1,970.6 Investment in subsidiaries 62,940.2 73,846.0 - 90,729.7 - (227,515.9 ) - Non current intercompany receivables - 28,239.4 18,090.2 - 19,674.2 (66,003.8 ) - Non current assets held for sale - - - - 882.2 - 882.2 Deferred tax assets - 43.6 - - 1,020.1 - 1,063.7 Product rights and other intangibles - - - - 43,695.4 - 43,695.4 Goodwill - - - - 45,913.3 - 45,913.3 Total assets $ 62,940.3 $ 106,155.4 $ 19,052.0 $ 90,779.7 $ 146,310.3 $ (322,811.4 ) $ 102,426.3 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued expenses - 0.1 156.3 92.9 4,538.1 - 4,787.4 Intercompany payables - 14,315.0 21.7 10,442.6 4,512.4 (29,291.7 ) - Payables to Parents - - - - 2,829.2 - 2,829.2 Income taxes payable - - - - 72.4 - 72.4 Current portion of long-term debt and capital leases - - 779.6 - 88.7 - 868.3 Total current liabilities - 14,315.1 957.6 10,535.5 12,040.8 (29,291.7 ) 8,557.3 Long-term debt and capital leases - - 18,090.2 2,135.9 2,703.3 - 22,929.4 Other long-term liabilities - - - - 882.0 - 882.0 Long-term intercompany payables - 18,597.4 - 1,076.8 46,329.6 (66,003.8 ) - Other taxes payable - - - - 1,615.5 - 1,615.5 Deferred tax liabilities - - - - 5,501.8 - 5,501.8 Total liabilities - 32,912.5 19,047.8 13,748.2 69,073.0 (95,295.5 ) 39,486.0 Total equity / (deficit) 62,940.3 73,242.9 4.2 77,031.5 77,237.3 (227,515.9 ) 62,940.3 Total liabilities and equity $ 62,940.3 $ 106,155.4 $ 19,052.0 $ 90,779.7 $ 146,310.3 $ (322,811.4 ) $ 102,426.3 Warner Chilcott Limited Consolidating Balance Sheets As of December 31, 2017 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited ASSETS Current assets: Cash and cash equivalents $ 0.1 $ 593.1 $ 0.1 $ - $ 1,223.0 $ - $ 1,816.3 Marketable securities - 400.2 - - 4,231.9 - 4,632.1 Accounts receivable, net - - - - 2,899.0 - 2,899.0 Receivables from Parents - 4,223.5 - - 1,573.9 - 5,797.4 Inventories - - - - 904.5 - 904.5 Intercompany receivables - 8,118.7 5,507.6 19.6 25,417.0 (39,062.9 ) - Prepaid expenses and other current assets - - - 85.0 1,038.0 - 1,123.0 Total current assets 0.1 13,335.5 5,507.7 104.6 37,287.3 (39,062.9 ) 17,172.3 Property, plant and equipment, net - - - - 1,785.4 - 1,785.4 Investments and other assets - - - - 267.9 - 267.9 Investment in subsidiaries 81,282.1 79,897.0 - 94,332.0 - (255,511.1 ) - Non current intercompany receivables - 27,518.7 20,985.0 - 30,544.0 (79,047.7 ) - Non current receivables from Parents - - - - 3,964.0 - 3,964.0 Non current assets held for sale - - - - 81.6 - 81.6 Deferred tax assets - - - - 316.0 - 316.0 Product rights and other intangibles - - - - 54,648.3 - 54,648.3 Goodwill - - - - 49,862.9 - 49,862.9 Total assets $ 81,282.2 $ 120,751.2 $ 26,492.7 $ 94,436.6 $ 178,757.4 $ (373,621.7 ) $ 128,098.4 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued expenses - 0.6 202.9 89.3 5,222.8 - 5,515.6 Intercompany payables - 12,186.2 1,828.5 11,402.3 13,645.9 (39,062.9 ) - Payables to Parents - - - - 2,340.6 - 2,340.6 Income taxes payable - - - - 74.9 - 74.9 Current portion of long-term debt and capital leases - - 3,475.4 - 756.4 - 4,231.8 Total current liabilities - 12,186.8 5,506.8 11,491.6 22,040.6 (39,062.9 ) 12,162.9 Long-term debt and capital leases - - 20,985.0 2,130.1 2,728.4 - 25,843.5 Other long-term liabilities - 0.2 - - 886.7 - 886.9 Long-term intercompany payables - 30,395.0 - 149.0 48,503.7 (79,047.7 ) - Other taxes payable - - - - 1,573.5 - 1,573.5 Deferred tax liabilities - 0.2 - - 6,349.2 - 6,349.4 Total liabilities - 42,582.2 26,491.8 13,770.7 82,082.1 (118,110.6 ) 46,816.2 Total equity / (deficit) 81,282.2 78,169.0 0.9 80,665.9 96,675.3 (255,511.1 ) 81,282.2 Total liabilities and equity $ 81,282.2 $ 120,751.2 $ 26,492.7 $ 94,436.6 $ 178,757.4 $ (373,621.7 ) $ 128,098.4 Warner Chilcott Limited Consolidating Statements of Operations and Comprehensive (Loss) / Income For the Year Ended December 31, 2018 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Net revenues $ - $ - $ - $ - $ 15,787.4 $ - $ 15,787.4 Operating expenses: Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) - - - - 2,191.4 - 2,191.4 Research and development - - - - 2,266.2 - 2,266.2 Selling and marketing - - - - 3,250.6 - 3,250.6 General and administrative - - - - 1,177.5 - 1,177.5 Amortization - - - - 6,552.3 - 6,552.3 Goodwill impairments - - - - 2,841.1 - 2,841.1 In-process research and development impairments - - - - 804.6 - 804.6 Asset sales and impairments, net - - - - 2,857.6 - 2,857.6 Total operating expenses - - - - 21,941.3 - 21,941.3 Operating (loss) - - - - (6,153.9 ) - (6,153.9 ) Interest income / (expense), net - 1,101.1 (8.8 ) (82.8 ) (1,650.6 ) - (641.1 ) Other income, net - - 15.6 - 241.1 - 256.7 Total other income / (expense), net - 1,101.1 6.8 (82.8 ) (1,409.5 ) - (384.4 ) Income / (loss) before income taxes and noncontrolling interest - 1,101.1 6.8 (82.8 ) (7,563.4 ) - (6,538.3 ) (Benefit) / provision for income taxes - (23.8 ) 3.5 (50.7 ) (1,705.4 ) - (1,776.4 ) Losses / (earnings) of equity interest subsidiaries 4,772.1 5,625.3 - 2,822.6 - (13,220.0 ) - Net (loss) / income from continuing operations, net of tax (4,772.1 ) (4,500.4 ) 3.3 (2,854.7 ) (5,858.0 ) 13,220.0 (4,761.9 ) (Loss) from discontinued operations, net of tax - - - - - - - Net (loss) / income (4,772.1 ) (4,500.4 ) 3.3 (2,854.7 ) (5,858.0 ) 13,220.0 (4,761.9 ) (Income) attributable to noncontrolling interest - - - - (10.2 ) - (10.2 ) Net (loss) / income attributable to members (4,772.1 ) (4,500.4 ) 3.3 (2,854.7 ) (5,868.2 ) 13,220.0 (4,772.1 ) Other comprehensive (loss) / income, net of tax (512.5 ) (425.7 ) - (779.7 ) (512.5 ) 1,717.9 (512.5 ) Comprehensive (loss) / income attributable to members $ (5,284.6 ) $ (4,926.1 ) $ 3.3 $ (3,634.4 ) $ (6,380.7 ) $ 14,937.9 $ (5,284.6 ) Warner Chilcott Limited Consolidating Statements of Operations and Comprehensive (Loss) / Income For the Year Ended December 31, 2017 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Net revenues $ - $ - $ - $ - $ 15,940.7 $ - $ 15,940.7 Operating expenses: Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) - - - - 2,168.0 - 2,168.0 Research and development - - - - 2,100.1 - 2,100.1 Selling and marketing - - - - 3,514.8 - 3,514.8 General and administrative - - 8.6 1.1 1,392.6 - 1,402.3 Amortization - - - - 7,197.1 - 7,197.1 In-process research and development impairments - - - - 1,452.3 - 1,452.3 Asset sales and impairments, net - - - - 3,927.7 - 3,927.7 Total operating expenses - - 8.6 1.1 21,752.6 - 21,762.3 Operating (loss) - - (8.6 ) (1.1 ) (5,811.9 ) - (5,821.6 ) Interest income / (expense), net - 845.5 116.6 (131.2 ) (1,760.2 ) - (929.3 ) Other (expense), net - - (110.4 ) (66.7 ) (3,260.2 ) - (3,437.3 ) Total other income / (expense), net - 845.5 6.2 (197.9 ) (5,020.4 ) - (4,366.6 ) Income / (loss) before income taxes and noncontrolling interest - 845.5 (2.4 ) (199.0 ) (10,832.3 ) - (10,188.2 ) Provision / (benefit) for income taxes - 5.0 0.3 (177.3 ) (6,498.4 ) - (6,670.4 ) Losses / (earnings) of equity interest subsidiaries 3,927.3 4,517.5 - 3,123.1 - (11,567.9 ) - Net (loss) / income from continuing operations, net of tax (3,927.3 ) (3,677.0 ) (2.7 ) (3,144.8 ) (4,333.9 ) 11,567.9 (3,517.8 ) (Loss) from discontinued operations, net of tax - - - - (402.9 ) - (402.9 ) Net (loss) / income (3,927.3 ) (3,677.0 ) (2.7 ) (3,144.8 ) (4,736.8 ) 11,567.9 (3,920.7 ) (Income) attributable to noncontrolling interest - - - - (6.6 ) - (6.6 ) Net (loss) / income attributable to members (3,927.3 ) (3,677.0 ) (2.7 ) (3,144.8 ) (4,743.4 ) 11,567.9 (3,927.3 ) Other comprehensive income / (loss), net of tax 2,959.1 3,001.5 - (2,203.7 ) 2,959.1 (3,756.9 ) 2,959.1 Comprehensive (loss) / income attributable to members $ (968.2 ) $ (675.5 ) $ (2.7 ) $ (5,348.5 ) $ (1,784.3 ) $ 7,811.0 $ (968.2 ) Warner Chilcott Limited Consolidating Statements of Operations and Comprehensive (Loss) / Income For the Year Ended December 31, 2016 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Net revenues - - - - 14,570.6 - 14,570.6 Operating expenses: Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) - - - - 1,860.8 - 1,860.8 Research and development - - - - 2,575.7 - 2,575.7 Selling and marketing - - - - 3,266.4 - 3,266.4 General and administrative - - - 19.8 1,330.6 - 1,350.4 Amortization - - - - 6,470.4 - 6,470.4 In-process research and development impairments - - - - 743.9 - 743.9 Asset sales and impairments, net - - - - 5.0 - 5.0 Total operating expenses - - - 19.8 16,252.8 - 16,272.6 Operating (loss) - - - (19.8 ) (1,682.2 ) - (1,702.0 ) Interest income / (expense), net - 2,255.3 3.4 (157.1 ) (3,286.1 ) - (1,184.5 ) Other income, net - - - - 172.2 - 172.2 Total other income / (expense), net - 2,255.3 3.4 (157.1 ) (3,113.9 ) - (1,012.3 ) Income / (loss) before income taxes and noncontrolling interest - 2,255.3 3.4 (176.9 ) (4,796.1 ) - (2,714.3 ) Provision / (benefit) for income taxes - - 0.1 66.3 (1,963.4 ) - (1,897.0 ) (Earnings) / losses of equity interest subsidiaries (15,091.1 ) (8,984.1 ) - (16,771.7 ) - 40,846.9 - Net income / (loss) from continuing operations, net of tax 15,091.1 11,239.4 3.3 16,528.5 (2,832.7 ) (40,846.9 ) (817.3 ) Income from discontinued operations, net of tax - - - - 15,914.5 - 15,914.5 Net income / (loss) 15,091.1 11,239.4 3.3 16,528.5 13,081.8 (40,846.9 ) 15,097.2 (Income) attributable to noncontrolling interest - - - - (6.1 ) - (6.1 ) Net income / (loss) attributable to members 15,091.1 11,239.4 3.3 16,528.5 13,075.7 (40,846.9 ) 15,091.1 Other comprehensive (loss) / income, net of tax (544.3 ) (544.3 ) - (3,085.1 ) (544.3 ) 4,173.7 (544.3 ) Comprehensive income / (loss) attributable to members $ 14,546.8 $ 10,695.1 $ 3.3 $ 13,443.4 $ 12,531.4 $ (36,673.2 ) $ 14,546.8 Warner Chilcott Limited Consolidating Statements of Cash Flows For the Year Ended December 31, 2018 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Cash Flows From Operating Activities: Net (loss) / income $ (4,772.1 ) $ (4,500.4 ) $ 3.3 $ (2,854.7 ) $ (5,858.0 ) $ 13,220.0 $ (4,761.9 ) Reconciliation to net cash provided by / (used in) operating activities: Losses / (earnings) of equity interest subsidiaries 4,772.1 5,625.3 - 2,822.6 - (13,220.0 ) - Depreciation - - - - 196.3 - 196.3 Amortization - - - - 6,552.3 - 6,552.3 Provision for inventory reserve - - - - 96.4 - 96.4 Share-based compensation - - - - 239.8 - 239.8 Deferred income tax benefit - - - - (1,255.7 ) - (1,255.7 ) Goodwill impairments - - - - 2,841.1 - 2,841.1 In-process research and development impairments - - - - 804.6 - 804.6 Loss on asset sales and impairments, net - - - - 2,857.6 - 2,857.6 Gain on sale of Teva securities, net - - - - (60.9 ) - (60.9 ) Gain on sale of businesses - - (182.6 ) - (182.6 ) Non-cash extinguishment of debt - - 30.0 - - - 30.0 Cash (discount) related to extinguishment of debt - - (45.6 ) - - - (45.6 ) Amortization of deferred financing costs - - 21.0 1.6 - - 22.6 Contingent consideration adjustments, including accretion - - - - (106.5 ) - (106.5 ) Dividends from subsidiaries 4,075.6 - - - - (4,075.6 ) - Other, net - - (5.6 ) (1.7 ) 36.3 - 29.0 Changes in assets and liabilities (net of effects of acquisitions) - (1,626.3 ) 5,482.0 32.2 (5,152.4 ) - (1,264.5 ) Net cash provided by / (used in) operating activities 4,075.6 (501.4 ) 5,485.1 - 1,008.3 (4,075.6 ) 5,992.0 Cash Flows From Investing Activities: Additions to property, plant and equipment - - - - (253.5 ) - (253.5 ) Additions to investments - (889.9 ) - - (1,581.8 ) - (2,471.7 ) Proceeds from sale of investments and other assets - 800.0 - - 5,459.3 - 6,259.3 Payments to settle Teva related matters - - - - (466.0 ) - (466.0 ) Proceeds from sales of property, plant and equipment - - - - 30.4 - 30.4 Net cash (used in) / provided by investing activities - (89.9 ) - - 3,188.4 - 3,098.5 Cash Flows From Financing Activities: Proceeds from borrowings of long-term indebtedness, including credit facility - 700.0 1,919.7 - 37.3 - 2,657.0 Payments on debt, including capital lease obligations and credit facility - (700.0 ) (7,393.7 ) - (710.8 ) - (8,804.5 ) Debt issuance and other financing costs - - (10.4 ) - - - (10.4 ) Payments of contingent consideration and other financing - - - - (30.9 ) - (30.9 ) Proceeds from forward sale of Teva securities - - - - 465.5 - 465.5 Payments to settle Teva related matters - - - - (234.0 ) - (234.0 ) Dividends to Parents (4,075.6 ) - - - (4,075.6 ) 4,075.6 (4,075.6 ) Net cash (used in) / provided by financing activities (4,075.6 ) - (5,484.4 ) - (4,548.5 ) 4,075.6 (10,032.9 ) Effect of currency exchange rate changes on cash and cash equivalents - - - - 4.7 - 4.7 Net (decrease) / increase in cash and cash equivalents - (591.3 ) 0.7 - (347.1 ) - (937.7 ) Cash and cash equivalents at beginning of period 0.1 593.1 0.1 - 1,223.0 - 1,816.3 Cash and cash equivalents at end of period $ 0.1 $ 1.8 $ 0.8 $ - $ 875.9 $ - $ 878.6 Warner Chilcott Limited Consolidating Statements of Cash Flows For the Year Ended December 31, 2017 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Cash Flows From Operating Activities: Net (loss) / income $ (3,927.3 ) $ (3,677.0 ) $ (2.7 ) $ (3,144.8 ) $ (4,736.8 ) $ 11,567.9 $ (3,920.7 ) Reconciliation to net cash provided by / (used in) operating activities: Losses / (earnings) of equity interest subsidiaries 3,927.3 4,517.5 - 3,123.1 - (11,567.9 ) - Depreciation - - - - 171.5 - 171.5 Amortization - - - - 7,197.1 - 7,197.1 Provision for inventory reserve - - - - 102.2 - 102.2 Share-based compensation - - - - 293.3 - 293.3 Deferred income tax benefit - - - - (7,783.1 ) - (7,783.1 ) In-process research and development impairments - - - - 1,452.3 - 1,452.3 Loss on asset sales and impairments, net - - - - 3,927.7 - 3,927.7 Net income impact of other-than-temporary loss on investment in Teva securities - - - - 3,273.5 - 3,273.5 Charge to settle Teva related matters - - - - 387.4 - 387.4 Loss on forward sale of Teva shares - - - - 62.9 - 62.9 Amortization of inventory step-up - - - - 131.7 - 131.7 Non-cash extinguishment of debt - - 17.6 12.2 (45.5 ) - (15.7 ) Cash charge related to extinguishment of debt - - 91.6 52.9 61.1 - 205.6 Amortization of deferred financing costs - - 23.3 4.5 - - 27.8 Contingent consideration adjustments, including accretion - - - - (133.2 ) - (133.2 ) Dividends from subsidiaries 1,668.2 - - - - (1,668.2 ) - Other, net - (10.0 ) - - (27.0 ) - (37.0 ) Changes in assets and liabilities (net of effects of acquisitions) - (4,228.1 ) (241.5 ) 2,148.3 3,207.3 - 886.0 Net cash provided by / (used in) operating activities 1,668.2 (3,397.6 ) (111.7 ) 2,196.2 7,542.4 (1,668.2 ) 6,229.3 Cash Flows From Investing Activities: Additions to property, plant and equipment - - - - (349.9 ) - (349.9 ) Additions to product rights and other intangibles - - - - (614.3 ) - (614.3 ) Additions to investments - (4,389.6 ) - - (5,394.2 ) - (9,783.8 ) Proceeds from sale of investments and other assets - 7,866.4 - - 7,286.9 - 15,153.3 Proceeds from sales of property, plant and equipment - - - - 7.1 - 7.1 Acquisitions of businesses, net of cash acquired - - - - (5,290.4 ) - (5,290.4 ) Net cash provided by / (used in) investing activities - 3,476.8 - - (4,354.8 ) - (878.0 ) Cash Flows From Financing Activities: Proceeds from borrowings of long-term indebtedness, including credit facility - - 3,020.9 - 529.1 - 3,550.0 Payments on debt, including capital lease obligations and credit facility - - (2,800.0 ) (2,143.3 ) (1,470.3 ) - (6,413.6 ) Debt issuance and other financing costs - - (17.5 ) - (3.1 ) - (20.6 ) Cash charge related to extinguishment of debt - - (91.6 ) (52.9 ) (61.1 ) - (205.6 ) Payments of contingent consideration and other financing - - - - (511.6 ) - (511.6 ) Dividends to Parents (1,668.2 ) - - - (1,668.2 ) 1,668.2 (1,668.2 ) Net cash (used in) / provided by financing activities (1,668.2 ) - 111.8 (2,196.2 ) (3,185.2 ) 1,668.2 (5,269.6 ) Effect of currency exchange rate changes on cash and cash equivalents - - - - 21.4 - 21.4 Net increase in cash and cash equivalents - 79.2 0.1 - 23.8 - 103.1 Cash and cash equivalents at beginning of period 0.1 513.9 - - 1,199.2 - 1,713.2 Cash and cash equivalents at end of period $ 0.1 $ 593.1 $ 0.1 $ - $ 1,223.0 $ - $ 1,816.3 Warner Chilcott Limited Consolidating Statements of Cash Flows For the Year Ended December 31, 2016 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Cash Flows From Operating Activities: Net income / (loss) $ 15,091.1 $ 11,239.4 $ 3.3 $ 16,528.5 $ 13,081.8 $ (40,846.9 ) $ 15,097.2 Reconciliation to net cash provided by / (used in) operating activities: (Earnings) / losses of equity interest subsidiaries (15,091.1 ) (8,984.1 ) - (16,771.7 ) - 40,846.9 - Depreciation - - - - 155.8 - 155.8 Amortization - - - - 6,475.2 - 6,475.2 Provision for inventory reserve - - - - 181.4 - 181.4 Share-based compensation - - - - 334.5 - 334.5 Deferred income tax benefit - - - - (1,443.9 ) - (1,443.9 ) Pre-tax gain on sale of businesses to Teva - - - - (24,511.1 ) - (24,511.1 ) Non-cash tax effect of gain on sale of businesses to Teva - - - - 5,285.2 - 5,285.2 In-process research and development impairments - - - - 743.9 - 743.9 Loss on asset sales and impairments, net - - - - 5.0 - 5.0 Amortization of inventory step-up - - - - 42.4 - 42.4 Amortization of deferred financing costs - 23.5 23.3 4.2 - - 51.0 Contingent consideration adjustments, including accretion - - - - (66.8 ) - (66.8 ) Dividends from subsidiaries 2,034.8 - - - - (2,034.8 ) - Other, net - - - - (59.9 ) - (59.9 ) Changes in assets and liabilities (net of effects of acquisitions) 0.1 16,536.2 473.4 237.0 (17,957.6 ) - (710.9 ) Net cash provided by / (used in) operating activities 2,034.9 18,815.0 500.0 (2.0 ) (17,734.1 ) (2,034.8 ) 1,579.0 Cash Flows From Investing Activities: Additions to property, plant and equipment - - - - (331.4 ) - (331.4 ) Additions to product rights and other intangibles - - - - (2.0 ) - (2.0 ) Sale of businesses to Teva - - - - 33,804.2 - 33,804.2 Additions to investments - (6,351.8 ) - - (9,391.7 ) - (15,743.5 ) Proceeds from sale of investments and other assets - - - - 7,771.6 - 7,771.6 Loans to Parents - (4,196.9 ) - - (9,035.3 ) - (13,232.2 ) Proceeds from sales of property, plant and equipment - - - - 33.3 - 33.3 Acquisitions of businesses, net of cash acquired - - - - (1,198.9 ) - (1,198.9 ) Net cash (used in) / provided by investing activities - (10,548.7 ) - - 21,649.8 - 11,101.1 Cash Flows From Financing Activities: Proceeds from borrowings of long-term indebtedness, including credit facility - 1,050.0 - - - - 1,050.0 Payments on debt, including capital lease obligations and credit facility - (8,815.9 ) (500.0 ) - (1,532.8 ) - (10,848.7 ) Payments of contingent consideration and other financing - - - - (161.1 ) - (161.1 ) Dividends to Parents (2,034.8 ) - - - (2,034.8 ) 2,034.8 (2,034.8 ) Net cash (used in) / provided by financing activities (2,034.8 ) (7,765.9 ) (500.0 ) - (3,728.7 ) 2,034.8 (11,994.6 ) Effect of currency exchange rate changes on cash and cash equivalents - - - - (8.5 ) - (8.5 ) Net increase / (decrease) in cash and cash equivalents 0.1 500.4 - (2.0 ) 178.5 - 677.0 Cash and cash equivalents at beginning of period - 13.5 - 2.0 1,020.7 - 1,036.2 Cash and cash equivalents at end of period $ 0.1 $ 513.9 $ - $ - $ 1,199.2 $ - $ 1,713.2 |
Compensation
Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
Compensation | NOTE 27 — Compensation The following table represents compensation costs for the years ended December 31, 2018, 2017 and 2016 ($ in millions): Years Ended December 31, 2018 2017 2016 Wages and salaries $ 1,994.9 $ 1,892.8 $ 2,108.7 Share-based compensation 239.8 308.0 396.1 Retirement plans 107.0 82.7 156.8 Social welfare (taxes) 163.1 150.4 165.0 Other benefits 175.2 265.1 321.0 Total $ 2,680.0 $ 2,699.0 $ 3,147.6 Amount included in continuing operations $ 2,680.0 $ 2,699.0 $ 2,578.4 Amount included in discontinued operations $ - $ - $ 569.2 |
Concentration
Concentration | 12 Months Ended |
Dec. 31, 2018 | |
Risks And Uncertainties [Abstract] | |
Concentration | NOTE 28 — Concentration The Company considers there to be a concentration risk for customers that account for 10% or more of their third-party revenues. The following table illustrates any customer which accounted for 10% or more of our annual revenues within the U.S. and Canada in any of the past three fiscal years and the respective percentage of our revenues for which they account for each of the last three years: Customer 2018 2017 2016 McKesson Corporation 25 % 23 % 23 % Cardinal Health, Inc. 23 % 19 % 18 % AmerisourceBergen Corporation 22 % 19 % 18 % No other country outside the U.S. and Canada had 10% or more of global sales. The Company’s accounts receivable primarily arise from product sales in North America and primarily represent amounts due from wholesalers, distributors, drug store chains and service providers in the health care and pharmaceutical industries, public hospitals and other government entities. Approximately 62% and 58% of the gross accounts receivable balance are concentrated among the Company’s three largest customers as of December 31, 2018 and 2017, respectively. The Company performs ongoing credit evaluations of its customers and maintains an allowance for potential uncollectible accounts. Actual losses from uncollectible accounts have been minimal. Outside of the U.S., concentrations of credit risk with respect to accounts receivable are limited due to the wide variety of customers and markets using the Company’s products, as well as their dispersion across many different geographic areas. The Company monitors economic conditions, including volatility associated with international economies, and related impacts on the relevant financial markets and its business, especially in light of sovereign credit issues. The Company does not expect to have write-offs or adjustments to accounts receivable which would have a material adverse effect on its financial position, liquidity or results of operations. Certain of the Company’s finished products and raw materials are obtained from single source suppliers. Although the Company seeks to identify more than one source for its various finished products and raw materials, loss of a single source supplier could have an adverse effect on the Company’s results of operations, financial condition and cash flows. Further, a second source supplier may not be able to produce the same volumes of inventory as the Company’s primary supplier. No third party manufacturer accounted for 10% or more of the Company’s products sold based on third-party revenues for the year ended December 31, 2018. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Allergan plc Warner Chilcott Limited Valuation and Qualifying Accounts Years Ended December 31, 2018, 2017 and 2016 ($ in millions) Balance at Beginning of Period Charged to Costs and Expenses Deductions / Write-offs Other* Balance at End of Period Allowance for doubtful accounts: Year Ended December 31, 2018 $ 93.0 $ 18.5 $ (9.8 ) $ - $ 101.7 Year Ended December 31, 2017 $ 75.7 $ 11.6 $ (1.7 ) $ 7.4 $ 93.0 Year Ended December 31, 2016 $ 80.6 $ 3.5 $ (8.4 ) $ - $ 75.7 Tax valuation allowance: Year Ended December 31, 2018 $ 403.8 $ 1,237.9 $ - $ (3.8 ) $ 1,637.9 Year Ended December 31, 2017 $ 183.9 $ 230.1 $ - $ (10.2 ) $ 403.8 Year Ended December 31, 2016 $ 196.2 $ 183.8 $ - $ (196.1 ) $ 183.9 *Includes opening balances of businesses acquired in the period and reclasses to assets held for sale. |
Supplementary Data
Supplementary Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Data | Selected unaudited quarterly consolidated financial data and market price information are shown below ($ in millions except per share data): For Three Month Periods Ended Year Ended 12/31/2018 Dec. 31, 2018 Sept. 30, 2018 June 30, 2018 Mar. 31, 2018 Net revenues $ 15,787.4 $ 4,079.7 $ 3,911.4 $ 4,124.2 $ 3,672.1 Net (loss) $ (5,086.2 ) $ (4,295.9 ) $ (36.3 ) $ (470.1 ) $ (283.9 ) Basic earnings per share (15.26 ) (12.83 ) (0.11 ) (1.39 ) (0.99 ) Diluted earnings per share (15.26 ) (12.83 ) (0.11 ) (1.39 ) (0.99 ) Market price per share: High $ 193.46 $ 192.51 $ 175.19 $ 188.15 Low $ 129.82 $ 167.21 $ 143.80 $ 144.02 For Three Month Periods Ended Year Ended 12/31/2017 Dec. 31, 2017 Sept. 30, 2017 June 30, 2017 Mar. 31, 2017 Net revenues $ 15,940.7 $ 4,326.1 $ 4,034.3 $ 4,007.4 $ 3,572.9 Net (loss) / income $ (4,118.9 ) $ 3,123.2 $ (3,954.0 ) $ (723.9 ) $ (2,564.2 ) Basic earnings per share (13.19 ) 9.21 (12.07 ) (2.37 ) (7.86 ) Diluted earnings per share (13.19 ) 8.88 (12.07 ) (2.37 ) (7.86 ) Market price per share: High $ 210.98 $ 256.15 $ 248.91 $ 249.32 Low $ 163.58 $ 202.66 $ 218.73 $ 210.80 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S.”) (“GAAP”). The consolidated financial statements include the accounts of wholly owned subsidiaries, after elimination of intercompany accounts and transactions. The consolidated financial information presented herein reflects all financial information that, in the opinion of management, is necessary for a fair statement of financial position, results of operations and cash flows for the periods presented. The Company’s consolidated financial statements include the financial results of all acquired companies subsequent to the acquisition date. |
Implementation of New Guidance | Implementation of New Guidance On January 1, 2018, we adopted ASU No. 2014-09, "Revenue from Contracts with Customers" (“Topic 606”), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historical accounting practices. The impact to revenues for the year ended December 31, 2018 was not significant as a result of the adoption. The adoption of this guidance does not have a material impact on the Company’s financial position or results of operations as the Company’s sales primarily are governed by standard ship and bill terms of pharmaceutical products to customers. The Company applies the “practical expedient” as defined in Topic 606 to recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs which are included in selling, general, and administrative expenses are consistent with the accounting prior to the adoption of Topic 606. The Company also elected to use the practical expedient to not adjust the promised amount of consideration for the effects of the time value of money for contracts in which the anticipated period between when the Company transfers the goods or services to the customer and when the customer pays is equal to one year or less. On January 1, 2018, the Company adopted ASU No. 2016-01, which now requires equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies) to be measured at fair value with changes in the fair value recognized through net income. Under the previous guidance, changes in the fair value of equity securities were recognized through other comprehensive income. On January 1, 2018, the Company adopted ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. Previously, GAAP prohibited the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This prohibition on recognition was an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. The amendment to the guidance eliminated the exception for an intra-entity transfer of an asset other than inventory and required an entity to recognize the income tax consequences when the transfer occurs. The following represents the impact on the Company's Consolidated Balance Sheet as a result of the adoption on January 1, 2018 of these accounting pronouncements ($ in millions): Increase / (decrease) Pronouncement Accounts receivable, net Prepaid expenses and other current assets Accounts payable and accrued expenses Deferred tax liabilities Retained earnings Accumulated other comprehensive income / (loss) Accounting Standards Update No. 2014-09 $ 1.9 $ - $ (3.6 ) $ - $ 5.5 $ - Accounting Standards Update No. 2016-01 $ - $ - $ - $ - $ 63.0 $ (63.0 ) * Accounting Standards Update No. 2016-16 $ - $ (44.8 ) $ - $ (401.0 ) $ 356.2 $ - * The Company adopted ASU 2016-01, Financial Instruments on January 1, 2018. The new standard required modified retrospective adoption through 2018 beginning Retained Earnings and Accumulated Other Comprehensive Income. This was incorrectly recorded as a loss through Other Comprehensive Income of $63.0 million during the quarter ended March 31, 2018. This was corrected for during 2018 and therefore, has no impact on the annual consolidated financial statements. The Company has determined that the adjustment was not material to any previously reported interim periods. On January 1, 2018, the Company adopted ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. This standard amends and adjusts how cash receipts and cash payments are presented and classified in the statement of cash flows. As a result of the guidance, the Company retrospectively applied the standard which resulted in a reclassification of debt extinguishment costs from cash flows from operating activities to cash flows from financing activities. As a result of the application of the guidance, cash flows from operating activities increased by $205.6 million and cash flows from financing activities decreased by $205.6 million in the year ended December 31, 2017. On January 1, 2018, the Company adopted ASU No. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This update requires that an employer disaggregate the service cost component from the other components of net periodic benefit cost. Upon adoption, the Company recorded other components of the net periodic benefit cost with “other income / (expense), net.” On July 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging (Topic 815) — Targeted Improvements to Accounting for Hedging Activities, which now better aligns the Company’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The amendments also make certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness on a prospective basis. After the adoption, the Company presents the entire change in fair value of a hedging instrument in the same income statement line item(s) as the earnings effect of the hedged item when that hedged item affects earnings. |
Use of Estimates | Use of Estimates Management is required to make certain estimates and assumptions in order to prepare consolidated financial statements in conformity with GAAP. Such estimates and assumptions affect the reported financial statements. The Company’s most significant estimates relate to the determination of SRAs (defined below) included within either accounts receivable or accrued liabilities, the valuation of inventory balances, the determination of useful lives for intangible assets, pension and other post-retirement benefit plan assumptions, the assessment of expected cash flows used in evaluating goodwill and other long-lived assets for impairment and recognition and measurement of assets acquired and liabilities assumed in business combinations at fair value. The estimation process required to prepare the Company’s consolidated financial statements requires assumptions to be made about future events and conditions, and as such, is inherently subjective and uncertain. The Company’s actual results could differ materially from those estimates. |
Foreign Currency Translation | Foreign Currency Translation For most of the Company’s international operations, the local currency has been determined to be the functional currency. The results of its non-U.S. dollar based operations are translated to U.S. dollars at the average exchange rates during the period. Assets and liabilities are translated at the rate of exchange prevailing on the balance sheet date. Equity is translated at the prevailing rate of exchange at the date of the equity transaction. Translation adjustments are reflected in shareholders’ equity and are included as a component of other comprehensive (loss) / income. The translational effects of revaluing non-functional currency assets and liabilities into the functional currency are recorded as general and administrative expenses in the consolidated statements of operations. The Company realizes foreign currency gains / (losses) in the normal course of business based on movement in the applicable exchange rates. These transactional gains / (losses) are included as a component of general and administrative expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers cash and cash equivalents to include cash in banks, commercial paper and deposits with financial institutions that can be liquidated without prior notice or penalty. The Company considers all highly liquid investments with an original maturity from the date acquired of three months or less to be cash equivalents. |
Fair Value of Other Financial Instruments | Fair Value of Other Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts and other receivables, investments, trade accounts payable, and long-term debt, including the current portion. The carrying amounts of cash and cash equivalents, marketable securities, accounts and other receivables and trade accounts payable are representative of their respective fair values due to their relatively short maturities. The fair values of investments in companies that are publicly traded are based on quoted market prices. The Company estimates the fair value of its fixed rate long-term obligations based on quoted market rates. |
Inventories | Inventories Inventories consist of finished goods held for sale and distribution, raw materials and work in process. Inventory includes brand and aesthetic products which represent Food and Drug Administration (“FDA”) approved or likely to be approved indications. Inventory valuation reserves are established based on a number of factors/situations including, but not limited to, raw materials, work in process or finished goods not meeting product specifications, product obsolescence, or application of the lower of cost (first-in, first-out method) or net realizable value concepts. The determination of events requiring the establishment of inventory valuation reserves, together with the calculation of the amount of such reserves may require judgment. Assumptions utilized in our quantification of inventory reserves include, but are not limited to, estimates of future product demand, consideration of current and future market conditions, product net selling price, anticipated product launch dates, competition and potential product obsolescence and other events relating to special circumstances surrounding certain products. No material adjustments have been required to our inventory reserve estimates for the periods presented. Adverse changes in assumptions utilized in our inventory reserve calculations could result in an increase to our inventory valuation reserves and higher cost of sales. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Major renewals and improvements are capitalized if they add functionality or extend the life of the asset, while routine maintenance and repairs are expensed as incurred. The Company capitalizes interest on qualified construction projects. At the time property, plant and equipment are retired from service, the cost and accumulated depreciation are removed from the respective accounts. Depreciation expense is computed principally on the straight-line method, over the estimated useful lives of the related assets. The following table provides the range of estimated useful lives used for each asset type: Computer software/hardware (including internally developed) 3-10 years Machinery and equipment 3-15 years Research and laboratory equipment 3-10 years Furniture and fixtures 3-10 years Buildings, improvements, leasehold improvements and other 4-50 years Transportation equipment 3-20 years The Company assesses property, plant and equipment for impairment whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. |
Investments | Investments The Company’s equity investments are accounted for under the equity method of accounting when the Company can exert significant influence and the Company’s ownership interest does not exceed 50%. The Company records equity method investments at cost and adjusts for the appropriate share of investee net earnings or losses. Investments in which the Company owns less than a 20% interest and cannot exert significant influence are recorded at fair value and the Company recognizes any changes in fair value in net income. For equity investments without readily determinable fair values, the Company may make a separate election for each eligible investment to use a measurement alternative until the investment’s fair value becomes readily determinable. Under the alternative method, the equity investments are accounted for at cost, less any impairment, plus or minus changes resulting from observable price changes in an orderly transaction for an identical or similar investment of the same issuer. |
Marketable Securities | Marketable Securities The Company’s marketable securities consist of U.S. treasury and agency securities and debt and equity securities of publicly-held companies. The Company’s marketable securities are recorded at fair value, based upon quoted market prices with an offset to interest income. |
Product Rights and Other Definite Lived Intangible Assets | Product Rights and Other Definite Lived Intangible Assets Our product rights and other definite lived intangible assets are stated at cost, less accumulated amortization, and are amortized using the economic benefit model or the straight-line method, if results are materially aligned, over their estimated useful lives. We determine amortization periods for product rights and other definite lived intangible assets based on our assessment of various factors impacting estimated cash flows. Such factors include the product’s position in its life cycle, the existence or absence of like products in the market, various other competitive and regulatory issues, and contractual terms. Significant changes to any of these factors may result in an impairment, a reduction in the intangibles useful life or an acceleration of related amortization expense, which could cause our net results to decline. Product rights and other definite lived intangible assets are tested periodically for impairment when events or changes in circumstances indicate that an asset’s carrying value may not be recoverable. The impairment testing involves comparing the carrying amount of the asset to the forecasted undiscounted pre-tax future cash flows over its useful life, including any salvage value. In the event the carrying value of the asset exceeds the undiscounted future cash flows, the carrying value is considered not recoverable and an impairment exists. An impairment loss is measured as the excess of the asset’s carrying value over its fair value, calculated using discounted future cash flows. The computed impairment loss is recognized in net (loss) / income in the period that the impairment occurs. Assets which are not impaired may require an adjustment to the remaining useful lives for which to amortize the asset. Our projections of discounted cash flows use a discount rate determined by our management to be commensurate with the risk inherent in our business model. Our estimates of future cash flows attributable to our other definite lived intangible assets require significant judgment based on our historical and anticipated results and are subject to many factors. Different assumptions and judgments could materially affect the calculation of the undiscounted cash flows of the other definite lived intangible assets which could trigger impairment. |
Goodwill and Intangible Assets with Indefinite Lives | Goodwill and Intangible Assets with Indefinite Lives The Company tests goodwill and intangible assets with indefinite lives for impairment annually in the second quarter. Additionally, the Company may perform interim tests if an event occurs or circumstances change that could potentially reduce the fair value of a reporting unit or an indefinite lived intangible asset below its carrying amount such as those fourth quarter 2018 triggering events relating to the Company’s General Medicine Reporting Unit as discussed in “NOTE 16 — Goodwill, Product Rights and Other Intangible Assets”. The carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. The Company tests goodwill for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors, including Reporting Unit specific operating results as well as industry, market and general economic conditions, to determine whether it is more likely than not that the fair values of a Reporting Unit is less than its carrying amount, including goodwill. The Company may elect to bypass this qualitative assessment for some or all of its Reporting Units and perform a quantitative test as of the measurement date of the test. Goodwill is considered impaired if the carrying amount of the net assets exceeds the fair value of the reporting unit. Impairment, if any, would be recorded in operating income / (loss) and this could result in a material impact to net income / (loss) and income / (loss) per share. Prior to Allergan’s 2018 annual impairment test, the Company adopted the new guidance under Accounting Standard Update No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment Acquired in-process research and development (“IPR&D”) intangible assets represent the value assigned to research and development projects acquired in a business combination that, as of the date acquired, represent the right to develop, use, sell and/or offer for sale a product or other intellectual property that has not been completed or approved. The IPR&D intangible assets are subject to impairment testing until completion or abandonment of each project. Upon abandonment, the assets are impaired if there is no future alternative use or ability to sell the asset. Impairment testing requires the development of significant estimates and assumptions involving the determination of estimated net cash flows for each year for each project or product (including net revenues, cost of sales, R&D costs, selling and marketing costs and other costs which may be allocated), determination of the appropriate discount rate in order to measure the risk inherent in each future cash flow stream, assessment of each asset’s life cycle, potential regulatory and commercial success risks, and competitive trends impacting the asset and each cash flow stream as well as other factors. The major risks and uncertainties associated with the timely and successful completion of IPR&D projects include legal risk, market risk and regulatory risk. Changes in our assumptions could result in future impairment charges. No assurances can be given that the underlying assumptions used to prepare the discounted cash flow analysis will not change or the timely completion of each project and commercial success will occur. For these and other reasons, actual results may vary significantly from estimated results. Upon successful completion of each project and approval of a product, we will make a separate determination of the useful life of the intangible asset, transfer the amount to currently marketed products (“CMP”) and amortization expense will be recorded over the estimated useful life. |
Contingent Consideration | Contingent Consideration We determine the acquisition date fair value of contingent consideration obligations for business acquisitions based on a probability-weighted income approach derived from revenue estimates, post-tax gross profit levels and a probability assessment with respect to the likelihood of achieving contingent obligations including contingent payments such as milestone obligations, royalty obligations and contract earn-out criteria, where applicable. The fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined using the fair value concepts defined in ASC Topic 820 “Fair Value Measurement,” (“ASC 820”). The resultant probability-weighted cash flows are discounted using an appropriate effective annual interest rate. At each reporting date, the contingent consideration obligation will be revalued to estimated fair value and changes in fair value will be reflected as income or expense in our consolidated statement of operations. Changes in the fair value of the contingent consideration obligations may result from changes in discount periods and rates, changes in the timing and amount of future revenue estimates and changes in probability assumptions with respect to the likelihood of achieving the various contingent payment obligations. Changes in assumptions utilized in our contingent consideration fair value estimates could result in an increase or decrease in our contingent consideration obligation and a corresponding charge or reduction to operating results. Refer to “NOTE 24 — Fair Value Measurement” for additional details regarding the fair value of contingent consideration. |
Revenue Recognition | Revenue Recognition General Topic 606 provides that revenues are recognized when control of the promised goods under a contract is transferred to a customer, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods as specified in the underlying terms with the customer. The Company warrants products against defects and for specific quality standards, permitting the return of products under certain circumstances. Product sales are recorded net of all sales-related deductions including, but not limited to: chargebacks, trade discounts, commercial and government rebates, customer loyalty programs, fee-for-service arrangements with certain distributors, returns, and other allowances which we refer to in the aggregate as sales returns and allowances (“SRA”). The Company’s performance obligations are primarily achieved when control of the products is transferred to the customer. Transfer of control is based on contractual performance obligations, but typically occurs upon receipt of the goods by the customer as that is when the customer has obtained control of significantly all of the economic benefits. Prior to the achievement of performance obligations, shipping and handling costs associated with outbound freight for a product to be transferred to a customer are accounted for as a fulfillment cost and are included in selling and marketing expenses. When the Company sells a business and future royalties are considered as part of the consideration, the Company recognizes the royalties as a component of “other income / (expense), net”. Other revenues earned are mainly comprised of royalty income from licensing of intellectual property. Royalty income is recognized when the licensee’s subsequent sale occurs. Refer to “NOTE 21 – Segments” for our revenues disaggregated by product and segment and our revenues disaggregated by geography for our international segment. We believe this level of disaggregation best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Significant Payment Terms A contract with a customer states the final terms of the sale, including the description, quantity, and price of each product purchased. The Company’s payment terms vary by the type and location of the customer and the products offered. A customer agrees to a stated rate and price in the contract and given that most of the products sold contain variable consideration, the amount of revenue recognized incorporates adjustments for SRAs as appropriate. Determining the Transaction Price The Company offers discounts and rebates to certain customers who participate in various programs that are referred to as SRA allowances as described further below in the section “Provisions for SRAs”. Such discounting and rebating activity is included as part of the Company’s estimate of the transaction price and is accounted for as a reduction to gross sales. At time of sale, the Company records the related SRA adjustments. The Company performs validation activities each period to assess the adequacy of the liability or contra receivable estimates recorded to reflect actual activity and will adjust the reserve balances accordingly. |
Provisions for SRAs | Provisions for SRAs As is customary in the pharmaceutical industry, certain customers may receive cash-based incentives or credits, which are variable consideration accounted for as SRAs. The Company estimates SRA amounts based on the expected amount to be provided to customers, which reduces the revenues recognized. The Company believes that there will not be significant changes to our estimates of variable consideration. The Company uses a variety of methods to assess the adequacy of the SRA reserves to ensure that our financial statements are fairly stated. These provisions are estimated based on historical payment experience, the historical relationship of the deductions to gross product revenues, government regulations, estimated utilization or redemption rates, estimated customer inventory levels and current contract sales terms. The estimation process used to determine our SRA provisions has been applied on a consistent basis and no material revenue adjustments to total reported revenues have been necessary to increase or decrease our reserves for SRA as a result of a significant change in underlying estimates. Chargebacks — A chargeback represents an amount payable in the future to a wholesaler for the difference between the invoice price paid by such wholesaler customer for a particular product and the negotiated contract price that the wholesaler’s customer pays for that product. The chargeback provision and related reserve varies with changes in product mix, changes in customer pricing and changes to estimated wholesaler inventories. The provision for chargebacks also takes into account an estimate of the expected wholesaler sell-through levels to indirect customers at certain contract prices. The Company validates the chargeback accrual quarterly through a review of the inventory reports obtained from our largest wholesale customers. This customer inventory information is used to verify the estimated liability for future chargeback claims based on historical chargeback and contract rates. These large wholesalers represent the vast majority of the recipients of the Company’s chargeback credits. We continually monitor current pricing trends and wholesaler inventory levels to ensure the contra-receivable for future chargebacks is fairly stated. Rebates — Rebates include volume related incentives to direct and indirect customers, third-party managed care and Medicare Part D rebates, Medicaid rebates and other government rebates. Rebates are accrued based on an estimate of claims to be paid for product sold into trade by the Company. Volume rebates are generally contractually offered to customers as an incentive to use the Company’s products and to encourage greater product sales. These rebate programs include contracted rebates based on customers’ purchases made during an applicable monthly, quarterly or annual period. The provision for third-party rebates is estimated based on our customers’ contracted rebate programs and the Company’s historical experience of rebates paid. Any significant changes to our customer rebate programs are considered in establishing the provision for rebates. The provisions for government rebates are based, in part, upon historical experience of claims submitted by the various states and authorities, contractual terms and government regulations. We monitor legislative changes to determine what impact such legislation may have on our provision. Cash Discounts — Cash discounts are provided to customers that pay within a specific time period. The provision for cash discounts is estimated based upon invoice billings and historical customer payment experience. The Company’s experience of payment history is fairly consistent and most customer payments qualify for a cash discount. Returns and Other Allowances — The Company’s provision for returns and other allowances include returns, promotional allowances and loyalty cards. Consistent with industry practice, the Company maintains a returns policy that allows customers to return product for a credit. In accordance with the Company’s policy, credits for customer returns of products are applied against outstanding account activity or are settled in cash. Product exchanges are generally not permitted. Customer returns of product are generally not resalable. The Company’s estimate of the provision for returns is based upon historical experience and current trends of actual customer returns. Additionally, we consider other factors when estimating the current period returns provision, including levels of inventory in the distribution channel, as well as significant market changes which may impact future expected returns. Promotional allowances are credits with no discernable benefit offered to Allergan that are issued in connection with a product launch or as an incentive for customers to carry our product. The Company establishes a reserve for promotional allowances based upon contractual terms. Loyalty cards allow end-user patients a discount per prescription and are accrued based on historical experience, contract terms and the volume of product and cards in the distribution channel. The following table summarizes the activity from continuing operations in the Company’s major categories of SRA ($ in millions): Chargebacks Rebates Returns and Other Allowances Cash Discounts Total Balance at December 31, 2015 $ 78.2 $ 1,344.4 $ 367.5 $ 25.1 $ 1,815.2 Provision related to sales in 2016 1,003.2 4,338.7 1,390.1 306.5 7,038.5 Credits and payments (967.2 ) (4,069.1 ) (1,341.7 ) (296.9 ) (6,674.9 ) Balance at December 31, 2016 $ 114.2 $ 1,614.0 $ 415.9 $ 34.7 $ 2,178.8 Provision related to sales in 2017 1,098.7 4,891.4 1,799.3 330.6 8,120.0 Credits and payments (1,135.7 ) (4,710.4 ) (1,734.7 ) (328.8 ) (7,909.6 ) Add: LifeCell and Zeltiq Acquisitions - 4.2 37.1 - 41.3 Balance at December 31, 2017 $ 77.2 $ 1,799.2 $ 517.6 $ 36.5 $ 2,430.5 Provision related to sales in 2018 1,117.7 5,464.7 1,725.3 322.2 8,629.9 Credits and payments (1,133.1 ) (5,355.4 ) (1,676.3 ) (328.0 ) (8,492.8 ) Balance at December 31, 2018 $ 61.8 $ 1,908.5 $ 566.6 $ 30.7 $ 2,567.6 Contra accounts receivable at December 31, 2018 $ 61.8 $ 76.4 $ 38.8 $ 30.7 $ 207.7 Accounts payable and accrued expenses at December 31, 2018 $ - $ 1,832.1 $ 527.8 $ - $ 2,359.9 The following table summarizes the balance sheet classification of our SRA reserves ($ in millions): December 31, 2018 December 31, 2017 Contra accounts receivable $ 207.7 $ 250.6 Accounts payable and accrued expenses 2,359.9 2,179.9 Total $ 2,567.6 $ 2,430.5 The SRA provisions recorded to reduce gross product sales to net product sales, excluding discontinued operations, were as follows ($ in millions): Years Ended December 31, 2018 2017 2016 Gross product sales $ 24,056.9 $ 23,688.4 $ 21,398.6 Provisions to reduce gross product sales to net products sales (8,629.9 ) (8,120.0 ) (7,038.5 ) Net product sales $ 15,427.0 $ 15,568.4 $ 14,360.1 Percentage of SRA provisions to gross sales 35.9 % 34.3 % 32.9 % Collectability Assessment At the time of contract inception or customer account set-up, the Company performs a collectability assessment on the creditworthiness of such customer. The Company assesses the probability that the Company will collect the consideration to which it will be entitled in exchange for the goods sold. In evaluating collectability, the Company considers the customer’s ability and intention to pay consideration when it is due. On a recurring basis, the Company estimates the amount of receivables considered uncollectible after sale to the customer to reflect allowances for doubtful accounts. Provision for bad debts, included in general and administrative expenses, were $18.5 million, $11.6 million and $3.5 million in the years ended December 31, 2018, 2017 and 2016, respectively. Practical Expedients and Exemptions The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within selling and marketing expenses. The Company does not adjust the promised amount of consideration for the effects of the time value of money for contracts in which the anticipated period between when the Company transfers the goods or services to the customer and when the customer pays is equal to one year or less. The Company has chosen not to elect the remaining practical expedients. |
Litigation and Contingencies | Litigation and Contingencies The Company is involved in various legal proceedings in the normal course of its business, including product liability litigation, intellectual property litigation, employment litigation and other litigation. Additionally, the Company, in consultation with its counsel, assesses the need to record a liability for contingencies on a case-by-case basis in accordance with FASB Accounting Standards Codification (“ASC”) Topic 450 “Contingencies” (“ASC 450”). Accruals are recorded when the Company determines that a loss related to a matter is both probable and reasonably estimable. These accruals are adjusted periodically as assessment efforts progress or as additional information becomes available. Refer to “NOTE 25 — Commitments and Contingencies” for more information. |
R&D Activities | R&D Activities R&D activities are expensed as incurred and consist of self-funded R&D costs, the costs associated with work performed under collaborative R&D agreements, regulatory fees, and acquisition and license related milestone payments, if any. As of December 31, 2018, we are developing a number of products, some of which utilize novel drug delivery systems, through a combination of internal and collaborative programs including but not limited to the following: Product Therapeutic Area Indication Expected Launch Year Phase Cariprazine Central Nervous System Bipolar Depression 2019 Review Abicipar Eye Care Age Related Macular Degeneration 2020 III Bimatoprost SR Eye Care Glaucoma 2020 III Ubrogepant Central Nervous System Acute Migraine 2020 III Atogepant Central Nervous System Prophylaxis Migraine 2021 III Presbysol Eye Care Presbyopia 2021 III Rapastinel Central Nervous System Depression 2021 III Cenicriviroc Gastrointestinal NASH 2022 III Relamorelin Gastrointestinal Gastroparesis 2023 III Abicipar Eye Care Diabetic Macular Edema 2023 II Brimonidine DDS Eye Care Geographic Atrophy 2023 II Brazikumab Gastrointestinal Crohn's Disease 2024 II Botox Medical Aesthetics Platysma/Masseter 2025/2023 II Brazikumab Gastrointestinal Ulcerative Colitis 2025 II We also have a number of products in development as part of our life-cycle management strategy for our existing product portfolio. |
Allocation of Acquisition Fair Values to Assets Acquired and Liabilities Assumed | Allocation of Acquisition Fair Values to Assets Acquired and Liabilities Assumed We account for acquired businesses using the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. The consolidated financial statements and results of operations reflect an acquired business after the completion of the acquisition. The fair value of the consideration paid, including contingent consideration, is assigned to the underlying net assets of the acquired business based on their respective fair values as determined using a market participant concept. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. The most material line items impacted by the allocation of acquisition fair values are: • Intangible assets (including IPR&D assets upon successful completion of the project and approval of the product) which are amortized to amortization expense over the expected life of the asset. Significant judgments are used in determining the estimated fair values assigned to the assets acquired and liabilities assumed and in determining estimates of useful lives of long-lived assets. Fair value determinations and useful life estimates are based on, among other factors, estimates of expected future net cash flows, estimates of appropriate discount rates used to present value expected future net cash flow streams, the timing of approvals and the probability of success for IPR&D projects and the timing of related product launch dates, the assessment of each asset’s life cycle, the impact of competitive trends on each asset’s life cycle and other factors. These judgments can materially impact the estimates used to allocate acquisition date fair values to assets acquired and liabilities assumed and the future useful lives. For these and other reasons, actual results may vary significantly from estimated results. • Inventory is recorded at fair market value factoring in selling price and costs to dispose. Inventory acquired is typically valued higher than replacement cost. |
Income Taxes | Income Taxes Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and tax basis of assets and liabilities at the applicable tax rates. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company evaluates the realizability of its deferred tax assets by assessing its valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization include the Company’s forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company’s effective tax rate on future earnings. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first financial reporting period in which that threshold is no longer met. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits within the consolidated statements of operations as income tax expense. The TCJA introduced an additional U.S. tax on certain non-U.S. subsidiaries’ earnings which are considered to be Global Intangible Low Taxed Income (referred to as “GILTI”). Under this provision, the amount of GILTI included by a U.S. shareholder will be taxed at a rate of 10.5% for tax years beginning after December 31, 2017 (increasing to 13.125% for tax years beginning after December 31, 2025) with a partial offset for foreign tax credits. After consideration of the relevant guidance and completing the accounting for the tax effects of the TCJA, the Company has elected to treat GILTI as a period cost. |
Comprehensive Income / (Loss) | Comprehensive Income / (Loss) Comprehensive income / (loss) includes all changes in equity during a period except those that resulted from investments by or distributions to the Company’s stockholders. Other comprehensive income / (loss) refers to revenues, expenses, gains and losses that are included in comprehensive income / (loss), but excluded from net income / (loss) as these amounts are recorded directly as an adjustment to shareholders’ equity. The Company’s other comprehensive income / (loss) is primarily comprised of actuarial gains / (losses), the impact of hedging transactions, pension liabilities and foreign currency translation adjustments. |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) The Company computes EPS in accordance with ASC Topic 260, “Earnings Per Share” (“ASC 260”) and related guidance, which requires two calculations of EPS to be disclosed: basic and diluted. Basic EPS is computed by dividing net (loss) / income by the weighted average ordinary shares outstanding during a period. Diluted EPS is based on the treasury stock method and includes the effect from potential issuance of ordinary shares, such as shares issuable pursuant to the exercise of stock options and restricted stock units. Diluted EPS also includes the impact of ordinary share equivalents issued (or issuable in 2017) upon the mandatory conversion of the Company’s preferred shares which occurred on March 1, 2018. Ordinary share equivalents have been excluded where their inclusion would be anti-dilutive to continuing operations. A reconciliation of the numerators and denominators of basic and diluted EPS follows ($ in millions, except per share amounts): Years Ended December 31, 2018 2017 2016 Net (loss) / income: Net (loss) attributable to ordinary shareholders excluding (loss) / income from discontinued operations, net of tax $ (5,142.8 ) $ (4,001.0 ) $ (1,219.5 ) (Loss) / income from discontinued operations, net of tax - (402.9 ) 15,914.5 Net (loss) / income attributable to ordinary shareholders $ (5,142.8 ) $ (4,403.9 ) $ 14,695.0 Basic weighted average ordinary shares outstanding 337.0 333.8 384.9 Basic EPS: Continuing operations $ (15.26 ) $ (11.99 ) $ (3.17 ) Discontinued operations $ - $ (1.20 ) $ 41.35 Net (loss) / income per share $ (15.26 ) $ (13.19 ) $ 38.18 Dividends per ordinary share $ 2.88 $ 2.80 $ - Diluted weighted average ordinary shares outstanding 337.0 333.8 384.9 Diluted EPS: Continuing operations $ (15.26 ) $ (11.99 ) $ (3.17 ) Discontinued operations $ - $ (1.20 ) $ 41.35 Net (loss) / income per share $ (15.26 ) $ (13.19 ) $ 38.18 Stock awards to purchase 2.3 million, 3.8 million, and 4.7 million ordinary shares for the years ended December 31, 2018, 2017 and 2016, respectively, were outstanding, but not included in the computation of diluted EPS, because the awards were anti-dilutive for continuing operations and as such the treatment for discontinued operations was also anti-dilutive. The Company’s preferred shares were converted to ordinary shares on March 1, 2018. The weighted average impact of ordinary share equivalents of 2.9 million for the year ended December 31, 2018, which would result from the mandatory conversion of the Company’s preferred shares at the beginning of the period, were not included in the calculation of diluted EPS as their impact would be anti-dilutive. Similarly, the anti-diluted weighted average impact of ordinary share equivalents upon mandatory conversion of the preferred shares of 17.8 million and 17.6 million for years ended December 31, 2017, and 2016, respectively, were excluded from in the calculation of diluted EPS. Refer to “NOTE 20 –Shareholders’ Equity” for further discussion on the Company’s share repurchase programs. |
Employee Benefits | Employee Benefits Defined Contribution Plans The Company has defined contribution plans that are post-employment benefit plans under which the Company pays fixed contributions to a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to the defined contribution plans are recognized as an employee benefit expense in the consolidated statement of operations in the periods during which the related services were rendered. Defined Benefit Plans The Company recognizes the overfunded or underfunded status of each of its defined benefit plans as an asset or liability on its consolidated balance sheets. The obligations are generally measured at the actuarial present value of all benefits attributable to employee service rendered, as provided by the applicable benefit formula. The estimates of the obligation and related expense of these plans recorded in the financial statements are based on certain assumptions. The most significant assumptions relate to discount rate and expected return on plan assets. Other assumptions used may include employee demographic factors such as compensation rate increases, retirement patterns, expected employee turnover and participant mortality rates. The difference between these assumptions and actual experience results in the recognition of an asset or liability based upon a net actuarial (gain) / loss. If the total net actuarial (gain) / loss included in accumulated other comprehensive income / (loss) exceeds a threshold of 10% of the greater of the projected benefit obligation or the market related value of plan assets, it is subject to amortization and recorded as a component of net periodic pension cost over the average remaining service lives of the employees participating in the pension plan. Net periodic benefit costs are recognized in the consolidated statement of operations. |
Share-based Compensation | Share-Based Compensation The Company has adopted several equity award plans which authorize the granting of options, restricted shares, restricted stock units and other forms of equity awards of the Company’s ordinary shares, subject to certain conditions. The Company grants awards with the following features: • Time-based restricted stock and restricted stock unit awards (including, in certain foreign jurisdictions, cash-settled restricted stock unit awards, which are recorded as a liability); • Performance-based restricted stock unit awards measured against performance-based targets defined by the Company, including, but not limited to, total shareholder return metrics and R&D milestones, as defined by the Company; and • Non-qualified options to purchase outstanding shares. The Company recognizes share-based compensation expense for granted awards over the applicable vesting period. Cash-settled performance-based awards are recorded as a liability. These cash-settled performance-based awards were measured against pre-established total shareholder returns metrics. |
Restructuring Costs | Restructuring Costs The Company records liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred. In accordance with existing benefit arrangements, employee severance costs are accrued when the restructuring actions are probable and estimable. Costs for one-time termination benefits in which the employee is required to render service until termination in order to receive the benefits are recognized ratably over the future service period. The Company also incurs costs with contract terminations and costs of transferring products as part of restructuring activities. Refer to “NOTE 22 — Business Restructuring Charges” for more information. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, which states that a lessee should recognize the assets and liabilities that arise from leases. This update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. As of the January 1, 2019 transition date, the right of use (“ROU”) asset and liability were less than 1.0% and less than 2.0% of total Company assets and liabilities, respectively. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets including trade receivables held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company evaluated the impact of this pronouncement and concluded that the guidance is not expected to have a material impact on our financial position and results of operations. In March 2017, the FASB issued ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date, but does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments are effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Entities are required to apply the amendments on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The entity is required to provide disclosures about a change in accounting principle in the period of adoption. The Company evaluated the impact of these amendments and the guidance is not expected to have a material impact on our financial position and results of operations. In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40), relating to a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement that is hosted by a vendor (i.e., a service contract). Under the new guidance, a customer will apply the same criteria for capitalizing implementation costs as it would for an arrangement that has a software license. The new guidance also prescribes the balance sheet, income statement, and cash flow classification of the capitalized implementation costs and related amortization expense, and requires additional quantitative and qualitative disclosures. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application is permitted. The Company can choose to adopt the new guidance (1) prospectively to eligible costs incurred on or after the date this guidance is first applied or (2) retrospectively. The Company is evaluating the impact, if any, that this pronouncement will have on our financial position and results of operations. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) – Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The revisions to the disclosure requirements affect only the year-end financial statements of plan sponsors, as there are no changes related to interim financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is permitted. The ASU provisions will be applied on a retrospective basis to all periods presented. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which removes, adds and modifies certain disclosure requirements for fair value measurements The Company will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the valuation processes of Level 3 fair value measurements. However, the Company will be required to additionally disclose the changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements, and the range and weighted average of assumptions used to develop significant unobservable inputs for Level 3 fair value measurements. permitted to early adopt either the entire ASU or only the provisions that eliminate or modify the requirements. |
Reconciliation of Warner Chil_2
Reconciliation of Warner Chilcott Limited Results to Allergan plc Results (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Adjusted Earnings Before Interest Taxes Depreciation And Amortization And Other Non Cash Items [Abstract] | |
Summary of Financial Position Reconciliation Results of Warner Chilcott Limited to Allergan Plc | December 31, 2018 December 31, 2017 Allergan plc Warner Chilcott Limited Difference Allergan plc Warner Chilcott Limited Difference Cash and cash equivalents $ 880.4 $ 878.6 $ 1.8 $ 1,817.2 $ 1,816.3 $ 0.9 Prepaid expenses and other current assets 819.1 818.7 0.4 1,123.9 1,123.0 0.9 Deferred tax assets 1,063.7 1,063.7 - 319.1 316.0 3.1 Accounts payable and accrued liabilities 4,787.2 4,787.4 (0.2 ) 5,541.4 5,515.6 25.8 Other taxes payables 1,615.5 1,615.5 - 1,573.9 1,573.5 0.4 Deferred tax liabilities 5,501.8 5,501.8 - 6,352.4 6,349.4 3.0 Total Equity 65,131.0 62,940.3 2,190.7 73,837.1 81,282.2 (7,445.1 ) |
Summary of Operations Reconciliation Results of Warner Chilcott Limited to Allergan Plc | Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Allergan plc Warner Chilcott Limited Difference Allergan plc Warner Chilcott Limited Difference Allergan plc Warner Chilcott Limited Difference General and administrative expenses $ 1,271.2 $ 1,177.5 $ 93.7 $ 1,501.9 $ 1,402.3 $ 99.6 $ 1,473.9 $ 1,350.4 $ 123.5 Operating (loss) (6,247.6 ) (6,153.9 ) (93.7 ) (5,921.2 ) (5,821.6 ) (99.6 ) (1,825.5 ) (1,702.0 ) (123.5 ) Interest Income 45.2 270.1 (224.9 ) 67.7 166.3 (98.6 ) 69.9 111.1 (41.2 ) Other income / (expense), net 256.7 256.7 - (3,437.3 ) (3,437.3 ) - 219.2 172.2 47.0 (Loss) before income taxes and noncontrolling interest (6,856.9 ) (6,538.3 ) (318.6 ) (10,386.4 ) (10,188.2 ) (198.2 ) (2,832.0 ) (2,714.3 ) (117.7 ) Net (loss) from continuing operations, net of tax (5,086.2 ) (4,761.9 ) (324.3 ) (3,716.0 ) (3,517.8 ) (198.2 ) (935.0 ) (817.3 ) (117.7 ) Net (loss) / income (5,086.2 ) (4,761.9 ) (324.3 ) (4,118.9 ) (3,920.7 ) (198.2 ) 14,979.5 15,097.2 (117.7 ) Dividends on preferred shares 46.4 - 46.4 278.4 - 278.4 278.4 - 278.4 Net (loss) / income attributable to ordinary shareholders/members (5,142.8 ) (4,772.1 ) (370.7 ) (4,403.9 ) (3,927.3 ) (476.6 ) 14,695.0 15,091.1 (396.1 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Impact on Company's Balance Sheet Due to Adoption of Accounting Pronouncements | The following represents the impact on the Company's Consolidated Balance Sheet as a result of the adoption on January 1, 2018 of these accounting pronouncements ($ in millions): Increase / (decrease) Pronouncement Accounts receivable, net Prepaid expenses and other current assets Accounts payable and accrued expenses Deferred tax liabilities Retained earnings Accumulated other comprehensive income / (loss) Accounting Standards Update No. 2014-09 $ 1.9 $ - $ (3.6 ) $ - $ 5.5 $ - Accounting Standards Update No. 2016-01 $ - $ - $ - $ - $ 63.0 $ (63.0 ) * Accounting Standards Update No. 2016-16 $ - $ (44.8 ) $ - $ (401.0 ) $ 356.2 $ - * The Company adopted ASU 2016-01, Financial Instruments on January 1, 2018. The new standard required modified retrospective adoption through 2018 beginning Retained Earnings and Accumulated Other Comprehensive Income. This was incorrectly recorded as a loss through Other Comprehensive Income of $63.0 million during the quarter ended March 31, 2018. This was corrected for during 2018 and therefore, has no impact on the annual consolidated financial statements. The Company has determined that the adjustment was not material to any previously reported interim periods. |
Property and Equipment | The following table provides the range of estimated useful lives used for each asset type: Computer software/hardware (including internally developed) 3-10 years Machinery and equipment 3-15 years Research and laboratory equipment 3-10 years Furniture and fixtures 3-10 years Buildings, improvements, leasehold improvements and other 4-50 years Transportation equipment 3-20 years |
Provisions for Sales Returns and Allowances from Continuing Operations Activity | The following table summarizes the activity from continuing operations in the Company’s major categories of SRA ($ in millions): Chargebacks Rebates Returns and Other Allowances Cash Discounts Total Balance at December 31, 2015 $ 78.2 $ 1,344.4 $ 367.5 $ 25.1 $ 1,815.2 Provision related to sales in 2016 1,003.2 4,338.7 1,390.1 306.5 7,038.5 Credits and payments (967.2 ) (4,069.1 ) (1,341.7 ) (296.9 ) (6,674.9 ) Balance at December 31, 2016 $ 114.2 $ 1,614.0 $ 415.9 $ 34.7 $ 2,178.8 Provision related to sales in 2017 1,098.7 4,891.4 1,799.3 330.6 8,120.0 Credits and payments (1,135.7 ) (4,710.4 ) (1,734.7 ) (328.8 ) (7,909.6 ) Add: LifeCell and Zeltiq Acquisitions - 4.2 37.1 - 41.3 Balance at December 31, 2017 $ 77.2 $ 1,799.2 $ 517.6 $ 36.5 $ 2,430.5 Provision related to sales in 2018 1,117.7 5,464.7 1,725.3 322.2 8,629.9 Credits and payments (1,133.1 ) (5,355.4 ) (1,676.3 ) (328.0 ) (8,492.8 ) Balance at December 31, 2018 $ 61.8 $ 1,908.5 $ 566.6 $ 30.7 $ 2,567.6 Contra accounts receivable at December 31, 2018 $ 61.8 $ 76.4 $ 38.8 $ 30.7 $ 207.7 Accounts payable and accrued expenses at December 31, 2018 $ - $ 1,832.1 $ 527.8 $ - $ 2,359.9 |
Schedule of Balance Sheet Classification of SRA Reserves | The following table summarizes the balance sheet classification of our SRA reserves ($ in millions): December 31, 2018 December 31, 2017 Contra accounts receivable $ 207.7 $ 250.6 Accounts payable and accrued expenses 2,359.9 2,179.9 Total $ 2,567.6 $ 2,430.5 |
Summary of Activity in Gross-to-Net Revenue Excluding Discontinued Operations | The SRA provisions recorded to reduce gross product sales to net product sales, excluding discontinued operations, were as follows ($ in millions): Years Ended December 31, 2018 2017 2016 Gross product sales $ 24,056.9 $ 23,688.4 $ 21,398.6 Provisions to reduce gross product sales to net products sales (8,629.9 ) (8,120.0 ) (7,038.5 ) Net product sales $ 15,427.0 $ 15,568.4 $ 14,360.1 Percentage of SRA provisions to gross sales 35.9 % 34.3 % 32.9 % |
Summary of Products Which Utilize Novel Drug Delivery Systems through Combination of Internal and Collaborative Programs | As of December 31, 2018, we are developing a number of products, some of which utilize novel drug delivery systems, through a combination of internal and collaborative programs including but not limited to the following: Product Therapeutic Area Indication Expected Launch Year Phase Cariprazine Central Nervous System Bipolar Depression 2019 Review Abicipar Eye Care Age Related Macular Degeneration 2020 III Bimatoprost SR Eye Care Glaucoma 2020 III Ubrogepant Central Nervous System Acute Migraine 2020 III Atogepant Central Nervous System Prophylaxis Migraine 2021 III Presbysol Eye Care Presbyopia 2021 III Rapastinel Central Nervous System Depression 2021 III Cenicriviroc Gastrointestinal NASH 2022 III Relamorelin Gastrointestinal Gastroparesis 2023 III Abicipar Eye Care Diabetic Macular Edema 2023 II Brimonidine DDS Eye Care Geographic Atrophy 2023 II Brazikumab Gastrointestinal Crohn's Disease 2024 II Botox Medical Aesthetics Platysma/Masseter 2025/2023 II Brazikumab Gastrointestinal Ulcerative Colitis 2025 II |
Earnings Per Share | A reconciliation of the numerators and denominators of basic and diluted EPS follows ($ in millions, except per share amounts): Years Ended December 31, 2018 2017 2016 Net (loss) / income: Net (loss) attributable to ordinary shareholders excluding (loss) / income from discontinued operations, net of tax $ (5,142.8 ) $ (4,001.0 ) $ (1,219.5 ) (Loss) / income from discontinued operations, net of tax - (402.9 ) 15,914.5 Net (loss) / income attributable to ordinary shareholders $ (5,142.8 ) $ (4,403.9 ) $ 14,695.0 Basic weighted average ordinary shares outstanding 337.0 333.8 384.9 Basic EPS: Continuing operations $ (15.26 ) $ (11.99 ) $ (3.17 ) Discontinued operations $ - $ (1.20 ) $ 41.35 Net (loss) / income per share $ (15.26 ) $ (13.19 ) $ 38.18 Dividends per ordinary share $ 2.88 $ 2.80 $ - Diluted weighted average ordinary shares outstanding 337.0 333.8 384.9 Diluted EPS: Continuing operations $ (15.26 ) $ (11.99 ) $ (3.17 ) Discontinued operations $ - $ (1.20 ) $ 41.35 Net (loss) / income per share $ (15.26 ) $ (13.19 ) $ 38.18 |
Business Developments (Tables)
Business Developments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisition [Line Items] | |
Summary of Products Sale Transaction and Key Financial Results of Business | The following represents the assets held for sale ($ in millions): December 31, December 31, 2018 2017 Assets held for sale: Inventories $ 34.0 $ - Property, plant and equipment, net 32.8 53.0 Product rights and other intangibles 849.4 15.8 Goodwill - 12.8 Total assets held for sale $ 916.2 $ 81.6 The following table presents key financial results of the global generics business and the Anda Distribution business included in “(Loss) / income from discontinued operations, net of tax” for the years ended December 31, 2017 and 2016 ($ in millions): Years Ended December 31, 2017 2016 Net revenues $ - $ 4,504.3 Operating expenses: Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) - 2,798.3 Research and development - 269.4 Selling and marketing - 352.9 General and administrative 18.8 425.8 Amortization - 4.8 Asset sales and impairments, net 1.2 - Total operating expenses 20.0 3,851.2 Operating (loss) / income (20.0 ) 653.1 Other (expense) / income, net (470.4 ) 15,932.2 (Benefit) / provision for income taxes (87.5 ) 670.8 (Loss) / income from discontinued operations, net of tax $ (402.9 ) $ 15,914.5 |
Zeltiq Aesthetics, Inc. [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date and Purchase Accounting Adjustments Subsequent to Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date and reflects purchase accounting adjustments subsequent to the acquisition date ($ in millions): Final Valuation as of December 31, 2018 Cash and cash equivalents $ 36.7 Accounts receivable 47.0 Inventories 59.3 Property, plant and equipment 12.4 Intangible assets 1,185.0 Goodwill 1,211.6 Other assets 17.1 Accounts payable and accrued expenses (104.6 ) Deferred revenue (10.6 ) Deferred taxes, net (47.2 ) Other liabilities (1.3 ) Net assets acquired $ 2,405.4 |
Summary of Amounts Recognized and Weighted Average Useful Lives Using Economic Benefit of Intangible Assets | The following table identifies the summarized amounts recognized and the weighted average useful lives using the economic benefit of intangible assets ($ in millions): Amount recognized as of the acquisition date Weighted average useful lives (years) Definite Lived Assets Consumables $ 985.0 6.7 System 43.0 3.7 Total CMP 1,028.0 Customer Relationships 157.0 6.6 Total Definite Lived Assets $ 1,185.0 |
LifeCell Corporation [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date and Purchase Accounting Adjustments Subsequent to Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date and reflects purchase accounting adjustments subsequent to the acquisition date ($ in millions): Final Valuation Cash and cash equivalents $ 8.7 Accounts receivable 50.8 Inventories 175.4 Property, plant and equipment, net 53.7 Currently marketed products ("CMP") intangible assets 2,010.0 In-process research and development ("IPR&D") intangible assets 10.0 Goodwill 1,449.1 Accounts payable and accrued expenses (149.6 ) Deferred tax liabilities, net (746.2 ) Other 21.2 Net assets acquired $ 2,883.1 |
Summary of Amounts Recognized and Weighted Average Useful Lives Using Economic Benefit of Intangible Assets | The following table identifies the summarized amounts recognized and the weighted average useful lives using the economic benefit of intangible assets ($ in millions): Amount recognized as of the acquisition date Weighted average useful lives (years) Definite lived assets Alloderm ® $ 1,385.0 6.9 Revolve ® 80.0 7.1 Strattice ® 320.0 5.1 Artia ® 115.0 8.8 Other 10.0 2.8 Total CMP 1,910.0 Customer Relationships 100.0 6.3 Total definite lived assets 2,010.0 In-process research and development Other 10.0 Total IPR&D 10.0 Total intangible assets $ 2,020.0 |
Tobira Therapeutics Inc. [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date and Purchase Accounting Adjustments Subsequent to Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date ($ in millions): Final Valuation Cash and cash equivalents $ 21.3 IPR&D intangible assets 1,357.0 Goodwill 98.6 Indebtedness (15.9 ) Contingent consideration (479.0 ) Deferred tax liabilities, net (381.8 ) Other assets and liabilities (30.1 ) Net assets acquired $ 570.1 |
Vitae Pharmaceuticals Inc. [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date and Purchase Accounting Adjustments Subsequent to Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date ($ in millions): Final Valuation Cash and cash equivalents $ 44.7 Marketable securities 20.2 Property, plant and equipment, net 5.0 IPR&D intangible assets 686.0 Assets held for sale 22.5 Goodwill 30.6 Other assets and liabilities (20.7 ) Deferred tax liabilities, net (166.9 ) Net assets acquired $ 621.4 |
ForSight VISION 5 [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date and Purchase Accounting Adjustments Subsequent to Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date ($ in millions): Final Valuation Cash and cash equivalents $ 1.0 IPR&D intangible assets 158.0 Goodwill 50.5 Current liabilities (14.8 ) Contingent consideration (79.8 ) Deferred tax liabilities, net (37.2 ) Other assets and liabilities (3.2 ) Net assets acquired $ 74.5 |
Sale of Aczone, Tazorac, Azelex, Cordran Tape and Seysara Products [Member] | |
Business Acquisition [Line Items] | |
Summary of Products Sale Transaction and Key Financial Results of Business | As a result of this transaction, the Company recorded the following ($ in millions): Purchase Price $ 550.0 Assets sold Intangible assets $ 205.4 Goodwill 184.0 Other assets 31.0 Net assets sold $ 420.4 Net gain included as a component of Other income / (expense), net $ 129.6 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Assets Held For Sale Not Part Of Disposal Group [Abstract] | |
Summary of Products Sale Transaction and Key Financial Results of Business | The following represents the assets held for sale ($ in millions): December 31, December 31, 2018 2017 Assets held for sale: Inventories $ 34.0 $ - Property, plant and equipment, net 32.8 53.0 Product rights and other intangibles 849.4 15.8 Goodwill - 12.8 Total assets held for sale $ 916.2 $ 81.6 The following table presents key financial results of the global generics business and the Anda Distribution business included in “(Loss) / income from discontinued operations, net of tax” for the years ended December 31, 2017 and 2016 ($ in millions): Years Ended December 31, 2017 2016 Net revenues $ - $ 4,504.3 Operating expenses: Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) - 2,798.3 Research and development - 269.4 Selling and marketing - 352.9 General and administrative 18.8 425.8 Amortization - 4.8 Asset sales and impairments, net 1.2 - Total operating expenses 20.0 3,851.2 Operating (loss) / income (20.0 ) 653.1 Other (expense) / income, net (470.4 ) 15,932.2 (Benefit) / provision for income taxes (87.5 ) 670.8 (Loss) / income from discontinued operations, net of tax $ (402.9 ) $ 15,914.5 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Reconciliation of Proceeds Received in Sale of Generics Business and Anda Distribution Business to Gain Recognized in Income from Discontinued Operations | The Company notes the following reconciliation of the proceeds received in the combined transaction to the gain recognized in income from discontinued operations in 2016 ($ in millions): Net cash proceeds received $ 33,804.2 August 2, 2016 fair value of Teva shares 5,038.6 Total Proceeds $ 38,842.8 Net assets sold to Teva, excluding cash (12,487.7 ) Other comprehensive income disposed (1,544.8 ) Deferral of proceeds relating to additional elements of agreements with Teva (299.2 ) Pre-tax gain on sale of generics business and Anda Distribution business $ 24,511.1 Income taxes (8,578.9 ) Net gain on sale of generics business and Anda Distribution business $ 15,932.2 |
Summary of Teva Share Activity | During the year ended December 31, 2018, the Company recorded the following movements in its investment in Teva securities ("Teva Share Activity") ($ in millions except per share information): Shares Carrying Value per Share Market Price Proceeds Received Value of Marketable Securities Unrealized Gain / (Loss) as a Component of Other Comprehensive Income Gain / (Loss) Recognized in Other Income/ (Expense), Net Derivative Instrument (Liability)/ Asset Retained Earnings Teva securities as of December 31, 2017 95.9 $ 17.60 $ 18.95 n.a. $ 1,817.7 $ 129.3 $ - $ (62.9 ) $ - Impact of ASU No. 2016-01 during the three months ended March 31, 2018 - - - - - (129.3 ) - - 129.3 Settlement of initial accelerated share repurchase ("ASR"), net during the three months ended March 31, 2018 (1) (25.0 ) 18.95 16.53 (2) 413.3 (473.8 ) - 2.5 62.9 - Settlement of forward sale entered into during the three months ended March 31, 2018, net (3) (25.0 ) 17.09 18.61 (4) 465.5 (427.3 ) - 38.2 - - Open market sales during the twelve months ended December 31, 2018 (45.9 ) n.a. (5) 20.41 936.7 (916.6 ) - 20.2 - - Teva securities as of and for the twelve months ended December 31, 2018 - $ - $ - $ 1,815.5 $ - $ - $ 60.9 $ - $ 129.3 (1) (2) (3) (4) (5) During the year ended December 31, 2017, the Company recorded the following movements in its investment in Teva securities ($ in millions except per share information): Shares Carrying Value per Share Market Price Discount Movement in the Value of Marketable Securities Unrealized Gain / (Loss) as a Component of Other Comprehensive Income (Loss) / Gain Recognized in Other Income / (Expense), Net Teva securities as of December 31, 2016 100.3 $ 53.39 $ 36.25 5.4 % $ 3,439.2 $ (1,599.4 ) $ - Other-than-temporary impairment recognized at March 31, 2017 100.3 32.09 32.09 4.9 % (378.6 ) 1,599.4 (1,978.0 ) Other-than-temporary impairment recognized at September 30, 2017 100.3 17.60 17.60 0.0 % (1,295.5 ) - (1,295.5 ) Sales during the twelve months ended December 31, 2017 (4.4 ) n.a. n.a. 0.0 % (76.7 ) - 4.2 Other fair value movements in the twelve months ended December 31, 2017 95.9 17.60 18.95 0.0 % 129.3 129.3 - Teva securities as of and for the twelve months ended December 31, 2017 95.9 $ 17.60 $ 18.95 0.0 % $ 1,817.7 $ 129.3 $ (3,269.3 ) The Teva stock price was discounted due to the lack of marketability. |
Summary of Products Sale Transaction and Key Financial Results of Business | The following represents the assets held for sale ($ in millions): December 31, December 31, 2018 2017 Assets held for sale: Inventories $ 34.0 $ - Property, plant and equipment, net 32.8 53.0 Product rights and other intangibles 849.4 15.8 Goodwill - 12.8 Total assets held for sale $ 916.2 $ 81.6 The following table presents key financial results of the global generics business and the Anda Distribution business included in “(Loss) / income from discontinued operations, net of tax” for the years ended December 31, 2017 and 2016 ($ in millions): Years Ended December 31, 2017 2016 Net revenues $ - $ 4,504.3 Operating expenses: Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) - 2,798.3 Research and development - 269.4 Selling and marketing - 352.9 General and administrative 18.8 425.8 Amortization - 4.8 Asset sales and impairments, net 1.2 - Total operating expenses 20.0 3,851.2 Operating (loss) / income (20.0 ) 653.1 Other (expense) / income, net (470.4 ) 15,932.2 (Benefit) / provision for income taxes (87.5 ) 670.8 (Loss) / income from discontinued operations, net of tax $ (402.9 ) $ 15,914.5 |
Schedule of Depreciation Amortization and Significant Operating and Investing Noncash Items of Discontinued Operations | Year Ended December 31, 2016 Depreciation from discontinued operations $ 2.1 Amortization from discontinued operations 4.8 Capital expenditures 85.3 Deferred income tax expense 6,038.5 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Fair Value Assumptions of Options based on Black-Scholes Valuation Model | Using the Black-Scholes valuation model, the fair value of options is based on the following assumptions: 2018 Grants 2017 Grants 2016 Grants Dividend yield 1.5 % 1.2 % 0.0 % Expected volatility 27.0 % 27.0 % 27.0 % Risk-free interest rate 2.2-2.9% 2.0-2.3% 1.3 - 2.4% Expected term (years) 7.0 7.0 7.0 - 7.5 |
Share-Based Compensation Expense Recognized in Company's Results of Operations | Share-based compensation expense recognized in the Company’s results of operations, including discontinued operations, for the years ended December 31, 2018, 2017 and 2016 was as follows ($ in millions): Years Ended December 31, 2018 2017 2016 Equity-based compensation awards $ 239.8 $ 293.3 $ 334.5 Cash-settled awards in connection with the Zeltiq Acquisition - 31.5 - Cash-settled awards in connection with the Tobira Acquisition - - 27.0 Cash-settled awards in connection with the Vitae Acquisition - - 18.6 Cash-settled awards in connection with the ForSight Acquisition - - 3.1 Non-equity settled awards other - (16.8 ) - Total share-based compensation expense $ 239.8 $ 308.0 $ 383.2 |
Summary of Impact of Accelerations and Step-ups Relating to Acquisition Accounting Treatment of Outstanding Awards | Included in the share-based compensation awards for the years ended December 31, 2018, 2017 and 2016 is the impact of accelerations and step-ups relating to the acquisition accounting treatment of outstanding awards acquired in the Zeltiq Acquisition, the acquisition of Allergan, Inc. (the “Allergan Acquisition”), and the acquisition of Forest Laboratories, Inc. (the “Forest Acquisition”) ($ in millions): Years Ended December 31, 2018 2017 2016 Zeltiq Acquisition $ 10.1 $ 47.8 $ - Allergan Acquisition 8.3 47.1 108.9 Forest Acquisition - 10.1 45.2 Total $ 18.4 $ 105.0 $ 154.1 |
Summary of Equity Award Activity for Unvested Restricted Stock and Stock Units | The following is a summary of equity award activity for unvested restricted stock and stock units in the period from December 31, 2017 through December 31, 2018 (in millions, except per share data): Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (Years) Aggregate Grant Date Fair Value Restricted shares / units outstanding at December 31, 2017 2.0 $ 237.72 1.8 $ 484.1 Granted 1.4 147.10 204.0 Vested (0.6 ) 242.16 (152.5 ) Forfeited (0.3 ) 203.72 (62.7 ) Restricted shares / units outstanding at December 31, 2018 2.5 $ 190.27 1.6 $ 472.9 |
Summary of Equity Award Activity for Non-Qualified Options to Purchase Ordinary Shares | The following is a summary of equity award activity for non-qualified options to purchase ordinary shares in the period from December 31, 2017 through December 31, 2018 (in millions, except per share data): Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31, 2017 7.3 $ 120.94 5.2 $ 312.7 Granted 0.2 151.27 Exercised (1.0 ) 100.85 Cancelled (0.2 ) 244.13 Outstanding, vested and expected to vest at December 31, 2018 6.3 $ 122.74 4.4 $ 69.0 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Net Periodic (Benefit) of Defined Benefit Plans for Continuing Operations | The service and settlement costs captured as part of the net periodic (benefit) are recorded within general & administrative expenses and the interest costs and expected return on plan assets are recorded within “other income / (expense), net”. Years Ended December 31, 2018 2017 2016 Service cost $ 2.8 $ 5.5 $ 5.0 Interest cost 38.1 40.7 44.5 Expected return on plan assets (63.8 ) (54.5 ) (53.0 ) Settlement (0.6 ) (0.1 ) (1.8 ) Net periodic (benefit) $ (23.5 ) $ (8.4 ) $ (5.3 ) |
Schedule of Benefit Obligation and Asset Data for Defined Benefit Plans for Continuing Operations | Benefit obligation and asset data for the defined benefit plans for continuing operations, was as follows ($ in millions): Years Ended December 31, 2018 2017 Change in Plan Assets Fair value of plan assets at beginning of year $ 1,235.2 $ 1,093.9 Employer contribution 14.8 15.2 (Loss) / gain on plan assets (53.6 ) 117.2 Benefits paid (41.1 ) (36.0 ) Settlements (2.9 ) (5.3 ) Effects of exchange rate changes and other (22.8 ) 50.2 Fair value of plan assets at end of year $ 1,129.6 $ 1,235.2 Years Ended December 31, 2018 2017 Change in Benefit Obligation Benefit obligation at beginning of the year $ 1,330.0 $ 1,234.1 Service cost 2.8 5.5 Interest cost 38.1 40.7 Actuarial (gain) / loss (74.5 ) 36.9 Curtailments - (8.1 ) Settlements and other (2.9 ) (5.3 ) Benefits paid (41.1 ) (36.0 ) Effects of exchange rate changes and other (25.2 ) 62.2 Benefit obligation at end of year $ 1,227.2 $ 1,330.0 Funded status at end of year $ (97.6 ) $ (94.8 ) |
Schedule of Funded Status Amount in Consolidated Balance Sheet | The following table outlines the funded actuarial amounts ($ in millions): Years Ended December 31, 2018 2017 Noncurrent assets $ 27.6 $ 21.9 Current liabilities (0.9 ) (0.8 ) Noncurrent liabilities (124.3 ) (115.9 ) $ (97.6 ) $ (94.8 ) |
Schedule of Fair Values of Pension Plan Assets by Asset Category | The fair values of the Company’s pension plan assets at December 31, 2018 by asset category are as follows ($ in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Investment funds U.S. equities $ 20.6 $ - $ - $ 20.6 International equities 205.3 - - 205.3 Other equity securities 49.8 - - 49.8 Equity securities $ 275.7 $ - $ - $ 275.7 U.S. Treasury bonds $ - $ 63.0 $ - $ 63.0 Bonds and bond funds - 787.2 - 787.2 Other debt securities - - - - Debt securities $ - $ 850.2 $ - $ 850.2 Other investments Other - 3.7 - 3.7 Total assets $ 275.7 $ 853.9 $ - $ 1,129.6 The fair values of the Company’s pension plan assets at December 31, 2017 by asset category are as follows ($ in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Investment funds U.S. equities $ 33.5 $ - $ - $ 33.5 International equities 265.5 - - 265.5 Other equity securities 70.5 - - 70.5 Equity securities $ 369.5 $ - $ - $ 369.5 U.S. Treasury bonds $ - $ 96.9 $ - $ 96.9 Bonds and bond funds - 745.7 - 745.7 Other debt securities - 21.2 - 21.2 Debt securities $ - $ 863.8 $ - $ 863.8 Other investments Other - 1.9 - 1.9 Total assets $ 369.5 $ 865.7 $ - $ 1,235.2 |
Schedule of Allocated Target Investment Portfolio of Pension Plans for Continuing Operations | The target investment portfolio of the Company’s continuing operations pension plans is allocated as follows: Target Allocation as of December 31, 2018 2017 Bonds 70.6 % 68.8 % Equity securities 26.0 % 31.2 % Other investments 3.4 % 0.0 % |
Schedule of Expected Benefit Payments of Pension Plans | Total expected benefit payments for the Company’s pension plans are as follows ($ in millions): Expected Benefit Payments 2019 $ 36.3 2020 38.7 2021 40.9 2022 43.2 2023 45.6 Thereafter 1,022.5 Total liability $ 1,227.2 |
Schedule of Defined Benefit Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for defined benefit plans with an accumulated benefit obligation in excess of plan assets is presented below ($ in millions): Defined Benefit as of December 31, 2018 2017 Projected benefit obligations $ 1,227.2 $ 1,330.0 Accumulated benefit obligations $ 1,223.5 $ 1,324.7 Plan assets $ 1,129.6 $ 1,235.2 |
Schedule of Balances Recognized within Accumulated Other Comprehensive Income / (Loss) Excluding the Impact of Taxes | Balances recognized within accumulated other comprehensive income/(loss) excluding the impact of taxes that have not been recognized as components of net periodic benefit costs are as follows ($ in millions): Defined Benefit Balance as of December 31, 2016 $ 24.4 Net actuarial gain 33.8 Balance as of December 31, 2017 $ 58.2 Net actuarial (loss) (44.6 ) Balance as of December 31, 2018 $ 13.6 |
Weighted Average Assumptions Used to Calculate Projected Benefit Obligations and Net Periodic Benefit Cost | The weighted average assumptions used to calculate the projected benefit obligations of the Company’s defined benefit plans, including assets and liabilities held for sale, are as follows: As of December 31, 2018 2017 Discount rate 3.3 % 2.9 % Salary growth rate 3.0 % 3.0 % The weighted average assumptions used to calculate the net periodic benefit cost of the Company’s defined benefit plans are as follows: As of December 31, 2018 2017 Discount rate 2.9 % 3.3 % Expected rate of return on plan assets 5.2 % 5.0 % Salary growth rate 3.0 % 3.0 % |
Schedule of Accumulated Benefit Obligation for Defined Benefit Plans | Accumulated benefit obligation for the defined benefit plans, were as follows ($ in millions): Accumulated Benefit Obligation Accumulated benefit obligation as of December 31, 2016 $ 52.7 Interest cost 2.0 Actuarial charge (5.0 ) Benefits paid (2.9 ) Accumulated benefit obligation as of December 31, 2017 $ 46.8 Interest cost 1.6 Actuarial charge (2.6 ) Benefits paid (3.6 ) Accumulated benefit obligation as of December 31, 2018 $ 42.2 |
Other Income _ (Expense), Net (
Other Income / (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income And Expenses [Abstract] | |
Components of Other Income / (Expense), Net | Other income / (expense), net consisted of the following ($ in millions): Years Ended December 31, 2018 2017 2016 Teva Share Activity $ 60.9 $ (3,269.3 ) $ - Sale of businesses 182.6 - - Debt extinguishment costs as part of the debt tender offer - (161.6 ) - Debt extinguishment other 15.6 (27.6 ) - Other-than-temporary impairments - (26.1 ) - Dividend income - 85.2 68.2 Naurex recovery - 20.0 - Forward sale of Teva shares - (62.9 ) - Pfizer termination fee (Allergan plc only) - - 150.0 Other (expense) / income, net (2.4 ) 5.0 1.0 Other income / (expense), net $ 256.7 $ (3,437.3 ) $ 219.2 |
Summary of Redeemed and Retired Senior Notes | During the year ended December 31, 2018, the Company redeemed and retired the following senior notes ($ in millions): Year Ended December 31, 2018 Tranche Face Value Retired Cash Paid for Retirement Remaining Value at December 31, 2018 2.450% due 2019 $ 500.0 $ 500.0 $ - 3.000% due 2020 793.2 791.3 2,706.7 3.450% due 2022 59.5 58.6 2,940.5 3.850% due 2024 163.3 160.9 1,036.7 3.800% due 2025 972.5 963.8 3,027.5 4.550% due 2035 711.0 696.9 1,789.0 4.850% due 2044 420.6 413.5 1,079.4 4.750% due 2045 319.0 308.5 881.0 Total $ 3,939.1 $ 3,893.5 $ 13,460.8 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following ($ in millions): December 31, December 31, 2018 2017 Raw materials $ 303.2 $ 326.9 Work-in-process 145.7 158.1 Finished goods 520.2 527.8 969.1 1,012.8 Less: inventory reserves 122.2 108.3 Total Inventories $ 846.9 $ 904.5 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Summary of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following ($ in millions): December 31, December 31, 2018 2017 Accrued expenses: Accrued third-party rebates $ 1,832.1 $ 1,713.7 Accrued payroll and related benefits 694.3 635.6 Accrued returns and other allowances 527.8 466.2 Accrued R&D expenditures 215.5 165.9 Interest payable 191.4 245.9 Royalties payable 155.1 189.2 Accrued pharmaceutical fees 145.3 186.4 Litigation-related reserves and legal fees 92.0 78.3 Accrued severance, retention and other shutdown costs 71.6 132.8 Accrued non-provision taxes 68.5 76.5 Accrued selling and marketing expenditures 61.1 53.0 Current portion of contingent consideration obligations 8.3 56.2 Contractual commitments (including amounts due to Teva) 4.3 705.4 Dividends payable 1.4 24.6 Other accrued expenses 368.7 487.2 Total accrued expenses $ 4,437.4 $ 5,216.9 Accounts payable 349.8 324.5 Total accounts payable and accrued expenses $ 4,787.2 $ 5,541.4 |
Property, plant and equipment_2
Property, plant and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following as of December 31, 2018 and 2017 ($ in millions): Machinery and Equipment Research and Laboratory Equipment Transportation/ Other Land, Buildings and Leasehold Improvements Construction in Progress Total At December 31, 2017 $ 545.3 $ 59.0 $ 475.3 $ 814.9 $ 507.0 $ 2,401.5 Additions 9.9 5.0 35.8 60.4 142.4 253.5 Disposals/transfers/other 44.9 6.4 25.8 45.2 (180.0 ) (57.7 ) Currency translation (9.7 ) (3.0 ) (7.3 ) (9.4 ) (2.7 ) (32.1 ) At December 31, 2018 $ 590.4 $ 67.4 $ 529.6 $ 911.1 $ 466.7 $ 2,565.2 Accumulated depreciation At December 31, 2017 $ 219.3 $ 38.5 $ 232.4 $ 125.9 $ - $ 616.1 Additions 70.9 9.2 71.1 45.1 - 196.3 Disposals/transfers/impairments/other (1.5 ) - (6.7 ) (13.5 ) - (21.7 ) Currency translation (4.5 ) (1.4 ) (5.4 ) (1.2 ) - (12.5 ) At December 31, 2018 $ 284.2 $ 46.3 $ 291.4 $ 156.3 $ - $ 778.2 Property, plant and equipment, net At December 31, 2018 $ 306.2 $ 21.1 $ 238.2 $ 754.8 $ 466.7 $ 1,787.0 |
Prepaid Expenses, Investments_2
Prepaid Expenses, Investments and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments All Other Investments [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following ($ in millions): December 31, December 31, 2018 2017 Prepaid taxes $ 403.8 $ 690.9 Prepaid insurance 16.7 20.9 Royalty receivables 67.7 80.1 Sales and marketing 41.8 31.9 Other 289.1 300.1 Total prepaid expenses and other current assets $ 819.1 $ 1,123.9 |
Marketable Securities, Including Cash and Cash Equivalents, Other Investments and Other Assets | Investments in marketable securities, including those classified in cash and cash equivalents due to the maturity term of the instrument, other investments and other assets consisted of the following ($ in millions): December 31, December 31, 2018 2017 Marketable securities: Short-term investments $ 1,026.9 $ 2,814.4 Teva shares - 1,817.7 Total marketable securities $ 1,026.9 $ 4,632.1 Investments and other assets: Deferred executive compensation investments $ 90.8 $ 112.4 Equity method investments 8.4 11.5 Other long-term investments 37.6 60.8 Taxes receivable 1,674.8 32.1 Contingent income 75.3 - Other assets 83.7 51.1 Total investments and other assets $ 1,970.6 $ 267.9 |
Goodwill, Product Rights and _2
Goodwill, Product Rights and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill for the Company’s reporting segments consisted of the following ($ in millions): US Specialized Therapeutics US General Medicine International Total Balance as of December 31, 2017 $ 20,859.6 $ 21,399.7 $ 7,603.6 $ 49,862.9 Divested (184.0 ) - - (184.0 ) Impairments - (2,841.1 ) - (2,841.1 ) Held for sale (622.0 ) (622.0 ) Foreign exchange and other adjustments - - (302.5 ) (302.5 ) Balance as of December 31, 2018 $ 20,675.6 $ 17,936.6 $ 7,301.1 $ 45,913.3 |
Schedule of Cost Basis on Product Rights and Other Intangible Assets | Product rights and other intangible assets consisted of the following for the years ended December 31, 2018 and 2017 ($ in millions): Cost Basis Balance as of December 31, 2017 Additions Impairments Divested / Held Sale Foreign Currency Translation Balance as of December 31, 2018 Intangibles with definite lives: Product rights and other intangibles $ 73,892.5 $ 49.0 $ - $ (3,391.0 ) $ (315.4 ) $ 70,235.1 Trade name 690.0 - - - - 690.0 Total definite lived intangible assets $ 74,582.5 $ 49.0 $ - $ (3,391.0 ) $ (315.4 ) $ 70,925.1 Intangibles with indefinite lives: IPR&D $ 5,874.1 $ - $ (798.0 ) $ (28.0 ) $ - $ 5,048.1 Total indefinite lived intangible assets $ 5,874.1 $ - $ (798.0 ) $ (28.0 ) $ - $ 5,048.1 Total product rights and other intangibles $ 80,456.6 $ 49.0 $ (798.0 ) $ (3,419.0 ) $ (315.4 ) $ 75,973.2 Accumulated Amortization Balance as of December 31, 2017 Amortization Impairments Divested / Held for Sale Foreign Currency Translation Balance as of December 31, 2018 Intangibles with definite lives: Product rights and other intangibles $ (25,593.6 ) $ (6,474.2 ) $ (2,239.9 ) $ 2,233.4 $ 89.3 $ (31,985.0 ) Trade name (214.7 ) (78.1 ) - - - (292.8 ) Total definite lived intangible assets $ (25,808.3 ) $ (6,552.3 ) $ (2,239.9 ) $ 2,233.4 $ 89.3 $ (32,277.8 ) Total product rights and other intangibles $ (25,808.3 ) $ (6,552.3 ) $ (2,239.9 ) $ 2,233.4 $ 89.3 $ (32,277.8 ) Net Product Rights and Other Intangibles $ 54,648.3 $ 43,695.4 Product rights and other intangible assets consisted of the following for the years ended December 31, 2017 and 2016 ($ in millions): Cost Basis Balance as of December 31, 2016 Additions Impairments IPR&D CMP Transfers Divested / Held for Sale / Other Foreign Currency Translation Balance as of December 31, 2017 Intangibles with definite lives: Product rights and other intangibles $ 67,801.4 $ 3,876.9 $ - $ 1,444.0 $ (34.0 ) $ 804.2 $ 73,892.5 Trade name 690 - - - - - 690.0 Total definite lived intangible assets $ 68,491.4 $ 3,876.9 $ - $ 1,444.0 $ (34.0 ) $ 804.2 $ 74,582.5 Intangibles with indefinite lives: IPR&D $ 8,758.3 $ 10.0 $ (1,452.3 ) $ (1,444.0 ) $ (6.6 ) $ 8.7 $ 5,874.1 Total indefinite lived intangible assets $ 8,758.3 $ 10.0 $ (1,452.3 ) $ (1,444.0 ) $ (6.6 ) $ 8.7 $ 5,874.1 Total product rights and other intangibles $ 77,249.7 $ 3,886.9 $ (1,452.3 ) $ - $ (40.6 ) $ 812.9 $ 80,456.6 Accumulated Amortization Balance as of December 31, 2016 Amortization Impairments Divested / Held for Sale / Other Foreign Currency Translation Balance as of December 31, 2017 Intangibles with definite lives: Product rights and other intangibles $ (14,493.9 ) $ (7,119.6 ) $ (3,879.1 ) $ 24.8 $ (125.8 ) $ (25,593.6 ) Trade name (137.2 ) (77.5 ) - - - (214.7 ) Total definite lived intangible assets $ (14,631.1 ) $ (7,197.1 ) $ (3,879.1 ) $ 24.8 $ (125.8 ) $ (25,808.3 ) Total product rights and other intangibles $ (14,631.1 ) $ (7,197.1 ) $ (3,879.1 ) $ 24.8 $ (125.8 ) $ (25,808.3 ) Net Product Rights and Other Intangibles $ 62,618.6 $ 54,648.3 |
Schedule of Annual Amortization Expense on Product Rights and Other Related Intangibles | Assuming no additions, disposals or adjustments are made to the carrying values and/or useful lives of the intangible assets, annual amortization expense on product rights and other related intangibles as of December 31, 2018 over each of the next five years is estimated to be as follows ($ in millions): Amortization Expense 2019 $ 5,585.0 2020 $ 5,356.4 2021 $ 4,429.3 2022 $ 4,079.9 2023 $ 3,668.6 |
Long-Term Debt and Capital Le_2
Long-Term Debt and Capital Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt and Capital Leases | Debt consisted of the following ($ in millions): Balance As of Fair Market Value As of Guarantor Issuance Date / Acquisition Date Interest Payments December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Senior Notes: Floating Rate Notes $500.0 million floating rate notes due March 12, 2018 (1) (5) March 4, 2015 Quarterly $ - $ 500.0 $ - $ 500.6 $500.0 million floating rate notes due March 12, 2020 (2) (5) March 4, 2015 Quarterly 500.0 500.0 501.9 508.1 500.0 1,000.0 501.9 1,008.7 Fixed Rate Notes $3,000.0 million 2.350% notes due March 12, 2018 (5) March 4, 2015 Semi-annually - 3,000.0 - 3,001.9 $250.0 million 1.350% notes due March 15, 2018 (6) March 17, 2015 Semi-annually - 250.0 - 249.7 $500.0 million 2.450% notes due June 15, 2019 (5) June 10, 2014 Semi-annually - 500.0 - 499.7 $3,500.0 million 3.000% notes due March 12, 2020 (5) March 4, 2015 Semi-annually 2,706.7 3,500.0 2,694.8 3,528.4 $650.0 million 3.375% notes due September 15, 2020 (6) March 17, 2015 Semi-annually 650.0 650.0 648.7 661.3 $750.0 million 4.875% notes due February 15, 2021 (7) July 1, 2014 Semi-annually 450.0 450.0 459.4 474.3 $1,200.0 million 5.000% notes due December 15, 2021 (7) July 1, 2014 Semi-annually 1,200.0 1,200.0 1,234.8 1,282.6 $3,000.0 million 3.450% notes due March 15, 2022 (5) March 4, 2015 Semi-annually 2,940.5 3,000.0 2,891.0 3,044.5 $1,700.0 million 3.250% notes due October 1, 2022 (6) October 2, 2012 Semi-annually 1,700.0 1,700.0 1,652.2 1,703.0 $350.0 million 2.800% notes due March 15, 2023 (6) March 17, 2015 Semi-annually 350.0 350.0 332.8 341.6 $1,200.0 million 3.850% notes due June 15, 2024 (5) June 10, 2014 Semi-annually 1,036.7 1,200.0 1,021.0 1,232.3 $4,000.0 million 3.800% notes due March 15, 2025 (5) March 4, 2015 Semi-annually 3,027.5 4,000.0 2,956.0 4,067.1 $2,500.0 million 4.550% notes due March 15, 2035 (5) March 4, 2015 Semi-annually 1,789.0 2,500.0 1,690.7 2,631.9 $1,000.0 million 4.625% notes due October 1, 2042 (6) October 2, 2012 Semi-annually 456.7 456.7 412.4 471.2 $1,500.0 million 4.850% notes due June 15, 2044 (5) June 10, 2014 Semi-annually 1,079.4 1,500.0 1,019.1 1,606.2 $2,500.0 million 4.750% notes due March 15, 2045 (5) March 4, 2015 Semi-annually 881.0 1,200.0 836.6 1,277.3 18,267.5 25,456.7 17,849.5 26,073.0 Euro Denominated Notes €700.0 million floating rate notes due June 1, 2019 (3) (5) May 26, 2017 Quarterly 802.7 840.4 794.9 837.2 €700.0 million floating rate notes due November 15, 2020 (4) (5) November 15, 2018 Quarterly 802.7 - 791.3 - €750.0 million 0.500% notes due June 1, 2021 (5) May 26, 2017 Annually 860.0 900.4 849.7 895.8 €500.0 million 1.500% notes due November 15, 2023 (5) November 15, 2018 Annually 573.4 - 572.4 - €700.0 million 1.250% notes due June 1, 2024 (5) May 26, 2017 Annually 802.7 840.4 775.5 831.1 €500.0 million 2.625% notes due November 15, 2028 (5) November 15, 2018 Annually 573.4 - 573.4 - €550.0 million 2.125% notes due June 1, 2029 (5) May 26, 2017 Annually 630.7 660.3 594.7 657.8 5,045.6 3,241.5 4,951.9 3,221.9 Total Senior Notes Gross 23,813.1 29,698.2 23,303.3 30,303.6 Unamortized premium 64.3 88.9 - Unamortized discount (64.5 ) (81.7 ) - Total Senior Notes Net 23,812.9 29,705.4 23,303.3 30,303.6 Other Indebtedness Debt Issuance Costs (92.1 ) (121.5 ) Margin Loan - 459.0 Other 69.3 29.7 Total Other Borrowings (22.8 ) 367.2 Capital Leases 7.6 2.7 Total Indebtedness $ 23,797.7 $ 30,075.3 (1) (2) (3) (4) (5) (6) (7) |
Schedule of Annual Debt Maturities of Senior Notes Gross | As of December 31, 2018, annual debt maturities of senior notes gross were as follows ($ in millions): Total Payments 2019 $ 802.7 2020 4,659.4 2021 2,510.0 2022 4,640.5 2023 923.4 2024 and after 10,277.1 Total senior notes gross $ 23,813.1 |
Schedule of Future Minimum Property Lease Rental Payments under Capital and Operating Leases | The future anticipated property lease rental payments under both capital and operating leases that have remaining terms in excess of one year are ($ in millions): Total Payments 2019 $ 62.5 2020 52.5 2021 47.9 2022 43.3 2023 39.0 Thereafter 173.8 Total minimum lease payments $ 419.0 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Long-Term Liabilities | Other long-term liabilities consisted of the following ($ in millions): December 31, December 31, 2018 2017 Acquisition related contingent consideration liabilities $ 336.3 $ 420.7 Long-term pension and post retirement liability 166.5 162.7 Legacy Allergan deferred executive compensation 90.8 113.8 Accrued R&D milestone 75.0 - Long-term contractual obligations 43.2 45.2 Deferred revenue 36.1 37.9 Product warranties 27.9 28.7 Long-term severance and restructuring liabilities 14.2 53.1 Other long-term liabilities 92.0 24.8 Total other long-term liabilities $ 882.0 $ 886.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Losses Before Income Taxes | For the years ended December 31, 2018, 2017 and 2016, losses before income taxes consisted of the following ($ in millions): Years Ended December 31, 2018 2017 2016 Irish $ (4,285.8 ) $ (1,139.0 ) $ (1,329.2 ) Non-Irish (2,571.1 ) (9,247.4 ) (1,502.8 ) Total (loss) / income before taxes $ (6,856.9 ) $ (10,386.4 ) $ (2,832.0 ) |
Schedule of (Benefit)/Provision for Income Taxes | The Company’s (benefit)/provision for income taxes consisted of the following ($ in millions): Years Ended December 31, 2018 2017 2016 Current (benefit) / provision: U.S. federal $ (1,024.5 ) $ 763.1 $ (17.5 ) U.S. state 34.2 (54.8 ) - Non-U.S. 481.6 410.0 166.2 Total current (benefit) / provision (508.7 ) 1,118.3 148.7 Deferred (benefit) / provision: U.S. federal (569.9 ) (6,911.9 ) (1,218.5 ) U.S. state (80.6 ) (252.3 ) (132.1 ) Non-U.S. (611.5 ) (624.5 ) (695.1 ) Total deferred (benefit) / provision (1,262.0 ) (7,788.7 ) (2,045.7 ) Total (benefit) / provision for income taxes $ (1,770.7 ) $ (6,670.4 ) $ (1,897.0 ) |
Schedule of Components Company's Net Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are measured based on the difference between the financial statement and tax basis of assets and liabilities at the applicable tax rates. The significant components of the Company’s net deferred tax assets and liabilities consisted of the following (in millions): Years Ended December 31, 2018 2017 Benefits from net operating and capital loss carryforwards $ 2,145.8 $ 651.9 Benefits from tax credit and other carryforwards 377.6 363.3 Differences in financial statement and tax accounting for: Inventories, receivables and accruals 231.8 278.4 Basis differences in investments 56.1 1,088.7 Share-based and other compensation 295.5 315.4 Other 82.4 21.5 Total deferred tax asset, gross $ 3,189.2 $ 2,719.2 Less: Valuation allowance (1,637.9 ) (403.8 ) Total deferred tax asset, net $ 1,551.3 $ 2,315.4 Differences in financial statement and tax accounting for: Property, equipment and intangible assets (5,487.4 ) (7,604.8 ) Basis differences in investments (499.9 ) (731.4 ) Other (2.1 ) (12.5 ) Total deferred tax liabilities $ (5,989.4 ) $ (8,348.7 ) Total deferred taxes $ (4,438.1 ) $ (6,033.3 ) |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): Years Ended December 31, 2018 2017 2016 Balance at the beginning of the year $ 850.3 $ 811.2 $ 781.7 Increases for current year tax positions 164.3 10.1 100.7 Increases for prior year tax positions 193.4 69.2 40.5 Increases due to acquisitions 0.0 19.8 0.0 Decreases for prior year tax positions (5.0 ) (38.7 ) (77.9 ) Settlements (5.4 ) (21.7 ) (30.8 ) Lapse of applicable statute of limitations (5.9 ) (2.9 ) (2.9 ) Foreign exchange (4.9 ) 3.3 (0.1 ) Balance at the end of the year $ 1,186.8 $ 850.3 $ 811.2 |
Summary of Acquired U.S. Entities and Taxable Years that are Currently under Audit by IRS | The Company has several concurrent audits open and pending with the Internal Revenue Service (“IRS”) as set forth below: IRS Audits Taxable Years Allergan W.C. Holding Inc. f/k/a Actavis W.C. Holding Inc. 2013, 2014, 2015 and 2016 Warner Chilcott Corporation 2010, 2011, 2012 and 2013 Forest Laboratories, Inc. 2010, 2011, 2012, 2013 and 2014 Allergan, Inc. 2009, 2010, 2011, 2012, 2013, 2014 and 3/17/2015 |
Irish Income Tax Authority [Member] | |
Schedule of Reconciliations between Statutory Income Tax Rate and Company's Effective Income Tax Rate | The reconciliations for the years ended December 31, 2018, 2017 and 2016 between the statutory Irish income tax rate for Allergan plc and the effective income tax rates were as follows: Allergan plc Years Ended December 31, 2018 2017 2016 Statutory rate (12.5 )% (12.5 )% (12.5 )% Earnings subject to U.S. taxes (1) (2) (1.8 )% (17.4 )% (37.5 )% Earnings subject to rates different than the statutory rate (1)(2) (3.4 )% 2.1 % (18.3 )% Impact of U.S. tax reform enactment (3) (0.2 )% (27.2 )% 0.0 % Tax reserves and audit outcomes 2.6 % 0.4 % (0.7 )% Non-deductible expenses (4) 7.4 % 0.2 % 3.1 % Impact of acquisitions and reorganizations (5) (15.3 )% (9.3 )% 3.1 % Tax credits and U.S. special deductions (0.9 )% (1.5 )% (3.1 )% Rate changes (6) 2.2 % (1.2 )% (7.4 )% Valuation allowances (7) (3.7 )% 2.2 % 6.5 % Other (0.2 )% 0.0 % (0.2 )% Effective income tax rate (25.8 )% (64.2 )% (67.0 )% (1) The benefit to the 2018 effective tax rate was lower as compared to 2017 due to fewer losses in jurisdictions with tax rates higher than the Irish statutory rate, the reduction of the U.S. federal tax rate as a result of Tax Reform and the net impact of GILTI, which is being treated as a period cost in 2018 and was not included in 2017. (2) In 2018, the Company recorded amortization expense of $6.6 billion and intangible impairment charges of $3.0 billion, resulting in a tax benefit of $277.5 million, as a portion of these amounts were incurred in jurisdictions with tax rates higher than the Irish statutory rate. Comparatively, in 2017, the Company recorded amortization expense of $7.2 billion and impairment charges of $8.7 billion, including Teva Share Activity, resulting in a net tax benefit of $1,262.2 million, favorably impacting the 2017 effective tax rate as compared to 2018. (3) In 2017, as part of the enactment of the TCJA, the Company recorded a provisional net deferred tax benefit of $2.8 billion related to the change in tax rates applicable to our deferred tax liabilities, the net reversal of amounts previously accrued for taxes on unremitted earnings of certain non-U.S. subsidiaries and the tax on the deemed repatriation of the Deferred Foreign Earnings of certain non-U.S. subsidiaries (toll charge). Adjustments were recorded in 2018 at the close of the measurement period under SAB 118, but were not material. (4) In 2018, the Company recorded goodwill impairments of $3.5 billion (including a portion allocated to assets held for sale) with no corresponding tax benefit, resulting in a tax detriment of $432.9 million to the 2018 effective tax rate. (5) In 2018, the Company recorded a tax benefit of $1,047.8 million for deferred taxes related to the tax effects of integration and the recognition of outside basis differences. This resulted in a more favorable impact on the effective tax rate as compared to 2017. (6) As a result of statutory and other tax rate changes applied to certain deferred tax assets and liabilities, the Company recorded a detriment of $148.0 million in the year ended December 31, 2018. (7) In 2018, the Company recorded a tax benefit of $254.0 million for the full release of a valuation allowance related to the Company’s foreign tax credit and partial release related to non-U.S. net operating loss carryforwards. |
Bermuda Income Tax Authority [Member] | Warner Chilcott Limited [Member] | |
Schedule of Reconciliations between Statutory Income Tax Rate and Company's Effective Income Tax Rate | The reconciliations for the years ended December 31, 2018, 2017 and 2016 between the statutory Bermuda income tax rate for Warner Chilcott Limited and the effective income tax rates were as follows: Warner Chilcott Limited (1) Years Ended December 31, 2018 2017 2016 Statutory rate 0.0 % 0.0 % 0.0 % Earnings subject to U.S. taxes (10.2 )% (27.4 )% (58.4 )% Earnings subject to rates different than the statutory rate (8.4 )% (0.9 )% (11.9 )% Impact of U.S. tax reform enactment (0.2 )% (27.7 )% 0.0 % Tax reserves and audit outcomes 2.6 % 0.5 % (0.7 )% Non-deductible expenses 7.7 % 0.2 % 3.2 % Impact of acquisitions and reorganizations (16.0 )% (9.5 )% 3.2 % Tax credits and U.S. special deductions (1.0 )% (1.5 )% (3.2 )% Rate changes 2.3 % (1.3 )% (7.6 )% Valuation allowances (3.9 )% 2.3 % 6.7 % Other (0.1 )% (0.2 )% (0.1 )% Effective income tax rate (27.2 )% (65.5 )% (68.8 )% (1) The rate reconciliation for Bermuda is largely consistent with the Irish effective tax rate reconciliations presented above. |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of Movements in Accumulated Other Comprehensive (Loss) | Unrealized gain / (losses) net of tax primarily represent experience differentials and other actuarial charges related to the Company’s defined benefit plans. The movements in accumulated other comprehensive income / (loss) for the years ended December 31, 2018 and 2017 were as follows ($ in millions): Foreign Currency Translation Items Unrealized gain / (loss) net of tax Total Accumulated Other Comprehensive Income / (Loss) Balance as of December 31, 2016 $ 534.7 $ (1,573.1 ) $ (1,038.4 ) Other comprehensive gain / (loss) before reclassifications into general and administrative 1,248.0 111.7 1,359.7 Net impact of other-than-temporary loss on investment in Teva securities - 1,599.4 1,599.4 Total other comprehensive income / (loss) 1,248.0 1,711.1 2,959.1 Balance as of December 31, 2017 $ 1,782.7 $ 138.0 $ 1,920.7 Amounts reclassed, net of tax, upon adoption of ASU 2016-01 - (63.0 ) (63.0 ) Balance as of January 1, 2018 $ 1,782.7 $ 75.0 $ 1,857.7 Other comprehensive gain / (loss) before reclassifications into general and administrative (474.4 ) (38.1 ) (512.5 ) Total other comprehensive income / (loss) (474.4 ) (38.1 ) (512.5 ) Balance as of December 31, 2018 $ 1,308.3 $ 36.9 $ 1,345.2 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Net Revenues, Operating Expenses Contribution Information by Reportable Segment | Segment net revenues, segment operating expenses and segment contribution information consisted of the following for the years ended December 31, 2018, 2017 and 2016 ($ in millions): Year Ended December 31, 2018 US Specialized US General Therapeutics Medicine International Total Net revenues $ 6,920.3 $ 5,322.9 $ 3,504.7 $ 15,747.9 Operating expenses: Cost of sales (1) 565.2 799.1 537.1 1,901.4 Selling and marketing 1,348.3 924.6 928.7 3,201.6 General and administrative 205.3 156.4 141.7 503.4 Segment contribution $ 4,801.5 $ 3,442.8 $ 1,897.2 $ 10,141.5 Contribution margin 69.4 % 64.7 % 54.1 % 64.4 % Corporate (2) 1,067.3 Research and development 2,266.2 Amortization 6,552.3 Goodwill impairments 2,841.1 In-process research and development impairments 804.6 Asset sales and impairments, net 2,857.6 Operating (loss) $ (6,247.6 ) Operating margin (39.7 )% (1) (2) Year Ended December 31, 2017 US Specialized US General Therapeutics Medicine International Total Net revenues $ 6,803.6 $ 5,796.2 $ 3,319.5 $ 15,919.3 Operating expenses: Cost of sales (1) 495.4 843.9 478.7 1,818.0 Selling and marketing 1,369.5 1,084.1 913.8 3,367.4 General and administrative 208.2 177.3 120.6 506.1 Segment contribution $ 4,730.5 $ 3,690.9 $ 1,806.4 $ 10,227.8 Contribution margin 69.5 % 63.7 % 54.4 % 64.2 % Corporate (2) 1,471.8 Research and development 2,100.1 Amortization 7,197.1 In-process research and development impairments 1,452.3 Asset sales and impairments, net 3,927.7 Operating (loss) $ (5,921.2 ) Operating margin (37.2 )% (1) (2) Year Ended December 31, 2016 US Specialized US General Therapeutics Medicine International Total Net revenues $ 5,811.7 $ 5,923.9 $ 2,881.3 $ 14,616.9 Operating expenses: Cost of sales (1) 290.9 879.8 418.2 1,588.9 Selling and marketing 1,137.0 1,185.7 788.2 3,110.9 General and administrative 174.2 174.9 117.2 466.3 Segment contribution $ 4,209.6 $ 3,683.5 $ 1,557.7 $ 9,450.8 Contribution margin 72.4 % 62.2 % 54.1 % 64.7 % Corporate (2) 1,481.3 Research and development 2,575.7 Amortization 6,470.4 In-process research and development impairments 743.9 Asset sales and impairments, net 5.0 Operating (loss) $ (1,825.5 ) Operating margin (12.5 )% (1) (2) |
Schedule of Net Revenue Disaggregated by Geography for International Segment | The following table presents our net revenue disaggregated by geography for our international segment for the years ended December 31, 2018, 2017 and 2016 ($ in millions): Years Ended December 31, 2018 2017 2016 Europe $ 1,482.6 $ 1,439.2 $ 1,322.8 Asia Pacific, Middle East and Africa 1,089.9 929.9 776.1 Latin America and Canada 862.4 863.3 722.3 Other* 69.8 87.1 60.1 Total International $ 3,504.7 $ 3,319.5 $ 2,881.3 *Includes royalty and other revenue |
Schedule of Global Net Revenues for Top Products and Reconciliation of Segment Revenues to Total Net Revenues | The following tables present global net revenues for the top products greater than 10% of total revenues of the Company as well as a reconciliation of segment revenues to total net revenues for the years ended December 31, 2018, 2017 and 2016 ($ in millions): Year Ended December 31, 2018 US Specialized Therapeutics US General Medicine International Total Botox ® $ 2,545.8 $ - $ 1,031.6 $ 3,577.4 Restasis ® 1,197.0 - 64.5 1,261.5 Juvederm ® 548.2 - 614.8 1,163.0 Linzess ® ® - 761.1 24.1 785.2 Lumigan ® ® 291.8 - 392.6 684.4 Bystolic ® ® - 583.8 2.0 585.8 Alphagan ® ® 375.4 - 176.0 551.4 Lo Loestrin ® - 527.7 - 527.7 Vraylar ® - 487.1 - 487.1 Eye Drops 202.7 - 279.7 482.4 Alloderm ® 407.3 - 8.0 415.3 Breast Implants 263.0 - 130.1 393.1 Viibryd ® ® - 342.4 7.2 349.6 Coolsculpting ® 235.3 - 64.2 299.5 Ozurdex ® 111.0 - 187.7 298.7 Zenpep ® - 237.3 0.4 237.7 Carafate ® ® - 217.8 2.8 220.6 Armour Thyroid - 198.8 - 198.8 Canasa ® ® - 169.2 17.6 186.8 Viberzi ® - 176.5 1.3 177.8 Asacol ® ® - 130.8 45.7 176.5 Coolsculpting ® 126.3 - 43.3 169.6 Skin Care 138.8 - 15.2 154.0 Saphris ® - 139.7 - 139.7 Teflaro ® - 128.0 0.3 128.3 Namzaric ® - 115.8 - 115.8 Avycaz ® - 94.6 - 94.6 Rapaflo ® 81.9 - 6.4 88.3 Savella ® - 85.0 - 85.0 Namenda ® - 71.0 - 71.0 Dalvance ® - 56.1 2.3 58.4 Aczone ® 55.1 - 0.4 55.5 Liletta ® - 50.9 - 50.9 Estrace ® - 49.0 - 49.0 Kybella ® ® 31.8 - 6.3 38.1 Tazorac ® 25.4 - 0.7 26.1 Minastrin ® - 9.5 - 9.5 Other 283.5 690.8 379.5 1,353.8 Total segment revenues $ 6,920.3 $ 5,322.9 $ 3,504.7 $ 15,747.9 Corporate revenues 39.5 Total net revenues $ 15,787.4 Year Ended December 31, 2017 US Specialized Therapeutics US General Medicine International Total Botox ® $ 2,254.4 $ - $ 914.5 $ 3,168.9 Restasis ® 1,412.3 - 61.3 1,473.6 Juvederm ® 501.1 - 540.7 1,041.8 Linzess ® ® - 701.1 21.9 723.0 Lumigan ® ® 317.5 - 371.5 689.0 Bystolic ® ® - 612.2 2.2 614.4 Alphagan ® ® 377.3 - 175.1 552.4 Eye Drops 199.5 - 281.0 480.5 Lo Loestrin ® - 459.3 - 459.3 Namenda ® - 452.9 - 452.9 Breast Implants 242.6 - 156.9 399.5 Estrace ® - 366.6 - 366.6 Viibryd ® ® - 333.2 3.1 336.3 Alloderm ® 321.2 - 7.5 328.7 Ozurdex ® 98.4 - 213.4 311.8 Vraylar ® - 287.8 - 287.8 Asacol ® ® - 195.5 50.2 245.7 Carafate ® ® - 235.8 2.9 238.7 Zenpep ® - 212.3 - 212.3 Coolsculpting ® 150.1 - 41.6 191.7 Canasa ® ® - 162.7 18.3 181.0 Armour Thyroid - 169.1 - 169.1 Aczone ® 166.3 - 0.5 166.8 Skin Care 153.2 - 12.0 165.2 Viberzi ® - 156.6 0.5 157.1 Saphris ® - 155.2 - 155.2 Coolsculpting ® 106.6 - 32.1 138.7 Namzaric ® - 130.8 - 130.8 Teflaro ® - 121.9 - 121.9 Rapaflo ® 108.1 - 7.3 115.4 Savella ® - 98.2 - 98.2 Tazorac ® 65.4 - 0.7 66.1 Minastrin ® - 61.4 - 61.4 Avycaz ® - 61.2 - 61.2 Kybella ® ® 49.5 - 6.8 56.3 Dalvance ® - 53.9 2.4 56.3 Liletta ® - 37.6 - 37.6 Other 280.1 730.9 395.1 1,406.1 Total segment revenues $ 6,803.6 $ 5,796.2 $ 3,319.5 $ 15,919.3 Corporate revenues 21.4 Total net revenues $ 15,940.7 Year Ended December 31, 2016 US Specialized Therapeutics US General Medicine International Total Botox ® $ 1,983.2 $ - $ 803.0 $ 2,786.2 Restasis ® 1,419.5 - 68.0 1,487.5 Juvederm ® 446.9 - 420.4 867.3 Lumigan ® ® 326.4 - 361.7 688.1 Linzess ® ® - 625.6 17.3 642.9 Namenda ® - 642.7 - 642.7 Bystolic ® ® - 638.8 1.7 640.5 Alphagan ® ® 376.6 - 169.3 545.9 Eye Drops 186.5 - 276.2 462.7 Asacol ® ® - 360.8 53.7 414.5 Lo Loestrin ® - 403.5 - 403.5 Estrace ® - 379.4 - 379.4 Breast Implants 206.0 - 149.9 355.9 Viibryd ® ® - 342.3 - 342.3 Minastrin ® - 325.9 1.4 327.3 Ozurdex ® 84.4 - 179.0 263.4 Carafate ® ® - 229.0 2.4 231.4 Aczone ® 217.3 - - 217.3 Zenpep ® - 200.7 - 200.7 Canasa ® ® - 178.7 17.7 196.4 Skin Care 186.2 - 8.5 194.7 Saphris ® - 166.8 - 166.8 Armour Thyroid - 166.5 - 166.5 Teflaro ® - 133.6 - 133.6 Rapaflo ® 116.6 - 5.8 122.4 Savella ® - 103.2 - 103.2 Tazorac ® 95.5 - 0.8 96.3 Vraylar ® - 94.3 - 94.3 Viberzi ® - 93.3 - 93.3 Namzaric ® - 57.5 - 57.5 Kybella ® ® 50.2 - 2.3 52.5 Dalvance ® - 39.3 - 39.3 Avycaz ® - 36.1 - 36.1 Liletta ® - 23.3 - 23.3 Other 116.4 682.6 342.2 1,141.2 Total segment revenues $ 5,811.7 $ 5,923.9 $ 2,881.3 $ 14,616.9 Corporate revenues (46.3 ) Total net revenues $ 14,570.6 |
Business Restructuring Charges
Business Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Activity Related to Business Restructuring and Facility Rationalization Activities | Restructuring activities for the year ended December 31, 2018 were as follows ($ in millions): Severance Retention Share-Based Compensation Other Total Reserve balance at December 31, 2017 $ 166.0 $ - $ 19.9 $ 185.9 Charged to expense Cost of sales 7.3 - - 7.3 Research and development 1.0 - - 1.0 Selling and marketing 31.2 4.1 - 35.3 General and administrative 4.3 4.1 - 8.4 Total expense 43.8 8.2 - 52.0 Cash payments (138.4 ) - (5.5 ) (143.9 ) Non-cash adjustments - (8.2 ) - (8.2 ) Reserve balance at December 31, 2018 $ 71.4 $ - $ 14.4 $ 85.8 Restructuring activities for the year ended December 31, 2017 is as follows ($ in millions): Severance Retention Share-Based Compensation Other Total Reserve balance at December 31, 2016 $ 68.5 $ - $ 39.7 $ 108.2 Charged to expense Cost of sales 50.4 - - 50.4 Research and development 37.1 - - 37.1 Selling and marketing 92.5 - - 92.5 General and administrative 37.5 38.8 16.3 92.6 Total expense 217.5 38.8 16.3 272.6 Cash payments (110.4 ) (31.5 ) (36.1 ) (178.0 ) Other reserve impact (9.6 ) (7.3 ) - (16.9 ) Reserve balance at December 31, 2017 $ 166.0 $ - $ 19.9 $ 185.9 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value using Fair Value Leveling or Disclosed at Fair Value on Recurring Basis | Assets and liabilities that are measured at fair value using Fair Value Leveling or that are disclosed at fair value on a recurring basis as of December 31, 2018 and 2017 consisted of the following ($ in millions): Fair Value Measurements as of December 31, 2018 Using: Total Level 1 Level 2 Level 3 Assets: Cash equivalents * $ 207.1 $ 207.1 $ - $ - Short-term investments 1,026.9 - 1,026.9 - Deferred executive compensation investments 90.8 73.8 17.0 - Royalty receivable 50.3 - - 50.3 Investments and other 46.0 38.5 7.5 - Total assets $ 1,421.1 $ 319.4 $ 1,051.4 $ 50.3 Liabilities: Deferred executive compensation liabilities 90.8 73.8 17.0 - Contingent consideration obligations 344.6 - - 344.6 Total liabilities $ 435.4 $ 73.8 $ 17.0 $ 344.6 * Marketable securities with less than 90 days remaining until maturity at the time of acquisition are classified as cash equivalents. Fair Value Measurements as of December 31, 2017 Using: Total Level 1 Level 2 Level 3 Assets: Cash equivalents * $ 1,328.1 $ 1,328.1 $ - $ - Short-term investments 2,814.4 - 2,814.4 - Deferred executive compensation investments 112.4 92.9 19.5 - Investment in Teva ordinary shares 1,817.7 1,817.7 - - Investments and other 72.3 72.3 - - Total assets $ 6,144.9 $ 3,311.0 $ 2,833.9 $ - Liabilities: Deferred executive compensation liabilities 113.8 94.3 19.5 - Contingent consideration obligations 476.9 - - 476.9 Total liabilities $ 590.7 $ 94.3 $ 19.5 $ 476.9 * Marketable securities with less than 90 days remaining until maturity at the time of acquisition are classified as cash equivalents. |
Investments In Securities | Investments in securities as of December 31, 2018 and 2017 included the following ($ in millions): Investments in Securities as of December 31, 2018 Level 1 Carrying amount Estimated fair value Cash & cash equivalents Marketable securities Money market funds $ 207.1 $ 207.1 $ 207.1 $ - Total $ 207.1 $ 207.1 $ 207.1 $ - Level 2 Carrying amount Estimated fair value Cash & cash equivalents Marketable securities Other investments $ 1,026.9 $ 1,026.9 $ - $ 1,026.9 Total $ 1,026.9 $ 1,026.9 $ - $ 1,026.9 Investments in Securities as of December 31, 2017 Level 1 Carrying amount Unrecognized gain Unrecognized loss Estimated fair value Cash & cash equivalents Marketable securities Money market funds $ 1,328.1 $ - $ - $ 1,328.1 $ 1,328.1 $ - Investment in Teva ordinary shares 1,688.4 129.3 - 1,817.7 - 1,817.7 Total $ 3,016.5 $ 129.3 $ - $ 3,145.8 $ 1,328.1 $ 1,817.7 Level 2 Carrying amount Unrecognized gain Unrecognized loss Estimated fair value Cash & cash equivalents Marketable securities Commercial paper and other $ 1,248.9 $ - $ (0.7 ) $ 1,248.2 $ - $ 1,248.2 Certificates of deposit 1,566.2 - - 1,566.2 - 1,566.2 Total $ 2,815.1 $ - $ (0.7 ) $ 2,814.4 $ - $ 2,814.4 |
Change in Fair Value of Contingent Consideration Obligations | Changes in the fair value of the contingent consideration obligations, including accretion, are recorded in our consolidated statements of operations as follows ($ in millions): Years Ended December 31, Expense / (income) 2018 2017 2016 Cost of sales $ (111.7 ) $ (183.2 ) $ (17.4 ) Research and development 5.1 50.0 (71.1 ) General and administrative - - 24.3 Total $ (106.6 ) $ (133.2 ) $ (64.2 ) |
Summary of Changes in Fair Value of all Financial Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017 ($ in millions): Balance as of December 31, 2017 Net transfers in to (out of) Level 3 Purchases, settlements, and other net Net accretion and fair value adjustments Balance as of December 31, 2018 Liabilities: Contingent consideration obligations $ 476.9 $ - $ (25.7 ) $ (106.6 ) $ 344.6 Balance as of December 31, 2016 Net transfers in to (out of) Level 3 Purchases, settlements, and other net Net accretion and fair value adjustments Balance as of December 31, 2017 Liabilities: Contingent consideration obligations $ 1,172.1 $ - $ (562.0 ) $ (133.2 ) $ 476.9 |
Schedule of Contingent Consideration Obligations by Acquisitions | During the year ended December 31, 2018, the following activity in contingent consideration obligations by acquisition was incurred ($ in millions): Business Acquisition Balance as of December 31, 2017 Fair Value Adjustments and Accretion Payments and Other Balance as of December 31, 2018 Tobira Acquisition $ 227.8 $ 27.2 $ - $ 255.0 Allergan Acquisition 18.7 (17.7 ) (1.0 ) - Medicines 360 acquisition 44.4 13.5 (14.8 ) 43.1 AqueSys acquisition 28.5 (23.1 ) - 5.4 Oculeve acquisition 90.1 (88.4 ) - 1.7 ForSight Acquisition 46.3 (22.2 ) - 24.1 Metrogel acquisition 7.5 - (7.5 ) - Forest Acquisition 12.7 3.1 (2.2 ) 13.6 Other 0.9 1.0 (0.2 ) 1.7 Total $ 476.9 $ (106.6 ) $ (25.7 ) $ 344.6 |
Changes in Fair Value of Royalty Receivable Recorded in Consolidated Statements of Operations | Balance as of December 31, 2017 Net transfers in to (out of) Level 3 Purchases, settlements, and other net Net accretion and fair value adjustments Balance as of December 31, 2018 Asset: Royalty receivable $ - $ - $ 50.3 $ - $ 50.3 |
Warner Chilcott Limited ("WCL_2
Warner Chilcott Limited ("WCL") Guarantor and Non-Guarantor Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Consolidating Balance Sheets | Warner Chilcott Limited Consolidating Balance Sheets As of December 31, 2018 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited ASSETS Current assets: Cash and cash equivalents $ 0.1 $ 1.8 $ 0.8 $ - $ 875.9 $ - $ 878.6 Marketable securities - 489.9 - - 537.0 - 1,026.9 Accounts receivable, net - - - - 2,868.1 - 2,868.1 Receivables from Parents - - - - 640.9 - 640.9 Inventories - - - - 846.9 - 846.9 Intercompany receivables - 3,534.7 961.0 16.7 24,779.3 (29,291.7 ) - Current assets held for sale - - - - 34.0 - 34.0 Prepaid expenses and other current assets - - - 33.3 785.4 - 818.7 Total current assets 0.1 4,026.4 961.8 50.0 31,367.5 (29,291.7 ) 7,114.1 Property, plant and equipment, net - - - - 1,787.0 - 1,787.0 Investments and other assets - - - - 1,970.6 - 1,970.6 Investment in subsidiaries 62,940.2 73,846.0 - 90,729.7 - (227,515.9 ) - Non current intercompany receivables - 28,239.4 18,090.2 - 19,674.2 (66,003.8 ) - Non current assets held for sale - - - - 882.2 - 882.2 Deferred tax assets - 43.6 - - 1,020.1 - 1,063.7 Product rights and other intangibles - - - - 43,695.4 - 43,695.4 Goodwill - - - - 45,913.3 - 45,913.3 Total assets $ 62,940.3 $ 106,155.4 $ 19,052.0 $ 90,779.7 $ 146,310.3 $ (322,811.4 ) $ 102,426.3 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued expenses - 0.1 156.3 92.9 4,538.1 - 4,787.4 Intercompany payables - 14,315.0 21.7 10,442.6 4,512.4 (29,291.7 ) - Payables to Parents - - - - 2,829.2 - 2,829.2 Income taxes payable - - - - 72.4 - 72.4 Current portion of long-term debt and capital leases - - 779.6 - 88.7 - 868.3 Total current liabilities - 14,315.1 957.6 10,535.5 12,040.8 (29,291.7 ) 8,557.3 Long-term debt and capital leases - - 18,090.2 2,135.9 2,703.3 - 22,929.4 Other long-term liabilities - - - - 882.0 - 882.0 Long-term intercompany payables - 18,597.4 - 1,076.8 46,329.6 (66,003.8 ) - Other taxes payable - - - - 1,615.5 - 1,615.5 Deferred tax liabilities - - - - 5,501.8 - 5,501.8 Total liabilities - 32,912.5 19,047.8 13,748.2 69,073.0 (95,295.5 ) 39,486.0 Total equity / (deficit) 62,940.3 73,242.9 4.2 77,031.5 77,237.3 (227,515.9 ) 62,940.3 Total liabilities and equity $ 62,940.3 $ 106,155.4 $ 19,052.0 $ 90,779.7 $ 146,310.3 $ (322,811.4 ) $ 102,426.3 Warner Chilcott Limited Consolidating Balance Sheets As of December 31, 2017 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited ASSETS Current assets: Cash and cash equivalents $ 0.1 $ 593.1 $ 0.1 $ - $ 1,223.0 $ - $ 1,816.3 Marketable securities - 400.2 - - 4,231.9 - 4,632.1 Accounts receivable, net - - - - 2,899.0 - 2,899.0 Receivables from Parents - 4,223.5 - - 1,573.9 - 5,797.4 Inventories - - - - 904.5 - 904.5 Intercompany receivables - 8,118.7 5,507.6 19.6 25,417.0 (39,062.9 ) - Prepaid expenses and other current assets - - - 85.0 1,038.0 - 1,123.0 Total current assets 0.1 13,335.5 5,507.7 104.6 37,287.3 (39,062.9 ) 17,172.3 Property, plant and equipment, net - - - - 1,785.4 - 1,785.4 Investments and other assets - - - - 267.9 - 267.9 Investment in subsidiaries 81,282.1 79,897.0 - 94,332.0 - (255,511.1 ) - Non current intercompany receivables - 27,518.7 20,985.0 - 30,544.0 (79,047.7 ) - Non current receivables from Parents - - - - 3,964.0 - 3,964.0 Non current assets held for sale - - - - 81.6 - 81.6 Deferred tax assets - - - - 316.0 - 316.0 Product rights and other intangibles - - - - 54,648.3 - 54,648.3 Goodwill - - - - 49,862.9 - 49,862.9 Total assets $ 81,282.2 $ 120,751.2 $ 26,492.7 $ 94,436.6 $ 178,757.4 $ (373,621.7 ) $ 128,098.4 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued expenses - 0.6 202.9 89.3 5,222.8 - 5,515.6 Intercompany payables - 12,186.2 1,828.5 11,402.3 13,645.9 (39,062.9 ) - Payables to Parents - - - - 2,340.6 - 2,340.6 Income taxes payable - - - - 74.9 - 74.9 Current portion of long-term debt and capital leases - - 3,475.4 - 756.4 - 4,231.8 Total current liabilities - 12,186.8 5,506.8 11,491.6 22,040.6 (39,062.9 ) 12,162.9 Long-term debt and capital leases - - 20,985.0 2,130.1 2,728.4 - 25,843.5 Other long-term liabilities - 0.2 - - 886.7 - 886.9 Long-term intercompany payables - 30,395.0 - 149.0 48,503.7 (79,047.7 ) - Other taxes payable - - - - 1,573.5 - 1,573.5 Deferred tax liabilities - 0.2 - - 6,349.2 - 6,349.4 Total liabilities - 42,582.2 26,491.8 13,770.7 82,082.1 (118,110.6 ) 46,816.2 Total equity / (deficit) 81,282.2 78,169.0 0.9 80,665.9 96,675.3 (255,511.1 ) 81,282.2 Total liabilities and equity $ 81,282.2 $ 120,751.2 $ 26,492.7 $ 94,436.6 $ 178,757.4 $ (373,621.7 ) $ 128,098.4 |
Consolidating Statements of Operations and Comprehensive (Loss) / Income | Warner Chilcott Limited Consolidating Statements of Operations and Comprehensive (Loss) / Income For the Year Ended December 31, 2018 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Net revenues $ - $ - $ - $ - $ 15,787.4 $ - $ 15,787.4 Operating expenses: Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) - - - - 2,191.4 - 2,191.4 Research and development - - - - 2,266.2 - 2,266.2 Selling and marketing - - - - 3,250.6 - 3,250.6 General and administrative - - - - 1,177.5 - 1,177.5 Amortization - - - - 6,552.3 - 6,552.3 Goodwill impairments - - - - 2,841.1 - 2,841.1 In-process research and development impairments - - - - 804.6 - 804.6 Asset sales and impairments, net - - - - 2,857.6 - 2,857.6 Total operating expenses - - - - 21,941.3 - 21,941.3 Operating (loss) - - - - (6,153.9 ) - (6,153.9 ) Interest income / (expense), net - 1,101.1 (8.8 ) (82.8 ) (1,650.6 ) - (641.1 ) Other income, net - - 15.6 - 241.1 - 256.7 Total other income / (expense), net - 1,101.1 6.8 (82.8 ) (1,409.5 ) - (384.4 ) Income / (loss) before income taxes and noncontrolling interest - 1,101.1 6.8 (82.8 ) (7,563.4 ) - (6,538.3 ) (Benefit) / provision for income taxes - (23.8 ) 3.5 (50.7 ) (1,705.4 ) - (1,776.4 ) Losses / (earnings) of equity interest subsidiaries 4,772.1 5,625.3 - 2,822.6 - (13,220.0 ) - Net (loss) / income from continuing operations, net of tax (4,772.1 ) (4,500.4 ) 3.3 (2,854.7 ) (5,858.0 ) 13,220.0 (4,761.9 ) (Loss) from discontinued operations, net of tax - - - - - - - Net (loss) / income (4,772.1 ) (4,500.4 ) 3.3 (2,854.7 ) (5,858.0 ) 13,220.0 (4,761.9 ) (Income) attributable to noncontrolling interest - - - - (10.2 ) - (10.2 ) Net (loss) / income attributable to members (4,772.1 ) (4,500.4 ) 3.3 (2,854.7 ) (5,868.2 ) 13,220.0 (4,772.1 ) Other comprehensive (loss) / income, net of tax (512.5 ) (425.7 ) - (779.7 ) (512.5 ) 1,717.9 (512.5 ) Comprehensive (loss) / income attributable to members $ (5,284.6 ) $ (4,926.1 ) $ 3.3 $ (3,634.4 ) $ (6,380.7 ) $ 14,937.9 $ (5,284.6 ) Warner Chilcott Limited Consolidating Statements of Operations and Comprehensive (Loss) / Income For the Year Ended December 31, 2017 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Net revenues $ - $ - $ - $ - $ 15,940.7 $ - $ 15,940.7 Operating expenses: Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) - - - - 2,168.0 - 2,168.0 Research and development - - - - 2,100.1 - 2,100.1 Selling and marketing - - - - 3,514.8 - 3,514.8 General and administrative - - 8.6 1.1 1,392.6 - 1,402.3 Amortization - - - - 7,197.1 - 7,197.1 In-process research and development impairments - - - - 1,452.3 - 1,452.3 Asset sales and impairments, net - - - - 3,927.7 - 3,927.7 Total operating expenses - - 8.6 1.1 21,752.6 - 21,762.3 Operating (loss) - - (8.6 ) (1.1 ) (5,811.9 ) - (5,821.6 ) Interest income / (expense), net - 845.5 116.6 (131.2 ) (1,760.2 ) - (929.3 ) Other (expense), net - - (110.4 ) (66.7 ) (3,260.2 ) - (3,437.3 ) Total other income / (expense), net - 845.5 6.2 (197.9 ) (5,020.4 ) - (4,366.6 ) Income / (loss) before income taxes and noncontrolling interest - 845.5 (2.4 ) (199.0 ) (10,832.3 ) - (10,188.2 ) Provision / (benefit) for income taxes - 5.0 0.3 (177.3 ) (6,498.4 ) - (6,670.4 ) Losses / (earnings) of equity interest subsidiaries 3,927.3 4,517.5 - 3,123.1 - (11,567.9 ) - Net (loss) / income from continuing operations, net of tax (3,927.3 ) (3,677.0 ) (2.7 ) (3,144.8 ) (4,333.9 ) 11,567.9 (3,517.8 ) (Loss) from discontinued operations, net of tax - - - - (402.9 ) - (402.9 ) Net (loss) / income (3,927.3 ) (3,677.0 ) (2.7 ) (3,144.8 ) (4,736.8 ) 11,567.9 (3,920.7 ) (Income) attributable to noncontrolling interest - - - - (6.6 ) - (6.6 ) Net (loss) / income attributable to members (3,927.3 ) (3,677.0 ) (2.7 ) (3,144.8 ) (4,743.4 ) 11,567.9 (3,927.3 ) Other comprehensive income / (loss), net of tax 2,959.1 3,001.5 - (2,203.7 ) 2,959.1 (3,756.9 ) 2,959.1 Comprehensive (loss) / income attributable to members $ (968.2 ) $ (675.5 ) $ (2.7 ) $ (5,348.5 ) $ (1,784.3 ) $ 7,811.0 $ (968.2 ) Warner Chilcott Limited Consolidating Statements of Operations and Comprehensive (Loss) / Income For the Year Ended December 31, 2016 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Net revenues - - - - 14,570.6 - 14,570.6 Operating expenses: Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) - - - - 1,860.8 - 1,860.8 Research and development - - - - 2,575.7 - 2,575.7 Selling and marketing - - - - 3,266.4 - 3,266.4 General and administrative - - - 19.8 1,330.6 - 1,350.4 Amortization - - - - 6,470.4 - 6,470.4 In-process research and development impairments - - - - 743.9 - 743.9 Asset sales and impairments, net - - - - 5.0 - 5.0 Total operating expenses - - - 19.8 16,252.8 - 16,272.6 Operating (loss) - - - (19.8 ) (1,682.2 ) - (1,702.0 ) Interest income / (expense), net - 2,255.3 3.4 (157.1 ) (3,286.1 ) - (1,184.5 ) Other income, net - - - - 172.2 - 172.2 Total other income / (expense), net - 2,255.3 3.4 (157.1 ) (3,113.9 ) - (1,012.3 ) Income / (loss) before income taxes and noncontrolling interest - 2,255.3 3.4 (176.9 ) (4,796.1 ) - (2,714.3 ) Provision / (benefit) for income taxes - - 0.1 66.3 (1,963.4 ) - (1,897.0 ) (Earnings) / losses of equity interest subsidiaries (15,091.1 ) (8,984.1 ) - (16,771.7 ) - 40,846.9 - Net income / (loss) from continuing operations, net of tax 15,091.1 11,239.4 3.3 16,528.5 (2,832.7 ) (40,846.9 ) (817.3 ) Income from discontinued operations, net of tax - - - - 15,914.5 - 15,914.5 Net income / (loss) 15,091.1 11,239.4 3.3 16,528.5 13,081.8 (40,846.9 ) 15,097.2 (Income) attributable to noncontrolling interest - - - - (6.1 ) - (6.1 ) Net income / (loss) attributable to members 15,091.1 11,239.4 3.3 16,528.5 13,075.7 (40,846.9 ) 15,091.1 Other comprehensive (loss) / income, net of tax (544.3 ) (544.3 ) - (3,085.1 ) (544.3 ) 4,173.7 (544.3 ) Comprehensive income / (loss) attributable to members $ 14,546.8 $ 10,695.1 $ 3.3 $ 13,443.4 $ 12,531.4 $ (36,673.2 ) $ 14,546.8 |
Consolidating Statements of Cash Flows | Warner Chilcott Limited Consolidating Statements of Cash Flows For the Year Ended December 31, 2018 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Cash Flows From Operating Activities: Net (loss) / income $ (4,772.1 ) $ (4,500.4 ) $ 3.3 $ (2,854.7 ) $ (5,858.0 ) $ 13,220.0 $ (4,761.9 ) Reconciliation to net cash provided by / (used in) operating activities: Losses / (earnings) of equity interest subsidiaries 4,772.1 5,625.3 - 2,822.6 - (13,220.0 ) - Depreciation - - - - 196.3 - 196.3 Amortization - - - - 6,552.3 - 6,552.3 Provision for inventory reserve - - - - 96.4 - 96.4 Share-based compensation - - - - 239.8 - 239.8 Deferred income tax benefit - - - - (1,255.7 ) - (1,255.7 ) Goodwill impairments - - - - 2,841.1 - 2,841.1 In-process research and development impairments - - - - 804.6 - 804.6 Loss on asset sales and impairments, net - - - - 2,857.6 - 2,857.6 Gain on sale of Teva securities, net - - - - (60.9 ) - (60.9 ) Gain on sale of businesses - - (182.6 ) - (182.6 ) Non-cash extinguishment of debt - - 30.0 - - - 30.0 Cash (discount) related to extinguishment of debt - - (45.6 ) - - - (45.6 ) Amortization of deferred financing costs - - 21.0 1.6 - - 22.6 Contingent consideration adjustments, including accretion - - - - (106.5 ) - (106.5 ) Dividends from subsidiaries 4,075.6 - - - - (4,075.6 ) - Other, net - - (5.6 ) (1.7 ) 36.3 - 29.0 Changes in assets and liabilities (net of effects of acquisitions) - (1,626.3 ) 5,482.0 32.2 (5,152.4 ) - (1,264.5 ) Net cash provided by / (used in) operating activities 4,075.6 (501.4 ) 5,485.1 - 1,008.3 (4,075.6 ) 5,992.0 Cash Flows From Investing Activities: Additions to property, plant and equipment - - - - (253.5 ) - (253.5 ) Additions to investments - (889.9 ) - - (1,581.8 ) - (2,471.7 ) Proceeds from sale of investments and other assets - 800.0 - - 5,459.3 - 6,259.3 Payments to settle Teva related matters - - - - (466.0 ) - (466.0 ) Proceeds from sales of property, plant and equipment - - - - 30.4 - 30.4 Net cash (used in) / provided by investing activities - (89.9 ) - - 3,188.4 - 3,098.5 Cash Flows From Financing Activities: Proceeds from borrowings of long-term indebtedness, including credit facility - 700.0 1,919.7 - 37.3 - 2,657.0 Payments on debt, including capital lease obligations and credit facility - (700.0 ) (7,393.7 ) - (710.8 ) - (8,804.5 ) Debt issuance and other financing costs - - (10.4 ) - - - (10.4 ) Payments of contingent consideration and other financing - - - - (30.9 ) - (30.9 ) Proceeds from forward sale of Teva securities - - - - 465.5 - 465.5 Payments to settle Teva related matters - - - - (234.0 ) - (234.0 ) Dividends to Parents (4,075.6 ) - - - (4,075.6 ) 4,075.6 (4,075.6 ) Net cash (used in) / provided by financing activities (4,075.6 ) - (5,484.4 ) - (4,548.5 ) 4,075.6 (10,032.9 ) Effect of currency exchange rate changes on cash and cash equivalents - - - - 4.7 - 4.7 Net (decrease) / increase in cash and cash equivalents - (591.3 ) 0.7 - (347.1 ) - (937.7 ) Cash and cash equivalents at beginning of period 0.1 593.1 0.1 - 1,223.0 - 1,816.3 Cash and cash equivalents at end of period $ 0.1 $ 1.8 $ 0.8 $ - $ 875.9 $ - $ 878.6 Warner Chilcott Limited Consolidating Statements of Cash Flows For the Year Ended December 31, 2017 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Cash Flows From Operating Activities: Net (loss) / income $ (3,927.3 ) $ (3,677.0 ) $ (2.7 ) $ (3,144.8 ) $ (4,736.8 ) $ 11,567.9 $ (3,920.7 ) Reconciliation to net cash provided by / (used in) operating activities: Losses / (earnings) of equity interest subsidiaries 3,927.3 4,517.5 - 3,123.1 - (11,567.9 ) - Depreciation - - - - 171.5 - 171.5 Amortization - - - - 7,197.1 - 7,197.1 Provision for inventory reserve - - - - 102.2 - 102.2 Share-based compensation - - - - 293.3 - 293.3 Deferred income tax benefit - - - - (7,783.1 ) - (7,783.1 ) In-process research and development impairments - - - - 1,452.3 - 1,452.3 Loss on asset sales and impairments, net - - - - 3,927.7 - 3,927.7 Net income impact of other-than-temporary loss on investment in Teva securities - - - - 3,273.5 - 3,273.5 Charge to settle Teva related matters - - - - 387.4 - 387.4 Loss on forward sale of Teva shares - - - - 62.9 - 62.9 Amortization of inventory step-up - - - - 131.7 - 131.7 Non-cash extinguishment of debt - - 17.6 12.2 (45.5 ) - (15.7 ) Cash charge related to extinguishment of debt - - 91.6 52.9 61.1 - 205.6 Amortization of deferred financing costs - - 23.3 4.5 - - 27.8 Contingent consideration adjustments, including accretion - - - - (133.2 ) - (133.2 ) Dividends from subsidiaries 1,668.2 - - - - (1,668.2 ) - Other, net - (10.0 ) - - (27.0 ) - (37.0 ) Changes in assets and liabilities (net of effects of acquisitions) - (4,228.1 ) (241.5 ) 2,148.3 3,207.3 - 886.0 Net cash provided by / (used in) operating activities 1,668.2 (3,397.6 ) (111.7 ) 2,196.2 7,542.4 (1,668.2 ) 6,229.3 Cash Flows From Investing Activities: Additions to property, plant and equipment - - - - (349.9 ) - (349.9 ) Additions to product rights and other intangibles - - - - (614.3 ) - (614.3 ) Additions to investments - (4,389.6 ) - - (5,394.2 ) - (9,783.8 ) Proceeds from sale of investments and other assets - 7,866.4 - - 7,286.9 - 15,153.3 Proceeds from sales of property, plant and equipment - - - - 7.1 - 7.1 Acquisitions of businesses, net of cash acquired - - - - (5,290.4 ) - (5,290.4 ) Net cash provided by / (used in) investing activities - 3,476.8 - - (4,354.8 ) - (878.0 ) Cash Flows From Financing Activities: Proceeds from borrowings of long-term indebtedness, including credit facility - - 3,020.9 - 529.1 - 3,550.0 Payments on debt, including capital lease obligations and credit facility - - (2,800.0 ) (2,143.3 ) (1,470.3 ) - (6,413.6 ) Debt issuance and other financing costs - - (17.5 ) - (3.1 ) - (20.6 ) Cash charge related to extinguishment of debt - - (91.6 ) (52.9 ) (61.1 ) - (205.6 ) Payments of contingent consideration and other financing - - - - (511.6 ) - (511.6 ) Dividends to Parents (1,668.2 ) - - - (1,668.2 ) 1,668.2 (1,668.2 ) Net cash (used in) / provided by financing activities (1,668.2 ) - 111.8 (2,196.2 ) (3,185.2 ) 1,668.2 (5,269.6 ) Effect of currency exchange rate changes on cash and cash equivalents - - - - 21.4 - 21.4 Net increase in cash and cash equivalents - 79.2 0.1 - 23.8 - 103.1 Cash and cash equivalents at beginning of period 0.1 513.9 - - 1,199.2 - 1,713.2 Cash and cash equivalents at end of period $ 0.1 $ 593.1 $ 0.1 $ - $ 1,223.0 $ - $ 1,816.3 Warner Chilcott Limited Consolidating Statements of Cash Flows For the Year Ended December 31, 2016 ($ in millions) Warner Chilcott Limited (Parent Guarantor) Allergan Capital S.a.r.l. (Guarantor) Allergan Funding SCS (Issuer) Allergan Finance, LLC (Issuer and Guarantor) Non- guarantors Eliminations Consolidated Warner Chilcott Limited Cash Flows From Operating Activities: Net income / (loss) $ 15,091.1 $ 11,239.4 $ 3.3 $ 16,528.5 $ 13,081.8 $ (40,846.9 ) $ 15,097.2 Reconciliation to net cash provided by / (used in) operating activities: (Earnings) / losses of equity interest subsidiaries (15,091.1 ) (8,984.1 ) - (16,771.7 ) - 40,846.9 - Depreciation - - - - 155.8 - 155.8 Amortization - - - - 6,475.2 - 6,475.2 Provision for inventory reserve - - - - 181.4 - 181.4 Share-based compensation - - - - 334.5 - 334.5 Deferred income tax benefit - - - - (1,443.9 ) - (1,443.9 ) Pre-tax gain on sale of businesses to Teva - - - - (24,511.1 ) - (24,511.1 ) Non-cash tax effect of gain on sale of businesses to Teva - - - - 5,285.2 - 5,285.2 In-process research and development impairments - - - - 743.9 - 743.9 Loss on asset sales and impairments, net - - - - 5.0 - 5.0 Amortization of inventory step-up - - - - 42.4 - 42.4 Amortization of deferred financing costs - 23.5 23.3 4.2 - - 51.0 Contingent consideration adjustments, including accretion - - - - (66.8 ) - (66.8 ) Dividends from subsidiaries 2,034.8 - - - - (2,034.8 ) - Other, net - - - - (59.9 ) - (59.9 ) Changes in assets and liabilities (net of effects of acquisitions) 0.1 16,536.2 473.4 237.0 (17,957.6 ) - (710.9 ) Net cash provided by / (used in) operating activities 2,034.9 18,815.0 500.0 (2.0 ) (17,734.1 ) (2,034.8 ) 1,579.0 Cash Flows From Investing Activities: Additions to property, plant and equipment - - - - (331.4 ) - (331.4 ) Additions to product rights and other intangibles - - - - (2.0 ) - (2.0 ) Sale of businesses to Teva - - - - 33,804.2 - 33,804.2 Additions to investments - (6,351.8 ) - - (9,391.7 ) - (15,743.5 ) Proceeds from sale of investments and other assets - - - - 7,771.6 - 7,771.6 Loans to Parents - (4,196.9 ) - - (9,035.3 ) - (13,232.2 ) Proceeds from sales of property, plant and equipment - - - - 33.3 - 33.3 Acquisitions of businesses, net of cash acquired - - - - (1,198.9 ) - (1,198.9 ) Net cash (used in) / provided by investing activities - (10,548.7 ) - - 21,649.8 - 11,101.1 Cash Flows From Financing Activities: Proceeds from borrowings of long-term indebtedness, including credit facility - 1,050.0 - - - - 1,050.0 Payments on debt, including capital lease obligations and credit facility - (8,815.9 ) (500.0 ) - (1,532.8 ) - (10,848.7 ) Payments of contingent consideration and other financing - - - - (161.1 ) - (161.1 ) Dividends to Parents (2,034.8 ) - - - (2,034.8 ) 2,034.8 (2,034.8 ) Net cash (used in) / provided by financing activities (2,034.8 ) (7,765.9 ) (500.0 ) - (3,728.7 ) 2,034.8 (11,994.6 ) Effect of currency exchange rate changes on cash and cash equivalents - - - - (8.5 ) - (8.5 ) Net increase / (decrease) in cash and cash equivalents 0.1 500.4 - (2.0 ) 178.5 - 677.0 Cash and cash equivalents at beginning of period - 13.5 - 2.0 1,020.7 - 1,036.2 Cash and cash equivalents at end of period $ 0.1 $ 513.9 $ - $ - $ 1,199.2 $ - $ 1,713.2 |
Compensation (Tables)
Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
Schedule of Compensation Charges | The following table represents compensation costs for the years ended December 31, 2018, 2017 and 2016 ($ in millions): Years Ended December 31, 2018 2017 2016 Wages and salaries $ 1,994.9 $ 1,892.8 $ 2,108.7 Share-based compensation 239.8 308.0 396.1 Retirement plans 107.0 82.7 156.8 Social welfare (taxes) 163.1 150.4 165.0 Other benefits 175.2 265.1 321.0 Total $ 2,680.0 $ 2,699.0 $ 3,147.6 Amount included in continuing operations $ 2,680.0 $ 2,699.0 $ 2,578.4 Amount included in discontinued operations $ - $ - $ 569.2 |
Concentration (Tables)
Concentration (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Risks And Uncertainties [Abstract] | |
Schedule of Concentration on Revenues | The following table illustrates any customer which accounted for 10% or more of our annual revenues within the U.S. and Canada in any of the past three fiscal years and the respective percentage of our revenues for which they account for each of the last three years: Customer 2018 2017 2016 McKesson Corporation 25 % 23 % 23 % Cardinal Health, Inc. 23 % 19 % 18 % AmerisourceBergen Corporation 22 % 19 % 18 % |
Supplementary Data (Tables)
Supplementary Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Consolidated Financial Data and Market Price Information | Selected unaudited quarterly consolidated financial data and market price information are shown below ($ in millions except per share data): For Three Month Periods Ended Year Ended 12/31/2018 Dec. 31, 2018 Sept. 30, 2018 June 30, 2018 Mar. 31, 2018 Net revenues $ 15,787.4 $ 4,079.7 $ 3,911.4 $ 4,124.2 $ 3,672.1 Net (loss) $ (5,086.2 ) $ (4,295.9 ) $ (36.3 ) $ (470.1 ) $ (283.9 ) Basic earnings per share (15.26 ) (12.83 ) (0.11 ) (1.39 ) (0.99 ) Diluted earnings per share (15.26 ) (12.83 ) (0.11 ) (1.39 ) (0.99 ) Market price per share: High $ 193.46 $ 192.51 $ 175.19 $ 188.15 Low $ 129.82 $ 167.21 $ 143.80 $ 144.02 For Three Month Periods Ended Year Ended 12/31/2017 Dec. 31, 2017 Sept. 30, 2017 June 30, 2017 Mar. 31, 2017 Net revenues $ 15,940.7 $ 4,326.1 $ 4,034.3 $ 4,007.4 $ 3,572.9 Net (loss) / income $ (4,118.9 ) $ 3,123.2 $ (3,954.0 ) $ (723.9 ) $ (2,564.2 ) Basic earnings per share (13.19 ) 9.21 (12.07 ) (2.37 ) (7.86 ) Diluted earnings per share (13.19 ) 8.88 (12.07 ) (2.37 ) (7.86 ) Market price per share: High $ 210.98 $ 256.15 $ 248.91 $ 249.32 Low $ 163.58 $ 202.66 $ 218.73 $ 210.80 |
Description of Business - Addit
Description of Business - Additional Information (Detail) shares in Millions, $ in Millions | Aug. 02, 2016USD ($)shares | Dec. 31, 2018CountryManufacturer | Dec. 31, 2016USD ($) | Oct. 03, 2016USD ($) |
Segment Reporting Information [Line Items] | ||||
Number of operating countries | Country | 100 | |||
Number of manufacturers | Manufacturer | 0 | |||
Teva [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Ordinary shares received from divestiture of businesses | shares | 100.3 | |||
Teva [Member] | Anda Distribution Business [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of manufacturers | Manufacturer | 300 | |||
Consideration amount on sale of business | $ 500 | |||
Allergan Global Generic Pharmaceuticals Business and Certain Other Assets | Teva [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Proceeds Received From Divestiture of Businesses | $ 33,300 | |||
Ordinary shares received from divestiture of businesses | shares | 100.3 | |||
Allergan Global Generic Pharmaceuticals Business and Certain Other Assets | Teva [Member] | Anda Distribution Business [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain on sale of business | $ 15,932.2 |
Formation of the Company - Addi
Formation of the Company - Additional Information (Detail) | Oct. 01, 2013Ratio | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares |
Business Acquisition [Line Items] | |||
Date of incorporation as a private limited company | May 16, 2013 | ||
Effective date of re-registration as a public limited company | Sep. 20, 2013 | ||
Ordinary shares, par value | $ / shares | $ 0.0001 | $ 0.0001 | |
Allergan Finance, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Ordinary share, conversion ratio | Ratio | 1 |
Reconciliation of Warner Chil_3
Reconciliation of Warner Chilcott Limited Results to Allergan Plc Results - Summary of Financial Position Reconciliation Results of Warner Chilcott Limited to Allergan Plc (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Reconciliation Of Subsidiary Results [Line Items] | ||||
Cash and cash equivalents | $ 880.4 | $ 1,817.2 | $ 1,724 | $ 1,096 |
Prepaid expenses and other current assets | 819.1 | 1,123.9 | ||
Deferred tax assets | 1,063.7 | 319.1 | ||
Accounts payable and accrued liabilities | 4,787.2 | 5,541.4 | ||
Other taxes payables | 1,615.5 | 1,573.9 | ||
Deferred tax liabilities | 5,501.8 | 6,352.4 | ||
Total Equity | 65,131 | 73,837.1 | 76,200.5 | 76,589.3 |
Warner Chilcott Limited [Member] | ||||
Schedule Of Reconciliation Of Subsidiary Results [Line Items] | ||||
Cash and cash equivalents | 878.6 | 1,816.3 | 1,713.2 | 1,036.2 |
Prepaid expenses and other current assets | 818.7 | 1,123 | ||
Deferred tax assets | 1,063.7 | 316 | ||
Accounts payable and accrued liabilities | 4,787.4 | 5,515.6 | ||
Other taxes payables | 1,615.5 | 1,573.5 | ||
Deferred tax liabilities | 5,501.8 | 6,349.4 | ||
Total Equity | 62,940.3 | 81,282.2 | $ 88,093.5 | $ 75,571.6 |
Difference [Member] | ||||
Schedule Of Reconciliation Of Subsidiary Results [Line Items] | ||||
Cash and cash equivalents | 1.8 | 0.9 | ||
Prepaid expenses and other current assets | 0.4 | 0.9 | ||
Deferred tax assets | 3.1 | |||
Accounts payable and accrued liabilities | (0.2) | 25.8 | ||
Other taxes payables | 0.4 | |||
Deferred tax liabilities | 3 | |||
Total Equity | $ 2,190.7 | $ (7,445.1) |
Reconciliation of Warner Chil_4
Reconciliation of Warner Chilcott Limited Results to Allergan Plc Results - Summary of Operations Reconciliation Results of Warner Chilcott Limited to Allergan Plc (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Reconciliation Of Subsidiary Results [Line Items] | |||||||||||
General and administrative expenses | $ 1,271.2 | $ 1,501.9 | $ 1,473.9 | ||||||||
Operating (loss) | (6,247.6) | (5,921.2) | (1,825.5) | ||||||||
Interest Income | 45.2 | 67.7 | 69.9 | ||||||||
Other income / (expense), net | 256.7 | (3,437.3) | 219.2 | ||||||||
(Loss) before income taxes and noncontrolling interest | (6,856.9) | (10,386.4) | (2,832) | ||||||||
Net (loss) from continuing operations, net of tax | (5,086.2) | (3,716) | (935) | ||||||||
Net (loss) / income | $ (4,295.9) | $ (36.3) | $ (470.1) | $ (283.9) | $ 3,123.2 | $ (3,954) | $ (723.9) | $ (2,564.2) | (5,086.2) | (4,118.9) | 14,979.5 |
Dividends on preferred shares | 46.4 | 278.4 | 278.4 | ||||||||
Net (loss) / income attributable to ordinary shareholders/members | (5,142.8) | (4,403.9) | 14,695 | ||||||||
Warner Chilcott Limited [Member] | |||||||||||
Schedule Of Reconciliation Of Subsidiary Results [Line Items] | |||||||||||
General and administrative expenses | 1,177.5 | 1,402.3 | 1,350.4 | ||||||||
Operating (loss) | (6,153.9) | (5,821.6) | (1,702) | ||||||||
Interest Income | 270.1 | 166.3 | 111.1 | ||||||||
Other income / (expense), net | 256.7 | (3,437.3) | 172.2 | ||||||||
(Loss) before income taxes and noncontrolling interest | (6,538.3) | (10,188.2) | (2,714.3) | ||||||||
Net (loss) from continuing operations, net of tax | (4,761.9) | (3,517.8) | (817.3) | ||||||||
Net (loss) / income | (4,761.9) | (3,920.7) | 15,097.2 | ||||||||
Net (loss) / income attributable to ordinary shareholders/members | (4,772.1) | (3,927.3) | 15,091.1 | ||||||||
Difference [Member] | |||||||||||
Schedule Of Reconciliation Of Subsidiary Results [Line Items] | |||||||||||
General and administrative expenses | 93.7 | 99.6 | 123.5 | ||||||||
Operating (loss) | (93.7) | (99.6) | (123.5) | ||||||||
Interest Income | (224.9) | (98.6) | (41.2) | ||||||||
Other income / (expense), net | 47 | ||||||||||
(Loss) before income taxes and noncontrolling interest | (318.6) | (198.2) | (117.7) | ||||||||
Net (loss) from continuing operations, net of tax | (324.3) | (198.2) | (117.7) | ||||||||
Net (loss) / income | (324.3) | (198.2) | (117.7) | ||||||||
Dividends on preferred shares | 46.4 | 278.4 | 278.4 | ||||||||
Net (loss) / income attributable to ordinary shareholders/members | $ (370.7) | $ (476.6) | $ (396.1) |
Reconciliation of Warner Chil_5
Reconciliation of Warner Chilcott Limited Results to Allergan Plc Results - Additional Information (Detail) - Warner Chilcott Limited [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Reconciliation Of Subsidiary Results [Line Items] | ||
Receivable from Parents | $ 640,900,000 | $ 5,797,400,000 |
Non current receivables from Parents | 0 | $ 3,964,000,000 |
Receivables reclassified to equity | $ 9,300,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Impact on Company's Balance Sheet Due to adoption of Accounting Pronouncements (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Summary Of Significant Accounting Policies [Line Items] | ||
Increase / (decrease) Accounts receivable, net | $ 2,868.1 | $ 2,899 |
Increase / (decrease) Prepaid expenses and other current assets | (819.1) | (1,123.9) |
Increase / (decrease) Accounts payable and accrued expenses | (4,787.2) | (5,541.4) |
Increase / (decrease) Deferred tax liabilities | (5,501.8) | (6,352.4) |
Increase / (decrease) Retained earnings | 7,258.9 | 12,957.2 |
Increase / (decrease) Accumulated other comprehensive income / (loss) | 1,345.2 | $ 1,920.7 |
Accounting Standards Update No. 2014-09 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Increase / (decrease) Accounts receivable, net | 1.9 | |
Increase / (decrease) Accounts payable and accrued expenses | (3.6) | |
Increase / (decrease) Retained earnings | 5.5 | |
Accounting Standards Update No. 2016-01 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Increase / (decrease) Retained earnings | 63 | |
Increase / (decrease) Accumulated other comprehensive income / (loss) | (63) | |
Accounting Standards Update No. 2016-16 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Increase / (decrease) Prepaid expenses and other current assets | (44.8) | |
Increase / (decrease) Deferred tax liabilities | (401) | |
Increase / (decrease) Retained earnings | $ 356.2 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Impact on Company's Balance Sheet Due to adoption of Accounting Pronouncements (Detail) (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Accounting Policies [Abstract] | |
Implementation of new accounting pronouncements | $ 63 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | Jan. 02, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 |
Summary Of Significant Accounting Policies [Line Items] | |||||
Maximum percentage of ownership for equity method accounting | 50.00% | ||||
Ownership percentage in cost method investments | 20.00% | ||||
Tax rate for global intangible low taxed income including foreign credits | 10.50% | ||||
Estimated increase tax rate for global intangible low taxed income including foreign credits for beginning after December 31, 2025 | 13.125% | ||||
Maximum percentage of actuarial gain or loss in excess of greater of projected benefit obligation or market related value of plan assets | 10.00% | ||||
Ordinary Shares [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Shares not included in the computation of diluted EPS | 2.9 | 17.8 | 17.6 | ||
Stock Awards [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Shares not included in the computation of diluted EPS | 2.3 | 3.8 | 4.7 | ||
ASU 2016-15 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Increase in cash flows from operating activities | $ 205.6 | ||||
Decrease in cash flows from financing activities | 205.6 | ||||
ASC 606 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Practical expedients and exemptions, description | The Company does not adjust the promised amount of consideration for the effects of the time value of money for contracts in which the anticipated period between when the Company transfers the goods or services to the customer and when the customer pays is equal to one year or less. | ||||
ASC 606 [Member] | General and Administrative Expense [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Provision for bad debts | $ 18.5 | $ 11.6 | $ 3.5 | ||
ASU 2016-02 [Member] | Subsequent Event [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Right of use assets precentage to total assets | 1.00% | ||||
Right of use liabilities precentage to total liabilities | 2.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Computer Software / Hardware (Including Internally Developed) [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Computer Software / Hardware (Including Internally Developed) [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 10 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 15 years |
Research and Laboratory Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Research and Laboratory Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 10 years |
Buildings, Improvements, Leasehold Improvements and Other [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 4 years |
Buildings, Improvements, Leasehold Improvements and Other [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 50 years |
Transportation Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Transportation Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 20 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Provisions for Sales Returns and Allowances from Continuing Operations Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Accounts payable and accrued expenses | $ 4,787.2 | $ 5,541.4 | |
Chargebacks [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 77.2 | 114.2 | $ 78.2 |
Provision related to sales | 1,117.7 | 1,098.7 | 1,003.2 |
Credits and payments | (1,133.1) | (1,135.7) | (967.2) |
Balance at end of period | 61.8 | 77.2 | 114.2 |
Contra accounts receivable at December 31, 2018 | 61.8 | ||
Rebates [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 1,799.2 | 1,614 | 1,344.4 |
Provision related to sales | 5,464.7 | 4,891.4 | 4,338.7 |
Credits and payments | (5,355.4) | (4,710.4) | (4,069.1) |
Balance at end of period | 1,908.5 | 1,799.2 | 1,614 |
Contra accounts receivable at December 31, 2018 | 76.4 | ||
Accounts payable and accrued expenses | 1,832.1 | ||
Rebates [Member] | LifeCell and Zeltiq Acquisitions [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Add: Acquisitions | 4.2 | ||
Returns and Other Allowances [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 517.6 | 415.9 | 367.5 |
Provision related to sales | 1,725.3 | 1,799.3 | 1,390.1 |
Credits and payments | (1,676.3) | (1,734.7) | (1,341.7) |
Balance at end of period | 566.6 | 517.6 | 415.9 |
Contra accounts receivable at December 31, 2018 | 38.8 | ||
Accounts payable and accrued expenses | 527.8 | ||
Returns and Other Allowances [Member] | LifeCell and Zeltiq Acquisitions [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Add: Acquisitions | 37.1 | ||
Returns and Other Allowances [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 36.5 | 34.7 | 25.1 |
Provision related to sales | 322.2 | 330.6 | 306.5 |
Credits and payments | (328) | (328.8) | (296.9) |
Balance at end of period | 30.7 | 36.5 | 34.7 |
Contra accounts receivable at December 31, 2018 | 30.7 | ||
Allowance for Sales Returns [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 2,430.5 | 2,178.8 | 1,815.2 |
Provision related to sales | 8,629.9 | 8,120 | 7,038.5 |
Credits and payments | (8,492.8) | (7,909.6) | (6,674.9) |
Balance at end of period | 2,567.6 | 2,430.5 | $ 2,178.8 |
Contra accounts receivable at December 31, 2018 | 207.7 | 250.6 | |
Accounts payable and accrued expenses | $ 2,359.9 | 2,179.9 | |
Allowance for Sales Returns [Member] | LifeCell and Zeltiq Acquisitions [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Add: Acquisitions | $ 41.3 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Summarizes The Balance Sheet Classification of Our SRA Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Sales Return Allowance Reserve [Line Items] | ||
Accounts payable and accrued expenses | $ 4,787.2 | $ 5,541.4 |
Allowance for Sales Returns [Member] | ||
Sales Return Allowance Reserve [Line Items] | ||
Contra accounts receivable | 207.7 | 250.6 |
Accounts payable and accrued expenses | 2,359.9 | 2,179.9 |
Total | $ 2,567.6 | $ 2,430.5 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Summary of Activity in Gross-to-Net Revenue Excluding Discontinued Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Net product sales | $ 4,079.7 | $ 3,911.4 | $ 4,124.2 | $ 3,672.1 | $ 4,326.1 | $ 4,034.3 | $ 4,007.4 | $ 3,572.9 | $ 15,787.4 | $ 15,940.7 | $ 14,570.6 |
Product [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Gross product sales | 24,056.9 | 23,688.4 | 21,398.6 | ||||||||
Provisions to reduce gross product sales to net products sales | (8,629.9) | (8,120) | (7,038.5) | ||||||||
Net product sales | $ 15,427 | $ 15,568.4 | $ 14,360.1 | ||||||||
Percentage of SRA provisions to gross sales | 35.90% | 34.30% | 32.90% |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net (loss) / income: | |||||||||||
Net (loss) attributable to ordinary shareholders excluding (loss) / income from discontinued operations, net of tax | $ (5,142.8) | $ (4,001) | $ (1,219.5) | ||||||||
(Loss) / income from discontinued operations, net of tax | (402.9) | 15,914.5 | |||||||||
Net (loss) / income attributable to ordinary shareholders | $ (5,142.8) | $ (4,403.9) | $ 14,695 | ||||||||
Basic weighted average ordinary shares outstanding | 337 | 333.8 | 384.9 | ||||||||
Basic EPS: | |||||||||||
Continuing operations | $ (15.26) | $ (11.99) | $ (3.17) | ||||||||
Discontinued operations | (1.20) | 41.35 | |||||||||
Net (loss) / income per share - basic | $ (12.83) | $ (0.11) | $ (1.39) | $ (0.99) | $ 9.21 | $ (12.07) | $ (2.37) | $ (7.86) | (15.26) | (13.19) | $ 38.18 |
Dividends per ordinary share | $ 2.88 | $ 2.80 | |||||||||
Diluted weighted average ordinary shares outstanding | 337 | 333.8 | 384.9 | ||||||||
Diluted EPS: | |||||||||||
Continuing operations | $ (15.26) | $ (11.99) | $ (3.17) | ||||||||
Discontinued operations | (1.20) | 41.35 | |||||||||
Net (loss) / income per share - diluted | $ (12.83) | $ (0.11) | $ (1.39) | $ (0.99) | $ 8.88 | $ (12.07) | $ (2.37) | $ (7.86) | $ (15.26) | $ (13.19) | $ 38.18 |
Business Developments - Additio
Business Developments - Additional Information (Detail) | Nov. 30, 2018USD ($) | Oct. 24, 2018USD ($) | Sep. 20, 2018USD ($)Product | Apr. 06, 2018USD ($) | Jan. 31, 2018USD ($) | Sep. 08, 2017USD ($) | Jul. 31, 2017USD ($) | Jun. 23, 2017 | Apr. 28, 2017USD ($) | Mar. 14, 2017USD ($) | Feb. 01, 2017USD ($) | Jan. 09, 2017USD ($) | Dec. 15, 2016USD ($) | Nov. 22, 2016USD ($) | Nov. 01, 2016USD ($)Program$ / shares | Oct. 25, 2016USD ($) | Oct. 02, 2016USD ($) | Sep. 23, 2016USD ($) | Sep. 06, 2016USD ($) | Aug. 26, 2016USD ($) | Apr. 21, 2016USD ($) | Apr. 06, 2016USD ($) | Jan. 06, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 28, 2017USD ($) |
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Gain(loss) on sale of business | $ 182,600,000 | ||||||||||||||||||||||||||
Goodwill | 45,913,300,000 | $ 49,862,900,000 | |||||||||||||||||||||||||
Research and development | 2,266,200,000 | 2,100,100,000 | $ 2,575,700,000 | ||||||||||||||||||||||||
Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) | 2,191,400,000 | 2,168,000,000 | 1,860,800,000 | ||||||||||||||||||||||||
Sale of assets | 22,500,000 | ||||||||||||||||||||||||||
Impairments of intangible assets | 804,600,000 | 1,452,300,000 | 743,900,000 | ||||||||||||||||||||||||
Reduction of acquired contingent consideration | (106,600,000) | (133,200,000) | (64,200,000) | ||||||||||||||||||||||||
Saint Regis Mohawk Tribe [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Patent rights, agreement entered date | Sep. 8, 2017 | ||||||||||||||||||||||||||
Percentage of rights obtained in the patent | 0.05% | ||||||||||||||||||||||||||
Upfront payment of agreement | $ 13,800,000 | ||||||||||||||||||||||||||
License [Member] | Saint Regis Mohawk Tribe [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) | 13,800,000 | ||||||||||||||||||||||||||
US Specialized Therapeutics [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Goodwill | 20,675,600,000 | 20,859,600,000 | |||||||||||||||||||||||||
International [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Goodwill | 7,301,100,000 | 7,603,600,000 | |||||||||||||||||||||||||
US General Medicine [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Goodwill | 17,936,600,000 | 21,399,700,000 | |||||||||||||||||||||||||
Sale of Aczone, Tazorac, Azelex, Cordran Tape and Seysara Products [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Fair value of purchase price on net sales | $ 0 | ||||||||||||||||||||||||||
Gain(loss) on sale of business | $ 129,600,000 | ||||||||||||||||||||||||||
Number of products | Product | 5 | ||||||||||||||||||||||||||
Cash consideration received on sale | $ 550,000,000 | ||||||||||||||||||||||||||
Maximum [Member] | Saint Regis Mohawk Tribe [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Annual royalties payable | $ 15,000,000 | ||||||||||||||||||||||||||
Maximum [Member] | Sale of Aczone, Tazorac, Azelex, Cordran Tape and Seysara Products [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Eligible to receive additional contingent consideration | $ 100,000,000 | ||||||||||||||||||||||||||
Bonti, Inc. [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Oct. 24, 2018 | ||||||||||||||||||||||||||
Payments to acquire business, cash | $ 195,000,000 | ||||||||||||||||||||||||||
Aggregate upfront expense for acquisition | 196,600,000 | ||||||||||||||||||||||||||
Bonti, Inc. [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Additional consideration payable | $ 90,000,000 | ||||||||||||||||||||||||||
Elastagen Pty Ltd [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Aggregate upfront expense for acquisition | $ 96,100,000 | ||||||||||||||||||||||||||
Business acquisition date | Apr. 6, 2018 | ||||||||||||||||||||||||||
Elastagen Pty Ltd [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Additional consideration payable | $ 165,000,000 | ||||||||||||||||||||||||||
Repros Therapeutics, Inc. [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Payments to acquire business, cash | $ 33,200,000 | ||||||||||||||||||||||||||
Aggregate upfront expense for acquisition | $ 33,200,000 | ||||||||||||||||||||||||||
Business acquisition date | Jan. 31, 2018 | ||||||||||||||||||||||||||
Aclaris Therapeutics, Inc [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Fair value of purchase price on net sales | $ 50,300,000 | ||||||||||||||||||||||||||
Aclaris Therapeutics, Inc [Member] | Asset Sales and Impairments, Net [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Gain(loss) on sale of business | $ 266,200,000 | ||||||||||||||||||||||||||
Keller Medical, Inc. [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Jun. 23, 2017 | ||||||||||||||||||||||||||
Zeltiq Aesthetics, Inc. [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Apr. 28, 2017 | ||||||||||||||||||||||||||
Payments to acquire business, cash | $ 2,405,400,000 | ||||||||||||||||||||||||||
Goodwill | 1,211,600,000 | ||||||||||||||||||||||||||
Step-up in the value of inventories | 22,900,000 | ||||||||||||||||||||||||||
Amortization of inventory step-up to cost of sales | 22,900,000 | ||||||||||||||||||||||||||
Zeltiq Aesthetics, Inc. [Member] | US Specialized Therapeutics [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Goodwill | 954,700,000 | ||||||||||||||||||||||||||
Zeltiq Aesthetics, Inc. [Member] | International [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Goodwill | $ 256,900,000 | ||||||||||||||||||||||||||
Zeltiq Aesthetics, Inc. [Member] | Maximum [Member] | Discount Rate [Member] | IPR&D [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Discount rate to arrive present value | 0.110 | ||||||||||||||||||||||||||
Zeltiq Aesthetics, Inc. [Member] | Minimum [Member] | Discount Rate [Member] | IPR&D [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Discount rate to arrive present value | 0.100 | ||||||||||||||||||||||||||
LifeCell Corporation [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Feb. 1, 2017 | ||||||||||||||||||||||||||
Goodwill | $ 1,449,100,000 | ||||||||||||||||||||||||||
Step-up in the value of inventories | $ 108,400,000 | ||||||||||||||||||||||||||
Acquisition purchase price | 2,883,100,000 | ||||||||||||||||||||||||||
LifeCell Corporation [Member] | US Specialized Therapeutics [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Goodwill | $ 1,449,100,000 | ||||||||||||||||||||||||||
LifeCell Corporation [Member] | Discount Rate [Member] | IPR&D [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Discount rate to arrive present value | 0.075 | ||||||||||||||||||||||||||
Lyndra, Inc [Member] | Ultra-long-acting Oral Products [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Jul. 31, 2017 | ||||||||||||||||||||||||||
Payment for license upfront fees | $ 15,000,000 | ||||||||||||||||||||||||||
Research and development | 15,000,000 | ||||||||||||||||||||||||||
Lyndra, Inc [Member] | Maximum [Member] | Ultra-long-acting Oral Products [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Research and development | 85,000,000 | ||||||||||||||||||||||||||
Editas Medicine Inc [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Research and development | 25,000,000 | ||||||||||||||||||||||||||
Exercised option, value | 15,000,000 | ||||||||||||||||||||||||||
Editas Medicine Inc [Member] | Eye Care [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Mar. 14, 2017 | ||||||||||||||||||||||||||
Payment for license upfront fees | $ 90,000,000 | ||||||||||||||||||||||||||
Research and development | 90,000,000 | ||||||||||||||||||||||||||
Assembly Biosciences, Inc [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Jan. 9, 2017 | ||||||||||||||||||||||||||
Payment for license upfront fees | $ 50,000,000 | ||||||||||||||||||||||||||
Research and development | 50,000,000 | ||||||||||||||||||||||||||
Assembly Biosciences, Inc [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Research and development | 2,771,000,000 | ||||||||||||||||||||||||||
Lysosomal Therapeutics, Inc [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Jan. 9, 2017 | ||||||||||||||||||||||||||
Research and development | 145,000,000 | ||||||||||||||||||||||||||
Lysosomal Therapeutics, Inc [Member] | Option Right [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Research and development | $ 150,000,000 | ||||||||||||||||||||||||||
Tobira Therapeutics Inc. [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Nov. 1, 2016 | ||||||||||||||||||||||||||
Goodwill | $ 98,600,000 | ||||||||||||||||||||||||||
Acquisition purchase price | 570,100,000 | ||||||||||||||||||||||||||
Maximum amount of contingent consideration | 1,101,300,000 | ||||||||||||||||||||||||||
Payments of contingent consideration | 303,100,000 | ||||||||||||||||||||||||||
Contingent consideration liability | $ 479,000,000 | ||||||||||||||||||||||||||
Number of differentiated, complementary development programs added | Program | 1 | ||||||||||||||||||||||||||
Tobira Therapeutics Inc. [Member] | US General Medicine [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Goodwill | $ 98,600,000 | ||||||||||||||||||||||||||
Tobira Therapeutics Inc. [Member] | Discount Rate [Member] | IPR&D [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Discount rate to arrive present value | 0.115 | ||||||||||||||||||||||||||
Tobira Therapeutics Inc. [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Contingent consideration for acquisition CVRs per share value | $ / shares | $ 49.84 | ||||||||||||||||||||||||||
Topokine Therapeutics, Inc. [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Apr. 21, 2016 | ||||||||||||||||||||||||||
Payments to acquire business, cash | 303,100,000 | ||||||||||||||||||||||||||
Payment for license upfront fees | $ 85,800,000 | ||||||||||||||||||||||||||
Research and development | 85,000,000 | ||||||||||||||||||||||||||
Contingent consideration liability | $ 479,000,000 | ||||||||||||||||||||||||||
Contingent payment based on commercial and development milestones | $ 260,000,000 | ||||||||||||||||||||||||||
Topokine Therapeutics, Inc. [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition purchase price | $ 1,101,300,000 | ||||||||||||||||||||||||||
Vitae Pharmaceuticals Inc. [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Oct. 25, 2016 | ||||||||||||||||||||||||||
Goodwill | $ 30,600,000 | ||||||||||||||||||||||||||
Acquisition purchase price | 621,400,000 | ||||||||||||||||||||||||||
Asset held for sale | 22,500,000 | ||||||||||||||||||||||||||
Vitae Pharmaceuticals Inc. [Member] | US Specialized Therapeutics [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Goodwill | $ 30,600,000 | ||||||||||||||||||||||||||
Vitae Pharmaceuticals Inc. [Member] | Discount Rate [Member] | IPR&D [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Discount rate to arrive present value | 0.095 | ||||||||||||||||||||||||||
ForSight VISION 5 [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Sep. 23, 2016 | ||||||||||||||||||||||||||
Payments to acquire business, cash | $ 95,000,000 | ||||||||||||||||||||||||||
Goodwill | 50,500,000 | ||||||||||||||||||||||||||
Acquisition purchase price | 74,500,000 | ||||||||||||||||||||||||||
Contingent consideration liability | 79,800,000 | 15,000,000 | |||||||||||||||||||||||||
Payment of outstanding indebtedness | 14,800,000 | ||||||||||||||||||||||||||
ForSight VISION 5 [Member] | US Specialized Therapeutics [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Goodwill | 50,500,000 | ||||||||||||||||||||||||||
ForSight VISION 5 [Member] | IPR&D [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Impairments of intangible assets | 33,000,000 | ||||||||||||||||||||||||||
Reduction of acquired contingent consideration | $ (15,000,000) | ||||||||||||||||||||||||||
ForSight VISION 5 [Member] | Discount Rate [Member] | IPR&D [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Discount rate to arrive present value | 0.130 | ||||||||||||||||||||||||||
ForSight VISION 5 [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition purchase price | $ 125,000,000 | ||||||||||||||||||||||||||
Contingent consideration liability | $ 125,000,000 | ||||||||||||||||||||||||||
Motus Therapeutics, Inc. [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Dec. 15, 2016 | ||||||||||||||||||||||||||
Payment for license upfront fees | $ 200,000,000 | ||||||||||||||||||||||||||
Research and development | 199,500,000 | ||||||||||||||||||||||||||
Chase Pharmaceuticals Corporation [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Nov. 22, 2016 | ||||||||||||||||||||||||||
Payment for license upfront fees | $ 125,000,000 | ||||||||||||||||||||||||||
Research and development | 75,000,000 | 122,900,000 | |||||||||||||||||||||||||
Potential regulatory and commercial milestones payments | $ 875,000,000 | ||||||||||||||||||||||||||
AstraZeneca [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Research and development | $ 90,000,000 | 250,000,000 | |||||||||||||||||||||||||
Maximum amount of contingent consideration | $ 1,270,000,000 | ||||||||||||||||||||||||||
AstraZeneca [Member] | License [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) | $ 250,000,000 | ||||||||||||||||||||||||||
RetroSense Therapeutics, LLC [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Sep. 6, 2016 | ||||||||||||||||||||||||||
Payment for license upfront fees | $ 60,000,000 | ||||||||||||||||||||||||||
Research and development | 59,700,000 | ||||||||||||||||||||||||||
Contingent payment based on commercial and development milestones | $ 495,000,000 | ||||||||||||||||||||||||||
Akarna Therapeutics, Ltd [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Aug. 26, 2016 | ||||||||||||||||||||||||||
Payment for license upfront fees | $ 50,000,000 | ||||||||||||||||||||||||||
Research and development | 39,600,000 | 48,200,000 | |||||||||||||||||||||||||
Contingent payment based on commercial and development milestones | $ 1,015,000,000 | ||||||||||||||||||||||||||
Heptares Therapeutics Ltd. [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Apr. 6, 2016 | ||||||||||||||||||||||||||
Payment for license upfront fees | $ 125,000,000 | ||||||||||||||||||||||||||
Research and development | $ 15,000,000 | 125,000,000 | |||||||||||||||||||||||||
Contingent payment based on commercial and development milestones | 665,000,000 | ||||||||||||||||||||||||||
Aggregate payments contingent upon achieving certain annual sales threshold milestones | $ 2,575,000,000 | ||||||||||||||||||||||||||
Anterios, Inc. [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Business acquisition date | Jan. 6, 2016 | ||||||||||||||||||||||||||
Research and development | $ 89,200,000 | ||||||||||||||||||||||||||
Contingent payment based on commercial and development milestones | $ 387,500,000 | ||||||||||||||||||||||||||
Upfront payment | $ 90,000,000 |
Business Developments - Summary
Business Developments - Summary of Medical Dermatology Products Sale Transaction (Detail) - USD ($) $ in Millions | Sep. 20, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets sold | |||
Intangible assets | $ 849.4 | $ 15.8 | |
Goodwill | 12.8 | ||
Net assets sold | 916.2 | $ 81.6 | |
Net gain included as a component of Other income / (expense), net | $ 182.6 | ||
Sale of Aczone, Tazorac, Azelex, Cordran Tape and Seysara Products [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Purchase Price | $ 550 | ||
Assets sold | |||
Intangible assets | 205.4 | ||
Goodwill | 184 | ||
Other assets | 31 | ||
Net assets sold | 420.4 | ||
Net gain included as a component of Other income / (expense), net | $ 129.6 |
Business Developments - Summa_2
Business Developments - Summary of Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date and Purchase Accounting Adjustments Subsequent to Acquisition Date (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2017 | Feb. 01, 2017 | Dec. 31, 2016 | Nov. 01, 2016 | Oct. 25, 2016 | Sep. 23, 2016 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 45,913.3 | $ 49,862.9 | ||||||
Zeltiq Aesthetics, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash and cash equivalents | 36.7 | |||||||
Accounts receivable | 47 | |||||||
Inventories | 59.3 | |||||||
Property, plant and equipment, net | 12.4 | |||||||
Intangible assets | 1,185 | |||||||
Goodwill | 1,211.6 | |||||||
Other assets | 17.1 | |||||||
Accounts payable and accrued expenses | (104.6) | |||||||
Deferred revenue | (10.6) | |||||||
Deferred tax liabilities, net | (47.2) | |||||||
Other long-term liabilities | (1.3) | |||||||
Other | 1.3 | |||||||
Net assets acquired | $ 2,405.4 | |||||||
LifeCell Corporation [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash and cash equivalents | $ 8.7 | |||||||
Accounts receivable | 50.8 | |||||||
Inventories | 175.4 | |||||||
Property, plant and equipment, net | 53.7 | |||||||
Intangible assets | $ 2,020 | |||||||
Goodwill | 1,449.1 | |||||||
Accounts payable and accrued expenses | (149.6) | |||||||
Deferred tax liabilities, net | (746.2) | |||||||
Other long-term liabilities | (21.2) | |||||||
Other | 21.2 | |||||||
Net assets acquired | 2,883.1 | |||||||
LifeCell Corporation [Member] | IPR&D [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
IPR&D intangible assets | $ 10 | |||||||
Intangible assets | 10 | |||||||
LifeCell Corporation [Member] | Currently Marketed Products ("CMP") [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 2,010 | |||||||
Tobira Therapeutics Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash and cash equivalents | $ 21.3 | |||||||
Goodwill | 98.6 | |||||||
Indebtedness | (15.9) | |||||||
Contingent consideration | (479) | |||||||
Deferred tax liabilities, net | (381.8) | |||||||
Other assets and liabilities | (30.1) | |||||||
Net assets acquired | 570.1 | |||||||
Tobira Therapeutics Inc. [Member] | IPR&D [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
IPR&D intangible assets | $ 1,357 | |||||||
Vitae Pharmaceuticals Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash and cash equivalents | $ 44.7 | |||||||
Marketable securities | 20.2 | |||||||
Property, plant and equipment, net | 5 | |||||||
Assets held for sale | 22.5 | |||||||
Goodwill | 30.6 | |||||||
Deferred tax liabilities, net | (166.9) | |||||||
Other assets and liabilities | (20.7) | |||||||
Net assets acquired | 621.4 | |||||||
Vitae Pharmaceuticals Inc. [Member] | IPR&D [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
IPR&D intangible assets | $ 686 | |||||||
ForSight VISION 5 [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash and cash equivalents | $ 1 | |||||||
Goodwill | 50.5 | |||||||
Current liabilities | (14.8) | |||||||
Contingent consideration | $ (15) | (79.8) | ||||||
Deferred tax liabilities, net | (37.2) | |||||||
Other assets and liabilities | (3.2) | |||||||
Net assets acquired | 74.5 | |||||||
ForSight VISION 5 [Member] | IPR&D [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
IPR&D intangible assets | $ 158 |
Business Developments - Summa_3
Business Developments - Summary of Amounts Recognized and Weighted Average Useful Lives Using Economic Benefit of Intangible Assets (Detail) - USD ($) $ in Millions | Apr. 28, 2017 | Feb. 01, 2017 | Dec. 31, 2018 | Feb. 28, 2017 |
Zeltiq Aesthetics, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | $ 1,185 | |||
Intangible Assets, Amount recognized as of the acquisition date | $ 1,185 | |||
LifeCell Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | $ 2,010 | |||
Intangible Assets, Amount recognized as of the acquisition date | 2,020 | |||
LifeCell Corporation [Member] | IPR&D [Member] | ||||
Business Acquisition [Line Items] | ||||
Indefinite lived assets, Amount recognized as of the acquisition date | 10 | |||
Intangible Assets, Amount recognized as of the acquisition date | $ 10 | |||
LifeCell Corporation [Member] | IPR&D [Member] | Other Products [Member] | ||||
Business Acquisition [Line Items] | ||||
Indefinite lived assets, Amount recognized as of the acquisition date | 10 | |||
CMP [Member] | Zeltiq Aesthetics, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | 1,028 | |||
CMP [Member] | Zeltiq Aesthetics, Inc. [Member] | Consumables [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | $ 985 | |||
Weighted average useful lives (years) | 6 years 8 months 12 days | |||
CMP [Member] | Zeltiq Aesthetics, Inc. [Member] | System [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | $ 43 | |||
Weighted average useful lives (years) | 3 years 8 months 12 days | |||
CMP [Member] | LifeCell Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | 1,910 | |||
CMP [Member] | LifeCell Corporation [Member] | Alloderm [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | $ 1,385 | |||
Weighted average useful lives (years) | 6 years 10 months 24 days | |||
CMP [Member] | LifeCell Corporation [Member] | Revolve [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | $ 80 | |||
Weighted average useful lives (years) | 7 years 1 month 6 days | |||
CMP [Member] | LifeCell Corporation [Member] | Strattice [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | $ 320 | |||
Weighted average useful lives (years) | 5 years 1 month 6 days | |||
CMP [Member] | LifeCell Corporation [Member] | Artia [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | $ 115 | |||
Weighted average useful lives (years) | 8 years 9 months 18 days | |||
CMP [Member] | LifeCell Corporation [Member] | Other Products [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | $ 10 | |||
Weighted average useful lives (years) | 2 years 9 months 18 days | |||
Customer Relationships [Member] | Zeltiq Aesthetics, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | $ 157 | |||
Weighted average useful lives (years) | 6 years 7 months 6 days | |||
Customer Relationships [Member] | LifeCell Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite lived assets, Amount recognized as of the acquisition date | $ 100 | |||
Weighted average useful lives (years) | 6 years 3 months 18 days |
Assets Held for Sale - Summary
Assets Held for Sale - Summary of Assets Held For Sale (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets Held For Sale Not Part Of Disposal Group [Abstract] | ||
Inventories | $ 34 | |
Property, plant and equipment, net | 32.8 | $ 53 |
Product rights and other intangibles | 849.4 | 15.8 |
Goodwill | 12.8 | |
Net assets sold | $ 916.2 | $ 81.6 |
Assets Held for Sale - Addition
Assets Held for Sale - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Assets Held For Sale Not Part Of Disposal Group [Abstract] | |
Asset impairment charges | $ 771.7 |
Goodwill | 622 |
Receivables, fair value | $ 885 |
Collaborations - Additional Inf
Collaborations - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2007 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Collaborations And License Agreements [Line Items] | ||||
Cost of sales | $ 2,191.4 | $ 2,168 | $ 1,860.8 | |
Amgen, Inc. [Member] | Collaborative Arrangement [Member] | ||||
Collaborations And License Agreements [Line Items] | ||||
Milestone revenue | 25 | |||
Linzess [Member] | ||||
Collaborations And License Agreements [Line Items] | ||||
Cost of sales | $ 29.9 | |||
Ironwood Collaboration Agreement [Member] | ||||
Collaborations And License Agreements [Line Items] | ||||
Acquisition related contingent milestone payments | $ 100 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions | Oct. 03, 2016 | Aug. 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2018 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Pre-tax charge sale of business | $ 24,511.1 | ||||
Anda Distribution Business and Global Generics Business [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Gain on sale of business | 15,932.2 | ||||
Pre-tax charge sale of business | 24,511.1 | ||||
Teva [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Working capital one-time settlement payable | $ 700 | ||||
Pre-tax charge sale of business | $ 466 | ||||
Teva [Member] | Allergan Global Generic Pharmaceuticals Business and Certain Other Assets | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Discounted rate due to lack of marketability in divestiture of business | 5.90% | ||||
Teva [Member] | Anda Distribution Business [Member] | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Discontinued operations definite sale agreement date | Oct. 3, 2016 | ||||
Consideration amount on sale of business | $ 500 | ||||
Teva [Member] | Anda Distribution Business [Member] | Allergan Global Generic Pharmaceuticals Business and Certain Other Assets | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Gain on sale of business | $ 15,932.2 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Reconciliation of Proceeds Received in Sale of Generics Business and Anda Distribution Business to Gain Recognized in Income from Discontinued Operations (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Net cash proceeds received | $ 33,804.2 |
Pre-tax gain on sale of generics business and Anda Distribution business | 24,511.1 |
Generics Business and Anda Distribution Business [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Net cash proceeds received | 33,804.2 |
August 2, 2016 fair value of Teva shares | 5,038.6 |
Total Proceeds | 38,842.8 |
Net assets sold to Teva, excluding cash | (12,487.7) |
Other comprehensive income disposed | (1,544.8) |
Deferral of proceeds relating to additional elements of agreements with Teva | (299.2) |
Pre-tax gain on sale of generics business and Anda Distribution business | 24,511.1 |
Income taxes | (8,578.9) |
Net gain on sale of generics business and Anda Distribution business | $ 15,932.2 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Teva Share Activity (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | May 07, 2018 | Feb. 13, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Retained earnings | $ 7,258.9 | $ 12,957.2 | ||||||
Accounting Standards Update No. 2016-01 [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Retained earnings | 63 | |||||||
Teva [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Shares | 95.9 | 100.3 | ||||||
Carrying Value per Share | $ 17.60 | $ 53.39 | ||||||
Market Price | $ 18.95 | $ 36.25 | ||||||
Discount | 0.00% | 5.40% | ||||||
Proceeds Received | $ 465.5 | $ 372 | 1,815.5 | |||||
Movement in the Value of Marketable Securities | $ 1,817.7 | $ 3,439.2 | ||||||
Unrealized Gain / (Loss) as a Component of Other Comprehensive Income | 129.3 | $ (1,599.4) | ||||||
Gain / (Loss) Recognized in Other Income/ (Expense), Net | 60.9 | (3,269.3) | ||||||
Derivative Instrument (Liability)/ Asset | $ (62.9) | |||||||
Retained earnings | $ 129.3 | |||||||
Teva [Member] | Accounting Standards Update No. 2016-01 [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Unrealized Gain / (Loss) as a Component of Other Comprehensive Income | $ (129.3) | |||||||
Retained earnings | $ 129.3 | |||||||
Teva [Member] | Settlement of Initial Accelerated Share Repurchase ("ASR"), Net [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Shares | (25) | |||||||
Carrying Value per Share | $ 18.95 | |||||||
Market Price | $ 16.53 | |||||||
Proceeds Received | $ 413.3 | |||||||
Movement in the Value of Marketable Securities | (473.8) | |||||||
Gain / (Loss) Recognized in Other Income/ (Expense), Net | 2.5 | |||||||
Derivative Instrument (Liability)/ Asset | $ 62.9 | |||||||
Teva [Member] | Settlement of Forward Sale, Net [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Shares | (25) | |||||||
Carrying Value per Share | $ 17.09 | |||||||
Market Price | $ 18.61 | |||||||
Proceeds Received | $ 465.5 | |||||||
Movement in the Value of Marketable Securities | (427.3) | |||||||
Gain / (Loss) Recognized in Other Income/ (Expense), Net | $ 38.2 | |||||||
Teva [Member] | Open Market Sales [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Shares | (45.9) | |||||||
Market Price | $ 20.41 | |||||||
Proceeds Received | $ 936.7 | |||||||
Movement in the Value of Marketable Securities | (916.6) | |||||||
Gain / (Loss) Recognized in Other Income/ (Expense), Net | $ 20.2 | |||||||
Teva [Member] | Other-than-temporary Impairment [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Shares | 100.3 | 100.3 | ||||||
Carrying Value per Share | $ 32.09 | $ 17.60 | ||||||
Market Price | $ 32.09 | $ 17.60 | ||||||
Discount | 4.90% | 0.00% | ||||||
Movement in the Value of Marketable Securities | $ (378.6) | $ (1,295.5) | ||||||
Unrealized Gain / (Loss) as a Component of Other Comprehensive Income | 1,599.4 | |||||||
Gain / (Loss) Recognized in Other Income/ (Expense), Net | $ (1,978) | $ (1,295.5) | ||||||
Teva [Member] | Sales [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Shares | (4.4) | |||||||
Discount | 0.00% | |||||||
Movement in the Value of Marketable Securities | $ (76.7) | |||||||
Gain / (Loss) Recognized in Other Income/ (Expense), Net | $ 4.2 | |||||||
Teva [Member] | Other Fair Value [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Shares | 95.9 | |||||||
Carrying Value per Share | $ 17.60 | |||||||
Market Price | $ 18.95 | |||||||
Discount | 0.00% | |||||||
Movement in the Value of Marketable Securities | $ 129.3 | |||||||
Unrealized Gain / (Loss) as a Component of Other Comprehensive Income | $ 129.3 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Teva Share Activity (Parenthetical) (Detail) - USD ($) $ / shares in Units, shares in Millions, U_pure in Millions, $ in Millions | May 07, 2018 | Feb. 13, 2018 | Jan. 12, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 17, 2018 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Closing stock price of securities | $ 18.62 | $ 133.66 | $ 163.58 | |||
Teva [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Loss on forward sale of investment | $ 413.3 | $ 62.9 | ||||
Accelerated share repurchases settlement date | Jan. 12, 2018 | |||||
Acelerated share repurchase transaction | 25 | |||||
Closing stock price of securities | $ 21.48 | |||||
Forward sale of Investment Shares | 25 | |||||
Percentage of proceeds from forward sale received | 8000.00% | |||||
Proceeds from forward sale received | $ 465.5 | $ 372 | $ 1,815.5 | |||
Teva [Member] | Open Market Sales [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Proceeds from forward sale received | $ 936.7 | |||||
Average carrying value per share | $ 19.97 |
Discontinued Operations - Sum_3
Discontinued Operations - Summary of Key Financial Results of Global Generics Business Income from Discontinued Operations , Net of Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | ||
Net revenues | $ 4,504.3 | |
Operating expenses: | ||
Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) | 2,798.3 | |
Research and development | 269.4 | |
Selling and marketing | 352.9 | |
General and administrative | $ 18.8 | 425.8 |
Amortization | 4.8 | |
Asset sales and impairments, net | 1.2 | |
Total operating expenses | 20 | 3,851.2 |
Operating (loss) / income | (20) | 653.1 |
Other (expense) / income, net | (470.4) | 15,932.2 |
(Benefit) / provision for income taxes | (87.5) | 670.8 |
(Loss) / income from discontinued operations, net of tax | $ (402.9) | $ 15,914.5 |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule of Depreciation Amortization and Significant Operating and Investing Noncash Items of Discontinued Operations (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Depreciation from discontinued operations | $ 2.1 |
Amortization from discontinued operations | 4.8 |
Capital expenditures | 85.3 |
Deferred income tax expense | $ 6,038.5 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 07, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option expiration period | 10 years | |||
Restricted stock awards restrictions eliminated period | After one year | |||
Share-based compensation expense included as discontinued operations | $ 12.9 | |||
Share-based compensation and related tax benefits | $ 53.5 | $ 105 | $ 131.8 | |
Income in non-equity settled awards other due to actuarial reversal based on total shareholder return metrics | $ (16.8) | |||
Unrecognized future share-based compensation expense | $ 312.4 | |||
Remaining weighted average period (years) | 1 year 3 months 18 days | |||
Closing stock price of securities | $ 133.66 | $ 163.58 | $ 18.62 | |
Minimum [Member] | Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option exercisable period | 3 years | |||
Minimum [Member] | Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option expiration period | 1 year | |||
Maximum [Member] | Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option exercisable period | 5 years | |||
Maximum [Member] | Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option expiration period | 4 years |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Fair Value Assumptions of Options based on Black-Scholes Valuation Model (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Two Thousand Eighteen Grants [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 1.50% | ||
Expected volatility | 27.00% | ||
Risk-free interest rate, Minimum | 2.20% | ||
Risk-free interest rate, Maximum | 2.90% | ||
Expected term | 7 years | ||
2017 Grants [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 1.20% | ||
Expected volatility | 27.00% | ||
Risk-free interest rate, Minimum | 2.00% | ||
Risk-free interest rate, Maximum | 2.30% | ||
Expected term | 7 years | ||
2016 Grants [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
Expected volatility | 27.00% | ||
Risk-free interest rate, Minimum | 1.30% | ||
Risk-free interest rate, Maximum | 2.40% | ||
2016 Grants [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term | 7 years | ||
2016 Grants [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term | 7 years 6 months |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense Recognized in Company's Results of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 239.8 | $ 308 | $ 383.2 |
Total stock-based compensation expense (benefit) | (16.8) | ||
Equity Based Compensation Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 239.8 | 293.3 | 334.5 |
Cash-Settled Equity Awards [Member] | Zeltiq Aesthetics, Inc. [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | 31.5 | ||
Cash-Settled Equity Awards [Member] | Tobira Therapeutics Inc. [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | 27 | ||
Cash-Settled Equity Awards [Member] | Vitae Pharmaceuticals Inc. [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | 18.6 | ||
Cash-Settled Equity Awards [Member] | ForSight VISION 5 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 3.1 | ||
Non Equity-Settled Awards Other [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation expense (benefit) | $ (16.8) |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Impact of Accelerations and Step-ups Relating to Acquisition Accounting Treatment of Outstanding Awards (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Recognized share-based compensation expense relating to acquisition accounting treatment of outstanding awards acquired | $ 18.4 | $ 105 | $ 154.1 |
Zeltiq Aesthetics, Inc. [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Recognized share-based compensation expense relating to acquisition accounting treatment of outstanding awards acquired | 10.1 | 47.8 | |
Allergan, Inc. [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Recognized share-based compensation expense relating to acquisition accounting treatment of outstanding awards acquired | $ 8.3 | 47.1 | 108.9 |
Forest Laboratories, Inc. [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Recognized share-based compensation expense relating to acquisition accounting treatment of outstanding awards acquired | $ 10.1 | $ 45.2 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Equity Award Activity for Unvested Restricted Stock and Stock Units (Detail) - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Restricted shares / units outstanding, beginning balance | 2 | |
Shares, Granted | 1.4 | |
Shares, Vested | (0.6) | |
Shares, Forfeited | (0.3) | |
Restricted shares / units outstanding, ending balance | 2.5 | 2 |
Weighted Average Grant Date Fair Value, outstanding, beginning balance | $ 237.72 | |
Weighted Average Grant Date Fair Value, Granted | 147.10 | |
Weighted Average Grant Date Fair Value, Vested | 242.16 | |
Weighted Average Grant Date Fair Value, Forfeited | 203.72 | |
Weighted Average Grant Date Fair Value, outstanding, ending balance | $ 190.27 | $ 237.72 |
Weighted Average Remaining Contractual Term (Years) | 1 year 7 months 6 days | 1 year 9 months 18 days |
Aggregate Grant Date Fair Value, outstanding, beginning balance | $ 484.1 | |
Aggregate Grant Date Fair Value, Granted | 204 | |
Aggregate Grant Date Fair Value, Vested | (152.5) | |
Aggregate Grant Date Fair Value, Forfeited | (62.7) | |
Aggregate Grant Date Fair Value, outstanding, ending balance | $ 472.9 | $ 484.1 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Equity Award Activity for Non-Qualified Options to Purchase Ordinary Shares (Detail) - Non-qualified Options [Member] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options, Outstanding, Beginning Balance | 7.3 | |
Options, Granted | 0.2 | |
Options, Exercised | (1) | |
Options, Cancelled | (0.2) | |
Options, Outstanding, Ending Balance | 6.3 | 7.3 |
Options, vested and expected to vest | 6.3 | |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 120.94 | |
Weighted Average Exercise Price, Granted | 151.27 | |
Weighted Average Exercise Price, Exercised | 100.85 | |
Weighted Average Exercise Price, Cancelled | 244.13 | |
Weighted Average Exercise Price, Outstanding, Ending Balance | 122.74 | $ 120.94 |
Weighted Average Exercise Price, vested and expected to vest | $ 122.74 | |
Weighted Average Remaining Contractual Term (Years), Outstanding | 4 years 4 months 24 days | 5 years 2 months 12 days |
Weighted Average Remaining Contractual Term (Years), vested and expected to vest | 4 years 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding | $ 69 | $ 312.7 |
Aggregate Intrinsic Value, vested and expected to vest | $ 69 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans - Summary of Net Periodic (Benefit) of Defined Benefit Plans for Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 2.8 | $ 5.5 | $ 5 |
Interest cost | 38.1 | 40.7 | 44.5 |
Expected return on plan assets | (63.8) | (54.5) | (53) |
Settlement | (0.6) | (0.1) | (1.8) |
Net periodic (benefit) | $ (23.5) | $ (8.4) | $ (5.3) |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans - Schedule of Benefit Obligation and Asset Data for Defined Benefit Plans for Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in Plan Assets | |||
Fair value of plan assets at beginning of year | $ 1,235.2 | $ 1,093.9 | |
Employer contribution | 14.8 | 15.2 | |
(Loss) / gain on plan assets | (53.6) | 117.2 | |
Benefits paid | (41.1) | (36) | |
Settlements | (2.9) | (5.3) | |
Effects of exchange rate changes and other | (22.8) | 50.2 | |
Fair value of plan assets at end of year | 1,129.6 | 1,235.2 | $ 1,093.9 |
Change in Benefit Obligation | |||
Benefit obligation at beginning of the year | 1,330 | 1,234.1 | |
Service cost | 2.8 | 5.5 | 5 |
Interest cost | 38.1 | 40.7 | 44.5 |
Actuarial (gain) / loss | (74.5) | 36.9 | |
Curtailments | (8.1) | ||
Settlements and other | (2.9) | (5.3) | |
Benefits paid | (41.1) | (36) | |
Effects of exchange rate changes and other | (25.2) | 62.2 | |
Fair value of plan assets at end of year | 1,129.6 | 1,235.2 | 1,093.9 |
Benefit obligation at end of year | 1,227.2 | 1,330 | $ 1,234.1 |
Funded status at end of year | $ (97.6) | $ (94.8) |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefit Plans - Schedule of Funded Status Amount in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Amounts Recognized In Balance Sheet [Abstract] | ||
Noncurrent assets | $ 27.6 | $ 21.9 |
Current liabilities | (0.9) | (0.8) |
Noncurrent liabilities | (124.3) | (115.9) |
Funded status at end of year | $ (97.6) | $ (94.8) |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefit Plans - Schedule of Fair Values of Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | $ 1,129.6 | $ 1,235.2 | $ 1,093.9 |
Investment Funds [Member] | Equity Securities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 275.7 | 369.5 | |
Investment Funds [Member] | Equity Securities [Member] | U.S. Equities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 20.6 | 33.5 | |
Investment Funds [Member] | Equity Securities [Member] | International Equities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 205.3 | 265.5 | |
Investment Funds [Member] | Equity Securities [Member] | Other Equity Securities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 49.8 | 70.5 | |
Investment Funds [Member] | Debt Securities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 850.2 | 863.8 | |
Investment Funds [Member] | Debt Securities [Member] | U.S. Treasury Bonds [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 63 | 96.9 | |
Investment Funds [Member] | Debt Securities [Member] | Bonds and Bond Funds [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 787.2 | 745.7 | |
Investment Funds [Member] | Debt Securities [Member] | Other Debt Securities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 21.2 | ||
Other Investments [Member] | Other [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 3.7 | 1.9 | |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 275.7 | 369.5 | |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Investment Funds [Member] | Equity Securities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 275.7 | 369.5 | |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Investment Funds [Member] | Equity Securities [Member] | U.S. Equities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 20.6 | 33.5 | |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Investment Funds [Member] | Equity Securities [Member] | International Equities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 205.3 | 265.5 | |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Investment Funds [Member] | Equity Securities [Member] | Other Equity Securities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 49.8 | 70.5 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 853.9 | 865.7 | |
Significant Other Observable Inputs (Level 2) [Member] | Investment Funds [Member] | Debt Securities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 850.2 | 863.8 | |
Significant Other Observable Inputs (Level 2) [Member] | Investment Funds [Member] | Debt Securities [Member] | U.S. Treasury Bonds [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 63 | 96.9 | |
Significant Other Observable Inputs (Level 2) [Member] | Investment Funds [Member] | Debt Securities [Member] | Bonds and Bond Funds [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 787.2 | 745.7 | |
Significant Other Observable Inputs (Level 2) [Member] | Investment Funds [Member] | Debt Securities [Member] | Other Debt Securities [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | 21.2 | ||
Significant Other Observable Inputs (Level 2) [Member] | Other Investments [Member] | Other [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of pension plan assets | $ 3.7 | $ 1.9 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefit Plans - Schedule of Allocated Target Investment Portfolio of Pension Plans for Continuing Operations (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 26.00% | 31.20% |
Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 70.60% | 68.80% |
Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 3.40% | 0.00% |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefit Plans - Additional Information (Detail) - Continuing Operations [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2019 | |
Savings Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 128.9 | $ 89.1 | $ 75.6 | |
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected contributions to pension plans in next fiscal year | $ 8.9 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefit Plans - Schedule of Expected Benefit Payments of Pension Plans (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |||
2,019 | $ 36.3 | ||
2,020 | 38.7 | ||
2,021 | 40.9 | ||
2,022 | 43.2 | ||
2,023 | 45.6 | ||
Thereafter | 1,022.5 | ||
Total liability | $ 1,227.2 | $ 1,330 | $ 1,234.1 |
Pension and Other Postretire_10
Pension and Other Postretirement Benefit Plans - Schedule of Defined Benefit Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligations | $ 1,227.2 | $ 1,330 |
Accumulated benefit obligations | 1,223.5 | 1,324.7 |
Plan assets | $ 1,129.6 | $ 1,235.2 |
Pension and Other Postretire_11
Pension and Other Postretirement Benefit Plans - Schedule of Balances Recognized within Accumulated Other Comprehensive Income / (Loss) Excluding the Impact of Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Amounts Recognized In Other Comprehensive Income [Abstract] | ||
Beginning balance | $ 58.2 | $ 24.4 |
Net actuarial gain (loss) | (44.6) | 33.8 |
Ending Balance | $ 13.6 | $ 58.2 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefit Plans - Weighted Average Assumptions Used to Calculate Projected Benefit Obligations and Net Periodic Benefit Cost (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Projected benefit obligations, Discount rate | 3.30% | 2.90% |
Projected benefit obligations, Salary growth rate | 3.00% | 3.00% |
Net periodic benefit cost, Discount Rate | 2.90% | 3.30% |
Net periodic benefit cost, Expected rate of return on plan assets | 5.20% | 5.00% |
Net periodic benefit cost, Salary growth rate | 3.00% | 3.00% |
Pension and Other Postretire_13
Pension and Other Postretirement Benefit Plans - Schedule of Accumulated Benefit Obligation for Defined Benefit Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ||
Actuarial charge | $ 74.5 | $ (36.9) |
Benefits paid | (41.1) | (36) |
Allergan and Forest Acquisitions [Member] | Other Benefit Obligation [Member] | ||
Defined Benefit Pension Plan With Accumulated Benefit Obligation In Excess Of Fair Value Of Plan Assets [Line Items] | ||
Accumulated benefit obligation, Beginning balance | 46.8 | 52.7 |
Interest cost | 1.6 | 2 |
Actuarial charge | (2.6) | (5) |
Benefits paid | (3.6) | (2.9) |
Accumulated benefit obligation, Ending balance | $ 42.2 | $ 46.8 |
Other Income _ (Expense), Net -
Other Income / (Expense), Net - Components of Other (Expense) / Income, Net (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Non Operating Income Expense [Line Items] | |||
Sale of businesses | $ 182.6 | ||
Other-than-temporary impairments | $ (26.1) | ||
Dividend income | 85.2 | $ 68.2 | |
Naurex recovery | 20 | ||
Pfizer termination fee (Allergan plc only) | 150 | ||
Other (expense) / income, net | (2.4) | 5 | 1 |
Other income / (expense), net | 256.7 | (3,437.3) | $ 219.2 |
Teva [Member] | |||
Other Non Operating Income Expense [Line Items] | |||
Net income impact of other-than-temporary loss on investment | 60.9 | (3,269.3) | |
Forward sale of shares | (62.9) | ||
Debt Tender Offer [Member] | |||
Other Non Operating Income Expense [Line Items] | |||
Debt extinguishment costs | (161.6) | ||
Other Debt Tender Offer [Member] | |||
Other Non Operating Income Expense [Line Items] | |||
Debt extinguishment costs | $ 15.6 | $ (27.6) |
Other Income _ (Expense), Net_2
Other Income / (Expense), Net - Additional Information (Detail) shares in Millions, $ in Millions | Aug. 02, 2016shares | Aug. 28, 2015 | Dec. 31, 2018USD ($)Product | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Other Non Operating Income Expense [Line Items] | |||||
Net gain on sale of dermatology product | $ 129.6 | ||||
Number of dermatology products sold | Product | 5 | ||||
Gain(loss) on sale of business | $ 182.6 | ||||
Senior notes, repurchase amount | 3,939.1 | ||||
Other-than-temporary impairment charges on other equity and cost investments | $ 26.1 | ||||
Dividend income | 85.2 | $ 68.2 | |||
Pfizer termination fee | 150 | ||||
Naurex, Inc. [Member] | |||||
Other Non Operating Income Expense [Line Items] | |||||
Business acquisition date | Aug. 28, 2015 | ||||
Amount received from purchase price reduction | 20 | ||||
Teva [Member] | |||||
Other Non Operating Income Expense [Line Items] | |||||
Ordinary shares received from divestiture of businesses | shares | 100.3 | ||||
Dividend income | 85.2 | $ 68.2 | |||
Other Debt Tender Offer [Member] | |||||
Other Non Operating Income Expense [Line Items] | |||||
Gain (loss) on extinguishment of debt | 15.6 | ||||
Other income (expenses), net discount received upon repurchase | 45.6 | ||||
Redeemable premium interest | 30 | ||||
Senior Notes [Member] | |||||
Other Non Operating Income Expense [Line Items] | |||||
Senior notes, repurchase amount | 3,939.1 | ||||
Debt Tender Offer [Member] | |||||
Other Non Operating Income Expense [Line Items] | |||||
Early repayment of senior notes | 2,843.3 | ||||
Gain (loss) on extinguishment of debt | (161.6) | ||||
Make-whole premium | 170.5 | ||||
Other Debt Tender Offer [Member] | |||||
Other Non Operating Income Expense [Line Items] | |||||
Early repayment of senior notes | 750 | ||||
Gain (loss) on extinguishment of debt | 15.6 | (27.6) | |||
Make-whole premium | $ 35.1 | ||||
Non-Strategic Asset Group [Member] | |||||
Other Non Operating Income Expense [Line Items] | |||||
Asset held-for-sale in cash | 55 | ||||
Asset held-for-sale in deferred consideration | 20 | ||||
Gain(loss) on sale of business | $ 53 |
Other Income _ (Expense), Net_3
Other Income / (Expense), Net - Summary of Redeemed and Retired Senior Notes (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, repurchase amount | $ 3,939.1 |
Cash Paid for Retirement | 3,893.5 |
Remaining Value at December 31, 2018 | 13,460.8 |
2.450% Notes Due June 15, 2019 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, repurchase amount | 500 |
Cash Paid for Retirement | 500 |
3.000% notes due March 12, 2020 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, repurchase amount | 793.2 |
Cash Paid for Retirement | 791.3 |
Remaining Value at December 31, 2018 | 2,706.7 |
3.450% notes due March 15, 2022 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, repurchase amount | 59.5 |
Cash Paid for Retirement | 58.6 |
Remaining Value at December 31, 2018 | 2,940.5 |
3.850% Notes Due June 15, 2024 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, repurchase amount | 163.3 |
Cash Paid for Retirement | 160.9 |
Remaining Value at December 31, 2018 | 1,036.7 |
3.800% notes due March 15, 2025 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, repurchase amount | 972.5 |
Cash Paid for Retirement | 963.8 |
Remaining Value at December 31, 2018 | 3,027.5 |
4.550% notes due March 15, 2035 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, repurchase amount | 711 |
Cash Paid for Retirement | 696.9 |
Remaining Value at December 31, 2018 | 1,789 |
4.850% Notes Due June 15, 2044 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, repurchase amount | 420.6 |
Cash Paid for Retirement | 413.5 |
Remaining Value at December 31, 2018 | 1,079.4 |
4.750% notes due March 15, 2045 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, repurchase amount | 319 |
Cash Paid for Retirement | 308.5 |
Remaining Value at December 31, 2018 | $ 881 |
Other Income _ (Expense), Net_4
Other Income / (Expense), Net - Summary of Redeemed and Retired Senior Notes (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
2.450% Notes Due June 15, 2019 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, interest rate | 2.45% |
Senior notes, maturity date | 2,019 |
3.000% notes due March 12, 2020 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, interest rate | 3.00% |
Senior notes, maturity date | 2,020 |
3.450% notes due March 15, 2022 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, interest rate | 3.45% |
Senior notes, maturity date | 2,022 |
3.850% Notes Due June 15, 2024 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, interest rate | 3.85% |
Senior notes, maturity date | 2,024 |
3.800% notes due March 15, 2025 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, interest rate | 3.80% |
Senior notes, maturity date | 2,025 |
4.550% notes due March 15, 2035 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, interest rate | 4.55% |
Senior notes, maturity date | 2,035 |
4.850% Notes Due June 15, 2044 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, interest rate | 4.85% |
Senior notes, maturity date | 2,044 |
4.750% notes due March 15, 2045 [Member] | |
Other Non Operating Income Expense [Line Items] | |
Senior notes, interest rate | 4.75% |
Senior notes, maturity date | 2,045 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 303.2 | $ 326.9 |
Work-in-process | 145.7 | 158.1 |
Finished goods | 520.2 | 527.8 |
Inventory, Gross | 969.1 | 1,012.8 |
Less: inventory reserves | 122.2 | 108.3 |
Total Inventories | $ 846.9 | $ 904.5 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued expenses: | |||
Accrued third-party rebates | $ 1,832.1 | $ 1,713.7 | |
Accrued payroll and related benefits | 694.3 | 635.6 | |
Accrued returns and other allowances | 527.8 | 466.2 | |
Accrued R&D expenditures | 215.5 | 165.9 | |
Interest payable | 191.4 | 245.9 | |
Royalties payable | 155.1 | 189.2 | |
Accrued pharmaceutical fees | 145.3 | 186.4 | |
Litigation-related reserves and legal fees | 92 | 78.3 | |
Accrued severance, retention and other shutdown costs | 71.6 | 132.8 | |
Accrued non-provision taxes | 68.5 | 76.5 | |
Accrued selling and marketing expenditures | 61.1 | 53 | |
Current portion of contingent consideration obligations | 8.3 | 56.2 | |
Contractual commitments (including amounts due to Teva) | 4.3 | 705.4 | |
Dividends payable | 1.4 | 24.6 | $ 23.2 |
Other accrued expenses | 368.7 | 487.2 | |
Total accrued expenses | 4,437.4 | 5,216.9 | |
Accounts payable | 349.8 | 324.5 | |
Total accounts payable and accrued expenses | $ 4,787.2 | $ 5,541.4 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Line Items] | |||
Beginning balance | $ 2,401.5 | ||
Additions | 253.5 | ||
Disposals/transfers/other | (57.7) | ||
Currency translation | (32.1) | ||
Ending balance | 2,565.2 | $ 2,401.5 | |
Accumulated depreciation | |||
Accumulated depreciation, beginning balance | 616.1 | ||
Additions | 196.3 | 171.5 | $ 155.8 |
Disposals/transfers/impairments/other | (21.7) | ||
Currency translation | (12.5) | ||
Accumulated depreciation, ending balance | 778.2 | 616.1 | |
Property, plant and equipment, net | 1,787 | 1,785.4 | |
Machinery and Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Beginning balance | 545.3 | ||
Additions | 9.9 | ||
Disposals/transfers/other | 44.9 | ||
Currency translation | (9.7) | ||
Ending balance | 590.4 | 545.3 | |
Accumulated depreciation | |||
Accumulated depreciation, beginning balance | 219.3 | ||
Additions | 70.9 | ||
Disposals/transfers/impairments/other | (1.5) | ||
Currency translation | (4.5) | ||
Accumulated depreciation, ending balance | 284.2 | 219.3 | |
Property, plant and equipment, net | 306.2 | ||
Research and Laboratory Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Beginning balance | 59 | ||
Additions | 5 | ||
Disposals/transfers/other | 6.4 | ||
Currency translation | (3) | ||
Ending balance | 67.4 | 59 | |
Accumulated depreciation | |||
Accumulated depreciation, beginning balance | 38.5 | ||
Additions | 9.2 | ||
Currency translation | (1.4) | ||
Accumulated depreciation, ending balance | 46.3 | 38.5 | |
Property, plant and equipment, net | 21.1 | ||
Transportation / Other [Member] | |||
Property Plant And Equipment [Line Items] | |||
Beginning balance | 475.3 | ||
Additions | 35.8 | ||
Disposals/transfers/other | 25.8 | ||
Currency translation | (7.3) | ||
Ending balance | 529.6 | 475.3 | |
Accumulated depreciation | |||
Accumulated depreciation, beginning balance | 232.4 | ||
Additions | 71.1 | ||
Disposals/transfers/impairments/other | (6.7) | ||
Currency translation | (5.4) | ||
Accumulated depreciation, ending balance | 291.4 | 232.4 | |
Property, plant and equipment, net | 238.2 | ||
Land, Buildings and Leasehold Improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Beginning balance | 814.9 | ||
Additions | 60.4 | ||
Disposals/transfers/other | 45.2 | ||
Currency translation | (9.4) | ||
Ending balance | 911.1 | 814.9 | |
Accumulated depreciation | |||
Accumulated depreciation, beginning balance | 125.9 | ||
Additions | 45.1 | ||
Disposals/transfers/impairments/other | (13.5) | ||
Currency translation | (1.2) | ||
Accumulated depreciation, ending balance | 156.3 | 125.9 | |
Property, plant and equipment, net | 754.8 | ||
Construction in Progress [Member] | |||
Property Plant And Equipment [Line Items] | |||
Beginning balance | 507 | ||
Additions | 142.4 | ||
Disposals/transfers/other | (180) | ||
Currency translation | (2.7) | ||
Ending balance | 466.7 | $ 507 | |
Accumulated depreciation | |||
Property, plant and equipment, net | $ 466.7 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Line Items] | |||
Depreciation expense | $ 196.3 | $ 171.5 | $ 155.8 |
Continuing Operations [Member] | |||
Property Plant And Equipment [Line Items] | |||
Depreciation expense | $ 196.3 | $ 171.5 | $ 153.7 |
Prepaid Expenses, Investments_3
Prepaid Expenses, Investments and Other Assets - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid taxes | $ 403.8 | $ 690.9 |
Prepaid insurance | 16.7 | 20.9 |
Royalty receivables | 67.7 | 80.1 |
Sales and marketing | 41.8 | 31.9 |
Other | 289.1 | 300.1 |
Total prepaid expenses and other current assets | $ 819.1 | $ 1,123.9 |
Prepaid Expenses, Investments_4
Prepaid Expenses, Investments and Other Assets - Marketable Securities, Including Cash and Cash Equivalents, Other Investments and Other Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Total marketable securities | $ 1,026.9 | $ 4,632.1 |
Investments and other assets: | ||
Deferred executive compensation investments | 90.8 | 112.4 |
Equity method investments | 8.4 | 11.5 |
Other long-term investments | 37.6 | 60.8 |
Taxes receivable | 1,674.8 | 32.1 |
Contingent income | 75.3 | |
Other assets | 83.7 | 51.1 |
Total investments and other assets | 1,970.6 | 267.9 |
Short-term Investments [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total marketable securities | $ 1,026.9 | 2,814.4 |
Teva [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total marketable securities | $ 1,817.7 |
Prepaid Expenses, Investments_5
Prepaid Expenses, Investments and Other Assets - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investments Debt And Equity Securities [Abstract] | ||
Taxes receivable | $ 1,674.8 | $ 32.1 |
Goodwill, Product Rights and _3
Goodwill, Product Rights and Other Intangible Assets - Schedule of Goodwill (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Goodwill [Line Items] | |
Balance as of December 31, 2017 | $ 49,862.9 |
Divested | (184) |
Impairments | (2,841.1) |
Held for sale | (622) |
Foreign exchange and other adjustments | (302.5) |
Balance as of December 31, 2018 | 45,913.3 |
US Specialized Therapeutics [Member] | |
Goodwill [Line Items] | |
Balance as of December 31, 2017 | 20,859.6 |
Divested | (184) |
Balance as of December 31, 2018 | 20,675.6 |
US General Medicine [Member] | |
Goodwill [Line Items] | |
Balance as of December 31, 2017 | 21,399.7 |
Impairments | (2,841.1) |
Held for sale | (622) |
Balance as of December 31, 2018 | 17,936.6 |
International [Member] | |
Goodwill [Line Items] | |
Balance as of December 31, 2017 | 7,603.6 |
Foreign exchange and other adjustments | (302.5) |
Balance as of December 31, 2018 | $ 7,301.1 |
Goodwill, Product Rights and _4
Goodwill, Product Rights and Other Intangible Assets - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($)Segment | Mar. 31, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Patent | Dec. 31, 2016USD ($) | Feb. 28, 2017USD ($) | Feb. 01, 2017USD ($) | Oct. 25, 2016USD ($) | Sep. 23, 2016USD ($) | |
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Number of reporting units | Segment | 5 | ||||||||||
Goodwill | $ 45,913.3 | $ 45,913.3 | $ 49,862.9 | ||||||||
Goodwill impairment charge | 2,841.1 | ||||||||||
Gross balance of goodwill | 48,771.7 | 48,771.7 | 49,880.2 | ||||||||
Net product rights and other intangibles | 43,695.4 | 43,695.4 | 54,648.3 | $ 62,618.6 | |||||||
In-process research and development impairments | 804.6 | 1,452.3 | 743.9 | ||||||||
Reacquired aggregate value of intangible assets | 614.3 | 2 | |||||||||
Women's Healthcare Research and Development Project [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 24 | ||||||||||
Total Gastrointestinal (GI) [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 42 | ||||||||||
Osteoarthritis Research and Development Project [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 190 | ||||||||||
International Eye Care Pipeline Project [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 35 | ||||||||||
Botox Premature Ejaculation Product [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 40 | ||||||||||
Non-Annual Testing [Member] | Restasis [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | $ 3,230 | ||||||||||
Number of Patents | Patent | 4 | ||||||||||
Non-Annual Testing [Member] | Aczone [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | $ 646 | ||||||||||
Kybella [Member] | Non-Annual Testing [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | 1,643.8 | ||||||||||
True Tear [Member] | Non-Annual Testing [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | 187.6 | ||||||||||
Almirall, S.A. [Member] | Non-Annual Testing [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Net product rights and other intangibles | 205.4 | 205.4 | |||||||||
Aclaris Therapeutics, Inc [Member] | Non-Annual Testing [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Net product rights and other intangibles | 130.5 | 130.5 | |||||||||
Almirall, S.A. and Aclaris Therapeutics, Inc [Member] | Non-Annual Testing [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | 252 | ||||||||||
Allergan, Inc. [Member] | Migraine License Acquisition [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 106 | ||||||||||
Allergan, Inc. [Member] | Urology [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 210 | ||||||||||
Contingent consideration liability | 186 | ||||||||||
LifeCell Corporation [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Goodwill | $ 1,449.1 | ||||||||||
Intangible assets | $ 2,020 | ||||||||||
LifeCell Corporation [Member] | Other [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Intangible assets | 2,020 | ||||||||||
Zeltiq Acquisition Inc. [Member] | Other [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Intangible assets | 1,185 | ||||||||||
Vitae [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Goodwill | $ 30.6 | ||||||||||
Vitae [Member] | Atopic Dermatitis Pipeline Candidate [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 46 | ||||||||||
ForSight [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Goodwill | $ 50.5 | ||||||||||
Contingent consideration liability | 15 | 79.8 | |||||||||
Currently Marketed Products ("CMP") [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | 149.7 | ||||||||||
Net product rights and other intangibles | $ 849.4 | 849.4 | |||||||||
Currently Marketed Products ("CMP") [Member] | LifeCell Corporation [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Intangible assets | 2,010 | ||||||||||
IPR&D [Member] | Annual Testing [Member] | Women's Healthcare Research and Development Project [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | $ 91.3 | ||||||||||
IPR&D [Member] | Annual Testing [Member] | Delay In Launch Of Women Health Care Project [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 57 | 278 | |||||||||
IPR&D [Member] | Allergan, Inc. [Member] | Non-Annual Testing [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 140 | ||||||||||
IPR&D [Member] | Allergan, Inc. [Member] | Non-Annual Testing [Member] | Medical Aesthetics [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 29 | ||||||||||
IPR&D [Member] | Allergan, Inc. [Member] | Non-Annual Testing [Member] | Other Dry Eye [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 170 | ||||||||||
IPR&D [Member] | Allergan, Inc. [Member] | Annual Testing [Member] | Eye care project | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | $ 20 | ||||||||||
IPR&D [Member] | Allergan, Inc. [Member] | Annual Testing [Member] | Eye care project | Changes in launch plans | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 164 | ||||||||||
IPR&D [Member] | Allergan, Inc. [Member] | Annual Testing [Member] | Eye care project | Delay in clinical studies | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 6 | ||||||||||
IPR&D [Member] | Allergan, Inc. [Member] | Annual Testing [Member] | Dermatology Project | Delay in clinical studies | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 27 | ||||||||||
IPR&D [Member] | Allergan, Inc. [Member] | Annual Testing [Member] | CNS [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 486 | ||||||||||
IPR&D [Member] | Allergan, Inc. [Member] | Annual Testing [Member] | CNS [Member] | Delay in clinical studies | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 19 | ||||||||||
IPR&D [Member] | Allergan, Inc. [Member] | Annual Testing [Member] | Eye Care Project that Resulted in Decrease in Projected Cash Flows [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 44 | ||||||||||
IPR&D [Member] | Allergan, Inc. [Member] | Annual Testing [Member] | Medical Aesthetics [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | $ 20 | $ 209 | |||||||||
IPR&D [Member] | LifeCell Corporation [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Intangible assets | $ 10 | ||||||||||
IPR&D [Member] | Vitae [Member] | Non-Annual Testing [Member] | RORyt [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | $ 522 | ||||||||||
IPR&D [Member] | Vitae [Member] | Annual Testing [Member] | Delay in clinical studies | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | 40 | ||||||||||
IPR&D [Member] | ForSight [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
In-process research and development impairments | $ 33 | ||||||||||
Eye Care Reporting Unit [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Goodwill | $ 9,824.8 | ||||||||||
Maximum headroom percentage of reporting unit | 10.00% | 10.00% | |||||||||
US General Medicine [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Goodwill | $ 17,936.6 | $ 17,936.6 | 21,399.7 | ||||||||
Weighted average cost of capital increase | 9.50% | ||||||||||
Goodwill impairment charge | $ 2,841.1 | ||||||||||
US General Medicine [Member] | Other [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Reacquired aggregate value of intangible assets | $ 574 | ||||||||||
Maximum [Member] | ForSight [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Contingent consideration liability | $ 125 | ||||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Minimum [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Rate used for goodwill annual impairment test | 1.00% | ||||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Maximum [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Rate used for goodwill annual impairment test | 2.00% | ||||||||||
Discount Rate [Member] | Minimum [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Rate used for goodwill annual impairment test | 8.50% | 7.50% | |||||||||
Discount Rate [Member] | Maximum [Member] | |||||||||||
Goodwill Product Rights And Other Intangible Assets [Line Items] | |||||||||||
Rate used for goodwill annual impairment test | 10.00% | 8.50% |
Goodwill, Product Rights and _5
Goodwill, Product Rights and Other Intangible Assets - Schedule of Cost Basis on Product Rights and Other Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets, gross, Amortization | $ (6,552.3) | $ (7,197.1) | $ (6,470.4) |
Intangibles with indefinite lives, Impairments | (804.6) | (1,452.3) | (743.9) |
Product rights and other intangibles | 43,695.4 | 54,648.3 | 62,618.6 |
Balance as of December 31, 2016 | 43,695.4 | 54,648.3 | 62,618.6 |
Cost Basis [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangibles with definite lives, Beginning balance | 74,582.5 | 68,491.4 | |
Intangibles with definite lives, Additions | 49 | 3,876.9 | |
Intangibles with definite lives, Impairments | 0 | 0 | |
Intangible assets, gross, Impairments | (798) | (1,452.3) | |
Intangibles with definite lives, IPR&D to CMP Transfers | 1,444 | ||
Intangibles with definite lives, Divested/Held for Sale | (3,391) | ||
Intangibles assets, Divested/Held for Sale/Other | (40.6) | ||
Intangibles with definite lives, Divested/Held for Sale/Other | (34) | ||
Intangibles assets, gross, Foreign Currency Translation | (315.4) | 812.9 | |
Intangibles with definite lives, Foreign Currency Translation | (315.4) | 804.2 | |
Intangibles with definite lives, Ending balance | 70,925.1 | 74,582.5 | 68,491.4 |
Intangibles with indefinite lives, Beginning balance | 5,874.1 | 8,758.3 | |
Intangibles with indefinite lives, Additions | 0 | 10 | |
Intangibles with indefinite lives, Impairments | (798) | (1,452.3) | |
Intangibles with indefinite lives, IPR&D to CMP Transfers | 0 | (1,444) | |
Intagibles with indefinite lives, Divested/Held for Sale | (28) | ||
Intangibles with indefinite lives, Divested/Held for Sale/Other | (6.6) | ||
Intangibles with indefinite lives, Foreign Currency Translation | 0 | 8.7 | |
Intangibles with indefinite lives, Ending balance | 5,048.1 | 5,874.1 | 8,758.3 |
Intangible assets, gross, Beginning balance | 80,456.6 | 77,249.7 | |
Intangible assets, gross, Additions | 49 | 3,886.9 | |
Intangible assets, IPR&D to CMP Transfers | 0 | ||
Intangibles assets, Divested / Held for Sale | (3,419) | ||
Intangible assets, gross, Ending balance | 75,973.2 | 80,456.6 | 77,249.7 |
Cost Basis [Member] | Product Rights and Other Intangibles [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangibles with definite lives, Beginning balance | 73,892.5 | 67,801.4 | |
Intangibles with definite lives, Additions | 49 | 3,876.9 | |
Intangibles with definite lives, Impairments | 0 | ||
Intangibles with definite lives, IPR&D to CMP Transfers | 1,444 | ||
Intangibles with definite lives, Divested/Held for Sale | (3,391) | ||
Intangibles with definite lives, Divested/Held for Sale/Other | (34) | ||
Intangibles with definite lives, Foreign Currency Translation | (315.4) | 804.2 | |
Intangibles with definite lives, Ending balance | 70,235.1 | 73,892.5 | 67,801.4 |
Cost Basis [Member] | Trade Name [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangibles with definite lives, Beginning balance | 690 | 690 | |
Intangibles with definite lives, Additions | 0 | ||
Intangibles with definite lives, Impairments | 0 | ||
Intangibles with definite lives, IPR&D to CMP Transfers | 0 | ||
Intangibles with definite lives, Divested/Held for Sale/Other | 0 | ||
Intangibles with definite lives, Foreign Currency Translation | 0 | ||
Intangibles with definite lives, Ending balance | 690 | 690 | 690 |
Cost Basis [Member] | IPR&D [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangibles with indefinite lives, Beginning balance | 5,874.1 | 8,758.3 | |
Intangibles with indefinite lives, Additions | 10 | ||
Intangibles with indefinite lives, Impairments | (798) | (1,452.3) | |
Intangibles with indefinite lives, IPR&D to CMP Transfers | (1,444) | ||
Intagibles with indefinite lives, Divested/Held for Sale | (28) | ||
Intangibles with indefinite lives, Divested/Held for Sale/Other | (6.6) | ||
Intangibles with indefinite lives, Foreign Currency Translation | 8.7 | ||
Intangibles with indefinite lives, Ending balance | 5,048.1 | 5,874.1 | 8,758.3 |
Accumulated Amortization | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets, Accumulated Amortization, Beginning balance | (25,808.3) | (14,631.1) | |
Intangible assets, gross, Amortization | (6,552.3) | (7,197.1) | |
Intangibles with definite lives, Impairments | (2,239.9) | (3,879.1) | |
Intangible assets, gross, Impairments | (2,239.9) | (3,879.1) | |
Intangibles with definite lives, Divested/Held for Sale | 2,233.4 | ||
Intangibles assets, Divested/Held for Sale/Other | 2,233.4 | 24.8 | |
Intangibles with definite lives, Divested/Held for Sale/Other | 24.8 | ||
Intangibles assets, gross, Foreign Currency Translation | 89.3 | (125.8) | |
Intangibles with definite lives, Foreign Currency Translation | 89.3 | (125.8) | |
Intangible assets, Accumulated Amortization, Ending balance | (32,277.8) | (25,808.3) | (14,631.1) |
Accumulated Amortization | Product Rights and Other Intangibles [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets, Accumulated Amortization, Beginning balance | (25,593.6) | (14,493.9) | |
Intangible assets, gross, Amortization | (6,474.2) | (7,119.6) | |
Intangibles with definite lives, Impairments | (2,239.9) | (3,879.1) | |
Intangibles with definite lives, Divested/Held for Sale | 2,233.4 | ||
Intangibles with definite lives, Divested/Held for Sale/Other | 24.8 | ||
Intangibles with definite lives, Foreign Currency Translation | 89.3 | (125.8) | |
Intangible assets, Accumulated Amortization, Ending balance | (31,985) | (25,593.6) | (14,493.9) |
Accumulated Amortization | Trade Name [Member] | |||
Finite And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets, Accumulated Amortization, Beginning balance | (214.7) | (137.2) | |
Intangible assets, gross, Amortization | (78.1) | (77.5) | |
Intangibles with definite lives, Impairments | 0 | ||
Intangibles with definite lives, Divested/Held for Sale/Other | 0 | ||
Intangibles with definite lives, Foreign Currency Translation | 0 | ||
Intangible assets, Accumulated Amortization, Ending balance | $ (292.8) | $ (214.7) | $ (137.2) |
Goodwill, Product Rights and _6
Goodwill, Product Rights and Other Intangible Assets - Schedule of Annual Amortization Expense on Product Rights and Other Related Intangibles (Detail) - Product Rights and Other Related Intangibles [Member] $ in Millions | Dec. 31, 2018USD ($) |
Finite Lived Intangible Assets [Line Items] | |
2,019 | $ 5,585 |
2,020 | 5,356.4 |
2,021 | 4,429.3 |
2,022 | 4,079.9 |
2,023 | $ 3,668.6 |
Long-Term Debt and Capital Le_3
Long-Term Debt and Capital Leases - Schedule of Long-Term Debt and Capital Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 23,813.1 | $ 29,698.2 |
Unamortized premium | 64.3 | 88.9 |
Unamortized discount | (64.5) | (81.7) |
Total Senior Notes Net | 23,812.9 | 29,705.4 |
Senior Notes, Fair Market Value | 23,303.3 | 30,303.6 |
Debt Issuance Costs | (92.1) | (121.5) |
Total Other Borrowings | (22.8) | 367.2 |
Total Indebtedness | 23,797.7 | 30,075.3 |
Margin Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total Other Borrowings | 459 | |
Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
Total Term Loan Indebtedness | 7.6 | 2.7 |
Floating Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | 500 | 1,000 |
Senior Notes, Fair Market Value | $ 501.9 | 1,008.7 |
Floating Rate Notes [Member] | Notes Due March 12, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | 500 | |
Senior Notes, Fair Market Value | 500.6 | |
Issuance Date | Mar. 4, 2015 | |
Interest Payments | Quarterly | |
Acquisition Date | Mar. 4, 2015 | |
Floating Rate Notes [Member] | Notes Due March 12, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 500 | 500 |
Senior Notes, Fair Market Value | $ 501.9 | 508.1 |
Issuance Date | Mar. 4, 2015 | |
Interest Payments | Quarterly | |
Acquisition Date | Mar. 4, 2015 | |
Fixed Rate Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 18,267.5 | 25,456.7 |
Senior Notes, Fair Market Value | $ 17,849.5 | 26,073 |
Fixed Rate Notes [Member] | 2.350% Notes Due March 12, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | 3,000 | |
Senior Notes, Fair Market Value | 3,001.9 | |
Issuance Date | Mar. 4, 2015 | |
Interest Payments | Semi-annually | |
Acquisition Date | Mar. 4, 2015 | |
Fixed Rate Notes [Member] | 1.350% Notes Due March 15, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | 250 | |
Senior Notes, Fair Market Value | 249.7 | |
Issuance Date | Mar. 17, 2015 | |
Interest Payments | Semi-annually | |
Acquisition Date | Mar. 17, 2015 | |
Fixed Rate Notes [Member] | 2.450% Notes Due June 15, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | 500 | |
Senior Notes, Fair Market Value | 499.7 | |
Issuance Date | Jun. 10, 2014 | |
Interest Payments | Semi-annually | |
Acquisition Date | Jun. 10, 2014 | |
Fixed Rate Notes [Member] | 3.000% notes due March 12, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 2,706.7 | 3,500 |
Senior Notes, Fair Market Value | $ 2,694.8 | 3,528.4 |
Issuance Date | Mar. 4, 2015 | |
Interest Payments | Semi-annually | |
Acquisition Date | Mar. 4, 2015 | |
Fixed Rate Notes [Member] | 3.375% Notes Due September 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 650 | 650 |
Senior Notes, Fair Market Value | $ 648.7 | 661.3 |
Issuance Date | Mar. 17, 2015 | |
Interest Payments | Semi-annually | |
Acquisition Date | Mar. 17, 2015 | |
Fixed Rate Notes [Member] | 4.875% Notes Due February 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 450 | 450 |
Senior Notes, Fair Market Value | $ 459.4 | 474.3 |
Issuance Date | Jul. 1, 2014 | |
Interest Payments | Semi-annually | |
Acquisition Date | Jul. 1, 2014 | |
Fixed Rate Notes [Member] | 5.000% Notes Due December 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 1,200 | 1,200 |
Senior Notes, Fair Market Value | $ 1,234.8 | 1,282.6 |
Issuance Date | Jul. 1, 2014 | |
Interest Payments | Semi-annually | |
Acquisition Date | Jul. 1, 2014 | |
Fixed Rate Notes [Member] | 3.450% notes due March 15, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 2,940.5 | 3,000 |
Senior Notes, Fair Market Value | $ 2,891 | 3,044.5 |
Issuance Date | Mar. 4, 2015 | |
Interest Payments | Semi-annually | |
Acquisition Date | Mar. 4, 2015 | |
Fixed Rate Notes [Member] | 3.250% Notes Due October 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 1,700 | 1,700 |
Senior Notes, Fair Market Value | $ 1,652.2 | 1,703 |
Issuance Date | Oct. 2, 2012 | |
Interest Payments | Semi-annually | |
Acquisition Date | Oct. 2, 2012 | |
Fixed Rate Notes [Member] | 2.800% Notes Due March 15, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 350 | 350 |
Senior Notes, Fair Market Value | $ 332.8 | 341.6 |
Issuance Date | Mar. 17, 2015 | |
Interest Payments | Semi-annually | |
Acquisition Date | Mar. 17, 2015 | |
Fixed Rate Notes [Member] | 3.850% Notes Due June 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 1,036.7 | 1,200 |
Senior Notes, Fair Market Value | $ 1,021 | 1,232.3 |
Issuance Date | Jun. 10, 2014 | |
Interest Payments | Semi-annually | |
Acquisition Date | Jun. 10, 2014 | |
Fixed Rate Notes [Member] | 3.800% notes due March 15, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 3,027.5 | 4,000 |
Senior Notes, Fair Market Value | $ 2,956 | 4,067.1 |
Issuance Date | Mar. 4, 2015 | |
Interest Payments | Semi-annually | |
Acquisition Date | Mar. 4, 2015 | |
Fixed Rate Notes [Member] | 4.550% notes due March 15, 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 1,789 | 2,500 |
Senior Notes, Fair Market Value | $ 1,690.7 | 2,631.9 |
Issuance Date | Mar. 4, 2015 | |
Interest Payments | Semi-annually | |
Acquisition Date | Mar. 4, 2015 | |
Fixed Rate Notes [Member] | 4.625% Notes Due October 1, 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 456.7 | 456.7 |
Senior Notes, Fair Market Value | $ 412.4 | 471.2 |
Issuance Date | Oct. 2, 2012 | |
Interest Payments | Semi-annually | |
Acquisition Date | Oct. 2, 2012 | |
Fixed Rate Notes [Member] | 4.850% Notes Due June 15, 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 1,079.4 | 1,500 |
Senior Notes, Fair Market Value | $ 1,019.1 | 1,606.2 |
Issuance Date | Jun. 10, 2014 | |
Interest Payments | Semi-annually | |
Acquisition Date | Jun. 10, 2014 | |
Fixed Rate Notes [Member] | 4.750% notes due March 15, 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 881 | 1,200 |
Senior Notes, Fair Market Value | $ 836.6 | 1,277.3 |
Issuance Date | Mar. 4, 2015 | |
Interest Payments | Semi-annually | |
Acquisition Date | Mar. 4, 2015 | |
Euro Denominated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 5,045.6 | 3,241.5 |
Senior Notes, Fair Market Value | 4,951.9 | 3,221.9 |
Euro Denominated Notes [Member] | 0.500% Notes Due June 1, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | 860 | 900.4 |
Senior Notes, Fair Market Value | $ 849.7 | 895.8 |
Issuance Date | May 26, 2017 | |
Interest Payments | Annually | |
Acquisition Date | May 26, 2017 | |
Euro Denominated Notes [Member] | 1.500% Notes Due November 15, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 573.4 | |
Senior Notes, Fair Market Value | $ 572.4 | |
Issuance Date | Nov. 15, 2018 | |
Interest Payments | Annually | |
Acquisition Date | Nov. 15, 2018 | |
Euro Denominated Notes [Member] | 1.250% Notes Due June 1, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 802.7 | 840.4 |
Senior Notes, Fair Market Value | $ 775.5 | 831.1 |
Issuance Date | May 26, 2017 | |
Interest Payments | Annually | |
Acquisition Date | May 26, 2017 | |
Euro Denominated Notes [Member] | Notes Due November 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 802.7 | |
Senior Notes, Fair Market Value | $ 791.3 | |
Issuance Date | Nov. 15, 2018 | |
Interest Payments | Quarterly | |
Acquisition Date | Nov. 15, 2018 | |
Euro Denominated Notes [Member] | 2.625% Notes Due November 15, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 573.4 | |
Senior Notes, Fair Market Value | $ 573.4 | |
Issuance Date | Nov. 15, 2018 | |
Interest Payments | Annually | |
Acquisition Date | Nov. 15, 2018 | |
Euro Denominated Notes [Member] | 2.125% Notes Due June 1, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 630.7 | 660.3 |
Senior Notes, Fair Market Value | $ 594.7 | 657.8 |
Issuance Date | May 26, 2017 | |
Interest Payments | Annually | |
Acquisition Date | May 26, 2017 | |
Euro Denominated Notes [Member] | Notes Due June 1, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes Gross | $ 802.7 | 840.4 |
Senior Notes, Fair Market Value | $ 794.9 | 837.2 |
Issuance Date | May 26, 2017 | |
Interest Payments | Quarterly | |
Acquisition Date | May 26, 2017 | |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total Other Borrowings | $ 69.3 | $ 29.7 |
Long-Term Debt and Capital Le_4
Long-Term Debt and Capital Leases - Schedule of Long-Term Debt and Capital Leases (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
2.450% Notes Due June 15, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate | 2.45% | |
3.000% notes due March 12, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate | 3.00% | |
3.450% notes due March 15, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate | 3.45% | |
3.850% Notes Due June 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate | 3.85% | |
3.800% notes due March 15, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate | 3.80% | |
4.550% notes due March 15, 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate | 4.55% | |
4.850% Notes Due June 15, 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate | 4.85% | |
4.750% notes due March 15, 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate | 4.75% | |
Floating Rate Notes [Member] | Notes Due March 12, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Mar. 12, 2018 | Mar. 12, 2018 |
Percentage of margin | 1.08% | 1.08% |
Debt instrument variable rate basis | three month USD LIBOR | three month USD LIBOR |
Interest payment terms | Interest on the 2018 floating rate note was three month USD LIBOR plus 1.080% per annum | Interest on the 2018 floating rate note was three month USD LIBOR plus 1.080% per annum |
Floating Rate Notes [Member] | Notes Due March 12, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Mar. 12, 2020 | Mar. 12, 2020 |
Percentage of margin | 1.255% | 1.255% |
Debt instrument variable rate basis | three month USD LIBOR | three month USD LIBOR |
Interest payment terms | Interest on the 2020 floating rate note is three month USD LIBOR plus 1.255% per annum | Interest on the 2020 floating rate note is three month USD LIBOR plus 1.255% per annum |
Fixed Rate Notes [Member] | 2.350% Notes Due March 12, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Mar. 12, 2018 | Mar. 12, 2018 |
Senior notes, interest rate | 2.35% | 2.35% |
Fixed Rate Notes [Member] | 1.350% Notes Due March 15, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Mar. 15, 2018 | Mar. 15, 2018 |
Senior notes, interest rate | 1.35% | 1.35% |
Fixed Rate Notes [Member] | 2.450% Notes Due June 15, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Jun. 15, 2019 | Jun. 15, 2019 |
Senior notes, interest rate | 2.45% | 2.45% |
Fixed Rate Notes [Member] | 3.000% notes due March 12, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Mar. 12, 2020 | Mar. 12, 2020 |
Senior notes, interest rate | 3.00% | 3.00% |
Fixed Rate Notes [Member] | 3.375% Notes Due September 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Sep. 15, 2020 | Sep. 15, 2020 |
Senior notes, interest rate | 3.375% | 3.375% |
Fixed Rate Notes [Member] | 4.875% Notes Due February 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Feb. 15, 2021 | Feb. 15, 2021 |
Senior notes, interest rate | 4.875% | 4.875% |
Fixed Rate Notes [Member] | 5.000% Notes Due December 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Dec. 15, 2021 | Dec. 15, 2021 |
Senior notes, interest rate | 5.00% | 5.00% |
Fixed Rate Notes [Member] | 3.450% notes due March 15, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Mar. 15, 2022 | Mar. 15, 2022 |
Senior notes, interest rate | 3.45% | 3.45% |
Fixed Rate Notes [Member] | 3.250% Notes Due October 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Oct. 1, 2022 | Oct. 1, 2022 |
Senior notes, interest rate | 3.25% | 3.25% |
Fixed Rate Notes [Member] | 2.800% Notes Due March 15, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Mar. 15, 2023 | Mar. 15, 2023 |
Senior notes, interest rate | 2.80% | 2.80% |
Fixed Rate Notes [Member] | 3.850% Notes Due June 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Jun. 15, 2024 | Jun. 15, 2024 |
Senior notes, interest rate | 3.85% | 3.85% |
Fixed Rate Notes [Member] | 3.800% notes due March 15, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Mar. 15, 2025 | Mar. 15, 2025 |
Senior notes, interest rate | 3.80% | 3.80% |
Fixed Rate Notes [Member] | 4.550% notes due March 15, 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Mar. 15, 2035 | Mar. 15, 2035 |
Senior notes, interest rate | 4.55% | 4.55% |
Fixed Rate Notes [Member] | 4.625% Notes Due October 1, 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Oct. 1, 2042 | Oct. 1, 2042 |
Senior notes, interest rate | 4.625% | 4.625% |
Fixed Rate Notes [Member] | 4.850% Notes Due June 15, 2044 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Jun. 15, 2044 | Jun. 15, 2044 |
Senior notes, interest rate | 4.85% | 4.85% |
Fixed Rate Notes [Member] | 4.750% notes due March 15, 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Mar. 15, 2045 | Mar. 15, 2045 |
Senior notes, interest rate | 4.75% | 4.75% |
Euro Denominated Notes [Member] | 2.625% Notes Due November 15, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Nov. 15, 2028 | Nov. 15, 2028 |
Senior notes, interest rate | 2.625% | 2.625% |
Euro Denominated Notes [Member] | 2.125% Notes Due June 1, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Jun. 1, 2029 | Jun. 1, 2029 |
Senior notes, interest rate | 2.125% | 2.125% |
Euro Denominated Notes [Member] | 0.500% Notes Due June 1, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Jun. 1, 2021 | Jun. 1, 2021 |
Senior notes, interest rate | 0.50% | 0.50% |
Euro Denominated Notes [Member] | 1.500% Notes Due November 15, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Nov. 15, 2023 | Nov. 15, 2023 |
Senior notes, interest rate | 1.50% | 1.50% |
Euro Denominated Notes [Member] | 1.250% Notes Due June 1, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, maturity date | Jun. 1, 2024 | Jun. 1, 2024 |
Senior notes, interest rate | 1.25% | 1.25% |
Euro Denominated Notes [Member] | Notes Due June 1, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of margin | 0.35% | 0.35% |
Debt instrument variable rate basis | three month EURIBOR | three month EURIBOR |
Interest payment terms | Interest on the 2019 floating rate notes is the three month EURIBOR plus 0.350% per annum | Interest on the 2019 floating rate notes is the three month EURIBOR plus 0.350% per annum |
Euro Denominated Notes [Member] | Notes Due November 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of margin | 0.35% | 0.35% |
Debt instrument variable rate basis | three month EURIBOR | three month EURIBOR |
Interest payment terms | Interest on the 2020 floating rate notes is the three month EURIBOR plus 0.350% per annum | Interest on the 2020 floating rate notes is the three month EURIBOR plus 0.350% per annum |
Long-Term Debt and Capital Le_5
Long-Term Debt and Capital Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Debt instrument, repurchase amount | $ 3,893.5 | |
Income/ expenses net | 15.6 | |
Repurchase discount received | 45.6 | |
Write off premium and debt fees | 30 | |
Senior notes | 23,812.9 | $ 29,705.4 |
Repayment of senior notes | 3,750 | 2,700 |
Amount repaid | 66 | |
Total Other Borrowings | (22.8) | 367.2 |
Tender Offer [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, repurchase amount | 3,013.8 | |
Income/ expenses net | 161.6 | |
Repurchase discount received | 170.5 | |
Write off premium and debt fees | 8.9 | |
Early Tender Payment [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, repurchase amount | 785.1 | |
Income/ expenses net | 27.6 | |
Repurchase discount received | 35.1 | |
Write off premium and debt fees | 7.5 | |
Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,700 | 2,700 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, repurchase amount | 3,939.1 | |
Senior Notes [Member] | Tender Offer [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, repurchase amount | 2,843.3 | |
Senior Notes [Member] | Early Tender Payment [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes, repurchase amount | 750 | |
Margin Loan [Member] | ||
Debt Instrument [Line Items] | ||
Amount repaid | 459 | |
Total Other Borrowings | 459 | |
Margin Loan and Subsequently Repaid [Member] | ||
Debt Instrument [Line Items] | ||
Total Other Borrowings | $ 525 | |
Revolver Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, borrowing amount | 700 | |
Revolving credit facility, repayment amount | $ 700 |
Long-Term Debt and Capital Le_6
Long-Term Debt and Capital Leases - Revolving Credit Facility - Additional Information (Detail) - Revolver Agreement [Member] - USD ($) $ in Millions | Jun. 14, 2017 | Dec. 31, 2018 |
Line Of Credit Facility [Line Items] | ||
Revolving credit facility, term | 5 years | |
Maximum borrowing capacity | $ 1,500 | |
Ability to increase the revolving credit facility | 500 | |
Borrowing capacity | $ 2,000 | |
Customary affirmative covenants | The Revolver Agreement contains customary affirmative covenants for facilities of this type, including, among others, covenants pertaining to the delivery of financial statements, notices of default, maintenance of corporate existence and compliance with laws, as well as customary negative covenants for facilities of this type, including, among others, limitations on secured indebtedness, non-guarantor subsidiary indebtedness, mergers and certain other fundamental changes and passive holding company status. The Revolver Agreement also contains a financial covenant requiring maintenance of a maximum consolidated leverage ratio. | |
Borrowings outstanding | $ 32 | |
Letters of credit outstanding | $ 32 | |
Minimum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Credit facility unused portion commitment fee percentage | 0.07% | |
Minimum [Member] | Base Rate [Member] | ||
Line Of Credit Facility [Line Items] | ||
Percentage of margin | 0.00% | |
Minimum [Member] | Eurodollar [Member] | ||
Line Of Credit Facility [Line Items] | ||
Percentage of margin | 0.875% | |
Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Credit facility unused portion commitment fee percentage | 0.25% | |
Maximum [Member] | Base Rate [Member] | ||
Line Of Credit Facility [Line Items] | ||
Percentage of margin | 1.00% | |
Maximum [Member] | Eurodollar [Member] | ||
Line Of Credit Facility [Line Items] | ||
Percentage of margin | 2.00% |
Long-Term Debt and Capital Le_7
Long-Term Debt and Capital Leases - Schedule of Annual Debt Maturities of Senior Notes Gross (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 802.7 |
2,020 | 4,659.4 |
2,021 | 2,510 |
2,022 | 4,640.5 |
2,023 | 923.4 |
2024 and after | 10,277.1 |
Total senior notes gross | $ 23,813.1 |
Long-Term Debt and Capital Le_8
Long-Term Debt and Capital Leases - 2009 Notes Issuance and Lease Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Rental Expense [Member] | |||
Debt Instrument [Line Items] | |||
Rent expenses for operating leases | $ 63.2 | $ 72 | $ 47.7 |
Fleet Rental Expense [Member] | |||
Debt Instrument [Line Items] | |||
Rent expenses for operating leases | $ 41.1 | $ 40.5 | $ 39.7 |
Long-Term Debt and Capital Le_9
Long-Term Debt and Capital Leases - Schedule of Future Minimum Property Lease Rental Payments under Capital and Operating Leases (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 62.5 |
2,020 | 52.5 |
2,021 | 47.9 |
2,022 | 43.3 |
2,023 | 39 |
Thereafter | 173.8 |
Total minimum lease payments | $ 419 |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Summary of Other Long-Term Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Acquisition related contingent consideration liabilities | $ 336.3 | $ 420.7 |
Long-term pension and post retirement liability | 166.5 | 162.7 |
Legacy Allergan deferred executive compensation | 90.8 | 113.8 |
Accrued R&D milestone | 75 | |
Long-term contractual obligations | 43.2 | 45.2 |
Deferred revenue | 36.1 | 37.9 |
Product warranties | 27.9 | 28.7 |
Long-term severance and restructuring liabilities | 14.2 | 53.1 |
Other long-term liabilities | 92 | 24.8 |
Total other long-term liabilities | $ 882 | $ 886.9 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax [Line Items] | |||
Income tax benefit adjustments due to enacted tax laws | $ 14.3 | ||
Decreased in net deferred tax liabilities | 1,595.2 | ||
Valuation allowance | 1,637.9 | $ 403.8 | |
Tax credits | 377.6 | 363.3 | |
Net operating income (losses) | (6,247.6) | (5,921.2) | $ (1,825.5) |
Other deferred tax assets | 82.4 | 21.5 | |
Undistributed Earnings of Foreign Subsidiaries | 11,000 | ||
Deferred tax liabilities repatriation amount | 53.6 | ||
Unrecognized amount that would favorably affect Company's effective tax rate | 998 | ||
Interest and penalties related to uncertain tax positions recognized in tax expense | 42.3 | 45.8 | 2 |
Interest and penalties related to tax positions accrued | 155.2 | 113.7 | 65.3 |
Tax benefit on penalties and interest accrued | 35 | $ 25.9 | $ 35.4 |
Reasonably possible change in unrecognized tax benefits | 90 | ||
Valuation Allowance on Non U.S. Capital Loss Carryforwards [Member] | |||
Income Tax [Line Items] | |||
Tax benefit amount related to valuation allowance | (254) | ||
Tax Valuation Allowance [Member] | |||
Income Tax [Line Items] | |||
Tax credits | 6.1 | ||
Net operating income (losses) | (1,596.3) | ||
Capital loss carryforwards | 35.2 | ||
Other deferred tax assets | (0.3) | ||
U.S. [Member] | |||
Income Tax [Line Items] | |||
Tax net operating losses, expire in 2019 | 914.5 | ||
Tax credits, expire in 2019 | 294.4 | ||
Net operating loss carryforwards | 317.2 | ||
Tax credit carryforwards | 213 | ||
U.S. State [Member] | |||
Income Tax [Line Items] | |||
Tax net operating losses, expire in 2019 | 480 | ||
Non-U.S. [Member] | |||
Income Tax [Line Items] | |||
Tax net operating losses, expire in 2019 | 4,797.6 | ||
Tax net operating losses, not subject to expiration | 4,826.6 | ||
Non-U.S. [Member] | Valuation Allowance on Non U.S. Capital Loss Carryforwards [Member] | |||
Income Tax [Line Items] | |||
Tax benefit amount related to valuation allowance | $ 1,234.1 |
Income Taxes - Schedule of Loss
Income Taxes - Schedule of Losses Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Irish | $ (4,285.8) | $ (1,139) | $ (1,329.2) |
Non-Irish | (2,571.1) | (9,247.4) | (1,502.8) |
Income / (loss) before income taxes and noncontrolling interest | $ (6,856.9) | $ (10,386.4) | $ (2,832) |
Income Taxes - Schedule of (Ben
Income Taxes - Schedule of (Benefit)/Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current (benefit) / provision: | |||
Current (benefit) / provision, U.S. federal | $ (1,024.5) | $ 763.1 | $ (17.5) |
Current (benefit) / provision, U.S. state | 34.2 | (54.8) | |
Current (benefit) / provision, Non-U.S. | 481.6 | 410 | 166.2 |
Total current (benefit) / provision | (508.7) | 1,118.3 | 148.7 |
Deferred (benefit) / provision: | |||
Deferred (benefit) / provision, U.S. federal | (569.9) | (6,911.9) | (1,218.5) |
Deferred (benefit) / provision, U.S. state | (80.6) | (252.3) | (132.1) |
Deferred (benefit) / provision, Non-U.S. | (611.5) | (624.5) | (695.1) |
Total deferred (benefit) / provision | (1,262) | (7,788.7) | (2,045.7) |
Total (benefit) / provision for income taxes | $ (1,770.7) | $ (6,670.4) | $ (1,897) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliations between Statutory Income Tax Rate and Company's Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Irish [Member] | |||
Real Estate Acquired Through Foreclosure Under Forward Purchase Agreements [Line Items] | |||
Statutory rate | (12.50%) | (12.50%) | (12.50%) |
Earnings subject to U.S. taxes | (1.80%) | (17.40%) | (37.50%) |
Earnings subject to rates different than the statutory rate | (3.40%) | 2.10% | (18.30%) |
Impact of U.S. tax reform enactment | (0.20%) | (27.20%) | 0.00% |
Tax reserves and audit outcomes | 2.60% | 0.40% | (0.70%) |
Non-deductible expenses | 7.40% | 0.20% | 3.10% |
Impact of acquisitions and reorganizations | (15.30%) | (9.30%) | 3.10% |
Tax credits and U.S. special deductions | (0.90%) | (1.50%) | (3.10%) |
Rate changes | 2.20% | (1.20%) | (7.40%) |
Valuation allowances | (3.70%) | 2.20% | 6.50% |
Other | (0.20%) | 0.00% | (0.20%) |
Effective income tax rate | (25.80%) | (64.20%) | (67.00%) |
Bermuda [Member] | Warner Chilcott Limited [Member] | |||
Real Estate Acquired Through Foreclosure Under Forward Purchase Agreements [Line Items] | |||
Statutory rate | (0.00%) | (0.00%) | (0.00%) |
Earnings subject to U.S. taxes | (10.20%) | (27.40%) | (58.40%) |
Earnings subject to rates different than the statutory rate | (8.40%) | (0.90%) | (11.90%) |
Impact of U.S. tax reform enactment | (0.20%) | (27.70%) | 0.00% |
Tax reserves and audit outcomes | 2.60% | 0.50% | (0.70%) |
Non-deductible expenses | 7.70% | 0.20% | 3.20% |
Impact of acquisitions and reorganizations | (16.00%) | (9.50%) | 3.20% |
Tax credits and U.S. special deductions | (1.00%) | (1.50%) | (3.20%) |
Rate changes | 2.30% | (1.30%) | (7.60%) |
Valuation allowances | (3.90%) | 2.30% | 6.70% |
Other | (0.10%) | (0.20%) | (0.10%) |
Effective income tax rate | (27.20%) | (65.50%) | (68.80%) |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliations between Statutory Income Tax Rate and Company's Effective Income Tax Rate (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate Acquired Through Foreclosure Under Forward Purchase Agreements [Line Items] | |||
Amortization expense | $ 6,552.3 | $ 7,197.1 | $ 6,470.4 |
Impairment charges | 3,000 | 8,700 | |
Impact on effective tax rate | 277.5 | 1,262.2 | |
TCJA change in tax rate income tax expense benefit | $ 2,800 | ||
Goodwill impairment including asset held for sale | 3,500 | ||
Tax detriment | 432.9 | ||
Income tax benefit related to basis differences in investments | 1,047.8 | ||
Change in tax rate amount recorded as detriment | 148 | ||
Valuation Allowance on Non U.S. Capital Loss Carryforwards [Member] | |||
Real Estate Acquired Through Foreclosure Under Forward Purchase Agreements [Line Items] | |||
Tax benefit amount related to valuation allowance | $ (254) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components Company's Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Benefits from net operating and capital loss carryforwards | $ 2,145.8 | $ 651.9 |
Benefits from tax credit and other carryforwards | 377.6 | 363.3 |
Differences in financial statement and tax accounting for: | ||
Inventories, receivables and accruals | 231.8 | 278.4 |
Basis differences in investments | 56.1 | 1,088.7 |
Share-based and other compensation | 295.5 | 315.4 |
Other | 82.4 | 21.5 |
Total deferred tax asset, gross | 3,189.2 | 2,719.2 |
Less: Valuation allowance | (1,637.9) | (403.8) |
Total deferred tax asset, net | 1,551.3 | 2,315.4 |
Differences in financial statement and tax accounting for: | ||
Property, equipment and intangible assets | (5,487.4) | (7,604.8) |
Basis differences in investments | (499.9) | (731.4) |
Other | (2.1) | (12.5) |
Total deferred tax liabilities | (5,989.4) | (8,348.7) |
Total deferred taxes | $ (4,438.1) | $ (6,033.3) |
Income Taxes - Schedule of Re_3
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance at the beginning of the year | $ 850.3 | $ 811.2 | $ 781.7 |
Increases for current year tax positions | 164.3 | 10.1 | 100.7 |
Increases for prior year tax positions | 193.4 | 69.2 | 40.5 |
Increases due to acquisitions | 0 | 19.8 | 0 |
Decreases for prior year tax positions | (5) | (38.7) | (77.9) |
Settlements | (5.4) | (21.7) | (30.8) |
Lapse of applicable statute of limitations | (5.9) | (2.9) | (2.9) |
Foreign exchange | (4.9) | (0.1) | |
Foreign exchange | 3.3 | ||
Balance at the end of the year | $ 1,186.8 | $ 850.3 | $ 811.2 |
Income Taxes - Summary of Acqui
Income Taxes - Summary of Acquired U.S. Entities and Taxable Years that are Currently under Audit by IRS (Detail) - U.S. Federal Income Tax Authority [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Allergan W.C. Holding Inc. [Member] | |
Income Tax Examination [Line Items] | |
Tax Years | 2013 2014 2015 2016 |
Warner Chilcott Corporation [Member] | |
Income Tax Examination [Line Items] | |
Tax Years | 2010 2011 2012 2013 |
Forest Laboratories, Inc. [Member] | |
Income Tax Examination [Line Items] | |
Tax Years | 2010 2011 2012 2013 2014 |
Allergan, Inc. [Member] | |
Income Tax Examination [Line Items] | |
Tax Years | 2009 2010 2011 2012 2013 2014 |
Taxable Years, date | Mar. 17, 2015 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | Mar. 01, 2018 | Feb. 28, 2015 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 29, 2019 | Jan. 25, 2019 | Jul. 26, 2018 | Sep. 30, 2017 |
Shareholders Equity [Line Items] | ||||||||||
Share repurchase program, Approved amount | $ 5,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | |||||||
Number of shares repurchased under program | 7,200,000 | |||||||||
Shares repurchased amount under program | $ 1,200,000,000 | |||||||||
Accelerated share repurchase agreement additional purchase amount | $ 10,000,000,000 | |||||||||
Share repurchased during period | 4,200,000 | 61,600,000 | ||||||||
Quarterly cash dividends paid | $ 0.72 | $ 0.70 | ||||||||
Dividends on ordinary shares | $ 980,200,000 | $ 939,800,000 | ||||||||
Preferred shares, shares issued | 0 | 5,100,000 | ||||||||
Preferred shares, par value | $ 0.0001 | $ 0.0001 | ||||||||
Dividends on preferred shares | $ 69,600,000 | $ 278,400,000 | $ 278,400,000 | |||||||
Convertible Preferred Share, conversion date | Mar. 1, 2018 | |||||||||
Convertible Preferred Stock, shares issued upon each share conversion | 3.53 | |||||||||
Unrealized gain (loss) net of tax included in pension and other post retirement plans | $ 36,900,000 | 75,000,000 | ||||||||
Impact of recent accounting pronouncements | $ 63,000,000 | |||||||||
Accounting Standards Update No. 2016-01 [Member] | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Impact of recent accounting pronouncements | $ 63,000,000 | |||||||||
Ordinary Shares [Member] | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Share repurchased during period | 200,000 | 100,000 | 300,000 | |||||||
Convertible Preferred Stock, shares issued upon conversion | 17,876,930 | |||||||||
Mandatory Convertible Preferred Shares [Member] | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Preferred shares, shares issued | 5,060,000 | |||||||||
Preferred shares, dividend rate percentage | 5.50% | |||||||||
Preferred shares, par value | $ 0.0001 | |||||||||
Preferred shares, liquidation preference per share | $ 1,000 | |||||||||
Mandatory Convertible Preferred Shares [Member] | Allergan, Inc. [Member] | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Proceeds from the issuance of Mandatory Convertible Preferred Shares | $ 4,929,700,000 | |||||||||
Subsequent Event [Member] | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Share repurchase program, Approved amount | $ 2,000,000,000 | |||||||||
Quarterly cash dividends approved | $ 0.74 | |||||||||
September 25, 2017 Share Repurchase Program [Member] | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Number of shares repurchased under program | 9,600,000 | 2,600,000 | ||||||||
Shares repurchased amount under program | $ 1,540,000,000 | $ 450,000,000 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Movements in Accumulated Other Comprehensive (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | $ 73,837.1 | $ 76,200.5 | $ 76,589.3 |
Total other comprehensive (loss) / income, net of tax | (512.5) | 2,959.1 | (544.3) |
Balance | 65,131 | 73,837.1 | 76,200.5 |
Foreign Currency Translation Items [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 1,782.7 | 534.7 | |
Other comprehensive gain / (loss) before reclassifications into general and administrative | (474.4) | 1,248 | |
Total other comprehensive (loss) / income, net of tax | (474.4) | 1,248 | |
Balance | 1,308.3 | 1,782.7 | 534.7 |
Ending balance | 1,782.7 | ||
Unrealized Gains/(Loss) Net of Tax [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 138 | (1,573.1) | |
Other comprehensive gain / (loss) before reclassifications into general and administrative | (38.1) | 111.7 | |
Total other comprehensive (loss) / income, net of tax | (38.1) | 1,711.1 | |
Balance | 36.9 | 138 | (1,573.1) |
Amounts reclassed, net of tax, upon adoption of ASU 2016-01 | (63) | ||
Ending balance | 75 | ||
Unrealized Gains/(Loss) Net of Tax [Member] | Teva [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Net impact of other-than-temporary loss on investment in Teva securities | 1,599.4 | ||
Accumulated Other Comprehensive Income / (Loss) [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 1,920.7 | (1,038.4) | (494.1) |
Other comprehensive gain / (loss) before reclassifications into general and administrative | (512.5) | 1,359.7 | |
Total other comprehensive (loss) / income, net of tax | (512.5) | 2,959.1 | |
Balance | $ 1,345.2 | 1,920.7 | $ (1,038.4) |
Amounts reclassed, net of tax, upon adoption of ASU 2016-01 | (63) | ||
Ending balance | 1,857.7 | ||
Accumulated Other Comprehensive Income / (Loss) [Member] | Teva [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Net impact of other-than-temporary loss on investment in Teva securities | $ 1,599.4 |
Segments - Additional Informati
Segments - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | 3 | ||
Product Concentration Risk [Member] | Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Segments - Schedule of Net Reve
Segments - Schedule of Net Revenues, Operating Expenses Contribution Information by Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 4,079.7 | $ 3,911.4 | $ 4,124.2 | $ 3,672.1 | $ 4,326.1 | $ 4,034.3 | $ 4,007.4 | $ 3,572.9 | $ 15,787.4 | $ 15,940.7 | $ 14,570.6 |
Operating expenses: | |||||||||||
Cost of sales | 2,191.4 | 2,168 | 1,860.8 | ||||||||
Selling and marketing | 3,250.6 | 3,514.8 | 3,266.4 | ||||||||
General and administrative | 1,271.2 | 1,501.9 | 1,473.9 | ||||||||
Research and development | 2,266.2 | 2,100.1 | 2,575.7 | ||||||||
Amortization | 6,552.3 | 7,197.1 | 6,470.4 | ||||||||
Goodwill impairments | 2,841.1 | ||||||||||
In-process research and development impairments | 804.6 | 1,452.3 | 743.9 | ||||||||
Asset sales and impairments, net | 2,857.6 | 3,927.7 | 5 | ||||||||
Operating (loss) | $ (6,247.6) | $ (5,921.2) | $ (1,825.5) | ||||||||
Operating margin | (39.70%) | (37.20%) | (12.50%) | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 15,747.9 | $ 15,919.3 | $ 14,616.9 | ||||||||
Operating expenses: | |||||||||||
Cost of sales | 1,901.4 | 1,818 | 1,588.9 | ||||||||
Selling and marketing | 3,201.6 | 3,367.4 | 3,110.9 | ||||||||
General and administrative | 503.4 | 506.1 | 466.3 | ||||||||
Segment contribution | $ 10,141.5 | $ 10,227.8 | $ 9,450.8 | ||||||||
Contribution margin | 64.40% | 64.20% | 64.70% | ||||||||
Corporate Non Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 39.5 | $ 21.4 | $ (46.3) | ||||||||
Operating expenses: | |||||||||||
Corporate | 1,067.3 | 1,471.8 | 1,481.3 | ||||||||
US Specialized Therapeutics [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 6,920.3 | 6,803.6 | 5,811.7 | ||||||||
Operating expenses: | |||||||||||
Cost of sales | 565.2 | 495.4 | 290.9 | ||||||||
Selling and marketing | 1,348.3 | 1,369.5 | 1,137 | ||||||||
General and administrative | 205.3 | 208.2 | 174.2 | ||||||||
Segment contribution | $ 4,801.5 | $ 4,730.5 | $ 4,209.6 | ||||||||
Contribution margin | 69.40% | 69.50% | 72.40% | ||||||||
International [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 3,504.7 | $ 3,319.5 | $ 2,881.3 | ||||||||
Operating expenses: | |||||||||||
Cost of sales | 537.1 | 478.7 | 418.2 | ||||||||
Selling and marketing | 928.7 | 913.8 | 788.2 | ||||||||
General and administrative | 141.7 | 120.6 | 117.2 | ||||||||
Segment contribution | $ 1,897.2 | $ 1,806.4 | $ 1,557.7 | ||||||||
Contribution margin | 54.10% | 54.40% | 54.10% | ||||||||
US General Medicine [Member] | |||||||||||
Operating expenses: | |||||||||||
Goodwill impairments | $ 2,841.1 | ||||||||||
US General Medicine [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 5,322.9 | $ 5,796.2 | $ 5,923.9 | ||||||||
Operating expenses: | |||||||||||
Cost of sales | 799.1 | 843.9 | 879.8 | ||||||||
Selling and marketing | 924.6 | 1,084.1 | 1,185.7 | ||||||||
General and administrative | 156.4 | 177.3 | 174.9 | ||||||||
Segment contribution | $ 3,442.8 | $ 3,690.9 | $ 3,683.5 | ||||||||
Contribution margin | 64.70% | 63.70% | 62.20% |
Segments - Schedule of Net Re_2
Segments - Schedule of Net Revenues, Operating Expenses Contribution Information by Reportable Segment (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 4,079.7 | $ 3,911.4 | $ 4,124.2 | $ 3,672.1 | $ 4,326.1 | $ 4,034.3 | $ 4,007.4 | $ 3,572.9 | $ 15,787.4 | $ 15,940.7 | $ 14,570.6 |
Corporate Non Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ 39.5 | $ 21.4 | (46.3) | ||||||||
Corporate Non Segment [Member] | Discontinued Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | $ (80) |
Segments - Schedule of Net Re_3
Segments - Schedule of Net Revenue Disaggregated by Geography for International Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Revenues | $ 4,079.7 | $ 3,911.4 | $ 4,124.2 | $ 3,672.1 | $ 4,326.1 | $ 4,034.3 | $ 4,007.4 | $ 3,572.9 | $ 15,787.4 | $ 15,940.7 | $ 14,570.6 |
Operating Segments [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Revenues | 15,747.9 | 15,919.3 | 14,616.9 | ||||||||
Operating Segments [Member] | International [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Revenues | 3,504.7 | 3,319.5 | 2,881.3 | ||||||||
Operating Segments [Member] | International [Member] | Europe [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Revenues | 1,482.6 | 1,439.2 | 1,322.8 | ||||||||
Operating Segments [Member] | International [Member] | Asia Pacific, Middle East and Africa [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Revenues | 1,089.9 | 929.9 | 776.1 | ||||||||
Operating Segments [Member] | International [Member] | Latin America and Canada [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Revenues | 862.4 | 863.3 | 722.3 | ||||||||
Operating Segments [Member] | International [Member] | Other [Member] | |||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||
Net Revenues | $ 69.8 | $ 87.1 | $ 60.1 |
Segments - Schedule of Global N
Segments - Schedule of Global Net Revenues for Top Products and Reconciliation of Segment Revenues to Total Net Revenues by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | $ 4,079.7 | $ 3,911.4 | $ 4,124.2 | $ 3,672.1 | $ 4,326.1 | $ 4,034.3 | $ 4,007.4 | $ 3,572.9 | $ 15,787.4 | $ 15,940.7 | $ 14,570.6 |
Operating Segments [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 15,747.9 | 15,919.3 | 14,616.9 | ||||||||
Operating Segments [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 6,920.3 | 6,803.6 | 5,811.7 | ||||||||
Operating Segments [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 5,322.9 | 5,796.2 | 5,923.9 | ||||||||
Operating Segments [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 3,504.7 | 3,319.5 | 2,881.3 | ||||||||
Operating Segments [Member] | Botox [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 3,577.4 | 3,168.9 | 2,786.2 | ||||||||
Operating Segments [Member] | Botox [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 2,545.8 | 2,254.4 | 1,983.2 | ||||||||
Operating Segments [Member] | Botox [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 1,031.6 | 914.5 | 803 | ||||||||
Operating Segments [Member] | Restasis [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 1,261.5 | 1,473.6 | 1,487.5 | ||||||||
Operating Segments [Member] | Restasis [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 1,197 | 1,412.3 | 1,419.5 | ||||||||
Operating Segments [Member] | Restasis [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 64.5 | 61.3 | 68 | ||||||||
Operating Segments [Member] | Juvederm Collection [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 1,163 | 1,041.8 | 867.3 | ||||||||
Operating Segments [Member] | Juvederm Collection [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 548.2 | 501.1 | 446.9 | ||||||||
Operating Segments [Member] | Juvederm Collection [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 614.8 | 540.7 | 420.4 | ||||||||
Operating Segments [Member] | Linzess/Constella [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 785.2 | 723 | 642.9 | ||||||||
Operating Segments [Member] | Linzess/Constella [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 761.1 | 701.1 | 625.6 | ||||||||
Operating Segments [Member] | Linzess/Constella [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 24.1 | 21.9 | 17.3 | ||||||||
Operating Segments [Member] | Lumigan/Ganfort [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 684.4 | 689 | 688.1 | ||||||||
Operating Segments [Member] | Lumigan/Ganfort [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 291.8 | 317.5 | 326.4 | ||||||||
Operating Segments [Member] | Lumigan/Ganfort [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 392.6 | 371.5 | 361.7 | ||||||||
Operating Segments [Member] | Bystolic/Byvalson [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 585.8 | 614.4 | 640.5 | ||||||||
Operating Segments [Member] | Bystolic/Byvalson [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 583.8 | 612.2 | 638.8 | ||||||||
Operating Segments [Member] | Bystolic/Byvalson [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 2 | 2.2 | 1.7 | ||||||||
Operating Segments [Member] | Alphagan/Combigan [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 551.4 | 552.4 | 545.9 | ||||||||
Operating Segments [Member] | Alphagan/Combigan [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 375.4 | 377.3 | 376.6 | ||||||||
Operating Segments [Member] | Alphagan/Combigan [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 176 | 175.1 | 169.3 | ||||||||
Operating Segments [Member] | Lo Loestrin [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 527.7 | 459.3 | 403.5 | ||||||||
Operating Segments [Member] | Lo Loestrin [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 527.7 | 459.3 | 403.5 | ||||||||
Operating Segments [Member] | Vraylar [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 487.1 | 287.8 | 94.3 | ||||||||
Operating Segments [Member] | Vraylar [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 487.1 | 287.8 | 94.3 | ||||||||
Operating Segments [Member] | Eye Drops [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 482.4 | 480.5 | 462.7 | ||||||||
Operating Segments [Member] | Eye Drops [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 202.7 | 199.5 | 186.5 | ||||||||
Operating Segments [Member] | Eye Drops [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 279.7 | 281 | 276.2 | ||||||||
Operating Segments [Member] | Alloderm [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 415.3 | 328.7 | |||||||||
Operating Segments [Member] | Alloderm [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 407.3 | 321.2 | |||||||||
Operating Segments [Member] | Alloderm [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 8 | 7.5 | |||||||||
Operating Segments [Member] | Breast Implants [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 393.1 | 399.5 | 355.9 | ||||||||
Operating Segments [Member] | Breast Implants [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 263 | 242.6 | 206 | ||||||||
Operating Segments [Member] | Breast Implants [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 130.1 | 156.9 | 149.9 | ||||||||
Operating Segments [Member] | Viibryd/Fetzima [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 349.6 | 336.3 | 342.3 | ||||||||
Operating Segments [Member] | Viibryd/Fetzima [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 342.4 | 333.2 | 342.3 | ||||||||
Operating Segments [Member] | Viibryd/Fetzima [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 7.2 | 3.1 | |||||||||
Operating Segments [Member] | Coolsculpting Consumables [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 299.5 | 191.7 | |||||||||
Operating Segments [Member] | Coolsculpting Consumables [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 235.3 | 150.1 | |||||||||
Operating Segments [Member] | Coolsculpting Consumables [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 64.2 | 41.6 | |||||||||
Operating Segments [Member] | Ozurdex [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 298.7 | 311.8 | 263.4 | ||||||||
Operating Segments [Member] | Ozurdex [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 111 | 98.4 | 84.4 | ||||||||
Operating Segments [Member] | Ozurdex [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 187.7 | 213.4 | 179 | ||||||||
Operating Segments [Member] | Zenpep [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 237.7 | 212.3 | 200.7 | ||||||||
Operating Segments [Member] | Zenpep [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 237.3 | 212.3 | 200.7 | ||||||||
Operating Segments [Member] | Zenpep [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 0.4 | ||||||||||
Operating Segments [Member] | Carafate/Sulcrate [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 220.6 | 238.7 | 231.4 | ||||||||
Operating Segments [Member] | Carafate/Sulcrate [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 217.8 | 235.8 | 229 | ||||||||
Operating Segments [Member] | Carafate/Sulcrate [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 2.8 | 2.9 | 2.4 | ||||||||
Operating Segments [Member] | Armour Thyroid [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 198.8 | 169.1 | 166.5 | ||||||||
Operating Segments [Member] | Armour Thyroid [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 198.8 | 169.1 | 166.5 | ||||||||
Operating Segments [Member] | Canasa/Salofalk [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 186.8 | 181 | 196.4 | ||||||||
Operating Segments [Member] | Canasa/Salofalk [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 169.2 | 162.7 | 178.7 | ||||||||
Operating Segments [Member] | Canasa/Salofalk [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 17.6 | 18.3 | 17.7 | ||||||||
Operating Segments [Member] | Viberzi [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 177.8 | 157.1 | 93.3 | ||||||||
Operating Segments [Member] | Viberzi [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 176.5 | 156.6 | 93.3 | ||||||||
Operating Segments [Member] | Viberzi [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 1.3 | 0.5 | |||||||||
Operating Segments [Member] | Asacol/Delzicol [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 176.5 | 245.7 | 414.5 | ||||||||
Operating Segments [Member] | Asacol/Delzicol [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 130.8 | 195.5 | 360.8 | ||||||||
Operating Segments [Member] | Asacol/Delzicol [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 45.7 | 50.2 | 53.7 | ||||||||
Operating Segments [Member] | Coolsculpting Systems & Add On Applicators [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 169.6 | 138.7 | |||||||||
Operating Segments [Member] | Coolsculpting Systems & Add On Applicators [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 126.3 | 106.6 | |||||||||
Operating Segments [Member] | Coolsculpting Systems & Add On Applicators [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 43.3 | 32.1 | |||||||||
Operating Segments [Member] | Skin Care [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 154 | 165.2 | 194.7 | ||||||||
Operating Segments [Member] | Skin Care [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 138.8 | 153.2 | 186.2 | ||||||||
Operating Segments [Member] | Skin Care [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 15.2 | 12 | 8.5 | ||||||||
Operating Segments [Member] | Saphris [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 139.7 | 155.2 | 166.8 | ||||||||
Operating Segments [Member] | Saphris [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 139.7 | 155.2 | 166.8 | ||||||||
Operating Segments [Member] | Teflaro [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 128.3 | 121.9 | 133.6 | ||||||||
Operating Segments [Member] | Teflaro [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 128 | 121.9 | 133.6 | ||||||||
Operating Segments [Member] | Teflaro [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 0.3 | ||||||||||
Operating Segments [Member] | Namzaric [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 115.8 | 130.8 | 57.5 | ||||||||
Operating Segments [Member] | Namzaric [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 115.8 | 130.8 | 57.5 | ||||||||
Operating Segments [Member] | Avycaz [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 94.6 | 61.2 | 36.1 | ||||||||
Operating Segments [Member] | Avycaz [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 94.6 | 61.2 | 36.1 | ||||||||
Operating Segments [Member] | Rapaflo [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 88.3 | 115.4 | 122.4 | ||||||||
Operating Segments [Member] | Rapaflo [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 81.9 | 108.1 | 116.6 | ||||||||
Operating Segments [Member] | Rapaflo [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 6.4 | 7.3 | 5.8 | ||||||||
Operating Segments [Member] | Savella [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 85 | 98.2 | 103.2 | ||||||||
Operating Segments [Member] | Savella [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 85 | 98.2 | 103.2 | ||||||||
Operating Segments [Member] | Namenda [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 71 | 452.9 | 642.7 | ||||||||
Operating Segments [Member] | Namenda [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 71 | 452.9 | 642.7 | ||||||||
Operating Segments [Member] | Dalvance [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 58.4 | 56.3 | 39.3 | ||||||||
Operating Segments [Member] | Dalvance [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 56.1 | 53.9 | 39.3 | ||||||||
Operating Segments [Member] | Dalvance [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 2.3 | 2.4 | |||||||||
Operating Segments [Member] | Aczone [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 55.5 | 166.8 | 217.3 | ||||||||
Operating Segments [Member] | Aczone [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 55.1 | 166.3 | 217.3 | ||||||||
Operating Segments [Member] | Aczone [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 0.4 | 0.5 | |||||||||
Operating Segments [Member] | Liletta [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 50.9 | 37.6 | 23.3 | ||||||||
Operating Segments [Member] | Liletta [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 50.9 | 37.6 | 23.3 | ||||||||
Operating Segments [Member] | Estrace Cream [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 49 | 366.6 | 379.4 | ||||||||
Operating Segments [Member] | Estrace Cream [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 49 | 366.6 | 379.4 | ||||||||
Operating Segments [Member] | Kybella/Belkyra [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 38.1 | 56.3 | 52.5 | ||||||||
Operating Segments [Member] | Kybella/Belkyra [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 31.8 | 49.5 | 50.2 | ||||||||
Operating Segments [Member] | Kybella/Belkyra [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 6.3 | 6.8 | 2.3 | ||||||||
Operating Segments [Member] | Tazorac [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 26.1 | 66.1 | 96.3 | ||||||||
Operating Segments [Member] | Tazorac [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 25.4 | 65.4 | 95.5 | ||||||||
Operating Segments [Member] | Tazorac [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 0.7 | 0.7 | 0.8 | ||||||||
Operating Segments [Member] | Minastrin 24 [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 9.5 | 61.4 | 327.3 | ||||||||
Operating Segments [Member] | Minastrin 24 [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 9.5 | 61.4 | 325.9 | ||||||||
Operating Segments [Member] | Minastrin 24 [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 1.4 | ||||||||||
Operating Segments [Member] | Other [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 1,353.8 | 1,406.1 | 1,141.2 | ||||||||
Operating Segments [Member] | Other [Member] | US Specialized Therapeutics [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 283.5 | 280.1 | 116.4 | ||||||||
Operating Segments [Member] | Other [Member] | US General Medicine [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 690.8 | 730.9 | 682.6 | ||||||||
Operating Segments [Member] | Other [Member] | International [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | 379.5 | 395.1 | 342.2 | ||||||||
Corporate Non Segment [Member] | |||||||||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||||||||
Net revenues | $ 39.5 | $ 21.4 | $ (46.3) |
Business Restructuring Charge_2
Business Restructuring Charges - Schedule of Activity Related to Business Restructuring and Facility Rationalization Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost And Reserve [Line Items] | |||
Reserve beginning balance | $ 185.9 | $ 108.2 | |
Charged to expense | 52 | 272.6 | $ 106.1 |
Cash payments | (143.9) | (178) | |
Non-cash adjustments | (8.2) | ||
Reserve ending balance | 85.8 | 185.9 | 108.2 |
Other reserve impact | (16.9) | ||
Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | 7.3 | 50.4 | |
Research and Development Expense [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | 1 | 37.1 | |
Selling and Marketing Expense [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | 35.3 | 92.5 | |
General and Administrative Expense [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | 8.4 | 92.6 | |
Severance and Retention [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Reserve beginning balance | 166 | 68.5 | |
Charged to expense | 43.8 | 217.5 | |
Cash payments | (138.4) | (110.4) | |
Reserve ending balance | 71.4 | 166 | 68.5 |
Other reserve impact | (9.6) | ||
Severance and Retention [Member] | Cost of Sales [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | 7.3 | 50.4 | |
Severance and Retention [Member] | Research and Development Expense [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | 1 | 37.1 | |
Severance and Retention [Member] | Selling and Marketing Expense [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | 31.2 | 92.5 | |
Severance and Retention [Member] | General and Administrative Expense [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | 4.3 | 37.5 | |
Share-Based Compensation [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | 8.2 | 38.8 | |
Cash payments | (31.5) | ||
Non-cash adjustments | (8.2) | ||
Other reserve impact | (7.3) | ||
Share-Based Compensation [Member] | Selling and Marketing Expense [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | 4.1 | ||
Share-Based Compensation [Member] | General and Administrative Expense [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | 4.1 | 38.8 | |
Other [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Reserve beginning balance | 19.9 | 39.7 | |
Charged to expense | 16.3 | ||
Cash payments | (5.5) | (36.1) | |
Reserve ending balance | $ 14.4 | 19.9 | $ 39.7 |
Other [Member] | General and Administrative Expense [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Charged to expense | $ 16.3 |
Business Restructuring Charge_3
Business Restructuring Charges - Additional Information (Detail) $ in Millions | Feb. 17, 2018USD ($) | Dec. 31, 2017USD ($)Employee | Dec. 31, 2018USD ($)Employee | Dec. 31, 2017USD ($)Employee | Dec. 31, 2016USD ($) |
Restructuring Cost And Reserve [Line Items] | |||||
Severance and other employee related charges | $ 91.3 | $ 52 | |||
Share based compensation related to business restructuring | 4 | 8.2 | $ 8.2 | ||
Severance and other employee related charges incurred | 14.1 | ||||
Other restructuring charges | $ 14.6 | ||||
Impairment charges related to fixed assets and facilities | $ 17.7 | ||||
Severance and other employee related charges recorded | 12.4 | ||||
Restructuring charges related to various other initiatives and integration of acquired businesses | 91.7 | ||||
Restructuring charges recognized | $ 52 | $ 272.6 | $ 106.1 | ||
Filled Positions [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Number of positions expected to be eliminated | Employee | 100 | ||||
Open Positions [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Number of positions expected to be eliminated | Employee | 400 | ||||
Selling And Marketing [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Number of positions expected to be eliminated | Employee | 200 | ||||
Commercial and Other Functions [Member] | Filled Positions [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Number of positions expected to be eliminated | Employee | 1,000 | ||||
Commercial Organization Restructuring [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Severance and other employee related charges | $ 16.9 | ||||
Commercial Organization Restructuring [Member] | Filled Positions [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Number of positions expected to be eliminated | Employee | 200 | ||||
Commercial Organization Restructuring [Member] | Open Positions [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Number of positions expected to be eliminated | Employee | 150 | ||||
Manufacturing Facility [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Severance and other employee related charges | $ 41.5 | ||||
Number of positions expected to be eliminated | Employee | 250 | ||||
Accelerated depreciation related to restructuring | $ 4.2 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities - Additional Information (Detail) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2018EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Outstanding third-party foreign currency instruments | $ 42.1 | ||
Derivative, Maturity Date | May 31, 2019 | ||
Derivative instrument offsetting revaluation impact on variable interest debt | € | € 700 | ||
Designated as Hedging Instrument [Member] | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Derivative notional amount | 5,100 | $ 3,600 | |
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax | 144.5 | $ 208.2 | |
Foreign Currency Gain [Member] | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Gain on derivatives | $ 5.9 | ||
Forward Contract [Member] | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Forward contract to buy Euros | € | € 700 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Financial Assets and Liabilities Measured at Fair Value using Fair Value Leveling or Disclosed at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Deferred executive compensation investments | $ 90.8 | $ 112.4 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ||
ASSETS | ||
Cash equivalents | 207.1 | 1,328.1 |
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Investment In Teva Ordinary Shares [Member] | ||
ASSETS | ||
Investment in Teva ordinary shares | 1,817.7 | |
Fair Value, Measurements, Recurring [Member] | ||
ASSETS | ||
Short-term investments | 1,026.9 | 2,814.4 |
Deferred executive compensation investments | 90.8 | 112.4 |
Royalty receivable | 50.3 | |
Investments and other | 46 | 72.3 |
Total assets | 1,421.1 | 6,144.9 |
Liabilities: | ||
Deferred executive compensation liabilities | 90.8 | 113.8 |
Contingent consideration obligations | 344.6 | 476.9 |
Total liabilities | 435.4 | 590.7 |
Fair Value, Measurements, Recurring [Member] | Cash Equivalents [Member] | ||
ASSETS | ||
Cash equivalents | 207.1 | 1,328.1 |
Fair Value, Measurements, Recurring [Member] | Investment In Teva Ordinary Shares [Member] | ||
ASSETS | ||
Investment in Teva ordinary shares | 1,817.7 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | ||
ASSETS | ||
Deferred executive compensation investments | 73.8 | 92.9 |
Investments and other | 38.5 | 72.3 |
Total assets | 319.4 | 3,311 |
Liabilities: | ||
Deferred executive compensation liabilities | 73.8 | 94.3 |
Total liabilities | 73.8 | 94.3 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Cash Equivalents [Member] | ||
ASSETS | ||
Cash equivalents | 207.1 | 1,328.1 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Investment In Teva Ordinary Shares [Member] | ||
ASSETS | ||
Investment in Teva ordinary shares | 1,817.7 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
ASSETS | ||
Short-term investments | 1,026.9 | 2,814.4 |
Deferred executive compensation investments | 17 | 19.5 |
Investments and other | 7.5 | |
Total assets | 1,051.4 | 2,833.9 |
Liabilities: | ||
Deferred executive compensation liabilities | 17 | 19.5 |
Total liabilities | 17 | 19.5 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
ASSETS | ||
Royalty receivable | 50.3 | |
Total assets | 50.3 | |
Liabilities: | ||
Contingent consideration obligations | 344.6 | 476.9 |
Total liabilities | $ 344.6 | $ 476.9 |
Fair Value Measurement - Sche_2
Fair Value Measurement - Schedule of Financial Assets and Liabilities Measured at Fair Value using Fair Value Leveling or Disclosed at Fair Value on Recurring Basis (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities remaining maturity period at the time of acquisition | 90 days | 90 days |
Fair Value Measurement - Invest
Fair Value Measurement - Investments in Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Marketable securities | $ 1,026.9 | $ 4,632.1 |
Level 1 [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying amount | 207.1 | |
Estimated fair value | 207.1 | |
Estimated fair value | 3,145.8 | |
Cash & cash equivalents | 207.1 | 1,328.1 |
Marketable securities | 1,817.7 | |
Unrecognized gain | 129.3 | |
Carrying amount | 3,016.5 | |
Level 1 [Member] | Money Market Funds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying amount | 207.1 | 1,328.1 |
Estimated fair value | 207.1 | 1,328.1 |
Cash & cash equivalents | 207.1 | 1,328.1 |
Level 1 [Member] | Investment In Teva Ordinary Shares [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value | 1,817.7 | |
Marketable securities | 1,817.7 | |
Carrying amount | 1,688.4 | |
Unrecognized gain | 129.3 | |
Level 2 [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying amount | 1,026.9 | |
Estimated fair value | 1,026.9 | |
Estimated fair value | 2,814.4 | |
Marketable securities | 1,026.9 | 2,814.4 |
Unrecognized loss | (0.7) | |
Carrying amount | 2,815.1 | |
Level 2 [Member] | Other Investments [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying amount | 1,026.9 | |
Estimated fair value | 1,026.9 | |
Marketable securities | $ 1,026.9 | |
Level 2 [Member] | Commercial Paper and Other [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying amount | 1,248.9 | |
Unrecognized loss | (0.7) | |
Estimated fair value | 1,248.2 | |
Marketable securities | 1,248.2 | |
Level 2 [Member] | Certificates of Deposit [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying amount | 1,566.2 | |
Estimated fair value | 1,566.2 | |
Marketable securities | $ 1,566.2 |
Fair Value Measurement - Change
Fair Value Measurement - Change in Fair Value of Contingent Consideration Obligations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Change in fair value of contingent consideration obligation | $ (106.6) | $ (133.2) | $ (64.2) |
Cost of Sales [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Change in fair value of contingent consideration obligation | (111.7) | (183.2) | (17.4) |
R&D Expense [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Change in fair value of contingent consideration obligation | $ 5.1 | $ 50 | (71.1) |
General and Administrative Expense [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Change in fair value of contingent consideration obligation | $ 24.3 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net contingent consideration income | $ (106.6) | $ (133.2) | $ (64.2) |
R&D Expense [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net contingent consideration income | 5.1 | 50 | (71.1) |
Cost of Sales [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net contingent consideration income | $ (111.7) | (183.2) | (17.4) |
Allergan, Inc. [Member] | R&D Expense [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net contingent consideration income | $ 64.2 | ||
Net contingent consideration expense | 50 | ||
Allergan, Inc. [Member] | Cost of Sales [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net contingent consideration income | 183.2 | ||
Net contingent consideration expense | $ 50 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Changes in Fair Value of all Financial Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - Contingent Consideration Obligations [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 476.9 | $ 1,172.1 |
Purchases, settlements, and other net | (25.7) | (562) |
Net accretion and fair value adjustments | (106.6) | (133.2) |
Ending balance | $ 344.6 | $ 476.9 |
Fair Value Measurement - Sche_3
Fair Value Measurement - Schedule of Contingent Consideration Obligations by Acquisitions (Detail) - Contingent Consideration Obligations [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Beginning balance | $ 476.9 | $ 1,172.1 |
Fair Value Adjustments and Accretion | (106.6) | (133.2) |
Payments and Other | (25.7) | |
Ending balance | 344.6 | 476.9 |
Tobira [Member] | ||
Business Acquisition [Line Items] | ||
Beginning balance | 227.8 | |
Fair Value Adjustments and Accretion | 27.2 | |
Ending balance | 255 | 227.8 |
Allergan, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Beginning balance | 18.7 | |
Fair Value Adjustments and Accretion | (17.7) | |
Payments and Other | (1) | |
Ending balance | 18.7 | |
Medicines 360 Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Beginning balance | 44.4 | |
Fair Value Adjustments and Accretion | 13.5 | |
Payments and Other | (14.8) | |
Ending balance | 43.1 | 44.4 |
AqueSys Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Beginning balance | 28.5 | |
Fair Value Adjustments and Accretion | (23.1) | |
Ending balance | 5.4 | 28.5 |
Oculeve Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Beginning balance | 90.1 | |
Fair Value Adjustments and Accretion | (88.4) | |
Ending balance | 1.7 | 90.1 |
ForSight [Member] | ||
Business Acquisition [Line Items] | ||
Beginning balance | 46.3 | |
Fair Value Adjustments and Accretion | (22.2) | |
Ending balance | 24.1 | 46.3 |
Metrogel Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Beginning balance | 7.5 | |
Payments and Other | (7.5) | |
Ending balance | 7.5 | |
Forest Laboratories, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Beginning balance | 12.7 | |
Fair Value Adjustments and Accretion | 3.1 | |
Payments and Other | (2.2) | |
Ending balance | 13.6 | 12.7 |
Other Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Beginning balance | 0.9 | |
Fair Value Adjustments and Accretion | 1 | |
Payments and Other | (0.2) | |
Ending balance | $ 1.7 | $ 0.9 |
Fair Value Measurement - Chan_2
Fair Value Measurement - Changes in Fair Value of Royalty Receivable Recorded in Consolidated Statements of Operations (Detail) - Royalty Receivable [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2017 | $ 0 |
Net transfers in to (out of) Level 3 | 0 |
Purchases, settlements, and other net | 50.3 |
Net accretion and fair value adjustments | 0 |
Balance as of December 31, 2018 | $ 50.3 |
Commitments & Contingencies - A
Commitments & Contingencies - Additional Information (Detail) | Aug. 01, 2018USD ($) | Feb. 13, 2018Claim | Dec. 31, 2018USD ($)LitigationClaimPlaintiffDefendant | Dec. 31, 2017USD ($) |
Loss Contingencies [Line Items] | ||||
Accrued loss contingencies | $ | $ 65,000,000 | $ 55,000,000 | ||
Aurobindo [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement agreement date | April 30, 2018 | |||
Zydus [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement agreement date | November 28, 2016 | |||
Mylan [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement agreement date | December 21, 2018 | |||
Dismissal date | Dec. 27, 2018 | |||
Restasis [Member] | Argentum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement agreement date | December 7, 2016 | |||
Strides [Member] | Savella [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement agreement date | April 20, 2018 | |||
Pending Litigation [Member] | Sandoz [Member] | ||||
Loss Contingencies [Line Items] | ||||
Litigation plaintiff preliminary injunction bond amount | $ | $ 157,300,000 | |||
Pending Litigation [Member] | Mylan [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement agreement date | December 18, 2017 | |||
Celexa/Lexapro [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement agreement date | September 2,014 | |||
Number of lawsuit filed | Litigation | 2 | |||
Warner Chilcott Marketing Practices [Member] | Warner Chilcott Limited [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of putative class actions filed | Claim | 1 | |||
Warner Chilcott Marketing Practices [Member] | Warner Chilcott Limited [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of putative class actions filed | Claim | 1 | |||
Generic Drug Pricing Securities Litigation [Member] | New Jersey [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of putative class actions filed | Plaintiff | 2 | |||
Prescription Drug Abuse Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Trial date | 2019-09 | |||
Prescription Drug Abuse Litigation [Member] | Pending Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of defendant cases pending | Defendant | 1,300 | |||
Bystolic[Member] | Aurobindo [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement agreement date | September 12, 2018 | |||
Lastacaft [Member] | Aurobindo [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement agreement date | November 15, 2018 | |||
Sun and Certain Sun Affiliates [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement agreement date | January 2,018 |
Commitments & Contingencies -_2
Commitments & Contingencies - Additional Information 1 (Detail) | Dec. 28, 2015Product | Dec. 31, 2018EUR (€)PatentPlaintiffDefendantTrademarkCases |
Botox [Member] | ||
Loss Contingencies [Line Items] | ||
Number of putative class actions filed | Product | 2 | |
Saint Regis Mohawk Tribe [Member] | Restasis [Member] | ||
Loss Contingencies [Line Items] | ||
Number of patents acquired | Patent | 6 | |
Dermavita Limited Partnership [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Liquidated damages for violation of preliminary injunction | € | € 75,000 | |
Number of trademark opposition and cancellation pending | Trademark | 150 | |
Juvederm [Member] | KBC [Member] | ||
Loss Contingencies [Line Items] | ||
Settlement agreement date | June 2,017 | |
Actonel Litigation [Member] | Product Liability Litigation [Member] | Pending Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Number of plaintiffs | Plaintiff | 2 | |
Actonel Litigation [Member] | Product Liability Litigation [Member] | Pending Litigation [Member] | Canada [Member] | ||
Loss Contingencies [Line Items] | ||
Number of cases pending | 3 | |
Actonel Litigation [Member] | Product Liability Litigation [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Number of defendant cases | 500 | |
Breast Implant Litigation [Member] | Product Liability Litigation [Member] | Canada [Member] | ||
Loss Contingencies [Line Items] | ||
Number of putative class actions filed | 1 | |
Celexa/Lexapro [Member] | ||
Loss Contingencies [Line Items] | ||
Settlement agreement date | September 2,014 | |
Celexa/Lexapro [Member] | Product Liability Litigation [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Number of defendant cases | Defendant | 150 | |
RepliForm Litigation [Member] | Product Liability Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Cases settled or dismissed | 200 | |
RepliForm Litigation [Member] | Product Liability Litigation [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Number of defendant cases | 300 |
Warner Chilcott Limited ("WCL_3
Warner Chilcott Limited ("WCL") Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Consolidating Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 880.4 | $ 1,817.2 | $ 1,724 | $ 1,096 |
Marketable securities | 1,026.9 | 4,632.1 | ||
Accounts receivable, net | 2,868.1 | 2,899 | ||
Inventories | 846.9 | 904.5 | ||
Current assets held for sale | 34 | |||
Prepaid expenses and other current assets | 819.1 | 1,123.9 | ||
Total current assets | 6,475.4 | 11,376.7 | ||
Property, plant and equipment, net | 1,787 | 1,785.4 | ||
Investments and other assets | 1,970.6 | 267.9 | ||
Non current assets held for sale | 882.2 | 81.6 | ||
Deferred tax assets | 1,063.7 | 319.1 | ||
Product rights and other intangibles | 43,695.4 | 54,648.3 | 62,618.6 | |
Goodwill | 45,913.3 | 49,862.9 | ||
Total assets | 101,787.6 | 118,341.9 | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 4,787.2 | 5,541.4 | ||
Income taxes payable | 72.4 | 74.9 | ||
Current portion of long-term debt and capital leases | 868.3 | 4,231.8 | ||
Total current liabilities | 5,727.9 | 9,848.1 | ||
Long-term debt and capital leases | 22,929.4 | 25,843.5 | ||
Other long-term liabilities | 882 | 886.9 | ||
Other taxes payable | 1,615.5 | 1,573.9 | ||
Deferred tax liabilities | 5,501.8 | 6,352.4 | ||
Total liabilities | 36,656.6 | 44,504.8 | ||
Total equity / (deficit) | 65,131 | 73,837.1 | 76,200.5 | 76,589.3 |
Total liabilities and equity | 101,787.6 | 118,341.9 | ||
Warner Chilcott Limited Parent Guarantor [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0.1 | 0.1 | 0.1 | |
Total current assets | 0.1 | 0.1 | ||
Investment in subsidiaries | 62,940.2 | 81,282.1 | ||
Total assets | 62,940.3 | 81,282.2 | ||
Current liabilities: | ||||
Total equity / (deficit) | 62,940.3 | 81,282.2 | ||
Total liabilities and equity | 62,940.3 | 81,282.2 | ||
Allergan Capital S.a.r.l. (Guarantor) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1.8 | 593.1 | 513.9 | 13.5 |
Marketable securities | 489.9 | 400.2 | ||
Receivables from Parents | 4,223.5 | |||
Intercompany receivables | 3,534.7 | 8,118.7 | ||
Total current assets | 4,026.4 | 13,335.5 | ||
Investment in subsidiaries | 73,846 | 79,897 | ||
Non current intercompany receivables | 28,239.4 | 27,518.7 | ||
Deferred tax assets | 43.6 | |||
Total assets | 106,155.4 | 120,751.2 | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 0.1 | 0.6 | ||
Intercompany payables | 14,315 | 12,186.2 | ||
Total current liabilities | 14,315.1 | 12,186.8 | ||
Other long-term liabilities | 0.2 | |||
Long-term intercompany payables | 18,597.4 | 30,395 | ||
Deferred tax liabilities | 0.2 | |||
Total liabilities | 32,912.5 | 42,582.2 | ||
Total equity / (deficit) | 73,242.9 | 78,169 | ||
Total liabilities and equity | 106,155.4 | 120,751.2 | ||
Allergan Funding SCS (Issuer) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0.8 | 0.1 | ||
Intercompany receivables | 961 | 5,507.6 | ||
Total current assets | 961.8 | 5,507.7 | ||
Non current intercompany receivables | 18,090.2 | 20,985 | ||
Total assets | 19,052 | 26,492.7 | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 156.3 | 202.9 | ||
Intercompany payables | 21.7 | 1,828.5 | ||
Current portion of long-term debt and capital leases | 779.6 | 3,475.4 | ||
Total current liabilities | 957.6 | 5,506.8 | ||
Long-term debt and capital leases | 18,090.2 | 20,985 | ||
Total liabilities | 19,047.8 | 26,491.8 | ||
Total equity / (deficit) | 4.2 | 0.9 | ||
Total liabilities and equity | 19,052 | 26,492.7 | ||
Allergan Finance LLC (Issuer and Guarantor) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 2 | |||
Intercompany receivables | 16.7 | 19.6 | ||
Prepaid expenses and other current assets | 33.3 | 85 | ||
Total current assets | 50 | 104.6 | ||
Investment in subsidiaries | 90,729.7 | 94,332 | ||
Total assets | 90,779.7 | 94,436.6 | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 92.9 | 89.3 | ||
Intercompany payables | 10,442.6 | 11,402.3 | ||
Total current liabilities | 10,535.5 | 11,491.6 | ||
Long-term debt and capital leases | 2,135.9 | 2,130.1 | ||
Long-term intercompany payables | 1,076.8 | 149 | ||
Total liabilities | 13,748.2 | 13,770.7 | ||
Total equity / (deficit) | 77,031.5 | 80,665.9 | ||
Total liabilities and equity | 90,779.7 | 94,436.6 | ||
Non-Guarantors [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 875.9 | 1,223 | 1,199.2 | 1,020.7 |
Marketable securities | 537 | 4,231.9 | ||
Accounts receivable, net | 2,868.1 | 2,899 | ||
Receivables from Parents | 640.9 | 1,573.9 | ||
Inventories | 846.9 | 904.5 | ||
Intercompany receivables | 24,779.3 | 25,417 | ||
Current assets held for sale | 34 | |||
Prepaid expenses and other current assets | 785.4 | 1,038 | ||
Total current assets | 31,367.5 | 37,287.3 | ||
Property, plant and equipment, net | 1,787 | 1,785.4 | ||
Investments and other assets | 1,970.6 | 267.9 | ||
Non current intercompany receivables | 19,674.2 | 30,544 | ||
Non current receivables from Parents | 3,964 | |||
Non current assets held for sale | 882.2 | 81.6 | ||
Deferred tax assets | 1,020.1 | 316 | ||
Product rights and other intangibles | 43,695.4 | 54,648.3 | ||
Goodwill | 45,913.3 | 49,862.9 | ||
Total assets | 146,310.3 | 178,757.4 | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 4,538.1 | 5,222.8 | ||
Intercompany payables | 4,512.4 | 13,645.9 | ||
Payables to Parents | 2,829.2 | 2,340.6 | ||
Income taxes payable | 72.4 | 74.9 | ||
Current portion of long-term debt and capital leases | 88.7 | 756.4 | ||
Total current liabilities | 12,040.8 | 22,040.6 | ||
Long-term debt and capital leases | 2,703.3 | 2,728.4 | ||
Other long-term liabilities | 882 | 886.7 | ||
Long-term intercompany payables | 46,329.6 | 48,503.7 | ||
Other taxes payable | 1,615.5 | 1,573.5 | ||
Deferred tax liabilities | 5,501.8 | 6,349.2 | ||
Total liabilities | 69,073 | 82,082.1 | ||
Total equity / (deficit) | 77,237.3 | 96,675.3 | ||
Total liabilities and equity | 146,310.3 | 178,757.4 | ||
Warner Chilcott Limited [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 878.6 | 1,816.3 | 1,713.2 | 1,036.2 |
Marketable securities | 1,026.9 | 4,632.1 | ||
Accounts receivable, net | 2,868.1 | 2,899 | ||
Receivables from Parents | 640.9 | 5,797.4 | ||
Inventories | 846.9 | 904.5 | ||
Current assets held for sale | 34 | |||
Prepaid expenses and other current assets | 818.7 | 1,123 | ||
Total current assets | 7,114.1 | 17,172.3 | ||
Property, plant and equipment, net | 1,787 | 1,785.4 | ||
Investments and other assets | 1,970.6 | 267.9 | ||
Non current receivables from Parents | 3,964 | |||
Non current assets held for sale | 882.2 | 81.6 | ||
Deferred tax assets | 1,063.7 | 316 | ||
Product rights and other intangibles | 43,695.4 | 54,648.3 | ||
Goodwill | 45,913.3 | 49,862.9 | ||
Total assets | 102,426.3 | 128,098.4 | ||
Current liabilities: | ||||
Accounts payable and accrued expenses | 4,787.4 | 5,515.6 | ||
Payables to Parents | 2,829.2 | 2,340.6 | ||
Income taxes payable | 72.4 | 74.9 | ||
Current portion of long-term debt and capital leases | 868.3 | 4,231.8 | ||
Total current liabilities | 8,557.3 | 12,162.9 | ||
Long-term debt and capital leases | 22,929.4 | 25,843.5 | ||
Other long-term liabilities | 882 | 886.9 | ||
Other taxes payable | 1,615.5 | 1,573.5 | ||
Deferred tax liabilities | 5,501.8 | 6,349.4 | ||
Total liabilities | 39,486 | 46,816.2 | ||
Total equity / (deficit) | 62,940.3 | 81,282.2 | $ 88,093.5 | $ 75,571.6 |
Total liabilities and equity | 102,426.3 | 128,098.4 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Intercompany receivables | (29,291.7) | (39,062.9) | ||
Total current assets | (29,291.7) | (39,062.9) | ||
Investment in subsidiaries | (227,515.9) | (255,511.1) | ||
Non current intercompany receivables | (66,003.8) | (79,047.7) | ||
Total assets | (322,811.4) | (373,621.7) | ||
Current liabilities: | ||||
Intercompany payables | (29,291.7) | (39,062.9) | ||
Total current liabilities | (29,291.7) | (39,062.9) | ||
Long-term intercompany payables | (66,003.8) | (79,047.7) | ||
Total liabilities | (95,295.5) | (118,110.6) | ||
Total equity / (deficit) | (227,515.9) | (255,511.1) | ||
Total liabilities and equity | $ (322,811.4) | $ (373,621.7) |
Warner Chilcott Limited ("WCL_4
Warner Chilcott Limited ("WCL") Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Consolidating Statements of Operations and Comprehensive (Loss) / Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements Captions [Line Items] | |||||||||||
Net revenues | $ 4,079.7 | $ 3,911.4 | $ 4,124.2 | $ 3,672.1 | $ 4,326.1 | $ 4,034.3 | $ 4,007.4 | $ 3,572.9 | $ 15,787.4 | $ 15,940.7 | $ 14,570.6 |
Operating expenses: | |||||||||||
Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) | 2,191.4 | 2,168 | 1,860.8 | ||||||||
Research and development | 2,266.2 | 2,100.1 | 2,575.7 | ||||||||
Selling and marketing | 3,250.6 | 3,514.8 | 3,266.4 | ||||||||
Amortization | 6,552.3 | 7,197.1 | 6,470.4 | ||||||||
Goodwill impairments | 2,841.1 | ||||||||||
Asset sales and impairments, net | 2,857.6 | 3,927.7 | 5 | ||||||||
Total operating expenses | 22,035 | 21,861.9 | 16,396.1 | ||||||||
Operating (loss) | (6,247.6) | (5,921.2) | (1,825.5) | ||||||||
Other income / (expense), net | 256.7 | (3,437.3) | 219.2 | ||||||||
Total other income (expense), net | (609.3) | (4,465.2) | (1,006.5) | ||||||||
Income / (loss) before income taxes and noncontrolling interest | (6,856.9) | (10,386.4) | (2,832) | ||||||||
(Benefit) / provision for income taxes | (1,770.7) | (6,670.4) | (1,897) | ||||||||
Net income / (loss) from continuing operations, net of tax | (5,086.2) | (3,716) | (935) | ||||||||
(Loss) / income from discontinued operations, net of tax | (402.9) | 15,914.5 | |||||||||
Net (loss) / income | $ (4,295.9) | $ (36.3) | $ (470.1) | $ (283.9) | $ 3,123.2 | $ (3,954) | $ (723.9) | $ (2,564.2) | (5,086.2) | (4,118.9) | 14,979.5 |
(Income) attributable to noncontrolling interest | (10.2) | (6.6) | (6.1) | ||||||||
Other comprehensive (loss) / income, net of tax | (512.5) | 2,959.1 | (544.3) | ||||||||
Warner Chilcott Limited Parent Guarantor [Member] | |||||||||||
Operating expenses: | |||||||||||
Losses / (earnings) of equity interest subsidiaries | 4,772.1 | 3,927.3 | (15,091.1) | ||||||||
Net income / (loss) from continuing operations, net of tax | (4,772.1) | (3,927.3) | 15,091.1 | ||||||||
Net (loss) / income | (4,772.1) | (3,927.3) | 15,091.1 | ||||||||
Net (loss) / income attributable to members | (4,772.1) | (3,927.3) | 15,091.1 | ||||||||
Other comprehensive (loss) / income, net of tax | (512.5) | 2,959.1 | (544.3) | ||||||||
Comprehensive (loss) / income attributable to members | (5,284.6) | (968.2) | 14,546.8 | ||||||||
Allergan Capital S.a.r.l. (Guarantor) [Member] | |||||||||||
Operating expenses: | |||||||||||
Interest income / (expense), net | 1,101.1 | 845.5 | 2,255.3 | ||||||||
Total other income (expense), net | 1,101.1 | 845.5 | 2,255.3 | ||||||||
Income / (loss) before income taxes and noncontrolling interest | 1,101.1 | 845.5 | 2,255.3 | ||||||||
(Benefit) / provision for income taxes | (23.8) | 5 | |||||||||
Losses / (earnings) of equity interest subsidiaries | 5,625.3 | 4,517.5 | (8,984.1) | ||||||||
Net income / (loss) from continuing operations, net of tax | (4,500.4) | (3,677) | 11,239.4 | ||||||||
Net (loss) / income | (4,500.4) | (3,677) | 11,239.4 | ||||||||
Net (loss) / income attributable to members | (4,500.4) | (3,677) | 11,239.4 | ||||||||
Other comprehensive (loss) / income, net of tax | (425.7) | 3,001.5 | (544.3) | ||||||||
Comprehensive (loss) / income attributable to members | (4,926.1) | (675.5) | 10,695.1 | ||||||||
Allergan Funding SCS (Issuer) [Member] | |||||||||||
Operating expenses: | |||||||||||
General and administrative | 8.6 | ||||||||||
Total operating expenses | 8.6 | ||||||||||
Operating (loss) | (8.6) | ||||||||||
Interest income / (expense), net | (8.8) | 116.6 | 3.4 | ||||||||
Other income / (expense), net | 15.6 | (110.4) | |||||||||
Total other income (expense), net | 6.8 | 6.2 | 3.4 | ||||||||
Income / (loss) before income taxes and noncontrolling interest | 6.8 | (2.4) | 3.4 | ||||||||
(Benefit) / provision for income taxes | 3.5 | 0.3 | 0.1 | ||||||||
Net income / (loss) from continuing operations, net of tax | 3.3 | (2.7) | 3.3 | ||||||||
Net (loss) / income | 3.3 | (2.7) | 3.3 | ||||||||
Net (loss) / income attributable to members | 3.3 | (2.7) | 3.3 | ||||||||
Comprehensive (loss) / income attributable to members | 3.3 | (2.7) | 3.3 | ||||||||
Allergan Finance LLC (Issuer and Guarantor) [Member] | |||||||||||
Operating expenses: | |||||||||||
General and administrative | 1.1 | 19.8 | |||||||||
Total operating expenses | 1.1 | 19.8 | |||||||||
Operating (loss) | (1.1) | (19.8) | |||||||||
Interest income / (expense), net | (82.8) | (131.2) | (157.1) | ||||||||
Other income / (expense), net | (66.7) | ||||||||||
Total other income (expense), net | (82.8) | (197.9) | (157.1) | ||||||||
Income / (loss) before income taxes and noncontrolling interest | (82.8) | (199) | (176.9) | ||||||||
(Benefit) / provision for income taxes | (50.7) | (177.3) | 66.3 | ||||||||
Losses / (earnings) of equity interest subsidiaries | 2,822.6 | 3,123.1 | (16,771.7) | ||||||||
Net income / (loss) from continuing operations, net of tax | (2,854.7) | (3,144.8) | 16,528.5 | ||||||||
Net (loss) / income | (2,854.7) | (3,144.8) | 16,528.5 | ||||||||
Net (loss) / income attributable to members | (2,854.7) | (3,144.8) | 16,528.5 | ||||||||
Other comprehensive (loss) / income, net of tax | (779.7) | (2,203.7) | (3,085.1) | ||||||||
Comprehensive (loss) / income attributable to members | (3,634.4) | (5,348.5) | 13,443.4 | ||||||||
Non-Guarantors [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net revenues | 15,787.4 | 15,940.7 | 14,570.6 | ||||||||
Operating expenses: | |||||||||||
Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) | 2,191.4 | 2,168 | 1,860.8 | ||||||||
Research and development | 2,266.2 | 2,100.1 | 2,575.7 | ||||||||
Selling and marketing | 3,250.6 | 3,514.8 | 3,266.4 | ||||||||
General and administrative | 1,177.5 | 1,392.6 | 1,330.6 | ||||||||
Amortization | 6,552.3 | 7,197.1 | 6,470.4 | ||||||||
Goodwill impairments | 2,841.1 | ||||||||||
In-process research and development impairments | 804.6 | 1,452.3 | 743.9 | ||||||||
Asset sales and impairments, net | 2,857.6 | 3,927.7 | 5 | ||||||||
Total operating expenses | 21,941.3 | 21,752.6 | 16,252.8 | ||||||||
Operating (loss) | (6,153.9) | (5,811.9) | (1,682.2) | ||||||||
Interest income / (expense), net | (1,650.6) | (1,760.2) | (3,286.1) | ||||||||
Other income / (expense), net | 241.1 | (3,260.2) | 172.2 | ||||||||
Total other income (expense), net | (1,409.5) | (5,020.4) | (3,113.9) | ||||||||
Income / (loss) before income taxes and noncontrolling interest | (7,563.4) | (10,832.3) | (4,796.1) | ||||||||
(Benefit) / provision for income taxes | (1,705.4) | (6,498.4) | (1,963.4) | ||||||||
Net income / (loss) from continuing operations, net of tax | (5,858) | (4,333.9) | (2,832.7) | ||||||||
(Loss) / income from discontinued operations, net of tax | (402.9) | 15,914.5 | |||||||||
Net (loss) / income | (5,858) | (4,736.8) | 13,081.8 | ||||||||
(Income) attributable to noncontrolling interest | (10.2) | (6.6) | (6.1) | ||||||||
Net (loss) / income attributable to members | (5,868.2) | (4,743.4) | 13,075.7 | ||||||||
Other comprehensive (loss) / income, net of tax | (512.5) | 2,959.1 | (544.3) | ||||||||
Comprehensive (loss) / income attributable to members | (6,380.7) | (1,784.3) | 12,531.4 | ||||||||
Warner Chilcott Limited [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Net revenues | 15,787.4 | 15,940.7 | 14,570.6 | ||||||||
Operating expenses: | |||||||||||
Cost of sales (excludes amortization and impairment of acquired intangibles including product rights) | 2,191.4 | 2,168 | 1,860.8 | ||||||||
Research and development | 2,266.2 | 2,100.1 | 2,575.7 | ||||||||
Selling and marketing | 3,250.6 | 3,514.8 | 3,266.4 | ||||||||
General and administrative | 1,177.5 | 1,402.3 | 1,350.4 | ||||||||
Amortization | 6,552.3 | 7,197.1 | 6,470.4 | ||||||||
Goodwill impairments | 2,841.1 | ||||||||||
In-process research and development impairments | 804.6 | 1,452.3 | 743.9 | ||||||||
Asset sales and impairments, net | 2,857.6 | 3,927.7 | 5 | ||||||||
Total operating expenses | 21,941.3 | 21,762.3 | 16,272.6 | ||||||||
Operating (loss) | (6,153.9) | (5,821.6) | (1,702) | ||||||||
Interest income / (expense), net | (641.1) | (929.3) | (1,184.5) | ||||||||
Other income / (expense), net | 256.7 | (3,437.3) | 172.2 | ||||||||
Total other income (expense), net | (384.4) | (4,366.6) | (1,012.3) | ||||||||
Income / (loss) before income taxes and noncontrolling interest | (6,538.3) | (10,188.2) | (2,714.3) | ||||||||
(Benefit) / provision for income taxes | (1,776.4) | (6,670.4) | (1,897) | ||||||||
Net income / (loss) from continuing operations, net of tax | (4,761.9) | (3,517.8) | (817.3) | ||||||||
(Loss) / income from discontinued operations, net of tax | (402.9) | 15,914.5 | |||||||||
Net (loss) / income | (4,761.9) | (3,920.7) | 15,097.2 | ||||||||
(Income) attributable to noncontrolling interest | (10.2) | (6.6) | (6.1) | ||||||||
Net (loss) / income attributable to members | (4,772.1) | (3,927.3) | 15,091.1 | ||||||||
Other comprehensive (loss) / income, net of tax | (512.5) | 2,959.1 | (544.3) | ||||||||
Comprehensive (loss) / income attributable to members | (5,284.6) | (968.2) | 14,546.8 | ||||||||
Eliminations [Member] | |||||||||||
Operating expenses: | |||||||||||
Losses / (earnings) of equity interest subsidiaries | (13,220) | (11,567.9) | 40,846.9 | ||||||||
Net income / (loss) from continuing operations, net of tax | 13,220 | 11,567.9 | (40,846.9) | ||||||||
Net (loss) / income | 13,220 | 11,567.9 | (40,846.9) | ||||||||
Net (loss) / income attributable to members | 13,220 | 11,567.9 | (40,846.9) | ||||||||
Other comprehensive (loss) / income, net of tax | 1,717.9 | (3,756.9) | 4,173.7 | ||||||||
Comprehensive (loss) / income attributable to members | $ 14,937.9 | $ 7,811 | $ (36,673.2) |
Warner Chilcott Limited ("WCL_5
Warner Chilcott Limited ("WCL") Guarantor and Non-Guarantor Condensed Consolidating Financial Information - Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows From Operating Activities: | |||||||||||
Net (loss) / income | $ (4,295.9) | $ (36.3) | $ (470.1) | $ (283.9) | $ 3,123.2 | $ (3,954) | $ (723.9) | $ (2,564.2) | $ (5,086.2) | $ (4,118.9) | $ 14,979.5 |
Reconciliation to net cash provided by operating activities: | |||||||||||
Depreciation | 196.3 | 171.5 | 155.8 | ||||||||
Amortization | 6,552.3 | 7,197.1 | 6,475.2 | ||||||||
Provision for inventory reserve | 96.4 | 102.2 | 181.4 | ||||||||
Share-based compensation | 239.8 | 293.3 | 334.5 | ||||||||
Deferred income tax benefit | (1,255.7) | (7,783.1) | (1,443.9) | ||||||||
Pre-tax gain on sale of businesses to Teva | (24,511.1) | ||||||||||
Non-cash tax effect of gain on sale of businesses to Teva | 5,285.2 | ||||||||||
Goodwill impairments | 2,841.1 | ||||||||||
In-process research and development impairments | 804.6 | 1,452.3 | 743.9 | ||||||||
Loss on asset sales and impairments, net | 2,857.6 | 3,927.7 | 5 | ||||||||
Charge to settle Teva related matters | 387.4 | ||||||||||
(Gain) loss on sale of Teva securities, net | (60.9) | 62.9 | |||||||||
Amortization of inventory step-up | 131.7 | 42.4 | |||||||||
Gain on sale of businesses | (182.6) | ||||||||||
Non-cash extinguishment of debt | 30 | (15.7) | |||||||||
Cash (discount) / charge related to extinguishment of debt | (45.6) | 205.6 | |||||||||
Amortization of deferred financing costs | 22.6 | 27.8 | 51 | ||||||||
Contingent consideration adjustments, including accretion | (106.5) | (133.2) | (66.8) | ||||||||
Other, net | 29 | (37) | (59.9) | ||||||||
Net cash provided by operating activities | 5,640.1 | 6,079 | 1,445.7 | ||||||||
Cash Flows From Investing Activities: | |||||||||||
Additions to property, plant and equipment | (253.5) | (349.9) | (331.4) | ||||||||
Additions to product rights and other intangibles | (614.3) | (2) | |||||||||
Sale of businesses to Teva | 33,804.2 | ||||||||||
Additions to investments | (2,471.7) | (9,783.8) | (15,743.5) | ||||||||
Proceeds from sale of investments and other assets | 6,259.3 | 15,153.3 | 7,771.6 | ||||||||
Proceeds from sales of property, plant and equipment | 30.4 | 7.1 | 33.3 | ||||||||
Acquisitions of businesses, net of cash acquired | (5,290.4) | (1,198.9) | |||||||||
Net cash provided by / (used in) investing activities | 3,098.5 | (878) | 24,333.3 | ||||||||
Cash Flows From Financing Activities: | |||||||||||
Proceeds from borrowings of long-term indebtedness, including credit facility | 2,657 | 3,550 | 1,050 | ||||||||
Payments on debt, including capital lease obligations and credit facility | (8,804.5) | (6,413.6) | (10,848.7) | ||||||||
Cash charge related to extinguishment of debt | (205.6) | ||||||||||
Debt issuance and other financing costs | (10.4) | (20.6) | |||||||||
Payments of contingent consideration and other financing | (30.9) | (511.6) | (161.1) | ||||||||
Proceeds from forward sale of Teva securities | 465.5 | ||||||||||
Net cash (used in) financing activities | (9,680.1) | (5,129.2) | (25,142.5) | ||||||||
Effect of currency exchange rate changes on cash and cash equivalents | 4.7 | 21.4 | (8.5) | ||||||||
Net (decrease) / increase in cash and cash equivalents | (936.8) | 93.2 | 628 | ||||||||
Cash and cash equivalents at beginning of period | 1,817.2 | 1,724 | 1,817.2 | 1,724 | 1,096 | ||||||
Cash and cash equivalents at end of period | 880.4 | 1,817.2 | 880.4 | 1,817.2 | 1,724 | ||||||
Warner Chilcott Limited Parent Guarantor [Member] | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net (loss) / income | (4,772.1) | (3,927.3) | 15,091.1 | ||||||||
Reconciliation to net cash provided by operating activities: | |||||||||||
Losses / (earnings) of equity interest subsidiaries | 4,772.1 | 3,927.3 | (15,091.1) | ||||||||
Dividends from subsidiaries | 4,075.6 | 1,668.2 | 2,034.8 | ||||||||
Changes in assets and liabilities (net of effects of acquisitions) | 0.1 | ||||||||||
Net cash provided by operating activities | 4,075.6 | 1,668.2 | 2,034.9 | ||||||||
Cash Flows From Financing Activities: | |||||||||||
Dividend to Parent | (4,075.6) | (1,668.2) | (2,034.8) | ||||||||
Net cash (used in) financing activities | (4,075.6) | (1,668.2) | (2,034.8) | ||||||||
Net (decrease) / increase in cash and cash equivalents | 0.1 | ||||||||||
Cash and cash equivalents at beginning of period | 0.1 | 0.1 | 0.1 | 0.1 | |||||||
Cash and cash equivalents at end of period | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||
Allergan Capital S.a.r.l. (Guarantor) [Member] | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net (loss) / income | (4,500.4) | (3,677) | 11,239.4 | ||||||||
Reconciliation to net cash provided by operating activities: | |||||||||||
Losses / (earnings) of equity interest subsidiaries | 5,625.3 | 4,517.5 | (8,984.1) | ||||||||
Amortization of deferred financing costs | 23.5 | ||||||||||
Other, net | (10) | ||||||||||
Changes in assets and liabilities (net of effects of acquisitions) | (1,626.3) | (4,228.1) | 16,536.2 | ||||||||
Net cash provided by operating activities | (501.4) | (3,397.6) | 18,815 | ||||||||
Cash Flows From Investing Activities: | |||||||||||
Additions to investments | (889.9) | (4,389.6) | (6,351.8) | ||||||||
Proceeds from sale of investments and other assets | 800 | 7,866.4 | |||||||||
Loans to Parents | (4,196.9) | ||||||||||
Net cash provided by / (used in) investing activities | (89.9) | 3,476.8 | (10,548.7) | ||||||||
Cash Flows From Financing Activities: | |||||||||||
Proceeds from borrowings of long-term indebtedness, including credit facility | 700 | 1,050 | |||||||||
Payments on debt, including capital lease obligations and credit facility | (700) | (8,815.9) | |||||||||
Net cash (used in) financing activities | (7,765.9) | ||||||||||
Net (decrease) / increase in cash and cash equivalents | (591.3) | 79.2 | 500.4 | ||||||||
Cash and cash equivalents at beginning of period | 593.1 | 513.9 | 593.1 | 513.9 | 13.5 | ||||||
Cash and cash equivalents at end of period | 1.8 | 593.1 | 1.8 | 593.1 | 513.9 | ||||||
Allergan Funding SCS (Issuer) [Member] | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net (loss) / income | 3.3 | (2.7) | 3.3 | ||||||||
Reconciliation to net cash provided by operating activities: | |||||||||||
Non-cash extinguishment of debt | 30 | 17.6 | |||||||||
Cash (discount) / charge related to extinguishment of debt | (45.6) | 91.6 | |||||||||
Amortization of deferred financing costs | 21 | 23.3 | 23.3 | ||||||||
Other, net | (5.6) | ||||||||||
Changes in assets and liabilities (net of effects of acquisitions) | 5,482 | (241.5) | 473.4 | ||||||||
Net cash provided by operating activities | 5,485.1 | (111.7) | 500 | ||||||||
Cash Flows From Financing Activities: | |||||||||||
Proceeds from borrowings of long-term indebtedness, including credit facility | 1,919.7 | 3,020.9 | |||||||||
Payments on debt, including capital lease obligations and credit facility | (7,393.7) | (2,800) | (500) | ||||||||
Cash charge related to extinguishment of debt | (91.6) | ||||||||||
Debt issuance and other financing costs | (10.4) | (17.5) | |||||||||
Net cash (used in) financing activities | (5,484.4) | 111.8 | (500) | ||||||||
Net (decrease) / increase in cash and cash equivalents | 0.7 | 0.1 | |||||||||
Cash and cash equivalents at beginning of period | 0.1 | 0.1 | |||||||||
Cash and cash equivalents at end of period | 0.8 | 0.1 | 0.8 | 0.1 | |||||||
Allergan Finance LLC (Issuer and Guarantor) [Member] | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net (loss) / income | (2,854.7) | (3,144.8) | 16,528.5 | ||||||||
Reconciliation to net cash provided by operating activities: | |||||||||||
Losses / (earnings) of equity interest subsidiaries | 2,822.6 | 3,123.1 | (16,771.7) | ||||||||
Non-cash extinguishment of debt | 12.2 | ||||||||||
Cash (discount) / charge related to extinguishment of debt | 52.9 | ||||||||||
Amortization of deferred financing costs | 1.6 | 4.5 | 4.2 | ||||||||
Other, net | (1.7) | ||||||||||
Changes in assets and liabilities (net of effects of acquisitions) | 32.2 | 2,148.3 | 237 | ||||||||
Net cash provided by operating activities | 2,196.2 | (2) | |||||||||
Cash Flows From Financing Activities: | |||||||||||
Payments on debt, including capital lease obligations and credit facility | (2,143.3) | ||||||||||
Cash charge related to extinguishment of debt | (52.9) | ||||||||||
Net cash (used in) financing activities | (2,196.2) | ||||||||||
Net (decrease) / increase in cash and cash equivalents | (2) | ||||||||||
Cash and cash equivalents at beginning of period | 2 | ||||||||||
Non-Guarantors [Member] | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net (loss) / income | (5,858) | (4,736.8) | 13,081.8 | ||||||||
Reconciliation to net cash provided by operating activities: | |||||||||||
Depreciation | 196.3 | 171.5 | 155.8 | ||||||||
Amortization | 6,552.3 | 7,197.1 | 6,475.2 | ||||||||
Provision for inventory reserve | 96.4 | 102.2 | 181.4 | ||||||||
Share-based compensation | 239.8 | 293.3 | 334.5 | ||||||||
Deferred income tax benefit | (1,255.7) | (7,783.1) | (1,443.9) | ||||||||
Pre-tax gain on sale of businesses to Teva | (24,511.1) | ||||||||||
Non-cash tax effect of gain on sale of businesses to Teva | 5,285.2 | ||||||||||
Goodwill impairments | 2,841.1 | ||||||||||
In-process research and development impairments | 804.6 | 1,452.3 | 743.9 | ||||||||
Loss on asset sales and impairments, net | 2,857.6 | 3,927.7 | 5 | ||||||||
Net income impact of other-than-temporary loss on investment in Teva securities | 3,273.5 | ||||||||||
Charge to settle Teva related matters | 387.4 | ||||||||||
Loss on forward sale of Teva shares | 62.9 | ||||||||||
Amortization of inventory step-up | 131.7 | 42.4 | |||||||||
Gain on sale of businesses | (182.6) | ||||||||||
Non-cash extinguishment of debt | (45.5) | ||||||||||
Cash (discount) / charge related to extinguishment of debt | 61.1 | ||||||||||
Contingent consideration adjustments, including accretion | (106.5) | (133.2) | (66.8) | ||||||||
Other, net | 36.3 | (27) | (59.9) | ||||||||
Changes in assets and liabilities (net of effects of acquisitions) | (5,152.4) | 3,207.3 | (17,957.6) | ||||||||
Net cash provided by operating activities | 1,008.3 | 7,542.4 | (17,734.1) | ||||||||
Cash Flows From Investing Activities: | |||||||||||
Additions to property, plant and equipment | (253.5) | (349.9) | (331.4) | ||||||||
Additions to product rights and other intangibles | (614.3) | (2) | |||||||||
Sale of businesses to Teva | 33,804.2 | ||||||||||
Additions to investments | (1,581.8) | (5,394.2) | (9,391.7) | ||||||||
Proceeds from sale of investments and other assets | 5,459.3 | 7,286.9 | 7,771.6 | ||||||||
Loans to Parents | (9,035.3) | ||||||||||
Proceeds from sales of property, plant and equipment | 30.4 | 7.1 | 33.3 | ||||||||
Acquisitions of businesses, net of cash acquired | (5,290.4) | (1,198.9) | |||||||||
Net cash provided by / (used in) investing activities | 3,188.4 | (4,354.8) | 21,649.8 | ||||||||
Cash Flows From Financing Activities: | |||||||||||
Proceeds from borrowings of long-term indebtedness, including credit facility | 37.3 | 529.1 | |||||||||
Payments on debt, including capital lease obligations and credit facility | (710.8) | (1,470.3) | (1,532.8) | ||||||||
Cash charge related to extinguishment of debt | (61.1) | ||||||||||
Debt issuance and other financing costs | (3.1) | ||||||||||
Payments of contingent consideration and other financing | (30.9) | (511.6) | (161.1) | ||||||||
Dividend to Parent | (4,075.6) | (1,668.2) | (2,034.8) | ||||||||
Net cash (used in) financing activities | (4,548.5) | (3,185.2) | (3,728.7) | ||||||||
Effect of currency exchange rate changes on cash and cash equivalents | 4.7 | 21.4 | (8.5) | ||||||||
Net (decrease) / increase in cash and cash equivalents | (347.1) | 23.8 | 178.5 | ||||||||
Cash and cash equivalents at beginning of period | 1,223 | 1,199.2 | 1,223 | 1,199.2 | 1,020.7 | ||||||
Cash and cash equivalents at end of period | 875.9 | 1,223 | 875.9 | 1,223 | 1,199.2 | ||||||
Warner Chilcott Limited [Member] | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net (loss) / income | (4,761.9) | (3,920.7) | 15,097.2 | ||||||||
Reconciliation to net cash provided by operating activities: | |||||||||||
Depreciation | 196.3 | 171.5 | 155.8 | ||||||||
Amortization | 6,552.3 | 7,197.1 | 6,475.2 | ||||||||
Provision for inventory reserve | 96.4 | 102.2 | 181.4 | ||||||||
Share-based compensation | 239.8 | 293.3 | 334.5 | ||||||||
Deferred income tax benefit | (1,255.7) | (7,783.1) | (1,443.9) | ||||||||
Pre-tax gain on sale of businesses to Teva | (24,511.1) | ||||||||||
Non-cash tax effect of gain on sale of businesses to Teva | 5,285.2 | ||||||||||
Goodwill impairments | 2,841.1 | ||||||||||
In-process research and development impairments | 804.6 | 1,452.3 | 743.9 | ||||||||
Loss on asset sales and impairments, net | 2,857.6 | 3,927.7 | 5 | ||||||||
Net income impact of other-than-temporary loss on investment in Teva securities | 3,273.5 | ||||||||||
Charge to settle Teva related matters | 387.4 | ||||||||||
Loss on forward sale of Teva shares | 62.9 | ||||||||||
(Gain) loss on sale of Teva securities, net | (60.9) | 62.9 | |||||||||
Amortization of inventory step-up | 131.7 | 42.4 | |||||||||
Gain on sale of businesses | (182.6) | ||||||||||
Non-cash extinguishment of debt | 30 | (15.7) | |||||||||
Cash (discount) / charge related to extinguishment of debt | (45.6) | 205.6 | |||||||||
Amortization of deferred financing costs | 22.6 | 27.8 | 51 | ||||||||
Contingent consideration adjustments, including accretion | (106.5) | (133.2) | (66.8) | ||||||||
Other, net | 29 | (37) | (59.9) | ||||||||
Changes in assets and liabilities (net of effects of acquisitions) | (1,264.5) | 886 | (710.9) | ||||||||
Net cash provided by operating activities | 5,992 | 6,229.3 | 1,579 | ||||||||
Cash Flows From Investing Activities: | |||||||||||
Additions to property, plant and equipment | (253.5) | (349.9) | (331.4) | ||||||||
Additions to product rights and other intangibles | (614.3) | (2) | |||||||||
Sale of businesses to Teva | 33,804.2 | ||||||||||
Additions to investments | (2,471.7) | (9,783.8) | (15,743.5) | ||||||||
Proceeds from sale of investments and other assets | 6,259.3 | 15,153.3 | 7,771.6 | ||||||||
Loans to Parents | (13,232.2) | ||||||||||
Proceeds from sales of property, plant and equipment | 30.4 | 7.1 | 33.3 | ||||||||
Acquisitions of businesses, net of cash acquired | (5,290.4) | (1,198.9) | |||||||||
Net cash provided by / (used in) investing activities | 3,098.5 | (878) | 11,101.1 | ||||||||
Cash Flows From Financing Activities: | |||||||||||
Proceeds from borrowings of long-term indebtedness, including credit facility | 2,657 | 3,550 | 1,050 | ||||||||
Payments on debt, including capital lease obligations and credit facility | (8,804.5) | (6,413.6) | (10,848.7) | ||||||||
Cash charge related to extinguishment of debt | (205.6) | ||||||||||
Debt issuance and other financing costs | (10.4) | (20.6) | |||||||||
Payments of contingent consideration and other financing | (30.9) | (511.6) | (161.1) | ||||||||
Dividend to Parent | (4,075.6) | (1,668.2) | (2,034.8) | ||||||||
Net cash (used in) financing activities | (10,032.9) | (5,269.6) | (11,994.6) | ||||||||
Effect of currency exchange rate changes on cash and cash equivalents | 4.7 | 21.4 | (8.5) | ||||||||
Net (decrease) / increase in cash and cash equivalents | (937.7) | 103.1 | 677 | ||||||||
Cash and cash equivalents at beginning of period | $ 1,816.3 | $ 1,713.2 | 1,816.3 | 1,713.2 | 1,036.2 | ||||||
Cash and cash equivalents at end of period | $ 878.6 | $ 1,816.3 | 878.6 | 1,816.3 | 1,713.2 | ||||||
Teva [Member] | |||||||||||
Reconciliation to net cash provided by operating activities: | |||||||||||
Net income impact of other-than-temporary loss on investment in Teva securities | 3,273.5 | ||||||||||
Cash Flows From Investing Activities: | |||||||||||
Payments to settle Teva related matters | (466) | ||||||||||
Cash Flows From Financing Activities: | |||||||||||
Payments to settle Teva related matters | (234) | ||||||||||
Teva [Member] | Non-Guarantors [Member] | |||||||||||
Reconciliation to net cash provided by operating activities: | |||||||||||
(Gain) loss on sale of Teva securities, net | (60.9) | ||||||||||
Cash Flows From Investing Activities: | |||||||||||
Payments to settle Teva related matters | (466) | ||||||||||
Cash Flows From Financing Activities: | |||||||||||
Proceeds from forward sale of Teva securities | 465.5 | ||||||||||
Payments to settle Teva related matters | (234) | ||||||||||
Teva [Member] | Warner Chilcott Limited [Member] | |||||||||||
Reconciliation to net cash provided by operating activities: | |||||||||||
Net income impact of other-than-temporary loss on investment in Teva securities | 3,273.5 | ||||||||||
(Gain) loss on sale of Teva securities, net | (60.9) | ||||||||||
Cash Flows From Investing Activities: | |||||||||||
Payments to settle Teva related matters | (466) | ||||||||||
Cash Flows From Financing Activities: | |||||||||||
Proceeds from forward sale of Teva securities | 465.5 | ||||||||||
Payments to settle Teva related matters | (234) | ||||||||||
Eliminations [Member] | |||||||||||
Cash Flows From Operating Activities: | |||||||||||
Net (loss) / income | 13,220 | 11,567.9 | (40,846.9) | ||||||||
Reconciliation to net cash provided by operating activities: | |||||||||||
Losses / (earnings) of equity interest subsidiaries | (13,220) | (11,567.9) | 40,846.9 | ||||||||
Dividends from subsidiaries | (4,075.6) | (1,668.2) | (2,034.8) | ||||||||
Net cash provided by operating activities | (4,075.6) | (1,668.2) | (2,034.8) | ||||||||
Cash Flows From Financing Activities: | |||||||||||
Dividend to Parent | 4,075.6 | 1,668.2 | 2,034.8 | ||||||||
Net cash (used in) financing activities | $ 4,075.6 | $ 1,668.2 | $ 2,034.8 |
Compensation - Schedule of Comp
Compensation - Schedule of Compensation Charges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Compensation Related Costs [Line Items] | |||
Wages and salaries | $ 1,994.9 | $ 1,892.8 | $ 2,108.7 |
Share-based compensation | 239.8 | 308 | 396.1 |
Retirement plans | 107 | 82.7 | 156.8 |
Social welfare (taxes) | 163.1 | 150.4 | 165 |
Other benefits | 175.2 | 265.1 | 321 |
Total compensation charges | 2,680 | 2,699 | 3,147.6 |
Continuing Operations [Member] | |||
Compensation Related Costs [Line Items] | |||
Total compensation charges | $ 2,680 | $ 2,699 | 2,578.4 |
Discontinued Operations [Member] | |||
Compensation Related Costs [Line Items] | |||
Total compensation charges | $ 569.2 |
Concentration - Additional Info
Concentration - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2018ManufacturerCustomer | Dec. 31, 2017Customer | |
Concentration Risk [Line Items] | ||
Number of customer outside the U.S and Canada in relation to 10% global sales | 0 | |
Percentage of gross accounts receivable due from largest customers | 62.00% | 58.00% |
Number of largest customers | 3 | 3 |
Concentration risk, supplier | No third party manufacturer accounted for 10% or more of the Company’s products sold based on third-party revenues for the year ended December 31, 2018. | |
Number of manufacturers accounted more than 10% of company's product sold | Manufacturer | 0 | |
U.S. and Canada [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of other individual customers in relation to net revenues | 10.00% | |
Percentage of individual customers in relation to global sales | 10.00% | |
Customer Concentration Risk [Member] | Revenues [Member] | Minimum [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10.00% |
Concentration - Schedule of Con
Concentration - Schedule of Concentration on Revenues (Detail) - U.S. and Canada [Member] - Revenues [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
McKesson Corporation [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 25.00% | 23.00% | 23.00% |
Cardinal Health, Inc. [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 23.00% | 19.00% | 18.00% |
AmerisourceBergen Corporation [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 22.00% | 19.00% | 18.00% |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation And Qualifying Accounts [Abstract] | |||
Allowance for doubtful accounts, Balance at beginning of period | $ 93 | $ 75.7 | $ 80.6 |
Allowance for doubtful accounts, Charged to costs and expenses | 18.5 | 11.6 | 3.5 |
Allowance for doubtful accounts, Deductions/ Write-offs | (9.8) | (1.7) | (8.4) |
Allowance for doubtful accounts, Other | 7.4 | ||
Allowance for doubtful accounts, Balance at end of period | 101.7 | 93 | 75.7 |
Tax valuation allowance, Balance at beginning of period | 403.8 | 183.9 | 196.2 |
Tax valuation allowance, Charged to costs and expenses | 1,237.9 | 230.1 | 183.8 |
Tax valuation allowance, Other | (3.8) | (10.2) | (196.1) |
Tax valuation allowance, Balance at end of period | $ 1,637.9 | $ 403.8 | $ 183.9 |
Supplementary Data - Quarterly
Supplementary Data - Quarterly Consolidated Financial Data and Market Price Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net revenues | $ 4,079.7 | $ 3,911.4 | $ 4,124.2 | $ 3,672.1 | $ 4,326.1 | $ 4,034.3 | $ 4,007.4 | $ 3,572.9 | $ 15,787.4 | $ 15,940.7 | $ 14,570.6 |
Net (loss) / income | $ (4,295.9) | $ (36.3) | $ (470.1) | $ (283.9) | $ 3,123.2 | $ (3,954) | $ (723.9) | $ (2,564.2) | $ (5,086.2) | $ (4,118.9) | $ 14,979.5 |
Basic earnings per share | $ (12.83) | $ (0.11) | $ (1.39) | $ (0.99) | $ 9.21 | $ (12.07) | $ (2.37) | $ (7.86) | $ (15.26) | $ (13.19) | $ 38.18 |
Diluted earnings per share | (12.83) | (0.11) | (1.39) | (0.99) | 8.88 | (12.07) | (2.37) | (7.86) | $ (15.26) | $ (13.19) | $ 38.18 |
Market price per share: | |||||||||||
High | 193.46 | 192.51 | 175.19 | 188.15 | 210.98 | 256.15 | 248.91 | 249.32 | |||
Low | $ 129.82 | $ 167.21 | $ 143.80 | $ 144.02 | $ 163.58 | $ 202.66 | $ 218.73 | $ 210.80 |