Document And Entity Information
Document And Entity Information - € / shares | 3 Months Ended | ||
Mar. 31, 2019 | May 01, 2019 | Dec. 31, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | MYLAN N.V. | ||
Entity Central Index Key | 0001623613 | ||
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | Q1 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filler Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Ordinary Shares, Shares Outstanding | 515,437,080 | ||
Common Stock, Par or Stated Value Per Share | € 0.01 | € 0.01 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Comprehensive Earnings - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net (loss) earnings | $ (25) | $ 87.1 |
Net earnings (loss) | (25) | 87.1 |
Other comprehensive (loss) earnings, before tax: | ||
Foreign currency translation adjustment | (338.5) | 261.9 |
Change in unrecognized gain (loss) and prior service cost related to defined benefit plans | 0.2 | (4.3) |
Net unrealized (loss) gain on marketable securities | 0.4 | (0.4) |
Other comprehensive (loss) earnings, before tax | (253.8) | 166 |
Income tax provision (benefit) | 11.8 | (11.2) |
Other comprehensive (loss) earnings, net of tax | (265.6) | 177.2 |
Comprehensive (loss) earnings | (290.6) | 264.3 |
Cash Flow Hedging | ||
Other comprehensive (loss) earnings, before tax: | ||
Net unrecognized gain (loss) on derivatives | 26 | (32) |
Net Investment Hedging | ||
Other comprehensive (loss) earnings, before tax: | ||
Net unrecognized gain (loss) on derivatives | $ 58.1 | $ (59.2) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 2,460.6 | $ 2,650.4 |
Total revenues | 2,495.5 | 2,684.5 |
Cost of sales | 1,690.3 | 1,700.2 |
Gross profit | 805.2 | 984.3 |
Operating expenses: | ||
Research and development | 172.6 | 204.9 |
Selling, general and administrative | 607.9 | 607.5 |
Litigation settlements and other contingencies, net | 0.7 | 16.2 |
Total operating expenses | 781.2 | 828.6 |
Earnings from operations | 24 | 155.7 |
Interest expense | 131.2 | 131.7 |
Other expense, net | 7.3 | 13.5 |
Earnings before income taxes | (114.5) | 10.5 |
Income tax benefit | (89.5) | (76.6) |
Net earnings (loss) | (25) | 87.1 |
Net earnings | $ (25) | $ 87.1 |
(Loss) Earnings per ordinary share: | ||
Basic (in USD per share) | $ (0.05) | $ 0.17 |
Diluted (in USD per share) | $ (0.05) | $ 0.17 |
Weighted average ordinary shares outstanding: | ||
Basic | 515 | 514.4 |
Diluted | 515 | 516.8 |
Other Revenues | ||
Total revenues | $ 34.9 | $ 34.1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 229.8 | $ 388.1 |
Accounts receivable, net | 2,778.5 | 2,881 |
Inventories | 2,708.8 | 2,580.2 |
Prepaid expenses and other current assets | 545.2 | 518.4 |
Total current assets | 6,262.3 | 6,367.7 |
Property, plant and equipment, net | 2,151.4 | 2,170.2 |
Intangible assets, net | 12,955.5 | 13,664.6 |
Goodwill | 9,607.9 | 9,747.8 |
Deferred income tax benefit | 507.8 | 572.2 |
Other assets | 421.7 | 212.4 |
Total assets | 31,906.6 | 32,734.9 |
Current liabilities: | ||
Accounts payable | 1,316.5 | 1,617 |
Short-term borrowings | 0.4 | 1.9 |
Income taxes payable | 23.2 | 121.5 |
Current portion of long-term debt and other long-term obligations | 703.5 | 699.8 |
Other current liabilities | 2,114 | 2,147.6 |
Total current liabilities | 4,157.6 | 4,587.8 |
Long-term debt | 13,086.9 | 13,161.2 |
Deferred income tax liability | 1,643.2 | 1,722 |
Other long-term obligations | 1,127.3 | 1,096.8 |
Total liabilities | 20,015 | 20,567.8 |
Mylan N.V. shareholders’ equity | ||
Total Mylan N.V. equity, before treasury stock | 12,891.3 | 13,166.8 |
Less: Treasury stock — at cost | 999.7 | 999.7 |
Total equity | 11,891.6 | 12,167.1 |
Total liabilities and equity | 31,906.6 | 32,734.9 |
Retained Earnings [Member] | ||
Mylan N.V. shareholders’ equity | ||
Retained earnings | $ 5,989.3 | |
Total equity | $ 6,010.7 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - € / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, nominal value | € 0.01 | € 0.01 |
Ordinary shares, shares authorized | 1,200,000,000 | 1,200,000,000 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Net (loss) earnings | $ 87.1 | |||||
Balance at Dec. 31, 2017 | 13,307.6 | $ 6 | $ 8,586 | $ 5,644.5 | $ (567.7) | $ (361.2) |
Balance (in shares) at Dec. 31, 2017 | 537,902,426 | 13,695,251 | ||||
Net earnings (loss) | 87.1 | 87.1 | ||||
Other comprehensive loss, net of tax | 177.2 | 177.2 | ||||
Common stock share repurchase | (432) | $ 432 | ||||
Common stock share repurchase (in shares) | (9,800,000) | |||||
Stock options exercised, net of shares tendered for payment (in shares) | 959,335 | |||||
Issuance of restricted stock, net of shares withheld | 10.6 | 10.6 | ||||
Stock compensation expense | 21.4 | 21.4 | ||||
Tax benefit of stock option plans | (8) | (8) | ||||
Cumulative effect of the adoption of new accounting standards | 6.2 | 13.7 | (7.5) | |||
Other | 0 | 0.3 | 0.3 | |||
Balance at Mar. 31, 2018 | 13,170.1 | $ 6 | 8,610.3 | 5,745 | $ (999.7) | (191.5) |
Balance (in shares) at Mar. 31, 2018 | 538,861,761 | 23,490,867 | ||||
Accumulated other comprehensive loss | (191.5) | |||||
Net (loss) earnings | (25) | (25) | ||||
Balance at Dec. 31, 2018 | 12,167.1 | $ 6 | 8,591.4 | 6,010.7 | $ (999.7) | (1,441.3) |
Balance (in shares) at Dec. 31, 2018 | 539,289,665 | 23,490,867 | ||||
Net earnings (loss) | (25) | |||||
Other comprehensive loss, net of tax | (265.6) | (265.6) | ||||
Stock options exercised, net of shares tendered for payment (in shares) | 653,679 | |||||
Issuance of restricted stock, net of shares withheld | 2.3 | 2.3 | ||||
Stock compensation expense | 18 | 18 | ||||
Tax benefit of stock option plans | (5.2) | (5.2) | ||||
Cumulative effect of the adoption of new accounting standards | 0 | 3.6 | (3.6) | |||
Balance at Mar. 31, 2019 | $ 11,891.6 | $ (999.7) | ||||
Common Stock, Value, Issued | $ 6 | |||||
Accumulated other comprehensive loss | $ (1,710.5) | |||||
Common Stock, Shares, Issued | 539,943,344 | |||||
Additional Paid in Capital | $ 8,606.5 | |||||
Retained Earnings (Accumulated Deficit) | $ 5,989.3 | |||||
Treasury Stock, Shares | 23,490,867 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net (loss) earnings | $ (25) | $ 87.1 |
Net earnings (loss) | (25) | 87.1 |
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 500.5 | 498.5 |
Share-based Compensation | 18 | 21.4 |
Deferred income tax expense | 6.7 | 16 |
Loss from equity method investments | 17 | 23.1 |
Other non-cash items | (2.3) | 38 |
Litigation settlements and other contingencies, net | (3.7) | 16.4 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 62.8 | 370.2 |
Inventories | (183) | (157.6) |
Accounts payable | (277.5) | (92.8) |
Income taxes | (213.6) | (155.7) |
Other operating assets and liabilities, net | 60.4 | (42.8) |
Net cash (used in) provided by operating activities | (39.7) | 621.8 |
Cash flows from investing activities: | ||
Cash paid for acquisitions, net | (7.1) | (63.3) |
Capital expenditures | (53.1) | (30.7) |
Proceeds from Sale of Productive Assets | 0.2 | 0 |
Purchase of available for sale securities and other investments | (7.8) | (7.5) |
Proceeds from the sale of marketable securities | 7.6 | 15 |
Payments for product rights and other, net | (15.4) | (342.4) |
Net cash used in investing activities | (75.6) | (428.9) |
Cash flows from financing activities: | ||
Payments of long-term debt | (0.2) | (498) |
Purchase of ordinary shares | 0 | (432) |
Treasury Stock, Value, Acquired, Cost Method | 432 | |
Change in short-term borrowings, net | (1.5) | 309.1 |
Taxes paid related to net share settlement of equity awards | (7.1) | (8.9) |
Contingent consideration payments | (31.8) | (0.2) |
Payments of financing fees | (1.2) | (0.4) |
Proceeds from issuance of long-term debt | 0.1 | 498.4 |
Proceeds from exercise of stock options | 2.4 | 10.8 |
Other items, net | (0.8) | (0.2) |
Net cash used in financing activities | (40.1) | (121.4) |
Effect on cash of changes in exchange rates | (3) | 3.7 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (158.4) | 75.2 |
Cash, cash equivalents and restricted cash — end of period | 229.8 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 230.9 | $ 445.1 |
General
General | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The accompanying unaudited condensed consolidated financial statements (“ interim financial statements ”) of Mylan N.V. and subsidiaries (“Mylan” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q; therefore, as permitted under these rules, certain footnotes and other financial information included in audited financial statements were condensed or omitted. The interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the interim results of operations, comprehensive earnings, financial position, equity and cash flows for the periods presented. These interim financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto in Mylan N.V. ’s Annual Report on Form 10-K for the year ended December 31, 2018 , as amended (the “ 2018 Form 10-K”). The December 31, 2018 condensed consolidated balance sheet was derived from audited financial statements. The interim results of operations, comprehensive earnings and cash flows for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the full fiscal year or any other future period. Certain prior year amounts have been reclassified to conform to the current year presentation. |
Revenue Recognition and Account
Revenue Recognition and Accounts Receivable | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes net revenue for product sales when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenues are recorded net of provisions for variable consideration, including discounts, rebates, governmental rebate programs, price adjustments, returns, chargebacks, promotional programs and other sales allowances. Accruals for these provisions are presented in the condensed consolidated financial statements as reductions in determining net sales and as a contra asset in accounts receivable, net (if settled via credit) and other current liabilities (if paid in cash). Wholesaler and distributor inventory levels of our products can fluctuate throughout the year due to the seasonality of certain products, the timing of product demand and other factors. Such fluctuations may impact the comparability of our net sales between periods. Consideration received from licenses of intellectual property is recorded as revenue. Royalty or profit share amounts, which are based on sales of licensed products or technology, are recorded when the customer’s subsequent sales or usages occur. Such consideration is included in other revenue in the condensed consolidated statements of operations. Revenue Disaggregation The following table presents the Company’s net sales by therapeutic franchise for each of our reportable segments for the three months ended March 31, 2019 and 2018 , respectively: (In millions) North America Europe Rest of World Total Three Months Ended March 31, 2019 Central Nervous System & Anesthesia $ 135.7 $ 190.3 $ 64.0 $ 390.0 Infectious Disease 18.1 58.8 215.6 292.5 Respiratory & Allergy 238.6 107.8 43.7 390.1 Cardiovascular 46.9 100.7 34.2 181.8 Gastroenterology 34.2 127.8 77.5 239.5 Diabetes & Metabolism 151.0 57.2 39.2 247.4 Dermatology 13.9 61.6 20.4 95.9 Women’s Healthcare 78.9 44.6 15.1 138.6 Oncology 124.8 17.6 29.0 171.4 Immunology 10.1 7.2 6.4 23.7 Other (1) 70.7 121.7 97.3 289.7 Total $ 922.9 $ 895.3 $ 642.4 $ 2,460.6 (In millions) North America Europe Rest of World Total Three Months Ended March 31, 2018 Central Nervous System & Anesthesia $ 199.6 $ 225.4 $ 82.9 $ 507.9 Infectious Disease 46.4 64.5 169.0 279.9 Respiratory & Allergy 113.9 127.6 46.6 288.1 Cardiovascular 90.4 146.8 39.5 276.7 Gastroenterology 44.1 153.2 66.1 263.4 Diabetes & Metabolism 109.6 73.8 24.8 208.2 Dermatology 94.5 80.3 24.9 199.7 Women’s Healthcare 93.1 70.0 19.2 182.3 Oncology 109.3 18.8 30.9 159.0 Immunology 14.0 2.5 8.4 24.9 Other (1) 70.4 75.5 114.4 260.3 Total $ 985.3 $ 1,038.4 $ 626.7 $ 2,650.4 ____________ (1) Other consists of numerous therapeutic franchises, none of which individually exceeds 5% of consolidated net sales. Variable Consideration and Accounts Receivable The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the three months ended March 31, 2019 and 2018 , respectively: Three Months Ended March 31, (In millions) 2019 2018 Gross sales $ 4,158.5 $ 4,732.3 Gross to net adjustments: Chargebacks (703.7 ) (872.1 ) Rebates, promotional programs and other sales allowances (856.2 ) (1,030.6 ) Returns (45.8 ) (77.3 ) Governmental rebate programs (92.2 ) (101.9 ) Total gross to net adjustments $ (1,697.9 ) $ (2,081.9 ) Net sales $ 2,460.6 $ 2,650.4 No significant revisions were made to the methodology used in determining these provisions or the nature of the provisions during the three months ended March 31, 2019 . Such allowances were comprised of the following at March 31, 2019 and December 31, 2018 , respectively: (In millions) March 31, December 31, Accounts receivable, net $ 1,556.2 $ 1,715.6 Other current liabilities 604.1 626.7 Total $ 2,160.3 $ 2,342.3 Accounts receivable, net was comprised of the following at March 31, 2019 and December 31, 2018 , respectively: (In millions) March 31, December 31, Trade receivables, net $ 2,367.4 $ 2,416.5 Other receivables 411.1 464.5 Accounts receivable, net $ 2,778.5 $ 2,881.0 Through its wholly owned subsidiary Mylan Pharmaceuticals Inc. (“MPI”), the Company has access to a $400 million accounts receivable securitization facility (the “Receivables Facility”). The receivables underlying any borrowings are included in accounts receivable, net, in the condensed consolidated balance sheets . There were $372.2 million and $322.0 million of securitized accounts receivable at March 31, 2019 and December 31, 2018 , respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Recent Accounting Pronouncements Adoption of New Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), which supersedes FASB Topic 840, Leases (Topic 840) and provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 (Leases) , and ASU 2018-11, Leases (Topic 842), Targeted Improvements , which provide (i) narrow amendments to clarify how to apply certain aspects of the new lease standard, (ii) entities with an additional transition method to adopt the new standard, and (iii) lessors with a practical expedient for separating components of a contract. In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors, which provides certain narrow-scope improvements to Topic 842 as it relates to lessors. The Company adopted the provisions of Topic 842 as of January 1, 2019 on a modified retrospective basis applying the guidance to leases existing as of this effective date. We elected to apply the available package of transitional practical expedients which permitted us not to reassess under the new standard our prior conclusions regarding lease identification, lease classification and initial direct costs. We have also elected to apply the short-term lease recognition exemption which means we will not recognize ROU assets or lease liabilities for leases that qualify both at transition and on a go-forward basis. In addition, we have elected to apply the practical expedient to not separate lease and non-lease components for our leases except for those related to certain limited supply arrangements. The Company has determined that there was no cumulative-effect adjustment to beginning retained earnings on the condensed consolidated balance sheet. We will continue to report periods prior to January 1, 2019 in our financial statements under prior guidance as outlined in Topic 840. Refer to Note 8 Leases for additional information. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income , (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”) , which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate under the comprehensive tax legislation enacted by the U.S. government on December 22, 2017 commonly referred to as the Tax Cuts and Jobs Act. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The Company applied the provisions of ASU 2018-02 as of January 1, 2019. Upon adoption, the Company recorded a cumulative effect adjustment of $3.6 million to retained earnings and accumulated other comprehensive loss. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The changes took effect for the Company as of January 1, 2019. The impact of the adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements and disclosures. Accounting Standards Issued Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses, which requires an organization to measure all expected credit losses for financial assets 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 amendments in this ASU are effective for fiscal years beginning after December 15, 2019 and for interim periods therein. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements and disclosures. In addition, the following recently issued accounting standards have not been adopted. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , as amended, for additional information and their potential impacts. Accounting Standard Update Effective Date ASU 2018-18: Collaborative Arrangements (Topic 808) - Clarifying the Interaction between Topic 808 and Topic 606 January 1, 2020 ASU 2018-14: Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20) Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans January 1, 2021 ASU 2018-13: Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement January 1, 2020 |
Acquisitions and Other Transact
Acquisitions and Other Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Other Transactions | Acquisitions and Other Transactions On February 28, 2018, the Company and Revance Therapeutics, Inc. (“Revance”) entered into a collaboration agreement (the “Revance Collaboration Agreement”) pursuant to which the Company and Revance will collaborate exclusively, on a world-wide basis (excluding Japan), to develop, manufacture and commercialize a biosimilar to the branded biologic product (onabotulinumtoxinA) marketed as BOTOX®. Under the Revance Collaboration Agreement, the Company will be primarily responsible for (a) clinical development activities outside of North America (excluding Japan) (the “ex-U.S. Mylan territories”), (b) regulatory activities, and (c) commercialization for any approved product. Revance will be primarily responsible for (a) non-clinical development activities, (b) clinical development activities in North America, and (c) manufacturing and supply of clinical drug substance and drug product; Revance will be solely responsible for an initial portion of non-clinical development costs. The remaining portion of any non-clinical development costs and clinical development costs for obtaining approval in the U.S. and Europe will be shared equally between the parties, and the Company will be responsible for all other clinical development costs and commercialization expenses. Upon closing, Revance received a non-refundable upfront payment of $25.0 million . In addition, under the Revance Collaboration Agreement, Revance can receive potential development milestone payments of up to $100.0 million , in the aggregate, upon the achievement of specified clinical and regulatory milestones and potential tiered sales milestones of up to $225.0 million . In addition, Mylan will pay Revance royalties on sales of the biosimilar in the ex-U.S. Mylan territories. The Company accounted for this transaction as an asset acquisition of in-process research and development (“IPR&D”) and the total upfront payment was expensed as a component of R&D expense during the year ended December 31, 2018. On August 31, 2018, the Company completed an agreement with certain subsidiaries of Novartis AG (“Novartis”) to purchase the worldwide rights to their global cystic fibrosis products consisting of the TOBI Podhaler® and TOBI® solution. Tobramycin is the standard of care for treatment of pseudomonas aeruginosa, a leading driver of infection in cystic fibrosis. These products further strengthen our existing presence in cystic fibrosis, especially with our Creon Franchise in Europe, Australia, Japan and Canada. The asset acquisition allows us to further extend our respiratory franchise into rare/orphan disease indications and broaden our portfolio into dry powdered inhalers and nebulized products. Tobi Podhaler™ is manufactured using a proprietary Pulmosphere technology for which we have acquired exclusive rights for use, hence we expect a high barrier for generic entry. Under the terms of the agreement, Novartis is owed fixed consideration of $463.0 million which consists of $240.0 million which was paid at closing as well as deferred payments of $130.0 million included in other current liabilities and $93.0 million included in other long-term obligations, due in 2019 and 2020, respectively. Novartis is also eligible to receive a contingent payment of up to $20 million . The Company also entered into a supply agreement with Novartis to purchase the products for up to three years from the date of closing. The Company has recorded a liability of approximately $91.0 million related to supply obligations. The Company accounted for this transaction as an asset acquisition and recognized an intangible asset for the product rights of $574.8 million . The intangible asset is being amortized over a useful life of ten years . During the year ended December 31, 2018, the Company completed four agreements to acquire certain intellectual property rights and marketing authorizations for products that were in the development stage, including agreements with Fujifilm Kyowa Kirin Biologics Co., Ltd. (“FKB”), Mapi Pharma Ltd., and Lupin Limited. The Company also completed the acquisition of intellectual property rights and marketing authorizations related to a commercialized product in certain rest of world markets for $220.0 million , of which $160.0 million was paid at closing and $20.0 million was paid in the fourth quarter of 2018, with the remaining amount due in 2019 and included in other current liabilities. The Company is accounting for these transactions as asset acquisitions and a useful life of five years is being used to amortize the asset related to the commercialized product. The Company recorded expense of approximately $53.7 million as a component of R&D expense related to non-refundable upfront payments for agreements for products in development during the year ended December 31, 2018. Certain of the agreements include additional development and commercial milestones. On February 22, 2018, the Company in-licensed European rights to Hulio™, a biosimilar to AbbVie Inc.'s (“AbbVie”) Humira® (adalimumab), including a sub-license to certain of AbbVie’s European patents, from FKB. On February 27, 2019, the Company updated its arrangements with FKB for the commercialization of Hulio™. Under the updated arrangements, Mylan has in-licensed exclusive global commercialization rights for Hulio™. The Company accounted for this transaction as an asset acquisition of IPR&D and a net non-contingent amount due to FKB of approximately $23.3 million was expensed as a component of R&D expense during the three months ended March 31, 2019. On December 1, 2018, the Company and certain subsidiaries of Aspen Pharmacare Holdings Limited entered into an agreement for Mylan to distribute a portfolio of prescription and over-the-counter (“OTC”) products in Australia and New Zealand. The agreement includes an option for Mylan to purchase the rights to the portfolio for approximately $135.0 million . In March 2019, the Company exercised the option, and the parties began negotiating an asset purchase agreement. The consideration of approximately $135.0 million includes a payment due at closing of approximately $64.0 million and an amount due one year later of approximately $71.0 million . An agreement is expected to be finalized in 2019. Completion of the transaction will be subject to customary closing conditions. |
Share-Based Incentive Plan
Share-Based Incentive Plan | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Incentive Plan | Share-Based Incentive Plan The Company’s shareholders have approved the 2003 Long-Term Incentive Plan (as amended, the “ 2003 Plan ”). Under the 2003 Plan , 55,300,000 ordinary shares are reserved for issuance to key employees, consultants, independent contractors and non-employee directors of the Company through a variety of incentive awards, including: stock options, stock appreciation rights (“SAR”), restricted ordinary shares and units, performance awards (“PSU”), other stock-based awards and short-term cash awards. Stock option awards are granted with an exercise price equal to the fair market value of the ordinary shares underlying the stock options at the date of the grant, generally become exercisable over periods ranging from three to four years , and generally expire in ten years . The following table summarizes stock option and SAR (together, “stock awards”) activity: Number of Shares Under Stock Awards Weighted Average Exercise Price per Share Outstanding at December 31, 2018 6,815,278 $ 36.61 Granted 650,747 27.67 Exercised (180,626 ) 13.43 Forfeited (202,181 ) 44.90 Outstanding at March 31, 2019 7,083,218 $ 36.14 Vested and expected to vest at March 31, 2019 6,867,569 $ 36.10 Exercisable at March 31, 2019 5,409,105 $ 36.13 As of March 31, 2019 , stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had average remaining contractual terms of 5.6 years , 5.5 years and 4.5 years , respectively. Also, at March 31, 2019 , stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had aggregate intrinsic values of $15.9 million , $15.8 million and $15.4 million , respectively. A summary of the status of the Company’s nonvested restricted ordinary shares and restricted stock unit awards, including PSUs (collectively, “restricted stock awards”), as of March 31, 2019 and the changes during the three months ended March 31, 2019 are presented below: Number of Restricted Stock Awards Weighted Average Grant-Date Fair Value per Share Nonvested at December 31, 2018 6,393,081 $ 40.75 Granted 2,279,253 27.45 Released (672,319 ) 43.70 Forfeited (2,892,752 ) 38.06 Nonvested at March 31, 2019 5,107,263 $ 35.94 As of March 31, 2019 , the Company had $130.6 million of total unrecognized compensation expense, net of estimated forfeitures, related to all of its stock-based awards, which we expect to recognize over the remaining weighted average vesting period of 1.8 years . The total intrinsic value of stock awards exercised and restricted stock units released during the three months ended March 31, 2019 and 2018 was $22.1 million and $38.1 million , respectively. In February 2014, Mylan’s Compensation Committee and the independent members of the Board of Directors adopted the One-Time Special Performance-Based Five-Year Realizable Value Incentive Program (the “2014 Program”) under the 2003 Plan. Under the 2014 Program, certain key employees received a one-time, performance-based incentive award (the “Awards”) either in the form of a grant of SARs or PSUs. The initial Awards were granted in February 2014 and contained a five-year cliff-vesting feature based on the achievement of various performance targets, external market conditions and the employee’s continued services. Additional Awards were granted in 2016 and 2017, subject to the same performance condition. The performance condition was not achieved by December 31, 2018 and approximately 2.6 million Awards outstanding under the 2014 Program were canceled in the first quarter of 2019. There was no impact to share based compensation expense during the three months ended March 31, 2019 as all of the cumulative expense related to the Awards was reversed during the year ended December 31, 2018. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | Pensions and Other Postretirement Benefits Defined Benefit Plans The Company sponsors various defined benefit pension plans in several countries. Benefits provided generally depend on length of service, pay grade and remuneration levels. The Company maintains two fully frozen defined benefit pension plans in the U.S., and employees in the U.S. and Puerto Rico are generally provided retirement benefits through defined contribution plans. The Company also sponsors other postretirement benefit plans including plans that provide for postretirement supplemental medical coverage. Benefits from these plans are provided to employees and their spouses and dependents who meet various minimum age and service requirements. In addition, the Company sponsors other plans that provide for life insurance benefits and postretirement medical coverage for certain officers and management employees. Net Periodic Benefit Cost Components of net periodic benefit cost for the three months ended March 31, 2019 and 2018 were as follows: Pension and Other Postretirement Benefits Three Months Ended March 31, (In millions) 2019 2018 Service cost $ 5.3 $ 5.0 Interest cost 3.8 3.6 Expected return on plan assets (3.0 ) (3.6 ) Amortization of prior service costs 0.3 0.1 Recognized net actuarial gains (0.2 ) — Net periodic benefit cost $ 6.2 $ 5.1 The Company is making the minimum mandatory contributions to its U.S. defined benefit pension plans in the 2019 plan year. The Company expects to make total benefit payments of approximately $33.7 million from pension and other postretirement benefit plans in 2019 . The Company anticipates making contributions to pension and other postretirement benefit plans of approximately $29.3 million in 2019 . |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Balance Sheet Components Selected balance sheet components consist of the following: Cash and restricted cash (In millions) March 31, December 31, Cash and cash equivalents $ 229.8 $ 388.1 Restricted cash, included in prepaid expenses and other current assets 1.1 1.2 Cash, cash equivalents and restricted cash $ 230.9 $ 389.3 Inventories (In millions) March 31, December 31, Raw materials $ 987.0 $ 955.7 Work in process 415.4 369.9 Finished goods 1,306.4 1,254.6 Inventories $ 2,708.8 $ 2,580.2 Prepaid and other current assets (In millions) March 31, December 31, 2018 Prepaid expenses $ 131.8 $ 130.6 Restricted cash 1.1 1.2 Available-for-sale fixed income securities 25.9 25.0 Fair value of financial instruments 40.1 33.8 Equity securities 35.8 32.5 Other current assets 310.5 295.3 Prepaid expenses and other current assets $ 545.2 $ 518.4 Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items. Property, plant and equipment, net (In millions) March 31, December 31, 2018 Machinery and equipment $ 2,444.8 $ 2,421.2 Buildings and improvements 1,188.5 1,182.3 Construction in progress 249.0 239.7 Land and improvements 130.5 131.3 Gross property, plant and equipment 4,012.8 3,974.5 Accumulated depreciation 1,861.4 1,804.3 Property, plant and equipment, net $ 2,151.4 $ 2,170.2 Other assets (In millions) March 31, December 31, 2018 Equity method investments, clean energy investments $ 127.4 $ 138.7 Operating lease right-of-use assets 236.2 — Other long-term assets 58.1 73.7 Other assets $ 421.7 $ 212.4 Accounts payable (In millions) March 31, December 31, Trade accounts payable $ 907.0 $ 1,123.2 Other payables 409.5 493.8 Accounts payable $ 1,316.5 $ 1,617.0 Other current liabilities (In millions) March 31, December 31, 2018 Accrued sales allowances $ 604.1 $ 626.7 Legal and professional accruals, including litigation accruals 128.7 128.1 Payroll and employee benefit liabilities 311.4 399.7 Contingent consideration 114.9 158.3 Accrued interest 166.0 62.4 Restructuring 37.5 62.3 Equity method investments, clean energy investments 46.0 45.1 Fair value of financial instruments 9.7 29.4 Operating lease liability 80.0 — Other 615.7 635.6 Other current liabilities $ 2,114.0 $ 2,147.6 In the fourth quarter of 2018, the Company announced the voluntary recall of valsartan and certain combination valsartan medicines in various countries due to the detection of trace amounts of an impurity, N-nitrosodiethylamine contained in the active pharmaceutical ingredient Valsartan, USP, manufactured by Mylan India. The impact of this recall on the Company’s condensed consolidated statement of operations for the period ended March 31, 2019 was approximately $3.9 million , primarily related to recall costs and inventory reserves. Depending on the scope of regulatory actions, and severity of the impurity, the Company may face additional loss of revenues and profits and incur contractual or other litigation costs. There can be no assurance that future costs related to the recall will not exceed amounts recorded. Other long-term obligations (In millions) March 31, December 31, 2018 Employee benefit liabilities $ 390.3 $ 397.7 Contingent consideration 180.2 197.0 Equity method investments, clean energy investments 90.0 100.3 Tax related items, including contingencies 76.0 162.1 Operating lease liability 154.3 — Other 236.5 239.7 Other long-term obligations $ 1,127.3 $ 1,096.8 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company adopted the provisions of Topic 842 as of January 1, 2019 on a modified retrospective basis applying the guidance to leases existing as of this effective date. We have operating leases of real estate, consisting primarily of administrative offices, manufacturing and distribution facilities, and research and development facilities. We also have operating leases of certain equipment, primarily automobiles, and certain limited supply arrangements. As of March 31, 2019 , the Company recognized an ROU asset of $236.2 million and a total lease liability of $234.3 million . The Company’s ROU assets are recorded in other assets. The related lease liability balances are recorded in other current liabilities and other long-term obligations on the condensed consolidated balance sheet. Refer to Note 7 Balance Sheet Components for additional information. Operating lease costs for the three months ended March 31, 2019 were approximately $24.2 million , and are classified primarily as selling, general and administrative expenses and cost of sales. ROU assets and liabilities are recognized at the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use an applicable incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Options to extend or terminate the ROU assets are reviewed at lease inception and these options are accounted for when they are reasonably certain of being exercised. Other information related to leases was as follows: As of March 31, 2019 Remaining lease terms 1 year to 25 years Weighted-average remaining lease term 6 years Weighted-average discount rate 4.2 % As of March 31, 2019 , we have additional operating leases, primarily for distribution facilities, that have not yet commenced totaling approximately $42.7 million . These leases are expected to commence in 2019 and have lease terms of 7 years to 15 years . As of March 31, 2019 , maturities of lease liabilities were as follows: (In millions) Year ending December 31, 2019 (excluding the three months ended March 31, 2019) $ 55.4 2020 62.8 2021 41.6 2022 27.0 2023 19.7 Thereafter 58.0 $ 264.5 As of December 31, 2018, future minimum lease payments under operating lease commitments were as follows: (In millions) Year ending December 31, 2019 $ 73.7 2020 54.7 2021 40.2 2022 28.5 2023 18.3 Thereafter 54.2 $ 269.6 |
Equity Method Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments The Company currently has three equity method investments in limited liability companies that own refined coal production plants (the “clean energy investments”) whose activities qualify for income tax credits under Section 45 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). Summarized financial information, in the aggregate, for the Company’s significant equity method investments on a 100% basis for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended March 31, (In millions) 2019 2018 Total revenues $ 86.9 $ 129.0 Gross loss (1.0 ) (7.7 ) Operating and non-operating expense 4.9 5.6 Net loss $ (5.9 ) $ (13.3 ) The Company’s net losses from its equity method investments include amortization expense related to the excess of the cost basis of the Company’s investment over the underlying assets of each individual investee. For the three months ended March 31, 2019 and 2018 , the Company recognized net losses from equity method investments of $17.0 million and $23.1 million , respectively, which were recognized as a component of other expense, net in the condensed consolidated statements of operations . The Company recognizes the income tax credits and benefits from the clean energy investments as part of its provision for income taxes. |
Earnings per Ordinary Share
Earnings per Ordinary Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Ordinary Share | Earnings per Ordinary Share Basic (loss) earnings per ordinary share is computed by dividing net (loss) earnings by the weighted average number of ordinary shares outstanding during the period. Diluted (loss) earnings per ordinary share is computed by dividing net (loss) earnings by the weighted average number of ordinary shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive. Basic and diluted (loss) earnings per ordinary share are calculated as follows: Three Months Ended March 31, (In millions, except per share amounts) 2019 2018 Basic (loss) earnings (numerator): Net (loss) earnings $ (25.0 ) $ 87.1 Shares (denominator): Weighted average ordinary shares outstanding 515.0 514.4 Basic (loss) earnings per ordinary share $ (0.05 ) $ 0.17 Diluted (loss) earnings (numerator): Net (loss) earnings $ (25.0 ) $ 87.1 Shares (denominator): Weighted average ordinary shares outstanding 515.0 514.4 Share-based awards — 2.4 Total dilutive shares outstanding 515.0 516.8 Net (loss) earnings per diluted ordinary share $ (0.05 ) $ 0.17 Additional stock awards and restricted stock awards were outstanding during the three months ended March 31, 2019 and 2018 , but were not included in the computation of diluted (loss) earnings per ordinary share for each respective period because the effect would be anti-dilutive. Excluded shares at March 31, 2019 include certain share-based compensation awards and restricted ordinary shares whose performance conditions had not been fully met. Such excluded shares and anti-dilutive awards represented 8.9 million shares and 8.1 million shares for the three months ended March 31, 2019 and 2018 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the three months ended March 31, 2019 are as follows: (In millions) North America Segment Europe Segment Rest of World Segment Total Balance at December 31, 2018: Goodwill $ 3,892.9 $ 4,657.4 $ 1,582.5 $ 10,132.8 Accumulated impairment losses (385.0 ) — — (385.0 ) 3,507.9 4,657.4 1,582.5 9,747.8 Foreign currency translation 4.8 (149.8 ) 5.1 (139.9 ) $ 3,512.7 $ 4,507.6 $ 1,587.6 $ 9,607.9 Balance at March 31, 2019: Goodwill $ 3,897.7 $ 4,507.6 $ 1,587.6 $ 9,992.9 Accumulated impairment losses (385.0 ) — — (385.0 ) $ 3,512.7 $ 4,507.6 $ 1,587.6 $ 9,607.9 Intangible assets consist of the following components at March 31, 2019 and December 31, 2018 : (In millions) Weighted Average Life (Years) Original Cost Accumulated Amortization Net Book Value March 31, 2019 Product rights, licenses and other (1) 15 $ 20,232.7 $ 7,521.2 $ 12,711.5 In-process research and development 244.0 — 244.0 $ 20,476.7 $ 7,521.2 $ 12,955.5 December 31, 2018 Product rights, licenses and other (1) 15 $ 20,264.1 $ 7,225.1 $ 13,039.0 In-process research and development 625.6 — 625.6 $ 20,889.7 $ 7,225.1 $ 13,664.6 ____________ (1) Represents amortizable intangible assets. Other intangible assets consists principally of customer lists and contractual rights. In December 2011, the Company completed the acquisition of the exclusive worldwide rights to develop, manufacture and commercialize a generic equivalent to GlaxoSmithKline’s Advair® Diskus and Seretide® Diskus incorporating Pfizer Inc.’s proprietary dry powder inhaler delivery platform (the “respiratory delivery platform”). The Company accounted for this transaction as a purchase of a business and utilized the acquisition method of accounting. On January 30, 2019, the Company received U.S. Food and Drug Administration (“FDA”) approval of Wixela TM Inhub TM (fluticasone propionate and salmeterol inhalation powder, USP) and the commercial launch occurred in February 2019. The Company reclassified the IPR&D asset of $347.2 million to product rights and licenses during the three months ended March 31, 2019 and began amortizing the asset over its estimated useful life. As of March 31, 2019 , the Company has a related contingent consideration liability of $276.4 million . Upon approval and launch of the product, during the three months ended March 31, 2019, the Company made $60.0 million in milestone payments. The Company performed an analysis and valuation of the contingent consideration liability using a discounted cash flow model. The model contained certain key assumptions including: market share, the number of competitors, the timing of competition and a discount factor based on an industry specific weighted average cost of capital. Based on the analysis performed, the Company recorded a fair value adjustment of $4.1 million during the three months ended March 31, 2019 to reduce the contingent consideration liability. The fair value of the contingent consideration liability was determined based upon detailed valuations employing the income approach which utilized Level 3 inputs, as defined in Note 12 - Financial Instruments and Risk Management . Market conditions and other factors may result in significant future changes in the projections and assumptions utilized in the discounted cash flow model, which could lead to material adjustments to the amount recorded for contingent consideration. During the three months ended March 31, 2019 , the Company recognized impairment charges of $29.5 million , which have been recorded as a component of amortization expense, for the impairment of certain IPR&D assets. The impairment charge recorded during the first quarter of 2019 related to certain assets acquired as part of the acquisition of the non-sterile, topicals-focused business of Renaissance Acquisition Holdings, LLC. The impairment charges resulted from the Company’s updated estimate of the fair value of certain assets, which were based upon revised forecasts and future development plans. The impairment testing involved calculating the fair value of the assets based upon detailed valuations employing the income approach which utilized Level 3 inputs, as defined in Note 12 - Financial Instruments and Risk Management . These valuations reflect, among other things, the impact of changes to the development programs, the projected development and regulatory time frames and the current competitive environment. Changes in any of the Company’s assumptions may result in a further reduction to the estimated fair values of these IPR&D assets and could result in additional future impairment charges. Amortization expense, which is classified primarily within cost of sales in the condensed consolidated statements of operations for the three months ended March 31, 2019 and 2018 totaled: Three Months Ended March 31, (In millions) 2019 2018 Intangible asset amortization expense $ 405.5 $ 392.3 IPR&D intangible asset impairment charges 29.5 30.0 Total intangible asset amortization expense (including impairment charges) $ 435.0 $ 422.3 Intangible asset amortization expense over the remainder of 2019 and for the years ended December 31, 2020 through 2023 is estimated to be as follows: (In millions) 2019 $ 1,157 2020 1,403 2021 1,325 2022 1,255 2023 1,093 |
Financial Instruments and Risk
Financial Instruments and Risk Management | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | Financial Instruments and Risk Management The Company is exposed to certain financial risks relating to its ongoing business operations. The primary financial risks that are managed by using derivative instruments are foreign currency risk and interest rate risk. Foreign Currency Risk Management In order to manage certain foreign currency risks, the Company enters into foreign exchange forward contracts to mitigate risk associated with changes in spot exchange rates of mainly non-functional currency denominated assets or liabilities. The foreign exchange forward contracts are measured at fair value and reported as current assets or current liabilities on the condensed consolidated balance sheets . Any gains or losses on the foreign exchange forward contracts are recognized in earnings in the period incurred in the condensed consolidated statements of operations . The Company has also entered into forward contracts to hedge forecasted foreign currency denominated sales from certain international subsidiaries. These contracts are designated as cash flow hedges to manage foreign currency transaction risk and are measured at fair value and reported as current assets or current liabilities on the condensed consolidated balance sheets . Any changes in the fair value of designated cash flow hedges are deferred in accumulated other comprehensive earnings (“AOCE”) and are reclassified into earnings when the hedged item impacts earnings. Net Investment Hedges The Company may hedge the foreign currency risk associated with certain net investment positions in foreign subsidiaries by either borrowing directly in foreign currencies and designating all or a portion of the foreign currency debt as a hedge of the applicable net investment position or entering into foreign currency swaps that are designated as hedges of net investments. The Company has designated certain Euro borrowings as a hedge of its investment in certain Euro-functional currency subsidiaries in order to manage foreign currency translation risk. Borrowings designated as net investment hedges are marked-to-market using the current spot exchange rate as of the end of the period, with gains and losses included in the foreign currency translation component of AOCE until the sale or substantial liquidation of the underlying net investments. In addition, the Company manages the related foreign exchange risk of the Euro borrowings not designated as net investment hedges through certain Euro denominated financial assets and forward currency swaps. The following table summarizes the principal amounts of the Company’s outstanding Euro borrowings and the notional amounts of the Euro borrowings designated as net investment hedges: Notional Amount Designated as a Net Investment Hedge (in millions) Principal Amount March 31, December 31, 2.250% Euro Senior Notes due 2024 € 1,000.0 € 1,000.0 € 1,000.0 3.125% Euro Senior Notes due 2028 750.0 750.0 750.0 1.250% Euro Senior Notes due 2020 750.0 104.0 104.0 2.125% Euro Senior Notes due 2025 500.0 500.0 500.0 Floating Rate Euro Notes due 2020 500.0 — — Total € 3,500.0 € 2,354.0 € 2,354.0 Interest Rate Risk Management The Company enters into interest rate swaps in order to manage interest rate risk associated with the Company’s fixed-rate and floating-rate debt. Interest rate swaps that meet specific accounting criteria are accounted for as fair value or cash flow hedges. All derivative instruments used to manage interest rate risk are measured at fair value and reported as current assets or current liabilities in the condensed consolidated balance sheets . For fair value hedges, the changes in the fair value of both the hedging instrument and the underlying debt obligations are included in interest expense. For cash flow hedges, the change in fair value of the hedging instrument is deferred through AOCE and is reclassified into earnings when the hedged item impacts earnings. Credit Risk Management The Company regularly reviews the creditworthiness of its financial counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements. The Company is not subject to any obligations to post collateral under derivative instrument contracts. Certain derivative instrument contracts entered into by the Company are governed by master agreements, which contain credit-risk-related contingent features that would allow the counterparties to terminate the contracts early and request immediate payment should the Company trigger an event of default on other specified borrowings. The Company records all derivative instruments on a gross basis in the condensed consolidated balance sheets . Accordingly, there are no offsetting amounts that net assets against liabilities. The Effect of Derivative Instruments on the condensed consolidated balance sheets Fair Values of Derivative Instruments Derivatives Designated as Hedging Instruments Asset Derivatives March 31, 2019 December 31, 2018 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Prepaid expenses and other current assets $ 11.1 Prepaid expenses and other current assets $ 3.6 Foreign currency forward contracts Prepaid expenses and other current assets 12.2 Prepaid expenses and other current assets — Total $ 23.3 $ 3.6 Liability Derivatives March 31, 2019 December 31, 2018 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Other current liabilities — Other current liabilities 12.1 Total $ — $ 12.1 The Effect of Derivative Instruments on the condensed consolidated balance sheets Fair Values of Derivative Instruments Derivatives Not Designated as Hedging Instruments Asset Derivatives March 31, 2019 December 31, 2018 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Prepaid expenses and other current assets $ 16.8 Prepaid expenses and other current assets $ 30.2 Total $ 16.8 $ 30.2 Liability Derivatives March 31, 2019 December 31, 2018 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Other current liabilities $ 9.7 Other current liabilities $ 17.3 Total $ 9.7 $ 17.3 The Effect of Derivative Instruments on the condensed consolidated statements of operations Derivatives in Fair Value Hedging Relationships Location of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Derivatives (In millions) Three Months Ended March 31, 2019 2018 Interest rate swaps Interest expense $ 7.5 $ (16.0 ) Total $ 7.5 $ (16.0 ) Location of Gain (Loss) Recognized in Earnings on Hedged Items Amount of Gain (Loss) Recognized in Earnings on Hedged Items (In millions) Three Months Ended March 31, 2019 2018 2023 Senior Notes (3.125% coupon) Interest expense $ (7.5 ) $ 16.0 Total $ (7.5 ) $ 16.0 The Effect of Derivative Instruments on the condensed consolidated statements of comprehensive earnings Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative Three Months Ended March 31, (In millions) 2019 2018 Foreign currency forward contracts $ 15.5 $ (15.1 ) Total $ 15.5 $ (15.1 ) The Effect of Derivative Instruments on the condensed consolidated statements of comprehensive earnings Derivatives in Net Investment Hedging Relationships Amount of Gain (Loss) Recognized in AOCE Three Months Ended March 31, (In millions) 2019 2018 Foreign currency borrowings and forward contracts $ 55.2 $ (59.2 ) Total $ 55.2 $ (59.2 ) The Effect of Derivative Instruments on the condensed consolidated statements of operations Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Reclassified from AOCE into Earnings (Effective Portion) Amount of Gain (Loss) Reclassified from AOCE into Earnings Three Months Ended March 31, (In millions) 2019 2018 Foreign currency forward contracts Net sales $ 0.3 $ 4.8 Interest rate swaps Interest expense (1.8 ) (1.9 ) Total $ (1.5 ) $ 2.9 At March 31, 2019 , the Company expects that approximately $47.0 million of pre-tax net losses on cash flow hedges will be reclassified from AOCE into earnings during the next twelve months . The Effect of Derivative Instruments on the condensed consolidated statements of operations Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Derivatives Three Months Ended March 31, (In millions) 2019 2018 Foreign currency option and forward contracts Other expense, net $ (5.8 ) $ 44.0 Total $ (5.8 ) $ 44.0 Fair Value Measurement Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: • Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. • Level 2: Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. • Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above: March 31, 2019 (In millions) Level 1 Level 2 Level 3 Total Recurring fair value measurements Financial Assets Cash equivalents: Money market funds $ 0.6 $ — $ — $ 0.6 Total cash equivalents 0.6 — — 0.6 Equity securities: Exchange traded funds 35.0 — — 35.0 Marketable securities 0.8 — — 0.8 Total equity securities 35.8 — — 35.8 Available-for-sale fixed income investments: Corporate bonds — 10.3 — 10.3 U.S. Treasuries — 9.9 — 9.9 Agency mortgage-backed securities — 1.6 — 1.6 Asset backed securities — 3.2 — 3.2 Other — 0.9 — 0.9 Total available-for-sale fixed income investments — 25.9 — 25.9 Foreign exchange derivative assets — 29.0 — 29.0 Interest rate swap derivative assets — 11.1 — 11.1 Total assets at recurring fair value measurement $ 36.4 $ 66.0 $ — $ 102.4 Financial Liabilities Foreign exchange derivative liabilities — 9.7 — 9.7 Contingent consideration — — 295.1 295.1 Total liabilities at recurring fair value measurement $ — $ 9.7 $ 295.1 $ 304.8 December 31, 2018 (In millions) Level 1 Level 2 Level 3 Total Recurring fair value measurements Financial Assets Cash equivalents: Money market funds $ 71.0 $ — $ — $ 71.0 Total cash equivalents 71.0 — — 71.0 Equity securities: Exchange traded funds 31.7 — — 31.7 Marketable securities 0.8 — — 0.8 Total equity securities 32.5 — — 32.5 Available-for-sale fixed income investments: Corporate bonds — 9.9 — 9.9 U.S. Treasuries — 9.4 — 9.4 Agency mortgage-backed securities — 1.6 — 1.6 Asset backed securities — 3.2 — 3.2 Other — 0.9 — 0.9 Total available-for-sale fixed income investments — 25.0 — 25.0 Foreign exchange derivative assets — 30.2 — 30.2 Interest rate swap derivative assets — 3.6 — 3.6 Total assets at recurring fair value measurement $ 103.5 $ 58.8 $ — $ 162.3 Financial Liabilities Foreign exchange derivative liabilities $ — $ 29.4 $ — $ 29.4 Contingent consideration — — 355.3 355.3 Total liabilities at recurring fair value measurement $ — $ 29.4 $ 355.3 $ 384.7 For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including the London Interbank Offered Rate (“LIBOR”) yield curve, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities: • Cash equivalents — valued at observable net asset value prices. • Equity securities, exchange traded funds — valued at the active quoted market prices from broker or dealer quotations or transparent pricing sources at the reporting date. Unrealized gains and losses attributable to changes in fair value are included in other expense, net, in the condensed consolidated statements of operations . • Equity securities, marketable securities — valued using quoted stock prices from public exchanges at the reporting date. Unrealized gains and losses attributable to changes in fair value are included in other expense, net, in the condensed consolidated statements of operations . • Available-for-sale fixed income investments — valued at the quoted market prices from broker or dealer quotations or transparent pricing sources at the reporting date. Unrealized gains and losses attributable to changes in fair value, net of income taxes, are included in accumulated other comprehensive loss as a component of shareholders’ equity. • Foreign exchange derivative assets and liabilities — valued using quoted forward foreign exchange prices and spot rates at the reporting date. Counterparties to these contracts are highly rated financial institutions. • Interest rate swap derivative assets and liabilities — valued using the LIBOR/EURIBOR yield curves at the reporting date. Counterparties to these contracts are highly rated financial institutions. Contingent Consideration The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for the respiratory delivery platform and certain other acquisitions. The measurement is calculated using unobservable inputs based on the Company’s own assumptions. For the respiratory delivery platform, significant unobservable inputs in the valuation include the probability and timing of future development and commercial milestones and future profit sharing payments. When valuing the contingent consideration related to the respiratory delivery platform, the value of the obligations is derived from a probability assessment based on expectations of when certain milestones or profit share payments occur which are discounted using a market rate of return. At March 31, 2019 and December 31, 2018 , a discount rate of 11.0% was utilized in the valuation. Significant changes in unobservable inputs could result in material changes to the contingent consideration liability. A rollforward of the activity in the Company’s fair value of contingent consideration from December 31, 2018 to March 31, 2019 is as follows: (In millions) Current Portion (1) Long-Term Portion (2) Total Contingent Consideration Balance at December 31, 2018 $ 158.3 $ 197.0 $ 355.3 Payments (60.0 ) — (60.0 ) Reclassifications 13.1 (13.1 ) — Accretion — 3.9 3.9 Fair value loss (gain) (3) 3.5 (7.6 ) (4.1 ) Balance at March 31, 2019 $ 114.9 $ 180.2 $ 295.1 ____________ (1) Included in other current liabilities on the condensed consolidated balance sheets . (2) Included in other long-term obligations on the condensed consolidated balance sheets . (3) Included in litigation settlements and other contingencies, net in the condensed consolidated statements of operations . 2019 Significant Changes to Contingent Consideration: During the three months ended March 31, 2019 , the Company made payments of approximately $60.0 million related to the respiratory delivery platform contingent consideration. Although the Company has not elected the fair value option for other financial assets and liabilities, any future transacted financial asset or liability will be evaluated for the fair value election. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Receivables Facility The Company has a $400 million Receivables Facility (the “Receivables Facility”), which originally expired on April 25, 2019. On April 25, 2019, the Company entered into an amendment to the Receivables Facility to extend the expiration date to April 22, 2022. Under the terms of the Receivables Facility, our subsidiary, MPI, sells certain accounts receivable to Mylan Securitization LLC (“Mylan Securitization”), a wholly-owned special purpose entity which in turn sells a percentage ownership interest in the receivables to financial institutions and commercial paper conduits sponsored by financial institutions. Mylan Securitization’s assets have been pledged to The Bank of Tokyo-Mitsubishi UFJ, Ltd., as agent, in support of its obligations under the Receivables Facility. Any amounts outstanding under the facility are recorded as borrowings and the underlying receivables are included in accounts receivable, net, in the condensed consolidated balance sheets of the Company. Note Securitization Facility On April 25, 2019, the Company entered into an additional facility for borrowings up to $200 million (the “Note Securitization Facility”). Under the terms of each of the Receivables Facility and Note Securitization Facility, certain of our accounts receivable secure the amounts borrowed and cannot be used to pay our other debts or liabilities. The amount that we may borrow at a given point in time is determined based on the amount of qualifying accounts receivable that are present at such point in time. Borrowings outstanding under the Receivables Facility bear interest at a commercial paper rate plus 0.775% and under the Note Securitization Facility at LIBOR plus 0.75% and are included as a component of Short-term borrowings, while the accounts receivable securing these obligations remain as a component of accounts receivable, net, in our condensed consolidated balance sheets. In addition, the agreements governing the Receivables Facility and Note Securitization Facility contain various customary affirmative and negative covenants, and customary default and termination provisions. Commercial Paper Program On July 27, 2018, the Company established an unsecured commercial paper program (the “Commercial Paper Program”) pursuant to which Mylan Inc. may issue short-term, unsecured commercial paper notes (the “CP Notes”) that are guaranteed by the Company pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), which replaced Mylan N.V.’s previous commercial paper program established on June 8, 2017 (the “Previous Commercial Paper Program”) on substantially identical terms to the Previous Commercial Paper Program. Amounts available under the Commercial Paper Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the commercial paper notes outstanding under the Commercial Paper Program at any time not to exceed $1.65 billion . The net proceeds of issuances of the CP Notes are expected to be used for general corporate purposes. The Company’s 2018 Revolving Facility (as defined below) will be available to pay the CP Notes, if necessary. The maturities of the CP Notes will vary but will not exceed 364 days from the date of issue. The Company uses net proceeds from its Commercial Paper Program, Receivables Facility and Note Securitization Facility as a source of liquidity for general corporate purposes, including for business development transactions, working capital and share repurchases. Borrowings under the Commercial Paper Program, Receivables Facility and the Note Securitization Facility may vary during a particular period, as a result of fluctuations in working capital requirements and timing of cash receipts. Long-Term Debt A summary of long-term debt is as follows: (In millions) Interest Rate as of March 31, 2019 March 31, December 31, Current portion of long-term debt: 2016 Term Facility (a) ** 3.874 % $ 100.0 $ 100.0 2019 Senior Notes ** 2.500 % 550.0 549.9 Other 5.5 6.2 Deferred financing fees (0.6 ) (0.9 ) Current portion of long-term debt $ 654.9 $ 655.2 Non-current portion of long-term debt: 2020 Floating Rate Euro Notes (b) ** $ 560.9 $ 573.3 2020 Euro Senior Notes ** 1.250 % 839.9 858.1 2020 Senior Notes ** 3.750 % 499.9 499.9 2021 Senior Notes ** 3.150 % 2,248.8 2,248.7 2023 Senior Notes * 3.125 % 760.5 752.9 2023 Senior Notes * 4.200 % 499.0 498.9 2024 Euro Senior Notes ** 2.250 % 1,119.7 1,144.2 2025 Euro Senior Notes * 2.125 % 559.7 572.0 2026 Senior Notes ** 3.950 % 2,236.9 2,236.5 2028 Euro Senior Notes ** 3.125 % 834.3 852.5 2028 Senior Notes * 4.550 % 748.3 748.2 2043 Senior Notes * 5.400 % 497.2 497.2 2046 Senior Notes ** 5.250 % 999.8 999.8 2048 Senior Notes * 5.200 % 747.6 747.6 Other 4.9 5.1 Deferred financing fees (70.5 ) (73.7 ) Long-term debt $ 13,086.9 $ 13,161.2 ____________ (a) The 2016 Term Facility bears interest at LIBOR plus a base rate, which margins can fluctuate based on the Company’s credit ratings. (b) Instrument bears interest at a rate of three-month EURIBOR plus 0.50% per annum, reset quarterly. * Instrument was issued by Mylan Inc. ** Instrument was issued by Mylan N.V. For additional information, see Note 9 Debt in Mylan N.V. ’s 2018 Form 10-K. 2016 Revolving Facility, 2018 Revolving Facility and 2016 Term Facility On November 22, 2016, the Company entered into a revolving credit facility among the Company, as borrower, Mylan Inc., as a guarantor, certain lenders and issuing banks and Bank of America, N.A., as the administrative agent, pursuant to which the Company may obtain extensions of credit in an aggregate principal amount not to exceed $2.0 billion (the “2016 Revolving Facility”). On the same day, the Company entered into a term credit facility among the Company, as borrower, Mylan Inc., as a guarantor, certain lenders and Goldman Sachs Bank USA, as administrative agent, pursuant to which the Company has outstanding $100.0 million in term loans (the “2016 Term Facility”) at March 31, 2019 . On July 27, 2018, the Company entered into a revolving credit facility among Mylan Inc., as borrower, the Company, as a guarantor, certain lenders and issuing banks and Bank of America, N.A., as the administrative agent, which replaced the 2016 Revolving Facility on substantially identical terms to the 2016 Revolving Facility and pursuant to which Mylan Inc. may obtain extensions of credit in an aggregate principal amount not to exceed $2.0 billion (the “2018 Revolving Facility”). The Company’s 2016 Term Facility and 2018 Revolving Facility each contains customary affirmative covenants for facilities of this type, including among others, covenants pertaining to the delivery of financial statements, notices of default and certain material events, maintenance of corporate existence and rights, property, and insurance and compliance with laws, as well as customary negative covenants for facilities of this type, including limitations on the incurrence of subsidiary indebtedness, liens, mergers and certain other fundamental changes, investments and loans, acquisitions, transactions with affiliates, payments of dividends and other restricted payments and changes in our lines of business. The 2016 Term Facility and 2018 Revolving Facility contain a maximum consolidated leverage ratio financial covenant requiring maintenance of a maximum ratio of 3.75 to 1.00 for consolidated total indebtedness as of the end of any quarter to consolidated EBITDA for the trailing four quarters as defined in the related credit agreements (“leverage ratio”). The 2016 Term Facility was amended in November 2017 to allow a leverage ratio of 4.25 to 1.00 through the December 31, 2018 reporting period and a leverage ratio of 3.75 to 1.00 thereafter. The 2018 Revolving Facility similarly provides for a leverage ratio of 4.25 to 1.00 through the December 31, 2018 reporting period and a leverage ratio of 3.75 to 1.00 thereafter. On February 22, 2019, the Company, as a guarantor, and Mylan Inc., as borrower, entered into an amendment (the "Revolving Loan Amendment") to the 2018 Revolving Facility. In addition, on February 22, 2019, the Company entered into an amendment (the "Term Loan Amendment") to the 2016 Term Facility. The Revolving Loan Amendment and the Term Loan Amendment extended the leverage ratio covenant of 4.25 to 1.00 through the December 31, 2019 reporting period, with a leverage ratio of 3.75 to 1.00 thereafter. The Company is in compliance at March 31, 2019 and expects to remain in compliance for the next twelve months. Fair Value At March 31, 2019 and December 31, 2018 , the aggregate fair value of the Company’s outstanding notes was approximately $13.5 billion and $13.1 billion , respectively. The fair values of the outstanding notes were valued at quoted market prices from broker or dealer quotations and were classified as Level 2 in the fair value hierarchy. Based on quoted market rates of interest and maturity schedules of similar debt issues, the fair value of the Company’s 2016 Term Facility determined based on Level 2 inputs, approximates its carrying value at March 31, 2019 and December 31, 2018 . Mandatory minimum repayments remaining on the notional amount of outstanding long-term debt at March 31, 2019 were as follows for each of the periods ending December 31: (In millions) Total 2019 $ 650 2020 1,902 2021 2,250 2022 — 2023 1,250 Thereafter 7,774 Total $ 13,826 |
Comprehensive Earnings
Comprehensive Earnings | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Comprehensive Earnings | Comprehensive Earnings Accumulated other comprehensive loss, as reflected on the condensed consolidated balance sheets , is comprised of the following: (In millions) March 31, December 31, Accumulated other comprehensive loss: Net unrealized gain on marketable securities, net of tax $ 0.4 $ — Net unrecognized gains and prior service cost related to defined benefit plans, net of tax 1.6 1.7 Net unrecognized losses on derivatives in cash flow hedging relationships, net of tax (39.3 ) (53.1 ) Net unrecognized losses on derivatives in net investment hedging relationships, net of tax (75.7 ) (130.9 ) Foreign currency translation adjustment (1,597.5 ) (1,259.0 ) $ (1,710.5 ) $ (1,441.3 ) Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Marketable Securities Defined Pension Plan Items Foreign Currency Translation Adjustment Totals (In millions) Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2018, net of tax $ (53.1 ) $ (130.9 ) $ — $ 1.7 $ (1,259.0 ) $ (1,441.3 ) Other comprehensive earnings (loss) before reclassifications, before tax 24.5 58.1 0.4 0.1 (338.5 ) (255.4 ) Amounts reclassified from accumulated other comprehensive loss, before tax: Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales (0.3 ) (0.3 ) (0.3 ) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.8 1.8 1.8 Amortization of prior service costs included in selling, general and administrative expense (“SG&A”) 0.3 0.3 Amortization of actuarial loss included in SG&A (0.2 ) (0.2 ) Net other comprehensive earnings (loss), before tax 26.0 58.1 0.4 0.2 (338.5 ) (253.8 ) Income tax provision 8.8 2.9 — 0.1 — 11.8 Cumulative effect of the adoption of new accounting standards (3.4 ) — — (0.2 ) — (3.6 ) Balance at March 31, 2019, net of tax $ (39.3 ) $ (75.7 ) $ 0.4 $ 1.6 $ (1,597.5 ) $ (1,710.5 ) Three Months Ended March 31, 2018 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Marketable Securities Defined Pension Plan Items Foreign Currency Translation Adjustment Totals (In millions) Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2017, net of tax $ (3.7 ) $ (239.8 ) $ 10.1 $ 6.0 $ (133.8 ) $ (361.2 ) Other comprehensive (loss) earnings before reclassifications, before tax (29.1 ) (59.2 ) (0.4 ) (4.4 ) 261.9 168.8 Amounts reclassified from accumulated other comprehensive loss, before tax: Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales (4.8 ) (4.8 ) (4.8 ) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.9 1.9 1.9 Amortization of prior service costs included in SG&A 0.1 0.1 Net other comprehensive (loss) earnings, before tax (32.0 ) (59.2 ) (0.4 ) (4.3 ) 261.9 166.0 Income tax benefit (10.6 ) — (0.1 ) (0.5 ) — (11.2 ) Cumulative effect of the adoption of new accounting standards 2.5 — (10.0 ) — — (7.5 ) Balance at March 31, 2018, net of tax $ (22.6 ) $ (299.0 ) $ (0.2 ) $ 2.2 $ 128.1 $ (191.5 ) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Mylan reports segment information on a geographic basis. This approach reflects the company’s focus on bringing its broad and diversified portfolio of generic, branded generic, brand-name and OTC products to people in markets everywhere. Our North America segment comprises our operations in the U.S. and Canada. Our Europe segment encompasses our operations in 35 countries, including France, Italy, Germany, the United Kingdom (“U.K.”) and Spain. Our Rest of World segment reflects our operations in more than 120 countries, including Japan, Australia, China, Brazil, Russia, India, South Africa and certain markets in the Middle East and Southeast Asia. The Company’s chief operating decision maker is the Chief Executive Officer, who evaluates the performance of its segments based on total revenues and segment profitability. Segment profitability represents segment gross profit less direct R&D and direct SG&A. Certain general and administrative and R&D expenses not allocated to the segments, including certain special items, net charges for litigation settlements and other contingencies, amortization of intangible assets, impairment charges and other expenses not directly attributable to the segments are reported separately or outside of segment profitability. Items below the earnings from operations line on the Company’s condensed consolidated statements of operations are not presented by segment, since they are excluded from the measure of segment profitability. The Company does not report depreciation expense, total assets and capital expenditures by segment, as such information is not used by the chief operating decision maker. The accounting policies of the segments are the same as those described in Note 2 “Summary of Significant Accounting Policies” included in the 2018 Form 10-K, and Note 3 “Recent Accounting Pronouncements, Adoption of New Accounting Standards” included in this Form 10-Q. Intersegment revenues are accounted for at current market values and are eliminated at the consolidated level. Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information. (In millions) North America Europe Rest of World Eliminations Consolidated Three Months Ended March 31, 2019 Net sales $ 922.9 $ 895.3 $ 642.4 $ — $ 2,460.6 Other revenue 22.1 4.7 8.1 — 34.9 Intersegment revenue 15.6 20.8 113.3 (149.7 ) — Total $ 960.6 $ 920.8 $ 763.8 $ (149.7 ) $ 2,495.5 Segment profitability $ 394.5 $ 204.1 $ 93.8 $ — $ 692.4 Intangible asset amortization expense (405.5 ) Intangible asset impairment charges (29.5 ) Globally managed research and development costs (70.6 ) Corporate costs and special items (162.1 ) Litigation settlements & other contingencies (0.7 ) Earnings from operations $ 24.0 (In millions) North America Europe Rest of World Eliminations Consolidated Three Months Ended March 31, 2018 Net sales $ 985.3 $ 1,038.4 $ 626.7 $ — $ 2,650.4 Other revenue 21.1 9.5 3.5 — 34.1 Intersegment revenue 12.3 25.6 86.7 (124.6 ) — Total $ 1,018.7 $ 1,073.5 $ 716.9 $ (124.6 ) $ 2,684.5 Segment profitability $ 459.9 $ 258.2 $ 106.6 $ — $ 824.7 Intangible asset amortization expense (392.3 ) Intangible asset impairment charges (30.0 ) Globally managed research and development costs (76.9 ) Corporate costs and special items (153.6 ) Litigation settlements & other contingencies (16.2 ) Earnings from operations $ 155.7 |
Subsidiary Guarantors
Subsidiary Guarantors | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements | Subsidiary Guarantors The following tables present condensed consolidating financial information for (a) Mylan N.V., the issuer of the 2.500% Senior Notes due 2019, 3.750% Senior Notes due 2020, 3.150% Senior Notes due 2021, 3.950% Senior Notes due 2026 and 5.250% Senior Notes due 2046 (collectively, the “Mylan N.V. Senior Notes”), which are guaranteed on a senior unsecured basis by Mylan Inc.; (b) Mylan Inc., the issuer of the 3.125% Senior Notes due 2023, 4.200% Senior Notes due 2023, 4.550% Senior Notes due 2028, 5.400% Senior Notes due 2043 and 5.200% Senior Notes due 2048 (collectively, the “Mylan Inc. Senior Notes”), which are guaranteed on a senior unsecured basis by Mylan N.V.; and (c) all other subsidiaries of the Company on a combined basis, none of which guarantee the Mylan N.V. Senior Notes or guarantee the Mylan Inc. Senior Notes (“Non-Guarantor Subsidiaries”). The consolidating adjustments primarily relate to eliminations of investments in subsidiaries and intercompany balances and transactions. The condensed consolidating financial statements present investments in subsidiaries using the equity method of accounting. The following financial information presents the unaudited condensed consolidating statements of operations for the three months ended March 31, 2019 and 2018 , the unaudited condensed consolidating statements of comprehensive earnings for the three months ended March 31, 2019 and 2018 , the unaudited condensed consolidating balance sheets as of March 31, 2019 and December 31, 2018 and the unaudited condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018 . This unaudited condensed consolidating financial information has been prepared and presented in accordance with SEC Regulation S-X Rule 3-10 “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2019 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 2,460.6 $ — $ 2,460.6 Other revenues — — — 34.9 — 34.9 Total revenues — — — 2,495.5 — 2,495.5 Cost of sales — — — 1,690.3 — 1,690.3 Gross profit — — — 805.2 — 805.2 Operating expenses: Research and development — — — 172.6 — 172.6 Selling, general and administrative 9.1 138.7 — 460.1 — 607.9 Litigation settlements and other contingencies, net — — — 0.7 — 0.7 Total operating expenses 9.1 138.7 — 633.4 — 781.2 (Loss) earnings from operations (9.1 ) (138.7 ) — 171.8 — 24.0 Interest expense 81.7 43.5 — 6.0 — 131.2 Other (income) expense, net (58.1 ) (60.1 ) — 125.5 — 7.3 (Loss) earnings before income taxes (32.7 ) (122.1 ) — 40.3 — (114.5 ) Income tax (benefit) provision (5.6 ) 1.8 — (85.7 ) — (89.5 ) Earnings of equity interest subsidiaries 2.1 102.6 — — (104.7 ) — Net (loss) earnings $ (25.0 ) $ (21.3 ) $ — $ 126.0 $ (104.7 ) $ (25.0 ) UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2018 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 2,650.4 $ — $ 2,650.4 Other revenues — — — 34.1 — 34.1 Total revenues — — — 2,684.5 — 2,684.5 Cost of sales — — — 1,700.2 — 1,700.2 Gross profit — — — 984.3 — 984.3 Operating expenses: Research and development — — — 204.9 — 204.9 Selling, general and administrative 9.8 130.7 — 467.0 — 607.5 Litigation settlements and other contingencies, net — 7.0 — 9.2 — 16.2 Total operating expenses 9.8 137.7 — 681.1 — 828.6 (Loss) earnings from operations (9.8 ) (137.7 ) — 303.2 — 155.7 Interest expense 93.5 26.9 — 11.3 — 131.7 Other (income) expense, net (114.0 ) (57.7 ) — 185.2 — 13.5 Earnings (loss) before income taxes 10.7 (106.9 ) — 106.7 — 10.5 Income tax benefit (7.3 ) (17.7 ) — (51.6 ) — (76.6 ) Earnings (losses) of equity interest subsidiaries 69.1 (8.3 ) — — (60.8 ) — Net earnings (loss) $ 87.1 $ (97.5 ) $ — $ 158.3 $ (60.8 ) $ 87.1 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended March 31, 2019 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (25.0 ) $ (21.3 ) $ — $ 126.0 $ (104.7 ) $ (25.0 ) Other comprehensive (loss) earnings, before tax: Foreign currency translation adjustment (338.5 ) — — (338.5 ) 338.5 (338.5 ) Change in unrecognized gain and prior service cost related to defined benefit plans 0.2 0.1 — 0.1 (0.2 ) 0.2 Net unrecognized gain on derivatives in cash flow hedging relationships 26.0 1.8 — 24.2 (26.0 ) 26.0 Net unrecognized gain on derivatives in net investment hedging relationships 58.1 12.3 — (12.3 ) 58.1 Net unrealized gain on marketable securities 0.4 — — 0.4 (0.4 ) 0.4 Other comprehensive (loss) earnings, before tax (253.8 ) 14.2 — (313.8 ) 299.6 (253.8 ) Income tax provision (benefit) 11.8 (3.3 ) — 15.1 (11.8 ) 11.8 Other comprehensive (loss) earnings, net of tax (265.6 ) 17.5 — (328.9 ) 311.4 (265.6 ) Comprehensive loss $ (290.6 ) $ (3.8 ) $ — $ (202.9 ) $ 206.7 $ (290.6 ) UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended March 31, 2018 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net earnings (loss) $ 87.1 $ (97.5 ) $ — $ 158.3 $ (60.8 ) $ 87.1 Other comprehensive earnings, before tax: Foreign currency translation adjustment 261.9 — — 261.9 (261.9 ) 261.9 Change in unrecognized (loss) gain and prior service cost related to defined benefit plans (4.3 ) 0.1 — (4.4 ) 4.3 (4.3 ) Net unrecognized (loss) gain on derivatives in cash flow hedging relationships (32.0 ) 1.9 — (33.9 ) 32.0 (32.0 ) Net unrecognized loss on derivatives in net investment hedging relationships (59.2 ) — — — — (59.2 ) Net unrealized (loss) gain on marketable securities (0.4 ) (0.6 ) — 0.2 0.4 (0.4 ) Other comprehensive earnings, before tax 166.0 1.4 — 223.8 (225.2 ) 166.0 Income tax benefit (11.2 ) (0.4 ) — (10.8 ) 11.2 (11.2 ) Other comprehensive earnings, net of tax 177.2 1.8 — 234.6 (236.4 ) 177.2 Comprehensive earnings (loss) $ 264.3 $ (95.7 ) $ — $ 392.9 $ (297.2 ) $ 264.3 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2019 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Assets Current assets: Cash and cash equivalents $ — $ — $ — $ 229.8 $ — $ 229.8 Accounts receivable, net — 13.1 — 2,765.4 — 2,778.5 Inventories — — — 2,708.8 — 2,708.8 Intercompany receivables 324.4 516.4 — 12,694.6 (13,535.4 ) — Prepaid expenses and other current assets 5.8 107.5 — 431.9 — 545.2 Total current assets 330.2 637.0 — 18,830.5 (13,535.4 ) 6,262.3 Property, plant and equipment, net — 252.5 — 1,898.9 — 2,151.4 Investments in subsidiaries 18,692.3 13,208.9 — — (31,901.2 ) — Intercompany notes and interest receivable 6,224.4 10,847.6 — 3,038.5 (20,110.5 ) — Intangible assets, net — — — 12,955.5 — 12,955.5 Goodwill — 17.1 — 9,590.8 — 9,607.9 Other assets 0.2 93.3 — 836.0 — 929.5 Total assets $ 25,247.1 $ 25,056.4 $ — $ 47,150.2 $ (65,547.1 ) $ 31,906.6 LIABILITIES AND EQUITY Liabilities Current liabilities: Accounts payable $ — $ 42.6 $ — $ 1,273.9 $ — $ 1,316.5 Short-term borrowings — — — 0.4 — 0.4 Income taxes payable — — — 23.2 — 23.2 Current portion of long-term debt and other long-term obligations 649.4 0.2 — 53.9 — 703.5 Intercompany payables 1,545.7 11,988.3 — 1.4 (13,535.4 ) — Other current liabilities 95.0 215.8 — 1,803.2 — 2,114.0 Total current liabilities 2,290.1 12,246.9 — 3,156.0 (13,535.4 ) 4,157.6 Long-term debt 9,299.5 3,782.5 — 4.9 — 13,086.9 Intercompany notes payable 1,765.9 3,687.9 — 14,656.7 (20,110.5 ) — Other long-term obligations — 75.9 — 2,694.6 — 2,770.5 Total liabilities 13,355.5 19,793.2 — 20,512.2 (33,645.9 ) 20,015.0 Total equity 11,891.6 5,263.2 — 26,638.0 (31,901.2 ) 11,891.6 Total liabilities and equity $ 25,247.1 $ 25,056.4 $ — $ 47,150.2 $ (65,547.1 ) $ 31,906.6 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Assets Current assets: Cash and cash equivalents $ — $ 18.2 $ — $ 369.9 $ — $ 388.1 Accounts receivable, net — 24.3 — 2,856.7 — 2,881.0 Inventories — — — 2,580.2 — 2,580.2 Intercompany receivables 342.9 518.7 — 13,107.1 (13,968.7 ) — Prepaid expenses and other current assets 5.6 71.3 — 441.5 — 518.4 Total current assets 348.5 632.5 — 19,355.4 (13,968.7 ) 6,367.7 Property, plant and equipment, net — 259.7 — 1,910.5 — 2,170.2 Investments in subsidiaries 18,995.9 13,129.5 — — (32,125.4 ) — Intercompany notes and interest receivable 6,287.4 10,732.6 — 2,519.8 (19,539.8 ) — Intangible assets, net — — — 13,664.6 — 13,664.6 Goodwill — 17.1 — 9,730.7 — 9,747.8 Other assets 0.3 68.9 — 715.4 — 784.6 Total assets $ 25,632.1 $ 24,840.3 $ — $ 47,896.4 $ (65,633.9 ) $ 32,734.9 LIABILITIES AND EQUITY Liabilities Current liabilities: Accounts payable $ — $ 70.6 $ — $ 1,546.4 $ — $ 1,617.0 Short-term borrowings — — — 1.9 — 1.9 Income taxes payable — — — 121.5 — 121.5 Current portion of long-term debt and other long-term obligations 649.0 0.2 — 50.6 — 699.8 Intercompany payables 1,618.8 12,326.4 — 23.5 (13,968.7 ) — Other current liabilities 21.0 216.0 — 1,910.6 — 2,147.6 Total current liabilities 2,288.8 12,613.2 — 3,654.5 (13,968.7 ) 4,587.8 Long-term debt 9,370.1 3,786.2 — 4.9 — 13,161.2 Intercompany notes payable 1,806.1 3,094.2 — 14,639.5 (19,539.8 ) — Other long-term obligations — 48.6 — 2,770.2 — 2,818.8 Total liabilities 13,465.0 19,542.2 — 21,069.1 (33,508.5 ) 20,567.8 Total equity 12,167.1 5,298.1 — 26,827.3 (32,125.4 ) 12,167.1 Total liabilities and equity $ 25,632.1 $ 24,840.3 $ — $ 47,896.4 $ (65,633.9 ) $ 32,734.9 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2019 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (47.5 ) $ (437.5 ) $ — $ 445.3 $ — $ (39.7 ) Cash flows from investing activities: Capital expenditures — (11.2 ) — (41.9 ) — (53.1 ) Purchase of available for sale securities and other investments — — — (7.8 ) — (7.8 ) Proceeds from the sale of assets — — — 0.2 — 0.2 Proceeds from the sale of marketable securities — — — 7.6 — 7.6 Cash paid for acquisitions, net — — — (7.1 ) — (7.1 ) Investments in affiliates — (5.7 ) — — 5.7 — Dividends from affiliates 3.9 — — — (3.9 ) — Loans to affiliates (79.0 ) — — (701.4 ) 780.4 — Repayments of loans from affiliates 147.0 — — 289.2 (436.2 ) — Payments for product rights and other, net — — — (15.4 ) — (15.4 ) Net cash provided by (used in) investing activities 71.9 (16.9 ) — (476.6 ) 346.0 (75.6 ) Cash flows from financing activities: Payments of financing fees (0.1 ) (1.1 ) — — — (1.2 ) Change in short-term borrowings, net — — — (1.5 ) — (1.5 ) Proceeds from issuance of long-term debt — — — 0.1 — 0.1 Payments of long-term debt — — — (0.2 ) — (0.2 ) Proceeds from exercise of stock options 2.4 — — — — 2.4 Taxes paid related to net share settlement of equity awards (7.1 ) — — — — (7.1 ) Contingent consideration payments — — — (31.8 ) — (31.8 ) Capital contribution from affiliates — — — 5.7 (5.7 ) — Capital payments to affiliates — — — (3.9 ) 3.9 — Payments on borrowings from affiliates (42.3 ) (253.4 ) — (140.5 ) 436.2 — Proceeds from borrowings from affiliates 22.7 690.7 — 67.0 (780.4 ) — Other items, net — — — (0.8 ) — (0.8 ) Net cash (used in) provided by financing activities (24.4 ) 436.2 — (105.9 ) (346.0 ) (40.1 ) Effect on cash of changes in exchange rates — — — (3.0 ) — (3.0 ) Net decrease in cash, cash equivalents and restricted cash — (18.2 ) — (140.2 ) — (158.4 ) Cash, cash equivalents and restricted cash — beginning of period — 18.2 — 371.1 — 389.3 Cash, cash equivalents and restricted cash — end of period $ — $ — $ — $ 230.9 $ — $ 230.9 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2018 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (28.1 ) $ (128.3 ) $ — $ 778.2 $ — $ 621.8 Cash flows from investing activities: Capital expenditures — (5.8 ) — (24.9 ) — (30.7 ) Purchase of available for sale securities and other investments — — — (7.5 ) — (7.5 ) Proceeds from the sale of marketable securities — — — 15.0 — 15.0 Cash paid for acquisitions, net — — — (63.3 ) — (63.3 ) Investments in affiliates — (6.0 ) — — 6.0 — Dividends from affiliates 56.9 — — — (56.9 ) — Loans to affiliates (409.2 ) — — (1,316.6 ) 1,725.8 — Repayments of loans from affiliates 425.7 — — 677.4 (1,103.1 ) — Payments for product rights and other, net — (0.1 ) — (342.3 ) — (342.4 ) Net cash provided by (used in) investing activities 73.4 (11.9 ) — (1,062.2 ) 571.8 (428.9 ) Cash flows from financing activities: Payments of financing fees — (0.4 ) — — — (0.4 ) Purchase of ordinary shares (432.0 ) — — — — (432.0 ) Change in short-term borrowings, net — — — 309.1 — 309.1 Proceeds from issuance of long-term debt 496.5 — — 1.9 — 498.4 Payments of long-term debt (496.5 ) — — (1.5 ) — (498.0 ) Proceeds from exercise of stock options 10.8 — — — — 10.8 Taxes paid related to net share settlement of equity awards (8.9 ) — — — — (8.9 ) Contingent consideration payments — — — (0.2 ) — (0.2 ) Capital contribution from affiliates — — — 6.0 (6.0 ) — Capital payments to affiliates — — — (56.9 ) 56.9 — Payments on borrowings from affiliates — (837.4 ) — (265.7 ) 1,103.1 — Proceeds from borrowings from affiliates 384.8 978.6 — 362.4 (1,725.8 ) — Other items, net — — — (0.2 ) — (0.2 ) Net cash (used in) provided by financing activities (45.3 ) 140.8 — 354.9 (571.8 ) (121.4 ) Effect on cash of changes in exchange rates — — — 3.7 — 3.7 Net increase in cash, cash equivalents and restricted cash — 0.6 — 74.6 — 75.2 Cash, cash equivalents and restricted cash — beginning of period — 23.8 — 346.1 — 369.9 Cash, cash equivalents and restricted cash — end of period $ — $ 24.4 $ — $ 420.7 $ — $ 445.1 The following tables provide a reconciliation of cash and cash equivalents, as reported on our unaudited condensed consolidating balance sheets, to cash, cash equivalents and restricted cash, as reported on our unaudited condensed consolidating statements of cash flows (in millions): March 31, 2019 Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ — $ — $ — $ 229.8 $ — $ 229.8 Restricted cash, included in prepaid expenses and other current assets — — — 1.1 — 1.1 Cash, cash equivalents and restricted cash $ — $ — $ — $ 230.9 $ — $ 230.9 December 31, 2018 Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ — $ 18.2 $ — $ 369.9 $ — $ 388.1 Restricted cash, included in prepaid expenses and other current assets — — — 1.2 — 1.2 Cash, cash equivalents and restricted cash $ — $ 18.2 $ — $ 371.1 $ — $ 389.3 |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring On December 5, 2016, the Company announced a restructuring program representing a series of actions in certain locations that are anticipated to further streamline its operations globally. Since 2015, the Company has made a number of significant acquisitions, and as part of the holistic, global integration of these acquisitions, the Company is focused on how to best optimize and maximize all of its assets across the organization and across all geographies. Charges for restructuring and ongoing cost reduction initiatives are recorded in the period the Company commits to a restructuring or cost reduction plan, or executes specific actions contemplated by the plan and all criteria for liability recognition have been met. During the second quarter of 2018, the Company commenced comprehensive restructuring and remediation activities, which are aimed at reducing the complexity at the Morgantown, West Virginia plant and include the discontinuation and transfer to other manufacturing sites of a number of products, a reduction of the workforce and extensive process and facility remediation. The restructuring actions other than for this plant were substantially complete as of December 31, 2018. At this time, the expenses related to the additional restructuring activities at the Morgantown, West Virginia plant cannot be reasonably estimated. The following table summarizes the restructuring charges and the reserve activity from December 31, 2018 to March 31, 2019 : (In millions) Employee Related Costs Other Exit Costs Total Balance at December 31, 2018: $ 60.8 $ 11.8 $ 72.6 Charges (1) 1.8 18.1 19.9 Reclassification due to new leasing standard — (8.1 ) (8.1 ) Cash payment (26.4 ) (1.4 ) (27.8 ) Utilization — (16.7 ) (16.7 ) Foreign currency translation (1.1 ) — (1.1 ) Balance at March 31, 2019: $ 35.1 $ 3.7 $ 38.8 ____________ (1) For the three months ended March 31, 2019 , total restructuring charges in North America, Europe and Rest of World were approximately $11.2 million , $7.8 million and $0.9 million , respectively. At March 31, 2019 and December 31, 2018 , accrued liabilities for restructuring and other cost reduction programs were primarily included in other current liabilities on the condensed consolidated balance sheets . |
Collaboration and Licensing Agr
Collaboration and Licensing Agreements | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaboration and Licensing Agreements | 18. Collaboration and Licensing Agreements We periodically enter into collaboration and licensing agreements with other pharmaceutical companies for the development, manufacture, marketing and/or sale of pharmaceutical products. Our significant collaboration agreements are primarily focused on the development, manufacturing, supply and commercialization of multiple, high-value generic biologic compounds, insulin analog products and respiratory products, among other complex products. Under these agreements, we have future potential milestone payments and co-development expenses payable to third parties as part of our licensing, development and co-development programs. Payments under these agreements generally become due and are payable upon the satisfaction or achievement of certain developmental, regulatory or commercial milestones or as development expenses are incurred on defined projects. Milestone payment obligations are uncertain, including the prediction of timing and the occurrence of events triggering a future obligation and are not reflected as liabilities in the condensed consolidated balance sheets, except for milestone and royalty obligations reflected as acquisition related contingent consideration. Refer to Note 12 Financial Instruments and Risk Management for additional information. Our potential maximum development milestones not accrued for at March 31, 2019 totaled approximately $440.0 million , which includes the new agreements entered into as described in Note 4 Acquisitions and Other Transactions. We estimate the amounts that may be paid through the end of 2019 to be approximately $55.0 million . These agreements may also include potential sales-based milestones and call for us to pay a percentage of amounts earned from the sale of the product as a royalty or a profit share. The amounts disclosed do not include sales-based milestones or royalty obligations on future sales of product as the timing and amount of future sales levels and costs to produce products subject to these obligations is not reasonably estimable. These sales-based milestones or royalty obligations may be significant depending upon the level of commercial sales for each product. There have been no other significant changes to our collaboration and licensing agreements as disclosed in our 2018 Form 10-K. |
Income Taxes (Notes)
Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Tax Examinations The Company is subject to income taxes and tax audits in many jurisdictions. A certain degree of estimation is thus required in recording the assets and liabilities related to income taxes. Tax audits and examinations can involve complex issues, interpretations, and judgments and the resolution of matters that may span multiple years, particularly if subject to litigation or negotiation. Although the Company believes that adequate provisions have been made for these uncertain tax positions, the Company’s assessment of uncertain tax positions is based on estimates and assumptions that the Company believes are reasonable but the estimates for unrecognized tax benefits and potential tax benefits may not be representative of actual outcomes, and variations from such estimates could materially affect the Company’s financial condition, results of operations or cash flows in the period of resolution, settlement or when the statutes of limitations expire. Mylan is subject to ongoing U.S. Internal Revenue Service (“IRS”) examinations and is a voluntary participant in the IRS Compliance Assurance Process (“CAP”), which allows Mylan to work collaboratively with the IRS to identify and review tax matters on an ongoing basis. The years 2015, 2016 and 2017 are open years under examination. The years 2012, 2013 and 2014 have one matter open, and a Tax Court petition has been filed regarding the matter and a trial was held in December 2018 and is discussed further below. On February 27, 2015, Mylan N.V. acquired Mylan Inc. and Abbott Laboratories’ (“Abbott”) non-U.S. developed markets specialty and branded generics business (collectively, the “EPD Business Acquisition”). In connection with the EPD Business Acquisition, we entered into intercompany transactions with our affiliates that affect our U.S. tax liability. Mylan N.V. is not incorporated in the U.S. and expects to be treated as a non-U.S. corporation for U.S. federal income tax purposes. As part of our ongoing participation and cooperation in the CAP, we have received and responded to various IRS requests for information about, among other matters, the EPD Business Acquisition, including the interest rates used for intercompany loans and our status as a non-U.S. corporation for U.S. federal income tax purposes, and we have been meeting with the IRS to discuss our respective positions on these matters and potential resolution of them. The IRS has indicated that depending upon the outcome of these ongoing discussions, as previously disclosed, they may challenge our positions on the EPD Business Acquisition. We remain confident in our positions and, should the IRS choose to challenge our positions, we would vigorously defend our positions through all available channels. If the IRS chooses to challenge our positions, and if the IRS succeeds, we would be subject to significantly greater U.S. tax liability, beginning February 27, 2015, than currently contemplated as a non-U.S. corporation, which would have a material adverse effect on our business, financial condition, results of operations, cash flows, and/or ordinary share price. The Company’s major state taxing jurisdictions remain open from fiscal year 2008 through 2018, with several state audits currently in progress. The Company’s major international taxing jurisdictions remain open from 2012 through 2018, some of which are indemnified by Strides Arcolab Limited (“Strides Arcolab”) for tax assessments. Tax Court Proceedings The Company's U.S. federal income tax returns for 2007 through 2011 had been subject to proceedings in U.S. Tax Court involving a dispute with the IRS regarding whether the proceeds received by the Company in connection with the 2008 sale of its rights in nebivolol constituted a capital gain or ordinary income. The Company and the IRS filed a joint stipulation of settled issues with the Tax Court that resolved all issues in this dispute and the Tax Court issued the final order closing the case during the three months ended March 31, 2018. The Company's U.S. federal income tax returns for 2012 through 2014 had been subject to proceedings in U.S. Tax Court involving a dispute with the IRS regarding whether certain costs related to Abbreviated New Drug Applications were eligible to be expensed and deducted immediately or required to be amortized over longer periods. A trial was held in U.S. Tax Court in December 2018. Post-trial briefing is expected to conclude on June 27, 2019. Accounting for Uncertainty in Income Taxes The impact of an uncertain tax position that is more likely than not of being sustained upon audit by the relevant taxing authority must be recognized at the largest amount that is more likely than not to be sustained. No portion of an uncertain tax position will be recognized if the position has less than a 50% likelihood of being sustained. During the three months ended March 31, 2019 , primarily due to the expiration of federal and foreign statutes of limitations expirations, the Company reduced its net liability for unrecognized tax benefits by approximately $83.8 million . During the three months ended March 31, 2018, as a result of federal and state audits and settlements and expirations of certain state, federal, and foreign statutes of limitations, the Company reduced its liability for unrecognized tax benefits by approximately $86.0 million , which resulted in a net benefit to the income tax provision of approximately $53.0 million . |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Litigation The Company is involved in various disputes, governmental and/or regulatory inquiries, investigations and proceedings, tax proceedings and litigation matters, both in the U.S. and abroad, that arise from time to time, some of which could result in losses, including damages, fines and/or civil penalties, and/or criminal charges against the Company. These matters are often complex and have outcomes that are difficult to predict. The Company is also party to certain proceedings and litigation matters for which it may be entitled to indemnification under the respective sale and purchase agreements relating to the acquisitions of the former Merck Generics business, Agila Specialties Private Limited, Abbott’s non-U.S. developed markets specialty and branded generics business, and certain other acquisitions. While the Company believes that it has meritorious defenses with respect to the claims asserted against it and intends to vigorously defend its position, the process of resolving these matters is inherently uncertain and may develop over a long period of time, and so it is not possible to predict the ultimate resolution of any such matter. It is possible that an unfavorable resolution of any of the ongoing matters or the inability or denial of Merck KGaA, Strides Arcolab, Abbott, or another indemnitor or insurer to pay an indemnified claim, could have a material effect on the Company’s business, financial condition, results of operations, cash flows and/or ordinary share price. Some of these governmental inquiries, investigations, proceedings and litigation matters with which the Company is involved are described below, and unless otherwise disclosed, the Company is unable to predict the outcome of the matter or to provide an estimate of the range of reasonably possible material losses. The Company records accruals for loss contingencies to the extent we conclude it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company is also involved in other pending proceedings for which, in the opinion of the Company based upon facts and circumstances known at the time, either the likelihood of loss is remote or any reasonably possible loss associated with the resolution of such proceedings is not expected to be material to the Company’s business, financial position, results of operations, cash flows and/or ordinary share price. If and when any reasonably possible losses associated with the resolution of such other pending proceedings, in the opinion of the Company, become material, the Company will disclose such matters. Legal costs are recorded as incurred and are classified in SG&A in the Company’s condensed consolidated statements of operations. Modafinil Antitrust Litigation Beginning in April 2006, Mylan and four other drug manufacturers were named as defendants in civil lawsuits filed in or transferred to the U.S. District Court for the Eastern District of Pennsylvania (“EDPA”) by a variety of plaintiffs purportedly representing direct and indirect purchasers of the drug modafinil and in a lawsuit filed by Apotex, Inc., a manufacturer of generic drugs. These actions alleged violations of federal antitrust and state laws in connection with the generic defendants’ settlement of patent litigation with Cephalon relating to modafinil. Mylan has settled the lawsuits filed by the putative direct purchaser class and retailer opt-out plaintiffs and Apotex and has entered into a settlement agreement with the putative indirect purchasers for approximately $14.4 million , which is subject to court approval. On July 10, 2015, the Louisiana Attorney General filed a lawsuit in the 19th Judicial District Court in Louisiana against Mylan and three other drug manufacturers asserting state law claims based on the same underlying allegations as those made in the litigation then pending in the EDPA. On December 8, 2016, the District Court dismissed the lawsuit with prejudice, which the State of Louisiana appealed. The appeals court subsequently remanded the lawsuit to the District Court to include certain language in order to make the District Court’s dismissal decision final and appealable. On July 28, 2016, United Healthcare filed a complaint against Mylan Inc. and four other drug manufacturers in the United States District Court for the District of Minnesota, asserting state law claims based on the same underlying allegations as those made in the litigation then pending in the EDPA. On January 6, 2017, the case was transferred to the EDPA and is still pending. MPI has since been included as an additional party. The trial date previously scheduled for July 2019 has been canceled. The Company believes that it has strong defenses to these remaining cases. Although it is reasonably possible that the Company may incur additional losses from these matters, any amount cannot be reasonably estimated at this time. The Company has a total accrual of approximately $14.4 million related to this matter at March 31, 2019 , which is included in other current liabilities in the condensed consolidated balance sheets. Pioglitazone Beginning in December 2013, Mylan, Takeda, and several other drug manufacturers have been named as defendants in civil lawsuits consolidated in the U.S. District Court for the Southern District of New York by plaintiffs which purport to represent direct and indirect purchasers of branded or generic Actos® and Actoplus Met®. These actions allege violations of state and federal competition laws in connection with the defendants’ settlements of patent litigation in 2010 related to Actos® and Actoplus Met®. Mylan’s motion to dismiss the indirect purchasers’ complaint was granted and no appeal was filed as to Mylan. Following the appellate decision relating to other defendants, the direct purchasers filed an amended complaint against Mylan and the other manufacturers. Mylan’s motion to dismiss the amended complaint is pending. SEC Investigation On September 10, 2015, Mylan N.V. received a subpoena from the SEC’s Division of Enforcement seeking documents with regard to certain related party matters. Mylan subsequently received additional requests for information. The SEC’s Division of Enforcement informed the Company in February 2019 that it had completed its investigation with no recommended further action. Trade Agreements Act (“TAA”) On April 9, 2018, a subsidiary of Mylan N.V. received a civil investigative demand from the Commercial Litigation Branch of the U.S. Department of Justice (“DOJ”) concerning its TAA compliance for certain products. The company fully cooperated with DOJ. On September 14, 2018, the United States District Court for the Southern District of Ohio unsealed a qui tam lawsuit filed against the Mylan N.V. subsidiary concerning its TAA compliance for the same products identified in DOJ’s civil investigative demand. DOJ has declined to intervene in the lawsuit and has closed its investigation. The lawsuit has been stayed and we believe that its claims are without merit and intend to defend against them vigorously. EpiPen® Auto-Injector and Certain Congressional Matters Department of Veterans Affairs Request for Information On June 30, 2017, the Company responded to a request for information from the Department of Veterans Affairs (“VA”) (acting on behalf of itself and other government agencies) requesting certain historical pricing data related to the EpiPen® Auto-Injector. The Company and the VA are engaged in a continuing dialogue regarding the classification of the EpiPen® Auto-Injector as a covered drug under Section 603 of the Veterans Health Care Act of 1992, Public Law 102-585. The EpiPen® Auto-Injector has been classified as a non covered drug with the VA based upon long standing written guidance from the federal government. The Company is fully cooperating with the VA. SEC Request for Information/Subpoenas On October 7, 2016, Mylan received a document request from the SEC’s Division of Enforcement seeking communications with the Centers for Medicare and Medicaid Services and documents concerning Mylan products sold and related to the Medicaid Drug Rebate Program (“MDRP”), and any related complaints. On November 15, 2016, Mylan received a follow-up letter, modifying the initial document request, seeking information on and public disclosures regarding the Company’s previously disclosed settlement with the DOJ (“the MDRP Settlement”) and the classification of the EpiPen® Auto-Injector under the MDRP. Mylan has received subpoenas and additional requests for information in this matter and will continue to fully cooperate with the SEC. On April 25, 2017, Mylan received a comment letter from the staff of the SEC’s Division of Corporation Finance (“Corporation Finance”) with respect to Mylan’s Annual Report on Form 10-K for the year ended December 31, 2016, requesting information regarding Mylan’s accounting treatment of the MDRP Settlement, including with respect to the determinations that the settlement amount should be recorded as a charge against earnings in the third quarter of 2016 rather than against any earlier periods, and that the settlement amount should be classified as an expense rather than a reduction of revenue. The Company responded to the comment letter in May 2017 and we will continue to respond to any additional correspondence from Corporation Finance. We believe that our accounting treatment for the aforementioned settlement is appropriate and consistent with all applicable accounting standards. FTC Request for Information On November 18, 2016, Mylan received a request from the U.S. Federal Trade Commission (“FTC”) Bureau of Competition seeking documents and information relating to its preliminary investigation into potential anticompetitive practices relating to epinephrine auto-injectors. Mylan is fully cooperating with the FTC. Federal Securities Litigation Purported class action complaints were filed in October 2016 against Mylan N.V., Mylan Inc. and certain of their current and former directors and officers (collectively, for purposes of this paragraph, the “defendants”) in the United States District Court for the Southern District of New York (“SDNY”) on behalf of certain purchasers of securities of Mylan N.V. and/or Mylan Inc. on the NASDAQ. The complaints alleged that defendants made false or misleading statements and omissions of purportedly material fact, in violation of federal securities laws, in connection with disclosures relating to Mylan N.V. and Mylan Inc.’s classification of their EpiPen® Auto-Injector as a non-innovator drug for purposes of the MDRP. The complaints sought damages, as well as the plaintiffs’ fees and costs. On March 20, 2017, after the actions were consolidated, a consolidated amended complaint was filed, alleging substantially similar claims and seeking substantially similar relief, but adding allegations that defendants made false or misleading statements and omissions of purportedly material fact in connection with allegedly anticompetitive conduct with respect to EpiPen® Auto-Injector and certain generic drugs, and alleging violations of both federal securities laws (on behalf of a purported class of certain purchasers of securities of Mylan N.V. and/or Mylan Inc. on the NASDAQ) and Israeli securities laws (on behalf of a purported class of certain purchasers of securities of Mylan N.V. on the Tel Aviv Stock Exchange). On March 28, 2018, defendants’ motion to dismiss the consolidated amended complaint was granted in part (including the dismissal of claims arising under Israeli securities laws) and denied in part. On July 6, 2018, the Plaintiffs filed a second amended complaint, including certain current and former directors and officers and additional allegations in connection with purportedly anticompetitive conduct with respect to EpiPen® Auto-Injector and certain generic drugs. On August 6, 2018, defendants filed a motion to dismiss the second amended complaint, which was granted in part and denied in part on March 29, 2019. On February 26, 2019, MYL Litigation Recovery I LLC (an assignee of entities that purportedly purchased stock of Mylan N.V.) filed an additional complaint against Mylan N.V., Mylan Inc., and certain of their current and former directors and officers in the SDNY asserting allegations pertaining to EpiPen® Auto-Injector under the federal securities laws that overlap in part with those asserted in the second amended complaint identified above. The Complaint seeks damages as well as the plaintiff’s costs. We believe that the claims in these lawsuits are without merit and intend to defend against them vigorously. Israeli Securities Litigation On October 13, 2016, a purported shareholder of Mylan N.V. filed a lawsuit, together with a motion to certify the lawsuit as a class action on behalf of certain Mylan N.V. shareholders on the Tel Aviv Stock Exchange, against Mylan N.V. and four of its directors and officers (collectively, for purposes of this paragraph, the “defendants”) in the Tel Aviv District Court (Economic Division) (the “Friedman Action”). The plaintiff alleges that the defendants made false or misleading statements and omissions of purportedly material fact in Mylan N.V.’s reports to the Tel Aviv Stock Exchange regarding Mylan N.V.’s classification of its EpiPen® Auto-Injector for purposes of the MDRP, in violation of both U.S. and Israeli securities laws, the Israeli Companies Law and the Israeli Torts Ordinance. The plaintiff seeks damages, among other remedies. On April 30, 2017, another purported shareholder of Mylan N.V. filed a separate lawsuit, together with a motion to certify the lawsuit as a class action on behalf of certain Mylan N.V. shareholders on the Tel Aviv Stock Exchange, in the Tel Aviv District Court (Economic Division), alleging substantially similar claims and seeking substantially similar relief against the defendants and other directors and officers of Mylan N.V., but alleging also that this group of defendants made false or misleading statements and omissions of purportedly material fact in connection with allegedly anticompetitive conduct with respect to EpiPen® Auto-Injector and certain generic drugs, and alleging violations of both U.S. federal securities laws and Israeli law (the “IEC Fund Action”). On April 10, 2018, the Tel Aviv District Court granted the motion filed by plaintiffs in both the Friedman Action and the IEC Fund Action, voluntarily dismissing the Friedman Action and staying the IEC Fund Action until a judgment is issued in the purported class action securities litigation pending in the U.S. We believe that the claims in these lawsuits are without merit and intend to defend against them vigorously. EpiPen® Auto-Injector Civil Litigation Mylan Specialty and other Mylan-affiliated entities have been named as defendants in putative class actions relating to the pricing and/or marketing of the EpiPen® Auto-Injector . The plaintiffs in these cases assert violations of various federal and state antitrust and consumer protection laws, the Racketeer Influenced and Corrupt Organizations Act, as well as common law claims. Plaintiffs’ claims include purported challenges to the prices charged for the EpiPen® Auto-Injector and/or the marketing of the product in packages containing two auto-injectors, as well as allegedly anti-competitive conduct. A Mylan officer and other non-Mylan affiliated companies were also named as defendants in some of the class actions. These lawsuits were filed in the various federal and state courts and have either been dismissed or transferred into a multidistrict litigation (“MDL”) in the U.S. District Court for the District of Kansas and have been consolidated. Mylan filed a motion to dismiss the consolidated amended complaint, which was granted in part and denied in part. On December 7, 2018, the Plaintiffs filed a motion for class certification. This motion remains pending. A trial date has been scheduled for November 2020. We believe that the remaining claims in these lawsuits are without merit and intend to defend against them vigorously. On April 24, 2017, Sanofi-Aventis U.S., LLC (“Sanofi”) filed a lawsuit against Mylan Inc. and Mylan Specialty in the U.S. District Court for the District of New Jersey. This lawsuit has been transferred into the aforementioned MDL. In this lawsuit, Sanofi alleges exclusive dealings and anti-competitive marketing practices in violation of the antitrust laws in connection with the sale and marketing of the EpiPen® Auto-Injector. On November 1, 2018, Sanofi filed a Motion for a Suggestion of Remand of the case to the U.S. District Court for the District of New Jersey. On January 23, 2019, the Court denied Sanofi’s motion without prejudice. We believe that Sanofi’s claims in this lawsuit are without merit and intend to defend against them vigorously. EpiPen® Auto-Injector State AG Investigations The Company and certain of its affiliated entities received subpoenas and informal requests from various state attorneys general seeking information and documents relating to the pricing and/or marketing of the EpiPen® Auto-Injector . The Company has cooperated and is fully cooperating with the various state attorneys general. U.S. Congress/State Requests for Information and Documents Mylan received several requests for information and documents from various Committees of the U.S. Congress and federal and state lawmakers concerning the marketing, distribution and sales of Mylan products. Mylan cooperated with federal and state lawmakers as appropriate in response to their requests. The Company has a total accrual of approximately $10.0 million related to this matter at March 31, 2019 , which is included in other current liabilities in the condensed consolidated balance sheets. During the year ended December 31, 2017, the Company made payments of approximately $472.7 million related to this matter. The Company believes that it has strong defenses to current and future potential civil litigation, as well as governmental investigations and enforcement proceedings, discussed in this “ EpiPen® Auto-Injector and Certain Congressional Matters” section of this Note 20 Litigation . Although it is reasonably possible that the Company may incur additional losses from these matters, any amount cannot be reasonably estimated at this time. In addition, the Company expects to incur additional legal and other professional service expenses associated with such matters in future periods and will recognize these expenses as services are received. The Company believes that the ultimate amount paid for these services and claims could have a material effect on the Company's business, financial condition, results of operations, cash flows and/or ordinary share price in future periods. Opioids On July 27, 2017, Mylan N.V. received a subpoena from the DOJ seeking information relating to opioids manufactured, marketed or sold by Mylan during the period from January 1, 2013 to December 31, 2016. On August 29, 2017, Mylan N.V. received a civil investigative demand from the Attorney General of the State of Missouri seeking information relating to opioids manufactured, marketed or sold by Mylan during the period from January 1, 2010 to the present and related subject matter. Mylan is fully cooperating with these subpoena requests. Mylan has been named in the U.S. and Canada, along with numerous other manufacturers, distributors, pharmacies, pharmacy benefit managers, and/or individual healthcare professionals, in civil lawsuits, including numerous cases in the MDL pending in the United States District Court for the Northern District of Ohio, brought by plaintiffs, including local governmental entities, generally asserting statutory and/or common law claims arising from the manufacture, distribution, marketing, promotion, and sale of purported prescription opioids. The lawsuits seek damages, including punitive and/or exemplary damages, injunctive relief, attorneys’ fees and costs, and other relief. Mylan believes that the claims in these lawsuits are without merit and intends to defend against them vigorously. Drug Pricing Matters Department of Justice On December 3, 2015, a subsidiary of Mylan N.V. received a subpoena from the Antitrust Division of the DOJ seeking information relating to the marketing, pricing, and sale of our generic Doxycycline products and any communications with competitors about such products. On September 8, 2016, a subsidiary of Mylan N.V., as well as certain employees and a member of senior management, received subpoenas from the DOJ seeking additional information relating to the marketing, pricing and sale of our generic Cidofovir, Glipizide-metformin, Propranolol and Verapamil products and any communications with competitors about such products. Related search warrants also were executed. On May 10, 2018, a subsidiary of Mylan N.V. received a civil investigative demand from the Civil Division of the DOJ seeking information relating to the pricing and sale of its generic drug products. The Company is fully cooperating with the DOJ. Civil Litigation Beginning in 2016, the Company, along with other manufacturers, has been named as a defendant in lawsuits generally alleging anticompetitive conduct with respect to generic drugs. The lawsuits have been filed by putative classes of direct purchasers, indirect purchasers, and indirect resellers, as well as individual direct and indirect purchasers. They allege harm under federal and state antitrust laws, state consumer protection laws and unjust enrichment claims. Some of the lawsuits also name Mylan’s President as a defendant and include allegations against him with respect to doxycycline hyclate delayed release. The lawsuits have been consolidated in an MDL proceeding in the EDPA. Defendants filed motions to dismiss certain complaints that each allege anticompetitive conduct with respect to single drug products. On October 16, 2018, the Court denied the motions with respect to the federal law claims. On February 15, 2019, the Court granted in part and denied in part the motions with respect to the state law claims. On February 21, 2019, Defendants filed a motion to dismiss certain complaints that allege anticompetitive conduct with respect to multiple drug products, which remains pending. The Company believes that the claims in these lawsuits are without merit and intends to defend against them vigorously. Attorneys General Litigation On December 21, 2015, the Company received a subpoena and interrogatories from the Connecticut Office of the Attorney General seeking information relating to the marketing, pricing and sale of certain of the Company’s generic products (including generic doxycycline) and communications with competitors about such products. On December 14, 2016, attorneys general of twenty states filed a complaint in the United States District Court for the District of Connecticut against several generic pharmaceutical drug manufacturers, including Mylan, alleging anticompetitive conduct with respect to, among other things, doxycycline hyclate delayed release. The complaint was subsequently amended to add certain attorneys general alleging violations of federal and state antitrust laws, as well as violations of various states’ consumer protection laws. This lawsuit has been transferred to the aforementioned MDL proceeding in the EDPA. On October 31, 2017, attorneys general of forty-five states, the District of Columbia and the Commonwealth of Puerto Rico filed a motion for leave to file a consolidated amended complaint (“proposed amended complaint”) against various drug manufacturers, including Mylan. The proposed amended complaint was permitted and was filed on June 18, 2018 and included two additional states. Mylan is alleged to have engaged in anticompetitive conduct with respect to doxycycline hyclate delayed release, doxycycline monohydrate, glipizide-metformin, and verapamil. The amended complaint also includes claims asserted by attorneys general of thirty-seven states and the Commonwealth of Puerto Rico against certain individuals, including Mylan’s President, with respect to doxycycline hyclate delayed release. The allegations in the amended complaint are similar to those in the previously filed complaints. On February 21, 2019, Defendants filed motions to dismiss the amended complaint’s allegations of anticompetitive conduct with respect to multiple drug products and the ability of the state attorneys general to seek certain forms of relief under federal antitrust law, which remains pending. We believe that the claims in this lawsuit are without merit and intend to defend against them vigorously. In May 2019, attorneys general from certain states notified Mylan that the states intend to file a new complaint alleging anticompetitive conduct with respect to additional generic drugs. Valsartan Mylan N.V., and three of its subsidiaries (Mylan Inc., Mylan Laboratories Ltd. and Mylan Pharmaceuticals Inc.), along with numerous other manufacturers, retailers and others, have been named as defendants in lawsuits in the United States and other countries stemming from recalls of valsartan-containing medications. The United States litigation, which will take place in an MDL in the District of New Jersey, includes class action allegations seeking the refund of the purchase price and other economic damages allegedly sustained by consumers who purchased valsartan-containing products as well as claims for personal injuries allegedly caused by ingestion of the medication. Moreover, Mylan has received requests to indemnify purchasers of Mylan’s active pharmaceutical ingredient and/or finished dose forms of the product. We believe that the claims in these lawsuits are without merit and intend to defend against them vigorously. European Commission Proceedings Perindopril On July 9, 2014 , the European Commission (the “Commission”) issued a decision finding that Mylan Laboratories Limited and Mylan, as well as several other companies, had violated European Union (“EU”) competition rules relating to the product Perindopril and fined Mylan Laboratories Limited approximately €17.2 million , including approximately €8.0 million jointly and severally with Mylan Inc. The Company paid approximately $21.7 million related to this matter during the fourth quarter of 2014. In September 2014, the Company filed an appeal of the Commission’s decision to the General Court of the EU. A hearing on the appeal before the General Court of the EU was held in June 2017 and the Commission’s decision was affirmed. Mylan has appealed the decision to the European Court of Justice (“CJEU”). Citalopram On June 19, 2013, the Commission issued a decision finding that Generics [U.K.] Limited, (“GUK”) as well as several other companies, had violated EU competition rules relating to the product Citalopram and fined GUK approximately €7.8 million , jointly and severally with Merck KGaA. GUK appealed the Commission’s decision to the General Court of the EU. The case is currently on appeal to the CJEU. The U.K. applied and was granted permission to intervene in this proceeding. The Company has accrued approximately €7.4 million as of each of March 31, 2019 and December 31, 2018 related to this matter. GUK has received notices from European national health services and health insurers stating an intention to commence follow-on litigation and asserting damages. GUK has also sought indemnification from Merck KGaA with respect to the €7.8 million portion of the fine for which Merck KGaA and GUK were held jointly and severally liable. Merck KGaA has counterclaimed against GUK seeking the same indemnification. In June 2018, the Frankfurt Regional Court issued a judgment dismissing GUK claims against Merck KGaA and ordered GUK to indemnify Merck KGaA with respect to the amount for which the parties were held jointly and severally liable. GUK has appealed this decision. A hearing took place on January 24, 2019. It is reasonably possible that we will incur additional losses above the amount accrued but we cannot estimate a range of such reasonably possible losses at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. U.K. Competition and Markets Authority Paroxetine On August 12, 2011, GUK received notice that the Office of Fair Trading (subsequently changed to the Competition and Markets Authority (the “CMA”)) opened an investigation to explore the possible infringement of the Competition Act 1998 and Articles 101 and 102 of the Treaty on the Functioning of the EU, with respect to alleged agreements related to Paroxetine. The CMA issued a decision on February 12, 2016, finding that, GUK, Merck KGaA and other companies were liable for infringing EU and U.K. competition rules. With respect to Merck KGaA and GUK, the CMA issued a penalty of approximately £5.8 million , for which Merck KGaA is liable for the entire amount; and of that amount GUK is jointly and severally liable for approximately £2.7 million , which has been accrued for as of March 31, 2019 . The matter is currently on appeal to the Competition Appeals Tribunal, which on March 8, 2018, referred certain questions of law to the CJEU. The CJEU sought written observations from GUK, which were filed in September 2018. Italy Investigation On April 18, 2018, certain employees of Mylan S.p.A. were served with search warrants issued by the Public Prosecutor’s Office in Milan, Italy seeking information concerning interactions with an Italian hospital and sales of certain reimbursable Mylan S.p.A. drugs. The Company is assisting its employees in their cooperation with the investigation. Product Liability The Company is involved in a number of product liability lawsuits and claims related to alleged personal injuries arising out of certain products manufactured and/or distributed by the Company. The Company believes that it has meritorious defenses to these lawsuits and claims and intends to defend against them vigorously. From time to time, the Company has agreed to settle or otherwise resolve certain lawsuits and claims on terms and conditions that are in the best interests of the Company. The Company has accrued approximately $10.2 million and $10.9 million at March 31, 2019 and December 31, 2018 , respectively. It is reasonably possible that we will incur additional losses and fees above the amount accrued but we cannot estimate a range of such reasonably possible losses or legal fees related to these claims at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. Intellectual Property On October 19, 2017, Teva Pharmaceutical Industries Ltd. (“Teva”) commenced an action with the Irish High Court against Mylan Teoranta alleging that Mylan’s glatiramer acetate 40mg/mL product, which is manufactured in Ireland, approved by the FDA and is currently being sold in the U.S., infringes two European patents, EP (IE) 2 949 335 and EP (IE) 3 050 556. Teva subsequently dropped its infringement allegation related to the EP (IE) 3 050 556 patent. The matter has now been resolved and Mylan will continue its production activities with respect to the U.S. 40mg/mL product in Ireland. On September 22, 2017, Amgen Inc. and Amgen Manufacturing Limited (“Amgen”) sued Mylan Inc., Mylan N.V., Mylan GMBH, and MPI in the Western District of Pennsylvania asserting that Mylan’s Fulphila® infringes U.S. patent numbers 8,273,707 and 9,643,997. On June 4, 2018, the FDA approved Mylan’s Fulphila® (pegfilgrastim-jmdb), a biosimilar to Neulasta® (pegfilgrastim), co-developed with Biocon. In July 2018, Mylan began selling Fulphila®. Amgen is seeking monetary damages, injunctive relief, attorneys’ fees, costs and other relief. On July 31, 2015, BTG International Ltd., Janssen Biotech, Inc., Janssen Oncology, Inc., and Janssen Research & Development, LLC (“Janssen”) sued Mylan Inc. and Mylan Pharmaceuticals, Inc., along with numerous other ANDA applicants, in the District of New Jersey asserting that Mylan’s and the other ANDA applicants’ abiraterone acetate ANDA products infringe U.S. Patent number 8,822,438 (“’438”). On June 30, 2016, Mylan filed an Inter Partes Review (“IPR”) petition challenging the validity of the ’438 patents’ claims. On January 17, 2018, the U.S. Patent and Trademark Appeal Board issued Final Written Decisions in the IPR finding all claims of the ’438 patent unpatentable as obvious. On October 26, 2018, the district court issued an opinion similarly finding the ’ |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting Policy | The accompanying unaudited condensed consolidated financial statements (“ interim financial statements ”) of Mylan N.V. and subsidiaries (“Mylan” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q; therefore, as permitted under these rules, certain footnotes and other financial information included in audited financial statements were condensed or omitted. The interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the interim results of operations, comprehensive earnings, financial position, equity and cash flows for the periods presented. |
Earnings per Ordinary Share (Po
Earnings per Ordinary Share (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share Policy | Basic (loss) earnings per ordinary share is computed by dividing net (loss) earnings by the weighted average number of ordinary shares outstanding during the period. Diluted (loss) earnings per ordinary share is computed by dividing net (loss) earnings by the weighted average number of ordinary shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive. |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Financial Instruments Policy | Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: • Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. • Level 2: Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. • Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. |
Segment Information (Policies)
Segment Information (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Policy | Mylan reports segment information on a geographic basis. This approach reflects the company’s focus on bringing its broad and diversified portfolio of generic, branded generic, brand-name and OTC products to people in markets everywhere. Our North America segment comprises our operations in the U.S. and Canada. Our Europe segment encompasses our operations in 35 countries, including France, Italy, Germany, the United Kingdom (“U.K.”) and Spain. Our Rest of World segment reflects our operations in more than 120 countries, including Japan, Australia, China, Brazil, Russia, India, South Africa and certain markets in the Middle East and Southeast Asia. The Company’s chief operating decision maker is the Chief Executive Officer, who evaluates the performance of its segments based on total revenues and segment profitability. Segment profitability represents segment gross profit less direct R&D and direct SG&A. Certain general and administrative and R&D expenses not allocated to the segments, including certain special items, net charges for litigation settlements and other contingencies, amortization of intangible assets, impairment charges and other expenses not directly attributable to the segments are reported separately or outside of segment profitability. Items below the earnings from operations line on the Company’s condensed consolidated statements of operations are not presented by segment, since they are excluded from the measure of segment profitability. The Company does not report depreciation expense, total assets and capital expenditures by segment, as such information is not used by the chief operating decision maker. The accounting policies of the segments are the same as those described in Note 2 “Summary of Significant Accounting Policies” included in the 2018 Form 10-K, and Note 3 “Recent Accounting Pronouncements, Adoption of New Accounting Standards” included in this Form 10-Q. Intersegment revenues are accounted for at current market values and are eliminated at the consolidated level. |
Revenue Recognition and Accou_2
Revenue Recognition and Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue Disaggregation The following table presents the Company’s net sales by therapeutic franchise for each of our reportable segments for the three months ended March 31, 2019 and 2018 , respectively: (In millions) North America Europe Rest of World Total Three Months Ended March 31, 2019 Central Nervous System & Anesthesia $ 135.7 $ 190.3 $ 64.0 $ 390.0 Infectious Disease 18.1 58.8 215.6 292.5 Respiratory & Allergy 238.6 107.8 43.7 390.1 Cardiovascular 46.9 100.7 34.2 181.8 Gastroenterology 34.2 127.8 77.5 239.5 Diabetes & Metabolism 151.0 57.2 39.2 247.4 Dermatology 13.9 61.6 20.4 95.9 Women’s Healthcare 78.9 44.6 15.1 138.6 Oncology 124.8 17.6 29.0 171.4 Immunology 10.1 7.2 6.4 23.7 Other (1) 70.7 121.7 97.3 289.7 Total $ 922.9 $ 895.3 $ 642.4 $ 2,460.6 (In millions) North America Europe Rest of World Total Three Months Ended March 31, 2018 Central Nervous System & Anesthesia $ 199.6 $ 225.4 $ 82.9 $ 507.9 Infectious Disease 46.4 64.5 169.0 279.9 Respiratory & Allergy 113.9 127.6 46.6 288.1 Cardiovascular 90.4 146.8 39.5 276.7 Gastroenterology 44.1 153.2 66.1 263.4 Diabetes & Metabolism 109.6 73.8 24.8 208.2 Dermatology 94.5 80.3 24.9 199.7 Women’s Healthcare 93.1 70.0 19.2 182.3 Oncology 109.3 18.8 30.9 159.0 Immunology 14.0 2.5 8.4 24.9 Other (1) 70.4 75.5 114.4 260.3 Total $ 985.3 $ 1,038.4 $ 626.7 $ 2,650.4 ____________ (1) Other consists of numerous therapeutic franchises, none of which individually exceeds 5% of consolidated net sales. Variable Consideration and Accounts Receivable The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the three months ended March 31, 2019 and 2018 , respectively: Three Months Ended March 31, (In millions) 2019 2018 Gross sales $ 4,158.5 $ 4,732.3 Gross to net adjustments: Chargebacks (703.7 ) (872.1 ) Rebates, promotional programs and other sales allowances (856.2 ) (1,030.6 ) Returns (45.8 ) (77.3 ) Governmental rebate programs (92.2 ) (101.9 ) Total gross to net adjustments $ (1,697.9 ) $ (2,081.9 ) Net sales $ 2,460.6 $ 2,650.4 No significant revisions were made to the methodology used in determining these provisions or the nature of the provisions during the three months ended March 31, 2019 . Such allowances were comprised of the following at March 31, 2019 and December 31, 2018 , respectively: The following table presents the Company’s net sales by therapeutic franchise for each of our reportable segments for the three months ended March 31, 2019 and 2018 , respectively: (In millions) North America Europe Rest of World Total Three Months Ended March 31, 2019 Central Nervous System & Anesthesia $ 135.7 $ 190.3 $ 64.0 $ 390.0 Infectious Disease 18.1 58.8 215.6 292.5 Respiratory & Allergy 238.6 107.8 43.7 390.1 Cardiovascular 46.9 100.7 34.2 181.8 Gastroenterology 34.2 127.8 77.5 239.5 Diabetes & Metabolism 151.0 57.2 39.2 247.4 Dermatology 13.9 61.6 20.4 95.9 Women’s Healthcare 78.9 44.6 15.1 138.6 Oncology 124.8 17.6 29.0 171.4 Immunology 10.1 7.2 6.4 23.7 Other (1) 70.7 121.7 97.3 289.7 Total $ 922.9 $ 895.3 $ 642.4 $ 2,460.6 (In millions) North America Europe Rest of World Total Three Months Ended March 31, 2018 Central Nervous System & Anesthesia $ 199.6 $ 225.4 $ 82.9 $ 507.9 Infectious Disease 46.4 64.5 169.0 279.9 Respiratory & Allergy 113.9 127.6 46.6 288.1 Cardiovascular 90.4 146.8 39.5 276.7 Gastroenterology 44.1 153.2 66.1 263.4 Diabetes & Metabolism 109.6 73.8 24.8 208.2 Dermatology 94.5 80.3 24.9 199.7 Women’s Healthcare 93.1 70.0 19.2 182.3 Oncology 109.3 18.8 30.9 159.0 Immunology 14.0 2.5 8.4 24.9 Other (1) 70.4 75.5 114.4 260.3 Total $ 985.3 $ 1,038.4 $ 626.7 $ 2,650.4 ____________ (1) Other consists of numerous therapeutic franchises, none of which individually exceeds 5% of consolidated net sales. |
Schedule of Accounts Receivable, Net | Accounts receivable, net was comprised of the following at March 31, 2019 and December 31, 2018 , respectively: (In millions) March 31, December 31, Trade receivables, net $ 2,367.4 $ 2,416.5 Other receivables 411.1 464.5 Accounts receivable, net $ 2,778.5 $ 2,881.0 |
Share-Based Incentive Plan (Tab
Share-Based Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Awards Activity | The following table summarizes stock option and SAR (together, “stock awards”) activity: Number of Shares Under Stock Awards Weighted Average Exercise Price per Share Outstanding at December 31, 2018 6,815,278 $ 36.61 Granted 650,747 27.67 Exercised (180,626 ) 13.43 Forfeited (202,181 ) 44.90 Outstanding at March 31, 2019 7,083,218 $ 36.14 Vested and expected to vest at March 31, 2019 6,867,569 $ 36.10 Exercisable at March 31, 2019 5,409,105 $ 36.13 |
Nonvested Restricted Stock and Restricted Stock Unit Awards Activity | A summary of the status of the Company’s nonvested restricted ordinary shares and restricted stock unit awards, including PSUs (collectively, “restricted stock awards”), as of March 31, 2019 and the changes during the three months ended March 31, 2019 are presented below: Number of Restricted Stock Awards Weighted Average Grant-Date Fair Value per Share Nonvested at December 31, 2018 6,393,081 $ 40.75 Granted 2,279,253 27.45 Released (672,319 ) 43.70 Forfeited (2,892,752 ) 38.06 Nonvested at March 31, 2019 5,107,263 $ 35.94 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost | Components of net periodic benefit cost for the three months ended March 31, 2019 and 2018 were as follows: Pension and Other Postretirement Benefits Three Months Ended March 31, (In millions) 2019 2018 Service cost $ 5.3 $ 5.0 Interest cost 3.8 3.6 Expected return on plan assets (3.0 ) (3.6 ) Amortization of prior service costs 0.3 0.1 Recognized net actuarial gains (0.2 ) — Net periodic benefit cost $ 6.2 $ 5.1 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheet Components [Abstract] | |
Schedule of Cash, cash equivalents, and restricted cash [Table Text Block] | Cash and restricted cash (In millions) March 31, December 31, Cash and cash equivalents $ 229.8 $ 388.1 Restricted cash, included in prepaid expenses and other current assets 1.1 1.2 Cash, cash equivalents and restricted cash $ 230.9 $ 389.3 The following tables provide a reconciliation of cash and cash equivalents, as reported on our unaudited condensed consolidating balance sheets, to cash, cash equivalents and restricted cash, as reported on our unaudited condensed consolidating statements of cash flows (in millions): March 31, 2019 Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ — $ — $ — $ 229.8 $ — $ 229.8 Restricted cash, included in prepaid expenses and other current assets — — — 1.1 — 1.1 Cash, cash equivalents and restricted cash $ — $ — $ — $ 230.9 $ — $ 230.9 December 31, 2018 Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ — $ 18.2 $ — $ 369.9 $ — $ 388.1 Restricted cash, included in prepaid expenses and other current assets — — — 1.2 — 1.2 Cash, cash equivalents and restricted cash $ — $ 18.2 $ — $ 371.1 $ — $ 389.3 |
Inventories | Inventories (In millions) March 31, December 31, Raw materials $ 987.0 $ 955.7 Work in process 415.4 369.9 Finished goods 1,306.4 1,254.6 Inventories $ 2,708.8 $ 2,580.2 |
Prepaid Expenses and Other Current Assets | Prepaid and other current assets (In millions) March 31, December 31, 2018 Prepaid expenses $ 131.8 $ 130.6 Restricted cash 1.1 1.2 Available-for-sale fixed income securities 25.9 25.0 Fair value of financial instruments 40.1 33.8 Equity securities 35.8 32.5 Other current assets 310.5 295.3 Prepaid expenses and other current assets $ 545.2 $ 518.4 |
Property, Plant and Equipment | Property, plant and equipment, net (In millions) March 31, December 31, 2018 Machinery and equipment $ 2,444.8 $ 2,421.2 Buildings and improvements 1,188.5 1,182.3 Construction in progress 249.0 239.7 Land and improvements 130.5 131.3 Gross property, plant and equipment 4,012.8 3,974.5 Accumulated depreciation 1,861.4 1,804.3 Property, plant and equipment, net $ 2,151.4 $ 2,170.2 |
Other Assets | Other assets (In millions) March 31, December 31, 2018 Equity method investments, clean energy investments $ 127.4 $ 138.7 Operating lease right-of-use assets 236.2 — Other long-term assets 58.1 73.7 Other assets $ 421.7 $ 212.4 |
Trade Accounts Payable | ccounts payable (In millions) March 31, December 31, Trade accounts payable $ 907.0 $ 1,123.2 Other payables 409.5 493.8 Accounts payable $ 1,316.5 $ 1,617.0 |
Other Current Liabilities | Other current liabilities (In millions) March 31, December 31, 2018 Accrued sales allowances $ 604.1 $ 626.7 Legal and professional accruals, including litigation accruals 128.7 128.1 Payroll and employee benefit liabilities 311.4 399.7 Contingent consideration 114.9 158.3 Accrued interest 166.0 62.4 Restructuring 37.5 62.3 Equity method investments, clean energy investments 46.0 45.1 Fair value of financial instruments 9.7 29.4 Operating lease liability 80.0 — Other 615.7 635.6 Other current liabilities $ 2,114.0 $ 2,147.6 |
Other Noncurrent Liabilities | Other long-term obligations (In millions) March 31, December 31, 2018 Employee benefit liabilities $ 390.3 $ 397.7 Contingent consideration 180.2 197.0 Equity method investments, clean energy investments 90.0 100.3 Tax related items, including contingencies 76.0 162.1 Operating lease liability 154.3 — Other 236.5 239.7 Other long-term obligations $ 1,127.3 $ 1,096.8 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease costs | Other information related to leases was as follows: As of March 31, 2019 Remaining lease terms 1 year to 25 years Weighted-average remaining lease term 6 years Weighted-average discount rate 4.2 % |
Maturity of operating lease liabilities | As of March 31, 2019 , maturities of lease liabilities were as follows: (In millions) Year ending December 31, 2019 (excluding the three months ended March 31, 2019) $ 55.4 2020 62.8 2021 41.6 2022 27.0 2023 19.7 Thereafter 58.0 $ 264.5 |
Future minimum lease payments under operating lease commitments | As of December 31, 2018, future minimum lease payments under operating lease commitments were as follows: (In millions) Year ending December 31, 2019 $ 73.7 2020 54.7 2021 40.2 2022 28.5 2023 18.3 Thereafter 54.2 $ 269.6 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments | Summarized financial information, in the aggregate, for the Company’s significant equity method investments on a 100% basis for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended March 31, (In millions) 2019 2018 Total revenues $ 86.9 $ 129.0 Gross loss (1.0 ) (7.7 ) Operating and non-operating expense 4.9 5.6 Net loss $ (5.9 ) $ (13.3 ) |
Earnings per Ordinary Share (Ta
Earnings per Ordinary Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Ordinary Share Attributable to Mylan N.V. | Basic and diluted (loss) earnings per ordinary share are calculated as follows: Three Months Ended March 31, (In millions, except per share amounts) 2019 2018 Basic (loss) earnings (numerator): Net (loss) earnings $ (25.0 ) $ 87.1 Shares (denominator): Weighted average ordinary shares outstanding 515.0 514.4 Basic (loss) earnings per ordinary share $ (0.05 ) $ 0.17 Diluted (loss) earnings (numerator): Net (loss) earnings $ (25.0 ) $ 87.1 Shares (denominator): Weighted average ordinary shares outstanding 515.0 514.4 Share-based awards — 2.4 Total dilutive shares outstanding 515.0 516.8 Net (loss) earnings per diluted ordinary share $ (0.05 ) $ 0.17 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2019 are as follows: (In millions) North America Segment Europe Segment Rest of World Segment Total Balance at December 31, 2018: Goodwill $ 3,892.9 $ 4,657.4 $ 1,582.5 $ 10,132.8 Accumulated impairment losses (385.0 ) — — (385.0 ) 3,507.9 4,657.4 1,582.5 9,747.8 Foreign currency translation 4.8 (149.8 ) 5.1 (139.9 ) $ 3,512.7 $ 4,507.6 $ 1,587.6 $ 9,607.9 Balance at March 31, 2019: Goodwill $ 3,897.7 $ 4,507.6 $ 1,587.6 $ 9,992.9 Accumulated impairment losses (385.0 ) — — (385.0 ) $ 3,512.7 $ 4,507.6 $ 1,587.6 $ 9,607.9 |
Components of Intangible Assets | Intangible assets consist of the following components at March 31, 2019 and December 31, 2018 : (In millions) Weighted Average Life (Years) Original Cost Accumulated Amortization Net Book Value March 31, 2019 Product rights, licenses and other (1) 15 $ 20,232.7 $ 7,521.2 $ 12,711.5 In-process research and development 244.0 — 244.0 $ 20,476.7 $ 7,521.2 $ 12,955.5 December 31, 2018 Product rights, licenses and other (1) 15 $ 20,264.1 $ 7,225.1 $ 13,039.0 In-process research and development 625.6 — 625.6 $ 20,889.7 $ 7,225.1 $ 13,664.6 ____________ (1) Represents amortizable intangible assets. Other intangible assets consists principally of customer lists and contractual rights. |
Finite-lived Intangible Assets Amortization Expense | Three Months Ended March 31, (In millions) 2019 2018 Intangible asset amortization expense $ 405.5 $ 392.3 IPR&D intangible asset impairment charges 29.5 30.0 Total intangible asset amortization expense (including impairment charges) $ 435.0 $ 422.3 |
Expected Amortization Expense | Intangible asset amortization expense over the remainder of 2019 and for the years ended December 31, 2020 through 2023 is estimated to be as follows: (In millions) 2019 $ 1,157 2020 1,403 2021 1,325 2022 1,255 2023 1,093 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | A rollforward of the activity in the Company’s fair value of contingent consideration from December 31, 2018 to March 31, 2019 is as follows: (In millions) Current Portion (1) Long-Term Portion (2) Total Contingent Consideration Balance at December 31, 2018 $ 158.3 $ 197.0 $ 355.3 Payments (60.0 ) — (60.0 ) Reclassifications 13.1 (13.1 ) — Accretion — 3.9 3.9 Fair value loss (gain) (3) 3.5 (7.6 ) (4.1 ) Balance at March 31, 2019 $ 114.9 $ 180.2 $ 295.1 ____________ (1) Included in other current liabilities on the condensed consolidated balance sheets . (2) Included in other long-term obligations on the condensed consolidated balance sheets . (3) Included in litigation settlements and other contingencies, net in the condensed consolidated statements of operations . |
Financial Assets and Liabilities Carried at Fair Value | Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above: March 31, 2019 (In millions) Level 1 Level 2 Level 3 Total Recurring fair value measurements Financial Assets Cash equivalents: Money market funds $ 0.6 $ — $ — $ 0.6 Total cash equivalents 0.6 — — 0.6 Equity securities: Exchange traded funds 35.0 — — 35.0 Marketable securities 0.8 — — 0.8 Total equity securities 35.8 — — 35.8 Available-for-sale fixed income investments: Corporate bonds — 10.3 — 10.3 U.S. Treasuries — 9.9 — 9.9 Agency mortgage-backed securities — 1.6 — 1.6 Asset backed securities — 3.2 — 3.2 Other — 0.9 — 0.9 Total available-for-sale fixed income investments — 25.9 — 25.9 Foreign exchange derivative assets — 29.0 — 29.0 Interest rate swap derivative assets — 11.1 — 11.1 Total assets at recurring fair value measurement $ 36.4 $ 66.0 $ — $ 102.4 Financial Liabilities Foreign exchange derivative liabilities — 9.7 — 9.7 Contingent consideration — — 295.1 295.1 Total liabilities at recurring fair value measurement $ — $ 9.7 $ 295.1 $ 304.8 December 31, 2018 (In millions) Level 1 Level 2 Level 3 Total Recurring fair value measurements Financial Assets Cash equivalents: Money market funds $ 71.0 $ — $ — $ 71.0 Total cash equivalents 71.0 — — 71.0 Equity securities: Exchange traded funds 31.7 — — 31.7 Marketable securities 0.8 — — 0.8 Total equity securities 32.5 — — 32.5 Available-for-sale fixed income investments: Corporate bonds — 9.9 — 9.9 U.S. Treasuries — 9.4 — 9.4 Agency mortgage-backed securities — 1.6 — 1.6 Asset backed securities — 3.2 — 3.2 Other — 0.9 — 0.9 Total available-for-sale fixed income investments — 25.0 — 25.0 Foreign exchange derivative assets — 30.2 — 30.2 Interest rate swap derivative assets — 3.6 — 3.6 Total assets at recurring fair value measurement $ 103.5 $ 58.8 $ — $ 162.3 Financial Liabilities Foreign exchange derivative liabilities $ — $ 29.4 $ — $ 29.4 Contingent consideration — — 355.3 355.3 Total liabilities at recurring fair value measurement $ — $ 29.4 $ 355.3 $ 384.7 |
Fair Value Hedging Relationships | |
Derivatives, Fair Value [Line Items] | |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Effect of Derivative Instruments on the condensed consolidated statements of operations Derivatives in Fair Value Hedging Relationships Location of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Derivatives (In millions) Three Months Ended March 31, 2019 2018 Interest rate swaps Interest expense $ 7.5 $ (16.0 ) Total $ 7.5 $ (16.0 ) Location of Gain (Loss) Recognized in Earnings on Hedged Items Amount of Gain (Loss) Recognized in Earnings on Hedged Items (In millions) Three Months Ended March 31, 2019 2018 2023 Senior Notes (3.125% coupon) Interest expense $ (7.5 ) $ 16.0 Total $ (7.5 ) $ 16.0 |
Cash Flow Hedging | |
Derivatives, Fair Value [Line Items] | |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Effect of Derivative Instruments on the condensed consolidated statements of comprehensive earnings Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative Three Months Ended March 31, (In millions) 2019 2018 Foreign currency forward contracts $ 15.5 $ (15.1 ) Total $ 15.5 $ (15.1 ) The Effect of Derivative Instruments on the condensed consolidated statements of operations Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Reclassified from AOCE into Earnings (Effective Portion) Amount of Gain (Loss) Reclassified from AOCE into Earnings Three Months Ended March 31, (In millions) 2019 2018 Foreign currency forward contracts Net sales $ 0.3 $ 4.8 Interest rate swaps Interest expense (1.8 ) (1.9 ) Total $ (1.5 ) $ 2.9 |
Net Investment Hedging | |
Derivatives, Fair Value [Line Items] | |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Effect of Derivative Instruments on the condensed consolidated statements of comprehensive earnings Derivatives in Net Investment Hedging Relationships Amount of Gain (Loss) Recognized in AOCE Three Months Ended March 31, (In millions) 2019 2018 Foreign currency borrowings and forward contracts $ 55.2 $ (59.2 ) Total $ 55.2 $ (59.2 ) |
Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The Effect of Derivative Instruments on the condensed consolidated balance sheets Fair Values of Derivative Instruments Derivatives Designated as Hedging Instruments Asset Derivatives March 31, 2019 December 31, 2018 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Prepaid expenses and other current assets $ 11.1 Prepaid expenses and other current assets $ 3.6 Foreign currency forward contracts Prepaid expenses and other current assets 12.2 Prepaid expenses and other current assets — Total $ 23.3 $ 3.6 Liability Derivatives March 31, 2019 December 31, 2018 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Other current liabilities — Other current liabilities 12.1 Total $ — $ 12.1 |
Not Designated as Hedging Instruments | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The Effect of Derivative Instruments on the condensed consolidated balance sheets Fair Values of Derivative Instruments Derivatives Not Designated as Hedging Instruments Asset Derivatives March 31, 2019 December 31, 2018 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Prepaid expenses and other current assets $ 16.8 Prepaid expenses and other current assets $ 30.2 Total $ 16.8 $ 30.2 Liability Derivatives March 31, 2019 December 31, 2018 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Other current liabilities $ 9.7 Other current liabilities $ 17.3 Total $ 9.7 $ 17.3 |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Effect of Derivative Instruments on the condensed consolidated statements of operations Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Derivatives Three Months Ended March 31, (In millions) 2019 2018 Foreign currency option and forward contracts Other expense, net $ (5.8 ) $ 44.0 Total $ (5.8 ) $ 44.0 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | A summary of long-term debt is as follows: (In millions) Interest Rate as of March 31, 2019 March 31, December 31, Current portion of long-term debt: 2016 Term Facility (a) ** 3.874 % $ 100.0 $ 100.0 2019 Senior Notes ** 2.500 % 550.0 549.9 Other 5.5 6.2 Deferred financing fees (0.6 ) (0.9 ) Current portion of long-term debt $ 654.9 $ 655.2 Non-current portion of long-term debt: 2020 Floating Rate Euro Notes (b) ** $ 560.9 $ 573.3 2020 Euro Senior Notes ** 1.250 % 839.9 858.1 2020 Senior Notes ** 3.750 % 499.9 499.9 2021 Senior Notes ** 3.150 % 2,248.8 2,248.7 2023 Senior Notes * 3.125 % 760.5 752.9 2023 Senior Notes * 4.200 % 499.0 498.9 2024 Euro Senior Notes ** 2.250 % 1,119.7 1,144.2 2025 Euro Senior Notes * 2.125 % 559.7 572.0 2026 Senior Notes ** 3.950 % 2,236.9 2,236.5 2028 Euro Senior Notes ** 3.125 % 834.3 852.5 2028 Senior Notes * 4.550 % 748.3 748.2 2043 Senior Notes * 5.400 % 497.2 497.2 2046 Senior Notes ** 5.250 % 999.8 999.8 2048 Senior Notes * 5.200 % 747.6 747.6 Other 4.9 5.1 Deferred financing fees (70.5 ) (73.7 ) Long-term debt $ 13,086.9 $ 13,161.2 ____________ (a) The 2016 Term Facility bears interest at LIBOR plus a base rate, which margins can fluctuate based on the Company’s credit ratings. (b) Instrument bears interest at a rate of three-month EURIBOR plus 0.50% per annum, reset quarterly. * Instrument was issued by Mylan Inc. ** Instrument was issued by Mylan N.V. |
Minimum Repayments on Outstanding Borrowings | Mandatory minimum repayments remaining on the notional amount of outstanding long-term debt at March 31, 2019 were as follows for each of the periods ending December 31: (In millions) Total 2019 $ 650 2020 1,902 2021 2,250 2022 — 2023 1,250 Thereafter 7,774 Total $ 13,826 |
Comprehensive Earnings (Tables)
Comprehensive Earnings (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss, as reflected on the condensed consolidated balance sheets , is comprised of the following: (In millions) March 31, December 31, Accumulated other comprehensive loss: Net unrealized gain on marketable securities, net of tax $ 0.4 $ — Net unrecognized gains and prior service cost related to defined benefit plans, net of tax 1.6 1.7 Net unrecognized losses on derivatives in cash flow hedging relationships, net of tax (39.3 ) (53.1 ) Net unrecognized losses on derivatives in net investment hedging relationships, net of tax (75.7 ) (130.9 ) Foreign currency translation adjustment (1,597.5 ) (1,259.0 ) $ (1,710.5 ) $ (1,441.3 ) |
Components of Other Comprehensive Loss | Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Marketable Securities Defined Pension Plan Items Foreign Currency Translation Adjustment Totals (In millions) Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2018, net of tax $ (53.1 ) $ (130.9 ) $ — $ 1.7 $ (1,259.0 ) $ (1,441.3 ) Other comprehensive earnings (loss) before reclassifications, before tax 24.5 58.1 0.4 0.1 (338.5 ) (255.4 ) Amounts reclassified from accumulated other comprehensive loss, before tax: Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales (0.3 ) (0.3 ) (0.3 ) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.8 1.8 1.8 Amortization of prior service costs included in selling, general and administrative expense (“SG&A”) 0.3 0.3 Amortization of actuarial loss included in SG&A (0.2 ) (0.2 ) Net other comprehensive earnings (loss), before tax 26.0 58.1 0.4 0.2 (338.5 ) (253.8 ) Income tax provision 8.8 2.9 — 0.1 — 11.8 Cumulative effect of the adoption of new accounting standards (3.4 ) — — (0.2 ) — (3.6 ) Balance at March 31, 2019, net of tax $ (39.3 ) $ (75.7 ) $ 0.4 $ 1.6 $ (1,597.5 ) $ (1,710.5 ) Three Months Ended March 31, 2018 Gains and Losses on Derivatives in Cash Flow Hedging Relationships Gains and Losses on Net Investment Hedges Gains and Losses on Marketable Securities Defined Pension Plan Items Foreign Currency Translation Adjustment Totals (In millions) Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2017, net of tax $ (3.7 ) $ (239.8 ) $ 10.1 $ 6.0 $ (133.8 ) $ (361.2 ) Other comprehensive (loss) earnings before reclassifications, before tax (29.1 ) (59.2 ) (0.4 ) (4.4 ) 261.9 168.8 Amounts reclassified from accumulated other comprehensive loss, before tax: Gain on foreign exchange forward contracts classified as cash flow hedges, included in net sales (4.8 ) (4.8 ) (4.8 ) Loss on interest rate swaps classified as cash flow hedges, included in interest expense 1.9 1.9 1.9 Amortization of prior service costs included in SG&A 0.1 0.1 Net other comprehensive (loss) earnings, before tax (32.0 ) (59.2 ) (0.4 ) (4.3 ) 261.9 166.0 Income tax benefit (10.6 ) — (0.1 ) (0.5 ) — (11.2 ) Cumulative effect of the adoption of new accounting standards 2.5 — (10.0 ) — — (7.5 ) Balance at March 31, 2018, net of tax $ (22.6 ) $ (299.0 ) $ (0.2 ) $ 2.2 $ 128.1 $ (191.5 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Segment Information to Total Consolidated Information | Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information. (In millions) North America Europe Rest of World Eliminations Consolidated Three Months Ended March 31, 2019 Net sales $ 922.9 $ 895.3 $ 642.4 $ — $ 2,460.6 Other revenue 22.1 4.7 8.1 — 34.9 Intersegment revenue 15.6 20.8 113.3 (149.7 ) — Total $ 960.6 $ 920.8 $ 763.8 $ (149.7 ) $ 2,495.5 Segment profitability $ 394.5 $ 204.1 $ 93.8 $ — $ 692.4 Intangible asset amortization expense (405.5 ) Intangible asset impairment charges (29.5 ) Globally managed research and development costs (70.6 ) Corporate costs and special items (162.1 ) Litigation settlements & other contingencies (0.7 ) Earnings from operations $ 24.0 (In millions) North America Europe Rest of World Eliminations Consolidated Three Months Ended March 31, 2018 Net sales $ 985.3 $ 1,038.4 $ 626.7 $ — $ 2,650.4 Other revenue 21.1 9.5 3.5 — 34.1 Intersegment revenue 12.3 25.6 86.7 (124.6 ) — Total $ 1,018.7 $ 1,073.5 $ 716.9 $ (124.6 ) $ 2,684.5 Segment profitability $ 459.9 $ 258.2 $ 106.6 $ — $ 824.7 Intangible asset amortization expense (392.3 ) Intangible asset impairment charges (30.0 ) Globally managed research and development costs (76.9 ) Corporate costs and special items (153.6 ) Litigation settlements & other contingencies (16.2 ) Earnings from operations $ 155.7 |
Subsidiary Guarantors (Tables)
Subsidiary Guarantors (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Income Statement | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2019 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 2,460.6 $ — $ 2,460.6 Other revenues — — — 34.9 — 34.9 Total revenues — — — 2,495.5 — 2,495.5 Cost of sales — — — 1,690.3 — 1,690.3 Gross profit — — — 805.2 — 805.2 Operating expenses: Research and development — — — 172.6 — 172.6 Selling, general and administrative 9.1 138.7 — 460.1 — 607.9 Litigation settlements and other contingencies, net — — — 0.7 — 0.7 Total operating expenses 9.1 138.7 — 633.4 — 781.2 (Loss) earnings from operations (9.1 ) (138.7 ) — 171.8 — 24.0 Interest expense 81.7 43.5 — 6.0 — 131.2 Other (income) expense, net (58.1 ) (60.1 ) — 125.5 — 7.3 (Loss) earnings before income taxes (32.7 ) (122.1 ) — 40.3 — (114.5 ) Income tax (benefit) provision (5.6 ) 1.8 — (85.7 ) — (89.5 ) Earnings of equity interest subsidiaries 2.1 102.6 — — (104.7 ) — Net (loss) earnings $ (25.0 ) $ (21.3 ) $ — $ 126.0 $ (104.7 ) $ (25.0 ) UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2018 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 2,650.4 $ — $ 2,650.4 Other revenues — — — 34.1 — 34.1 Total revenues — — — 2,684.5 — 2,684.5 Cost of sales — — — 1,700.2 — 1,700.2 Gross profit — — — 984.3 — 984.3 Operating expenses: Research and development — — — 204.9 — 204.9 Selling, general and administrative 9.8 130.7 — 467.0 — 607.5 Litigation settlements and other contingencies, net — 7.0 — 9.2 — 16.2 Total operating expenses 9.8 137.7 — 681.1 — 828.6 (Loss) earnings from operations (9.8 ) (137.7 ) — 303.2 — 155.7 Interest expense 93.5 26.9 — 11.3 — 131.7 Other (income) expense, net (114.0 ) (57.7 ) — 185.2 — 13.5 Earnings (loss) before income taxes 10.7 (106.9 ) — 106.7 — 10.5 Income tax benefit (7.3 ) (17.7 ) — (51.6 ) — (76.6 ) Earnings (losses) of equity interest subsidiaries 69.1 (8.3 ) — — (60.8 ) — Net earnings (loss) $ 87.1 $ (97.5 ) $ — $ 158.3 $ (60.8 ) $ 87.1 |
Condensed Consolidating Statement of Comprehensive Earnings | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended March 31, 2019 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (25.0 ) $ (21.3 ) $ — $ 126.0 $ (104.7 ) $ (25.0 ) Other comprehensive (loss) earnings, before tax: Foreign currency translation adjustment (338.5 ) — — (338.5 ) 338.5 (338.5 ) Change in unrecognized gain and prior service cost related to defined benefit plans 0.2 0.1 — 0.1 (0.2 ) 0.2 Net unrecognized gain on derivatives in cash flow hedging relationships 26.0 1.8 — 24.2 (26.0 ) 26.0 Net unrecognized gain on derivatives in net investment hedging relationships 58.1 12.3 — (12.3 ) 58.1 Net unrealized gain on marketable securities 0.4 — — 0.4 (0.4 ) 0.4 Other comprehensive (loss) earnings, before tax (253.8 ) 14.2 — (313.8 ) 299.6 (253.8 ) Income tax provision (benefit) 11.8 (3.3 ) — 15.1 (11.8 ) 11.8 Other comprehensive (loss) earnings, net of tax (265.6 ) 17.5 — (328.9 ) 311.4 (265.6 ) Comprehensive loss $ (290.6 ) $ (3.8 ) $ — $ (202.9 ) $ 206.7 $ (290.6 ) UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended March 31, 2018 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net earnings (loss) $ 87.1 $ (97.5 ) $ — $ 158.3 $ (60.8 ) $ 87.1 Other comprehensive earnings, before tax: Foreign currency translation adjustment 261.9 — — 261.9 (261.9 ) 261.9 Change in unrecognized (loss) gain and prior service cost related to defined benefit plans (4.3 ) 0.1 — (4.4 ) 4.3 (4.3 ) Net unrecognized (loss) gain on derivatives in cash flow hedging relationships (32.0 ) 1.9 — (33.9 ) 32.0 (32.0 ) Net unrecognized loss on derivatives in net investment hedging relationships (59.2 ) — — — — (59.2 ) Net unrealized (loss) gain on marketable securities (0.4 ) (0.6 ) — 0.2 0.4 (0.4 ) Other comprehensive earnings, before tax 166.0 1.4 — 223.8 (225.2 ) 166.0 Income tax benefit (11.2 ) (0.4 ) — (10.8 ) 11.2 (11.2 ) Other comprehensive earnings, net of tax 177.2 1.8 — 234.6 (236.4 ) 177.2 Comprehensive earnings (loss) $ 264.3 $ (95.7 ) $ — $ 392.9 $ (297.2 ) $ 264.3 |
Condensed Consolidating Balance Sheet | UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2019 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Assets Current assets: Cash and cash equivalents $ — $ — $ — $ 229.8 $ — $ 229.8 Accounts receivable, net — 13.1 — 2,765.4 — 2,778.5 Inventories — — — 2,708.8 — 2,708.8 Intercompany receivables 324.4 516.4 — 12,694.6 (13,535.4 ) — Prepaid expenses and other current assets 5.8 107.5 — 431.9 — 545.2 Total current assets 330.2 637.0 — 18,830.5 (13,535.4 ) 6,262.3 Property, plant and equipment, net — 252.5 — 1,898.9 — 2,151.4 Investments in subsidiaries 18,692.3 13,208.9 — — (31,901.2 ) — Intercompany notes and interest receivable 6,224.4 10,847.6 — 3,038.5 (20,110.5 ) — Intangible assets, net — — — 12,955.5 — 12,955.5 Goodwill — 17.1 — 9,590.8 — 9,607.9 Other assets 0.2 93.3 — 836.0 — 929.5 Total assets $ 25,247.1 $ 25,056.4 $ — $ 47,150.2 $ (65,547.1 ) $ 31,906.6 LIABILITIES AND EQUITY Liabilities Current liabilities: Accounts payable $ — $ 42.6 $ — $ 1,273.9 $ — $ 1,316.5 Short-term borrowings — — — 0.4 — 0.4 Income taxes payable — — — 23.2 — 23.2 Current portion of long-term debt and other long-term obligations 649.4 0.2 — 53.9 — 703.5 Intercompany payables 1,545.7 11,988.3 — 1.4 (13,535.4 ) — Other current liabilities 95.0 215.8 — 1,803.2 — 2,114.0 Total current liabilities 2,290.1 12,246.9 — 3,156.0 (13,535.4 ) 4,157.6 Long-term debt 9,299.5 3,782.5 — 4.9 — 13,086.9 Intercompany notes payable 1,765.9 3,687.9 — 14,656.7 (20,110.5 ) — Other long-term obligations — 75.9 — 2,694.6 — 2,770.5 Total liabilities 13,355.5 19,793.2 — 20,512.2 (33,645.9 ) 20,015.0 Total equity 11,891.6 5,263.2 — 26,638.0 (31,901.2 ) 11,891.6 Total liabilities and equity $ 25,247.1 $ 25,056.4 $ — $ 47,150.2 $ (65,547.1 ) $ 31,906.6 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Assets Current assets: Cash and cash equivalents $ — $ 18.2 $ — $ 369.9 $ — $ 388.1 Accounts receivable, net — 24.3 — 2,856.7 — 2,881.0 Inventories — — — 2,580.2 — 2,580.2 Intercompany receivables 342.9 518.7 — 13,107.1 (13,968.7 ) — Prepaid expenses and other current assets 5.6 71.3 — 441.5 — 518.4 Total current assets 348.5 632.5 — 19,355.4 (13,968.7 ) 6,367.7 Property, plant and equipment, net — 259.7 — 1,910.5 — 2,170.2 Investments in subsidiaries 18,995.9 13,129.5 — — (32,125.4 ) — Intercompany notes and interest receivable 6,287.4 10,732.6 — 2,519.8 (19,539.8 ) — Intangible assets, net — — — 13,664.6 — 13,664.6 Goodwill — 17.1 — 9,730.7 — 9,747.8 Other assets 0.3 68.9 — 715.4 — 784.6 Total assets $ 25,632.1 $ 24,840.3 $ — $ 47,896.4 $ (65,633.9 ) $ 32,734.9 LIABILITIES AND EQUITY Liabilities Current liabilities: Accounts payable $ — $ 70.6 $ — $ 1,546.4 $ — $ 1,617.0 Short-term borrowings — — — 1.9 — 1.9 Income taxes payable — — — 121.5 — 121.5 Current portion of long-term debt and other long-term obligations 649.0 0.2 — 50.6 — 699.8 Intercompany payables 1,618.8 12,326.4 — 23.5 (13,968.7 ) — Other current liabilities 21.0 216.0 — 1,910.6 — 2,147.6 Total current liabilities 2,288.8 12,613.2 — 3,654.5 (13,968.7 ) 4,587.8 Long-term debt 9,370.1 3,786.2 — 4.9 — 13,161.2 Intercompany notes payable 1,806.1 3,094.2 — 14,639.5 (19,539.8 ) — Other long-term obligations — 48.6 — 2,770.2 — 2,818.8 Total liabilities 13,465.0 19,542.2 — 21,069.1 (33,508.5 ) 20,567.8 Total equity 12,167.1 5,298.1 — 26,827.3 (32,125.4 ) 12,167.1 Total liabilities and equity $ 25,632.1 $ 24,840.3 $ — $ 47,896.4 $ (65,633.9 ) $ 32,734.9 |
Condensed Consolidating Statement of Cash Flows | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2019 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (47.5 ) $ (437.5 ) $ — $ 445.3 $ — $ (39.7 ) Cash flows from investing activities: Capital expenditures — (11.2 ) — (41.9 ) — (53.1 ) Purchase of available for sale securities and other investments — — — (7.8 ) — (7.8 ) Proceeds from the sale of assets — — — 0.2 — 0.2 Proceeds from the sale of marketable securities — — — 7.6 — 7.6 Cash paid for acquisitions, net — — — (7.1 ) — (7.1 ) Investments in affiliates — (5.7 ) — — 5.7 — Dividends from affiliates 3.9 — — — (3.9 ) — Loans to affiliates (79.0 ) — — (701.4 ) 780.4 — Repayments of loans from affiliates 147.0 — — 289.2 (436.2 ) — Payments for product rights and other, net — — — (15.4 ) — (15.4 ) Net cash provided by (used in) investing activities 71.9 (16.9 ) — (476.6 ) 346.0 (75.6 ) Cash flows from financing activities: Payments of financing fees (0.1 ) (1.1 ) — — — (1.2 ) Change in short-term borrowings, net — — — (1.5 ) — (1.5 ) Proceeds from issuance of long-term debt — — — 0.1 — 0.1 Payments of long-term debt — — — (0.2 ) — (0.2 ) Proceeds from exercise of stock options 2.4 — — — — 2.4 Taxes paid related to net share settlement of equity awards (7.1 ) — — — — (7.1 ) Contingent consideration payments — — — (31.8 ) — (31.8 ) Capital contribution from affiliates — — — 5.7 (5.7 ) — Capital payments to affiliates — — — (3.9 ) 3.9 — Payments on borrowings from affiliates (42.3 ) (253.4 ) — (140.5 ) 436.2 — Proceeds from borrowings from affiliates 22.7 690.7 — 67.0 (780.4 ) — Other items, net — — — (0.8 ) — (0.8 ) Net cash (used in) provided by financing activities (24.4 ) 436.2 — (105.9 ) (346.0 ) (40.1 ) Effect on cash of changes in exchange rates — — — (3.0 ) — (3.0 ) Net decrease in cash, cash equivalents and restricted cash — (18.2 ) — (140.2 ) — (158.4 ) Cash, cash equivalents and restricted cash — beginning of period — 18.2 — 371.1 — 389.3 Cash, cash equivalents and restricted cash — end of period $ — $ — $ — $ 230.9 $ — $ 230.9 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2018 (In millions) Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (28.1 ) $ (128.3 ) $ — $ 778.2 $ — $ 621.8 Cash flows from investing activities: Capital expenditures — (5.8 ) — (24.9 ) — (30.7 ) Purchase of available for sale securities and other investments — — — (7.5 ) — (7.5 ) Proceeds from the sale of marketable securities — — — 15.0 — 15.0 Cash paid for acquisitions, net — — — (63.3 ) — (63.3 ) Investments in affiliates — (6.0 ) — — 6.0 — Dividends from affiliates 56.9 — — — (56.9 ) — Loans to affiliates (409.2 ) — — (1,316.6 ) 1,725.8 — Repayments of loans from affiliates 425.7 — — 677.4 (1,103.1 ) — Payments for product rights and other, net — (0.1 ) — (342.3 ) — (342.4 ) Net cash provided by (used in) investing activities 73.4 (11.9 ) — (1,062.2 ) 571.8 (428.9 ) Cash flows from financing activities: Payments of financing fees — (0.4 ) — — — (0.4 ) Purchase of ordinary shares (432.0 ) — — — — (432.0 ) Change in short-term borrowings, net — — — 309.1 — 309.1 Proceeds from issuance of long-term debt 496.5 — — 1.9 — 498.4 Payments of long-term debt (496.5 ) — — (1.5 ) — (498.0 ) Proceeds from exercise of stock options 10.8 — — — — 10.8 Taxes paid related to net share settlement of equity awards (8.9 ) — — — — (8.9 ) Contingent consideration payments — — — (0.2 ) — (0.2 ) Capital contribution from affiliates — — — 6.0 (6.0 ) — Capital payments to affiliates — — — (56.9 ) 56.9 — Payments on borrowings from affiliates — (837.4 ) — (265.7 ) 1,103.1 — Proceeds from borrowings from affiliates 384.8 978.6 — 362.4 (1,725.8 ) — Other items, net — — — (0.2 ) — (0.2 ) Net cash (used in) provided by financing activities (45.3 ) 140.8 — 354.9 (571.8 ) (121.4 ) Effect on cash of changes in exchange rates — — — 3.7 — 3.7 Net increase in cash, cash equivalents and restricted cash — 0.6 — 74.6 — 75.2 Cash, cash equivalents and restricted cash — beginning of period — 23.8 — 346.1 — 369.9 Cash, cash equivalents and restricted cash — end of period $ — $ 24.4 $ — $ 420.7 $ — $ 445.1 |
Schedule of Cash, cash equivalents, and restricted cash [Table Text Block] | Cash and restricted cash (In millions) March 31, December 31, Cash and cash equivalents $ 229.8 $ 388.1 Restricted cash, included in prepaid expenses and other current assets 1.1 1.2 Cash, cash equivalents and restricted cash $ 230.9 $ 389.3 The following tables provide a reconciliation of cash and cash equivalents, as reported on our unaudited condensed consolidating balance sheets, to cash, cash equivalents and restricted cash, as reported on our unaudited condensed consolidating statements of cash flows (in millions): March 31, 2019 Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ — $ — $ — $ 229.8 $ — $ 229.8 Restricted cash, included in prepaid expenses and other current assets — — — 1.1 — 1.1 Cash, cash equivalents and restricted cash $ — $ — $ — $ 230.9 $ — $ 230.9 December 31, 2018 Mylan N.V. Mylan Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents $ — $ 18.2 $ — $ 369.9 $ — $ 388.1 Restricted cash, included in prepaid expenses and other current assets — — — 1.2 — 1.2 Cash, cash equivalents and restricted cash $ — $ 18.2 $ — $ 371.1 $ — $ 389.3 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring - employee related | The following table summarizes the restructuring charges and the reserve activity from December 31, 2018 to March 31, 2019 : (In millions) Employee Related Costs Other Exit Costs Total Balance at December 31, 2018: $ 60.8 $ 11.8 $ 72.6 Charges (1) 1.8 18.1 19.9 Reclassification due to new leasing standard — (8.1 ) (8.1 ) Cash payment (26.4 ) (1.4 ) (27.8 ) Utilization — (16.7 ) (16.7 ) Foreign currency translation (1.1 ) — (1.1 ) Balance at March 31, 2019: $ 35.1 $ 3.7 $ 38.8 ____________ (1) For the three months ended March 31, 2019 , total restructuring charges in North America, Europe and Rest of World were approximately $11.2 million , $7.8 million and $0.9 million , respectively. |
Revenue Recognition and Accou_3
Revenue Recognition and Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue Recognition And Accounts Receivable [Line Items] | ||
Trade receivables, net | $ 2,367.4 | $ 2,416.5 |
Other receivables | 411.1 | 464.5 |
Accounts receivable, net | 2,778.5 | 2,881 |
Securitized accounts receivable | 372.2 | 322 |
Receivables Facility | ||
Revenue Recognition And Accounts Receivable [Line Items] | ||
Accounts receivable securitization facility maximum borrowing capacity | 400 | |
Variable Consideration [Member] | ||
Revenue Recognition And Accounts Receivable [Line Items] | ||
Trade receivables, net | 1,556.2 | 1,715.6 |
Other receivables | 604.1 | 626.7 |
Accounts receivable, net | $ 2,160.3 | $ 2,342.3 |
Revenue Recognition and Accou_4
Revenue Recognition and Accounts Receivable Revenue Disaggregation (Table) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 2,460.6 | $ 2,650.4 |
Central Nervous System and Anesthesia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 390 | 507.9 |
Infectious Disease | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 292.5 | 279.9 |
Respiratory & Allergy | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 390.1 | 288.1 |
Cardiovascular | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 181.8 | 276.7 |
Gastroenterology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 239.5 | 263.4 |
Diabetes & Metabolism | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 247.4 | 208.2 |
Dermatology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 95.9 | 199.7 |
Women's Healthcare | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 138.6 | 182.3 |
Oncology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 171.4 | 159 |
Immunology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 23.7 | 24.9 |
Other Therapeutic Franchises | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 289.7 | 260.3 |
North America Segment | Central Nervous System and Anesthesia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 135.7 | 199.6 |
North America Segment | Infectious Disease | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 18.1 | 46.4 |
North America Segment | Respiratory & Allergy | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 238.6 | 113.9 |
North America Segment | Cardiovascular | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 46.9 | 90.4 |
North America Segment | Gastroenterology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 34.2 | 44.1 |
North America Segment | Diabetes & Metabolism | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 151 | 109.6 |
North America Segment | Dermatology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 13.9 | 94.5 |
North America Segment | Women's Healthcare | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 78.9 | 93.1 |
North America Segment | Oncology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 124.8 | 109.3 |
North America Segment | Immunology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 10.1 | 14 |
North America Segment | Other Therapeutic Franchises | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 70.7 | 70.4 |
Europe Segment | Central Nervous System and Anesthesia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 190.3 | 225.4 |
Europe Segment | Infectious Disease | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 58.8 | 64.5 |
Europe Segment | Respiratory & Allergy | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 107.8 | 127.6 |
Europe Segment | Cardiovascular | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 100.7 | 146.8 |
Europe Segment | Gastroenterology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 127.8 | 153.2 |
Europe Segment | Diabetes & Metabolism | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 57.2 | 73.8 |
Europe Segment | Dermatology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 61.6 | 80.3 |
Europe Segment | Women's Healthcare | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 44.6 | 70 |
Europe Segment | Oncology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 17.6 | 18.8 |
Europe Segment | Immunology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 7.2 | 2.5 |
Europe Segment | Other Therapeutic Franchises | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 121.7 | 75.5 |
Rest of World Segment | Central Nervous System and Anesthesia | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 64 | 82.9 |
Rest of World Segment | Infectious Disease | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 215.6 | 169 |
Rest of World Segment | Respiratory & Allergy | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 43.7 | 46.6 |
Rest of World Segment | Cardiovascular | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 34.2 | 39.5 |
Rest of World Segment | Gastroenterology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 77.5 | 66.1 |
Rest of World Segment | Diabetes & Metabolism | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 39.2 | 24.8 |
Rest of World Segment | Dermatology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 20.4 | 24.9 |
Rest of World Segment | Women's Healthcare | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 15.1 | 19.2 |
Rest of World Segment | Oncology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 29 | 30.9 |
Rest of World Segment | Immunology | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 6.4 | 8.4 |
Rest of World Segment | Other Therapeutic Franchises | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 97.3 | 114.4 |
Operating Segment | North America Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 922.9 | 985.3 |
Operating Segment | Europe Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 895.3 | 1,038.4 |
Operating Segment | Rest of World Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 642.4 | $ 626.7 |
Revenue Recognition and Accou_5
Revenue Recognition and Accounts Receivable Variable Consideration (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Gross sales | $ 4,158.5 | $ 4,732.3 |
Chargebacks | (703.7) | (872.1) |
Rebates, promotional programs and other sales allowances | (856.2) | (1,030.6) |
Returns | (45.8) | (77.3) |
Medicaid and other governmental rebates | (92.2) | (101.9) |
Sales Revenue, Gross to net adjustments | (1,697.9) | (2,081.9) |
Net sales | $ 2,460.6 | $ 2,650.4 |
Revenue Recognition and Accou_6
Revenue Recognition and Accounts Receivable (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Trade receivables, net | $ 2,367.4 | $ 2,416.5 |
Other receivables | 411.1 | 464.5 |
Accounts receivable, net | $ 2,778.5 | $ 2,881 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Recent Accounting Pronouncements (Impact of Adoption - ASU 2014-09) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Item Effected [Line Items] | |||
Cost of sales | $ 1,690.3 | $ 1,700.2 | |
Income tax benefit | (89.5) | (76.6) | |
Net (loss) earnings | (25) | 87.1 | |
Revenues | 2,495.5 | $ 2,684.5 | |
Prepaid expenses and other current assets | 545.2 | $ 518.4 | |
Deferred income tax liability | 1,643.2 | 1,722 | |
Income taxes payable | $ 23.2 | $ 121.5 |
Acquisitions and Other Transa_2
Acquisitions and Other Transactions (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | Feb. 27, 2019 | Dec. 01, 2018 | Feb. 28, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2018 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 9,607.9 | $ 9,607.9 | $ 9,747.8 | |||||
Payment for Contingent Consideration Liability, Financing Activities | 20 | |||||||
TOBI | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash consideration | $ 463 | |||||||
Acquired intangible assets, weighted average useful life, in years | 10 years | |||||||
Payments to Acquire Businesses, Gross | $ 240 | |||||||
Business Acquisition, expected future payments, next twelve months | $ 130 | |||||||
Business Acquisition, expected future payment, year two | 93 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 91 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | $ 574.8 | |||||||
Other drug manufacturers | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquired intangible assets, weighted average useful life, in years | 5 years | |||||||
Other drug manufacturers | Product rights and licenses | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments To Acquire Collaborative Agreement | 160 | $ 20 | ||||||
Cash consideration | $ 23 | 220 | ||||||
Series of Individually Immaterial Business Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash consideration | 64 | $ 135 | ||||||
Europe Segment | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | 4,507.6 | 4,507.6 | 4,657.4 | |||||
North America Segment | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | 3,512.7 | 3,512.7 | 3,507.9 | |||||
Rest of World Segment | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 1,587.6 | 1,587.6 | $ 1,582.5 | |||||
Revance | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments To Acquire Collaborative Agreement | $ 25 | |||||||
Revance | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Development Milestone Payments | 100 | |||||||
Sales Milestone Payments | $ 225 | |||||||
Fujifilm Kyowa Kirin Biologics | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments To Acquire Collaborative Agreement | $ 53.7 | |||||||
Scenario, Forecast | Series of Individually Immaterial Business Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash consideration | $ 71 |
Share-Based Incentive Plan (Nar
Share-Based Incentive Plan (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 7,083,218 | 6,815,278 | |
Long-Term Incentive Plan 2003 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Ordinary shares reserved for issuance | 55,300,000 | ||
Total unrecognized compensation expense, net of estimated forfeitures | $ 130.6 | ||
Weighted-average period over which total unrecognized compensation expense expected to be recognized, in years | 1 year 10 months 3 days | ||
Intrinsic value of stock-based awards exercised and restricted stock units converted | $ 22.1 | $ 38.1 | |
Long-Term Incentive Plan 2003 | Stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option award expiration period, in years | 10 years | ||
Average remaining contractual term for stock awards outstanding, in years | 5 years 6 months 31 days | ||
Average remaining contractual term for stock awards vested and expected to vest, in years | 5 years 5 months 23 days | ||
Average remaining contractual term for stock awards exercisable, in years | 4 years 6 months 8 days | ||
Aggregate intrinsic value for stock awards outstanding | $ 15.9 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 15.8 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 15.4 | ||
Long-Term Incentive Plan 2003 | Stock awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option award vesting period, in years | 3 years | ||
Long-Term Incentive Plan 2003 | Stock awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option award vesting period, in years | 4 years | ||
One-Time Special Performance-Based Five-Year Realizable Value Incentive Program [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,600,000 |
Share-Based Incentive Plan (Sto
Share-Based Incentive Plan (Stock Awards) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 36.14 | $ 36.61 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 650,747 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 27.67 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (180,626) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 13.43 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (202,181) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 44.90 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 6,867,569 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 36.10 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 5,409,105 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 36.13 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 7,083,218 | 6,815,278 |
Share-Based Incentive Plan (Non
Share-Based Incentive Plan (Nonvested Restricted Stock, Restricted Stock Units and PSUs Activity) (Details) - Restricted stock awards | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of restricted stock awards, nonvested beginning of period | shares | 6,393,081 |
Weighted average grant-date fair value per share, nonvested beginning of period | $ / shares | $ 40.75 |
Number of restricted stock awards, granted | shares | 2,279,253 |
Weighted average grant-date fair value per share, granted | $ / shares | $ 27.45 |
Number of restricted stock awards, released | shares | (672,319) |
Weighted average grant-date fair value per share, released | $ / shares | $ 43.70 |
Number of restricted stock awards, forfeited | shares | (2,892,752) |
Weighted average grant-date fair value per share, forfeited | $ / shares | $ 38.06 |
Number of restricted stock awards, nonvested end of period | shares | 5,107,263 |
Weighted average grant-date fair value per share, nonvested end of period | $ / shares | $ 35.94 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plans, Number of Frozen Plans | 2 |
Defined benefit plans, estimated benefit payments, in current fiscal year | $ 33.7 |
Estimated employer contributions in current year | $ 29.3 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Benefits (Net Periodic Benefit Costs) (Details) - Pension and other postretirement benefits - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 5.3 | $ 5 |
Interest cost | 3.8 | 3.6 |
Expected return on plan assets | (3) | (3.6) |
Amortization of prior service costs | 0.3 | 0.1 |
Recognized net actuarial gains | (0.2) | |
Net periodic benefit cost | $ 6.2 | $ 5.1 |
Balance Sheet Components Balanc
Balance Sheet Components Balance Sheet Components (Cash, cash equivalents, and restricted cash) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 230.9 | $ 389.3 | $ 445.1 | $ 369.9 | $ 369.9 |
Cash and cash equivalents | 229.8 | 388.1 | |||
Restricted cash | $ 1.1 | $ 1.2 |
Balance Sheet Components (Inven
Balance Sheet Components (Inventories) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Balance Sheet Components [Abstract] | ||
Raw materials | $ 987 | $ 955.7 |
Work in process | 415.4 | 369.9 |
Finished goods | 1,306.4 | 1,254.6 |
Inventories | $ 2,708.8 | $ 2,580.2 |
Balance Sheet Components (Prepa
Balance Sheet Components (Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Prepaid expenses | $ 131.8 | $ 130.6 |
Restricted cash | 1.1 | 1.2 |
Fair value of financial instruments | 40.1 | 33.8 |
Equity securities | 35.8 | 32.5 |
Other current assets | 310.5 | 295.3 |
Prepaid expenses and other current assets | 545.2 | 518.4 |
Available-for-sale fixed income investments | ||
Property, Plant and Equipment [Line Items] | ||
Available-for-sale securities | $ 25.9 | $ 25 |
Balance Sheet Components (Prope
Balance Sheet Components (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,012.8 | $ 3,974.5 |
Accumulated depreciation | 1,861.4 | 1,804.3 |
Property, plant and equipment, net | 2,151.4 | 2,170.2 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,444.8 | 2,421.2 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,188.5 | 1,182.3 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 249 | 239.7 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 130.5 | $ 131.3 |
Balance Sheet Components (Other
Balance Sheet Components (Other Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Other Assets [Line Items] | ||
Equity method investments | $ 0 | $ 0 |
Operating Lease, Right-of-Use Asset | 236.2 | 0 |
Other long-term assets | 58.1 | 73.7 |
Other assets | 421.7 | 212.4 |
Other assets | Clean energy investments | ||
Schedule of Other Assets [Line Items] | ||
Equity method investments | $ 127.4 | $ 138.7 |
Balance Sheet Components (Trade
Balance Sheet Components (Trade Accounts Payable) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Payable, Current [Abstract] | ||
Accounts Payable, Trade | $ 907 | $ 1,123.2 |
Accounts Payable, Other | 409.5 | 493.8 |
Accounts Payable, Trade, Current | $ 1,316.5 | $ 1,617 |
Balance Sheet Components (Oth_2
Balance Sheet Components (Other Current Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Schedule of other current liabilities [Line Items] | ||
Payments for Legal Settlements | $ 472.7 | |
Other receivables | 411.1 | $ 464.5 |
Legal and professional accruals, including litigation accruals | 128.7 | 128.1 |
Payroll and employee benefit liabilities | 311.4 | 399.7 |
Contingent consideration | 295.1 | 355.3 |
Restructuring | 37.5 | 62.3 |
Other Accrued Liabilities, Current | 615.7 | 635.6 |
Accrued interest | 166 | 62.4 |
Fair value of financial instruments | 9.7 | 29.4 |
Operating Lease, Liability, Current | 80 | 0 |
Other current liabilities | 2,114 | 2,147.6 |
Clean energy investments | ||
Schedule of other current liabilities [Line Items] | ||
Other current liabilities | 46 | 45.1 |
Prepaid expenses and other current assets | ||
Schedule of other current liabilities [Line Items] | ||
Contingent consideration | 114.9 | $ 158.3 |
Voluntary Recall of Valsartan and Certain Combinations Valsartan Medicines [Member] | INDIA | ||
Schedule of other current liabilities [Line Items] | ||
Other current liabilities | $ 3.9 |
Balance Sheet Components (Oth_3
Balance Sheet Components (Other Long-term Obligations) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Other Noncurrent Liabilities [Line Items] | ||
Employee benefit liabilities | $ 390.3 | $ 397.7 |
Contingent consideration | 295.1 | 355.3 |
Tax related items, including contingencies | 76 | 162.1 |
Operating Lease, Liability, Noncurrent | 154.3 | 0 |
Other | 236.5 | 239.7 |
Other long-term obligations | 1,127.3 | 1,096.8 |
Clean energy investments | ||
Schedule of Other Noncurrent Liabilities [Line Items] | ||
Other long-term obligations | 90 | 100.3 |
Other long-term obligations | ||
Schedule of Other Noncurrent Liabilities [Line Items] | ||
Contingent consideration | $ 180.2 | $ 197 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||
ROU asset | $ 236.2 | $ 0 |
Total lease liability | 234.3 | |
Operating lease costs | 24.2 | |
Amount of lease not yet commenced | $ 42.7 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Amount of lease not yet commenced lease terms | 7 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Amount of lease not yet commenced lease terms | 15 years |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |
Weighted-average remaining lease term | 6 years |
Weighted-average discount rate | 4.20% |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 25 years |
Leases - Operating Lease Maturi
Leases - Operating Lease Maturities (Details) $ in Millions | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 (excluding the three months ended March 31, 2019) | $ 55.4 |
2020 | 62.8 |
2021 | 41.6 |
2022 | 27 |
2023 | 19.7 |
Thereafter | 58 |
Total | $ 264.5 |
Leases - Future Minimum Lease C
Leases - Future Minimum Lease Commitments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 73.7 |
2020 | 54.7 |
2021 | 40.2 |
2022 | 28.5 |
2023 | 18.3 |
Thereafter | 54.2 |
Thereafter | $ 269.6 |
Equity Method Investments (Narr
Equity Method Investments (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Loss from equity method investments | $ 17 | $ 23.1 |
Equity method investments summarized financial data basis | 100.00% | |
Clean energy investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of equity method investments | 3 |
Equity Method Investments (Inco
Equity Method Investments (Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Total revenues | $ 86.9 | $ 129 |
Gross loss | (1) | (7.7) |
Operating and non-operating expense | 4.9 | 5.6 |
Net loss | $ (5.9) | $ (13.3) |
Earnings per Ordinary Share (Na
Earnings per Ordinary Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive stock options or restricted stock awards excluded from computation of earnings per share | 8.9 | 8.1 |
Earnings per Ordinary Share (Ba
Earnings per Ordinary Share (Basic and Diluted Earnings Per Ordinary Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net (loss) earnings | $ (25) | $ 87.1 |
Net earnings (loss) | $ (25) | $ 87.1 |
Weighted average ordinary shares outstanding | 515 | 514.4 |
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 0 | 2.4 |
Total dilutive shares outstanding | 515 | 516.8 |
Basic (loss) earnings per ordinary share | $ (0.05) | $ 0.17 |
Diluted earnings (loss) per ordinary share | $ (0.05) | $ 0.17 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
In-process research and development | $ 244 | $ 625.6 | ||
Contingent consideration | 295.1 | 355.3 | ||
Business Combination Contingent Consideration Liability Payments | (60) | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | [1] | (4.1) | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 29.5 | $ 30 | ||
Goodwill | 385 | 385 | ||
Respiratory delivery platform [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
In-process research and development | 347.2 | |||
Contingent consideration | 276.4 | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 4.1 | |||
Europe Segment | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 0 | 0 | ||
Rest of World Segment | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 0 | 0 | ||
Prepaid expenses and other current assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Contingent consideration | 114.9 | $ 158.3 | ||
Business Combination Contingent Consideration Liability Payments | [2] | (60) | ||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | [1],[2] | 3.5 | ||
Prepaid expenses and other current assets | Respiratory delivery platform [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Business Combination Contingent Consideration Liability Payments | $ (60) | |||
[1] | Included in litigation settlements and other contingencies, net in the condensed consolidated statements of operations. | |||
[2] | Included in other current liabilities on the condensed consolidated balance sheets. |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2019 | |
Goodwill [Line Items] | ||
Goodwill, gross, beginning balance | $ 10,132.8 | |
Accumulated impairment losses, beginning balance | (385) | |
Foreign currency translation | (139.9) | |
Goodwill, net, beginning balance | 9,747.8 | |
Accumulated impairment losses, ending balance | (385) | |
Goodwill, gross, ending balance | 9,992.9 | |
Goodwill, net, ending balance | 9,747.8 | $ 9,607.9 |
North America Segment | ||
Goodwill [Line Items] | ||
Goodwill, gross, beginning balance | 3,892.9 | |
Accumulated impairment losses, beginning balance | (385) | |
Foreign currency translation | 4.8 | |
Goodwill, net, beginning balance | 3,507.9 | |
Accumulated impairment losses, ending balance | (385) | |
Goodwill, gross, ending balance | 3,897.7 | |
Goodwill, net, ending balance | 3,507.9 | 3,512.7 |
Europe Segment | ||
Goodwill [Line Items] | ||
Goodwill, gross, beginning balance | 4,657.4 | |
Accumulated impairment losses, beginning balance | 0 | |
Foreign currency translation | (149.8) | |
Goodwill, net, beginning balance | 4,657.4 | |
Accumulated impairment losses, ending balance | 0 | |
Goodwill, gross, ending balance | 4,507.6 | |
Goodwill, net, ending balance | 4,657.4 | 4,507.6 |
Rest of World Segment | ||
Goodwill [Line Items] | ||
Goodwill, gross, beginning balance | 1,582.5 | |
Accumulated impairment losses, beginning balance | 0 | |
Foreign currency translation | 5.1 | |
Goodwill, net, beginning balance | 1,582.5 | |
Accumulated impairment losses, ending balance | 0 | |
Goodwill, gross, ending balance | 1,587.6 | |
Goodwill, net, ending balance | $ 1,582.5 | $ 1,587.6 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Components of Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2018 | |
Intangible Assets by Major Class [Line Items] | ||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 29.5 | $ 30 | ||
Finite-lived intangible assets, original cost | 20,232.7 | $ 20,264.1 | ||
Finite-lived intangible assets, accumulated amortization | 7,521.2 | 7,225.1 | ||
Finite-lived intangible assets, net book value | 12,711.5 | 13,039 | ||
In-process research and development | 244 | 625.6 | ||
Intangible assets, gross, excluding goodwill | 20,476.7 | 20,889.7 | ||
Intangible assets, net book value, excluding goodwill | $ 12,955.5 | $ 13,664.6 | ||
Patents and technologies | ||||
Intangible Assets by Major Class [Line Items] | ||||
Finite-lived intangible assets, estimated useful life, in years | 15 years | 15 years |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 405.5 | $ 392.3 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 29.5 | 30 |
Total intangible asset amortization expense (including impairment charges) | $ 435 | $ 422.3 |
Goodwill and Intangibles Assets
Goodwill and Intangibles Assets (Expected Amortization Expense) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Expected amortization expense, remainder of 2019 | $ 1,157 |
Expected amortization expense, 2020 | 1,403 |
Expected amortization expense, 2021 | 1,325 |
Expected amortization expense, 2022 | 1,255 |
Expected amortization expense, 2023 | $ 1,093 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2019EUR (€) | Mar. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | ||
Derivative [Line Items] | |||||
Long-term Debt, Gross | $ | $ 13,826 | ||||
Pre-tax net losses on cash flow hedges to be reclassified from AOCE into earnings in next twelve months | $ | $ (47) | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | $ | [1] | 4.1 | |||
Business Combination Contingent Consideration Liability Payments | $ | (60) | ||||
Prepaid expenses and other current assets | |||||
Derivative [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | $ | [1],[2] | (3.5) | |||
Business Combination Contingent Consideration Liability Payments | $ | [2] | (60) | |||
Senior Notes | 2020 Euro Senior Notes | |||||
Derivative [Line Items] | |||||
Stated percentage rate | 1.25% | 1.25% | |||
Senior Notes | 2024 Euro Senior Notes | |||||
Derivative [Line Items] | |||||
Stated percentage rate | 2.25% | 2.25% | |||
Senior Notes | 2026 Senior Notes (3.950% coupon) | |||||
Derivative [Line Items] | |||||
Stated percentage rate | 3.95% | 3.95% | |||
Senior Notes | 2028 Euro Senior Notes | |||||
Derivative [Line Items] | |||||
Stated percentage rate | 3.125% | 3.125% | |||
Senior Notes | 2025 Euro Senior Notes [Member] | |||||
Derivative [Line Items] | |||||
Stated percentage rate | 2.125% | 2.125% | |||
Net Investment Hedging | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | € 2,354 | € 2,354 | |||
Amount of Ineffectiveness on Net Investment Hedges | 0 | ||||
Long-term debt | 3,500 | ||||
Net Investment Hedging | 2020 Euro Senior Notes | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | 104 | 104 | |||
Long-term debt | 750 | ||||
Net Investment Hedging | 2024 Euro Senior Notes | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | 1,000 | 1,000 | |||
Long-term debt | 1,000 | ||||
Net Investment Hedging | 2028 Euro Senior Notes | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | 750 | 750 | |||
Long-term debt | 750 | ||||
Net Investment Hedging | 2020 Floating Rate Euro Notes [Domain] | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | 0 | 0 | |||
Long-term debt | 500 | ||||
Net Investment Hedging | 2025 Euro Senior Notes [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | 500 | € 500 | |||
Long-term debt | € 500 | ||||
Respiratory delivery platform [Member] | |||||
Derivative [Line Items] | |||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | $ | (4.1) | ||||
Respiratory delivery platform [Member] | Prepaid expenses and other current assets | |||||
Derivative [Line Items] | |||||
Business Combination Contingent Consideration Liability Payments | $ | $ (60) | ||||
Measurement Input, Discount Rate [Member] | Contingent consideration | Maximum | |||||
Derivative [Line Items] | |||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.110 | 0.110 | |||
[1] | Included in litigation settlements and other contingencies, net in the condensed consolidated statements of operations. | ||||
[2] | Included in other current liabilities on the condensed consolidated balance sheets. |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Value of Derivative Instruments Derivatives Designated As Hedging Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 40.1 | $ 33.8 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 23.3 | 3.6 |
Fair value of financial instruments | 0 | 12.1 |
Designated as Hedging Instrument | Prepaid expenses and other current assets | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 11.1 | 3.6 |
Designated as Hedging Instrument | Prepaid expenses and other current assets | Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 12.2 | 0 |
Designated as Hedging Instrument | Prepaid expenses and other current assets | Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 0 | $ 12.1 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Values of Derivative Instruments Derivatives Not Designated As Hedging Instrument) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 40.1 | $ 33.8 |
Fair value of financial instruments | 9.7 | 17.3 |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 16.8 | 30.2 |
Not Designated as Hedging Instruments | Prepaid expenses and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 16.8 | 30.2 |
Not Designated as Hedging Instruments | Other current liabilities | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 9.7 | $ 17.3 |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Fair Value Hedging Relationships) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Document Fiscal Year Focus | 2019 | |
Fair Value Hedging Relationships | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | $ 7.5 | $ (16) |
Amount of Gain (Loss) Recognized in Earnings on Hedged Items | (7.5) | 16 |
Fair Value Hedging Relationships | Interest expense | Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | 7.5 | (16) |
Fair Value Hedging Relationships | Interest expense | 2023 Senior Notes (3.125% coupon) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Earnings on Hedged Items | $ (7.5) | $ 16 |
Financial Instruments and Ris_8
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings Derivatives in Net Investment Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Document Fiscal Year Focus | 2019 | |
Gains and Losses on Derivatives | Net Investment Hedging | Foreign currency borrowings and forward contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax, Parent | $ 55.2 | $ (59.2) |
Financial Instruments and Ris_9
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Cash Flow Hedging Relationships) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Document Fiscal Year Focus | 2019 | |
Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax, Parent | $ 15.5 | $ (15.1) |
Amount of Gain (Loss) Reclassified from AOCE into Earnings | (1.5) | 2.9 |
Cash Flow Hedging | Foreign currency forward contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax, Parent | 15.5 | (15.1) |
Cash Flow Hedging | Foreign currency forward contracts | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCE into Earnings | 0.3 | 4.8 |
Cash Flow Hedging | Interest rate swaps | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from AOCE into Earnings | $ (1.8) | $ (1.9) |
Financial Instruments and Ri_10
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations, Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Document Fiscal Year Focus | 2019 | |
Amount of Gain (Loss) Recognized in Earnings on Derivatives | $ (5.8) | $ 44 |
Foreign currency forward contracts | Other expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | $ (5.8) | $ 44 |
Financial Instruments and Ri_11
Financial Instruments and Risk Management (Financial Assets and Liabilities Carried at Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0.6 | $ 71 |
Equity securities | 35.8 | 32.5 |
Total assets at recurring fair value measurement | 102.4 | 162.3 |
Fair value of financial instruments | 40.1 | 33.8 |
Total liabilities at recurring fair value measurement | 304.8 | 384.7 |
Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivative assets | 29 | 30.2 |
Foreign exchange derivative liabilities | 29.4 | |
Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivative liabilities | 9.7 | |
Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 295.1 | 355.3 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.6 | 71 |
Exchange traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 35 | 31.7 |
Available-for-sale fixed income investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 25.9 | 25 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 10.3 | 9.9 |
U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 9.9 | 9.4 |
Agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1.6 | 1.6 |
Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3.2 | 3.2 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0.9 | 0.9 |
Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0.8 | 0.8 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap derivative assets | 11.1 | 3.6 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.6 | 71 |
Equity securities | 35.8 | 32.5 |
Total assets at recurring fair value measurement | 36.4 | 103.5 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0.6 | 71 |
Level 1 | Exchange traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 35 | 31.7 |
Level 1 | Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0.8 | 0.8 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at recurring fair value measurement | 66 | 58.8 |
Total liabilities at recurring fair value measurement | 9.7 | 29.4 |
Level 2 | Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivative assets | 29 | 30.2 |
Foreign exchange derivative liabilities | 9.7 | 29.4 |
Level 2 | Available-for-sale fixed income investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 25.9 | 25 |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 10.3 | 9.9 |
Level 2 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 9.9 | 9.4 |
Level 2 | Agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1.6 | 1.6 |
Level 2 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3.2 | 3.2 |
Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0.9 | 0.9 |
Level 2 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap derivative assets | 11.1 | 3.6 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at recurring fair value measurement | 295.1 | 355.3 |
Level 3 | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 295.1 | 355.3 |
Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial instruments | 0 | 12.1 |
Fair value of financial instruments | $ 23.3 | $ 3.6 |
Financial Instruments and Ri_12
Financial Instruments and Risk Management Financial Instruments and Risk Management (Rollforward of Contingent Consideration) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Document Fiscal Year Focus | 2019 | ||
Accretion expense | $ 3.9 | ||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | [1] | (4.1) | |
Business Combination Contingent Consideration Liability Payments | (60) | ||
Business Combination, Contingent Consideration Arrangements, Reclassifications | 0 | ||
Contingent consideration | 295.1 | $ 355.3 | |
Payment for Contingent Consideration Liability, Financing Activities | 20 | ||
Prepaid expenses and other current assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Accretion expense | [2] | 0 | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | [1],[2] | 3.5 | |
Business Combination Contingent Consideration Liability Payments | [2] | (60) | |
Business Combination, Contingent Consideration Arrangements, Reclassifications | 13.1 | ||
Contingent consideration | 114.9 | 158.3 | |
Other long-term obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Accretion expense | [3] | 3.9 | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | [1],[3] | (7.6) | |
Business Combination Contingent Consideration Liability Payments | [3] | 0 | |
Business Combination, Contingent Consideration Arrangements, Reclassifications | (13.1) | ||
Contingent consideration | 180.2 | $ 197 | |
Respiratory delivery platform [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 4.1 | ||
Contingent consideration | 276.4 | ||
Respiratory delivery platform [Member] | Prepaid expenses and other current assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business Combination Contingent Consideration Liability Payments | $ (60) | ||
[1] | Included in litigation settlements and other contingencies, net in the condensed consolidated statements of operations. | ||
[2] | Included in other current liabilities on the condensed consolidated balance sheets. | ||
[3] | Included in other long-term obligations on the condensed consolidated balance sheets. |
Debt (Receivables, Securitizati
Debt (Receivables, Securitization Facility and Commercial Paper) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 0.4 | $ 1.9 |
Receivables Facility | ||
Short-term Debt [Line Items] | ||
Accounts receivable securitization facility maximum borrowing capacity | 400 | |
Note Securitization Facility [Member] | ||
Short-term Debt [Line Items] | ||
Accounts receivable securitization facility maximum borrowing capacity | $ 200 | |
London Interbank Offered Rate (LIBOR) [Member] | Receivables Facility | ||
Short-term Debt [Line Items] | ||
Basis spread on variable rate | 0.78% | |
London Interbank Offered Rate (LIBOR) [Member] | Note Securitization Facility [Member] | ||
Short-term Debt [Line Items] | ||
Basis spread on variable rate | 0.75% | |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,650 | |
Debt Instrument, Redemption, Description | P364D |
Debt (Summary of Long-Term Debt
Debt (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 654.9 | $ 655.2 |
Unamortized debt issuance expense | (70.5) | (73.7) |
Long-term debt | 13,086.9 | 13,161.2 |
Other Current Portion of Long-term Debt | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | 5.5 | 6.2 |
2016 Term Loans | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 100 | 100 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.874% | |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4.9 | 5.1 |
Senior Notes | 2018 Senior Notes (2.600% coupon) | ||
Debt Instrument [Line Items] | ||
Equivalent percentage of redeemed amount | 100.00% | |
Basis spread on variable rate | 0.30% | |
Senior Notes | 2018 Senior Notes (3.000% coupon) | ||
Debt Instrument [Line Items] | ||
Equivalent percentage of redeemed amount | 100.00% | |
Basis spread on variable rate | 0.30% | |
Senior Notes | 2019 Senior Notes (2.500% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.50% | |
Equivalent percentage of redeemed amount | 100.00% | |
Basis spread on variable rate | 0.25% | |
Senior Notes | 2019 Senior Notes (2.550% coupon) | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 550 | 549.9 |
Equivalent percentage of redeemed amount | 100.00% | |
Basis spread on variable rate | 0.20% | |
Senior Notes | 2020 Floating Rate Euro Notes [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 560.9 | 573.3 |
Basis spread on variable rate | 0.50% | |
Senior Notes | 2020 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.25% | |
Long-term debt | $ 839.9 | 858.1 |
Senior Notes | 2020 Senior Notes (3.750% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.75% | |
Long-term debt | $ 499.9 | 499.9 |
Equivalent percentage of redeemed amount | 100.00% | |
Basis spread on variable rate | 0.35% | |
Senior Notes | 2021 Senior Notes (3.150% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.15% | |
Long-term debt | $ 2,248.8 | 2,248.7 |
Equivalent percentage of redeemed amount | 100.00% | |
Basis spread on variable rate | 0.30% | |
Senior Notes | 2023 Senior Notes (3.125% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.125% | |
Long-term debt | $ 760.5 | 752.9 |
Equivalent percentage of redeemed amount | 100.00% | |
Basis spread on variable rate | 0.20% | |
Senior Notes | 2023 Senior Notes (4.200% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.20% | |
Long-term debt | $ 499 | 498.9 |
Equivalent percentage of redeemed amount | 100.00% | |
Basis spread on variable rate | 0.25% | |
Senior Notes | 2024 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.25% | |
Long-term debt | $ 1,119.7 | 1,144.2 |
Senior Notes | 2025 Euro Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.125% | |
Long-term debt | $ 559.7 | 572 |
Senior Notes | 2026 Senior Notes (3.950% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.95% | |
Long-term debt | $ 2,236.9 | 2,236.5 |
Equivalent percentage of redeemed amount | 100.00% | |
Basis spread on variable rate | 0.35% | |
Senior Notes | 2028 Euro Senior Notes | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.125% | |
Long-term debt | $ 834.3 | 852.5 |
Senior Notes | 2028 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 748.3 | 748.2 |
Senior Notes | 2043 Senior Notes (5.400% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.40% | |
Long-term debt | $ 497.2 | 497.2 |
Equivalent percentage of redeemed amount | 100.00% | |
Basis spread on variable rate | 0.25% | |
Senior Notes | 2046 Senior Notes (5.250% coupon) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.25% | |
Long-term debt | $ 999.8 | 999.8 |
Equivalent percentage of redeemed amount | 100.00% | |
Basis spread on variable rate | 0.40% | |
Senior Notes | 2048 Senior Notes (5.200%) | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.20% | |
Senior Notes | 2048 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 747.6 | 747.6 |
Current Portion of Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance expense | $ (0.6) | $ (0.9) |
Debt (2016 and 2018 Revolving F
Debt (2016 and 2018 Revolving Facility and 2016 Term Facility) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Nov. 22, 2016 | |
Debt Instrument [Line Items] | |||
Current portion of long-term debt | $ 654.9 | $ 655.2 | |
2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | ||
2016 Term Loans | |||
Debt Instrument [Line Items] | |||
Current portion of long-term debt | $ 100 | $ 100 | |
2018 Senior Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | ||
Three Full Fiscal Quarters Following Qualifying Acquisition [Member] | 2016 Term Loans | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Covenant Description | 4.25 to 1.00 | ||
Three Full Fiscal Quarters Following Qualifying Acquisition [Member] | 2018 Senior Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Covenant Description | 4.25 to 1.00 | ||
Line of Credit [Member] | Trailing Four Quarters [Member] | 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Covenant Terms | 3.75 to 1.00 | ||
Line of Credit [Member] | Trailing Four Quarters [Member] | 2018 Senior Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Covenant Terms | 3.75 to 1.00 |
Debt (Fair Value) (Narrative) (
Debt (Fair Value) (Narrative) (Details) - USD ($) $ in Billions | Mar. 31, 2019 | Dec. 31, 2018 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Fair value of long-term debt | $ 13.5 | $ 13.1 |
Debt (Minimum Repayments on Out
Debt (Minimum Repayments on Outstanding Borrowings) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 650 |
2020 | 1,902 |
2021 | 2,250 |
2022 | 0 |
2023 | 1,250 |
Thereafter | 7,774 |
Total | $ 13,826 |
Comprehensive Earnings (Accumul
Comprehensive Earnings (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | $ (89.5) | $ (76.6) | |||
Net unrealized gain on marketable securities, net of tax | 0.4 | $ 0 | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (1.6) | 1.7 | |||
Foreign currency translation adjustment | (1,597.5) | (1,259) | |||
Other comprehensive (loss) earnings, before tax | (253.8) | 166 | |||
Net unrealized (loss) gain on marketable securities | 0.4 | (0.4) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (0.2) | 4.3 | |||
Sales Revenue, Goods, Net | 2,460.6 | 2,650.4 | |||
Interest expense | 131.2 | 131.7 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,891.6 | 13,170.1 | 12,167.1 | $ 13,307.6 | |
Cash Flow Hedging | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrecognized gain (loss) on derivatives | 26 | (32) | |||
Net Investment Hedging | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulate Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Net Investment Hedges, Effect Net of Taxx | (75.7) | (130.9) | |||
Net unrecognized gain (loss) on derivatives | 58.1 | (59.2) | |||
AOCI Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | (11.2) | ||||
Accumulated other comprehensive loss | (1,710.5) | (191.5) | $ (361.2) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | (255.4) | 168.8 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (191.5) | (1,441.3) | $ (361.2) | ||
Gains and Losses on Derivatives | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | (10.6) | ||||
Net unrecognized losses on derivatives in cash flow hedging relationships, net of tax | (22.6) | (3.7) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (29.1) | ||||
Gains and Losses on Derivatives | Cash Flow Hedging | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | 8.8 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (3.4) | 2.5 | |||
Net unrecognized losses on derivatives in cash flow hedging relationships, net of tax | (39.3) | (53.1) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 24.5 | ||||
Gains and Losses on Derivatives | Net Investment Hedging | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | 2.9 | 0 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 0 | |||
Net unrecognized losses on derivatives in cash flow hedging relationships, net of tax | (299) | (239.8) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (59.2) | ||||
Gains and Losses on Marketable Securities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | (0.1) | ||||
Net unrealized gain on marketable securities, net of tax | (0.2) | 10.1 | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (0.4) | ||||
Defined Benefit Plan Items | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | 0.5 | ||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | 2.2 | 6 | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 0.1 | (4.4) | |||
Foreign Currency Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | 0 | ||||
Foreign currency translation adjustment | 128.1 | $ (133.8) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (338.5) | ||||
Reclassification out of Accumulated Other Comprehensive Earnings | AOCI Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | 11.8 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (3.6) | (7.5) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (0.3) | (0.1) | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 0.2 | ||||
Reclassification out of Accumulated Other Comprehensive Earnings | Gains and Losses on Derivatives | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrecognized gain (loss) on derivatives | (32) | ||||
Reclassification out of Accumulated Other Comprehensive Earnings | Gains and Losses on Marketable Securities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | 0 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | (10) | |||
Net unrealized (loss) gain on marketable securities | (0.4) | ||||
Reclassification out of Accumulated Other Comprehensive Earnings | Defined Benefit Plan Items | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | 0.1 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (0.2) | 0 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 4.3 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0.1 | ||||
Reclassification out of Accumulated Other Comprehensive Earnings | Foreign Currency Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | 0 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 0 | |||
Other comprehensive (loss) earnings, before tax | 261.9 | ||||
Mylan N.V. | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax benefit | (5.6) | (7.3) | |||
Other comprehensive (loss) earnings, before tax | (253.8) | 166 | |||
Net unrealized (loss) gain on marketable securities | 0.4 | (0.4) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (0.2) | 4.3 | |||
Sales Revenue, Goods, Net | 0 | 0 | |||
Interest expense | 81.7 | 93.5 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,891.6 | $ 12,167.1 | |||
Mylan N.V. | Cash Flow Hedging | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrecognized gain (loss) on derivatives | 26 | (32) | |||
Mylan N.V. | Net Investment Hedging | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrecognized gain (loss) on derivatives | 58.1 | (59.2) | |||
Foreign currency forward contracts | Gains and Losses on Derivatives | Cash Flow Hedging | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Sales Revenue, Goods, Net | (0.3) | ||||
Foreign currency forward contracts | Reclassification out of Accumulated Other Comprehensive Earnings | AOCI Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Sales Revenue, Goods, Net | (0.3) | (4.8) | |||
Foreign currency forward contracts | Reclassification out of Accumulated Other Comprehensive Earnings | Gains and Losses on Derivatives | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Sales Revenue, Goods, Net | (0.3) | (4.8) | |||
Interest rate swaps | Gains and Losses on Derivatives | Cash Flow Hedging | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest expense | 1.8 | ||||
Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Earnings | AOCI Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest expense | 1.8 | 1.9 | |||
Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Earnings | Gains and Losses on Derivatives | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest expense | 1.8 | 1.9 | |||
Pension and other postretirement benefits | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (0.3) | (0.1) | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0.2 | ||||
Pension and other postretirement benefits | Reclassification out of Accumulated Other Comprehensive Earnings | Defined Benefit Plan Items | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | $ (0.3) | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 0 |
Comprehensive Earnings (Compone
Comprehensive Earnings (Components Of Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 11,891.6 | $ 12,167.1 | $ 13,170.1 | $ 13,307.6 | |||
Net unrealized gain (loss) on marketable securities, net of tax, beginning of period | $ 0 | ||||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (1.6) | (1.6) | 1.7 | ||||
Foreign currency translation adjustment, beginning of period | (1,259) | ||||||
Net sales | 2,460.6 | $ 2,650.4 | |||||
Interest expense | 131.2 | 131.7 | |||||
Net unrealized (loss) gain on marketable securities | 0.4 | (0.4) | |||||
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.2 | (4.3) | |||||
Other comprehensive (loss) earnings, before tax | (253.8) | 166 | |||||
Income tax benefit | (89.5) | (76.6) | |||||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | 0.4 | ||||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | (1.6) | ||||||
Foreign currency translation adjustment, end of period | (1,597.5) | ||||||
Gains and Losses on Derivatives | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other comprehensive earnings (loss) before reclassifications, before tax | (29.1) | ||||||
Income tax benefit | (10.6) | ||||||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | (22.6) | ||||||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Earnings | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | (32) | ||||||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Earnings | Foreign currency forward contracts | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net sales | (0.3) | (4.8) | |||||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Earnings | Interest rate swaps | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Interest expense | 1.8 | 1.9 | |||||
Gains and Losses on Marketable Securities | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other comprehensive earnings (loss) before reclassifications, before tax | (0.4) | ||||||
Income tax benefit | (0.1) | ||||||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | (0.2) | ||||||
Gains and Losses on Marketable Securities | Reclassification out of Accumulated Other Comprehensive Earnings | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net unrealized (loss) gain on marketable securities | (0.4) | ||||||
Income tax benefit | 0 | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | (10) | |||||
Defined Benefit Plan Items | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | 2.2 | 2.2 | $ 6 | ||||
Other comprehensive earnings (loss) before reclassifications, before tax | 0.1 | (4.4) | |||||
Income tax benefit | 0.5 | ||||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | 2.2 | ||||||
Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Earnings | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Amortization of prior service costs | (0.1) | ||||||
Change in unrecognized gain and prior service cost related to defined benefit plans | (4.3) | ||||||
Income tax benefit | 0.1 | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (0.2) | 0 | |||||
Foreign Currency Translation Adjustment | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other comprehensive earnings (loss) before reclassifications, before tax | (338.5) | ||||||
Income tax benefit | 0 | ||||||
Foreign currency translation adjustment, end of period | 128.1 | ||||||
Foreign Currency Translation Adjustment | Reclassification out of Accumulated Other Comprehensive Earnings | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other comprehensive (loss) earnings, before tax | 261.9 | ||||||
Income tax benefit | 0 | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 0 | |||||
AOCI Attributable to Parent [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,441.3) | (191.5) | $ (361.2) | ||||
Other comprehensive earnings (loss) before reclassifications, before tax | (255.4) | 168.8 | |||||
Income tax benefit | (11.2) | ||||||
Accumulated other comprehensive loss, net of tax, end of period | (1,710.5) | (191.5) | |||||
AOCI Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Earnings | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Amortization of prior service costs | 0.3 | 0.1 | |||||
Other comprehensive earnings (loss), reclassification adjustment from AOCE, pension and other postretirement benefit plans, for net gain (loss), before tax | (0.2) | ||||||
Income tax benefit | 11.8 | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (3.6) | (7.5) | |||||
AOCI Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Earnings | Foreign currency forward contracts | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net sales | (0.3) | (4.8) | |||||
AOCI Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Earnings | Interest rate swaps | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Interest expense | 1.8 | 1.9 | |||||
Cash Flow Hedging | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 26 | (32) | |||||
Cash Flow Hedging | Gains and Losses on Derivatives | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | (53.1) | ||||||
Other comprehensive earnings (loss) before reclassifications, before tax | 24.5 | ||||||
Income tax benefit | 8.8 | ||||||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | (39.3) | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (3.4) | 2.5 | |||||
Cash Flow Hedging | Gains and Losses on Derivatives | Foreign currency forward contracts | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net sales | (0.3) | ||||||
Cash Flow Hedging | Gains and Losses on Derivatives | Interest rate swaps | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Interest expense | 1.8 | ||||||
Net Investment Hedging | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulate Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Net Investment Hedges, Effect Net of Taxx | (75.7) | (130.9) | |||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 58.1 | (59.2) | |||||
Net Investment Hedging | Gains and Losses on Derivatives | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other comprehensive earnings (loss) before reclassifications, before tax | (59.2) | ||||||
Income tax benefit | 2.9 | 0 | |||||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | (299) | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | $ 0 | |||||
Mylan N.V. | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 11,891.6 | $ 12,167.1 | |||||
Net sales | 0 | 0 | |||||
Interest expense | 81.7 | 93.5 | |||||
Net unrealized (loss) gain on marketable securities | 0.4 | (0.4) | |||||
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.2 | (4.3) | |||||
Other comprehensive (loss) earnings, before tax | (253.8) | 166 | |||||
Income tax benefit | (5.6) | (7.3) | |||||
Mylan N.V. | Cash Flow Hedging | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 26 | (32) | |||||
Mylan N.V. | Net Investment Hedging | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 58.1 | (59.2) | |||||
Pension and other postretirement benefits | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Amortization of prior service costs | 0.3 | 0.1 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0.2 | ||||||
Pension and other postretirement benefits | Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Earnings | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Amortization of prior service costs | $ 0.3 | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 0 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)country | ||
Segment Reporting Information [Line Items] | ||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | $ | $ (4.1) | [1] |
Europe Segment | ||
Segment Reporting Information [Line Items] | ||
Number of Countries in which Entity Operates | 35 | |
Rest of World Segment | ||
Segment Reporting Information [Line Items] | ||
Number of Countries in which Entity Operates | 120 | |
[1] | Included in litigation settlements and other contingencies, net in the condensed consolidated statements of operations. |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Segment Information To Total Consolidated Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | $ 2,460.6 | $ 2,650.4 |
Revenues | 2,495.5 | 2,684.5 |
Amortization of Intangible Assets | (405.5) | (392.3) |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | (29.5) | (30) |
Research and development | (172.6) | (204.9) |
Litigation settlements and other contingencies, net | (0.7) | (16.2) |
Earnings from operations | 24 | 155.7 |
Other revenue | ||
Segment Reporting Information [Line Items] | ||
Segment profitability | 692.4 | 824.7 |
Amortization of Intangible Assets | (405.5) | (392.3) |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | (29.5) | (30) |
Research and development | (70.6) | (76.9) |
Corporate costs | (162.1) | (153.6) |
Litigation settlements and other contingencies, net | (0.7) | (16.2) |
Intersegment revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | (149.7) | (124.6) |
Corporate / Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | (149.7) | (124.6) |
Segment profitability | 0 | 0 |
North America Segment | ||
Segment Reporting Information [Line Items] | ||
Revenues | 960.6 | 1,018.7 |
North America Segment | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | 922.9 | 985.3 |
Segment profitability | 394.5 | 459.9 |
North America Segment | Intersegment revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 15.6 | 12.3 |
Europe Segment | ||
Segment Reporting Information [Line Items] | ||
Revenues | 920.8 | 1,073.5 |
Europe Segment | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | 895.3 | 1,038.4 |
Segment profitability | 204.1 | 258.2 |
Europe Segment | Intersegment revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 20.8 | 25.6 |
Rest of World Segment | ||
Segment Reporting Information [Line Items] | ||
Revenues | 763.8 | 716.9 |
Rest of World Segment | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Sales Revenue, Goods, Net | 642.4 | 626.7 |
Segment profitability | 93.8 | 106.6 |
Rest of World Segment | Intersegment revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 113.3 | 86.7 |
Other Revenues | ||
Segment Reporting Information [Line Items] | ||
Revenues | 34.9 | 34.1 |
Other Revenues | North America Segment | Other revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 22.1 | 21.1 |
Other Revenues | Europe Segment | Other revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4.7 | 9.5 |
Other Revenues | Rest of World Segment | Other revenue | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 8.1 | $ 3.5 |
Subsidiary Guarantors (Narrativ
Subsidiary Guarantors (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 229.8 | $ 388.1 | |||
Restricted cash, included in prepaid expenses and other current assets | 1.1 | 1.2 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 230.9 | 389.3 | $ 445.1 | $ 369.9 | $ 369.9 |
Equity method investments | $ 0 | 0 | |||
2021 Senior Notes (3.150% coupon) | Senior Notes | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||||
2026 Senior Notes (3.950% coupon) | Senior Notes | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||||
2046 Senior Notes (5.250% coupon) | Senior Notes | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||
2023 Senior Notes (3.125% coupon) | Senior Notes | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | ||||
2023 Senior Notes (4.200% coupon) | Senior Notes | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | ||||
SeniorNotesTwoThousandTwentyEight [Member] | Senior Notes | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | ||||
2043 Senior Notes (5.400% coupon) | Senior Notes | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ||||
2019 Senior Notes (2.500% coupon) | Senior Notes | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||||
2020 Senior Notes (3.750% coupon) | Senior Notes | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||
2048 Senior Notes (5.200%) | Senior Notes | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ||||
Mylan N.V. | |||||
Cash and cash equivalents | $ 0 | 0 | |||
Restricted cash, included in prepaid expenses and other current assets | 0 | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | |
Equity method investments | 18,692.3 | 18,995.9 | |||
Mylan Inc. | |||||
Cash and cash equivalents | 0 | 18.2 | |||
Restricted cash, included in prepaid expenses and other current assets | 0 | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 18.2 | 24.4 | 23.8 | |
Equity method investments | 13,208.9 | 13,129.5 | |||
Guarantor Subsidiaries | |||||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash, included in prepaid expenses and other current assets | 0 | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 | |
Equity method investments | 0 | 0 | |||
Non-Guarantor Subsidiaries | |||||
Cash and cash equivalents | 229.8 | 369.9 | |||
Restricted cash, included in prepaid expenses and other current assets | 1.1 | 1.2 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 230.9 | 371.1 | 420.7 | 346.1 | |
Equity method investments | 0 | 0 | |||
Eliminations | |||||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash, included in prepaid expenses and other current assets | 0 | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | $ 0 | $ 0 | |
Equity method investments | $ (31,901.2) | $ (32,125.4) |
Subsidiary Guarantors Condensed
Subsidiary Guarantors Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | ||
Net sales | $ 2,460.6 | $ 2,650.4 |
Revenues | 2,495.5 | 2,684.5 |
Cost of sales | 1,690.3 | 1,700.2 |
Gross profit | 805.2 | 984.3 |
Research and development | 172.6 | 204.9 |
Selling, general and administrative | 607.9 | 607.5 |
Litigation settlements and other contingencies, net | 0.7 | 16.2 |
Total operating expenses | 781.2 | 828.6 |
Earnings from operations | 24 | 155.7 |
Interest expense | 131.2 | 131.7 |
Other expense (income), net | 7.3 | 13.5 |
Earnings before income taxes | (114.5) | 10.5 |
Income tax benefit | (89.5) | (76.6) |
Earnings (losses) of equity interest subsidiaries | 0 | 0 |
Net earnings | (25) | 87.1 |
Other Revenues | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 34.9 | 34.1 |
Eliminations | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Revenues | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Research and development | 0 | 0 |
Selling, general and administrative | 0 | 0 |
Litigation settlements and other contingencies, net | 0 | 0 |
Total operating expenses | 0 | 0 |
Earnings from operations | 0 | 0 |
Interest expense | 0 | 0 |
Other expense (income), net | 0 | 0 |
Earnings before income taxes | 0 | 0 |
Income tax benefit | 0 | 0 |
Earnings (losses) of equity interest subsidiaries | (104.7) | (60.8) |
Net earnings | (104.7) | (60.8) |
Eliminations | Other Revenues | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 0 | 0 |
Mylan N.V. | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Revenues | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Research and development | 0 | 0 |
Selling, general and administrative | 9.1 | 9.8 |
Litigation settlements and other contingencies, net | 0 | 0 |
Total operating expenses | 9.1 | 9.8 |
Earnings from operations | (9.1) | (9.8) |
Interest expense | 81.7 | 93.5 |
Other expense (income), net | (58.1) | (114) |
Earnings before income taxes | (32.7) | 10.7 |
Income tax benefit | (5.6) | (7.3) |
Earnings (losses) of equity interest subsidiaries | 2.1 | 69.1 |
Net earnings | (25) | 87.1 |
Mylan N.V. | Other Revenues | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 0 | 0 |
Mylan Inc. | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Revenues | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Research and development | 0 | 0 |
Selling, general and administrative | 138.7 | 130.7 |
Litigation settlements and other contingencies, net | 0 | 7 |
Total operating expenses | 138.7 | 137.7 |
Earnings from operations | (138.7) | (137.7) |
Interest expense | 43.5 | 26.9 |
Other expense (income), net | (60.1) | (57.7) |
Earnings before income taxes | (122.1) | (106.9) |
Income tax benefit | 1.8 | (17.7) |
Earnings (losses) of equity interest subsidiaries | 102.6 | (8.3) |
Net earnings | (21.3) | (97.5) |
Mylan Inc. | Other Revenues | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 0 | 0 |
Guarantor Subsidiaries | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Revenues | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Research and development | 0 | 0 |
Selling, general and administrative | 0 | 0 |
Litigation settlements and other contingencies, net | 0 | 0 |
Total operating expenses | 0 | 0 |
Earnings from operations | 0 | 0 |
Interest expense | 0 | 0 |
Other expense (income), net | 0 | 0 |
Earnings before income taxes | 0 | 0 |
Income tax benefit | 0 | 0 |
Earnings (losses) of equity interest subsidiaries | 0 | 0 |
Net earnings | 0 | 0 |
Guarantor Subsidiaries | Other Revenues | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 0 | 0 |
Non-Guarantor Subsidiaries | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 2,460.6 | 2,650.4 |
Revenues | 2,495.5 | 2,684.5 |
Cost of sales | 1,690.3 | 1,700.2 |
Gross profit | 805.2 | 984.3 |
Research and development | 172.6 | 204.9 |
Selling, general and administrative | 460.1 | 467 |
Litigation settlements and other contingencies, net | 0.7 | 9.2 |
Total operating expenses | 633.4 | 681.1 |
Earnings from operations | 171.8 | 303.2 |
Interest expense | 6 | 11.3 |
Other expense (income), net | 125.5 | 185.2 |
Earnings before income taxes | 40.3 | 106.7 |
Income tax benefit | (85.7) | (51.6) |
Earnings (losses) of equity interest subsidiaries | 0 | 0 |
Net earnings | 126 | 158.3 |
Non-Guarantor Subsidiaries | Other Revenues | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | $ 34.9 | $ 34.1 |
Subsidiary Guarantors Condens_2
Subsidiary Guarantors Condensed Consolidating Statement of Comprehensive Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Statement of Income Captions [Line Items] | ||
Net (loss) earnings | $ (25) | $ 87.1 |
Earnings (losses) of equity interest subsidiaries | 0 | 0 |
Net earnings (loss) | (25) | 87.1 |
Foreign currency translation adjustment | (338.5) | 261.9 |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.2 | (4.3) |
Net unrealized (loss) gain on marketable securities | 0.4 | (0.4) |
Other comprehensive (loss) earnings, before tax | (253.8) | 166 |
Income tax provision (benefit) | 11.8 | (11.2) |
Other comprehensive (loss) earnings, net of tax | (265.6) | 177.2 |
Comprehensive (loss) earnings | (290.6) | 264.3 |
Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 26 | (32) |
Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 58.1 | (59.2) |
Eliminations | ||
Condensed Statement of Income Captions [Line Items] | ||
Net (loss) earnings | (104.7) | (60.8) |
Earnings (losses) of equity interest subsidiaries | (104.7) | (60.8) |
Foreign currency translation adjustment | 338.5 | (261.9) |
Change in unrecognized gain and prior service cost related to defined benefit plans | (0.2) | 4.3 |
Net unrealized (loss) gain on marketable securities | (0.4) | 0.4 |
Other comprehensive (loss) earnings, before tax | 299.6 | (225.2) |
Income tax provision (benefit) | (11.8) | 11.2 |
Other comprehensive (loss) earnings, net of tax | 311.4 | (236.4) |
Comprehensive (loss) earnings | 206.7 | (297.2) |
Eliminations | Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | (26) | 32 |
Eliminations | Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | (12.3) | 0 |
Mylan N.V. | ||
Condensed Statement of Income Captions [Line Items] | ||
Net (loss) earnings | (25) | 87.1 |
Earnings (losses) of equity interest subsidiaries | 2.1 | 69.1 |
Foreign currency translation adjustment | (338.5) | 261.9 |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.2 | (4.3) |
Net unrealized (loss) gain on marketable securities | 0.4 | (0.4) |
Other comprehensive (loss) earnings, before tax | (253.8) | 166 |
Income tax provision (benefit) | 11.8 | (11.2) |
Other comprehensive (loss) earnings, net of tax | (265.6) | 177.2 |
Comprehensive (loss) earnings | (290.6) | 264.3 |
Mylan N.V. | Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 26 | (32) |
Mylan N.V. | Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 58.1 | (59.2) |
Mylan Inc. | ||
Condensed Statement of Income Captions [Line Items] | ||
Net (loss) earnings | (21.3) | (97.5) |
Earnings (losses) of equity interest subsidiaries | 102.6 | (8.3) |
Foreign currency translation adjustment | 0 | 0 |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.1 | 0.1 |
Net unrealized (loss) gain on marketable securities | 0 | (0.6) |
Other comprehensive (loss) earnings, before tax | 14.2 | 1.4 |
Income tax provision (benefit) | (3.3) | (0.4) |
Other comprehensive (loss) earnings, net of tax | 17.5 | 1.8 |
Comprehensive (loss) earnings | (3.8) | (95.7) |
Mylan Inc. | Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 1.8 | 1.9 |
Mylan Inc. | Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 12.3 | 0 |
Guarantor Subsidiaries | ||
Condensed Statement of Income Captions [Line Items] | ||
Net (loss) earnings | 0 | 0 |
Earnings (losses) of equity interest subsidiaries | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0 | 0 |
Net unrealized (loss) gain on marketable securities | 0 | 0 |
Other comprehensive (loss) earnings, before tax | 0 | 0 |
Income tax provision (benefit) | 0 | 0 |
Other comprehensive (loss) earnings, net of tax | 0 | 0 |
Comprehensive (loss) earnings | 0 | 0 |
Guarantor Subsidiaries | Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 0 | 0 |
Guarantor Subsidiaries | Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 0 | |
Non-Guarantor Subsidiaries | ||
Condensed Statement of Income Captions [Line Items] | ||
Net (loss) earnings | 126 | 158.3 |
Earnings (losses) of equity interest subsidiaries | 0 | 0 |
Foreign currency translation adjustment | (338.5) | 261.9 |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.1 | (4.4) |
Net unrealized (loss) gain on marketable securities | 0.4 | 0.2 |
Other comprehensive (loss) earnings, before tax | (313.8) | 223.8 |
Income tax provision (benefit) | 15.1 | (10.8) |
Other comprehensive (loss) earnings, net of tax | (328.9) | 234.6 |
Comprehensive (loss) earnings | (202.9) | 392.9 |
Non-Guarantor Subsidiaries | Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 24.2 | (33.9) |
Non-Guarantor Subsidiaries | Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | $ 0 | $ 0 |
Subsidiary Guarantors Condens_3
Subsidiary Guarantors Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||
Cash and cash equivalents | $ 229.8 | $ 388.1 | ||
Accounts receivable, net | 2,778.5 | 2,881 | ||
Inventories | 2,708.8 | 2,580.2 | ||
Intercompany receivables | 0 | 0 | ||
Prepaid expenses and other current assets | 545.2 | 518.4 | ||
Total current assets | 6,262.3 | 6,367.7 | ||
Property, plant and equipment, net | 2,151.4 | 2,170.2 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany notes and interest receivable | 0 | 0 | ||
Intangible assets, net | 12,955.5 | 13,664.6 | ||
Goodwill | 9,607.9 | 9,747.8 | ||
Other assets | 929.5 | 784.6 | ||
Total assets | 31,906.6 | 32,734.9 | ||
Current liabilities: | ||||
Accounts payable | 1,316.5 | 1,617 | ||
Short-term borrowings | 0.4 | 1.9 | ||
Income taxes payable | 23.2 | 121.5 | ||
Current portion of long-term debt and other long-term obligations | 703.5 | 699.8 | ||
Intercompany payables | 0 | 0 | ||
Other current liabilities | 2,114 | 2,147.6 | ||
Total current liabilities | 4,157.6 | 4,587.8 | ||
Long-term debt | 13,086.9 | 13,161.2 | ||
Intercompany notes payable | 0 | 0 | ||
Other long-term obligations | 2,770.5 | 2,818.8 | ||
Total liabilities | 20,015 | 20,567.8 | ||
Equity [Abstract] | ||||
Total equity | 11,891.6 | 12,167.1 | $ 13,170.1 | $ 13,307.6 |
Total liabilities and equity | 31,906.6 | 32,734.9 | ||
Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Intercompany receivables | (13,535.4) | (13,968.7) | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (13,535.4) | (13,968.7) | ||
Property, plant and equipment, net | 0 | 0 | ||
Investments in subsidiaries | (31,901.2) | (32,125.4) | ||
Intercompany notes and interest receivable | (20,110.5) | (19,539.8) | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (65,547.1) | (65,633.9) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Current portion of long-term debt and other long-term obligations | 0 | 0 | ||
Intercompany payables | (13,535.4) | (13,968.7) | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (13,535.4) | (13,968.7) | ||
Long-term debt | 0 | 0 | ||
Intercompany notes payable | (20,110.5) | (19,539.8) | ||
Other long-term obligations | 0 | 0 | ||
Total liabilities | (33,645.9) | (33,508.5) | ||
Equity [Abstract] | ||||
Total equity | (31,901.2) | (32,125.4) | ||
Total liabilities and equity | (65,547.1) | (65,633.9) | ||
Mylan N.V. | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Intercompany receivables | 324.4 | 342.9 | ||
Prepaid expenses and other current assets | 5.8 | 5.6 | ||
Total current assets | 330.2 | 348.5 | ||
Property, plant and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 18,692.3 | 18,995.9 | ||
Intercompany notes and interest receivable | 6,224.4 | 6,287.4 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 0.2 | 0.3 | ||
Total assets | 25,247.1 | 25,632.1 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Current portion of long-term debt and other long-term obligations | 649.4 | 649 | ||
Intercompany payables | 1,545.7 | 1,618.8 | ||
Other current liabilities | 95 | 21 | ||
Total current liabilities | 2,290.1 | 2,288.8 | ||
Long-term debt | 9,299.5 | 9,370.1 | ||
Intercompany notes payable | 1,765.9 | 1,806.1 | ||
Other long-term obligations | 0 | 0 | ||
Total liabilities | 13,355.5 | 13,465 | ||
Equity [Abstract] | ||||
Total equity | 11,891.6 | 12,167.1 | ||
Total liabilities and equity | 25,247.1 | 25,632.1 | ||
Mylan Inc. | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 18.2 | ||
Accounts receivable, net | 13.1 | 24.3 | ||
Inventories | 0 | 0 | ||
Intercompany receivables | 516.4 | 518.7 | ||
Prepaid expenses and other current assets | 107.5 | 71.3 | ||
Total current assets | 637 | 632.5 | ||
Property, plant and equipment, net | 252.5 | 259.7 | ||
Investments in subsidiaries | 13,208.9 | 13,129.5 | ||
Intercompany notes and interest receivable | 10,847.6 | 10,732.6 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 17.1 | 17.1 | ||
Other assets | 93.3 | 68.9 | ||
Total assets | 25,056.4 | 24,840.3 | ||
Current liabilities: | ||||
Accounts payable | 42.6 | 70.6 | ||
Short-term borrowings | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Current portion of long-term debt and other long-term obligations | 0.2 | 0.2 | ||
Intercompany payables | 11,988.3 | 12,326.4 | ||
Other current liabilities | 215.8 | 216 | ||
Total current liabilities | 12,246.9 | 12,613.2 | ||
Long-term debt | 3,782.5 | 3,786.2 | ||
Intercompany notes payable | 3,687.9 | 3,094.2 | ||
Other long-term obligations | 75.9 | 48.6 | ||
Total liabilities | 19,793.2 | 19,542.2 | ||
Equity [Abstract] | ||||
Total equity | 5,263.2 | 5,298.1 | ||
Total liabilities and equity | 25,056.4 | 24,840.3 | ||
Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany notes and interest receivable | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 0 | 0 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Income taxes payable | 0 | 0 | ||
Current portion of long-term debt and other long-term obligations | 0 | 0 | ||
Intercompany payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Intercompany notes payable | 0 | 0 | ||
Other long-term obligations | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Equity [Abstract] | ||||
Total equity | 0 | 0 | ||
Total liabilities and equity | 0 | 0 | ||
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 229.8 | 369.9 | ||
Accounts receivable, net | 2,765.4 | 2,856.7 | ||
Inventories | 2,708.8 | 2,580.2 | ||
Intercompany receivables | 12,694.6 | 13,107.1 | ||
Prepaid expenses and other current assets | 431.9 | 441.5 | ||
Total current assets | 18,830.5 | 19,355.4 | ||
Property, plant and equipment, net | 1,898.9 | 1,910.5 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany notes and interest receivable | 3,038.5 | 2,519.8 | ||
Intangible assets, net | 12,955.5 | 13,664.6 | ||
Goodwill | 9,590.8 | 9,730.7 | ||
Other assets | 836 | 715.4 | ||
Total assets | 47,150.2 | 47,896.4 | ||
Current liabilities: | ||||
Accounts payable | 1,273.9 | 1,546.4 | ||
Short-term borrowings | 0.4 | 1.9 | ||
Income taxes payable | 23.2 | 121.5 | ||
Current portion of long-term debt and other long-term obligations | 53.9 | 50.6 | ||
Intercompany payables | 1.4 | 23.5 | ||
Other current liabilities | 1,803.2 | 1,910.6 | ||
Total current liabilities | 3,156 | 3,654.5 | ||
Long-term debt | 4.9 | 4.9 | ||
Intercompany notes payable | 14,656.7 | 14,639.5 | ||
Other long-term obligations | 2,694.6 | 2,770.2 | ||
Total liabilities | 20,512.2 | 21,069.1 | ||
Equity [Abstract] | ||||
Total equity | 26,638 | 26,827.3 | ||
Total liabilities and equity | $ 47,150.2 | $ 47,896.4 |
Subsidiary Guarantors Condens_4
Subsidiary Guarantors Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||||
Net cash (used in) provided by operating activities | $ (39.7) | $ 621.8 | |||
Cash flows from investing activities: | |||||
Capital expenditures | (53.1) | (30.7) | |||
Purchase of available for sale securities and other investments | (7.8) | (7.5) | |||
Proceeds from Sale of Productive Assets | 0.2 | 0 | |||
Proceeds from the sale of marketable securities | 7.6 | 15 | |||
Cash paid for acquisitions, net | (7.1) | (63.3) | |||
Investments in affiliates | 0 | 0 | |||
Dividends from affiliates | 0 | 0 | |||
Loans to affiliates | 0 | 0 | |||
Repayments of loans from affiliates | 0 | 0 | |||
Payments for product rights and other, net | (15.4) | (342.4) | |||
Net cash used in investing activities | (75.6) | (428.9) | |||
Cash flows from financing activities: | |||||
Payments of financing fees | (1.2) | (0.4) | |||
Purchase of ordinary shares | 0 | (432) | |||
Change in short-term borrowings, net | (1.5) | 309.1 | |||
Proceeds from issuance of long-term debt | 0.1 | 498.4 | |||
Payments of long-term debt | (0.2) | (498) | |||
Proceeds from exercise of stock options | 2.4 | 10.8 | |||
Taxes paid related to net share settlement of equity awards | (7.1) | (8.9) | |||
Contingent consideration payments | (31.8) | (0.2) | |||
Capital contribution from affiliates | 0 | 0 | |||
Capital payments to affiliates | 0 | 0 | |||
Payments on borrowings from affiliates | 0 | 0 | |||
Proceeds from borrowings from affiliates | 0 | 0 | |||
Other items, net | (0.8) | (0.2) | |||
Net cash used in financing activities | (40.1) | (121.4) | |||
Effect on cash of changes in exchange rates | (3) | 3.7 | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | (158.4) | 75.2 | |||
Cash, cash equivalents and restricted cash — beginning of period | 389.3 | 369.9 | |||
Cash, cash equivalents and restricted cash — end of period | 230.9 | 445.1 | |||
Supplemental Cash Flow Elements [Abstract] | |||||
Cash and cash equivalents | $ 229.8 | $ 388.1 | |||
Restricted cash, included in prepaid expenses and other current assets | 1.1 | 1.2 | |||
Cash, cash equivalents and restricted cash | 389.3 | 369.9 | 230.9 | 389.3 | $ 369.9 |
Eliminations | |||||
Cash flows from operating activities: | |||||
Net cash (used in) provided by operating activities | 0 | 0 | |||
Cash flows from investing activities: | |||||
Capital expenditures | 0 | 0 | |||
Purchase of available for sale securities and other investments | 0 | 0 | |||
Proceeds from Sale of Productive Assets | 0 | ||||
Proceeds from the sale of marketable securities | 0 | 0 | |||
Cash paid for acquisitions, net | 0 | 0 | |||
Investments in affiliates | 5.7 | 6 | |||
Dividends from affiliates | (3.9) | (56.9) | |||
Loans to affiliates | 780.4 | 1,725.8 | |||
Repayments of loans from affiliates | (436.2) | (1,103.1) | |||
Payments for product rights and other, net | 0 | 0 | |||
Net cash used in investing activities | 346 | 571.8 | |||
Cash flows from financing activities: | |||||
Payments of financing fees | 0 | 0 | |||
Purchase of ordinary shares | 0 | ||||
Change in short-term borrowings, net | 0 | 0 | |||
Proceeds from issuance of long-term debt | 0 | 0 | |||
Payments of long-term debt | 0 | 0 | |||
Proceeds from exercise of stock options | 0 | 0 | |||
Taxes paid related to net share settlement of equity awards | 0 | 0 | |||
Contingent consideration payments | 0 | 0 | |||
Capital contribution from affiliates | (5.7) | (6) | |||
Capital payments to affiliates | 3.9 | 56.9 | |||
Payments on borrowings from affiliates | (780.4) | 1,103.1 | |||
Proceeds from borrowings from affiliates | 436.2 | (1,725.8) | |||
Other items, net | 0 | 0 | |||
Net cash used in financing activities | (346) | (571.8) | |||
Effect on cash of changes in exchange rates | 0 | 0 | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | 0 | 0 | |||
Cash, cash equivalents and restricted cash — beginning of period | 0 | ||||
Cash, cash equivalents and restricted cash — end of period | 0 | 0 | |||
Supplemental Cash Flow Elements [Abstract] | |||||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash, included in prepaid expenses and other current assets | 0 | 0 | |||
Cash, cash equivalents and restricted cash | 0 | 0 | 0 | 0 | 0 |
Mylan N.V. | |||||
Cash flows from operating activities: | |||||
Net cash (used in) provided by operating activities | (47.5) | (28.1) | |||
Cash flows from investing activities: | |||||
Capital expenditures | 0 | 0 | |||
Purchase of available for sale securities and other investments | 0 | 0 | |||
Proceeds from Sale of Productive Assets | 0 | ||||
Proceeds from the sale of marketable securities | 0 | 0 | |||
Cash paid for acquisitions, net | 0 | 0 | |||
Investments in affiliates | 0 | 0 | |||
Dividends from affiliates | 3.9 | 56.9 | |||
Loans to affiliates | (79) | (409.2) | |||
Repayments of loans from affiliates | 147 | 425.7 | |||
Payments for product rights and other, net | 0 | 0 | |||
Net cash used in investing activities | 71.9 | 73.4 | |||
Cash flows from financing activities: | |||||
Payments of financing fees | (0.1) | 0 | |||
Purchase of ordinary shares | (432) | ||||
Change in short-term borrowings, net | 0 | 0 | |||
Proceeds from issuance of long-term debt | 0 | 496.5 | |||
Payments of long-term debt | 0 | (496.5) | |||
Proceeds from exercise of stock options | 2.4 | 10.8 | |||
Taxes paid related to net share settlement of equity awards | (7.1) | (8.9) | |||
Contingent consideration payments | 0 | 0 | |||
Capital contribution from affiliates | 0 | 0 | |||
Capital payments to affiliates | 0 | 0 | |||
Payments on borrowings from affiliates | 22.7 | 0 | |||
Proceeds from borrowings from affiliates | (42.3) | 384.8 | |||
Other items, net | 0 | 0 | |||
Net cash used in financing activities | (24.4) | (45.3) | |||
Effect on cash of changes in exchange rates | 0 | 0 | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | 0 | 0 | |||
Cash, cash equivalents and restricted cash — beginning of period | 0 | ||||
Cash, cash equivalents and restricted cash — end of period | 0 | 0 | |||
Supplemental Cash Flow Elements [Abstract] | |||||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash, included in prepaid expenses and other current assets | 0 | 0 | |||
Cash, cash equivalents and restricted cash | 0 | 0 | 0 | 0 | 0 |
Mylan Inc. | |||||
Cash flows from operating activities: | |||||
Net cash (used in) provided by operating activities | (437.5) | (128.3) | |||
Cash flows from investing activities: | |||||
Capital expenditures | (11.2) | (5.8) | |||
Purchase of available for sale securities and other investments | 0 | 0 | |||
Proceeds from Sale of Productive Assets | 0 | ||||
Proceeds from the sale of marketable securities | 0 | 0 | |||
Cash paid for acquisitions, net | 0 | 0 | |||
Investments in affiliates | (5.7) | (6) | |||
Dividends from affiliates | 0 | 0 | |||
Loans to affiliates | 0 | 0 | |||
Repayments of loans from affiliates | 0 | 0 | |||
Payments for product rights and other, net | 0 | (0.1) | |||
Net cash used in investing activities | (16.9) | (11.9) | |||
Cash flows from financing activities: | |||||
Payments of financing fees | (1.1) | (0.4) | |||
Purchase of ordinary shares | 0 | ||||
Change in short-term borrowings, net | 0 | 0 | |||
Proceeds from issuance of long-term debt | 0 | 0 | |||
Payments of long-term debt | 0 | 0 | |||
Proceeds from exercise of stock options | 0 | 0 | |||
Taxes paid related to net share settlement of equity awards | 0 | 0 | |||
Contingent consideration payments | 0 | 0 | |||
Capital contribution from affiliates | 0 | 0 | |||
Capital payments to affiliates | 0 | 0 | |||
Payments on borrowings from affiliates | 690.7 | (837.4) | |||
Proceeds from borrowings from affiliates | (253.4) | 978.6 | |||
Other items, net | 0 | 0 | |||
Net cash used in financing activities | 436.2 | 140.8 | |||
Effect on cash of changes in exchange rates | 0 | 0 | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | (18.2) | 0.6 | |||
Cash, cash equivalents and restricted cash — beginning of period | 18.2 | ||||
Cash, cash equivalents and restricted cash — end of period | 0 | 24.4 | |||
Supplemental Cash Flow Elements [Abstract] | |||||
Cash and cash equivalents | 0 | 18.2 | |||
Restricted cash, included in prepaid expenses and other current assets | 0 | 0 | |||
Cash, cash equivalents and restricted cash | 18.2 | 24.4 | 0 | 18.2 | 23.8 |
Guarantor Subsidiaries | |||||
Cash flows from operating activities: | |||||
Net cash (used in) provided by operating activities | 0 | 0 | |||
Cash flows from investing activities: | |||||
Capital expenditures | 0 | 0 | |||
Purchase of available for sale securities and other investments | 0 | 0 | |||
Proceeds from Sale of Productive Assets | 0 | ||||
Proceeds from the sale of marketable securities | 0 | 0 | |||
Cash paid for acquisitions, net | 0 | 0 | |||
Investments in affiliates | 0 | 0 | |||
Dividends from affiliates | 0 | 0 | |||
Loans to affiliates | 0 | 0 | |||
Repayments of loans from affiliates | 0 | 0 | |||
Payments for product rights and other, net | 0 | 0 | |||
Net cash used in investing activities | 0 | 0 | |||
Cash flows from financing activities: | |||||
Payments of financing fees | 0 | 0 | |||
Purchase of ordinary shares | 0 | ||||
Change in short-term borrowings, net | 0 | 0 | |||
Proceeds from issuance of long-term debt | 0 | 0 | |||
Payments of long-term debt | 0 | 0 | |||
Proceeds from exercise of stock options | 0 | 0 | |||
Taxes paid related to net share settlement of equity awards | 0 | 0 | |||
Contingent consideration payments | 0 | 0 | |||
Capital contribution from affiliates | 0 | 0 | |||
Capital payments to affiliates | 0 | 0 | |||
Payments on borrowings from affiliates | 0 | 0 | |||
Proceeds from borrowings from affiliates | 0 | 0 | |||
Other items, net | 0 | 0 | |||
Net cash used in financing activities | 0 | 0 | |||
Effect on cash of changes in exchange rates | 0 | 0 | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | 0 | 0 | |||
Cash, cash equivalents and restricted cash — beginning of period | 0 | ||||
Cash, cash equivalents and restricted cash — end of period | 0 | 0 | |||
Supplemental Cash Flow Elements [Abstract] | |||||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash, included in prepaid expenses and other current assets | 0 | 0 | |||
Cash, cash equivalents and restricted cash | 0 | 0 | 0 | 0 | 0 |
Non-Guarantor Subsidiaries | |||||
Cash flows from operating activities: | |||||
Net cash (used in) provided by operating activities | 445.3 | 778.2 | |||
Cash flows from investing activities: | |||||
Capital expenditures | (41.9) | (24.9) | |||
Purchase of available for sale securities and other investments | (7.8) | (7.5) | |||
Proceeds from Sale of Productive Assets | 0.2 | ||||
Proceeds from the sale of marketable securities | 7.6 | 15 | |||
Cash paid for acquisitions, net | (7.1) | (63.3) | |||
Investments in affiliates | 0 | 0 | |||
Dividends from affiliates | 0 | 0 | |||
Loans to affiliates | (701.4) | (1,316.6) | |||
Repayments of loans from affiliates | 289.2 | 677.4 | |||
Payments for product rights and other, net | (15.4) | (342.3) | |||
Net cash used in investing activities | (476.6) | (1,062.2) | |||
Cash flows from financing activities: | |||||
Payments of financing fees | 0 | 0 | |||
Purchase of ordinary shares | 0 | ||||
Change in short-term borrowings, net | (1.5) | 309.1 | |||
Proceeds from issuance of long-term debt | 0.1 | 1.9 | |||
Payments of long-term debt | (0.2) | (1.5) | |||
Proceeds from exercise of stock options | 0 | 0 | |||
Taxes paid related to net share settlement of equity awards | 0 | 0 | |||
Contingent consideration payments | (31.8) | (0.2) | |||
Capital contribution from affiliates | 5.7 | 6 | |||
Capital payments to affiliates | (3.9) | (56.9) | |||
Payments on borrowings from affiliates | 67 | (265.7) | |||
Proceeds from borrowings from affiliates | (140.5) | 362.4 | |||
Other items, net | (0.8) | (0.2) | |||
Net cash used in financing activities | (105.9) | 354.9 | |||
Effect on cash of changes in exchange rates | (3) | 3.7 | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | (140.2) | 74.6 | |||
Cash, cash equivalents and restricted cash — beginning of period | 371.1 | ||||
Cash, cash equivalents and restricted cash — end of period | 230.9 | 420.7 | |||
Supplemental Cash Flow Elements [Abstract] | |||||
Cash and cash equivalents | 229.8 | 369.9 | |||
Restricted cash, included in prepaid expenses and other current assets | 1.1 | 1.2 | |||
Cash, cash equivalents and restricted cash | $ 371.1 | $ 420.7 | $ 230.9 | $ 371.1 | $ 346.1 |
Restructuring (Restructuring Ch
Restructuring (Restructuring Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | $ 72.6 | ||
Restructuring Charges | $ 19.9 | ||
Reclassification due to new leasing standard | 8.1 | ||
Payments for Restructuring | (27.8) | ||
Restructuring and Related Cost, Incurred Cost | (16.7) | ||
Restructuring Reserve, Translation and Other Adjustment | (1.1) | ||
Ending Balance | 38.8 | ||
Restructuring Reserve, Current | 37.5 | $ 62.3 | |
North America Segment | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 11.2 | ||
Europe Segment | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 7.8 | ||
Rest of World Segment | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Charges | 0.9 | ||
Employee Related Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 60.8 | ||
Restructuring Charges | 1.8 | ||
Reclassification due to new leasing standard | 0 | ||
Payments for Restructuring | (26.4) | ||
Restructuring and Related Cost, Incurred Cost | 0 | ||
Restructuring Reserve, Translation and Other Adjustment | (1.1) | ||
Ending Balance | 35.1 | ||
Other Exit Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | $ 11.8 | ||
Restructuring Charges | 18.1 | ||
Reclassification due to new leasing standard | 8.1 | ||
Payments for Restructuring | (1.4) | ||
Restructuring and Related Cost, Incurred Cost | (16.7) | ||
Restructuring Reserve, Translation and Other Adjustment | 0 | ||
Ending Balance | $ 3.7 |
Collaboration and Licensing A_2
Collaboration and Licensing Agreements (Details) - Maximum $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Development and sales milestone payments | $ 440 |
Collaborative Arrangement | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |
Development and sales milestone payments | $ 55 |
Income Taxes Income Taxes Discl
Income Taxes Income Taxes Disclosure (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Reduction in liability for Unrecognized Tax Benefits | $ 84 | $ 86 |
Net Benefit to the Income Tax Provision | $ 53 |
Litigation (Lorazepam and Clora
Litigation (Lorazepam and Clorazepate) (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |
Payments for Legal Settlements | $ 472.7 |
Litigation (Pricing and Medicai
Litigation (Pricing and Medicaid Litigation) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Payments for Legal Settlements | $ 472.7 | |
Other current liabilities | $ 2,114 | $ 2,147.6 |
Litigation (Modafinil Antitrust
Litigation (Modafinil Antitrust Litigation and FTC Inquiry) (Narrative) (Details) $ in Millions | Jul. 28, 2016 | Jul. 10, 2015other_drug_manufacturers | Apr. 27, 2006other_drug_manufacturers | Mar. 31, 2019USD ($) | Dec. 31, 2016USD ($) | Dec. 14, 2016 |
Loss Contingencies [Line Items] | ||||||
Number of states | 20 | |||||
Payments for Legal Settlements | $ 472.7 | |||||
Modafinil Antitrust Litigation and FTC Inquiry | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency Accrual | $ 14.4 | $ 14 | ||||
Modafinil Antitrust Litigation and FTC Inquiry | Other drug manufacturers | ||||||
Loss Contingencies [Line Items] | ||||||
Number of defendants | 4 | 3 | 4 |
Litigation (MDRP Classification
Litigation (MDRP Classification of EpiPen Auto-Injector and EpiPen Jr Auto-Injector) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |
Payments for Legal Settlements | $ 472.7 |
Prepaid expenses and other current assets | |
Loss Contingencies [Line Items] | |
Estimated litigation liability | $ 10 |
Litigation (Drug Pricing Matter
Litigation (Drug Pricing Matters) (Details) | Dec. 14, 2016 |
Loss Contingencies [Line Items] | |
Number of states | 20 |
Litigation (European Commission
Litigation (European Commission Proceedings) (Narrative) (Details) € in Millions, $ in Millions | Jul. 09, 2014EUR (€) | Jun. 19, 2013EUR (€) | Dec. 31, 2014USD ($) | Mar. 31, 2019USD ($) |
European Commission Proceedings - Perindorpril | Antitrust Proceedings | Mylan Laboratories Limited | ||||
Loss Contingencies [Line Items] | ||||
Damages to be paid | € 17.2 | |||
European Commission Proceedings - Perindorpril | Antitrust Proceedings | Mylan | ||||
Loss Contingencies [Line Items] | ||||
Damages to be paid | € 8 | $ 21.7 | ||
European Union Commission Proceedings - Citalopram | ||||
Loss Contingencies [Line Items] | ||||
Damages awarded | € 7.8 | |||
Loss Contingency Accrual | $ | $ 7.4 |
Litigation (U.K. Competition an
Litigation (U.K. Competition and Markets Authority) (Narrative) (Details) - U.K. Competition and Markets Authority Proceedings Paroxetine £ in Millions | Feb. 12, 2016GBP (£) |
Loss Contingencies [Line Items] | |
Damages awarded | £ 5.8 |
Mylan | |
Loss Contingencies [Line Items] | |
Damages awarded | £ 2.7 |
Litigation (Product Liability)
Litigation (Product Liability) (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Product Liability | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 10.2 | $ 10.9 |
Litigation (Intellectual Proper
Litigation (Intellectual Property) (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2019increase | |
Intellectual Property | |
Loss Contingencies [Line Items] | |
Number of times damages may be increased in cases of willful infringement | 3 |
Litigation (Other Litigation) (
Litigation (Other Litigation) (Narrative) (Details) $ in Millions | Mar. 31, 2019USD ($) |
Other Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $ 6 |