Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-6351 | |
Entity Registrant Name | ELI LILLY AND COMPANY | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-0470950 | |
Entity Address, Address Line One | Lilly Corporate Center | |
Entity Address, City or Town | Indianapolis | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46285 | |
City Area Code | 317 | |
Local Phone Number | 276-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 956,592,393 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000059478 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock (no par value) | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock (no par value) | |
Trading Symbol | LLY | |
Security Exchange Name | NYSE | |
1.000% Notes due 2022 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.000% Notes due 2022 | |
Trading Symbol | LLY22 | |
Security Exchange Name | NYSE | |
7 1/8% Notes due 2025 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7 1/8% Notes due 2025 | |
Trading Symbol | LLY25 | |
Security Exchange Name | NYSE | |
1.625% Notes due 2026 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.625% Notes due 2026 | |
Trading Symbol | LLY26 | |
Security Exchange Name | NYSE | |
2.125% Notes due 2030 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 2.125% Notes due 2030 | |
Trading Symbol | LLY30 | |
Security Exchange Name | NYSE | |
0.625% Notes due 2031 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 0.625% Notes due 2031 | |
Trading Symbol | LLY31 | |
Security Exchange Name | NYSE | |
0.500% Notes due 2033 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 0.500% Notes due 2033 | |
Trading Symbol | LLY33 | |
Security Exchange Name | NYSE | |
6.77% Notes due 2036 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.77% Notes due 2036 | |
Trading Symbol | LLY36 | |
Security Exchange Name | NYSE | |
1.625% Notes due 2043 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.625% Notes due 2043 | |
Trading Symbol | LLY43 | |
Security Exchange Name | NYSE | |
1.700% Notes due 2049 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.700% Notes due 2049 | |
Trading Symbol | LLY49A | |
Security Exchange Name | NYSE | |
1.125% Notes due 2051 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.125% Notes due 2051 | |
Trading Symbol | LLY51 | |
Security Exchange Name | NYSE | |
1.375% Notes due 2061 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.375% Notes due 2061 | |
Trading Symbol | LLY61 | |
Security Exchange Name | NYSE |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue (Note 2) | $ 6,772.8 | $ 5,740.6 | $ 20,318.5 | $ 17,099.8 |
Costs, expenses, and other: | ||||
Cost of sales | 1,430.8 | 1,326.4 | 5,262.6 | 3,763.5 |
Research and development | 1,708.9 | 1,465.4 | 5,066.5 | 4,247.7 |
Marketing, selling, and administrative | 1,577.9 | 1,569.1 | 4,839.6 | 4,567.3 |
Acquired in-process research and development (Note 3) | 174 | 0 | 498.3 | 294.1 |
Asset impairment, restructuring, and other special charges (Note 5) | 0 | 101.4 | 211.6 | 161.3 |
Other–net, (income) expense (Note 11) | 635.9 | (158.9) | 124.3 | (694.9) |
Costs, expenses, and other | 5,527.5 | 4,303.4 | 16,002.9 | 12,339 |
Income before income taxes | 1,245.3 | 1,437.2 | 4,315.6 | 4,760.8 |
Income taxes (Note 7) | 135.2 | 228.8 | 460 | 683.9 |
Net income | $ 1,110.1 | $ 1,208.4 | $ 3,855.6 | $ 4,076.9 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.22 | $ 1.33 | $ 4.25 | $ 4.49 |
Diluted (in dollars per share) | $ 1.22 | $ 1.33 | $ 4.23 | $ 4.47 |
Shares used in calculation of earnings per share: | ||||
Basic (in shares) | 906.7 | 907.2 | 907.7 | 907.5 |
Diluted (in shares) | 910.8 | 911.4 | 911.7 | 911.9 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,110.1 | $ 1,208.4 | $ 3,855.6 | $ 4,076.9 |
Other comprehensive income (loss), net of tax (Note 10) | 114.4 | 127.8 | 323.7 | (31.5) |
Comprehensive income | $ 1,224.5 | $ 1,336.2 | $ 4,179.3 | $ 4,045.4 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents (Note 6) | $ 3,788.2 | $ 3,657.1 |
Short-term investments (Note 6) | 37.1 | 24.2 |
Accounts receivable, net of allowances of $24.1 (2021) and $25.9 (2020) | 5,914.3 | 5,875.3 |
Other receivables | 1,110.7 | 1,053.7 |
Inventories | 3,907.4 | 3,980.3 |
Prepaid expenses and other | 3,050.6 | 2,871.5 |
Total current assets | 17,808.3 | 17,462.1 |
Investments (Note 6) | 3,350.5 | 2,966.8 |
Goodwill | 3,884.1 | 3,766.5 |
Other intangibles, net | 7,887.7 | 7,450 |
Deferred tax assets | 2,625.6 | 2,830.4 |
Property and equipment, net of accumulated depreciation of $9,962.8 (2021) and $9,570.7 (2020) | 8,920.4 | 8,681.9 |
Other noncurrent assets | 3,710.4 | 3,475.4 |
Total assets | 48,187 | 46,633.1 |
Current Liabilities | ||
Short-term borrowings and current maturities of long-term debt | 1,563 | 8.7 |
Accounts payable | 1,566.8 | 1,606.7 |
Employee compensation | 836.6 | 997.2 |
Sales rebates and discounts | 7,185.6 | 5,853 |
Dividends payable | 0 | 770.6 |
Income taxes payable | 203.5 | 495.1 |
Other current liabilities | 2,326.5 | 2,750.3 |
Total current liabilities | 13,682 | 12,481.6 |
Other Liabilities | ||
Long-term debt | 15,522.4 | 16,586.6 |
Accrued retirement benefits (Note 8) | 3,878.8 | 4,094.5 |
Long-term income taxes payable | 3,768.5 | 3,837.8 |
Deferred tax liabilities | 1,632.5 | 2,099.9 |
Other noncurrent liabilities | 1,748.7 | 1,707.5 |
Total other liabilities | 26,550.9 | 28,326.3 |
Commitments and Contingencies (Note 9) | ||
Eli Lilly and Company Shareholders’ Equity | ||
Common stock | 598.2 | 598.2 |
Additional paid-in capital | 6,758 | 6,778.5 |
Retained earnings | 9,639.4 | 7,830.2 |
Employee benefit trust | (3,013.2) | (3,013.2) |
Accumulated other comprehensive loss (Note 10) | (6,172.7) | (6,496.4) |
Cost of common stock in treasury | (52.7) | (55.7) |
Total Eli Lilly and Company shareholders’ equity | 7,757 | 5,641.6 |
Noncontrolling interests | 197.1 | 183.6 |
Total equity | 7,954.1 | 5,825.2 |
Total liabilities and equity | $ 48,187 | $ 46,633.1 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables, Net, Current [Abstract] | ||
Allowances for doubtful accounts | $ 24.1 | $ 25.9 |
Property and equipment, accumulated depreciation | $ 9,962.8 | $ 9,570.7 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Employee Benefit Trust | Accumulated Other Comprehensive Loss | Common Stock in Treasury | Noncontrolling Interests | ||
Beginning balance (in shares) at Dec. 31, 2019 | 958,056 | 530 | [1] | |||||||
Beginning balance at Dec. 31, 2019 | $ 598.8 | $ 6,685.3 | $ 4,920.4 | $ (3,013.2) | $ (6,523.6) | $ (60.8) | [1] | $ 92.2 | ||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 4,076.9 | 95.9 | ||||||||
Other comprehensive income (loss), net of tax | (31.5) | |||||||||
Cash dividend declared | (1,345.6) | |||||||||
Retirement of treasury shares (in shares) | (3,627) | (3,627) | [1] | |||||||
Retirement of treasury shares | $ (2.3) | (497.7) | $ 500 | [1] | ||||||
Purchase of treasury shares (in shares) | [1] | 3,627 | ||||||||
Purchase of treasury shares | [1] | $ (500) | ||||||||
Issuance of stock under employee stock plans, net (in shares) | 2,549 | (43) | [1] | |||||||
Issuance of stock under employee stock plans, net | $ 1.6 | (206.4) | $ 5.1 | [1] | ||||||
Stock-based compensation | 220.3 | |||||||||
Other | (0.4) | (19) | ||||||||
Ending balance (in shares) at Sep. 30, 2020 | 956,978 | 487 | [1] | |||||||
Ending balance at Sep. 30, 2020 | $ 598.1 | 6,698.8 | 7,154 | (3,013.2) | (6,555.1) | $ (55.7) | [1] | 169.1 | ||
Beginning balance (in shares) at Jun. 30, 2020 | 956,953 | 487 | [1] | |||||||
Beginning balance at Jun. 30, 2020 | $ 598.1 | 6,629.4 | 6,617.2 | (3,013.2) | (6,682.9) | $ (55.7) | [1] | 179.1 | ||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 1,208.4 | (4.8) | ||||||||
Other comprehensive income (loss), net of tax | 127.8 | |||||||||
Cash dividend declared | (671.6) | |||||||||
Issuance of stock under employee stock plans, net (in shares) | 25 | |||||||||
Issuance of stock under employee stock plans, net | (2.3) | |||||||||
Stock-based compensation | 71.7 | |||||||||
Other | (5.2) | |||||||||
Ending balance (in shares) at Sep. 30, 2020 | 956,978 | 487 | [1] | |||||||
Ending balance at Sep. 30, 2020 | $ 598.1 | 6,698.8 | 7,154 | (3,013.2) | (6,555.1) | $ (55.7) | [1] | 169.1 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 957,077 | 487 | [1] | |||||||
Beginning balance at Dec. 31, 2020 | $ 5,825.2 | $ 598.2 | 6,778.5 | 7,830.2 | (3,013.2) | (6,496.4) | $ (55.7) | [1] | 183.6 | |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 3,855.6 | 25.2 | ||||||||
Other comprehensive income (loss), net of tax | 323.7 | |||||||||
Cash dividend declared | (1,542.9) | |||||||||
Retirement of treasury shares (in shares) | (2,467) | (2,467) | [1] | |||||||
Retirement of treasury shares | $ (1.5) | (498.5) | $ 500 | [1] | ||||||
Purchase of treasury shares (in shares) | [1] | 2,467 | ||||||||
Purchase of treasury shares | [1] | $ (500) | ||||||||
Issuance of stock under employee stock plans, net (in shares) | 2,442 | (24) | [1] | |||||||
Issuance of stock under employee stock plans, net | $ 1.5 | (287.1) | $ 3 | [1] | ||||||
Stock-based compensation | 267.5 | |||||||||
Other | (0.9) | (5) | (11.7) | |||||||
Ending balance (in shares) at Sep. 30, 2021 | 957,052 | 463 | [1] | |||||||
Ending balance at Sep. 30, 2021 | 7,954.1 | $ 598.2 | 6,758 | 9,639.4 | (3,013.2) | (6,172.7) | $ (52.7) | [1] | 197.1 | |
Beginning balance (in shares) at Jun. 30, 2021 | 957,038 | 463 | [1] | |||||||
Beginning balance at Jun. 30, 2021 | $ 598.1 | 6,669.2 | 8,530.1 | (3,013.2) | (6,287.1) | $ (52.7) | [1] | 219.1 | ||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | 1,110.1 | (22.6) | ||||||||
Other comprehensive income (loss), net of tax | 114.4 | |||||||||
Issuance of stock under employee stock plans, net (in shares) | 14 | |||||||||
Issuance of stock under employee stock plans, net | $ 0.1 | (1.3) | ||||||||
Stock-based compensation | 90.1 | |||||||||
Other | (0.8) | 0.6 | ||||||||
Ending balance (in shares) at Sep. 30, 2021 | 957,052 | 463 | [1] | |||||||
Ending balance at Sep. 30, 2021 | $ 7,954.1 | $ 598.2 | $ 6,758 | $ 9,639.4 | $ (3,013.2) | $ (6,172.7) | $ (52.7) | [1] | $ 197.1 | |
[1] | As of September 30, 2021, there were $500.0 million remaining under our $8.00 billion share repurchase program authorized in June 2018 and $5.00 billion remaining under our $5.00 billion share repurchase program authorized in May 2021. |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Equity (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | May 31, 2021 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||||
Cash dividend declared per share (in dollars per share) | $ 0.74 | $ 1.70 | $ 1.48 | ||
Stock repurchase program, remaining authorized amount | $ 500,000,000 | ||||
Stock repurchase program, authorized amount | $ 5,000,000,000 | $ 8,000,000,000 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||||
Net income | $ 1,110.1 | $ 1,208.4 | $ 3,855.6 | $ 4,076.9 | |
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: | |||||
Depreciation and amortization | 1,101.9 | 956.4 | |||
Change in deferred income taxes | (709.8) | 66.2 | |||
Debt extinguishment loss (Note 6) | 405.2 | 0 | 405.2 | 0 | |
Stock-based compensation expense | 267.5 | 220.3 | |||
Net investment gains | (271.1) | (909.5) | |||
Acquired in-process research and development (Note 3) | 174 | 0 | 498.3 | 294.1 | |
Other changes in operating assets and liabilities, net of acquisitions and divestitures | (548.1) | (232.2) | |||
Other non-cash operating activities, net | 504.7 | 212.2 | |||
Net Cash Provided by Operating Activities | 5,104.2 | 4,684.4 | |||
Cash Flows from Investing Activities | |||||
Net purchases of property and equipment | (1,018.4) | (933.2) | |||
Proceeds from sales and maturities of short-term investments | 46.6 | 118.8 | |||
Purchases of short-term investments | (27.9) | (11.4) | |||
Proceeds from sales of noncurrent investments | 537.2 | 574.1 | |||
Purchases of noncurrent investments | (710.1) | (223.7) | |||
Cash paid for acquisitions, net of cash acquired (Note 3) | (747.4) | (849.3) | |||
Purchases of in-process research and development | (460.6) | (276.4) | |||
Other investing activities, net | (2.7) | 16.3 | |||
Net Cash Used for Investing Activities | (2,383.3) | (1,584.8) | |||
Cash Flows from Financing Activities | |||||
Dividends paid | (2,313.5) | (2,017.1) | |||
Net change in short-term borrowings | (1.5) | ||||
Net change in short-term borrowings | (914.3) | ||||
Proceeds from issuance of long-term debt | 2,410.8 | 2,062.3 | |||
Repayments of long-term debt | (1,905.3) | (276.3) | |||
Purchases of common stock | (500) | (500) | |||
Other financing activities, net | (295.3) | (200.2) | |||
Net Cash Used for Financing Activities | (2,604.8) | (1,845.6) | |||
Effect of exchange rate changes on cash and cash equivalents | 15 | 3.8 | |||
Net increase in cash and cash equivalents | 131.1 | 1,257.8 | |||
Cash and cash equivalents at January 1 | 3,657.1 | 2,337.5 | $ 2,337.5 | ||
Cash and Cash Equivalents at September 30 | $ 3,788.2 | $ 3,595.3 | $ 3,788.2 | $ 3,595.3 | $ 3,657.1 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation We have prepared the accompanying unaudited consolidated condensed financial statements in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States (GAAP). In our opinion, the consolidated condensed financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for a fair presentation of the results of operations for the periods shown. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2020. We issue our financial statements by filing them with the Securities and Exchange Commission and have evaluated subsequent events up to the time of the filing of this Quarterly Report on Form 10-Q. All per-share amounts, unless otherwise noted in the footnotes, are presented on a diluted basis; that is, based on the weighted-average number of common shares outstanding plus the effect of incremental shares from our stock-based compensation programs. We operate as a single operating segment engaged in the discovery, development, manufacturing, marketing, and sales of pharmaceutical products worldwide. A global research and development organization and a supply chain organization are responsible for the discovery, development, manufacturing, and supply of our products. Regional commercial organizations market, distribute, and sell the products. The business is also supported by global corporate staff functions. Our determination that we operate as a single segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table summarizes our revenue recognized in our consolidated condensed statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net product revenue $ 6,189.0 $ 5,281.1 $ 18,579.5 $ 15,762.3 Collaboration and other revenue (1) 583.8 459.5 1,739.0 1,337.5 Revenue $ 6,772.8 $ 5,740.6 $ 20,318.5 $ 17,099.8 (1) Collaboration and other revenue associated with prior period transfers of intellectual property was $62.1 million and $136.1 million during the three and nine months ended September 30, 2021, respectively, and $31.5 million and $101.5 million during the three and nine months ended September 30, 2020, respectively. We recognize revenue primarily from two different types of contracts, product sales to customers (net product revenue) and collaborations and other arrangements. Revenue recognized from collaborations and other arrangements includes our share of profits from the collaboration, as well as royalties, upfront and milestone payments we receive under these types of contracts. See Note 4 for additional information related to certain of our collaborations and other arrangements. Collaboration and other revenue disclosed above includes the revenue from the Jardiance ® and Trajenta ® families of products resulting from our collaboration with Boehringer Ingelheim discussed in Note 4. Substantially all of the remainder of collaboration and other revenue is related to contracts accounted for as contracts with customers. Adjustments to Revenue Adjustments to increase (decrease) revenue recognized as a result of changes in estimates for our most significant United States (U.S.) sales returns, rebates, and discounts liability balances for products shipped in previous periods were less than 1 percent of U.S. revenue during each of the three and nine months ended September 30, 2021, and approximately (1) percent and 1 percent of U.S. revenue for the three and nine months ended September 30, 2020, respectively. Contract Liabilities Our contract liabilities result from arrangements where we have received payment in advance of performance under the contract and do not include sales returns, rebates, and discounts. Changes in contract liabilities are generally due to either receipt of additional advance payments or our performance under the contract. The following table summarizes contract liability balances: September 30, 2021 December 31, 2020 Contract liabilities $ 278.4 $ 276.8 During the three and nine months ended September 30, 2021 and 2020, revenue recognized from contract liabilities as of the beginning of the respective year was not material. Revenue expected to be recognized in the future from contract liabilities as the related performance obligations are satisfied is not expected to be material in any one year. Disaggregation of Revenue The following table summarizes revenue by product for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 U.S. Outside U.S. Total U.S. Outside U.S. Total Revenue—to unaffiliated customers: Diabetes: Trulicity ® $ 1,201.4 $ 398.8 $ 1,600.1 $ 791.2 $ 315.4 $ 1,106.6 Humalog ® (1) 347.3 279.4 626.7 390.1 266.9 656.9 Jardiance (2) 221.2 169.2 390.4 163.3 147.5 310.8 Humulin ® 193.4 93.4 286.7 214.0 91.9 305.9 Basaglar ® 114.7 78.1 192.8 178.5 69.7 248.2 Other Diabetes 65.0 112.2 177.4 61.4 93.1 154.6 Total Diabetes 2,143.0 1,131.1 3,274.1 1,798.5 984.5 2,783.0 Oncology: Alimta ® 297.2 159.8 457.0 291.9 286.1 578.0 Verzenio ® 199.6 135.9 335.5 158.9 75.5 234.4 Cyramza ® 84.8 168.6 253.4 94.5 158.2 252.7 Erbitux ® 114.0 20.3 134.3 122.5 14.0 136.4 Tyvyt ® — 125.6 125.6 — 84.4 84.4 Other Oncology 35.3 65.1 100.3 14.7 32.7 47.5 Total Oncology 730.9 675.3 1,406.1 682.5 650.9 1,333.4 Immunology: Taltz ® 422.2 170.9 593.1 326.2 128.3 454.5 Olumiant ® (3) 194.0 212.9 406.9 14.5 147.5 162.0 Other Immunology — 4.9 4.9 6.1 4.5 10.6 Total Immunology 616.2 388.7 1,004.9 346.8 280.3 627.1 Neuroscience: Emgality ® 99.9 40.1 140.0 81.4 10.1 91.5 Cymbalta ® 7.0 125.1 132.0 11.1 175.5 186.6 Zyprexa ® 13.0 88.7 101.7 21.2 91.5 112.7 Other Neuroscience 24.7 51.6 76.5 26.7 53.2 79.9 Total Neuroscience 144.6 305.5 450.2 140.4 330.3 470.7 Other: COVID-19 Antibodies (4) 215.5 1.6 217.1 — — — Forteo ® 109.6 91.3 200.9 144.6 122.3 266.9 Cialis ® (6.5) 137.4 130.9 15.1 147.3 162.5 Other 36.3 52.4 88.8 33.5 63.6 97.0 Total Other 354.9 282.7 637.7 193.2 333.2 526.4 Revenue $ 3,989.6 $ 2,783.3 $ 6,772.8 $ 3,161.4 $ 2,579.3 $ 5,740.6 Numbers may not add due to rounding. (1) Humalog revenue includes insulin lispro. (2) Jardiance revenue includes Glyxambi ® , Synjardy ® , and Trijardy ® XR. (3) Olumiant revenue includes sales for baricitinib, for treatment in hospitalized COVID-19 patients, that were made pursuant to Emergency Use Authorization (EUA). (4) COVID-19 antibodies include sales for bamlanivimab administered alone as well as sales for bamlanivimab and etesevimab administered together and were made pursuant to EUAs. The following table summarizes revenue by product for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 U.S. Outside U.S. Total U.S. Outside U.S. Total Revenue—to unaffiliated customers: Diabetes: Trulicity $ 3,465.7 $ 1,122.5 $ 4,588.2 $ 2,673.2 $ 892.5 $ 3,565.7 Humalog (1) 1,009.0 842.3 1,851.3 1,070.4 837.4 1,907.8 Jardiance (2) 566.8 492.1 1,058.9 453.0 387.3 840.3 Humulin 633.5 290.3 923.8 642.5 292.7 935.2 Basaglar 423.3 226.8 650.1 638.7 203.7 842.3 Other Diabetes 185.7 302.6 488.3 185.2 254.4 439.6 Total Diabetes 6,284.0 3,276.6 9,560.6 5,663.0 2,868.0 8,530.9 Oncology: Alimta 911.9 714.7 1,626.6 933.4 743.8 1,677.2 Verzenio 582.1 363.7 945.8 430.0 201.1 631.1 Cyramza 266.3 496.3 762.5 277.6 470.8 748.4 Erbitux 357.7 45.9 403.7 356.1 40.6 396.7 Tyvyt — 340.2 340.2 — 205.9 205.9 Other Oncology 83.7 169.9 253.6 26.0 118.2 144.2 Total Oncology 2,201.7 2,130.7 4,332.4 2,023.1 1,780.4 3,803.5 Immunology: Taltz 1,071.6 493.8 1,565.4 942.9 350.3 1,293.2 Olumiant (3) 236.5 572.6 809.1 39.0 407.7 446.7 Other Immunology 15.2 14.5 29.7 13.2 8.1 21.3 Total Immunology 1,323.3 1,080.9 2,404.2 995.1 766.1 1,761.2 Neuroscience: Cymbalta 30.3 454.0 484.3 30.5 546.5 576.9 Emgality 313.5 102.2 415.7 229.3 23.6 252.9 Zyprexa 28.3 264.5 292.8 41.5 266.2 307.7 Other Neuroscience 81.0 154.0 235.0 53.4 165.7 219.2 Total Neuroscience 453.1 974.7 1,427.8 354.7 1,002.0 1,356.7 Other: COVID-19 Antibodies (4) 949.5 226.7 1,176.2 — — — Forteo 330.1 287.7 617.8 386.7 405.2 791.9 Cialis (3.1) 541.8 538.7 64.6 421.6 486.2 Other 96.5 164.3 260.8 144.2 225.2 369.4 Total Other 1,373.0 1,220.5 2,593.5 595.5 1,052.0 1,647.5 Revenue $ 11,635.1 $ 8,683.4 $ 20,318.5 $ 9,631.4 $ 7,468.5 $ 17,099.8 Numbers may not add due to rounding. (1) Humalog revenue includes insulin lispro. (2) Jardiance revenue includes Glyxambi, Synjardy, and Trijardy XR. (3) Olumiant revenue includes sales for baricitinib, for treatment in hospitalized COVID-19 patients, that were made pursuant to EUA. (4) COVID-19 antibodies include sales for bamlanivimab administered alone as well as sales for bamlanivimab and etesevimab administered together and were made pursuant to EUAs. The following table summarizes revenue by geographical area: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue—to unaffiliated customers (1) : U.S. $ 3,989.6 $ 3,161.4 $ 11,635.1 $ 9,631.4 Europe 1,098.6 1,046.7 3,629.6 2,984.4 Japan 595.0 660.1 1,832.2 1,919.1 China 400.3 289.1 1,285.0 796.2 Other foreign countries 689.4 583.2 1,936.7 1,768.7 Revenue $ 6,772.8 $ 5,740.6 $ 20,318.5 $ 17,099.8 Numbers may not add due to rounding. (1) Revenue is attributed to the countries based on the location of the customer. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions In January 2021 and February 2020, we completed the acquisitions of Prevail Therapeutics Inc. (Prevail) and Dermira, Inc. (Dermira), respectively. These transactions, as further discussed in this note below in Acquisitions of Businesses, were accounted for as business combinations under the acquisition method of accounting. Under this method, the assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated condensed financial statements. The determination of estimated fair value required management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets, where applicable, has been recorded as goodwill. The results of operations of these acquisitions are included in our consolidated condensed financial statements from the date of acquisition. We also acquired assets in development which are further discussed in this note below in Asset Acquisitions. Upon each acquisition, the cost allocated to acquired in-process research and development (IPR&D) was immediately expensed because the compound had no alternative future use. We recognized acquired IPR&D charges of $174.0 million and $498.3 million for the three and nine months ended September 30, 2021, respectively, and $294.1 million for the nine months ended September 30, 2020. There were no acquired IPR&D charges recognized in the three months ended September 30, 2020. Acquisitions of Businesses Prevail Acquisition Overview of Transaction In January 2021, we acquired all shares of Prevail for a purchase price that included $22.50 per share in cash (or an aggregate of $747.4 million, net of cash acquired) plus one non-tradable contingent value right (CVR) per share. The CVR entitles Prevail stockholders up to an additional $4.00 per share in cash (or an aggregate of approximately $160 million) payable, subject to certain terms and conditions, upon the first regulatory approval of a Prevail product in one of the following countries: U.S., Japan, United Kingdom, Germany, France, Italy or Spain. To achieve the full value of the CVR, such regulatory approval must occur by December 31, 2024. If such regulatory approval occurs after December 31, 2024, the value of the CVR will be reduced by approximately 8.3 cents per month until December 1, 2028, at which point the CVR will expire without payment. Under the terms of the agreement, we acquired potentially disease-modifying AAV9-based gene therapies for patients with neurodegenerative diseases. The acquisition establishes a new modality for drug discovery and development, extending our research efforts through the creation of a gene therapy program that is being anchored by Prevail’s portfolio of assets. The lead gene therapies in clinical development that we acquired were PR001 for patients with Parkinson’s disease with GBA1 mutations and neuronopathic Gaucher disease and PR006 for patients with frontotemporal dementia with GRN mutations. Both PR001 and PR006 were granted Fast Track designation from the U.S. Food and Drug Administration (FDA). Assets Acquired and Liabilities Assumed Our access to Prevail information was limited prior to the acquisition. As a consequence, we are in the process of determining fair values and tax bases of a significant portion of the assets acquired and liabilities assumed, including the identification and valuation of intangible assets and tax exposures. The final determination of these amounts will be completed as soon as possible but no later than one year from the acquisition date. The final determination may result in asset and liability fair values and tax bases that differ from the preliminary estimates and require changes to the preliminary amounts recognized. The following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Estimated Fair Value at January 22, 2021 Cash $ 90.5 Acquired IPR&D (1) 824.0 Goodwill (2) 118.8 Deferred tax liabilities (98.0) Other assets and liabilities, net (31.5) Acquisition date fair value of consideration transferred 903.8 Less: Cash acquired (90.5) Fair value of CVR liability (3) (65.9) Cash paid, net of cash acquired $ 747.4 (1) Acquired IPR&D intangibles primarily relate to PR001. (2) The goodwill recognized from this acquisition is not deductible for tax purposes. (3) See Note 6 for a discussion on the estimation of the CVR liability. Pro forma information has not been included as this acquisition did not have a material impact on our consolidated condensed statements of operations for the three and nine months ended September 30, 2021 and 2020. Dermira Acquisition Overview of Transaction In February 2020, we acquired all shares of Dermira for a purchase price of approximately $849.3 million, net of cash acquired. Under the terms of the agreement, we acquired lebrikizumab, a novel, investigational, monoclonal antibody being evaluated for the treatment of moderate-to-severe atopic dermatitis. Lebrikizumab was granted Fast Track designation from the FDA. We also acquired Qbrexza ® (glycopyrronium) cloth, a medicated cloth approved by the FDA for the topical treatment of primary axillary hyperhidrosis (uncontrolled excessive underarm sweating). During the nine months ended September 30, 2021, we sold the rights to Qbrexza. See Note 5 for additional information. Assets Acquired and Liabilities Assumed The fair values recognized related to the assets acquired and liabilities assumed in this acquisition included goodwill of $86.8 million, other intangibles of $1.20 billion primarily related to lebrikizumab, deferred income tax liabilities of $49.5 million, and long-term debt of $375.5 million. After the acquisition, we repaid $276.2 million of long-term debt assumed as part of our acquisition of Dermira. Asset Acquisitions The following table summarizes our asset acquisitions during the nine months ended September 30, 2021 and 2020: Counterparty Compound(s) or Therapy Acquisition Month Phase of Development (1) Acquired IPR&D Expense Precision Biosciences, Inc. Potential in vivo therapies for genetic disorders January 2021 Pre-clinical $ 107.8 Merus N.V. CD3-engaging T-cell re-directing bispecific antibodies for the potential treatment of cancer January 2021 Pre-clinical 46.5 Asahi Kasei Pharma Corporation AK1780, an orally bioavailable P2X7 receptor antagonist for the potential treatment of chronic pain conditions January 2021 Phase I 20.0 Rigel Pharmaceuticals, Inc. R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for the potential treatment of autoimmune and inflammatory diseases March 2021 Phase I 125.0 MiNA Therapeutics Limited Pre-clinical targets that could lead to potential new medicines May 2021 Pre-clinical 25.0 Protomer Technologies Inc. Glucose-sensing insulin program July 2021 Pre-clinical 57.3 Kumquat Biosciences Inc. Pre-clinical small molecules that stimulate tumor-specific immune responses July 2021 Pre-clinical 55.0 Lycia Therapeutics, Inc. Several potential modalities across a spectrum of therapeutic areas and diseases August 2021 Pre-clinical 35.0 ProQR Therapeutics N.V. Pre-clinical targets that could lead to potential new medicines for genetic disorders in the liver and nervous system September 2021 Pre-clinical 26.7 Sitryx Therapeutics Limited Pre-clinical targets that could lead to potential new medicines for autoimmune diseases March 2020 Pre-clinical 52.3 AbCellera Biologics Inc. (AbCellera) (2) Neutralizing antibodies for the treatment and prevention of COVID-19 March 2020 Pre-clinical 25.0 Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences) Neutralizing antibodies for the treatment and prevention of COVID-19 May 2020 Pre-clinical 20.0 Petra Pharma Corporation (Petra) Mutant-selective PI3K α inhibitor that could lead to potential new medicine May 2020 Pre-clinical 174.8 Evox Therapeutics Limited Pre-clinical targets for the potential treatment of neurological disorders June 2020 Pre-clinical 22.0 (1) The phase of development presented is as of the date of the arrangement and represents the phase of development of the most advanced asset acquired, where applicable. (2) We recognized an acquired IPR&D expense of $25.0 million in May 2020 upon closing of the transaction. In connection with these arrangements, our partners may be entitled to future royalties and/or commercial milestones based on sales should products be approved for commercialization and/or milestones based on the successful progress of compounds through the development process. |
Acquisitions | Acquisitions In January 2021 and February 2020, we completed the acquisitions of Prevail Therapeutics Inc. (Prevail) and Dermira, Inc. (Dermira), respectively. These transactions, as further discussed in this note below in Acquisitions of Businesses, were accounted for as business combinations under the acquisition method of accounting. Under this method, the assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated condensed financial statements. The determination of estimated fair value required management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets, where applicable, has been recorded as goodwill. The results of operations of these acquisitions are included in our consolidated condensed financial statements from the date of acquisition. We also acquired assets in development which are further discussed in this note below in Asset Acquisitions. Upon each acquisition, the cost allocated to acquired in-process research and development (IPR&D) was immediately expensed because the compound had no alternative future use. We recognized acquired IPR&D charges of $174.0 million and $498.3 million for the three and nine months ended September 30, 2021, respectively, and $294.1 million for the nine months ended September 30, 2020. There were no acquired IPR&D charges recognized in the three months ended September 30, 2020. Acquisitions of Businesses Prevail Acquisition Overview of Transaction In January 2021, we acquired all shares of Prevail for a purchase price that included $22.50 per share in cash (or an aggregate of $747.4 million, net of cash acquired) plus one non-tradable contingent value right (CVR) per share. The CVR entitles Prevail stockholders up to an additional $4.00 per share in cash (or an aggregate of approximately $160 million) payable, subject to certain terms and conditions, upon the first regulatory approval of a Prevail product in one of the following countries: U.S., Japan, United Kingdom, Germany, France, Italy or Spain. To achieve the full value of the CVR, such regulatory approval must occur by December 31, 2024. If such regulatory approval occurs after December 31, 2024, the value of the CVR will be reduced by approximately 8.3 cents per month until December 1, 2028, at which point the CVR will expire without payment. Under the terms of the agreement, we acquired potentially disease-modifying AAV9-based gene therapies for patients with neurodegenerative diseases. The acquisition establishes a new modality for drug discovery and development, extending our research efforts through the creation of a gene therapy program that is being anchored by Prevail’s portfolio of assets. The lead gene therapies in clinical development that we acquired were PR001 for patients with Parkinson’s disease with GBA1 mutations and neuronopathic Gaucher disease and PR006 for patients with frontotemporal dementia with GRN mutations. Both PR001 and PR006 were granted Fast Track designation from the U.S. Food and Drug Administration (FDA). Assets Acquired and Liabilities Assumed Our access to Prevail information was limited prior to the acquisition. As a consequence, we are in the process of determining fair values and tax bases of a significant portion of the assets acquired and liabilities assumed, including the identification and valuation of intangible assets and tax exposures. The final determination of these amounts will be completed as soon as possible but no later than one year from the acquisition date. The final determination may result in asset and liability fair values and tax bases that differ from the preliminary estimates and require changes to the preliminary amounts recognized. The following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Estimated Fair Value at January 22, 2021 Cash $ 90.5 Acquired IPR&D (1) 824.0 Goodwill (2) 118.8 Deferred tax liabilities (98.0) Other assets and liabilities, net (31.5) Acquisition date fair value of consideration transferred 903.8 Less: Cash acquired (90.5) Fair value of CVR liability (3) (65.9) Cash paid, net of cash acquired $ 747.4 (1) Acquired IPR&D intangibles primarily relate to PR001. (2) The goodwill recognized from this acquisition is not deductible for tax purposes. (3) See Note 6 for a discussion on the estimation of the CVR liability. Pro forma information has not been included as this acquisition did not have a material impact on our consolidated condensed statements of operations for the three and nine months ended September 30, 2021 and 2020. Dermira Acquisition Overview of Transaction In February 2020, we acquired all shares of Dermira for a purchase price of approximately $849.3 million, net of cash acquired. Under the terms of the agreement, we acquired lebrikizumab, a novel, investigational, monoclonal antibody being evaluated for the treatment of moderate-to-severe atopic dermatitis. Lebrikizumab was granted Fast Track designation from the FDA. We also acquired Qbrexza ® (glycopyrronium) cloth, a medicated cloth approved by the FDA for the topical treatment of primary axillary hyperhidrosis (uncontrolled excessive underarm sweating). During the nine months ended September 30, 2021, we sold the rights to Qbrexza. See Note 5 for additional information. Assets Acquired and Liabilities Assumed The fair values recognized related to the assets acquired and liabilities assumed in this acquisition included goodwill of $86.8 million, other intangibles of $1.20 billion primarily related to lebrikizumab, deferred income tax liabilities of $49.5 million, and long-term debt of $375.5 million. After the acquisition, we repaid $276.2 million of long-term debt assumed as part of our acquisition of Dermira. Asset Acquisitions The following table summarizes our asset acquisitions during the nine months ended September 30, 2021 and 2020: Counterparty Compound(s) or Therapy Acquisition Month Phase of Development (1) Acquired IPR&D Expense Precision Biosciences, Inc. Potential in vivo therapies for genetic disorders January 2021 Pre-clinical $ 107.8 Merus N.V. CD3-engaging T-cell re-directing bispecific antibodies for the potential treatment of cancer January 2021 Pre-clinical 46.5 Asahi Kasei Pharma Corporation AK1780, an orally bioavailable P2X7 receptor antagonist for the potential treatment of chronic pain conditions January 2021 Phase I 20.0 Rigel Pharmaceuticals, Inc. R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for the potential treatment of autoimmune and inflammatory diseases March 2021 Phase I 125.0 MiNA Therapeutics Limited Pre-clinical targets that could lead to potential new medicines May 2021 Pre-clinical 25.0 Protomer Technologies Inc. Glucose-sensing insulin program July 2021 Pre-clinical 57.3 Kumquat Biosciences Inc. Pre-clinical small molecules that stimulate tumor-specific immune responses July 2021 Pre-clinical 55.0 Lycia Therapeutics, Inc. Several potential modalities across a spectrum of therapeutic areas and diseases August 2021 Pre-clinical 35.0 ProQR Therapeutics N.V. Pre-clinical targets that could lead to potential new medicines for genetic disorders in the liver and nervous system September 2021 Pre-clinical 26.7 Sitryx Therapeutics Limited Pre-clinical targets that could lead to potential new medicines for autoimmune diseases March 2020 Pre-clinical 52.3 AbCellera Biologics Inc. (AbCellera) (2) Neutralizing antibodies for the treatment and prevention of COVID-19 March 2020 Pre-clinical 25.0 Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences) Neutralizing antibodies for the treatment and prevention of COVID-19 May 2020 Pre-clinical 20.0 Petra Pharma Corporation (Petra) Mutant-selective PI3K α inhibitor that could lead to potential new medicine May 2020 Pre-clinical 174.8 Evox Therapeutics Limited Pre-clinical targets for the potential treatment of neurological disorders June 2020 Pre-clinical 22.0 (1) The phase of development presented is as of the date of the arrangement and represents the phase of development of the most advanced asset acquired, where applicable. (2) We recognized an acquired IPR&D expense of $25.0 million in May 2020 upon closing of the transaction. In connection with these arrangements, our partners may be entitled to future royalties and/or commercial milestones based on sales should products be approved for commercialization and/or milestones based on the successful progress of compounds through the development process. |
Collaborations and Other Arrang
Collaborations and Other Arrangements | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborations and Other Arrangements | Collaborations and Other Arrangements We often enter into collaborative and other similar arrangements to develop and commercialize drug candidates. Collaborative activities may include research and development, marketing and selling (including promotional activities and physician detailing), manufacturing, and distribution. These arrangements often require milestone as well as royalty or profit-share payments, contingent upon the occurrence of certain future events linked to the success of the asset in development, as well as expense reimbursements from or payments to the collaboration partner. See Note 2 for amounts of collaboration and other revenue recognized from these types of arrangements. Operating expenses for costs incurred pursuant to these arrangements are reported in their respective expense line item, net of any payments due to or reimbursements due from our collaboration partners, with such reimbursements being recognized at the time the party becomes obligated to pay. Each collaboration is unique in nature, and our more significant arrangements are discussed below. Boehringer Ingelheim Diabetes Collaboration We and Boehringer Ingelheim have a global agreement to jointly develop and commercialize a portfolio of diabetes compounds. Currently included in the collaboration are Boehringer Ingelheim’s oral diabetes products: Jardiance, Glyxambi, Synjardy, Trijardy XR, Trajenta, and Jentadueto ® as well as our basal insulin, Basaglar. Glyxambi, Synjardy, and Trijardy XR are included in the Jardiance product family. Jentadueto is included in the Trajenta product family. The table below summarizes the net amount of significant milestones capitalized (deferred) at September 30, 2021 and December 31, 2020 for the compounds included in this collaboration: Net Milestones Capitalized (Deferred) (1) as of: Product Family September 30, 2021 December 31, 2020 Jardiance (2) $ 141.1 $ 156.2 Trajenta (3) 95.1 114.6 Basaglar (154.0) (168.0) (1) In connection with the regulatory approvals of Jardiance and Trajenta, milestone payments made were capitalized as intangible assets and are being amortized to cost of sales through the term of the collaboration. In connection with the regulatory approvals of Basaglar, milestone payments received were recorded as contract liabilities and are being amortized through the term of the collaboration (2029) to collaboration and other revenue. This represents the amounts that have been capitalized (deferred) from the start of this collaboration through the end of the reporting period, net of amount amortized. (2) The collaboration agreement with Boehringer Ingelheim for Jardiance ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto. (3) The collaboration agreement with Boehringer Ingelheim for Trajenta ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto. For the Jardiance product family, we and Boehringer Ingelheim share equally the ongoing development and commercialization costs in the most significant markets, and we record our portion of the development and commercialization costs as research and development expense and marketing, selling, and administrative expense, respectively. We receive a royalty on net sales of Boehringer Ingelheim's products in the most significant markets and recognize the royalty as collaboration and other revenue. Boehringer Ingelheim is entitled to potential performance payments depending on the net sales of the Jardiance product family; therefore, our reported revenue for Jardiance may be reduced by any potential performance payments we make related to this product family. Beginning January 1, 2021, the royalty received by us related to the Jardiance product family may also be increased or decreased depending on whether net sales for this product family exceed or fall below certain thresholds. We pay to Boehringer Ingelheim a royalty on net sales for Basaglar in the U.S. We record our sales of Basaglar to third parties as net product revenue with the royalty payments made to Boehringer Ingelheim recorded as cost of sales. The following table summarizes our collaboration and other revenue recognized with respect to the Jardiance and Trajenta families of products and our net product revenue recognized with respect to Basaglar: Three Months Ended September 30, Nine Months Ended September 30, Product Family 2021 2020 2021 2020 Jardiance $ 390.4 $ 310.8 $ 1,058.9 $ 840.3 Basaglar 192.8 248.2 650.1 842.3 Trajenta 96.1 91.7 279.9 261.7 Olumiant We have a worldwide license and collaboration agreement with Incyte Corporation (Incyte), which provides us the development and commercialization rights to its Janus tyrosine kinase (JAK) inhibitor compound, now known as Olumiant (baricitinib), and certain follow-on compounds, for the treatment of inflammatory and autoimmune diseases. Incyte has the right to receive tiered, double digit royalty payments on global net sales with rates ranging up to 20 percent. The agreement calls for payments by us to Incyte associated with certain development, success-based regulatory, and sales-based milestones. In 2020, the agreement was amended to include the treatment of COVID-19, with Incyte obtaining the right to receive an additional royalty ranging up to the low teens on global net sales for the treatment of COVID-19 that exceed a specified aggregate global net sales threshold. In connection with the regulatory approvals of Olumiant in the U.S., Europe, and Japan, milestone payments of $210.0 million were capitalized as intangible assets as of September 30, 2021 and December 31, 2020 and are being amortized to cost of sales through the term of the collaboration. This represents the cumulative amounts that have been capitalized from the start of this collaboration through the end of each reporting period. As of September 30, 2021, Incyte is eligible to receive up to $100.0 million of additional payments from us contingent upon certain success-based regulatory milestones. Incyte is also eligible to receive up to $150.0 million of potential sales-based milestones. We record our sales of Olumiant, including sales of baricitinib that were made pursuant to EUA, to third parties as net product revenue with the royalty payments made to Incyte recorded as cost of sales. The following table summarizes our net product revenue recognized with respect to Olumiant: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Olumiant $ 406.9 $ 162.0 $ 809.1 $ 446.7 COVID-19 antibodies In 2020, we entered into a worldwide license and collaboration agreement with AbCellera to co-develop therapeutic antibodies for the potential prevention and treatment of COVID-19, including bamlanivimab, for which we hold development and commercialization rights. AbCellera has the right to receive tiered royalty payments on global net sales of bamlanivimab with percentages ranging in the mid-teens to mid-twenties. Royalty payments made to AbCellera are recorded as cost of sales. In 2020, we entered into a license and collaboration agreement with Junshi Biosciences to co-develop therapeutic antibodies for the potential prevention and treatment of COVID-19, including etesevimab, for which we hold development and commercialization rights outside of mainland China and the Special Administrative Regions of Hong Kong and Macau, and for which Junshi Biosciences currently maintains all rights in mainland China and the Special Administrative Regions of Hong Kong and Macau. Junshi Biosciences has the right to receive royalty payments in the mid-teens on our net sales of etesevimab. Junshi Biosciences also has the right to receive certain development, success-based regulatory and sales-based milestones. In connection with the regulatory authorizations of etesevimab (for administration with bamlanivimab) as well as achievement of a sales-based milestone, milestone payments of $95.0 million were capitalized as intangible assets as of September 30, 2021 and are being amortized to cost of sales over the estimated useful life of etesevimab. As of September 30, 2021, Junshi Biosciences is eligible to receive up to $100.0 million of potential sales-based milestones. Pursuant to EUAs, we recognized $217.1 million and $1.18 billion of net product revenue associated with our sales of our COVID-19 antibodies during the three and nine months ended September 30, 2021, respectively. Sintilimab Injection We have a collaboration agreement with Innovent Biologics, Inc. (Innovent) to jointly develop and commercialize sintilimab injection in China, where it is branded and trademarked as Tyvyt. In 2019, we and Innovent began co-commercializing Tyvyt in China. In 2020, we obtained an exclusive license for sintilimab injection from Innovent for geographies outside of China. Innovent, with collaboration from us, has filed the initial registration of sintilimab injection in the U.S., and we will pursue initial registration of sintilimab injection in other markets and all other subsequent registrations of sintilimab injection. We have exclusive commercialization rights outside of China. In connection with a regulatory approval for Tyvyt in China in the second quarter of 2021, we capitalized a milestone payment of $40.0 million as an intangible asset which is being amortized to cost of sales through the term of the collaboration. As of September 30, 2021, Innovent is eligible to receive up to $825.0 million for geographies outside of China and up to $195.0 million in China in success-based regulatory and sales-based milestones. Innovent is also eligible to receive tiered double digit royalties on net sales for geographies outside of China. We record our sales of Tyvyt to third parties as net product revenue, with payments made to Innovent for its portion of the gross margin reported as cost of sales. We report as collaboration and other revenue our portion of the gross margin for Tyvyt sales made by Innovent to third parties. The following table summarizes our revenue recognized in China with respect to Tyvyt: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Tyvyt $ 125.6 $ 84.4 $ 340.2 $ 205.9 Tanezumab We have a collaboration agreement with Pfizer Inc. (Pfizer) to jointly develop and globally commercialize tanezumab for the treatment of osteoarthritis pain and cancer pain. In October 2021, we and Pfizer discontinued the global clinical development program of tanezumab for the treatment of osteoarthritis pain and cancer pain following the receipt of a Complete Response Letter from the FDA and a negative opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use. Lebrikizumab As a result of our acquisition of Dermira, we have a worldwide licensing agreement with F. Hoffmann-La Roche Ltd and Genentech, Inc. (collectively Roche), which provides us the global development and commercialization rights to lebrikizumab. Roche has the right to receive tiered royalty payments on future global net sales ranging in percentages from high single digits to high teens if the product is successfully commercialized. As of September 30, 2021, Roche is eligible to receive up to $180.0 million of payments from us contingent upon the achievement of success-based regulatory milestones and up to $1.03 billion in a series of sales-based milestones, contingent upon the commercial success of lebrikizumab. As a result of our acquisition of Dermira, we have a license agreement with Almirall, S.A. (Almirall), under which Almirall licensed the rights to develop and commercialize lebrikizumab for the treatment or prevention of dermatology indications, including, but not limited to, atopic dermatitis in Europe. We have the right to receive tiered royalty payments on future net sales in Europe ranging in percentages from low double digits to low twenties if the product is successfully commercialized. As of September 30, 2021, we are eligible to receive additional payments of $85.0 million from Almirall contingent upon the achievement of success-based regulatory milestones and up to $1.25 billion in a series of sales-based milestones, contingent upon the commercial success of lebrikizumab. As of September 30, 2021 and December 31, 2020, $15.3 million and $29.7 million, respectively, were recorded as contract liabilities on the consolidated condensed balance sheets and are expected to be recognized as collaboration and other revenue over the remaining Phase III development period. During the three and nine months ended September 30, 2021 and 2020, milestones received and collaboration and other revenue recognized were not material. Petra As a result of our acquisition of Petra, we are required to make milestone payments to Petra shareholders contingent upon the occurrence of certain future events linked to the success of the mutant-selective PI3K α inhibitor. Our more significant, near term milestones include a development milestone of approximately $205 million in 2022 contingent upon initiation of its Phase I trial and a further development milestone of approximately $164 million in 2023 contingent upon achieving clinical proof of concept. |
Asset Impairment, Restructuring
Asset Impairment, Restructuring, and Other Special Charges | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Asset Impairment, Restructuring, and Other Special Charges | Asset Impairment, Restructuring, and Other Special Charges The components of the charges included in asset impairment, restructuring, and other special charges in our consolidated condensed statements of operations are described below. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Severance $ — $ 144.4 $ 11.5 $ 154.2 Asset impairment (recovery) and other special charges — (43.0) 200.1 7.1 Total asset impairment, restructuring, and other special charges $ — $ 101.4 $ 211.6 $ 161.3 Asset impairment, restructuring, and other special charges recognized during the nine months ended September 30, 2021 were primarily related to an intangible asset impairment of $108.1 million resulting from the sale of the rights to Qbrexza, as well as acquisition and integration costs associated with the acquisition of Prevail. Severance costs recognized during the three and nine months ended September 30, 2020 were incurred as a result of actions taken worldwide to reduce our cost structure. Substantially all of the severance costs incurred during the three and nine months ended September 30, 2020 have been paid. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial Instruments Financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest-bearing investments. Wholesale distributors of life science products account for a substantial portion of our trade receivables; collateral is generally not required. We seek to mitigate the risk associated with this concentration through our ongoing credit-review procedures and insurance. A large portion of our cash is held by a few major financial institutions. We monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations. In accordance with documented corporate risk-management policies, we monitor the amount of credit exposure to any one financial institution or corporate issuer. We are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings. We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value. Our equity investments are accounted for using three different methods depending on the type of equity investment: • Investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method, with our share of earnings or losses reported in other-net, (income) expense. • For equity investments that do not have readily determinable fair values, we measure these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any change in recorded value is recorded in other-net, (income) expense. • Our public equity investments are measured and carried at fair value. Any change in fair value is recognized in other-net, (income) expense. We review equity investments other than public equity investments for indications of impairment and observable price changes on a regular basis. Our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets, liabilities, and transactions being hedged. Management reviews the correlation and effectiveness of our derivatives on a quarterly basis. For derivative instruments that are designated and qualify as fair value hedges, the derivative instrument is marked to market, with gains and losses recognized currently in income to offset the respective losses and gains recognized on the underlying exposure. For derivative instruments that are designated and qualify as cash flow hedges, gains and losses are reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period the hedged transaction affects earnings. For derivative and non-derivative instruments that are designated and qualify as net investment hedges, the foreign currency translation gains or losses due to spot rate fluctuations are reported as a component of accumulated other comprehensive loss. Derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in earnings during the period of change. We may enter into foreign currency forward or option contracts to reduce the effect of fluctuating currency exchange rates (principally the euro, British pound, and Japanese yen). Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures. Forward and option contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies. These contracts are recorded at fair value with the gain or loss recognized in other–net, (income) expense. We may enter into foreign currency forward and option contracts and currency swaps as fair value hedges of firm commitments. Forward contracts generally have maturities not exceeding 12 months. At September 30, 2021, we had outstanding foreign currency forward commitments to purchase 707.3 million U.S. dollars and sell 604.5 million euro, commitments to purchase 2.54 billion euro and sell 2.98 billion U.S. dollars, commitments to purchase 151.6 million U.S. dollars and sell 980.0 million Chinese yuan, commitments to purchase 144.7 million U.S. dollars and sell 16.13 billion Japanese yen, and commitments to purchase 155.5 million British pounds and sell 212.6 million U.S. dollars, which all have settlement dates within 180 days. Foreign currency exchange risk is also managed through the use of foreign currency debt and cross-currency interest rate swaps. Our foreign currency-denominated notes had carrying amounts of $8.08 billion and $6.02 billion as of September 30, 2021 and December 31, 2020, respectively, of which $5.95 billion and $4.50 billion have been designated as, and are effective as, economic hedges of net investments in certain of our foreign operations as of September 30, 2021 and December 31, 2020, respectively. At September 30, 2021, we had outstanding cross-currency swaps with notional amounts of $2.69 billion swapping U.S. dollars to euro and $1.00 billion swapping Swiss francs to U.S. dollars which have settlement dates ranging through 2028. Our cross-currency interest rate swaps, for which a majority convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign-denominated fixed-rate debt, have also been designated as, and are effective as, economic hedges of net investments. In the normal course of business, our operations are exposed to fluctuations in interest rates which can vary the costs of financing, investing, and operating. We seek to address a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. Our primary interest-rate risk exposure results from changes in short-term U.S. dollar interest rates. In an effort to manage interest-rate exposures, we strive to achieve an acceptable balance between fixed- and floating-rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance. Interest rate swaps or collars that convert our fixed-rate debt to a floating rate are designated as fair value hedges of the underlying instruments. Interest rate swaps or collars that convert floating-rate debt to a fixed rate are designated as cash flow hedges. Interest expense on the debt is adjusted to include the payments made or received under the swap agreements. Cash proceeds from or payments to counterparties resulting from the termination of interest rate swaps are classified as operating activities in our consolidated condensed statements of cash flows. At September 30, 2021, substantially all of our total long-term debt is at a fixed rate. We have converted approximately 12 percent of our long-term fixed-rate notes to floating rates through the use of interest rate swaps. We also may enter into forward-starting interest rate swaps, which we designate as cash flow hedges, as part of any anticipated future debt issuances in order to reduce the risk of cash flow volatility from future changes in interest rates. The change in fair value of these instruments is recorded as part of other comprehensive income (loss), and upon completion of a debt issuance and termination of the swap, is amortized to interest expense over the life of the underlying debt. As of September 30, 2021, the total notional amounts of forward-starting interest rate contracts in designated cash flow hedging instruments were $1.75 billion, which have settlement dates ranging between 2023 and 2025. In September 2021, we issued euro-denominated notes consisting of €600.0 million of 0.50 percent fixed-rate notes due in September 2033, with interest to be paid annually. The net proceeds from the offering will be used to fund, in whole or in part, eligible projects designed to advance one or more of our environmental, social, and governance objectives. In September 2021, we issued euro-denominated notes consisting of €500.0 million of 1.125 percent fixed-rate notes due in September 2051 and €700.0 million of 1.375 percent fixed-rate notes due in September 2061, with interest to be paid annually, and British pound-denominated notes consisting of £250.0 million of 1.625 percent fixed-rate notes due in September 2043, with interest to be paid annually. We paid $1.91 billion of the net cash proceeds from the offering to purchase and redeem certain higher interest rate U.S. dollar-denominated notes with an aggregate principal amount of $1.50 billion, resulting in a debt extinguishment loss of $405.2 million. This loss was included in other-net, (income) expense in our consolidated statement of operations during the three and nine months ended September 30, 2021. The $1.50 billion principal amount of higher interest rate U.S. dollar-denominated notes that were redeemed primarily included $541.8 million of 3.95 percent notes due 2049, $408.7 million of 4.15 percent notes due 2059, and $219.4 million of 3.375 percent notes due 2029. We used the remaining net proceeds from the offering to prefund certain 2022 debt maturities and for general corporate purposes. The Effect of Risk-Management Instruments on the Consolidated Condensed Statements of Operations The following effects of risk-management instruments were recognized in other–net, (income) expense: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fair value hedges: Effect from hedged fixed-rate debt $ (10.1) $ (14.0) $ (60.5) $ 110.4 Effect from interest rate contracts 10.1 14.0 60.5 (110.4) Cash flow hedges: Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss 4.2 4.1 12.5 12.3 Cross-currency interest rate swaps 10.0 (30.2) 58.1 (54.6) Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments 50.8 (54.2) 110.6 (82.8) Total $ 65.0 $ (80.3) $ 181.2 $ (125.1) During the three and nine months ended September 30, 2021 and 2020, the amortization of losses related to the portion of our risk management hedging instruments, fair value hedges, and cash flow hedges that was excluded from the assessment of effectiveness was not material. The Effect of Risk-Management Instruments on Other Comprehensive Income (Loss) The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net investment hedges: Foreign currency-denominated notes $ 119.0 $ (181.1) $ 268.8 $ (186.0) Cross-currency interest rate swaps 66.7 (110.4) 170.8 (55.4) Cash flow hedges: Forward-starting interest rate swaps 19.4 99.6 149.3 (231.9) Cross-currency interest rate swaps 3.1 6.6 22.5 (58.3) During the next 12 months, we expect to reclassify $16.4 million of pretax net losses on cash flow hedges from accumulated other comprehensive loss to other–net, (income) expense. During the three and nine months ended September 30, 2021 and 2020, the amounts excluded from the assessment of hedge effectiveness recognized in other comprehensive income (loss) were not material. Fair Value of Financial Instruments The following tables summarize certain fair value information at September 30, 2021 and December 31, 2020 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments: Fair Value Measurements Using Carrying Cost (1) Quoted Prices in Active Markets for Identical Assets Significant Other Significant Fair September 30, 2021 Cash equivalents $ 2,373.8 $ 2,373.8 $ 2,373.8 $ — $ — $ 2,373.8 Short-term investments: U.S. government and agency securities $ 11.3 $ 11.1 $ 11.3 $ — $ — $ 11.3 Corporate debt securities 6.8 6.7 — 6.8 — 6.8 Mortgage-backed securities 0.2 0.2 — 0.2 — 0.2 Asset-backed securities 3.3 3.2 — 3.3 — 3.3 Other securities 15.5 15.5 6.6 — 8.9 15.5 Short-term investments $ 37.1 Noncurrent investments: U.S. government and agency securities $ 129.9 $ 129.0 $ 129.9 $ — $ — $ 129.9 Corporate debt securities 219.7 215.0 — 219.7 — 219.7 Mortgage-backed securities 110.7 107.9 — 110.7 — 110.7 Asset-backed securities 19.7 19.6 — 19.7 — 19.7 Other securities 105.6 21.6 — — 105.6 105.6 Marketable equity securities 1,482.8 420.5 1,482.8 — — 1,482.8 Equity investments without readily determinable fair values (2) 556.3 Equity method investments (2) 725.8 Noncurrent investments $ 3,350.5 December 31, 2020 Cash equivalents $ 2,097.9 $ 2,097.9 $ 2,097.9 $ — $ — $ 2,097.9 Short-term investments: U.S. government and agency securities $ 9.9 $ 9.9 $ 9.9 $ — $ — $ 9.9 Corporate debt securities 2.8 2.8 — 2.8 — 2.8 Asset-backed securities 1.2 1.2 — 1.2 — 1.2 Other securities 10.3 10.3 — — 10.3 10.3 Short-term investments $ 24.2 Noncurrent investments: U.S. government and agency securities $ 78.7 $ 74.3 $ 78.7 $ — $ — $ 78.7 Corporate debt securities 137.0 126.8 — 137.0 — 137.0 Mortgage-backed securities 106.4 101.4 — 106.4 — 106.4 Asset-backed securities 24.3 23.7 — 24.3 — 24.3 Other securities 110.5 31.8 — — 110.5 110.5 Marketable equity securities 1,664.2 311.6 1,664.2 — — 1,664.2 Equity investments without readily determinable fair values (2) 373.9 Equity method investments (2) 471.8 Noncurrent investments $ 2,966.8 (1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost. (2) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments. Fair Value Measurements Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair Long-term debt, including current portion September 30, 2021 $ (17,085.4) $ — $ (18,354.9) $ — $ (18,354.9) December 31, 2020 (16,595.3) — (19,038.9) — (19,038.9) Fair Value Measurements Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair September 30, 2021 Risk-management instruments: Interest rate contracts designated as fair value hedges: Other receivables $ 8.5 $ — $ 8.5 $ — $ 8.5 Other noncurrent assets 87.2 $ — 87.2 $ — 87.2 Other noncurrent liabilities (2.2) — (2.2) — (2.2) Interest rate contracts designated as cash flow hedges: Other noncurrent assets 77.3 — 77.3 — 77.3 Cross-currency interest rate contracts designated as net investment hedges: Other receivables 18.7 — 18.7 — 18.7 Other noncurrent assets 38.7 — 38.7 — 38.7 Other current liabilities (17.0) — (17.0) — (17.0) Other noncurrent liabilities (9.5) — (9.5) — (9.5) Cross-currency interest rate contracts designated as cash flow hedges: Other noncurrent assets 10.8 — 10.8 — 10.8 Other noncurrent liabilities (23.0) — (23.0) — (23.0) Foreign exchange contracts not designated as hedging instruments: Other receivables 5.5 — 5.5 — 5.5 Other current liabilities (25.7) — (25.7) — (25.7) Contingent consideration liability: Other noncurrent liabilities (70.7) — — (70.7) (70.7) December 31, 2020 Risk-management instruments: Interest rate contracts designated as fair value hedges: Other noncurrent assets 158.9 — 158.9 — 158.9 Interest rate contracts designated as cash flow hedges: Other noncurrent assets 38.1 — 38.1 — 38.1 Other noncurrent liabilities (97.8) — (97.8) — (97.8) Cross-currency interest rate contracts designated as net investment hedges: Other current liabilities (92.6) — (92.6) — (92.6) Other noncurrent liabilities (97.2) — (97.2) — (97.2) Cross-currency interest rate contracts designated as cash flow hedges: Other noncurrent assets 34.4 — 34.4 — 34.4 Other noncurrent liabilities (2.9) — (2.9) — (2.9) Foreign exchange contracts not designated as hedging instruments: Other receivables 41.1 — 41.1 — 41.1 Other current liabilities (15.2) — (15.2) — (15.2) Risk-management instruments above are disclosed on a gross basis. There are various rights of setoff associated with certain of the risk-management instruments above that are subject to enforceable master netting arrangements or similar agreements. Although various rights of setoff and master netting arrangements or similar agreements may exist with the individual counterparties to the risk-management instruments above, individually, these financial rights are not material. We determine our Level 1 and Level 2 fair value measurements based on a market approach using quoted market values, significant other observable inputs for identical or comparable assets or liabilities, or discounted cash flow analyses. Level 3 fair value measurements for other investment securities are determined using unobservable inputs, including the investments' cost adjusted for impairments and price changes from orderly transactions. Fair values are not readily available for certain equity investments measured under the measurement alternative. As of September 30, 2021, we had approximately $781 million of unfunded commitments to invest in venture capital funds, which we anticipate will be paid over a period of up to 10 years. Contingent consideration liability relates to our liability arising in connection with the CVR issued as a result of the Prevail acquisition. The fair value of the CVR liability was estimated using a discounted cash flow analysis and Level 3 inputs, including projections representative of a market participant's view of the expected cash payment associated with the first potential regulatory approval of a Prevail compound in the applicable countries based on probabilities of technical success, timing of the potential approval events for the compounds, and an estimated discount rate. See Note 3 for additional information related to the CVR arrangement. The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of September 30, 2021: Maturities by Period Total Less Than 1-5 6-10 More Than Fair value of debt securities $ 501.6 $ 21.6 $ 157.8 $ 153.4 $ 168.8 The net gains (losses) recognized in our consolidated condensed statements of operations for equity securities were $(246.8) million and $270.1 million for the three and nine months ended September 30, 2021, respectively, and $141.7 million and $905.1 million for the three and nine months ended September 30, 2020, respectively. The net gains/losses recognized during the three and nine months ended September 30, 2021 and 2020 on equity securities sold during the respective periods were not material. We adjust our equity investments without readily determinable fair values based upon changes in the equity instruments' values resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Downward adjustments resulting from an impairment are recorded based upon impairment considerations, including the financial condition and near term prospects of the issuer, general market conditions, and industry specific factors. Adjustments recorded during the three and nine months ended September 30, 2021 and 2020 were not material. A summary of the amount of unrealized gains and losses in accumulated other comprehensive loss and the fair value of available-for-sale securities in an unrealized gain or loss position follows: September 30, 2021 December 31, 2020 Unrealized gross gains $ 12.5 $ 20.9 Unrealized gross losses 4.0 0.5 Fair value of securities in an unrealized gain position 293.4 348.9 Fair value of securities in an unrealized loss position 208.1 11.4 We periodically assess our investment in available-for-sale securities for impairment losses and credit losses. The amount of credit losses are determined by comparing the difference between the present value of future cash flows expected to be collected on these securities and the amortized cost. Factors considered in assessing credit losses include the position in the capital structure, vintage and amount of collateral, delinquency rates, current credit support, and geographic concentration. Impairment and credit losses related to available-for-sale securities were not material for the three and nine months ended September 30, 2021 and 2020. As of September 30, 2021, the available-for-sale securities in an unrealized loss position include primarily fixed-rate debt securities of varying maturities, which are sensitive to changes in the yield curve and other market conditions. Approximately 97 percent of the fixed-rate debt securities in a loss position are investment-grade debt securities. As of September 30, 2021, we do not intend to sell, and it is not more likely than not that we will be required to sell, the securities in a loss position before the market values recover or the underlying cash flows have been received, and there is no indication of default on interest or principal payments for any of our debt securities. Activity related to our available-for-sale securities was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Proceeds from sales $ 49.6 $ 14.0 $ 137.3 $ 246.8 Realized gross gains on sales 0.4 0.4 2.2 4.0 Realized gross losses on sales 0.3 0.2 1.1 8.2 Realized gains and losses on sales of available-for-sale investments are computed based upon specific identification of the initial cost adjusted for any other-than-temporary declines in fair value that were recorded in earnings. Accounts Receivable Factoring Arrangements We have entered into accounts receivable factoring agreements with financial institutions to sell certain of our non-U.S. accounts receivable. These transactions are accounted for as sales and result in a reduction in accounts receivable because the agreements transfer effective control over and, risk related to, the receivables to the buyers. Our factoring agreements do not allow for recourse in the event of uncollectibility, and we do not retain any interest in the underlying accounts receivable once sold. We derecognized $617.4 million and $754.9 million of accounts receivable as of September 30, 2021 and December 31, 2020, respectively, under these factoring arrangements. The costs of factoring such accounts receivable on our consolidated condensed results of operations for the three and nine months ended September 30, 2021 and 2020 were not material. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate was 10.9 percent for the three months ended September 30, 2021, compared with 15.9 percent for the three months ended September 30, 2020. The lower effective tax rate for the three months ended September 30, 2021 was primarily due to the income tax impact of a debt extinguishment loss and unfavorable mark-to-market adjustments on investments in equity securities, partially offset by a lower net discrete tax benefit compared to the three months ended September 30, 2020. The effective tax rate was 10.7 percent for the nine months ended September 30, 2021, compared with 14.4 percent for the nine months ended September 30, 2020. The lower effective tax rate for the nine months ended September 30, 2021 was primarily due to the income tax impacts of a net inventory impairment charge related to our COVID-19 antibodies and a debt extinguishment loss, as well as higher acquired IPR&D charges and lower favorable mark-to-market adjustments on investments in equity securities compared to the nine months ended September 30, 2020, partially offset by a lower net discrete tax benefit compared to the nine months ended September 30, 2020. The U.S. examination of tax years 2016-2018 began in the fourth quarter of 2019 and remains ongoing. The resolution of this audit period will likely extend beyond the next 12 months. |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Retirement Benefits | Retirement Benefits Net pension and retiree health benefit (income) cost included the following components: Defined Benefit Pension Plans Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 92.5 $ 81.7 $ 277.8 $ 243.4 Interest cost 84.5 106.6 253.6 319.0 Expected return on plan assets (237.5) (229.5) (712.7) (671.4) Amortization of prior service cost 1.0 1.1 3.2 3.2 Recognized actuarial loss 121.9 58.4 366.3 286.5 Net periodic benefit cost $ 62.4 $ 18.3 $ 188.2 $ 180.7 Retiree Health Benefit Plans Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Components of net periodic benefit income: Service cost $ 12.4 $ 10.2 $ 37.0 $ 30.6 Interest cost 8.1 10.9 24.4 32.8 Expected return on plan assets (36.5) (40.3) (109.6) (115.1) Amortization of prior service benefit (14.9) (21.9) (44.7) (51.6) Recognized actuarial loss 0.8 0.7 2.4 2.1 Net periodic benefit income $ (30.1) $ (40.4) $ (90.5) $ (101.2) |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies We are involved in various lawsuits, claims, government investigations and other legal proceedings that arise in the ordinary course of business. These claims or proceedings can involve various types of parties, including governments, competitors, customers, suppliers, service providers, licensees, employees, or shareholders, among others. These matters may involve patent infringement, antitrust, securities, pricing, sales and marketing practices, environmental, commercial, contractual rights, licensing obligations, health and safety matters, consumer fraud, employment matters, product liability and insurance coverage, among others. The resolution of these matters often develops over a long period of time and expectations can change as a result of new findings, rulings, appeals or settlement arrangements. Legal proceedings that are significant or that we believe could become significant or material are described below. We believe the legal proceedings in which we are named as defendants are without merit and we are defending against them vigorously. It is not possible to determine the final outcome of these matters, and we cannot reasonably estimate the maximum potential exposure or the range of possible loss in excess of amounts accrued for any of these matters; however, we believe that the resolution of all such matters will not have a material adverse effect on our consolidated financial position or liquidity, but could possibly be material to our consolidated results of operations in any one accounting period. Litigation accruals, environmental liabilities, and the related estimated insurance recoverables are reflected on a gross basis as liabilities and assets, respectively, on our consolidated condensed balance sheets. With respect to the product liability claims currently asserted against us, we have accrued for our estimated exposures to the extent they are both probable and reasonably estimable based on the information available to us. We accrue for certain product liability claims incurred but not filed to the extent we can formulate a reasonable estimate of their costs. We estimate these expenses based primarily on historical claims experience and data regarding product usage. Legal defense costs expected to be incurred in connection with significant product liability loss contingencies are accrued when both probable and reasonably estimable. Because of the nature of pharmaceutical products, it is possible that we could become subject to large numbers of additional product liability and related claims in the future. Due to a very restrictive market for product liability insurance, we are self-insured for product liability losses for all our currently and previously marketed products. Patent Litigation Alimta Patent Litigation U.S. Patent Litigation Alimta (pemetrexed) is protected by a vitamin regimen patent until November 2021, plus pediatric exclusivity through May 2022. In December 2019, we settled a lawsuit we filed against Eagle Pharmaceuticals, Inc. (Eagle) in response to its application to market a product using an alternative form of pemetrexed. Per the settlement agreement, Eagle has a limited initial entry into the market with its product starting February 2022 (up to an approximate three-week supply) and subsequent unlimited entry starting April 2022. European Patent Litigation In Europe, Alimta was protected by the vitamin regimen patent through June 2021. Despite the recent patent expiration, a number of legal proceedings that were initiated prior to expiration are ongoing . Emgality Patent Litigation In September 2018, we were named as a defendant in litigation filed by Teva Pharmaceuticals International GMBH and Teva Pharmaceuticals USA, Inc. (collectively, Teva) in the U.S. District Court for the District of Massachusetts seeking a ruling that various claims in nine different Teva patents would be infringed by our launch and continued sales of Emgality for the prevention of migraine in adults. Trial is expected in March 2022. In June 2021, we were named as a defendant in a second litigation filed by Teva in the U.S. District Court for the District of Massachusetts seeking a ruling that two of Teva’s patents, which are directed toward use of the active ingredient in Emgality to treat migraine, would be infringed by our continued sales of Emgality. Separately, the U.S. Patent and Trademark Office's Patent Trial and Appeal Board (PTAB) granted our request to initiate an inter partes review (IPR) to reexamine the validity of the nine Teva patents asserted against us in the litigation. In February 2020, the PTAB ruled in our favor and found that the claims asserted against us in six of Teva's nine patents were invalid. In March 2020, the PTAB ruled against us on the remaining three Teva patents, finding that we failed to show that the remaining three patents were unpatentable based on the subset of invalidity arguments available in an IPR proceeding. In April 2020, we appealed the PTAB’s March 2020 ruling, and Teva appealed the PTAB’s February 2020 ruling to the U.S. Court of Appeals for the Federal Circuit. In August 2021, the appeals court affirmed all nine of the PTAB's decisions. Neither Lilly nor Teva appealed the rulings and accordingly those decisions are final, and the parties have agreed to a stipulation which removes the six invalidated patents from the district court litigation. This IPR matter is now closed. Jardiance Patent Litigation In November 2018, Boehringer Ingelheim (BI), our partner in marketing and development of Jardiance, initiated U.S. patent litigation in the U.S. District Court of Delaware alleging infringement arising from submissions of Abbreviated New Drug Applications (ANDA) by a number of generic companies seeking approval to market generic versions of Jardiance, Glyxambi, and Synjardy in accordance with the procedures set out in the Drug Price Competition and Patent Term Restoration Act of 1984 (the Hatch-Waxman Act). Particularly with respect to Jardiance, the generic companies' ANDAs seek approval to market generic versions of Jardiance prior to the expiration of the relevant patents, and allege that certain patents, including in some allegations the compound patent, are invalid or would not be infringed. We are not a party to this litigation. This litigation has been stayed. Taltz Patent Litigation In April 2021, we petitioned the High Court of Ireland to declare invalid the patent that Novartis Pharma AG (Novartis) purchased from Genentech, Inc. in 2020. Novartis responded by filing a claim against us alleging patent infringement related to our commercialization of Taltz and seeking damages for past infringement and an injunction against future infringement. This matter is ongoing. In April 2021 and June 2021, Novartis petitioned the Court of Rome Intellectual Property Division and the Commercial Court of Vienna, respectively, in preliminary injunction infringement proceedings against us related to our commercialization of Taltz. In June 2021, the Court of Rome Intellectual Property Division dismissed Novartis’ preliminary injunction action. Novartis has appealed the ruling and in October 2021 the panel hearing Novartis' appeal appointed a technical expert to assess the merits of the case. Both matters are ongoing. Zyprexa Canada Patent Litigation Beginning in the mid-2000’s, several generic companies in Canada challenged the validity of our Zyprexa compound patent. In 2012, the Canadian Federal Court of Appeals denied our appeal of a lower court's decision that certain patent claims were invalid for lack of utility. In 2013, Apotex Inc. and Apotex Pharmachem Inc. (collectively, Apotex) brought claims against us in the Ontario Superior Court of Justice at Toronto for damages related to our enforcement of the Zyprexa compound patent under Canadian regulations governing patented drugs. Apotex seeks compensation based on novel legal theories under the Statute of Monopolies, Trade-Mark Act, and common law. In March 2021, the Ontario Superior Court granted our motion for summary judgement, thereby dismissing Apotex’s case. Apotex appealed that ruling to the Court of Appeal for Ontario in April 2021 and a hearing is scheduled for February 2022. Product Liability Litigation Actos® Product Liability We are named along with Takeda Chemical Industries, Ltd. and Takeda affiliates (collectively, Takeda) as a defendant in four purported product liability class actions in Canada related to Actos, which we commercialized with Takeda in Canada until 2009, including one in Ontario filed December 2011 ( Casseres et al. v. Takeda Pharmaceutical North America, Inc., et al. ), one in Quebec filed July 2012 ( Whyte et al. v. Eli Lilly et al. ), one in Saskatchewan filed November 2017 ( Weiler v. Takeda Canada Inc. et al. ), and one in Alberta filed January 2013 ( Epp v. Takeda Canada Inc. et al. ). In general, plaintiffs in these actions alleged that Actos caused or contributed to their bladder cancer. An agreement to settle these actions became effective in May 2021, and the settlement claims administration process is ongoing. The lawsuits have been dismissed or discontinued. Byetta® Product Liability We are named as a defendant in approximately 570 Byetta product liability lawsuits in the U.S. which were initiated in March 2009 and involve approximately 805 plaintiffs. Approximately 55 of these lawsuits, covering about 285 plaintiffs, are filed in California state court and coordinated in a Los Angeles Superior Court. Approximately 515 of the lawsuits, covering about 515 plaintiffs, are filed in federal court, the majority of which are coordinated in a multi-district litigation (MDL) in the U.S. District Court for the Southern District of California. Two lawsuits, representing approximately two plaintiffs, have also been filed in various state courts. Approximately 565 of the lawsuits, involving approximately 800 plaintiffs, contain allegations that Byetta caused or contributed to the plaintiffs' cancer (primarily pancreatic cancer or thyroid cancer); while six plaintiffs allege Byetta caused or contributed to pancreatitis. In addition, one case alleges that Byetta caused or contributed to ampullary cancer. The federal and state trial courts granted summary judgment in favor of us and our co-defendants on the claims alleging pancreatic cancer. The plaintiffs appealed those rulings. In November 2017, the U.S. Court of Appeals for the Ninth Circuit reversed the U.S. District Court for the Southern District of California's grant of summary judgment in the MDL based on that court's discovery rulings and remanded the cases back to the U.S. District Court for further proceedings. In March 2021, the U.S. District Court granted summary judgment for the defendants. In April 2021, the plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit, but we have now been dismissed from that appeal. Certain plaintiffs have agreed to dismiss their lawsuits in exchange for a waiver of costs, and individual plaintiffs have begun dismissing their claims based upon this agreement. Approximately 160 of the MDL pancreatic lawsuits have been dismissed as of October 2021. In the state court actions, in November 2018, the California Court of Appeal reversed the Los Angeles County Superior Court of California’s grant of summary judgment based on that court's discovery rulings and remanded for further proceedings. In April 2021, the Los Angeles County Superior Court of California granted summary judgment for the defendants and the parties await entry of the order of judgment. We are aware of approximately 20 additional claimants who have not yet filed suit. These additional claims allege damages for pancreatic cancer or thyroid cancer. Cialis Product Liability We are named as a defendant in approximately 350 Cialis product liability lawsuits in the U.S. which were first initiated in August 2015. These cases, many of which were originally filed in various federal courts, contain allegations that Cialis caused or contributed to the plaintiffs' cancer (melanoma). In December 2016, the Judicial Panel on Multidistrict Litigation (JPML) granted the plaintiffs' petition to have filed cases and an unspecified number of future cases coordinated into a federal multidistrict litigation (MDL) in the U.S. District Court for the Northern District of California, alongside an existing coordinated proceeding involving Viagra®. The JPML ordered the transfer of the existing cases to the now-renamed MDL In re: Viagra (Sildenafil Citrate) and Cialis (Tadalafil) Products Liability Litigation . In April 2020, the MDL court granted summary judgment to the defendants on all of the claims brought against them by the plaintiffs. In May 2020, plaintiffs filed an appeal in the U.S. Court of Appeals for the Ninth Circuit. The plaintiffs’ appeal was administratively closed until August 2021 pending completion of a procedure to resolve the claims in this litigation. The court has entered an extension until February 2022 to finalize resolution of all claims. Jardiance Product Liability First initiated in January 2019, we and Boehringer Ingelheim Pharmaceuticals, Inc., a subsidiary of BI, have been named as a defendant in approximately 95 product liability lawsuits in the U.S., mostly in Stamford Superior Court in Connecticut, alleging that Jardiance caused or contributed to plaintiffs’ Fournier’s gangrene. Our agreement with BI calls for BI to defend and indemnify us against any damages, costs, expenses, and certain other losses with respect to product liability claims in accordance with the terms of the agreement. All pending cases have been paused to allow for settlement negotiations. Environmental Proceedings Under the Comprehensive Environmental Response, Compensation, and Liability Act, commonly known as "Superfund," we have been designated as one of several potentially responsible parties with respect to the cleanup of fewer than 10 sites. Under Superfund, each responsible party may be jointly and severally liable for the entire amount of the cleanup. Other Matters 340B Litigation and Investigations We are the plaintiff in a lawsuit filed in January 2021 in the U.S. District Court for the Southern District of Indiana against the U.S. Department of Health and Human Services (HHS), the Secretary of HHS, the Health Resources and Services Administration (HRSA), and the Administrator of HRSA. The lawsuit challenges the HHS's December 30, 2020 advisory opinion stating that drug manufacturers are required to deliver discounts under the 340B program to all contract pharmacies. We seek a declaratory judgment that the defendants violated the Administrative Procedures Act and the U.S. Constitution, a preliminary injunction enjoining implementation of the administrative dispute resolution process created by defendants and, with it, their application of the advisory opinion, and other related relief. In March 2021, the court entered an order preliminarily enjoining the government’s enforcement of the administrative dispute resolution process against us. In May 2021, HRSA notified us that it determined that our policy was contrary to the 340B statute. In response, in May 2021, we filed a motion for preliminary injunction and temporary restraining order requesting that the U.S. District Court for the Southern District of Indiana enjoin defendants from taking any action against us relating to the 340B drug pricing program until after the court issues a final judgment on the aforementioned litigation. In May 2021, the court denied our motion for a temporary restraining order but deferred resolution of our motion for preliminary injunction. In June 2021, the defendants withdrew the HHS December 30, 2020 advisory opinion. In July 2021, the court held oral argument on the parties’ cross motions for summary judgment, the defendants’ motion to dismiss, and our motion for preliminary injunction related to HRSA’s May 2021 enforcement letter. This matter is ongoing. In January 2021, we, along with other pharmaceutical manufacturers, were named as a defendant in a petition currently pending before the HHS Administrative Dispute Resolution Panel. Petitioner seeks declaratory and other injunctive relief related to the 340B program. As described above, the U.S. District Court for the Southern District of Indiana has entered a preliminary injunction enjoining the government’s enforcement of this administrative dispute resolution process against us. In July 2021, we, along with Sanofi-Aventis U.S., LLC (Sanofi), Novo Nordisk Inc. (Novo Nordisk), and AstraZeneca Pharmaceuticals LP, were named as a defendant in a purported class action lawsuit filed in the U.S. District Court for the Western District of New York by Mosaic Health, Inc. alleging antitrust and unjust enrichment claims related to the defendants' 340B distribution programs. We received a civil investigative subpoena in February 2021 from the Office of the Attorney General for the State of Vermont relating to the sale of pharmaceutical products to Vermont covered entities under the 340B program. We are cooperating with this subpoena. Branchburg Manufacturing Facility In May 2021, we received a subpoena from the United States Department of Justice requesting the production of certain documents relating to our manufacturing site in Branchburg, New Jersey. We are cooperating with the subpoena. Brazil Litigation – Cosmopolis Facility Labor Attorney Litigation First initiated in 2008, our subsidiary in Brazil, Eli Lilly do Brasil Limitada (Lilly Brasil), is named in a lawsuit brought by the Labor Attorney for the 15th Region in the Labor Court of Paulinia, State of Sao Paulo, Brazil, alleging possible harm to employees and former employees caused by exposure to heavy metals at a former Lilly Brasil manufacturing facility in Cosmopolis, Brazil, operated by the company between 1977 and 2003. In May 2014, the labor court judge ruled against Lilly Brasil, ordering it to undertake several actions of unspecified financial impact, including paying lifetime health coverage for the employees and contractors who worked at the Cosmopolis facility more than six months during the affected years and their children born during and after this period. We appealed this decision. In July 2018, the appeals court affirmed the labor court's ruling with a liquidated award of 300 million Brazilian real (for moral damages, donation of equipment, and creation of a foundation) which, adjusted for inflation and interest using the current Central Bank of Brazil's special system of clearance and custody rate (SELIC), is approximately 950 million Brazilian real (approximately $175 million as of September 30, 2021). The appeals court restricted the broad health coverage awarded by the labor court to health problems that claimants could show arose from exposure to the alleged contamination. In August 2019, Lilly Brasil filed an appeal to the superior labor court. In September 2019, the appeals court stayed a number of elements of its prior decision, including the obligation to provide health coverage for contractors, their children, and children of employees who worked at the Cosmopolis facility, pending the determination of Lilly Brasil’s appeal to the superior labor court. The cost of any such health coverage has not been determined. In June 2021, the appeals court published its decision on the admissibility of Lilly Brasil’s appeal, admitting the majority of the elements of the appeal to proceed; elements not proceeding are subject to an interlocutory appeal to the appeals court filed in June 2021. In June 2019, the Labor Attorney filed an application in the labor court for enforcement of the healthcare coverage granted by the appeals court in its July 2018 ruling and requested restrictions on Lilly Brasil’s assets in Brazil. In July 2019, the labor court issued a ruling requiring either a freeze of Lilly Brasil’s immovable property or, alternatively, a security deposit or lien of 500 million Brazilian real. Lilly Brasil filed a writ of mandamus challenging this ruling , but the court has stayed its decision on this writ and instead directed the parties to attend conciliation hearings, a process that concluded unsuccessfully in September 2020. Consequently, the partial stay of the proceedings relating to Lilly Brasil's application to appeal in the main proceedings has been lifted and in June 2021, the court reduced the security deposit or lien to 100 million Brazilian real from the 500 million Brazilian real referred to above . In addition, the Labor Attorney's application for preliminary enforcement of the July 2018 healthcare coverage ruling was granted. As the conciliation hearings have been unsuccessful, we have filed a brief to strike the Labor Attorney’s application to enforce the previous healthcare coverage. Lilly Brasil is currently awaiting a determination as to whether its application seeking leave to appeal to the superior labor court has been successful. Individual Former Employee Litigation We are also named in approximately 30 lawsuits filed in the same labor court by individual former employees making similar claims. These lawsuits are each at various stages in the litigation process, with judgments being handed down in approximately half of the lawsuits, nearly all of which are on appeal in the labor courts. China NDRC Antitrust Matter The competition authority in China has investigated our distributor pricing practices in China in connection with a broader inquiry into pharmaceutical industry pricing. We have cooperated with this investigation. Eastern District of Pennsylvania Pricing (Average Manufacturer Price) Inquiry In November 2014, we, along with another pharmaceutical manufacturer, were named as co-defendants in United States et al. ex rel. Streck v. Takeda Pharm. Am., Inc., et al. , which was filed in November 2014 and unsealed in the U.S. District Court for the Northern District of Illinois. The complaint alleges that the defendants should have treated certain credits from distributors as retroactive price increases and included such increases in calculating average manufacturer prices. Trial is scheduled for April 2022. Health Choice Alliance We are named as a defendant in a lawsuit filed in June 2017 in the U.S. District Court for the Eastern District of Texas seeking damages under the federal anti-kickback statute and state and federal false claims acts for certain patient support programs related to our products Humalog, Humulin, and Forteo. In September 2019, the U.S. District Court granted the U.S. Department of Justice’s motion to dismiss the relator’s second amended complaint. In January 2020, the relator appealed the District Court’s dismissal to the U.S. Court of Appeals for the Fifth Circuit. In July 2021, the U.S. Court of Appeals for the Fifth Circuit affirmed the dismissal of the lawsuit. We are also named as a defendant in two similar lawsuits filed in Texas and New Jersey state courts in October 2019 seeking damages under the Texas Medicaid Fraud Prevention Act and New Jersey Medicaid False Claims Act, respectively. In November 2020, the Texas state court action was stayed pending a final determination with respect to the aforementioned federal lawsuit. In April 2021, the New Jersey state court action was dismissed with prejudice and in June 2021, the relator filed a notice of appeal to the Appellate Division of the New Jersey Superior Court, appealing the state court’s decision. Pricing Litigation, Investigations, and Inquiries Litigation In December 2017, we, along with Sanofi and Novo Nordisk were named as defendants in a consolidated purported class action lawsuit, In re. Insulin Pricing Litigation , in the U.S. District Court for the District of New Jersey relating to insulin pricing seeking damages under various state consumer protection laws and the Federal Racketeer Influenced and Corrupt Organization Act (federal RICO Act). Separately, in February 2018, we, along with Sanofi and Novo Nordisk, were named as defendants in MSP Recovery Claims, Series, LLC et al. v. Sanofi Aventis U.S. LLC et al. , in the same court, seeking damages under various state consumer protection laws, common law fraud, unjust enrichment, and the federal RICO Act. In both In re. Insulin Pricing Litigation and the MSP Recovery Claims litigation, the court dismissed claims under the federal RICO Act and certain state laws. In April 2021, the plaintiffs in In re. Insulin Pricing Litigation amended their complaint to allege additional state law claims for civil conspiracy and violations of state RICO statutes. Also, we, along with Sanofi, Novo Nordisk, CVS, Express Scripts, and Optum, have been sued in a purported class action, FWK Holdings, LLC v. Novo Nordisk Inc., et al., filed in the same court in November 2020, for alleged violations of the federal RICO Act as well as the New Jersey RICO Act and antitrust law. That same group of defendants, along with Medco Health and United Health Group, also have been sued in other purported class actions in the same court, Rochester Drug Co-Operative Inc. v. Eli Lilly & Co. et al. and Value Drug Co. v. Eli Lilly & Co. et al. both initiated in March 2020, for alleged violations of the federal RICO Act. In September 2020, the U.S. District Court for the District of New Jersey granted plaintiffs’ motion to consolidate FWK Holdings, LLC v. Novo Nordisk Inc., et al. , Rochester Drug Co-Operative Inc. v. Eli Lilly & Co. et al. , and Value Drug Co. v. Eli Lilly & Co. et al. In July 2021, the U.S. District Court for the District of New Jersey dismissed the three antitrust claims alleged by plaintiffs in the consolidated litigation and denied dismissal of the RICO claims. In October 2018, the Minnesota Attorney General’s Office initiated litigation against us, Sanofi, and Novo Nordisk, State of Minnesota v. Sanofi-Aventis U.S. LLC et al., in the U.S. District Court for the District of New Jersey, alleging unjust enrichment, violations of various Minnesota state consumer protection laws, and the federal RICO Act. In March 2021, the U.S. District Court for the District of New Jersey dismissed with prejudice the Minnesota Attorney General’s federal RICO claims and false advertising claims under state law; the consumer fraud and other related state law claims remain ongoing. Additionally, in May 2019, the Kentucky Attorney General’s Office filed a complaint against us, Sanofi, and Novo Nordisk, Commonwealth of Kentucky v. Novo Nordisk, Inc. et al. , in Kentucky state court, alleging violations of the Kentucky consumer protection law, false advertising, and unjust enrichment. In November 2019, Harris County in Texas initiated litigation against us, Sanofi, Novo Nordisk, Express Scripts, CVS, Optum, and Aetna, County of Harris Texas v. Eli Lilly & Co., et al. , in federal court in the Southern District of Texas alleging violations of the federal RICO Act, the state deceptive trade practices-consumer protection act, and common law claims such as fraud, unjust enrichment, and civil conspiracy. Harris County also alleged violations of federal and state antitrust law, but voluntarily dismissed them. This lawsuit relates to our insulin products as well as Trulicity. In June 2021, the City of Miami, Florida initiated litigation against us, Sanofi, Novo Nordisk, ESI, CVS/Caremark/Aetna, and Optum, asserting state law antitrust, common law fraud, money had and received, unjust enrichment, and civil conspiracy claims. In June 2021, the Mississippi Attorney General’s Office initiated litigation against us, Sanofi, Novo Nordisk, Evernorth/ESI, CVS/Caremark, and United/Optum in the Hinds County, Mississippi Chancery Court, alleging state law consumer protection, unjust enrichment, and civil conspiracy claims. Investigations, Subpoenas, and Inquiries We received a subpoena from the New York a nd Vermont Attorney General Offices and civil investigative demands from the Washington, New Mexico, and Colorado Attorney General Offices relating to the pricing and sale of our insulin products. The Offices of the Attorney General in Mississippi, Washington D.C., California, Florida, Hawaii, and Nevada have requested information relating to the pricing and sale of our insulin products. We also received interrogatories and a subpoena from the California Attorney General's Office regarding our competition in the long-acting insulin market, which was subsequently withdrawn in June 2021. We received a request in January 2019 from the House of Representatives’ Committee on Oversight and Reform seeking commercial information and business records related to the pricing of insulin products, among other issues. We also received requests from the Senate Finance Committee and the Senate Committee on Health, Education, Labor, and Pensions, and separate requests from the House Committee on Energy and Commerce majority and minority members. Those requests sought pricing and other commercial information regarding Lilly’s insulin products. In January 2021, the Senate Finance Committee released a report summarizing the findings of its investigation. We are cooperating with all of these aforementioned investigations, subpoenas, and inquiries. Research Corporation Technologies, Inc. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended September 30, 2021 and 2020: (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at July 1, 2021 $ (1,516.2) $ 9.1 $ (4,569.9) $ (210.1) $ (6,287.1) Other comprehensive income (loss) before reclassifications (8.0) (2.4) 18.6 16.8 25.0 Net amount reclassified from accumulated other comprehensive loss — 0.1 86.0 3.3 89.4 Net other comprehensive income (loss) (8.0) (2.3) 104.6 20.1 114.4 Balance at September 30, 2021 $ (1,524.2) $ 6.8 $ (4,465.3) $ (190.0) $ (6,172.7) (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at July 1, 2020 $ (1,722.5) $ 15.1 $ (4,454.9) $ (520.6) $ (6,682.9) Other comprehensive income (loss) before reclassifications 30.3 0.8 (19.6) 82.9 94.4 Net amount reclassified from accumulated other comprehensive loss — (0.2) 30.3 3.3 33.4 Net other comprehensive income (loss) 30.3 0.6 10.7 86.2 127.8 Balance at September 30, 2020 $ (1,692.2) $ 15.7 $ (4,444.2) $ (434.4) $ (6,555.1) The following tables summarize the activity related to each component of other comprehensive income (loss) during the nine months ended September 30, 2021 and 2020: (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at January 1, 2021 $ (1,427.5) $ 14.8 $ (4,751.0) $ (332.7) $ (6,496.4) Other comprehensive income (loss) before reclassifications (96.7) (8.8) 27.2 132.8 54.5 Net amount reclassified from accumulated other comprehensive loss — 0.8 258.5 9.9 269.2 Net other comprehensive income (loss) (96.7) (8.0) 285.7 142.7 323.7 Balance at September 30, 2021 $ (1,524.2) $ 6.8 $ (4,465.3) $ (190.0) $ (6,172.7) (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at January 1, 2020 $ (1,678.0) $ 4.9 $ (4,638.6) $ (211.9) $ (6,523.6) Other comprehensive income (loss) before reclassifications (14.2) 7.6 4.6 (232.3) (234.3) Net amount reclassified from accumulated other comprehensive loss — 3.2 189.8 9.8 202.8 Net other comprehensive income (loss) (14.2) 10.8 194.4 (222.5) (31.5) Balance at September 30, 2020 $ (1,692.2) $ 15.7 $ (4,444.2) $ (434.4) $ (6,555.1) The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows: Three Months Ended September 30, Nine Months Ended September 30, Tax benefit (expense) 2021 2020 2021 2020 Foreign currency translation gains/losses $ (39.0) $ 46.0 $ (92.3) $ 34.9 Unrealized net gains/losses on securities 0.8 (0.2) 3.8 (3.0) Defined benefit pension and retiree health benefit plans (28.2) 11.8 (79.7) (32.8) Effective portion of cash flow hedges (5.4) (22.9) (37.9) 59.1 Benefit (provision) for income taxes allocated to other comprehensive income (loss) items $ (71.8) $ 34.7 $ (206.1) $ 58.2 Except for the tax effects of foreign currency translation gains and losses related to our foreign currency-denominated notes, cross-currency interest rate swaps, and other foreign currency exchange contracts designated as net investment hedges (see Note 6), income taxes were not provided for foreign currency translation. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders' equity rather than in the consolidated condensed statements of operations. Reclassifications out of accumulated other comprehensive loss were as follows: Details about Accumulated Other Comprehensive Loss Components Three Months Ended September 30, Nine Months Ended September 30, Affected Line Item in the Consolidated Condensed Statements of Operations 2021 2020 2021 2020 Amortization of retirement benefit items: Prior service benefits, net $ (13.9) $ (20.8) $ (41.5) $ (48.4) Other–net, (income) expense Actuarial losses, net 122.7 59.1 368.7 288.6 Other–net, (income) expense Total before tax 108.8 38.3 327.2 240.2 Tax benefit (22.8) (8.0) (68.7) (50.4) Income taxes Net of tax 86.0 30.3 258.5 189.8 Other, net of tax 3.4 3.1 10.7 13.0 Other–net, (income) expense Total reclassifications, net of tax $ 89.4 $ 33.4 $ 269.2 $ 202.8 |
Other_Net, (Income) Expense
Other–Net, (Income) Expense | 9 Months Ended |
Sep. 30, 2021 | |
Nonoperating Income (Expense) [Abstract] | |
Other–Net, (Income) Expense | Other–Net, (Income) Expense Other–net, (income) expense consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest expense $ 83.6 $ 89.6 $ 258.4 $ 270.4 Interest income (7.0) (5.8) (18.0) (27.2) Net investment (gains) losses on equity securities (Note 6) 246.8 (141.7) (270.1) (905.1) Retirement benefit plans (72.6) (114.0) (217.1) (194.5) Debt extinguishment loss (Note 6) 405.2 — 405.2 — Other (income) expense (20.1) 13.0 (34.1) 161.5 Other–net, (income) expense $ 635.9 $ (158.9) $ 124.3 $ (694.9) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Combinations | Under this method, the assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated condensed financial statements. The determination of estimated fair value required management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets, where applicable, has been recorded as goodwill. The results of operations of these acquisitions are included in our consolidated condensed financial statements from the date of acquisition.Upon each acquisition, the cost allocated to acquired in-process research and development (IPR&D) was immediately expensed because the compound had no alternative future use. |
Description of Derivative Risk Management | Our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets, liabilities, and transactions being hedged. Management reviews the correlation and effectiveness of our derivatives on a quarterly basis. For derivative instruments that are designated and qualify as fair value hedges, the derivative instrument is marked to market, with gains and losses recognized currently in income to offset the respective losses and gains recognized on the underlying exposure. For derivative instruments that are designated and qualify as cash flow hedges, gains and losses are reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period the hedged transaction affects earnings. For derivative and non-derivative instruments that are designated and qualify as net investment hedges, the foreign currency translation gains or losses due to spot rate fluctuations are reported as a component of accumulated other comprehensive loss. Derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in earnings during the period of change. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | The following table summarizes our revenue recognized in our consolidated condensed statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net product revenue $ 6,189.0 $ 5,281.1 $ 18,579.5 $ 15,762.3 Collaboration and other revenue (1) 583.8 459.5 1,739.0 1,337.5 Revenue $ 6,772.8 $ 5,740.6 $ 20,318.5 $ 17,099.8 (1) Collaboration and other revenue associated with prior period transfers of intellectual property was $62.1 million and $136.1 million during the three and nine months ended September 30, 2021, respectively, and $31.5 million and $101.5 million during the three and nine months ended September 30, 2020, respectively. The following table summarizes revenue by product for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 2020 U.S. Outside U.S. Total U.S. Outside U.S. Total Revenue—to unaffiliated customers: Diabetes: Trulicity ® $ 1,201.4 $ 398.8 $ 1,600.1 $ 791.2 $ 315.4 $ 1,106.6 Humalog ® (1) 347.3 279.4 626.7 390.1 266.9 656.9 Jardiance (2) 221.2 169.2 390.4 163.3 147.5 310.8 Humulin ® 193.4 93.4 286.7 214.0 91.9 305.9 Basaglar ® 114.7 78.1 192.8 178.5 69.7 248.2 Other Diabetes 65.0 112.2 177.4 61.4 93.1 154.6 Total Diabetes 2,143.0 1,131.1 3,274.1 1,798.5 984.5 2,783.0 Oncology: Alimta ® 297.2 159.8 457.0 291.9 286.1 578.0 Verzenio ® 199.6 135.9 335.5 158.9 75.5 234.4 Cyramza ® 84.8 168.6 253.4 94.5 158.2 252.7 Erbitux ® 114.0 20.3 134.3 122.5 14.0 136.4 Tyvyt ® — 125.6 125.6 — 84.4 84.4 Other Oncology 35.3 65.1 100.3 14.7 32.7 47.5 Total Oncology 730.9 675.3 1,406.1 682.5 650.9 1,333.4 Immunology: Taltz ® 422.2 170.9 593.1 326.2 128.3 454.5 Olumiant ® (3) 194.0 212.9 406.9 14.5 147.5 162.0 Other Immunology — 4.9 4.9 6.1 4.5 10.6 Total Immunology 616.2 388.7 1,004.9 346.8 280.3 627.1 Neuroscience: Emgality ® 99.9 40.1 140.0 81.4 10.1 91.5 Cymbalta ® 7.0 125.1 132.0 11.1 175.5 186.6 Zyprexa ® 13.0 88.7 101.7 21.2 91.5 112.7 Other Neuroscience 24.7 51.6 76.5 26.7 53.2 79.9 Total Neuroscience 144.6 305.5 450.2 140.4 330.3 470.7 Other: COVID-19 Antibodies (4) 215.5 1.6 217.1 — — — Forteo ® 109.6 91.3 200.9 144.6 122.3 266.9 Cialis ® (6.5) 137.4 130.9 15.1 147.3 162.5 Other 36.3 52.4 88.8 33.5 63.6 97.0 Total Other 354.9 282.7 637.7 193.2 333.2 526.4 Revenue $ 3,989.6 $ 2,783.3 $ 6,772.8 $ 3,161.4 $ 2,579.3 $ 5,740.6 Numbers may not add due to rounding. (1) Humalog revenue includes insulin lispro. (2) Jardiance revenue includes Glyxambi ® , Synjardy ® , and Trijardy ® XR. (3) Olumiant revenue includes sales for baricitinib, for treatment in hospitalized COVID-19 patients, that were made pursuant to Emergency Use Authorization (EUA). (4) COVID-19 antibodies include sales for bamlanivimab administered alone as well as sales for bamlanivimab and etesevimab administered together and were made pursuant to EUAs. The following table summarizes revenue by product for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 U.S. Outside U.S. Total U.S. Outside U.S. Total Revenue—to unaffiliated customers: Diabetes: Trulicity $ 3,465.7 $ 1,122.5 $ 4,588.2 $ 2,673.2 $ 892.5 $ 3,565.7 Humalog (1) 1,009.0 842.3 1,851.3 1,070.4 837.4 1,907.8 Jardiance (2) 566.8 492.1 1,058.9 453.0 387.3 840.3 Humulin 633.5 290.3 923.8 642.5 292.7 935.2 Basaglar 423.3 226.8 650.1 638.7 203.7 842.3 Other Diabetes 185.7 302.6 488.3 185.2 254.4 439.6 Total Diabetes 6,284.0 3,276.6 9,560.6 5,663.0 2,868.0 8,530.9 Oncology: Alimta 911.9 714.7 1,626.6 933.4 743.8 1,677.2 Verzenio 582.1 363.7 945.8 430.0 201.1 631.1 Cyramza 266.3 496.3 762.5 277.6 470.8 748.4 Erbitux 357.7 45.9 403.7 356.1 40.6 396.7 Tyvyt — 340.2 340.2 — 205.9 205.9 Other Oncology 83.7 169.9 253.6 26.0 118.2 144.2 Total Oncology 2,201.7 2,130.7 4,332.4 2,023.1 1,780.4 3,803.5 Immunology: Taltz 1,071.6 493.8 1,565.4 942.9 350.3 1,293.2 Olumiant (3) 236.5 572.6 809.1 39.0 407.7 446.7 Other Immunology 15.2 14.5 29.7 13.2 8.1 21.3 Total Immunology 1,323.3 1,080.9 2,404.2 995.1 766.1 1,761.2 Neuroscience: Cymbalta 30.3 454.0 484.3 30.5 546.5 576.9 Emgality 313.5 102.2 415.7 229.3 23.6 252.9 Zyprexa 28.3 264.5 292.8 41.5 266.2 307.7 Other Neuroscience 81.0 154.0 235.0 53.4 165.7 219.2 Total Neuroscience 453.1 974.7 1,427.8 354.7 1,002.0 1,356.7 Other: COVID-19 Antibodies (4) 949.5 226.7 1,176.2 — — — Forteo 330.1 287.7 617.8 386.7 405.2 791.9 Cialis (3.1) 541.8 538.7 64.6 421.6 486.2 Other 96.5 164.3 260.8 144.2 225.2 369.4 Total Other 1,373.0 1,220.5 2,593.5 595.5 1,052.0 1,647.5 Revenue $ 11,635.1 $ 8,683.4 $ 20,318.5 $ 9,631.4 $ 7,468.5 $ 17,099.8 Numbers may not add due to rounding. (1) Humalog revenue includes insulin lispro. (2) Jardiance revenue includes Glyxambi, Synjardy, and Trijardy XR. (3) Olumiant revenue includes sales for baricitinib, for treatment in hospitalized COVID-19 patients, that were made pursuant to EUA. (4) COVID-19 antibodies include sales for bamlanivimab administered alone as well as sales for bamlanivimab and etesevimab administered together and were made pursuant to EUAs. The following table summarizes revenue by geographical area: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue—to unaffiliated customers (1) : U.S. $ 3,989.6 $ 3,161.4 $ 11,635.1 $ 9,631.4 Europe 1,098.6 1,046.7 3,629.6 2,984.4 Japan 595.0 660.1 1,832.2 1,919.1 China 400.3 289.1 1,285.0 796.2 Other foreign countries 689.4 583.2 1,936.7 1,768.7 Revenue $ 6,772.8 $ 5,740.6 $ 20,318.5 $ 17,099.8 Numbers may not add due to rounding. (1) Revenue is attributed to the countries based on the location of the customer. |
Schedule of amounts recorded for contract liabilities | The following table summarizes contract liability balances: September 30, 2021 December 31, 2020 Contract liabilities $ 278.4 $ 276.8 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of the amounts recognized for assets acquired and liabilities assumed | The following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Estimated Fair Value at January 22, 2021 Cash $ 90.5 Acquired IPR&D (1) 824.0 Goodwill (2) 118.8 Deferred tax liabilities (98.0) Other assets and liabilities, net (31.5) Acquisition date fair value of consideration transferred 903.8 Less: Cash acquired (90.5) Fair value of CVR liability (3) (65.9) Cash paid, net of cash acquired $ 747.4 (1) Acquired IPR&D intangibles primarily relate to PR001. (2) The goodwill recognized from this acquisition is not deductible for tax purposes. |
Schedule of asset acquisitions | The following table summarizes our asset acquisitions during the nine months ended September 30, 2021 and 2020: Counterparty Compound(s) or Therapy Acquisition Month Phase of Development (1) Acquired IPR&D Expense Precision Biosciences, Inc. Potential in vivo therapies for genetic disorders January 2021 Pre-clinical $ 107.8 Merus N.V. CD3-engaging T-cell re-directing bispecific antibodies for the potential treatment of cancer January 2021 Pre-clinical 46.5 Asahi Kasei Pharma Corporation AK1780, an orally bioavailable P2X7 receptor antagonist for the potential treatment of chronic pain conditions January 2021 Phase I 20.0 Rigel Pharmaceuticals, Inc. R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for the potential treatment of autoimmune and inflammatory diseases March 2021 Phase I 125.0 MiNA Therapeutics Limited Pre-clinical targets that could lead to potential new medicines May 2021 Pre-clinical 25.0 Protomer Technologies Inc. Glucose-sensing insulin program July 2021 Pre-clinical 57.3 Kumquat Biosciences Inc. Pre-clinical small molecules that stimulate tumor-specific immune responses July 2021 Pre-clinical 55.0 Lycia Therapeutics, Inc. Several potential modalities across a spectrum of therapeutic areas and diseases August 2021 Pre-clinical 35.0 ProQR Therapeutics N.V. Pre-clinical targets that could lead to potential new medicines for genetic disorders in the liver and nervous system September 2021 Pre-clinical 26.7 Sitryx Therapeutics Limited Pre-clinical targets that could lead to potential new medicines for autoimmune diseases March 2020 Pre-clinical 52.3 AbCellera Biologics Inc. (AbCellera) (2) Neutralizing antibodies for the treatment and prevention of COVID-19 March 2020 Pre-clinical 25.0 Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences) Neutralizing antibodies for the treatment and prevention of COVID-19 May 2020 Pre-clinical 20.0 Petra Pharma Corporation (Petra) Mutant-selective PI3K α inhibitor that could lead to potential new medicine May 2020 Pre-clinical 174.8 Evox Therapeutics Limited Pre-clinical targets for the potential treatment of neurological disorders June 2020 Pre-clinical 22.0 (1) The phase of development presented is as of the date of the arrangement and represents the phase of development of the most advanced asset acquired, where applicable. |
Collaborations and Other Arra_2
Collaborations and Other Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of significant milestones and revenue recognized | The table below summarizes the net amount of significant milestones capitalized (deferred) at September 30, 2021 and December 31, 2020 for the compounds included in this collaboration: Net Milestones Capitalized (Deferred) (1) as of: Product Family September 30, 2021 December 31, 2020 Jardiance (2) $ 141.1 $ 156.2 Trajenta (3) 95.1 114.6 Basaglar (154.0) (168.0) (1) In connection with the regulatory approvals of Jardiance and Trajenta, milestone payments made were capitalized as intangible assets and are being amortized to cost of sales through the term of the collaboration. In connection with the regulatory approvals of Basaglar, milestone payments received were recorded as contract liabilities and are being amortized through the term of the collaboration (2029) to collaboration and other revenue. This represents the amounts that have been capitalized (deferred) from the start of this collaboration through the end of the reporting period, net of amount amortized. (2) The collaboration agreement with Boehringer Ingelheim for Jardiance ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto. (3) The collaboration agreement with Boehringer Ingelheim for Trajenta ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto. The following table summarizes our collaboration and other revenue recognized with respect to the Jardiance and Trajenta families of products and our net product revenue recognized with respect to Basaglar: Three Months Ended September 30, Nine Months Ended September 30, Product Family 2021 2020 2021 2020 Jardiance $ 390.4 $ 310.8 $ 1,058.9 $ 840.3 Basaglar 192.8 248.2 650.1 842.3 Trajenta 96.1 91.7 279.9 261.7 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Olumiant $ 406.9 $ 162.0 $ 809.1 $ 446.7 Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Tyvyt $ 125.6 $ 84.4 $ 340.2 $ 205.9 |
Asset Impairment, Restructuri_2
Asset Impairment, Restructuring, and Other Special Charges (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
The components of the charges included in asset impairment, restructuring, and other special charges | The components of the charges included in asset impairment, restructuring, and other special charges in our consolidated condensed statements of operations are described below. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Severance $ — $ 144.4 $ 11.5 $ 154.2 Asset impairment (recovery) and other special charges — (43.0) 200.1 7.1 Total asset impairment, restructuring, and other special charges $ — $ 101.4 $ 211.6 $ 161.3 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of effects of risk-management instruments were recognized in other–net, (income) expense | The following effects of risk-management instruments were recognized in other–net, (income) expense: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fair value hedges: Effect from hedged fixed-rate debt $ (10.1) $ (14.0) $ (60.5) $ 110.4 Effect from interest rate contracts 10.1 14.0 60.5 (110.4) Cash flow hedges: Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss 4.2 4.1 12.5 12.3 Cross-currency interest rate swaps 10.0 (30.2) 58.1 (54.6) Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments 50.8 (54.2) 110.6 (82.8) Total $ 65.0 $ (80.3) $ 181.2 $ (125.1) |
Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), net investment hedges | The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net investment hedges: Foreign currency-denominated notes $ 119.0 $ (181.1) $ 268.8 $ (186.0) Cross-currency interest rate swaps 66.7 (110.4) 170.8 (55.4) Cash flow hedges: Forward-starting interest rate swaps 19.4 99.6 149.3 (231.9) Cross-currency interest rate swaps 3.1 6.6 22.5 (58.3) |
Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), cash flow hedges | The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net investment hedges: Foreign currency-denominated notes $ 119.0 $ (181.1) $ 268.8 $ (186.0) Cross-currency interest rate swaps 66.7 (110.4) 170.8 (55.4) Cash flow hedges: Forward-starting interest rate swaps 19.4 99.6 149.3 (231.9) Cross-currency interest rate swaps 3.1 6.6 22.5 (58.3) |
Summary certain fair value information, assets | The following tables summarize certain fair value information at September 30, 2021 and December 31, 2020 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments: Fair Value Measurements Using Carrying Cost (1) Quoted Prices in Active Markets for Identical Assets Significant Other Significant Fair September 30, 2021 Cash equivalents $ 2,373.8 $ 2,373.8 $ 2,373.8 $ — $ — $ 2,373.8 Short-term investments: U.S. government and agency securities $ 11.3 $ 11.1 $ 11.3 $ — $ — $ 11.3 Corporate debt securities 6.8 6.7 — 6.8 — 6.8 Mortgage-backed securities 0.2 0.2 — 0.2 — 0.2 Asset-backed securities 3.3 3.2 — 3.3 — 3.3 Other securities 15.5 15.5 6.6 — 8.9 15.5 Short-term investments $ 37.1 Noncurrent investments: U.S. government and agency securities $ 129.9 $ 129.0 $ 129.9 $ — $ — $ 129.9 Corporate debt securities 219.7 215.0 — 219.7 — 219.7 Mortgage-backed securities 110.7 107.9 — 110.7 — 110.7 Asset-backed securities 19.7 19.6 — 19.7 — 19.7 Other securities 105.6 21.6 — — 105.6 105.6 Marketable equity securities 1,482.8 420.5 1,482.8 — — 1,482.8 Equity investments without readily determinable fair values (2) 556.3 Equity method investments (2) 725.8 Noncurrent investments $ 3,350.5 December 31, 2020 Cash equivalents $ 2,097.9 $ 2,097.9 $ 2,097.9 $ — $ — $ 2,097.9 Short-term investments: U.S. government and agency securities $ 9.9 $ 9.9 $ 9.9 $ — $ — $ 9.9 Corporate debt securities 2.8 2.8 — 2.8 — 2.8 Asset-backed securities 1.2 1.2 — 1.2 — 1.2 Other securities 10.3 10.3 — — 10.3 10.3 Short-term investments $ 24.2 Noncurrent investments: U.S. government and agency securities $ 78.7 $ 74.3 $ 78.7 $ — $ — $ 78.7 Corporate debt securities 137.0 126.8 — 137.0 — 137.0 Mortgage-backed securities 106.4 101.4 — 106.4 — 106.4 Asset-backed securities 24.3 23.7 — 24.3 — 24.3 Other securities 110.5 31.8 — — 110.5 110.5 Marketable equity securities 1,664.2 311.6 1,664.2 — — 1,664.2 Equity investments without readily determinable fair values (2) 373.9 Equity method investments (2) 471.8 Noncurrent investments $ 2,966.8 (1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost. (2) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments. |
Summary certain fair value information, liabilities | Fair Value Measurements Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair Long-term debt, including current portion September 30, 2021 $ (17,085.4) $ — $ (18,354.9) $ — $ (18,354.9) December 31, 2020 (16,595.3) — (19,038.9) — (19,038.9) |
Fair value, by balance sheet grouping | Fair Value Measurements Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair September 30, 2021 Risk-management instruments: Interest rate contracts designated as fair value hedges: Other receivables $ 8.5 $ — $ 8.5 $ — $ 8.5 Other noncurrent assets 87.2 $ — 87.2 $ — 87.2 Other noncurrent liabilities (2.2) — (2.2) — (2.2) Interest rate contracts designated as cash flow hedges: Other noncurrent assets 77.3 — 77.3 — 77.3 Cross-currency interest rate contracts designated as net investment hedges: Other receivables 18.7 — 18.7 — 18.7 Other noncurrent assets 38.7 — 38.7 — 38.7 Other current liabilities (17.0) — (17.0) — (17.0) Other noncurrent liabilities (9.5) — (9.5) — (9.5) Cross-currency interest rate contracts designated as cash flow hedges: Other noncurrent assets 10.8 — 10.8 — 10.8 Other noncurrent liabilities (23.0) — (23.0) — (23.0) Foreign exchange contracts not designated as hedging instruments: Other receivables 5.5 — 5.5 — 5.5 Other current liabilities (25.7) — (25.7) — (25.7) Contingent consideration liability: Other noncurrent liabilities (70.7) — — (70.7) (70.7) December 31, 2020 Risk-management instruments: Interest rate contracts designated as fair value hedges: Other noncurrent assets 158.9 — 158.9 — 158.9 Interest rate contracts designated as cash flow hedges: Other noncurrent assets 38.1 — 38.1 — 38.1 Other noncurrent liabilities (97.8) — (97.8) — (97.8) Cross-currency interest rate contracts designated as net investment hedges: Other current liabilities (92.6) — (92.6) — (92.6) Other noncurrent liabilities (97.2) — (97.2) — (97.2) Cross-currency interest rate contracts designated as cash flow hedges: Other noncurrent assets 34.4 — 34.4 — 34.4 Other noncurrent liabilities (2.9) — (2.9) — (2.9) Foreign exchange contracts not designated as hedging instruments: Other receivables 41.1 — 41.1 — 41.1 Other current liabilities (15.2) — (15.2) — (15.2) |
Summary the contractual maturities of our investments in debt securities measured at fair value | The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of September 30, 2021: Maturities by Period Total Less Than 1-5 6-10 More Than Fair value of debt securities $ 501.6 $ 21.6 $ 157.8 $ 153.4 $ 168.8 |
Summary of the fair value of available-for-sale securities in an unrealized gain or loss position | A summary of the amount of unrealized gains and losses in accumulated other comprehensive loss and the fair value of available-for-sale securities in an unrealized gain or loss position follows: September 30, 2021 December 31, 2020 Unrealized gross gains $ 12.5 $ 20.9 Unrealized gross losses 4.0 0.5 Fair value of securities in an unrealized gain position 293.4 348.9 Fair value of securities in an unrealized loss position 208.1 11.4 |
Activity related to our available-for-sale securities | Activity related to our available-for-sale securities was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Proceeds from sales $ 49.6 $ 14.0 $ 137.3 $ 246.8 Realized gross gains on sales 0.4 0.4 2.2 4.0 Realized gross losses on sales 0.3 0.2 1.1 8.2 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of net pension and retiree health benefit (income) cost | Net pension and retiree health benefit (income) cost included the following components: Defined Benefit Pension Plans Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 92.5 $ 81.7 $ 277.8 $ 243.4 Interest cost 84.5 106.6 253.6 319.0 Expected return on plan assets (237.5) (229.5) (712.7) (671.4) Amortization of prior service cost 1.0 1.1 3.2 3.2 Recognized actuarial loss 121.9 58.4 366.3 286.5 Net periodic benefit cost $ 62.4 $ 18.3 $ 188.2 $ 180.7 Retiree Health Benefit Plans Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Components of net periodic benefit income: Service cost $ 12.4 $ 10.2 $ 37.0 $ 30.6 Interest cost 8.1 10.9 24.4 32.8 Expected return on plan assets (36.5) (40.3) (109.6) (115.1) Amortization of prior service benefit (14.9) (21.9) (44.7) (51.6) Recognized actuarial loss 0.8 0.7 2.4 2.1 Net periodic benefit income $ (30.1) $ (40.4) $ (90.5) $ (101.2) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of components of other comprehensive income (loss) | The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended September 30, 2021 and 2020: (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at July 1, 2021 $ (1,516.2) $ 9.1 $ (4,569.9) $ (210.1) $ (6,287.1) Other comprehensive income (loss) before reclassifications (8.0) (2.4) 18.6 16.8 25.0 Net amount reclassified from accumulated other comprehensive loss — 0.1 86.0 3.3 89.4 Net other comprehensive income (loss) (8.0) (2.3) 104.6 20.1 114.4 Balance at September 30, 2021 $ (1,524.2) $ 6.8 $ (4,465.3) $ (190.0) $ (6,172.7) (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at July 1, 2020 $ (1,722.5) $ 15.1 $ (4,454.9) $ (520.6) $ (6,682.9) Other comprehensive income (loss) before reclassifications 30.3 0.8 (19.6) 82.9 94.4 Net amount reclassified from accumulated other comprehensive loss — (0.2) 30.3 3.3 33.4 Net other comprehensive income (loss) 30.3 0.6 10.7 86.2 127.8 Balance at September 30, 2020 $ (1,692.2) $ 15.7 $ (4,444.2) $ (434.4) $ (6,555.1) The following tables summarize the activity related to each component of other comprehensive income (loss) during the nine months ended September 30, 2021 and 2020: (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at January 1, 2021 $ (1,427.5) $ 14.8 $ (4,751.0) $ (332.7) $ (6,496.4) Other comprehensive income (loss) before reclassifications (96.7) (8.8) 27.2 132.8 54.5 Net amount reclassified from accumulated other comprehensive loss — 0.8 258.5 9.9 269.2 Net other comprehensive income (loss) (96.7) (8.0) 285.7 142.7 323.7 Balance at September 30, 2021 $ (1,524.2) $ 6.8 $ (4,465.3) $ (190.0) $ (6,172.7) (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at January 1, 2020 $ (1,678.0) $ 4.9 $ (4,638.6) $ (211.9) $ (6,523.6) Other comprehensive income (loss) before reclassifications (14.2) 7.6 4.6 (232.3) (234.3) Net amount reclassified from accumulated other comprehensive loss — 3.2 189.8 9.8 202.8 Net other comprehensive income (loss) (14.2) 10.8 194.4 (222.5) (31.5) Balance at September 30, 2020 $ (1,692.2) $ 15.7 $ (4,444.2) $ (434.4) $ (6,555.1) The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows: Three Months Ended September 30, Nine Months Ended September 30, Tax benefit (expense) 2021 2020 2021 2020 Foreign currency translation gains/losses $ (39.0) $ 46.0 $ (92.3) $ 34.9 Unrealized net gains/losses on securities 0.8 (0.2) 3.8 (3.0) Defined benefit pension and retiree health benefit plans (28.2) 11.8 (79.7) (32.8) Effective portion of cash flow hedges (5.4) (22.9) (37.9) 59.1 Benefit (provision) for income taxes allocated to other comprehensive income (loss) items $ (71.8) $ 34.7 $ (206.1) $ 58.2 |
Schedule of reclassifications out of accumulated other comprehensive loss | Reclassifications out of accumulated other comprehensive loss were as follows: Details about Accumulated Other Comprehensive Loss Components Three Months Ended September 30, Nine Months Ended September 30, Affected Line Item in the Consolidated Condensed Statements of Operations 2021 2020 2021 2020 Amortization of retirement benefit items: Prior service benefits, net $ (13.9) $ (20.8) $ (41.5) $ (48.4) Other–net, (income) expense Actuarial losses, net 122.7 59.1 368.7 288.6 Other–net, (income) expense Total before tax 108.8 38.3 327.2 240.2 Tax benefit (22.8) (8.0) (68.7) (50.4) Income taxes Net of tax 86.0 30.3 258.5 189.8 Other, net of tax 3.4 3.1 10.7 13.0 Other–net, (income) expense Total reclassifications, net of tax $ 89.4 $ 33.4 $ 269.2 $ 202.8 |
Other_Net, (Income) Expense (Ta
Other–Net, (Income) Expense (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule of other–net, (income) expense | Other–net, (income) expense consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest expense $ 83.6 $ 89.6 $ 258.4 $ 270.4 Interest income (7.0) (5.8) (18.0) (27.2) Net investment (gains) losses on equity securities (Note 6) 246.8 (141.7) (270.1) (905.1) Retirement benefit plans (72.6) (114.0) (217.1) (194.5) Debt extinguishment loss (Note 6) 405.2 — 405.2 — Other (income) expense (20.1) 13.0 (34.1) 161.5 Other–net, (income) expense $ 635.9 $ (158.9) $ 124.3 $ (694.9) |
Revenue (Summary of Revenue Rec
Revenue (Summary of Revenue Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 6,772.8 | $ 5,740.6 | $ 20,318.5 | $ 17,099.8 |
Net product revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,189 | 5,281.1 | 18,579.5 | 15,762.3 |
Collaboration and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 583.8 | 459.5 | 1,739 | 1,337.5 |
Collaboration and other revenue associated with prior period transfers of intellectual property | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 62.1 | $ 31.5 | $ 136.1 | $ 101.5 |
Revenue (Adjustments to Revenue
Revenue (Adjustments to Revenue) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
U.S. | Sales returns, rebates, and discounts | ||||
Change in Accounting Estimate [Line Items] | ||||
Revenue, information used to determine revenue recognized, change in accounting estimate, percent (less than - 2021) | 1.00% | (1.00%) | 1.00% | 1.00% |
Revenue (Contract Liabilities)
Revenue (Contract Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 278.4 | $ 276.8 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue by Product) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 6,772.8 | $ 5,740.6 | $ 20,318.5 | $ 17,099.8 |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,989.6 | 3,161.4 | 11,635.1 | 9,631.4 |
Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,783.3 | 2,579.3 | 8,683.4 | 7,468.5 |
Diabetes | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,274.1 | 2,783 | 9,560.6 | 8,530.9 |
Diabetes | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,143 | 1,798.5 | 6,284 | 5,663 |
Diabetes | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,131.1 | 984.5 | 3,276.6 | 2,868 |
Trulicity® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,600.1 | 1,106.6 | 4,588.2 | 3,565.7 |
Trulicity® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,201.4 | 791.2 | 3,465.7 | 2,673.2 |
Trulicity® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 398.8 | 315.4 | 1,122.5 | 892.5 |
Humalog® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 626.7 | 656.9 | 1,851.3 | 1,907.8 |
Humalog® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 347.3 | 390.1 | 1,009 | 1,070.4 |
Humalog® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 279.4 | 266.9 | 842.3 | 837.4 |
Jardiance | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 390.4 | 310.8 | 1,058.9 | 840.3 |
Jardiance | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 221.2 | 163.3 | 566.8 | 453 |
Jardiance | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 169.2 | 147.5 | 492.1 | 387.3 |
Humulin® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 286.7 | 305.9 | 923.8 | 935.2 |
Humulin® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 193.4 | 214 | 633.5 | 642.5 |
Humulin® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 93.4 | 91.9 | 290.3 | 292.7 |
Basaglar® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 192.8 | 248.2 | 650.1 | 842.3 |
Basaglar® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 114.7 | 178.5 | 423.3 | 638.7 |
Basaglar® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 78.1 | 69.7 | 226.8 | 203.7 |
Other Diabetes | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 177.4 | 154.6 | 488.3 | 439.6 |
Other Diabetes | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 65 | 61.4 | 185.7 | 185.2 |
Other Diabetes | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 112.2 | 93.1 | 302.6 | 254.4 |
Oncology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,406.1 | 1,333.4 | 4,332.4 | 3,803.5 |
Oncology | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 730.9 | 682.5 | 2,201.7 | 2,023.1 |
Oncology | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 675.3 | 650.9 | 2,130.7 | 1,780.4 |
Alimta® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 457 | 578 | 1,626.6 | 1,677.2 |
Alimta® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 297.2 | 291.9 | 911.9 | 933.4 |
Alimta® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 159.8 | 286.1 | 714.7 | 743.8 |
Verzenio® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 335.5 | 234.4 | 945.8 | 631.1 |
Verzenio® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 199.6 | 158.9 | 582.1 | 430 |
Verzenio® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 135.9 | 75.5 | 363.7 | 201.1 |
Cyramza® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 253.4 | 252.7 | 762.5 | 748.4 |
Cyramza® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 84.8 | 94.5 | 266.3 | 277.6 |
Cyramza® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 168.6 | 158.2 | 496.3 | 470.8 |
Erbitux® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 134.3 | 136.4 | 403.7 | 396.7 |
Erbitux® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 114 | 122.5 | 357.7 | 356.1 |
Erbitux® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 20.3 | 14 | 45.9 | 40.6 |
Tyvyt® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Tyvyt® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 125.6 | 84.4 | 340.2 | 205.9 |
Other Oncology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 100.3 | 47.5 | 253.6 | 144.2 |
Other Oncology | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 35.3 | 14.7 | 83.7 | 26 |
Other Oncology | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 65.1 | 32.7 | 169.9 | 118.2 |
Immunology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,004.9 | 627.1 | 2,404.2 | 1,761.2 |
Immunology | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 616.2 | 346.8 | 1,323.3 | 995.1 |
Immunology | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 388.7 | 280.3 | 1,080.9 | 766.1 |
Taltz® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 593.1 | 454.5 | 1,565.4 | 1,293.2 |
Taltz® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 422.2 | 326.2 | 1,071.6 | 942.9 |
Taltz® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 170.9 | 128.3 | 493.8 | 350.3 |
Olumiant® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 194 | 14.5 | 236.5 | 39 |
Olumiant® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 212.9 | 147.5 | 572.6 | 407.7 |
Other Immunology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4.9 | 10.6 | 29.7 | 21.3 |
Other Immunology | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 6.1 | 15.2 | 13.2 |
Other Immunology | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4.9 | 4.5 | 14.5 | 8.1 |
Neuroscience | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 450.2 | 470.7 | 1,427.8 | 1,356.7 |
Neuroscience | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 144.6 | 140.4 | 453.1 | 354.7 |
Neuroscience | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 305.5 | 330.3 | 974.7 | 1,002 |
Emgality® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 140 | 91.5 | 415.7 | 252.9 |
Emgality® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 99.9 | 81.4 | 313.5 | 229.3 |
Emgality® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 40.1 | 10.1 | 102.2 | 23.6 |
Cymbalta® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 132 | 186.6 | 484.3 | 576.9 |
Cymbalta® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7 | 11.1 | 30.3 | 30.5 |
Cymbalta® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 125.1 | 175.5 | 454 | 546.5 |
Zyprexa® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 101.7 | 112.7 | 292.8 | 307.7 |
Zyprexa® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13 | 21.2 | 28.3 | 41.5 |
Zyprexa® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 88.7 | 91.5 | 264.5 | 266.2 |
Other Neuroscience | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 76.5 | 79.9 | 235 | 219.2 |
Other Neuroscience | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 24.7 | 26.7 | 81 | 53.4 |
Other Neuroscience | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 51.6 | 53.2 | 154 | 165.7 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 637.7 | 526.4 | 2,593.5 | 1,647.5 |
Other | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 354.9 | 193.2 | 1,373 | 595.5 |
Other | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 282.7 | 333.2 | 1,220.5 | 1,052 |
COVID-19 Antibodies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 1,176.2 | 0 | |
COVID-19 Antibodies | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 215.5 | 0 | 949.5 | 0 |
COVID-19 Antibodies | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1.6 | 0 | 226.7 | 0 |
Forteo® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 200.9 | 266.9 | 617.8 | 791.9 |
Forteo® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 109.6 | 144.6 | 330.1 | 386.7 |
Forteo® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 91.3 | 122.3 | 287.7 | 405.2 |
Cialis® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 130.9 | 162.5 | 538.7 | 486.2 |
Cialis® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (6.5) | 15.1 | (3.1) | 64.6 |
Cialis® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 137.4 | 147.3 | 541.8 | 421.6 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 88.8 | 97 | 260.8 | 369.4 |
Other | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 36.3 | 33.5 | 96.5 | 144.2 |
Other | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 52.4 | $ 63.6 | $ 164.3 | $ 225.2 |
Revenue (Disaggregation of Re_2
Revenue (Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 6,772.8 | $ 5,740.6 | $ 20,318.5 | $ 17,099.8 |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,989.6 | 3,161.4 | 11,635.1 | 9,631.4 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,098.6 | 1,046.7 | 3,629.6 | 2,984.4 |
Japan | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 595 | 660.1 | 1,832.2 | 1,919.1 |
China | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 400.3 | 289.1 | 1,285 | 796.2 |
Other foreign countries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 689.4 | $ 583.2 | $ 1,936.7 | $ 1,768.7 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jan. 31, 2021USD ($)right$ / shares | Feb. 29, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Business Acquisition [Line Items] | |||||||
Acquired IPR&D Expense | $ 174,000,000 | $ 0 | $ 498,300,000 | $ 294,100,000 | |||
Cash paid, net of cash acquired | 747,400,000 | 849,300,000 | |||||
Goodwill | $ 3,884,100,000 | 3,884,100,000 | $ 3,766,500,000 | ||||
Repayments of long-term debt | $ 1,905,300,000 | $ 276,300,000 | |||||
Prevail Therapeutics Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 22.50 | ||||||
Cash paid, net of cash acquired | $ 747,400,000 | ||||||
Consideration transferred, number of contingent value rights | right | 1 | ||||||
Contingent value right, additional price per share (up to) (in dollars per share) | $ / shares | $ 4 | ||||||
Contingent value right, additional price per share, aggregate amount | $ 160,000,000 | ||||||
Contingent value right, monthly reduction (in cents per share) | $ / shares | $ 0.083 | ||||||
Goodwill | $ 118,800,000 | ||||||
Acquired IPR&D | 824,000,000 | ||||||
Deferred income taxes assumed | $ 98,000,000 | ||||||
Dermira | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 849,300,000 | ||||||
Goodwill | 86,800,000 | ||||||
Acquired IPR&D | 1,200,000,000 | ||||||
Deferred income taxes assumed | 49,500,000 | ||||||
Long-term debt assumed | $ 375,500,000 | ||||||
Repayments of long-term debt | $ 276,200,000 |
Acquisitions (Assets Acquired a
Acquisitions (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Jan. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,884.1 | $ 3,766.5 | ||
Cash paid, net of cash acquired | $ 747.4 | $ 849.3 | ||
Prevail Therapeutics Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 90.5 | |||
Acquired IPR&D | 824 | |||
Goodwill | 118.8 | |||
Deferred tax liabilities | (98) | |||
Other assets and liabilities, net | (31.5) | |||
Acquisition date fair value of consideration transferred | 903.8 | |||
Cash acquired | (90.5) | |||
Fair value of CVR liability | (65.9) | |||
Cash paid, net of cash acquired | $ 747.4 |
Acquisitions (Asset Acquisition
Acquisitions (Asset Acquisitions) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | May 31, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Jun. 30, 2020 | May 31, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 174,000,000 | $ 0 | $ 498,300,000 | $ 294,100,000 | |||||||||
Precision Biosciences, Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 107,800,000 | ||||||||||||
Merus N.V. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | 46,500,000 | ||||||||||||
Asahi Kasei Pharma Corporation | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 20,000,000 | ||||||||||||
Rigel Pharmaceuticals, Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 125,000,000 | ||||||||||||
MiNA Therapeutics Limited | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 25,000,000 | ||||||||||||
Protomer Technologies Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 57,300,000 | ||||||||||||
Kumquat Biosciences Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 55,000,000 | ||||||||||||
Lycia Therapeutics, Inc. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 35,000,000 | ||||||||||||
ProQR Therapeutics N.V. | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 26,700,000 | ||||||||||||
Sitryx Therapeutics Limited | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 52,300,000 | ||||||||||||
AbCellera | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 25,000,000 | $ 25,000,000 | |||||||||||
Junshi Biosciences | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | 20,000,000 | ||||||||||||
Petra | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 174,800,000 | ||||||||||||
Evox Therapeutics Limited | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired IPR&D Expense | $ 22,000,000 |
Collaborations and Other Arra_3
Collaborations and Other Arrangements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Revenue | $ 6,772.8 | $ 5,740.6 | $ 20,318.5 | $ 17,099.8 | ||
Contract liabilities | 278.4 | 278.4 | $ 276.8 | |||
China | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Revenue | 400.3 | 289.1 | 1,285 | 796.2 | ||
Jardiance | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Revenue | 390.4 | 310.8 | 1,058.9 | 840.3 | ||
Trajenta | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Revenue | 96.1 | 91.7 | 279.9 | 261.7 | ||
Basaglar | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Revenue | 192.8 | 248.2 | 650.1 | 842.3 | ||
Olumiant® | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Revenue | 406.9 | 162 | 809.1 | 446.7 | ||
COVID-19 Antibodies | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Revenue | 0 | 1,176.2 | 0 | |||
Revenue | 217.1 | 1,180 | ||||
Tyvyt® | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Revenue | 125.6 | $ 84.4 | 340.2 | $ 205.9 | ||
Lebrikizumab | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Contract liabilities | 15.3 | 15.3 | 29.7 | |||
Milestone Payments, Development and Regulatory, Capitalized (Deferred), Cumulative | Jardiance | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 141.1 | 141.1 | 156.2 | |||
Milestone Payments, Development and Regulatory, Capitalized (Deferred), Cumulative | Trajenta | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 95.1 | 95.1 | 114.6 | |||
Milestone Payments, Development and Regulatory, Capitalized (Deferred), Cumulative | Basaglar | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | (154) | $ (154) | (168) | |||
Royalty Agreement Terms | Olumiant® | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Collaborative arrangement, rights and obligations, percentage (up to) | 20.00% | |||||
Milestone Payments, Capitalized as Intangible Assets | Junshi Biosciences | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 95 | $ 95 | ||||
Milestone Payments, Capitalized as Intangible Assets | Olumiant® | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 210 | 210 | $ 210 | |||
Milestone Payments, Capitalized as Intangible Assets | Tyvyt® | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | $ 40 | |||||
Milestone Payments, Development and Regulatory | Olumiant® | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 100 | 100 | ||||
Milestone Payments, Development and Regulatory | Lebrikizumab | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 85 | 85 | ||||
Milestone Payments, Sales-based | Junshi Biosciences | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 100 | 100 | ||||
Milestone Payments, Sales-based | Olumiant® | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 150 | 150 | ||||
Milestone Payments, Sales-based | Lebrikizumab | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 1,250 | 1,250 | ||||
Milestone Payments, Contingent Upon Initiation of Phase I Trial | Petra | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 205 | 205 | ||||
Milestone Payments, Contingent Upon Achieving Clinical Proof of Concept | Petra | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 164 | 164 | ||||
Innovent Biologics, Inc. | Milestone Payments, Success-based Regulatory and Sales-based | Tyvyt® | Non-CHINA | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 825 | 825 | ||||
Innovent Biologics, Inc. | Milestone Payments, Success-based Regulatory and Sales-based | Tyvyt® | China | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 195 | 195 | ||||
Roche | Milestone Payments, Development and Regulatory | Lebrikizumab | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | 180 | 180 | ||||
Roche | Milestone Payments, Sales-based | Lebrikizumab | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Potential achievements | $ 1,030 | $ 1,030 |
Asset Impairment, Restructuri_3
Asset Impairment, Restructuring, and Other Special Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | ||||
Severance | $ 0 | $ 144.4 | $ 11.5 | $ 154.2 |
Asset impairment (recovery) and other special charges | 0 | (43) | 200.1 | 7.1 |
Total asset impairment, restructuring, and other special charges | $ 0 | $ 101.4 | 211.6 | $ 161.3 |
Intangible asset impairment | 108.1 | |||
Inventory write-down | $ 435.1 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) ¥ in Millions, ¥ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021EUR (€) | Sep. 30, 2021CNY (¥) | Sep. 30, 2021JPY (¥) | Sep. 30, 2021GBP (£) | Dec. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Maximum remaining maturity of foreign currency derivatives | 180 days | |||||||||
Derivatives used in net investment hedge, net of tax | $ 5,950 | $ 5,950 | $ 5,950 | $ 4,500 | ||||||
Percentage of long-term fixed-rate notes to floating rates through the use of interest rate swaps converted | 12.00% | 12.00% | 12.00% | 12.00% | 12.00% | 12.00% | 12.00% | |||
Debt extinguishment loss | $ 405.2 | $ 0 | $ 405.2 | $ 0 | ||||||
Pretax net losses on cash flow hedges expected to be reclassified during the next 12 months | $ 16.4 | 16.4 | 16.4 | |||||||
Alternative investments, unfunded commitments | 781 | 781 | $ 781 | |||||||
Alternative investments, unfunded commitments, payment period | 10 years | |||||||||
Equity securities, net unrealized gains (losses) | (246.8) | $ 141.7 | $ 270.1 | $ 905.1 | ||||||
Available-for-sale, percentage of nonperforming assets | 97.00% | |||||||||
Amount of receivable derecognized | 617.4 | 617.4 | $ 617.4 | 754.9 | ||||||
Buy U.S. Dollars Sell Euros | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative liability, notional amount | 707.3 | 707.3 | 707.3 | |||||||
Derivative asset, notional amount | € | € 604,500,000 | |||||||||
Buy Euros Sell U.S. Dollars | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative liability, notional amount | € | 2,540,000,000 | |||||||||
Derivative asset, notional amount | 2,980 | 2,980 | 2,980 | |||||||
Buy US Dollar Sell Chinese Yuan | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative liability, notional amount | 151.6 | 151.6 | 151.6 | |||||||
Derivative asset, notional amount | ¥ | ¥ 980 | |||||||||
Buy U.S. Dollars Sell Japanese Yen | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative liability, notional amount | 144.7 | 144.7 | 144.7 | |||||||
Derivative asset, notional amount | ¥ | ¥ 16,130 | |||||||||
Buy British Pounds and Sell U.S. Dollars | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative liability, notional amount | £ | £ 155,500,000 | |||||||||
Derivative asset, notional amount | 212.6 | 212.6 | 212.6 | |||||||
Swap U.S. Dollars to Euro | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, notional amount | 2,690 | 2,690 | 2,690 | |||||||
Swap Swiss Francs to U.S. Dollars | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, notional amount | 1,000 | 1,000 | 1,000 | |||||||
Foreign Currency Denominated Debt | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Long-term debt, including current portion | 8,080 | $ 8,080 | $ 8,080 | $ 6,020 | ||||||
Payment for debt extinguishment | 1,910 | |||||||||
Extinguishment of debt, amount | 1,500 | |||||||||
Debt extinguishment loss | $ 405.2 | |||||||||
Foreign Currency Denominated Debt | 0.500% Notes due 2033 | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Debt instrument, face amount | € | € 600,000,000 | |||||||||
Stated interest rate | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | |||
Foreign Currency Denominated Debt | 1.125% Notes due 2051 | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Debt instrument, face amount | € | € 500,000,000 | |||||||||
Stated interest rate | 1.125% | 1.125% | 1.125% | 1.125% | 1.125% | 1.125% | 1.125% | |||
Foreign Currency Denominated Debt | 1.375% Notes due 2061 | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Debt instrument, face amount | € | € 700,000,000 | |||||||||
Stated interest rate | 1.375% | 1.375% | 1.375% | 1.375% | 1.375% | 1.375% | 1.375% | |||
Foreign Currency Denominated Debt | 1.625% Notes due 2043 | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Debt instrument, face amount | £ | £ 250,000,000 | |||||||||
Stated interest rate | 1.625% | 1.625% | 1.625% | 1.625% | 1.625% | 1.625% | 1.625% | |||
Foreign Currency Denominated Debt | 3.95% Notes Due 2049 | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Stated interest rate | 3.95% | 3.95% | 3.95% | 3.95% | 3.95% | 3.95% | 3.95% | |||
Extinguishment of debt, amount | $ 541.8 | |||||||||
Foreign Currency Denominated Debt | 4.15% Notes Due 2059 | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Stated interest rate | 4.15% | 4.15% | 4.15% | 4.15% | 4.15% | 4.15% | 4.15% | |||
Extinguishment of debt, amount | $ 408.7 | |||||||||
Foreign Currency Denominated Debt | 3.375% Notes Due 2029 | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Stated interest rate | 3.375% | 3.375% | 3.375% | 3.375% | 3.375% | 3.375% | 3.375% | |||
Extinguishment of debt, amount | $ 219.4 | |||||||||
Designated as Hedging Instrument | Cash Flow Hedging | Forward-starting interest rate swaps | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, notional amount | $ 1,750 | $ 1,750 | $ 1,750 |
Financial Instruments (Effect o
Financial Instruments (Effect of Risk-Management Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flow hedges: | ||||
Total | $ 65 | $ (80.3) | $ 181.2 | $ (125.1) |
Foreign currency-denominated notes | ||||
Cash flow hedges: | ||||
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss), net investment hedges | 119 | (181.1) | 268.8 | (186) |
Cross-currency interest rate swaps | ||||
Cash flow hedges: | ||||
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss), net investment hedges | 66.7 | (110.4) | 170.8 | (55.4) |
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss), cash flow hedges | 3.1 | 6.6 | 22.5 | (58.3) |
Forward-starting interest rate swaps | ||||
Cash flow hedges: | ||||
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss), cash flow hedges | 19.4 | 99.6 | 149.3 | (231.9) |
Designated as Hedging Instrument | Foreign currency-denominated notes | ||||
Fair value hedges: | ||||
Effect from hedged fixed-rate debt | (10.1) | (14) | (60.5) | 110.4 |
Designated as Hedging Instrument | Interest rate contracts | ||||
Fair value hedges: | ||||
Effect from interest rate contracts | 10.1 | 14 | 60.5 | (110.4) |
Cash flow hedges: | ||||
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss | 4.2 | 4.1 | 12.5 | 12.3 |
Designated as Hedging Instrument | Cross-currency interest rate swaps | ||||
Cash flow hedges: | ||||
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss | 10 | (30.2) | 58.1 | (54.6) |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | ||||
Cash flow hedges: | ||||
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments | $ 50.8 | $ (54.2) | $ 110.6 | $ (82.8) |
Financial Instruments (Fair Val
Financial Instruments (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Noncurrent investments | $ 3,350.5 | $ 2,966.8 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,373.8 | 2,097.9 |
Short-term investments, debt securities | 37.1 | 24.2 |
Equity investments without readily determinable fair values | 556.3 | 373.9 |
Noncurrent investments | 3,350.5 | 2,966.8 |
Long-term debt, including current portion | (17,085.4) | (16,595.3) |
Carrying Amount | U.S. government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 11.3 | 9.9 |
Noncurrent investments, debt securities | 129.9 | 78.7 |
Carrying Amount | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 6.8 | 2.8 |
Noncurrent investments, debt securities | 219.7 | 137 |
Carrying Amount | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0.2 | |
Noncurrent investments, debt securities | 110.7 | 106.4 |
Carrying Amount | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 3.3 | 1.2 |
Noncurrent investments, debt securities | 19.7 | 24.3 |
Carrying Amount | Other securities, current investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 15.5 | 10.3 |
Carrying Amount | Other securities, noncurrent investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 105.6 | 110.5 |
Carrying Amount | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 1,482.8 | 1,664.2 |
Carrying Amount | Equity method investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investments | 725.8 | 471.8 |
Cost | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,373.8 | 2,097.9 |
Cost | U.S. government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 11.1 | 9.9 |
Noncurrent investments, debt securities | 129 | 74.3 |
Cost | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 6.7 | 2.8 |
Noncurrent investments, debt securities | 215 | 126.8 |
Cost | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0.2 | |
Noncurrent investments, debt securities | 107.9 | 101.4 |
Cost | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 3.2 | 1.2 |
Noncurrent investments, debt securities | 19.6 | 23.7 |
Cost | Other securities, current investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 15.5 | 10.3 |
Cost | Other securities, noncurrent investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 21.6 | 31.8 |
Cost | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 420.5 | 311.6 |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,373.8 | 2,097.9 |
Long-term debt, including current portion | (18,354.9) | (19,038.9) |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,373.8 | 2,097.9 |
Long-term debt, including current portion | 0 | 0 |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Long-term debt, including current portion | (18,354.9) | (19,038.9) |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Long-term debt, including current portion | 0 | 0 |
Estimate of Fair Value Measurement | U.S. government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 11.3 | 9.9 |
Noncurrent investments, debt securities | 129.9 | 78.7 |
Estimate of Fair Value Measurement | U.S. government and agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 11.3 | 9.9 |
Noncurrent investments, debt securities | 129.9 | 78.7 |
Estimate of Fair Value Measurement | U.S. government and agency securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | U.S. government and agency securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 6.8 | 2.8 |
Noncurrent investments, debt securities | 219.7 | 137 |
Estimate of Fair Value Measurement | Corporate debt securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Corporate debt securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 6.8 | 2.8 |
Noncurrent investments, debt securities | 219.7 | 137 |
Estimate of Fair Value Measurement | Corporate debt securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0.2 | |
Noncurrent investments, debt securities | 110.7 | 106.4 |
Estimate of Fair Value Measurement | Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0.2 | |
Noncurrent investments, debt securities | 110.7 | 106.4 |
Estimate of Fair Value Measurement | Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 3.3 | 1.2 |
Noncurrent investments, debt securities | 19.7 | 24.3 |
Estimate of Fair Value Measurement | Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 3.3 | 1.2 |
Noncurrent investments, debt securities | 19.7 | 24.3 |
Estimate of Fair Value Measurement | Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Other securities, current investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 15.5 | 10.3 |
Estimate of Fair Value Measurement | Other securities, current investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 6.6 | 0 |
Estimate of Fair Value Measurement | Other securities, current investments | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Other securities, current investments | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 8.9 | 10.3 |
Estimate of Fair Value Measurement | Other securities, noncurrent investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 105.6 | 110.5 |
Estimate of Fair Value Measurement | Other securities, noncurrent investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Estimate of Fair Value Measurement | Other securities, noncurrent investments | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Estimate of Fair Value Measurement | Other securities, noncurrent investments | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 105.6 | 110.5 |
Estimate of Fair Value Measurement | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 1,482.8 | 1,664.2 |
Estimate of Fair Value Measurement | Marketable equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 1,482.8 | 1,664.2 |
Estimate of Fair Value Measurement | Marketable equity securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Estimate of Fair Value Measurement | Marketable equity securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 0 | $ 0 |
Financial Instruments (Risk Man
Financial Instruments (Risk Management Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability, other noncurrent liabilities | $ (70.7) | |
Carrying Amount | Foreign currency exchange contracts | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 5.5 | $ 41.1 |
Other current liabilities | (25.7) | (15.2) |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability, other noncurrent liabilities | (70.7) | |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability, other noncurrent liabilities | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability, other noncurrent liabilities | 0 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability, other noncurrent liabilities | (70.7) | |
Estimate of Fair Value Measurement | Foreign currency exchange contracts | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 5.5 | 41.1 |
Other current liabilities | (25.7) | (15.2) |
Estimate of Fair Value Measurement | Foreign currency exchange contracts | Not Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 0 | 0 |
Other current liabilities | 0 | 0 |
Estimate of Fair Value Measurement | Foreign currency exchange contracts | Not Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 5.5 | 41.1 |
Other current liabilities | (25.7) | (15.2) |
Estimate of Fair Value Measurement | Foreign currency exchange contracts | Not Designated as Hedging Instrument | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 0 | 0 |
Other current liabilities | 0 | 0 |
Fair Value Hedging | Carrying Amount | Interest rate contracts | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 8.5 | |
Other noncurrent assets | 87.2 | 158.9 |
Other noncurrent liabilities | (2.2) | |
Fair Value Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 8.5 | |
Other noncurrent assets | 87.2 | 158.9 |
Other noncurrent liabilities | (2.2) | |
Fair Value Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 0 | |
Other noncurrent assets | 0 | 0 |
Other noncurrent liabilities | 0 | |
Fair Value Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 8.5 | |
Other noncurrent assets | 87.2 | 158.9 |
Other noncurrent liabilities | (2.2) | |
Fair Value Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 0 | |
Other noncurrent assets | 0 | 0 |
Other noncurrent liabilities | 0 | |
Cash Flow Hedging | Carrying Amount | Interest rate contracts | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 77.3 | 38.1 |
Other noncurrent liabilities | (97.8) | |
Cash Flow Hedging | Carrying Amount | Cross-currency interest rate swaps | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 10.8 | 34.4 |
Other noncurrent liabilities | (23) | (2.9) |
Cash Flow Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 77.3 | 38.1 |
Other noncurrent liabilities | (97.8) | |
Cash Flow Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | 0 |
Other noncurrent liabilities | 0 | |
Cash Flow Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 77.3 | 38.1 |
Other noncurrent liabilities | (97.8) | |
Cash Flow Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | 0 |
Other noncurrent liabilities | 0 | |
Cash Flow Hedging | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 10.8 | 34.4 |
Other noncurrent liabilities | (23) | (2.9) |
Cash Flow Hedging | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | 0 |
Other noncurrent liabilities | 0 | 0 |
Cash Flow Hedging | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 10.8 | 34.4 |
Other noncurrent liabilities | (23) | (2.9) |
Cash Flow Hedging | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | 0 |
Other noncurrent liabilities | 0 | 0 |
Net investment hedges | Carrying Amount | Cross-currency interest rate swaps | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 18.7 | |
Other noncurrent assets | 38.7 | |
Other current liabilities | (17) | (92.6) |
Other noncurrent liabilities | (9.5) | (97.2) |
Net investment hedges | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 18.7 | |
Other noncurrent assets | 38.7 | |
Other current liabilities | (17) | (92.6) |
Other noncurrent liabilities | (9.5) | (97.2) |
Net investment hedges | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 0 | |
Other noncurrent assets | 0 | |
Other current liabilities | 0 | 0 |
Other noncurrent liabilities | 0 | 0 |
Net investment hedges | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 18.7 | |
Other noncurrent assets | 38.7 | |
Other current liabilities | (17) | (92.6) |
Other noncurrent liabilities | (9.5) | (97.2) |
Net investment hedges | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 0 | |
Other noncurrent assets | 0 | |
Other current liabilities | 0 | 0 |
Other noncurrent liabilities | $ 0 | $ 0 |
Financial Instruments (Contract
Financial Instruments (Contractual Maturities) (Details) $ in Millions | Sep. 30, 2021USD ($) |
Fair Value Disclosures [Abstract] | |
Total | $ 501.6 |
Less Than 1 Year | 21.6 |
1-5 Years | 157.8 |
6-10 Years | 153.4 |
More Than 10 Years | $ 168.8 |
Financial Instruments (Unrealiz
Financial Instruments (Unrealized Gains and Losses) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Unrealized gross gains | $ 12.5 | $ 20.9 |
Unrealized gross losses | 4 | 0.5 |
Fair value of securities in an unrealized gain position | 293.4 | 348.9 |
Fair value of securities in an unrealized loss position | $ 208.1 | $ 11.4 |
Financial Instruments (Realized
Financial Instruments (Realized Gains and Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | ||||
Proceeds from sales | $ 49.6 | $ 14 | $ 137.3 | $ 246.8 |
Realized gross gains on sales | 0.4 | 0.4 | 2.2 | 4 |
Realized gross losses on sales | $ 0.3 | $ 0.2 | $ 1.1 | $ 8.2 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate, percentage | 10.90% | 15.90% | 10.70% | 14.40% |
Retirement Benefits (Components
Retirement Benefits (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 92.5 | $ 81.7 | $ 277.8 | $ 243.4 |
Interest cost | 84.5 | 106.6 | 253.6 | 319 |
Expected return on plan assets | (237.5) | (229.5) | (712.7) | (671.4) |
Amortization of prior service cost | 1 | 1.1 | 3.2 | 3.2 |
Recognized actuarial loss | 121.9 | 58.4 | 366.3 | 286.5 |
Net periodic benefit cost | 62.4 | 18.3 | 188.2 | 180.7 |
Retiree Health Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 12.4 | 10.2 | 37 | 30.6 |
Interest cost | 8.1 | 10.9 | 24.4 | 32.8 |
Expected return on plan assets | (36.5) | (40.3) | (109.6) | (115.1) |
Amortization of prior service cost | (14.9) | (21.9) | (44.7) | (51.6) |
Recognized actuarial loss | 0.8 | 0.7 | 2.4 | 2.1 |
Net periodic benefit cost | $ (30.1) | $ (40.4) | $ (90.5) | $ (101.2) |
Contingencies (Details)
Contingencies (Details) R$ in Millions, $ in Millions | Sep. 30, 2021BRL (R$)claimantlawsuitsite | Sep. 30, 2021USD ($)claimantlawsuitsite | Aug. 31, 2021patentdecision | Jul. 31, 2021claim | Jun. 30, 2021BRL (R$)patent | Mar. 31, 2020patent | Feb. 29, 2020patent | Dec. 31, 2019 | Jul. 31, 2019BRL (R$) | Jul. 31, 2018BRL (R$) | Sep. 30, 2021lawsuitplaintiffsiteclaimant | Sep. 30, 2018patent | Nov. 30, 2017lawsuit | Jan. 31, 2013lawsuit | Jul. 31, 2012lawsuit | Dec. 31, 2011lawsuit |
Unfavorable Regulatory Action | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of sites jointly and severally liable for cleanup (fewer than) | site | 10 | 10 | 10 | |||||||||||||
Actos | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 4 | 4 | 4 | |||||||||||||
Byetta | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 570 | 570 | 570 | |||||||||||||
Number of plaintiffs | plaintiff | 805 | |||||||||||||||
Number of claimants | claimant | 20 | 20 | 20 | |||||||||||||
Byetta | Pancreatic Cancer or Thyroid Cancer | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 565 | 565 | 565 | |||||||||||||
Number of plaintiffs | plaintiff | 800 | |||||||||||||||
Byetta | Pancreatitis | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of plaintiffs | plaintiff | 6 | |||||||||||||||
Byetta | Ampullary Cancer | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of plaintiffs | plaintiff | 1 | |||||||||||||||
Byetta | Los Angeles | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 55 | 55 | 55 | |||||||||||||
Number of plaintiffs | plaintiff | 285 | |||||||||||||||
Byetta | Southern District of California | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 515 | 515 | 515 | |||||||||||||
Number of plaintiffs | plaintiff | 515 | |||||||||||||||
Byetta | Various State Domiciles | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 2 | 2 | 2 | |||||||||||||
Number of plaintiffs | plaintiff | 2 | |||||||||||||||
Cialis® | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 350 | 350 | 350 | |||||||||||||
Jardiance | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 95 | 95 | 95 | |||||||||||||
Humalog, Humulin and Forteo | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 2 | 2 | 2 | |||||||||||||
Insulin | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of claims dismissed | claim | 3 | |||||||||||||||
Dr Reddy's Lab | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Limited initial market entry, supply term | 21 days | |||||||||||||||
Emgality Patent Litigation | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of patents | patent | 2 | 9 | 9 | |||||||||||||
Number of patents, claims dismissed | patent | 6 | 6 | ||||||||||||||
Number of patents ruled unpatentable | patent | 3 | |||||||||||||||
Number of decisions affirmed | decision | 9 | |||||||||||||||
Casseres et al. v. Takeda Pharmaceutical North America, Inc., et al. | Actos | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 1 | |||||||||||||||
Weiler v. Takeda Canada Inc. et al. | Actos | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 1 | |||||||||||||||
Weiler v. Takeda Canada Inc. et al. | Actos | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 1 | |||||||||||||||
Epp v. Takeda Canada Inc. et al. | Actos | Product Liability | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 1 | |||||||||||||||
Brazil | Employee Litigation | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of pending lawsuits | 30 | 30 | 30 | |||||||||||||
Damages awarded, value | R$ 950 | $ 175 | R$ 100 | R$ 500 | R$ 300 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 5,825.2 | |||
Other comprehensive income (loss) before reclassifications | $ 25 | $ 94.4 | 54.5 | $ (234.3) |
Net amount reclassified from accumulated other comprehensive loss | 89.4 | 33.4 | 269.2 | 202.8 |
Net other comprehensive income (loss) | 114.4 | 127.8 | 323.7 | (31.5) |
Ending balance | 7,954.1 | 7,954.1 | ||
Accumulated Other Comprehensive Loss | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (6,287.1) | (6,682.9) | (6,496.4) | (6,523.6) |
Ending balance | (6,172.7) | (6,555.1) | (6,172.7) | (6,555.1) |
Foreign Currency Translation Gains (Losses) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,516.2) | (1,722.5) | (1,427.5) | (1,678) |
Other comprehensive income (loss) before reclassifications | (8) | 30.3 | (96.7) | (14.2) |
Net amount reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) | (8) | 30.3 | (96.7) | (14.2) |
Ending balance | (1,524.2) | (1,692.2) | (1,524.2) | (1,692.2) |
Unrealized Net Gains (Losses) on Securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 9.1 | 15.1 | 14.8 | 4.9 |
Other comprehensive income (loss) before reclassifications | (2.4) | 0.8 | (8.8) | 7.6 |
Net amount reclassified from accumulated other comprehensive loss | 0.1 | (0.2) | 0.8 | 3.2 |
Net other comprehensive income (loss) | (2.3) | 0.6 | (8) | 10.8 |
Ending balance | 6.8 | 15.7 | 6.8 | 15.7 |
Defined Benefit Pension and Retiree Health Benefit Plans | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (4,569.9) | (4,454.9) | (4,751) | (4,638.6) |
Other comprehensive income (loss) before reclassifications | 18.6 | (19.6) | 27.2 | 4.6 |
Net amount reclassified from accumulated other comprehensive loss | 86 | 30.3 | 258.5 | 189.8 |
Net other comprehensive income (loss) | 104.6 | 10.7 | 285.7 | 194.4 |
Ending balance | (4,465.3) | (4,444.2) | (4,465.3) | (4,444.2) |
Effective Portion of Cash Flow Hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (210.1) | (520.6) | (332.7) | (211.9) |
Other comprehensive income (loss) before reclassifications | 16.8 | 82.9 | 132.8 | (232.3) |
Net amount reclassified from accumulated other comprehensive loss | 3.3 | 3.3 | 9.9 | 9.8 |
Net other comprehensive income (loss) | 20.1 | 86.2 | 142.7 | (222.5) |
Ending balance | $ (190) | $ (434.4) | $ (190) | $ (434.4) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Tax Effect) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Benefit (provision) for income taxes allocated to other comprehensive income (loss) items | $ (71.8) | $ 34.7 | $ (206.1) | $ 58.2 |
Foreign Currency Translation Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Benefit (provision) for income taxes allocated to other comprehensive income (loss) items | (39) | 46 | (92.3) | 34.9 |
Unrealized net gains/losses on securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Benefit (provision) for income taxes allocated to other comprehensive income (loss) items | 0.8 | (0.2) | 3.8 | (3) |
Defined Benefit Pension and Retiree Health Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Benefit (provision) for income taxes allocated to other comprehensive income (loss) items | (28.2) | 11.8 | (79.7) | (32.8) |
Effective portion of cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Benefit (provision) for income taxes allocated to other comprehensive income (loss) items | $ (5.4) | $ (22.9) | $ (37.9) | $ 59.1 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) (Reclassification) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other–net, (income) expense | $ 20.1 | $ (13) | $ 34.1 | $ (161.5) |
Total before tax | 1,245.3 | 1,437.2 | 4,315.6 | 4,760.8 |
Tax benefit | (135.2) | (228.8) | (460) | (683.9) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, net of tax | 89.4 | 33.4 | 269.2 | 202.8 |
Defined Benefit Pension and Retiree Health Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 108.8 | 38.3 | 327.2 | 240.2 |
Tax benefit | (22.8) | (8) | (68.7) | (50.4) |
Total reclassifications, net of tax | 86 | 30.3 | 258.5 | 189.8 |
Prior service benefits, net | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other–net, (income) expense | (13.9) | (20.8) | (41.5) | (48.4) |
Actuarial losses, net | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other–net, (income) expense | 122.7 | 59.1 | 368.7 | 288.6 |
Other, net of tax | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other–net, (income) expense | $ 3.4 | $ 3.1 | $ 10.7 | $ 13 |
Other_Net, (Income) Expense (De
Other–Net, (Income) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Nonoperating Income (Expense) [Abstract] | ||||
Interest expense | $ 83.6 | $ 89.6 | $ 258.4 | $ 270.4 |
Interest income | (7) | (5.8) | (18) | (27.2) |
Net investment gains | 246.8 | (141.7) | (270.1) | (905.1) |
Retirement benefit plans | (72.6) | (114) | (217.1) | (194.5) |
Debt extinguishment loss (Note 6) | 405.2 | 0 | 405.2 | 0 |
Other (income) expense | (20.1) | 13 | (34.1) | 161.5 |
Other–net, (income) expense | $ 635.9 | $ (158.9) | $ 124.3 | $ (694.9) |