XML 38 R68.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Jul. 08, 2019
Jan. 03, 2017
Dec. 31, 2019
Sep. 28, 2019
Jun. 29, 2019
[3]
Mar. 30, 2019
[3]
Dec. 31, 2018
Sep. 29, 2018
[4]
Jun. 30, 2018
[5]
Mar. 31, 2018
[6]
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Net proceeds from sale of business                       $ 182.5 $ 5.2 $ 154.6
Gain (loss) on disposition of business       $ 71.7               71.7 0.0 0.0
Income recognized for change in asset     $ 3.6 [1] $ 2.6 [2] $ 5.5 $ 10.4 $ 122.8 $ 74.9 $ 0.6 $ (9.6)   22.1 188.7 (24.9)
Payment of guaranty liability                       1.8    
Gain (loss) on settlement of contingent consideration                           17.4
Provision for new credit guarantees                           12.5
Recurring | Level 3                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Guarantee on certain obligations     $ 12.0                 12.0   13.8
Provision for new credit guarantees                       $ 0.0 $ 0.0 12.5
CSCA                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Net proceeds from sale of business $ 182.5                          
Gain (loss) on disposition of business $ 71.7                          
RX                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Net proceeds from sale of business   $ 15.0                        
Royalty Pharma                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Sale price of divestiture - cash plus non-cash                           2,850.0
Net proceeds from sale of business                           2,200.0
Contingent proceeds from divestiture of business, milestone one, maximum                           250.0
Contingent proceeds from divestiture of business, milestone two, maximum                           $ 400.0
Volatility (percent)                       30.00% 30.00%  
Rate of return (percent)                       7.92% 8.05%  
Royalty Pharma Contingent Milestone Payments                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Net sales included in calculation for milestone payment                         $ 337.5  
Royalty Pharma Contingent Milestone Payments | Recurring | Level 3                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Increase (decrease) in fair value of milestone payment                       $ 22.1 188.7  
Royalty Pharma 2018 Contingent Milestone Payments | Recurring | Level 3                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Increase (decrease) in fair value of milestone payment                         (170.1)  
Royalty Pharma 2020 Contingent Milestone Payments | Recurring | Level 3                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Increase (decrease) in fair value of milestone payment                         $ (18.6)  
Long-term growth rate | CSCA                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Discounted cash flow (percent)                         0.025  
Indefinite-lived intangible assets, measurement input (percent)                         (0.003)  
Long-term growth rate | RX                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Indefinite-lived intangible assets, measurement input (percent)                       0.000    
Discount rate | CSCA                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Discounted cash flow (percent)                         0.098  
Indefinite-lived intangible assets, measurement input (percent)                         0.098  
Discount rate | RX                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Discounted cash flow (percent)                       0.102    
Tax rate | CSCA                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Discounted cash flow (percent)                         0.228  
Indefinite-lived intangible assets, measurement input (percent)                         0.228  
Change in Financial Assets | Royalty Pharma                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Gain (loss) on disposition of business                         $ 17.1  
Forecast                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Royalty Pharma contingent payment sales threshold                     $ 400.0      
Forecast | Royalty Pharma Contingent Milestone Payments                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Royalty Pharma contingent payment sales threshold                     400.0      
Net sales threshold to trigger milestone payment                     351.0      
Write-off of contingent milestone payment if sales threshold is not met                     95.3      
Income recognized for change in asset                     $ 304.7      
Minimum | Tax rate | RX                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Discounted cash flow (percent)                       0.191    
Maximum | Tax rate | RX                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Discounted cash flow (percent)                       0.217    
Lumara product assets | Discount rate | CSCA                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Definite-lived intangible assets, measurement input                           13.50%
Lumara product assets | Five-year growth rate | CSCA                            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Definite-lived intangible assets, measurement input                           (4.10%)
[1] Includes impairment charges of $141.6 million.
 
First
Quarter
 
Second
Quarter
(2)
 
Third
Quarter
(3)
 
Fourth
Quarter
Year Ended December 31, 2018
 
 
 
 
 
 
 
Net sales
$
1,217.0

 
$
1,186.4

 
$
1,133.1

 
$
1,195.2

Gross profit
$
492.7

 
$
471.0

 
$
424.8

 
$
443.0

Change in financial assets
$
9.6

 
$
(0.6
)
 
$
(74.9
)
 
$
(122.8
)
Net income (loss)
$
80.8

 
$
36.2

 
$
(67.5
)
 
$
81.5

Earnings (loss) per share(1):
 
 
 
 
 
 
 
Basic
$
0.57

 
$
0.26

 
$
(0.49
)
 
$
0.60

Diluted
$
0.57

 
$
0.26

 
$
(0.49
)
 
$
0.60

Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
140.8

 
138.1

 
137.4

 
135.9

Diluted
141.4

 
138.7

 
137.4

 
136.3


[2] ludes impairment charges of $27.8 million and restructuring charges and other termination benefits of $12.2 million.(4) Includes animal health divestiture pre-tax gain of $71.7 million, Ranitidine market withdrawal charges of $18.4 million, acquisition-related charges and contingent consideration adjustments of $18.1 million, and impairment charges of $10.9 million.
[3]
Includes change in financial assets of $10.4 million.
[4]
Includes impairment charges of $221.8 million and restructuring charges and other termination benefits of $18.0 million.
[5]
Includes acquisition-related charges and contingent consideration adjustments of $53.2 million.
[6] The sum of individual per share amounts may not equal due to rounding.