þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
The Netherlands | 98-1189497 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | þ | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ | |||
Emerging growth company | ¨ | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to us the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
Page | ||
PART I — FINANCIAL INFORMATION | ||
ITEM 1. | Condensed Consolidated Financial Statements (unaudited) | |
ITEM 2. | ||
ITEM 3. | ||
ITEM 4. | ||
PART II — OTHER INFORMATION | ||
ITEM 1. | ||
ITEM 1A. | ||
ITEM 6. | ||
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
Revenues: | |||||||
Net sales | $ | 2,687.4 | $ | 2,176.1 | |||
Other revenues | 32.1 | 15.2 | |||||
Total revenues | 2,719.5 | 2,191.3 | |||||
Cost of sales | 1,634.5 | 1,284.3 | |||||
Gross profit | 1,085.0 | 907.0 | |||||
Operating expenses: | |||||||
Research and development | 217.5 | 253.6 | |||||
Selling, general and administrative | 631.3 | 549.3 | |||||
Litigation settlements and other contingencies, net | 9.0 | (1.5 | ) | ||||
Total operating expenses | 857.8 | 801.4 | |||||
Earnings from operations | 227.2 | 105.6 | |||||
Interest expense | 138.2 | 70.3 | |||||
Other expense, net | 17.4 | 16.3 | |||||
Earnings before income taxes | 71.6 | 19.0 | |||||
Income tax provision | 5.2 | 5.1 | |||||
Net earnings | $ | 66.4 | $ | 13.9 | |||
Earnings per ordinary share: | |||||||
Basic | $ | 0.12 | $ | 0.03 | |||
Diluted | $ | 0.12 | $ | 0.03 | |||
Weighted average ordinary shares outstanding: | |||||||
Basic | 534.5 | 489.8 | |||||
Diluted | 536.9 | 509.6 |
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
Net earnings | $ | 66.4 | $ | 13.9 | |||
Other comprehensive earnings (loss), before tax: | |||||||
Foreign currency translation adjustment | 434.2 | 502.0 | |||||
Change in unrecognized loss and prior service cost related to defined benefit plans | — | (0.3 | ) | ||||
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships | 32.4 | (49.1 | ) | ||||
Net unrecognized loss on derivatives in net investment hedging relationships | (9.9 | ) | — | ||||
Net unrealized gain on marketable securities | 7.7 | 4.4 | |||||
Other comprehensive earnings, before tax | 464.4 | 457.0 | |||||
Income tax provision (benefit) | 13.7 | (16.8 | ) | ||||
Other comprehensive earnings, net of tax | 450.7 | 473.8 | |||||
Comprehensive earnings | $ | 517.1 | $ | 487.7 |
March 31, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 723.8 | $ | 998.8 | |||
Accounts receivable, net | 2,872.0 | 3,310.9 | |||||
Inventories | 2,547.8 | 2,456.4 | |||||
Prepaid expenses and other current assets | 921.9 | 756.4 | |||||
Total current assets | 7,065.5 | 7,522.5 | |||||
Property, plant and equipment, net | 2,338.0 | 2,322.2 | |||||
Intangible assets, net | 14,370.0 | 14,447.8 | |||||
Goodwill | 9,394.1 | 9,231.9 | |||||
Deferred income tax benefit | 564.0 | 633.2 | |||||
Other assets | 541.0 | 568.6 | |||||
Total assets | $ | 34,272.6 | $ | 34,726.2 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities | |||||||
Current liabilities: | |||||||
Trade accounts payable | $ | 1,141.4 | $ | 1,348.1 | |||
Short-term borrowings | 31.0 | 46.4 | |||||
Income taxes payable | 31.0 | 97.7 | |||||
Current portion of long-term debt and other long-term obligations | 294.4 | 290.0 | |||||
Other current liabilities | 3,026.4 | 3,258.5 | |||||
Total current liabilities | 4,524.2 | 5,040.7 | |||||
Long-term debt | 14,700.8 | 15,202.9 | |||||
Deferred income tax liability | 2,019.1 | 2,006.4 | |||||
Other long-term obligations | 1,372.5 | 1,358.6 | |||||
Total liabilities | 22,616.6 | 23,608.6 | |||||
Equity | |||||||
Mylan N.V. shareholders’ equity | |||||||
Ordinary shares — nominal value €0.01 per ordinary share | |||||||
Shares authorized: 1,200,000,000 | |||||||
Shares issued: 537,237,925 and 536,639,291 as of March 31, 2017 and December 31, 2016 | 6.0 | 6.0 | |||||
Additional paid-in capital | 8,522.0 | 8,499.3 | |||||
Retained earnings | 5,008.5 | 4,942.1 | |||||
Accumulated other comprehensive loss | (1,813.0 | ) | (2,263.7 | ) | |||
11,723.5 | 11,183.7 | ||||||
Noncontrolling interest | — | 1.4 | |||||
Less: Treasury stock — at cost | |||||||
Ordinary shares: 1,311,193 as of March 31, 2017 and December 31, 2016 | 67.5 | 67.5 | |||||
Total equity | 11,656.0 | 11,117.6 | |||||
Total liabilities and equity | $ | 34,272.6 | $ | 34,726.2 | |||
Three Months Ended | |||||||
March 31, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 66.4 | $ | 13.9 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Depreciation and amortization | 415.5 | 297.1 | |||||
Share-based compensation expense | 23.1 | 26.5 | |||||
Deferred income tax expense | 35.6 | 38.5 | |||||
Loss from equity method investments | 33.2 | 30.9 | |||||
Other non-cash items | 98.8 | 81.0 | |||||
Litigation settlements and other contingencies, net | 8.9 | 0.3 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 286.7 | 83.5 | |||||
Inventories | (105.6 | ) | (222.8 | ) | |||
Trade accounts payable | (242.7 | ) | (57.2 | ) | |||
Income taxes | (175.0 | ) | (84.7 | ) | |||
Other operating assets and liabilities, net | 8.0 | (126.5 | ) | ||||
Net cash provided by operating activities | 452.9 | 80.5 | |||||
Cash flows from investing activities: | |||||||
Cash paid for acquisitions, net | (71.6 | ) | — | ||||
Capital expenditures | (58.4 | ) | (51.8 | ) | |||
Proceeds from sale of assets | 31.1 | — | |||||
Change in restricted cash | 12.7 | — | |||||
Purchase of marketable securities | (2.3 | ) | (8.5 | ) | |||
Proceeds from sale of marketable securities | 2.3 | 5.9 | |||||
Payments for product rights and other, net | (77.9 | ) | (105.6 | ) | |||
Net cash used in investing activities | (164.1 | ) | (160.0 | ) | |||
Cash flows from financing activities: | |||||||
Payments of long-term debt | (550.0 | ) | — | ||||
Change in short-term borrowings, net | (17.6 | ) | 65.1 | ||||
Taxes paid related to net share settlement of equity awards | (6.1 | ) | (6.9 | ) | |||
Contingent consideration payments | (3.8 | ) | — | ||||
Payments of financing fees | (3.7 | ) | (31.6 | ) | |||
Proceeds from exercise of stock options | 5.0 | 3.6 | |||||
Other items, net | 0.5 | 0.3 | |||||
Net cash (used in) provided by financing activities | (575.7 | ) | 30.5 | ||||
Effect on cash of changes in exchange rates | 11.9 | 12.4 | |||||
Net decrease in cash and cash equivalents | (275.0 | ) | (36.6 | ) | |||
Cash and cash equivalents — beginning of period | 998.8 | 1,236.0 | |||||
Cash and cash equivalents — end of period | $ | 723.8 | $ | 1,199.4 |
1. | General |
2. | Revenue Recognition and Accounts Receivable |
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Trade receivables, net | $ | 2,568.2 | $ | 3,015.4 | |||
Other receivables | 303.8 | 295.5 | |||||
Accounts receivable, net | $ | 2,872.0 | $ | 3,310.9 |
3. | Recent Accounting Pronouncements |
4. | Acquisitions and Other Transactions |
(In millions) | Preliminary Purchase Price Allocation as of December 31, 2016 (a) | Measurement Period Adjustments (b) | Preliminary Purchase Price Allocation as of March 31, 2017 (as adjusted) | ||||||||
Current assets (excluding inventories and net of cash acquired) | $ | 482.5 | $ | — | $ | 482.5 | |||||
Inventories | 463.1 | — | 463.1 | ||||||||
Property, plant and equipment | 177.5 | — | 177.5 | ||||||||
Identified intangible assets | 8,060.7 | — | 8,060.7 | ||||||||
Goodwill | 3,676.9 | 1.7 | 3,678.6 | ||||||||
Other assets | 9.5 | — | 9.5 | ||||||||
Total assets acquired | 12,870.2 | 1.7 | 12,871.9 | ||||||||
Current liabilities | (1,105.9 | ) | — | (1,105.9 | ) | ||||||
Long-term debt, including current portion | (2,864.6 | ) | — | (2,864.6 | ) | ||||||
Deferred tax liabilities | (1,613.9 | ) | (1.7 | ) | (1,615.6 | ) | |||||
Pension and other postretirement benefits | (322.3 | ) | — | (322.3 | ) | ||||||
Other noncurrent liabilities | (42.4 | ) | — | (42.4 | ) | ||||||
Net assets acquired | $ | 6,921.1 | $ | — | $ | 6,921.1 |
(a) | As previously reported in the Company’s December 31, 2016 Annual Report on Form 10-K, as amended. |
(b) | The measurement period adjustments were recorded in the first quarter of 2017 and are primarily related to certain income tax adjustments to reflect facts and circumstances that existed as of the acquisition date. |
(In millions) | |||
Current assets (excluding inventories) | $ | 57.7 | |
Inventories | 74.2 | ||
Property, plant and equipment | 54.8 | ||
Identified intangible assets | 467.0 | ||
In-process research and development | 275.0 | ||
Goodwill | 318.6 | ||
Other assets | 0.1 | ||
Total assets acquired | 1,247.4 | ||
Current liabilities | (74.2 | ) | |
Deferred tax liabilities | (194.6 | ) | |
Other noncurrent liabilities | (5.9 | ) | |
Net assets acquired | $ | 972.7 |
Three Months Ended | |||
March 31, | |||
(Unaudited, in millions, except per share amounts) | 2016 | ||
Total revenues | $ | 2,687.7 | |
Net earnings | $ | 10.1 | |
Earnings per ordinary share: | |||
Basic | $ | 0.02 | |
Diluted | $ | 0.02 | |
Weighted average ordinary shares outstanding: | |||
Basic | 518.0 | ||
Diluted | 537.8 |
5. | Share-Based Incentive Plan |
Number of Shares Under Stock Awards | Weighted Average Exercise Price per Share | |||||
Outstanding at December 31, 2016 | 7,699,441 | $ | 33.38 | |||
Granted | 706,995 | 45.02 | ||||
Exercised | (242,795 | ) | 21.27 | |||
Forfeited | (161,159 | ) | 50.43 | |||
Outstanding at March 31, 2017 | 8,002,482 | $ | 34.43 | |||
Vested and expected to vest at March 31, 2017 | 7,723,468 | $ | 33.98 | |||
Exercisable at March 31, 2017 | 5,976,527 | $ | 30.24 |
Number of Restricted Stock Awards | Weighted Average Grant-Date Fair Value per Share | |||||
Nonvested at December 31, 2016 | 5,667,830 | $ | 42.46 | |||
Granted | 1,255,062 | 45.17 | ||||
Released | (483,902 | ) | 52.54 | |||
Forfeited | (117,259 | ) | 49.99 | |||
Nonvested at March 31, 2017 | 6,321,731 | $ | 42.09 |
6. | Pensions and Other Postretirement Benefits |
Pension and Other Postretirement Benefits | |||||||
March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Service cost | $ | 5.0 | $ | 3.9 | |||
Interest cost | 3.7 | 1.5 | |||||
Expected return on plan assets | (3.5 | ) | (2.0 | ) | |||
Amortization of prior service costs | 0.1 | 0.1 | |||||
Recognized net actuarial losses | 0.2 | 0.2 | |||||
Net periodic benefit cost | $ | 5.5 | $ | 3.7 |
7. | Balance Sheet Components |
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Raw materials | $ | 833.8 | $ | 783.4 | |||
Work in process | 427.3 | 436.0 | |||||
Finished goods | 1,286.7 | 1,237.0 | |||||
Inventories | $ | 2,547.8 | $ | 2,456.4 |
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Prepaid expenses | $ | 177.0 | $ | 169.1 | |||
Restricted cash | 135.8 | 148.1 | |||||
Available-for-sale securities | 91.3 | 83.7 | |||||
Fair value of financial instruments | 88.2 | 62.2 | |||||
Trading securities | 30.7 | 29.6 | |||||
Other current assets | 398.9 | 263.7 | |||||
Prepaid expenses and other current assets | $ | 921.9 | $ | 756.4 |
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Machinery and equipment | $ | 2,245.3 | $ | 2,227.9 | |||
Buildings and improvements | 1,124.8 | 1,106.5 | |||||
Construction in progress | 330.4 | 328.8 | |||||
Land and improvements | 147.6 | 144.7 | |||||
Gross property, plant and equipment | 3,848.1 | 3,807.9 | |||||
Accumulated depreciation | 1,510.1 | 1,485.7 | |||||
Property, plant and equipment, net | $ | 2,338.0 | $ | 2,322.2 |
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Equity method investments, clean energy investments | $ | 305.6 | $ | 320.6 | |||
Equity method investments, Sagent Agila | 58.6 | 75.8 | |||||
Other long-term assets | 176.8 | 172.2 | |||||
Other assets | $ | 541.0 | $ | 568.6 |
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Trade accounts payable | $ | 749.6 | $ | 939.5 | |||
Other payables | 391.8 | 408.6 | |||||
Trade accounts payable | $ | 1,141.4 | $ | 1,348.1 |
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Accrued sales allowances | $ | 616.5 | $ | 809.0 | |||
Legal and professional accruals, including litigation accruals | 723.2 | 720.4 | |||||
Payroll and employee benefit plan accruals | 326.8 | 409.8 | |||||
Contingent consideration | 244.8 | 256.9 | |||||
Accrued interest | 130.7 | 41.0 | |||||
Restructuring | 77.2 | 138.6 | |||||
Equity method investments, clean energy investments | 65.3 | 64.7 | |||||
Fair value of financial instruments | 8.5 | 15.3 | |||||
Compulsory acquisition proceeding | — | 70.2 | |||||
Other | 833.4 | 732.6 | |||||
Other current liabilities | $ | 3,026.4 | $ | 3,258.5 |
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Employee benefit liabilities | $ | 387.1 | $ | 396.7 | |||
Contingent consideration | 321.2 | 307.7 | |||||
Equity method investments, clean energy investments | 288.5 | 302.3 | |||||
Tax contingencies | 240.5 | 239.3 | |||||
Other | 135.2 | 112.6 | |||||
Other long-term obligations | $ | 1,372.5 | $ | 1,358.6 |
8. | Equity Method Investments |
Three Months Ended | |||||||
March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Total revenues | $ | 122.9 | $ | 144.0 | |||
Gross loss | (2.7 | ) | (0.3 | ) | |||
Operating and non-operating expense | 5.8 | 5.7 | |||||
Net loss | $ | (8.5 | ) | $ | (6.0 | ) |
9. | Earnings per Ordinary Share |
Three Months Ended | |||||||
March 31, | |||||||
(In millions, except per share amounts) | 2017 | 2016 | |||||
Basic earnings (numerator): | |||||||
Net earnings | $ | 66.4 | $ | 13.9 | |||
Shares (denominator): | |||||||
Weighted average ordinary shares outstanding | 534.5 | 489.8 | |||||
Basic earnings per ordinary share | $ | 0.12 | $ | 0.03 |
Diluted earnings (numerator): | |||||||
Net earnings | $ | 66.4 | $ | 13.9 | |||
Shares (denominator): | |||||||
Weighted average ordinary shares outstanding | 534.5 | 489.8 | |||||
Share-based awards and warrants | 2.4 | 19.8 | |||||
Total dilutive shares outstanding | 536.9 | 509.6 | |||||
Diluted earnings per ordinary share | $ | 0.12 | $ | 0.03 |
10. | Goodwill and Intangible Assets |
(In millions) | North America Segment | Europe Segment | Rest of World Segment | Total | |||||||||||
Balance at December 31, 2016: | |||||||||||||||
Goodwill | $ | 3,990.4 | $ | 3,859.1 | $ | 1,767.4 | $ | 9,616.9 | |||||||
Accumulated impairment losses | (385.0 | ) | — | — | (385.0 | ) | |||||||||
3,605.4 | 3,859.1 | 1,767.4 | 9,231.9 | ||||||||||||
Reclassifications(1) | (199.0 | ) | 373.2 | (174.2 | ) | — | |||||||||
Measurement period adjustments | — | 1.7 | — | 1.7 | |||||||||||
Divestiture | — | (1.3 | ) | — | (1.3 | ) | |||||||||
Foreign currency translation | 6.6 | 77.7 | 77.5 | 161.8 | |||||||||||
$ | 3,413.0 | $ | 4,310.4 | $ | 1,670.7 | $ | 9,394.1 | ||||||||
Balance at March 31, 2017: | |||||||||||||||
Goodwill | $ | 3,798.0 | $ | 4,310.4 | $ | 1,670.7 | $ | 9,779.1 | |||||||
Accumulated impairment losses | (385.0 | ) | — | — | (385.0 | ) | |||||||||
$ | 3,413.0 | $ | 4,310.4 | $ | 1,670.7 | $ | 9,394.1 |
(1) | The reclassifications in the current quarter relate to the allocation of goodwill for the Meda acquisition. |
(In millions) | Weighted Average Life (Years) | Original Cost | Accumulated Amortization | Net Book Value | |||||||||
March 31, 2017 | |||||||||||||
Amortized intangible assets: | |||||||||||||
Product rights and licenses | 15 | $ | 17,300.9 | $ | 3,986.2 | $ | 13,314.7 | ||||||
Patents and technologies | 20 | 116.6 | 109.6 | 7.0 | |||||||||
Other (1) | 6 | 468.8 | 354.7 | 114.1 | |||||||||
17,886.3 | 4,450.5 | 13,435.8 | |||||||||||
In-process research and development | 934.2 | — | 934.2 | ||||||||||
$ | 18,820.5 | $ | 4,450.5 | $ | 14,370.0 | ||||||||
December 31, 2016 | |||||||||||||
Amortized intangible assets: | |||||||||||||
Product rights and licenses | 15 | $ | 16,968.4 | $ | 3,585.7 | $ | 13,382.7 | ||||||
Patents and technologies | 20 | 116.6 | 108.5 | 8.1 | |||||||||
Other (1) | 6 | 465.9 | 330.0 | 135.9 | |||||||||
17,550.9 | 4,024.2 | 13,526.7 | |||||||||||
In-process research and development | 921.1 | — | 921.1 | ||||||||||
$ | 18,472.0 | $ | 4,024.2 | $ | 14,447.8 |
(1) | Other intangible assets consist principally of customer lists, contractual rights and other contracts. |
Three Months Ended | |||||||
March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Intangible asset amortization expense | $ | 342.4 | $ | 242.3 |
(In millions) | |||
2017 | $ | 942 | |
2018 | 1,220 | ||
2019 | 1,130 | ||
2020 | 1,010 | ||
2021 | 936 |
11. | Financial Instruments and Risk Management |
Asset Derivatives | |||||||||||
March 31, 2017 | December 31, 2016 | ||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||
Interest rate swaps | Prepaid expenses and other current assets | $ | 23.9 | Prepaid expenses and other current assets | $ | 26.2 | |||||
Foreign currency forward contracts | Prepaid expenses and other current assets | 47.5 | Prepaid expenses and other current assets | 21.9 | |||||||
Total | $ | 71.4 | $ | 48.1 |
Asset Derivatives | |||||||||||
March 31, 2017 | December 31, 2016 | ||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||
Foreign currency forward contracts | Prepaid expenses and other current assets | $ | 16.9 | Prepaid expenses and other current assets | $ | 14.0 | |||||
Total | $ | 16.9 | $ | 14.0 |
Liability Derivatives | |||||||||||
March 31, 2017 | December 31, 2016 | ||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||
Foreign currency forward contracts | Other current liabilities | $ | 8.5 | Other current liabilities | $ | 15.3 | |||||
Total | $ | 8.5 | $ | 15.3 |
Location of (Loss) Gain Recognized in Earnings on Derivatives | Amount of (Loss) Gain Recognized in Earnings on Derivatives | ||||||||
(In millions) | Three Months Ended | ||||||||
March 31, | |||||||||
2017 | 2016 | ||||||||
Interest rate swaps | Interest expense | $ | (2.4 | ) | $ | 29.6 | |||
Total | $ | (2.4 | ) | $ | 29.6 |
Location of Gain (Loss) Recognized in Earnings on Hedged Items | Amount of Gain (Loss) Recognized in Earnings on Hedged Items | ||||||||
(In millions) | Three Months Ended | ||||||||
March 31, | |||||||||
2017 | 2016 | ||||||||
2023 Senior Notes (3.125% coupon) | Interest expense | $ | 2.4 | $ | (29.6 | ) | |||
Total | $ | 2.4 | $ | (29.6 | ) |
Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In millions) | 2017 | 2016 | ||||||
Foreign currency forward contracts | $ | 14.1 | $ | (4.4 | ) | |||
Interest rate swaps | 0.7 | (35.9 | ) | |||||
Total | $ | 14.8 | $ | (40.3 | ) |
Amount of Loss Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In millions) | 2017 | 2016 | ||||||
Foreign currency borrowings and forward contracts | $ | (9.9 | ) | $ | — | |||
Total | $ | (9.9 | ) | $ | — |
Location of Loss Reclassified from AOCE into Earnings (Effective Portion) | Amount of (Loss) Gain Reclassified from AOCE into Earnings (Effective Portion) | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2017 | 2016 | |||||||
Foreign currency forward contracts | Net sales | $ | (5.2 | ) | $ | (10.6 | ) | ||
Interest rate swaps | Interest expense | (1.8 | ) | 0.9 | |||||
Total | $ | (7.0 | ) | $ | (9.7 | ) |
Location of (Loss) Gain Excluded from the Assessment of Hedge Effectiveness | Amount of (Loss) Gain Excluded from the Assessment of Hedge Effectiveness | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2017 | 2016 | |||||||
Foreign currency forward contracts | Other expense, net | $ | (0.8 | ) | $ | 7.3 | |||
Total | $ | (0.8 | ) | $ | 7.3 |
Location of Loss Recognized in Earnings on Derivatives | Amount of Loss Recognized in Earnings on Derivatives | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2017 | 2016 | |||||||
Foreign currency option and forward contracts | Other expense, net | $ | (0.3 | ) | $ | (15.0 | ) | ||
Total | $ | (0.3 | ) | $ | (15.0 | ) |
• | Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. |
• | Level 2: Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. |
• | Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. |
March 31, 2017 | |||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Recurring fair value measurements | |||||||||||||||
Financial Assets | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market funds | $ | 275.8 | $ | — | $ | — | $ | 275.8 | |||||||
Total cash equivalents | 275.8 | — | — | 275.8 | |||||||||||
Trading securities: | |||||||||||||||
Equity securities — exchange traded funds | 30.7 | — | — | 30.7 | |||||||||||
Total trading securities | 30.7 | — | — | 30.7 | |||||||||||
Available-for-sale fixed income investments: | |||||||||||||||
Corporate bonds | — | 18.3 | — | 18.3 | |||||||||||
U.S. Treasuries | — | 6.0 | — | 6.0 | |||||||||||
Agency mortgage-backed securities | — | 3.8 | — | 3.8 | |||||||||||
Asset backed securities | — | 1.6 | — | 1.6 | |||||||||||
Other | — | 2.2 | — | 2.2 | |||||||||||
Total available-for-sale fixed income investments | — | 31.9 | — | 31.9 | |||||||||||
Available-for-sale equity securities: | |||||||||||||||
Marketable securities | 59.4 | — | — | 59.4 | |||||||||||
Total available-for-sale equity securities | 59.4 | — | — | 59.4 | |||||||||||
Foreign exchange derivative assets | — | 64.4 | — | 64.4 | |||||||||||
Interest rate swap derivative assets | — | 23.9 | — | 23.9 | |||||||||||
Total assets at recurring fair value measurement | $ | 365.9 | $ | 120.2 | $ | — | $ | 486.1 | |||||||
Financial Liabilities | |||||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 8.5 | $ | — | $ | 8.5 | |||||||
Contingent consideration | — | — | 566.0 | 566.0 | |||||||||||
Total liabilities at recurring fair value measurement | $ | — | $ | 8.5 | $ | 566.0 | $ | 574.5 |
December 31, 2016 | |||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Recurring fair value measurements | |||||||||||||||
Financial Assets | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market funds | $ | 433.7 | $ | — | $ | — | $ | 433.7 | |||||||
Total cash equivalents | 433.7 | — | — | 433.7 | |||||||||||
Trading securities: | |||||||||||||||
Equity securities — exchange traded funds | 29.6 | — | — | 29.6 | |||||||||||
Total trading securities | 29.6 | — | — | 29.6 | |||||||||||
Available-for-sale fixed income investments: | |||||||||||||||
Corporate bonds | — | 17.5 | — | 17.5 | |||||||||||
U.S. Treasuries | — | 6.0 | — | 6.0 | |||||||||||
Agency mortgage-backed securities | — | 4.0 | — | 4.0 | |||||||||||
Asset backed securities | — | 1.6 | — | 1.6 | |||||||||||
Other | — | 2.3 | — | 2.3 | |||||||||||
Total available-for-sale fixed income investments | — | 31.4 | — | 31.4 | |||||||||||
Available-for-sale equity securities: | |||||||||||||||
Marketable securities | 52.3 | — | — | 52.3 | |||||||||||
Total available-for-sale equity securities | 52.3 | — | — | 52.3 | |||||||||||
Foreign exchange derivative assets | — | 35.9 | — | 35.9 | |||||||||||
Interest rate swap derivative assets | — | 26.2 | — | 26.2 | |||||||||||
Total assets at recurring fair value measurement | $ | 515.6 | $ | 93.5 | $ | — | $ | 609.1 | |||||||
Financial Liabilities | |||||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 15.3 | $ | — | $ | 15.3 | |||||||
Contingent consideration | — | — | 564.6 | 564.6 | |||||||||||
Total liabilities at recurring fair value measurement | $ | — | $ | 15.3 | $ | 564.6 | $ | 579.9 |
• | Cash equivalents — valued at observable net asset value prices. |
• | Trading securities — valued at the active quoted market price from broker or dealer quotations or transparent pricing sources at the reporting date. |
• | Available-for-sale fixed income investments — valued at the quoted market price from broker or dealer quotations or transparent pricing sources at the reporting date. |
• | Available-for-sale equity securities — valued using quoted stock prices from public exchanges at the reporting date. |
• | Interest rate swap derivative assets and liabilities — valued using the LIBOR/EURIBOR yield curves at the reporting date. Counterparties to these contracts are highly rated financial institutions. |
• | Foreign exchange derivative assets and liabilities — valued using quoted forward foreign exchange prices and spot rates at the reporting date. Counterparties to these contracts are highly rated financial institutions. |
(In millions) | Current Portion (1) | Long-Term Portion (2) | Total Contingent Consideration | ||||||||
Balance at December 31, 2016 | $ | 256.9 | $ | 307.7 | $ | 564.6 | |||||
Payments | (16.1 | ) | (0.2 | ) | (16.3 | ) | |||||
Accretion | — | 7.8 | 7.8 | ||||||||
Fair value loss(3) | 4.0 | 5.9 | 9.9 | ||||||||
Balance at March 31, 2017 | $ | 244.8 | $ | 321.2 | $ | 566.0 |
(1) | Included in other current liabilities on the Condensed Consolidated Balance Sheets. |
(2) | Included in other long-term obligations on the Condensed Consolidated Balance Sheets. |
(3) | Included in litigation settlements and other contingencies, net in the Condensed Consolidated Statements of Operations. |
12. | Debt |
(In millions) | Coupon | March 31, 2017 | December 31, 2016 | |||||||
Current portion of long-term debt: | ||||||||||
Meda Bank Loans (a) | $ | 222.9 | $ | 219.6 | ||||||
Other | 4.3 | 3.7 | ||||||||
Current portion of long-term debt | $ | 227.2 | $ | 223.3 | ||||||
Non-current portion of long-term debt: | ||||||||||
2016 Term Loans (b) ** | $ | 1,050.0 | $ | 1,600.0 | ||||||
Meda Medium Term Notes (c) | 148.6 | 146.4 | ||||||||
2018 Euro Senior Notes (d) ** | 532.8 | 526.0 | ||||||||
2018 Senior Notes (e) * | 2.600 | % | 649.6 | 649.6 | ||||||
2018 Senior Notes (e) ** | 3.000 | % | 499.6 | 499.6 | ||||||
2019 Senior Notes (f) ** | 2.500 | % | 999.2 | 999.1 | ||||||
2019 Senior Notes (g) * | 2.550 | % | 499.5 | 499.5 | ||||||
2020 Euro Senior Notes (h) ** | 1.250 | % | 796.0 | 785.7 | ||||||
2020 Senior Notes (i) ** | 3.750 | % | 499.9 | 499.9 | ||||||
2021 Senior Notes (j) ** | 3.150 | % | 2,247.8 | 2,247.7 | ||||||
2023 Senior Notes (g) * | 3.125 | % | 772.9 | 775.3 | ||||||
2023 Senior Notes (k) * | 4.200 | % | 498.6 | 498.6 | ||||||
2024 Euro Senior Notes (l)** | 2.250 | % | 1,062.8 | 1,049.2 | ||||||
2026 Senior Notes (m) ** | 3.950 | % | 2,233.9 | 2,233.5 | ||||||
2028 Euro Senior Notes (n) ** | 3.125 | % | 791.3 | 781.1 | ||||||
2043 Senior Notes (o) * | 5.400 | % | 497.1 | 497.0 | ||||||
2046 Senior Notes (p) ** | 5.250 | % | 999.8 | 999.8 | ||||||
Other | 7.1 | 7.1 | ||||||||
Deferred financing fees | (85.7 | ) | (92.2 | ) | ||||||
Long-term debt | $ | 14,700.8 | $ | 15,202.9 |
(a) | Represents a bank loan of 2.0kr billion with AB Svensk Exportkredit (publ), as lender (“Svensk Exportkredit”), which matures in October 2017, and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at March 31, 2017 and December 31, 2016. |
(b) | The 2016 Term Loans mature on November 22, 2019 and bear interest at LIBOR (determined in accordance with the 2016 Term Credit Agreement) plus 1.375% per annum. At March 31, 2017, the weighted average interest rate of the 2016 Term Loans was approximately 2.35%. |
(c) | Swedish medium term notes (“MTN”) program with an upper limit of 7kr billion. Of the total amount outstanding of 1.3kr billion, 588.0kr million matures on April 5, 2018 and 745.0kr million matures on May 21, 2019. At March 31, 2017, the weighted average interest rate of the MTNs was approximately 2.01%. |
(d) | Instrument bears interest at a rate of three-month EURIBOR plus 0.870% per annum, reset quarterly. |
(e) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.30% plus, in each case, accrued and unpaid interest. |
(f) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.25% plus, in each case, accrued and unpaid interest. |
(g) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.20% plus, in each case, accrued and unpaid interest. |
(h) | Instrument is callable by the Company at any time prior to the date that is one month prior to the instrument’s maturity date at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date on an annual basis, at a rate equal to the applicable Bund Rate (as defined in the Euro Notes Indenture), plus 0.30% plus, in each case, accrued and unpaid interest. On or after such date, the instrument is callable by the Company at 100% of the principal amount plus accrued and unpaid interest. |
(i) | Instrument is callable by the Company at any time prior to the date that is one month prior to the instrument’s maturity date at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.35% plus, in each case, accrued and unpaid interest. On or after such date, the instrument is callable by the Company at 100% of the principal amount plus accrued and unpaid interest. |
(j) | Instrument is callable by the Company at any time prior to the date that is one month prior to the instrument’s maturity date at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.30% plus, in each case, accrued and unpaid interest. On or after such date, the instrument is callable by the Company at 100% of the principal amount plus accrued and unpaid interest. |
(k) | Instrument is callable by the Company at any time prior to August 29, 2023 at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.25% plus, in each case, accrued and unpaid interest. On or after such date, the instrument is callable by the Company at 100% of the principal amount plus accrued and unpaid interest. |
(l) | Instrument is callable by the Company at any time prior to the date that is two months prior to the instrument’s maturity date at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date on an annual basis, at a rate equal to the applicable Bund Rate (as defined in the Euro Notes Indenture), plus 0.35% plus, in each case, accrued and unpaid interest. On or after such date, the instrument is callable by the Company at 100% of the principal amount plus accrued and unpaid interest. |
(m) | Instrument is callable by the Company at any time prior to the date that is three months prior to the instrument’s maturity date at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.35% plus, in each case, accrued and unpaid interest. On or after such date, the instrument is callable by the Company at 100% of the principal amount plus accrued and unpaid interest. |
(n) | Instrument is callable by the Company at any time prior to the date that is three months prior to the instrument’s maturity date at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date on an annual basis, at a rate equal to the applicable Bund Rate (as defined in the Euro Notes Indenture), plus 0.45% plus, in each case, accrued and unpaid interest. On or after such date, the instrument is callable by the Company at 100% of the principal amount plus accrued and unpaid interest. |
(o) | Instrument is callable by the Company at any time prior to May 29, 2043 at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.25% plus, in each case, accrued and unpaid interest. On or after such date, the instrument is callable by the Company at 100% of the principal amount plus accrued and unpaid interest. |
(p) | Instrument is callable by the Company at any time prior to the date that is six months prior to the instrument’s maturity date at the greater of 100% of the principal amount and the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.40% plus, in each case, accrued and unpaid interest. On or after such date, the instrument is callable by the Company at 100% of the principal amount plus accrued and unpaid interest. |
* | Instrument was issued by Mylan Inc. |
** | Instrument was issued by Mylan N.V. |
(In millions) | Total | ||
2017 | $ | 223 | |
2018 | 1,748 | ||
2019 | 2,633 | ||
2020 | 1,299 | ||
2021 | 2,250 | ||
Thereafter | 6,865 | ||
Total | $ | 15,018 |
13. | Comprehensive Earnings |
(In millions) | March 31, 2017 | December 31, 2016 | |||||
Accumulated other comprehensive loss: | |||||||
Net unrealized gain on marketable securities, net of tax | $ | 19.4 | $ | 14.5 | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (0.3 | ) | (0.5 | ) | |||
Net unrecognized losses on derivatives in cash flow hedging relationships, net of tax | (17.3 | ) | (38.6 | ) | |||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | (11.3 | ) | (1.4 | ) | |||
Foreign currency translation adjustment | (1,803.5 | ) | (2,237.7 | ) | |||
$ | (1,813.0 | ) | $ | (2,263.7 | ) |
Three Months Ended March 31, 2017 | |||||||||||||||||||||||||||||
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | Gains and Losses on Net Investment Hedges | Gains and Losses on Marketable Securities | Defined Pension Plan Items | Foreign Currency Translation Adjustment | Totals | ||||||||||||||||||||||||
(In millions) | Foreign Currency Forward Contracts | Interest Rate Swaps | Total | ||||||||||||||||||||||||||
Balance at December 31, 2016, net of tax | $ | (38.6 | ) | $ | (1.4 | ) | $ | 14.5 | $ | (0.5 | ) | $ | (2,237.7 | ) | $ | (2,263.7 | ) | ||||||||||||
Other comprehensive earnings (loss) before reclassifications, before tax | 25.4 | (9.9 | ) | 7.7 | (0.3 | ) | 434.2 | 457.1 | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive earnings (loss), before tax: | |||||||||||||||||||||||||||||
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales | 5.2 | 5.2 | 5.2 | ||||||||||||||||||||||||||
Loss on interest rate swaps classified as cash flow hedges, included in interest expense | 1.8 | 1.8 | 1.8 | ||||||||||||||||||||||||||
Amortization of prior service costs included in SG&A | 0.1 | 0.1 | |||||||||||||||||||||||||||
Amortization of actuarial loss included in SG&A | 0.2 | 0.2 | |||||||||||||||||||||||||||
Net other comprehensive earnings (loss), before tax | 32.4 | (9.9 | ) | 7.7 | — | 434.2 | 464.4 | ||||||||||||||||||||||
Income tax provision (benefit) | 11.1 | — | 2.8 | (0.2 | ) | — | 13.7 | ||||||||||||||||||||||
Balance at March 31, 2017, net of tax | $ | (17.3 | ) | $ | (11.3 | ) | $ | 19.4 | $ | (0.3 | ) | $ | (1,803.5 | ) | $ | (1,813.0 | ) |
Three Months Ended March 31, 2016 | |||||||||||||||||||||||||
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | Gains and Losses on Marketable Securities | Defined Pension Plan Items | Foreign Currency Translation Adjustment | Totals | |||||||||||||||||||||
(In millions) | Foreign Currency Forward Contracts | Interest Rate Swaps | Total | ||||||||||||||||||||||
Balance at December 31, 2015, net of tax | $ | (18.1 | ) | $ | (1.0 | ) | $ | (14.9 | ) | $ | (1,730.3 | ) | $ | (1,764.3 | ) | ||||||||||
Other comprehensive (loss) earnings before reclassifications, before tax | (39.4 | ) | 4.4 | (0.6 | ) | 502.0 | 466.4 | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) earnings, before tax: | |||||||||||||||||||||||||
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales | (10.6 | ) | (10.6 | ) | (10.6 | ) | |||||||||||||||||||
Gain on interest rate swaps classified as cash flow hedges, included in interest expense | 0.9 | 0.9 | 0.9 | ||||||||||||||||||||||
Amortization of prior service costs included in SG&A | 0.1 | 0.1 | |||||||||||||||||||||||
Amortization of actuarial gain included in SG&A | 0.2 | 0.2 | |||||||||||||||||||||||
Net other comprehensive (loss) earnings, before tax | (49.1 | ) | 4.4 | (0.3 | ) | 502.0 | 457.0 | ||||||||||||||||||
Income tax (benefit) provision | (18.3 | ) | 1.6 | (0.1 | ) | — | (16.8 | ) | |||||||||||||||||
Balance at March 31, 2016, net of tax | $ | (48.9 | ) | $ | 1.8 | $ | (15.1 | ) | $ | (1,228.3 | ) | $ | (1,290.5 | ) |
14. | Shareholders’ Equity |
(In millions) | Total Mylan N.V. Shareholders' Equity | Noncontrolling Interest | Total | ||||||||
December 31, 2016 | $ | 11,116.2 | $ | 1.4 | $ | 11,117.6 | |||||
Net earnings | 66.4 | — | 66.4 | ||||||||
Other comprehensive earnings, net of tax | 450.7 | — | 450.7 | ||||||||
Stock option activity | 5.2 | — | 5.2 | ||||||||
Share-based compensation expense | 23.1 | — | 23.1 | ||||||||
Issuance of restricted stock, net of shares withheld | (5.6 | ) | — | (5.6 | ) | ||||||
Other | — | (1.4 | ) | (1.4 | ) | ||||||
March 31, 2017 | $ | 11,656.0 | $ | — | $ | 11,656.0 |
(In millions) | Total Mylan N.V. Shareholders' Equity | Noncontrolling Interest | Total | ||||||||
December 31, 2015 | $ | 9,764.4 | $ | 1.4 | $ | 9,765.8 | |||||
Net earnings | 13.9 | — | 13.9 | ||||||||
Other comprehensive earnings, net of tax | 473.8 | — | 473.8 | ||||||||
Stock option activity | 3.5 | — | 3.5 | ||||||||
Share-based compensation expense | 26.5 | — | 26.5 | ||||||||
Issuance of restricted stock, net of shares withheld | (9.9 | ) | — | (9.9 | ) | ||||||
Tax benefit of stock option plans | 1.2 | — | 1.2 | ||||||||
Other | — | 0.1 | 0.1 | ||||||||
March 31, 2016 | $ | 10,273.4 | $ | 1.5 | $ | 10,274.9 |
15. | Segment Information |
(In millions) | North America | Europe | Rest of World | Corporate / Other | Consolidated | ||||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||
Third party net sales | $ | 1,214.9 | $ | 892.0 | $ | 580.5 | $ | — | $ | 2,687.4 | |||||||||
Other revenue | 23.4 | 6.7 | 2.0 | — | 32.1 | ||||||||||||||
Intersegment | 13.1 | 42.9 | 99.1 | (155.1 | ) | — | |||||||||||||
Total | $ | 1,251.4 | $ | 941.6 | $ | 681.6 | $ | (155.1 | ) | $ | 2,719.5 | ||||||||
Segment profitability | $ | 589.7 | $ | 233.8 | $ | 76.6 | $ | (672.9 | ) | $ | 227.2 |
(In millions) | North America | Europe | Rest of World | Corporate / Other | Consolidated | ||||||||||||||
Three Months Ended March 31, 2016 | |||||||||||||||||||
Third party net sales | $ | 1,157.5 | $ | 584.3 | $ | 434.3 | $ | — | $ | 2,176.1 | |||||||||
Other revenue | 14.0 | 0.3 | 1.1 | — | 15.2 | ||||||||||||||
Intersegment | 6.3 | 25.2 | 85.1 | (116.6 | ) | — | |||||||||||||
Total | $ | 1,177.8 | $ | 609.6 | $ | 520.5 | $ | (116.6 | ) | $ | 2,191.3 | ||||||||
Segment profitability | $ | 573.8 | $ | 124.6 | $ | 29.6 | $ | (622.4 | ) | $ | 105.6 |
16. | Subsidiary Guarantors |
(In millions) | Mylan N.V. | Mylan Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 2,687.4 | $ | — | $ | 2,687.4 | |||||||||||
Other revenues | — | — | — | 32.1 | — | 32.1 | |||||||||||||||||
Total revenues | — | — | — | 2,719.5 | — | 2,719.5 | |||||||||||||||||
Cost of sales | — | — | — | 1,634.5 | — | 1,634.5 | |||||||||||||||||
Gross profit | — | — | — | 1,085.0 | — | 1,085.0 | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | — | — | — | 217.5 | — | 217.5 | |||||||||||||||||
Selling, general and administrative | 12.6 | 156.5 | — | 462.2 | — | 631.3 | |||||||||||||||||
Litigation settlements and other contingencies, net | — | — | — | 9.0 | — | 9.0 | |||||||||||||||||
Total operating expenses | 12.6 | 156.5 | — | 688.7 | — | 857.8 | |||||||||||||||||
(Losses) earnings from operations | (12.6 | ) | (156.5 | ) | — | 396.3 | — | 227.2 | |||||||||||||||
Interest expense | 97.6 | 25.4 | — | 15.2 | — | 138.2 | |||||||||||||||||
Other (income) expense, net | (95.5 | ) | (57.3 | ) | — | 170.2 | — | 17.4 | |||||||||||||||
(Loss) earnings before income taxes | (14.7 | ) | (124.6 | ) | — | 210.9 | — | 71.6 | |||||||||||||||
Income tax provision (benefit) | (1.6 | ) | 3.2 | — | 3.6 | — | 5.2 | ||||||||||||||||
Earnings (loss) of equity interest subsidiaries | 79.5 | 214.0 | — | — | (293.5 | ) | — | ||||||||||||||||
Net earnings | $ | 66.4 | $ | 86.2 | $ | — | $ | 207.3 | $ | (293.5 | ) | $ | 66.4 |
(In millions) | Mylan N.V. | Mylan Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 2,176.1 | $ | — | $ | 2,176.1 | |||||||||||
Other revenues | — | — | — | 15.2 | — | 15.2 | |||||||||||||||||
Total revenues | — | — | — | 2,191.3 | — | 2,191.3 | |||||||||||||||||
Cost of sales | — | — | — | 1,284.3 | — | 1,284.3 | |||||||||||||||||
Gross profit | — | — | — | 907.0 | — | 907.0 | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | — | — | — | 253.6 | — | 253.6 | |||||||||||||||||
Selling, general and administrative | 13.2 | 176.0 | — | 360.1 | — | 549.3 | |||||||||||||||||
Litigation settlements and other contingencies, net | — | — | — | (1.5 | ) | — | (1.5 | ) | |||||||||||||||
Total operating expenses | 13.2 | 176.0 | — | 612.2 | — | 801.4 | |||||||||||||||||
(Losses) earnings from operations | (13.2 | ) | (176.0 | ) | — | 294.8 | — | 105.6 | |||||||||||||||
Interest expense | 13.3 | 41.5 | — | 15.5 | — | 70.3 | |||||||||||||||||
Other expense, net | — | — | — | 16.3 | — | 16.3 | |||||||||||||||||
(Losses) earnings from operations | (26.5 | ) | (217.5 | ) | — | 263.0 | — | 19.0 | |||||||||||||||
Income tax provision (benefit) | — | 9.0 | — | (3.9 | ) | — | 5.1 | ||||||||||||||||
Earnings of equity interest subsidiaries | 40.4 | 264.8 | — | — | (305.2 | ) | — | ||||||||||||||||
Net earnings | $ | 13.9 | $ | 38.3 | $ | — | $ | 266.9 | $ | (305.2 | ) | $ | 13.9 |
(In millions) | Mylan N.V. | Mylan Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net earnings | $ | 66.4 | $ | 86.2 | $ | — | $ | 207.3 | $ | (293.5 | ) | $ | 66.4 | ||||||||||
Other comprehensive earnings (loss), before tax: | |||||||||||||||||||||||
Foreign currency translation adjustment | 434.2 | — | — | 434.2 | (434.2 | ) | 434.2 | ||||||||||||||||
Change in unrecognized gain (loss) and prior service cost related to defined benefit plans | — | 0.1 | — | (0.1 | ) | — | — | ||||||||||||||||
Net unrecognized gain on derivatives in cash flow hedging relationships | 32.4 | 1.8 | — | 30.6 | (32.4 | ) | 32.4 | ||||||||||||||||
Net unrecognized loss on derivatives in net investment hedging relationships | (9.9 | ) | — | — | (9.9 | ) | 9.9 | (9.9 | ) | ||||||||||||||
Net unrealized gain (loss) on marketable securities | 7.7 | 7.8 | — | (0.1 | ) | (7.7 | ) | 7.7 | |||||||||||||||
Other comprehensive earnings, before tax | 464.4 | 9.7 | — | 454.7 | (464.4 | ) | 464.4 | ||||||||||||||||
Income tax provision | 13.7 | (3.6 | ) | — | 17.3 | (13.7 | ) | 13.7 | |||||||||||||||
Other comprehensive earnings, net of tax | 450.7 | 13.3 | — | 437.4 | (450.7 | ) | 450.7 | ||||||||||||||||
Comprehensive earnings (loss) | $ | 517.1 | $ | 99.5 | $ | — | $ | 644.7 | $ | (744.2 | ) | $ | 517.1 |
(In millions) | Mylan N.V. | Mylan Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net earnings | $ | 13.9 | $ | 38.3 | $ | — | $ | 266.9 | $ | (305.2 | ) | $ | 13.9 | ||||||||||
Other comprehensive earnings (loss), before tax: | |||||||||||||||||||||||
Foreign currency translation adjustment | 502.0 | — | — | 502.0 | (502.0 | ) | 502.0 | ||||||||||||||||
Change in unrecognized (loss) gain and prior service cost related to defined benefit plans | (0.3 | ) | — | — | (0.3 | ) | 0.3 | (0.3 | ) | ||||||||||||||
Net unrecognized (loss) gain on derivatives | (49.1 | ) | (58.4 | ) | — | 9.3 | 49.1 | (49.1 | ) | ||||||||||||||
Net unrealized gain on marketable securities | 4.4 | 3.8 | — | 0.6 | (4.4 | ) | 4.4 | ||||||||||||||||
Other comprehensive earnings (loss), before tax | 457.0 | (54.6 | ) | — | 511.6 | (457.0 | ) | 457.0 | |||||||||||||||
Income tax (benefit) provision | (16.8 | ) | (20.2 | ) | — | 3.4 | 16.8 | (16.8 | ) | ||||||||||||||
Other comprehensive earnings (loss), net of tax | 473.8 | (34.4 | ) | — | 508.2 | (473.8 | ) | 473.8 | |||||||||||||||
Comprehensive earnings | $ | 487.7 | $ | 3.9 | $ | — | $ | 775.1 | $ | (779.0 | ) | $ | 487.7 |
(In millions) | Mylan N.V. | Mylan Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 6.3 | $ | — | $ | 717.5 | $ | — | $ | 723.8 | |||||||||||
Accounts receivable, net | — | 5.4 | — | 2,866.6 | — | 2,872.0 | |||||||||||||||||
Inventories | — | — | — | 2,547.8 | — | 2,547.8 | |||||||||||||||||
Intercompany receivables | 220.1 | 427.3 | — | 11,317.7 | (11,965.1 | ) | — | ||||||||||||||||
Prepaid expenses and other current assets | 6.4 | 245.9 | — | 669.6 | — | 921.9 | |||||||||||||||||
Total current assets | 226.5 | 684.9 | — | 18,119.2 | (11,965.1 | ) | 7,065.5 | ||||||||||||||||
Property, plant and equipment, net | — | 351.9 | — | 1,986.1 | — | 2,338.0 | |||||||||||||||||
Investments in subsidiaries | 16,047.7 | 8,589.3 | — | — | (24,637.0 | ) | — | ||||||||||||||||
Intercompany notes and interest receivable | 7,555.4 | 9,928.1 | — | 16.7 | (17,500.2 | ) | — | ||||||||||||||||
Intangible assets, net | — | — | — | 14,370.0 | — | 14,370.0 | |||||||||||||||||
Goodwill | — | 17.1 | — | 9,377.0 | — | 9,394.1 | |||||||||||||||||
Other assets | 5.3 | 37.4 | — | 1,062.3 | — | 1,105.0 | |||||||||||||||||
Total assets | $ | 23,834.9 | $ | 19,608.7 | $ | — | $ | 44,931.3 | $ | (54,102.3 | ) | $ | 34,272.6 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Trade accounts payable | $ | 0.5 | $ | 38.5 | $ | — | $ | 1,102.4 | $ | — | $ | 1,141.4 | |||||||||||
Short-term borrowings | — | — | — | 31.0 | — | 31.0 | |||||||||||||||||
Income taxes payable | — | — | — | 31.0 | — | 31.0 | |||||||||||||||||
Current portion of long-term debt and other long-term obligations | — | 0.2 | — | 294.2 | — | 294.4 | |||||||||||||||||
Intercompany payables | 427.3 | 11,537.8 | — | — | (11,965.1 | ) | — | ||||||||||||||||
Other current liabilities | 102.7 | 354.3 | — | 2,569.4 | — | 3,026.4 | |||||||||||||||||
Total current liabilities | 530.5 | 11,930.8 | — | 4,028.0 | (11,965.1 | ) | 4,524.2 | ||||||||||||||||
Long-term debt | 11,648.4 | 2,896.7 | — | 155.7 | — | 14,700.8 | |||||||||||||||||
Intercompany notes payable | — | 3,449.4 | — | 14,050.8 | (17,500.2 | ) | — | ||||||||||||||||
Other long-term obligations | — | 57.9 | — | 3,333.7 | — | 3,391.6 | |||||||||||||||||
Total liabilities | 12,178.9 | 18,334.8 | — | 21,568.2 | (29,465.3 | ) | 22,616.6 | ||||||||||||||||
Total equity | 11,656.0 | 1,273.9 | — | 23,363.1 | (24,637.0 | ) | 11,656.0 | ||||||||||||||||
Total liabilities and equity | $ | 23,834.9 | $ | 19,608.7 | $ | — | $ | 44,931.3 | $ | (54,102.3 | ) | $ | 34,272.6 |
(In millions) | Mylan N.V. | Mylan Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 0.3 | $ | 12.3 | $ | — | $ | 986.2 | $ | — | $ | 998.8 | |||||||||||
Accounts receivable, net | — | 12.3 | — | 3,298.6 | — | 3,310.9 | |||||||||||||||||
Inventories | — | — | — | 2,456.4 | — | 2,456.4 | |||||||||||||||||
Intercompany receivables | 215.9 | 416.0 | — | 10,506.6 | (11,138.5 | ) | — | ||||||||||||||||
Prepaid expenses and other current assets | — | 256.4 | — | 500.0 | — | 756.4 | |||||||||||||||||
Total current assets | 216.2 | 697.0 | — | 17,747.8 | (11,138.5 | ) | 7,522.5 | ||||||||||||||||
Property, plant and equipment, net | — | 360.3 | — | 1,961.9 | — | 2,322.2 | |||||||||||||||||
Investments in subsidiaries | 15,606.2 | 8,277.8 | — | — | (23,884.0 | ) | — | ||||||||||||||||
Intercompany notes and interest receivable | 7,952.3 | 9,817.3 | — | 16.7 | (17,786.3 | ) | — | ||||||||||||||||
Intangible assets, net | — | — | — | 14,447.8 | — | 14,447.8 | |||||||||||||||||
Goodwill | — | 17.1 | — | 9,214.8 | — | 9,231.9 | |||||||||||||||||
Other assets | 5.2 | 51.9 | — | 1,144.7 | — | 1,201.8 | |||||||||||||||||
Total assets | $ | 23,779.9 | $ | 19,221.4 | $ | — | $ | 44,533.7 | $ | (52,808.8 | ) | $ | 34,726.2 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Trade accounts payable | $ | 3.9 | $ | 69.6 | $ | — | $ | 1,274.6 | $ | — | $ | 1,348.1 | |||||||||||
Short-term borrowings | — | — | — | 46.4 | — | 46.4 | |||||||||||||||||
Income taxes payable | — | — | — | 97.7 | — | 97.7 | |||||||||||||||||
Current portion of long-term debt and other long-term obligations | — | 0.2 | — | 289.8 | — | 290.0 | |||||||||||||||||
Intercompany payables | 416.0 | 10,722.5 | — | — | (11,138.5 | ) | — | ||||||||||||||||
Other current liabilities | 90.9 | 388.8 | — | 2,778.8 | — | 3,258.5 | |||||||||||||||||
Total current liabilities | 510.8 | 11,181.1 | — | 4,487.3 | (11,138.5 | ) | 5,040.7 | ||||||||||||||||
Long-term debt | 12,151.5 | 2,897.6 | — | 153.8 | — | 15,202.9 | |||||||||||||||||
Intercompany notes payable | — | 3,870.9 | — | 13,915.4 | (17,786.3 | ) | — | ||||||||||||||||
Other long-term obligations | — | 58.1 | — | 3,306.9 | — | 3,365.0 | |||||||||||||||||
Total liabilities | 12,662.3 | 18,007.7 | — | 21,863.4 | (28,924.8 | ) | 23,608.6 | ||||||||||||||||
Total equity | 11,117.6 | 1,213.7 | — | 22,670.3 | (23,884.0 | ) | 11,117.6 | ||||||||||||||||
Total liabilities and equity | $ | 23,779.9 | $ | 19,221.4 | $ | — | $ | 44,533.7 | $ | (52,808.8 | ) | $ | 34,726.2 |
(In millions) | Mylan N.V. | Mylan Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (27.4 | ) | $ | (192.7 | ) | $ | — | $ | 673.0 | $ | — | $ | 452.9 | |||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | (18.3 | ) | — | (40.1 | ) | — | (58.4 | ) | ||||||||||||||
Change in restricted cash | — | — | — | 12.7 | — | 12.7 | |||||||||||||||||
Purchase of marketable securities | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||
Proceeds from sale of assets | — | — | — | 31.1 | — | 31.1 | |||||||||||||||||
Proceeds from sale of marketable securities | — | — | — | 2.3 | — | 2.3 | |||||||||||||||||
Cash paid for acquisitions, net | (71.6 | ) | — | — | — | — | (71.6 | ) | |||||||||||||||
Investments in affiliates | — | (7.2 | ) | — | — | 7.2 | — | ||||||||||||||||
Dividends from affiliates | 52.4 | — | — | — | (52.4 | ) | — | ||||||||||||||||
Loans to affiliates | (100.2 | ) | (111.1 | ) | — | (977.5 | ) | 1,188.8 | — | ||||||||||||||
Repayments of loans from affiliates | 701.3 | 0.3 | — | 188.8 | (890.4 | ) | — | ||||||||||||||||
Payments for product rights and other, net | — | (0.1 | ) | — | (77.8 | ) | — | (77.9 | ) | ||||||||||||||
Net cash (used in) provided by investing activities | 581.9 | (136.4 | ) | — | (862.8 | ) | 253.2 | (164.1 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Payments of financing fees | (3.7 | ) | — | — | — | — | (3.7 | ) | |||||||||||||||
Change in short-term borrowings, net | — | — | — | (17.6 | ) | — | (17.6 | ) | |||||||||||||||
Payments of long-term debt | (550.0 | ) | — | — | — | — | (550.0 | ) | |||||||||||||||
Proceeds from exercise of stock options | 5.0 | — | — | — | — | 5.0 | |||||||||||||||||
Taxes paid related to net share settlement of equity awards | (6.1 | ) | — | — | — | — | (6.1 | ) | |||||||||||||||
Contingent consideration payments | — | — | — | (3.8 | ) | — | (3.8 | ) | |||||||||||||||
Capital contribution from affiliates | — | — | — | 7.2 | (7.2 | ) | — | ||||||||||||||||
Capital payments to affiliates | — | — | — | (52.4 | ) | 52.4 | — | ||||||||||||||||
Payments on borrowings from affiliates | — | (648.3 | ) | — | (242.1 | ) | 890.4 | — | |||||||||||||||
Proceeds from borrowings from affiliates | — | 977.5 | — | 211.3 | (1,188.8 | ) | — | ||||||||||||||||
Other items, net | — | (6.1 | ) | — | 6.6 | — | 0.5 | ||||||||||||||||
Net cash provided by financing activities | (554.8 | ) | 323.1 | — | (90.8 | ) | (253.2 | ) | (575.7 | ) | |||||||||||||
Effect on cash of changes in exchange rates | — | — | — | 11.9 | — | 11.9 | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (0.3 | ) | (6.0 | ) | — | (268.7 | ) | — | (275.0 | ) | |||||||||||||
Cash and cash equivalents — beginning of period | 0.3 | 12.3 | — | 986.2 | — | 998.8 | |||||||||||||||||
Cash and cash equivalents — end of period | $ | — | $ | 6.3 | $ | — | $ | 717.5 | $ | — | $ | 723.8 |
(In millions) | Mylan N.V. | Mylan Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (27.1 | ) | $ | (139.4 | ) | $ | — | $ | 247.0 | $ | — | $ | 80.5 | |||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | — | (20.6 | ) | — | (31.2 | ) | — | (51.8 | ) | ||||||||||||||
Purchase of marketable securities | — | (0.5 | ) | — | (8.0 | ) | — | (8.5 | ) | ||||||||||||||
Proceeds from sale of marketable securities | — | — | — | 5.9 | — | 5.9 | |||||||||||||||||
Investments in affiliates | — | (11.3 | ) | — | — | 11.3 | — | ||||||||||||||||
Loans to affiliates | (3.6 | ) | (1,465.6 | ) | — | (1,699.6 | ) | 3,168.8 | — | ||||||||||||||
Repayments of loans from affiliates | 32.8 | 12.2 | — | 7.2 | (52.2 | ) | — | ||||||||||||||||
Payments for product rights and other, net | — | (0.1 | ) | — | (105.5 | ) | — | (105.6 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | 29.2 | (1,485.9 | ) | — | (1,831.2 | ) | 3,127.9 | (160.0 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Payments of financing fees | (31.6 | ) | — | — | — | — | (31.6 | ) | |||||||||||||||
Change in short-term borrowings, net | — | — | — | 65.1 | — | 65.1 | |||||||||||||||||
Proceeds from exercise of stock options | 3.6 | — | — | — | — | 3.6 | |||||||||||||||||
Taxes paid related to net share settlement of equity awards | (6.9 | ) | — | — | — | — | (6.9 | ) | |||||||||||||||
Capital contribution from affiliates | — | — | — | 11.3 | (11.3 | ) | — | ||||||||||||||||
Payments on borrowings from affiliates | — | (40.0 | ) | — | (12.2 | ) | 52.2 | — | |||||||||||||||
Proceeds from borrowings from affiliates | 31.6 | 1,703.2 | — | 1,434.0 | (3,168.8 | ) | — | ||||||||||||||||
Other items, net | 1.2 | — | — | (0.9 | ) | — | 0.3 | ||||||||||||||||
Net cash (used in) provided by financing activities | (2.1 | ) | 1,663.2 | — | 1,497.3 | (3,127.9 | ) | 30.5 | |||||||||||||||
Effect on cash of changes in exchange rates | — | — | — | 12.4 | — | 12.4 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 37.9 | — | (74.5 | ) | — | (36.6 | ) | |||||||||||||||
Cash and cash equivalents — beginning of period | — | 870.5 | — | 365.5 | — | 1,236.0 | |||||||||||||||||
Cash and cash equivalents — end of period | $ | — | $ | 908.4 | $ | — | $ | 291.0 | $ | — | $ | 1,199.4 |
17. | Restructuring |
(In millions) | Employee Related Costs | Other Exit Costs | Total | ||||||||
Balance at December 31, 2016: | $ | 138.6 | $ | 1.6 | $ | 140.2 | |||||
Charges (1) | 9.6 | 13.5 | 23.1 | ||||||||
Reclassifications | (8.3 | ) | 8.3 | — | |||||||
Cash payment | (54.2 | ) | (1.0 | ) | (55.2 | ) | |||||
Utilization | — | (19.8 | ) | (19.8 | ) | ||||||
Foreign currency translation | (9.8 | ) | — | (9.8 | ) | ||||||
Balance at March 31, 2017: | $ | 75.9 | $ | 2.6 | $ | 78.5 |
(1) | For the three months ended March 31, 2017, total restructuring charges in North America, Europe, Rest of World and Corporate / Other were approximately $6.4 million, $3.6 million, $12.8 million and $0.3 million, respectively. |
18. | Collaboration and Licensing Agreements |
19. | Litigation |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In millions, except per share amounts) | 2017 | 2016 | Change | % Change | ||||||||||
Total revenues | $ | 2,719.5 | $ | 2,191.3 | $ | 528.2 | 24 | % | ||||||
Gross profit | 1,085.0 | 907.0 | 178.0 | 20 | % | |||||||||
Earnings from operations | 227.2 | 105.6 | 121.6 | 115 | % | |||||||||
Net earnings | 66.4 | 13.9 | 52.5 | 378 | % | |||||||||
Diluted earnings per ordinary share | $ | 0.12 | $ | 0.03 | $ | 0.09 | 300 | % |
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
(In millions) | 2017 | 2016 | % Change | 2017 Currency Impact (1) | 2017 Constant Currency Revenues | Constant Currency % Change (2) | |||||||||||||||
Third party net sales | |||||||||||||||||||||
North America (3) | $ | 1,214.9 | $ | 1,157.5 | 5 | % | $ | (2.2 | ) | $ | 1,212.7 | 5 | % | ||||||||
Europe (3) | 892.0 | 584.3 | 53 | % | 24.3 | 916.3 | 57 | % | |||||||||||||
Rest of World (3) | 580.5 | 434.3 | 34 | % | (12.7 | ) | 567.8 | 31 | % | ||||||||||||
Total third party net sales (3) | 2,687.4 | 2,176.1 | 23 | % | 9.4 | 2,696.8 | 24 | % | |||||||||||||
Other third party revenues | 32.1 | 15.2 | 111 | % | 0.2 | 32.3 | 113 | % | |||||||||||||
Consolidated total revenues | $ | 2,719.5 | $ | 2,191.3 | 24 | % | $ | 9.6 | $ | 2,729.1 | 25 | % |
(1) | Currency impact is shown as unfavorable (favorable). |
(2) | The constant currency percentage change is derived by translating third party net sales or revenues for the current period at prior year comparative period exchange rates, and in doing so shows the percentage change from 2017 constant currency third party net sales or revenues to the corresponding amount in the prior year. |
(3) | Effective October 1, 2016, the Company expanded its reportable segments as follows: North America, Europe and Rest of World. As a result, the amounts previously reported under the Specialty segment have been recast to North America and amounts related to Brazil are included in Rest of World for all periods presented. |
Three Months Ended | |||||||
March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
U.S. GAAP cost of sales | $ | 1,634.5 | $ | 1,284.3 | |||
Deduct: | |||||||
Purchase accounting amortization and other related items | (343.3 | ) | (243.6 | ) | |||
Restructuring related costs | (12.9 | ) | (1.4 | ) | |||
Acquisition related items | (5.9 | ) | (18.5 | ) | |||
Other special items | (7.1 | ) | (13.8 | ) | |||
Adjusted cost of sales | $ | 1,265.3 | $ | 1,007.0 | |||
Adjusted gross profit (a) | $ | 1,454.2 | $ | 1,184.3 |
Adjusted gross margin (a) | 53 | % | 54 | % |
(a) | Adjusted gross profit is calculated as total revenues less adjusted cost of sales. Adjusted gross margin is calculated as adjusted gross profit divided by total revenues. |
Three Months Ended March 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Losses from equity affiliates, primarily clean energy investments | $ | 33.2 | $ | 30.9 | |||
Foreign exchange gains, net | (10.3 | ) | (14.2 | ) | |||
Other gains, net | (5.5 | ) | (0.4 | ) | |||
Other expense, net | $ | 17.4 | $ | 16.3 |
• | Costs related to formal restructuring programs and actions, including costs associated with facilities to be closed or divested, employee separation costs, impairment charges, accelerated depreciation, incremental manufacturing variances, equipment relocation costs and other restructuring related costs; |
• | Certain acquisition related remediation and integration and planning costs, as well as other costs associated with acquisitions such as advisory and legal fees and certain financing related costs, and other business transformation and/or optimization initiatives, which are not part of a formal restructuring program, including employee separation and post-employment costs; |
• | The pre-tax loss of the Company’s clean energy investments, whose activities qualify for income tax credits under Section 45 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”); only included in adjusted earnings and adjusted EPS is the net tax effect of the entity’s activities; and |
• | Certain costs to further develop and optimize our global enterprise resource planning systems, operations and supply chain. |
Three Months Ended March 31, | |||||||||||||||
(In millions, except per share amounts) | 2017 | 2016 | |||||||||||||
U.S. GAAP net earnings and U.S. GAAP diluted earnings per share | $ | 66.4 | $ | 0.12 | $ | 13.9 | $ | 0.03 | |||||||
Purchase accounting related amortization (primarily included in cost of sales) | 349.2 | 249.3 | |||||||||||||
Litigation settlements, net | (0.9 | ) | (1.5 | ) | |||||||||||
Interest expense (primarily related to clean energy investment financing) | 7.3 | 5.7 | |||||||||||||
Accretion of contingent consideration liability and other fair value adjustments | 17.7 | 10.0 | |||||||||||||
Clean energy investments pre-tax loss (a) | 22.3 | 25.5 | |||||||||||||
Acquisition related costs (primarily included in SG&A and cost of sales) (b) | 31.3 | 53.2 | |||||||||||||
Restructuring related costs (c) | 23.1 | 9.8 | |||||||||||||
Other special items included in: | |||||||||||||||
Cost of sales | 7.1 | 13.8 | |||||||||||||
Research and development expense (d) | 65.1 | 66.1 | |||||||||||||
Selling, general and administrative expense | 5.9 | 6.8 | |||||||||||||
Other expense, net | 6.1 | 2.2 | |||||||||||||
Tax effect of the above items and other income tax related items | (100.8 | ) | (68.5 | ) | |||||||||||
Adjusted net earnings and adjusted EPS | $ | 499.8 | $ | 0.93 | $ | 386.3 | $ | 0.76 | |||||||
Weighted average diluted ordinary shares outstanding | 536.9 | 509.6 |
(a) | Adjustment represents exclusion of the pre-tax loss related to Mylan's clean energy investments and related financing, excluding interest expense, the activities of which qualify for income tax credits under Section 45 of the Code. The amount is included in other expense, net in the Condensed Consolidated Statements of Operations. |
(b) | Acquisition related costs primarily relate to acquisition and integration activities, including ongoing activities. Included in SG&A for the three months ended March 31, 2017 is approximately $24.1 million, primarily related to consulting, professional and legal costs. |
(c) | Refer to Note 17 Restructuring included in Item 1 in this Form 10-Q. Of the total amount, approximately $12.9 million is included in cost of sales, $1.3 million is included in R&D and $8.9 million is included in SG&A. |
(d) | R&D expense includes an upfront expense of approximately $50 million related to a joint development and marketing agreement for a respiratory product, $5.8 million related to Momenta collaboration expense and other similar smaller agreements. |
• | net earnings for the three months ended March 31, 2017 increased $52.5 million when compared to the prior year period, principally as a result of an increase in earnings from operations. Other significant factors impacting cash provided by operating activities in the current year include the following: |
◦ | an increase in non-cash expenses of $140.8 million, principally a result of increased depreciation and amortization as a result of recent acquisitions of approximately $118.4 million; |
◦ | a net increase in the amount of cash provided by changes in accounts receivable, including estimated sales allowances, of $203.2 million, reflecting the timing of sales, cash collections and customer credits issued related to sales allowances; |
◦ | a net decrease of $117.2 million in the amount of cash used through changes in inventory balances; and |
◦ | an net increase in the amount of cash provided by changes in other operating assets and liabilities of $134.5 million, primarily due to higher amounts of accrued interest as a result of the long-term debt issuances during 2016 and the timing of interest payments related to those debt instruments. |
• | a net increase in the amount of cash used through changes in trade accounts payable of $185.5 million as a result of the timing of cash payments; and |
• | a net increase in the amount of cash used through changes in income taxes of $90.3 million as a result of the level and timing of estimated tax payments made during the current period. |
• | cash paid for acquisitions, net totaling approximately $71.6 million related to the acquisition of the remaining non-tendered shares of Meda in the compulsory acquisition proceeding; |
• | payments for product rights and other, net totaled approximately $77.9 million, which included a payment of $50 million related to the acquisition of intellectual property rights for the Cold-EEZE® brand cold remedy line; |
• | proceeds from the sale of certain European assets for approximately $31.1 million; |
• | a decrease in restricted cash of $12.7 million in the current quarter due to amounts released from escrow for the payment of certain claims related to the Agila contingent consideration; and |
• | capital expenditures, primarily for equipment and facilities, totaled approximately $58.4 million. While there can be no assurance that current expectations will be realized, capital expenditures for the 2017 calendar year are expected to be approximately $400 million to $500 million. |
• | payments for product rights and other, net totaled approximately $105.6 million which included a payment of $90 million related to the acquisition of certain European intellectual property rights and marketing authorizations; and |
• | capital expenditures, primarily for equipment and facilities, totaled approximately $51.8 million. |
• | the Company voluntarily prepaid $550 million of the aggregate principal amount of the 2016 Term Loans: and |
• | the Company had net repayments of short-term borrowings of $17.6 million. |
• | the Company had net short-term borrowings of $65.1 million; partially offset by |
• | payments of financing fees which totaled $31.6 million primarily related to a bridge credit agreement related to the Meda acquisition. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 6. EXHIBITS | |
10.1 | Amendment to Amended and Restated 2003 Long-Term Incentive Plan, adopted as of February 23, 2017* |
10.2 | Form of Restricted Stock Unit Award Agreement under the 2003 Long-Term Incentive Plan for Heather Bresch and Rajiv Malik for awards granted on or after February 23, 2017* |
10.3 | Form of Performance-Based Restricted Stock Unit Award Agreement under the 2003 Long-Term Incentive Plan for Heather Bresch and Rajiv Malik for awards granted on or after February 23, 2017* |
10.4 | Form of Waiver Letter with respect to Specified Award Agreements by and between Mylan N.V and Heather Bresch and Rajiv Malik, February 23, 2017* |
10.5 | Executive Employment Agreement, dated March 24, 2017 and effective April 1, 2017, between Mylan Inc. and Daniel M. Gallagher* |
10.6 | Transition and Succession Agreement, dated March 24, 2017, between Mylan Inc. and Daniel M. Gallagher* |
10.7 | Form of Performance-Based Restricted Stock Unit Award Agreement under the One-Time Special Five-Year Performance-Based Realizable Value Incentive Program for Daniel M. Gallagher* |
31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32 | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
101.DEF | XBRL Taxonomy Definition Linkbase |
101.LAB | XBRL Taxonomy Extension Label Linkbase |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
* | Denotes management contract or compensatory plan or arrangement. |
Mylan N.V. (Registrant) | ||
By: | /s/ HEATHER BRESCH | |
Heather Bresch | ||
Chief Executive Officer | ||
(Principal Executive Officer) |
/s/ KENNETH S. PARKS | ||
Kenneth S. Parks | ||
Chief Financial Officer | ||
(Principal Financial Officer) |
10.1 | Amendment to Amended and Restated 2003 Long-Term Incentive Plan, adopted as of February 23, 2017* |
10.2 | Form of Restricted Stock Unit Award Agreement under the 2003 Long-Term Incentive Plan for Heather Bresch and Rajiv Malik for awards granted on or after February 23, 2017* |
10.3 | Form of Performance-Based Restricted Stock Unit Award Agreement under the 2003 Long-Term Incentive Plan for Heather Bresch and Rajiv Malik for awards granted on or after February 23, 2017* |
10.4 | Form of Waiver Letter with respect to Specified Award Agreements by and between Mylan N.V and Heather Bresch and Rajiv Malik, February 23, 2017* |
10.5 | Executive Employment Agreement, dated March 24, 2017 and effective April 1, 2017, between Mylan Inc. and Daniel M. Gallagher* |
10.6 | Transition and Succession Agreement, dated March 24, 2017, between Mylan Inc. and Daniel M. Gallagher* |
10.7 | Form of Performance-Based Restricted Stock Unit Award Agreement under the One-Time Special Five-Year Performance-Based Realizable Value Incentive Program for Daniel M. Gallagher* |
31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32 | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
101.DEF | XBRL Taxonomy Definition Linkbase |
101.LAB | XBRL Taxonomy Extension Label Linkbase |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
* | Denotes management contract or compensatory plan or arrangement. |
1. | Section 6.03(e)(iii) is hereby deleted and replaced with the following: |
Vesting Date | Shares Vested |
[___] | [___] |
[NAME] Chairman, Compensation Committee of the Mylan N.V. Board of Directors |
Participant: |
[NAME] |
[NAME] Chairman, Compensation Committee of the Mylan N.V. Board of Directors |
Participant: |
[NAME] |
(1) | an award of time-based restricted stock units with respect to a number of ordinary shares of Mylan N.V. with a value equal to six hundred and fifty thousand dollars ($650,000) on such date (the “Sign-On RSUs”), which award will vest ratably on each of the second and third anniversaries of the Effective Date subject to Executive’s continued employment on such dates, and otherwise subject to the terms and conditions of Mylan’s Amended and Restated 2003 Long-Term Incentive Plan; and |
(2) | an award of 40,507 performance-based restricted stock units under Mylan N.V.’s One-Time Special Five-Year Performance-Based Realizable Value Incentive Program, which award will vest pursuant to the performance conditions established by the Board under such program and subject to Executive’s continued employment on the third anniversary of the Effective Date, and otherwise subject to the terms and conditions of Mylan’s Amended and Restated 2003 Long-Term Incentive Plan. |
If to the Company: | Mylan Inc. 1000 Mylan Blvd. Canonsburg, Pennsylvania 15317 Attn: Associate General Counsel, Global Labor & Employment Fax: 724-514-1871 |
If to Executive: | at the most recent address on record at the Company. |
MYLAN INC. | EXECUTIVE: | ||
/s/ Heather Bresch | /s/ Daniel M. Gallagher | ||
By: | Heather Bresch | By: Daniel M. Gallagher | |
Its: | Chief Executive Officer |
1. | Certain Definitions. |
(a) | “Effective Date” means the first date during the Change of Control Period (as defined herein) on which a Change of Control occurs. Notwithstanding anything in this Agreement to the contrary, if a Change of Control occurs and if the Executive’s employment with the Company is terminated prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by the Executive that such termination of employment (1) was at the request of a third party that has taken steps reasonably calculated to effect a Change of Control or (2) otherwise arose in connection with or anticipation of a Change of Control, then “Effective Date” means the date immediately prior to the date of such termination of employment. For the sake of clarity, it is understood that if the Executive’s employment terminates prior to the Effective Date other than as described in the preceding sentence, this Agreement shall thereupon be null and void and of no further force and effect. |
(b) | “Change of Control Period” means the period commencing on the date hereof and ending on the third anniversary of the date hereof; provided, however, that, commencing on the date one year after the date hereof, and on each annual anniversary of such date (such date and each annual anniversary thereof, the “Renewal Date”), unless previously terminated, the Change of Control Period shall be automatically extended so as to terminate three years from such Renewal Date, unless, at least 60 days prior to a Renewal Date no less than three years from the date hereof, the Company shall give notice to the Executive that the Change of Control Period shall not be so extended. |
(c) | “Affiliated Company” means any company controlled by, controlling or under common control with the Company. |
(d) | “Change of Control” means: |
(1) | The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (A) the then-outstanding ordinary shares of Mylan N.V. (the “Outstanding Ordinary Shares”) or (B) the combined voting power of the then-outstanding voting securities of Mylan N.V. entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); provided, however, that, for purposes of this Section 1(d), the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from Mylan N.V., (ii) any acquisition by Mylan N.V., (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliated Company or (iv) any acquisition by any corporation pursuant to a transaction that complies with Sections 1(d)(3)(A), 1(d)(3)(B) and 1(d)(3)(C); |
(2) | Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by Mylan N.V.’s shareholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; |
(3) | Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving Mylan N.V. or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of Mylan N.V., or the acquisition of assets or stock of another entity by Mylan N.V. or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Ordinary Shares and the Outstanding Voting Securities immediately prior to such Business Combination beneficially own, |
(4) | Approval by the shareholders of Mylan N.V. of a complete liquidation or dissolution of Mylan N.V. |
(e) | “Employment Agreement” means the Executive Employment Agreement effective as of April 1, 2017 by and between the Company and the Executive, and any extension or modification thereof or any successor agreement thereto. |
2. | Employment Period; Employment Agreement. The Company hereby agrees to continue the Executive in its employ, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on the second anniversary of the Effective Date (the “Employment Period”), provided the Employment Period shall terminate sooner upon the Executive’s termination of employment for any reason. Upon the Effective Date, the Employment Agreement, with the exception of Section 10 thereof (relating to indemnification), which shall survive in all respects, shall be null and void and of no further force or effect, provided the Executive shall be paid all amounts earned and due to the Executive thereunder within twenty-four (24) hours of the Effective Date, subject in all respects to Section 6 below. |
3. | Terms of Employment. |
(a) | Position and Duties. |
(1) | During the Employment Period, (A) the Executive’s position (including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be at least commensurate in all material respect with the most significant of those held, exercised and assigned at any time during the 180-day period immediately preceding the Effective Date and (B) the Executive’s services shall be performed at the office where the Executive was employed immediately preceding the Effective Date or at any other location less than 30 miles from such office. |
(2) | During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and Affiliated Companies and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use the Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period, it shall not be a violation of this Agreement for the Executive to (A) serve on corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments, so long as such activities do not significantly interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement. It is expressly understood and agreed that, to the extent that any such activities have been conducted by the Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive’s responsibilities to the Company. |
(b) | Compensation. |
(1) | Base Salary. During the Employment Period, the Annual Base Salary shall be reviewed at least annually, beginning no more than 12 months after the Executive’s last salary review. The Annual Base Salary shall be paid at such intervals as the Company pays executive salaries generally. During the Employment Period, the Annual Base Salary shall be reviewed at least annually, beginning no more than 12 months after the last salary increase awarded to the Executive prior to the Effective Date. Any increase in the Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this |
(2) | Annual Bonus. In addition to the Annual Base Salary, the Executive shall participate in a bonus program during the Employment Period and have a bonus which is no less favorable than the bonus for other employees of his level at the Company and its Affiliated Companies. |
(3) | Incentive, Savings and Retirement Plans. During the Employment Period, the Executive shall be entitled to participate in all cash incentive, equity incentive, savings and retirement plans, practices, policies, and programs applicable generally to other peer executives of the Company and the Affiliated Companies (with such appropriate deviations by virtue of country of residence, commensurate with deviations in place prior to the Effective Date), but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and the Affiliated Companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 180-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and the Affiliated Companies. |
(4) | Welfare Benefit Plans. During the Employment Period, the Executive and/or the Executive’s family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and the Affiliated Companies (including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company and the Affiliated Companies (with such appropriate deviations by virtue of country of residence, commensurate with deviations in place prior to the Effective Date), but in no event shall such plans, practices, policies and programs provide the Executive with benefits that are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 180-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any |
(5) | Expenses. During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in accordance with the most favorable policies, practices and procedures of the Company and the Affiliated Companies in effect for the Executive at any time during the 180-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and the Affiliated Companies. |
(6) | Fringe Benefits. During the Employment Period, the Executive shall be entitled to fringe benefits, including, without limitation, tax and financial planning services, payment of club dues, and, if applicable, use of an automobile and payment of related expenses, in accordance with the most favorable plans, practices, programs and policies of the Company and the Affiliated Companies in effect for the Executive at any time during the 180-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and the Affiliated Companies. |
(7) | Office and Support Staff. During the Employment Period, the Executive shall be entitled to an office or offices of a size and with furnishings and other appointments, and to exclusive personal secretarial and other assistance, at least equal to the most favorable of the foregoing provided to the Executive by the Company and the Affiliated Companies at any time during the 180-day period |
(8) | Vacation. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the most favorable plans, policies, programs and practices of the Company and the Affiliated Companies as in effect for the Executive at any time during the 180-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and the Affiliated Companies. |
4. | Termination of Employment. |
(a) | Death or Disability. The Executive’s employment shall terminate automatically if the Executive dies during the Employment Period. If either the Company or the Executive (or his legal representative) determines in good faith that the Disability (as defined herein) of the Executive has occurred during the Employment Period, such party may give the other party written notice (“Disability Notice”) in accordance with Section 12(b) of his or its intention that the Executive’s employment be terminated. In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of the Disability Notice by the Executive or by the Company, as the case may be (the “Disability Effective Date”), provided that, within 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. |
(b) | Cause. The Company may terminate the Executive’s employment during the Employment Period for Cause. “Cause” means: |
(1) | the willful and continued failure of the Executive to perform substantially the Executive’s duties (as contemplated by Section 3(a)(1)(A)) with the Company or any Affiliated Company (other than any such failure resulting from incapacity due to physical or mental illness or following the Executive’s delivery of a Notice of Termination for Good Reason (as defined herein)), after a written demand for substantial performance is delivered to the Executive by the Board or |
(2) | the willful engaging by the Executive in illegal conduct or gross misconduct that is materially and demonstrably injurious to the Company. |
(c) | Good Reason. The Executive’s employment may be terminated by the Executive for Good Reason or by the Executive voluntarily without Good Reason. “Good Reason” means: |
(1) | the assignment to the Executive of any duties inconsistent in any respect with the Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 3(a), or any other diminution in such position (or removal from such position), authority, duties or responsibilities |
(2) | any failure by the Company to comply with any of the provisions of Section 3(b), other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by the Executive; |
(3) | the Company’s requiring the Executive (i) to be based at any office or location other than as provided in Section 3(a)(1)(B), (ii) to be based at a location other than the principal executive offices of the Company if the Executive was employed at such location immediately preceding the Effective Date, or (iii) to travel on Company business to a substantially greater extent than required immediately prior to the Effective Date; |
(4) | the failure by the Company to pay to the Executive any portion of any installment of deferred compensation, or lump sum under any deferred compensation program of the Company within 7 days after the Executive provides the Company with written notice of the failure to pay such compensation when it is due; |
(5) | the failure by the Company to provide the Executive with the number of paid vacation days and holidays to which the Executive was entitled as of the Effective Date; |
(6) | any purported termination by the Company of the Executive’s employment otherwise than as expressly permitted by this Agreement; |
(7) | any failure by the Company to comply with and satisfy Section 11(c); |
(8) | if Mylan N.V. (or the entity effectuating a Change of Control) continues to exist and be a company registered under the Exchange Act after the Effective Date and continues to have in effect an equity-compensation plan, the failure of Mylan N.V. (or the entity effectuating the Change of Control) to grant to the Executive equity-based compensation with respect to a number of ordinary shares of Mylan N.V. (or shares of common stock of the entity effectuating the Change of Control) or value at least as great as that which the Executive received during the three calendar years immediately prior to the Effective Date, which equity-based compensation is on terms, including pricing relative to the market price at the time of grant, that |
(9) | failure to include the Executive in any program or plan of benefits (including, but not limited to, stock option and deferred compensation plans), and failure to provide the Executive similar levels of benefit amounts or coverage, which benefits are either provided or otherwise offered to peer executives of the Company and the Affiliated Companies following the Effective Date. |
(10) | the Executive’s termination of employment for Disability. |
(d) | Notice of Termination. Any termination by the Company for Cause, or by the Executive for Good Reason (other than Disability, which is addressed in Section 4(a)), shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 12(b). “Notice of Termination” means a written notice that (1) indicates the specific termination provision in this Agreement relied upon, (2) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (3) if the Date of Termination (as defined herein) is other than the date of receipt of such notice, specifies the Date of Termination (which Date of Termination shall be not more than 30 days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s respective rights hereunder. |
(e) | Date of Termination. “Date of Termination” means (1) if the Executive’s employment is terminated by the Company for Cause, or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified in the Notice of Termination (which date shall not be more than 30 days after the giving of such notice), as the case may be, (2) if the Executive’s employment is terminated by the Company other than for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination, and (3) if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be. |
5. | Obligations of the Company upon Termination. |
(a) | Good Reason, Death or Disability; Other Than for Cause. If, during the Employment Period, the Company terminates the Executive’s employment other than for Cause or the Executive resigns for Good Reason or if the Executive’s employment is terminated as a result of the Executive’s death or Disability: |
(1) | the Company shall pay to the Executive (or the Executive’s estate or beneficiary, in the event of the Executive’s death), in a lump sum in cash within 30 days after the Date of Termination (or, if required by Section 409A of the Code to avoid the imposition of additional taxes, on the date that is six (6) months following the Date of Termination), the aggregate of the following amounts: |
(A) | the sum of (i) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid, and (ii) any compensation previously deferred by the Executive (together with any accrued interest or earnings thereon) and any accrued vacation pay, in each case, to the extent not theretofore paid (the sum of the amounts described in subclauses (i) and (ii) the “Accrued Obligations”); and |
(B) | the amount equal to three (3) times the sum of: (i) the Executive’s then-current Annual Base Salary, plus (ii) an amount equal to the highest bonus determined to date under Section 4(b) of the Employment Agreement or paid to the Executive hereunder (in the case of death or the Executive’s Disability, reduced (but not below zero) by any disability or death benefits that the Executive or the Executive’s estate or beneficiaries are entitled to pursuant to plans or arrangements of the Company); |
(2) | for three years after the Executive’s Date of Termination (or such shorter period as required by Section 409A of the Code to avoid the imposition of additional taxes), the Company shall continue to provide benefits to the Executive and/or the Executive’s dependents at least equal to those that were provided to them (taking into account any required employee contributions, co-payments and similar costs imposed on the Executive and the Executive’s dependents and the tax treatment of participation in the plans, programs, practices and policies by the Executive and the Executive’s dependents) by or on behalf of the Company and or the Affiliated Companies in accordance with the benefit plans, programs, practices and policies (including those provided under the Employment Agreement) in effect immediately prior to a Change of Control or, if more favorable to the Executive, as |
(3) | to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any Other Benefits (as defined in Section 6). |
(b) | Cause; Other Than for Good Reason. If the Executive’s employment is terminated for Cause during the Employment Period, the Company shall provide to the Executive (1) the Executive’s Annual Base Salary through the Date of Termination, (2) the amount of any compensation previously deferred by the Executive, and (3) the Other Benefits, in each case, to the extent theretofore unpaid, and shall have no other severance obligations under this Agreement. If the Executive voluntarily terminates employment during the Employment Period, excluding a termination for Good Reason, the Company shall provide to the Executive the Accrued Obligations and the timely payment or delivery of the Other Benefits, and shall have no other severance obligations under this Agreement. In such case, all the Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of the Date of Termination. |
(c) | Conditions to Payment and Acceleration; Section 409A of the Code. The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. Notwithstanding anything contained herein to the contrary; to the extent required in order to |
6. | Employment Agreement; Non-Exclusivity of Rights. The Executive shall be entitled to the higher of the benefits and compensation payable under this Agreement or those payable under the Employment Agreement as if the Change of Control were deemed a termination without Cause (as defined therein). It is the intent of the parties that nothing in this Agreement or in the Employment Agreement shall affect any right the Executive may have with respect to: (i) any vested or other benefits that the Executive is entitled to receive under any plan, policy, practice or program of or any other contract or agreement with the Company or the Affiliated Companies at or subsequent to a Change of Control (“Other Benefits”); and (ii) continuing or future participation in any plan, program, policy or practice provided by the Company or the Affiliated Companies and for which the Executive may qualify. If the Executive’s employment is terminated by reason of the Executive’s Disability (or death), with respect to the provision of the Other Benefits, the term “Other Benefits” shall include, and the Executive (or the estate or beneficiary of the Executive, in the event of the Executive’s death) shall be entitled after the Disability Effective Date (or upon the |
7. | No Set-Off; Company’s Obligations; Mitigation. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company or its parent may have against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not the Executive obtains other employment. The Company agrees to pay as incurred (within 10 days following the Company’s receipt of an invoice from the Executive), to the full extent permitted by law, all legal fees and expenses that the Executive may reasonably incur as a result of any contest or disagreement (regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), plus, in each case, interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code. No obligation of the Company under this Agreement to pay the Executive’s fees or expenses shall in any manner confer upon the Company any right to select or approve any of the attorneys or accountants engaged by the Executive. |
8. | Section 280G Matters. Notwithstanding any other provision of this Agreement, |
(a) | In the event it is determined by an independent nationally recognized public accounting firm, which is engaged and paid for by the Company or its parent prior to the consummation of any transaction constituting a Change of Control (which for purposes of this Section 8 shall mean a change in ownership or control as determined in accordance with the regulations promulgated under Section 280G of the Code), which accounting firm shall in no event be the accounting firm for the entity seeking to effectuate the Change of Control (the “Accountant”), which determination shall be certified by the Accountant and set forth in a certificate delivered to the Executive not less than ten business days prior to the Change of Control setting forth in reasonable detail the basis of the Accountant’s calculations (including any assumptions that the |
(b) | If the determination made pursuant to Section 8(a) results in a reduction of the payments that would otherwise be paid to the Executive except for the application of Section 8(a), the Company shall promptly give the Executive notice of such determination. Such reduction in payments shall be first applied to reduce any cash payments that the Executive would otherwise be entitled to receive (whether pursuant to this Agreement or otherwise) and shall thereafter be applied to reduce other payments and benefits, in each case, in reverse order beginning with the payments or benefits that are to be paid the furthest in time from the date of such determination, unless, to the extent permitted by Section 409A of the Code, the Executive elects to have the reduction in payments applied in a different order; provided that, in no event may such payments be reduced in a manner that would result in subjecting the Executive to additional taxation under Section 409A of the Code. |
(c) | As a result of the uncertainty in the application of Sections 280G and 4999 of the Code at the time of a determination hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the Executive’s |
9. | Covenants of Executive. |
(a) | Confidential Information. The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or the Affiliated Companies, and their respective businesses, which information, knowledge or data shall have been obtained by the Executive during the Executive’s employment by the Company or the Affiliated Companies and which information, knowledge or data shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). After termination of the Executive’s employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those persons designated by the Company. In no event shall an asserted violation of the provisions of this Section 9 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement. Executive understands that nothing contained in this Agreement limits Executive’s ability to file a charge or complaint with the Securities and Exchange Commission (the “SEC”) pursuant to Section 21F of the U.S. Securities Exchange Act of 1934, as amended, does not limit Employee's ability to communicate with the SEC pursuant to such provision or limit Executive’s right to receive an award for information provided to the SEC pursuant to such provision. |
(b) | Non-Competition. In consideration for the protections provided to the Executive under this Agreement, the Executive agrees that from the Date of Termination until the first anniversary thereof (the “Covenant Period”), the Executive will not, except for the practice of law, directly or indirectly, own, manage, operate, control or participate in the ownership, management, operation or control of, or be connected as an officer, employee, partner, director or otherwise with, or (other than through the ownership of not more than five percent (5%) of the voting stock of any publicly held corporation) have any financial interest in, or aid or assist anyone else in the conduct of, a business which at the time of such termination competes in the United States with a business conducted by the Company or any group, division, parent or subsidiary of the Company (“Company Group”) as of the Date of Termination. Notwithstanding the foregoing, the Executive’s employment by a business that competes with the business of the Company or its parent, or the retention of the Executive as a consultant by any such business shall not violate this Section 9(b) if the Executive’s duties and actions for the business are solely for groups, divisions or subsidiaries that are not engaged in a business that competes with a business conducted by the Company or its parent. No business shall be deemed to be a business conducted by the Company or its parent unless the Company or its parent was engaged in the business as of the Date of Termination and continues to be engaged in the business and at least twenty-five percent (25%) of the Company’s or its parent’s consolidated gross sales and operating revenues, or net income, is derived from, or at least twenty-five percent (25%) of the Company’s or its parent’s consolidated assets are devoted to, such business and no business shall be deemed to compete with a business conducted by the Company or its parent unless at least twenty-five percent (25%) of the consolidated gross sales and operating revenues, or net income, of any consolidated group that includes the business, is derived from, or at least twenty-five percent (25%) of the consolidated assets of any such consolidated group are devoted to, such business. |
(c) | Non-Solicitation. During the Covenant Period, the Executive shall not solicit on the Executive’s behalf or on behalf of any other person the services, as employee, consultant or otherwise of any person who on the Date of Termination is employed by the Company Group, whether or not such person would commit any breach of his contract of service in leaving such employment, except for any employee (i) whose employment is terminated by the Company or any successor thereof prior to such solicitation of such employee, (ii) who initiates discussions regarding such employment without any solicitation by the Executive, (iii) who responds to any public advertisement unless such advertisement is designed to target, or has the effect of targeting, employees of the Company, or (iv) who is initially solicited for a position other than by the Executive and without any suggestion or advice from the Executive. Nothing herein shall restrict businesses that employ the |
(d) | Continuation of Employment. The Executive agrees not to voluntarily terminate employment with the Company (other than (i) as a result of an event that would constitute Good Reason that is at the request of a third party that has taken steps reasonably calculated to effectuate a Change of Control or otherwise arose in connection with or in anticipation of a Change of Control or (ii) by reason of non-extension or non-renewal of the Employment Agreement or such other employment agreement entered into by and between the Executive and the Company from time to time) from such time as the Company has entered into an agreement that would result in a Change of Control until the Change of Control; provided, that such provision shall cease to apply upon the termination of such agreement or if the Change of Control has not occurred within one year following the execution of such agreement |
10. | Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that the Executive shall be entitled to seek specific performance of the Executive’s right to be paid any amounts or provided with any benefits due to the Executive hereunder during the pendency of any dispute or controversy arising under or in connection with this Agreement. |
11. | Successors. |
(a) | This Agreement is personal to the Executive, and, without the prior written consent of the Company, shall not be assignable by the Executive; provided, however, the Executive may designate one or more beneficiaries to receive amounts payable hereunder after his death. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. |
(b) | This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Except as provided in Section 11(c), without the prior written consent of the Executive this Agreement shall not be assignable by the Company. |
(c) | The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of Mylan N.V. to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the |
12. | Miscellaneous. |
(a) | This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified other than by a written agreement executed by the parties hereto or their respective successors, permitted assigns and legal representatives. |
(b) | All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: |
(c) | The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. Any invalid or unenforceable provision shall be deemed severed from this Agreement to the extent of its invalidity or unenforceability, and this Agreement shall be construed and enforced as if the Agreement did not contain that particular provision to the extent of its invalidity or unenforceability, provided that in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. |
(d) | The Company may withhold from any amounts payable under this Agreement such United States federal, state or local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. |
(e) | The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason under Section 4(c), shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. |
(f) | The Executive and the Company acknowledge that, except as provided in the Employment Agreement or any other written agreement between the Executive and the Company, the employment of the Executive by the Company is “at will” and, subject to Section 1(a), prior to the Effective Date, the Executive’s employment may be terminated by either the Executive or the Company at any time prior to the Effective Date, in which case the Executive shall have no further rights under this Agreement. From and after the date of the Effective Date, except for any agreements providing for retirement benefits and as otherwise specifically provided herein (including without limitation in Section 6), this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof. |
MYLAN INC. /s/ Heather Bresch | EXECUTIVE: /s/ Daniel M. Gallagher | |
By: Heather Bresch | Daniel M. Gallagher | |
Its: Chief Executive Officer |
Target Number of Performance RSUs: | [__] |
Final Vesting Date: | Third anniversary of the effective date of the Participant’s employment agreement with the Company (“Final Vesting Date”) |
Adjusted Diluted EPS | Performance Multiplier |
$5.50 | .5833 |
$5.60 | .6666 |
$5.70 | .75 |
$5.80 | .8333 |
$5.90 | .9166 |
/s/ HEATHER BRESCH | |
Heather Bresch | |
Chief Executive Officer | |
(Principal Executive Officer) |
/s/ KENNETH S. PARKS | |
Kenneth S. Parks | |
Chief Financial Officer | |
(Principal Financial Officer) |
/s/ HEATHER BRESCH | |
Heather Bresch | |
Chief Executive Officer | |
(Principal Executive Officer) | |
/s/ KENNETH S. PARKS | |
Kenneth S. Parks | |
Chief Financial Officer | |
(Principal Financial Officer) |
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end
Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
May 04, 2017 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MYLAN N.V. | |
Entity Central Index Key | 0001623613 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filler Category | Large Accelerated Filer | |
Entity Ordinary Shares, Shares Outstanding | 535,950,491 |
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Revenues: | ||
Net sales | $ 2,687.4 | $ 2,176.1 |
Other revenues | 32.1 | 15.2 |
Total revenues | 2,719.5 | 2,191.3 |
Cost of sales | 1,634.5 | 1,284.3 |
Gross profit | 1,085.0 | 907.0 |
Operating expenses: | ||
Research and development | 217.5 | 253.6 |
Selling, general and administrative | 631.3 | 549.3 |
Litigation settlements and other contingencies, net | 9.0 | (1.5) |
Total operating expenses | 857.8 | 801.4 |
Earnings from operations | 227.2 | 105.6 |
Interest expense | 138.2 | 70.3 |
Other expense, net | 17.4 | 16.3 |
Earnings before income taxes | 71.6 | 19.0 |
Income tax provision | 5.2 | 5.1 |
Net earnings | $ 66.4 | $ 13.9 |
Earnings per ordinary share: | ||
Basic (in USD per share) | $ 0.12 | $ 0.03 |
Diluted (in USD per share) | $ 0.12 | $ 0.03 |
Weighted average ordinary shares outstanding: | ||
Basic | 534.5 | 489.8 |
Diluted | 536.9 | 509.6 |
Condensed Consolidated Statements Of Comprehensive Earnings - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Net earnings | $ 66.4 | $ 13.9 |
Other comprehensive earnings (loss), before tax: | ||
Foreign currency translation adjustment | 434.2 | 502.0 |
Change in unrecognized loss and prior service cost related to defined benefit plans | 0.0 | (0.3) |
Net unrecognized gain (loss) on derivatives | (49.1) | |
Net unrealized gain on marketable securities | 7.7 | 4.4 |
Other comprehensive earnings, before tax | 464.4 | 457.0 |
Income tax provision (benefit) | 13.7 | (16.8) |
Other comprehensive earnings, net of tax | 450.7 | 473.8 |
Comprehensive earnings | 517.1 | 487.7 |
Cash Flow Hedging | ||
Other comprehensive earnings (loss), before tax: | ||
Net unrecognized gain (loss) on derivatives | 32.4 | (49.1) |
Net Investment Hedging | ||
Other comprehensive earnings (loss), before tax: | ||
Net unrecognized gain (loss) on derivatives | $ (9.9) | $ 0.0 |
Condensed Consolidated Balance Sheets (Parenthetical) - € / shares |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Ordinary shares, nominal value | € 0.01 | € 0.01 |
Ordinary shares, shares authorized | 1,200,000,000 | 1,200,000,000 |
Ordinary shares, shares issued | 537,237,925 | 536,639,291 |
Treasury stock, shares | 1,311,193 | 1,311,193 |
General |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The accompanying unaudited Condensed Consolidated Financial Statements (“interim financial statements”) of Mylan N.V. and subsidiaries (“Mylan” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q; therefore, as permitted under these rules, certain footnotes and other financial information included in audited financial statements were condensed or omitted. The interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the interim results of operations, comprehensive earnings, financial position and cash flows for the periods presented. These interim financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto in Mylan N.V.’s Annual Report on Form 10-K for the year ended December 31, 2016, as amended. The December 31, 2016 Condensed Consolidated Balance Sheet was derived from audited financial statements. The interim results of operations, comprehensive earnings and cash flows for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full fiscal year or any other future period. |
Revenue Recognition and Accounts Receivable |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable The Company recognizes net sales when title and risk of loss pass to its customers and when provisions for estimates, including discounts, sales allowances, price adjustments, returns, chargebacks and other promotional programs are reasonably determinable. Accounts receivable are presented net of allowances relating to these provisions. No significant revisions were made to the methodology used in determining these provisions or the nature of the provisions during the three months ended March 31, 2017. Such allowances were $2.14 billion and $2.05 billion at March 31, 2017 and December 31, 2016, respectively. Other current liabilities include $616.5 million and $809.0 million at March 31, 2017 and December 31, 2016, respectively, for certain sales allowances and other adjustments that are settled in cash. Accounts receivable, net was comprised of the following at March 31, 2017 and December 31, 2016, respectively:
Through its wholly owned subsidiary Mylan Pharmaceuticals Inc. (“MPI”), the Company has access to a $400 million accounts receivable securitization facility (the “Receivables Facility”). The receivables underlying any borrowings are included in accounts receivable, net, in the Condensed Consolidated Balance Sheets. There were $854.8 million and $1.13 billion of securitized accounts receivable at March 31, 2017 and December 31, 2016, respectively. |
Recent Accounting Pronouncements |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Recent Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”), which requires companies to disaggregate the service cost component from the other components of net benefit cost and disclose the amount of net benefit cost that is included in the income statement or capitalized in assets, by line item. This guidance requires companies to report the service cost component in the same line item(s) as other compensation costs and to report other pension-related costs (which include interest costs, amortization of pension-related costs from prior periods and gains or losses on plan assets) separately and exclude them from the subtotal of operating income. This guidance also allows only the service cost component to be eligible for capitalization when applicable. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. This guidance should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The update allows a practical expedient that permits a company to use the amounts disclosed in its pension and other postretirement plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements and disclosures. In January 2017, the FASB issued Accounting Standards Update 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test which previously required measurement of any goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; without exceeding the total amount of goodwill allocated to that reporting unit. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company has elected to early adopt this guidance as of January 1, 2017 and will apply it on a prospective basis. The adoption did not have a material impact on its condensed consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business (“ASU 2017-01”), which narrows the definition of a business and requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, which would not constitute the acquisition of a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company has elected to early adopt this guidance as of January 1, 2017 and will apply it on a prospective basis. The adoption did not have a material impact on its condensed consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-09, Compensation - Stock Compensation (Topic 718) (“ASU 2016-09”), which simplifies the accounting for share-based compensation payments. The new standard requires all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) to be recognized as income tax expense or benefit on the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. ASU 2016-09 also addresses the classification of excess tax benefits in the statement of cash flows. As required, the Company applied the provisions of ASU 2016-09 on a prospective basis as of January 1, 2017 and the adoption did not have a material impact on its condensed consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09” updated with “ASU 2015-14”, “ASU 2016-08”, “ASU 2016-10”, “ASU 2016-12” and “ASU 2016-20”), which revises accounting guidance on revenue recognition that will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principal of this guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. This guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years, and can be applied using a full retrospective or modified retrospective approach. The Company continues to review specific revenue arrangements, including customer and collaboration contracts, and expects to complete the review in the third quarter of 2017. The Company is still evaluating the adoption method it will elect upon implementation. |
Acquisitions and Other Transactions |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Other Transactions | Acquisitions and Other Transactions Meda AB On February 10, 2016, the Company issued an offer announcement under the Nasdaq Stockholm’s Takeover Rules and the Swedish Takeover Act (collectively, the “Swedish Takeover Rules”) setting forth a public offer to the shareholders of Meda AB (publ.) (“Meda”) to acquire all of the outstanding shares of Meda (the “Offer”), with an enterprise value, including the net debt of Meda, of approximately Swedish kronor (“SEK” or “kr”) 83.6 billion (based on a SEK/USD exchange rate of 8.4158) or $9.9 billion at announcement. On August 2, 2016, the Company announced that the Offer was accepted by Meda shareholders holding an aggregate of approximately 343 million shares, representing approximately 94% of the total number of outstanding Meda shares, as of July 29, 2016, and the Company declared the Offer unconditional. On August 5, 2016, settlement occurred with respect to the Meda shares duly tendered by July 29, 2016 and, as a result, Meda became a controlled subsidiary of the Company. Pursuant to the terms of the Offer, each Meda shareholder that duly tendered Meda shares into the Offer received at settlement (1) in respect of 80% of the number of Meda shares tendered by such shareholder, 165kr in cash per Meda share, and (2) in respect of the remaining 20% of the number of Meda shares tendered by such shareholder, 0.386 of the Company’s ordinary shares per Meda share (subject to treatment of fractional shares as described in the offer document published on June 16, 2016). The non-tendered shares were required to be acquired for cash through a compulsory acquisition proceeding, in accordance with the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)). The compulsory acquisition proceeding price accrued interest as required by the Swedish Companies Act. Meda’s shares were delisted from the Nasdaq Stockholm exchange on August 23, 2016. On November 1, 2016, the Company made an offer to the remaining Meda shareholders to tender all their Meda shares for cash consideration of 161.31kr per Meda share (the “November Offer”) to provide such remaining shareholders with an opportunity to sell their shares in Meda to the Company in advance of the automatic acquisition of their shares for cash in connection with the compulsory acquisition proceeding. At the end of November 2016, Mylan completed the acquisition of approximately 19 million Meda shares duly tendered for aggregate cash consideration of approximately $330.3 million. In March 2017, the Company received full legal ownership to the remaining non-tendered Meda shares in exchange for a cash payment of approximately $71.6 million, equal to the uncontested portion of the compulsory acquisition price plus statutory interest, and the Company’s arrangement of a customary bank guarantee to secure the payment of any additional cash consideration that may be awarded to the former Meda shareholders in the compulsory acquisition proceeding. The arbitration tribunal conducting the compulsory acquisition proceeding will determine whether to award any such additional cash consideration at the completion of the compulsory acquisition proceeding, which is currently expected to occur in 2017 or 2018. As of March 31, 2017, the Company continues to maintain the bank guarantee as required by Swedish law. The Company does not expect that any additional payments in connection with the compulsory acquisition proceeding would be material to the consolidated financial statements. On August 5, 2016, the total purchase price was approximately $6.92 billion, net of cash acquired, which includes cash consideration paid of approximately $5.3 billion, the issuance of approximately 26.4 million Mylan N.V. ordinary shares at a fair value of approximately $1.3 billion based on the closing price of the Company’s ordinary shares on August 5, 2016, as reported by the NASDAQ Global Select Stock Market (“NASDAQ”) and an assumed liability of approximately $431.0 million related to the November Offer and the compulsory acquisition proceeding for the non-tendered Meda shares. In accordance with U.S. GAAP, the Company used the acquisition method of accounting to account for this transaction. Under the acquisition method of accounting, the assets acquired and liabilities assumed in the transaction have been recorded at their respective estimated fair values at the acquisition date. During the three months ended March 31, 2017, adjustments were made to the preliminary purchase price and are reflected as “Measurement Period Adjustments” in the table below. The preliminary allocation of the $6.92 billion purchase price to the assets acquired and liabilities assumed for Meda is as follows:
The preliminary fair value estimates for the assets acquired and liabilities assumed were based upon preliminary calculations, valuations and assumptions that are subject to change as the Company obtains additional information during the measurement period (up to one year from the acquisition date). The primary areas subject to change relate to the finalization of the working capital components and income taxes. The acquisition of Meda created a more diversified and expansive portfolio of branded and generic medicines along with a strong and growing portfolio of over-the-counter (“OTC”) products. The combined company has a balanced global footprint with significant scale in key geographic markets, particularly the U.S. and Europe. The acquisition of Meda also expanded our presence in emerging markets, which includes countries in Africa, as well as countries throughout Asia and the Middle East, and is complemented by Mylan’s presence in India, Brazil and Africa (including South Africa). The Company recorded a step-up in the fair value of inventory of approximately $107 million at the acquisition date, which was fully amortized as of December 31, 2016. The identified intangible assets of $8.06 billion are comprised of product rights and licenses that have a weighted average useful life of 20 years. Significant assumptions utilized in the valuation of identified intangible assets were based on company specific information and projections which are not observable in the market and are thus considered Level 3 measurements as defined by U.S. GAAP. The goodwill of $3.68 billion arising from the acquisition consisted largely of the value of the employee workforce and the expected value of products to be developed in the future. The final allocation of goodwill to Mylan’s reportable segments has not been completed; however, the majority of goodwill is expected to be allocated to the Europe segment. None of the goodwill recognized in this transaction is currently expected to be deductible for income tax purposes. Renaissance Topicals Business On June 15, 2016, the Company completed the acquisition of the non-sterile, topicals-focused business (the “Topicals Business”) of Renaissance Acquisition Holdings, LLC (“Renaissance”) for approximately $1.0 billion in cash at closing, including amounts deposited into escrow for potential contingent payments, subject to customary adjustments. The Topicals Business provided the Company with a complementary portfolio of approximately 25 products, an active pipeline of approximately 25 products, and an established U.S. sales and marketing infrastructure targeting dermatologists. The Topicals Business also provided an integrated manufacturing and development platform. In accordance with U.S. GAAP, the Company used the acquisition method of accounting to account for this transaction. Under the acquisition method of accounting, the assets acquired and liabilities assumed in the transaction were recorded at their respective estimated fair values at the acquisition date. The U.S. GAAP purchase price was $972.7 million, which includes estimated contingent consideration of approximately $16 million related to the potential $50 million payment contingent on the achievement of certain 2016 financial targets. The $50 million contingent payment remains in escrow and is classified as restricted cash included in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets at March 31, 2017 and December 31, 2016. The preliminary allocation of the $972.7 million purchase price to the assets acquired and liabilities assumed for the Topicals Business is as follows:
The preliminary fair value estimates for the assets acquired and liabilities assumed were based upon preliminary calculations, valuations and assumptions that are subject to change as the Company obtains additional information during the measurement period (up to one year from the acquisition date). The primary areas subject to change relate to the finalization of the working capital components and income taxes. The acquisition of the Topicals Business broadened the Company’s dermatological portfolio. The amount allocated to in-process research and development (“IPR&D”) represents an estimate of the fair value of purchased in-process technology for research projects that, as of the closing date of the acquisition, had not reached technological feasibility and had no alternative future use. The fair value of IPR&D of $275.0 million was based on the excess earnings method, which utilizes forecasts of expected cash inflows (including estimates for ongoing costs) and other contributory charges. A discount rate of 12.5% was utilized to discount net cash inflows to present values. IPR&D is accounted for as an indefinite-lived intangible asset and will be subject to impairment testing until completion or abandonment of the projects. Upon successful completion and launch of each product, the Company will make a determination of the estimated useful life of the individual asset. The acquired IPR&D projects are in various stages of completion and the estimated costs to complete these projects total approximately $59 million, which is expected to be incurred through 2018. There are risks and uncertainties associated with the timely and successful completion of the projects included in IPR&D, and no assurances can be given that the underlying assumptions used to estimate the fair value of IPR&D will not change or the timely completion of each project to commercial success will occur. The identified intangible assets of $467.0 million are comprised of $454.0 million of product rights and licenses that have a weighted average useful life of 14 years and $13.0 million of contract manufacturing agreements that have a weighted average useful life of five years. Significant assumptions utilized in the valuation of identified intangible assets were based on company specific information and projections which are not observable in the market and are thus considered Level 3 measurements as defined by U.S. GAAP. The goodwill of $318.6 million arising from the acquisition consisted largely of the value of the employee workforce and the expected value of products to be developed in the future. All of the goodwill was assigned to the North America segment. None of the goodwill recognized in this transaction is currently expected to be deductible for income tax purposes. The acquisition did not have a material impact on a pro forma basis for the three month period ended March 31, 2016. Unaudited Pro Forma Financial Results The following table presents supplemental unaudited pro forma information for the acquisition of Meda, as if it had occurred on January 1, 2015. The unaudited pro forma results reflect certain adjustments related to past operating performance and acquisition accounting adjustments, such as increased amortization expense based on the fair value of assets acquired, the impact of transaction costs and the related income tax effects. The unaudited pro forma results do not include any anticipated synergies which may be achievable, or have been achieved, subsequent to the closing of the Meda transaction. Accordingly, the unaudited pro forma results are not necessarily indicative of the results that actually would have occurred had the acquisitions been completed on the stated dates above, nor are they indicative of the future operating results of Mylan N.V. and its subsidiaries.
Other Transactions On March 29, 2017, the Company announced that it had completed its acquisition of the global rights to the Cold-EEZE® brand cold remedy line from ProPhase Labs, Inc. for approximately $50 million in cash. The Company accounted for this transaction as an asset acquisition and the asset is being amortized over a useful life of 15 years. On February 14, 2017, the Company entered into a joint development and marketing agreement for a respiratory product that resulted in approximately $50 million in research and development (“R&D”) expense in the first quarter of 2017. |
Share-Based Incentive Plan |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Incentive Plan | Share-Based Incentive Plan The Company’s shareholders have approved the 2003 Long-Term Incentive Plan (as amended, the “2003 Plan”). Under the 2003 Plan, 55,300,000 ordinary shares are reserved for issuance to key employees, consultants, independent contractors and non-employee directors of the Company through a variety of incentive awards, including: stock options, stock appreciation rights (“SAR”), restricted ordinary shares and units, performance awards (“PSU”), other stock-based awards and short-term cash awards. Stock option awards are granted with an exercise price equal to the fair market value of the ordinary shares underlying the options at the date of the grant, generally become exercisable over periods ranging from three to four years, and generally expire in ten years. Since approval of the 2003 Plan, no further grants of stock options have been made under any other previous plan. The following table summarizes stock option and SAR (together, “stock awards”) activity:
As of March 31, 2017, stock awards outstanding, stock awards vested and expected to vest, and stock awards exercisable had average remaining contractual terms of 5.9 years, 5.8 years and 4.9 years, respectively. Also, at March 31, 2017, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had aggregate intrinsic values of $73.5 million, $73.4 million and $73.0 million, respectively. A summary of the status of the Company’s nonvested restricted ordinary shares and restricted stock unit awards, including PSUs (collectively, “restricted stock awards”), as of March 31, 2017 and the changes during the three months ended March 31, 2017 are presented below:
As of March 31, 2017, the Company had $181.8 million of total unrecognized compensation expense, net of estimated forfeitures, related to all of its stock-based awards, which will be recognized over the remaining weighted average vesting period of 2.2 years. The total intrinsic value of stock awards exercised and restricted stock units released during the three months ended March 31, 2017 and 2016 was $26.1 million and $40.1 million, respectively. |
Pensions and Other Postretirement Benefits |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure | Pensions and Other Postretirement Benefits Defined Benefit Plans The Company sponsors various defined benefit pension plans in several countries. Benefits provided generally depend on length of service, pay grade and remuneration levels. The Company maintains two fully frozen defined benefit pension plans in the U.S., and employees in the U.S. and Puerto Rico are generally provided retirement benefits through defined contribution plans. The Company also sponsors other postretirement benefit plans including plans that provide for postretirement supplemental medical coverage. Benefits from these plans are provided to employees and their spouses and dependents who meet various minimum age and service requirements. In addition, the Company sponsors other plans that provide for life insurance benefits and postretirement medical coverage for certain officers and management employees. Net Periodic Benefit Cost Components of net periodic benefit cost for the three months ended March 31, 2017 and 2016 were as follows:
The Company is making the minimum mandatory contributions to its U.S. defined benefit pension plans in the 2017 plan year. The Company expects to make total benefit payments of approximately $30.4 million and contributions to pension and other postretirement benefit plans of approximately $30.2 million in 2017. |
Balance Sheet Components |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components | Balance Sheet Components Selected balance sheet components consist of the following: Inventories
Prepaid and other current assets
Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items. Property, plant and equipment, net
Other assets
Trade accounts payable
Other current liabilities
On March 31, 2017, the Company announced that Meridian Medical Technologies (“Meridian”), a Pfizer company that manufactures for the EpiPen® Auto-Injector, expanded a voluntary recall of select lots of EpiPen® Auto-Injector and EpiPen Jr® Auto-Injector to include additional lots distributed in the U.S. and other markets in consultation with the U.S. Food and Drug Administration (“FDA”) (the “EpiPen® Auto-Injector Recall”). This recall was conducted as a result of the receipt of two previously disclosed reports outside of the U.S. of the failure to activate the device due to a potential defect in a supplier component. Both reports were related to the single lot that was previously recalled. The expanded voluntary recall was initiated in the U.S. and also extends to additional markets in Europe, Asia, North and South America. The Company is replacing recalled devices at no cost to the consumer. Estimated costs to Mylan related to product recalls are based on a formal campaign soliciting return of the product and are accrued when they are deemed to be probable and can be reasonably estimated. As of March 31, 2017, the Company recorded an accrual with respect to the recall but there can be no assurance that future costs related to the recall will not exceed amounts recorded. In addition, Meridian is contractually obligated to reimburse Mylan for costs related to the EpiPen® Auto-Injector Recall, and the Company has recorded an asset for the recovery of such costs. In March 2017, the Company completed the compulsory acquisition proceeding and settled the associated liability. The Meda shareholders whose shares were subject to the compulsory acquisition proceeding received cash consideration plus statutory interest for their Meda shares totaling approximately $71.6 million. Refer to Note 4 Acquisitions and Other Transactions for additional information. Other long-term obligations
|
Equity Method Investments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | Equity Method Investments The Company has five equity method investments in limited liability companies that own refined coal production plants (the “clean energy investments”), whose activities qualify for income tax credits under Section 45 of the U.S. Internal Revenue Code of 1986, as amended. Since December 2013, the Company held a 50% interest in Sagent Agila LLC (“Sagent Agila”), which was a joint venture established to develop, manufacture and distribute certain generic injectable products in the U.S. In April 2017, the Company and Sagent Pharmaceuticals Inc. (“Sagent”) finalized an agreement to dissolve the joint venture. Under the terms of the agreement, Mylan received Sagent’s interest in the joint venture in exchange for an approved product right. The assets in the joint venture consisted entirely of product rights for commercialized generic injectables. As a result of this transaction, during the three months ended March 31, 2017, the Company recognized a loss of $5.7 million as a component of net losses from equity method investments. Additionally, during the three months ended March 31, 2017, the Company received a dividend payment of $8.4 million from Sagent Agila, which reduced the carrying value of the equity investment. In the second quarter of 2017, the Company will reclassify its investment in Sagent Agila to product rights and licenses and amortize the amount over the remaining estimated useful lives of the products. Summarized financial information, in the aggregate, for the Company’s significant equity method investments on a 100% basis for the three months ended March 31, 2017 and 2016 are as follows:
The Company’s net losses from the six equity method investments includes amortization expense related to the excess of the cost basis of the Company’s investment to the underlying assets of each individual investee. For the three months ended March 31, 2017 and 2016, the Company recognized net losses from equity method investments of $33.2 million and $30.9 million, respectively, which was recognized as a component of other expense, net in the Condensed Consolidated Statements of Operations. The Company recognizes the income tax credits and benefits from the clean energy investments as part of its provision for income taxes. |
Earnings per Ordinary Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Ordinary Share | Earnings per Ordinary Share Basic earnings per ordinary share is computed by dividing net earnings by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per ordinary share is computed by dividing net earnings by the weighted average number of ordinary shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive. On April 15, 2016, in connection with the expiration and settlement of the Company’s equity classified warrants, the Company issued approximately 17.0 million Mylan N.V. ordinary shares. The dilutive impact of the warrants, prior to settlement, is included in the calculation of diluted earnings per ordinary share based upon the average market value of the Company’s ordinary shares during the period as compared to the exercise price. For the three months ended March 31, 2016, 16.7 million warrants were included in the calculation of diluted earnings per ordinary share. Basic and diluted earnings per ordinary share are calculated as follows:
Additional stock awards and restricted stock awards were outstanding during the three months ended March 31, 2017 and 2016, but were not included in the computation of diluted earnings per ordinary share for each respective period because the effect would be anti-dilutive. Excluded shares at March 31, 2017 include certain share-based compensation awards and restricted ordinary shares whose performance conditions had not been fully met. Such excluded shares and anti-dilutive awards represented 4.4 million shares and 6.2 million shares for the three months ended March 31, 2017 and 2016, respectively. |
Goodwill and Intangible Assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the three months ended March 31, 2017 are as follows:
Intangible assets consist of the following components at March 31, 2017 and December 31, 2016:
____________
In December 2011, the Company completed the acquisition of the exclusive worldwide rights to develop, manufacture and commercialize a generic equivalent to GlaxoSmithKline’s Advair® Diskus and Seretide® Diskus incorporating Pfizer Inc.’s proprietary dry powder inhaler delivery platform (the “respiratory delivery platform”). The Company accounted for this transaction as a purchase of a business and utilized the acquisition method of accounting. In conjunction with the Company’s Generic Drug User Fee Agreement goal date, on March 28, 2017, the Company received a complete response letter from the FDA regarding its Abbreviated New Drug Application for the respiratory delivery platform. As of March 31, 2017, the Company has an IPR&D asset of $347.2 million and related contingent consideration liability of $436.1 million. The Company performed an analysis and valuation of the IPR&D asset and the fair value of the related contingent consideration liability through the use of a discounted cash flow model. The model contained certain key assumptions including: the expected product launch date, the number of competitors, the timing of competition and a discount factor based on an industry specific weighted average cost of capital. Based on the analysis performed, the Company determined that the IPR&D asset was not impaired at March 31, 2017. Additionally, no significant fair value adjustment was required for the contingent consideration. However, resolution of the matters with the FDA, market conditions and other factors may result in significant changes in the projections and assumptions utilized in the discounted cash flow model, which could lead to material adjustments to the recorded amounts. Amortization expense, which is classified primarily within cost of sales in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2017 and 2016 totaled:
Intangible asset amortization expense over the remainder of 2017 and for the years ended December 31, 2018 through 2021 is estimated to be as follows:
|
Financial Instruments and Risk Management |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Risk Management | Financial Instruments and Risk Management The Company is exposed to certain financial risks relating to its ongoing business operations. The primary financial risks that are managed by using derivative instruments are foreign currency risk and interest rate risk. Foreign Currency Risk Management In order to manage foreign currency risk, the Company enters into foreign exchange forward contracts to mitigate risk associated with changes in spot exchange rates of mainly non-functional currency denominated assets or liabilities. The foreign exchange forward contracts are measured at fair value and reported as current assets or current liabilities on the Condensed Consolidated Balance Sheets. Any gains or losses on the foreign exchange forward contracts are recognized in earnings in the period incurred in the Condensed Consolidated Statements of Operations. The Company has also entered into forward contracts to hedge forecasted foreign currency denominated sales from certain international subsidiaries. These contracts are designated as cash flow hedges to manage foreign currency transaction risk and are measured at fair value and reported as current assets or current liabilities on the Condensed Consolidated Balance Sheets. Any changes in fair value are included in earnings or deferred through accumulated other comprehensive earnings (“AOCE”), depending on the nature and effectiveness of the offset. Any ineffectiveness in a cash flow hedging relationship is recognized immediately in earnings in the Condensed Consolidated Statements of Operations. In the first quarter of 2017, the Company designated certain Euro borrowings as a hedge of its investment in certain Euro-functional currency subsidiaries in order to manage foreign currency translation risk. The notional amount of the net investment hedges was €1.4 billion and consists of €604 million of the €1.0 billion aggregate principal amount of 2.250% Senior Notes due 2024 (the “2024 Euro Notes”) and €750 million aggregate principal amount of 3.125% Senior Notes due 2028 (the “2028 Euro Notes”). Borrowings designated as net investment hedges are marked to market using the current spot exchange rate as of the end of the period, with gains and losses included in the foreign currency translation component of AOCE until the sale or substantial liquidation of the underlying net investments. The Company recorded no ineffectiveness from its net investment hedges for the three months ended March 31, 2017. In addition, the Company manages the related foreign exchange risk of the €500 million aggregate principal amount of floating rate Senior Notes due 2018 (the “Floating Rate Euro Notes”), €750 million aggregate principal amount of 1.250% Euro Senior Notes due 2020 (the “2020 Euro Notes”) and the remaining portion of the 2024 Euro Notes through certain Euro denominated financial assets. Interest Rate Risk Management The Company enters into interest rate swaps in order to manage interest rate risk associated with the Company’s fixed-rate and floating-rate debt. These derivative instruments are measured at fair value and reported as current assets or current liabilities in the Condensed Consolidated Balance Sheets. Cash Flow Hedging Relationships The Company’s interest rate swaps designated as cash flow hedges fix the interest rate on a portion of the Company’s variable-rate debt or hedge part of the Company’s interest rate exposure associated with variability in future cash flows attributable to changes in interest rates. Any changes in fair value are included in earnings or deferred through AOCE, depending on the nature and effectiveness of the offset. Any ineffectiveness in a cash flow hedging relationship is recognized immediately in earnings in the Condensed Consolidated Statements of Operations. Fair Value Hedging Relationships The Company’s interest rate swaps designated as fair value hedges convert the fixed rate on a portion of the Company’s fixed-rate senior notes to a variable rate. Any changes in the fair value of these derivative instruments, as well as the offsetting change in fair value of the portion of the fixed-rate debt being hedged, is included in interest expense. The Company regularly reviews the creditworthiness of its financial counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements. The Company is not subject to any obligations to post collateral under derivative instrument contracts. Certain derivative instrument contracts entered into by the Company are governed by master agreements, which contain credit-risk-related contingent features that would allow the counterparties to terminate the contracts early and request immediate payment should the Company trigger an event of default on other specified borrowings. The Company records all derivative instruments on a gross basis in the Condensed Consolidated Balance Sheets. Accordingly, there are no offsetting amounts that net assets against liabilities. The Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Values of Derivative Instruments Derivatives Designated as Hedging Instruments
The Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Values of Derivative Instruments Derivatives Not Designated as Hedging Instruments
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Fair Value Hedging Relationships
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings Derivatives in Cash Flow Hedging Relationships
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings Derivatives in Net Investment Hedging Relationships
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Cash Flow Hedging Relationships
At March 31, 2017, the Company expects that approximately $1 million of pre-tax net losses on cash flow hedges will be reclassified from AOCE into earnings during the next twelve months. The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives Not Designated as Hedging Instruments
Fair Value Measurement Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above:
For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including the LIBOR yield curve, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities:
Contingent Consideration The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for the respiratory delivery platform, the acquisition of Agila Specialties (“Agila”), the acquisition of certain female healthcare businesses from Famy Care Limited (such businesses “Jai Pharma Limited”), the acquisition of the Topicals Business and certain other acquisitions. The measurement is calculated using unobservable inputs based on the Company’s own assumptions. For the respiratory delivery platform, Jai Pharma Limited, the Topicals Business and certain other acquisitions, significant unobservable inputs in the valuation include the probability and timing of future development and commercial milestones and future profit sharing payments. When valuing the contingent consideration related to the respiratory delivery platform and Jai Pharma Limited, the value of the obligations are derived from a probability assessment based on expectations of when certain milestones or profit share payments occur which are discounted using a market rate of return. At March 31, 2017 and December 31, 2016, discount rates ranging from 0.9% to 10.0% were utilized in the valuations. Significant changes in unobservable inputs could result in material changes to the contingent consideration liability. A rollforward of the activity in the Company’s fair value of contingent consideration from December 31, 2016 to March 31, 2017 is as follows:
2017 Changes to Contingent Consideration: During the three months ended March 31, 2017, the Company recorded a fair value loss of $9.9 million related to Jai Pharma Limited contingent consideration. In addition, the Company made payments of approximately $12.5 million related to the settlement reached with Strides Arcolab Limited in November 2016. Although the Company has not elected the fair value option for other financial assets and liabilities, any future transacted financial asset or liability will be evaluated for the fair value election. |
Debt |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Long-Term Debt A summary of long-term debt is as follows:
Receivables Facility The Receivables Facility has a committed balance of $400 million, although from time-to-time, the available amount of the Receivables Facility may be less than $400 million based on accounts receivable concentration limits and other eligibility requirements. As of March 31, 2017 and December 31, 2016, the Company had no short-term borrowings under the Receivables Facility in the Condensed Consolidated Balance Sheets. 2016 Revolving Credit Agreement On November 22, 2016, the Company entered into a revolving credit agreement (the “2016 Revolving Credit Agreement”) among the Company, as borrower, Mylan Inc., as a guarantor (the “Guarantor”), certain lenders and issuing banks and Bank of America, N.A., as the administrative agent (in such capacity, the “Revolving Administrative Agent”). The 2016 Revolving Credit Agreement contains a revolving credit facility (the “2016 Revolving Facility”) under which the Company may obtain extensions of credit in an aggregate principal amount not to exceed $2.0 billion, subject to the satisfaction of customary conditions, in U.S. Dollars or alternative currencies including Euro, Sterling, Yen and any other currency that is approved by the Revolving Administrative Agent and each lender under the 2016 Revolving Facility. The 2016 Revolving Facility includes a $200 million subfacility for the issuance of letters of credit and a $175 million sublimit for swingline borrowings. The current interest rate under the 2016 Revolving Facility is LIBOR (determined in accordance with the 2016 Revolving Credit Agreement) plus 1.200% per annum, if the Company chooses to make LIBOR borrowings, or at a base rate (determined in accordance with the 2016 Revolving Credit Agreement) plus 0.200% per annum. In addition, the 2016 Revolving Facility has a facility fee which is currently 0.175% of the daily amount of the aggregate revolving commitments. The applicable margins over LIBOR and the base rate for the 2016 Revolving Facility can fluctuate based on the long term unsecured senior, non-credit enhanced debt rating of the Company by S&P Global Ratings. Moody’s Investors Service, Inc. and Fitch Ratings, Inc. Amounts drawn on the 2016 Revolving Facility become due and payable on November 22, 2021 and may be voluntarily prepaid without penalty or premium, other than customary breakage costs related to prepayments of LIBOR borrowings. At March 31, 2017 and December 31, 2016, the Company had no amounts outstanding under the 2016 Revolving Facility. 2016 Term Credit Agreement On November 22, 2016, the Company entered into a term loan credit agreement (the “2016 Term Credit Agreement”) among the Company, as borrower, the Guarantor, as a guarantor, certain lenders and Goldman Sachs Bank USA, as administrative agent pursuant to which the Company borrowed $2.0 billion in term loans denominated in U.S. dollars (the “2016 Term Loans”). The 2016 Term Loans currently bear interest at LIBOR (determined in accordance with the 2016 Term Credit Agreement) plus 1.375% per annum, if the Company chooses to make LIBOR borrowings, or at a base rate (determined in accordance with the 2016 Term Credit Agreement) plus 0.375% per annum. The applicable margins over LIBOR and the base rate for the 2016 Term Loans can fluctuate based on the long term unsecured senior, non-credit enhanced debt rating of the Company by the S&P Global Ratings, Moody’s Investors Service, Inc. and Fitch Ratings, Inc. The 2016 Term Loans mature on November 22, 2019 and have no required amortization payments. The entire principal amount on the 2016 Term Loans will be due and payable on November 22, 2019. The 2016 Term Loans may be voluntary prepaid without penalty or premium, other than customary breakage costs related to prepayments of LIBOR borrowings. The Company voluntarily prepaid $400 million of the aggregate principal amount of the 2016 Term Loans in the fourth quarter of 2016 and $550 million in the first quarter of 2017. As such, at March 31, 2017, the Company had an aggregate principal amount of $1.05 billion outstanding under the 2016 Term Loans. As a result of the voluntary prepayment, the Company expensed approximately $1.9 million of deferred financing costs during the three months ended March 31, 2017. Euro Notes On November 22, 2016, the Company completed its offering of the Floating Rate Euro Notes, the 2020 Euro Notes, the 2024 Euro Notes and the 2028 Euro Notes pursuant to the indenture dated November 22, 2016 (the “Euro Notes Indenture”) among the Company, Mylan Inc., as guarantor, and Citibank N.A., London Branch, as trustee, paying agent, transfer agent, registrar and calculation agent. The Floating Rate Euro Notes, the 2020 Euro Notes, 2024 Euro Notes and 2028 Euro Notes, together, are referred to as the “Euro Notes.” At March 31, 2017, the outstanding balance of the Floating Rate Euro Notes, 2020 Euro Notes, 2024 Euro Notes and 2028 Euro Notes was approximately $532.8 million, $796.0 million, $1,062.8 million and $791.3 million, respectively, converted at the March 31, 2017 EUR to USD spot exchange rate. At March 31, 2017, discounts on the 2020 Euro Notes, 2024 Euro Notes and 2028 Euro Notes were approximately $3.1 million, $2.7 million and $7.9 million, respectively, converted at the March 31, 2017 EUR to USD spot exchange rate. During the three months ended March 31, 2017, the Company recorded mark-to-market losses related to the Floating Rate Euro Notes, 2020 Euro Notes, 2024 Euro Notes and 2028 Euro Notes of approximately $6.8 million, $10.2 million, $13.6 million and $10.2 million, respectively. Refer to Note 11 Financial Instruments and Risk Management for further discussion of the foreign currency risk management of these instruments. Fair Value At March 31, 2017 and December 31, 2016, the fair value of the Company’s 2.600% Senior Notes due 2018, 3.000% Senior Notes due 2018, 2.500% Senior Notes due 2019, 2.550% Senior Notes due 2019, 3.750% Senior Notes due 2020, 3.150% Senior Notes due 2021, 3.125% Senior Notes due 2023, 4.200% Senior Notes due 2023, 3.950% Senior Notes due 2026, 5.400% Senior Notes due 2043 and 5.250% Senior Notes due 2046 (collectively, the “Senior Notes”) and Euro Notes was approximately $13.7 billion and $13.2 billion, respectively. The fair values of the Senior Notes and Euro Notes were valued at quoted market prices from broker or dealer quotations and were classified as Level 2 in the fair value hierarchy. Based on quoted market rates of interest and maturity schedules of similar debt issues, the fair values of the Company’s 2016 Term Loans and the Meda borrowings, determined based on Level 2 inputs, approximate their carrying values at March 31, 2017 and December 31, 2016. Mandatory minimum repayments remaining on the notional amount of outstanding long-term debt at March 31, 2017 are as follows for each of the periods ending December 31:
|
Comprehensive Earnings |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Earnings | Comprehensive Earnings Accumulated other comprehensive loss, as reflected on the Condensed Consolidated Balance Sheets, is comprised of the following:
Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2017 and 2016:
|
Shareholders' Equity |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity A summary of the changes in shareholders’ equity for the three months ended March 31, 2017 and 2016 is as follows:
|
Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information As a result of our acquisition of Meda and the integration of our portfolio across our branded, generics and over-the-counter (“OTC”) platforms in all of our regions, effective October 1, 2016, the Company expanded its reportable segments. The Company has three reportable segments on a geographic basis as follows: North America, Europe and Rest of World. Our North America segment is made up of our operations in the U.S. and Canada and includes the operations of our previously reported Specialty segment. Our Europe segment is made up of our operations in 35 countries within the region. Our Rest of World segment is primarily made up of our operations in India, Australia, Japan and New Zealand. Also included in our Rest of World segment are our operations in emerging markets, which includes countries in Africa (including South Africa) as well as Brazil and other countries throughout Asia and the Middle East. Comparative segment financial information has been recast for prior periods to conform to this revised segment reporting. The Company’s chief operating decision maker is the Chief Executive Officer, who evaluates the performance of its segments based on total revenues and segment profitability. Segment profitability represents segment gross profit less direct R&D expenses and direct SG&A expenses. Certain general and administrative and R&D expenses not allocated to the segments, net charges for litigation settlements and other contingencies, impairment charges and other expenses not directly attributable to the segments and certain intercompany transactions, including eliminations, are reported in Corporate/Other. Additionally, amortization of intangible assets and other purchase accounting related items, as well as certain other significant special items, are included in Corporate/Other. Items below the earnings from operations line on the Company’s Condensed Consolidated Statements of Operations are not presented by segment, since they are excluded from the measure of segment profitability. The Company does not report depreciation expense, total assets and capital expenditures by segment, as such information is not used by the chief operating decision maker. The accounting policies of the segments are the same as those described in the “Summary of Significant Accounting Policies” included in Mylan N.V.’s Annual Report on Form 10-K for the year ended December 31, 2016, as amended. Intersegment revenues are accounted for at current market values and are eliminated at the consolidated level. Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information.
|
Subsidiary Guarantors |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Statements | Subsidiary Guarantors The following tables present condensed consolidating financial information for (a) Mylan N.V., the issuer of the 3.000% Senior Notes due 2018, 2.500% Senior Notes due 2019, 3.750% Senior Notes due 2020, 3.150% Senior Notes due 2021, 3.950% Senior Notes due 2026 and 5.250% Senior Notes due 2046 (collectively, the “Mylan N.V. Senior Notes”), which are guaranteed on a senior unsecured basis by Mylan Inc.; (b) Mylan Inc., the issuer of the 2.600% Senior Notes due 2018, 2.550% Senior Notes due 2019, 3.125% Senior Notes due 2023, 4.200% Senior Notes due 2023 and 5.400% Senior Notes due 2043 (collectively, the “Mylan Inc. Senior Notes”), which are guaranteed on a senior unsecured basis by Mylan N.V.; and (c) all other subsidiaries of the Company on a combined basis, none of which guarantee the Mylan N.V. Senior Notes or guarantee the Mylan Inc. Senior Notes (“Non-Guarantor Subsidiaries”). The consolidating adjustments primarily relate to eliminations of investments in subsidiaries and intercompany balances and transactions. The condensed consolidating financial statements present investments in subsidiaries using the equity method of accounting. The following financial information presents the unaudited Condensed Consolidating Statements of Operations for the three months ended March 31, 2017 and 2016, the unaudited Condensed Consolidating Statements of Comprehensive Earnings for the three months ended March 31, 2017 and 2016, the unaudited Condensed Consolidating Balance Sheets as of March 31, 2017 and December 31, 2016 and the unaudited Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2017 and 2016. This unaudited condensed consolidating financial information has been prepared and presented in accordance with SEC Regulation S-X Rule 3-10 “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2017
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2016
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended March 31, 2017
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended March 31, 2016
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2017
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2017
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016
|
Restructuring |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | Restructuring On December 5, 2016, the Company announced restructuring programs in certain locations representing initial steps in a series of actions that are anticipated to further streamline its operations globally. Since 2015, the Company has made a number of significant acquisitions, and as part of the holistic, global integration of these acquisitions, the Company is focused on how to best optimize and maximize all of its assets across the organization and across all geographies. Charges for restructuring and ongoing cost reduction initiatives are recorded in the period the Company commits to a restructuring or cost reduction plan, or executes specific actions contemplated by the plan and all criteria for liability recognition have been met. The Company continues to develop the details of the cost reduction initiatives, including workforce actions and other potential restructuring activities beyond the programs announced, including potential shutdown or consolidation of certain operations. The continued restructuring actions are expected to be implemented through fiscal year 2018. For the restructuring activities that have been initiated to date, the Company estimates that it will incur aggregate pre-tax charges ranging between $175.0 million and $225.0 million, inclusive of the 2016 and year to date 2017 restructuring charges of $172.8 million. As additional restructuring activities are undertaken, the Company expects to incur additional costs including employee related costs, such as severance and continuation of healthcare and other benefits; asset impairments; accelerated depreciation; costs associated with contract terminations; and other closure costs. At this time, the expenses related to the additional restructuring activities cannot be reasonably estimated. The following table summarizes the restructuring charges and the reserve activity from December 31, 2016 to March 31, 2017:
At March 31, 2017 and December 31, 2016, accrued liabilities for restructuring and other costs reduction programs were included in other current liabilities on the Condensed Consolidated Balance Sheets. |
Collaboration and Licensing Agreements (Notes) |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2017 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Collaborative Arrangement Disclosure [Text Block] |
We periodically enter into collaboration and licensing agreements with other pharmaceutical companies for the development, manufacture, marketing and/or sale of pharmaceutical products. Our significant collaboration agreements are focused on the development, manufacturing, supply and commercialization of multiple, high-value generic biologic compounds, insulin analog products and respiratory products. Under these agreements, we have future potential milestone payments and co-development expenses payable to third parties as part of our licensing, development and co-development programs. Payments under these agreements generally become due and are payable upon the satisfaction or achievement of certain developmental, regulatory or commercial milestones or as development expenses are incurred on defined projects. Milestone payment obligations are uncertain, including the prediction of timing and the occurrence of events triggering a future obligation and are not reflected as liabilities in the Condensed Consolidated Balance Sheets, except for milestone and royalty obligations reflected as acquisition related contingent consideration. Refer to Note 11 Financial Instruments and Risk Management for contingent consideration amounts recorded. These agreements may also include potential sales-based milestones and call for us to pay a percentage of amounts earned from the sale of the product as a royalty or a profit share. The amounts disclosed do not include sales based milestones or royalty obligations on future sales of product as the timing and amount of future sales levels and costs to produce products subject to these obligations is not reasonably estimable. These sales-based milestones or royalty obligations may be significant depending upon the level of commercial sales for each product. There have been no significant changes to our collaboration and licensing agreements as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016, as amended. |
Litigation |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Litigation The Company is involved in various disputes, governmental and/or regulatory inquiries and proceedings, tax proceedings and litigation matters that arise from time to time, some of which are described below. The Company is also party to certain litigation matters including those for which Merck KGaA, Abbott Laboratories or Strides Arcolab has agreed to indemnify the Company, pursuant to the respective sale and purchase agreements. While the Company believes that it has meritorious defenses with respect to the claims asserted against it and intends to vigorously defend its position, the process of resolving matters through litigation or other means is inherently uncertain, and it is not possible to predict the ultimate resolution of any such proceeding. It is possible that an unfavorable resolution of any of the matters described below, or the inability or denial of Merck KGaA, Abbott Laboratories, Strides Arcolab, or another indemnitor or insurer to pay an indemnified claim, could have a material effect on the Company’s business, financial condition, results of operations, cash flows and/or ordinary share price. Unless otherwise disclosed below, the Company is unable to predict the outcome of the respective litigation or to provide an estimate of the range of reasonably possible losses. Legal costs are recorded as incurred and are classified in SG&A in the Company’s Condensed Consolidated Statements of Operations. Lorazepam and Clorazepate On June 1, 2005, a jury verdict was rendered against Mylan, MPI, and co-defendants Cambrex Corporation and Gyma Laboratories in the U.S. District Court for the District of Columbia in the amount of approximately $12.0 million, which has been accrued for by the Company. The jury found that Mylan and its co-defendants willfully violated Massachusetts, Minnesota and Illinois state antitrust laws in connection with active pharmaceutical ingredient supply agreements entered into between the Company and its API supplier (Cambrex) and broker (Gyma) for two drugs, Lorazepam and Clorazepate, in 1997, and subsequent price increases on these drugs in 1998. The case was brought by four health insurers who opted out of earlier class action settlements agreed to by the Company in 2001 and represents the last remaining antitrust claims relating to Mylan’s 1998 price increases for Lorazepam and Clorazepate. Following the verdict, the Company filed a motion for judgment as a matter of law, a motion for a new trial, a motion to dismiss two of the insurers and a motion to reduce the verdict. On December 20, 2006, the Company’s motion for judgment as a matter of law and motion for a new trial were denied and the remaining motions were denied on January 24, 2008. In post-trial filings, the plaintiffs requested that the verdict be trebled and that request was granted on January 24, 2008. On February 6, 2008, a judgment was issued against Mylan and its co-defendants in the total amount of approximately $69.0 million, which, in the case of three of the plaintiffs, reflects trebling of the compensatory damages in the original verdict (approximately $11.0 million in total) and, in the case of the fourth plaintiff, reflects their amount of the compensatory damages in the original jury verdict plus doubling this compensatory damage award as punitive damages assessed against each of the defendants (approximately $58.0 million in total), some or all of which may be subject to indemnification obligations by Mylan. Plaintiffs are also seeking an award of attorneys’ fees and litigation costs in unspecified amounts and prejudgment interest of approximately $8.0 million. The Company and its co-defendants appealed to the U.S. Court of Appeals for the D.C. Circuit and have challenged the verdict as legally erroneous on multiple grounds. The appeals were held in abeyance pending a ruling on the motion for prejudgment interest, which has been granted. Mylan has contested this ruling along with the liability finding and other damages awards as part of its appeal, which was filed in the Court of Appeals for the D.C. Circuit. On January 18, 2011, the Court of Appeals issued a judgment remanding the case to the District Court for further proceedings based on lack of diversity with respect to certain plaintiffs. On June 13, 2011, Mylan filed a certiorari petition with the U.S. Supreme Court requesting review of the judgment of the D.C. Circuit. On October 3, 2011, the certiorari petition was denied. The case is now proceeding before the District Court. On January 14, 2013, following limited court-ordered jurisdictional discovery, the plaintiffs filed a fourth amended complaint containing additional factual averments with respect to the diversity of citizenship of the parties, along with a motion to voluntarily dismiss 775 (of 1,387) self-funded customers whose presence would destroy the District Court’s diversity jurisdiction. The plaintiffs also moved for a remittitur (reduction) of approximately $8.1 million from the full damages award. Mylan’s brief in response to the new factual averments in the complaint was filed on February 13, 2013. On July 29, 2014, the court granted both plaintiffs’ motion to amend the complaint and their motion to dismiss 775 self-funded customers. In connection with the Company’s appeal of the judgment, the Company submitted a surety bond underwritten by a third-party insurance company in the amount of $74.5 million in February 2008. On May 30, 2012, the District Court ordered the amount of the surety bond reduced to $66.6 million. Pricing and Medicaid Litigation Dey L.P. (now known as Mylan Specialty L.P. and herein as “Mylan Specialty”), a wholly owned subsidiary of the Company, was named as a defendant in several class actions brought by consumers and third-party payors. Mylan Specialty reached a settlement of these class actions, which was approved by the court and all claims have been dismissed. Additionally, a complaint was filed under seal by a plaintiff on behalf of the United States of America against Mylan Specialty in August 1997. In August 2006, the Government filed its complaint-in-intervention and the case was unsealed in September 2006. The Government asserted that Mylan Specialty was jointly liable with a co-defendant and sought recovery of alleged overpayments, together with treble damages, civil penalties and equitable relief. Mylan Specialty completed a settlement of this action in December 2010. These cases all have generally alleged that Mylan Specialty falsely reported certain price information concerning certain drugs marketed by Mylan Specialty, that Mylan Specialty caused false claims to be made to Medicaid and to Medicare, and that Mylan Specialty caused Medicaid and Medicare to make overpayments on those claims. Under the terms of the purchase agreement with Merck KGaA, Mylan is fully indemnified for the claims in the preceding paragraph and Merck KGaA is entitled to any income tax benefit the Company realizes for any deductions of amounts paid for such pricing litigation. Under the indemnity, Merck KGaA is responsible for all settlement and legal costs, and, as such, these settlements had no impact on the Company’s Consolidated Statements of Operations. At March 31, 2017, the Company has accrued approximately $63.3 million in other current liabilities, which represents its estimate of the remaining amount of anticipated income tax benefits due to Merck KGaA. We are not aware of any outstanding claims related to Merck KGaA. Modafinil Antitrust Litigation and FTC Inquiry Beginning in April 2006, Mylan and four other drug manufacturers have been named as defendants in civil lawsuits filed in or transferred to the U.S. District Court for the Eastern District of Pennsylvania by a variety of plaintiffs purportedly representing direct and indirect purchasers of the drug modafinil and in a lawsuit filed by Apotex, Inc., a manufacturer of generic drugs. These actions allege violations of federal antitrust and state laws in connection with the generic defendants’ settlement of patent litigation with Cephalon relating to modafinil. Discovery is closed. On June 23, 2014, the court granted the defendants’ motion for partial summary judgment dismissing plaintiffs’ claims that the defendants had engaged in an overall conspiracy to restrain trade (and denied the corresponding plaintiffs’ motion). On January 28, 2015, the District Court denied the defendants’ summary judgment motions based on factors identified in the Supreme Court’s Actavis decision. In an order on June 1, 2015, vacated and reissued on June 11, 2015, the District Court denied the indirect purchaser plaintiffs’ motion for class certification. The indirect purchaser plaintiffs filed a petition for leave to appeal the certification decision, which was denied by the Court of Appeals for the Third Circuit on December 21, 2015. On July 27, 2015, the District Court granted the direct purchaser plaintiffs’ motion for class certification. On October 9, 2015, the Third Circuit granted defendants’ petition for leave to appeal the class certification decision. On October 16, 2015, defendants filed a motion to stay the liability trial, which had been set to begin on February 2, 2016, with the District Court pending the appeal of the decision to certify the direct purchaser class; this motion was denied on December 17, 2015. On December 17, 2015, the District Court approved the form and manner of notice to the certified class of direct purchasers; the notice was subsequently issued to the class. On December 21, 2015, the defendants filed a motion to stay with the Court of Appeals for the Third Circuit, which was granted on January 25, 2016; accordingly, the trial was stayed and the case was placed in suspense. On September 13, 2016, the Third Circuit reversed the district court’s certification order and remanded for further proceedings. On October 14, 2016 direct purchaser plaintiffs filed a petition seeking rehearing. On October 31, 2016 the petition seeking rehearing was denied. On December 12, 2016, the District Court removed the case from suspense and set the trial for June 5, 2017. On March 24, 2015, Mylan reached a settlement in principle with the putative indirect purchasers, and on November 20, 2015, Mylan entered into a settlement agreement with the putative indirect purchasers for approximately $16 million. Plaintiffs have not yet moved for preliminary approval of that settlement. In December 2016, Mylan reached a settlement with the putative direct purchaser class and the retailer opt-out plaintiffs for $165 million, of which approximately $68.5 million was paid before December 31, 2016. The settlement with the retailer opt-out plaintiffs has been completed. The settlement with the putative direct purchaser class will undergo the court approval process. On February 3, 2017, the putative direct purchaser class moved for preliminary approval. The Company has accrued approximately $112.5 million related to this matter at March 31, 2017 and December 31, 2016. On June 29, 2015, the City of Providence, Rhode Island filed suit in the District of Rhode Island against the same parties named as defendants in litigation pending in the Eastern District of Pennsylvania, including Mylan, asserting state law claims based on the same underlying allegations. All defendants, including Mylan, moved to dismiss the suit on October 15, 2015, and the case was subsequently settled. On July 10, 2015, the Louisiana Attorney General filed in the 19th Judicial District Court in Louisiana a petition against Mylan and three other drug manufacturers asserting state law claims based on the same underlying allegations as those made in litigation pending in the Eastern District of Pennsylvania. The petition was filed by the State of Louisiana purportedly in its capacity as an indirect purchaser. On May 16, 2016, the Judicial District Court deferred Mylan’s declinatory exception of no personal jurisdiction and its peremptory exception of prescription, and granted in part and denied in part Mylan’s peremptory exceptions of no cause of action and no right of action. On June 30, 2016, the plaintiff filed a supplemental and amended petition. The defendants filed a motion to strike and joint peremptory exceptions to the amended petition. On July 21, 2016, the plaintiff filed in the First Circuit Court of Appeal its application for a supervisory writ regarding the granting of defendant’s exceptions, which the defendants opposed. The appeal was denied on October 31, 2016. On April 20, 2016, the State of Louisiana filed a motion to consolidate the pending action with four other actions against other pharmaceutical manufacturers concerning products not related to modafinil, which Mylan opposed. On June 27, 2016, the Judicial District Court declined to consolidate Mylan’s case with the other four actions, with leave to renew the consolidation request after filing the above-referenced amended petition. On July 21, 2016, the plaintiff filed a motion to reurge consolidation. Subsequently, the action to which plaintiff seeks to join Mylan was stayed, resulting in a stay of the consolidation motion. On December 8, 2016, Mylan’s peremptory exceptions of no cause of action with respect to the supplemental and amended petition were granted in their entirety and with prejudice and judgment was entered. On February 17, 2017, the plaintiff filed in the 19th Judicial District Court a motion for appeal, which the Judicial District Court granted on February 21, 2017. The appeal was lodged with the First Circuit Court of Appeal on April 4, 2017. On July 28, 2016, United Healthcare filed a complaint against Mylan and four other drug manufacturers in the United States District Court for the District of Minnesota, asserting state law claims based on the same underlying allegations as those made in litigation pending in the Eastern District of Pennsylvania. On January 6, 2017, the case was transferred to the Eastern District of Pennsylvania. Mylan filed its answer to the complaint on March 31, 2017. The Company believes that it has strong defenses to these remaining cases. Although it is reasonably possible that the Company may incur additional losses from these matters, any amount cannot be reasonably estimated at this time. In addition, by letter dated July 11, 2006, Mylan was notified by the U.S. Federal Trade Commission (“FTC”) of an investigation relating to the settlement of the modafinil patent litigation. In its letter, the FTC requested certain information from Mylan, MPI and Mylan Technologies, Inc. pertaining to the patent litigation and the settlement thereof. On March 29, 2007, the FTC issued a subpoena, and on April 26, 2007, the FTC issued a civil investigative demand to Mylan, requesting additional information from the Company relating to the investigation. Mylan has cooperated fully with the government’s investigation and completed all requests for information. On February 13, 2008, the FTC filed a lawsuit against Cephalon in the U.S. District Court for the District of Columbia and the case was subsequently transferred to the U.S. District Court for the Eastern District of Pennsylvania. On July 1, 2010, the FTC issued a third party subpoena to Mylan, requesting documents in connection with its lawsuit against Cephalon. Mylan has responded to the subpoena. The lawsuit against Cephalon settled and a Stipulated Order for Permanent Injunction and Equitable Monetary Relief was entered by the Court on June 17, 2015. Pioglitazone Beginning in December 2013, Mylan, Takeda, and several other drug manufacturers have been named as defendants in civil lawsuits consolidated in the U.S. District Court for the Southern District of New York by plaintiffs which purport to represent indirect purchasers of branded or generic Actos® and Actoplus Met®. These actions allege violations of state and federal competition laws in connection with the defendants’ settlements of patent litigation in 2010 relating to Actos and Actoplus Met®. Plaintiffs filed an amended complaint on August 22, 2014. Mylan and the other defendants filed motions to dismiss the amended complaint on October 10, 2014. Two additional complaints were subsequently filed by plaintiffs purporting to represent classes of direct purchasers of branded or generic Actos® and Actoplus Met®. On September 23, 2015, the District Court granted defendants’ motions to dismiss the indirect purchasers amended complaints with prejudice. The indirect purchasers filed a notice of appeal on October 22, 2015; however they have since abandoned and dismissed their appeal of the District Court’s dismissal of claims asserted against Mylan. The putative direct purchaser class filed an amended complaint on January 8, 2016. Defendants’ motion to dismiss was filed on January 28, 2016 and the briefing has been completed. The case was stayed pending the resolution of the indirect purchasers’ appeal against the defendants remaining in that case. A decision was issued by the Second Circuit on February 8, 2017, reversing in part and affirming in part, the District Court’s decision as to the remaining defendants. Following this decision, the direct purchasers filed an amended complaint and the Court has set a schedule for briefing on Supplemental Motions to Dismiss. SEC Investigation On September 10, 2015, Mylan N.V. received a subpoena from the SEC seeking documents with regard to certain related party matters. Mylan is fully cooperating with the SEC in its investigation, and we are unable to predict the outcome of this matter at this time. EpiPen® Auto-Injector and Certain Congressional Matters Classification of EpiPen® Auto-Injector and EpiPen Jr® Auto-Injector In November 2014, the Company received a subpoena from the U.S. Department of Justice (“DOJ”) related to the classification of the EpiPen® Auto-Injector for purposes of the Medicaid Drug Rebate Program. The Company complied with various information requests received from the DOJ pursuant to the subpoena. The question in the underlying matter was whether EpiPen® Auto-Injector was properly classified with the Centers for Medicare and Medicaid Services (“CMS”) as a non-innovator drug under the applicable definition in the Medicaid Rebate statute and subject to the formula that is used to calculate rebates to Medicaid for such drugs. EpiPen® Auto-Injector has been classified with CMS as a non-innovator drug since before Mylan acquired the product in 2007 based on longstanding written guidance from the federal government. Beginning in August 2016, questions regarding the pricing of the EpiPen® Auto-Injector significantly increased and the Company has received or has been the subject of additional inquiries, including with respect to the classification of EpiPen® Auto-Injector for purposes of the Medicaid Drug Rebate Program and certain other federal programs, from committees and members of Congress and from other federal and state governmental agencies. Subsequent to these developments, on October 7, 2016, Mylan agreed to the terms of a $465 million settlement with the DOJ and other government agencies related to the classification of the EpiPen® Auto-Injector for purposes of the Medicaid Drug Rebate Program. The terms of the settlement do not provide for any finding of wrongdoing on the part of Mylan Inc. or any of its affiliated entities or personnel. The settlement terms provide for resolution of all potential Medicaid rebate liability claims by federal and state governments as to whether the product should have been classified as an innovator drug for Medicaid Drug Rebate Program purposes, and subject to a higher rebate formula. In connection with the settlement, Mylan expects to enter into a corporate integrity agreement with the Office of Inspector General of the Department of Health and Human Services. Mylan continues to work with the government to finalize the settlement. When the settlement is finalized, Mylan expects to classify the EpiPen® Auto-Injector as an innovator drug effective April 1, 2017. During the year ended December 31, 2016, the Company recorded an accrual of $465 million related to the DOJ settlement which is included in other current liabilities in the Condensed Consolidated Balance Sheets. SEC Document Request/Subpoena On October 7, 2016, Mylan received a document request from the Division of Enforcement at the SEC seeking communications with CMS and documents concerning Mylan products sold and related to the Medicaid Drug Rebate Program, and any related complaints. On November 15, 2016, Mylan received a follow-up letter, modifying the initial document request, seeking information on and public disclosures regarding the settlement with the DOJ announced on October 7, 2016 and the classification of the EpiPen® Auto-Injector under the Medicaid Drug Rebate Program. On February 6, 2017, Mylan received a subpoena from the SEC in this matter, seeking additional documents. Mylan is fully cooperating with the SEC’s inquiry. FTC Request for Information On November 18, 2016, Mylan received a request from the FTC Bureau of Competition seeking documents and information relating to its preliminary investigation into potential anticompetitive practices in the market for epinephrine auto-injectors. Mylan is fully cooperating with the FTC’s inquiry. Federal Securities Litigation Purported class action complaints were filed in October 2016 against Mylan N.V., Mylan Inc. and certain of their current and former directors and officers (collectively, for purposes of this paragraph, the “defendants”) in the United States District Court for the Southern District of New York on behalf of certain purchasers of securities of Mylan N.V. and/or Mylan Inc. on the NASDAQ. The complaints alleged that defendants made false or misleading statements and omissions of purportedly material fact, in violation of federal securities laws, in connection with disclosures relating to Mylan N.V. and Mylan Inc.’s classification of their EpiPen® Auto-Injector as a non-innovator drug for purposes of the Medicaid Drug Rebate Program. The complaints sought damages, as well as the plaintiffs’ fees and costs. On March 20, 2017, after the actions were consolidated, a consolidated amended complaint was filed, alleging substantially similar claims and seeking substantially similar relief, but adding allegations that defendants made false or misleading statements and omissions of purportedly material fact in connection with allegedly anticompetitive conduct with respect to EpiPen® Auto-Injector and certain generic drugs, and alleging violations of both federal securities laws (on behalf of a purported class of certain purchasers of securities of Mylan N.V. and/or Mylan Inc. on the NASDAQ) and Israeli securities laws (on behalf of a purported class of certain purchasers of securities of Mylan N.V. on the Tel Aviv Stock Exchange). Defendants’ response to the consolidated amended complaint is due May 30, 2017. We believe that the claims in the consolidated amended complaint are without merit and intend to defend against them vigorously. Israeli Securities Litigation On October 13, 2016, a purported shareholder of Mylan N.V. filed a lawsuit, together with a motion to certify the lawsuit as a class action on behalf of certain Mylan N.V. shareholders on the Tel Aviv Stock Exchange, against Mylan N.V. and four of its directors and officers (collectively, for purposes of this paragraph, the “defendants”) in the Tel Aviv District Court (Economic Division). The plaintiff alleges that the defendants made false or misleading statements and omissions of purportedly material fact in Mylan N.V.’s reports to the Tel Aviv Stock Exchange regarding Mylan N.V.’s classification of its EpiPen® Auto-Injector for purposes of the Medicaid Drug Rebate Program, in violation of both U.S. and Israeli securities laws, the Israeli Companies Law and the Israeli Torts Ordinance. The plaintiff seeks damages, among other remedies. On January 19, 2017, the Court stayed this case until a final judgment is issued in the securities litigation currently pending in the United States District Court for the Southern District of New York. On April 30, 2017, another purported shareholder of Mylan N.V. filed a separate lawsuit, together with a motion to certify the lawsuit as a class action on behalf of certain Mylan N.V. shareholders on the Tel Aviv Stock Exchange, in the Tel Aviv District Court (Economic Division), alleging substantially similar claims and seeking substantially similar relief against the defendants and other directors and officers of Mylan N.V., but alleging also that this group of defendants made false or misleading statements and omissions of purportedly material fact in connection with allegedly anticompetitive conduct with respect to EpiPen® Auto-Injector and certain generic drugs, and alleging violations of both U.S. federal securities laws and Israeli law. Service of process has not been effected in the April 30, 2017 lawsuit. We believe that the claims in these lawsuits are without merit and intend to defend against them vigorously. EpiPen® Auto-Injector Civil Litigation Beginning in August 2016, Mylan Specialty L.P. and other Mylan-affiliated entities have been named as defendants in thirteen putative class actions relating to the pricing and/or marketing of the EpiPen® Auto-Injector. A Mylan officer and other non-Mylan affiliated companies also have been named as defendants in some of the class actions. These lawsuits were filed in the U.S. District Courts for the Northern District of California, Northern District of Illinois, District of Kansas, Eastern District of Michigan, Western District of Washington, District of New Jersey and the Western District of Pennsylvania, as well as the Hamilton County, Ohio Court of Common Pleas (later removed to the Southern District of Ohio). All but four of these lawsuits (one in Illinois, one in Washington and two in New Jersey) have either been dismissed or consolidated into a single putative class action pending in the U.S. District Court for the District of Kansas. The plaintiffs in these cases assert violations of various federal and state antitrust and consumer protection laws, the Racketeer Influenced and Corrupt Organizations Act (“RICO”), as well as common law claims. Plaintiffs’ claims include purported challenges to the prices charged for the EpiPen® Auto-Injector and/or the marketing of the product in packages containing two auto-injectors, as well as allegedly anti-competitive conduct. Plaintiff in one of the putative class action lawsuits in New Jersey has filed a request with the Judicial Panel on Multidistrict Litigation to transfer all of the cases into a multidistrict litigation (“MDL”) proceeding in the District of New Jersey. We believe that the claims in these lawsuits are without merit and intend to defend against them vigorously. On April 24, 2017, Sanofi-Aventis U.S., LLC (“Sanofi”) filed a lawsuit against Mylan Inc. and Mylan Specialty L.P. in the U.S. District Court for the District of New Jersey. In this lawsuit, Sanofi alleges exclusive dealings and anti-competitive marketing practices in violation of the antitrust laws in connection with the sale and marketing of the EpiPen® Auto-Injector. We believe that the claims in this lawsuit are without merit and intend to defend against them vigorously. EpiPen® Auto-Injector State AG Investigations Beginning in August 2016, the Company and certain of its affiliated entities received subpoenas and informal requests from various state attorneys general seeking information and documents relating to the pricing and/or marketing of the EpiPen® Auto-Injector. The Company is fully cooperating with these inquiries. U.S. Congress/State Requests for Information and Documents Beginning in August 2016, Mylan has received several requests for information and documents from various Committees of the U.S. Congress and federal and state lawmakers concerning the marketing, distribution and sales of Mylan products. Mylan has cooperated and intends to continue cooperating with federal and state lawmakers as appropriate in response to their requests. The Company believes that it has strong defenses to current and future potential civil litigation, as well as governmental investigations and enforcement proceedings, discussed in this “EpiPen® Auto-Injector and Certain Congressional Matters” section of this Note 19 Litigation. Although it is reasonably possible that the Company may incur additional losses from these matters, any amount cannot be reasonably estimated at this time. In addition, the Company expects to incur additional legal and other professional service expenses associated with such matters in future periods and will recognize these expenses as services are received. The Company believes that the ultimate amount paid for these services and claims could have a material effect on the Company's business, consolidated financial condition, results of operations, cash flows and/or ordinary share price in future periods. Drug Pricing Matters Department of Justice/Connecticut Subpoenas On December 3, 2015, a subsidiary of Mylan N.V. received a subpoena from the Antitrust Division of the U.S. DOJ seeking information relating to the marketing, pricing, and sale of our generic Doxycycline products and any communications with competitors about such products. On September 8, 2016, a subsidiary of Mylan N.V., as well as certain employees and a member of senior management, received subpoenas from the DOJ seeking additional information relating to the marketing, pricing and sale of our generic Cidofovir, Glipizide-metformin, Propranolol and Verapamil products and any communications with competitors about such products. Related search warrants also were executed. The Company is fully cooperating with the DOJ’s inquiry. On December 21, 2015, the Company received a subpoena and interrogatories from the Connecticut Office of the Attorney General seeking information relating to the marketing, pricing and sale of certain of the Company’s generic products (including Doxycycline) and communications with competitors about such products. The Company is fully cooperating with Connecticut’s inquiry. Civil Litigation Twenty-two putative class action complaints are pending against Mylan Inc., Mylan Pharmaceuticals Inc. and other pharmaceutical manufacturers in a MDL in the United States District Court for the Eastern District of Pennsylvania; plaintiff indirect purchasers, direct purchasers and independent pharmacies generally allege anticompetitive conduct with respect to certain Doxycycline and Digoxin products. Mylan and its subsidiary believe that the claims in these lawsuits are without merit and intend to deny liability and to defend against them vigorously. Twelve putative class action complaints have been filed against Mylan Inc., Mylan Pharmaceuticals Inc. and other pharmaceutical manufacturers in the United States District Court for the Eastern District of Pennsylvania; plaintiff indirect and direct purchasers generally allege anticompetitive conduct with respect to certain Pravastatin products. These cases have been transferred to the MDL. Mylan and its subsidiary believe that the claims in these lawsuits are without merit and intend to deny liability and to defend against them vigorously. Eight putative class action complaints have been filed against Mylan Inc., Mylan Pharmaceuticals Inc. and another pharmaceutical manufacturer in the United States District Court for the Eastern District of Pennsylvania; plaintiff indirect and direct purchasers generally allege anticompetitive conduct with respect to certain Divalproex products. These cases have been transferred to the MDL. Mylan and its subsidiary believe that the claims in these lawsuits are without merit and intend to deny liability and to defend against them vigorously. Ten putative class action complaints have been filed against Mylan Pharmaceuticals Inc. and other pharmaceutical manufacturers in the United States District Courts for the Southern District of New York and the Eastern District of Pennsylvania; plaintiff indirect and direct purchasers generally allege anticompetitive conduct with respect to certain Levothyroxine products. These cases have been transferred to the MDL. Mylan Pharmaceuticals Inc. believes that the claims in these lawsuits are without merit and intends to deny liability and to defend against them vigorously. Ten putative class action complaints have been filed against Mylan Inc., Mylan Pharmaceuticals Inc., UDL Laboratories, Inc. and other pharmaceutical manufacturers in the United States District Courts for the Southern District of New York and the Eastern District of Pennsylvania; plaintiff indirect and direct purchasers generally allege anticompetitive conduct with respect to certain Propranolol products. The Defendants’ Motions to Dismiss the South District of New York cases was granted as to some state law claims but otherwise denied on April 6, 2017. These cases have been transferred to the MDL. Mylan and its subsidiaries believe that the claims in these lawsuits are without merit and intend to deny liability and to defend against them vigorously. Eight putative class action complaints have been filed against Mylan Inc., Mylan Pharmaceuticals Inc., Mylan N.V. and another pharmaceutical manufacturer in the United States District Court for the District of Puerto Rico, the District of New Jersey and the Eastern District of Pennsylvania; plaintiff indirect and direct purchasers generally allege anticompetitive conduct with respect to certain Clomipramine products. These cases have been transferred to the MDL. Mylan and its subsidiaries believe that the claims in these lawsuits are without merit and intend to deny liability and to defend against them vigorously. Four putative class action complaints have been filed against Mylan Inc., Mylan Pharmaceuticals Inc. and another pharmaceutical manufacturer in the U.S. District Court for the Eastern District of Pennsylvania; plaintiff indirect and direct purchasers generally allege anticompetitive conduct with respect to certain Albuterol products. These cases have been transferred to the MDL. Mylan and its subsidiary believe that the claims in these lawsuits are without merit and intend to deny liability and to defend against them vigorously. One putative class action complaint has been filed against Mylan Inc., Mylan Pharmaceuticals Inc. and another pharmaceutical manufacturer in the U.S. District Court for the Eastern District of Pennsylvania; plaintiff indirect purchaser generally alleges anticompetitive conduct with respect to certain Benazepril HCTZ products. This case has been transferred to the MDL. Mylan and its subsidiary believe that the claims in this lawsuit are without merit and intend to deny liability and to defend against them vigorously. Four putative class action complaints have been filed against Mylan Inc., Mylan Pharmaceuticals Inc. and other pharmaceutical manufacturers in the U.S. District Court for the Eastern District of Pennsylvania and the U.S. District Court for the Southern District of New York; plaintiff indirect and direct purchasers generally allege anticompetitive conduct with respect to certain Amitriptyline products. These cases have been transferred to the MDL. Mylan and its subsidiary believe that the claims in these lawsuits are without merit and intend to deny liability and to defend against them vigorously. A complaint was filed on January 31, 2017 by putative classes of direct and indirect purchasers against Mylan Pharmaceuticals Inc. and other pharmaceutical manufacturers in the United States District Court for the District of Connecticut. Plaintiffs generally allege anticompetitive conduct and RICO violations with respect to, among other things, certain Doxycycline products. This case has been transferred to the MDL. Mylan Pharmaceuticals Inc. believes that the claims in this lawsuit are without merit and intends to deny liability and to defend against them vigorously. Attorney General Litigation On December 14, 2016, attorneys general of twenty states filed a complaint in the United States District Court for the District of Connecticut against several generic pharmaceutical drug manufacturers, including Mylan, alleging anticompetitive conduct with respect to, among other things, Doxycycline Hyclate Delayed Release. On March 1, 2017, the complaint was amended to add the attorneys general of twenty additional states; the complaint alleges violation of federal and state antitrust laws, as well as violation of various states’ consumer protection laws. Certain of the Defendants have filed a request to transfer the case to the MDL. A decision on the request to transfer the case to the MDL remains pending. We believe that the claims in this lawsuit against Mylan are without merit and intend to defend against them vigorously. European Commission Proceedings Perindopril On or around July 8, 2009, the European Commission (the “Commission”) stated that it had initiated antitrust proceedings pursuant to Article 11(6) of Regulation No. 1/2003 and Article 2(1) of Regulation No. 773/2004 to explore possible infringement of Articles 81 and 82 EC and Articles 53 and 54 of the European Economic Area Agreement by Les Laboratoires Servier (“Servier”) as well as possible infringement of Article 81 EC by the Company’s Indian subsidiary, Mylan Laboratories Limited, and four other companies, each of which entered into agreements with Servier relating to the product Perindopril. On July 30, 2012, the Commission issued a Statement of Objections to Servier SAS, Servier Laboratories Limited, Les Laboratories Servier, Adir, Biogaran, Krka, d.d. Novo mesto, Lupin Limited, Mylan Laboratories Limited, Mylan, Niche Generics Limited, Teva UK Limited, Teva Pharmaceutical Industries Ltd., Teva Pharmaceuticals Europe B.V. and Unichem Laboratories Limited. Mylan Inc. and Mylan Laboratories Limited filed responses to the Statement of Objections. On July 9, 2014, the Commission issued a decision finding that Mylan Laboratories Limited and Mylan, as well as the companies noted above (with the exception of Adir, a subsidiary of Servier), had violated European Union competition rules and fined Mylan Laboratories Limited approximately €17.2 million, including approximately €8.0 million jointly and severally with Mylan Inc. The Company paid approximately $21.7 million related to this matter during the fourth quarter of 2014. In September 2014, the Company filed an appeal of the Commission’s decision to the General Court of the European Union. The briefing on appeal is complete. A hearing on the appeal before the General Court of the European Union has been scheduled for June 27, 2017. Citalopram On March 19, 2010, Mylan and Generics [U.K.] Limited, a wholly owned subsidiary of the Company, received notice that the Commission had opened proceedings against Lundbeck with respect to alleged unilateral practices and/or agreements related to Citalopram in the European Economic Area. On July 25, 2012 a Statement of Objections was issued to Lundbeck, Merck KGaA, Generics [U.K.] Limited, Arrow, Resolution Chemicals, Xelia Pharmaceuticals, Alpharma, A.L. Industrier and Ranbaxy. Generics [U.K.] Limited filed a response to the Statement of Objections and vigorously defended itself against allegations contained therein. On June 19, 2013, the Commission issued a decision finding that Generics [U.K.] Limited, as well as the companies noted above, had violated European Union competition rules and fined Generics [U.K.] Limited approximately €7.8 million, jointly and severally with Merck KGaA. Generics [U.K.] Limited has appealed the Commission’s decision to the General Court of the EU. Briefing on the appeal has been completed and a hearing took place on October 8, 2015. On September 8, 2016, the General Court dismissed all appeals against the European Commission’s decision. Mylan filed an appeal of the decision on November 18, 2016 to the European Court of Justice. The Company has accrued approximately $8.3 million and $8.2 million as of March 31, 2017 and December 31, 2016, respectively, related to this matter. It is reasonably possible that we will incur additional losses above the amount accrued but we cannot estimate a range of such reasonably possible losses at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. Generics [U.K.] Limited has also sought indemnification from Merck KGaA with respect to the €7.8 million portion of the fine for which Merck KGaA and Generics [U.K.] Limited were held jointly and severally liable. Merck KGaA has counterclaimed against Generics [U.K.] Limited seeking the same indemnification. U.K. Competition and Markets Authority Paroxetine On August 12, 2011, Generics [U.K.] Limited received notice that the Office of Fair Trading (subsequently changed to the Competition and Markets Authority (the “CMA”)) was opening an investigation to explore the possible infringement of the Competition Act 1998 and Articles 101 and 102 of the Treaty on the Functioning of the European Union, with respect to alleged agreements related to Paroxetine. On April 19, 2013, a Statement of Objections was issued to Beecham Group plc, GlaxoSmithKline UK Limited, GlaxoSmithKline plc and SmithKline Beecham Limited (formerly, SmithKline Beecham plc) (together, “GlaxoSmithKline”), Generics [U.K.] Limited, Merck KGaA, Actavis UK Limited (formerly, Alpharma Limited), Xellia Pharmaceuticals ApS (formerly, Alpharma ApS) and Alpharma LLC (formerly, Zoetis Products LLC, Alpharma LLC, and Alpharma Inc.) (together, “Alpharma”), and Ivax LLC (formerly, Ivax Corporation) and Norton Healthcare Limited (which previously traded as Ivax Pharmaceuticals UK) (together, “Ivax”). Generics [U.K.] Limited filed a response to the Statement of Objections, defending itself against the allegations contained therein. The CMA issued a Supplementary Statement of Objections (“SSO”) to the above-referenced parties on October 21, 2014 and a hearing with regard to the SSO took place on December 19, 2014. The CMA issued a decision on February 12, 2016, finding that GlaxoSmithKline, Generics [U.K.] Limited, Merck KGaA and Alpharma, were liable for infringing EU and U.K. competition rules. With respect to Merck KGaA and Generics [U.K.] Limited, the CMA issued a penalty of approximately £5.8 million, for which Merck KGaA is liable for the entire amount; and of that amount Generics [U.K.] Limited is jointly and severally liable for approximately £2.7 million, which was accrued for at March 31, 2017. Generics [U.K.] Limited has appealed the decision. The hearing before the Competition Appeals Tribunal concluded on March 30, 2017 and the parties are presently awaiting a decision. Product Liability The Company is involved in a number of product liability lawsuits and claims related to alleged personal injuries arising out of certain products manufactured and/or distributed by the Company, including but not limited to Phenytoin, Alendronate Sodium and Reglan. The Company believes that it has meritorious defenses to these lawsuits and claims and is vigorously defending itself with respect to those matters. From time to time, the Company has agreed to settle or otherwise resolve certain lawsuits and claims on terms and conditions that are in the best interests of the Company. The Company has accrued approximately $31.4 million and $31.5 million at March 31, 2017 and December 31, 2016, respectively. It is reasonably possible that we will incur additional losses and fees above the amount accrued but we cannot estimate a range of such reasonably possible losses or legal fees related to these claims at this time. There are no assurances, however, that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. Intellectual Property In certain situations, the Company has used its business judgment to decide to market and sell products, notwithstanding the fact that allegations of patent infringement(s) or other potential third party rights have not been finally resolved by the courts. The risk involved in doing so can be substantial because the remedies available to the owner of a patent for infringement may include, a reasonable royalty on sales or damages measured by the profits lost by the patent owner. If there is a finding of willful infringement, damages may be increased up to three times. Moreover, because of the discount pricing typically involved with bioequivalent products, patented branded products generally realize a substantially higher profit margin than bioequivalent products. An adverse decision could have an adverse effect that is material to our business, financial condition, results of operations, cash flows and/or ordinary share price. Other Litigation The Company is involved in various other legal proceedings that are considered normal to its business, including but not limited to certain proceedings assumed as a result of the acquisition of the former Merck Generics business, Meda, Agila and the acquired EPD Business. The Company has approximately $20 million accrued related to these various other legal proceedings at March 31, 2017. While it is not possible to predict the ultimate outcome of such other proceedings, the ultimate outcome of any such proceeding is not currently expected to be material to the Company’s business, financial condition, results of operations, cash flows and/or ordinary share price. |
General (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting Policy | The accompanying unaudited Condensed Consolidated Financial Statements (“interim financial statements”) of Mylan N.V. and subsidiaries (“Mylan” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q; therefore, as permitted under these rules, certain footnotes and other financial information included in audited financial statements were condensed or omitted. The interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the interim results of operations, comprehensive earnings, financial position and cash flows for the periods presented. |
Revenue Recognition and Accounts Receivable (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Accounts Receivable, Net [Abstract] | |
Revenue Recognition Policy | The Company recognizes net sales when title and risk of loss pass to its customers and when provisions for estimates, including discounts, sales allowances, price adjustments, returns, chargebacks and other promotional programs are reasonably determinable. Accounts receivable are presented net of allowances relating to these provisions. No significant revisions were made to the methodology used in determining these provisions or the nature of the provisions during the three months ended March 31, 2017. Such allowances were $2.14 billion and $2.05 billion at March 31, 2017 and December 31, 2016, respectively. Other current liabilities include $616.5 million and $809.0 million at March 31, 2017 and December 31, 2016, respectively, for certain sales allowances and other adjustments that are settled in cash. |
Earnings per Ordinary Share (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share Policy | Basic earnings per ordinary share is computed by dividing net earnings by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per ordinary share is computed by dividing net earnings by the weighted average number of ordinary shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive. |
Financial Instruments and Risk Management (Policies) |
3 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Fair Value of Financial Instruments Policy | Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. |
Segment Information (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Policy | The Company has three reportable segments on a geographic basis as follows: North America, Europe and Rest of World. Our North America segment is made up of our operations in the U.S. and Canada and includes the operations of our previously reported Specialty segment. Our Europe segment is made up of our operations in 35 countries within the region. Our Rest of World segment is primarily made up of our operations in India, Australia, Japan and New Zealand. Also included in our Rest of World segment are our operations in emerging markets, which includes countries in Africa (including South Africa) as well as Brazil and other countries throughout Asia and the Middle East. Comparative segment financial information has been recast for prior periods to conform to this revised segment reporting. The Company’s chief operating decision maker is the Chief Executive Officer, who evaluates the performance of its segments based on total revenues and segment profitability. Segment profitability represents segment gross profit less direct R&D expenses and direct SG&A expenses. Certain general and administrative and R&D expenses not allocated to the segments, net charges for litigation settlements and other contingencies, impairment charges and other expenses not directly attributable to the segments and certain intercompany transactions, including eliminations, are reported in Corporate/Other. Additionally, amortization of intangible assets and other purchase accounting related items, as well as certain other significant special items, are included in Corporate/Other. Items below the earnings from operations line on the Company’s Condensed Consolidated Statements of Operations are not presented by segment, since they are excluded from the measure of segment profitability. The Company does not report depreciation expense, total assets and capital expenditures by segment, as such information is not used by the chief operating decision maker. The accounting policies of the segments are the same as those described in the “Summary of Significant Accounting Policies” included in Mylan N.V.’s Annual Report on Form 10-K for the year ended December 31, 2016, as amended. Intersegment revenues are accounted for at current market values and are eliminated at the consolidated level. |
Restructuring (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy | Charges for restructuring and ongoing cost reduction initiatives are recorded in the period the Company commits to a restructuring or cost reduction plan, or executes specific actions contemplated by the plan and all criteria for liability recognition have been met. |
Litigation (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Costs Policy | Legal costs are recorded as incurred and are classified in SG&A in the Company’s Condensed Consolidated Statements of Operations. |
Revenue Recognition and Accounts Receivable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts receivable, net was comprised of the following at March 31, 2017 and December 31, 2016, respectively:
|
Acquisitions and Other Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro forma information | Unaudited Pro Forma Financial Results The following table presents supplemental unaudited pro forma information for the acquisition of Meda, as if it had occurred on January 1, 2015. The unaudited pro forma results reflect certain adjustments related to past operating performance and acquisition accounting adjustments, such as increased amortization expense based on the fair value of assets acquired, the impact of transaction costs and the related income tax effects. The unaudited pro forma results do not include any anticipated synergies which may be achievable, or have been achieved, subsequent to the closing of the Meda transaction. Accordingly, the unaudited pro forma results are not necessarily indicative of the results that actually would have occurred had the acquisitions been completed on the stated dates above, nor are they indicative of the future operating results of Mylan N.V. and its subsidiaries.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meda | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Allocation | The preliminary allocation of the $6.92 billion purchase price to the assets acquired and liabilities assumed for Meda is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Topicals Business | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Allocation | The preliminary allocation of the $972.7 million purchase price to the assets acquired and liabilities assumed for the Topicals Business is as follows:
|
Share-Based Incentive Plan (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Awards Activity | The following table summarizes stock option and SAR (together, “stock awards”) activity:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonvested Restricted Stock and Restricted Stock Unit Awards Activity | A summary of the status of the Company’s nonvested restricted ordinary shares and restricted stock unit awards, including PSUs (collectively, “restricted stock awards”), as of March 31, 2017 and the changes during the three months ended March 31, 2017 are presented below:
|
Pensions and Other Postretirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | Components of net periodic benefit cost for the three months ended March 31, 2017 and 2016 were as follows:
|
Balance Sheet Components (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Prepaid and other current assets
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, plant and equipment, net
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other assets
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Accounts Payable | Trade accounts payable
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other current liabilities
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noncurrent Liabilities | Other long-term obligations
|
Equity Method Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | Summarized financial information, in the aggregate, for the Company’s significant equity method investments on a 100% basis for the three months ended March 31, 2017 and 2016 are as follows:
|
Earnings per Ordinary Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings per Ordinary Share Attributable to Mylan N.V. | Basic and diluted earnings per ordinary share are calculated as follows:
|
Goodwill and Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2017 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Intangible Assets | Intangible assets consist of the following components at March 31, 2017 and December 31, 2016:
____________
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Amortization Expense | mortization expense over the remainder of 2017 and for the years ended December 31, 2018 through 2021 is estimated to be as follows:
|
Financial Instruments and Risk Management (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | A rollforward of the activity in the Company’s fair value of contingent consideration from December 31, 2016 to March 31, 2017 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Carried at Fair Value | Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hedging Relationships | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Fair Value Hedging Relationships
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedging | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Cash Flow Hedging Relationships
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings Derivatives in Cash Flow Hedging Relationships
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Hedging | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings Derivatives in Net Investment Hedging Relationships
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Designated as Hedging Instrument | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Values of Derivative Instruments Derivatives Designated as Hedging Instruments
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Values of Derivative Instruments Derivatives Not Designated as Hedging Instruments
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives Not Designated as Hedging Instruments
|
Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Debt | A summary of long-term debt is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Repayments on Outstanding Borrowings | Mandatory minimum repayments remaining on the notional amount of outstanding long-term debt at March 31, 2017 are as follows for each of the periods ending December 31:
|
Comprehensive Earnings (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss, as reflected on the Condensed Consolidated Balance Sheets, is comprised of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Comprehensive Loss | Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2017 and 2016:
|
Shareholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Shareholders' Equity | A summary of the changes in shareholders’ equity for the three months ended March 31, 2017 and 2016 is as follows:
|
Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Segment Information to Total Consolidated Information | Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information.
|
Subsidiary Guarantors (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Income Statement | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2017
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended March 31, 2016
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Earnings | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended March 31, 2017
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended March 31, 2016
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2017
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2017
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016
|
Restructuring (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring - employee related [Table Text Block] | The following table summarizes the restructuring charges and the reserve activity from December 31, 2016 to March 31, 2017:
|
Revenue Recognition and Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Revenue Recognition And Accounts Receivable [Line Items] | ||
Sales allowances, current | $ 2,140.0 | $ 2,050.0 |
Accrued sales allowances and other adjustments | 616.5 | 809.0 |
Securitized accounts receivable | 854.8 | $ 1,130.0 |
Receivables Facility | ||
Revenue Recognition And Accounts Receivable [Line Items] | ||
Accounts receivable securitization facility maximum borrowing capacity | $ 400.0 |
Revenue Recognition and Accounts Receivable (Accounts Receivable, Net) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Receivables, Net, Current [Abstract] | ||
Trade receivables, net | $ 2,568.2 | $ 3,015.4 |
Other receivables | 303.8 | 295.5 |
Accounts receivable, net | $ 2,872.0 | $ 3,310.9 |
Acquisitions and Other Transactions (Meda Schedule of Purchase Price Allocation) (Details) $ in Millions, SEK in Billions |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Aug. 05, 2016
USD ($)
|
Feb. 10, 2016
SEK
|
Feb. 10, 2016
USD ($)
|
|||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 9,394.1 | $ 9,231.9 | |||||||||
Meda | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Current assets (excluding inventories) | 482.5 | 482.5 | [1] | ||||||||
Inventories | 463.1 | 463.1 | [1] | ||||||||
Property, plant and equipment | 177.5 | 177.5 | [1] | ||||||||
Identified intangible assets | 8,060.7 | 8,060.7 | [1] | $ 8,060.0 | |||||||
Goodwill | 3,678.6 | 3,676.9 | [1] | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Goodwill | [2] | 1.7 | |||||||||
Other assets | 9.5 | 9.5 | [1] | ||||||||
Total assets acquired | 12,871.9 | 12,870.2 | [1] | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Total Assets | [2] | 1.7 | |||||||||
Current liabilities | (1,105.9) | (1,105.9) | [1] | ||||||||
Long-term debt, including current portion | (2,864.6) | (2,864.6) | [1] | ||||||||
Deferred tax liabilities | (1,615.6) | (1,613.9) | [1] | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax Liabilities | [2] | (1.7) | |||||||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | (322.3) | (322.3) | [1] | ||||||||
Other noncurrent liabilities | (42.4) | (42.4) | [1] | ||||||||
Net assets acquired | 6,921.1 | $ 6,921.1 | [1] | $ 6,920.0 | SEK 83.6 | $ 9,900.0 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets Acquired Goodwill and Liabilities Assumed Net | [2] | $ 0.0 | |||||||||
|
Acquisitions and Other Transactions (Renaissance Topicals Business) (Narrative) (Details) $ in Millions |
Jun. 15, 2016
USD ($)
Product
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
---|---|---|---|
Business Acquisition [Line Items] | |||
Contingent consideration | $ 566.0 | $ 564.6 | |
Goodwill | 9,394.1 | $ 9,231.9 | |
Topicals Business | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 1,000.0 | ||
Net assets acquired | 972.7 | 972.7 | |
Contingent consideration | 16.0 | ||
In-process research and development | $ 275.0 | 275.0 | |
Rate used to discount net cash inflows to present value | 12.50% | ||
Expected cost to complete | 59.0 | ||
Identified intangible assets | $ 467.0 | 467.0 | |
Goodwill | 318.6 | ||
Amount of goodwill expected to be tax deductible | $ 0.0 | ||
Topicals Business | Product rights and licenses | |||
Business Acquisition [Line Items] | |||
Identified intangible assets | $ 454.0 | ||
Acquired intangible assets, weighted average useful life, in years | 14 years | ||
Topicals Business | Contractual rights | |||
Business Acquisition [Line Items] | |||
Identified intangible assets | $ 13.0 | ||
Acquired intangible assets, weighted average useful life, in years | 5 years | ||
Topicals Business | Maximum | |||
Business Acquisition [Line Items] | |||
Purchase consideration, contingent consideration arrangements | $ 50.0 | ||
Topicals Business | Branded and generic topical product | |||
Business Acquisition [Line Items] | |||
Number of products | Product | 25 | ||
Topicals Business | Active pipeline | |||
Business Acquisition [Line Items] | |||
Number of products | Product | 25 |
Acquisitions and Other Transactions (Renaissance Topicals Business Schedule of Purchase Price Allocation) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 15, 2016 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 9,394.1 | $ 9,231.9 | |
Topicals Business | |||
Business Acquisition [Line Items] | |||
Current assets (excluding inventories) | 57.7 | ||
Inventories | 74.2 | ||
Property, plant and equipment | 54.8 | ||
Identified intangible assets | 467.0 | $ 467.0 | |
In-process research and development | 275.0 | 275.0 | |
Goodwill | 318.6 | ||
Other assets | 0.1 | ||
Total assets acquired | 1,247.4 | ||
Current liabilities | (74.2) | ||
Deferred tax liabilities | (194.6) | ||
Other noncurrent liabilities | (5.9) | ||
Net assets acquired | $ 972.7 | $ 972.7 |
Acquisitions and Other Transactions (Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Business Acquisition [Line Items] | ||
Basic | 534.5 | 489.8 |
Diluted | 536.9 | 509.6 |
Meda | ||
Business Acquisition [Line Items] | ||
Total revenues | $ 2,687.7 | |
Net earnings | $ 10.1 | |
Basic (in USD per share) | $ 0.02 | |
Diluted (in USD per share) | $ 0.02 | |
Basic | 518.0 | |
Diluted | 537.8 |
Acquisitions and Other Transactions (Other Transactions) (Details) - USD ($) $ in Millions |
Mar. 29, 2017 |
Jan. 09, 2017 |
Feb. 14, 2017 |
---|---|---|---|
ColdEeze | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 50 | ||
Other | Research and development expense | |||
Business Acquisition [Line Items] | |||
Joint development and marketing agreement | $ 50 | ||
Product rights and licenses | Other | |||
Business Acquisition [Line Items] | |||
Acquired intangible assets, weighted average useful life, in years | 15 years |
Share-Based Incentive Plan (Narrative) (Details) - Long-Term Incentive Plan 2003 - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Ordinary shares reserved for issuance | 55,300,000 | |
Total unrecognized compensation expense, net of estimated forfeitures | $ 181.8 | |
Weighted-average period over which total unrecognized compensation expense expected to be recognized, in years | 2 years 2 months 23 days | |
Intrinsic value of stock-based awards exercised and restricted stock units converted | $ 26.1 | $ 40.1 |
Stock awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option award expiration period, in years | 10 years | |
Average remaining contractual term for stock awards outstanding, in years | 5 years 10 months 27 days | |
Average remaining contractual term for stock awards vested and expected to vest, in years | 5 years 9 months 24 days | |
Average remaining contractual term for stock awards exercisable, in years | 4 years 11 months 7 days | |
Aggregate intrinsic value for stock awards outstanding | $ 73.5 | |
Aggregate intrinsic value for stock awards vested and expected to vest | 73.4 | |
Aggregate intrinsic value for stock awards exercisable | $ 73.0 | |
Stock awards | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option award vesting period, in years | 3 years | |
Stock awards | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option award vesting period, in years | 4 years |
Share-Based Incentive Plan (Stock Awards) (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 34.43 | $ 33.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 706,995 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 45.02 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (242,795) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 21.27 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (161,159) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 50.43 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 7,723,467.50 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 33.98 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 5,976,527 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 30.24 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 8,002,482 | 7,699,441 |
Share-Based Incentive Plan (Nonvested Restricted Stock, Restricted Stock Units and PSUs Activity) (Details) - Restricted stock awards |
3 Months Ended |
---|---|
Mar. 31, 2017
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of restricted stock awards, nonvested beginning of period | shares | 5,667,830 |
Weighted average grant-date fair value per share, nonvested beginning of period | $ / shares | $ 42.46 |
Number of restricted stock awards, granted | shares | 1,255,062 |
Weighted average grant-date fair value per share, granted | $ / shares | $ 45.17 |
Number of restricted stock awards, released | shares | (483,902) |
Weighted average grant-date fair value per share, released | $ / shares | $ 52.54 |
Number of restricted stock awards, forfeited | shares | (117,259) |
Weighted average grant-date fair value per share, forfeited | $ / shares | $ 49.99 |
Number of restricted stock awards, nonvested end of period | shares | 6,321,731 |
Weighted average grant-date fair value per share, nonvested end of period | $ / shares | $ 42.09 |
Pension and Other Postretirement Benefit (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plans, Number of Frozen Plans | 2 |
Defined benefit plans, estimated benefit payments, in current fiscal year | $ 30.4 |
Estimated employer contributions in current year | $ 30.2 |
Pensions and Other Postretirement Benefits (Net Periodic Benefit Costs) (Details) - Pension and other postretirement benefits - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 5.0 | $ 3.9 |
Interest cost | 3.7 | 1.5 |
Expected return on plan assets | (3.5) | (2.0) |
Amortization of prior service costs | 0.1 | 0.1 |
Recognized net actuarial losses | 0.2 | 0.2 |
Net periodic benefit cost | $ 5.5 | $ 3.7 |
Balance Sheet Components (Narrative) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended |
---|---|---|
Nov. 30, 2016 |
Mar. 31, 2017 |
|
Meda | ||
Cash paid for shares tendered | $ 330.3 | $ 71.6 |
Balance Sheet Components (Inventories) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Balance Sheet Components [Abstract] | ||
Raw materials | $ 833.8 | $ 783.4 |
Work in process | 427.3 | 436.0 |
Finished goods | 1,286.7 | 1,237.0 |
Inventories | $ 2,547.8 | $ 2,456.4 |
Balance Sheet Components (Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Prepaid Expense and Other Assets [Abstract] | ||
Prepaid expenses | $ 177.0 | $ 169.1 |
Restricted cash | 135.8 | 148.1 |
Available-for-sale securities | 91.3 | 83.7 |
Fair value of financial instruments | 88.2 | 62.2 |
Trading securities | 30.7 | 29.6 |
Other current assets | 398.9 | 263.7 |
Prepaid expenses and other current assets | $ 921.9 | $ 756.4 |
Balance Sheet Components (Property, Plant and Equipment) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,848.1 | $ 3,807.9 |
Accumulated depreciation | 1,510.1 | 1,485.7 |
Property, plant and equipment, net | 2,338.0 | 2,322.2 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,245.3 | 2,227.9 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,124.8 | 1,106.5 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 330.4 | 328.8 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 147.6 | $ 144.7 |
Balance Sheet Components (Other Assets) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule of Other Assets [Line Items] | ||
Equity method investments | $ 0.0 | $ 0.0 |
Other long-term assets | 176.8 | 172.2 |
Other assets | 541.0 | 568.6 |
Other assets | Agila Specialties | ||
Schedule of Other Assets [Line Items] | ||
Equity method investments | 58.6 | 75.8 |
Other assets | Clean energy investments | ||
Schedule of Other Assets [Line Items] | ||
Equity method investments | $ 305.6 | $ 320.6 |
Balance Sheet Components (Trade Accounts Payable) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Accounts Payable, Current [Abstract] | ||
Accounts Payable, Trade | $ 749.6 | $ 939.5 |
Accounts Payable, Other | 391.8 | 408.6 |
Accounts Payable, Trade, Current | $ 1,141.4 | $ 1,348.1 |
Balance Sheet Components (Other Current Liabilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
Aug. 05, 2016 |
||
---|---|---|---|---|---|
Schedule of other current liabilities [Line Items] | |||||
Accrued sales allowances | $ 616.5 | $ 809.0 | |||
Legal and professional accruals, including litigation accruals | 723.2 | 720.4 | |||
Payroll and employee benefit plan accruals | 326.8 | 409.8 | |||
Contingent consideration | 566.0 | 564.6 | |||
Restructuring | 78.5 | 138.6 | |||
Compulsory acquisition proceeding | $ 431.0 | ||||
Other Accrued Liabilities, Current | 833.4 | 732.6 | |||
Accrued interest | 130.7 | 41.0 | |||
Fair value of financial instruments | 8.5 | 15.3 | |||
Other current liabilities | 3,026.4 | 3,258.5 | |||
Clean energy investments | |||||
Schedule of other current liabilities [Line Items] | |||||
Other current liabilities | 65.3 | 64.7 | |||
Meda | |||||
Schedule of other current liabilities [Line Items] | |||||
Compulsory acquisition proceeding | 0.0 | 70.2 | |||
Other current liabilities | |||||
Schedule of other current liabilities [Line Items] | |||||
Contingent consideration | [1] | $ 244.8 | $ 256.9 | ||
|
Balance Sheet Components (Other Long-term Obligations) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|
Schedule of Other Noncurrent Liabilities [Line Items] | ||||
Employee benefit liabilities | $ 387.1 | $ 396.7 | ||
Contingent consideration | 566.0 | 564.6 | ||
Tax contingencies | 240.5 | 239.3 | ||
Other | 135.2 | 112.6 | ||
Other long-term obligations | 1,372.5 | 1,358.6 | ||
Clean energy investments | ||||
Schedule of Other Noncurrent Liabilities [Line Items] | ||||
Other long-term obligations | 288.5 | 302.3 | ||
Other long-term obligations | ||||
Schedule of Other Noncurrent Liabilities [Line Items] | ||||
Contingent consideration | [1] | $ 321.2 | $ 307.7 | |
|
Equity Method Investments (Narrative) (Details) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 04, 2013 |
|
Schedule of Equity Method Investments [Line Items] | |||
Number of equity method investments | 6 | ||
Loss from equity method investments | $ 33.2 | $ 30.9 | |
Equity method investments summarized financial data basis | 100.00% | ||
Clean energy investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of equity method investments | 5 | ||
Sagent Agila | Agila Specialties | Equity method investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Loss from equity method investments | $ 5.7 | ||
Proceeds from Sagent Agila's joint venture dissolution | $ 8.4 |
Equity Method Investments (Income Statement) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Equity Method Investments and Joint Ventures [Abstract] | ||
Total revenues | $ 122.9 | $ 144.0 |
Gross loss | (2.7) | (0.3) |
Operating and non-operating expense | 5.8 | 5.7 |
Net loss | $ (8.5) | $ (6.0) |
Earnings per Ordinary Share (Narrative) (Details) - shares shares in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Apr. 15, 2016 |
|
Earnings Per Share [Abstract] | |||
Shares issued in warrant settlement | 17.0 | ||
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 16.7 | ||
Anti-dilutive stock options or restricted stock awards excluded from computation of earnings per share | 4.4 | 6.2 |
Earnings per Ordinary Share (Basic and Diluted Earnings Per Ordinary Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Earnings Per Share [Abstract] | ||
Net earnings | $ 66.4 | $ 13.9 |
Weighted average ordinary shares outstanding | 534.5 | 489.8 |
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 2.4 | 19.8 |
Total dilutive shares outstanding | 536.9 | 509.6 |
Basic earnings per ordinary share | $ 0.12 | $ 0.03 |
Diluted earnings per ordinary share | $ 0.12 | $ 0.03 |
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
In-process research and development | $ 934.2 | $ 921.1 |
Contingent consideration | 566.0 | $ 564.6 |
Respiratory delivery platform [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
In-process research and development | 347.2 | |
Contingent consideration | $ 436.1 |
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2017 |
|
Goodwill [Line Items] | ||
Goodwill, gross, beginning balance | $ 9,616.9 | |
Accumulated impairment losses, beginning balance | (385.0) | |
Reclassifications(1) | 0.0 | |
Measurement period adjustments | 1.7 | |
Divestiture | (1.3) | |
Foreign currency translation | 161.8 | |
Goodwill, net, beginning balance | 9,231.9 | |
Goodwill, gross, ending balance | 9,779.1 | |
Accumulated impairment losses, ending balance | (385.0) | |
Goodwill, net, ending balance | 9,231.9 | $ 9,394.1 |
North America Segment | ||
Goodwill [Line Items] | ||
Goodwill, gross, beginning balance | 3,990.4 | |
Accumulated impairment losses, beginning balance | (385.0) | |
Reclassifications(1) | (199.0) | |
Measurement period adjustments | 0.0 | |
Divestiture | 0.0 | |
Foreign currency translation | 6.6 | |
Goodwill, net, beginning balance | 3,605.4 | |
Goodwill, gross, ending balance | 3,798.0 | |
Accumulated impairment losses, ending balance | (385.0) | |
Goodwill, net, ending balance | 3,605.4 | 3,413.0 |
Europe Segment | ||
Goodwill [Line Items] | ||
Goodwill, gross, beginning balance | 3,859.1 | |
Accumulated impairment losses, beginning balance | 0.0 | |
Reclassifications(1) | 373.2 | |
Measurement period adjustments | 1.7 | |
Divestiture | (1.3) | |
Foreign currency translation | 77.7 | |
Goodwill, net, beginning balance | 3,859.1 | |
Goodwill, gross, ending balance | 4,310.4 | |
Accumulated impairment losses, ending balance | 0.0 | |
Goodwill, net, ending balance | 3,859.1 | 4,310.4 |
Rest of World Segment | ||
Goodwill [Line Items] | ||
Goodwill, gross, beginning balance | 1,767.4 | |
Accumulated impairment losses, beginning balance | 0.0 | |
Reclassifications(1) | (174.2) | |
Measurement period adjustments | 0.0 | |
Divestiture | 0.0 | |
Foreign currency translation | 77.5 | |
Goodwill, net, beginning balance | 1,767.4 | |
Goodwill, gross, ending balance | 1,670.7 | |
Accumulated impairment losses, ending balance | 0.0 | |
Goodwill, net, ending balance | $ 1,767.4 | $ 1,670.7 |
Goodwill and Intangible Assets (Components of Intangible Assets) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
||||
Intangible Assets by Major Class [Line Items] | |||||
Finite-lived intangible assets, original cost | $ 17,886.3 | $ 17,550.9 | |||
Finite-lived intangible assets, accumulated amortization | 4,450.5 | 4,024.2 | |||
Finite-lived intangible assets, net book value | 13,435.8 | 13,526.7 | |||
In-process research and development | 934.2 | 921.1 | |||
Intangible assets, gross, excluding goodwill | 18,820.5 | 18,472.0 | |||
Intangible assets, net book value, excluding goodwill | $ 14,370.0 | $ 14,447.8 | |||
Product rights and licenses | |||||
Intangible Assets by Major Class [Line Items] | |||||
Finite-lived intangible assets, estimated useful life, in years | 15 years | 15 years | |||
Finite-lived intangible assets, original cost | $ 17,300.9 | $ 16,968.4 | |||
Finite-lived intangible assets, accumulated amortization | 3,986.2 | 3,585.7 | |||
Finite-lived intangible assets, net book value | $ 13,314.7 | $ 13,382.7 | |||
Patents and technologies | |||||
Intangible Assets by Major Class [Line Items] | |||||
Finite-lived intangible assets, estimated useful life, in years | 20 years | 20 years | |||
Finite-lived intangible assets, original cost | $ 116.6 | $ 116.6 | |||
Finite-lived intangible assets, accumulated amortization | 109.6 | 108.5 | |||
Finite-lived intangible assets, net book value | $ 7.0 | $ 8.1 | |||
Other | |||||
Intangible Assets by Major Class [Line Items] | |||||
Finite-lived intangible assets, estimated useful life, in years | 6 years | 6 years | |||
Finite-lived intangible assets, original cost | [1] | $ 468.8 | $ 465.9 | ||
Finite-lived intangible assets, accumulated amortization | [1] | 354.7 | 330.0 | ||
Finite-lived intangible assets, net book value | [1] | $ 114.1 | $ 135.9 | ||
|
Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 342.4 | $ 242.3 |
Goodwill and Intangibles Assets (Expected Amortization Expense) (Details) $ in Millions |
Mar. 31, 2017
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Expected amortization expense, remainder of 2017 | $ 942 |
Expected amortization expense, 2018 | 1,220 |
Expected amortization expense, 2019 | 1,130 |
Expected amortization expense, 2020 | 1,010 |
Expected amortization expense, 2021 | $ 936 |
Financial Instruments and Risk Management (Narrative) (Details) € in Millions, $ in Millions |
3 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017
EUR (€)
|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Nov. 22, 2016
EUR (€)
|
Nov. 22, 2016
USD ($)
|
Jun. 09, 2016 |
||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Long-term Debt, Gross | $ 15,018.0 | |||||||||||||||||||||
Pre-tax net losses on cash flow hedges to be reclassified from AOCE into earnings in next twelve months | $ 1.0 | |||||||||||||||||||||
Contingent consideration | Minimum | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Rate used to discount net cash inflows to present value | 0.90% | 0.90% | ||||||||||||||||||||
Contingent consideration | Maximum | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Rate used to discount net cash inflows to present value | 10.00% | 10.00% | ||||||||||||||||||||
Senior Notes | 2020 Euro Senior Notes | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Long-term Debt, Gross | € | € 750 | |||||||||||||||||||||
Long-term debt | [1] | 796.0 | $ 785.7 | |||||||||||||||||||
Stated percentage rate | [1] | 1.25% | 1.25% | |||||||||||||||||||
Senior Notes | 2024 Euro Senior Notes | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Long-term Debt, Gross | $ 1,000.0 | |||||||||||||||||||||
Long-term debt | [2] | 1,062.8 | 1,049.2 | |||||||||||||||||||
Stated percentage rate | [2] | 2.25% | 2.25% | |||||||||||||||||||
Senior Notes | 2026 Senior Notes (3.950% coupon) | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Long-term debt | [3] | 2,233.9 | 2,233.5 | |||||||||||||||||||
Stated percentage rate | [3] | 3.95% | ||||||||||||||||||||
Senior Notes | 2028 Euro Senior Notes | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Long-term debt | [4] | 791.3 | 781.1 | |||||||||||||||||||
Stated percentage rate | [4] | 3.125% | 3.125% | |||||||||||||||||||
Senior Notes | 2018 Floating Rate Euro Notes | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Long-term Debt, Gross | € | € 500 | |||||||||||||||||||||
Long-term debt | [5] | $ 532.8 | $ 526.0 | |||||||||||||||||||
Net Investment Hedging | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Notional amount of derivative | € | € 1,400 | |||||||||||||||||||||
Amount of Ineffectiveness on Net Investment Hedges | € | 0 | |||||||||||||||||||||
Net Investment Hedging | 2024 Euro Senior Notes | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Notional amount of derivative | € | 604 | |||||||||||||||||||||
Net Investment Hedging | 2028 Euro Senior Notes | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Notional amount of derivative | € | € 750 | |||||||||||||||||||||
Jai Pharma Limited [Member] | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | [6] | $ 9.9 | ||||||||||||||||||||
Jai Pharma Limited [Member] | Other current liabilities | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | [6],[7] | 4.0 | ||||||||||||||||||||
Agila Specialties | Other current liabilities | ||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||
Litigation Settlement, Amount | $ 12.5 | |||||||||||||||||||||
|
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Value of Derivative Instruments Derivatives Designated As Hedging Instruments) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 88.2 | $ 62.2 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 71.4 | 48.1 |
Designated as Hedging Instrument | Prepaid expenses and other current assets | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 23.9 | 26.2 |
Designated as Hedging Instrument | Prepaid expenses and other current assets | Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 47.5 | $ 21.9 |
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Values of Derivative Instruments Derivatives Not Designated As Hedging Instrument) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 88.2 | $ 62.2 |
Fair value of financial instruments | 8.5 | 15.3 |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 16.9 | 14.0 |
Fair value of financial instruments | 8.5 | 15.3 |
Not Designated as Hedging Instruments | Prepaid expenses and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | 16.9 | 14.0 |
Not Designated as Hedging Instruments | Other current liabilities | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of financial instruments | $ 8.5 | $ 15.3 |
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Fair Value Hedging Relationships) (Details) - Fair Value Hedging Relationships - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) Gain Recognized in Earnings on Derivatives | $ (2.4) | $ 29.6 |
Amount of Gain (Loss) Recognized in Earnings on Hedged Items | 2.4 | (29.6) |
Interest expense | Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) Gain Recognized in Earnings on Derivatives | (2.4) | 29.6 |
Interest expense | 2023 Senior Notes (3.125% coupon) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Earnings on Hedged Items | $ 2.4 | $ (29.6) |
Financial Instruments and Risk Management Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings Derivatives in Cash Flow Hedging Relationships) (Details) (Details) - Cash Flow Hedging - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | $ 14.8 | $ (40.3) |
Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | 14.1 | (4.4) |
Interest rate swaps | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | $ 0.7 | $ (35.9) |
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings Derivatives in Net Investment Hedging Relationships (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Gains and Losses on Derivatives | Net Investment Hedging | Foreign currency borrowings and forward contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | $ (9.9) | $ 0.0 |
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Cash Flow Hedging Relationships) (Details) - Cash Flow Hedging - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) Gain Reclassified from AOCE into Earnings (Effective Portion) | $ (7.0) | $ (9.7) |
Amount of (Loss) Gain Excluded from the Assessment of Hedge Effectiveness | (0.8) | 7.3 |
Foreign currency forward contracts | Net sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) Gain Reclassified from AOCE into Earnings (Effective Portion) | (5.2) | (10.6) |
Foreign currency forward contracts | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) Gain Excluded from the Assessment of Hedge Effectiveness | 7.3 | |
Foreign currency forward contracts | Other expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) Gain Excluded from the Assessment of Hedge Effectiveness | (0.8) | |
Interest rate swaps | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Loss) Gain Reclassified from AOCE into Earnings (Effective Portion) | $ (1.8) | $ 0.9 |
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations, Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Earnings on Derivatives | $ (0.3) | $ (15.0) |
Foreign currency forward contracts | Other expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Loss Recognized in Earnings on Derivatives | $ (0.3) | $ (15.0) |
Financial Instruments and Risk Management (Financial Assets and Liabilities Carried at Fair Value) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 275.8 | $ 433.7 |
Trading securities | 30.7 | 29.6 |
Total assets at recurring fair value measurement | 486.1 | 609.1 |
Total liabilities at recurring fair value measurement | 574.5 | 579.9 |
Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivative assets | 64.4 | 35.9 |
Foreign exchange derivative liabilities | 15.3 | |
Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivative liabilities | 8.5 | |
Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 566.0 | 564.6 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 275.8 | 433.7 |
Equity securities — exchange traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 30.7 | 29.6 |
Available-for-sale fixed income investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 31.9 | 31.4 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 18.3 | 17.5 |
U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 6.0 | 6.0 |
Agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3.8 | 4.0 |
Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1.6 | 1.6 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2.2 | 2.3 |
Total available-for-sale equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 59.4 | 52.3 |
Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 59.4 | 52.3 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap derivative assets | 23.9 | 26.2 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 275.8 | 433.7 |
Trading securities | 30.7 | 29.6 |
Total assets at recurring fair value measurement | 365.9 | 515.6 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 275.8 | 433.7 |
Level 1 | Equity securities — exchange traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 30.7 | 29.6 |
Level 1 | Total available-for-sale equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 59.4 | 52.3 |
Level 1 | Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 59.4 | 52.3 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at recurring fair value measurement | 120.2 | 93.5 |
Total liabilities at recurring fair value measurement | 8.5 | 15.3 |
Level 2 | Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivative assets | 64.4 | 35.9 |
Foreign exchange derivative liabilities | 8.5 | 15.3 |
Level 2 | Available-for-sale fixed income investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 31.9 | 31.4 |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 18.3 | 17.5 |
Level 2 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 6.0 | 6.0 |
Level 2 | Agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3.8 | 4.0 |
Level 2 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1.6 | 1.6 |
Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2.2 | 2.3 |
Level 2 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap derivative assets | 23.9 | 26.2 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at recurring fair value measurement | 566.0 | 564.6 |
Level 3 | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ 566.0 | $ 564.6 |
Financial Instruments and Risk Management Financial Instruments and Risk Management (Rollforward of Contingent Consideration) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Accretion expense | $ 7.8 | ||||||||
Business Combination Contingent Consideration Liability Payments | (16.3) | ||||||||
Contingent consideration | 566.0 | $ 564.6 | |||||||
Jai Pharma Limited [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | [1] | 9.9 | |||||||
Other current liabilities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Accretion expense | [2] | 0.0 | |||||||
Business Combination Contingent Consideration Liability Payments | [2] | (16.1) | |||||||
Contingent consideration | [2] | 244.8 | 256.9 | ||||||
Other current liabilities | Jai Pharma Limited [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | [1],[2] | 4.0 | |||||||
Other long-term obligations | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Accretion expense | [3] | 7.8 | |||||||
Business Combination Contingent Consideration Liability Payments | [3] | (0.2) | |||||||
Contingent consideration | [3] | 321.2 | $ 307.7 | ||||||
Other long-term obligations | Jai Pharma Limited [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | [1],[3] | $ 5.9 | |||||||
|
Debt (Summary of Long-Term Debt) (Details) SEK in Millions, $ in Millions |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017
SEK
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Nov. 22, 2016
USD ($)
|
Jun. 09, 2016 |
Dec. 09, 2015 |
Dec. 24, 2013 |
Nov. 13, 2013 |
Jun. 18, 2013 |
||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | $ 227.2 | $ 223.3 | ||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance expense | (85.7) | (92.2) | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 14,700.8 | 15,202.9 | ||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt and other long-term obligations | 294.4 | 290.0 | ||||||||||||||||||||||||||||||||||||||||||
2016 Term Loans | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | $ 1,050.0 | [1] | 1,600.0 | [1] | $ 2,000.0 | |||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | 1.375% | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Weighted Average Interest Rate | 2.35% | 2.35% | ||||||||||||||||||||||||||||||||||||||||||
Other Current Portion of Long-term Debt | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | $ 4.3 | 3.7 | ||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 7.1 | 7.1 | ||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2018 Senior Notes (2.600% coupon) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [2] | 2.60% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [2] | 649.6 | 649.6 | |||||||||||||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.30% | |||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2018 Senior Notes (3.000% coupon) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [2] | 3.00% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [2] | 499.6 | 499.6 | |||||||||||||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.30% | |||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2019 Senior Notes (2.500% coupon) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [3] | 2.50% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [3] | 999.2 | 999.1 | |||||||||||||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.25% | |||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2019 Senior Notes (2.550% coupon) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [4] | 2.55% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [4] | 499.5 | 499.5 | |||||||||||||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.20% | |||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2020 Euro Senior Notes | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [5] | 1.25% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [5] | 796.0 | 785.7 | |||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2020 Senior Notes (3.750% coupon) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [6] | 3.75% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [6] | 499.9 | 499.9 | |||||||||||||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.35% | |||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2021 Senior Notes (3.150% coupon) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [7] | 3.15% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [7] | 2,247.8 | 2,247.7 | |||||||||||||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.30% | |||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2023 Senior Notes (3.125% coupon) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [4] | 3.125% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [4] | 772.9 | 775.3 | |||||||||||||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.20% | |||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2023 Senior Notes (4.200% coupon) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [8] | 4.20% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [8] | 498.6 | 498.6 | |||||||||||||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.25% | |||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2024 Euro Senior Notes | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [9] | 2.25% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [9] | 1,062.8 | 1,049.2 | |||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2026 Senior Notes (3.950% coupon) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [10] | 3.95% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [10] | 2,233.9 | 2,233.5 | |||||||||||||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.35% | |||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2028 Euro Senior Notes | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [11] | 3.125% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [11] | 791.3 | 781.1 | |||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2043 Senior Notes (5.400% coupon) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [12] | 5.40% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [12] | 497.1 | 497.0 | |||||||||||||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.25% | |||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2046 Senior Notes (5.250% coupon) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Stated percentage rate | [13] | 5.25% | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [13] | 999.8 | 999.8 | |||||||||||||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.40% | |||||||||||||||||||||||||||||||||||||||||||
Senior Notes | 2018 Floating Rate Euro Notes | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | [14] | 532.8 | 526.0 | |||||||||||||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.87% | |||||||||||||||||||||||||||||||||||||||||||
Bank Loan Obligations | Meda Bank Loan (2 Billion Kr) | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | [15] | 222.9 | 219.6 | |||||||||||||||||||||||||||||||||||||||||
Long-term debt | SEK | SEK 2,000.0 | |||||||||||||||||||||||||||||||||||||||||||
Medium-term Notes | Meda Medium Term Notes | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | SEK 1,300.0 | $ 148.6 | [16] | $ 146.4 | [16] | |||||||||||||||||||||||||||||||||||||||
Long-term Debt, Weighted Average Interest Rate | 2.01% | 2.01% | ||||||||||||||||||||||||||||||||||||||||||
Medium-term Notes | Maximum | Meda Medium Term Notes | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | SEK | SEK 7,000.0 | |||||||||||||||||||||||||||||||||||||||||||
Medium-term Notes | 2018 | Meda Medium Term Notes | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | SEK | 588.0 | |||||||||||||||||||||||||||||||||||||||||||
Medium-term Notes | 2019 | Meda Medium Term Notes | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | SEK | SEK 745.0 | |||||||||||||||||||||||||||||||||||||||||||
|
Debt (Receivables Facility) (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 31.0 | $ 46.4 |
Receivables Facility | ||
Short-term Debt [Line Items] | ||
Accounts receivable securitization facility maximum borrowing capacity | 400.0 | |
Short-term borrowings | $ 0.0 | $ 0.0 |
Debt (2016 Revolving Credit Agreement) (Narrative) (Details) - Line of Credit [Member] - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
Nov. 22, 2016 |
|
2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000.0 | ||
Line of Credit Facility, Interest Rate During Period | 1.20% | ||
Line of credit base interest rate | 0.20% | ||
New Revolving Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.175% | ||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0.0 | $ 0.0 | |
Subfacility for Letters of Credit [Member] | 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 200.0 | ||
Subfacility for Swing Line Borrowings [Member] | 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 175.0 |
Debt (2016 Term Credit Agreement) (Narrative) (Details) - 2016 Term Loans - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
Nov. 22, 2016 |
|||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 1,050.0 | [1] | $ 1,600.0 | [1] | $ 2,000.0 | ||
Debt Related Commitment Fees and Debt Issuance Costs | 1.9 | ||||||
Repayments of Debt | $ 550.0 | $ 400.0 | |||||
Debt Instrument, Interest Rate During Period | 1.375% | ||||||
Line of credit base interest rate | 0.375% | ||||||
|
Debt (Euro Notes) (Narrative) (Details) - Senior Notes - USD ($) $ in Millions |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
||||||||||
2018 Floating Rate Euro Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | [1] | $ 532.8 | $ 526.0 | ||||||||
Foreign Currency Transaction Gain (Loss), Unrealized | (6.8) | ||||||||||
2020 Euro Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | [2] | 796.0 | 785.7 | ||||||||
Debt Instrument, Unamortized Discount | 3.1 | ||||||||||
Foreign Currency Transaction Gain (Loss), Unrealized | (10.2) | ||||||||||
2024 Euro Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | [3] | 1,062.8 | 1,049.2 | ||||||||
Debt Instrument, Unamortized Discount | 2.7 | ||||||||||
Foreign Currency Transaction Gain (Loss), Unrealized | (13.6) | ||||||||||
2028 Euro Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | [4] | 791.3 | $ 781.1 | ||||||||
Debt Instrument, Unamortized Discount | 7.9 | ||||||||||
Foreign Currency Transaction Gain (Loss), Unrealized | $ (10.2) | ||||||||||
|
Debt (Fair Value) (Narrative) (Details) - Senior Notes - USD ($) $ in Billions |
Mar. 31, 2017 |
Dec. 31, 2016 |
Jun. 09, 2016 |
Dec. 09, 2015 |
Dec. 24, 2013 |
Nov. 13, 2013 |
Jun. 18, 2013 |
|||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Fair value of long-term debt | $ 13.7 | $ 13.2 | ||||||||||||||||||||||||
2018 Senior Notes (2.600% coupon) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated percentage rate | [1] | 2.60% | ||||||||||||||||||||||||
2018 Senior Notes (3.000% coupon) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated percentage rate | [1] | 3.00% | ||||||||||||||||||||||||
2019 Senior Notes (2.500% coupon) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated percentage rate | [2] | 2.50% | ||||||||||||||||||||||||
2019 Senior Notes (2.550% coupon) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated percentage rate | [3] | 2.55% | ||||||||||||||||||||||||
2020 Senior Notes (3.750% coupon) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated percentage rate | [4] | 3.75% | ||||||||||||||||||||||||
2021 Senior Notes (3.150% coupon) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated percentage rate | [5] | 3.15% | ||||||||||||||||||||||||
2023 Senior Notes (3.125% coupon) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated percentage rate | [3] | 3.125% | ||||||||||||||||||||||||
2023 Senior Notes (4.200% coupon) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated percentage rate | [6] | 4.20% | ||||||||||||||||||||||||
2026 Senior Notes (3.950% coupon) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated percentage rate | [7] | 3.95% | ||||||||||||||||||||||||
2043 Senior Notes (5.400% coupon) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated percentage rate | [8] | 5.40% | ||||||||||||||||||||||||
2046 Senior Notes (5.250% coupon) | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Stated percentage rate | [9] | 5.25% | ||||||||||||||||||||||||
|
Debt (Minimum Repayments on Outstanding Borrowings) (Details) $ in Millions |
Mar. 31, 2017
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2017 | $ 223 |
2018 | 1,748 |
2019 | 2,633 |
2020 | 1,299 |
2021 | 2,250 |
Thereafter | 6,865 |
Total | $ 15,018 |
Comprehensive Earnings (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized gain on marketable securities, net of tax | $ 19.4 | $ 14.5 | ||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (0.3) | (0.5) | ||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | $ (49.1) | |||
Foreign currency translation adjustment | (1,803.5) | (2,237.7) | ||
Accumulated other comprehensive loss | (1,813.0) | (2,263.7) | ||
Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 32.4 | (49.1) | ||
Net Investment Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | (9.9) | 0.0 | ||
Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses on derivatives in cash flow hedging relationships, net of tax | (48.9) | $ (18.1) | ||
Gains and Losses on Derivatives | Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses on derivatives in cash flow hedging relationships, net of tax | (17.3) | (38.6) | ||
Gains and Losses on Derivatives | Net Investment Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses on derivatives in cash flow hedging relationships, net of tax | (11.3) | $ (1.4) | ||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | $ (11.3) | $ (1.4) |
Comprehensive Earnings (Components Of Other Comprehensive Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized gain (loss) on marketable securities, net of tax, beginning of period | $ 14.5 | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (0.3) | $ (0.5) | ||
Foreign currency translation adjustment, beginning of period | (2,237.7) | |||
Accumulated other comprehensive loss, net of tax, beginning of period | (2,263.7) | |||
Net sales | 2,687.4 | $ 2,176.1 | ||
Interest expense | 138.2 | 70.3 | ||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | (49.1) | |||
Other comprehensive earnings (loss), available-for-sale securities adjustment, before tax | 7.7 | 4.4 | ||
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.0 | (0.3) | ||
Other comprehensive earnings, before tax | 464.4 | 457.0 | ||
Income tax (benefit) provision | 5.2 | 5.1 | ||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | 19.4 | |||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | (0.3) | |||
Foreign currency translation adjustment, end of period | (1,803.5) | |||
Accumulated other comprehensive loss, net of tax, end of period | (1,813.0) | |||
Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | (18.1) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (39.4) | |||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | (48.9) | |||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Earnings | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | (18.3) | |||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Earnings | Foreign currency forward contracts | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net sales | 5.2 | (10.6) | ||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Earnings | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1.8 | 0.9 | ||
Gains and Losses on Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized gain (loss) on marketable securities, net of tax, beginning of period | 14.5 | (1.0) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | 7.7 | 4.4 | ||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | 19.4 | 1.8 | ||
Gains and Losses on Marketable Securities | Reclassification out of Accumulated Other Comprehensive Earnings | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | 2.8 | 1.6 | ||
Defined Benefit Plan Items | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (0.3) | (15.1) | $ (0.5) | $ (14.9) |
Other comprehensive earnings (loss) before reclassifications, before tax | (0.3) | (0.6) | ||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | (0.3) | (15.1) | ||
Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Earnings | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service costs | 0.1 | 0.1 | ||
Other comprehensive earnings (loss), reclassification adjustment from AOCE, pension and other postretirement benefit plans, for net gain (loss), before tax | 0.2 | 0.2 | ||
Income tax (benefit) provision | (0.2) | (0.1) | ||
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustment, beginning of period | (2,237.7) | (1,730.3) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | 434.2 | 502.0 | ||
Other comprehensive earnings, before tax | 434.2 | 502.0 | ||
Foreign currency translation adjustment, end of period | (1,803.5) | (1,228.3) | ||
Foreign Currency Translation Adjustment | Reclassification out of Accumulated Other Comprehensive Earnings | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax (benefit) provision | 0.0 | 0.0 | ||
Accumulated Other Comprehensive Earnings (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss, net of tax, beginning of period | (2,263.7) | (1,764.3) | ||
Other comprehensive earnings (loss) before reclassifications, before tax | 457.1 | 466.4 | ||
Other comprehensive earnings, before tax | 464.4 | 457.0 | ||
Accumulated other comprehensive loss, net of tax, end of period | (1,813.0) | (1,290.5) | ||
Accumulated Other Comprehensive Earnings (Loss) | Reclassification out of Accumulated Other Comprehensive Earnings | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service costs | 0.1 | 0.1 | ||
Other comprehensive earnings (loss), reclassification adjustment from AOCE, pension and other postretirement benefit plans, for net gain (loss), before tax | 0.2 | 0.2 | ||
Income tax (benefit) provision | 13.7 | (16.8) | ||
Accumulated Other Comprehensive Earnings (Loss) | Reclassification out of Accumulated Other Comprehensive Earnings | Foreign currency forward contracts | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net sales | 5.2 | (10.6) | ||
Accumulated Other Comprehensive Earnings (Loss) | Reclassification out of Accumulated Other Comprehensive Earnings | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1.8 | 0.9 | ||
Cash Flow Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 32.4 | (49.1) | ||
Cash Flow Hedging | Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | (38.6) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 25.4 | |||
Income tax (benefit) provision | 11.1 | |||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | (17.3) | |||
Cash Flow Hedging | Gains and Losses on Derivatives | Foreign currency forward contracts | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net sales | 5.2 | |||
Cash Flow Hedging | Gains and Losses on Derivatives | Interest rate swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest expense | 1.8 | |||
Net Investment Hedging | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | (9.9) | 0.0 | ||
Net Investment Hedging | Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | (1.4) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | (9.9) | |||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | (11.3) | $ (1.4) | ||
Income tax (benefit) provision | 0.0 | |||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | $ (11.3) |
Shareholders' Equity (Summary Of Change In Shareholders' Equity) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||
Shareholders' equity, beginning balance | $ 11,117.6 | $ 9,765.8 |
Net earnings | 66.4 | 13.9 |
Other comprehensive earnings, net of tax | 450.7 | 473.8 |
Stock option activity | 5.2 | 3.5 |
Share-based compensation expense | 23.1 | 26.5 |
Issuance of restricted stock, net of shares withheld | (5.6) | 9.9 |
Tax benefit of stock option plans | 1.2 | |
Other | (1.4) | 0.1 |
Shareholders' equity, ending balance | 11,656.0 | 10,274.9 |
Total Mylan N.V. Shareholders' Equity | ||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||
Shareholders' equity, beginning balance | 11,116.2 | 9,764.4 |
Net earnings | 66.4 | 13.9 |
Other comprehensive earnings, net of tax | 450.7 | 473.8 |
Stock option activity | 5.2 | 3.5 |
Share-based compensation expense | 23.1 | 26.5 |
Issuance of restricted stock, net of shares withheld | (5.6) | (9.9) |
Tax benefit of stock option plans | 1.2 | |
Other | 0.0 | 0.0 |
Shareholders' equity, ending balance | 11,656.0 | 10,273.4 |
Noncontrolling Interest | ||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||
Shareholders' equity, beginning balance | 1.4 | 1.4 |
Net earnings | 0.0 | 0.0 |
Other | (1.4) | 0.1 |
Shareholders' equity, ending balance | $ 0.0 | $ 1.5 |
Segment Information (Narrative) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2017
segments
| |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Europe Segment | |
Segment Reporting Information [Line Items] | |
Number of Countries in which Entity Operates | 35 |
Segment Information (Reconciliation Of Segment Information To Total Consolidated Information) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Segment Reporting Information [Line Items] | ||
Total revenues | $ 2,719.5 | $ 2,191.3 |
Segment profitability | 227.2 | 105.6 |
Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 2,687.4 | 2,176.1 |
Other revenue | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 32.1 | 15.2 |
Corporate / Other | ||
Segment Reporting Information [Line Items] | ||
Total revenues | (155.1) | (116.6) |
Segment profitability | (672.9) | (622.4) |
North America Segment | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 1,251.4 | 1,177.8 |
North America Segment | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 1,214.9 | 1,157.5 |
Segment profitability | 589.7 | 573.8 |
North America Segment | Other revenue | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 23.4 | 14.0 |
North America Segment | Intersegment | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 13.1 | 6.3 |
Europe Segment | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 941.6 | 609.6 |
Europe Segment | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 892.0 | 584.3 |
Segment profitability | 233.8 | 124.6 |
Europe Segment | Other revenue | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 6.7 | 0.3 |
Europe Segment | Intersegment | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 42.9 | 25.2 |
Rest of World Segment | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 681.6 | 520.5 |
Rest of World Segment | Operating Segment | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 580.5 | 434.3 |
Segment profitability | 76.6 | 29.6 |
Rest of World Segment | Other revenue | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 2.0 | 1.1 |
Rest of World Segment | Intersegment | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 99.1 | $ 85.1 |
Subsidiary Guarantors (Narrative) (Details) - Senior Notes |
Jun. 09, 2016 |
Dec. 09, 2015 |
Dec. 24, 2013 |
Nov. 13, 2013 |
Jun. 18, 2013 |
|||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2021 Senior Notes (3.150% coupon) | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.15% | ||||||||||||||||||||||
2026 Senior Notes (3.950% coupon) | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.95% | ||||||||||||||||||||||
2046 Senior Notes (5.250% coupon) | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 5.25% | ||||||||||||||||||||||
2018 Senior Notes (2.600% coupon) | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 2.60% | ||||||||||||||||||||||
2019 Senior Notes (2.550% coupon) | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [5] | 2.55% | ||||||||||||||||||||||
2023 Senior Notes (3.125% coupon) | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [5] | 3.125% | ||||||||||||||||||||||
2023 Senior Notes (4.200% coupon) | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [6] | 4.20% | ||||||||||||||||||||||
2043 Senior Notes (5.400% coupon) | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7] | 5.40% | ||||||||||||||||||||||
2018 Senior Notes (3.000% coupon) | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 3.00% | ||||||||||||||||||||||
2019 Senior Notes (2.500% coupon) | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [8] | 2.50% | ||||||||||||||||||||||
2020 Senior Notes (3.750% coupon) | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [9] | 3.75% | ||||||||||||||||||||||
|
Subsidiary Guarantors Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Condensed Income Statements, Captions [Line Items] | ||
Net sales | $ 2,687.4 | $ 2,176.1 |
Other revenues | 32.1 | 15.2 |
Total revenues | 2,719.5 | 2,191.3 |
Cost of sales | 1,634.5 | 1,284.3 |
Gross profit | 1,085.0 | 907.0 |
Research and development | 217.5 | 253.6 |
Selling, general and administrative | 631.3 | 549.3 |
Litigation settlements and other contingencies, net | 9.0 | (1.5) |
Total operating expenses | 857.8 | 801.4 |
Earnings from operations | 227.2 | 105.6 |
Interest expense | 138.2 | 70.3 |
Other expense (income), net | 17.4 | 16.3 |
Earnings before income taxes | 71.6 | 19.0 |
Income tax (benefit) provision | 5.2 | 5.1 |
Earnings (losses) of equity interest subsidiaries | 0.0 | 0.0 |
Net earnings | 66.4 | 13.9 |
Eliminations | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 0.0 | 0.0 |
Other revenues | 0.0 | 0.0 |
Total revenues | 0.0 | 0.0 |
Cost of sales | 0.0 | 0.0 |
Gross profit | 0.0 | 0.0 |
Research and development | 0.0 | 0.0 |
Selling, general and administrative | 0.0 | 0.0 |
Litigation settlements and other contingencies, net | 0.0 | 0.0 |
Total operating expenses | 0.0 | 0.0 |
Earnings from operations | 0.0 | 0.0 |
Interest expense | 0.0 | 0.0 |
Other expense (income), net | 0.0 | 0.0 |
Earnings before income taxes | 0.0 | 0.0 |
Income tax (benefit) provision | 0.0 | 0.0 |
Earnings (losses) of equity interest subsidiaries | (293.5) | (305.2) |
Net earnings | (293.5) | (305.2) |
Mylan N.V. | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 0.0 | 0.0 |
Other revenues | 0.0 | 0.0 |
Total revenues | 0.0 | 0.0 |
Cost of sales | 0.0 | 0.0 |
Gross profit | 0.0 | 0.0 |
Research and development | 0.0 | 0.0 |
Selling, general and administrative | 12.6 | 13.2 |
Litigation settlements and other contingencies, net | 0.0 | 0.0 |
Total operating expenses | 12.6 | 13.2 |
Earnings from operations | (12.6) | (13.2) |
Interest expense | 97.6 | 13.3 |
Other expense (income), net | (95.5) | 0.0 |
Earnings before income taxes | (14.7) | (26.5) |
Income tax (benefit) provision | (1.6) | 0.0 |
Earnings (losses) of equity interest subsidiaries | 79.5 | 40.4 |
Net earnings | 66.4 | 13.9 |
Mylan Inc. | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 0.0 | 0.0 |
Other revenues | 0.0 | 0.0 |
Total revenues | 0.0 | 0.0 |
Cost of sales | 0.0 | 0.0 |
Gross profit | 0.0 | 0.0 |
Research and development | 0.0 | 0.0 |
Selling, general and administrative | 156.5 | 176.0 |
Litigation settlements and other contingencies, net | 0.0 | 0.0 |
Total operating expenses | 156.5 | 176.0 |
Earnings from operations | (156.5) | (176.0) |
Interest expense | 25.4 | 41.5 |
Other expense (income), net | (57.3) | 0.0 |
Earnings before income taxes | (124.6) | (217.5) |
Income tax (benefit) provision | 3.2 | 9.0 |
Earnings (losses) of equity interest subsidiaries | 214.0 | 264.8 |
Net earnings | 86.2 | 38.3 |
Guarantor Subsidiaries | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 0.0 | 0.0 |
Other revenues | 0.0 | 0.0 |
Total revenues | 0.0 | 0.0 |
Cost of sales | 0.0 | 0.0 |
Gross profit | 0.0 | 0.0 |
Research and development | 0.0 | 0.0 |
Selling, general and administrative | 0.0 | 0.0 |
Litigation settlements and other contingencies, net | 0.0 | 0.0 |
Total operating expenses | 0.0 | 0.0 |
Earnings from operations | 0.0 | 0.0 |
Interest expense | 0.0 | 0.0 |
Other expense (income), net | 0.0 | 0.0 |
Earnings before income taxes | 0.0 | 0.0 |
Income tax (benefit) provision | 0.0 | 0.0 |
Earnings (losses) of equity interest subsidiaries | 0.0 | 0.0 |
Net earnings | 0.0 | 0.0 |
Non-Guarantor Subsidiaries | ||
Condensed Income Statements, Captions [Line Items] | ||
Net sales | 2,687.4 | 2,176.1 |
Other revenues | 32.1 | 15.2 |
Total revenues | 2,719.5 | 2,191.3 |
Cost of sales | 1,634.5 | 1,284.3 |
Gross profit | 1,085.0 | 907.0 |
Research and development | 217.5 | 253.6 |
Selling, general and administrative | 462.2 | 360.1 |
Litigation settlements and other contingencies, net | 9.0 | (1.5) |
Total operating expenses | 688.7 | 612.2 |
Earnings from operations | 396.3 | 294.8 |
Interest expense | 15.2 | 15.5 |
Other expense (income), net | 170.2 | 16.3 |
Earnings before income taxes | 210.9 | 263.0 |
Income tax (benefit) provision | 3.6 | (3.9) |
Earnings (losses) of equity interest subsidiaries | 0.0 | 0.0 |
Net earnings | $ 207.3 | $ 266.9 |
Subsidiary Guarantors Condensed Consolidating Statement of Comprehensive Earnings (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Condensed Statement of Income Captions [Line Items] | ||
Net earnings | $ 66.4 | $ 13.9 |
Foreign currency translation adjustment | 434.2 | 502.0 |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.0 | (0.3) |
Net unrecognized (loss) gain on derivatives | (49.1) | |
Net unrealized gain on marketable securities | 7.7 | 4.4 |
Other comprehensive earnings, before tax | 464.4 | 457.0 |
Income tax provision (benefit) | 13.7 | (16.8) |
Other comprehensive earnings, net of tax | 450.7 | 473.8 |
Comprehensive earnings | 517.1 | 487.7 |
Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 32.4 | (49.1) |
Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | (9.9) | 0.0 |
Eliminations | ||
Condensed Statement of Income Captions [Line Items] | ||
Net earnings | (293.5) | (305.2) |
Foreign currency translation adjustment | (434.2) | (502.0) |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.0 | 0.3 |
Net unrecognized (loss) gain on derivatives | 49.1 | |
Net unrealized gain on marketable securities | (7.7) | (4.4) |
Other comprehensive earnings, before tax | (464.4) | (457.0) |
Income tax provision (benefit) | (13.7) | 16.8 |
Other comprehensive earnings, net of tax | (450.7) | (473.8) |
Comprehensive earnings | (744.2) | (779.0) |
Eliminations | Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | (32.4) | |
Eliminations | Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 9.9 | |
Mylan N.V. | ||
Condensed Statement of Income Captions [Line Items] | ||
Net earnings | 66.4 | 13.9 |
Foreign currency translation adjustment | 434.2 | 502.0 |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.0 | (0.3) |
Net unrecognized (loss) gain on derivatives | (49.1) | |
Net unrealized gain on marketable securities | 7.7 | 4.4 |
Other comprehensive earnings, before tax | 464.4 | 457.0 |
Income tax provision (benefit) | 13.7 | (16.8) |
Other comprehensive earnings, net of tax | 450.7 | 473.8 |
Comprehensive earnings | 517.1 | 487.7 |
Mylan N.V. | Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 32.4 | |
Mylan N.V. | Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | (9.9) | |
Mylan Inc. | ||
Condensed Statement of Income Captions [Line Items] | ||
Net earnings | 86.2 | 38.3 |
Foreign currency translation adjustment | 0.0 | 0.0 |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.1 | 0.0 |
Net unrecognized (loss) gain on derivatives | (58.4) | |
Net unrealized gain on marketable securities | 7.8 | 3.8 |
Other comprehensive earnings, before tax | 9.7 | (54.6) |
Income tax provision (benefit) | (3.6) | (20.2) |
Other comprehensive earnings, net of tax | 13.3 | (34.4) |
Comprehensive earnings | 99.5 | 3.9 |
Mylan Inc. | Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 1.8 | |
Mylan Inc. | Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 0.0 | |
Guarantor Subsidiaries | ||
Condensed Statement of Income Captions [Line Items] | ||
Net earnings | 0.0 | 0.0 |
Foreign currency translation adjustment | 0.0 | 0.0 |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.0 | 0.0 |
Net unrecognized (loss) gain on derivatives | 0.0 | |
Net unrealized gain on marketable securities | 0.0 | 0.0 |
Other comprehensive earnings, before tax | 0.0 | 0.0 |
Income tax provision (benefit) | 0.0 | 0.0 |
Other comprehensive earnings, net of tax | 0.0 | 0.0 |
Comprehensive earnings | 0.0 | 0.0 |
Guarantor Subsidiaries | Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 0.0 | |
Guarantor Subsidiaries | Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 0.0 | |
Non-Guarantor Subsidiaries | ||
Condensed Statement of Income Captions [Line Items] | ||
Net earnings | 207.3 | 266.9 |
Foreign currency translation adjustment | 434.2 | 502.0 |
Change in unrecognized gain and prior service cost related to defined benefit plans | (0.1) | (0.3) |
Net unrecognized (loss) gain on derivatives | 9.3 | |
Net unrealized gain on marketable securities | (0.1) | 0.6 |
Other comprehensive earnings, before tax | 454.7 | 511.6 |
Income tax provision (benefit) | 17.3 | 3.4 |
Other comprehensive earnings, net of tax | 437.4 | 508.2 |
Comprehensive earnings | 644.7 | $ 775.1 |
Non-Guarantor Subsidiaries | Cash Flow Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | 30.6 | |
Non-Guarantor Subsidiaries | Net Investment Hedging | ||
Condensed Statement of Income Captions [Line Items] | ||
Net unrecognized (loss) gain on derivatives | $ (9.9) |
Subsidiary Guarantors Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Current assets: | ||||
Cash and cash equivalents | $ 723.8 | $ 998.8 | $ 1,199.4 | $ 1,236.0 |
Accounts receivable, net | 2,872.0 | 3,310.9 | ||
Inventories | 2,547.8 | 2,456.4 | ||
Intercompany receivables | 0.0 | 0.0 | ||
Prepaid expenses and other current assets | 921.9 | 756.4 | ||
Total current assets | 7,065.5 | 7,522.5 | ||
Property, plant and equipment, net | 2,338.0 | 2,322.2 | ||
Investments in subsidiaries | 0.0 | 0.0 | ||
Intercompany notes and interest receivable | 0.0 | 0.0 | ||
Intangible assets, net | 14,370.0 | 14,447.8 | ||
Goodwill | 9,394.1 | 9,231.9 | ||
Other assets | 1,105.0 | 1,201.8 | ||
Total assets | 34,272.6 | 34,726.2 | ||
Current liabilities: | ||||
Trade accounts payable | 1,141.4 | 1,348.1 | ||
Short-term borrowings | 31.0 | 46.4 | ||
Income taxes payable | 31.0 | 97.7 | ||
Current portion of long-term debt and other long-term obligations | 294.4 | 290.0 | ||
Intercompany payables | 0.0 | 0.0 | ||
Other current liabilities | 3,026.4 | 3,258.5 | ||
Total current liabilities | 4,524.2 | 5,040.7 | ||
Long-term debt | 14,700.8 | 15,202.9 | ||
Intercompany notes payable | 0.0 | 0.0 | ||
Other long-term obligations | 3,391.6 | 3,365.0 | ||
Total liabilities | 22,616.6 | 23,608.6 | ||
Equity [Abstract] | ||||
Total equity | 11,656.0 | 11,117.6 | 10,274.9 | 9,765.8 |
Total liabilities and equity | 34,272.6 | 34,726.2 | ||
Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 |
Accounts receivable, net | 0.0 | 0.0 | ||
Inventories | 0.0 | 0.0 | ||
Intercompany receivables | (11,965.1) | (11,138.5) | ||
Prepaid expenses and other current assets | 0.0 | 0.0 | ||
Total current assets | (11,965.1) | (11,138.5) | ||
Property, plant and equipment, net | 0.0 | 0.0 | ||
Investments in subsidiaries | (24,637.0) | (23,884.0) | ||
Intercompany notes and interest receivable | (17,500.2) | (17,786.3) | ||
Intangible assets, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Other assets | 0.0 | 0.0 | ||
Total assets | (54,102.3) | (52,808.8) | ||
Current liabilities: | ||||
Trade accounts payable | 0.0 | 0.0 | ||
Short-term borrowings | 0.0 | 0.0 | ||
Income taxes payable | 0.0 | 0.0 | ||
Current portion of long-term debt and other long-term obligations | 0.0 | 0.0 | ||
Intercompany payables | (11,965.1) | (11,138.5) | ||
Other current liabilities | 0.0 | 0.0 | ||
Total current liabilities | (11,965.1) | (11,138.5) | ||
Long-term debt | 0.0 | 0.0 | ||
Intercompany notes payable | (17,500.2) | (17,786.3) | ||
Other long-term obligations | 0.0 | 0.0 | ||
Total liabilities | (29,465.3) | (28,924.8) | ||
Equity [Abstract] | ||||
Total equity | (24,637.0) | (23,884.0) | ||
Total liabilities and equity | (54,102.3) | (52,808.8) | ||
Mylan N.V. | ||||
Current assets: | ||||
Cash and cash equivalents | 0.0 | 0.3 | 0.0 | 0.0 |
Accounts receivable, net | 0.0 | 0.0 | ||
Inventories | 0.0 | 0.0 | ||
Intercompany receivables | 220.1 | 215.9 | ||
Prepaid expenses and other current assets | 6.4 | 0.0 | ||
Total current assets | 226.5 | 216.2 | ||
Property, plant and equipment, net | 0.0 | 0.0 | ||
Investments in subsidiaries | 16,047.7 | 15,606.2 | ||
Intercompany notes and interest receivable | 7,555.4 | 7,952.3 | ||
Intangible assets, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Other assets | 5.3 | 5.2 | ||
Total assets | 23,834.9 | 23,779.9 | ||
Current liabilities: | ||||
Trade accounts payable | 0.5 | 3.9 | ||
Short-term borrowings | 0.0 | 0.0 | ||
Income taxes payable | 0.0 | 0.0 | ||
Current portion of long-term debt and other long-term obligations | 0.0 | 0.0 | ||
Intercompany payables | 427.3 | 416.0 | ||
Other current liabilities | 102.7 | 90.9 | ||
Total current liabilities | 530.5 | 510.8 | ||
Long-term debt | 11,648.4 | 12,151.5 | ||
Intercompany notes payable | 0.0 | 0.0 | ||
Other long-term obligations | 0.0 | 0.0 | ||
Total liabilities | 12,178.9 | 12,662.3 | ||
Equity [Abstract] | ||||
Total equity | 11,656.0 | 11,117.6 | ||
Total liabilities and equity | 23,834.9 | 23,779.9 | ||
Mylan Inc. | ||||
Current assets: | ||||
Cash and cash equivalents | 6.3 | 12.3 | 908.4 | 870.5 |
Accounts receivable, net | 5.4 | 12.3 | ||
Inventories | 0.0 | 0.0 | ||
Intercompany receivables | 427.3 | 416.0 | ||
Prepaid expenses and other current assets | 245.9 | 256.4 | ||
Total current assets | 684.9 | 697.0 | ||
Property, plant and equipment, net | 351.9 | 360.3 | ||
Investments in subsidiaries | 8,589.3 | 8,277.8 | ||
Intercompany notes and interest receivable | 9,928.1 | 9,817.3 | ||
Intangible assets, net | 0.0 | 0.0 | ||
Goodwill | 17.1 | 17.1 | ||
Other assets | 37.4 | 51.9 | ||
Total assets | 19,608.7 | 19,221.4 | ||
Current liabilities: | ||||
Trade accounts payable | 38.5 | 69.6 | ||
Short-term borrowings | 0.0 | 0.0 | ||
Income taxes payable | 0.0 | 0.0 | ||
Current portion of long-term debt and other long-term obligations | 0.2 | 0.2 | ||
Intercompany payables | 11,537.8 | 10,722.5 | ||
Other current liabilities | 354.3 | 388.8 | ||
Total current liabilities | 11,930.8 | 11,181.1 | ||
Long-term debt | 2,896.7 | 2,897.6 | ||
Intercompany notes payable | 3,449.4 | 3,870.9 | ||
Other long-term obligations | 57.9 | 58.1 | ||
Total liabilities | 18,334.8 | 18,007.7 | ||
Equity [Abstract] | ||||
Total equity | 1,273.9 | 1,213.7 | ||
Total liabilities and equity | 19,608.7 | 19,221.4 | ||
Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 |
Accounts receivable, net | 0.0 | 0.0 | ||
Inventories | 0.0 | 0.0 | ||
Intercompany receivables | 0.0 | 0.0 | ||
Prepaid expenses and other current assets | 0.0 | 0.0 | ||
Total current assets | 0.0 | 0.0 | ||
Property, plant and equipment, net | 0.0 | 0.0 | ||
Investments in subsidiaries | 0.0 | 0.0 | ||
Intercompany notes and interest receivable | 0.0 | 0.0 | ||
Intangible assets, net | 0.0 | 0.0 | ||
Goodwill | 0.0 | 0.0 | ||
Other assets | 0.0 | 0.0 | ||
Total assets | 0.0 | 0.0 | ||
Current liabilities: | ||||
Trade accounts payable | 0.0 | 0.0 | ||
Short-term borrowings | 0.0 | 0.0 | ||
Income taxes payable | 0.0 | 0.0 | ||
Current portion of long-term debt and other long-term obligations | 0.0 | 0.0 | ||
Intercompany payables | 0.0 | 0.0 | ||
Other current liabilities | 0.0 | 0.0 | ||
Total current liabilities | 0.0 | 0.0 | ||
Long-term debt | 0.0 | 0.0 | ||
Intercompany notes payable | 0.0 | 0.0 | ||
Other long-term obligations | 0.0 | 0.0 | ||
Total liabilities | 0.0 | 0.0 | ||
Equity [Abstract] | ||||
Total equity | 0.0 | 0.0 | ||
Total liabilities and equity | 0.0 | 0.0 | ||
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 717.5 | 986.2 | $ 291.0 | $ 365.5 |
Accounts receivable, net | 2,866.6 | 3,298.6 | ||
Inventories | 2,547.8 | 2,456.4 | ||
Intercompany receivables | 11,317.7 | 10,506.6 | ||
Prepaid expenses and other current assets | 669.6 | 500.0 | ||
Total current assets | 18,119.2 | 17,747.8 | ||
Property, plant and equipment, net | 1,986.1 | 1,961.9 | ||
Investments in subsidiaries | 0.0 | 0.0 | ||
Intercompany notes and interest receivable | 16.7 | 16.7 | ||
Intangible assets, net | 14,370.0 | 14,447.8 | ||
Goodwill | 9,377.0 | 9,214.8 | ||
Other assets | 1,062.3 | 1,144.7 | ||
Total assets | 44,931.3 | 44,533.7 | ||
Current liabilities: | ||||
Trade accounts payable | 1,102.4 | 1,274.6 | ||
Short-term borrowings | 31.0 | 46.4 | ||
Income taxes payable | 31.0 | 97.7 | ||
Current portion of long-term debt and other long-term obligations | 294.2 | 289.8 | ||
Intercompany payables | 0.0 | 0.0 | ||
Other current liabilities | 2,569.4 | 2,778.8 | ||
Total current liabilities | 4,028.0 | 4,487.3 | ||
Long-term debt | 155.7 | 153.8 | ||
Intercompany notes payable | 14,050.8 | 13,915.4 | ||
Other long-term obligations | 3,333.7 | 3,306.9 | ||
Total liabilities | 21,568.2 | 21,863.4 | ||
Equity [Abstract] | ||||
Total equity | 23,363.1 | 22,670.3 | ||
Total liabilities and equity | $ 44,931.3 | $ 44,533.7 |
Subsidiary Guarantors Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Cash flows from operating activities: | ||
Net cash (used in) provided by operating activities | $ 452.9 | $ 80.5 |
Cash flows from investing activities: | ||
Capital expenditures | (58.4) | (51.8) |
Change in restricted cash | 12.7 | 0.0 |
Purchase of marketable securities | (2.3) | (8.5) |
Proceeds from sale of assets | 31.1 | 0.0 |
Proceeds from sale of marketable securities | 2.3 | 5.9 |
Cash paid for acquisitions, net | (71.6) | 0.0 |
Investments in affiliates | 0.0 | 0.0 |
Dividends from affiliates | 0.0 | |
Loans to affiliates | 0.0 | 0.0 |
Repayments of loans from affiliates | 0.0 | 0.0 |
Payments for product rights and other, net | (77.9) | (105.6) |
Net cash used in investing activities | (164.1) | (160.0) |
Cash flows from financing activities: | ||
Contingent consideration payments | (3.7) | (31.6) |
Payments of financing fees | (17.6) | 65.1 |
Payments of long-term debt | (550.0) | 0.0 |
Proceeds from exercise of stock options | 5.0 | 3.6 |
Taxes paid related to net share settlement of equity awards | (6.1) | (6.9) |
Contingent consideration payments | (3.8) | 0.0 |
Capital contribution from affiliates | 0.0 | 0.0 |
Capital payments to affiliates | 0.0 | |
Proceeds from borrowings from affiliates | 0.0 | 0.0 |
Payments on borrowings from affiliates | 0.0 | 0.0 |
Other items, net | 0.5 | 0.3 |
Net cash provided by financing activities | (575.7) | 30.5 |
Effect on cash of changes in exchange rates | 11.9 | 12.4 |
Net decrease in cash and cash equivalents | (275.0) | (36.6) |
Cash and cash equivalents — beginning of period | 998.8 | 1,236.0 |
Cash and cash equivalents — end of period | 723.8 | 1,199.4 |
Eliminations | ||
Cash flows from operating activities: | ||
Net cash (used in) provided by operating activities | 0.0 | 0.0 |
Cash flows from investing activities: | ||
Capital expenditures | 0.0 | 0.0 |
Change in restricted cash | 0.0 | |
Purchase of marketable securities | 0.0 | 0.0 |
Proceeds from sale of assets | 0.0 | |
Proceeds from sale of marketable securities | 0.0 | 0.0 |
Cash paid for acquisitions, net | 0.0 | |
Investments in affiliates | 7.2 | 11.3 |
Dividends from affiliates | (52.4) | |
Loans to affiliates | 1,188.8 | 3,168.8 |
Repayments of loans from affiliates | (890.4) | (52.2) |
Payments for product rights and other, net | 0.0 | 0.0 |
Net cash used in investing activities | 253.2 | 3,127.9 |
Cash flows from financing activities: | ||
Contingent consideration payments | 0.0 | 0.0 |
Payments of financing fees | 0.0 | 0.0 |
Payments of long-term debt | 0.0 | |
Proceeds from exercise of stock options | 0.0 | 0.0 |
Taxes paid related to net share settlement of equity awards | 0.0 | 0.0 |
Contingent consideration payments | 0.0 | |
Capital contribution from affiliates | (7.2) | (11.3) |
Capital payments to affiliates | 52.4 | |
Proceeds from borrowings from affiliates | 890.4 | (3,168.8) |
Payments on borrowings from affiliates | (1,188.8) | 52.2 |
Other items, net | 0.0 | 0.0 |
Net cash provided by financing activities | (253.2) | (3,127.9) |
Effect on cash of changes in exchange rates | 0.0 | 0.0 |
Net decrease in cash and cash equivalents | 0.0 | 0.0 |
Cash and cash equivalents — beginning of period | 0.0 | 0.0 |
Cash and cash equivalents — end of period | 0.0 | 0.0 |
Mylan N.V. | ||
Cash flows from operating activities: | ||
Net cash (used in) provided by operating activities | (27.4) | (27.1) |
Cash flows from investing activities: | ||
Capital expenditures | 0.0 | 0.0 |
Change in restricted cash | 0.0 | |
Purchase of marketable securities | 0.0 | 0.0 |
Proceeds from sale of assets | 0.0 | |
Proceeds from sale of marketable securities | 0.0 | 0.0 |
Cash paid for acquisitions, net | (71.6) | |
Investments in affiliates | 0.0 | 0.0 |
Dividends from affiliates | 52.4 | |
Loans to affiliates | (100.2) | (3.6) |
Repayments of loans from affiliates | 701.3 | 32.8 |
Payments for product rights and other, net | 0.0 | 0.0 |
Net cash used in investing activities | 581.9 | 29.2 |
Cash flows from financing activities: | ||
Contingent consideration payments | (3.7) | (31.6) |
Payments of financing fees | 0.0 | 0.0 |
Payments of long-term debt | (550.0) | |
Proceeds from exercise of stock options | 5.0 | 3.6 |
Taxes paid related to net share settlement of equity awards | (6.1) | (6.9) |
Contingent consideration payments | 0.0 | |
Capital contribution from affiliates | 0.0 | 0.0 |
Capital payments to affiliates | 0.0 | |
Proceeds from borrowings from affiliates | 0.0 | 31.6 |
Payments on borrowings from affiliates | 0.0 | 0.0 |
Other items, net | 0.0 | 1.2 |
Net cash provided by financing activities | (554.8) | (2.1) |
Effect on cash of changes in exchange rates | 0.0 | 0.0 |
Net decrease in cash and cash equivalents | (0.3) | 0.0 |
Cash and cash equivalents — beginning of period | 0.3 | 0.0 |
Cash and cash equivalents — end of period | 0.0 | 0.0 |
Mylan Inc. | ||
Cash flows from operating activities: | ||
Net cash (used in) provided by operating activities | (192.7) | (139.4) |
Cash flows from investing activities: | ||
Capital expenditures | (18.3) | (20.6) |
Change in restricted cash | 0.0 | |
Purchase of marketable securities | 0.0 | (0.5) |
Proceeds from sale of assets | 0.0 | |
Proceeds from sale of marketable securities | 0.0 | 0.0 |
Cash paid for acquisitions, net | 0.0 | |
Investments in affiliates | (7.2) | (11.3) |
Dividends from affiliates | 0.0 | |
Loans to affiliates | (111.1) | (1,465.6) |
Repayments of loans from affiliates | 0.3 | 12.2 |
Payments for product rights and other, net | (0.1) | (0.1) |
Net cash used in investing activities | (136.4) | (1,485.9) |
Cash flows from financing activities: | ||
Contingent consideration payments | 0.0 | 0.0 |
Payments of financing fees | 0.0 | 0.0 |
Payments of long-term debt | 0.0 | |
Proceeds from exercise of stock options | 0.0 | 0.0 |
Taxes paid related to net share settlement of equity awards | 0.0 | 0.0 |
Contingent consideration payments | 0.0 | |
Capital contribution from affiliates | 0.0 | 0.0 |
Capital payments to affiliates | 0.0 | |
Proceeds from borrowings from affiliates | (648.3) | 1,703.2 |
Payments on borrowings from affiliates | 977.5 | (40.0) |
Other items, net | (6.1) | 0.0 |
Net cash provided by financing activities | 323.1 | 1,663.2 |
Effect on cash of changes in exchange rates | 0.0 | 0.0 |
Net decrease in cash and cash equivalents | (6.0) | 37.9 |
Cash and cash equivalents — beginning of period | 12.3 | 870.5 |
Cash and cash equivalents — end of period | 6.3 | 908.4 |
Guarantor Subsidiaries | ||
Cash flows from operating activities: | ||
Net cash (used in) provided by operating activities | 0.0 | 0.0 |
Cash flows from investing activities: | ||
Capital expenditures | 0.0 | 0.0 |
Change in restricted cash | 0.0 | |
Purchase of marketable securities | 0.0 | 0.0 |
Proceeds from sale of assets | 0.0 | |
Proceeds from sale of marketable securities | 0.0 | 0.0 |
Cash paid for acquisitions, net | 0.0 | |
Investments in affiliates | 0.0 | 0.0 |
Dividends from affiliates | 0.0 | |
Loans to affiliates | 0.0 | 0.0 |
Repayments of loans from affiliates | 0.0 | 0.0 |
Payments for product rights and other, net | 0.0 | 0.0 |
Net cash used in investing activities | 0.0 | 0.0 |
Cash flows from financing activities: | ||
Contingent consideration payments | 0.0 | 0.0 |
Payments of financing fees | 0.0 | 0.0 |
Payments of long-term debt | 0.0 | |
Proceeds from exercise of stock options | 0.0 | 0.0 |
Taxes paid related to net share settlement of equity awards | 0.0 | 0.0 |
Contingent consideration payments | 0.0 | |
Capital contribution from affiliates | 0.0 | 0.0 |
Capital payments to affiliates | 0.0 | |
Proceeds from borrowings from affiliates | 0.0 | 0.0 |
Payments on borrowings from affiliates | 0.0 | 0.0 |
Other items, net | 0.0 | 0.0 |
Net cash provided by financing activities | 0.0 | 0.0 |
Effect on cash of changes in exchange rates | 0.0 | 0.0 |
Net decrease in cash and cash equivalents | 0.0 | 0.0 |
Cash and cash equivalents — beginning of period | 0.0 | 0.0 |
Cash and cash equivalents — end of period | 0.0 | 0.0 |
Non-Guarantor Subsidiaries | ||
Cash flows from operating activities: | ||
Net cash (used in) provided by operating activities | 673.0 | 247.0 |
Cash flows from investing activities: | ||
Capital expenditures | (40.1) | (31.2) |
Change in restricted cash | 12.7 | |
Purchase of marketable securities | (2.3) | (8.0) |
Proceeds from sale of assets | 31.1 | |
Proceeds from sale of marketable securities | 2.3 | 5.9 |
Cash paid for acquisitions, net | 0.0 | |
Investments in affiliates | 0.0 | 0.0 |
Dividends from affiliates | 0.0 | |
Loans to affiliates | (977.5) | (1,699.6) |
Repayments of loans from affiliates | 188.8 | 7.2 |
Payments for product rights and other, net | (77.8) | (105.5) |
Net cash used in investing activities | (862.8) | (1,831.2) |
Cash flows from financing activities: | ||
Contingent consideration payments | 0.0 | 0.0 |
Payments of financing fees | (17.6) | 65.1 |
Payments of long-term debt | 0.0 | |
Proceeds from exercise of stock options | 0.0 | 0.0 |
Taxes paid related to net share settlement of equity awards | 0.0 | 0.0 |
Contingent consideration payments | (3.8) | |
Capital contribution from affiliates | 7.2 | 11.3 |
Capital payments to affiliates | (52.4) | |
Proceeds from borrowings from affiliates | (242.1) | 1,434.0 |
Payments on borrowings from affiliates | 211.3 | (12.2) |
Other items, net | 6.6 | (0.9) |
Net cash provided by financing activities | (90.8) | 1,497.3 |
Effect on cash of changes in exchange rates | 11.9 | 12.4 |
Net decrease in cash and cash equivalents | (268.7) | (74.5) |
Cash and cash equivalents — beginning of period | 986.2 | 365.5 |
Cash and cash equivalents — end of period | $ 717.5 | $ 291.0 |
Restructuring (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 4 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2017 |
||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 23.1 | [1] | $ 172.8 | ||
Through fiscal year 2018 | Minimum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 175.0 | ||||
Through fiscal year 2018 | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 225.0 | ||||
|
Restructuring (Restructuring Charges) (Details) - USD ($) $ in Millions |
3 Months Ended | 4 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
|||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | $ 140.2 | ||||||
Restructuring Charges | $ 23.1 | [1] | $ 172.8 | ||||
Restructuring Reserve, Period Increase (Decrease) | 0.0 | ||||||
Payments for Restructuring | (55.2) | ||||||
Restructuring and Related Cost, Incurred Cost | (19.8) | ||||||
Restructuring Reserve, Translation and Other Adjustment | (9.8) | ||||||
Restructuring Reserve, Current | 78.5 | 78.5 | 138.6 | ||||
North America Segment | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 6.4 | ||||||
Europe Segment | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 3.6 | ||||||
Rest of World Segment | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 12.8 | ||||||
Corporate / Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 0.3 | ||||||
Employee Related Costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | 75.9 | 75.9 | 138.6 | ||||
Restructuring Charges | [1] | 9.6 | |||||
Restructuring Reserve, Period Increase (Decrease) | (8.3) | ||||||
Payments for Restructuring | (54.2) | ||||||
Restructuring and Related Cost, Incurred Cost | 0.0 | ||||||
Restructuring Reserve, Translation and Other Adjustment | (9.8) | ||||||
Other Exit Costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | 2.6 | $ 2.6 | $ 1.6 | ||||
Restructuring Charges | [1] | 13.5 | |||||
Restructuring Reserve, Period Increase (Decrease) | 8.3 | ||||||
Payments for Restructuring | (1.0) | ||||||
Restructuring and Related Cost, Incurred Cost | (19.8) | ||||||
Restructuring Reserve, Translation and Other Adjustment | $ 0.0 | ||||||
|
Litigation (Lorazepam and Clorazepate) (Narrative) (Details) - Lorazepam and Clorazepate $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Jan. 14, 2013
USD ($)
plantiffs
|
May 30, 2012
USD ($)
|
Feb. 06, 2008
USD ($)
plantiffs
|
Jun. 01, 2005
USD ($)
drugs
Insurer
|
Mar. 31, 2017 |
|
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | $ 12.0 | ||||
Judgment issued | $ 69.0 | ||||
Damages sought | $ 8.0 | ||||
Voluntary remittitur from plaintiffs | $ 8.1 | ||||
Found in violation of antitrust laws | |||||
Loss Contingencies [Line Items] | |||||
Number of drugs | drugs | 2 | ||||
Health insurers | |||||
Loss Contingencies [Line Items] | |||||
Number of plaintiffs | 4 | 2 | |||
Judgment reflects trebling of compensatory damages | |||||
Loss Contingencies [Line Items] | |||||
Number of plaintiffs | plantiffs | 3 | ||||
Original verdict | |||||
Loss Contingencies [Line Items] | |||||
Judgment issued | $ 11.0 | ||||
Original verdict plus punitive damages | |||||
Loss Contingencies [Line Items] | |||||
Judgment issued | 58.0 | ||||
Self-funded customers voluntarily dismissed | |||||
Loss Contingencies [Line Items] | |||||
Number of plaintiffs | plantiffs | 775 | ||||
Self-funded customers | |||||
Loss Contingencies [Line Items] | |||||
Number of plaintiffs | plantiffs | 1,387 | ||||
Surety bond | |||||
Loss Contingencies [Line Items] | |||||
Bond | $ 66.6 | $ 74.5 |
Litigation (Pricing and Medicaid Litigation) (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Loss Contingencies [Line Items] | ||
Other current liabilities | $ 3,026.4 | $ 3,258.5 |
Pricing and Medicaid Litigation | Mylan Specialty | Indemnification agreement | ||
Loss Contingencies [Line Items] | ||
Other current liabilities | $ 63.3 |
Litigation (Modafinil Antitrust Litigation and FTC Inquiry) (Narrative) (Details) $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jul. 28, 2016 |
Jul. 10, 2015
other_drug_manufacturers
|
Apr. 27, 2006
other_drug_manufacturers
|
Dec. 31, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 14, 2016 |
Apr. 20, 2016 |
Dec. 31, 2015
USD ($)
|
|
Loss Contingencies [Line Items] | ||||||||
Number of states | 20 | |||||||
Modafinil Antitrust Litigation and FTC Inquiry | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency accrual | $ 112.5 | $ 112.5 | $ 16.0 | |||||
Modafinil Antitrust Litigation and FTC Inquiry | Other drug manufacturers | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of defendants | 4 | 3 | 4 | |||||
Number of other actions consolidated | 4 | |||||||
Modafinil Antitrust Litigation Settlement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation Settlement, Amount | 165.0 | |||||||
Payments for Legal Settlements | $ 68.5 |
Litigation (Pioglitazone) (Narrative) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2017
claims
| |
Pioglitazone | |
Loss Contingencies [Line Items] | |
Number of complaints | 2 |
Litigation (MDRP Classification of EpiPen Auto-Injector and EpiPen Jr Auto-Injector) (Details) - Other current liabilities - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Loss Contingencies [Line Items] | ||
Estimated litigation liability | $ 465 | |
Medicare Drug Rebate Program Settlement [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated litigation liability | $ 465 |
Litigation (Drug Pricing Matters) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Levothyroxine [Member] | |
Loss Contingencies [Line Items] | |
Number of complaints | 10 |
Doxycycline [Member] | |
Loss Contingencies [Line Items] | |
Number of complaints | 22 |
Albuterol [Member] | |
Loss Contingencies [Line Items] | |
Number of complaints | 4 |
Benazepril [Member] | |
Loss Contingencies [Line Items] | |
Number of complaints | 1 |
Amitriptyline [Member] | |
Loss Contingencies [Line Items] | |
Number of complaints | 4 |
Propranolol [Member] | |
Loss Contingencies [Line Items] | |
Number of complaints | 10 |
Clomipramine [Member] | |
Loss Contingencies [Line Items] | |
Number of complaints | 8 |
Pravastatin [Member] | |
Loss Contingencies [Line Items] | |
Number of complaints | 12 |
Divalproex [Member] | |
Loss Contingencies [Line Items] | |
Number of complaints | 8 |
Litigation (European Commission Proceedings) (Narrative) (Details) € in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 09, 2014
EUR (€)
|
Jul. 08, 2009
other_companies
|
Jun. 19, 2013
EUR (€)
|
Dec. 31, 2014
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
European Commission Proceedings - Perindorpril | Antitrust Proceedings | ||||||
Loss Contingencies [Line Items] | ||||||
Number of defendants | other_companies | 4 | |||||
European Commission Proceedings - Perindorpril | Antitrust Proceedings | Mylan Laboratories Limited | ||||||
Loss Contingencies [Line Items] | ||||||
Damages to be paid | € 17.2 | |||||
European Commission Proceedings - Perindorpril | Antitrust Proceedings | Mylan | ||||||
Loss Contingencies [Line Items] | ||||||
Damages to be paid | € 8.0 | $ 21.7 | ||||
European Union Commission Proceedings - Citalopram | ||||||
Loss Contingencies [Line Items] | ||||||
Damages awarded | € 7.8 | |||||
Loss contingency accrual | $ | $ 8.3 | $ 8.2 |
Litigation (U.K. Competition and Markets Authority) (Narrative) (Details) - U.K. Competition and Markets Authority Proceedings Paroxetine £ in Millions |
Feb. 12, 2016
GBP (£)
|
---|---|
Loss Contingencies [Line Items] | |
Damages awarded | £ 5.8 |
Mylan | |
Loss Contingencies [Line Items] | |
Damages awarded | £ 2.7 |
Litigation (Product Liability) (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Product Liability | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 31.4 | $ 31.5 |
Litigation (Intellectual Property) (Narrative) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2017
increase
| |
Intellectual Property | |
Loss Contingencies [Line Items] | |
Number of times damages may be increased in cases of willful infringement | 3 |
Litigation (Other Litigation) (Narrative) (Details) $ in Millions |
Mar. 31, 2017
USD ($)
|
---|---|
Other Litigation | |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 20 |
4E)#PP?IG\SX ',]UY3,Q7^%"T@,#THP
M1V6DBRNI!N>-FEE0BN*OTRYTW,?IYCJ=8=N = :D"^ VYF%3HJC\,_>\S*T9
MB9UZW_/PQ,DAQ=Y4P1E;$>]0O$/OI4RR)&>70#3''*>8=!VS1#!D7U*D6RF.
MZ3_P=!N^WU2XC_#].X7_(<@V";)(D+TCV'\H<2LF^Y"$K7JJP+9QFARIS*#C
M)*^\R\#>Q4=D?\.G:?_&;2NT(V?C\65C_QMC/*"4W16.4(;#$D-#X^'9
M3F,V&=[T\P]BRS C[>62-F7GX$RF1AQ8-P"P#0$R+
M%8*>4)8L-!H0;A3 [Q2H0*X.\G0 Q"3!"U+A+@#\-H"*W)7"GM35\@X!X78!
M\H"2MV)R7PGH!KCT-X4;"PAT%N(=*GYKN&UL?5/;CM0P#/V5*!^PZ70N#*.VTLXB!!)(HT7
3;%H7'*S(>M' -W#?^[/Q%EM8
M*JFALQ([8J#.Z7UR/*4A/@;\D##:U9F$2BZ(+\'X7.5T%P2!@M(%!N&W*SR
M4H'(R_@Y<](E90"NSV_L'V/MOI:+L/" ZEE6KLWI'245U&)0[@G'3S#7\X&2
MN?@O< 7EPX,2GZ-$9>-*RL$ZU#.+EZ+%Z[3++N[C=,.3&;8-X#. +X"[F(=-
MB:+R1^%$D1D\_CF[R'3]/^59A&=I9
FA09O2F.U
M\&C:BKG6@B@B22O&5ZLO3 O9T"R)OK/-$M-Y)1LX6^(ZK87]>P)E^I2NZ9OC
M05:U#PZ6):VHX#?X/^W9HL4FE4)J:)PT#;%0IO1V?3QM SX"'B7T;G8FH9*+
M,<_!^%&D=!42 @6Y#PH"MRO<@5)!"--X&37I%#(0Y^D;9_\
M4$L#!!0 ( '-*JDHK^TE$M@$ -(# 9 >&PO=V]R:W-H965T
%%DUHS$
M3KWO17CB_9%C;\K@C*V(=YB\0^^UX(
&PO=V]R:W-H965TF7
<*M*3O:
;1ZY*'7?C"7)@\Q";RA.>$
M!NF)N(0*RLUE2(/:RX.WD>&-++OLYTN Q@Q98%.(T3@0D5=C2-M,XQ0G@$6M2PALT@$CY^[R<"$RKL*'-:\!@A
M02(TF6,UFS'! LRR.G9'-[6U*Z]%T];7H+4_'EI#^VUOM&_9/&%$^S.;OU#M
M6Y@GE)\G\.?/X!,]*G&J)R![A.KISJS<_P=Q/_'Z(ZV.YZ*VWLJF*?/N=.%0
MEHU4&?(<-1,GF>[[ATP>FO8V5/?5_:3I_M"4%WV*YO9'>:O_ %!+ P04
M" !S2JI*2*]#9D4# #$#@ &0 'AL+W=O
#9[#G5UV]U$>EC/=:Y&6]\(_&G!["L-X>59'6
M@3ZITC[9ZZI(C;VM#F%]JE2Z:XV*/&2$1&&19J6_G+=C3]5RKL\FSTKU5'GU
MN2C2ZL]*Y?JZ\*G_-O M.QQ-,Q NYZ?TH+XK\^/T5-F[\.9EEQ6JK#-=>I7:
M+_P/].&1\<:@5?S,U+4>7'M-*,]:OS0WGW<+GS1$*E=;T[A([=]%K56>-YXL
MQ^_>J7^;LS$<7K]Y_]@&;X-Y3FNUUOFO;&>."S_QO9W:I^?-/73ZH/2/I>
M'_T7=5&YE3 ',Q^X:*J=42(
MO,*.E5BQDA56@M(%E]'DLRP)BKW%(SRL57%>>+D=)K7"I!88M(!)5VDB+UZ@
MK#7ANR29E22SD&0+DLRR+>EL]PV+11447FJ'R:TPN04F7\ 833%+$WCA\B.P
MB8)W/H/"BE)84!85[XO_0;&)5BC^K,6TP*ZZ&W.GHK=.J(]YMCHU_*=(M:C%
M^EX>!*9OO]F84^0K9M>FX\Z)"MD =9NZ4"I ,@:>?*5K>7!-$P(7H8:9'#/3
MOLU$T'X\F?SI>-S] 5!+ P04 " !S2JI*7S0HN0(" "O!0 &0 'AL
M+W=O [?=O(A#O7^U0P\0(1;[N8<(E7+N9940C,NT"\VRXFW/7_W0&'H1<(
M>MO%!-CW9WGB\V:!818(9MO%A+L#\'TDS+M FW_;Q4Q0[N^[R<50'"H\OCJ:
MJV6WUZ>8?;!IWQI]A'KU]')2^LCUT=Z/\.F8]?>RVQ^;/GAMAZ&M]3'>KFT'
MJ5XGB52W'&2YO=Q4 &PO=V]R:W-H
M965T GX:5D!Z$>$_G<
M=->'[D7P 5U'%@\A5-"5]X;8Y6],+Q
M)Z[H!0.P* KX G8G^<#O2B"3M^<7#+^B*.,+K\]C!I3@R6@L0D>N"/OS-1OT
M.2!=X-X%)(M&NHC)2'OT=9OT.2!SR&5FT4:I0WSP&)N28G,5&6$?OU%MY#<\
M?2W%9KY?'0GSN!+!4341"AO\C6:'OYDN^_N:)A9A:[_1[.TW@/()3-6$K(E(
MV-IO-'O[#8>S2WS3.9 %V6M@A,W]1K.[W_ *G\IN-V5;@V"EM23N/S?"!G_S
MCAW^1MCB;S1[_ VH]3,K8) LEEDH17&K"/O]C6;#OYGN$?0U32S"?G^CV?!O
MIOL$?4WC51*(#&Q3K%5P$M5]'&8SG5 U\4CF*4W+X*2JT_K@N L1*DV2G6XD
MF:F FXHU#PCXI%SP+/.!NBP^LR/)3@7\5*QI0, H150\X'1UH_N7Q
M<(!&ULE5;!CILP$/T5
MQ+V @0")"%*2JFJE5EIMU?;L$">@-9C:3MC^?6U#6$*&-IM#L,V;-V_&'L9I
MR_B+* B1UFM%:[&V"RF;E>N*O" 5%@YK2*W>'!FOL%13?G)%PPD^&*.*NK[G
M16Z%R]K.4K/VQ+.4G24M:_+$+7&N*LS_; EE[=I&]G7AN3P54B^X6=K@$_E.
MY(_FB:N9.[ +XK&CG-Z;OR3\;*:JL#)VJ KV4\+IOF?2_U!+ P04 " !S2JI*2A_KKG8" K" &0 'AL
M+W=O