Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 04, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MYLAN N.V. | |
Entity Central Index Key | 1,623,613 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filler Category | Large Accelerated Filer | |
Entity Ordinary Shares, Shares Outstanding | 535,105,253 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Net sales | $ 3,029.5 | $ 2,676.2 | $ 7,745.5 | $ 6,887.8 |
Other revenues | 27.6 | 19 | 63.6 | 50.8 |
Total revenues | 3,057.1 | 2,695.2 | 7,809.1 | 6,938.6 |
Cost of sales | 1,773.8 | 1,379.9 | 4,447.1 | 3,785.1 |
Gross profit | 1,283.3 | 1,315.3 | 3,362 | 3,153.5 |
Operating expenses: | ||||
Research and development | 199.1 | 174.8 | 632.2 | 512.9 |
Selling, general and administrative | 656.9 | 537.1 | 1,787.6 | 1,584.5 |
Litigation settlements and other contingencies, net | 558 | 2.3 | 556.4 | 19.1 |
Total operating expenses | 1,414 | 714.2 | 2,976.2 | 2,116.5 |
(Loss) earnings from operations | (130.7) | 601.1 | 385.8 | 1,037 |
Interest expense | 144.4 | 95.1 | 305 | 268.5 |
Other expense, net | 50.2 | 50.9 | 184 | 71.4 |
(Loss) earnings before income taxes and noncontrolling interest | (325.3) | 455.1 | (103.2) | 697.1 |
Income tax (benefit) provision | (205.5) | 26.5 | (165.7) | 44 |
Net (loss) earnings | (119.8) | 428.6 | 62.5 | 653.1 |
Net earnings attributable to the noncontrolling interest | 0 | 0 | 0 | (0.1) |
Net (loss) earnings attributable to Mylan N.V. ordinary shareholders | $ (119.8) | $ 428.6 | $ 62.5 | $ 653 |
(Loss) earnings per ordinary share attributable to Mylan N.V. ordinary shareholders: | ||||
Basic (in USD per share) | $ (0.23) | $ 0.87 | $ 0.12 | $ 1.40 |
Diluted (in USD per share) | $ (0.23) | $ 0.83 | $ 0.12 | $ 1.32 |
Weighted average ordinary shares outstanding: | ||||
Basic | 523.6 | 490.5 | 505.9 | 466.2 |
Diluted | 523.6 | 514 | 515.2 | 493.2 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Earnings - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net (loss) earnings | $ (119.8) | $ 428.6 | $ 62.5 | $ 653.1 |
Other comprehensive earnings (loss), before tax: | ||||
Foreign currency translation adjustment | 290.6 | (148.4) | 645.5 | (526.7) |
Change in unrecognized gain (loss) and prior service cost related to defined benefit plans | 0.1 | 0 | (0.3) | 3.9 |
Net unrecognized gain (loss) on derivatives | (84.2) | (67.4) | ||
Net unrealized gain (loss) on marketable securities | 21.5 | (0.2) | 32.5 | (0.4) |
Other comprehensive earnings (loss), before tax | 324.6 | (232.8) | 644.4 | (590.6) |
Income tax provision (benefit) | 13.7 | (30.8) | 0.5 | (24) |
Net cash used in investing activities | (7,081.6) | (639.3) | ||
Other comprehensive earnings (loss), net of tax | 310.9 | (202) | 643.9 | (566.6) |
Comprehensive earnings | 191.1 | 226.6 | 706.4 | 86.5 |
Comprehensive earnings attributable to the noncontrolling interest | 0 | 0 | 0 | (0.1) |
Comprehensive earnings attributable to Mylan N.V. ordinary shareholders | 191.1 | 226.6 | 706.4 | 86.4 |
Cash Flow Hedging | ||||
Other comprehensive earnings (loss), before tax: | ||||
Net unrecognized gain (loss) on derivatives | 22.8 | (84.2) | (22.9) | (67.4) |
Net Investment Hedging | ||||
Other comprehensive earnings (loss), before tax: | ||||
Net unrecognized gain (loss) on derivatives | $ (10.4) | $ 0 | $ (10.4) | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 1,256.6 | $ 1,236 |
Accounts receivable, net | 3,098.9 | 2,689.1 |
Inventories | 2,687.5 | 1,951 |
Prepaid expenses and other current assets | 922.1 | 596.6 |
Total current assets | 7,965.1 | 6,472.7 |
Property, plant and equipment, net | 2,284.2 | 1,983.9 |
Intangible assets, net | 15,613.4 | 7,221.9 |
Goodwill | 9,633.1 | 5,380.1 |
Deferred income tax benefit | 441.8 | 457.6 |
Other assets | 600.9 | 751.5 |
Total assets | 36,538.5 | 22,267.7 |
Current liabilities: | ||
Trade accounts payable | 1,254.9 | 1,109.6 |
Short-term borrowings | 54.2 | 1.3 |
Income taxes payable | 164.5 | 92.4 |
Current portion of long-term debt and other long-term obligations | 4,434.6 | 1,077 |
Other current liabilities | 3,645.8 | 1,841.9 |
Total current liabilities | 9,554 | 4,122.2 |
Long-term debt | 11,328.6 | 6,295.6 |
Deferred income tax liability | 2,189.6 | 718.1 |
Other long-term obligations | 1,637.5 | 1,366 |
Total liabilities | 24,709.7 | 12,501.9 |
Mylan N.V. shareholders’ equity | ||
Ordinary shares — nominal value €0.01 per ordinary share | 6 | 5.5 |
Additional paid-in capital | 8,484.6 | 7,128.6 |
Retained earnings | 4,524.6 | 4,462.1 |
Accumulated other comprehensive loss | (1,120.4) | (1,764.3) |
Total Mylan N.V. equity, before treasury stock | 11,894.8 | 9,831.9 |
Noncontrolling interest | 1.5 | 1.4 |
Less: Treasury stock — at cost | 67.5 | 67.5 |
Total equity | 11,828.8 | 9,765.8 |
Total liabilities and equity | $ 36,538.5 | $ 22,267.7 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - € / shares | Sep. 30, 2016 | Dec. 31, 2015 |
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 | 536,384,447 | 491,928,095 |
Treasury stock, shares | 1,311,193 | 1,311,193 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net (loss) earnings | $ 62.5 | $ 653.1 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 1,046.4 | 691.4 |
Share-based compensation expense | 71.1 | 66.4 |
Deferred income tax benefit | (356.6) | (62.2) |
Loss from equity method investments | 85.5 | 77.5 |
Other non-cash items | 226.1 | 206.2 |
Litigation settlements, net | 558.6 | 19.1 |
Write off of financing fees | 35.8 | 0 |
Losses on acquisition-related foreign currency derivatives | 128.6 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 183.3 | (54.3) |
Inventories | (336.7) | (288.4) |
Trade accounts payable | (45) | 242.5 |
Income taxes | 51.3 | (178.5) |
Other operating assets and liabilities, net | (13.2) | (16.3) |
Net cash provided by operating activities | 1,697.7 | 1,356.5 |
Cash flows from investing activities: | ||
Capital expenditures | (239.5) | (207.3) |
Change in restricted cash | (50.5) | 25.9 |
Purchase of marketable securities | (22.8) | (59.1) |
Proceeds from sale of marketable securities | 15.8 | 29.4 |
Cash paid for acquisitions, net | (6,151.7) | 0 |
Cash paid for Meda's unconditional deferred payment | (308) | 0 |
Settlement of acquisition-related foreign currency derivatives | (128.6) | 0 |
Payments for product rights and other, net | (196.3) | (428.2) |
Net cash used in investing activities | (7,081.6) | (639.3) |
Cash flows from financing activities: | ||
Payments of financing fees | (95.3) | (114.7) |
Change in short-term borrowings, net | 48.6 | (329.7) |
Proceeds from convertible note hedge | 0 | 1,970.8 |
Proceeds from issuance of long-term debt | 6,519.8 | 2,390 |
Payments of long-term debt | (1,067) | (4,334.1) |
Proceeds from exercise of stock options | 11.1 | 92.8 |
Taxes paid related to net share settlement of equity awards | (12.9) | (31.7) |
Contingent consideration payments | (15.5) | 0 |
Acquisition of noncontrolling interest | (1) | (11.7) |
Other items, net | 1.6 | 49.6 |
Net cash provided by (used in) financing activities | 5,389.4 | (318.7) |
Effect on cash of changes in exchange rates | 15.1 | (37) |
Net increase in cash and cash equivalents | 20.6 | 361.5 |
Cash and cash equivalents — beginning of period | 1,236 | 225.5 |
Cash and cash equivalents — end of period | 1,256.6 | 587 |
Non-cash transactions: | ||
Ordinary shares issued for acquisition | $ 1,281.7 | $ 6,305.8 |
General
General | 9 Months Ended |
Sep. 30, 2016 | |
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. For periods prior to February 27, 2015, the Company’s interim financial statements present the accounts of Mylan Inc. and subsidiaries. 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, 2015 , as amended. The December 31, 2015 Condensed Consolidated Balance Sheet was derived from audited financial statements. The interim results of operations and comprehensive earnings for the three and nine months ended September 30, 2016 and cash flows for the nine months ended September 30, 2016 are not necessarily indicative of the results to be expected for the full fiscal year or any other future period. |
Revenue Recognition and Account
Revenue Recognition and Accounts Receivable | 9 Months Ended |
Sep. 30, 2016 | |
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 during the nine months ended September 30, 2016 . Such allowances were $1.83 billion and $1.84 billion at September 30, 2016 and December 31, 2015 , respectively. Other current liabilities include $824.1 million and $681.8 million at September 30, 2016 and December 31, 2015 , respectively, for certain sales allowances and other adjustments that are paid to customers. 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 $759.3 million and $914.2 million of securitized accounts receivable at September 30, 2016 and December 31, 2015 , respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | Recent Accounting Pronouncements In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-16, Income Taxes (Topic 740) (“ASU 2016-16”), which reduces the complexity in the accounting standards by allowing the recognition of current and deferred income taxes for an intra-entity asset transfer, other than inventory, when the transfer occurs. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted using a modified retrospective transition approach. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements and disclosures. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows (Topic 230) (“ASU 2016-15”), which clarifies how certain cash receipts and cash payments should be presented in the Statement of Cash Flows. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted using a retrospective transition approach. The Company is currently assessing the impact of the adoption of this guidance on its Statement of Cash Flows. 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. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements and disclosures. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 840) (“ASU 2016-02”), which provides principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. This guidance is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements and disclosures. In January 2016, the FASB issued Accounting Standards Update 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income (other than those accounted for under equity method of accounting). The amendments in this update also require an entity to present separately in other comprehensive earnings the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU 2016-01 also impacts financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements and disclosures. 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” and “ASU 2016-12”), 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 is currently assessing the impact of the adoption of this guidance on its consolidated financial statements and disclosures. |
Acquisitions and Other Transact
Acquisitions and Other Transactions | 9 Months Ended |
Sep. 30, 2016 | |
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 is now 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 will be acquired for cash through a compulsory acquisition proceeding, in accordance with the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)), with advance title to such non-tendered shares expected to be acquired within six to twelve months of the acquisition date. The compulsory acquisition proceeding price will accrue 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. The acceptance period for the November Offer expires on November 23, 2016 and settlement is expected to occur on or around November 30, 2016. Meda shareholders who tender their shares in the November Offer will not have the right to withdraw their acceptances, and there are no conditions to the completion of the November Offer. Any Meda shareholders that do not accept the November Offer will automatically receive all-cash consideration plus statutory interest for their Meda shares as determined in the compulsory acquisition proceeding. The November Offer is not being made, nor will any tender of shares be accepted from or on behalf of holders in, any jurisdiction in which the making of the November Offer or the acceptance of any tender of shares would contravene applicable laws or regulations or require any offer documents, filings or other measures. In connection with either the November Offer or the compulsory acquisition proceeding, it has been assumed that the fair value of the non-tendered shares would be approximately 161kr per share at settlement. 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 (the “NASDAQ”) and an assumed liability of approximately $431.0 million related to the November Offer and the compulsory acquisition proceeding of the non-tendered Meda shares, which is classified as a current liability on the Condensed Consolidated Balance Sheet. 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. Acquisition related costs of approximately $65.8 million and $212.5 million were incurred during the three and nine months ended September 30, 2016 , respectively, which were recorded as components of research and development expense (“R&D”), selling, general and administrative expense (“SG&A”), interest expense and other expense, net in the Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2016 , these costs include approximately $44.4 million and $128.6 million , respectively, of losses on non-designated foreign currency forward and option contracts entered into in order to economically hedge the SEK purchase price of the Offer (explained further in Note 11 Financial Instruments and Risk Management ). For the nine months ended September 30, 2016 acquisition related costs include approximately $45.2 million of financing fees related to the terminated 2016 Bridge Credit Agreement (explained further in Note 12 Debt ). The preliminary allocation of the $6.92 billion purchase price to the assets acquired and liabilities assumed for Meda is as follows: (In millions) Current assets (excluding inventories and net of cash acquired) $ 470.2 Inventories 465.7 Property, plant and equipment 177.5 Identified intangible assets 8,060.7 Goodwill 3,677.6 Other assets 9.3 Total assets acquired 12,861.0 Current liabilities (1,088.4 ) Long-term debt, including current portion (2,864.6 ) Deferred tax liabilities (1,628.1 ) Pension and other postretirement benefits (322.3 ) Other noncurrent liabilities (36.5 ) Net assets acquired $ 6,921.1 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, the valuation of intangible assets and income taxes. The acquisition of Meda creates 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 provides Mylan with entry into a number of new and attractive emerging markets, including China, Southeast Asia, Russia, the Middle East and Mexico, complemented by Mylan’s presence in India, Brazil and Africa. The Company recorded a step-up in the fair value of inventory of approximately $107 million . During the three and nine months ended September 30, 2016 , the Company recorded amortization of the inventory step-up of approximately $42.8 million , which is included in cost of sales in the Condensed Consolidated Statements of Operations . 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 newly acquired operations have been included in the Generics segment for the three and nine months ended September 30, 2016 . In addition, all of the goodwill was assigned to the Generics segment. None of the goodwill recognized in this transaction is currently expected to be deductible for income tax purposes. The settlement of the Offer constituted an Acceleration Event (as defined in the Rottapharm Agreement referred to below) under the Sale and Purchase Agreement, dated as of July 30, 2014 (the “Rottapharm Agreement”), among Fidim S.r.l., Meda Pharma S.p.A and Meda, the occurrence of which accelerated an unconditional deferred purchase price payment of approximately $308 million ( €275 million ) relating to Meda’s acquisition of Rottapharm S.p.A. which otherwise would have been payable in January 2017. The amount was paid as of September 30, 2016 . The operating results of Meda have been included in the Company’s Condensed Consolidated Statements of Operations since the acquisition date. The total revenues of Meda for the period from the acquisition date to September 30, 2016 , were $331.1 million and net loss, net of tax, was $260.6 million . The net loss, net of tax, includes the effects of the purchase accounting adjustments and acquisition related costs. 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 provides 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 provides 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 has been paid into escrow. The preliminary allocation of the $972.7 million purchase price to the assets acquired and liabilities assumed for the Topicals Business is as follows: (In millions) Current assets (excluding inventories) $ 68.8 Inventories 74.2 Property, plant and equipment 54.8 Identified intangible assets 467.0 In-process research and development 275.0 Goodwill 307.3 Other assets 0.9 Total assets acquired 1,248.0 Current liabilities (65.0 ) Deferred tax liabilities (203.6 ) Other noncurrent liabilities (6.7 ) Net assets acquired $ 972.7 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 adjustment 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 $65 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 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 $307.3 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 Generics segment. None of the goodwill recognized in this transaction is currently expected to be deductible for income tax purposes. Acquisition related costs of approximately $3.6 million were incurred during the nine months ended September 30, 2016 related to this transaction, which were recorded as a component of SG&A in the Condensed Consolidated Statements of Operations. The acquisition did not have a material impact on the Company’s results of operations since the acquisition date or on a pro forma basis for the three and nine month periods ended September 30, 2016 and 2015 . Jai Pharma Limited On November 20, 2015, the Company completed the acquisition of certain female healthcare businesses from Famy Care Limited (such businesses “ Jai Pharma Limited ”). Jai Pharma Limited is a specialty women’s healthcare company with global leadership in generic oral contraceptive products, through its wholly owned subsidiary Mylan Laboratories Limited for a cash payment of $750 million plus additional contingent payments of up to $50 million for the filing for approval with, and receipt of approval from, the U.S. Food and Drug Administration of a product under development by Jai Pharma Limited . 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 $711.1 million , which excludes the $50 million paid into escrow at closing that is contingent upon at least one of two former principal shareholders of Jai Pharma Limited continuing to provide consulting services to Jai Pharma Limited for the two year post-closing period, which amount is being treated as compensation expense over the service period. The U.S. GAAP purchase price also excludes $7 million of working capital and other adjustments and includes estimated contingent consideration of approximately $18 million related to the $50 million contingent payment. During the nine months ended September 30, 2016 , adjustments were made to the preliminary purchase price allocation recorded at November 20, 2015. The adjustments recorded in respect of goodwill, current liabilities and deferred tax liabilities are reflected in the “measurement period adjustments” column of the table below. As of September 30, 2016 , the preliminary allocation of the $711.1 million purchase price to the assets acquired and liabilities assumed for Jai Pharma Limited is as follows: (In millions) Preliminary Purchase Price Allocation as of November 20, 2015 (a) Measurement Period Adjustments (b) Preliminary Purchase Price Allocation as of September 30, 2016 (as adjusted) Current assets (excluding inventories) $ 25.7 $ — $ 25.7 Inventories 4.9 — 4.9 Property, plant and equipment 17.2 — 17.2 Identified intangible assets 437.0 — 437.0 In-process research and development 98.0 — 98.0 Goodwill 317.2 8.1 325.3 Other assets 0.7 — 0.7 Total assets acquired 900.7 8.1 908.8 Current liabilities (9.1 ) (1.9 ) (11.0 ) Deferred tax liabilities (180.5 ) (6.2 ) (186.7 ) Net assets acquired $ 711.1 $ — $ 711.1 ____________ (a) As previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, as amended. (b) The measurement period adjustments were recorded in the first quarter of 2016 and are related to the recognition of certain goodwill, current liabilities and adjustments to deferred tax liabilities to reflect facts and circumstances that existed as of the acquisition date. The goodwill of $325.3 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 Generics segment. 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 adjustment and income taxes, which will be finalized in the fourth quarter of 2016. During the three months ended September 30, 2016 , the Company received approvals from the relevant Indian regulatory authorities to legally merge its wholly owned subsidiary, Jai Pharma Limited , into Mylan Laboratories Limited . The merger resulted in the recognition of a deferred tax asset of $150 million for the tax deductible goodwill in excess of the book goodwill with a corresponding benefit to income tax provision for the three and nine months ended September 30, 2016 . On a pro forma basis, the acquisition did not have a material impact on the Company’s results of operations for the three and nine months ended September 30, 2015 . EPD Business On February 27, 2015 (the “EPD Transaction Closing Date”), the Company completed the acquisition (the “EPD Transaction”) of Mylan Inc. and Abbott Laboratories’ non-U.S. developed markets specialty and branded generics business (the “EPD Business”) in an all-stock transaction. Mylan N.V. ’s purchase price for the EPD Business , which was on a debt-free basis, was $6.31 billion based on the closing price of Mylan Inc.’s stock as of the EPD Transaction Closing Date, as reported by the NASDAQ. The operating results of the EPD Business have been included in the Company’s Condensed Consolidated Statements of Operations since February 27, 2015. The total revenues of the acquired EPD Business for the period from the acquisition date to September 30, 2015 were $1.01 billion and the net loss, net of tax, was $68.6 million . The net loss, net of tax, includes the effects of the purchase accounting adjustments and acquisition related costs. Unaudited Pro Forma Financial Results The following table presents supplemental unaudited pro forma information for the acquisitions of Meda , as if it had occurred on January 1, 2015 , and the EPD Business , as if it had occurred on January 1, 2014 . 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 and EPD 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. Three Months Ended Nine Months Ended September 30, September 30, (Unaudited, in millions, except per share amounts) 2016 2015 2016 2015 Total revenues $ 3,168.6 $ 3,506.4 $ 9,008.2 $ 8,895.0 Net (loss) earnings attributable to Mylan N.V. ordinary shareholders $ (111.4 ) $ 381.2 $ 132.0 $ 405.8 (Loss) earnings per ordinary share attributable to Mylan N.V. ordinary shareholders: Basic $ (0.21 ) $ 0.74 $ 0.25 $ 0.78 Diluted $ (0.21 ) $ 0.71 $ 0.25 $ 0.75 Weighted average ordinary shares outstanding: Basic 533.9 516.9 526.9 517.0 Diluted 533.9 540.4 536.2 544.0 Other Transactions During the second quarter of 2016, the Company entered into an agreement to acquire a marketed pharmaceutical product for an upfront payment of approximately $57.9 million , which is included in investing activities in the Condensed Consolidated Statements of Cash Flows . The Company accounted for this transaction as an asset acquisition and is amortizing the product right over a weighted useful life of five years . On January 8, 2016, the Company entered into an agreement with Momenta Pharmaceuticals, Inc. (“ Momenta ”) to develop, manufacture and commercialize up to six of Momenta ’s current biosimilar candidates, including Momenta ’s biosimilar candidate, ORENCIA® (abatacept). As part of the agreement, Mylan made an up-front cash payment of $45 million to Momenta. Under the terms of the agreement, Momenta is eligible to receive additional contingent milestone payments of up to $200 million . The Company and Momenta will jointly be responsible for product development and will equally share in the costs and profits related to the products. Under the agreement, Mylan will lead the worldwide commercialization efforts. On November 2, 2016, the Company and Momenta announced that dosing had begun in a Phase 1 study to compare the pharmacokinetics, safety and immunogenicity of M834, a proposed bisoimilar or ORENCIA® (abatacept), to U.S. and European Union sourced ORENCIA® in normal healthy volunteers. Under the agreement, Momenta has achieved the milestone necessary to earn a $25 million payment from the Company which will be paid in the fourth quarter of 2016. In accordance with ASC 730, Research and Development , the Company is accounting for the contingent milestone payments as non-refundable advance payments for services to be used in future R&D activities, which are required to be capitalized until the related services have been performed. More specifically, as costs are incurred within the scope of the collaboration, the Company will record its share of the costs as R&D expense. In addition to the upfront cash payment, during the three and nine months ended September 30, 2016 the Company incurred approximately $9.0 million and $22.3 million , respectively, of R&D expense related to this collaboration. To the extent the contingent milestone payments made by the Company exceed the liability incurred, a prepaid asset will be reflected on the Company’s Condensed Consolidated Balance Sheet. To the extent the contingent milestone payments made by the Company are less than the expense incurred, the difference between the payment and the expense will be recorded as a liability on the Company’s Condensed Consolidated Balance Sheet. |
Share-Based Incentive Plan
Share-Based Incentive Plan | 9 Months Ended |
Sep. 30, 2016 | |
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 shares and units, performance awards, other stock-based awards and short-term cash awards. Stock option awards are granted at the fair market value of the 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 . Upon approval of the 2003 Plan, no further grants of stock options have been made under any other previous plans. The following table summarizes stock option and SAR (“stock awards”) activity: Number of Shares Under Stock Awards Weighted Average Exercise Price per Share Outstanding at December 31, 2015 7,732,499 $ 31.85 Granted 780,254 46.15 Exercised (496,440 ) 23.52 Forfeited (166,571 ) 51.26 Outstanding at September 30, 2016 7,849,742 $ 33.39 Vested and expected to vest at September 30, 2016 7,537,727 $ 32.78 Exercisable at September 30, 2016 5,704,835 $ 27.71 As of September 30, 2016 , stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had average remaining contractual terms of 6.0 years , 5.9 years and 5.0 years , respectively. Also, at September 30, 2016 , stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had aggregate intrinsic values of $75.9 million , $75.7 million and $75.0 million , respectively. A summary of the status of the Company’s nonvested restricted stock and restricted stock unit awards, including performance restricted stock units and restricted ordinary shares (collectively, “restricted stock awards”), as of September 30, 2016 and the changes during the nine months ended September 30, 2016 are presented below: Number of Restricted Stock Awards Weighted Average Grant-Date Fair Value per Share Nonvested at December 31, 2015 4,474,436 $ 40.70 Granted 2,619,679 45.15 Released (1,072,156 ) 41.95 Forfeited (326,916 ) 41.65 Nonvested at September 30, 2016 5,695,043 $ 42.49 As of September 30, 2016 , the Company had $165.0 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 2.4 years . The total intrinsic value of stock awards exercised and restricted stock units released during the nine months ended September 30, 2016 and 2015 was $49.1 million and $254.9 million , respectively. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2016 | |
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 an historic small fully frozen defined benefit pension plan in the U.S., and employees in the U.S. and Puerto Rico are provided retirement benefits through defined contribution plans. The Company acquired net unfunded pension and other postretirement liabilities of approximately $322.3 million as a result of the Meda transaction. The Company also sponsors other postretirement benefit plans. There are plans that provide for postretirement supplemental medical coverage. Benefits from these plans are paid to employees and their spouses and dependents who meet various minimum age and service requirements. In addition, there are 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 and nine months ended September 30, 2016 and 2015 were as follows: Pension and Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Service cost $ 4.8 $ 2.8 $ 12.6 $ 8.5 Interest cost 2.8 1.2 5.7 3.6 Expected return on plan assets (3.0 ) (1.4 ) (7.0 ) (4.1 ) Plan curtailment, settlement and termination — 0.3 — 0.8 Amortization of prior service costs 0.1 0.1 0.2 0.2 Recognized net actuarial losses 0.2 0.3 0.7 0.9 Net periodic benefit cost $ 4.9 $ 3.3 $ 12.2 $ 9.9 The Company is making the minimum mandatory contributions to its U.S. defined benefit pension plans in the 2016 plan year. The Company expects to make total benefit payments of approximately $20.2 million and contributions to pension and other postretirement benefit plans of approximately $17.7 million in 2016 . |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2016 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Balance Sheet Components Selected balance sheet components consist of the following: (In millions) September 30, December 31, Inventories: Raw materials $ 825.1 $ 592.4 Work in process 469.8 387.0 Finished goods 1,392.6 971.6 $ 2,687.5 $ 1,951.0 Property, plant and equipment: Land and improvements $ 145.0 $ 124.5 Buildings and improvements 1,074.9 950.6 Machinery and equipment 2,215.6 1,928.4 Construction in progress 344.8 290.5 Gross property, plant and equipment 3,780.3 3,294.0 Accumulated depreciation 1,496.1 1,310.1 Property, plant and equipment, net $ 2,284.2 $ 1,983.9 Other current liabilities: Legal and professional accruals, including litigation accruals $ 610.8 $ 122.6 Payroll and employee benefit plan accruals 429.7 367.9 Accrued sales allowances 824.1 681.8 Accrued interest 114.3 25.1 Fair value of financial instruments 25.2 19.8 Compulsory acquisition proceeding 431.0 — Other 1,210.7 624.7 $ 3,645.8 $ 1,841.9 Included in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets was $156.8 million and $106.6 million of restricted cash at September 30, 2016 and December 31, 2015 , respectively. During the nine months ended September 30, 2016 , the Company recorded restricted cash of approximately $50 million related to amounts deposited in escrow, for potential contingent consideration payments related to the acquisition of the Topicals Business . An additional $100 million of restricted cash was classified in other long-term assets at December 31, 2015 , principally related to amounts deposited in escrow, or restricted amounts, for potential contingent consideration payments related to the acquisition of Agila Specialties Private Limited (“Agila”), which the Company acquired in 2013 from Strides Arcolab Limited (“Strides”). At September 30, 2016 , this amount was reclassified to current restricted cash in conjunction with the Strides Settlement, as defined in Note 18 Contingencies . Included in legal and professional accruals, including litigation accruals at September 30, 2016 is $465 million for a settlement with the U.S. Department of Justice and other government agencies related to the classification of the EpiPen® Auto-Injector and EpiPen Jr® Auto-Injector (collectively, “ EpiPen® Auto-Injector ”) for purposes of the Medicaid Drug Rebate Program (the “ Medicaid Drug Rebate Program Settlement ”), as discussed further in Note 18 Contingencies . At the close of the Meda transaction and at September 30, 2016 , the Company recorded a current liability of $431 million related to the purchase of the non-tendered shares of Meda pursuant to the compulsory acquisition proceeding. Included in other current liabilities at September 30, 2016 is approximately $350 million of accrued expenses assumed from Meda. Contingent consideration included in other current liabilities totaled $128.6 million and $35.0 million at September 30, 2016 and December 31, 2015 , respectively. During the nine months ended September 30, 2016 , the Company recorded contingent consideration of $16 million in other current liabilities related to the acquisition of the Topicals Business and made $15.5 million of contingent consideration payments. During the third quarter of 2016, the Company recorded approximately $90 million of additional contingent consideration in other current liabilities as a result of the Strides Settlement, as defined in Note 18 Contingencies . Contingent consideration included in other long-term obligations was $522.9 million and $491.4 million at September 30, 2016 and December 31, 2015 , respectively. |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2016 | |
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 Internal Revenue Code, as amended. In addition, the Company holds a 50% interest in Sagent Agila LLC (“Sagent Agila”), which is accounted for using the equity method of accounting. Sagent Agila was established to allow for the development, manufacturing and distribution of certain generic injectable products in the U.S. market. The carrying values and respective balance sheet accounts of the Company’s clean energy investments and interest in Sagent Agila is as follows at September 30, 2016 and December 31, 2015 , respectively: (In millions) September 30, 2016 December 31, 2015 Clean Energy Investments: Other assets $ 337.6 $ 379.3 Total liabilities 382.0 419.3 Other current liabilities 64.1 62.3 Other long-term obligations 317.9 357.0 Sagent Agila: Other assets $ 80.0 $ 96.2 Summarized financial information, in the aggregate, for the Company’s significant equity method investments on a 100% basis for the three and nine months ended September 30, 2016 and 2015 are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Total revenues $ 170.0 $ 205.7 $ 418.2 $ 492.2 Gross (loss) profit (3.0 ) (3.5 ) (3.8 ) (4.0 ) Operating and non-operating expense 6.3 6.9 16.3 18.7 Net loss $ (9.3 ) $ (10.4 ) $ (20.1 ) $ (22.7 ) 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 September 30, 2016 and 2015 , the Company recognized net losses from equity method investments of $29.7 million and $27.8 million , respectively. For the nine months ended September 30, 2016 and 2015 , the Company recognized net losses from equity method investments of $85.5 million and $77.5 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 Att
Earnings per Ordinary Share Attributable to Mylan N.V. | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Ordinary Share Attributable to Mylan N.V. | Earnings per Ordinary Share Attributable to Mylan N.V. Basic earnings per ordinary share is computed by dividing net earnings attributable to Mylan N.V. ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per ordinary share is computed by dividing net earnings attributable to Mylan N.V. ordinary shareholders 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 August 5, 2016 , in conjunction with the Offer, the Company issued approximately 26.4 million Mylan N.V. ordinary shares to Meda shareholders. The impact of the issuance of these ordinary shares is included in the calculation of basic earnings per share. The weighted average impact for the three and nine months ended September 30, 2016 , was 16.1 million and 5.4 million ordinary shares, respectively. On September 15, 2008, concurrent with the sale of $575 million aggregate principal amount of Cash Convertible Notes due 2015 (the “Cash Convertible Notes”), Mylan Inc. entered into convertible note hedge and warrant transactions with certain counterparties. In connection with the consummation of the EPD Transaction, the terms of the convertible note hedge were adjusted so that the cash settlement value would be based on Mylan N.V. ordinary shares. The terms of the warrant transactions were also adjusted so that, from and after the consummation of the EPD Transaction, the Company could settle the obligations under the warrant transactions by delivering Mylan N.V. ordinary shares. Pursuant to the warrant transactions, and a subsequent amendment in 2011, there were approximately 43.2 million warrants outstanding, with approximately 41.0 million of the warrants that had an exercise price of $30.00 . The remaining warrants had an exercise price of $20.00 . The warrants met the definition of derivatives under the FASB’s guidance regarding accounting for derivative instruments and hedging activities; however, because these instruments were determined to be indexed to the Company’s own ordinary shares and met the criteria for equity classification under the FASB’s guidance regarding contracts in an entity’s own equity , the warrants were recorded in shareholders’ equity in the Condensed Consolidated Balance Sheets . On April 15, 2016, in connection with the expiration and settlement of the warrants, the Company issued approximately 17.0 million Mylan N.V. ordinary shares. The impact of the issuance of these ordinary shares is included in the calculation of basic earnings per share from the date of issuance. For the nine months ended September 30, 2016 , 10.4 million ordinary shares is the weighted average impact included in the calculation of basic earnings per ordinary share. 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 nine months ended September 30, 2016 , 6.6 million warrants were included in the calculation of diluted earnings per ordinary share. For the three and nine months ended September 30, 2015 , 20.3 million and 22.1 million warrants, respectively, were included in the calculation of diluted earnings per ordinary share. Basic and diluted (loss) earnings per ordinary share attributable to Mylan N.V. are calculated as follows: Three Months Ended Nine Months Ended September 30, September 30, (In millions, except per share amounts) 2016 2015 2016 2015 Basic (loss) earnings attributable to Mylan N.V. ordinary shareholders (numerator): Net (loss) earnings attributable to Mylan N.V. ordinary shareholders $ (119.8 ) $ 428.6 $ 62.5 $ 653.0 Shares (denominator): Weighted average ordinary shares outstanding 523.6 490.5 505.9 466.2 Basic (loss) earnings per ordinary share attributable to Mylan N.V. ordinary shareholders $ (0.23 ) $ 0.87 $ 0.12 $ 1.40 Diluted (loss) earnings attributable to Mylan N.V. ordinary shareholders (numerator): Net (loss) earnings attributable to Mylan N.V. ordinary shareholders $ (119.8 ) $ 428.6 $ 62.5 $ 653.0 Shares (denominator): Weighted average ordinary shares outstanding 523.6 490.5 505.9 466.2 Share-based awards and warrants — 23.5 9.3 27.0 Total dilutive shares outstanding 523.6 514.0 515.2 493.2 Diluted (loss) earnings per ordinary share attributable to Mylan N.V. ordinary shareholders $ (0.23 ) $ 0.83 $ 0.12 $ 1.32 Additional stock awards and restricted stock awards were outstanding during the three and nine months ended September 30, 2016 and 2015 , 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 September 30, 2016 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 13.9 million shares and 7.3 million shares for the three and nine months ended September 30, 2016 , respectively, and 3.9 million shares for the three and nine months ended September 30, 2015 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the nine months ended September 30, 2016 are as follows: (In millions) Generics Segment Specialty Segment Total Balance at December 31, 2015: Goodwill $ 5,031.0 $ 734.1 $ 5,765.1 Accumulated impairment losses — (385.0 ) (385.0 ) 5,031.0 349.1 5,380.1 Acquisitions (1) 3,984.9 — 3,984.9 Measurement period adjustments 8.1 — 8.1 Foreign currency translation 260.0 — 260.0 $ 9,284.0 $ 349.1 $ 9,633.1 Balance at September 30, 2016: Goodwill $ 9,284.0 $ 734.1 $ 10,018.1 Accumulated impairment losses — (385.0 ) (385.0 ) $ 9,284.0 $ 349.1 $ 9,633.1 ____________ (1) Includes goodwill related to the acquisition of Meda and the Topicals Business totaling $3.68 billion and $307.3 million , respectively. Intangible assets consist of the following components at September 30, 2016 and December 31, 2015 : (In millions) Weighted Average Life (Years) Original Cost Accumulated Amortization Net Book Value September 30, 2016 Amortized intangible assets: Product rights and licenses 15 $ 17,867.4 $ 3,434.0 $ 14,433.4 Patents and technologies 20 116.6 107.3 9.3 Other (1) 6 492.5 311.4 181.1 18,476.5 3,852.7 14,623.8 In-process research and development 989.6 — 989.6 $ 19,466.1 $ 3,852.7 $ 15,613.4 December 31, 2015 Amortized intangible assets: Product rights and licenses 11 $ 8,848.6 $ 2,652.7 $ 6,195.9 Patents and technologies 20 116.6 103.8 12.8 Other (1) 6 465.3 189.8 275.5 9,430.5 2,946.3 6,484.2 In-process research and development 737.7 — 737.7 $ 10,168.2 $ 2,946.3 $ 7,221.9 ____________ (1) Other intangible assets consist principally of customer lists, contractual rights and other contracts. During the nine months ended September 30, 2016 , the Company acquired product rights and licenses from Meda and the Topicals Business totaling approximately $8.06 billion and $454.0 million , respectively. Also, in the period the Company acquired IPR&D totaling approximately $275.0 million from the acquisition of the Topicals Business , and reclassified approximately $20.7 million of previously acquired IPR&D to product rights and licenses. Amortization expense, which is classified primarily within cost of sales in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015 totaled: Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Amortization expense $ 364.3 $ 214.3 $ 852.9 $ 559.8 Inclusive of the impact from the acquisitions of Meda and the Topicals Business , amortization expense over the remainder of 2016 and for years ended December 31, 2017 through 2020 is estimated to be as follows: (In millions) 2016 $ 362 2017 1,307 2018 1,254 2019 1,161 2020 1,041 |
Financial Instruments and Risk
Financial Instruments and Risk Management | 9 Months Ended |
Sep. 30, 2016 | |
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 . In order to economically hedge the foreign currency exposure associated with the expected payment of the Swedish krona-denominated cash portion of the purchase price of the Offer, the Company entered into a series of non-designated foreign exchange forward and option contracts with a total notional amount of 45.2kr billion . During the three and nine months ended September 30, 2016 , the Company recognized losses of $44.4 million and $128.6 million for the changes in fair value related to these contracts which is included in other expense, net in the Condensed Consolidated Statements of Operations . These contracts settled during the three months ended September 30, 2016 . 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 . Following the acquisition of Meda, 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 €288 million and consists primarily of Euro denominated debt which has a maturity date in August 2017 . 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 or nine months ended September 30, 2016 . 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 . Following the acquisition of Meda, the Company designated certain interest rate swaps with a notional amount of €750 million as cash flow hedges. The maturity date of these swaps is June 2017 . In September 2015, the Company entered into a series of forward starting swaps to hedge against changes in interest rates related to future debt issuances. These swaps were designated as cash flow hedges of expected future issuances of long-term bonds. The Company executed $500 million of notional value swaps with an effective date of June 2016 and an additional $500 million of notional value swaps with an effective date of November 2016. Both sets of swaps had a maturity of 10 years . As discussed further in Note 12 Debt , during the second quarter of 2016, the Company issued $2.25 billion in an aggregate principal amount of 3.950% Senior Notes due 2026 and the Company terminated these swaps. As a result of this termination, the Company recorded losses of $64.9 million in AOCE, which are being amortized over the life of the 3.950% Senior Notes due 2026. In addition, during the second quarter of 2016, approximately $2.1 million of hedge ineffectiveness related to these forward starting swaps was recorded in interest expense on 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 Asset Derivatives September 30, 2016 December 31, 2015 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Prepaid expenses and other current assets $ 66.4 Prepaid expenses and other current assets $ 36.3 Foreign currency forward contracts Prepaid expenses and other current assets 27.2 Prepaid expenses and other current assets 8.4 Total $ 93.6 $ 44.7 Liability Derivatives September 30, 2016 December 31, 2015 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other current liabilities $ 1.7 Other current liabilities $ 10.5 Total $ 1.7 $ 10.5 The Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Values of Derivative Instruments Derivatives Not Designated as Hedging Instruments Asset Derivatives September 30, 2016 December 31, 2015 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Prepaid expenses and other current assets $ 7.2 Prepaid expenses and other current assets $ 20.0 Total $ 7.2 $ 20.0 Liability Derivatives September 30, 2016 December 31, 2015 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Other current liabilities $ 23.5 Other current liabilities $ 9.3 Total $ 23.5 $ 9.3 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Fair Value Hedging Relationships Location of (Loss) Gain Recognized in Earnings on Derivatives Amount of (Loss) Gain Recognized in Earnings on Derivatives (In millions) Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Interest rate swaps Interest expense $ (9.7 ) $ 29.5 $ 30.2 $ 34.1 Total $ (9.7 ) $ 29.5 $ 30.2 $ 34.1 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 2023 Senior Notes (3.125% coupon) Interest expense $ 9.7 $ (25.0 ) $ (30.2 ) $ (20.4 ) Total $ 9.7 $ (25.0 ) $ (30.2 ) $ (20.4 ) The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Foreign currency forward contracts $ 2.9 $ (21.3 ) $ (16.3 ) $ (36.5 ) Interest rate swaps (0.9 ) (40.3 ) (38.0 ) (37.0 ) Total $ 2.0 $ (61.6 ) $ (54.3 ) $ (73.5 ) The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings Derivatives in Net Investment Hedging Relationships Amount of Loss Recognized in AOCE Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Foreign currency borrowings and forward contracts $ (8.1 ) $ — $ (8.1 ) $ — Total $ (8.1 ) $ — $ (8.1 ) $ — The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Cash Flow Hedging Relationships Location of Loss Reclassified from AOCE into Earnings (Effective Portion) Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Foreign currency forward contracts Net sales $ (10.7 ) $ (8.1 ) $ (34.2 ) $ (30.4 ) Interest rate swaps Interest expense (2.3 ) (0.2 ) (6.6 ) (0.5 ) Total $ (13.0 ) $ (8.3 ) $ (40.8 ) $ (30.9 ) Location of Gain Excluded from the Assessment of Hedge Effectiveness Amount of Gain Excluded from the Assessment of Hedge Effectiveness Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Foreign currency forward contracts Other expense, net $ 8.9 $ 11.7 $ 26.0 $ 35.1 Total $ 8.9 $ 11.7 $ 26.0 $ 35.1 At September 30, 2016 , the Company expects that approximately $27.8 million of pre-tax net losses on cash flow hedges will be reclassified from AOCE into earnings during the next twelve months . The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives Not Designated as Hedging Instruments Location of (Loss) Gain Recognized in Earnings on Derivatives Amount of (Loss) Gain Recognized in Earnings on Derivatives Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Foreign currency option and forward contracts Other expense, net $ (36.8 ) $ 22.2 $ (98.3 ) $ 29.8 Cash conversion feature of Cash Convertible Notes Other expense, net — 1,689.3 — 1,853.5 Purchased cash convertible note hedge Other expense, net — (1,689.3 ) — (1,853.5 ) Total $ (36.8 ) $ 22.2 $ (98.3 ) $ 29.8 Fair Value Measurement Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: • Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. • Level 2: Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. • Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above: September 30, 2016 (In millions) Level 1 Level 2 Level 3 Total Recurring fair value measurements Financial Assets Cash equivalents: Money market funds $ 859.9 $ — $ — $ 859.9 Total cash equivalents 859.9 — — 859.9 Trading securities: Equity securities — exchange traded funds 28.7 — — 28.7 Total trading securities 28.7 — — 28.7 Available-for-sale fixed income investments: U.S. Treasuries — 6.5 — 6.5 Corporate bonds — 17.6 — 17.6 Agency mortgage-backed securities — 4.5 — 4.5 Asset backed securities — 1.5 — 1.5 Other — 3.9 — 3.9 Total available-for-sale fixed income investments — 34.0 — 34.0 Available-for-sale equity securities: Marketable securities 57.6 — — 57.6 Total available-for-sale equity securities 57.6 — — 57.6 Foreign exchange derivative assets — 34.4 — 34.4 Interest rate swap derivative assets — 66.4 — 66.4 Total assets at recurring fair value measurement $ 946.2 $ 134.8 $ — $ 1,081.0 Financial Liabilities Foreign exchange derivative liabilities $ — $ 23.5 $ — $ 23.5 Interest rate swap derivative liabilities — 1.7 — 1.7 Contingent consideration — — 651.5 651.5 Total liabilities at recurring fair value measurement $ — $ 25.2 $ 651.5 $ 676.7 December 31, 2015 (In millions) Level 1 Level 2 Level 3 Total Recurring fair value measurements Financial Assets Cash equivalents: Money market funds $ 923.3 $ — $ — $ 923.3 Total cash equivalents 923.3 — — 923.3 Trading securities: Equity securities — exchange traded funds 22.8 — — 22.8 Total trading securities 22.8 — — 22.8 Available-for-sale fixed income investments: U.S. Treasuries — 4.7 — 4.7 Corporate bonds — 15.7 — 15.7 Agency mortgage-backed securities — 3.9 — 3.9 Asset backed securities — 2.3 — 2.3 Other — 1.4 — 1.4 Total available-for-sale fixed income investments — 28.0 — 28.0 Available-for-sale equity securities: Marketable securities 26.0 — — 26.0 Total available-for-sale equity securities 26.0 — — 26.0 Foreign exchange derivative assets — 28.4 — 28.4 Interest rate swap derivative assets — 36.3 — 36.3 Total assets at recurring fair value measurement $ 972.1 $ 92.7 $ — $ 1,064.8 Financial Liabilities Foreign exchange derivative liabilities $ — $ 9.3 $ — $ 9.3 Interest rate swap derivative liabilities — 10.5 — 10.5 Contingent consideration — — 526.4 526.4 Total liabilities at recurring fair value measurement $ — $ 19.8 $ 526.4 $ 546.2 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: • 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 and translated to the U.S. Dollar at prevailing spot exchange rates, as applicable. • 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. 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 , the acquisition of 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 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. A discounted cash flow method was used to value contingent consideration at September 30, 2016 and December 31, 2015 , which was calculated as the present value of the estimated future net cash flows using a market rate of return. Discount rates ranging from 1.4% to 9.8% were utilized in the valuations. For the contingent consideration related to the acquisition of Agila and the acquisition of the Topicals Business , significant unobservable inputs in the valuation include the probability of future payments to the seller of amounts withheld at the closing date. Significant changes in unobservable inputs could result in material changes to the contingent consideration liability. During the three and nine months ended September 30, 2016 , accretion of $10.4 million and $30.7 million , respectively, was recorded in interest expense in the Condensed Consolidated Statements of Operations . During the three and nine months ended September 30, 2015 , accretion of $9.7 million and $28.5 million , respectively, was recorded in interest expense in the Condensed Consolidated Statements of Operations . Although the Company has not elected the fair value option for other financial assets and liabilities, any future transacted financial asset or liability will be evaluated for the fair value election. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-Term Debt A summary of long-term debt is as follows: (In millions) Coupon September 30, December 31, Current portion of long-term debt: 2016 Senior Notes (a) * 1.800 % $ — $ 500.1 2016 Senior Notes (b) * 1.350 % 500.0 499.9 2015 Term Loans (c) 1,600.0 — Meda Bank Loans (d) 1,942.6 — Meda Bank Loans (e) 233.3 — Other 4.4 1.6 Deferred financing fees (1.5 ) (2.9 ) Current portion of long-term debt $ 4,278.8 $ 998.7 Non-current portion of long-term debt: 2015 Term Loans (c) $ — $ 1,600.0 2014 Term Loan (f) 800.0 800.0 Meda Medium Term Notes (g) 157.5 — 2018 Senior Notes (h) * 2.600 % 649.5 649.3 2018 Senior Notes (h) ** 3.000 % 499.5 499.4 2019 Senior Notes (i) ** 2.500 % 999.0 — 2019 Senior Notes (j) * 2.550 % 499.4 499.2 2020 Senior Notes (k) ** 3.750 % 499.9 499.8 2021 Senior Notes (l) ** 3.150 % 2,247.5 — 2023 Senior Notes (j) * 3.125 % 815.4 785.2 2023 Senior Notes (m) * 4.200 % 498.5 498.4 2026 Senior Notes (n) ** 3.950 % 2,233.1 — 2043 Senior Notes (o) * 5.400 % 497.0 497.0 2046 Senior Notes (p) ** 5.250 % 999.8 — Other 7.8 2.7 Deferred financing fees (75.3 ) (35.4 ) Total long-term debt $ 11,328.6 $ 6,295.6 ____________ (a) Instrument was due on June 24, 2016 , and the Company paid the principal amount of $500.0 million and final interest payment of $4.5 million at that time using available cash on hand. (b) 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 0.125% plus, in each case, accrued and unpaid interest. Instrument is due on November 29, 2016 and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016 . (c) The 2015 Term Loans mature on July 15, 2017, subject to extension to December 19, 2017. Accordingly, the 2015 Term Loans are included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016 . (d) Approximately 16.7kr billion of borrowings under a 25kr billion facility with nine Swedish and foreign banks that matures on August 30, 2017, and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016 . At September 30, 2016, includes a fair value adjustment of approximately $192 million . (e) Represents a bank loan of 2kr billion with AB Svensk Exportkredit (publ), as lender (“Svensk Exportkredit”) which is callable by the lender as a result of the completion of the Offer, and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016 . (f) The 2014 Term Loan matures on December 19, 2017. (g) Swedish medium term notes (“MTN”) program with an upper limit of 7kr billion . Of the total amount outstanding of 1.35kr billion , 600kr million matures on April 5, 2018 and 750kr million matures on May 21, 2019. (h) 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. (i) 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. (j) 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. (k) 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. (l) 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. (m) 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. (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 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. (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. Meda Borrowings Upon settlement of the Offer on August 5, 2016, Meda became a controlled subsidiary of Mylan. Meda is party to certain debt obligations, all of which remained outstanding following the settlement of the Offer. During the three months ended September 30, 2016 , the Company repaid approximately $567 million of Meda’s bank loans. Meda’s outstanding debt obligations and committed bank facilities contained change of control provisions that were triggered upon settlement of the Offer. Meda’s debt financing includes approximately 16.7kr billion of borrowings under a syndicated bank facility of 25kr billion with nine Swedish and foreign banks. This financing is augmented with borrowings via a Swedish MTN program with an upper limit of 7kr billion , a Swedish commercial paper program with an upper limit of 4kr billion and a bilateral bank loan of 2kr billion . The settlement of the Offer constituted a change of control under the Facilities Agreement, dated as of December 17, 2014 (as amended on October 29, 2015, the “Facilities Agreement”), among Meda, as borrower, the lenders party thereto (the “Lenders”) and Danske Bank A/S, as agent (“Danske”). As of September 30, 2016 , there was $1.94 billion aggregate principal amount of loans outstanding under the Facilities Agreement. On August 30, 2016, Meda entered into the Amendment and Waiver Letter (the “Amendment”) to the Facilities Agreement, between Meda, as borrower, and Danske Bank A/S, as agent on behalf of the Lenders. The Amendment provides that (i) the lenders under the Facilities Agreement waive any put rights arising in connection with the Company’s acquisition of a majority of the issued share capital in Meda or any action taken in connection therewith; (ii) the termination date in respect of each of the loans and commitments under the Facilities Agreement will be August 30, 2017; and (iii) a change of control will occur under the Facilities Agreement if (a) the Company fails to, directly or indirectly, own all or substantially all of the issued share capital or votes in Meda or (b) any person (other than Stichting Preferred Shares Mylan) acquires more than 50% of the issued share capital or votes in the Company. Of the total facility amount of 25kr billion , the Company has available approximately 7.9kr billion ( $925.1 million ) of uncommitted borrowings at September 30, 2016 . The settlement of the Offer constituted a change of control under the terms of the notes issued by Meda under its MTN program. In accordance with the terms of the notes, Meda notified the noteholders of the occurrence of the change of control on August 5, 2016. As of September 30, 2016 , there was $157.5 million aggregate principal amount of notes outstanding under the MTN program. As a result of such change of control, each noteholder had an individual right (a “put right”) to demand early redemption of the notes at their principal amount, together with accrued interest up to and including the date of redemption. The date of redemption for the notes of the noteholders that chose to exercise their put rights was November 3, 2016 and approximately $2.0 million was paid on that date. The settlement of the Offer constituted a Change of Control (as defined in the Loan Agreement referred to below) under the Loan Agreement, dated as of September 17, 2014 (the “Loan Agreement”), between Meda, as borrower, and Svensk Exportkredit, as lender. As of September 30, 2016 , there was $233.3 million aggregate principal amount of loans outstanding under the Loan Agreement. In accordance with the terms of the Loan Agreement, Meda notified Svensk Exportkredit of the Change of Control. No agreement to amend the terms of the Loan Agreement was reached within 30 days of Svensk Exportkredit’s receipt of notice from Meda of the Change of Control. Svensk Exportkredit may cancel its commitment and demand repayment of the loans under the Loan Agreement by notice to Meda, with repayment to be made not less than 30 days after such notice to Meda. The loans under the Loan Agreement will be repaid in accordance with the terms thereof. The Facilities Agreement contains customary affirmative covenants, including among others, covenants pertaining to the delivery of financial statements, notices of default and certain material events, maintenance of authorizations, property, and insurance and compliance with laws, as well as customary negative covenants, including limitations on the incurrence of subsidiary indebtedness, disposals, loans and guarantees, liens, mergers and certain other corporate reconstructions, acquisitions and changes in Meda’s lines of business. Pursuant to the Facilities Agreement, Meda must deliver to Danske (i) within 60 days after the end of each consecutive three month period of its financial years, its unaudited consolidated financial statements for such three month period and (ii) within 120 days after the end of each of its financial years, its audited consolidated financial statements for such financial year. The Facilities Agreement contains financial covenants limited to (i) a maximum senior net debt to EBITDA ratio and (ii) a minimum EBITDA interest coverage ratio. The MTN program contains covenants that, among other things, restrict Meda's ability and the ability of certain of Meda's subsidiaries to substantially change the general nature of its business; create liens to secure debt securities or other publicly traded debt; or sell or dispose of Meda's assets to the extent such sales or disposition could jeopardize Meda’s ability to fulfill its obligations under the MTN program; and require Meda to maintain the listing of the loans under the MTN program on Nasdaq Stockholm. As long as the loans under the MTN program are listed on Nasdaq Stockholm, Meda is required to comply with certain Nasdaq Stockholm financial reporting requirements. The MTN program also provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment, breach of covenants, payment defaults or acceleration of other indebtedness, failure to pay certain judgments and certain events of bankruptcy and insolvency. These covenants and events of default are subject to a number of important qualifications, limitations and exceptions that are described in the general terms and conditions of the MTN program. If an event of default with respect to the loans under the MTN program occurs, the principal amount of all of the loans under the MTN program then outstanding, plus accrued and unpaid interest, if any, to the date of acceleration, may become immediately due and payable. The Loan Agreement contains customary affirmative covenants, including among others, covenants pertaining to the delivery of financial statements, notices of default and certain material events, maintenance of authorizations and compliance with laws, as well as customary negative covenants, including limitations on the incurrence of subsidiary indebtedness, disposals, liens, mergers and certain other corporate reconstructions and changes in Meda’s lines of business. Pursuant to the Loan Agreement, Meda must deliver to Svensk Exportkredit (i) within 60 days after the end of each consecutive three month period of its financial years, its unaudited consolidated financial statements for such three month period and (ii) within 120 days after the end of each of its financial years, its audited consolidated financial statements for such financial year. The Loan Agreement contains financial covenants limited to (i) a maximum senior net debt to EBITDA ratio, (ii) a maximum senior net debt to equity ratio and (iii) a minimum EBITDA interest coverage ratio. 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 September 30, 2016 and December 31, 2015 , the Company had no short-term borrowings under the Receivables Facility in the Condensed Consolidated Balance Sheets . Issuance of June 2016 Senior Notes During the second quarter of 2016, in anticipation of the completion of the Offer, Mylan N.V. issued $1.00 billion aggregate principal amount of 2.500% Senior Notes due 2019, $2.25 billion aggregate principal amount of 3.150% Senior Notes due 2021, $2.25 billion aggregate principal amount of 3.950% Senior Notes due 2026 and $1.00 billion aggregate principal amount of 5.250% Senior Notes due 2046 (collectively, the “June 2016 Senior Notes”) in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), to qualified institutional buyers in accordance with Rule 144A and to persons outside of the U.S. pursuant to Regulation S under the Securities Act. The June 2016 Senior Notes were issued pursuant to an indenture, dated as of June 9, 2016 (the “Indenture”), among the Company, Mylan Inc., as guarantor (the “Guarantor”), and The Bank of New York Mellon, as trustee. The June 2016 Senior Notes were guaranteed by Mylan Inc. upon issuance. In addition, the Company entered into a registration rights agreement, dated as of June 9, 2016, pursuant to which the Company and Mylan Inc. will use commercially reasonable efforts to file a registration statement with respect to an offer to exchange each series of the June 2016 Senior Notes for new notes with the same aggregate principal amount and terms identical in all material respects and to cause the exchange offer registration statement to be declared effective by the SEC and to consummate the exchange offer not later than 365 days following the date of issuance of the June 2016 Senior Notes. The Indenture contains covenants that, among other things, restrict the Company’s ability and the ability of certain of its subsidiaries to enter into sale and leaseback transactions; create liens; consolidate, merge or sell all or substantially all of the Company’s assets; and with respect to such subsidiaries only, guarantee certain of our or our other subsidiaries’ outstanding obligations or incur certain obligations without also guaranteeing our obligations under the June 2016 Senior Notes on a senior basis. The Indenture also provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment, breach of covenants, payment defaults or acceleration of other indebtedness, failure to pay certain judgments and certain events of bankruptcy and insolvency. These covenants and events of default are subject to a number of important qualifications, limitations and exceptions that are described in the Indenture. If an event of default with respect to the June 2016 Senior Notes of a series occurs under the Indenture, the principal amount of all of the June 2016 Senior Notes of such series then outstanding, plus accrued and unpaid interest, if any, to the date of acceleration, may become immediately due and payable. The 2.500% Senior Notes due 2019 mature on June 7, 2019, subject to earlier repurchase or redemption in accordance with the terms of the Indenture. The 2.500% Senior Notes due 2019 bear interest at a rate of 2.500% per annum, accruing from June 9, 2016. Interest on the 2.500% Senior Notes due 2019 is payable semi-annually in arrears on June 7 and December 7 of each year, commencing on December 7, 2016. The 3.150% Senior Notes due 2021 mature on June 15, 2021, subject to earlier repurchase or redemption in accordance with the terms of the Indenture. The 3.150% Senior Notes due 2021 bear interest at a rate of 3.150% per annum, accruing from June 9, 2016. Interest on the 3.150% Senior Notes due 2021 is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2016. The 3.950% Senior Notes due 2026 mature on June 15, 2026, subject to earlier repurchase or redemption in accordance with the terms of the Indenture. The 3.950% Senior Notes due 2026 bear interest at a rate of 3.950% per annum, accruing from June 9, 2016. Interest on the 3.950% Senior Notes due 2026 is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2016. The 5.250% Senior Notes due 2046 mature on June 15, 2046, subject to earlier repurchase or redemption in accordance with the terms of the Indenture. The 5.250% Senior Notes due 2046 bear interest at a rate of 5.250% per annum, accruing from June 9, 2016. Interest of the 5.250% Senior Notes due 2046 is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2016. At September 30, 2016 , the outstanding balance of the 2.500% Senior Notes due 2019, 3.150% Senior Notes due 2021, 3.950% Senior Notes due 2026 and 5.250% Senior Notes due 2046 was $999.0 million , $2.25 billion , $2.23 billion and $999.8 million , respectively, which includes discounts of $1.0 million , $2.5 million , $16.9 million and $0.2 million , respectively. During the nine months ended September 30, 2016 , the Company incurred approximately $47.9 million in financing fees, which were recorded as deferred financing costs in the Condensed Consolidated Balance Sheets . 2016 Bridge Credit Agreement In connection with the Offer , on February 10, 2016 , the Company entered into a Bridge Credit Agreement (the “ 2016 Bridge Credit Agreement ”), among the Company, as borrower, Mylan Inc. , as guarantor, Deutsche Bank AG Cayman Islands Branch, as administrative agent and a lender, Goldman Sachs Bank USA, as a lender, Goldman Sachs Lending Partners LLC, as a lender, and other lenders party thereto from time to time. The Company incurred total financing and ticking fees of approximately $45.2 million related to the 2016 Bridge Credit Agreement. During the first quarter of 2016, the Company wrote off approximately $3.0 million of financing fees related to the Tranche B Loans (as defined in the 2016 Bridge Credit Agreement) in conjunction with the termination of the Tranche B Loans. The remaining commitments under the 2016 Bridge Credit Agreement were permanently terminated in their entirety in connection with the completion of the offering of the June 2016 Senior Notes. As a result of the termination of the 2016 Bridge Credit Agreement , the Company expensed the remaining $30.2 million of unamortized financing fees related to the 2016 Bridge Credit Agreement to other expense, net in the Condensed Consolidated Statements of Operations during the second quarter of 2016. Revolving Facility On December 19, 2014 , the Company entered into a revolving credit agreement, which was amended on May 1, 2015, and further amended on June 19, 2015 and October 28, 2015 (the “Revolving Credit Agreement”) with a syndicate of lenders, which contains a $1.65 billion revolving facility (the “Revolving Facility”), which expires on December 19, 2019 . The Revolving Facility includes a $150 million subfacility for the issuance of letters of credit and a $125 million subfacility for swingline borrowings. At September 30, 2016 and December 31, 2015 , the Company had no amounts outstanding under the Revolving Facility. The interest rate under the Revolving Facility is LIBOR (determined in accordance with the Revolving Credit Agreement) plus 1.325% per annum. In addition, the Revolving Facility has a facility fee which is 0.175% . 2015 Term Loans On July 15, 2015 , the Company entered into a term credit agreement, which was amended on October 28, 2015 (the “2015 Term Credit Agreement”) with a syndicate of lenders, which provided for a term loan credit facility under which the Company obtained loans in the aggregate amount of $1.6 billion , consisting of (i) a closing date term loan in the amount of $1.0 billion , borrowed on July 15, 2015 and (ii) a delayed draw term loan in the amount of $600.0 million , borrowed on September 15, 2015 (collectively, the “2015 Term Loans”). The 2015 Term Loans mature on July 15, 2017, subject to extension to December 19, 2017. The loans under the 2015 Term Credit Agreement bear interest at LIBOR (determined in accordance with the 2015 Term Credit Agreement) plus 1.375% per annum. 2014 Term Loan On December 19, 2014, the Company entered into a term credit agreement, which was amended on May 1, 2015, and further amended on October 28, 2015 (the “2014 Term Credit Agreement”), with a syndicate of lenders which provided an $800 million term loan (the “2014 Term Loan”). The 2014 Term Loan matures on December 19, 2017 and has no required amortization payments. The 2014 Term Loan bears interest at LIBOR (determined in accordance with the 2014 Term Credit Agreement) plus 1.375% per annum. Amendment to the Revolving Credit Facility, 2015 Term Loans and 2014 Term Loan On February 22, 2016, the Company and Mylan Inc. (the “Borrower”) entered into (i) Amendment No. 3 (the “Revolving Amendment”) to the Revolving Credit Agreement, among the Borrower, the Company, certain lenders and issuing banks and Bank of America, N.A., as administrative agent, (ii) Amendment No. 2 (the “2015 Term Amendment”) to the 2015 Term Credit Agreement, among the Borrower, the Company, certain lenders and PNC Bank, National Association, as administrative agent and (iii) Amendment No. 3 (the “2014 Term Amendment”) to the 2014 Term Credit Agreement, among the Borrower, the Company, certain lenders and Bank of America, N.A., as administrative agent. The Revolving Amendment, 2015 Term Amendment and 2014 Term Amendment provide that the Company’s acquisition of Meda constitutes a Qualified Acquisition (as defined in each of the Revolving Credit Agreement, the 2014 Term Credit Agreement and the 2015 Term Credit Agreement) and amends the event of default provisions to provide that any “change of control” put rights under any indebtedness of any Acquired Entity or Business (as defined in each of the Revolving Credit Agreement, the 2014 Term Credit Agreement and the 2015 Term Credit Agreement) or its subsidiaries that are triggered as a result of the acquisition of any Acquired Entity or Business will not result in an event of default so long as any such indebtedness that is put in accordance with the terms of such indebtedness is paid as required by the terms of such indebtedness. Fair Value At September 30, 2016 and December 31, 2015 , the fair value of the Company’s 1.350% Senior Notes due 2016, 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”) was approximately $11.19 billion and $4.80 billion , respectively. The fair values of the Senior 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 2015 Term Loans, 2014 Term Loan and the Meda borrowings, determined based on Level 2 inputs, approximate their carrying values at September 30, 2016 and December 31, 2015 . Mandatory minimum repayments remaining on the outstanding long-term debt at September 30, 2016 , excluding the discounts, premiums and associated derivatives, are as follows for each of the periods ending December 31: (In millions) Total 2016 $ 733.3 2017 4,150.5 2018 1,220.0 2019 1,587.5 2020 500.0 Thereafter 7,250.0 Total $ 15,441.3 |
Comprehensive Earnings
Comprehensive Earnings | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Comprehensive Earnings | Comprehensive Earnings Accumulated other comprehensive loss , as reflected on the Condensed Consolidated Balance Sheets , is comprised of the following: (In millions) September 30, December 31, Accumulated other comprehensive loss: Net unrealized gain (loss) on marketable securities, net of tax $ 19.5 $ (1.0 ) Net unrecognized losses and prior service cost related to defined benefit plans, net of tax (15.1 ) (14.9 ) Net unrecognized losses on derivatives in cash flow hedging relationships, net of tax (31.9 ) (18.1 ) Net unrecognized losses on derivatives in net investment hedging relationships, net of tax (8.1 ) — Foreign currency translation adjustment (1,084.8 ) (1,730.3 ) $ (1,120.4 ) $ (1,764.3 ) Components of accumulated other comprehensive loss , before tax, consist of the following, for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 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 June 30, 2016 net of tax $ (46.7 ) $ — $ 6.0 $ (15.2 ) $ (1,375.4 ) $ (1,431.3 ) Other comprehensive earnings (loss) before reclassifications, before tax 9.8 (10.4 ) 21.5 (0.2 ) 290.6 311.3 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 10.7 10.7 10.7 Loss on interest rate swaps classified as cash flow hedges, included in interest expense 2.3 2.3 2.3 Amortization of prior service costs included in SG&A — — Amortization of actuarial loss included in SG&A 0.3 0.3 Net other comprehensive earnings (loss), before tax 22.8 (10.4 ) 21.5 0.1 290.6 324.6 Income tax provision (benefit) 8.0 (2.3 ) 8.0 — — 13.7 Balance at September 30, 2016, net of tax $ (31.9 ) $ (8.1 ) $ 19.5 $ (15.1 ) $ (1,084.8 ) $ (1,120.4 ) Nine Months Ended September 30, 2016 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 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 (63.7 ) (10.4 ) 32.5 (1.2 ) 645.5 602.7 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 34.2 34.2 34.2 Loss on interest rate swaps classified as cash flow hedges, included in interest expense 6.6 6.6 6.6 Amortization of prior service costs included in SG&A 0.2 0.2 Amortization of actuarial loss included in SG&A 0.7 0.7 Net other comprehensive (loss) earnings, before tax (22.9 ) (10.4 ) 32.5 (0.3 ) 645.5 644.4 Income tax (benefit) provision (9.1 ) (2.3 ) 12.0 (0.1 ) — 0.5 Balance at September 30, 2016, net of tax $ (31.9 ) $ (8.1 ) $ 19.5 $ (15.1 ) $ (1,084.8 ) $ (1,120.4 ) Three Months Ended September 30, 2015 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 June 30, 2015, net of tax $ (17.6 ) $ 0.1 $ (16.4 ) $ (1,317.7 ) $ (1,351.6 ) Other comprehensive (loss) earnings before reclassifications, before tax (92.5 ) (0.2 ) 0.1 (148.4 ) (241.0 ) 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 (8.1 ) (8.1 ) (8.1 ) Loss on interest rate swaps classified as cash flow hedges, included in interest expense (0.2 ) (0.2 ) (0.2 ) Amortization of actuarial gain included in SG&A 0.1 0.1 Amounts reclassified from accumulated other comprehensive loss, before tax (8.3 ) — 0.1 — (8.2 ) Net other comprehensive loss, before tax (84.2 ) (0.2 ) — (148.4 ) (232.8 ) Income tax (benefit) provision (30.8 ) (0.2 ) 0.2 — (30.8 ) Balance at September 30, 2015, net of tax $ (71.0 ) $ 0.1 $ (16.6 ) $ (1,466.1 ) $ (1,553.6 ) Nine Months Ended September 30, 2015 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 Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2014, net of tax $ (28.4 ) $ 0.3 $ (19.5 ) $ (939.4 ) $ (987.0 ) Other comprehensive (loss) earnings before reclassifications, before tax (98.3 ) (0.4 ) 4.5 (526.7 ) (620.9 ) Amounts reclassified from accumulated other comprehensive loss, before tax: Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales (30.4 ) (30.4 ) (30.4 ) Loss on interest rate swaps classified as cash flow hedges, included in interest expense (0.5 ) (0.5 ) (0.5 ) Amortization of prior service costs included in SG&A 0.2 0.2 Amortization of actuarial gain included in SG&A 0.4 0.4 Amounts reclassified from accumulated other comprehensive loss, before tax (30.9 ) — 0.6 — (30.3 ) Net other comprehensive (loss) earnings, before tax (67.4 ) (0.4 ) 3.9 (526.7 ) (590.6 ) Income tax (benefit) provision (24.8 ) (0.2 ) 1.0 — (24.0 ) Balance at September 30, 2015, net of tax $ (71.0 ) $ 0.1 $ (16.6 ) $ (1,466.1 ) $ (1,553.6 ) |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity A summary of the changes in shareholders’ equity for the nine months ended September 30, 2016 and 2015 is as follows: (In millions) Total Mylan N.V. Shareholders' Equity Noncontrolling Interest Total December 31, 2015 $ 9,764.4 $ 1.4 $ 9,765.8 Net earnings 62.5 — 62.5 Other comprehensive earnings, net of tax 643.9 — 643.9 Stock option activity 11.1 — 11.1 Share-based compensation expense 71.1 — 71.1 Issuance of restricted stock, net of shares withheld (9.6 ) — (9.6 ) Tax benefit of stock option plans 2.2 — 2.2 Issuance of ordinary shares to purchase Meda 1,281.7 — 1,281.7 Other — 0.1 0.1 September 30, 2016 $ 11,827.3 $ 1.5 $ 11,828.8 (In millions) Total Mylan N.V. Shareholders' Equity Noncontrolling Interest Total December 31, 2014 $ 3,255.9 $ 20.1 $ 3,276.0 Net earnings 653.0 0.1 653.1 Other comprehensive loss, net of tax (566.6 ) — (566.6 ) Stock option activity 92.9 — 92.9 Share-based compensation expense 66.4 — 66.4 Issuance of restricted stock, net of shares withheld (41.5 ) — (41.5 ) Tax benefit of stock option plans 49.5 — 49.5 Issuance of ordinary shares to purchase the EPD Business 6,305.8 — 6,305.8 Purchase of subsidiary shares from noncontrolling interest — (18.7 ) (18.7 ) Other (1.8 ) (0.1 ) (1.9 ) September 30, 2015 $ 9,813.6 $ 1.4 $ 9,815.0 On August 5, 2016 , in conjunction with the Offer, the Company issued approximately 26.4 million Mylan N.V. ordinary shares to Meda shareholders. On February 27, 2015, as part of the EPD Transaction, the Company acquired the EPD Business from Abbott Laboratories in exchange for 110 million ordinary shares of Mylan N.V. On April 3, 2015 , the Company and Stichting Preferred Shares Mylan (the “Foundation”) entered into a call option agreement (the “Call Option Agreement”). Pursuant to the terms of the Call Option Agreement, Mylan N.V. granted the Foundation a call option (the “Option”), permitting the Foundation to acquire from time-to-time Mylan N.V. preferred shares up to a maximum number equal to the total number of Mylan N.V. ordinary shares issued at such time to the extent such shares are not held by the Foundation. In response to Teva Pharmaceutical Industries Ltd.’s (“Teva”) unsolicited expression of interest to acquire Mylan on July 23, 2015, the Foundation exercised the Option and acquired 488,388,431 Mylan preferred shares pursuant to the terms of the Call Option Agreement. Each Mylan ordinary share and preferred share was entitled to one vote on each matter properly brought before a general meeting of shareholders. On July 27, 2015, Teva announced its entry into an agreement to acquire the Generic Drug Unit of Allergan plc and the withdrawal of its unsolicited, non-binding expression of interest to acquire Mylan. On September 19, 2015, the Foundation requested the redemption of the Mylan preferred shares issued. Mylan ordinary shareholders approved the redemption of the preferred shares on January 7, 2016 at an extraordinary general meeting of shareholders and on March 17, 2016, the redemption of the Mylan preferred shares became effective. The Foundation will continue to have the right to exercise the Option in the future in response to a new threat to the interests of Mylan, its businesses and its stakeholders from time to time. With effect from February 27, 2015, the general meeting authorized the board to repurchase Company shares for a maximum period of 18 months , with such authorization expiring on August 27, 2016 (the “Share Repurchase Authorization”). More specifically, the general meeting authorized the board to repurchase the maximum number of ordinary shares allowed under Dutch law and applicable securities regulations on the NASDAQ for a period of 18 months . On June 24, 2016, at the annual general meeting, the Company’s shareholders approved an extension of the Share Repurchase Authorization, which will now expire on December 24, 2017 . On July 27, 2016, the board approved the commensurate extension of the Share Repurchase Program (as defined below). On November 16, 2015 , the Company announced that its board of directors approved the repurchase of up to $1.0 billion of the Company’s ordinary shares either in the open market through privately-negotiated transactions or in one of more self tender offers (the “Share Repurchase Program”). At September 30, 2016 , the Share Repurchase Program has approximately $932.5 million remaining for ordinary share repurchases. The Share Repurchase Program does not obligate the Company to acquire any particular amount of ordinary shares. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has two segments, “Generics” and “Specialty.” The Generics segment primarily develops, manufactures, sells and distributes generic or branded generic pharmaceutical products in tablet, capsule, injectable, transdermal patch, gel, cream or ointment form, as well as active pharmaceutical ingredients (“API”). The Specialty segment engages mainly in the development and sale of branded specialty nebulized and injectable products. Meda operations have been included in the Generics segment for the three and nine months ended September 30, 2016 . The Company’s chief operating decision maker is the Chief Executive Officer, who evaluates the performance of the Company’s segments based on total revenues and segment profitability. Segment profitability represents segment gross profit less direct R&D expenses and direct SG&A. Certain general and administrative and R&D expenses not allocated to the segments, net charges for litigation settlements, impairment charges and other expenses not directly attributable to the segments, are reported in Corporate/Other. Additionally, amortization of intangible assets and other purchase accounting related items, as well as any 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, 2015 , as amended. Intersegment revenues are accounted for at current market values and are eliminated at the consolidated level. Due to our acquisition of Meda on August 5, 2016 and the integration of our portfolio across our branded, generics and OTC platforms in all of our regions, effective October 1, 2016, the Company is expanding its reportable segments. The Company will report its results in three segments on a geographic basis as follows: (1) North America, (2) Europe and (3) Rest of World. This change in segment reporting will begin with the Company’s consolidated financial statements for the year ending December 31, 2016. Comparative segment financial information will be recast for prior periods to conform to this revised segment structure. Identifiable intangible assets and goodwill previously allocated to the Generics and Specialty Segments will be reallocated to the new segments. The Company’s measure of segment profitability will remain unchanged. Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information. (In millions) Generics Segment Specialty Segment Corporate / (1) Consolidated Three Months Ended September 30, 2016 Total revenues Third party $ 2,625.0 $ 432.1 $ — $ 3,057.1 Intersegment 27.4 7.2 (34.6 ) — Total $ 2,652.4 $ 439.3 $ (34.6 ) $ 3,057.1 Segment profitability (loss) $ 799.3 $ 278.2 $ (1,208.2 ) $ (130.7 ) Nine Months Ended September 30, 2016 Total revenues Third party $ 6,709.4 $ 1,099.7 $ — $ 7,809.1 Intersegment 29.5 13.7 (43.2 ) — Total $ 6,738.9 $ 1,113.4 $ (43.2 ) $ 7,809.1 Segment profitability $ 1,923.7 $ 658.3 $ (2,196.2 ) $ 385.8 (In millions) Generics Segment Specialty Segment Corporate / (1) Consolidated Three Months Ended September 30, 2015 Total revenues Third party $ 2,249.9 $ 445.3 $ — $ 2,695.2 Intersegment 1.4 1.2 (2.6 ) — Total $ 2,251.3 $ 446.5 $ (2.6 ) $ 2,695.2 Segment profitability $ 788.5 $ 258.2 $ (445.6 ) $ 601.1 Nine Months Ended September 30, 2015 Total revenues Third party $ 5,968.8 $ 969.8 $ — $ 6,938.6 Intersegment 5.2 5.8 (11.0 ) — Total $ 5,974.0 $ 975.6 $ (11.0 ) $ 6,938.6 Segment profitability $ 1,834.0 $ 524.2 $ (1,321.2 ) $ 1,037.0 ____________ (1) Includes certain corporate general and administrative and R&D expenses; litigation settlements and other contingencies, net, which for the three and nine months ended September 30, 2016 included the Medicaid Drug Rebate Program Settlement and the Strides Settlement, as discussed further in Note 18 Contingencies ; certain intercompany transactions, including eliminations; amortization of intangible assets and certain purchase accounting items; impairment charges; and other expenses not directly attributable to segments. |
Subsidiary Guarantors
Subsidiary Guarantors | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements | Subsidiary Guarantors The following tables present unaudited condensed consolidating financial information for (a) the Company (for purposes of this discussion and these tables, “Parent Guarantor”); (b) Mylan Inc., the issuer of certain Senior Notes (for the purposes of this discussion and these tables, the “Issuer”) (Refer to Note 12 Debt for further discussion of the Senior Note issuances); and (c) all other subsidiaries of the Parent Guarantor on a combined basis, none of which guaranteed the Cash Convertible Notes or guarantee the Senior Notes (“Non-Guarantor Subsidiaries”). The consolidating adjustments primarily relate to eliminations of investments in subsidiaries and intercompany balances and transactions. The unaudited condensed consolidating financial statements present investments in subsidiaries using the equity method of accounting. Mylan Inc. is an indirect wholly owned subsidiary of the Company and the Company fully and unconditionally guaranteed on a senior unsecured basis the Senior Notes issued by Mylan Inc. In addition, the Company’s 3.000% Senior Notes due December 2018 and the 3.750% Senior Notes due December 2020 (collectively, the “December 2015 Senior Notes”) and June 2016 Senior Notes are guaranteed on a senior unsecured basis by Mylan Inc. In connection with the offering of the December 2015 Senior Notes and June 2016 Senior Notes, the Company entered into separate registration rights agreements pursuant to which the Company and Mylan Inc. will use commercially reasonable efforts to file a registration statement with respect to an offer to exchange each series of the December 2015 Senior Notes and June 2016 Senior Notes for new notes with the same aggregate principal amount and terms substantially identical in all material respects and to cause the exchange offer registration statement to be declared effective by the SEC and to consummate the exchange offer not later than 365 days following the respective dates of issuance of the December 2015 Senior Notes and the June 2016 Senior Notes. The following financial information presents the related unaudited Condensed Consolidating Statements of Operations for the three and nine months ended September 30, 2016 and 2015 , the unaudited Condensed Consolidating Statements of Comprehensive Earnings for the three and nine months ended September 30, 2016 and 2015 , the unaudited Condensed Consolidating Balance Sheets as of September 30, 2016 and December 31, 2015 and the unaudited Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2016 and 2015 . 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 September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 3,029.5 $ — $ 3,029.5 Other revenues — — — 27.6 — 27.6 Total revenues — — — 3,057.1 — 3,057.1 Cost of sales — — — 1,773.8 — 1,773.8 Gross profit — — — 1,283.3 — 1,283.3 Operating expenses: Research and development — — — 199.1 — 199.1 Selling, general and administrative 43.1 134.0 — 479.8 — 656.9 Litigation settlements and other contingencies, net — — — 558.0 — 558.0 Total operating expenses 43.1 134.0 — 1,236.9 — 1,414.0 (Losses) earnings from operations (43.1 ) (134.0 ) — 46.4 — (130.7 ) Interest expense 70.7 40.9 — 32.8 — 144.4 Other (income) expense, net (31.4 ) (102.7 ) — 184.3 — 50.2 (Loss) earnings before income taxes (82.4 ) (72.2 ) — (170.7 ) — (325.3 ) Income tax provision (benefit) — 8.1 — (213.6 ) — (205.5 ) Earnings (loss) of equity interest subsidiaries (37.4 ) 442.9 — — (405.5 ) — Net (loss) earnings attributable to Mylan N.V. ordinary shareholders $ (119.8 ) $ 362.6 $ — $ 42.9 $ (405.5 ) $ (119.8 ) UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 7,745.5 $ — $ 7,745.5 Other revenues — — — 63.6 — 63.6 Total revenues — — — 7,809.1 — 7,809.1 Cost of sales — — — 4,447.1 — 4,447.1 Gross profit — — — 3,362.0 — 3,362.0 Operating expenses: Research and development — — — 632.2 — 632.2 Selling, general and administrative 75.8 499.2 — 1,212.6 — 1,787.6 Litigation settlements and other contingencies, net — — — 556.4 — 556.4 Total operating expenses 75.8 499.2 — 2,401.2 — 2,976.2 (Loss) earnings from operations (75.8 ) (499.2 ) — 960.8 — 385.8 Interest expense 115.1 126.3 — 63.6 — 305.0 Other expense (income), net 53.6 (305.7 ) — 436.1 — 184.0 (Loss) earnings before income taxes (244.5 ) (319.8 ) — 461.1 — (103.2 ) Income tax provision (benefit) — 22.1 — (187.8 ) — (165.7 ) Earnings of equity interest subsidiaries 307.0 1,055.7 — — (1,362.7 ) — Net earnings attributable to Mylan N.V. ordinary shareholders $ 62.5 $ 713.8 $ — $ 648.9 $ (1,362.7 ) $ 62.5 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 2,676.2 $ — $ 2,676.2 Other revenues — — — 19.0 — 19.0 Total revenues — — — 2,695.2 — 2,695.2 Cost of sales — — — 1,379.9 — 1,379.9 Gross profit — — — 1,315.3 — 1,315.3 Operating expenses: Research and development — — — 174.8 — 174.8 Selling, general and administrative — 193.9 — 343.2 — 537.1 Litigation settlements and other contingencies, net — — — 2.3 — 2.3 Total operating expenses — 193.9 — 520.3 — 714.2 (Losses) earnings from operations — (193.9 ) — 795.0 — 601.1 Interest expense 30.4 49.4 — 15.3 — 95.1 Other expense, net — — — 50.9 — 50.9 Earnings from operations (30.4 ) (243.3 ) — 728.8 — 455.1 Income tax (benefit) provision — (46.4 ) — 72.9 — 26.5 Earnings of equity interest subsidiaries 459.0 643.0 — — (1,102.0 ) — Net earnings 428.6 446.1 — 655.9 (1,102.0 ) 428.6 Net earnings attributable to noncontrolling interest — — — — — — Net earnings attributable to Mylan N.V. ordinary shareholders $ 428.6 $ 446.1 $ — $ 655.9 $ (1,102.0 ) $ 428.6 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 6,887.8 $ — $ 6,887.8 Other revenues — — — 50.8 — 50.8 Total revenues — — — 6,938.6 — 6,938.6 Cost of sales — — — 3,785.1 — 3,785.1 Gross profit — — — 3,153.5 — 3,153.5 Operating expenses: Research and development — — — 512.9 — 512.9 Selling, general and administrative — 611.0 — 973.5 — 1,584.5 Litigation settlements and other contingencies, net — — — 19.1 — 19.1 Total operating expenses — 611.0 — 1,505.5 — 2,116.5 (Losses) earnings from operations — (611.0 ) — 1,648.0 — 1,037.0 Interest expense 42.3 179.7 — 46.5 — 268.5 Other expense, net — — — 71.4 — 71.4 (Loss) earnings before income taxes (42.3 ) (790.7 ) — 1,530.1 — 697.1 Income tax (benefit) provision — (88.2 ) — 132.2 — 44.0 Earnings of equity interest subsidiaries 695.4 1,391.3 — — (2,086.7 ) — Net earnings 653.1 688.8 — 1,397.9 (2,086.7 ) 653.1 Net earnings attributable to noncontrolling interest (0.1 ) — — (0.1 ) 0.1 (0.1 ) Net earnings attributable to Mylan N.V. ordinary shareholders $ 653.0 $ 688.8 $ — $ 1,397.8 $ (2,086.6 ) $ 653.0 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (119.8 ) $ 362.6 $ — $ 42.9 $ (405.5 ) $ (119.8 ) Other comprehensive earnings (loss), before tax: Foreign currency translation adjustment 290.6 1.5 — 289.0 (290.5 ) 290.6 Change in unrecognized gain (loss) and prior service cost related to defined benefit plans 0.1 0.2 — (0.1 ) (0.1 ) 0.1 Net unrecognized gain on derivatives in cash flow hedging relationships 22.8 2.3 — 20.5 (22.8 ) 22.8 Net unrecognized loss on derivatives in net investment hedging relationships (10.4 ) — — (10.4 ) 10.4 (10.4 ) Net unrealized gain (loss) on marketable securities 21.5 21.5 — (0.1 ) (21.4 ) 21.5 Other comprehensive earnings (loss), before tax 324.6 25.5 — 298.9 (324.4 ) 324.6 Income tax provision 13.7 8.7 — 3.9 (12.6 ) 13.7 Other comprehensive earnings, net of tax 310.9 16.8 — 295.0 (311.8 ) 310.9 Comprehensive (loss) earnings 191.1 379.4 — 337.9 (717.3 ) 191.1 Comprehensive earnings attributable to the noncontrolling interest — — — — — — Comprehensive earnings (loss) attributable to Mylan N.V. ordinary shareholders $ 191.1 $ 379.4 $ — $ 337.9 $ (717.3 ) $ 191.1 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Nine Months Ended September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net earnings $ 62.5 $ 713.8 $ — $ 648.9 $ (1,362.7 ) $ 62.5 Other comprehensive earnings (loss), before tax: Foreign currency translation adjustment 645.5 — — 645.5 (645.5 ) 645.5 Change in unrecognized (loss) gain and prior service cost related to defined benefit plans (0.3 ) 0.2 — (0.6 ) 0.4 (0.3 ) Net unrecognized (loss) gain on derivatives in cash flow hedging relationships (22.9 ) (49.8 ) — 26.9 22.9 (22.9 ) Net unrealized loss on derivatives in net investment hedging relationships (10.4 ) — — (10.4 ) 10.4 (10.4 ) Net unrealized gain on marketable securities 32.5 31.5 — 0.9 (32.4 ) 32.5 Other comprehensive earnings (loss), before tax 644.4 (18.1 ) — 662.3 (644.2 ) 644.4 Income tax provision (benefit) 0.5 (6.8 ) — 6.3 0.5 0.5 Other comprehensive earnings (loss), net of tax 643.9 (11.3 ) — 656.0 (644.7 ) 643.9 Comprehensive earnings (loss) 706.4 702.5 — 1,304.9 (2,007.4 ) 706.4 Comprehensive earnings attributable to the noncontrolling interest — — — — — — Comprehensive earnings attributable to Mylan N.V. ordinary shareholders $ 706.4 $ 702.5 $ — $ 1,304.9 $ (2,007.4 ) $ 706.4 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended September 30, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ 428.6 $ 446.1 $ — $ 655.9 $ (1,102.0 ) $ 428.6 Other comprehensive loss, before tax: Foreign currency translation adjustment (148.4 ) — — (148.4 ) 148.4 (148.4 ) Change in unrecognized gain and prior service cost related to defined benefit plans — 0.2 — (0.2 ) — — Net unrecognized gain (loss) on derivatives (84.2 ) (63.9 ) — (20.3 ) 84.2 (84.2 ) Net unrealized loss on marketable securities (0.2 ) — — (0.2 ) 0.2 (0.2 ) Other comprehensive loss, before tax (232.8 ) (63.7 ) — (169.1 ) 232.8 (232.8 ) Income tax benefit (30.8 ) (23.8 ) — (7.0 ) 30.8 (30.8 ) Other comprehensive loss, net of tax (202.0 ) (39.9 ) — (162.1 ) 202.0 (202.0 ) Comprehensive earnings 226.6 406.2 — 493.8 (900.0 ) 226.6 Comprehensive earnings attributable to the noncontrolling interest — — — — — — Comprehensive earnings attributable to Mylan N.V. ordinary shareholders $ 226.6 $ 406.2 $ — $ 493.8 $ (900.0 ) $ 226.6 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Nine Months Ended September 30, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ 653.1 $ 688.8 $ — $ 1,397.9 $ (2,086.7 ) $ 653.1 Other comprehensive earnings (loss), before tax: Foreign currency translation adjustment (526.7 ) — — (526.7 ) 526.7 (526.7 ) Change in unrecognized gain and prior service cost related to defined benefit plans 3.9 0.3 — 3.6 (3.9 ) 3.9 Net unrecognized loss on derivatives (67.4 ) (57.7 ) — (9.7 ) 67.4 (67.4 ) Net unrealized loss on marketable securities (0.4 ) — — (0.4 ) 0.4 (0.4 ) Other comprehensive loss, before tax (590.6 ) (57.4 ) — (533.2 ) 590.6 (590.6 ) Income tax benefit (24.0 ) (21.1 ) — (2.9 ) 24.0 (24.0 ) Other comprehensive loss, net of tax (566.6 ) (36.3 ) — (530.3 ) 566.6 (566.6 ) Comprehensive earnings 86.5 652.5 — 867.6 (1,520.1 ) 86.5 Comprehensive earnings attributable to the noncontrolling interest (0.1 ) — — (0.1 ) 0.1 (0.1 ) Comprehensive earnings attributable to Mylan N.V. ordinary shareholders $ 86.4 $ 652.5 $ — $ 867.5 $ (1,520.0 ) $ 86.4 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Assets Current assets: Cash and cash equivalents $ — $ 33.2 $ — $ 1,223.4 $ — $ 1,256.6 Accounts receivable, net — 7.4 — 3,091.5 — 3,098.9 Inventories — — — 2,687.5 — 2,687.5 Intercompany receivables 165.8 420.8 — 10,019.0 (10,605.6 ) — Prepaid expenses and other current assets 1.5 256.7 — 663.9 — 922.1 Total current assets 167.3 718.1 — 17,685.3 (10,605.6 ) 7,965.1 Property, plant and equipment, net — 331.3 — 1,952.9 — 2,284.2 Investments in subsidiaries 17,755.5 9,912.6 — — (27,668.1 ) — Intercompany notes and interest receivable 2,268.9 10,054.4 — 18.7 (12,342.0 ) — Intangible assets, net — — — 15,613.4 — 15,613.4 Goodwill — 17.1 — 9,616.0 — 9,633.1 Other assets — 97.1 — 945.6 — 1,042.7 Total assets $ 20,191.7 $ 21,130.6 $ — $ 45,831.9 $ (50,615.7 ) $ 36,538.5 LIABILITIES AND EQUITY Liabilities Current liabilities: Trade accounts payable $ — $ 30.0 $ — $ 1,224.9 $ — $ 1,254.9 Short-term borrowings — — — 54.2 — 54.2 Income taxes payable — 33.2 — 131.3 — 164.5 Current portion of long-term debt and other long-term obligations — 2,188.2 — 2,246.4 — 4,434.6 Intercompany payables 420.8 10,184.8 — — (10,605.6 ) — Other current liabilities 514.3 309.2 — 2,822.3 — 3,645.8 Total current liabilities 935.1 12,745.4 — 6,479.1 (10,605.6 ) 9,554.0 Long-term debt 7,427.8 3,735.7 — 165.1 — 11,328.6 Intercompany notes payable — 1,466.5 — 10,875.4 (12,341.9 ) — Other long-term obligations — 55.3 — 3,771.8 — 3,827.1 Total liabilities 8,362.9 18,002.9 — 21,291.4 (22,947.5 ) 24,709.7 Total equity 11,828.8 3,127.7 — 24,540.5 (27,668.2 ) 11,828.8 Total liabilities and equity $ 20,191.7 $ 21,130.6 $ — $ 45,831.9 $ (50,615.7 ) $ 36,538.5 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Assets Current assets: Cash and cash equivalents $ — $ 870.5 $ — $ 365.5 $ — $ 1,236.0 Accounts receivable, net — 14.4 — 2,674.7 — 2,689.1 Inventories — — — 1,951.0 — 1,951.0 Intercompany receivables 1,097.5 283.2 — 8,936.4 (10,317.1 ) — Other current assets 0.3 244.8 — 351.5 — 596.6 Total current assets 1,097.8 1,412.9 — 14,279.1 (10,317.1 ) 6,472.7 Property, plant and equipment, net — 324.4 — 1,659.5 — 1,983.9 Investments in subsidiaries 9,947.7 8,007.7 — — (17,955.4 ) — Intercompany notes and interest receivable — 9,704.4 — 18.7 (9,723.1 ) — Intangible assets, net — 0.5 — 7,221.4 — 7,221.9 Goodwill — 17.1 — 5,363.0 — 5,380.1 Other assets — 135.3 — 1,073.8 — 1,209.1 Total assets $ 11,045.5 $ 19,602.3 $ — $ 29,615.5 $ (37,995.6 ) $ 22,267.7 LIABILITIES AND EQUITY Liabilities Current liabilities: Trade accounts payable $ — $ 33.5 $ — $ 1,076.1 $ — $ 1,109.6 Short-term borrowings — — — 1.3 — 1.3 Income taxes payable — — — 92.4 — 92.4 Current portion of long-term debt and other long-term obligations — 1,010.1 — 66.9 — 1,077.0 Intercompany payables 283.2 10,033.9 — — (10,317.1 ) — Other current liabilities 2.0 320.1 — 1,519.8 — 1,841.9 Total current liabilities 285.2 11,397.6 — 2,756.5 (10,317.1 ) 4,122.2 Long-term debt 994.5 5,298.4 — 2.7 — 6,295.6 Intercompany notes payable — 18.7 — 9,704.4 (9,723.1 ) — Other long-term obligations — 122.2 — 1,961.9 — 2,084.1 Total liabilities 1,279.7 16,836.9 — 14,425.5 (20,040.2 ) 12,501.9 Total equity 9,765.8 2,765.4 — 15,190.0 (17,955.4 ) 9,765.8 Total liabilities and equity $ 11,045.5 $ 19,602.3 $ — $ 29,615.5 $ (37,995.6 ) $ 22,267.7 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (1.6 ) $ 724.7 $ — $ 974.6 $ — $ 1,697.7 Cash flows from investing activities: Capital expenditures — (64.8 ) — (174.7 ) — (239.5 ) Change in restricted cash — (49.5 ) — (1.0 ) — (50.5 ) Purchase of marketable securities — (4.1 ) — (18.7 ) — (22.8 ) Cash paid for Meda's unconditional deferred payment — — — (308.0 ) — (308.0 ) Proceeds from sale of marketable securities — — — 15.8 — 15.8 Cash paid for acquisitions, net (5,278.5 ) (931.3 ) — 58.1 — (6,151.7 ) Settlement of acquisition-related foreign currency derivatives (128.6 ) — — — — (128.6 ) Investments in affiliates — (43.6 ) — — 43.6 — Dividends from affiliates 135.6 — — — (135.6 ) — Loans to affiliates (7,971.9 ) (417.0 ) — (726.3 ) 9,115.2 — Repayments of loans from affiliates 6,838.3 442.6 — 1,031.3 (8,312.2 ) — Payments for product rights and other, net — (0.4 ) — (195.9 ) — (196.3 ) Net cash (used in) provided by investing activities (6,405.1 ) (1,068.1 ) — (319.4 ) 711.0 (7,081.6 ) Cash flows from financing activities: Payments of financing fees (95.3 ) — — — — (95.3 ) Change in short-term borrowings, net — — — 48.6 — 48.6 Proceeds from issuance of long-term debt 6,478.8 — — 41.0 — 6,519.8 Payments of long-term debt — (500.0 ) — (567.0 ) — (1,067.0 ) Proceeds from exercise of stock options 11.1 — — — — 11.1 Taxes paid related to net share settlement of equity awards (12.9 ) — — — — (12.9 ) Contingent consideration payments — — — (15.5 ) — (15.5 ) Capital contribution from affiliates — — — 43.6 (43.6 ) — Capital payments to affiliates — — — (135.6 ) 135.6 — Payments on borrowings from affiliates — (1,361.8 ) — (6,950.4 ) 8,312.2 — Proceeds from borrowings from affiliates 25.0 1,380.8 — 7,709.4 (9,115.2 ) — Acquisition of noncontrolling interest — — — (1.0 ) — (1.0 ) Other items, net — (12.9 ) — 14.5 — 1.6 Net cash provided by financing activities 6,406.7 (493.9 ) — 187.6 (711.0 ) 5,389.4 Effect on cash of changes in exchange rates — — — 15.1 — 15.1 Net (decrease) increase in cash and cash equivalents — (837.3 ) — 857.9 — 20.6 Cash and cash equivalents — beginning of period — 870.5 — 365.5 — 1,236.0 Cash and cash equivalents — end of period $ — $ 33.2 $ — $ 1,223.4 $ — $ 1,256.6 Supplemental disclosures of cash flow information — Non-cash transactions: Ordinary shares issued for acquisition $ 1,281.7 $ — $ — $ — $ — $ 1,281.7 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ — $ (1,417.1 ) $ — $ 2,773.6 $ — $ 1,356.5 Cash flows from investing activities: Capital expenditures — (55.1 ) — (152.2 ) — (207.3 ) Change in restricted cash — — — 25.9 — 25.9 Purchase of marketable securities — (29.3 ) — (29.8 ) — (59.1 ) Proceeds from sale of marketable securities — — — 29.4 — 29.4 Investments in affiliates — (289.4 ) — — 289.4 — Loans to affiliates (39.5 ) (4,250.1 ) — (5,657.3 ) 9,946.9 — Repayments of loans from affiliates — 240.6 — 22.5 (263.1 ) — Payments for product rights and other, net — — — (428.2 ) — (428.2 ) Net cash used in investing activities (39.5 ) (4,383.3 ) — (6,189.7 ) 9,973.2 (639.3 ) Cash flows from financing activities: Payments of financing fees (89.1 ) (25.6 ) — — — (114.7 ) Change in short-term borrowings, net — — — (329.7 ) — (329.7 ) Proceeds from convertible note hedge — 1,970.8 — — — 1,970.8 Proceeds from issuance of long-term debt — 2,390.0 — — — 2,390.0 Payments of long-term debt — (4,334.1 ) — — — (4,334.1 ) Proceeds from exercise of stock options 39.5 53.3 — — — 92.8 Taxes paid related to net share settlement of equity awards — (25.8 ) — (5.9 ) — (31.7 ) Capital contribution from affiliates — — — 289.4 (289.4 ) — Payments on borrowings from affiliates — (22.5 ) — (240.6 ) 263.1 — Proceeds from borrowings from affiliates 89.1 5,696.8 — 4,161.0 (9,946.9 ) — Acquisition of noncontrolling interest — — — (11.7 ) — (11.7 ) Other items, net 1.3 48.3 — — — 49.6 Net cash provided by financing activities 40.8 5,751.2 — 3,862.5 (9,973.2 ) (318.7 ) Effect on cash of changes in exchange rates — — — (37.0 ) — (37.0 ) Net increase (decrease) in cash and cash equivalents 1.3 (49.2 ) — 409.4 — 361.5 Cash and cash equivalents — beginning of period 0.1 112.9 — 112.5 — 225.5 Cash and cash equivalents — end of period $ 1.4 $ 63.7 $ — $ 521.9 $ — $ 587.0 Supplemental disclosures of cash flow information — Non-cash transactions: Ordinary shares issued for acquisition $ 6,305.8 $ — $ — $ — $ — $ 6,305.8 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal Proceedings The Company is involved in various disputes, governmental and/or regulatory inquiries and 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 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, 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 API 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 September 30, 2016 , 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 has 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 of 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; the trial is now stayed and the case has been placed in suspense. The appeal was fully briefed on April 28, 2016. Oral arguments on the appeal took place on July 12, 2016. 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 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. Plaintiffs have not yet moved for preliminary approval of that settlement. At September 30, 2016 , the Company has accrued approximately $16.0 million related to this settlement. 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, which remain pending. 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 have 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 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 consolidation motion. On July 28, 2016, United Healthcare filed a complaint against Mylan and four other drug manufacturers in the United States 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. Mylan’s response deadline is November 30, 2016. 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 has been stayed pending the resolution of the indirect purchasers’ appeal against the defendants remaining in that case. Shareholders Class Action On June 11, 2015, City of Riviera Beach General Employees Retirement System and Doris Arnold (collectively, the “plaintiffs”) filed a purported class action complaint against Mylan and directors of Mylan Inc. (the “Directors”) in the Washington County, Pennsylvania, Court of Common Pleas (the “Pennsylvania Court”), on behalf of certain former shareholders of Mylan Inc. The complaint alleged both breach of fiduciary duty by the Directors and breach of contract by Mylan and the Directors, relating to certain public disclosures made in connection with the EPD Transaction and the organization of, and Call Option Agreement with, the Foundation. The plaintiffs asked the Pennsylvania Court to: find that the Directors breached their fiduciary duties and that Mylan and the Directors breached the purported contract, rescind the vote of Mylan Inc.’s former shareholders approving the EPD Transaction , award compensatory damages and award Plaintiffs their costs relating to the lawsuit. On June 22, 2015, Mylan and the Directors removed the case to the U.S. District Court for the Western District of Pennsylvania (the “District Court”). The plaintiffs filed an amended complaint in the District Court on July 10, 2015, that included the same basic causes of action and requested relief, dropped allegations against some of the Directors named in the original complaint and asserted the breach of contract claim not on behalf of a purported class of former shareholders of Mylan Inc. but on behalf of a purported subclass of such shareholders who held shares of Mylan continuously for a specified period following consummation of the EPD Transaction . On July 21, 2015, a second purported class action complaint against the same defendants, asserting the same basic claims and requesting the same basic relief on behalf of the same purported class and subclass, was filed by a different plaintiff in the District Court. On August 28, 2015, the District Court consolidated the three actions, and, on September 4, 2015, the plaintiffs in the consolidated action filed a consolidated amended complaint (the “Consolidated Amended Complaint”) against the same defendants, asserting the same basic claims and requesting the same basic relief on behalf of the same purported class and subclass, but asserting the breach of contract claim against only Mylan. On September 30, 2015, two of the plaintiffs in the consolidated action filed a motion for partial summary judgment, on the breach of contract claim against Mylan (the “Motion for Partial Summary Judgment”). On October 23, 2015, the District Court approved the voluntary dismissal of a third purported class action, commenced on August 28, 2015 against Mylan and the Directors, alleging federal securities and breach of contract claims against all defendants and breach of fiduciary duty claims against the Directors, all arising out of the same basic alleged facts and requesting the same basic relief on behalf of certain former shareholders of Mylan Inc. On November 25, 2015, the defendants filed a Motion to Dismiss the Consolidated Amended Complaint, and Mylan filed an Opposition to the Motion for Partial Summary Judgment and a Motion to Deny Summary Judgment. On December 21, 2015, the District Court consolidated the action with a fourth purported class action, commenced on November 24, 2015 by, among others, the plaintiff in the third action, against the same defendants, alleging only breach of contract arising out of the same basic alleged facts, and requesting the same basic relief on behalf of certain former shareholders of Mylan Inc. In consolidating the actions, the District Court ordered, among other things, that the Consolidated Amended Complaint would remain the operative complaint in the consolidated action and that the Motion for Partial Summary Judgment and Motion to Dismiss were not disturbed by the consolidation. A Report and Recommendation was issued by the Magistrate Judge on May 10, 2016, recommending to the District Court that the defendants’ Motion to Dismiss the plaintiffs’ Consolidated Amended Complaint be granted and that the case be dismissed with prejudice. The Magistrate Judge further recommended that the District Court deny the plaintiffs’ Motion for Partial Summary Judgment as moot. Briefing on the plaintiffs’ objections to the Report and Recommendation was completed on June 7, 2016. The District Court adopted the Report and Recommendation of the Magistrate Judge on August 12, 2016, dismissing the case with prejudice. 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 cooperating with the SEC in its investigation, and we are unable to predict the outcome of this matter at this time. MDRP 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 Medicaid and Medicare 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 received additional inquiries, including with respect to the classification of EpiPen® Auto-Injector for purposes of the Medicaid Drug Rebate Program, 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 CMS purposes, and subject to a higher rebate formula. EpiPen® Auto-Injector will begin being classified as an innovator drug on April 1, 2017. 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. During the third quarter of 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 On October 7, 2016, Mylan received a document request from the Division of Enforcement at the SEC seeking communications with the CMS and documents concerning Mylan products sold and related to the Medicaid Drug Rebate Program, and any related complaints. Mylan intends to fully cooperate with the SEC’s inquiry. EpiPen® Auto-Injector Federal Securities Litigation Purported class action complaints were filed in October 2016 against Mylan N.V., Mylan Inc. and certain of their 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. The complaints allege 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 seek damages, as well as the plaintiffs’ fees and costs. We believe that the claims in these lawsuits are without merit and intend to defend against them vigorously. EpiPen® Auto-Injector 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, against Mylan N.V. and four of its 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. We believe that the claims in this lawsuit 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 certain putative class action lawsuits relating to the pricing and/or marketing of the EpiPen® Auto-Injector . The plaintiffs in these suits assert violations of various state consumer protection laws, as well as common law claims, including claims for unjust enrichment, restitution, disgorgement and breach of the duty of good faith and fair dealing. 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. We believe that the claims in these lawsuits 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 cooperating with these inquiries. EpiPen® Auto-Injector U.S. Congress/State Requests for Information and Documents Mylan has also 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 intends to engage 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, although it is reasonably possible that the Company may incur additional losses from these matters, the amount of which cannot be reasonably estimated at this time. In addition, the Company expects to incur additional legal and other professional service expenses associated with the EpiPen® Auto-Injector pricing 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. United States District Court for the Eastern District of Pennsylvania and Rhode Island Litigation Beginning in March 2016, sixteen putative class action complaints have been filed in the United States District Court for the Eastern District of Pennsylvania and one filed in the District of Rhode Island by indirect purchasers against Mylan Inc., Mylan Pharmaceuticals Inc. and other pharmaceutical manufacturers, alleging conspiracies to fix, raise, maintain and stabilize the prices of certain Doxycycline and Digoxin products and to allocate markets and customers for those products. In addition, three putative class action complaints have been filed in the Eastern District of Pennsylvania by direct purchasers against Mylan and other pharmaceutical manufacturers. The Judicial Panel on Multidistrict Litigation has established an MDL in the Eastern District of Pennsylvania, where the cases have been consolidated. Mylan and its subsidiary intend to deny liability and to defend these actions vigorously. On September 21, 2016, a putative class action was filed in the United States District Court for the Eastern District of Pennsylvania by indirect purchasers against Mylan Inc. and other pharmaceutical manufacturers, alleging conspiracies to fix, maintain, and/or stabilize the price of certain Pravastatin products. Mylan intends to deny liability and to defend this action 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 and we are awaiting the scheduling of the hearing date. 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 n |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes The Company computes its provision for income taxes using an estimated effective tax rate for the full year with consideration of certain discrete tax items which occurred within the interim period. During the three months ended September 30, 2016 , the Company received approvals from the relevant Indian regulatory authorities to legally merge its wholly owned subsidiary, Jai Pharma Limited , into Mylan Laboratories Limited . The merger resulted in the recognition of a deferred tax asset of $150 million for the tax deductible goodwill in excess of the book goodwill with a corresponding benefit to income tax provision for the three and nine months ended September 30, 2016 . In addition to the benefit recognized for the merger of the aforementioned entities, the effective tax rate for the three and nine months ended September 30, 2016 versus the three and nine months ended September 30, 2015 was also impacted by the Medicaid Drug Rebate Program Settlement . |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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. For periods prior to February 27, 2015, the Company’s interim financial statements present the accounts of Mylan Inc. and subsidiaries. |
Revenue Recognition and Accou26
Revenue Recognition and Accounts Receivable (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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. |
Earnings per Ordinary Share A27
Earnings per Ordinary Share Attributable to Mylan N.V. (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share Policy | Basic earnings per ordinary share is computed by dividing net earnings attributable to Mylan N.V. ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per ordinary share is computed by dividing net earnings attributable to Mylan N.V. ordinary shareholders 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 Ris28
Financial Instruments and Risk Management (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Financial Instruments Policy | Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: • Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. • Level 2: Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. • Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. |
Segment Information (Policies)
Segment Information (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Policy | The Company has two segments, “Generics” and “Specialty.” The Generics segment primarily develops, manufactures, sells and distributes generic or branded generic pharmaceutical products in tablet, capsule, injectable, transdermal patch, gel, cream or ointment form, as well as active pharmaceutical ingredients (“API”). The Specialty segment engages mainly in the development and sale of branded specialty nebulized and injectable products. Meda operations have been included in the Generics segment for the three and nine months ended September 30, 2016 . The Company’s chief operating decision maker is the Chief Executive Officer, who evaluates the performance of the Company’s segments based on total revenues and segment profitability. Segment profitability represents segment gross profit less direct R&D expenses and direct SG&A. Certain general and administrative and R&D expenses not allocated to the segments, net charges for litigation settlements, impairment charges and other expenses not directly attributable to the segments, are reported in Corporate/Other. Additionally, amortization of intangible assets and other purchase accounting related items, as well as any 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, 2015 , as amended. Intersegment revenues are accounted for at current market values and are eliminated at the consolidated level. |
Contingencies (Policies)
Contingencies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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 . |
Acquisitions and Other Transa31
Acquisitions and Other Transactions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Acquisition [Line Items] | |
Pro forma information | Unaudited Pro Forma Financial Results The following table presents supplemental unaudited pro forma information for the acquisitions of Meda , as if it had occurred on January 1, 2015 , and the EPD Business , as if it had occurred on January 1, 2014 . 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 and EPD 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. Three Months Ended Nine Months Ended September 30, September 30, (Unaudited, in millions, except per share amounts) 2016 2015 2016 2015 Total revenues $ 3,168.6 $ 3,506.4 $ 9,008.2 $ 8,895.0 Net (loss) earnings attributable to Mylan N.V. ordinary shareholders $ (111.4 ) $ 381.2 $ 132.0 $ 405.8 (Loss) earnings per ordinary share attributable to Mylan N.V. ordinary shareholders: Basic $ (0.21 ) $ 0.74 $ 0.25 $ 0.78 Diluted $ (0.21 ) $ 0.71 $ 0.25 $ 0.75 Weighted average ordinary shares outstanding: Basic 533.9 516.9 526.9 517.0 Diluted 533.9 540.4 536.2 544.0 |
Meda | |
Business Acquisition [Line Items] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The preliminary allocation of the $6.92 billion purchase price to the assets acquired and liabilities assumed for Meda is as follows: (In millions) Current assets (excluding inventories and net of cash acquired) $ 470.2 Inventories 465.7 Property, plant and equipment 177.5 Identified intangible assets 8,060.7 Goodwill 3,677.6 Other assets 9.3 Total assets acquired 12,861.0 Current liabilities (1,088.4 ) Long-term debt, including current portion (2,864.6 ) Deferred tax liabilities (1,628.1 ) Pension and other postretirement benefits (322.3 ) Other noncurrent liabilities (36.5 ) Net assets acquired $ 6,921.1 |
Topicals Business | |
Business Acquisition [Line Items] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The preliminary allocation of the $972.7 million purchase price to the assets acquired and liabilities assumed for the Topicals Business is as follows: (In millions) Current assets (excluding inventories) $ 68.8 Inventories 74.2 Property, plant and equipment 54.8 Identified intangible assets 467.0 In-process research and development 275.0 Goodwill 307.3 Other assets 0.9 Total assets acquired 1,248.0 Current liabilities (65.0 ) Deferred tax liabilities (203.6 ) Other noncurrent liabilities (6.7 ) Net assets acquired $ 972.7 |
Jai Pharma Limited | |
Business Acquisition [Line Items] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The adjustments recorded in respect of goodwill, current liabilities and deferred tax liabilities are reflected in the “measurement period adjustments” column of the table below. As of September 30, 2016 , the preliminary allocation of the $711.1 million purchase price to the assets acquired and liabilities assumed for Jai Pharma Limited is as follows: (In millions) Preliminary Purchase Price Allocation as of November 20, 2015 (a) Measurement Period Adjustments (b) Preliminary Purchase Price Allocation as of September 30, 2016 (as adjusted) Current assets (excluding inventories) $ 25.7 $ — $ 25.7 Inventories 4.9 — 4.9 Property, plant and equipment 17.2 — 17.2 Identified intangible assets 437.0 — 437.0 In-process research and development 98.0 — 98.0 Goodwill 317.2 8.1 325.3 Other assets 0.7 — 0.7 Total assets acquired 900.7 8.1 908.8 Current liabilities (9.1 ) (1.9 ) (11.0 ) Deferred tax liabilities (180.5 ) (6.2 ) (186.7 ) Net assets acquired $ 711.1 $ — $ 711.1 ____________ (a) As previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, as amended. (b) The measurement period adjustments were recorded in the first quarter of 2016 and are related to the recognition of certain goodwill, current liabilities and adjustments to deferred tax liabilities to reflect facts and circumstances that existed as of the acquisition date. |
Share-Based Incentive Plan (Tab
Share-Based Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Awards Activity | The following table summarizes stock option and SAR (“stock awards”) activity: Number of Shares Under Stock Awards Weighted Average Exercise Price per Share Outstanding at December 31, 2015 7,732,499 $ 31.85 Granted 780,254 46.15 Exercised (496,440 ) 23.52 Forfeited (166,571 ) 51.26 Outstanding at September 30, 2016 7,849,742 $ 33.39 Vested and expected to vest at September 30, 2016 7,537,727 $ 32.78 Exercisable at September 30, 2016 5,704,835 $ 27.71 |
Nonvested Restricted Stock and Restricted Stock Unit Awards Activity | A summary of the status of the Company’s nonvested restricted stock and restricted stock unit awards, including performance restricted stock units and restricted ordinary shares (collectively, “restricted stock awards”), as of September 30, 2016 and the changes during the nine months ended September 30, 2016 are presented below: Number of Restricted Stock Awards Weighted Average Grant-Date Fair Value per Share Nonvested at December 31, 2015 4,474,436 $ 40.70 Granted 2,619,679 45.15 Released (1,072,156 ) 41.95 Forfeited (326,916 ) 41.65 Nonvested at September 30, 2016 5,695,043 $ 42.49 |
Pensions and Other Postretire33
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost | Components of net periodic benefit cost for the three and nine months ended September 30, 2016 and 2015 were as follows: Pension and Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Service cost $ 4.8 $ 2.8 $ 12.6 $ 8.5 Interest cost 2.8 1.2 5.7 3.6 Expected return on plan assets (3.0 ) (1.4 ) (7.0 ) (4.1 ) Plan curtailment, settlement and termination — 0.3 — 0.8 Amortization of prior service costs 0.1 0.1 0.2 0.2 Recognized net actuarial losses 0.2 0.3 0.7 0.9 Net periodic benefit cost $ 4.9 $ 3.3 $ 12.2 $ 9.9 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Balance Sheet Components [Abstract] | |
Inventories | Selected balance sheet components consist of the following: (In millions) September 30, December 31, Inventories: Raw materials $ 825.1 $ 592.4 Work in process 469.8 387.0 Finished goods 1,392.6 971.6 $ 2,687.5 $ 1,951.0 |
Property, Plant and Equipment | Property, plant and equipment: Land and improvements $ 145.0 $ 124.5 Buildings and improvements 1,074.9 950.6 Machinery and equipment 2,215.6 1,928.4 Construction in progress 344.8 290.5 Gross property, plant and equipment 3,780.3 3,294.0 Accumulated depreciation 1,496.1 1,310.1 Property, plant and equipment, net $ 2,284.2 $ 1,983.9 |
Other Current Liabilities | Other current liabilities: Legal and professional accruals, including litigation accruals $ 610.8 $ 122.6 Payroll and employee benefit plan accruals 429.7 367.9 Accrued sales allowances 824.1 681.8 Accrued interest 114.3 25.1 Fair value of financial instruments 25.2 19.8 Compulsory acquisition proceeding 431.0 — Other 1,210.7 624.7 $ 3,645.8 $ 1,841.9 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments | The carrying values and respective balance sheet accounts of the Company’s clean energy investments and interest in Sagent Agila is as follows at September 30, 2016 and December 31, 2015 , respectively: (In millions) September 30, 2016 December 31, 2015 Clean Energy Investments: Other assets $ 337.6 $ 379.3 Total liabilities 382.0 419.3 Other current liabilities 64.1 62.3 Other long-term obligations 317.9 357.0 Sagent Agila: Other assets $ 80.0 $ 96.2 Summarized financial information, in the aggregate, for the Company’s significant equity method investments on a 100% basis for the three and nine months ended September 30, 2016 and 2015 are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Total revenues $ 170.0 $ 205.7 $ 418.2 $ 492.2 Gross (loss) profit (3.0 ) (3.5 ) (3.8 ) (4.0 ) Operating and non-operating expense 6.3 6.9 16.3 18.7 Net loss $ (9.3 ) $ (10.4 ) $ (20.1 ) $ (22.7 ) |
Earnings per Ordinary Share A36
Earnings per Ordinary Share Attributable to Mylan N.V. (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Ordinary Share Attributable to Mylan N.V. | Basic and diluted (loss) earnings per ordinary share attributable to Mylan N.V. are calculated as follows: Three Months Ended Nine Months Ended September 30, September 30, (In millions, except per share amounts) 2016 2015 2016 2015 Basic (loss) earnings attributable to Mylan N.V. ordinary shareholders (numerator): Net (loss) earnings attributable to Mylan N.V. ordinary shareholders $ (119.8 ) $ 428.6 $ 62.5 $ 653.0 Shares (denominator): Weighted average ordinary shares outstanding 523.6 490.5 505.9 466.2 Basic (loss) earnings per ordinary share attributable to Mylan N.V. ordinary shareholders $ (0.23 ) $ 0.87 $ 0.12 $ 1.40 Diluted (loss) earnings attributable to Mylan N.V. ordinary shareholders (numerator): Net (loss) earnings attributable to Mylan N.V. ordinary shareholders $ (119.8 ) $ 428.6 $ 62.5 $ 653.0 Shares (denominator): Weighted average ordinary shares outstanding 523.6 490.5 505.9 466.2 Share-based awards and warrants — 23.5 9.3 27.0 Total dilutive shares outstanding 523.6 514.0 515.2 493.2 Diluted (loss) earnings per ordinary share attributable to Mylan N.V. ordinary shareholders $ (0.23 ) $ 0.83 $ 0.12 $ 1.32 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the nine months ended September 30, 2016 are as follows: (In millions) Generics Segment Specialty Segment Total Balance at December 31, 2015: Goodwill $ 5,031.0 $ 734.1 $ 5,765.1 Accumulated impairment losses — (385.0 ) (385.0 ) 5,031.0 349.1 5,380.1 Acquisitions (1) 3,984.9 — 3,984.9 Measurement period adjustments 8.1 — 8.1 Foreign currency translation 260.0 — 260.0 $ 9,284.0 $ 349.1 $ 9,633.1 Balance at September 30, 2016: Goodwill $ 9,284.0 $ 734.1 $ 10,018.1 Accumulated impairment losses — (385.0 ) (385.0 ) $ 9,284.0 $ 349.1 $ 9,633.1 ____________ (1) Includes goodwill related to the acquisition of Meda and the Topicals Business totaling $3.68 billion and $307.3 million , respectively. |
Components of Intangible Assets | Intangible assets consist of the following components at September 30, 2016 and December 31, 2015 : (In millions) Weighted Average Life (Years) Original Cost Accumulated Amortization Net Book Value September 30, 2016 Amortized intangible assets: Product rights and licenses 15 $ 17,867.4 $ 3,434.0 $ 14,433.4 Patents and technologies 20 116.6 107.3 9.3 Other (1) 6 492.5 311.4 181.1 18,476.5 3,852.7 14,623.8 In-process research and development 989.6 — 989.6 $ 19,466.1 $ 3,852.7 $ 15,613.4 December 31, 2015 Amortized intangible assets: Product rights and licenses 11 $ 8,848.6 $ 2,652.7 $ 6,195.9 Patents and technologies 20 116.6 103.8 12.8 Other (1) 6 465.3 189.8 275.5 9,430.5 2,946.3 6,484.2 In-process research and development 737.7 — 737.7 $ 10,168.2 $ 2,946.3 $ 7,221.9 ____________ (1) Other intangible assets consist principally of customer lists, contractual rights and other contracts. |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Amortization expense $ 364.3 $ 214.3 $ 852.9 $ 559.8 |
Expected Amortization Expense | Inclusive of the impact from the acquisitions of Meda and the Topicals Business , amortization expense over the remainder of 2016 and for years ended December 31, 2017 through 2020 is estimated to be as follows: (In millions) 2016 $ 362 2017 1,307 2018 1,254 2019 1,161 2020 1,041 |
Financial Instruments and Ris38
Financial Instruments and Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivatives, Fair Value [Line Items] | |
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: September 30, 2016 (In millions) Level 1 Level 2 Level 3 Total Recurring fair value measurements Financial Assets Cash equivalents: Money market funds $ 859.9 $ — $ — $ 859.9 Total cash equivalents 859.9 — — 859.9 Trading securities: Equity securities — exchange traded funds 28.7 — — 28.7 Total trading securities 28.7 — — 28.7 Available-for-sale fixed income investments: U.S. Treasuries — 6.5 — 6.5 Corporate bonds — 17.6 — 17.6 Agency mortgage-backed securities — 4.5 — 4.5 Asset backed securities — 1.5 — 1.5 Other — 3.9 — 3.9 Total available-for-sale fixed income investments — 34.0 — 34.0 Available-for-sale equity securities: Marketable securities 57.6 — — 57.6 Total available-for-sale equity securities 57.6 — — 57.6 Foreign exchange derivative assets — 34.4 — 34.4 Interest rate swap derivative assets — 66.4 — 66.4 Total assets at recurring fair value measurement $ 946.2 $ 134.8 $ — $ 1,081.0 Financial Liabilities Foreign exchange derivative liabilities $ — $ 23.5 $ — $ 23.5 Interest rate swap derivative liabilities — 1.7 — 1.7 Contingent consideration — — 651.5 651.5 Total liabilities at recurring fair value measurement $ — $ 25.2 $ 651.5 $ 676.7 December 31, 2015 (In millions) Level 1 Level 2 Level 3 Total Recurring fair value measurements Financial Assets Cash equivalents: Money market funds $ 923.3 $ — $ — $ 923.3 Total cash equivalents 923.3 — — 923.3 Trading securities: Equity securities — exchange traded funds 22.8 — — 22.8 Total trading securities 22.8 — — 22.8 Available-for-sale fixed income investments: U.S. Treasuries — 4.7 — 4.7 Corporate bonds — 15.7 — 15.7 Agency mortgage-backed securities — 3.9 — 3.9 Asset backed securities — 2.3 — 2.3 Other — 1.4 — 1.4 Total available-for-sale fixed income investments — 28.0 — 28.0 Available-for-sale equity securities: Marketable securities 26.0 — — 26.0 Total available-for-sale equity securities 26.0 — — 26.0 Foreign exchange derivative assets — 28.4 — 28.4 Interest rate swap derivative assets — 36.3 — 36.3 Total assets at recurring fair value measurement $ 972.1 $ 92.7 $ — $ 1,064.8 Financial Liabilities Foreign exchange derivative liabilities $ — $ 9.3 $ — $ 9.3 Interest rate swap derivative liabilities — 10.5 — 10.5 Contingent consideration — — 526.4 526.4 Total liabilities at recurring fair value measurement $ — $ 19.8 $ 526.4 $ 546.2 |
Fair Value Hedging Relationships | |
Derivatives, Fair Value [Line Items] | |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Fair Value Hedging Relationships Location of (Loss) Gain Recognized in Earnings on Derivatives Amount of (Loss) Gain Recognized in Earnings on Derivatives (In millions) Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Interest rate swaps Interest expense $ (9.7 ) $ 29.5 $ 30.2 $ 34.1 Total $ (9.7 ) $ 29.5 $ 30.2 $ 34.1 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 2023 Senior Notes (3.125% coupon) Interest expense $ 9.7 $ (25.0 ) $ (30.2 ) $ (20.4 ) Total $ 9.7 $ (25.0 ) $ (30.2 ) $ (20.4 ) |
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 Location of Loss Reclassified from AOCE into Earnings (Effective Portion) Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Foreign currency forward contracts Net sales $ (10.7 ) $ (8.1 ) $ (34.2 ) $ (30.4 ) Interest rate swaps Interest expense (2.3 ) (0.2 ) (6.6 ) (0.5 ) Total $ (13.0 ) $ (8.3 ) $ (40.8 ) $ (30.9 ) Location of Gain Excluded from the Assessment of Hedge Effectiveness Amount of Gain Excluded from the Assessment of Hedge Effectiveness Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Foreign currency forward contracts Other expense, net $ 8.9 $ 11.7 $ 26.0 $ 35.1 Total $ 8.9 $ 11.7 $ 26.0 $ 35.1 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Foreign currency forward contracts $ 2.9 $ (21.3 ) $ (16.3 ) $ (36.5 ) Interest rate swaps (0.9 ) (40.3 ) (38.0 ) (37.0 ) Total $ 2.0 $ (61.6 ) $ (54.3 ) $ (73.5 ) |
Net Investment Hedging | |
Derivatives, Fair Value [Line Items] | |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Earnings Derivatives in Net Investment Hedging Relationships Amount of Loss Recognized in AOCE Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Foreign currency borrowings and forward contracts $ (8.1 ) $ — $ (8.1 ) $ — Total $ (8.1 ) $ — $ (8.1 ) $ — |
Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Values of Derivative Instruments Derivatives Designated as Hedging Instruments Asset Derivatives September 30, 2016 December 31, 2015 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Prepaid expenses and other current assets $ 66.4 Prepaid expenses and other current assets $ 36.3 Foreign currency forward contracts Prepaid expenses and other current assets 27.2 Prepaid expenses and other current assets 8.4 Total $ 93.6 $ 44.7 Liability Derivatives September 30, 2016 December 31, 2015 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other current liabilities $ 1.7 Other current liabilities $ 10.5 Total $ 1.7 $ 10.5 |
Not Designated as Hedging Instruments | |
Derivatives, Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The Effect of Derivative Instruments on the Condensed Consolidated Balance Sheets Fair Values of Derivative Instruments Derivatives Not Designated as Hedging Instruments Asset Derivatives September 30, 2016 December 31, 2015 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Prepaid expenses and other current assets $ 7.2 Prepaid expenses and other current assets $ 20.0 Total $ 7.2 $ 20.0 Liability Derivatives September 30, 2016 December 31, 2015 (In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Other current liabilities $ 23.5 Other current liabilities $ 9.3 Total $ 23.5 $ 9.3 |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives Not Designated as Hedging Instruments Location of (Loss) Gain Recognized in Earnings on Derivatives Amount of (Loss) Gain Recognized in Earnings on Derivatives Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2016 2015 2016 2015 Foreign currency option and forward contracts Other expense, net $ (36.8 ) $ 22.2 $ (98.3 ) $ 29.8 Cash conversion feature of Cash Convertible Notes Other expense, net — 1,689.3 — 1,853.5 Purchased cash convertible note hedge Other expense, net — (1,689.3 ) — (1,853.5 ) Total $ (36.8 ) $ 22.2 $ (98.3 ) $ 29.8 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | A summary of long-term debt is as follows: (In millions) Coupon September 30, December 31, Current portion of long-term debt: 2016 Senior Notes (a) * 1.800 % $ — $ 500.1 2016 Senior Notes (b) * 1.350 % 500.0 499.9 2015 Term Loans (c) 1,600.0 — Meda Bank Loans (d) 1,942.6 — Meda Bank Loans (e) 233.3 — Other 4.4 1.6 Deferred financing fees (1.5 ) (2.9 ) Current portion of long-term debt $ 4,278.8 $ 998.7 Non-current portion of long-term debt: 2015 Term Loans (c) $ — $ 1,600.0 2014 Term Loan (f) 800.0 800.0 Meda Medium Term Notes (g) 157.5 — 2018 Senior Notes (h) * 2.600 % 649.5 649.3 2018 Senior Notes (h) ** 3.000 % 499.5 499.4 2019 Senior Notes (i) ** 2.500 % 999.0 — 2019 Senior Notes (j) * 2.550 % 499.4 499.2 2020 Senior Notes (k) ** 3.750 % 499.9 499.8 2021 Senior Notes (l) ** 3.150 % 2,247.5 — 2023 Senior Notes (j) * 3.125 % 815.4 785.2 2023 Senior Notes (m) * 4.200 % 498.5 498.4 2026 Senior Notes (n) ** 3.950 % 2,233.1 — 2043 Senior Notes (o) * 5.400 % 497.0 497.0 2046 Senior Notes (p) ** 5.250 % 999.8 — Other 7.8 2.7 Deferred financing fees (75.3 ) (35.4 ) Total long-term debt $ 11,328.6 $ 6,295.6 ____________ (a) Instrument was due on June 24, 2016 , and the Company paid the principal amount of $500.0 million and final interest payment of $4.5 million at that time using available cash on hand. (b) 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 0.125% plus, in each case, accrued and unpaid interest. Instrument is due on November 29, 2016 and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016 . (c) The 2015 Term Loans mature on July 15, 2017, subject to extension to December 19, 2017. Accordingly, the 2015 Term Loans are included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016 . (d) Approximately 16.7kr billion of borrowings under a 25kr billion facility with nine Swedish and foreign banks that matures on August 30, 2017, and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016 . At September 30, 2016, includes a fair value adjustment of approximately $192 million . (e) Represents a bank loan of 2kr billion with AB Svensk Exportkredit (publ), as lender (“Svensk Exportkredit”) which is callable by the lender as a result of the completion of the Offer, and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016 . (f) The 2014 Term Loan matures on December 19, 2017. (g) Swedish medium term notes (“MTN”) program with an upper limit of 7kr billion . Of the total amount outstanding of 1.35kr billion , 600kr million matures on April 5, 2018 and 750kr million matures on May 21, 2019. (h) 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. (i) 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. (j) 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. (k) 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. (l) 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. (m) 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. (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 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. (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. |
Minimum Repayments on Outstanding Borrowings | Mandatory minimum repayments remaining on the outstanding long-term debt at September 30, 2016 , excluding the discounts, premiums and associated derivatives, are as follows for each of the periods ending December 31: (In millions) Total 2016 $ 733.3 2017 4,150.5 2018 1,220.0 2019 1,587.5 2020 500.0 Thereafter 7,250.0 Total $ 15,441.3 |
Comprehensive Earnings (Tables)
Comprehensive Earnings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss , as reflected on the Condensed Consolidated Balance Sheets , is comprised of the following: (In millions) September 30, December 31, Accumulated other comprehensive loss: Net unrealized gain (loss) on marketable securities, net of tax $ 19.5 $ (1.0 ) Net unrecognized losses and prior service cost related to defined benefit plans, net of tax (15.1 ) (14.9 ) Net unrecognized losses on derivatives in cash flow hedging relationships, net of tax (31.9 ) (18.1 ) Net unrecognized losses on derivatives in net investment hedging relationships, net of tax (8.1 ) — Foreign currency translation adjustment (1,084.8 ) (1,730.3 ) $ (1,120.4 ) $ (1,764.3 ) |
Components of Other Comprehensive Loss | Components of accumulated other comprehensive loss , before tax, consist of the following, for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 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 June 30, 2016 net of tax $ (46.7 ) $ — $ 6.0 $ (15.2 ) $ (1,375.4 ) $ (1,431.3 ) Other comprehensive earnings (loss) before reclassifications, before tax 9.8 (10.4 ) 21.5 (0.2 ) 290.6 311.3 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 10.7 10.7 10.7 Loss on interest rate swaps classified as cash flow hedges, included in interest expense 2.3 2.3 2.3 Amortization of prior service costs included in SG&A — — Amortization of actuarial loss included in SG&A 0.3 0.3 Net other comprehensive earnings (loss), before tax 22.8 (10.4 ) 21.5 0.1 290.6 324.6 Income tax provision (benefit) 8.0 (2.3 ) 8.0 — — 13.7 Balance at September 30, 2016, net of tax $ (31.9 ) $ (8.1 ) $ 19.5 $ (15.1 ) $ (1,084.8 ) $ (1,120.4 ) Nine Months Ended September 30, 2016 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 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 (63.7 ) (10.4 ) 32.5 (1.2 ) 645.5 602.7 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 34.2 34.2 34.2 Loss on interest rate swaps classified as cash flow hedges, included in interest expense 6.6 6.6 6.6 Amortization of prior service costs included in SG&A 0.2 0.2 Amortization of actuarial loss included in SG&A 0.7 0.7 Net other comprehensive (loss) earnings, before tax (22.9 ) (10.4 ) 32.5 (0.3 ) 645.5 644.4 Income tax (benefit) provision (9.1 ) (2.3 ) 12.0 (0.1 ) — 0.5 Balance at September 30, 2016, net of tax $ (31.9 ) $ (8.1 ) $ 19.5 $ (15.1 ) $ (1,084.8 ) $ (1,120.4 ) Three Months Ended September 30, 2015 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 June 30, 2015, net of tax $ (17.6 ) $ 0.1 $ (16.4 ) $ (1,317.7 ) $ (1,351.6 ) Other comprehensive (loss) earnings before reclassifications, before tax (92.5 ) (0.2 ) 0.1 (148.4 ) (241.0 ) 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 (8.1 ) (8.1 ) (8.1 ) Loss on interest rate swaps classified as cash flow hedges, included in interest expense (0.2 ) (0.2 ) (0.2 ) Amortization of actuarial gain included in SG&A 0.1 0.1 Amounts reclassified from accumulated other comprehensive loss, before tax (8.3 ) — 0.1 — (8.2 ) Net other comprehensive loss, before tax (84.2 ) (0.2 ) — (148.4 ) (232.8 ) Income tax (benefit) provision (30.8 ) (0.2 ) 0.2 — (30.8 ) Balance at September 30, 2015, net of tax $ (71.0 ) $ 0.1 $ (16.6 ) $ (1,466.1 ) $ (1,553.6 ) Nine Months Ended September 30, 2015 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 Foreign Currency Forward Contracts Interest Rate Swaps Total Balance at December 31, 2014, net of tax $ (28.4 ) $ 0.3 $ (19.5 ) $ (939.4 ) $ (987.0 ) Other comprehensive (loss) earnings before reclassifications, before tax (98.3 ) (0.4 ) 4.5 (526.7 ) (620.9 ) Amounts reclassified from accumulated other comprehensive loss, before tax: Loss on foreign exchange forward contracts classified as cash flow hedges, included in net sales (30.4 ) (30.4 ) (30.4 ) Loss on interest rate swaps classified as cash flow hedges, included in interest expense (0.5 ) (0.5 ) (0.5 ) Amortization of prior service costs included in SG&A 0.2 0.2 Amortization of actuarial gain included in SG&A 0.4 0.4 Amounts reclassified from accumulated other comprehensive loss, before tax (30.9 ) — 0.6 — (30.3 ) Net other comprehensive (loss) earnings, before tax (67.4 ) (0.4 ) 3.9 (526.7 ) (590.6 ) Income tax (benefit) provision (24.8 ) (0.2 ) 1.0 — (24.0 ) Balance at September 30, 2015, net of tax $ (71.0 ) $ 0.1 $ (16.6 ) $ (1,466.1 ) $ (1,553.6 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Summary of Changes in Shareholders' Equity | A summary of the changes in shareholders’ equity for the nine months ended September 30, 2016 and 2015 is as follows: (In millions) Total Mylan N.V. Shareholders' Equity Noncontrolling Interest Total December 31, 2015 $ 9,764.4 $ 1.4 $ 9,765.8 Net earnings 62.5 — 62.5 Other comprehensive earnings, net of tax 643.9 — 643.9 Stock option activity 11.1 — 11.1 Share-based compensation expense 71.1 — 71.1 Issuance of restricted stock, net of shares withheld (9.6 ) — (9.6 ) Tax benefit of stock option plans 2.2 — 2.2 Issuance of ordinary shares to purchase Meda 1,281.7 — 1,281.7 Other — 0.1 0.1 September 30, 2016 $ 11,827.3 $ 1.5 $ 11,828.8 (In millions) Total Mylan N.V. Shareholders' Equity Noncontrolling Interest Total December 31, 2014 $ 3,255.9 $ 20.1 $ 3,276.0 Net earnings 653.0 0.1 653.1 Other comprehensive loss, net of tax (566.6 ) — (566.6 ) Stock option activity 92.9 — 92.9 Share-based compensation expense 66.4 — 66.4 Issuance of restricted stock, net of shares withheld (41.5 ) — (41.5 ) Tax benefit of stock option plans 49.5 — 49.5 Issuance of ordinary shares to purchase the EPD Business 6,305.8 — 6,305.8 Purchase of subsidiary shares from noncontrolling interest — (18.7 ) (18.7 ) Other (1.8 ) (0.1 ) (1.9 ) September 30, 2015 $ 9,813.6 $ 1.4 $ 9,815.0 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Reconciliation of Segment Information to Total Consolidated Information | Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information. (In millions) Generics Segment Specialty Segment Corporate / (1) Consolidated Three Months Ended September 30, 2016 Total revenues Third party $ 2,625.0 $ 432.1 $ — $ 3,057.1 Intersegment 27.4 7.2 (34.6 ) — Total $ 2,652.4 $ 439.3 $ (34.6 ) $ 3,057.1 Segment profitability (loss) $ 799.3 $ 278.2 $ (1,208.2 ) $ (130.7 ) Nine Months Ended September 30, 2016 Total revenues Third party $ 6,709.4 $ 1,099.7 $ — $ 7,809.1 Intersegment 29.5 13.7 (43.2 ) — Total $ 6,738.9 $ 1,113.4 $ (43.2 ) $ 7,809.1 Segment profitability $ 1,923.7 $ 658.3 $ (2,196.2 ) $ 385.8 (In millions) Generics Segment Specialty Segment Corporate / (1) Consolidated Three Months Ended September 30, 2015 Total revenues Third party $ 2,249.9 $ 445.3 $ — $ 2,695.2 Intersegment 1.4 1.2 (2.6 ) — Total $ 2,251.3 $ 446.5 $ (2.6 ) $ 2,695.2 Segment profitability $ 788.5 $ 258.2 $ (445.6 ) $ 601.1 Nine Months Ended September 30, 2015 Total revenues Third party $ 5,968.8 $ 969.8 $ — $ 6,938.6 Intersegment 5.2 5.8 (11.0 ) — Total $ 5,974.0 $ 975.6 $ (11.0 ) $ 6,938.6 Segment profitability $ 1,834.0 $ 524.2 $ (1,321.2 ) $ 1,037.0 ____________ (1) Includes certain corporate general and administrative and R&D expenses; litigation settlements and other contingencies, net, which for the three and nine months ended September 30, 2016 included the Medicaid Drug Rebate Program Settlement and the Strides Settlement, as discussed further in Note 18 Contingencies ; certain intercompany transactions, including eliminations; amortization of intangible assets and certain purchase accounting items; impairment charges; and other expenses not directly attributable to segments. |
Subsidiary Guarantors (Tables)
Subsidiary Guarantors (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Income Statement | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 3,029.5 $ — $ 3,029.5 Other revenues — — — 27.6 — 27.6 Total revenues — — — 3,057.1 — 3,057.1 Cost of sales — — — 1,773.8 — 1,773.8 Gross profit — — — 1,283.3 — 1,283.3 Operating expenses: Research and development — — — 199.1 — 199.1 Selling, general and administrative 43.1 134.0 — 479.8 — 656.9 Litigation settlements and other contingencies, net — — — 558.0 — 558.0 Total operating expenses 43.1 134.0 — 1,236.9 — 1,414.0 (Losses) earnings from operations (43.1 ) (134.0 ) — 46.4 — (130.7 ) Interest expense 70.7 40.9 — 32.8 — 144.4 Other (income) expense, net (31.4 ) (102.7 ) — 184.3 — 50.2 (Loss) earnings before income taxes (82.4 ) (72.2 ) — (170.7 ) — (325.3 ) Income tax provision (benefit) — 8.1 — (213.6 ) — (205.5 ) Earnings (loss) of equity interest subsidiaries (37.4 ) 442.9 — — (405.5 ) — Net (loss) earnings attributable to Mylan N.V. ordinary shareholders $ (119.8 ) $ 362.6 $ — $ 42.9 $ (405.5 ) $ (119.8 ) UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 7,745.5 $ — $ 7,745.5 Other revenues — — — 63.6 — 63.6 Total revenues — — — 7,809.1 — 7,809.1 Cost of sales — — — 4,447.1 — 4,447.1 Gross profit — — — 3,362.0 — 3,362.0 Operating expenses: Research and development — — — 632.2 — 632.2 Selling, general and administrative 75.8 499.2 — 1,212.6 — 1,787.6 Litigation settlements and other contingencies, net — — — 556.4 — 556.4 Total operating expenses 75.8 499.2 — 2,401.2 — 2,976.2 (Loss) earnings from operations (75.8 ) (499.2 ) — 960.8 — 385.8 Interest expense 115.1 126.3 — 63.6 — 305.0 Other expense (income), net 53.6 (305.7 ) — 436.1 — 184.0 (Loss) earnings before income taxes (244.5 ) (319.8 ) — 461.1 — (103.2 ) Income tax provision (benefit) — 22.1 — (187.8 ) — (165.7 ) Earnings of equity interest subsidiaries 307.0 1,055.7 — — (1,362.7 ) — Net earnings attributable to Mylan N.V. ordinary shareholders $ 62.5 $ 713.8 $ — $ 648.9 $ (1,362.7 ) $ 62.5 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three Months Ended September 30, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 2,676.2 $ — $ 2,676.2 Other revenues — — — 19.0 — 19.0 Total revenues — — — 2,695.2 — 2,695.2 Cost of sales — — — 1,379.9 — 1,379.9 Gross profit — — — 1,315.3 — 1,315.3 Operating expenses: Research and development — — — 174.8 — 174.8 Selling, general and administrative — 193.9 — 343.2 — 537.1 Litigation settlements and other contingencies, net — — — 2.3 — 2.3 Total operating expenses — 193.9 — 520.3 — 714.2 (Losses) earnings from operations — (193.9 ) — 795.0 — 601.1 Interest expense 30.4 49.4 — 15.3 — 95.1 Other expense, net — — — 50.9 — 50.9 Earnings from operations (30.4 ) (243.3 ) — 728.8 — 455.1 Income tax (benefit) provision — (46.4 ) — 72.9 — 26.5 Earnings of equity interest subsidiaries 459.0 643.0 — — (1,102.0 ) — Net earnings 428.6 446.1 — 655.9 (1,102.0 ) 428.6 Net earnings attributable to noncontrolling interest — — — — — — Net earnings attributable to Mylan N.V. ordinary shareholders $ 428.6 $ 446.1 $ — $ 655.9 $ (1,102.0 ) $ 428.6 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Nine Months Ended September 30, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Net sales $ — $ — $ — $ 6,887.8 $ — $ 6,887.8 Other revenues — — — 50.8 — 50.8 Total revenues — — — 6,938.6 — 6,938.6 Cost of sales — — — 3,785.1 — 3,785.1 Gross profit — — — 3,153.5 — 3,153.5 Operating expenses: Research and development — — — 512.9 — 512.9 Selling, general and administrative — 611.0 — 973.5 — 1,584.5 Litigation settlements and other contingencies, net — — — 19.1 — 19.1 Total operating expenses — 611.0 — 1,505.5 — 2,116.5 (Losses) earnings from operations — (611.0 ) — 1,648.0 — 1,037.0 Interest expense 42.3 179.7 — 46.5 — 268.5 Other expense, net — — — 71.4 — 71.4 (Loss) earnings before income taxes (42.3 ) (790.7 ) — 1,530.1 — 697.1 Income tax (benefit) provision — (88.2 ) — 132.2 — 44.0 Earnings of equity interest subsidiaries 695.4 1,391.3 — — (2,086.7 ) — Net earnings 653.1 688.8 — 1,397.9 (2,086.7 ) 653.1 Net earnings attributable to noncontrolling interest (0.1 ) — — (0.1 ) 0.1 (0.1 ) Net earnings attributable to Mylan N.V. ordinary shareholders $ 653.0 $ 688.8 $ — $ 1,397.8 $ (2,086.6 ) $ 653.0 |
Condensed Consolidating Statement of Comprehensive Earnings | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ (119.8 ) $ 362.6 $ — $ 42.9 $ (405.5 ) $ (119.8 ) Other comprehensive earnings (loss), before tax: Foreign currency translation adjustment 290.6 1.5 — 289.0 (290.5 ) 290.6 Change in unrecognized gain (loss) and prior service cost related to defined benefit plans 0.1 0.2 — (0.1 ) (0.1 ) 0.1 Net unrecognized gain on derivatives in cash flow hedging relationships 22.8 2.3 — 20.5 (22.8 ) 22.8 Net unrecognized loss on derivatives in net investment hedging relationships (10.4 ) — — (10.4 ) 10.4 (10.4 ) Net unrealized gain (loss) on marketable securities 21.5 21.5 — (0.1 ) (21.4 ) 21.5 Other comprehensive earnings (loss), before tax 324.6 25.5 — 298.9 (324.4 ) 324.6 Income tax provision 13.7 8.7 — 3.9 (12.6 ) 13.7 Other comprehensive earnings, net of tax 310.9 16.8 — 295.0 (311.8 ) 310.9 Comprehensive (loss) earnings 191.1 379.4 — 337.9 (717.3 ) 191.1 Comprehensive earnings attributable to the noncontrolling interest — — — — — — Comprehensive earnings (loss) attributable to Mylan N.V. ordinary shareholders $ 191.1 $ 379.4 $ — $ 337.9 $ (717.3 ) $ 191.1 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Nine Months Ended September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net earnings $ 62.5 $ 713.8 $ — $ 648.9 $ (1,362.7 ) $ 62.5 Other comprehensive earnings (loss), before tax: Foreign currency translation adjustment 645.5 — — 645.5 (645.5 ) 645.5 Change in unrecognized (loss) gain and prior service cost related to defined benefit plans (0.3 ) 0.2 — (0.6 ) 0.4 (0.3 ) Net unrecognized (loss) gain on derivatives in cash flow hedging relationships (22.9 ) (49.8 ) — 26.9 22.9 (22.9 ) Net unrealized loss on derivatives in net investment hedging relationships (10.4 ) — — (10.4 ) 10.4 (10.4 ) Net unrealized gain on marketable securities 32.5 31.5 — 0.9 (32.4 ) 32.5 Other comprehensive earnings (loss), before tax 644.4 (18.1 ) — 662.3 (644.2 ) 644.4 Income tax provision (benefit) 0.5 (6.8 ) — 6.3 0.5 0.5 Other comprehensive earnings (loss), net of tax 643.9 (11.3 ) — 656.0 (644.7 ) 643.9 Comprehensive earnings (loss) 706.4 702.5 — 1,304.9 (2,007.4 ) 706.4 Comprehensive earnings attributable to the noncontrolling interest — — — — — — Comprehensive earnings attributable to Mylan N.V. ordinary shareholders $ 706.4 $ 702.5 $ — $ 1,304.9 $ (2,007.4 ) $ 706.4 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Three Months Ended September 30, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ 428.6 $ 446.1 $ — $ 655.9 $ (1,102.0 ) $ 428.6 Other comprehensive loss, before tax: Foreign currency translation adjustment (148.4 ) — — (148.4 ) 148.4 (148.4 ) Change in unrecognized gain and prior service cost related to defined benefit plans — 0.2 — (0.2 ) — — Net unrecognized gain (loss) on derivatives (84.2 ) (63.9 ) — (20.3 ) 84.2 (84.2 ) Net unrealized loss on marketable securities (0.2 ) — — (0.2 ) 0.2 (0.2 ) Other comprehensive loss, before tax (232.8 ) (63.7 ) — (169.1 ) 232.8 (232.8 ) Income tax benefit (30.8 ) (23.8 ) — (7.0 ) 30.8 (30.8 ) Other comprehensive loss, net of tax (202.0 ) (39.9 ) — (162.1 ) 202.0 (202.0 ) Comprehensive earnings 226.6 406.2 — 493.8 (900.0 ) 226.6 Comprehensive earnings attributable to the noncontrolling interest — — — — — — Comprehensive earnings attributable to Mylan N.V. ordinary shareholders $ 226.6 $ 406.2 $ — $ 493.8 $ (900.0 ) $ 226.6 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS Nine Months Ended September 30, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) earnings $ 653.1 $ 688.8 $ — $ 1,397.9 $ (2,086.7 ) $ 653.1 Other comprehensive earnings (loss), before tax: Foreign currency translation adjustment (526.7 ) — — (526.7 ) 526.7 (526.7 ) Change in unrecognized gain and prior service cost related to defined benefit plans 3.9 0.3 — 3.6 (3.9 ) 3.9 Net unrecognized loss on derivatives (67.4 ) (57.7 ) — (9.7 ) 67.4 (67.4 ) Net unrealized loss on marketable securities (0.4 ) — — (0.4 ) 0.4 (0.4 ) Other comprehensive loss, before tax (590.6 ) (57.4 ) — (533.2 ) 590.6 (590.6 ) Income tax benefit (24.0 ) (21.1 ) — (2.9 ) 24.0 (24.0 ) Other comprehensive loss, net of tax (566.6 ) (36.3 ) — (530.3 ) 566.6 (566.6 ) Comprehensive earnings 86.5 652.5 — 867.6 (1,520.1 ) 86.5 Comprehensive earnings attributable to the noncontrolling interest (0.1 ) — — (0.1 ) 0.1 (0.1 ) Comprehensive earnings attributable to Mylan N.V. ordinary shareholders $ 86.4 $ 652.5 $ — $ 867.5 $ (1,520.0 ) $ 86.4 |
Condensed Consolidating Balance Sheet | UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Assets Current assets: Cash and cash equivalents $ — $ 33.2 $ — $ 1,223.4 $ — $ 1,256.6 Accounts receivable, net — 7.4 — 3,091.5 — 3,098.9 Inventories — — — 2,687.5 — 2,687.5 Intercompany receivables 165.8 420.8 — 10,019.0 (10,605.6 ) — Prepaid expenses and other current assets 1.5 256.7 — 663.9 — 922.1 Total current assets 167.3 718.1 — 17,685.3 (10,605.6 ) 7,965.1 Property, plant and equipment, net — 331.3 — 1,952.9 — 2,284.2 Investments in subsidiaries 17,755.5 9,912.6 — — (27,668.1 ) — Intercompany notes and interest receivable 2,268.9 10,054.4 — 18.7 (12,342.0 ) — Intangible assets, net — — — 15,613.4 — 15,613.4 Goodwill — 17.1 — 9,616.0 — 9,633.1 Other assets — 97.1 — 945.6 — 1,042.7 Total assets $ 20,191.7 $ 21,130.6 $ — $ 45,831.9 $ (50,615.7 ) $ 36,538.5 LIABILITIES AND EQUITY Liabilities Current liabilities: Trade accounts payable $ — $ 30.0 $ — $ 1,224.9 $ — $ 1,254.9 Short-term borrowings — — — 54.2 — 54.2 Income taxes payable — 33.2 — 131.3 — 164.5 Current portion of long-term debt and other long-term obligations — 2,188.2 — 2,246.4 — 4,434.6 Intercompany payables 420.8 10,184.8 — — (10,605.6 ) — Other current liabilities 514.3 309.2 — 2,822.3 — 3,645.8 Total current liabilities 935.1 12,745.4 — 6,479.1 (10,605.6 ) 9,554.0 Long-term debt 7,427.8 3,735.7 — 165.1 — 11,328.6 Intercompany notes payable — 1,466.5 — 10,875.4 (12,341.9 ) — Other long-term obligations — 55.3 — 3,771.8 — 3,827.1 Total liabilities 8,362.9 18,002.9 — 21,291.4 (22,947.5 ) 24,709.7 Total equity 11,828.8 3,127.7 — 24,540.5 (27,668.2 ) 11,828.8 Total liabilities and equity $ 20,191.7 $ 21,130.6 $ — $ 45,831.9 $ (50,615.7 ) $ 36,538.5 UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Assets Current assets: Cash and cash equivalents $ — $ 870.5 $ — $ 365.5 $ — $ 1,236.0 Accounts receivable, net — 14.4 — 2,674.7 — 2,689.1 Inventories — — — 1,951.0 — 1,951.0 Intercompany receivables 1,097.5 283.2 — 8,936.4 (10,317.1 ) — Other current assets 0.3 244.8 — 351.5 — 596.6 Total current assets 1,097.8 1,412.9 — 14,279.1 (10,317.1 ) 6,472.7 Property, plant and equipment, net — 324.4 — 1,659.5 — 1,983.9 Investments in subsidiaries 9,947.7 8,007.7 — — (17,955.4 ) — Intercompany notes and interest receivable — 9,704.4 — 18.7 (9,723.1 ) — Intangible assets, net — 0.5 — 7,221.4 — 7,221.9 Goodwill — 17.1 — 5,363.0 — 5,380.1 Other assets — 135.3 — 1,073.8 — 1,209.1 Total assets $ 11,045.5 $ 19,602.3 $ — $ 29,615.5 $ (37,995.6 ) $ 22,267.7 LIABILITIES AND EQUITY Liabilities Current liabilities: Trade accounts payable $ — $ 33.5 $ — $ 1,076.1 $ — $ 1,109.6 Short-term borrowings — — — 1.3 — 1.3 Income taxes payable — — — 92.4 — 92.4 Current portion of long-term debt and other long-term obligations — 1,010.1 — 66.9 — 1,077.0 Intercompany payables 283.2 10,033.9 — — (10,317.1 ) — Other current liabilities 2.0 320.1 — 1,519.8 — 1,841.9 Total current liabilities 285.2 11,397.6 — 2,756.5 (10,317.1 ) 4,122.2 Long-term debt 994.5 5,298.4 — 2.7 — 6,295.6 Intercompany notes payable — 18.7 — 9,704.4 (9,723.1 ) — Other long-term obligations — 122.2 — 1,961.9 — 2,084.1 Total liabilities 1,279.7 16,836.9 — 14,425.5 (20,040.2 ) 12,501.9 Total equity 9,765.8 2,765.4 — 15,190.0 (17,955.4 ) 9,765.8 Total liabilities and equity $ 11,045.5 $ 19,602.3 $ — $ 29,615.5 $ (37,995.6 ) $ 22,267.7 |
Condensed Consolidating Statement of Cash Flows | UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2016 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ (1.6 ) $ 724.7 $ — $ 974.6 $ — $ 1,697.7 Cash flows from investing activities: Capital expenditures — (64.8 ) — (174.7 ) — (239.5 ) Change in restricted cash — (49.5 ) — (1.0 ) — (50.5 ) Purchase of marketable securities — (4.1 ) — (18.7 ) — (22.8 ) Cash paid for Meda's unconditional deferred payment — — — (308.0 ) — (308.0 ) Proceeds from sale of marketable securities — — — 15.8 — 15.8 Cash paid for acquisitions, net (5,278.5 ) (931.3 ) — 58.1 — (6,151.7 ) Settlement of acquisition-related foreign currency derivatives (128.6 ) — — — — (128.6 ) Investments in affiliates — (43.6 ) — — 43.6 — Dividends from affiliates 135.6 — — — (135.6 ) — Loans to affiliates (7,971.9 ) (417.0 ) — (726.3 ) 9,115.2 — Repayments of loans from affiliates 6,838.3 442.6 — 1,031.3 (8,312.2 ) — Payments for product rights and other, net — (0.4 ) — (195.9 ) — (196.3 ) Net cash (used in) provided by investing activities (6,405.1 ) (1,068.1 ) — (319.4 ) 711.0 (7,081.6 ) Cash flows from financing activities: Payments of financing fees (95.3 ) — — — — (95.3 ) Change in short-term borrowings, net — — — 48.6 — 48.6 Proceeds from issuance of long-term debt 6,478.8 — — 41.0 — 6,519.8 Payments of long-term debt — (500.0 ) — (567.0 ) — (1,067.0 ) Proceeds from exercise of stock options 11.1 — — — — 11.1 Taxes paid related to net share settlement of equity awards (12.9 ) — — — — (12.9 ) Contingent consideration payments — — — (15.5 ) — (15.5 ) Capital contribution from affiliates — — — 43.6 (43.6 ) — Capital payments to affiliates — — — (135.6 ) 135.6 — Payments on borrowings from affiliates — (1,361.8 ) — (6,950.4 ) 8,312.2 — Proceeds from borrowings from affiliates 25.0 1,380.8 — 7,709.4 (9,115.2 ) — Acquisition of noncontrolling interest — — — (1.0 ) — (1.0 ) Other items, net — (12.9 ) — 14.5 — 1.6 Net cash provided by financing activities 6,406.7 (493.9 ) — 187.6 (711.0 ) 5,389.4 Effect on cash of changes in exchange rates — — — 15.1 — 15.1 Net (decrease) increase in cash and cash equivalents — (837.3 ) — 857.9 — 20.6 Cash and cash equivalents — beginning of period — 870.5 — 365.5 — 1,236.0 Cash and cash equivalents — end of period $ — $ 33.2 $ — $ 1,223.4 $ — $ 1,256.6 Supplemental disclosures of cash flow information — Non-cash transactions: Ordinary shares issued for acquisition $ 1,281.7 $ — $ — $ — $ — $ 1,281.7 UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine Months Ended September 30, 2015 (In millions) Mylan N.V. (Parent Guarantor) Mylan Inc. (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash (used in) provided by operating activities $ — $ (1,417.1 ) $ — $ 2,773.6 $ — $ 1,356.5 Cash flows from investing activities: Capital expenditures — (55.1 ) — (152.2 ) — (207.3 ) Change in restricted cash — — — 25.9 — 25.9 Purchase of marketable securities — (29.3 ) — (29.8 ) — (59.1 ) Proceeds from sale of marketable securities — — — 29.4 — 29.4 Investments in affiliates — (289.4 ) — — 289.4 — Loans to affiliates (39.5 ) (4,250.1 ) — (5,657.3 ) 9,946.9 — Repayments of loans from affiliates — 240.6 — 22.5 (263.1 ) — Payments for product rights and other, net — — — (428.2 ) — (428.2 ) Net cash used in investing activities (39.5 ) (4,383.3 ) — (6,189.7 ) 9,973.2 (639.3 ) Cash flows from financing activities: Payments of financing fees (89.1 ) (25.6 ) — — — (114.7 ) Change in short-term borrowings, net — — — (329.7 ) — (329.7 ) Proceeds from convertible note hedge — 1,970.8 — — — 1,970.8 Proceeds from issuance of long-term debt — 2,390.0 — — — 2,390.0 Payments of long-term debt — (4,334.1 ) — — — (4,334.1 ) Proceeds from exercise of stock options 39.5 53.3 — — — 92.8 Taxes paid related to net share settlement of equity awards — (25.8 ) — (5.9 ) — (31.7 ) Capital contribution from affiliates — — — 289.4 (289.4 ) — Payments on borrowings from affiliates — (22.5 ) — (240.6 ) 263.1 — Proceeds from borrowings from affiliates 89.1 5,696.8 — 4,161.0 (9,946.9 ) — Acquisition of noncontrolling interest — — — (11.7 ) — (11.7 ) Other items, net 1.3 48.3 — — — 49.6 Net cash provided by financing activities 40.8 5,751.2 — 3,862.5 (9,973.2 ) (318.7 ) Effect on cash of changes in exchange rates — — — (37.0 ) — (37.0 ) Net increase (decrease) in cash and cash equivalents 1.3 (49.2 ) — 409.4 — 361.5 Cash and cash equivalents — beginning of period 0.1 112.9 — 112.5 — 225.5 Cash and cash equivalents — end of period $ 1.4 $ 63.7 $ — $ 521.9 $ — $ 587.0 Supplemental disclosures of cash flow information — Non-cash transactions: Ordinary shares issued for acquisition $ 6,305.8 $ — $ — $ — $ — $ 6,305.8 |
Revenue Recognition and Accou44
Revenue Recognition and Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Revenue Recognition And Accounts Receivable [Line Items] | ||
Sales allowances, current | $ 1,830 | $ 1,840 |
Accrued sales allowances and other adjustments | 824.1 | 681.8 |
Securitized accounts receivable | 759.3 | $ 914.2 |
Receivables Facility | ||
Revenue Recognition And Accounts Receivable [Line Items] | ||
Accounts receivable securitization facility maximum borrowing capacity | $ 400 |
Acquisitions and Other Transa45
Acquisitions and Other Transactions (Meda) (Narrative) (Details) SEK / shares in Units, € in Millions, shares in Millions, $ in Millions, SEK in Billions | Aug. 05, 2016EUR (€)shares | Aug. 05, 2016USD ($)shares | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Nov. 01, 2016SEK / shares | Aug. 05, 2016SEK / shares | Aug. 05, 2016USD ($) | Jul. 29, 2016shares | Feb. 10, 2016SEK | Feb. 10, 2016USD ($) | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | ||||||||||||||||
Ordinary shares issued for acquisition | $ 1,281.7 | $ 6,305.8 | ||||||||||||||
Compulsory acquisition proceeding liability | $ 431 | $ 431 | 431 | $ 431 | $ 0 | |||||||||||
Amount of loss recognized unrealized mark-to-market losses included in other expense | (36.8) | $ 22.2 | (98.3) | 29.8 | ||||||||||||
Goodwill | [1] | 3,984.9 | ||||||||||||||
Other Payments to Acquire Businesses | $ 308 | 308 | 0 | |||||||||||||
Total revenues | 3,057.1 | 2,695.2 | 7,809.1 | 6,938.6 | ||||||||||||
Net (loss) earnings | (119.8) | $ 428.6 | 62.5 | $ 653.1 | ||||||||||||
Bridge Loan | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Debt related commitment fees and debt issuance costs | $ 30.2 | 45.2 | ||||||||||||||
Swedish krona denominated contracts | Other expense | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Amount of loss recognized unrealized mark-to-market losses included in other expense | 44.4 | 128.6 | ||||||||||||||
Meda | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Acquisition purchase price | 6,921.1 | SEK 83.6 | $ 9,900 | |||||||||||||
Foreign currency exchange rate, translation | 8.4158 | 8.4158 | ||||||||||||||
Business acquisition, number of shares tendered | shares | 343 | |||||||||||||||
Voting interests acquired, percentage | 94.00% | |||||||||||||||
Share price | SEK / shares | SEK 161 | |||||||||||||||
Cash consideration | $ 5,300 | |||||||||||||||
Equity consideration transferred | shares | 26.4 | 26.4 | ||||||||||||||
Acquisition related costs | $ 65.8 | 212.5 | ||||||||||||||
Business combination, fair value inventory step-up | 107 | |||||||||||||||
Amortization of fair value inventory step-up | $ 42.8 | |||||||||||||||
Goodwill | $ 3,677.6 | |||||||||||||||
Amount of goodwill expected to be tax deductible | 0 | |||||||||||||||
Other Payments to Acquire Businesses | € | € 275 | |||||||||||||||
Total revenues | 331.1 | |||||||||||||||
Net (loss) earnings | $ (260.6) | |||||||||||||||
Meda | Subsequent Event | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Share price | SEK / shares | SEK 161.31 | |||||||||||||||
Meda | Product rights and licenses | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Identified intangible assets | $ 8,060.7 | |||||||||||||||
Acquired intangible assets, weighted average useful life, in years | 20 years | 20 years | ||||||||||||||
Meda | Eighty percent of number of shares tendered | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Voting interests acquired, percentage | 80.00% | |||||||||||||||
Meda | Eighty percent of number of shares tendered | Maximum | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Share price | SEK / shares | SEK 165 | |||||||||||||||
Meda | Twenty percent of number of shares tendered | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Voting interests acquired, percentage | 20.00% | |||||||||||||||
Number of Mylan N.V. shares issued per Meda shares | 0.386 | |||||||||||||||
[1] | Includes goodwill related to the acquisition of Meda and the Topicals Business totaling $3.68 billion and $307.3 million, respectively. |
Acquisitions and Other Transa46
Acquisitions and Other Transactions Acquisitions and Other Transactions (Meda Schedule of Purchase Price Allocation) (Details) $ in Millions, SEK in Billions | Aug. 05, 2016USD ($) | Sep. 30, 2016USD ($) | Feb. 10, 2016SEK | Feb. 10, 2016USD ($) | |
Business Acquisition [Line Items] | |||||
Goodwill | [1] | $ 3,984.9 | |||
Meda | |||||
Business Acquisition [Line Items] | |||||
Current assets (excluding inventories and net of cash acquired) | $ 470.2 | ||||
Inventories | 465.7 | ||||
Property, plant and equipment | 177.5 | ||||
Goodwill | 3,677.6 | ||||
Other assets | 9.3 | ||||
Total assets acquired | 12,861 | ||||
Current liabilities | (1,088.4) | ||||
Long-term debt, including current portion | (2,864.6) | ||||
Deferred tax liabilities | (1,628.1) | ||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | (322.3) | $ (322.3) | |||
Other noncurrent liabilities | (36.5) | ||||
Net assets acquired | 6,921.1 | SEK 83.6 | $ 9,900 | ||
Meda | Product rights and licenses | |||||
Business Acquisition [Line Items] | |||||
Identified intangible assets | $ 8,060.7 | ||||
[1] | Includes goodwill related to the acquisition of Meda and the Topicals Business totaling $3.68 billion and $307.3 million, respectively. |
Acquisitions and Other Transa47
Acquisitions and Other Transactions (Renaissance Topicals Business) (Narrative) (Details) $ in Millions | Jun. 15, 2016USD ($)Product | Sep. 30, 2016USD ($) | |
Business Acquisition [Line Items] | |||
Goodwill | [1] | $ 3,984.9 | |
Topicals Business | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 1,000 | ||
Net assets acquired | 972.7 | ||
Purchase consideration, contingent consideration arrangements | 16 | ||
In-process research and development | $ 275 | ||
Rate used to discount net cash inflows to present value | 12.50% | ||
Expected cost to complete | $ 65 | ||
Identified intangible assets | 467 | ||
Goodwill | 307.3 | ||
Amount of goodwill expected to be tax deductible | 0 | ||
Acquisition related costs | $ 3.6 | ||
Topicals Business | Product rights and licenses | |||
Business Acquisition [Line Items] | |||
Identified intangible assets | $ 454 | ||
Acquired intangible assets, weighted average useful life, in years | 14 years | ||
Topicals Business | Contractual rights | |||
Business Acquisition [Line Items] | |||
Identified intangible assets | $ 13 | ||
Acquired intangible assets, weighted average useful life, in years | 5 years | ||
Topicals Business | Maximum | |||
Business Acquisition [Line Items] | |||
Purchase consideration, contingent consideration arrangements | $ 50 | ||
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 | ||
[1] | Includes goodwill related to the acquisition of Meda and the Topicals Business totaling $3.68 billion and $307.3 million, respectively. |
Acquisitions and Other Transa48
Acquisitions and Other Transactions (Renaissance Topicals Business Schedule of Purchase Price Allocation) (Details) - USD ($) $ in Millions | Jun. 15, 2016 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | |||
Goodwill | [1] | $ 3,984.9 | |
Topicals Business | |||
Business Acquisition [Line Items] | |||
Current assets (excluding inventories) | $ 68.8 | ||
Inventories | 74.2 | ||
Property, plant and equipment | 54.8 | ||
Identified intangible assets | 467 | ||
In-process research and development | 275 | ||
Goodwill | 307.3 | ||
Other assets | 0.9 | ||
Total assets acquired | 1,248 | ||
Current liabilities | (65) | ||
Deferred tax liabilities | (203.6) | ||
Other noncurrent liabilities | (6.7) | ||
Net assets acquired | $ 972.7 | ||
[1] | Includes goodwill related to the acquisition of Meda and the Topicals Business totaling $3.68 billion and $307.3 million, respectively. |
Acquisitions and Other Transa49
Acquisitions and Other Transactions (Jai Pharma Limited) (Narrative) (Details) $ in Millions | Nov. 20, 2015USD ($)shareholder | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 9,633.1 | $ 5,380.1 | ||
Jai Pharma Limited | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | $ 750 | |||
Net assets acquired | $ 711.1 | [1] | 711.1 | |
Minimum number of former shareholders providing services | shareholder | 1 | |||
Number of shareholders | shareholder | 2 | |||
Post-acquisition consulting services period, in years | 2 years | |||
Working capital and other adjustments excluded | $ (7) | |||
Purchase consideration, contingent consideration arrangements | 18 | |||
Goodwill | 317.2 | [1] | 325.3 | |
Amount of goodwill expected to be tax deductible | $ 150 | |||
Jai Pharma Limited | Maximum | ||||
Business Acquisition [Line Items] | ||||
Purchased consideration, contingent consideration, maximum | $ 50 | |||
[1] | As previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, as amended. |
Acquisitions and Other Transa50
Acquisitions and Other Transactions (Jai Pharma Limited Schedule of Purchase Price Allocation) (Details) - USD ($) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2016 | Dec. 31, 2015 | Nov. 20, 2015 | [1] | ||
Business Acquisition [Line Items] | |||||
Goodwill | $ 9,633.1 | $ 5,380.1 | |||
Jai Pharma Limited | |||||
Business Acquisition [Line Items] | |||||
Current assets (excluding inventories) | 25.7 | $ 25.7 | |||
Current assets (excluding inventories) (Measurement Pd Adj) | [2] | 0 | |||
Inventories | 4.9 | 4.9 | |||
Inventories (Measurement Pd Adj) | [2] | 0 | |||
Property, plant and equipment | 17.2 | 17.2 | |||
Property, plant, and equipment (Measurement Pd Adj) | [2] | 0 | |||
Identified intangibles assets (Measurement Pd Adj) | [2] | 0 | |||
In-process research and development | 98 | 98 | |||
In-process research and development (Measurement Pd Adj) | [2] | 0 | |||
Goodwill | 325.3 | 317.2 | |||
Goodwill (Measurement Pd Adj) | [2] | 8.1 | |||
Other assets | 0.7 | 0.7 | |||
Other assets (Measurement Pd Adj) | [2] | 0 | |||
Total assets acquired | 908.8 | 900.7 | |||
Total assets (Measurement Pd Adj) | [2] | 8.1 | |||
Current liabilities | (11) | (9.1) | |||
Current liabilities (Measurement Pd Adj) | [2] | (1.9) | |||
Deferred tax liabilities | (186.7) | (180.5) | |||
Deferred tax liabilities (Measurement Pd Adj) | [2] | (6.2) | |||
Net assets acquired | 711.1 | 711.1 | |||
Net assets acquired (Measurement Pd Adj) | [2] | 0 | |||
Jai Pharma Limited | Product rights and licenses | |||||
Business Acquisition [Line Items] | |||||
Identified intangible assets | $ 437 | $ 437 | |||
[1] | As previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, as amended. | ||||
[2] | The measurement period adjustments were recorded in the first quarter of 2016 and are related to the recognition of certain goodwill, current liabilities and adjustments to deferred tax liabilities to reflect facts and circumstances that existed as of the acquisition date. |
Acquisitions and Other Transa51
Acquisitions and Other Transactions (EPD Business) (Narrative) (Details) - USD ($) $ in Millions | Feb. 27, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Business Acquisition [Line Items] | ||||||
Revenues | $ 3,057.1 | $ 2,695.2 | $ 7,809.1 | $ 6,938.6 | ||
Net Loss | $ (119.8) | $ 428.6 | $ 62.5 | $ 653 | ||
EPD Business | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition purchase price | $ 6,310 | |||||
Revenues | $ 1,010 | |||||
Net Loss | $ 68.6 |
Acquisitions and Other Transa52
Acquisitions and Other Transactions (Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | ||||
Basic | 523.6 | 490.5 | 505.9 | 466.2 |
Diluted | 523.6 | 514 | 515.2 | 493.2 |
Meda and EPD Business | ||||
Business Acquisition [Line Items] | ||||
Total revenues | $ 3,168.6 | $ 3,506.4 | $ 9,008.2 | $ 8,895 |
Net (loss) earnings attributable to Mylan N.V. ordinary shareholders | $ (111.4) | $ 381.2 | $ 132 | $ 405.8 |
Basic (in USD per share) | $ (0.21) | $ 0.74 | $ 0.25 | $ 0.78 |
Diluted (in USD per share) | $ (0.21) | $ 0.71 | $ 0.25 | $ 0.75 |
Basic | 533.9 | 516.9 | 526.9 | 517 |
Diluted | 533.9 | 540.4 | 536.2 | 544 |
Acquisitions and Other Transa53
Acquisitions and Other Transactions (Other Transactions) (Details) $ in Millions | Nov. 02, 2016USD ($) | Jan. 08, 2016USD ($)drugs | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Business Acquisition [Line Items] | |||||||
Research and development | $ 199.1 | $ 174.8 | $ 632.2 | $ 512.9 | |||
Momenta | |||||||
Business Acquisition [Line Items] | |||||||
Number of drugs | drugs | 6 | ||||||
Collaborative agreement payment | $ 45 | ||||||
Research and development | $ 9 | $ 22.3 | |||||
Momenta | Subsequent Event | |||||||
Business Acquisition [Line Items] | |||||||
Development and sales milestone payments | $ 25 | ||||||
Momenta | Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Development and sales milestone payments | $ 200 | ||||||
Other company | Product rights and licenses | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 57.9 | ||||||
Acquired intangible assets, weighted average useful life, in years | 5 years |
Share-Based Incentive Plan (Nar
Share-Based Incentive Plan (Narrative) (Details) - Long-Term Incentive Plan 2003 - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
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 | $ 165 | |
Weighted-average period over which total unrecognized compensation expense expected to be recognized, in years | 2 years 5 months | |
Intrinsic value of stock-based awards exercised and restricted stock units converted | $ 49.1 | $ 254.9 |
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 11 months 14 days | |
Average remaining contractual term for stock awards vested and expected to vest, in years | 5 years 10 months 15 days | |
Average remaining contractual term for stock awards exercisable, in years | 5 years 12 days | |
Aggregate intrinsic value for stock awards outstanding | $ 75.9 | |
Aggregate intrinsic value for stock awards vested and expected to vest | 75.7 | |
Aggregate intrinsic value for stock awards exercisable | $ 75 | |
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 (Sto
Share-Based Incentive Plan (Stock Awards) (Details) | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of shares under stock awards, outstanding at beginning of period | shares | 7,732,499 |
Weighted average exercise price per share, outstanding at beginning of period | $ / shares | $ 31.85 |
Number of shares under stock awards, granted | shares | 780,254 |
Weighted average exercise price per share, granted | $ / shares | $ 46.15 |
Number of shares under stock awards, exercised | shares | (496,440) |
Weighted average exercise price per share, exercised | $ / shares | $ 23.52 |
Number of shares under stock awards, forfeited | shares | (166,571) |
Weighted average exercise price per share, forfeited | $ / shares | $ 51.26 |
Number of shares under stock awards, outstanding at end of period | shares | 7,849,742 |
Weighted average exercise price per share, outstanding at end of period | $ / shares | $ 33.39 |
Number of shares under stock awards, vested and expected to vest at end of period | shares | 7,537,727 |
Weighted average exercise price per share, vested and expected to vest at end of period | $ / shares | $ 32.78 |
Number of shares under stock awards, options exercisable at end of period | shares | 5,704,835 |
Weighted average exercise price per share, options exercisable at end of period | $ / shares | $ 27.71 |
Share-Based Incentive Plan (Non
Share-Based Incentive Plan (Nonvested Restricted Stock, Restricted Stock Units and PSUs Activity) (Details) - Restricted stock awards | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of restricted stock awards, nonvested beginning of period | shares | 4,474,436 |
Weighted average grant-date fair value per share, nonvested beginning of period | $ / shares | $ 40.70 |
Number of restricted stock awards, granted | shares | 2,619,679 |
Weighted average grant-date fair value per share, granted | $ / shares | $ 45.15 |
Number of restricted stock awards, released | shares | (1,072,156) |
Weighted average grant-date fair value per share, released | $ / shares | $ 41.95 |
Number of restricted stock awards, forfeited | shares | (326,916) |
Weighted average grant-date fair value per share, forfeited | $ / shares | $ 41.65 |
Number of restricted stock awards, nonvested end of period | shares | 5,695,043 |
Weighted average grant-date fair value per share, nonvested end of period | $ / shares | $ 42.49 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Aug. 05, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plans, estimated benefit payments, in current fiscal year | $ 20.2 | |
Estimated employer contributions in 2016 | 17.7 | |
Meda | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $ 322.3 | $ 322.3 |
Pensions and Other Postretire58
Pensions and Other Postretirement Benefits (Net Periodic Benefit Costs) (Details) - Pension and other postretirement benefits - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 4.8 | $ 2.8 | $ 12.6 | $ 8.5 |
Interest cost | 2.8 | 1.2 | 5.7 | 3.6 |
Expected return on plan assets | (3) | (1.4) | (7) | (4.1) |
Plan curtailment, settlement and termination | 0 | 0.3 | 0 | 0.8 |
Amortization of prior service costs | 0.1 | 0.1 | 0.2 | 0.2 |
Recognized net actuarial losses | 0.2 | 0.3 | 0.7 | 0.9 |
Net periodic benefit cost | $ 4.9 | $ 3.3 | $ 12.2 | $ 9.9 |
Balance Sheet Components (Narra
Balance Sheet Components (Narrative) (Details) - USD ($) $ in Millions | Jun. 15, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Aug. 05, 2016 | Dec. 31, 2015 | Dec. 04, 2013 |
Restricted cash | $ 156.8 | $ 156.8 | $ 106.6 | |||
Compulsory acquisition proceeding liability | 431 | 431 | $ 431 | 0 | ||
Topicals Business | ||||||
Purchase consideration, contingent consideration arrangements | $ 16 | |||||
Topicals Business | Maximum | ||||||
Purchase consideration, contingent consideration arrangements | $ 50 | |||||
Other assets | ||||||
Restricted cash | 100 | |||||
Other current liabilities | ||||||
Estimated litigation liability | 465 | 465 | ||||
Contingent consideration | 128.6 | 128.6 | 35 | |||
Other current liabilities | Topicals Business | ||||||
Purchase consideration, contingent consideration arrangements | 15.5 | |||||
Other current liabilities | Meda | ||||||
Other accrued liabilities | 350 | 350 | ||||
Other current liabilities | Agila Specialties | ||||||
Purchase consideration, contingent consideration arrangements | 90 | |||||
Contingent consideration | 110 | 110 | $ 20 | |||
Other current liabilities | Agila Specialties | Maximum | ||||||
Contingent consideration | $ 173 | |||||
Other long-term obligations | ||||||
Contingent consideration | 522.9 | 522.9 | $ 491.4 | |||
Other current assets | ||||||
Restricted cash | $ 100 | $ 100 |
Balance Sheet Components (Inven
Balance Sheet Components (Inventories) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Balance Sheet Components [Abstract] | ||
Raw materials | $ 825.1 | $ 592.4 |
Work in process | 469.8 | 387 |
Finished goods | 1,392.6 | 971.6 |
Inventories | $ 2,687.5 | $ 1,951 |
Balance Sheet Components (Prope
Balance Sheet Components (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,780.3 | $ 3,294 |
Accumulated depreciation | 1,496.1 | 1,310.1 |
Property, plant and equipment, net | 2,284.2 | 1,983.9 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 145 | 124.5 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,074.9 | 950.6 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,215.6 | 1,928.4 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 344.8 | $ 290.5 |
Balance Sheet Components (Other
Balance Sheet Components (Other Current Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Aug. 05, 2016 | Dec. 31, 2015 |
Balance Sheet Components [Abstract] | |||
Legal and professional accruals, including litigation accruals | $ 610.8 | $ 122.6 | |
Payroll and employee benefit plan accruals | 429.7 | 367.9 | |
Accrued sales allowances | 824.1 | 681.8 | |
Accrued interest | 114.3 | 25.1 | |
Fair value of financial instruments | 25.2 | 19.8 | |
Compulsory acquisition proceeding liability | 431 | $ 431 | 0 |
Other | 1,210.7 | 624.7 | |
Other current liabilities | $ 3,645.8 | $ 1,841.9 |
Equity Method Investments (Narr
Equity Method Investments (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 04, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of equity method investments | 6 | 6 | |||
Equity method investments summarized financial data basis | 100.00% | ||||
Loss from equity method investments | $ 29.7 | $ 27.8 | $ 85.5 | $ 77.5 | |
Clean energy investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of equity method investments | 5 | 5 | |||
Sagent Agila | Agila Specialties | Equity method investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% |
Equity Method Investments (Bala
Equity Method Investments (Balance Sheet Table) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in subsidiaries | $ 0 | $ 0 |
Other assets | Agila Specialties | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in subsidiaries | 80 | 96.2 |
Clean energy investments | Other assets | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in subsidiaries | 337.6 | 379.3 |
Clean energy investments | Total liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in subsidiaries | 382 | 419.3 |
Clean energy investments | Other current liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in subsidiaries | 64.1 | 62.3 |
Clean energy investments | Other long-term obligations | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in subsidiaries | $ 317.9 | $ 357 |
Equity Method Investments (Inco
Equity Method Investments (Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Total revenues | $ 170 | $ 205.7 | $ 418.2 | $ 492.2 |
Gross (loss) profit | (3) | (3.5) | (3.8) | (4) |
Operating and non-operating expense | 6.3 | 6.9 | 16.3 | 18.7 |
Net loss | $ (9.3) | $ (10.4) | $ (20.1) | $ (22.7) |
Earnings per Ordinary Share A66
Earnings per Ordinary Share Attributable to Mylan N.V. (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | Aug. 05, 2016shares | Sep. 30, 2016shares | Sep. 30, 2015shares | Sep. 30, 2016shares | Sep. 30, 2015shares | Jul. 29, 2016 | Apr. 15, 2016shares | Sep. 15, 2011$ / sharesshares | Sep. 15, 2008USD ($)$ / sharesshares |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||||||||
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 20.3 | 6.6 | 22.1 | ||||||
Shares issued in warrant settlement | 17 | ||||||||
Weighted average ordinary shares issued to settle warrants | 10.4 | ||||||||
Anti-dilutive stock options or restricted stock awards excluded from computation of earnings per share | 13.9 | 3.9 | 7.3 | 3.9 | |||||
Old warrants | |||||||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||||||||
Number of warrants exchanged | 41 | ||||||||
Warrants issued, exercise price per share | $ / shares | $ 20 | ||||||||
Old warrants | Maximum | |||||||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||||||||
Warrant, number of shares of ordinary shares called by warrants | 43.2 | ||||||||
New warrants | |||||||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||||||||
Warrants issued, exercise price per share | $ / shares | $ 30 | ||||||||
Convertible Debt | Cash Convertible Notes | |||||||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||||||||
Principal amount of debt instrument | $ | $ 575 | ||||||||
Meda | |||||||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||||||||
Equity consideration transferred | 26.4 | ||||||||
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 16.1 | 5.4 | |||||||
Voting interests acquired, percentage | 94.00% |
Earnings per Ordinary Share A67
Earnings per Ordinary Share Attributable to Mylan N.V. (Basic and Diluted Earnings Per Ordinary Share Attributable To Mylan N.V.) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net (loss) earnings attributable to Mylan N.V. ordinary shareholders | $ (119.8) | $ 428.6 | $ 62.5 | $ 653 |
Weighted average ordinary shares outstanding | 523.6 | 490.5 | 505.9 | 466.2 |
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 0 | 23.5 | 9.3 | 27 |
Total dilutive shares outstanding | 523.6 | 514 | 515.2 | 493.2 |
Basic (loss) earnings per ordinary share attributable to Mylan N.V. ordinary shareholders | $ (0.23) | $ 0.87 | $ 0.12 | $ 1.40 |
Diluted (loss) earnings per ordinary share attributable to Mylan N.V. ordinary shareholders | $ (0.23) | $ 0.83 | $ 0.12 | $ 1.32 |
Goodwill and Intangible Asset68
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2016 | Aug. 05, 2016 | Jun. 15, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets reclassified from non amortizable to amortizable | $ 20.7 | ||
Meda | Product rights and licenses | |||
Finite-Lived Intangible Assets [Line Items] | |||
Identified intangible assets | $ 8,060.7 | ||
Topicals Business | |||
Finite-Lived Intangible Assets [Line Items] | |||
Identified intangible assets | $ 467 | ||
In-process research and development | 275 | ||
Topicals Business | Product rights and licenses | |||
Finite-Lived Intangible Assets [Line Items] | |||
Identified intangible assets | $ 454 |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions | Aug. 05, 2016 | Jun. 15, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | |
Goodwill [Line Items] | |||||
Goodwill, gross, beginning balance | $ 5,765.1 | ||||
Accumulated impairment losses, beginning balance | (385) | ||||
Goodwill, net, beginning balance | 5,380.1 | ||||
Acquisitions | [1] | 3,984.9 | |||
Measurement period adjustments | 8.1 | ||||
Foreign currency translation | 260 | ||||
Goodwill, gross, ending balance | 10,018.1 | ||||
Accumulated impairment losses, ending balance | (385) | ||||
Goodwill, net, ending balance | 5,380.1 | $ 9,633.1 | |||
Meda | |||||
Goodwill [Line Items] | |||||
Acquisitions | $ 3,677.6 | ||||
Topicals Business | |||||
Goodwill [Line Items] | |||||
Acquisitions | $ 307.3 | ||||
Generics Segment | |||||
Goodwill [Line Items] | |||||
Goodwill, gross, beginning balance | 5,031 | ||||
Accumulated impairment losses, beginning balance | 0 | ||||
Goodwill, net, beginning balance | 5,031 | ||||
Acquisitions | [1] | 3,984.9 | |||
Measurement period adjustments | 8.1 | ||||
Foreign currency translation | 260 | ||||
Goodwill, gross, ending balance | 9,284 | ||||
Accumulated impairment losses, ending balance | 0 | ||||
Goodwill, net, ending balance | 5,031 | 9,284 | |||
Specialty Segment | |||||
Goodwill [Line Items] | |||||
Goodwill, gross, beginning balance | 734.1 | ||||
Accumulated impairment losses, beginning balance | (385) | ||||
Goodwill, net, beginning balance | 349.1 | ||||
Acquisitions | 0 | ||||
Measurement period adjustments | 0 | ||||
Foreign currency translation | 0 | ||||
Goodwill, gross, ending balance | 734.1 | ||||
Accumulated impairment losses, ending balance | (385) | ||||
Goodwill, net, ending balance | $ 349.1 | $ 349.1 | |||
[1] | Includes goodwill related to the acquisition of Meda and the Topicals Business totaling $3.68 billion and $307.3 million, respectively. |
Goodwill and Intangible Asset70
Goodwill and Intangible Assets (Components of Intangible Assets) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | ||
Intangible Assets by Major Class [Line Items] | |||
Finite-lived intangible assets, original cost | $ 18,476.5 | $ 9,430.5 | |
Finite-lived intangible assets, accumulated amortization | 3,852.7 | 2,946.3 | |
Finite-lived intangible assets, net book value | 14,623.8 | 6,484.2 | |
In-process research and development | 989.6 | 737.7 | |
Intangible assets, gross, excluding goodwill | 19,466.1 | 10,168.2 | |
Intangible assets, net book value, excluding goodwill | $ 15,613.4 | $ 7,221.9 | |
Product rights and licenses | |||
Intangible Assets by Major Class [Line Items] | |||
Finite-lived intangible assets, estimated useful life, in years | 15 years | 11 years | |
Finite-lived intangible assets, original cost | $ 17,867.4 | $ 8,848.6 | |
Finite-lived intangible assets, accumulated amortization | 3,434 | 2,652.7 | |
Finite-lived intangible assets, net book value | $ 14,433.4 | $ 6,195.9 | |
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 | 107.3 | 103.8 | |
Finite-lived intangible assets, net book value | $ 9.3 | $ 12.8 | |
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] | $ 492.5 | $ 465.3 |
Finite-lived intangible assets, accumulated amortization | [1] | 311.4 | 189.8 |
Finite-lived intangible assets, net book value | [1] | $ 181.1 | $ 275.5 |
[1] | Other intangible assets consist principally of customer lists, contractual rights and other contracts. |
Goodwill and Intangible Asset71
Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Assets | $ 364.3 | $ 214.3 | $ 852.9 | $ 559.8 |
Goodwill and Intangibles Assets
Goodwill and Intangibles Assets (Expected Amortization Expense) (Details) $ in Millions | Sep. 30, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Expected amortization expense, remainder of 2016 | $ 362 |
Expected amortization expense, 2017 | 1,307 |
Expected amortization expense, 2018 | 1,254 |
Expected amortization expense, 2019 | 1,161 |
Expected amortization expense, 2020 | $ 1,041 |
Financial Instruments and Ris73
Financial Instruments and Risk Management (Narrative) (Details) € in Millions, $ in Millions, SEK in Billions | 3 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016SEK | Sep. 30, 2016USD ($) | [1] | Jun. 09, 2016USD ($) | Dec. 31, 2015USD ($) | [1] | Sep. 17, 2015USD ($) | ||
Derivative [Line Items] | |||||||||||||||
Notional amount of derivative | SEK | SEK 45.2 | ||||||||||||||
Amount of loss recognized unrealized mark-to-market losses included in other expense | $ (36.8) | $ 22.2 | $ (98.3) | $ 29.8 | |||||||||||
Pre-tax net losses on cash flow hedges to be reclassified from AOCE into earnings in next twelve months | 27.8 | ||||||||||||||
Accretion expense | 10.4 | $ 9.7 | $ 30.7 | $ 28.5 | |||||||||||
Contingent consideration | Minimum | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Rate used to discount net cash inflows to present value | 1.40% | 1.40% | |||||||||||||
Contingent consideration | Maximum | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Rate used to discount net cash inflows to present value | 9.80% | 9.80% | |||||||||||||
Senior Notes | 2026 Senior Notes (3.950% coupon) | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Long-term debt | $ 2,233.1 | $ 2,250 | $ 0 | ||||||||||||
Stated percentage rate | [1] | 3.95% | |||||||||||||
Swedish krona denominated contracts | Other expense | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Amount of loss recognized unrealized mark-to-market losses included in other expense | $ 44.4 | $ 128.6 | |||||||||||||
Net Investment Hedging | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Notional amount of derivative | € | € 288 | € 288 | |||||||||||||
Amount of Ineffectiveness on Net Investment Hedges | € | 0 | 0 | |||||||||||||
Interest rate swaps | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Notional amount of derivative | € | € 750 | € 750 | |||||||||||||
September 2015 Swaps Effective Date November 2016 | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Notional amount of derivative | $ 500 | ||||||||||||||
September 2015 Swaps Effective Date June 2016 | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Notional amount of derivative | $ 500 | ||||||||||||||
Maturity of derivative swaps, years | 10 years | 10 years | |||||||||||||
Loss on cash flow hedge ineffectiveness | $ 2.1 | ||||||||||||||
September 2015 Swaps Effective Date June 2016 | Other comprehensive loss | |||||||||||||||
Derivative [Line Items] | |||||||||||||||
Loss on derivative | $ 64.9 | ||||||||||||||
[1] | 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. |
Financial Instruments and Ris74
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) - Designated as Hedging Instrument - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, fair value | $ 93.6 | $ 44.7 |
Liability derivatives, fair value | 1.7 | 10.5 |
Prepaid expenses and other current assets | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, fair value | 66.4 | 36.3 |
Prepaid expenses and other current assets | Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, fair value | 27.2 | 8.4 |
Other current liabilities | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives, fair value | $ 1.7 | $ 10.5 |
Financial Instruments and Ris75
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) - Not Designated as Hedging Instruments - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, fair value | $ 7.2 | $ 20 |
Liability derivatives, fair value | 23.5 | 9.3 |
Prepaid expenses and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, fair value | 7.2 | 20 |
Other current liabilities | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives, fair value | $ 23.5 | $ 9.3 |
Financial Instruments and Ris76
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Earnings on Derivatives | $ (9.7) | $ 29.5 | $ 30.2 | $ 34.1 |
Amount of Gain (Loss) Recognized in Earnings on Hedged Items | 9.7 | (25) | (30.2) | (20.4) |
Interest expense | Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Earnings on Derivatives | (9.7) | 29.5 | 30.2 | 34.1 |
Interest expense | 2023 Senior Notes (3.125% coupon) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Earnings on Hedged Items | $ 9.7 | $ (25) | $ (30.2) | $ (20.4) |
Financial Instruments and Ris77
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | $ 2 | $ (61.6) | $ (54.3) | $ (73.5) |
Foreign currency forward contracts | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | 2.9 | (21.3) | (16.3) | (36.5) |
Interest rate swaps | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | $ (0.9) | $ (40.3) | $ (38) | $ (37) |
Financial Instruments and Ris78
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
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) | $ (8.1) | $ 0 | $ (8.1) | $ 0 |
Financial Instruments and Ris79
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) | $ (13) | $ (8.3) | $ (40.8) | $ (30.9) |
Amount of Gain Excluded from the Assessment of Hedge Effectiveness | 8.9 | 11.7 | 26 | 35.1 |
Foreign currency forward contracts | Net sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) | (10.7) | (8.1) | (34.2) | (30.4) |
Foreign currency forward contracts | Other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Excluded from the Assessment of Hedge Effectiveness | 8.9 | 11.7 | 26 | 35.1 |
Interest rate swaps | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) | $ (2.3) | $ (0.2) | $ (6.6) | $ (0.5) |
Financial Instruments and Ris80
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Earnings on Derivatives | $ (36.8) | $ 22.2 | $ (98.3) | $ 29.8 |
Foreign currency forward contracts | Other expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Earnings on Derivatives | (36.8) | (98.3) | ||
Foreign currency forward contracts | Other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Earnings on Derivatives | 22.2 | 29.8 | ||
Cash conversion feature of Cash Convertible Notes | Other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Earnings on Derivatives | 0 | 1,689.3 | 0 | 1,853.5 |
Purchased cash convertible note hedge | Other expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Earnings on Derivatives | $ 0 | $ (1,689.3) | $ 0 | $ (1,853.5) |
Financial Instruments and Ris81
Financial Instruments and Risk Management (Financial Assets and Liabilities Carried at Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 859.9 | $ 923.3 |
Trading securities | 28.7 | 22.8 |
Total assets at recurring fair value measurement | 1,081 | 1,064.8 |
Total liabilities at recurring fair value measurement | 676.7 | 546.2 |
Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivative assets | 34.4 | 28.4 |
Foreign exchange derivative liabilities | 9.3 | |
Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivative liabilities | 23.5 | |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap derivative liabilities | 1.7 | 10.5 |
Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 651.5 | 526.4 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 859.9 | 923.3 |
Equity securities — exchange traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 28.7 | 22.8 |
Available-for-sale fixed income investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 34 | 28 |
U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 6.5 | 4.7 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 17.6 | 15.7 |
Agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4.5 | 3.9 |
Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1.5 | 2.3 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3.9 | 1.4 |
Total available-for-sale equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 57.6 | 26 |
Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 57.6 | 26 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap derivative assets | 66.4 | 36.3 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 859.9 | 923.3 |
Trading securities | 28.7 | 22.8 |
Total assets at recurring fair value measurement | 946.2 | 972.1 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 859.9 | 923.3 |
Level 1 | Equity securities — exchange traded funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 28.7 | 22.8 |
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 | 57.6 | 26 |
Level 1 | Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 57.6 | 26 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at recurring fair value measurement | 134.8 | 92.7 |
Total liabilities at recurring fair value measurement | 25.2 | 19.8 |
Level 2 | Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange derivative assets | 34.4 | 28.4 |
Foreign exchange derivative liabilities | 23.5 | 9.3 |
Level 2 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap derivative liabilities | 1.7 | 10.5 |
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 | 34 | 28 |
Level 2 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 6.5 | 4.7 |
Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 17.6 | 15.7 |
Level 2 | Agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 4.5 | 3.9 |
Level 2 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1.5 | 2.3 |
Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 3.9 | 1.4 |
Level 2 | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap derivative assets | 66.4 | 36.3 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities at recurring fair value measurement | 651.5 | 526.4 |
Level 3 | Contingent consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ 651.5 | $ 526.4 |
Debt (Summary of Long-Term Debt
Debt (Summary of Long-Term Debt) (Details) SEK in Millions, $ in Millions | 9 Months Ended | |||||||||||
Sep. 30, 2016SEK | Sep. 30, 2016USD ($) | Jun. 24, 2016USD ($) | Jun. 09, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 09, 2015 | Dec. 24, 2013 | Nov. 13, 2013 | Jun. 18, 2013 | ||||
Debt Instrument [Line Items] | ||||||||||||
Current portion of long-term debt | $ 4,278.8 | $ 998.7 | ||||||||||
Unamortized debt issuance expense | (75.3) | (35.4) | ||||||||||
Long-term debt, excluding current maturities | 11,328.6 | 6,295.6 | ||||||||||
Current portion of long-term debt and other long-term obligations | 4,434.6 | 1,077 | ||||||||||
Other Current Portion of Long-term Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current portion of long-term debt | 4.4 | 1.6 | ||||||||||
Other | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Non-current portion of long-term debt | 7.8 | 2.7 | ||||||||||
Senior Notes | 2016 Senior Notes (1.800% coupon) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated percentage rate | [1] | 1.80% | ||||||||||
Current portion of long-term debt | [1] | 0 | 500.1 | |||||||||
Principal amount of debt instrument | $ 500 | |||||||||||
Final interest payment | $ 4.5 | |||||||||||
Senior Notes | 2016 Senior Notes (1.350% coupon) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated percentage rate | [2] | 1.35% | ||||||||||
Current portion of long-term debt | [2] | 500 | 499.9 | |||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||
Debt instrument, basis spread on variable rate | 0.125% | |||||||||||
Senior Notes | 2018 Senior Notes (2.600% coupon) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated percentage rate | [3] | 2.60% | ||||||||||
Non-current portion of long-term debt | [3] | 649.5 | 649.3 | |||||||||
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 | [3] | 3.00% | ||||||||||
Non-current portion of long-term debt | [3] | 499.5 | 499.4 | |||||||||
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 | [4] | 2.50% | ||||||||||
Non-current portion of long-term debt | 999 | [4] | $ 1,000 | 0 | [4] | |||||||
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 | [5] | 2.55% | ||||||||||
Non-current portion of long-term debt | [5] | 499.4 | 499.2 | |||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||
Debt instrument, basis spread on variable rate | 0.20% | |||||||||||
Senior Notes | 2020 Senior Notes (3.750% coupon) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated percentage rate | [6] | 3.75% | ||||||||||
Non-current portion of long-term debt | [6] | 499.9 | 499.8 | |||||||||
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% | ||||||||||
Non-current portion of long-term debt | 2,247.5 | [7] | $ 2,250 | 0 | [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 | [5] | 3.125% | ||||||||||
Non-current portion of long-term debt | [5] | 815.4 | 785.2 | |||||||||
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% | ||||||||||
Non-current portion of long-term debt | [8] | 498.5 | 498.4 | |||||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||
Debt instrument, basis spread on variable rate | 0.25% | |||||||||||
Senior Notes | 2026 Senior Notes (3.950% coupon) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated percentage rate | [9] | 3.95% | ||||||||||
Non-current portion of long-term debt | 2,233.1 | [9] | $ 2,250 | 0 | [9] | |||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||
Debt instrument, basis spread on variable rate | 0.35% | |||||||||||
Senior Notes | 2043 Senior Notes (5.400% coupon) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated percentage rate | [10] | 5.40% | ||||||||||
Non-current portion of long-term debt | [10] | 497 | 497 | |||||||||
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 | [11] | 5.25% | ||||||||||
Non-current portion of long-term debt | 999.8 | [11] | $ 1,000 | 0 | [11] | |||||||
Equivalent percentage of redeemed amount | 100.00% | |||||||||||
Debt instrument, basis spread on variable rate | 0.40% | |||||||||||
2015 Term Loans | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current portion of long-term debt | [12] | 1,600 | 0 | |||||||||
Non-current portion of long-term debt | [12] | 0 | 1,600 | |||||||||
2014 Term Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Non-current portion of long-term debt | [13] | 800 | 800 | |||||||||
Bank Loan Obligations | Meda Bank Loan (25 Billion Kr) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current portion of long-term debt | [14] | 1,942.6 | 0 | |||||||||
Current portion of long-term debt and other long-term obligations | SEK | SEK 16,700 | |||||||||||
Fair value adjustment | $ 192 | |||||||||||
Number of foreign banks | 9 | 9 | ||||||||||
Bank Loan Obligations | Meda Bank Loan (2 Billion Kr) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current portion of long-term debt | [15] | $ 233.3 | 0 | |||||||||
Non-current portion of long-term debt | SEK | SEK 2,000 | |||||||||||
Bank Loan Obligations | Maximum | Meda Bank Loan (25 Billion Kr) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current portion of long-term debt and other long-term obligations | SEK | 25,000 | |||||||||||
Medium-term Notes | Meda Medium Term Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Non-current portion of long-term debt | 1,350 | 157.5 | [16] | 0 | [16] | |||||||
Medium-term Notes | Maximum | Meda Medium Term Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Non-current portion of long-term debt | SEK | 7,000 | |||||||||||
Medium-term Notes | 2018 | Meda Medium Term Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Non-current portion of long-term debt | SEK | 600 | |||||||||||
Medium-term Notes | 2019 | Meda Medium Term Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Non-current portion of long-term debt | SEK | SEK 750 | |||||||||||
Deferred financing fees | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Unamortized debt issuance expense | $ (1.5) | $ (2.9) | ||||||||||
[1] | Instrument was due on June 24, 2016, and the Company paid the principal amount of $500.0 million and final interest payment of $4.5 million at that time using available cash on hand. | |||||||||||
[2] | 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 0.125% plus, in each case, accrued and unpaid interest. Instrument is due on November 29, 2016 and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016. | |||||||||||
[3] | 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. | |||||||||||
[4] | 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. | |||||||||||
[5] | 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. | |||||||||||
[6] | 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. | |||||||||||
[7] | 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. | |||||||||||
[8] | 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. | |||||||||||
[9] | 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. | |||||||||||
[10] | 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. | |||||||||||
[11] | 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. | |||||||||||
[12] | The 2015 Term Loans mature on July 15, 2017, subject to extension to December 19, 2017. Accordingly, the 2015 Term Loans are included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016. | |||||||||||
[13] | The 2014 Term Loan matures on December 19, 2017. | |||||||||||
[14] | Approximately 16.7kr billion of borrowings under a 25kr billion facility with nine Swedish and foreign banks that matures on August 30, 2017, and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016. | |||||||||||
[15] | Represents a bank loan of 2kr billion with AB Svensk Exportkredit (publ), as lender (“Svensk Exportkredit”) which is callable by the lender as a result of the completion of the Offer, and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016. | |||||||||||
[16] | Swedish medium term notes (“MTN”) program with an upper limit of 7kr billion. Of the total amount outstanding of 1.35kr billion, 600kr million matures on April 5, 2018 and 750kr million matures on May 21, 2019. |
Debt (Meda Borrowings) (Narrati
Debt (Meda Borrowings) (Narrative) (Details) SEK in Millions, $ in Millions | Nov. 03, 2016USD ($) | Sep. 30, 2016SEK | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |||
Debt Instrument [Line Items] | ||||||||
Current portion of long-term debt and other long-term obligations | $ 4,434.6 | $ 1,077 | ||||||
Current portion of long-term debt | $ 4,278.8 | 998.7 | ||||||
Commercial Paper | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | SEK | SEK 4,000 | |||||||
Bank Loan Obligations | Meda Bank Loan (25 Billion Kr) | ||||||||
Debt Instrument [Line Items] | ||||||||
Current portion of long-term debt and other long-term obligations | SEK | SEK 16,700 | |||||||
Number of foreign banks | 9 | 9 | ||||||
Line of credit, remaining borrowing capacity | SEK 7,900 | $ 925.1 | ||||||
Current portion of long-term debt | [1] | 1,942.6 | 0 | |||||
Days after end of each consecutive three month period | 60 days | |||||||
Days after end of each financial year | 120 days | |||||||
Bank Loan Obligations | Meda Bank Loan (2 Billion Kr) | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | SEK | SEK 2,000 | |||||||
Current portion of long-term debt | [2] | 233.3 | 0 | |||||
Debt instrument, covenants, change of control, agreement period | 30 days | |||||||
Days after end of each consecutive three month period | 60 days | |||||||
Days after end of each financial year | 120 days | |||||||
Medium-term Notes | Meda Medium Term Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | SEK 1,350 | $ 157.5 | [3] | $ 0 | [3] | |||
Medium-term Notes | Meda Medium Term Notes | Subsequent Event | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 2 | |||||||
Maximum | Bank Loan Obligations | Meda Bank Loan (25 Billion Kr) | ||||||||
Debt Instrument [Line Items] | ||||||||
Current portion of long-term debt and other long-term obligations | SEK | 25,000 | |||||||
Maximum | Medium-term Notes | Meda Medium Term Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | SEK | SEK 7,000 | |||||||
Meda | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 567 | |||||||
[1] | Approximately 16.7kr billion of borrowings under a 25kr billion facility with nine Swedish and foreign banks that matures on August 30, 2017, and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016. | |||||||
[2] | Represents a bank loan of 2kr billion with AB Svensk Exportkredit (publ), as lender (“Svensk Exportkredit”) which is callable by the lender as a result of the completion of the Offer, and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016. | |||||||
[3] | Swedish medium term notes (“MTN”) program with an upper limit of 7kr billion. Of the total amount outstanding of 1.35kr billion, 600kr million matures on April 5, 2018 and 750kr million matures on May 21, 2019. |
Debt (Receivables Facility) (Na
Debt (Receivables Facility) (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 54.2 | $ 1.3 |
Receivables Facility | ||
Short-term Debt [Line Items] | ||
Accounts receivable securitization facility maximum borrowing capacity | 400 | |
Short-term borrowings | $ 0 | $ 0 |
Debt (Issuance of June 2016 Sen
Debt (Issuance of June 2016 Senior Notes) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Sep. 30, 2016 | Jun. 09, 2016 | Dec. 31, 2015 | ||||
Senior Notes | 2019 Senior Notes (2.500% coupon) | ||||||
Debt Instrument [Line Items] | ||||||
Stated percentage rate | [1] | 2.50% | ||||
Long-term debt | $ 999 | [1] | $ 1,000 | $ 0 | [1] | |
Unamortized discount on Senior Notes | $ 1 | |||||
Senior Notes | 2021 Senior Notes (3.150% coupon) | ||||||
Debt Instrument [Line Items] | ||||||
Stated percentage rate | [2] | 3.15% | ||||
Long-term debt | 2,247.5 | [2] | $ 2,250 | 0 | [2] | |
Unamortized discount on Senior Notes | $ 2.5 | |||||
Senior Notes | 2026 Senior Notes (3.950% coupon) | ||||||
Debt Instrument [Line Items] | ||||||
Stated percentage rate | [3] | 3.95% | ||||
Long-term debt | 2,233.1 | [3] | $ 2,250 | 0 | [3] | |
Unamortized discount on Senior Notes | $ 16.9 | |||||
Senior Notes | 2046 Senior Notes (5.250% coupon) | ||||||
Debt Instrument [Line Items] | ||||||
Stated percentage rate | [4] | 5.25% | ||||
Long-term debt | 999.8 | [4] | $ 1,000 | $ 0 | [4] | |
Unamortized discount on Senior Notes | $ 0.2 | |||||
June 2016 Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt related commitment fees and debt issuance costs | $ 47.9 | |||||
[1] | 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. | |||||
[2] | 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. | |||||
[3] | 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. | |||||
[4] | 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. |
Debt (2016 Bridge Credit Agreem
Debt (2016 Bridge Credit Agreement) (Narrative) (Details) - Bridge Loan - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | |||
Debt related commitment fees and debt issuance costs | $ 30.2 | $ 45.2 | |
Tranche B Loan | |||
Debt Instrument [Line Items] | |||
Debt related commitment fees and debt issuance costs | $ 3 |
Debt (Revolving Facility) (Narr
Debt (Revolving Facility) (Narrative) (Details) - Line of Credit - Revolving Facility - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | Jun. 19, 2015 | Dec. 19, 2014 | |
Line of Credit Facility [Line Items] | ||||
Revolving Credit, maximum borrowing capacity | $ 1,650 | |||
Revolving Facility, amount outstanding | $ 0 | $ 0 | ||
Revolving Facility, interest rate | 1.325% | |||
Facility fee, percentage | 0.175% | |||
Letters of credit | ||||
Line of Credit Facility [Line Items] | ||||
Revolving Credit, maximum borrowing capacity | $ 150 | |||
Subfacility | ||||
Line of Credit Facility [Line Items] | ||||
Revolving Credit, maximum borrowing capacity | $ 125 |
Debt (2015 Term Loans) (Narrati
Debt (2015 Term Loans) (Narrative) (Details) $ in Millions | Jul. 15, 2015USD ($) |
Term Loan | Credit Facility | |
Debt Instrument [Line Items] | |
Long-term debt | $ 1,600 |
Term Loan | Closing Date Loan | |
Debt Instrument [Line Items] | |
Long-term debt | 1,000 |
Term Loan | Delayed Draw Loan | |
Debt Instrument [Line Items] | |
Long-term debt | $ 600 |
Line of Credit | London Interbank Offered Rate (LIBOR) | Revolving Facility | |
Debt Instrument [Line Items] | |
Debt instrument, basis spread on variable rate | 1.375% |
Debt (2014 Term Loan) (Narrativ
Debt (2014 Term Loan) (Narrative) (Details) - Term Loan - 2014 Term Loan - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 19, 2014 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 800 | |
Debt instrument, interest rate during period | 1.375% |
Debt (Fair Value) (Narrative) (
Debt (Fair Value) (Narrative) (Details) - Senior Notes - USD ($) $ in Millions | Sep. 30, 2016 | Jun. 09, 2016 | Dec. 31, 2015 | Dec. 09, 2015 | Dec. 24, 2013 | Nov. 13, 2013 | Jun. 18, 2013 | |
Debt Instrument [Line Items] | ||||||||
Fair value of long-term debt | $ 11,190 | $ 4,800 | ||||||
2016 Senior Notes (1.350% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [1] | 1.35% | ||||||
2018 Senior Notes (2.600% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [2] | 2.60% | ||||||
2018 Senior Notes (3.000% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [2] | 3.00% | ||||||
2019 Senior Notes (2.500% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [3] | 2.50% | ||||||
2019 Senior Notes (2.550% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [4] | 2.55% | ||||||
2020 Senior Notes (3.750% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [5] | 3.75% | ||||||
2021 Senior Notes (3.150% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [6] | 3.15% | ||||||
2023 Senior Notes (3.125% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [4] | 3.125% | ||||||
2023 Senior Notes (4.200% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [7] | 4.20% | ||||||
2026 Senior Notes (3.950% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [8] | 3.95% | ||||||
2043 Senior Notes (5.400% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [9] | 5.40% | ||||||
2046 Senior Notes (5.250% coupon) | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated percentage rate | [10] | 5.25% | ||||||
[1] | 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 0.125% plus, in each case, accrued and unpaid interest. Instrument is due on November 29, 2016 and accordingly is included in current portion of long-term debt and other long-term obligations in the Condensed Consolidated Balance Sheets at September 30, 2016. | |||||||
[2] | 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. | |||||||
[3] | 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. | |||||||
[4] | 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. | |||||||
[5] | 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. | |||||||
[6] | 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. | |||||||
[7] | 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. | |||||||
[8] | 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. | |||||||
[9] | 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. | |||||||
[10] | 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. |
Debt (Minimum Repayments on Out
Debt (Minimum Repayments on Outstanding Borrowings) (Details) $ in Millions | Sep. 30, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 733.3 |
2,017 | 4,150.5 |
2,018 | 1,220 |
2,019 | 1,587.5 |
2,020 | 500 |
Thereafter | 7,250 |
Total | $ 15,441.3 |
Comprehensive Earnings (Accumul
Comprehensive Earnings (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrealized gain (loss) on marketable securities, net of tax | $ 19.5 | $ 19.5 | $ (1) | |||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (15.1) | (15.1) | (14.9) | |||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | $ (84.2) | $ (67.4) | ||||||
Foreign currency translation adjustment | (1,084.8) | (1,084.8) | (1,730.3) | |||||
Accumulated other comprehensive loss | (1,120.4) | (1,120.4) | (1,764.3) | |||||
Cash Flow Hedging | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 22.8 | (84.2) | (22.9) | (67.4) | ||||
Net Investment Hedging | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | (10.4) | 0 | (10.4) | 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 | $ (71) | $ (71) | $ (17.6) | $ (28.4) | ||||
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 | (31.9) | (31.9) | (18.1) | $ (46.7) | ||||
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 | (8.1) | $ (8.1) | 0 | $ 0 | ||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | $ (8.1) | $ 0 |
Comprehensive Earnings (Compone
Comprehensive Earnings (Components Of Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrealized gain (loss) on marketable securities, net of tax, beginning of period | $ (1) | |||||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | $ (15.1) | (15.1) | $ (14.9) | |||||
Foreign currency translation adjustment, beginning of period | (1,730.3) | |||||||
Accumulated other comprehensive loss, net of tax, beginning of period | (1,764.3) | |||||||
Net sales | 3,029.5 | $ 2,676.2 | 7,745.5 | $ 6,887.8 | ||||
Interest expense | 144.4 | 95.1 | 305 | 268.5 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (8.2) | (30.3) | ||||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | (84.2) | (67.4) | ||||||
Other comprehensive earnings (loss), available-for-sale securities adjustment, before tax | 21.5 | (0.2) | 32.5 | (0.4) | ||||
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.1 | 0 | (0.3) | 3.9 | ||||
Other comprehensive earnings (loss), before tax | 324.6 | (232.8) | 644.4 | (590.6) | ||||
Income tax (benefit) provision | (205.5) | 26.5 | (165.7) | 44 | ||||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | 19.5 | 19.5 | (1) | |||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | (15.1) | (15.1) | (14.9) | |||||
Foreign currency translation adjustment, end of period | (1,084.8) | (1,084.8) | (1,730.3) | |||||
Accumulated other comprehensive loss, net of tax, end of period | (1,120.4) | (1,120.4) | (1,764.3) | |||||
Gains and Losses on Derivatives | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | (17.6) | (28.4) | (28.4) | |||||
Other comprehensive earnings (loss) before reclassifications, before tax | (92.5) | (98.3) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (8.3) | (30.9) | ||||||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | (71) | (71) | ||||||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Earnings | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Income tax (benefit) provision | (30.8) | (24.8) | ||||||
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 | 10.7 | (8.1) | 34.2 | (30.4) | ||||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Earnings | Interest rate swaps | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Interest expense | 2.3 | (0.2) | 6.6 | (0.5) | ||||
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 | 6 | 0.1 | (1) | 0.3 | 0.3 | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 21.5 | (0.2) | 32.5 | (0.4) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||||||
Net unrealized gain (loss) on marketable securities, net of tax, end of period | 19.5 | 0.1 | 19.5 | 0.1 | (1) | |||
Gains and Losses on Marketable Securities | Reclassification out of Accumulated Other Comprehensive Earnings | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Income tax (benefit) provision | 8 | (0.2) | 12 | (0.2) | ||||
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 | (15.1) | (16.6) | (15.1) | (16.6) | (14.9) | $ (15.2) | $ (16.4) | $ (19.5) |
Other comprehensive earnings (loss) before reclassifications, before tax | (0.2) | 0.1 | (1.2) | 4.5 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0.1 | 0.6 | ||||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | (15.1) | (16.6) | (15.1) | (16.6) | (14.9) | |||
Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Earnings | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Amortization of prior service costs | 0 | 0.2 | 0.2 | |||||
Other comprehensive earnings (loss), reclassification adjustment from AOCE, pension and other postretirement benefit plans, for net gain (loss), before tax | 0.3 | 0.1 | 0.7 | 0.4 | ||||
Income tax (benefit) provision | 0 | 0.2 | (0.1) | 1 | ||||
Foreign Currency Translation Adjustment | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Foreign currency translation adjustment, beginning of period | (1,375.4) | (1,317.7) | (1,730.3) | (939.4) | (939.4) | |||
Other comprehensive earnings (loss) before reclassifications, before tax | 290.6 | (148.4) | 645.5 | (526.7) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | ||||||
Other comprehensive earnings (loss), before tax | 290.6 | (148.4) | 645.5 | (526.7) | ||||
Foreign currency translation adjustment, end of period | (1,084.8) | (1,466.1) | (1,084.8) | (1,466.1) | (1,730.3) | |||
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 | (1,431.3) | (1,351.6) | (987) | (987) | ||||
Other comprehensive earnings (loss) before reclassifications, before tax | 311.3 | (241) | 602.7 | (620.9) | ||||
Other comprehensive earnings (loss), before tax | 324.6 | (232.8) | 644.4 | (590.6) | ||||
Accumulated other comprehensive loss, net of tax, end of period | (1,120.4) | (1,553.6) | (1,120.4) | (1,553.6) | ||||
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 | 0.2 | 0.2 | |||||
Other comprehensive earnings (loss), reclassification adjustment from AOCE, pension and other postretirement benefit plans, for net gain (loss), before tax | 0.3 | 0.1 | 0.7 | 0.4 | ||||
Income tax (benefit) provision | 13.7 | (30.8) | (24) | |||||
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 | 10.7 | (8.1) | 34.2 | (30.4) | ||||
Accumulated Other Comprehensive Earnings (Loss) | Reclassification out of Accumulated Other Comprehensive Earnings | Interest rate swaps | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Interest expense | 2.3 | (0.2) | 6.6 | (0.5) | ||||
Cash Flow Hedging | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | 22.8 | (84.2) | (22.9) | (67.4) | ||||
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 | (46.7) | (18.1) | ||||||
Other comprehensive earnings (loss) before reclassifications, before tax | 9.8 | (63.7) | ||||||
Income tax (benefit) provision | 8 | (9.1) | ||||||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | (31.9) | (31.9) | (18.1) | |||||
Cash Flow Hedging | Gains and Losses on Derivatives | Foreign currency forward contracts | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net sales | 10.7 | 34.2 | ||||||
Cash Flow Hedging | Gains and Losses on Derivatives | Interest rate swaps | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Interest expense | 2.3 | 6.6 | ||||||
Net Investment Hedging | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | (10.4) | $ 0 | (10.4) | $ 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 | 0 | 0 | ||||||
Other comprehensive earnings (loss) before reclassifications, before tax | (10.4) | (10.4) | ||||||
Net unrecognized losses on derivatives in net investment hedging relationships, net of tax | (8.1) | 0 | ||||||
Income tax (benefit) provision | (2.3) | (2.3) | ||||||
Net unrecognized gains (losses) on derivatives, net of tax, end of period | $ (8.1) | $ (8.1) | $ 0 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions | Aug. 05, 2016 | Jul. 24, 2015 | Feb. 27, 2015 | Sep. 30, 2016 | Nov. 16, 2015 | Jul. 23, 2015 |
Class of Stock [Line Items] | ||||||
Preferred shares outstanding | 488,388,431 | |||||
Number of votes entitled to | one vote | |||||
Share Repurchase Program, period in force, months | 18 months | |||||
Share Repurchase Program, authorized amount | $ 1,000 | |||||
Share Repurchase Program, remaining authorized repurchase amount | $ 932.5 | |||||
Meda | ||||||
Class of Stock [Line Items] | ||||||
Equity consideration transferred | 26,400,000 | |||||
Mylan N.V. | EPD Business | ||||||
Class of Stock [Line Items] | ||||||
Equity consideration transferred | 110,000,000 |
Shareholders' Equity (Summary O
Shareholders' Equity (Summary Of Change In Shareholders' Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||
Shareholders' equity, beginning balance | $ 9,815 | $ 9,765.8 | $ 3,276 | |
Net (loss) earnings | $ (119.8) | 428.6 | 62.5 | 653.1 |
Other comprehensive earnings (loss), net of tax | 310.9 | (202) | 643.9 | (566.6) |
Stock option activity | 11.1 | 92.9 | ||
Share-based compensation expense | 71.1 | 66.4 | ||
Issuance of restricted stock, net of shares withheld | (9.6) | (41.5) | ||
Tax benefit of stock option plans | 2.2 | 49.5 | ||
Ordinary shares issued for acquisition | 1,281.7 | 6,305.8 | ||
Purchase of subsidiary shares from noncontrolling interest | (18.7) | |||
Other | 0.1 | (1.9) | ||
Shareholders' equity, ending balance | 11,828.8 | 11,828.8 | ||
Total Mylan N.V. Shareholders' Equity | ||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||
Shareholders' equity, beginning balance | 9,813.6 | 9,764.4 | 3,255.9 | |
Net (loss) earnings | 62.5 | 653 | ||
Other comprehensive earnings (loss), net of tax | 643.9 | (566.6) | ||
Stock option activity | 11.1 | 92.9 | ||
Share-based compensation expense | 71.1 | 66.4 | ||
Issuance of restricted stock, net of shares withheld | (9.6) | (41.5) | ||
Tax benefit of stock option plans | 2.2 | 49.5 | ||
Ordinary shares issued for acquisition | 1,281.7 | 6,305.8 | ||
Purchase of subsidiary shares from noncontrolling interest | 0 | |||
Other | 0 | (1.8) | ||
Shareholders' equity, ending balance | 11,827.3 | 11,827.3 | ||
Noncontrolling Interest | ||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||
Shareholders' equity, beginning balance | $ 1.4 | 1.4 | 20.1 | |
Net (loss) earnings | 0 | 0.1 | ||
Purchase of subsidiary shares from noncontrolling interest | (18.7) | |||
Other | 0.1 | $ (0.1) | ||
Shareholders' equity, ending balance | $ 1.5 | $ 1.5 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016segments | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Segment Information To Total Consolidated Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 3,057.1 | $ 2,695.2 | $ 7,809.1 | $ 6,938.6 | |
Segment profitability (loss) | (130.7) | 601.1 | 385.8 | 1,037 | |
Generics Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 2,625 | 2,249.9 | 6,709.4 | 5,968.8 | |
Specialty Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 432.1 | 445.3 | 1,099.7 | 969.8 | |
Intersegment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Intersegment | Generics Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 27.4 | 1.4 | 29.5 | 5.2 | |
Intersegment | Specialty Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 7.2 | 1.2 | 13.7 | 5.8 | |
Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 3,057.1 | 2,695.2 | 7,809.1 | 6,938.6 | |
Operating Segment | Generics Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 2,652.4 | 2,251.3 | 6,738.9 | 5,974 | |
Segment profitability (loss) | 799.3 | 788.5 | 1,923.7 | 1,834 | |
Operating Segment | Specialty Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 439.3 | 446.5 | 1,113.4 | 975.6 | |
Segment profitability (loss) | 278.2 | 258.2 | 658.3 | 524.2 | |
Corporate / Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | [1] | (34.6) | (2.6) | (43.2) | (11) |
Segment profitability (loss) | [1] | $ (1,208.2) | $ (445.6) | $ (2,196.2) | $ (1,321.2) |
[1] | Includes certain corporate general and administrative and R&D expenses; litigation settlements and other contingencies, net, which for the three and nine months ended September 30, 2016 included the Medicaid Drug Rebate Program Settlement and the Strides Settlement, as discussed further in Note 18 Contingencies; certain intercompany transactions, including eliminations; amortization of intangible assets and certain purchase accounting items; impairment charges; and other expenses not directly attributable to segments. |
Subsidiary Guarantors (Narrativ
Subsidiary Guarantors (Narrative) (Details) - Senior Notes | Dec. 09, 2015 | |
2018 Senior Notes (3.000% coupon) | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | [1] |
2020 Senior Notes (3.750% coupon) | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | [2] |
[1] | 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. | |
[2] | 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. |
Subsidiary Guarantors Condensed
Subsidiary Guarantors Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | $ 3,029.5 | $ 2,676.2 | $ 7,745.5 | $ 6,887.8 |
Other revenues | 27.6 | 19 | 63.6 | 50.8 |
Total revenues | 3,057.1 | 2,695.2 | 7,809.1 | 6,938.6 |
Cost of sales | 1,773.8 | 1,379.9 | 4,447.1 | 3,785.1 |
Gross profit | 1,283.3 | 1,315.3 | 3,362 | 3,153.5 |
Research and development | 199.1 | 174.8 | 632.2 | 512.9 |
Selling, general and administrative | 656.9 | 537.1 | 1,787.6 | 1,584.5 |
Litigation settlements and other contingencies, net | 558 | 2.3 | 556.4 | 19.1 |
Total operating expenses | 1,414 | 714.2 | 2,976.2 | 2,116.5 |
(Loss) earnings from operations | (130.7) | 601.1 | 385.8 | 1,037 |
Interest expense | 144.4 | 95.1 | 305 | 268.5 |
Other expense (income), net | 50.2 | 50.9 | 184 | 71.4 |
(Loss) earnings before income taxes and noncontrolling interest | (325.3) | 455.1 | (103.2) | 697.1 |
Income tax (benefit) provision | (205.5) | 26.5 | (165.7) | 44 |
Earnings (losses) of equity interest subsidiaries | 0 | 0 | 0 | 0 |
Net earnings | (119.8) | 428.6 | 62.5 | 653.1 |
Net earnings attributable to the noncontrolling interest | 0 | 0 | 0 | (0.1) |
Net (loss) earnings attributable to Mylan N.V. ordinary shareholders | (119.8) | 428.6 | 62.5 | 653 |
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 |
(Loss) earnings from operations | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Other expense (income), net | 0 | 0 | 0 | 0 |
(Loss) earnings before income taxes and noncontrolling interest | 0 | 0 | 0 | 0 |
Income tax (benefit) provision | 0 | 0 | 0 | 0 |
Earnings (losses) of equity interest subsidiaries | (405.5) | (1,102) | (1,362.7) | (2,086.7) |
Net earnings | (405.5) | (1,102) | (1,362.7) | (2,086.7) |
Net earnings attributable to the noncontrolling interest | 0 | 0.1 | ||
Net (loss) earnings attributable to Mylan N.V. ordinary shareholders | (405.5) | (1,102) | (1,362.7) | (2,086.6) |
Mylan N.V. (Parent Guarantor) | ||||
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 | 43.1 | 0 | 75.8 | 0 |
Litigation settlements and other contingencies, net | 0 | 0 | 0 | 0 |
Total operating expenses | 43.1 | 0 | 75.8 | 0 |
(Loss) earnings from operations | (43.1) | 0 | (75.8) | 0 |
Interest expense | 70.7 | 30.4 | 115.1 | 42.3 |
Other expense (income), net | (31.4) | 0 | 53.6 | 0 |
(Loss) earnings before income taxes and noncontrolling interest | (82.4) | (30.4) | (244.5) | (42.3) |
Income tax (benefit) provision | 0 | 0 | 0 | 0 |
Earnings (losses) of equity interest subsidiaries | (37.4) | 459 | 307 | 695.4 |
Net earnings | (119.8) | 428.6 | 62.5 | 653.1 |
Net earnings attributable to the noncontrolling interest | 0 | (0.1) | ||
Net (loss) earnings attributable to Mylan N.V. ordinary shareholders | (119.8) | 428.6 | 62.5 | 653 |
Mylan Inc. (Issuer) | ||||
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 | 134 | 193.9 | 499.2 | 611 |
Litigation settlements and other contingencies, net | 0 | 0 | 0 | 0 |
Total operating expenses | 134 | 193.9 | 499.2 | 611 |
(Loss) earnings from operations | (134) | (193.9) | (499.2) | (611) |
Interest expense | 40.9 | 49.4 | 126.3 | 179.7 |
Other expense (income), net | (102.7) | 0 | (305.7) | 0 |
(Loss) earnings before income taxes and noncontrolling interest | (72.2) | (243.3) | (319.8) | (790.7) |
Income tax (benefit) provision | 8.1 | (46.4) | 22.1 | (88.2) |
Earnings (losses) of equity interest subsidiaries | 442.9 | 643 | 1,055.7 | 1,391.3 |
Net earnings | 362.6 | 446.1 | 713.8 | 688.8 |
Net earnings attributable to the noncontrolling interest | 0 | 0 | ||
Net (loss) earnings attributable to Mylan N.V. ordinary shareholders | 362.6 | 446.1 | 713.8 | 688.8 |
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 |
(Loss) earnings from operations | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Other expense (income), net | 0 | 0 | 0 | 0 |
(Loss) earnings before income taxes and noncontrolling interest | 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 |
Net earnings attributable to the noncontrolling interest | 0 | 0 | ||
Net (loss) earnings attributable to Mylan N.V. ordinary shareholders | 0 | 0 | 0 | 0 |
Non-Guarantor Subsidiaries | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net sales | 3,029.5 | 2,676.2 | 7,745.5 | 6,887.8 |
Other revenues | 27.6 | 19 | 63.6 | 50.8 |
Total revenues | 3,057.1 | 2,695.2 | 7,809.1 | 6,938.6 |
Cost of sales | 1,773.8 | 1,379.9 | 4,447.1 | 3,785.1 |
Gross profit | 1,283.3 | 1,315.3 | 3,362 | 3,153.5 |
Research and development | 199.1 | 174.8 | 632.2 | 512.9 |
Selling, general and administrative | 479.8 | 343.2 | 1,212.6 | 973.5 |
Litigation settlements and other contingencies, net | 558 | 2.3 | 556.4 | 19.1 |
Total operating expenses | 1,236.9 | 520.3 | 2,401.2 | 1,505.5 |
(Loss) earnings from operations | 46.4 | 795 | 960.8 | 1,648 |
Interest expense | 32.8 | 15.3 | 63.6 | 46.5 |
Other expense (income), net | 184.3 | 50.9 | 436.1 | 71.4 |
(Loss) earnings before income taxes and noncontrolling interest | (170.7) | 728.8 | 461.1 | 1,530.1 |
Income tax (benefit) provision | (213.6) | 72.9 | (187.8) | 132.2 |
Earnings (losses) of equity interest subsidiaries | 0 | 0 | 0 | 0 |
Net earnings | 42.9 | 655.9 | 648.9 | 1,397.9 |
Net earnings attributable to the noncontrolling interest | 0 | (0.1) | ||
Net (loss) earnings attributable to Mylan N.V. ordinary shareholders | $ 42.9 | $ 655.9 | $ 648.9 | $ 1,397.8 |
Subsidiary Guarantors Conden100
Subsidiary Guarantors Condensed Consolidating Statement of Comprehensive Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Statement of Income Captions [Line Items] | ||||
Net (loss) earnings | $ (119.8) | $ 428.6 | $ 62.5 | $ 653.1 |
Foreign currency translation adjustment | 290.6 | (148.4) | 645.5 | (526.7) |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.1 | 0 | (0.3) | 3.9 |
Net unrecognized (loss) gain on derivatives | (84.2) | (67.4) | ||
Net unrealized gain (loss) on marketable securities | 21.5 | (0.2) | 32.5 | (0.4) |
Other comprehensive earnings (loss), before tax | 324.6 | (232.8) | 644.4 | (590.6) |
Income tax provision (benefit) | 13.7 | (30.8) | 0.5 | (24) |
Other comprehensive earnings (loss), net of tax | 310.9 | (202) | 643.9 | (566.6) |
Comprehensive earnings | 191.1 | 226.6 | 706.4 | 86.5 |
Comprehensive earnings attributable to the noncontrolling interest | 0 | 0 | 0 | (0.1) |
Comprehensive earnings attributable to Mylan N.V. ordinary shareholders | 191.1 | 226.6 | 706.4 | 86.4 |
Eliminations | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net (loss) earnings | (405.5) | (1,102) | (1,362.7) | (2,086.7) |
Foreign currency translation adjustment | (290.5) | 148.4 | (645.5) | 526.7 |
Change in unrecognized gain and prior service cost related to defined benefit plans | (0.1) | 0 | 0.4 | (3.9) |
Net unrecognized (loss) gain on derivatives | 84.2 | 67.4 | ||
Net unrealized gain (loss) on marketable securities | (21.4) | 0.2 | (32.4) | 0.4 |
Other comprehensive earnings (loss), before tax | (324.4) | 232.8 | (644.2) | 590.6 |
Income tax provision (benefit) | (12.6) | 30.8 | 0.5 | 24 |
Other comprehensive earnings (loss), net of tax | (311.8) | 202 | (644.7) | 566.6 |
Comprehensive earnings | (717.3) | (900) | (2,007.4) | (1,520.1) |
Comprehensive earnings attributable to the noncontrolling interest | 0 | 0 | 0 | 0.1 |
Comprehensive earnings attributable to Mylan N.V. ordinary shareholders | (717.3) | (900) | (2,007.4) | (1,520) |
Mylan N.V. (Parent Guarantor) | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net (loss) earnings | (119.8) | 428.6 | 62.5 | 653.1 |
Foreign currency translation adjustment | 290.6 | (148.4) | 645.5 | (526.7) |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.1 | 0 | (0.3) | 3.9 |
Net unrecognized (loss) gain on derivatives | (84.2) | (67.4) | ||
Net unrealized gain (loss) on marketable securities | 21.5 | (0.2) | 32.5 | (0.4) |
Other comprehensive earnings (loss), before tax | 324.6 | (232.8) | 644.4 | (590.6) |
Income tax provision (benefit) | 13.7 | (30.8) | 0.5 | (24) |
Other comprehensive earnings (loss), net of tax | 310.9 | (202) | 643.9 | (566.6) |
Comprehensive earnings | 191.1 | 226.6 | 706.4 | 86.5 |
Comprehensive earnings attributable to the noncontrolling interest | 0 | 0 | 0 | (0.1) |
Comprehensive earnings attributable to Mylan N.V. ordinary shareholders | 191.1 | 226.6 | 706.4 | 86.4 |
Mylan Inc. (Issuer) | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net (loss) earnings | 362.6 | 446.1 | 713.8 | 688.8 |
Foreign currency translation adjustment | 1.5 | 0 | 0 | 0 |
Change in unrecognized gain and prior service cost related to defined benefit plans | 0.2 | 0.2 | 0.2 | 0.3 |
Net unrecognized (loss) gain on derivatives | (63.9) | (57.7) | ||
Net unrealized gain (loss) on marketable securities | 21.5 | 0 | 31.5 | 0 |
Other comprehensive earnings (loss), before tax | 25.5 | (63.7) | (18.1) | (57.4) |
Income tax provision (benefit) | 8.7 | (23.8) | (6.8) | (21.1) |
Other comprehensive earnings (loss), net of tax | 16.8 | (39.9) | (11.3) | (36.3) |
Comprehensive earnings | 379.4 | 406.2 | 702.5 | 652.5 |
Comprehensive earnings attributable to the noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive earnings attributable to Mylan N.V. ordinary shareholders | 379.4 | 406.2 | 702.5 | 652.5 |
Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net (loss) 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 (loss) on marketable securities | 0 | 0 | 0 | 0 |
Other comprehensive earnings (loss), before tax | 0 | 0 | 0 | 0 |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
Other comprehensive earnings (loss), net of tax | 0 | 0 | 0 | 0 |
Comprehensive earnings | 0 | 0 | 0 | 0 |
Comprehensive earnings attributable to the noncontrolling interest | 0 | 0 | 0 | 0 |
Comprehensive earnings attributable to Mylan N.V. ordinary shareholders | 0 | 0 | 0 | 0 |
Non-Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net (loss) earnings | 42.9 | 655.9 | 648.9 | 1,397.9 |
Foreign currency translation adjustment | 289 | (148.4) | 645.5 | (526.7) |
Change in unrecognized gain and prior service cost related to defined benefit plans | (0.1) | (0.2) | (0.6) | 3.6 |
Net unrecognized (loss) gain on derivatives | (20.3) | (9.7) | ||
Net unrealized gain (loss) on marketable securities | (0.1) | (0.2) | 0.9 | (0.4) |
Other comprehensive earnings (loss), before tax | 298.9 | (169.1) | 662.3 | (533.2) |
Income tax provision (benefit) | 3.9 | (7) | 6.3 | (2.9) |
Other comprehensive earnings (loss), net of tax | 295 | (162.1) | 656 | (530.3) |
Comprehensive earnings | 337.9 | 493.8 | 1,304.9 | 867.6 |
Comprehensive earnings attributable to the noncontrolling interest | 0 | 0 | 0 | (0.1) |
Comprehensive earnings attributable to Mylan N.V. ordinary shareholders | 337.9 | 493.8 | 1,304.9 | 867.5 |
Cash Flow Hedging | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | 22.8 | (84.2) | (22.9) | (67.4) |
Cash Flow Hedging | Eliminations | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | (22.8) | 22.9 | ||
Cash Flow Hedging | Mylan N.V. (Parent Guarantor) | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | 22.8 | (22.9) | ||
Cash Flow Hedging | Mylan Inc. (Issuer) | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | 2.3 | (49.8) | ||
Cash Flow Hedging | Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | 0 | 0 | ||
Cash Flow Hedging | Non-Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | 20.5 | 26.9 | ||
Net Investment Hedging | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | (10.4) | $ 0 | (10.4) | $ 0 |
Net Investment Hedging | Eliminations | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | 10.4 | 10.4 | ||
Net Investment Hedging | Mylan N.V. (Parent Guarantor) | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | (10.4) | (10.4) | ||
Net Investment Hedging | Mylan Inc. (Issuer) | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | 0 | 0 | ||
Net Investment Hedging | Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | 0 | 0 | ||
Net Investment Hedging | Non-Guarantor Subsidiaries | ||||
Condensed Statement of Income Captions [Line Items] | ||||
Net unrecognized (loss) gain on derivatives | $ (10.4) | $ (10.4) |
Subsidiary Guarantors Conden101
Subsidiary Guarantors Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | |||||
Cash and cash equivalents | $ 1,256.6 | $ 1,236 | $ 587 | $ 587 | $ 225.5 |
Accounts receivable, net | 3,098.9 | 2,689.1 | |||
Inventories | 2,687.5 | 1,951 | |||
Intercompany receivables | 0 | 0 | |||
Prepaid expenses and other current assets | 922.1 | 596.6 | |||
Total current assets | 7,965.1 | 6,472.7 | |||
Property, plant and equipment, net | 2,284.2 | 1,983.9 | |||
Investments in subsidiaries | 0 | 0 | |||
Intercompany notes and interest receivable | 0 | 0 | |||
Intangible assets, net | 15,613.4 | 7,221.9 | |||
Goodwill | 9,633.1 | 5,380.1 | |||
Other assets | 1,042.7 | 1,209.1 | |||
Total assets | 36,538.5 | 22,267.7 | |||
Current liabilities: | |||||
Trade accounts payable | 1,254.9 | 1,109.6 | |||
Short-term borrowings | 54.2 | 1.3 | |||
Income taxes payable | 164.5 | 92.4 | |||
Current portion of long-term debt and other long-term obligations | 4,434.6 | 1,077 | |||
Intercompany payables | 0 | 0 | |||
Other current liabilities | 3,645.8 | 1,841.9 | |||
Total current liabilities | 9,554 | 4,122.2 | |||
Long-term debt | 11,328.6 | 6,295.6 | |||
Intercompany notes payable | 0 | 0 | |||
Other long-term obligations | 3,827.1 | 2,084.1 | |||
Total liabilities | 24,709.7 | 12,501.9 | |||
Equity [Abstract] | |||||
Total equity | 11,828.8 | 9,765.8 | $ 9,815 | 3,276 | |
Total liabilities and equity | 36,538.5 | 22,267.7 | |||
Eliminations | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | |||
Inventories | 0 | 0 | |||
Intercompany receivables | (10,605.6) | (10,317.1) | |||
Prepaid expenses and other current assets | 0 | 0 | |||
Total current assets | (10,605.6) | (10,317.1) | |||
Property, plant and equipment, net | 0 | 0 | |||
Investments in subsidiaries | (27,668.1) | (17,955.4) | |||
Intercompany notes and interest receivable | (12,342) | (9,723.1) | |||
Intangible assets, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total assets | (50,615.7) | (37,995.6) | |||
Current liabilities: | |||||
Trade accounts payable | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Income taxes payable | 0 | 0 | |||
Current portion of long-term debt and other long-term obligations | 0 | 0 | |||
Intercompany payables | (10,605.6) | (10,317.1) | |||
Other current liabilities | 0 | 0 | |||
Total current liabilities | (10,605.6) | (10,317.1) | |||
Long-term debt | 0 | 0 | |||
Intercompany notes payable | (12,341.9) | (9,723.1) | |||
Other long-term obligations | 0 | 0 | |||
Total liabilities | (22,947.5) | (20,040.2) | |||
Equity [Abstract] | |||||
Total equity | (27,668.2) | (17,955.4) | |||
Total liabilities and equity | (50,615.7) | (37,995.6) | |||
Mylan N.V. (Parent Guarantor) | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | 1.4 | 0.1 | |
Accounts receivable, net | 0 | 0 | |||
Inventories | 0 | 0 | |||
Intercompany receivables | 165.8 | 1,097.5 | |||
Prepaid expenses and other current assets | 1.5 | 0.3 | |||
Total current assets | 167.3 | 1,097.8 | |||
Property, plant and equipment, net | 0 | 0 | |||
Investments in subsidiaries | 17,755.5 | 9,947.7 | |||
Intercompany notes and interest receivable | 2,268.9 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total assets | 20,191.7 | 11,045.5 | |||
Current liabilities: | |||||
Trade accounts payable | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Income taxes payable | 0 | 0 | |||
Current portion of long-term debt and other long-term obligations | 0 | 0 | |||
Intercompany payables | 420.8 | 283.2 | |||
Other current liabilities | 514.3 | 2 | |||
Total current liabilities | 935.1 | 285.2 | |||
Long-term debt | 7,427.8 | 994.5 | |||
Intercompany notes payable | 0 | 0 | |||
Other long-term obligations | 0 | 0 | |||
Total liabilities | 8,362.9 | 1,279.7 | |||
Equity [Abstract] | |||||
Total equity | 11,828.8 | 9,765.8 | |||
Total liabilities and equity | 20,191.7 | 11,045.5 | |||
Mylan Inc. (Issuer) | |||||
Current assets: | |||||
Cash and cash equivalents | 33.2 | 870.5 | 63.7 | 112.9 | |
Accounts receivable, net | 7.4 | 14.4 | |||
Inventories | 0 | 0 | |||
Intercompany receivables | 420.8 | 283.2 | |||
Prepaid expenses and other current assets | 256.7 | 244.8 | |||
Total current assets | 718.1 | 1,412.9 | |||
Property, plant and equipment, net | 331.3 | 324.4 | |||
Investments in subsidiaries | 9,912.6 | 8,007.7 | |||
Intercompany notes and interest receivable | 10,054.4 | 9,704.4 | |||
Intangible assets, net | 0 | 0.5 | |||
Goodwill | 17.1 | 17.1 | |||
Other assets | 97.1 | 135.3 | |||
Total assets | 21,130.6 | 19,602.3 | |||
Current liabilities: | |||||
Trade accounts payable | 30 | 33.5 | |||
Short-term borrowings | 0 | 0 | |||
Income taxes payable | 33.2 | 0 | |||
Current portion of long-term debt and other long-term obligations | 2,188.2 | 1,010.1 | |||
Intercompany payables | 10,184.8 | 10,033.9 | |||
Other current liabilities | 309.2 | 320.1 | |||
Total current liabilities | 12,745.4 | 11,397.6 | |||
Long-term debt | 3,735.7 | 5,298.4 | |||
Intercompany notes payable | 1,466.5 | 18.7 | |||
Other long-term obligations | 55.3 | 122.2 | |||
Total liabilities | 18,002.9 | 16,836.9 | |||
Equity [Abstract] | |||||
Total equity | 3,127.7 | 2,765.4 | |||
Total liabilities and equity | 21,130.6 | 19,602.3 | |||
Guarantor Subsidiaries | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | |||
Inventories | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Prepaid expenses and other current assets | 0 | 0 | |||
Total current assets | 0 | 0 | |||
Property, plant and equipment, net | 0 | 0 | |||
Investments in subsidiaries | 0 | 0 | |||
Intercompany notes and interest receivable | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total assets | 0 | 0 | |||
Current liabilities: | |||||
Trade accounts payable | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Income taxes payable | 0 | 0 | |||
Current portion of long-term debt and other long-term obligations | 0 | 0 | |||
Intercompany payables | 0 | 0 | |||
Other current liabilities | 0 | 0 | |||
Total current liabilities | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Intercompany notes payable | 0 | 0 | |||
Other long-term obligations | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Equity [Abstract] | |||||
Total equity | 0 | 0 | |||
Total liabilities and equity | 0 | 0 | |||
Non-Guarantor Subsidiaries | |||||
Current assets: | |||||
Cash and cash equivalents | 1,223.4 | 365.5 | $ 521.9 | $ 112.5 | |
Accounts receivable, net | 3,091.5 | 2,674.7 | |||
Inventories | 2,687.5 | 1,951 | |||
Intercompany receivables | 10,019 | 8,936.4 | |||
Prepaid expenses and other current assets | 663.9 | 351.5 | |||
Total current assets | 17,685.3 | 14,279.1 | |||
Property, plant and equipment, net | 1,952.9 | 1,659.5 | |||
Investments in subsidiaries | 0 | 0 | |||
Intercompany notes and interest receivable | 18.7 | 18.7 | |||
Intangible assets, net | 15,613.4 | 7,221.4 | |||
Goodwill | 9,616 | 5,363 | |||
Other assets | 945.6 | 1,073.8 | |||
Total assets | 45,831.9 | 29,615.5 | |||
Current liabilities: | |||||
Trade accounts payable | 1,224.9 | 1,076.1 | |||
Short-term borrowings | 54.2 | 1.3 | |||
Income taxes payable | 131.3 | 92.4 | |||
Current portion of long-term debt and other long-term obligations | 2,246.4 | 66.9 | |||
Intercompany payables | 0 | 0 | |||
Other current liabilities | 2,822.3 | 1,519.8 | |||
Total current liabilities | 6,479.1 | 2,756.5 | |||
Long-term debt | 165.1 | 2.7 | |||
Intercompany notes payable | 10,875.4 | 9,704.4 | |||
Other long-term obligations | 3,771.8 | 1,961.9 | |||
Total liabilities | 21,291.4 | 14,425.5 | |||
Equity [Abstract] | |||||
Total equity | 24,540.5 | 15,190 | |||
Total liabilities and equity | $ 45,831.9 | $ 29,615.5 |
Subsidiary Guarantors Conden102
Subsidiary Guarantors Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | Aug. 05, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Cash flows from operating activities: | |||
Net cash (used in) provided by operating activities | $ 1,697.7 | $ 1,356.5 | |
Cash flows from investing activities: | |||
Capital expenditures | (239.5) | (207.3) | |
Change in restricted cash | (50.5) | 25.9 | |
Purchase of marketable securities | (22.8) | (59.1) | |
Cash paid for Meda's unconditional deferred payment | $ (308) | (308) | 0 |
Proceeds from sale of marketable securities | 15.8 | 29.4 | |
Cash paid for acquisitions, net | (6,151.7) | 0 | |
Settlement of acquisition-related foreign currency derivatives | (128.6) | 0 | |
Investments in affiliates | 0 | 0 | |
Proceeds from Dividends Received | 0 | ||
Loans to affiliates | 0 | 0 | |
Repayments of loans from affiliates | 0 | 0 | |
Payments for product rights and other, net | (196.3) | (428.2) | |
Net cash used in investing activities | (7,081.6) | (639.3) | |
Cash flows from financing activities: | |||
Payments of financing fees | (95.3) | (114.7) | |
Change in short-term borrowings, net | 48.6 | (329.7) | |
Proceeds from convertible note hedge | 0 | 1,970.8 | |
Proceeds from issuance of long-term debt | 6,519.8 | 2,390 | |
Payments of long-term debt | (1,067) | (4,334.1) | |
Proceeds from exercise of stock options | 11.1 | 92.8 | |
Taxes paid related to net share settlement of equity awards | (12.9) | (31.7) | |
Contingent consideration payments | (15.5) | 0 | |
Capital contribution from affiliates | 0 | 0 | |
Payments on borrowings from affiliates | 0 | 0 | |
Proceeds from borrowings from affiliates | 0 | 0 | |
Investments in and Advances to Affiliates, Dividends or Interest | 0 | ||
Acquisition of noncontrolling interest | (1) | (11.7) | |
Other items, net | 1.6 | 49.6 | |
Net cash provided by (used in) financing activities | 5,389.4 | (318.7) | |
Effect on cash of changes in exchange rates | 15.1 | (37) | |
Net increase in cash and cash equivalents | 20.6 | 361.5 | |
Cash and cash equivalents — beginning of period | 1,236 | 225.5 | |
Cash and cash equivalents — end of period | 1,256.6 | 587 | |
Non-cash transactions: | |||
Ordinary shares issued for acquisition | 1,281.7 | 6,305.8 | |
Eliminations | |||
Cash flows from operating activities: | |||
Net cash (used in) provided by operating activities | 0 | 0 | |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | |
Change in restricted cash | 0 | 0 | |
Purchase of marketable securities | 0 | 0 | |
Cash paid for Meda's unconditional deferred payment | 0 | ||
Proceeds from sale of marketable securities | 0 | 0 | |
Cash paid for acquisitions, net | 0 | ||
Settlement of acquisition-related foreign currency derivatives | 0 | ||
Investments in affiliates | 43.6 | 289.4 | |
Proceeds from Dividends Received | (135.6) | ||
Loans to affiliates | 9,115.2 | 9,946.9 | |
Repayments of loans from affiliates | (8,312.2) | (263.1) | |
Payments for product rights and other, net | 0 | 0 | |
Net cash used in investing activities | 711 | 9,973.2 | |
Cash flows from financing activities: | |||
Payments of financing fees | 0 | 0 | |
Change in short-term borrowings, net | 0 | 0 | |
Proceeds from convertible note hedge | 0 | ||
Proceeds from issuance of long-term debt | 0 | 0 | |
Payments of long-term debt | 0 | 0 | |
Proceeds from exercise of stock options | 0 | 0 | |
Taxes paid related to net share settlement of equity awards | 0 | 0 | |
Contingent consideration payments | 0 | ||
Capital contribution from affiliates | (43.6) | (289.4) | |
Payments on borrowings from affiliates | (9,115.2) | 263.1 | |
Proceeds from borrowings from affiliates | 8,312.2 | (9,946.9) | |
Investments in and Advances to Affiliates, Dividends or Interest | 135.6 | ||
Acquisition of noncontrolling interest | 0 | 0 | |
Other items, net | 0 | 0 | |
Net cash provided by (used in) financing activities | (711) | (9,973.2) | |
Effect on cash of changes in exchange rates | 0 | 0 | |
Net increase in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents — beginning of period | 0 | 0 | |
Cash and cash equivalents — end of period | 0 | 0 | |
Non-cash transactions: | |||
Ordinary shares issued for acquisition | 0 | 0 | |
Mylan N.V. (Parent Guarantor) | |||
Cash flows from operating activities: | |||
Net cash (used in) provided by operating activities | (1.6) | 0 | |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | |
Change in restricted cash | 0 | 0 | |
Purchase of marketable securities | 0 | 0 | |
Cash paid for Meda's unconditional deferred payment | 0 | ||
Proceeds from sale of marketable securities | 0 | 0 | |
Cash paid for acquisitions, net | (5,278.5) | ||
Settlement of acquisition-related foreign currency derivatives | (128.6) | ||
Investments in affiliates | 0 | 0 | |
Proceeds from Dividends Received | 135.6 | ||
Loans to affiliates | (7,971.9) | (39.5) | |
Repayments of loans from affiliates | 6,838.3 | 0 | |
Payments for product rights and other, net | 0 | 0 | |
Net cash used in investing activities | (6,405.1) | (39.5) | |
Cash flows from financing activities: | |||
Payments of financing fees | (95.3) | (89.1) | |
Change in short-term borrowings, net | 0 | 0 | |
Proceeds from convertible note hedge | 0 | ||
Proceeds from issuance of long-term debt | 6,478.8 | 0 | |
Payments of long-term debt | 0 | 0 | |
Proceeds from exercise of stock options | 11.1 | 39.5 | |
Taxes paid related to net share settlement of equity awards | (12.9) | 0 | |
Contingent consideration payments | 0 | ||
Capital contribution from affiliates | 0 | 0 | |
Payments on borrowings from affiliates | 25 | 0 | |
Proceeds from borrowings from affiliates | 0 | 89.1 | |
Investments in and Advances to Affiliates, Dividends or Interest | 0 | ||
Acquisition of noncontrolling interest | 0 | 0 | |
Other items, net | 0 | 1.3 | |
Net cash provided by (used in) financing activities | 6,406.7 | 40.8 | |
Effect on cash of changes in exchange rates | 0 | 0 | |
Net increase in cash and cash equivalents | 0 | 1.3 | |
Cash and cash equivalents — beginning of period | 0 | 0.1 | |
Cash and cash equivalents — end of period | 0 | 1.4 | |
Non-cash transactions: | |||
Ordinary shares issued for acquisition | 1,281.7 | 6,305.8 | |
Mylan Inc. (Issuer) | |||
Cash flows from operating activities: | |||
Net cash (used in) provided by operating activities | 724.7 | (1,417.1) | |
Cash flows from investing activities: | |||
Capital expenditures | (64.8) | (55.1) | |
Change in restricted cash | (49.5) | 0 | |
Purchase of marketable securities | (4.1) | (29.3) | |
Cash paid for Meda's unconditional deferred payment | 0 | ||
Proceeds from sale of marketable securities | 0 | 0 | |
Cash paid for acquisitions, net | (931.3) | ||
Settlement of acquisition-related foreign currency derivatives | 0 | ||
Investments in affiliates | (43.6) | (289.4) | |
Proceeds from Dividends Received | 0 | ||
Loans to affiliates | (417) | (4,250.1) | |
Repayments of loans from affiliates | 442.6 | 240.6 | |
Payments for product rights and other, net | (0.4) | 0 | |
Net cash used in investing activities | (1,068.1) | (4,383.3) | |
Cash flows from financing activities: | |||
Payments of financing fees | 0 | (25.6) | |
Change in short-term borrowings, net | 0 | 0 | |
Proceeds from convertible note hedge | 1,970.8 | ||
Proceeds from issuance of long-term debt | 0 | 2,390 | |
Payments of long-term debt | (500) | (4,334.1) | |
Proceeds from exercise of stock options | 0 | 53.3 | |
Taxes paid related to net share settlement of equity awards | 0 | (25.8) | |
Contingent consideration payments | 0 | ||
Capital contribution from affiliates | 0 | 0 | |
Payments on borrowings from affiliates | 1,380.8 | (22.5) | |
Proceeds from borrowings from affiliates | (1,361.8) | 5,696.8 | |
Investments in and Advances to Affiliates, Dividends or Interest | 0 | ||
Acquisition of noncontrolling interest | 0 | 0 | |
Other items, net | (12.9) | 48.3 | |
Net cash provided by (used in) financing activities | (493.9) | 5,751.2 | |
Effect on cash of changes in exchange rates | 0 | 0 | |
Net increase in cash and cash equivalents | (837.3) | (49.2) | |
Cash and cash equivalents — beginning of period | 870.5 | 112.9 | |
Cash and cash equivalents — end of period | 33.2 | 63.7 | |
Non-cash transactions: | |||
Ordinary shares issued for acquisition | 0 | 0 | |
Guarantor Subsidiaries | |||
Cash flows from operating activities: | |||
Net cash (used in) provided by operating activities | 0 | 0 | |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | |
Change in restricted cash | 0 | 0 | |
Purchase of marketable securities | 0 | 0 | |
Cash paid for Meda's unconditional deferred payment | 0 | ||
Proceeds from sale of marketable securities | 0 | 0 | |
Cash paid for acquisitions, net | 0 | ||
Settlement of acquisition-related foreign currency derivatives | 0 | ||
Investments in affiliates | 0 | 0 | |
Proceeds from Dividends Received | 0 | ||
Loans to affiliates | 0 | 0 | |
Repayments of loans from affiliates | 0 | 0 | |
Payments for product rights and other, net | 0 | 0 | |
Net cash used in investing activities | 0 | 0 | |
Cash flows from financing activities: | |||
Payments of financing fees | 0 | 0 | |
Change in short-term borrowings, net | 0 | 0 | |
Proceeds from convertible note hedge | 0 | ||
Proceeds from issuance of long-term debt | 0 | 0 | |
Payments of long-term debt | 0 | 0 | |
Proceeds from exercise of stock options | 0 | 0 | |
Taxes paid related to net share settlement of equity awards | 0 | 0 | |
Contingent consideration payments | 0 | ||
Capital contribution from affiliates | 0 | 0 | |
Payments on borrowings from affiliates | 0 | 0 | |
Proceeds from borrowings from affiliates | 0 | 0 | |
Investments in and Advances to Affiliates, Dividends or Interest | 0 | ||
Acquisition of noncontrolling interest | 0 | 0 | |
Other items, net | 0 | 0 | |
Net cash provided by (used in) financing activities | 0 | 0 | |
Effect on cash of changes in exchange rates | 0 | 0 | |
Net increase in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents — beginning of period | 0 | 0 | |
Cash and cash equivalents — end of period | 0 | 0 | |
Non-cash transactions: | |||
Ordinary shares issued for acquisition | 0 | 0 | |
Non-Guarantor Subsidiaries | |||
Cash flows from operating activities: | |||
Net cash (used in) provided by operating activities | 974.6 | 2,773.6 | |
Cash flows from investing activities: | |||
Capital expenditures | (174.7) | (152.2) | |
Change in restricted cash | (1) | 25.9 | |
Purchase of marketable securities | (18.7) | (29.8) | |
Cash paid for Meda's unconditional deferred payment | (308) | ||
Proceeds from sale of marketable securities | 15.8 | 29.4 | |
Cash paid for acquisitions, net | 58.1 | ||
Settlement of acquisition-related foreign currency derivatives | 0 | ||
Investments in affiliates | 0 | 0 | |
Proceeds from Dividends Received | 0 | ||
Loans to affiliates | (726.3) | (5,657.3) | |
Repayments of loans from affiliates | 1,031.3 | 22.5 | |
Payments for product rights and other, net | (195.9) | (428.2) | |
Net cash used in investing activities | (319.4) | (6,189.7) | |
Cash flows from financing activities: | |||
Payments of financing fees | 0 | 0 | |
Change in short-term borrowings, net | 48.6 | (329.7) | |
Proceeds from convertible note hedge | 0 | ||
Proceeds from issuance of long-term debt | 41 | 0 | |
Payments of long-term debt | (567) | 0 | |
Proceeds from exercise of stock options | 0 | 0 | |
Taxes paid related to net share settlement of equity awards | 0 | (5.9) | |
Contingent consideration payments | (15.5) | ||
Capital contribution from affiliates | 43.6 | 289.4 | |
Payments on borrowings from affiliates | 7,709.4 | (240.6) | |
Proceeds from borrowings from affiliates | (6,950.4) | 4,161 | |
Investments in and Advances to Affiliates, Dividends or Interest | (135.6) | ||
Acquisition of noncontrolling interest | (1) | (11.7) | |
Other items, net | 14.5 | 0 | |
Net cash provided by (used in) financing activities | 187.6 | 3,862.5 | |
Effect on cash of changes in exchange rates | 15.1 | (37) | |
Net increase in cash and cash equivalents | 857.9 | 409.4 | |
Cash and cash equivalents — beginning of period | 365.5 | 112.5 | |
Cash and cash equivalents — end of period | 1,223.4 | 521.9 | |
Non-cash transactions: | |||
Ordinary shares issued for acquisition | $ 0 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | Sep. 30, 2016USD ($) |
Jai Pharma Limited | |
Income Tax Contingency [Line Items] | |
Amount of goodwill expected to be tax deductible | $ 150 |
Contingencies (Lorazepam and Cl
Contingencies (Lorazepam and Clorazepate) (Narrative) (Details) - Lorazepam and Clorazepate $ in Millions | Jan. 14, 2013USD ($)plantiffs | May 30, 2012USD ($) | Feb. 06, 2008USD ($)plantiffs | Jun. 01, 2005USD ($)drugsInsurer | Sep. 30, 2016 |
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | $ 12 | ||||
Judgment issued | $ 69 | ||||
Damages sought | $ 8 | ||||
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 | ||||
Original verdict plus punitive damages | |||||
Loss Contingencies [Line Items] | |||||
Judgment issued | 58 | ||||
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 |
Contingencies (Pricing and Medi
Contingencies (Pricing and Medicaid Litigation) (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Other current liabilities | $ 3,645.8 | $ 1,841.9 |
Pricing and Medicaid Litigation | Mylan Specialty | Indemnification agreement | ||
Loss Contingencies [Line Items] | ||
Other current liabilities | $ 63.3 |
Contingencies (Modafinil Antitr
Contingencies (Modafinil Antitrust Litigation and FTC Inquiry) (Narrative) (Details) - Modafinil Antitrust Litigation and FTC Inquiry $ in Millions | Jul. 28, 2016 | Jul. 10, 2015other_drug_manufacturers | Apr. 27, 2006other_drug_manufacturers | Sep. 30, 2016USD ($) | Apr. 20, 2016 |
Loss Contingencies [Line Items] | |||||
Loss contingency accrual | $ 16 | ||||
Other drug manufacturers | |||||
Loss Contingencies [Line Items] | |||||
Number of defendants | 4 | 3 | 4 | ||
Number of other actions consolidated | 4 |
Contingencies (Pioglitazone) (N
Contingencies (Pioglitazone) (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016claims | |
Pioglitazone | |
Loss Contingencies [Line Items] | |
Number of complaints | 2 |
Contingencies (Shareholder Clas
Contingencies (Shareholder Class Action) (Details) - Shareholder Class Action | 3 Months Ended |
Sep. 30, 2015 | |
Loss Contingencies [Line Items] | |
New claims filed | 3 |
Number of plaintiffs | 2 |
Contingencies (MDRP Classificat
Contingencies (MDRP Classification of EpiPen Auto-Injector and EpiPen Jr Auto-Injector) (Details) $ in Millions | Sep. 30, 2016USD ($) |
Other current liabilities | |
Loss Contingencies [Line Items] | |
Estimated litigation liability | $ 465 |
Contingencies (Drug Pricing Mat
Contingencies (Drug Pricing Matters) (Details) - Drug Pricing Matters | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2016complaints | |
Loss Contingencies [Line Items] | ||
Number of complaints | 16 | |
New claims filed | 3 | |
Filed in District of Rhode Island | ||
Loss Contingencies [Line Items] | ||
Number of complaints | 1 |
Contingencies (European Commiss
Contingencies (European Commission Proceedings) (Narrative) (Details) € in Millions, $ in Millions | Jul. 09, 2014EUR (€) | Jul. 08, 2009other_companies | Jun. 19, 2013EUR (€) | Dec. 31, 2014USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
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 | $ 21.7 | ||||
European Union Commission Proceedings - Citalopram | ||||||
Loss Contingencies [Line Items] | ||||||
Damages awarded | € 7.8 | |||||
Loss contingency accrual | $ | $ 8.6 | $ 9.8 |
Contingencies (U.K. Competition
Contingencies (U.K. Competition and Markets Authority) (Narrative) (Details) - U.K. Competition and Markets Authority Proceedings Paroxetine £ in Millions | Feb. 12, 2016GBP (£) |
Loss Contingencies [Line Items] | |
Damages awarded | £ 5.8 |
Mylan | |
Loss Contingencies [Line Items] | |
Damages awarded | £ 2.7 |
Contingencies (Strides Arcolab
Contingencies (Strides Arcolab Limited Settlement) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 04, 2013 | |
Subsequent Event | ||||
Loss Contingencies [Line Items] | ||||
Payment to be received | $ 80 | |||
Other current liabilities | ||||
Loss Contingencies [Line Items] | ||||
Contingent consideration | $ 128.6 | $ 35 | ||
Agila Specialties | Other current liabilities | ||||
Loss Contingencies [Line Items] | ||||
Contingent consideration | 110 | $ 20 | ||
Purchase consideration, contingent consideration arrangements | $ 90 | |||
Agila Specialties | Other current liabilities | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Contingent consideration | $ 173 |
Contingencies (Product Liabilit
Contingencies (Product Liability) (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Product Liability | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 32.5 | $ 9.5 |
Contingencies (Intellectual Pro
Contingencies (Intellectual Property) (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2016increase | |
Intellectual Property | |
Loss Contingencies [Line Items] | |
Number of times damages may be increased in cases of willful infringement | 3 |
Contingencies (Other Litigation
Contingencies (Other Litigation) (Narrative) (Details) $ in Millions | Sep. 30, 2016USD ($) |
Other Litigation | |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 10 |