Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 13, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Lilly Eli & Co | ||
Entity Central Index Key | 59478 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $60,777,000,000 | ||
Entity Common Stock, Shares Outstanding | 1,111,103,942 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue | $19,615.60 | $23,113.10 | $22,603.40 |
Cost of sales | 4,932.50 | 4,908.10 | 4,796.50 |
Research and development | 4,733.60 | 5,531.30 | 5,278.10 |
Marketing, selling, and administrative | 6,620.80 | 7,125.60 | 7,513.50 |
Acquired in-process research and development | 200.2 | 57.1 | 0 |
Asset impairment, restructuring, and other special charges | 468.7 | 120.6 | 281.1 |
Other-net, (income) expense | 340.5 | 518.9 | 674 |
Cost of sales, operating expenses, and other-net | 16,615.30 | 17,223.80 | 17,195.20 |
Income before income taxes | 3,000.30 | 5,889.30 | 5,408.20 |
Income taxes | 609.8 | 1,204.50 | 1,319.60 |
Net income | $2,390.50 | $4,684.80 | $4,088.60 |
Weighted-average number of common shares oustanding, including incremental shares | 1,069,932 | 1,080,874 | 1,113,178 |
Basic earnings per share | $2.23 | $4.33 | $3.67 |
Weighted-average number of common shares oustanding, including incremental shares and stock options | 1,074,286 | 1,084,766 | 1,117,294 |
Diluted earnings per share | $2.23 | $4.32 | $3.66 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $2,390.50 | $4,684.80 | $4,088.60 |
Other comprehensive income (loss) | |||
Change in foreign currency translation gains (losses) | -961.4 | 36.2 | 160.9 |
Change in net unrealized gains (losses) on securities | -162.2 | 204.3 | 88.5 |
Change in defined benefit pension and retiree health benefit plans | 1,327.60 | -2,592.20 | 128.6 |
Change in effective portion of cash flow hedges | -14.5 | -123.8 | 8.7 |
Other comprehensive income (loss) before income taxes | -2,465.70 | 2,708.90 | 129.5 |
Provision for income taxes related to other comprehensive income (loss) items | 476.6 | -914.5 | -68 |
Other comprehensive income (loss) | -1,989.10 | 1,794.40 | 61.5 |
Comprehensive income | $401.40 | $6,479.20 | $4,150.10 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $3,871.60 | $3,830.20 |
Short-term investments | 955.4 | 1,567.10 |
Accounts receivable, net of allowances of $55.0 (2014) and $62.2 (2013) | 3,234.60 | 3,434.40 |
Other receivables | 566.7 | 588.4 |
Inventories | 2,740 | 2,928.80 |
Prepaid expenses and other | 811.5 | 755.8 |
Total current assets | 12,179.80 | 13,104.70 |
Other Assets | ||
Restricted cash | 5,405.60 | 0 |
Investments | 4,568.90 | 7,624.90 |
Goodwill | 1,758.10 | 1,516.80 |
Other intangibles, net | 2,884.20 | 2,814.30 |
Sundry | 2,417.70 | 2,212.50 |
Total other assets | 17,034.50 | 14,168.50 |
Property and equipment, net | 7,963.90 | 7,975.50 |
Total assets | 37,178.20 | 35,248.70 |
Current Liabilities | ||
Short-term borrowings and current maturities of long-term debt | 2,688.70 | 1,012.60 |
Accounts payable | 1,128.10 | 1,119.30 |
Employee compensation | 759 | 943.9 |
Sales rebates and discounts | 2,068.80 | 1,941.70 |
Dividends payable | 530.3 | 523.5 |
Income taxes payable | 93.5 | 254.4 |
Deferred income taxes | 1,466.50 | 792.8 |
Other current liabilities | 2,472.60 | 2,328.40 |
Total current liabilities | 11,207.50 | 8,916.60 |
Other Liabilities | ||
Long-term debt | 5,367.70 | 4,200.30 |
Accrued retirement benefits | 2,562.90 | 1,549.40 |
Long-term income taxes payable | 998.5 | 1,078.70 |
Other noncurrent liabilities | 1,653.50 | 1,863 |
Total other liabilities | 10,582.60 | 8,691.40 |
Shareholders' Equity | ||
Common stock | 694.6 | 698.5 |
Additional paid-in capital | 5,292.30 | 5,050 |
Retained earnings | 16,482.70 | 16,992.40 |
Employee benefit trust | -3,013.20 | -3,013.20 |
Accumulated other comprehensive loss | -3,991.80 | -2,002.70 |
Cost of common stock in treasury | -91.4 | -93.6 |
Total Eli Lilly and Company shareholders' equity | 15,373.20 | 17,631.40 |
Noncontrolling interests | 14.9 | 9.3 |
Total equity | 15,388.10 | 17,640.70 |
Total liabilities and equity | $37,178.20 | $35,248.70 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data in Thousands, unless otherwise specified | ||
Accounts receivable, allowances | $55 | $62.20 |
Issued shares, shares in thousands | 1,111,437 | 1,117,628 |
Common stock shares in treasury, shares in thousands | 810 | 833 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity Statement (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Trust for Benefit of Employees [Member] |
In Millions, except Share data in Thousands, unless otherwise specified | |||||||
Shareholders' equity, Beginning Balance at Dec. 31, 2011 | $13,541.70 | $724.10 | $4,886.80 | $14,897.80 | ($3,858.60) | ($95.30) | ($3,013.10) |
Shares, Beginning Balance at Dec. 31, 2011 | 1,158,644 | 853 | |||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||
Net income | 4,088.60 | 4,088.60 | |||||
Other comprehensive income (loss) | 61.5 | 61.5 | |||||
Cash dividends | 2,186.50 | 2,186.50 | |||||
Retirement of treasury stock, shares | -14,912 | -14,912 | |||||
Retirement of treasury stock, value | 0.1 | 9.3 | 711.7 | 721.1 | |||
Purchase for treasury, shares | 16,918 | ||||||
Purchase for treasury, value | -819.2 | -819.2 | |||||
Issuance of stock under employee stock plans-net, shares | -2,761 | -9 | |||||
Issuance of stock under employee stock plans-net, value | 62.4 | 1.8 | 65.2 | 1 | |||
Stock-based compensation | 141.5 | 141.5 | |||||
Stockholders' equity, other | -0.1 | ||||||
Shareholders' equity, Ending Balance at Dec. 31, 2012 | 14,765.20 | 716.6 | 4,963.10 | 16,088.20 | -3,797.10 | -192.4 | -3,013.20 |
Shares, Ending Balance at Dec. 31, 2012 | 1,146,493 | 2,850 | |||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||
Net income | 4,684.80 | 4,684.80 | |||||
Other comprehensive income (loss) | 1,794.40 | 1,794.40 | |||||
Cash dividends | 2,102.80 | 2,102.80 | |||||
Retirement of treasury stock, shares | -32,406 | -32,406 | |||||
Retirement of treasury stock, value | 0 | 20.3 | 1,677.80 | 1,698.10 | |||
Purchase for treasury, shares | 30,400 | ||||||
Purchase for treasury, value | -1,600 | -1,600 | |||||
Issuance of stock under employee stock plans-net, shares | -3,541 | -11 | |||||
Issuance of stock under employee stock plans-net, value | 55.1 | 2.2 | 58 | 0.7 | |||
Stock-based compensation | 144.9 | 144.9 | |||||
Shareholders' equity, Ending Balance at Dec. 31, 2013 | 17,631.40 | 698.5 | 5,050 | 16,992.40 | -2,002.70 | -93.6 | -3,013.20 |
Shares, Ending Balance at Dec. 31, 2013 | 1,117,628 | 833 | |||||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||
Net income | 2,390.50 | 2,390.50 | |||||
Other comprehensive income (loss) | -1,989.10 | -1,989.10 | |||||
Cash dividends | 2,108.10 | 2,108.10 | |||||
Retirement of treasury stock, shares | -12,579 | -12,579 | |||||
Retirement of treasury stock, value | 0 | 7.9 | 792.1 | 800 | |||
Purchase for treasury, shares | 12,579 | ||||||
Purchase for treasury, value | -800 | -800 | |||||
Issuance of stock under employee stock plans-net, shares | -6,388 | -23 | |||||
Issuance of stock under employee stock plans-net, value | 92.5 | 4 | 86.3 | 2.2 | |||
Stock-based compensation | 156 | 156 | |||||
Shareholders' equity, Ending Balance at Dec. 31, 2014 | $15,373.20 | $694.60 | $5,292.30 | $16,482.70 | ($3,991.80) | ($91.40) | ($3,013.20) |
Shares, Ending Balance at Dec. 31, 2014 | 1,111,437 | 810 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities | |||
Net income | $2,390.50 | $4,684.80 | $4,088.60 |
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: | |||
Depreciation and amortization | 1,379 | 1,445.60 | 1,462.20 |
Change in deferred income taxes | -36.4 | 285.9 | 126 |
Stock-based compensation expense | 156 | 144.9 | 141.5 |
Net realized investment gains | -195.1 | -41 | -66.9 |
Impairment charges, indefinite lived intangibles | 0 | 0 | 205 |
Acquired in-process research and development, net of tax | 130.2 | 37.1 | 0 |
Income related to termination of the exenatide collaboration with Amylin | 0 | -495.4 | -787.8 |
Proceeds from terminations of interest rate swaps | 340.7 | 0 | 0 |
Other non-cash operating activities, net | 241.1 | 66.1 | 187.4 |
Changes in operating assets and liabilities, net of acquisitions | |||
Receivables - (increase) decrease | 117.4 | -152.7 | 361.8 |
Inventories - (increase) decrease | -307.1 | -286.5 | -307.9 |
Other assets - (increase) decrease | 411.5 | 116.5 | 231 |
Accounts payable and other liabilties-increase (decrease) | -260.7 | -70.3 | -336.1 |
Net Cash Provided by Operating Activities | 4,367.10 | 5,735 | 5,304.80 |
Cash Flows from Investing Activities | |||
Purchases of property and equipment | -1,162.60 | -1,012.10 | -905.4 |
Disposals of property and equipment | 15.3 | 179.4 | 22 |
Cash restricted for pending acquisition | 5,405.60 | 0 | 0 |
Proceeds from sales and maturities of short-term investments | 4,054.10 | 3,320.10 | 2,547.50 |
Purchases of short-term investments | -1,637.80 | -1,531 | -2,172.40 |
Proceeds from sales of noncurrent investments | 11,009.40 | 11,235 | 4,355.70 |
Purchases of noncurrent investments | -9,802.70 | -14,041.90 | -7,618.60 |
Purchase of product rights | -308.3 | -24.1 | -138.8 |
Purchases of in-process research and development | -95 | -57.1 | 0 |
Cash paid for acquisitions, net of cash acquired | -551.4 | -43.7 | -199.3 |
Proceeds from prepayment of revenue-sharing obligation | 0 | 0 | 1,212.10 |
Other investing activities, net | -24.5 | -97.4 | 64.4 |
Net Cash Used for Investing Activities | -3,909.10 | -2,072.80 | -2,832.80 |
Cash Flows from Financing Activities | |||
Dividends paid | -2,101.20 | -2,120.70 | -2,187.40 |
Net change in short-term borrowings | 2,680.60 | 0 | 0 |
Proceeds from issuance of long-term debt | 992.9 | 0 | 0 |
Repayments of long-term debt | -1,034.80 | -10.5 | -1,511.10 |
Purchases of common stock | -800 | -1,698.10 | -721.1 |
Other financing activities, net | 187.4 | 0 | 0 |
Net Cash Used for Financing Activities | -75.1 | -3,829.30 | -4,419.60 |
Effect of exchange rate changes on cash and cash equivalents | -341.5 | -21.5 | 43.9 |
Net increase (decrease) in cash and cash equivalents | 41.4 | -188.6 | -1,903.70 |
Cash and cash equivalents at beginning of year | 3,830.20 | 4,018.80 | 5,922.50 |
Cash and Cash Equivalents at End of Year | $3,871.60 | $3,830.20 | $4,018.80 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation [Text Block] | Note 1: Summary of Significant Accounting Policies | |
Basis of presentation | ||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The accounts of all wholly-owned and majority-owned subsidiaries are included in the consolidated financial statements. Where our ownership of consolidated subsidiaries is less than 100 percent, the noncontrolling shareholders’ interests are reflected as a separate component of equity. All intercompany balances and transactions have been eliminated. | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. We issued our financial statements by filing with the Securities and Exchange Commission and have evaluated subsequent events up to the time of the filing. | ||
Certain reclassifications have been made to prior periods in the consolidated financial statements and accompanying notes to conform with the current presentation. | ||
All per-share amounts, unless otherwise noted in the footnotes, are presented on a diluted basis, that is, based on the weighted-average number of outstanding common shares plus the effect of dilutive stock options and other incremental shares. | ||
Cash equivalents | ||
We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value. | ||
Inventories | ||
We state all inventories at the lower of cost or market. We use the last-in, first-out (LIFO) method for the majority of our inventories located in the continental United States (U.S.). Other inventories are valued by the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost. | ||
Investments | ||
Substantially all of our investments in debt and marketable equity securities are classified as available-for-sale. Investment securities with maturity dates of less than one year from the date of the balance sheet are classified as short-term. Available-for-sale securities are carried at fair value with the unrealized gains and losses, net of tax, reported in other comprehensive income (loss). The credit portion of unrealized losses on our debt securities considered to be other-than-temporary is recognized in earnings. The remaining portion of the other-than-temporary impairment on our debt securities is then recorded, net of tax, in other comprehensive income (loss). The entire amount of other-than-temporary impairment on our equity securities is recognized in earnings. We do not evaluate cost-method investments for impairment unless there is an indicator of impairment. We review these investments for indicators of impairment on a regular basis. Realized gains and losses on sales of available-for-sale securities are computed based upon specific identification of the initial cost adjusted for any other-than-temporary declines in fair value that were recorded in earnings. Investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method with our share of earnings or losses reported in other–net, (income) expense. We own no investments that are considered to be trading securities. | ||
Risk-management instruments | ||
Our derivative activities are initiated within the guidelines of documented corporate risk-management policies and offset losses and gains on the assets, liabilities, and transactions being hedged. Management reviews the correlation and effectiveness of our derivatives on a quarterly basis. | ||
For derivative contracts that are designated and qualify as fair value hedges, the derivative instrument is marked to market with gains and losses recognized currently in income to offset the respective losses and gains recognized on the underlying exposure. For derivative contracts that are designated and qualify as cash flow hedges, the effective portion of gains and losses on these contracts is reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period the hedged transaction affects earnings. Hedge ineffectiveness is immediately recognized in earnings. Derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in current earnings during the period of change. | ||
We may enter into foreign currency forward or option contracts to reduce the effect of fluctuating currency exchange rates (principally the euro, the British pound, and the Japanese yen). Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures. Forward and option contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies. These contracts are recorded at fair value with the gain or loss recognized in other–net, (income) expense. We may enter into foreign currency forward and option contracts and currency swaps as fair value hedges of firm commitments. Forward contracts generally have maturities not exceeding 12 months. | ||
In the normal course of business, our operations are exposed to fluctuations in interest rates which can vary the costs of financing, investing, and operating. We address a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. Our primary interest-rate risk exposure results from changes in short-term U.S. dollar interest rates. In an effort to manage interest-rate exposures, we strive to achieve an acceptable balance between fixed- and floating-rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance. | ||
Interest rate swaps or collars that convert our fixed-rate debt to a floating rate are designated as fair value hedges of the underlying instruments. Interest rate swaps or collars that convert floating-rate debt to a fixed rate are designated as cash flow hedges. Interest expense on the debt is adjusted to include the payments made or received under the swap agreements. Cash proceeds from or payments to counterparties resulting from the termination of interest rate swaps are classified as operating activities in our consolidated statement of cash flows. | ||
We may enter into forward contracts and designate them as cash flow hedges to limit the potential volatility of earnings and cash flow associated with forecasted sales of available-for-sale securities. | ||
Investments in debt securities are subject to different interest rate risks based on their maturities. We may manage the average maturity of our investments in debt securities to achieve economic returns using interest rate contracts, none of which are designated as hedging instruments. | ||
We may enter into forward-starting interest rate swaps, which we designate as cash flow hedges, as part of any anticipated future debt issuances in order to reduce the risk of cash flow volatility from future changes in interest rates. Upon completion of a debt issuance and termination of the swap, the change in fair value of these instruments is recorded as part of other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. | ||
Goodwill and other intangibles | ||
Goodwill results from excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not amortized. | ||
Intangible assets with finite lives are capitalized and are amortized over their estimated useful lives, ranging from 3 to 20 years. | ||
The costs of in-process research and development (IPR&D) projects acquired directly in a transaction other than a business combination are capitalized if the projects have an alternative future use; otherwise, they are expensed immediately. The fair values of IPR&D projects acquired in business combinations are capitalized as other intangible assets. Several methods may be used to determine the estimated fair value of the IPR&D acquired in a business combination. We utilize the “income method,” which applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected revenues and estimated costs. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products, and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each project independently. These assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are tested for impairment and amortized over the remaining useful life or written off, as appropriate. For transactions other than a business combination, we also capitalize milestone payments incurred at or after the product has obtained regulatory approval for marketing and generally amortize those amounts over the remaining estimated useful life of the underlying asset. | ||
Goodwill and other indefinite-lived intangible assets are reviewed for impairment at least annually and when impairment indicators are present. When required, a comparison of fair value to the carrying amount of assets is performed to determine the amount of any impairment. When determining the fair value of indefinite-lived IPR&D assets for impairment testing purposes, we utilize the "income method" discussed in the previous paragraph. Finite-lived intangible assets are reviewed for impairment when an indicator of impairment is present. | ||
Property and equipment | ||
Property and equipment is stated on the basis of cost. Provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives (12 to 50 years for buildings and 3 to 25 years for equipment). We review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Impairment is determined by comparing projected undiscounted cash flows to be generated by the asset to its carrying value. If an impairment is identified, a loss is recorded equal to the excess of the asset’s net book value over its fair value, and the cost basis is adjusted. | ||
Litigation and environmental liabilities | ||
Litigation accruals, environmental liabilities, and the related estimated insurance recoverables are reflected on a gross basis as liabilities and assets, respectively, on our consolidated balance sheets. With respect to the product liability claims currently asserted against us, we have accrued for our estimated exposures to the extent they are both probable and reasonably estimable based on the information available to us. We accrue for certain product liability claims incurred but not filed to the extent we can formulate a reasonable estimate of their costs. We estimate these expenses based primarily on historical claims experience and data regarding product usage. Legal defense costs expected to be incurred in connection with significant product liability loss contingencies are accrued when both probable and reasonably estimable. Due to a very restrictive market for product liability insurance, we are self-insured for product liability losses for all our currently marketed products. | ||
Revenue recognition | ||
We recognize revenue from sales of products at the time title of goods passes to the buyer and the buyer assumes the risks and rewards of ownership. Provisions for returns, discounts, and rebates are established in the same period the related sales are recognized. | ||
In arrangements involving the delivery of more than one element (e.g., research and development, marketing and selling, manufacturing, and distribution), each required deliverable is evaluated to determine whether it qualifies as a separate unit of accounting. Our determination is based on whether the deliverable has "standalone value" to the customer. If a deliverable does not qualify as a separate unit of accounting, it is combined with the other applicable undelivered item(s) within the arrangement and these combined deliverables are treated as a single unit of accounting. The arrangement's consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. | ||
Initial fees we receive in collaborative and other similar arrangements from the partnering of our compounds under development are generally deferred and amortized into income through the expected product approval date. Initial fees may also be received for out-licensing agreements that include both an out-license of our marketing rights to commercialized products and a related commitment to supply the products. When we have determined that the marketing rights do not have standalone value, the initial fees received are generally deferred and amortized to income as net product sales over the term of the supply agreement. | ||
Royalty revenue from licensees, which is based on third-party sales of licensed products and technology, is recorded as earned in accordance with the contract terms when third-party sales can be reasonably measured and collection of the funds is reasonably assured. This royalty revenue is included in collaboration and other revenue. | ||
Profit-sharing due from our collaboration partners, which is based upon gross margins reported to us by our partners, is recognized as collaboration and other revenue as earned. | ||
Developmental milestone payments earned by us are generally recorded in other–net, (income) expense. We immediately recognize the full amount of developmental milestone payments due to us upon the achievement of the milestone event if the event is objectively determinable and the milestone is substantive in its entirety. A milestone is considered substantive if the consideration earned 1) relates solely to past performance, 2) is commensurate with the enhancement in the pharmaceutical product's value associated with the achievement of the important event in its development life cycle, and 3) is reasonable relative to all of the deliverables and payment terms within the arrangement. If a milestone payment to us is part of a multiple-element commercialization arrangement and is triggered by the initiation of the commercialization period (e.g., regulatory approval for marketing or launch of the product) or the achievement of a sales-based threshold, we amortize the payment to income as we perform under the terms of the arrangement. See Note 4 for specific agreement details. | ||
Research and development expenses and acquired IPR&D | ||
Research and development expenses include the following: | ||
• | Research and development costs, which are expensed as incurred. | |
• | Milestone payment obligations incurred prior to regulatory approval of the product, which are accrued when the event requiring payment of the milestone occurs. | |
Acquired IPR&D expense includes the initial costs of IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use. | ||
Income taxes | ||
Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting based on enacted tax laws and rates. Federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the U.S. and be taxable. When foreign earnings are expected to be indefinitely reinvested outside the U.S., no accrual for U.S. income taxes is provided. | ||
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate resolution. | ||
Earnings per share | ||
We calculate basic earnings per share (EPS) based on the weighted-average number of common shares outstanding and incremental shares. We calculate diluted EPS based on the weighted-average number of common shares outstanding, including incremental shares and dilutive stock options. | ||
Stock-based compensation | ||
We recognize the fair value of stock-based compensation as expense over the requisite service period of the individual grantees, which generally equals the vesting period. Under our policy, all stock-based awards are approved prior to the date of grant. The compensation committee of the board of directors approves the value of the award and date of grant. Stock-based compensation that is awarded as part of our annual equity grant is made on a specific grant date scheduled in advance. |
Implementation_of_New_Financia
Implementation of New Financial Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | Note 2: Implementation of New Financial Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (FASB) issued a final standard on revenue recognition. Under the new standard, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In order to do so, an entity would follow the five-step process for in-scope transactions: 1) identify the contract with a customer, 2) identify the separate performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the separate performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the provisions of the new standard are expected to become effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. We are in the process of determining our approach to the adoption of this new revenue recognition standard, as well as the anticipated impact to our consolidated financial statements. | |
In July 2013, the FASB issued a clarification regarding the presentation of an unrecognized tax benefit related to a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. Under this new standard, the liability related to an unrecognized tax benefit, or a portion thereof, should be presented in the financial statements as a reduction to a deferred tax asset if available under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position. Otherwise, the unrecognized tax benefit should be presented in the financial statements as a separate liability. The assessment is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date. The provisions of the new standard are effective on a prospective basis beginning in 2014 for annual and interim reporting periods. Adoption of this standard in the first quarter of 2014 resulted in an immaterial impact to our consolidated balance sheet and did not affect our consolidated statements of operations. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisitions [Text Block] | Note 3: Acquisitions |
During 2014 and 2012, we completed the acquisitions of Lohmann SE (Lohmann AH) and ChemGen Corporation (ChemGen), respectively. These acquisitions were accounted for as business combinations under the acquisition method of accounting. The assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated financial statements. The determination of estimated fair value required management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets, where applicable, has been recorded as goodwill. The results of operations of these acquisitions are included in our consolidated financial statements from the date of acquisition. Neither acquisition was material to our consolidated financial statements. | |
During 2014, we announced an agreement to acquire Novartis Animal Health (Novartis AH), which was subsequently completed in January 2015. Details of our acquisitions of businesses are further discussed below. | |
In addition to the acquisitions of businesses, we also acquired assets in development in 2014 and 2013 which are further discussed below in Product and Other Acquisitions and in Note 4. Upon acquisition, the acquired IPR&D related to these products was immediately written off as an expense because the products had no alternative future use. For the years ended December 31, 2014 and 2013, we recorded acquired IPR&D charges of $200.2 million and $57.1 million, respectively, associated with these transactions. There were no acquired IPR&D charges in 2012. | |
Acquisitions of Businesses | |
Subsequent Event - Novartis AH Acquisition | |
Overview of Transaction | |
On January 1, 2015, we acquired from Novartis AG all of the shares of certain Novartis subsidiaries and all of the assets of other Novartis subsidiaries that are exclusively related to the Novartis AH business in an all-cash transaction for a total purchase price of approximately $5.4 billion, subject to working capital and other adjustments. As of December 31, 2014, there was $5.41 billion of cash held in escrow for the pending acquisition of Novartis AH. This cash was classified as restricted cash, a noncurrent asset, on our consolidated balance sheet. The accounting for the acquisition and the results of the Novartis AH operations will be included in our financial statements for the period beginning on January 1, 2015. | |
As a condition to the clearance of the transaction under the Hart-Scott-Rodino Antitrust Improvement Act, following the closing of the acquisition of Novartis AH, we divested certain animal health assets in the U.S. related to the Sentinel® canine parasiticide franchise to Virbac Corporation for approximately $410 million. | |
The acquired Novartis AH business consists of the research and development, manufacture, marketing, sale and distribution of veterinary products to prevent and treat diseases in pets, farm animals, and farmed fish. Under the terms of the agreement, we acquired manufacturing sites, research and development facilities, a global commercial infrastructure and portfolio of products, a pipeline of projects in development, and employees. | |
Assets Acquired and Liabilities Assumed | |
The initial accounting for this acquisition is incomplete. Significant, relevant information needed to complete the initial accounting is not available because the valuation of the assets acquired and liabilities assumed is not complete. As a result, determining these values is not practicable and we are unable to disclose these values or provide other related disclosures at this time. | |
Supplemental Pro Forma Information | |
Our unaudited pro forma consolidated revenue for 2014 is approximately $20.7 billion. This amount was determined as if the portion of Novartis AH that we retained after the sale to Virbac had been acquired as of January 1, 2014. This unaudited pro forma consolidated revenue is not necessarily indicative of what our consolidated revenues actually would have been had we completed the acquisition on January 1, 2014. | |
Lohmann AH Acquisition | |
On April 30, 2014, we acquired Lohmann AH, a privately-held company headquartered in Cuxhaven, Germany, through a stock purchase for a total purchase price of $591.2 million, comprised of $551.4 million of net cash plus $39.8 million of assumed debt. Lohmann AH is a global leader in poultry vaccines. As part of this transaction, we acquired the rights to a range of vaccines, commercial capabilities, and manufacturing sites in Germany and the United States. Preliminary amounts currently recorded in connection with this acquisition include $275.4 million of marketed product assets, $23.9 million of other intangible assets, $89.8 million of property and equipment, $243.7 million of goodwill, and $92.7 million of deferred tax liability, with $51.1 million of other net assets. The final determination may result in asset and liability fair values that differ from the preliminary estimates, but it is not expected that these differences will be material to our consolidated financial statements. Goodwill associated with this acquisition is not deductible for tax purposes. | |
ChemGen | |
On February 17, 2012, we acquired all of the outstanding stock of ChemGen, a privately-held bioscience company specializing in the development and commercialization of innovative feed-enzyme products that improve the efficiency of poultry, egg, and meat production, for total purchase consideration of $206.9 million in cash. In connection with this acquisition, we recorded $151.5 million of marketed product assets and $55.4 million of other net assets. | |
Product and Other Acquisitions | |
In connection with the arrangements described below, our partners may be entitled to future royalties based on sales should these products be approved for commercialization and/or milestones based on the successful progress of the drug candidate through the development process. | |
In July 2014, we entered into a co-discovery and co-development collaboration with Immunocore Limited to research and potentially develop pre-clinical novel T cell-based cancer therapies. Upon entering the agreement, we paid an upfront fee of $45.0 million in cash and a related charge was recorded for acquired IPR&D. | |
In September 2014, we entered into a collaboration agreement with AstraZeneca UK Limited (AstraZeneca) for the worldwide co-development and co-commercialization of AstraZeneca’s oral beta-secretase cleaving enzyme inhibitor known as AZD3293, a compound being investigated for the potential treatment of Alzheimer’s disease. At the time of the agreement, AZD3293 had completed Phase I testing in patients with early Alzheimer’s disease. We will be responsible for leading development efforts, while AstraZeneca will be responsible for manufacturing efforts. If successful, both parties will take joint responsibility for commercialization of AZD3293. Under the agreement, both parties will share equally in the ongoing development costs, gross margins and certain other costs associated with the commercialization of the compound. Upon execution of the agreement, we immediately recorded, as an acquired IPR&D charge, our obligation associated with a payment of $50.0 million which we will pay to AstraZeneca in 2015. | |
In December 2014, we entered into a collaboration agreement with Adocia for the worldwide development and commercialization of Adocia's ultra-rapid insulin, known as BioChaperone Lispro, a compound being developed for the treatment of patients with type 1 and type 2 diabetes. BioChaperone Lispro is currently in Phase I studies. We will be responsible for leading development, manufacturing, and commercialization efforts. Upon entering the agreement, we paid an upfront fee of $50.0 million in cash and a related charge was recorded for acquired IPR&D. | |
In December 2013, we acquired for $57.1 million in cash, all development and commercial rights for a calcitonin gene-related peptide antibody being studied as a potential treatment for the prevention of frequent, recurrent migraine headaches. At the time of the purchase, the product had completed a successful Phase II proof-of-concept study and a related charge was recorded for acquired IPR&D. |
Collaborations
Collaborations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Collaborations [Text Block] | Note 4: Collaborations and Other Arrangements | |||||||||||
We often enter into collaborative and other similar arrangements to develop and commercialize drug candidates. Collaborative activities may include research and development, marketing and selling (including promotional activities and physician detailing), manufacturing, and distribution. These arrangements often require milestone and royalty or profit-share payments, contingent upon the occurrence of certain future events linked to the success of the asset in development, as well as expense reimbursements or payments to the collaboration partner. Elements within a collaboration are separated into individual units of accounting if they have standalone value from other elements within the arrangement. In these situations, the arrangement consideration is allocated to the elements on a relative selling price basis. Revenues related to products we sell pursuant to these arrangements are included in net product sales, while other sources of revenue (e.g., royalties and profit sharing due from our partner) are included in collaboration and other revenue. For the years ended December 31, 2014, 2013, and 2012, we recognized collaboration and other revenue of $788.4 million, $707.5 million, and $633.0 million, respectively. Operating expenses for costs incurred pursuant to these arrangements are reported in their respective expense line item, net of any payments due to or reimbursements due from our collaboration partners, with such reimbursements being recognized at the time the party becomes obligated to pay. Each collaboration is unique in nature, and our more significant arrangements are discussed below. | ||||||||||||
Diabetes Collaboration | ||||||||||||
We and Boehringer Ingelheim have a global agreement to jointly develop and commercialize a portfolio of diabetes compounds. Currently, the compounds included in the collaboration are Boehringer Ingelheim’s two oral diabetes agents, linagliptin (trade name Trajenta® ) and empagliflozin (trade name Jardiance®), and our new insulin glargine product (trade name Basaglar® in the U.S.). | ||||||||||||
Trajenta was approved in 2011 and launched in the U.S., Japan, certain countries in Europe, and other countries. Jardiance was approved in Europe, the U.S., and Japan in May, August, and December 2014, respectively. The product was launched in certain European countries and the U.S. in the third quarter of 2014. Our new insulin glargine product was approved by the European Commission in Europe in September 2014 and regulatory authorities in Japan in December 2014. Basaglar received tentative approval in the U.S. in August 2014. The U.S. Food and Drug Administration (FDA) has determined that Basaglar meets all regulatory requirements for approval, but final approval is subject to a delay of up to 30 months as a result of patent infringement litigation filed by Sanofi, which makes Lantus®, the only currently marketed insulin glargine. Under the Drug Price Competition and Patent Term Restoration Act of 1984 (the Hatch-Waxman Act), the initiation of the lawsuit automatically invoked a stay of final FDA approval for a period of 30 months (until July 2016), which may be shortened in the event of an earlier court decision in our favor. | ||||||||||||
In connection with the approval of Trajenta in the U.S., Japan, and Europe, we paid $478.7 million in success-based regulatory milestones, all of which were capitalized as intangible assets and are being amortized to cost of sales. | ||||||||||||
In connection with the approval of Jardiance in Europe, the U.S., and Japan, we incurred success-based regulatory milestones of $300.5 million, which were capitalized as intangible assets and will be amortized to cost of sales. We incurred milestone-related expenses of $97.2 million in connection with regulatory submissions for Jardiance in Europe, the U.S., and Japan during 2013. These regulatory submission milestones were recorded as research and development expenses. | ||||||||||||
Upon the approval of our new insulin glargine product in Europe and Japan during 2014, we recorded, as deferred revenue, $62.5 million in milestones which will be amortized to collaboration and other revenue upon product launch in Europe and Japan through the term of the collaboration (2029). During 2013, we earned $50.0 million in milestones for the regulatory submissions of our new insulin glargine product in the U.S., Europe, and Japan. These submission milestones were recorded as income in other–net, (income) expense. In the future, we will be eligible to receive up to $187.5 million in success-based regulatory milestones on our new insulin glargine product. | ||||||||||||
In October 2014, we and Boehringer Ingelheim agreed upon certain changes to the operational and financial structure of our diabetes collaboration. Under the revised agreement the companies will continue their co-promotion work in 17 countries, representing over 90 percent of the collaboration’s anticipated market opportunity. In the other countries, the companies will exclusively commercialize the respective molecules they brought to the collaboration. The modifications became effective at the end of 2014, and will change the financial terms related to the modified countries; however, the financial impact resulting from the revised terms of the agreement in these countries is not anticipated to be material. As a result of these changes, in the fourth quarter of 2014, we recorded a gain of $92.0 million related to the transfer to Boehringer Ingelheim of our license rights to co-promote linagliptin and empagliflozin in these countries, which was recorded as income in other–net, (income) expense. We also incurred a charge of $55.2 million related to the transfer to us of Boehringer Ingelheim's rights to co-promote our new insulin glargine product in countries where it is not yet approved, which was recorded as acquired IPR&D expense. | ||||||||||||
With the exception of the countries affected by the amendment to the collaboration agreement, the companies share equally the ongoing development costs and, if successful, commercialization costs and gross margin for any product resulting from the collaboration. We record our portion of the gross margin associated with Boehringer Ingelheim's compounds as collaboration and other revenue, and we record our portion of the commercialization costs as marketing, selling, and administrative expense. Each company will also be entitled to potential performance payments on sales of the molecules they contribute to the collaboration. Our revenue related to Trajenta was $328.8 million, $249.2 million, and $88.6 million for the years ended December 31, 2014, 2013, and 2012, respectively. Our revenue related to Jardiance was not material for the year ended December 31, 2014. | ||||||||||||
Effient® | ||||||||||||
We are in a collaborative arrangement with Daiichi Sankyo Co., Ltd. (Daiichi Sankyo) to develop, market, and promote Effient. We and Daiichi Sankyo co-promote Effient in certain territories (including the U.S. and five major European markets), while we have exclusive marketing rights in certain other territories. Daiichi Sankyo has exclusive marketing rights in Japan and certain other territories. The parties share approximately 50/50 in the profits, as well as in the costs of development and marketing in the co-promotion territories. A third party manufactures bulk product, and we produce the finished product for our exclusive and co-promotion territories. We record product sales in our exclusive and co-promotion territories. In our exclusive territories, we pay Daiichi Sankyo a royalty specific to these territories. Profit-share payments due to Daiichi Sankyo are recorded as marketing, selling, and administrative expenses. All royalties due to Daiichi Sankyo and the third-party manufacturer are recorded in cost of sales. Effient sales were $522.2 million, $508.7 million, and $457.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||
Erbitux® | ||||||||||||
We have several collaborations with respect to Erbitux. The most significant collaborations are in the U.S., Canada, and Japan (Bristol-Myers Squibb Company); and worldwide except the U.S. and Canada (Merck KGaA). Upon expiration of the agreements, all of the rights to Erbitux in the U.S. and Canada return to us and certain rights to Erbitux outside the U.S. and Canada will remain with Merck KGaA (Merck). | ||||||||||||
The following table summarizes our revenue recognized with respect to Erbitux: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net product sales | $ | 46.1 | $ | 58.5 | $ | 76.4 | ||||||
Collaboration and other revenue | 327.2 | 315.2 | 320.6 | |||||||||
Total revenue | $ | 373.3 | $ | 373.7 | $ | 397 | ||||||
Bristol-Myers Squibb Company | ||||||||||||
Pursuant to commercial agreements with Bristol-Myers Squibb Company and E.R. Squibb (collectively, BMS), we are co-developing Erbitux in the U.S. and Canada with BMS through September 2018, exclusively, and in Japan with BMS and Merck through 2032. Under these arrangements, Erbitux research and development and other costs are shared by both companies according to a predetermined ratio. | ||||||||||||
Responsibilities associated with clinical and other ongoing studies are apportioned between the parties under the agreements. Collaborative reimbursements due to us for supply of clinical trial materials; for research and development; and for a portion of marketing, selling, and administrative expenses are recorded as a reduction to the respective expense line items on the consolidated statement of operations. We receive a distribution fee in the form of a royalty from BMS, based on a percentage of net sales in the U.S. and Canada, which is recorded in collaboration and other revenue. Royalties due to third parties are recorded as a reduction of collaboration and other revenue, net of any royalty reimbursements due from third parties. | ||||||||||||
We are responsible for the manufacture and supply of all requirements of Erbitux in bulk-form active pharmaceutical ingredient (API) for clinical and commercial use in the U.S. and Canada, and BMS will purchase all of its requirements of API for commercial use from us, subject to certain stipulations per the agreement. Sales of Erbitux to BMS for commercial use are reported in net product sales. | ||||||||||||
Merck KGaA | ||||||||||||
A development and license agreement grants Merck exclusive rights to market Erbitux outside of the U.S. and Canada, and expires in December 2018. A separate agreement grants co-exclusive rights among Merck, BMS, and us in Japan and expires in 2032. | ||||||||||||
Merck manufactures Erbitux for supply in its territory as well as for Japan. We receive a royalty on the sales of Erbitux outside of the U.S. and Canada, which is included in collaboration and other revenue as earned. Royalties due to third parties are recorded as a reduction of collaboration and other revenue, net of any royalty reimbursements due from third parties. | ||||||||||||
Exenatide | ||||||||||||
In November 2011, we agreed with Amylin Pharmaceuticals, Inc. (Amylin) to terminate our collaborative arrangement for the joint development, marketing, and selling of Byetta® (exenatide injection) and other forms of exenatide such as Bydureon® (exenatide extended-release for injectable suspension). Under the terms of the termination agreement, Amylin made a one-time, upfront payment to us of $250.0 million. Amylin also agreed to make future revenue-sharing payments to us in an amount equal to 15.0 percent of its global net sales of exenatide products until Amylin made aggregate payments to us of $1.20 billion plus interest, which would accrue at 9.5 percent. Upon completion of the acquisition of Amylin by Bristol-Myers Squibb Company in August 2012, Amylin's obligation of $1.26 billion, including accrued interest, was paid in full, with $1.21 billion representing a prepayment of the obligation. We will also receive a $150.0 million milestone payment contingent upon FDA approval of a once-monthly suspension version of exenatide. | ||||||||||||
Commercial operations were transferred to Amylin in the U.S. in late 2011. Outside the U.S., we transferred to Amylin exenatide commercial rights and control in all markets during the first quarter of 2013. We were responsible for certain development costs related to certain clinical trials outside the U.S. that we were conducting as of the date of the termination agreement as well as commercialization costs outside the U.S. until the commercial rights were transferred to Amylin. | ||||||||||||
Payments received from Amylin were allocated 65 percent to the U.S., which was treated as a contract termination, and 35 percent to the business outside the U.S., which was treated as the disposition of a business. The allocation was based upon relative fair values. The revenue-sharing income allocated to the U.S. was recognized as collaboration and other revenue, consistent with our policy for royalty revenue, while the income related to the prepayment of Amylin's obligation allocated to the U.S. was recognized in other-net, (income) expense. All income allocated to the business outside the U.S. that was transferred during the first quarter of 2013 was recognized as a gain on the disposition of a business in other–net, (income) expense, net of the goodwill allocated to the business transferred. | ||||||||||||
Under the terms of our prior arrangement, we reported as net product sales 100 percent of sales outside the U.S. and our sales of Byetta pen delivery devices to Amylin. We paid Amylin a percentage of the gross margin of exenatide sales outside of the U.S., and these costs were recorded in cost of sales. This arrangement for the commercial operations outside the U.S. continued until those rights were transferred to Amylin during the first quarter of 2013. | ||||||||||||
Total revenue related to exenatide was insignificant in 2014. The following table summarizes the revenue and other income recognized with respect to exenatide for the years ended December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
Net product sales | $ | 133.1 | $ | 207.8 | ||||||||
Collaboration and other revenue | — | 70.1 | ||||||||||
Total revenue | $ | 133.1 | $ | 277.9 | ||||||||
Income related to termination of the exenatide collaboration with Amylin(1) | $ | 495.4 | $ | 787.8 | ||||||||
1 Presented in other-net, (income) expense | ||||||||||||
Solanezumab | ||||||||||||
We have an agreement with an affiliate of TPG-Axon Capital (TPG) whereby TPG funded a portion of the Phase III development of solanezumab. Under the agreement, TPG’s obligation to fund solanezumab costs ended in 2011. In exchange for their funding, TPG may receive success-based sales milestones totaling approximately $70 million and mid-single digit royalties contingent upon the successful development of solanezumab. The royalties would be paid for approximately 10 years after launch of a product. | ||||||||||||
Baricitinib | ||||||||||||
We have a worldwide license and collaboration agreement with Incyte Corporation (Incyte) which provides us the development and commercialization rights to its Janus tyrosine kinase inhibitor compound, now known as baricitinib, and certain follow-on compounds, for the treatment of inflammatory and autoimmune diseases. Incyte has the right to receive tiered, double-digit royalty payments on future global sales with rates ranging up to 20 percent if the product is successfully commercialized. The agreement provides Incyte with options to co-develop these compounds on an indication-by-indication basis by funding 30 percent of the associated development costs from the initiation of a Phase IIb trial through regulatory approval in exchange for increased tiered royalties ranging up to percentages in the high twenties. In 2010, Incyte exercised its option to co-develop baricitinib in rheumatoid arthritis. The agreement also provides Incyte with an option to co-promote in the U.S. and calls for payments associated with certain development, success-based regulatory, and sales-based milestones. Upon initiation of Phase III trials for the treatment of rheumatoid arthritis in the fourth quarter of 2012, we incurred a milestone-related expense of $50.0 million which was recorded as research and development expense. As of December 31, 2014, Incyte is eligible to receive up to $415.0 million of additional payments from us contingent upon certain development and success-based regulatory milestones as well as an additional $150.0 million of potential sales-based milestones. | ||||||||||||
Tanezumab | ||||||||||||
In October 2013, we entered into a collaboration agreement with Pfizer Inc. to jointly develop and globally commercialize tanezumab for the potential treatment of osteoarthritis pain, chronic low back pain and cancer pain. Tanezumab is currently in Phase III development and is subject to a partial clinical hold by the FDA pending submission of nonclinical data to the FDA. Under the agreement, the companies share equally the ongoing development costs and, if successful, in gross margins and certain commercialization expenses. Contingent upon the parties continuing in the collaboration after receipt of the FDA's response to the submission of the nonclinical data, we will be obligated to pay an upfront fee of $200.0 million. This payment would be immediately expensed. In addition to this fee, we may pay up to $350.0 million in success-based regulatory milestones and up to $1.23 billion in a series of sales-based milestones, contingent upon the commercial success of tanezumab. Both parties have the right to terminate the agreement under certain circumstances. | ||||||||||||
Summary of Commission and Profit-Share Payments | ||||||||||||
The aggregate amount of marketing, selling, and administrative expense associated with our commission and profit-sharing obligations for the collaborations and other arrangements described above was $211.2 million, $203.7 million, and $188.5 million for the years ended December 31, 2014, 2013, and 2012, respectively. |
Asset_Impairments_Restructurin
Asset Impairments, Restructuring, and Other Special Charges | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Extraordinary and Unusual Items [Abstract] | ||||||||||||
Asset Impairments, Restructuring, And Other Special Charges [Text Block] | Note 5: Asset Impairment, Restructuring, and Other Special Charges | |||||||||||
The components of the charges included in asset impairment, restructuring, and other special charges in our consolidated statements of operations are described below. Substantially all of these expenses relate to our human pharmaceutical business segment. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Severance | $ | 225.5 | $ | 90.6 | $ | 74.5 | ||||||
Asset impairment and other special charges | 243.2 | 30 | 206.6 | |||||||||
Asset impairment, restructuring, and other special charges | $ | 468.7 | $ | 120.6 | $ | 281.1 | ||||||
Severance costs listed above for all years relate to ongoing cost containment efforts as we continue our initiatives to reduce our cost structure and global workforce. Substantially all of the severance costs incurred during the year ended December 31, 2014 are expected to be paid by the end of 2015, and substantially all of the severance costs incurred during the years ended December 31, 2013 and 2012 have been paid. | ||||||||||||
For the year ended December 31, 2014, we incurred $243.2 million of asset impairment and other special charges consisting primarily of a $180.8 million asset impairment charge related to our decision to close and sell a manufacturing plant located in Puerto Rico. The manufacturing plant was written down to its estimated fair value, which was based primarily on recent sales of similar assets. | ||||||||||||
For the year ended December 31, 2013, we incurred $30.0 million of asset impairment and other special charges related primarily to costs associated with the closure of a packaging and distribution facility in Germany. | ||||||||||||
For the year ended December 31, 2012, we incurred $206.6 million of asset impairment and other special charges consisting of $122.6 million related to an intangible asset impairment for liprotamase (see Note 8) net of the reduction of the related contingent consideration liability, $64.0 million related to the recognition of an asset impairment associated with the decision to stop development of a delivery device platform, and $20.0 million resulting from a change in our estimates of returned product related to the withdrawal of Xigris™ from the market during the fourth quarter of 2011. |
Inventories_Notes
Inventories (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory Disclosure [Text Block] | Note 6: Inventories | |||||||
Inventories at December 31 consisted of the following: | ||||||||
2014 | 2013 | |||||||
Finished products | $ | 838 | $ | 968.1 | ||||
Work in process | 1,715.40 | 1,868.30 | ||||||
Raw materials and supplies | 315 | 259 | ||||||
Total (approximates replacement cost) | 2,868.40 | 3,095.40 | ||||||
Reduction to LIFO cost | (128.4 | ) | (166.6 | ) | ||||
Inventories | $ | 2,740.00 | $ | 2,928.80 | ||||
Inventories valued under the LIFO method comprised $1.09 billion and $1.02 billion of total inventories at December 31, 2014 and 2013, respectively. |
Financial_Instruments
Financial Instruments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Financial Instruments [Text Block] | Note 7: Financial Instruments | |||||||||||||||||||||||
Financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest-bearing investments. Wholesale distributors of life-science products account for a substantial portion of trade receivables; collateral is generally not required. The risk associated with this concentration is mitigated by our ongoing credit-review procedures and insurance. A large portion of our cash is held by a few major financial institutions. We monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations. Major financial institutions represent the largest component of our investments in corporate debt securities. In accordance with documented corporate policies, we monitor the amount of credit exposure to any one financial institution or corporate issuer. We are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings. | ||||||||||||||||||||||||
At December 31, 2014, we had outstanding foreign currency forward commitments to purchase 330.6 million U.S. dollars and sell 270.3 million euro; commitments to purchase 1.18 billion euro and sell 1.45 billion U.S. dollars; commitments to purchase 190.4 million British pounds and sell 242.4 million euro; and commitments to purchase 332.6 million U.S. dollars and sell 40.04 billion Japanese yen, which will all settle within 30 days. | ||||||||||||||||||||||||
At December 31, 2014, substantially all of our total long-term debt is at a fixed rate. We have converted approximately 55 percent of our long-term fixed-rate notes to floating rates through the use of interest rate swaps. | ||||||||||||||||||||||||
At December 31, 2014, the total notional amounts of forward-starting interest rate contracts in designated cash flow hedging instruments were $1.35 billion, which will all settle within three months. | ||||||||||||||||||||||||
The Effect of Risk Management Instruments on the Statement of Operations | ||||||||||||||||||||||||
The following effects of risk-management instruments were recognized in other–net, (income) expense: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||
Effect from hedged fixed-rate debt | $ | 156.9 | $ | (308.2 | ) | $ | 51.5 | |||||||||||||||||
Effect from interest rate contracts | (156.9 | ) | 308.2 | (51.5 | ) | |||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Effective portion of losses on equity contracts reclassified from accumulated other comprehensive loss(1) | 129 | — | — | |||||||||||||||||||||
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss | 9 | 9 | 9 | |||||||||||||||||||||
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments | (20.4 | ) | 15.4 | (35.8 | ) | |||||||||||||||||||
Net losses on interest rate contracts not designated as hedging instruments | 3.4 | — | — | |||||||||||||||||||||
1 | Realized gains on the sale of underlying equity securities recognized in other-net, (income) expense were $260.8 million during the year ended December 31, 2014. There were no realized gains on the sale of underlying equity securities during the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||
During the years ended December 31, 2014, 2013, and 2012, net losses related to ineffectiveness, as well as net losses related to the portion of our risk-management hedging instruments, fair value hedges, and cash flow hedges that were excluded from the assessment of effectiveness, were not material. | ||||||||||||||||||||||||
Fair Value Hedges | ||||||||||||||||||||||||
During the year ended December 31, 2014, we terminated certain interest rate swaps designated as fair value hedges with an aggregate notional amount of $1.30 billion. As a result of the termination, we received cash of $340.7 million, which represented the fair value of the interest rate swaps at the time of termination. The related fair value adjustment was recorded as an increase to the carrying value of the underlying fixed-rate debt and will be amortized into earnings as a reduction of interest expense over the remaining life of the underlying debt. | ||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||
The effective portion of equity contracts in designated cash flow hedging relationships recorded in other comprehensive income (loss) was $149.6 million and $(149.6) million during the years ended December 31, 2014 and 2013, respectively. There were no equity contracts in designated cash flow hedging relationships in 2012. During the year ended December 31, 2014, we sold all of the underlying equity securities that had been in designated cash flow hedging relationships. At the time of the sales, we reclassified to earnings the accumulated other comprehensive loss related to the cash flow hedges and the previously unrealized gains on the underlying equity securities. | ||||||||||||||||||||||||
For forward-starting interest rate swaps in designated cash flow hedging relationships associated with an anticipated debt issuance, the effective portion of net gains (losses) recorded in other comprehensive income (loss) was $(164.7) million and $16.7 million for the years ended December 31, 2014 and 2013. There were no forward-starting interest rate swaps in designated cash flow hedging relationships in 2012. | ||||||||||||||||||||||||
During the next 12 months, we expect to reclassify from accumulated other comprehensive loss to earnings $9.0 million of pretax net losses on cash flow hedges of the variability in expected future interest payments on our floating rate debt. | ||||||||||||||||||||||||
Non-Hedging Instruments | ||||||||||||||||||||||||
During the year ended December 31, 2014, we settled fixed-rate interest contracts used to manage interest rate risks on our investments in debt securities, which were not designed as hedging instruments. The aggregate notional amount of the settled contracts was $876.0 million, and we paid $3.4 million of cash to the counterparties upon settlement. | ||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||
The following tables summarize certain fair value information at December 31 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments: | ||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Description | Carrying | Amortized | Quoted Prices in Active Markets for Identical Assets | Significant | Significant | Fair | ||||||||||||||||||
Amount | Cost | (Level 1) | Other | Unobservable | Value | |||||||||||||||||||
Observable | Inputs | |||||||||||||||||||||||
Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Cash equivalents | $ | 2,443.50 | $ | 2,443.50 | $ | 2,415.50 | $ | 28 | $ | — | $ | 2,443.50 | ||||||||||||
Short-term investments: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 185.5 | $ | 185.6 | $ | 156.5 | $ | 29 | $ | — | $ | 185.5 | ||||||||||||
Corporate debt securities | 767.4 | 766.7 | — | 767.4 | — | 767.4 | ||||||||||||||||||
Other securities | 2.5 | 2.5 | — | 2.5 | — | 2.5 | ||||||||||||||||||
Short-term investments | $ | 955.4 | $ | 954.8 | ||||||||||||||||||||
Noncurrent investments: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 756.7 | $ | 757.5 | $ | 747.5 | $ | 9.2 | $ | — | $ | 756.7 | ||||||||||||
Corporate debt securities | 2,462.70 | 2,468.90 | — | 2,462.70 | — | 2,462.70 | ||||||||||||||||||
Mortgage-backed | 217 | 217.6 | — | 217 | — | 217 | ||||||||||||||||||
Asset-backed | 477.8 | 478 | — | 477.8 | — | 477.8 | ||||||||||||||||||
Other securities | 3.2 | 3.2 | — | 3.2 | — | 3.2 | ||||||||||||||||||
Marketable equity | 204.8 | 44 | 204.8 | — | — | 204.8 | ||||||||||||||||||
Equity method and other investments(1) | 446.7 | 446.7 | ||||||||||||||||||||||
Noncurrent investments | $ | 4,568.90 | $ | 4,415.90 | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Cash equivalents | $ | 2,574.70 | $ | 2,574.70 | $ | 2,517.10 | $ | 57.6 | $ | — | $ | 2,574.70 | ||||||||||||
Short-term investments: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 276.4 | $ | 276.6 | $ | 276.4 | $ | — | $ | — | $ | 276.4 | ||||||||||||
Corporate debt securities | 931.7 | 929.8 | — | 931.7 | — | 931.7 | ||||||||||||||||||
Other securities | 2.7 | 2.7 | — | 2.7 | — | 2.7 | ||||||||||||||||||
Marketable equity | 356.3 | 75 | 356.3 | — | — | 356.3 | ||||||||||||||||||
Short-term investments | $ | 1,567.10 | $ | 1,284.10 | ||||||||||||||||||||
Noncurrent investments: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 1,115.60 | $ | 1,126.10 | $ | 1,035.60 | $ | 80 | $ | — | $ | 1,115.60 | ||||||||||||
Corporate debt securities | 4,940.50 | 4,933.70 | — | 4,940.50 | — | 4,940.50 | ||||||||||||||||||
Mortgage-backed | 636 | 652.4 | — | 636 | — | 636 | ||||||||||||||||||
Asset-backed | 490 | 494.5 | — | 490 | — | 490 | ||||||||||||||||||
Other securities | 7.3 | 8.3 | — | 7.3 | — | 7.3 | ||||||||||||||||||
Marketable equity | 81.2 | 22.8 | 81.2 | — | — | 81.2 | ||||||||||||||||||
Equity method and other investments(1) | 354.3 | 354.3 | ||||||||||||||||||||||
Noncurrent investments | $ | 7,624.90 | $ | 7,592.10 | ||||||||||||||||||||
1 | Fair value not applicable | |||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Description | Carrying | Quoted Prices in Active Markets for Identical Assets | Significant | Significant | Fair | |||||||||||||||||||
Amount | (Level 1) | Other | Unobservable | Value | ||||||||||||||||||||
Observable | Inputs | |||||||||||||||||||||||
Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
Short-term commercial paper borrowings | ||||||||||||||||||||||||
December 31, 2014 | $ | (2,680.6 | ) | $ | — | $ | (2,680.6 | ) | $ | — | $ | (2,680.6 | ) | |||||||||||
31-Dec-13 | — | — | — | — | — | |||||||||||||||||||
Long-term debt, including current portion | ||||||||||||||||||||||||
December 31, 2014 | $ | (5,375.8 | ) | $ | — | $ | (5,722.1 | ) | $ | — | $ | (5,722.1 | ) | |||||||||||
31-Dec-13 | (5,212.9 | ) | — | (5,490.9 | ) | — | (5,490.9 | ) | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Description | Carrying | Quoted Prices in Active Markets for Identical Assets | Significant | Significant | Fair | |||||||||||||||||||
Amount | (Level 1) | Other | Unobservable | Value | ||||||||||||||||||||
Observable | Inputs | |||||||||||||||||||||||
Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Risk-management instruments | ||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables | $ | 102.5 | $ | — | $ | 102.5 | $ | — | $ | 102.5 | ||||||||||||||
Other current liabilities | (149.5 | ) | — | (149.5 | ) | — | (149.5 | ) | ||||||||||||||||
Other noncurrent liabilities | (0.7 | ) | — | (0.7 | ) | — | (0.7 | ) | ||||||||||||||||
Foreign exchange contracts not designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables | 9.1 | — | 9.1 | — | 9.1 | |||||||||||||||||||
Other current liabilities | (14.0 | ) | — | (14.0 | ) | — | (14.0 | ) | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Risk-management instruments | ||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables | $ | 20.1 | $ | — | $ | 20.1 | $ | — | $ | 20.1 | ||||||||||||||
Sundry | 278.7 | — | 278.7 | — | 278.7 | |||||||||||||||||||
Other noncurrent liabilities | (0.9 | ) | — | (0.9 | ) | — | (0.9 | ) | ||||||||||||||||
Foreign exchange contracts not designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables | 6.7 | — | 6.7 | — | 6.7 | |||||||||||||||||||
Other current liabilities | (7.1 | ) | — | (7.1 | ) | — | (7.1 | ) | ||||||||||||||||
Equity contracts designated as hedging instruments: | ||||||||||||||||||||||||
Other current liabilities | (149.6 | ) | — | (149.6 | ) | — | (149.6 | ) | ||||||||||||||||
Risk-management instruments above are disclosed on a gross basis. There are various rights of setoff associated with certain of the risk-management instruments above that are subject to an enforceable master netting arrangement or similar agreements. Although various rights of setoff and master netting arrangements or similar agreements may exist with the individual counterparties to the risk-management instruments above, individually, these financial rights are not material. | ||||||||||||||||||||||||
We determine fair values based on a market approach using quoted market values, significant other observable inputs for identical or comparable assets or liabilities, or discounted cash flow analyses. The fair value of equity method investments and other investments is not readily available. | ||||||||||||||||||||||||
The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of December 31, 2014: | ||||||||||||||||||||||||
Maturities by Period | ||||||||||||||||||||||||
Total | Within | After 1 Year | After 5 Years | After | ||||||||||||||||||||
1 Year | Through 5 Years | Through 10 Years | 10 Years | |||||||||||||||||||||
Fair value of debt securities | $ | 4,872.80 | $ | 955.4 | $ | 3,462.10 | $ | 230.7 | $ | 224.6 | ||||||||||||||
A summary of the fair value of available-for-sale securities in an unrealized gain or loss position and the amount of unrealized gains and losses (pretax) in accumulated other comprehensive loss follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Unrealized gross gains | $ | 171.9 | $ | 375.6 | ||||||||||||||||||||
Unrealized gross losses | 18.3 | 59.8 | ||||||||||||||||||||||
Fair value of securities in an unrealized gain position | 1,778.80 | 4,982.70 | ||||||||||||||||||||||
Fair value of securities in an unrealized loss position | 3,129.20 | 3,664.70 | ||||||||||||||||||||||
Other-than-temporary impairment losses on investment securities of $12.5 million, $11.3 million, and $22.6 million were recognized in the consolidated statements of operations for the years ended December 31, 2014, 2013, and 2012, respectively. For fixed-income securities, the amount of credit losses represents the difference between the present value of cash flows expected to be collected on these securities and the amortized cost. Factors considered in assessing the credit loss were the position in the capital structure, vintage and amount of collateral, delinquency rates, current credit support, and geographic concentration. | ||||||||||||||||||||||||
The securities in an unrealized loss position include fixed-rate debt securities of varying maturities. The value of fixed-income securities is sensitive to changes in the yield curve and other market conditions. Approximately 90 percent of the securities in a loss position are investment-grade debt securities. At this time, there is no indication of default on interest or principal payments for debt securities other than those for which an other-than-temporary impairment charge has been recorded. We do not intend to sell, and it is not more likely than not we will be required to sell, the securities in a loss position before the market values recover or the underlying cash flows have been received, and we have concluded that no additional other-than-temporary loss is required to be charged to earnings as of December 31, 2014. | ||||||||||||||||||||||||
Activity related to our investment portfolio, substantially all of which related to available-for-sale securities, was as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Proceeds from sales | $ | 14,609.50 | $ | 13,753.50 | $ | 6,529.80 | ||||||||||||||||||
Realized gross gains on sales | 353.5 | 49.5 | 82.3 | |||||||||||||||||||||
Realized gross losses on sales | 29.4 | 15.4 | 10.9 | |||||||||||||||||||||
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8: Goodwill and Other Intangibles | |||||||||||||||||||||||
Goodwill and other indefinite-lived intangible assets at December 31 were as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Goodwill (by segment): | ||||||||||||||||||||||||
Human pharmaceutical products | $ | 1,354.30 | $ | 1,354.70 | ||||||||||||||||||||
Animal health | 403.8 | 162.1 | ||||||||||||||||||||||
Total goodwill | 1,758.10 | 1,516.80 | ||||||||||||||||||||||
In-process research and development | 11.4 | 33.6 | ||||||||||||||||||||||
Total indefinite-lived intangible assets | $ | 1,769.50 | $ | 1,550.40 | ||||||||||||||||||||
The increase in goodwill for the animal health segment in 2014 is a result of the acquisition of Lohmann AH (Note 3). | ||||||||||||||||||||||||
No impairments occurred with respect to the carrying value of goodwill for the years ended December 31, 2014, 2013, and 2012. | ||||||||||||||||||||||||
IPR&D consists of the acquisition date fair value of products under development acquired in business combinations that have not yet achieved regulatory approval for marketing, adjusted for subsequent impairments, if any. As discussed in Note 1, we use the "income method" to calculate the fair value of the IPR&D assets, which is a Level 3 fair value measurement. | ||||||||||||||||||||||||
No material impairments occurred with respect to the carrying value of IPR&D for the years ended December 31, 2014 and 2013. In 2012, we recorded impairment charges of $205.0 million related to liprotamase as a result of changes in key assumptions used in the valuation, based upon additional communications with the FDA regarding the clinical trial that would be required for resubmission, and our expectations for the product. | ||||||||||||||||||||||||
The components of finite-lived intangible assets at December 31 were as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Description | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | ||||||||||||||||||
Amount— | Amortization | Amount— | Amount— | Amortization | Amount— | |||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||
Marketed products | $ | 5,684.30 | $ | (2,915.6 | ) | $ | 2,768.70 | $ | 5,136.10 | $ | (2,447.2 | ) | $ | 2,688.90 | ||||||||||
Other | 149.3 | (45.2 | ) | 104.1 | 164.8 | (73.0 | ) | 91.8 | ||||||||||||||||
Total finite-lived intangible assets | $ | 5,833.60 | $ | (2,960.8 | ) | $ | 2,872.80 | $ | 5,300.90 | $ | (2,520.2 | ) | $ | 2,780.70 | ||||||||||
Marketed products consist of the amortized cost of the rights to assets acquired in business combinations and approved for marketing in a significant global jurisdiction (U.S., Europe, and Japan) and capitalized milestone payments. Other intangibles consist primarily of the amortized cost of licensed platform technologies that have alternative future uses in research and development, manufacturing technologies, and customer relationships from business combinations. No material impairments occurred with respect to the carrying value of finite-lived intangible assets for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||
See Note 3 for further discussion of intangible assets acquired in recent business combinations and Note 4 for additional discussion of recent capitalized milestone payments. | ||||||||||||||||||||||||
As of December 31, 2014, the remaining weighted-average amortization period for finite-lived intangible assets is approximately 10 years. Amortization expense was $535.9 million, $555.0 million, and $563.0 million for the years ended December 31, 2014, 2013, and 2012, respectively. The estimated amortization expense associated with our current finite-lived intangible assets for each of the next five years approximates $465 million in 2015, $360 million in 2016, $325 million in 2017, $215 million in 2018, and $185 million in 2019. These estimated amounts exclude the amortization related to the acquired intangible assets which will be recorded in association with the January 1, 2015 acquisition of Novartis AH. Amortization expense is included in either cost of sales, marketing, selling, and administrative or research and development depending on the nature of the intangible asset being amortized. |
Property_and_Equipment_Notes
Property and Equipment (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 9: Property and Equipment | |||||||
At December 31, property and equipment consisted of the following: | ||||||||
2014 | 2013 | |||||||
Land | $ | 205.2 | $ | 198.7 | ||||
Buildings | 6,516.20 | 6,489.90 | ||||||
Equipment | 7,609.70 | 7,752.70 | ||||||
Construction in progress | 1,698.20 | 1,205.40 | ||||||
16,029.30 | 15,646.70 | |||||||
Less accumulated depreciation | (8,065.4 | ) | (7,671.2 | ) | ||||
Property and equipment, net | $ | 7,963.90 | $ | 7,975.50 | ||||
Depreciation expense for the years ended December 31, 2014, 2013, and 2012 was $759.1 million, $774.8 million, and $754.0 million, respectively. Capitalized interest costs were not material for the years ended December 31, 2014, 2013, and 2012, respectively. Total rental expense for all leases, including contingent rentals (not material), amounted to $227.3 million, $227.2 million, and $262.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. Assets under capital leases included in property and equipment, net on the consolidated balance sheets, capital lease obligations entered into, and future minimum rental commitments are not material. |
Borrowings
Borrowings | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-term Debt, Current and Noncurrent [Abstract] | ||||||||
Debt Disclosure [Text Block] | Note 10: Borrowings | |||||||
Debt at December 31 consisted of the following: | ||||||||
2014 | 2013 | |||||||
Short-term commercial paper borrowings | $ | 2,680.60 | $ | — | ||||
1.95 to 7.13 percent long-term notes (due 2016-2044) | 4,887.30 | 4,887.30 | ||||||
Other long-term debt, including capitalized leases | 33.1 | 27.1 | ||||||
Fair value adjustment on long-term notes | 455.4 | 298.5 | ||||||
Total debt | 8,056.40 | 5,212.90 | ||||||
Less current portion | (2,688.7 | ) | (1,012.6 | ) | ||||
Long-term debt | $ | 5,367.70 | $ | 4,200.30 | ||||
At December 31, 2014, we had $2.68 billion outstanding borrowings under our commercial paper program. There were no amounts outstanding under our commercial paper program at December 31, 2013. The weighted-average effective borrowing rate on outstanding commercial paper at December 31, 2014 was 0.18 percent. | ||||||||
At December 31, 2014, we had a total of $3.31 billion of unused committed bank credit facilities. In August 2014, we refinanced our revolving bank credit facilities and entered into a $1.20 billion credit facility with a five-year term and a $2.00 billion credit facility with a 364-day term, both of which are available to support our commercial paper program. There were no amounts outstanding under the revolving credit facility during the year ended December 31, 2014. Compensating balances and commitment fees are not material, and there are no conditions that are probable of occurring under which the lines may be withdrawn. | ||||||||
In February 2014, we issued $600.0 million of 1.95 percent and $400.0 million of 4.65 percent fixed-rate notes with interest to be paid semi-annually and maturity dates of March 15, 2019, and June 15, 2044, respectively. Current maturities of long-term notes of $1.00 billion were repaid in March 2014. | ||||||||
The aggregate amounts of maturities on long-term debt for the next five years are $8.1 million in 2015, $208.5 million in 2016, $1.01 billion in 2017, $203.8 million in 2018, and $601.0 million in 2019. | ||||||||
We have converted approximately 55 percent of our long-term fixed-rate notes to floating rates through the use of interest rate swaps. The weighted-average effective borrowing rates based on long-term debt obligations and interest rates at December 31, 2014 and 2013, including the effects of interest rate swaps for hedged debt obligations, were 3.69 percent and 3.10 percent, respectively. | ||||||||
For the years ended December 31, 2014, 2013, and 2012, cash payments for interest on borrowings totaled $140.4 million, $139.7 million, and $171.9 million, respectively, net of capitalized interest. | ||||||||
In accordance with the requirements of derivatives and hedging guidance, the portion of our fixed-rate debt obligations that is hedged, as a fair value hedge, is reflected in the consolidated balance sheets as an amount equal to the sum of the debt’s carrying value plus the fair value adjustment representing changes in fair value of the hedged debt attributable to movements in market interest rates subsequent to the inception of the hedge. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |||||||||||||
Stock-Based Compensation [Text Block] | Note 11: Stock-Based Compensation | ||||||||||||
Stock-based compensation expense of $156.0 million, $144.9 million, and $141.5 million was recognized for the years ended December 31, 2014, 2013, and 2012, respectively, as well as related tax benefits of $54.6 million, $50.7 million, and $49.5 million, respectively. Our stock-based compensation expense consists of performance awards (PAs), shareholder value awards (SVAs), and restricted stock units (RSUs). We recognize stock-based compensation expense over the requisite service period of the individual grantees, which equals the vesting period. We provide newly issued shares and treasury stock to satisfy stock option exercises and for the issuance of PA, SVA, and RSU shares. We classify tax benefits resulting from tax deductions in excess of the compensation cost recognized for exercised stock options as a financing cash flow in the consolidated statements of cash flows. | |||||||||||||
At December 31, 2014, additional stock-based compensation awards may be granted under the 2002 Lilly Stock Plan for not more than 101.0 million shares. | |||||||||||||
Performance Award Program | |||||||||||||
PAs are granted to officers and management and are payable in shares of our common stock. The number of PA shares actually issued, if any, varies depending on the achievement of certain pre-established earnings-per-share targets over a two-year period. PA shares are accounted for at fair value based upon the closing stock price on the date of grant and fully vest at the end of the measurement periods. The fair values of PAs granted for the years ended December 31, 2014, 2013, and 2012 were $48.81, $50.19, and $35.74, respectively. The number of shares ultimately issued for the PA program is dependent upon the earnings achieved during the vesting period. Pursuant to this plan, approximately 0.7 million shares, 0.7 million shares, and 1.6 million shares were issued during the years ended December 31, 2014, 2013, and 2012, respectively. Approximately 0.5 million shares are expected to be issued in 2015. As of December 31, 2014, the total remaining unrecognized compensation cost related to nonvested PAs was $19.8 million, which will be amortized over the weighted-average remaining requisite service period of 12 months. | |||||||||||||
Shareholder Value Award Program | |||||||||||||
SVAs are granted to officers and management and are payable in shares of our common stock at the end of a three-year period. The number of shares actually issued, if any, varies depending on our stock price at the end of the three-year vesting period compared to pre-established target stock prices. We measure the fair value of the SVA unit on the grant date using a Monte Carlo simulation model. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. Expected volatilities utilized in the model are based on implied volatilities from traded options on our stock, historical volatility of our stock price, and other factors. Similarly, the dividend yield is based on historical experience and our estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair values of the SVA units granted during the years ended December 31, 2014, 2013, and 2012 were $41.97, $45.17, and $30.35, respectively, determined using the following assumptions: | |||||||||||||
(Percents) | 2014 | 2013 | 2012 | ||||||||||
Expected dividend yield | 3.5 | % | 3.5 | % | 4.5 | % | |||||||
Risk-free interest rate | .08-.71 | .08-.43 | .10-.36 | ||||||||||
Range of volatilities | 18.87-21.56 | 18.95-22.37 | 22.40-25.64 | ||||||||||
A summary of the SVA activity is presented below: | |||||||||||||
Units Attributable to SVAs (in thousands) | 2014 | 2013 | 2012 | ||||||||||
Outstanding at January 1 | 6,636 | 7,539 | 7,036 | ||||||||||
Granted | 1,987 | 1,795 | 2,439 | ||||||||||
Issued | (2,224 | ) | (2,397 | ) | (973 | ) | |||||||
Forfeited or expired | (300 | ) | (301 | ) | (963 | ) | |||||||
Outstanding at December 31 | 6,099 | 6,636 | 7,539 | ||||||||||
Approximately 2.2 million shares are expected to be issued in 2015. As of December 31, 2014, the total remaining unrecognized compensation cost related to nonvested SVAs was $53.8 million, which will be amortized over the weighted-average remaining requisite service period of 20 months. | |||||||||||||
Restricted Stock Units | |||||||||||||
RSUs are granted to certain employees and are payable in shares of our common stock. RSU shares are accounted for at fair value based upon the closing stock price on the date of grant. The corresponding expense is amortized over the vesting period, typically 3 years. The fair values of RSU awards granted during the years ended December 31, 2014, 2013, and 2012 were $52.72, $54.10, and $39.65, respectively. The number of shares ultimately issued for the RSU program remains constant with the exception of forfeitures. Pursuant to this plan, 1.2 million, 1.1 million, and 1.4 million shares were granted during the years ended December 31, 2014, 2013, and 2012, respectively, and approximately 0.9 million, 0.8 million, and 0.3 million shares were issued during the years ended December 31, 2014, 2013, and 2012, respectively. Approximately 0.8 million shares are expected to be issued in 2015. As of December 31, 2014, the total remaining unrecognized compensation cost related to nonvested RSUs was $87.9 million, which will be amortized over the weighted-average remaining requisite service period of 27 months. | |||||||||||||
Stock Option Program | |||||||||||||
Stock options were granted prior to 2007 to officers, management, and board members at exercise prices equal to the fair market value of our stock at the date of grant. Options fully vested 3 years from the grant date and have a term of 10 years. | |||||||||||||
Stock option activity during the year ended December 31, 2014 is summarized below: | |||||||||||||
Shares of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||
Common Stock | Exercise | Remaining | Intrinsic | ||||||||||
Attributable to | Price of Options | Contractual Term | Value | ||||||||||
Options | (in years) | ||||||||||||
(in thousands) | |||||||||||||
Outstanding at January 1, 2014 | 16,140 | $ | 66.66 | ||||||||||
Exercised | (3,670 | ) | 55.86 | ||||||||||
Forfeited or expired | (10,154 | ) | 72.93 | ||||||||||
Outstanding at December 31, 2014 | 2,316 | 56.26 | 0.9 | $ | 29.6 | ||||||||
Exercisable at December 31, 2014 | 2,316 | 56.26 | 0.9 | 29.6 | |||||||||
The intrinsic value of options exercised during 2014, 2013, and 2012 amounted to $31.2 million, $0.5 million, and $1.4 million, respectively. We received cash of $188.1 million, $11.3 million, and $1.0 million from exercises of stock options during 2014, 2013, and 2012, respectively, and recognized related tax benefits of $8.9 million, $0.2 million, and $0.5 million during those same years. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity [Text Block] | Note 12: Shareholders' Equity |
During 2014 and 2013, we repurchased $800.0 million and $500.0 million, respectively, of shares associated with our $5.00 billion share repurchase program announced in 2013. As of December 31, 2014, there were $3.70 billion of shares remaining in that program. During 2013 and 2012, we repurchased $1.10 billion and $400.0 million, respectively, of shares, completing our $1.50 billion share repurchase program announced in 2012. During 2012, we also repurchased $419.2 million of shares to complete our $3.00 billion share repurchase program announced in 2000. | |
We have 5.0 million authorized shares of preferred stock. As of December 31, 2014 and 2013, no preferred stock has been issued. | |
We have an employee benefit trust that held 50.0 million shares of our common stock at both December 31, 2014 and 2013, to provide a source of funds to assist us in meeting our obligations under various employee benefit plans. The cost basis of the shares held in the trust was $3.01 billion at both December 31, 2014 and 2013, and is shown as a reduction in shareholders’ equity. Any dividend transactions between us and the trust are eliminated. Stock held by the trust is not considered outstanding in the computation of EPS. The assets of the trust were not used to fund any of our obligations under these employee benefit plans during the years ended December 31, 2014, 2013, and 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes [Text Block] | Note 13: Income Taxes | |||||||||||
Following is the composition of income tax expense: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 168.9 | $ | 259.1 | $ | 596.8 | ||||||
Foreign | 406.2 | 553.2 | 540.6 | |||||||||
State | (2.1 | ) | 126.3 | 56.2 | ||||||||
Total current tax expense | 573 | 938.6 | 1,193.60 | |||||||||
Deferred: | ||||||||||||
Federal | (83.3 | ) | 297 | 87 | ||||||||
Foreign | 120.2 | (28.2 | ) | 29.9 | ||||||||
State | (0.1 | ) | (2.9 | ) | 9.1 | |||||||
Total deferred tax expense | 36.8 | 265.9 | 126 | |||||||||
Income taxes | $ | 609.8 | $ | 1,204.50 | $ | 1,319.60 | ||||||
Significant components of our deferred tax assets and liabilities as of December 31 are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Compensation and benefits | $ | 897.3 | $ | 639.8 | ||||||||
Purchases of intangible assets | 473.3 | 418.8 | ||||||||||
Tax credit carryforwards and carrybacks | 279.4 | 494.6 | ||||||||||
Tax loss carryforwards and carrybacks | 265.5 | 311.7 | ||||||||||
Product return reserves | 241.8 | 313.7 | ||||||||||
Debt | 176 | 110 | ||||||||||
Contingencies | 68.9 | 106 | ||||||||||
Intercompany profit in inventories | — | 104.5 | ||||||||||
Other | 633.3 | 595 | ||||||||||
Total gross deferred tax assets | 3,035.50 | 3,094.10 | ||||||||||
Valuation allowances | (601.1 | ) | (647.1 | ) | ||||||||
Total deferred tax assets | 2,434.40 | 2,447.00 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Unremitted earnings | (737.1 | ) | (898.3 | ) | ||||||||
Inventories | (684.6 | ) | (685.6 | ) | ||||||||
Intangibles | (582.6 | ) | (598.9 | ) | ||||||||
Property and equipment | (424.7 | ) | (379.1 | ) | ||||||||
Prepaid employee benefits | (275.8 | ) | (446.2 | ) | ||||||||
Financial instruments | (161.5 | ) | (109.6 | ) | ||||||||
Total deferred tax liabilities | (2,866.3 | ) | (3,117.7 | ) | ||||||||
Deferred tax liabilities - net | $ | (431.9 | ) | $ | (670.7 | ) | ||||||
At December 31, 2014 and 2013, no individually significant items were classified as “Other” deferred tax assets. | ||||||||||||
The deferred tax asset and related valuation allowance amounts for U.S. federal and state net operating losses and tax credits shown above have been reduced for differences between financial reporting and tax return filings. | ||||||||||||
Based on filed tax returns, we have tax credit carryforwards and carrybacks of $459.9 million available to reduce future income taxes; $180.5 million, if unused, will expire by 2021. The remaining portion of the tax credit carryforwards is related to federal tax credits of $80.3 million, international tax credits of $104.4 million, and state tax credits of $94.7 million, all of which are substantially reserved. | ||||||||||||
At December 31, 2014, based on filed tax returns we had net operating losses and other carryforwards for international and U.S. income tax purposes of $493.9 million: $74.6 million will expire by 2019; $366.1 million will expire between 2019 and 2029; and $53.2 million of the carryforwards will never expire. Net operating losses and other carryforwards for international and U.S. federal income tax purposes are partially reserved. Deferred tax assets related to state net operating losses of $97.0 million and other state carryforwards of $8.9 million are fully reserved. | ||||||||||||
Domestic and Puerto Rican companies contributed approximately 20 percent, 60 percent, and 55 percent for the years ended December 31, 2014, 2013, and 2012, respectively, to consolidated income before income taxes. We have a subsidiary operating in Puerto Rico under a tax incentive grant effective through the end of 2016. A similar, new tax incentive grant will begin in 2017 and will be in effect for 15 years. | ||||||||||||
At December 31, 2014, U.S. income taxes have not been provided on approximately $25.7 billion of unremitted earnings of foreign subsidiaries as we consider these unremitted earnings to be indefinitely invested for continued use in our foreign operations. Additional tax provisions will be required if these earnings are repatriated in the future to the United States. Due to complexities in the tax laws and assumptions that we would have to make, it is not practicable to determine the amount of the related unrecognized deferred income tax liability. | ||||||||||||
Cash payments of income taxes totaled $729.7 million, $1.26 billion, and $992.0 million, for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||
Following is a reconciliation of the income tax expense applying the U.S. federal statutory rate to income before income taxes to reported income tax expense: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income tax at the U.S. federal statutory tax rate | $ | 1,050.10 | $ | 2,061.30 | $ | 1,892.90 | ||||||
Add (deduct): | ||||||||||||
International operations, including Puerto Rico | (344.8 | ) | (778.3 | ) | (593.8 | ) | ||||||
General business credits | (44.3 | ) | (175.6 | ) | (11.2 | ) | ||||||
Other | (51.2 | ) | 97.1 | 31.7 | ||||||||
Income taxes | $ | 609.8 | $ | 1,204.50 | $ | 1,319.60 | ||||||
The American Taxpayer Relief Act of 2012, which included the reinstatement of the research tax credit for the year 2012, was enacted in early 2013. Therefore, the research tax credits for the years 2012 and 2013 are both included in 2013 with general business credits. | ||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning balance at January 1 | $ | 1,136.40 | $ | 1,534.30 | $ | 1,369.30 | ||||||
Additions based on tax positions related to the current year | 126.4 | 142.5 | 144.8 | |||||||||
Additions for tax positions of prior years | 132.6 | 251.5 | 70.1 | |||||||||
Reductions for tax positions of prior years | (32.1 | ) | (358.2 | ) | (38.5 | ) | ||||||
Settlements | (4.2 | ) | (404.9 | ) | (9.2 | ) | ||||||
Lapses of statutes of limitation | (3.5 | ) | (24.9 | ) | (4.6 | ) | ||||||
Changes related to the impact of foreign currency translation | (16.8 | ) | (3.9 | ) | 2.4 | |||||||
Ending balance at December 31 | $ | 1,338.80 | $ | 1,136.40 | $ | 1,534.30 | ||||||
The total amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate was $638.8 million and $523.3 million at December 31, 2014 and 2013, respectively. | ||||||||||||
We file income tax returns in the U.S. federal jurisdiction and various state, local, and non-U.S. jurisdictions. We are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations in most major taxing jurisdictions for years before 2007. | ||||||||||||
During 2013, we reached resolution on the remaining matters related to tax years 2008–2009 that were not settled as part of a previous U.S. examination. Considering the impact of this resolution on periods that have not yet been examined, as well as its impact on tax asset carryforwards, there was an immaterial benefit to our consolidated results of operations. We made cash payments of approximately $135 million related to tax years 2008–2009 after application of available tax credit carryforwards and carrybacks. The examination of tax years 2010-2012 commenced during the fourth quarter of 2013. While it is reasonably possible that the U.S. examination of 2010-2012 could conclude within the next 12 months, resolution of certain matters is dependent upon a number of factors, including the potential for formal administrative and legal proceedings. As a result, it is not possible to estimate the range of the reasonably possible changes in unrecognized tax benefits that could occur within the next 12 months related to these years, nor is it possible to reliably estimate the total future cash flows related to these unrecognized tax benefits. | ||||||||||||
We recognize both accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2014, 2013, and 2012, we recognized income tax expense (benefit) of $35.9 million, $(10.9) million, and $42.3 million, respectively, related to interest and penalties. At December 31, 2014 and 2013, our accruals for the payment of interest and penalties totaled $207.2 million and $161.5 million, respectively. |
Retirement_Benefits
Retirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||||||||||||||||||
Retirement Benefits [Text Block] | Note 14: Retirement Benefits | |||||||||||||||||||||||
We use a measurement date of December 31 to develop the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at December 31 for our defined benefit pension and retiree health benefit plans, which were as follows: | ||||||||||||||||||||||||
Defined Benefit | Retiree Health | |||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 9,976.40 | $ | 10,423.80 | $ | 1,757.20 | $ | 2,337.70 | ||||||||||||||||
Service cost | 240.9 | 287.1 | 33 | 49.9 | ||||||||||||||||||||
Interest cost | 472.6 | 437.2 | 85.6 | 98.1 | ||||||||||||||||||||
Actuarial (gain) loss | 1,996.30 | (792.2 | ) | 293.5 | (642.5 | ) | ||||||||||||||||||
Benefits paid | (421.2 | ) | (402.3 | ) | (76.1 | ) | (79.6 | ) | ||||||||||||||||
Plan amendments | (2.4 | ) | (0.1 | ) | (533.6 | ) | (4.1 | ) | ||||||||||||||||
Foreign currency exchange rate changes and other adjustments | (250.2 | ) | 22.9 | (6.1 | ) | (2.3 | ) | |||||||||||||||||
Benefit obligation at end of year | 12,012.40 | 9,976.40 | 1,553.50 | 1,757.20 | ||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 9,481.70 | 8,286.60 | 1,879.60 | 1,518.00 | ||||||||||||||||||||
Actual return on plan assets | 813.6 | 1,144.60 | 157.4 | 365.7 | ||||||||||||||||||||
Employer contribution | 127.2 | 428.9 | (42.2 | ) | 75.5 | |||||||||||||||||||
Benefits paid | (421.2 | ) | (402.3 | ) | (76.1 | ) | (79.6 | ) | ||||||||||||||||
Foreign currency exchange rate changes and other adjustments | (165.6 | ) | 23.9 | — | — | |||||||||||||||||||
Fair value of plan assets at end of year | 9,835.70 | 9,481.70 | 1,918.70 | 1,879.60 | ||||||||||||||||||||
Funded status | (2,176.7 | ) | (494.7 | ) | 365.2 | 122.4 | ||||||||||||||||||
Unrecognized net actuarial loss | 5,114.90 | 3,546.30 | 439.5 | 178.1 | ||||||||||||||||||||
Unrecognized prior service (benefit) cost | 43.5 | 50.7 | (666.7 | ) | (171.5 | ) | ||||||||||||||||||
Net amount recognized | $ | 2,981.70 | $ | 3,102.30 | $ | 138 | $ | 129 | ||||||||||||||||
Amounts recognized in the consolidated balance sheet consisted of: | ||||||||||||||||||||||||
Sundry | $ | 211.2 | $ | 881.2 | $ | 609.4 | $ | 366.4 | ||||||||||||||||
Other current liabilities | (62.3 | ) | (62.8 | ) | (6.9 | ) | (7.7 | ) | ||||||||||||||||
Accrued retirement benefits | (2,325.6 | ) | (1,313.1 | ) | (237.3 | ) | (236.3 | ) | ||||||||||||||||
Accumulated other comprehensive (income) loss before income taxes | 5,158.40 | 3,597.00 | (227.2 | ) | 6.6 | |||||||||||||||||||
Net amount recognized | $ | 2,981.70 | $ | 3,102.30 | $ | 138 | $ | 129 | ||||||||||||||||
The unrecognized net actuarial loss and unrecognized prior service cost (benefit) have not yet been recognized in net periodic pension costs and are included in accumulated other comprehensive loss at December 31, 2014. | ||||||||||||||||||||||||
A change to our U.S. retiree health benefit plan was approved in 2014 and communicated to retirees in January 2015. Beginning in 2016, Medicare-eligible retirees and Medicare-eligible dependents will choose health care coverage from insurance providers through a private Medicare supplement marketplace, while still receiving financial support from Lilly. This change decreased our retiree health benefit obligation and increased our unrecognized prior service benefit as of December 31, 2014 by $520.8 million. | ||||||||||||||||||||||||
During 2015, we expect the following components of accumulated other comprehensive loss to be recognized as components of net periodic benefit cost: | ||||||||||||||||||||||||
Defined Benefit | Retiree Health | |||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||
Unrecognized net actuarial loss | $ | 387.4 | $ | 37.9 | ||||||||||||||||||||
Unrecognized prior service (benefit) cost | 10.3 | (92.1 | ) | |||||||||||||||||||||
Total | $ | 397.7 | $ | (54.2 | ) | |||||||||||||||||||
We do not expect any plan assets to be returned to us in 2015. | ||||||||||||||||||||||||
The following represents our weighted-average assumptions as of December 31: | ||||||||||||||||||||||||
Defined Benefit | Retiree Health | |||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||
(Percents) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Discount rate for benefit obligation | 4 | 4.9 | 4.3 | 4.1 | 5 | 4.3 | ||||||||||||||||||
Discount rate for net benefit costs | 4.9 | 4.3 | 5 | 5 | 4.3 | 5.1 | ||||||||||||||||||
Rate of compensation increase for benefit obligation | 3.4 | 3.4 | 3.4 | |||||||||||||||||||||
Rate of compensation increase for net benefit costs | 3.4 | 3.4 | 3.7 | |||||||||||||||||||||
Expected return on plan assets for net benefit costs | 8.1 | 8.4 | 8.4 | 8.5 | 8.8 | 8.8 | ||||||||||||||||||
We annually evaluate the expected return on plan assets in our defined benefit pension and retiree health benefit plans. In evaluating the expected rate of return, we consider many factors, with a primary analysis of current and projected market conditions; asset returns and asset allocations; and the views of leading financial advisers and economists. We may also review our historical assumptions compared with actual results, as well as the assumptions and trend rates utilized by similar plans, where applicable. Health-care-cost trend rates are assumed to increase at an annual rate of 6.4 percent for the year ended December 31, 2015, decreasing by approximately 0.2 percent per year to an ultimate rate of 5.0 percent by 2023. | ||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows: | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020-2024 | |||||||||||||||||||
Defined benefit pension plans | $ | 428.7 | $ | 439.3 | $ | 452.3 | $ | 467.9 | $ | 487.7 | $ | 2,783.60 | ||||||||||||
Retiree health benefit plans-gross | $ | 91.6 | $ | 75.6 | $ | 77.2 | $ | 79.3 | $ | 81.2 | $ | 430.3 | ||||||||||||
Medicare rebates | (6.5 | ) | (2.1 | ) | (0.7 | ) | (0.7 | ) | (0.8 | ) | (4.9 | ) | ||||||||||||
Retiree health benefit plans-net | $ | 85.1 | $ | 73.5 | $ | 76.5 | $ | 78.6 | $ | 80.4 | $ | 425.4 | ||||||||||||
Amounts relating to defined benefit plans with projected benefit obligations in excess of plan assets were as follows at December 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 10,537.20 | $ | 1,773.60 | ||||||||||||||||||||
Fair value of plan assets | 8,149.20 | 395.4 | ||||||||||||||||||||||
Amounts relating to defined benefit plans with accumulated benefit obligations in excess of plan assets were as follows at December 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Accumulated benefit obligation | $ | 2,179.80 | $ | 1,384.60 | ||||||||||||||||||||
Fair value of plan assets | 700.9 | 181.8 | ||||||||||||||||||||||
The total accumulated benefit obligation for our defined benefit pension plans was $10.88 billion and $9.13 billion at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Net pension and retiree health benefit expense included the following components: | ||||||||||||||||||||||||
Defined Benefit | Retiree Health | |||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 240.9 | $ | 287.1 | $ | 253.1 | $ | 33 | $ | 49.9 | $ | 63.3 | ||||||||||||
Interest cost | 472.6 | 437.2 | 455.1 | 85.6 | 98.1 | 114.9 | ||||||||||||||||||
Expected return on plan assets | (756.6 | ) | (701.9 | ) | (684.8 | ) | (146.4 | ) | (130.7 | ) | (127.2 | ) | ||||||||||||
Amortization of prior service (benefit) cost | 3.6 | 3.7 | 4.2 | (37.6 | ) | (35.6 | ) | (39.8 | ) | |||||||||||||||
Recognized actuarial loss | 282.3 | 414.7 | 285.7 | 20.7 | 100.5 | 98.4 | ||||||||||||||||||
Net periodic benefit cost | $ | 242.8 | $ | 440.8 | $ | 313.3 | $ | (44.7 | ) | $ | 82.2 | $ | 109.6 | |||||||||||
If the healthcare-cost trend rates were to be increased by one percentage point, the December 31, 2014, accumulated postretirement benefit obligation would increase by $50.2 million and the aggregate of the service cost and interest cost components of the 2014 annual expense would increase by $7.8 million. A one percentage point decrease in these rates would decrease the December 31, 2014, accumulated postretirement benefit obligation by $52.7 million, and the aggregate of the 2014 service cost and interest cost by $6.6 million. | ||||||||||||||||||||||||
The following represents the amounts recognized in other comprehensive income (loss) for the year ended December 31, 2014: | ||||||||||||||||||||||||
Defined Benefit | Retiree Health | |||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||
Actuarial loss arising during period | $ | (1,939.3 | ) | $ | (282.9 | ) | ||||||||||||||||||
Plan amendments during period | 2.4 | 533.6 | ||||||||||||||||||||||
Amortization of prior service (benefit) cost included in net income | 3.6 | (37.6 | ) | |||||||||||||||||||||
Amortization of net actuarial loss included in net income | 282.3 | 20.7 | ||||||||||||||||||||||
Foreign currency exchange rate changes and other | 89.6 | — | ||||||||||||||||||||||
Total other comprehensive income during period | $ | (1,561.4 | ) | $ | 233.8 | |||||||||||||||||||
We have defined contribution savings plans that cover our eligible employees worldwide. The purpose of these plans is generally to provide additional financial security during retirement by providing employees with an incentive to save. Our contributions to the plans are based on employee contributions and the level of our match. Expenses under the plans totaled $153.3 million, $147.7 million, and $136.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||
We provide certain other postemployment benefits primarily related to disability benefits and accrue for the related cost over the service lives of employees. Expenses associated with these benefit plans for the years ended December 31, 2014, 2013, and 2012 were not material. | ||||||||||||||||||||||||
Benefit Plan Investments | ||||||||||||||||||||||||
Our benefit plan investment policies are set with specific consideration of return and risk requirements in relationship to the respective liabilities. U.S. and Puerto Rico plans represent approximately 80 percent of our global investments. Given the long-term nature of our liabilities, these plans have the flexibility to manage an above-average degree of risk in the asset portfolios. At the investment-policy level, there are no specifically prohibited investments. However, within individual investment manager mandates, restrictions and limitations are contractually set to align with our investment objectives, ensure risk control, and limit concentrations. | ||||||||||||||||||||||||
We manage our portfolio to minimize concentration of risk by allocating funds within asset categories. In addition, within a category we use different managers with various management objectives to eliminate any significant concentration of risk. | ||||||||||||||||||||||||
Our global benefit plans may enter into contractual arrangements (derivatives) to implement the local investment policy or manage particular portfolio risks. Derivatives are principally used to increase or decrease exposure to a particular public equity, fixed income, commodity, or currency market more rapidly or less expensively than could be accomplished through the use of the cash markets. The plans utilize both exchange-traded and over-the-counter instruments. The maximum exposure to either a market or counterparty credit loss is limited to the carrying value of the receivable, and is managed within contractual limits. We expect all of our counterparties to meet their obligations. The gross values of these derivative receivables and payables are not material to the global asset portfolio, and their values are reflected within the tables below. | ||||||||||||||||||||||||
The defined benefit pension and retiree health benefit plan allocation for the U.S. and Puerto Rico currently comprises approximately 85 percent growth investments and 15 percent fixed-income investments. The growth investment allocation encompasses U.S. and international public equity securities, hedge funds, private equity-like investments, and real estate. These portfolio allocations are intended to reduce overall risk by providing diversification, while seeking moderate to high returns over the long term. | ||||||||||||||||||||||||
Public equity securities are well diversified and invested in U.S. and international small-to-large companies across various asset managers and styles. The remaining portion of the growth portfolio is invested in private alternative investments. | ||||||||||||||||||||||||
Fixed-income investments primarily consist of fixed-income securities in U.S. treasuries and agencies, emerging market debt obligations, corporate bonds, mortgage-backed securities, and commercial mortgage-backed obligations. | ||||||||||||||||||||||||
Hedge funds are privately owned institutional investment funds that generally have moderate liquidity. Hedge funds seek specified levels of absolute return regardless of overall market conditions, and generally have low correlations to public equity and debt markets. Hedge funds often invest substantially in financial market instruments (stocks, bonds, commodities, currencies, derivatives, etc.) using a very broad range of trading activities to manage portfolio risks. Hedge fund strategies focus primarily on security selection and seek to be neutral with respect to market moves. Common groupings of hedge fund strategies include relative value, tactical, and event driven. Relative value strategies include arbitrage, when the same asset can simultaneously be bought and sold at different prices, achieving an immediate profit. Tactical strategies often take long and short positions to reduce or eliminate overall market risks while seeking a particular investment opportunity. Event strategy opportunities can evolve from specific company announcements such as mergers and acquisitions, and typically have little correlation to overall market directional movements. Our hedge fund investments are made through limited partnership interests primarily in fund-of-funds structures to ensure diversification across many strategies and many individual managers. Plan holdings in hedge funds are valued based on net asset values (NAVs) calculated by each fund or general partner, as applicable, and we have the ability to redeem these investments at NAV. | ||||||||||||||||||||||||
Private equity-like investment funds typically have low liquidity and are made through long-term partnerships or joint ventures that invest in pools of capital invested in primarily non-publicly traded entities. Underlying investments include venture capital (early stage investing), buyout, and special situation investing. Private equity management firms typically acquire and then reorganize private companies to create increased long term value. Private equity-like funds usually have a limited life of approximately 10-15 years, and require a minimum investment commitment from their limited partners. Our private investments are made both directly into funds and through fund-of-funds structures to ensure broad diversification of management styles and assets across the portfolio. Plan holdings in private equity-like investments are valued using the value reported by the partnership, adjusted for known cash flows and significant events through our reporting date. Values provided by the partnerships are primarily based on analysis of and judgments about the underlying investments. Inputs to these valuations include underlying NAVs, discounted cash flow valuations, comparable market valuations, and may also include adjustments for currency, credit, liquidity and other risks as applicable. The vast majority of these private partnerships provide us with annual audited financial statements including their compliance with fair valuation procedures consistent with applicable accounting standards. | ||||||||||||||||||||||||
Real estate is composed of both public and private holdings. Real estate investments in registered investment companies that trade on an exchange are classified as Level 1 on the fair value hierarchy. Real estate investments in funds measured at fair value on the basis of NAV provided by the fund manager are classified as Level 3. These NAVs are developed with inputs including discounted cash flow, independent appraisal, and market comparable analyses. | ||||||||||||||||||||||||
Other assets include cash and cash equivalents and mark-to-market value of derivatives. | ||||||||||||||||||||||||
The cash value of the trust-owned insurance contract is invested in investment-grade publicly traded equity and fixed-income securities. | ||||||||||||||||||||||||
Other than hedge funds, private equity-like investments, and real estate, which are discussed above, we determine fair values based on a market approach using quoted market values, significant other observable inputs for identical or comparable assets or liabilities, or discounted cash flow analyses. | ||||||||||||||||||||||||
The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2014 by asset category are as follows: | ||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Asset Class | Total | Quoted Prices in Active Markets for | Significant | Significant | ||||||||||||||||||||
Identical Assets | Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||||||
Public equity securities: | ||||||||||||||||||||||||
U.S. | $ | 411.4 | $ | 183.8 | $ | 227.6 | $ | — | ||||||||||||||||
International | 2,337.80 | 999.7 | 1,338.10 | — | ||||||||||||||||||||
Fixed income: | ||||||||||||||||||||||||
Developed markets | 1,230.70 | 112.2 | 1,118.50 | — | ||||||||||||||||||||
Emerging markets | 374.7 | 8.7 | 364.2 | 1.8 | ||||||||||||||||||||
Private alternative investments: | ||||||||||||||||||||||||
Hedge funds | 3,277.60 | — | 1,694.50 | 1,583.10 | ||||||||||||||||||||
Equity-like funds | 1,146.60 | — | 75.2 | 1,071.40 | ||||||||||||||||||||
Real estate | 569 | 403.1 | — | 165.9 | ||||||||||||||||||||
Other | 487.9 | 229.8 | 258.1 | — | ||||||||||||||||||||
Total | $ | 9,835.70 | $ | 1,937.30 | $ | 5,076.20 | $ | 2,822.20 | ||||||||||||||||
Retiree Health Benefit Plans | ||||||||||||||||||||||||
Public equity securities: | ||||||||||||||||||||||||
U.S. | $ | 39.2 | $ | 17.2 | $ | 22 | $ | — | ||||||||||||||||
International | 158.9 | 58.8 | 100.1 | — | ||||||||||||||||||||
Fixed income: | ||||||||||||||||||||||||
Developed markets | 61.8 | — | 61.8 | — | ||||||||||||||||||||
Emerging markets | 35.5 | — | 35.3 | 0.2 | ||||||||||||||||||||
Private alternative investments: | ||||||||||||||||||||||||
Hedge funds | 282.7 | — | 158.7 | 124 | ||||||||||||||||||||
Equity-like funds | 92.3 | — | — | 92.3 | ||||||||||||||||||||
Cash value of trust owned insurance contract | 1,189.20 | — | 1,189.20 | — | ||||||||||||||||||||
Real estate | 39 | 39 | — | — | ||||||||||||||||||||
Other | 20.1 | 7.6 | 12.5 | — | ||||||||||||||||||||
Total | $ | 1,918.70 | $ | 122.6 | $ | 1,579.60 | $ | 216.5 | ||||||||||||||||
No material transfers between Level 1, Level 2, or Level 3 occurred during the year ended December 31, 2014. | ||||||||||||||||||||||||
The activity in the Level 3 investments during the year ended December 31, 2014 was as follows: | ||||||||||||||||||||||||
Fixed Income: Developed Markets | Fixed Income: Emerging Markets | Hedge | Equity-like | Real | Total | |||||||||||||||||||
Funds | Funds | Estate | ||||||||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||||||
Beginning balance at January 1, 2014 | $ | 15.9 | $ | — | $ | 1,440.40 | $ | 993.5 | $ | 153.4 | $ | 2,603.20 | ||||||||||||
Actual return on plan assets, including changes in foreign exchange rates: | ||||||||||||||||||||||||
Relating to assets still held at the reporting date | (0.4 | ) | 0.1 | 44.6 | 108.2 | 0.2 | 152.7 | |||||||||||||||||
Relating to assets sold during the period | (0.8 | ) | — | — | — | — | (0.8 | ) | ||||||||||||||||
Purchases, sales, and settlements, net | (3.3 | ) | 1.7 | 98.1 | (30.3 | ) | 12.3 | 78.5 | ||||||||||||||||
Transfers into (out of) Level 3 | (11.4 | ) | — | — | — | — | (11.4 | ) | ||||||||||||||||
Ending balance at December 31, 2014 | $ | — | $ | 1.8 | $ | 1,583.10 | $ | 1,071.40 | $ | 165.9 | $ | 2,822.20 | ||||||||||||
Retiree Health Benefit Plans | ||||||||||||||||||||||||
Beginning balance at January 1, 2014 | $ | 1.6 | $ | — | $ | 120.6 | $ | 88.9 | $ | — | $ | 211.1 | ||||||||||||
Actual return on plan assets, including changes in foreign exchange rates: | ||||||||||||||||||||||||
Relating to assets still held at the reporting date | (0.1 | ) | — | 1.2 | 6 | — | 7.1 | |||||||||||||||||
Relating to assets sold during the period | (0.1 | ) | — | — | — | — | (0.1 | ) | ||||||||||||||||
Purchases, sales, and settlements, net | (0.3 | ) | 0.2 | 2.2 | (2.6 | ) | — | (0.5 | ) | |||||||||||||||
Transfers into (out of) Level 3 | (1.1 | ) | — | — | — | — | (1.1 | ) | ||||||||||||||||
Ending balance at December 31, 2014 | $ | — | $ | 0.2 | $ | 124 | $ | 92.3 | $ | — | $ | 216.5 | ||||||||||||
The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2013 by asset category are as follows: | ||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Asset Class | Total | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||||||
Public equity securities: | ||||||||||||||||||||||||
U.S. | $ | 400.3 | $ | 189.2 | $ | 211.1 | $ | — | ||||||||||||||||
International | 2,483.80 | 1,045.80 | 1,438.00 | — | ||||||||||||||||||||
Fixed income: | ||||||||||||||||||||||||
Developed markets | 1,036.10 | 170.2 | 850 | 15.9 | ||||||||||||||||||||
Emerging markets | 382.6 | — | 382.6 | — | ||||||||||||||||||||
Private alternative investments: | ||||||||||||||||||||||||
Hedge funds | 2,902.30 | — | 1,461.90 | 1,440.40 | ||||||||||||||||||||
Equity-like funds | 1,069.90 | — | 76.4 | 993.5 | ||||||||||||||||||||
Real estate | 521.4 | 368 | — | 153.4 | ||||||||||||||||||||
Other | 685.3 | 245.2 | 440.1 | — | ||||||||||||||||||||
Total | $ | 9,481.70 | $ | 2,018.40 | $ | 4,860.10 | $ | 2,603.20 | ||||||||||||||||
Retiree Health Benefit Plans | ||||||||||||||||||||||||
Public equity securities: | ||||||||||||||||||||||||
U.S. | $ | 39.4 | $ | 18.3 | $ | 21.1 | $ | — | ||||||||||||||||
International | 167.2 | 61.6 | 105.6 | — | ||||||||||||||||||||
Fixed income: | ||||||||||||||||||||||||
Developed markets | 54.7 | — | 53.1 | 1.6 | ||||||||||||||||||||
Emerging markets | 38.2 | — | 38.2 | — | ||||||||||||||||||||
Private alternative investments: | ||||||||||||||||||||||||
Hedge funds | 266.4 | — | 145.8 | 120.6 | ||||||||||||||||||||
Equity-like funds | 88.9 | — | — | 88.9 | ||||||||||||||||||||
Cash value of trust owned insurance contract | 1,136.80 | — | 1,136.80 | — | ||||||||||||||||||||
Real estate | 36.7 | 36.7 | — | — | ||||||||||||||||||||
Other | 51.3 | 18 | 33.3 | — | ||||||||||||||||||||
Total | $ | 1,879.60 | $ | 134.6 | $ | 1,533.90 | $ | 211.1 | ||||||||||||||||
No material transfers between Level 1, Level 2, or Level 3 occurred during the year ended December 31, 2013. | ||||||||||||||||||||||||
The activity in the Level 3 investments during the year ended December 31, 2013 was as follows: | ||||||||||||||||||||||||
Fixed Income: Developed Markets | Hedge | Equity-like | Real | Total | ||||||||||||||||||||
Funds | Funds | Estate | ||||||||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||||||
Beginning balance at January 1, 2013 | $ | 3.7 | $ | 1,218.10 | $ | 910.5 | $ | 142.6 | $ | 2,274.90 | ||||||||||||||
Actual return on plan assets, including changes in foreign exchange rates: | ||||||||||||||||||||||||
Relating to assets still held at the reporting date | (3.0 | ) | 123.4 | 155.7 | 8.5 | 284.6 | ||||||||||||||||||
Relating to assets sold during the period | — | — | — | — | — | |||||||||||||||||||
Purchases, sales, and settlements, net | 3.7 | 98.9 | (72.7 | ) | 2.3 | 32.2 | ||||||||||||||||||
Transfers into (out of) Level 3 | 11.5 | — | — | — | 11.5 | |||||||||||||||||||
Ending balance at December 31, 2013 | $ | 15.9 | $ | 1,440.40 | $ | 993.5 | $ | 153.4 | $ | 2,603.20 | ||||||||||||||
Retiree Health Benefit Plans | ||||||||||||||||||||||||
Beginning balance at January 1, 2013 | $ | 0.4 | $ | 99.9 | $ | 81.9 | $ | — | $ | 182.2 | ||||||||||||||
Actual return on plan assets, including changes in foreign exchange rates: | ||||||||||||||||||||||||
Relating to assets still held at the reporting date | (0.3 | ) | 10.3 | 13.9 | — | 23.9 | ||||||||||||||||||
Relating to assets sold during the period | — | — | — | — | — | |||||||||||||||||||
Purchases, sales, and settlements, net | 0.4 | 10.4 | (6.9 | ) | — | 3.9 | ||||||||||||||||||
Transfers into (out of) Level 3 | 1.1 | — | — | — | 1.1 | |||||||||||||||||||
Ending balance at December 31, 2013 | $ | 1.6 | $ | 120.6 | $ | 88.9 | $ | — | $ | 211.1 | ||||||||||||||
In 2015, we expect to contribute approximately $40 million to our defined benefit pension plans to satisfy minimum funding requirements for the year, along with approximately $270 million of additional discretionary contributions. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Contingencies [Text Block] | Note 15: Contingencies |
We are a party to various legal actions and government investigations. The most significant of these are described below. It is not possible to determine the outcome of these matters, and we cannot reasonably estimate the maximum potential exposure or the range of possible loss in excess of amounts accrued for any of these matters; however, we believe that, except as noted below with respect to the Alimta® patent litigation and administrative proceedings, the resolution of all such matters will not have a material adverse effect on our consolidated financial position or liquidity, but could possibly be material to our consolidated results of operations in any one accounting period. | |
Alimta Patent Litigation and Administrative Proceedings | |
A number of generic manufacturers are seeking approvals in various countries to market generic forms of Alimta prior to the expiration of our vitamin dosage regimen patents, alleging that those patents are invalid, not infringed, or both. We believe our Alimta vitamin dosage patents are valid and enforceable against these generic manufacturers and we expect to prevail in these proceedings. However, it is not possible to determine the ultimate outcome of the proceedings, and accordingly, we can provide no assurance that we will prevail. An unfavorable outcome could have a material adverse impact on our future consolidated results of operations, liquidity, and financial position. We expect that a loss of exclusivity for Alimta would result in a rapid and severe decline in future revenues in the relevant market. | |
U.S. Patent Litigation | |
We are engaged in various U.S. patent litigation matters involving Alimta brought pursuant to procedures set out in the Hatch-Waxman Act. Teva Parenteral Medicines, Inc. (Teva); APP Pharmaceuticals, LLC (APP); Barr Laboratories, Inc. (Barr); Pliva Hrvatska D.O.O. (Pliva); Accord Healthcare Inc. (Accord), Apotex Inc. (Apotex), Sun Pharmaceutical Industries, Ltd. (Sun); Sun Pharma Global FZE (Sun Global); and Glenmark Generics Inc., USA (Glenmark), Nang Kuang Pharmaceutical Co., Ltd. (Nang Kuang), and Sandoz Inc. (Sandoz) each submitted Abbreviated New Drug Applications (ANDAs) seeking approval to market generic versions of Alimta prior to the expiration of our vitamin dosage regimen patent (expiring in 2021 plus pediatric exclusivity expiring in 2022) and alleging the patent is invalid. | |
In October 2010, we filed a lawsuit in the U.S. District Court for the Southern District of Indiana against Teva, APP, Pliva, and Barr seeking rulings that the U.S. vitamin dosage regimen patent is valid and infringed (the Teva/APP litigation). Teva and APP stipulated to infringement of our vitamin dosage regimen patent, with the contingency that Teva and APP would be permitted to litigate the issue of infringement if the U.S. Supreme Court vacated an en banc decision of the Federal Circuit that dealt with the issues of liability related to infringement (Akamai v. Limelight Networks). Thus, the sole issue before the district court was to determine the issue of patent validity. | |
Trial in the Teva/APP litigation occurred in August 2013. In March 2014, the court ruled that the asserted claims of the vitamin dosage patent are valid. The defendants filed their notice of appeal in April 2014. | |
In June 2014, the U.S. Supreme Court vacated the Akamai decision. In July 2014, the court of appeals in the Teva/APP litigation entered an order remanding the case back to the district court to consider the issue of infringement. A hearing on the question of infringement has been scheduled for February 2015. | |
In January 2012 and April 2012, we filed similar lawsuits in the U.S. District Court for the Southern District of Indiana against Accord and Apotex, respectively. We filed a second lawsuit against Accord in February 2013. The Accord and Apotex cases have been consolidated and stayed by the court and the parties have agreed to be bound by the outcome of the Teva/APP litigation. In September 2013, we filed a similar lawsuit in the same court against Sun and Sun Global seeking a ruling that our patent is valid and infringed. This case has been stayed, and we and Sun have agreed to be bound by the outcome of the Teva/APP litigation. In January 2014, we filed a similar lawsuit in the same court against Glenmark seeking a ruling that our patent is valid and infringed. That case was amended in March 2014 to add two related Glenmark companies. This case has been stayed, and Lilly and Glenmark have agreed to be bound by the outcome of the Teva/APP litigation. In October 2014, we filed a lawsuit against Nang Kuang in the same court, seeking a ruling that our patents are valid and infringed. In December 2014, Lilly filed a lawsuit against Sandoz in the same court, seeking a ruling that our patent is valid and infringed. | |
European Patent Litigation and Administrative Proceedings | |
Generic manufacturers filed an opposition to the European Patent Office's decision to grant us a vitamin dosage regimen patent. The Opposition Division of the European Patent Office upheld the patent and the generic manufacturers lodged an appeal. In addition, in the United Kingdom (U.K.), Actavis Group ehf and other Actavis companies filed litigation asking for a declaratory judgment that commercialization of certain salt forms of pemetrexed (the active ingredient in Alimta) would not infringe the vitamin dosage regimen patents in the U.K., Italy, France, and Spain. This trial occurred in April 2014. In May 2014, the court ruled that the vitamin dosage patents for Alimta would not be infringed by the defendants' commercialization of alternative salt forms of pemetrexed, after expiration of the compound patents in December 2015. We filed a motion to appeal the court's ruling in June 2014, and a hearing is scheduled to occur in March 2015. | |
We commenced separate infringement proceedings against certain Actavis companies in Germany. The German case was heard by the trial court in March 2014. In April 2014, the German trial court ruled in our favor. The defendants filed their notice of appeal in May 2014, and a hearing is scheduled to occur in March 2015. | |
Japanese Administrative Proceedings | |
Sawai Pharmaceutical Company Limited, has filed a demand for invalidation of our vitamin dosage regimen patents with the Japanese Patent Office. A hearing date has been scheduled for February 2015. | |
Effient Patent Litigation and Administrative Proceedings | |
We, along with Daiichi Sankyo, Daiichi Sankyo, Inc., and Ube Industries (Ube) are engaged in various U.S. patent litigation matters involving Effient brought pursuant to procedures set out in the Hatch-Waxman Act. Accord Healthcare Inc., USA (Accord USA); Amneal Pharmaceuticals LLC (Amneal); Apotex; Aurobindo Pharma Limited (Aurobindo); Dr. Reddy’s Laboratories, Ltd. and Dr. Reddy’s Laboratories, Inc. (Dr. Reddy’s); First Time US Generics LLC (FTUG); Glenmark; Hetero USA Inc. and Hetero Labs Limited Unit V (Hetero); Mylan Pharmaceuticals Inc. (Mylan); Panacea Biotec, Ltd. (Panacea); Sun Global; Teva Pharmaceuticals USA, Inc. (Teva USA); Watson Laboratories, Inc. (Watson); and Zydus Pharmaceuticals USA, Inc. (Zydus) each submitted ANDAs seeking approval to market generic versions of Effient prior to the expiration of Daiichi Sankyo’s and Ube’s patents (expiring in 2022) covering methods of using Effient with aspirin, and alleging the patents are invalid. The ANDA filed by Mylan also alleges that the compound patent for Effient (expiring in 2017) is invalid. | |
In March 2014, we filed a lawsuit in the U.S. District Court for the Southern District of Indiana against Accord USA, Amneal, Aurobindo, Dr. Reddy’s, Glenmark, Hetero, Mylan, Sun Global, Teva USA, Watson and Zydus, and their related companies, seeking a ruling that the patents are valid and infringed. We filed similar lawsuits in the same court against Apotex (April 2014), Panacea (June 2014), and FTUG (July 2014). In October 2014, the court consolidated the pending cases. The lawsuits against Aurobindo, Hetero, and FTUG have been stayed, and the parties have agreed to be bound by the outcome of the consolidated litigation. | |
We believe the Effient patents are valid and enforceable against these generic manufacturers and we expect to prevail in these proceedings. However, it is not possible to determine the outcome of the proceedings, and accordingly, we can provide no assurance that we will prevail. We expect a loss of exclusivity for Effient would result in a rapid and severe decline in future revenues for the product in the relevant market. | |
Actos® Product Liability Litigation | |
We are named along with Takeda Chemical Industries, Ltd., and Takeda affiliates (collectively, Takeda) as a defendant in approximately 5,275 product liability cases in the U.S. related to the diabetes medication Actos, which we co-promoted with Takeda in the U.S. from 1999 until September 2006. In general, plaintiffs in these actions allege that Actos caused or contributed to their bladder cancer. Almost all of the active cases have been consolidated in federal multi-district litigation in the Western District of Louisiana or are pending in a coordinated state court proceeding in California or a coordinated state court proceeding in Illinois. We believe these lawsuits are without merit, and we and Takeda are prepared to defend against them vigorously. | |
In April 2014, a jury in the Western District of Louisiana found in favor of the plaintiffs in the case of Terrence Allen, et al. v. Takeda Pharmaceuticals, et al., no. 6:12-md-00064. In September 2014, judgment was entered awarding $1.3 million in compensatory damages to plaintiffs (allocated 75 percent to Takeda and 25 percent to us) and punitive damages of $6.00 billion against Takeda and $3.00 billion against us. In October 2014, the judge issued an order substantially reducing the amount of punitive damages awarded to approximately $28 million against Takeda and approximately $9 million against us. We continue to believe the evidence did not support plaintiffs’ claims and strongly disagree with the verdict. We and Takeda intend to vigorously challenge this outcome through all available legal means. We and Takeda have appealed this judgment and plaintiffs have filed a cross-appeal objecting to the reduction in punitive damages. | |
Our agreement with Takeda calls for Takeda to defend and indemnify us against our losses and expenses with respect to the U.S. product liability litigation and other related expenses in accordance with the terms of the agreement. After the jury reached its verdict in Allen, Takeda notified us that it was reserving its right to challenge its obligations to defend and indemnify us with respect to the Allen case. We believe we are entitled to full indemnification of our losses and expenses in Allen and all other U.S. cases; however, there can be no guarantee we will ultimately be successful in obtaining full indemnification. | |
We are also named along with Takeda as a defendant in three purported product liability class actions in Canada related to Actos, including one in Ontario (Casseres et al. v. Takeda Pharmaceutical North America, Inc., et al.), one in Quebec (Whyte et al. v. Eli Lilly et al.), and one in Alberta (Epp v. Takeda Canada et al.). We promoted Actos in Canada until 2009. We believe these claims are without merit and are prepared to defend against them vigorously. | |
Byetta Product Liability Litigation | |
We are named as a defendant in approximately 415 Byetta product liability lawsuits involving approximately 920 plaintiffs. Approximately 95 of these lawsuits, covering about 540 plaintiffs, are filed in California state court and coordinated in a Los Angeles Superior Court. Approximately 310 lawsuits, covering about 350 plaintiffs, are filed in federal court, the majority of which are coordinated in a multi-district litigation in the Southern District of California. The remaining approximately 10 lawsuits, representing about 30 plaintiffs, are in various state courts. Approximately 350 of the lawsuits, involving approximately 540 plaintiffs, contain allegations that Byetta caused or contributed to the plaintiffs' cancer (primarily pancreatic cancer or thyroid cancer). We are aware of approximately 395 additional claimants who have not yet filed suit. The majority of these additional claims allege damages for pancreatitis. We believe these lawsuits and claims are without merit and are prepared to defend against them vigorously. | |
Prozac® Product Liability Litigation | |
We are named as a defendant in approximately 10 U.S. lawsuits primarily related to allegations that the antidepressant Prozac caused or contributed to birth defects in the children of women who ingested the drug during pregnancy. We are aware of approximately 470 additional claims related to birth defects, which have not yet been filed. We believe these lawsuits and claims are without merit and are prepared to defend against them vigorously. | |
Brazil–Employee Litigation | |
Our subsidiary in Brazil, Eli Lilly do Brasil (Lilly Brasil), is named in a lawsuit brought by the Labor Attorney for 15th Region in the Labor Court of Paulinia, State of Sao Paulo, Brazil, alleging possible harm to employees and former employees caused by exposure to heavy metals at a former Lilly manufacturing facility in Cosmopolis, Brazil, operated by the company between 1977 and 2003. The plaintiffs allege that some employees at the facility were exposed to benzene and heavy metals; however, Lilly Brasil maintains that these alleged contaminants were never used in the facility. In May 2014, the labor court judge ruled against Lilly Brasil. The judge's ruling orders Lilly Brasil to undertake several actions of unspecified financial impact, including paying lifetime medical insurance for the employees and contractors who worked at the Cosmopolis facility more than six months during the affected years and their children born during and after this period. While we cannot currently estimate the range of reasonably possible financial losses that could arise in the event we do not ultimately prevail in the litigation, the judge has estimated the total financial impact of the ruling to be approximately 1.0 billion Brazilian real (approximately $375 million as of December 31, 2014) plus interest. We strongly disagree with the decision and filed an appeal in May 2014. We are also named in approximately 30 lawsuits filed in the same court by individual former employees making similar claims. We believe these lawsuits are without merit and are prepared to defend against them vigorously. | |
Product Liability Insurance | |
Because of the nature of pharmaceutical products, it is possible that we could become subject to large numbers of product liability and related claims in the future. Due to a very restrictive market for product liability insurance, we are self-insured for product liability losses for all our currently marketed products. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||||||||||||||||
Comprehensive Income (Loss) [Text Block] | Note 16: Other Comprehensive Income (Loss) | |||||||||||||||||||
The following table summarizes the activity related to each component of other comprehensive income (loss): | ||||||||||||||||||||
(Amounts presented net of taxes) | Foreign Currency Translation Gains (Losses) | Unrealized Net Gains (Losses) on Securities | Defined Benefit Pension and Retiree Health Benefit Plans | Effective Portion of Cash Flow Hedges | Accumulated Other Comprehensive Loss | |||||||||||||||
Beginning balance at January 1, 2012 | $ | 265.9 | $ | 14.8 | $ | (4,032.2 | ) | $ | (107.1 | ) | $ | (3,858.6 | ) | |||||||
Unrealized gain (loss) | 104.1 | — | ||||||||||||||||||
Net amount reclassed to net income | (46.4 | ) | 5.9 | |||||||||||||||||
Net other comprehensive income (loss) | 160.9 | 57.7 | (163.0 | ) | 5.9 | 61.5 | ||||||||||||||
Balance at December 31, 2012 | 426.8 | 72.5 | (4,195.2 | ) | (101.2 | ) | (3,797.1 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications | 36.2 | 138.9 | 1,387.10 | (86.5 | ) | 1,475.70 | ||||||||||||||
Net amount reclassified from accumulated other comprehensive loss | — | (6.2 | ) | 319 | 5.9 | 318.7 | ||||||||||||||
Net other comprehensive income (loss) | 36.2 | 132.7 | 1,706.10 | (80.6 | ) | 1,794.40 | ||||||||||||||
Balance at December 31, 2013 | 463 | 205.2 | (2,489.1 | ) | (181.8 | ) | (2,002.7 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications | (961.4 | ) | 105.2 | (1,098.5 | ) | (15.2 | ) | (1,969.9 | ) | |||||||||||
Net amount reclassified from accumulated other comprehensive loss | — | (210.7 | ) | 185.6 | 5.9 | (19.2 | ) | |||||||||||||
Net other comprehensive income (loss) | (961.4 | ) | (105.5 | ) | (912.9 | ) | (9.3 | ) | (1,989.1 | ) | ||||||||||
Ending Balance at December 31, 2014 | $ | (498.4 | ) | $ | 99.7 | $ | (3,402.0 | ) | $ | (191.1 | ) | $ | (3,991.8 | ) | ||||||
The tax effects on the net activity related to each component of other comprehensive income (loss) for the years ended December 31, were as follows: | ||||||||||||||||||||
Tax (expense) benefit | 2014 | 2013 | 2012 | |||||||||||||||||
Unrealized net gains (losses) on securities | $ | 56.7 | $ | (71.6 | ) | $ | (30.8 | ) | ||||||||||||
Defined benefit pension and retiree health benefit plans | 414.7 | (886.1 | ) | (34.4 | ) | |||||||||||||||
Effective portion of cash flow hedges | 5.2 | 43.2 | (2.8 | ) | ||||||||||||||||
Provision for income taxes related to other comprehensive income (loss) items | $ | 476.6 | $ | (914.5 | ) | $ | (68.0 | ) | ||||||||||||
Income taxes were not provided for foreign currency translation. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders' equity rather than in income. | ||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Details about Accumulated Other | Year Ended December 31, | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||
Comprehensive Loss Components | 2014 | 2013 | ||||||||||||||||||
Amortization of defined benefit items: | ||||||||||||||||||||
Prior service benefits, net | $ | (34.0 | ) | $ | (31.9 | ) | (1) | |||||||||||||
Actuarial losses | 303 | 515.2 | (1) | |||||||||||||||||
Total before tax | 269 | 483.3 | ||||||||||||||||||
Tax benefit | (83.4 | ) | (164.3 | ) | Income taxes | |||||||||||||||
Net of tax | 185.6 | 319 | ||||||||||||||||||
Unrealized gains/losses on available-for-sale securities: | ||||||||||||||||||||
Realized gains, net | (324.1 | ) | (12.0 | ) | Other—net, (income) expense | |||||||||||||||
Impairment losses | — | 2.4 | Other—net, (income) expense | |||||||||||||||||
Total before tax | (324.1 | ) | (9.6 | ) | ||||||||||||||||
Tax expense | 113.4 | 3.4 | Income taxes | |||||||||||||||||
Net of tax | (210.7 | ) | (6.2 | ) | ||||||||||||||||
Other, net of tax | 5.9 | 5.9 | Other—net, (income) expense | |||||||||||||||||
Total reclassifications for the period (net of tax) | $ | (19.2 | ) | $ | 318.7 | |||||||||||||||
1 | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 14). |
OtherNet_Expense_Income
Other-Net, Expense (Income) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Nonoperating Income (Expense) [Abstract] | ||||||||||||
Other - Net, Expense (Income) [Text Block] | Note 17: Other–Net, (Income) Expense | |||||||||||
Other–net, (income) expense consisted of the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income related to termination of the exenatide collaboration with Amylin (Note 4) | $ | — | $ | (495.4 | ) | $ | (787.8 | ) | ||||
Interest expense | 148.8 | 160.1 | 177.8 | |||||||||
Interest income | (121.0 | ) | (119.7 | ) | (105.0 | ) | ||||||
Other (income) expense | (368.3 | ) | (63.9 | ) | 41 | |||||||
Other–net, (income) expense | $ | (340.5 | ) | $ | (518.9 | ) | $ | (674.0 | ) | |||
For the year ended December 31, 2014, other–net, (income) expense is primarily related to net gains on investments (Note 7) and income related to the transfer to Boehringer Ingelheim of our license rights to co-promote linagliptin and empagliflozin in certain countries (Note 4). For the years ended December 31, 2013 and 2012, other–net, (income) expense primarily consists of income related to the termination of the exenatide collaboration with Amylin, including income recognized from the transfer to Amylin of exenatide commercial rights in all markets outside the U.S. in 2013 and income recognized from the early payment of the exenatide revenue-sharing obligation by Amylin in 2012 (Note 4). |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Segment Reporting Disclosure [Text Block] | Note 18: Segment Information | ||||||||||||||
We operate in two business segments—human pharmaceutical products and animal health. Our business segments are distinguished by the ultimate end user of the product—humans or animals. Performance is evaluated based on profit or loss from operations before income taxes. The accounting policies of the individual segments are the same as those described in the summary of significant accounting policies in Note 1 to the consolidated financial statements. | |||||||||||||||
Our human pharmaceutical products segment includes the discovery, development, manufacturing, marketing, and sales of human pharmaceutical products worldwide in the following therapeutic areas: endocrinology, neuroscience, oncology, cardiovascular, and other. We lost U.S. patent exclusivity for Cymbalta® in December 2013 and Evista® in March 2014, which resulted in the immediate entry of generic competitors and a rapid and severe decline in revenue. | |||||||||||||||
Our animal health segment, operating through our Elanco animal health division, includes the development, manufacturing, marketing, and sales of animal health products worldwide for both food and companion animals. Animal health products include Rumensin®, Posilac®, Tylan®, Optaflexx®, Maxiban® and other products for livestock and poultry, as well as Trifexis®, Comfortis®, and other products for companion animals. | |||||||||||||||
Most of our pharmaceutical products are distributed through wholesalers that serve pharmacies, physicians and other health care professionals, and hospitals. For the years ended December 31, 2014, 2013, and 2012, our three largest wholesalers each accounted for between 8 percent and 19 percent of consolidated total revenue. Further, they each accounted for between 9 percent and 18 percent of accounts receivable as of December 31, 2014 and 2013. Animal health products are sold primarily to wholesale distributors. | |||||||||||||||
We manage our assets on a total company basis, not by operating segment, as the assets of the animal health business are intermixed with those of the pharmaceutical products business. Therefore, our chief operating decision maker does not review any asset information by operating segment and, accordingly, we do not report asset information by operating segment. | |||||||||||||||
We are exposed to the risk of changes in social, political, and economic conditions inherent in foreign operations, and our results of operations and the value of our foreign assets are affected by fluctuations in foreign currency exchange rates. | |||||||||||||||
The following table summarizes our revenue activity for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Segment revenue—to unaffiliated customers: | |||||||||||||||
Human pharmaceutical products: | |||||||||||||||
Endocrinology: | |||||||||||||||
Humalog® | $ | 2,785.20 | $ | 2,611.20 | $ | 2,395.50 | |||||||||
Humulin® | 1,400.10 | 1,315.80 | 1,239.10 | ||||||||||||
Forteo® | 1,322.00 | 1,244.90 | 1,151.00 | ||||||||||||
Evista | 419.8 | 1,050.40 | 1,010.10 | ||||||||||||
Trajenta | 328.8 | 249.2 | 88.6 | ||||||||||||
Other Endocrinology | 683.1 | 832.9 | 926.6 | ||||||||||||
Total Endocrinology | 6,939.00 | 7,304.40 | 6,810.90 | ||||||||||||
Neuroscience: | |||||||||||||||
Cymbalta | 1,614.70 | 5,084.40 | 4,994.10 | ||||||||||||
Zyprexa® | 1,037.30 | 1,194.80 | 1,701.40 | ||||||||||||
Strattera® | 738.5 | 709.2 | 621.4 | ||||||||||||
Other Neuroscience | 206 | 227.8 | 258.2 | ||||||||||||
Total Neuroscience | 3,596.50 | 7,216.20 | 7,575.10 | ||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Oncology: | |||||||||||||||
Alimta | 2,792.00 | 2,703.00 | 2,594.30 | ||||||||||||
Erbitux | 373.3 | 373.7 | 397 | ||||||||||||
Other Oncology | 227.7 | 191.8 | 290.3 | ||||||||||||
Total Oncology | 3,393.00 | 3,268.50 | 3,281.60 | ||||||||||||
Cardiovascular: | |||||||||||||||
Cialis® | 2,291.00 | 2,159.40 | 1,926.80 | ||||||||||||
Effient | 522.2 | 508.7 | 457.2 | ||||||||||||
Other Cardiovascular | 240.3 | 255.1 | 248.5 | ||||||||||||
Total Cardiovascular | 3,053.50 | 2,923.20 | 2,632.50 | ||||||||||||
Other pharmaceuticals | 287 | 249.3 | 266.8 | ||||||||||||
Total human pharmaceutical products | 17,269.00 | 20,961.60 | 20,566.90 | ||||||||||||
Animal health | 2,346.60 | 2,151.50 | 2,036.50 | ||||||||||||
Total segment revenue | $ | 19,615.60 | $ | 23,113.10 | $ | 22,603.40 | |||||||||
Segment profits(1): | |||||||||||||||
Human pharmaceutical products | $ | 3,132.00 | $ | 5,015.00 | $ | 4,393.40 | |||||||||
Animal health | 564.2 | 556.6 | 508.1 | ||||||||||||
Total segment profits | $ | 3,696.20 | $ | 5,571.60 | $ | 4,901.50 | |||||||||
Reconciliation of total segment profits to consolidated income before taxes: | |||||||||||||||
Segment profits | $ | 3,696.20 | $ | 5,571.60 | $ | 4,901.50 | |||||||||
Other profits (losses): | |||||||||||||||
Income related to termination of the exenatide collaboration with Amylin Pharmaceuticals, Inc. (Note 4) | — | 495.4 | 787.8 | ||||||||||||
Income related to transfer of linagliptin and empagliflozin rights in certain countries to Boehringer Ingelheim (Note 4) | 92 | — | — | ||||||||||||
Acquired in-process research and development (Notes 3 and 4) | (200.2 | ) | (57.1 | ) | — | ||||||||||
Asset impairment, restructuring, and other special charges (Note 5) | (468.7 | ) | (120.6 | ) | (281.1 | ) | |||||||||
U.S. Branded Prescription Drug Fee | (119.0 | ) | — | — | |||||||||||
Total consolidated income before taxes | $ | 3,000.30 | $ | 5,889.30 | $ | 5,408.20 | |||||||||
1 | Human pharmaceutical products segment profit includes total depreciation and amortization expense of $1.27 billion, $1.35 billion, and $1.37 billion for the years ended December 31, 2014, 2013, and 2012, respectively. Animal health segment profit includes total depreciation and amortization expense of $111.5 million, $99.4 million, and $91.1 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||
For internal management reporting presented to the chief operating decision maker, certain costs are fully allocated to our human pharmaceutical products segment and therefore are not reflected in the animal health segment's profit. Such items include costs associated with treasury-related financing, global administrative services, certain acquisition-related transaction costs, and certain manufacturing costs. | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Geographic Information | |||||||||||||||
Revenue—to unaffiliated customers(1): | |||||||||||||||
United States | $ | 9,134.10 | $ | 12,889.70 | $ | 12,313.10 | |||||||||
Europe | 4,506.70 | 4,338.40 | 4,259.70 | ||||||||||||
Japan | 2,027.10 | 2,063.80 | 2,246.20 | ||||||||||||
Other foreign countries | 3,947.70 | 3,821.20 | 3,784.40 | ||||||||||||
Revenue | $ | 19,615.60 | $ | 23,113.10 | $ | 22,603.40 | |||||||||
Long-lived assets(2): | |||||||||||||||
United States | $ | 4,566.20 | $ | 4,649.60 | $ | 5,064.70 | |||||||||
Europe | 2,401.50 | 2,469.70 | 2,281.10 | ||||||||||||
Japan | 80.4 | 81.1 | 101.5 | ||||||||||||
Other foreign countries | 1,499.10 | 1,540.90 | 1,543.20 | ||||||||||||
Long-lived assets | $ | 8,547.20 | $ | 8,741.30 | $ | 8,990.50 | |||||||||
1 | Revenue is attributed to the countries based on the location of the customer. | ||||||||||||||
2 | Long-lived assets consist of property and equipment and certain sundry assets. |
Selected_Quarterly_Data_Notes
Selected Quarterly Data (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | Note 19: Selected Quarterly Data (unaudited) | ||||||||||||||||
2014 | Fourth | Third | Second | First | |||||||||||||
Revenue | $ | 5,121.30 | $ | 4,875.60 | $ | 4,935.60 | $ | 4,683.10 | |||||||||
Cost of sales | 1,253.10 | 1,267.00 | 1,189.70 | 1,222.70 | |||||||||||||
Operating expenses(1) | 2,985.60 | 2,915.30 | 2,859.30 | 2,594.20 | |||||||||||||
Acquired IPR&D | 105.2 | 95 | — | — | |||||||||||||
Asset impairment, restructuring, and other special charges | 401 | 36.3 | — | 31.4 | |||||||||||||
Other—net, (income) expense | (137.2 | ) | (93.5 | ) | (53.8 | ) | (56.0 | ) | |||||||||
Income before income taxes | 513.6 | 655.5 | 940.4 | 890.8 | |||||||||||||
Net income | 428.5 | 500.6 | 733.5 | 727.9 | |||||||||||||
Earnings per share—basic | 0.4 | 0.47 | 0.68 | 0.68 | |||||||||||||
Earnings per share—diluted | 0.4 | 0.47 | 0.68 | 0.68 | |||||||||||||
Dividends paid per share | 0.49 | 0.49 | 0.49 | 0.49 | |||||||||||||
Common stock closing prices: | |||||||||||||||||
High | 72.83 | 66.59 | 63.1 | 59.85 | |||||||||||||
Low | 61.9 | 60.35 | 58.21 | 50.73 | |||||||||||||
2013 | Fourth | Third | Second | First | |||||||||||||
Revenue | $ | 5,808.80 | $ | 5,772.60 | $ | 5,929.70 | $ | 5,602.00 | |||||||||
Cost of sales | 1,386.50 | 1,198.10 | 1,165.20 | 1,158.30 | |||||||||||||
Operating expenses(1) | 3,429.00 | 3,029.80 | 3,198.00 | 3,000.10 | |||||||||||||
Acquired IPR&D | 57.1 | — | — | — | |||||||||||||
Asset impairment, restructuring, and other special charges | 35.4 | — | 63.5 | 21.7 | |||||||||||||
Other—net, (income) expense | (9.1 | ) | 31.3 | (11.9 | ) | (529.2 | ) | ||||||||||
Income before income taxes | 909.9 | 1,513.40 | 1,514.90 | 1,951.10 | |||||||||||||
Net income | 727.5 | 1,203.10 | 1,206.20 | 1,548.00 | |||||||||||||
Earnings per share—basic | 0.68 | 1.11 | 1.12 | 1.42 | |||||||||||||
Earnings per share—diluted | 0.67 | 1.11 | 1.11 | 1.42 | |||||||||||||
Dividends paid per share | 0.49 | 0.49 | 0.49 | 0.49 | |||||||||||||
Common stock closing prices: | |||||||||||||||||
High | 51.34 | 54.96 | 58.33 | 56.79 | |||||||||||||
Low | 47.65 | 49.92 | 49.06 | 49.51 | |||||||||||||
1 Includes research and development, marketing, selling, and administrative expenses | |||||||||||||||||
Our common stock is listed on the New York Stock Exchange (NYSE), NYSE Euronext, and SIX Swiss Exchange. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents | |
We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value. | ||
Inventory, Policy [Policy Text Block] | Inventories | |
We state all inventories at the lower of cost or market. We use the last-in, first-out (LIFO) method for the majority of our inventories located in the continental United States (U.S.). Other inventories are valued by the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost. | ||
Investment, Policy [Policy Text Block] | Investments | |
Substantially all of our investments in debt and marketable equity securities are classified as available-for-sale. Investment securities with maturity dates of less than one year from the date of the balance sheet are classified as short-term. Available-for-sale securities are carried at fair value with the unrealized gains and losses, net of tax, reported in other comprehensive income (loss). The credit portion of unrealized losses on our debt securities considered to be other-than-temporary is recognized in earnings. The remaining portion of the other-than-temporary impairment on our debt securities is then recorded, net of tax, in other comprehensive income (loss). The entire amount of other-than-temporary impairment on our equity securities is recognized in earnings. We do not evaluate cost-method investments for impairment unless there is an indicator of impairment. We review these investments for indicators of impairment on a regular basis. Realized gains and losses on sales of available-for-sale securities are computed based upon specific identification of the initial cost adjusted for any other-than-temporary declines in fair value that were recorded in earnings. Investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method with our share of earnings or losses reported in other–net, (income) expense. We own no investments that are considered to be trading securities. | ||
Derivatives, Policy [Policy Text Block] | Risk-management instruments | |
Our derivative activities are initiated within the guidelines of documented corporate risk-management policies and offset losses and gains on the assets, liabilities, and transactions being hedged. Management reviews the correlation and effectiveness of our derivatives on a quarterly basis. | ||
For derivative contracts that are designated and qualify as fair value hedges, the derivative instrument is marked to market with gains and losses recognized currently in income to offset the respective losses and gains recognized on the underlying exposure. For derivative contracts that are designated and qualify as cash flow hedges, the effective portion of gains and losses on these contracts is reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period the hedged transaction affects earnings. Hedge ineffectiveness is immediately recognized in earnings. Derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in current earnings during the period of change. | ||
We may enter into foreign currency forward or option contracts to reduce the effect of fluctuating currency exchange rates (principally the euro, the British pound, and the Japanese yen). Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures. Forward and option contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies. These contracts are recorded at fair value with the gain or loss recognized in other–net, (income) expense. We may enter into foreign currency forward and option contracts and currency swaps as fair value hedges of firm commitments. Forward contracts generally have maturities not exceeding 12 months. | ||
In the normal course of business, our operations are exposed to fluctuations in interest rates which can vary the costs of financing, investing, and operating. We address a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. Our primary interest-rate risk exposure results from changes in short-term U.S. dollar interest rates. In an effort to manage interest-rate exposures, we strive to achieve an acceptable balance between fixed- and floating-rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance. | ||
Interest rate swaps or collars that convert our fixed-rate debt to a floating rate are designated as fair value hedges of the underlying instruments. Interest rate swaps or collars that convert floating-rate debt to a fixed rate are designated as cash flow hedges. Interest expense on the debt is adjusted to include the payments made or received under the swap agreements. Cash proceeds from or payments to counterparties resulting from the termination of interest rate swaps are classified as operating activities in our consolidated statement of cash flows. | ||
We may enter into forward contracts and designate them as cash flow hedges to limit the potential volatility of earnings and cash flow associated with forecasted sales of available-for-sale securities. | ||
Investments in debt securities are subject to different interest rate risks based on their maturities. We may manage the average maturity of our investments in debt securities to achieve economic returns using interest rate contracts, none of which are designated as hedging instruments. | ||
We may enter into forward-starting interest rate swaps, which we designate as cash flow hedges, as part of any anticipated future debt issuances in order to reduce the risk of cash flow volatility from future changes in interest rates. Upon completion of a debt issuance and termination of the swap, the change in fair value of these instruments is recorded as part of other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. | ||
Financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest-bearing investments. Wholesale distributors of life-science products account for a substantial portion of trade receivables; collateral is generally not required. The risk associated with this concentration is mitigated by our ongoing credit-review procedures and insurance. A large portion of our cash is held by a few major financial institutions. We monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations. Major financial institutions represent the largest component of our investments in corporate debt securities. In accordance with documented corporate policies, we monitor the amount of credit exposure to any one financial institution or corporate issuer. We are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings. | ||
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and other intangibles | |
Goodwill results from excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not amortized. | ||
Intangible assets with finite lives are capitalized and are amortized over their estimated useful lives, ranging from 3 to 20 years. | ||
The costs of in-process research and development (IPR&D) projects acquired directly in a transaction other than a business combination are capitalized if the projects have an alternative future use; otherwise, they are expensed immediately. The fair values of IPR&D projects acquired in business combinations are capitalized as other intangible assets. Several methods may be used to determine the estimated fair value of the IPR&D acquired in a business combination. We utilize the “income method,” which applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected revenues and estimated costs. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products, and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each project independently. These assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are tested for impairment and amortized over the remaining useful life or written off, as appropriate. For transactions other than a business combination, we also capitalize milestone payments incurred at or after the product has obtained regulatory approval for marketing and generally amortize those amounts over the remaining estimated useful life of the underlying asset. | ||
Goodwill and other indefinite-lived intangible assets are reviewed for impairment at least annually and when impairment indicators are present. When required, a comparison of fair value to the carrying amount of assets is performed to determine the amount of any impairment. When determining the fair value of indefinite-lived IPR&D assets for impairment testing purposes, we utilize the "income method" discussed in the previous paragraph. Finite-lived intangible assets are reviewed for impairment when an indicator of impairment is present. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment | |
Property and equipment is stated on the basis of cost. Provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives (12 to 50 years for buildings and 3 to 25 years for equipment). We review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Impairment is determined by comparing projected undiscounted cash flows to be generated by the asset to its carrying value. If an impairment is identified, a loss is recorded equal to the excess of the asset’s net book value over its fair value, and the cost basis is adjusted. | ||
Commitments and Contingencies, Policy [Policy Text Block] | Litigation and environmental liabilities | |
Litigation accruals, environmental liabilities, and the related estimated insurance recoverables are reflected on a gross basis as liabilities and assets, respectively, on our consolidated balance sheets. With respect to the product liability claims currently asserted against us, we have accrued for our estimated exposures to the extent they are both probable and reasonably estimable based on the information available to us. We accrue for certain product liability claims incurred but not filed to the extent we can formulate a reasonable estimate of their costs. We estimate these expenses based primarily on historical claims experience and data regarding product usage. Legal defense costs expected to be incurred in connection with significant product liability loss contingencies are accrued when both probable and reasonably estimable. Due to a very restrictive market for product liability insurance, we are self-insured for product liability losses for all our currently marketed products. | ||
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition | |
We recognize revenue from sales of products at the time title of goods passes to the buyer and the buyer assumes the risks and rewards of ownership. Provisions for returns, discounts, and rebates are established in the same period the related sales are recognized. | ||
In arrangements involving the delivery of more than one element (e.g., research and development, marketing and selling, manufacturing, and distribution), each required deliverable is evaluated to determine whether it qualifies as a separate unit of accounting. Our determination is based on whether the deliverable has "standalone value" to the customer. If a deliverable does not qualify as a separate unit of accounting, it is combined with the other applicable undelivered item(s) within the arrangement and these combined deliverables are treated as a single unit of accounting. The arrangement's consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. | ||
Initial fees we receive in collaborative and other similar arrangements from the partnering of our compounds under development are generally deferred and amortized into income through the expected product approval date. Initial fees may also be received for out-licensing agreements that include both an out-license of our marketing rights to commercialized products and a related commitment to supply the products. When we have determined that the marketing rights do not have standalone value, the initial fees received are generally deferred and amortized to income as net product sales over the term of the supply agreement. | ||
Royalty revenue from licensees, which is based on third-party sales of licensed products and technology, is recorded as earned in accordance with the contract terms when third-party sales can be reasonably measured and collection of the funds is reasonably assured. This royalty revenue is included in collaboration and other revenue. | ||
Profit-sharing due from our collaboration partners, which is based upon gross margins reported to us by our partners, is recognized as collaboration and other revenue as earned. | ||
Developmental milestone payments earned by us are generally recorded in other–net, (income) expense. We immediately recognize the full amount of developmental milestone payments due to us upon the achievement of the milestone event if the event is objectively determinable and the milestone is substantive in its entirety. A milestone is considered substantive if the consideration earned 1) relates solely to past performance, 2) is commensurate with the enhancement in the pharmaceutical product's value associated with the achievement of the important event in its development life cycle, and 3) is reasonable relative to all of the deliverables and payment terms within the arrangement. If a milestone payment to us is part of a multiple-element commercialization arrangement and is triggered by the initiation of the commercialization period (e.g., regulatory approval for marketing or launch of the product) or the achievement of a sales-based threshold, we amortize the payment to income as we perform under the terms of the arrangement. See Note 4 for specific agreement details. | ||
Research and Development Expense, Policy [Policy Text Block] | Research and development expenses and acquired IPR&D | |
Research and development expenses include the following: | ||
• | Research and development costs, which are expensed as incurred. | |
• | Milestone payment obligations incurred prior to regulatory approval of the product, which are accrued when the event requiring payment of the milestone occurs. | |
Acquired IPR&D expense includes the initial costs of IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use. | ||
Income Tax, Policy [Policy Text Block] | Income taxes | |
Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting based on enacted tax laws and rates. Federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the U.S. and be taxable. When foreign earnings are expected to be indefinitely reinvested outside the U.S., no accrual for U.S. income taxes is provided. | ||
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate resolution. | ||
Earnings Per Share, Policy [Policy Text Block] | Earnings per share | |
We calculate basic earnings per share (EPS) based on the weighted-average number of common shares outstanding and incremental shares. We calculate diluted EPS based on the weighted-average number of common shares outstanding, including incremental shares and dilutive stock options. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation | |
We recognize the fair value of stock-based compensation as expense over the requisite service period of the individual grantees, which generally equals the vesting period. Under our policy, all stock-based awards are approved prior to the date of grant. The compensation committee of the board of directors approves the value of the award and date of grant. Stock-based compensation that is awarded as part of our annual equity grant is made on a specific grant date scheduled in advance. |
Acquisitions_Acquisitions_Poli
Acquisitions Acquisitions (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Business Combinations Policy [Policy Text Block] | These acquisitions were accounted for as business combinations under the acquisition method of accounting. The assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated financial statements. The determination of estimated fair value required management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets, where applicable, has been recorded as goodwill. The results of operations of these acquisitions are included in our consolidated financial statements from the date of acquisition. |
Financial_Instruments_Policies
Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | Risk-management instruments |
Our derivative activities are initiated within the guidelines of documented corporate risk-management policies and offset losses and gains on the assets, liabilities, and transactions being hedged. Management reviews the correlation and effectiveness of our derivatives on a quarterly basis. | |
For derivative contracts that are designated and qualify as fair value hedges, the derivative instrument is marked to market with gains and losses recognized currently in income to offset the respective losses and gains recognized on the underlying exposure. For derivative contracts that are designated and qualify as cash flow hedges, the effective portion of gains and losses on these contracts is reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period the hedged transaction affects earnings. Hedge ineffectiveness is immediately recognized in earnings. Derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in current earnings during the period of change. | |
We may enter into foreign currency forward or option contracts to reduce the effect of fluctuating currency exchange rates (principally the euro, the British pound, and the Japanese yen). Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures. Forward and option contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies. These contracts are recorded at fair value with the gain or loss recognized in other–net, (income) expense. We may enter into foreign currency forward and option contracts and currency swaps as fair value hedges of firm commitments. Forward contracts generally have maturities not exceeding 12 months. | |
In the normal course of business, our operations are exposed to fluctuations in interest rates which can vary the costs of financing, investing, and operating. We address a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. Our primary interest-rate risk exposure results from changes in short-term U.S. dollar interest rates. In an effort to manage interest-rate exposures, we strive to achieve an acceptable balance between fixed- and floating-rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance. | |
Interest rate swaps or collars that convert our fixed-rate debt to a floating rate are designated as fair value hedges of the underlying instruments. Interest rate swaps or collars that convert floating-rate debt to a fixed rate are designated as cash flow hedges. Interest expense on the debt is adjusted to include the payments made or received under the swap agreements. Cash proceeds from or payments to counterparties resulting from the termination of interest rate swaps are classified as operating activities in our consolidated statement of cash flows. | |
We may enter into forward contracts and designate them as cash flow hedges to limit the potential volatility of earnings and cash flow associated with forecasted sales of available-for-sale securities. | |
Investments in debt securities are subject to different interest rate risks based on their maturities. We may manage the average maturity of our investments in debt securities to achieve economic returns using interest rate contracts, none of which are designated as hedging instruments. | |
We may enter into forward-starting interest rate swaps, which we designate as cash flow hedges, as part of any anticipated future debt issuances in order to reduce the risk of cash flow volatility from future changes in interest rates. Upon completion of a debt issuance and termination of the swap, the change in fair value of these instruments is recorded as part of other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. | |
Financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest-bearing investments. Wholesale distributors of life-science products account for a substantial portion of trade receivables; collateral is generally not required. The risk associated with this concentration is mitigated by our ongoing credit-review procedures and insurance. A large portion of our cash is held by a few major financial institutions. We monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations. Major financial institutions represent the largest component of our investments in corporate debt securities. In accordance with documented corporate policies, we monitor the amount of credit exposure to any one financial institution or corporate issuer. We are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Inventory Disclosure [Text Block] | Note 6: Inventories | |||||||
Inventories at December 31 consisted of the following: | ||||||||
2014 | 2013 | |||||||
Finished products | $ | 838 | $ | 968.1 | ||||
Work in process | 1,715.40 | 1,868.30 | ||||||
Raw materials and supplies | 315 | 259 | ||||||
Total (approximates replacement cost) | 2,868.40 | 3,095.40 | ||||||
Reduction to LIFO cost | (128.4 | ) | (166.6 | ) | ||||
Inventories | $ | 2,740.00 | $ | 2,928.80 | ||||
Inventories valued under the LIFO method comprised $1.09 billion and $1.02 billion of total inventories at December 31, 2014 and 2013, respectively. | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 9: Property and Equipment | |||||||
At December 31, property and equipment consisted of the following: | ||||||||
2014 | 2013 | |||||||
Land | $ | 205.2 | $ | 198.7 | ||||
Buildings | 6,516.20 | 6,489.90 | ||||||
Equipment | 7,609.70 | 7,752.70 | ||||||
Construction in progress | 1,698.20 | 1,205.40 | ||||||
16,029.30 | 15,646.70 | |||||||
Less accumulated depreciation | (8,065.4 | ) | (7,671.2 | ) | ||||
Property and equipment, net | $ | 7,963.90 | $ | 7,975.50 | ||||
Depreciation expense for the years ended December 31, 2014, 2013, and 2012 was $759.1 million, $774.8 million, and $754.0 million, respectively. Capitalized interest costs were not material for the years ended December 31, 2014, 2013, and 2012, respectively. Total rental expense for all leases, including contingent rentals (not material), amounted to $227.3 million, $227.2 million, and $262.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. Assets under capital leases included in property and equipment, net on the consolidated balance sheets, capital lease obligations entered into, and future minimum rental commitments are not material. |
Collaborations_Tables
Collaborations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Erbitux [Member] | ||||||||||||
Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions [Table Text Block] | The following table summarizes our revenue recognized with respect to Erbitux: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Net product sales | $ | 46.1 | $ | 58.5 | $ | 76.4 | ||||||
Collaboration and other revenue | 327.2 | 315.2 | 320.6 | |||||||||
Total revenue | $ | 373.3 | $ | 373.7 | $ | 397 | ||||||
Exenatide [Member] | ||||||||||||
Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions [Table Text Block] | The following table summarizes the revenue and other income recognized with respect to exenatide for the years ended December 31, 2013 and 2012: | |||||||||||
2013 | 2012 | |||||||||||
Net product sales | $ | 133.1 | $ | 207.8 | ||||||||
Collaboration and other revenue | — | 70.1 | ||||||||||
Total revenue | $ | 133.1 | $ | 277.9 | ||||||||
Income related to termination of the exenatide collaboration with Amylin(1) | $ | 495.4 | $ | 787.8 | ||||||||
Asset_Impairments_Restructurin1
Asset Impairments, Restructuring, and Other Special Charges (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | The components of the charges included in asset impairment, restructuring, and other special charges in our consolidated statements of operations are described below. Substantially all of these expenses relate to our human pharmaceutical business segment. | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Severance | $ | 225.5 | $ | 90.6 | $ | 74.5 | ||||||
Asset impairment and other special charges | 243.2 | 30 | 206.6 | |||||||||
Asset impairment, restructuring, and other special charges | $ | 468.7 | $ | 120.6 | $ | 281.1 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory [Line Items] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories at December 31 consisted of the following: | |||||||
2014 | 2013 | |||||||
Finished products | $ | 838 | $ | 968.1 | ||||
Work in process | 1,715.40 | 1,868.30 | ||||||
Raw materials and supplies | 315 | 259 | ||||||
Total (approximates replacement cost) | 2,868.40 | 3,095.40 | ||||||
Reduction to LIFO cost | (128.4 | ) | (166.6 | ) | ||||
Inventories | $ | 2,740.00 | $ | 2,928.80 | ||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of December 31, 2014: | |||||||||||||||||||||||
Maturities by Period | ||||||||||||||||||||||||
Total | Within | After 1 Year | After 5 Years | After | ||||||||||||||||||||
1 Year | Through 5 Years | Through 10 Years | 10 Years | |||||||||||||||||||||
Fair value of debt securities | $ | 4,872.80 | $ | 955.4 | $ | 3,462.10 | $ | 230.7 | $ | 224.6 | ||||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following effects of risk-management instruments were recognized in other–net, (income) expense: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||
Effect from hedged fixed-rate debt | $ | 156.9 | $ | (308.2 | ) | $ | 51.5 | |||||||||||||||||
Effect from interest rate contracts | (156.9 | ) | 308.2 | (51.5 | ) | |||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Effective portion of losses on equity contracts reclassified from accumulated other comprehensive loss(1) | 129 | — | — | |||||||||||||||||||||
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss | 9 | 9 | 9 | |||||||||||||||||||||
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments | (20.4 | ) | 15.4 | (35.8 | ) | |||||||||||||||||||
Net losses on interest rate contracts not designated as hedging instruments | 3.4 | — | — | |||||||||||||||||||||
1 | Realized gains on the sale of underlying equity securities recognized in other-net, (income) expense were $260.8 million during the year ended December 31, 2014. There were no realized gains on the sale of underlying equity securities during the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following tables summarize certain fair value information at December 31 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments: | |||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Description | Carrying | Amortized | Quoted Prices in Active Markets for Identical Assets | Significant | Significant | Fair | ||||||||||||||||||
Amount | Cost | (Level 1) | Other | Unobservable | Value | |||||||||||||||||||
Observable | Inputs | |||||||||||||||||||||||
Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Cash equivalents | $ | 2,443.50 | $ | 2,443.50 | $ | 2,415.50 | $ | 28 | $ | — | $ | 2,443.50 | ||||||||||||
Short-term investments: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 185.5 | $ | 185.6 | $ | 156.5 | $ | 29 | $ | — | $ | 185.5 | ||||||||||||
Corporate debt securities | 767.4 | 766.7 | — | 767.4 | — | 767.4 | ||||||||||||||||||
Other securities | 2.5 | 2.5 | — | 2.5 | — | 2.5 | ||||||||||||||||||
Short-term investments | $ | 955.4 | $ | 954.8 | ||||||||||||||||||||
Noncurrent investments: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 756.7 | $ | 757.5 | $ | 747.5 | $ | 9.2 | $ | — | $ | 756.7 | ||||||||||||
Corporate debt securities | 2,462.70 | 2,468.90 | — | 2,462.70 | — | 2,462.70 | ||||||||||||||||||
Mortgage-backed | 217 | 217.6 | — | 217 | — | 217 | ||||||||||||||||||
Asset-backed | 477.8 | 478 | — | 477.8 | — | 477.8 | ||||||||||||||||||
Other securities | 3.2 | 3.2 | — | 3.2 | — | 3.2 | ||||||||||||||||||
Marketable equity | 204.8 | 44 | 204.8 | — | — | 204.8 | ||||||||||||||||||
Equity method and other investments(1) | 446.7 | 446.7 | ||||||||||||||||||||||
Noncurrent investments | $ | 4,568.90 | $ | 4,415.90 | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Cash equivalents | $ | 2,574.70 | $ | 2,574.70 | $ | 2,517.10 | $ | 57.6 | $ | — | $ | 2,574.70 | ||||||||||||
Short-term investments: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 276.4 | $ | 276.6 | $ | 276.4 | $ | — | $ | — | $ | 276.4 | ||||||||||||
Corporate debt securities | 931.7 | 929.8 | — | 931.7 | — | 931.7 | ||||||||||||||||||
Other securities | 2.7 | 2.7 | — | 2.7 | — | 2.7 | ||||||||||||||||||
Marketable equity | 356.3 | 75 | 356.3 | — | — | 356.3 | ||||||||||||||||||
Short-term investments | $ | 1,567.10 | $ | 1,284.10 | ||||||||||||||||||||
Noncurrent investments: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 1,115.60 | $ | 1,126.10 | $ | 1,035.60 | $ | 80 | $ | — | $ | 1,115.60 | ||||||||||||
Corporate debt securities | 4,940.50 | 4,933.70 | — | 4,940.50 | — | 4,940.50 | ||||||||||||||||||
Mortgage-backed | 636 | 652.4 | — | 636 | — | 636 | ||||||||||||||||||
Asset-backed | 490 | 494.5 | — | 490 | — | 490 | ||||||||||||||||||
Other securities | 7.3 | 8.3 | — | 7.3 | — | 7.3 | ||||||||||||||||||
Marketable equity | 81.2 | 22.8 | 81.2 | — | — | 81.2 | ||||||||||||||||||
Equity method and other investments(1) | 354.3 | 354.3 | ||||||||||||||||||||||
Noncurrent investments | $ | 7,624.90 | $ | 7,592.10 | ||||||||||||||||||||
1 | Fair value not applicable | |||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Description | Carrying | Quoted Prices in Active Markets for Identical Assets | Significant | Significant | Fair | |||||||||||||||||||
Amount | (Level 1) | Other | Unobservable | Value | ||||||||||||||||||||
Observable | Inputs | |||||||||||||||||||||||
Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
Short-term commercial paper borrowings | ||||||||||||||||||||||||
December 31, 2014 | $ | (2,680.6 | ) | $ | — | $ | (2,680.6 | ) | $ | — | $ | (2,680.6 | ) | |||||||||||
31-Dec-13 | — | — | — | — | — | |||||||||||||||||||
Long-term debt, including current portion | ||||||||||||||||||||||||
December 31, 2014 | $ | (5,375.8 | ) | $ | — | $ | (5,722.1 | ) | $ | — | $ | (5,722.1 | ) | |||||||||||
31-Dec-13 | (5,212.9 | ) | — | (5,490.9 | ) | — | (5,490.9 | ) | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||
Description | Carrying | Quoted Prices in Active Markets for Identical Assets | Significant | Significant | Fair | |||||||||||||||||||
Amount | (Level 1) | Other | Unobservable | Value | ||||||||||||||||||||
Observable | Inputs | |||||||||||||||||||||||
Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Risk-management instruments | ||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables | $ | 102.5 | $ | — | $ | 102.5 | $ | — | $ | 102.5 | ||||||||||||||
Other current liabilities | (149.5 | ) | — | (149.5 | ) | — | (149.5 | ) | ||||||||||||||||
Other noncurrent liabilities | (0.7 | ) | — | (0.7 | ) | — | (0.7 | ) | ||||||||||||||||
Foreign exchange contracts not designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables | 9.1 | — | 9.1 | — | 9.1 | |||||||||||||||||||
Other current liabilities | (14.0 | ) | — | (14.0 | ) | — | (14.0 | ) | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Risk-management instruments | ||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables | $ | 20.1 | $ | — | $ | 20.1 | $ | — | $ | 20.1 | ||||||||||||||
Sundry | 278.7 | — | 278.7 | — | 278.7 | |||||||||||||||||||
Other noncurrent liabilities | (0.9 | ) | — | (0.9 | ) | — | (0.9 | ) | ||||||||||||||||
Foreign exchange contracts not designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables | 6.7 | — | 6.7 | — | 6.7 | |||||||||||||||||||
Other current liabilities | (7.1 | ) | — | (7.1 | ) | — | (7.1 | ) | ||||||||||||||||
Equity contracts designated as hedging instruments: | ||||||||||||||||||||||||
Other current liabilities | (149.6 | ) | — | (149.6 | ) | — | (149.6 | ) | ||||||||||||||||
Available-for-sale Securities [Table Text Block] | A summary of the fair value of available-for-sale securities in an unrealized gain or loss position and the amount of unrealized gains and losses (pretax) in accumulated other comprehensive loss follows: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Unrealized gross gains | $ | 171.9 | $ | 375.6 | ||||||||||||||||||||
Unrealized gross losses | 18.3 | 59.8 | ||||||||||||||||||||||
Fair value of securities in an unrealized gain position | 1,778.80 | 4,982.70 | ||||||||||||||||||||||
Fair value of securities in an unrealized loss position | 3,129.20 | 3,664.70 | ||||||||||||||||||||||
Gain (Loss) on Investments [Table Text Block] | Activity related to our investment portfolio, substantially all of which related to available-for-sale securities, was as follows: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Proceeds from sales | $ | 14,609.50 | $ | 13,753.50 | $ | 6,529.80 | ||||||||||||||||||
Realized gross gains on sales | 353.5 | 49.5 | 82.3 | |||||||||||||||||||||
Realized gross losses on sales | 29.4 | 15.4 | 10.9 | |||||||||||||||||||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | Goodwill and other indefinite-lived intangible assets at December 31 were as follows: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Goodwill (by segment): | ||||||||||||||||||||||||
Human pharmaceutical products | $ | 1,354.30 | $ | 1,354.70 | ||||||||||||||||||||
Animal health | 403.8 | 162.1 | ||||||||||||||||||||||
Total goodwill | 1,758.10 | 1,516.80 | ||||||||||||||||||||||
In-process research and development | 11.4 | 33.6 | ||||||||||||||||||||||
Total indefinite-lived intangible assets | $ | 1,769.50 | $ | 1,550.40 | ||||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of finite-lived intangible assets at December 31 were as follows: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Description | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | ||||||||||||||||||
Amount— | Amortization | Amount— | Amount— | Amortization | Amount— | |||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||
Marketed products | $ | 5,684.30 | $ | (2,915.6 | ) | $ | 2,768.70 | $ | 5,136.10 | $ | (2,447.2 | ) | $ | 2,688.90 | ||||||||||
Other | 149.3 | (45.2 | ) | 104.1 | 164.8 | (73.0 | ) | 91.8 | ||||||||||||||||
Total finite-lived intangible assets | $ | 5,833.60 | $ | (2,960.8 | ) | $ | 2,872.80 | $ | 5,300.90 | $ | (2,520.2 | ) | $ | 2,780.70 | ||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, Plant and Equipment [Table Text Block] | At December 31, property and equipment consisted of the following: | |||||||
2014 | 2013 | |||||||
Land | $ | 205.2 | $ | 198.7 | ||||
Buildings | 6,516.20 | 6,489.90 | ||||||
Equipment | 7,609.70 | 7,752.70 | ||||||
Construction in progress | 1,698.20 | 1,205.40 | ||||||
16,029.30 | 15,646.70 | |||||||
Less accumulated depreciation | (8,065.4 | ) | (7,671.2 | ) | ||||
Property and equipment, net | $ | 7,963.90 | $ | 7,975.50 | ||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-term Debt, Current and Noncurrent [Abstract] | ||||||||
Schedule of Debt [Table Text Block] | at December 31 consisted of the following: | |||||||
2014 | 2013 | |||||||
Short-term commercial paper borrowings | $ | 2,680.60 | $ | — | ||||
1.95 to 7.13 percent long-term notes (due 2016-2044) | 4,887.30 | 4,887.30 | ||||||
Other long-term debt, including capitalized leases | 33.1 | 27.1 | ||||||
Fair value adjustment on long-term notes | 455.4 | 298.5 | ||||||
Total debt | 8,056.40 | 5,212.90 | ||||||
Less current portion | (2,688.7 | ) | (1,012.6 | ) | ||||
Long-term debt | $ | 5,367.70 | $ | 4,200.30 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share-based Compensation Awards, Fair Value Assumptions Used [Table Text Block] | The weighted-average fair values of the SVA units granted during the years ended December 31, 2014, 2013, and 2012 were $41.97, $45.17, and $30.35, respectively, determined using the following assumptions: | ||||||||||||
(Percents) | 2014 | 2013 | 2012 | ||||||||||
Expected dividend yield | 3.5 | % | 3.5 | % | 4.5 | % | |||||||
Risk-free interest rate | .08-.71 | .08-.43 | .10-.36 | ||||||||||
Range of volatilities | 18.87-21.56 | 18.95-22.37 | 22.40-25.64 | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock option activity during the year ended December 31, 2014 is summarized below: | ||||||||||||
Shares of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||
Common Stock | Exercise | Remaining | Intrinsic | ||||||||||
Attributable to | Price of Options | Contractual Term | Value | ||||||||||
Options | (in years) | ||||||||||||
(in thousands) | |||||||||||||
Outstanding at January 1, 2014 | 16,140 | $ | 66.66 | ||||||||||
Exercised | (3,670 | ) | 55.86 | ||||||||||
Forfeited or expired | (10,154 | ) | 72.93 | ||||||||||
Outstanding at December 31, 2014 | 2,316 | 56.26 | 0.9 | $ | 29.6 | ||||||||
Exercisable at December 31, 2014 | 2,316 | 56.26 | 0.9 | 29.6 | |||||||||
Shareholder Value Awards [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | A summary of the SVA activity is presented below: | ||||||||||||
Units Attributable to SVAs (in thousands) | 2014 | 2013 | 2012 | ||||||||||
Outstanding at January 1 | 6,636 | 7,539 | 7,036 | ||||||||||
Granted | 1,987 | 1,795 | 2,439 | ||||||||||
Issued | (2,224 | ) | (2,397 | ) | (973 | ) | |||||||
Forfeited or expired | (300 | ) | (301 | ) | (963 | ) | |||||||
Outstanding at December 31 | 6,099 | 6,636 | 7,539 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Following is the composition of income tax expense: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 168.9 | $ | 259.1 | $ | 596.8 | ||||||
Foreign | 406.2 | 553.2 | 540.6 | |||||||||
State | (2.1 | ) | 126.3 | 56.2 | ||||||||
Total current tax expense | 573 | 938.6 | 1,193.60 | |||||||||
Deferred: | ||||||||||||
Federal | (83.3 | ) | 297 | 87 | ||||||||
Foreign | 120.2 | (28.2 | ) | 29.9 | ||||||||
State | (0.1 | ) | (2.9 | ) | 9.1 | |||||||
Total deferred tax expense | 36.8 | 265.9 | 126 | |||||||||
Income taxes | $ | 609.8 | $ | 1,204.50 | $ | 1,319.60 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of our deferred tax assets and liabilities as of December 31 are as follows: | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Compensation and benefits | $ | 897.3 | $ | 639.8 | ||||||||
Purchases of intangible assets | 473.3 | 418.8 | ||||||||||
Tax credit carryforwards and carrybacks | 279.4 | 494.6 | ||||||||||
Tax loss carryforwards and carrybacks | 265.5 | 311.7 | ||||||||||
Product return reserves | 241.8 | 313.7 | ||||||||||
Debt | 176 | 110 | ||||||||||
Contingencies | 68.9 | 106 | ||||||||||
Intercompany profit in inventories | — | 104.5 | ||||||||||
Other | 633.3 | 595 | ||||||||||
Total gross deferred tax assets | 3,035.50 | 3,094.10 | ||||||||||
Valuation allowances | (601.1 | ) | (647.1 | ) | ||||||||
Total deferred tax assets | 2,434.40 | 2,447.00 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Unremitted earnings | (737.1 | ) | (898.3 | ) | ||||||||
Inventories | (684.6 | ) | (685.6 | ) | ||||||||
Intangibles | (582.6 | ) | (598.9 | ) | ||||||||
Property and equipment | (424.7 | ) | (379.1 | ) | ||||||||
Prepaid employee benefits | (275.8 | ) | (446.2 | ) | ||||||||
Financial instruments | (161.5 | ) | (109.6 | ) | ||||||||
Total deferred tax liabilities | (2,866.3 | ) | (3,117.7 | ) | ||||||||
Deferred tax liabilities - net | $ | (431.9 | ) | $ | (670.7 | ) | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Following is a reconciliation of the income tax expense applying the U.S. federal statutory rate to income before income taxes to reported income tax expense: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Income tax at the U.S. federal statutory tax rate | $ | 1,050.10 | $ | 2,061.30 | $ | 1,892.90 | ||||||
Add (deduct): | ||||||||||||
International operations, including Puerto Rico | (344.8 | ) | (778.3 | ) | (593.8 | ) | ||||||
General business credits | (44.3 | ) | (175.6 | ) | (11.2 | ) | ||||||
Other | (51.2 | ) | 97.1 | 31.7 | ||||||||
Income taxes | $ | 609.8 | $ | 1,204.50 | $ | 1,319.60 | ||||||
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning balance at January 1 | $ | 1,136.40 | $ | 1,534.30 | $ | 1,369.30 | ||||||
Additions based on tax positions related to the current year | 126.4 | 142.5 | 144.8 | |||||||||
Additions for tax positions of prior years | 132.6 | 251.5 | 70.1 | |||||||||
Reductions for tax positions of prior years | (32.1 | ) | (358.2 | ) | (38.5 | ) | ||||||
Settlements | (4.2 | ) | (404.9 | ) | (9.2 | ) | ||||||
Lapses of statutes of limitation | (3.5 | ) | (24.9 | ) | (4.6 | ) | ||||||
Changes related to the impact of foreign currency translation | (16.8 | ) | (3.9 | ) | 2.4 | |||||||
Ending balance at December 31 | $ | 1,338.80 | $ | 1,136.40 | $ | 1,534.30 | ||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | We use a measurement date of December 31 to develop the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at December 31 for our defined benefit pension and retiree health benefit plans, which were as follows: | |||||||||||||||||||||||||||||||||||||||||||
Defined Benefit | Retiree Health | |||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 9,976.40 | $ | 10,423.80 | $ | 1,757.20 | $ | 2,337.70 | ||||||||||||||||||||||||||||||||||||
Service cost | 240.9 | 287.1 | 33 | 49.9 | ||||||||||||||||||||||||||||||||||||||||
Interest cost | 472.6 | 437.2 | 85.6 | 98.1 | ||||||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | 1,996.30 | (792.2 | ) | 293.5 | (642.5 | ) | ||||||||||||||||||||||||||||||||||||||
Benefits paid | (421.2 | ) | (402.3 | ) | (76.1 | ) | (79.6 | ) | ||||||||||||||||||||||||||||||||||||
Plan amendments | (2.4 | ) | (0.1 | ) | (533.6 | ) | (4.1 | ) | ||||||||||||||||||||||||||||||||||||
Foreign currency exchange rate changes and other adjustments | (250.2 | ) | 22.9 | (6.1 | ) | (2.3 | ) | |||||||||||||||||||||||||||||||||||||
Benefit obligation at end of year | 12,012.40 | 9,976.40 | 1,553.50 | 1,757.20 | ||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 9,481.70 | 8,286.60 | 1,879.60 | 1,518.00 | ||||||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 813.6 | 1,144.60 | 157.4 | 365.7 | ||||||||||||||||||||||||||||||||||||||||
Employer contribution | 127.2 | 428.9 | (42.2 | ) | 75.5 | |||||||||||||||||||||||||||||||||||||||
Benefits paid | (421.2 | ) | (402.3 | ) | (76.1 | ) | (79.6 | ) | ||||||||||||||||||||||||||||||||||||
Foreign currency exchange rate changes and other adjustments | (165.6 | ) | 23.9 | — | — | |||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | 9,835.70 | 9,481.70 | 1,918.70 | 1,879.60 | ||||||||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||||||
Funded status | (2,176.7 | ) | (494.7 | ) | 365.2 | 122.4 | ||||||||||||||||||||||||||||||||||||||
Unrecognized net actuarial loss | 5,114.90 | 3,546.30 | 439.5 | 178.1 | ||||||||||||||||||||||||||||||||||||||||
Unrecognized prior service (benefit) cost | 43.5 | 50.7 | (666.7 | ) | (171.5 | ) | ||||||||||||||||||||||||||||||||||||||
Net amount recognized | $ | 2,981.70 | $ | 3,102.30 | $ | 138 | $ | 129 | ||||||||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheet consisted of: | ||||||||||||||||||||||||||||||||||||||||||||
Sundry | $ | 211.2 | $ | 881.2 | $ | 609.4 | $ | 366.4 | ||||||||||||||||||||||||||||||||||||
Other current liabilities | (62.3 | ) | (62.8 | ) | (6.9 | ) | (7.7 | ) | ||||||||||||||||||||||||||||||||||||
Accrued retirement benefits | (2,325.6 | ) | (1,313.1 | ) | (237.3 | ) | (236.3 | ) | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive (income) loss before income taxes | 5,158.40 | 3,597.00 | (227.2 | ) | 6.6 | |||||||||||||||||||||||||||||||||||||||
Net amount recognized | $ | 2,981.70 | $ | 3,102.30 | $ | 138 | $ | 129 | ||||||||||||||||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | During 2015, we expect the following components of accumulated other comprehensive loss to be recognized as components of net periodic benefit cost: | |||||||||||||||||||||||||||||||||||||||||||
Defined Benefit | Retiree Health | |||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||
Unrecognized net actuarial loss | $ | 387.4 | $ | 37.9 | ||||||||||||||||||||||||||||||||||||||||
Unrecognized prior service (benefit) cost | 10.3 | (92.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 397.7 | $ | (54.2 | ) | |||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The following represents our weighted-average assumptions as of December 31: | |||||||||||||||||||||||||||||||||||||||||||
Defined Benefit | Retiree Health | |||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||
(Percents) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Discount rate for benefit obligation | 4 | 4.9 | 4.3 | 4.1 | 5 | 4.3 | ||||||||||||||||||||||||||||||||||||||
Discount rate for net benefit costs | 4.9 | 4.3 | 5 | 5 | 4.3 | 5.1 | ||||||||||||||||||||||||||||||||||||||
Rate of compensation increase for benefit obligation | 3.4 | 3.4 | 3.4 | |||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase for net benefit costs | 3.4 | 3.4 | 3.7 | |||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets for net benefit costs | 8.1 | 8.4 | 8.4 | 8.5 | 8.8 | 8.8 | ||||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows: | |||||||||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020-2024 | |||||||||||||||||||||||||||||||||||||||
Defined benefit pension plans | $ | 428.7 | $ | 439.3 | $ | 452.3 | $ | 467.9 | $ | 487.7 | $ | 2,783.60 | ||||||||||||||||||||||||||||||||
Retiree health benefit plans-gross | $ | 91.6 | $ | 75.6 | $ | 77.2 | $ | 79.3 | $ | 81.2 | $ | 430.3 | ||||||||||||||||||||||||||||||||
Medicare rebates | (6.5 | ) | (2.1 | ) | (0.7 | ) | (0.7 | ) | (0.8 | ) | (4.9 | ) | ||||||||||||||||||||||||||||||||
Retiree health benefit plans-net | $ | 85.1 | $ | 73.5 | $ | 76.5 | $ | 78.6 | $ | 80.4 | $ | 425.4 | ||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Net pension and retiree health benefit expense included the following components: | |||||||||||||||||||||||||||||||||||||||||||
Defined Benefit | Retiree Health | |||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 240.9 | $ | 287.1 | $ | 253.1 | $ | 33 | $ | 49.9 | $ | 63.3 | ||||||||||||||||||||||||||||||||
Interest cost | 472.6 | 437.2 | 455.1 | 85.6 | 98.1 | 114.9 | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (756.6 | ) | (701.9 | ) | (684.8 | ) | (146.4 | ) | (130.7 | ) | (127.2 | ) | ||||||||||||||||||||||||||||||||
Amortization of prior service (benefit) cost | 3.6 | 3.7 | 4.2 | (37.6 | ) | (35.6 | ) | (39.8 | ) | |||||||||||||||||||||||||||||||||||
Recognized actuarial loss | 282.3 | 414.7 | 285.7 | 20.7 | 100.5 | 98.4 | ||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 242.8 | $ | 440.8 | $ | 313.3 | $ | (44.7 | ) | $ | 82.2 | $ | 109.6 | |||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The following represents the amounts recognized in other comprehensive income (loss) for the year ended December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||||
Defined Benefit | Retiree Health | |||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||
Actuarial loss arising during period | $ | (1,939.3 | ) | $ | (282.9 | ) | ||||||||||||||||||||||||||||||||||||||
Plan amendments during period | 2.4 | 533.6 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service (benefit) cost included in net income | 3.6 | (37.6 | ) | |||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss included in net income | 282.3 | 20.7 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange rate changes and other | 89.6 | — | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income during period | $ | (1,561.4 | ) | $ | 233.8 | |||||||||||||||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other | Year Ended December 31, | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive Loss Components | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of defined benefit items: | ||||||||||||||||||||||||||||||||||||||||||||
Prior service benefits, net | $ | (34.0 | ) | $ | (31.9 | ) | (1) | |||||||||||||||||||||||||||||||||||||
Actuarial losses | 303 | 515.2 | (1) | |||||||||||||||||||||||||||||||||||||||||
Total before tax | 269 | 483.3 | ||||||||||||||||||||||||||||||||||||||||||
Tax benefit | (83.4 | ) | (164.3 | ) | Income taxes | |||||||||||||||||||||||||||||||||||||||
Net of tax | 185.6 | 319 | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/losses on available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||||||||
Realized gains, net | (324.1 | ) | (12.0 | ) | Other—net, (income) expense | |||||||||||||||||||||||||||||||||||||||
Impairment losses | — | 2.4 | Other—net, (income) expense | |||||||||||||||||||||||||||||||||||||||||
Total before tax | (324.1 | ) | (9.6 | ) | ||||||||||||||||||||||||||||||||||||||||
Tax expense | 113.4 | 3.4 | Income taxes | |||||||||||||||||||||||||||||||||||||||||
Net of tax | (210.7 | ) | (6.2 | ) | ||||||||||||||||||||||||||||||||||||||||
Other, net of tax | 5.9 | 5.9 | Other—net, (income) expense | |||||||||||||||||||||||||||||||||||||||||
Total reclassifications for the period (net of tax) | $ | (19.2 | ) | $ | 318.7 | |||||||||||||||||||||||||||||||||||||||
1 | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 14). | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2014 by asset category are as follows: | The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2013 by asset category are as follows: | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||||
Asset Class | Total | Quoted Prices in Active Markets for | Significant | Significant | Asset Class | Total | Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||
Identical Assets | Observable Inputs | Unobservable Inputs | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Defined Benefit Pension Plans | |||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Public equity securities: | |||||||||||||||||||||||||||||||||||||||||||
Public equity securities: | U.S. | $ | 400.3 | $ | 189.2 | $ | 211.1 | $ | — | |||||||||||||||||||||||||||||||||||
U.S. | $ | 411.4 | $ | 183.8 | $ | 227.6 | $ | — | ||||||||||||||||||||||||||||||||||||
International | 2,483.80 | 1,045.80 | 1,438.00 | — | ||||||||||||||||||||||||||||||||||||||||
International | 2,337.80 | 999.7 | 1,338.10 | — | ||||||||||||||||||||||||||||||||||||||||
Fixed income: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed income: | Developed markets | 1,036.10 | 170.2 | 850 | 15.9 | |||||||||||||||||||||||||||||||||||||||
Developed markets | 1,230.70 | 112.2 | 1,118.50 | — | ||||||||||||||||||||||||||||||||||||||||
Emerging markets | 382.6 | — | 382.6 | — | ||||||||||||||||||||||||||||||||||||||||
Emerging markets | 374.7 | 8.7 | 364.2 | 1.8 | ||||||||||||||||||||||||||||||||||||||||
Private alternative investments: | ||||||||||||||||||||||||||||||||||||||||||||
Private alternative investments: | Hedge funds | 2,902.30 | — | 1,461.90 | 1,440.40 | |||||||||||||||||||||||||||||||||||||||
Hedge funds | 3,277.60 | — | 1,694.50 | 1,583.10 | ||||||||||||||||||||||||||||||||||||||||
Equity-like funds | 1,069.90 | — | 76.4 | 993.5 | ||||||||||||||||||||||||||||||||||||||||
Equity-like funds | 1,146.60 | — | 75.2 | 1,071.40 | ||||||||||||||||||||||||||||||||||||||||
Real estate | 521.4 | 368 | — | 153.4 | ||||||||||||||||||||||||||||||||||||||||
Real estate | 569 | 403.1 | — | 165.9 | ||||||||||||||||||||||||||||||||||||||||
Other | 685.3 | 245.2 | 440.1 | — | ||||||||||||||||||||||||||||||||||||||||
Other | 487.9 | 229.8 | 258.1 | — | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,481.70 | $ | 2,018.40 | $ | 4,860.10 | $ | 2,603.20 | ||||||||||||||||||||||||||||||||||||
Total | $ | 9,835.70 | $ | 1,937.30 | $ | 5,076.20 | $ | 2,822.20 | ||||||||||||||||||||||||||||||||||||
Retiree Health Benefit Plans | ||||||||||||||||||||||||||||||||||||||||||||
Retiree Health Benefit Plans | Public equity securities: | |||||||||||||||||||||||||||||||||||||||||||
Public equity securities: | U.S. | $ | 39.4 | $ | 18.3 | $ | 21.1 | $ | — | |||||||||||||||||||||||||||||||||||
U.S. | $ | 39.2 | $ | 17.2 | $ | 22 | $ | — | ||||||||||||||||||||||||||||||||||||
International | 167.2 | 61.6 | 105.6 | — | ||||||||||||||||||||||||||||||||||||||||
International | 158.9 | 58.8 | 100.1 | — | ||||||||||||||||||||||||||||||||||||||||
Fixed income: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed income: | Developed markets | 54.7 | — | 53.1 | 1.6 | |||||||||||||||||||||||||||||||||||||||
Developed markets | 61.8 | — | 61.8 | — | ||||||||||||||||||||||||||||||||||||||||
Emerging markets | 38.2 | — | 38.2 | — | ||||||||||||||||||||||||||||||||||||||||
Emerging markets | 35.5 | — | 35.3 | 0.2 | ||||||||||||||||||||||||||||||||||||||||
Private alternative investments: | ||||||||||||||||||||||||||||||||||||||||||||
Private alternative investments: | Hedge funds | 266.4 | — | 145.8 | 120.6 | |||||||||||||||||||||||||||||||||||||||
Hedge funds | 282.7 | — | 158.7 | 124 | ||||||||||||||||||||||||||||||||||||||||
Equity-like funds | 88.9 | — | — | 88.9 | ||||||||||||||||||||||||||||||||||||||||
Equity-like funds | 92.3 | — | — | 92.3 | ||||||||||||||||||||||||||||||||||||||||
Cash value of trust owned insurance contract | 1,136.80 | — | 1,136.80 | — | ||||||||||||||||||||||||||||||||||||||||
Cash value of trust owned insurance contract | 1,189.20 | — | 1,189.20 | — | ||||||||||||||||||||||||||||||||||||||||
Real estate | 36.7 | 36.7 | — | — | ||||||||||||||||||||||||||||||||||||||||
Real estate | 39 | 39 | — | — | ||||||||||||||||||||||||||||||||||||||||
Other | 51.3 | 18 | 33.3 | — | ||||||||||||||||||||||||||||||||||||||||
Other | 20.1 | 7.6 | 12.5 | — | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,879.60 | $ | 134.6 | $ | 1,533.90 | $ | 211.1 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,918.70 | $ | 122.6 | $ | 1,579.60 | $ | 216.5 | ||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The activity in the Level 3 investments during the year ended December 31, 2014 was as follows: | The activity in the Level 3 investments during the year ended December 31, 2013 was as follows: | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income: Developed Markets | Fixed Income: Emerging Markets | Hedge | Equity-like | Real | Total | Fixed Income: Developed Markets | Hedge | Equity-like | Real | Total | ||||||||||||||||||||||||||||||||||
Funds | Funds | Estate | Funds | Funds | Estate | |||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | Defined Benefit Pension Plans | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2014 | $ | 15.9 | $ | — | $ | 1,440.40 | $ | 993.5 | $ | 153.4 | $ | 2,603.20 | Beginning balance at January 1, 2013 | $ | 3.7 | $ | 1,218.10 | $ | 910.5 | $ | 142.6 | $ | 2,274.90 | |||||||||||||||||||||
Actual return on plan assets, including changes in foreign exchange rates: | Actual return on plan assets, including changes in foreign exchange rates: | |||||||||||||||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | (0.4 | ) | 0.1 | 44.6 | 108.2 | 0.2 | 152.7 | Relating to assets still held at the reporting date | (3.0 | ) | 123.4 | 155.7 | 8.5 | 284.6 | ||||||||||||||||||||||||||||||
Relating to assets sold during the period | (0.8 | ) | — | — | — | — | (0.8 | ) | Relating to assets sold during the period | — | — | — | — | — | ||||||||||||||||||||||||||||||
Purchases, sales, and settlements, net | (3.3 | ) | 1.7 | 98.1 | (30.3 | ) | 12.3 | 78.5 | Purchases, sales, and settlements, net | 3.7 | 98.9 | (72.7 | ) | 2.3 | 32.2 | |||||||||||||||||||||||||||||
Transfers into (out of) Level 3 | (11.4 | ) | — | — | — | — | (11.4 | ) | Transfers into (out of) Level 3 | 11.5 | — | — | — | 11.5 | ||||||||||||||||||||||||||||||
Ending balance at December 31, 2014 | $ | — | $ | 1.8 | $ | 1,583.10 | $ | 1,071.40 | $ | 165.9 | $ | 2,822.20 | Ending balance at December 31, 2013 | $ | 15.9 | $ | 1,440.40 | $ | 993.5 | $ | 153.4 | $ | 2,603.20 | |||||||||||||||||||||
Retiree Health Benefit Plans | Retiree Health Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2014 | $ | 1.6 | $ | — | $ | 120.6 | $ | 88.9 | $ | — | $ | 211.1 | Beginning balance at January 1, 2013 | $ | 0.4 | $ | 99.9 | $ | 81.9 | $ | — | $ | 182.2 | |||||||||||||||||||||
Actual return on plan assets, including changes in foreign exchange rates: | Actual return on plan assets, including changes in foreign exchange rates: | |||||||||||||||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | (0.1 | ) | — | 1.2 | 6 | — | 7.1 | Relating to assets still held at the reporting date | (0.3 | ) | 10.3 | 13.9 | — | 23.9 | ||||||||||||||||||||||||||||||
Relating to assets sold during the period | (0.1 | ) | — | — | — | — | (0.1 | ) | Relating to assets sold during the period | — | — | — | — | — | ||||||||||||||||||||||||||||||
Purchases, sales, and settlements, net | (0.3 | ) | 0.2 | 2.2 | (2.6 | ) | — | (0.5 | ) | Purchases, sales, and settlements, net | 0.4 | 10.4 | (6.9 | ) | — | 3.9 | ||||||||||||||||||||||||||||
Transfers into (out of) Level 3 | (1.1 | ) | — | — | — | — | (1.1 | ) | Transfers into (out of) Level 3 | 1.1 | — | — | — | 1.1 | ||||||||||||||||||||||||||||||
Ending balance at December 31, 2014 | $ | — | $ | 0.2 | $ | 124 | $ | 92.3 | $ | — | $ | 216.5 | Ending balance at December 31, 2013 | $ | 1.6 | $ | 120.6 | $ | 88.9 | $ | — | $ | 211.1 | |||||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Amounts relating to defined benefit plans with projected benefit obligations in excess of plan assets were as follows at December 31: | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 10,537.20 | $ | 1,773.60 | ||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | 8,149.20 | 395.4 | ||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Amounts relating to defined benefit plans with accumulated benefit obligations in excess of plan assets were as follows at December 31: | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 2,179.80 | $ | 1,384.60 | ||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | 700.9 | 181.8 | ||||||||||||||||||||||||||||||||||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Other Comprehensive Income (Loss), Tax [Abstract] | ||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The following represents the amounts recognized in other comprehensive income (loss) for the year ended December 31, 2014: | |||||||||||||||||||
Defined Benefit | Retiree Health | |||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||
Actuarial loss arising during period | $ | (1,939.3 | ) | $ | (282.9 | ) | ||||||||||||||
Plan amendments during period | 2.4 | 533.6 | ||||||||||||||||||
Amortization of prior service (benefit) cost included in net income | 3.6 | (37.6 | ) | |||||||||||||||||
Amortization of net actuarial loss included in net income | 282.3 | 20.7 | ||||||||||||||||||
Foreign currency exchange rate changes and other | 89.6 | — | ||||||||||||||||||
Total other comprehensive income during period | $ | (1,561.4 | ) | $ | 233.8 | |||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Details about Accumulated Other | Year Ended December 31, | Affected Line Item in the Consolidated Statements of Operations | ||||||||||||||||||
Comprehensive Loss Components | 2014 | 2013 | ||||||||||||||||||
Amortization of defined benefit items: | ||||||||||||||||||||
Prior service benefits, net | $ | (34.0 | ) | $ | (31.9 | ) | (1) | |||||||||||||
Actuarial losses | 303 | 515.2 | (1) | |||||||||||||||||
Total before tax | 269 | 483.3 | ||||||||||||||||||
Tax benefit | (83.4 | ) | (164.3 | ) | Income taxes | |||||||||||||||
Net of tax | 185.6 | 319 | ||||||||||||||||||
Unrealized gains/losses on available-for-sale securities: | ||||||||||||||||||||
Realized gains, net | (324.1 | ) | (12.0 | ) | Other—net, (income) expense | |||||||||||||||
Impairment losses | — | 2.4 | Other—net, (income) expense | |||||||||||||||||
Total before tax | (324.1 | ) | (9.6 | ) | ||||||||||||||||
Tax expense | 113.4 | 3.4 | Income taxes | |||||||||||||||||
Net of tax | (210.7 | ) | (6.2 | ) | ||||||||||||||||
Other, net of tax | 5.9 | 5.9 | Other—net, (income) expense | |||||||||||||||||
Total reclassifications for the period (net of tax) | $ | (19.2 | ) | $ | 318.7 | |||||||||||||||
1 | These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 14). | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The tax effects on the net activity related to each component of other comprehensive income (loss) for the years ended December 31, were as follows: | |||||||||||||||||||
Tax (expense) benefit | 2014 | 2013 | 2012 | |||||||||||||||||
Unrealized net gains (losses) on securities | $ | 56.7 | $ | (71.6 | ) | $ | (30.8 | ) | ||||||||||||
Defined benefit pension and retiree health benefit plans | 414.7 | (886.1 | ) | (34.4 | ) | |||||||||||||||
Effective portion of cash flow hedges | 5.2 | 43.2 | (2.8 | ) | ||||||||||||||||
Provision for income taxes related to other comprehensive income (loss) items | $ | 476.6 | $ | (914.5 | ) | $ | (68.0 | ) | ||||||||||||
The following table summarizes the activity related to each component of other comprehensive income (loss): | ||||||||||||||||||||
(Amounts presented net of taxes) | Foreign Currency Translation Gains (Losses) | Unrealized Net Gains (Losses) on Securities | Defined Benefit Pension and Retiree Health Benefit Plans | Effective Portion of Cash Flow Hedges | Accumulated Other Comprehensive Loss | |||||||||||||||
Beginning balance at January 1, 2012 | $ | 265.9 | $ | 14.8 | $ | (4,032.2 | ) | $ | (107.1 | ) | $ | (3,858.6 | ) | |||||||
Unrealized gain (loss) | 104.1 | — | ||||||||||||||||||
Net amount reclassed to net income | (46.4 | ) | 5.9 | |||||||||||||||||
Net other comprehensive income (loss) | 160.9 | 57.7 | (163.0 | ) | 5.9 | 61.5 | ||||||||||||||
Balance at December 31, 2012 | 426.8 | 72.5 | (4,195.2 | ) | (101.2 | ) | (3,797.1 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications | 36.2 | 138.9 | 1,387.10 | (86.5 | ) | 1,475.70 | ||||||||||||||
Net amount reclassified from accumulated other comprehensive loss | — | (6.2 | ) | 319 | 5.9 | 318.7 | ||||||||||||||
Net other comprehensive income (loss) | 36.2 | 132.7 | 1,706.10 | (80.6 | ) | 1,794.40 | ||||||||||||||
Balance at December 31, 2013 | 463 | 205.2 | (2,489.1 | ) | (181.8 | ) | (2,002.7 | ) | ||||||||||||
Other comprehensive income (loss) before reclassifications | (961.4 | ) | 105.2 | (1,098.5 | ) | (15.2 | ) | (1,969.9 | ) | |||||||||||
Net amount reclassified from accumulated other comprehensive loss | — | (210.7 | ) | 185.6 | 5.9 | (19.2 | ) | |||||||||||||
Net other comprehensive income (loss) | (961.4 | ) | (105.5 | ) | (912.9 | ) | (9.3 | ) | (1,989.1 | ) | ||||||||||
Ending Balance at December 31, 2014 | $ | (498.4 | ) | $ | 99.7 | $ | (3,402.0 | ) | $ | (191.1 | ) | $ | (3,991.8 | ) | ||||||
Other_Net_Expense_Income_Table
Other - Net, Expense (Income) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Nonoperating Income (Expense) [Abstract] | ||||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Other–net, (income) expense consisted of the following: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Income related to termination of the exenatide collaboration with Amylin (Note 4) | $ | — | $ | (495.4 | ) | $ | (787.8 | ) | ||||
Interest expense | 148.8 | 160.1 | 177.8 | |||||||||
Interest income | (121.0 | ) | (119.7 | ) | (105.0 | ) | ||||||
Other (income) expense | (368.3 | ) | (63.9 | ) | 41 | |||||||
Other–net, (income) expense | $ | (340.5 | ) | $ | (518.9 | ) | $ | (674.0 | ) |
Segment_Information_Segment_In
Segment Information Segment Information (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Segment revenue—to unaffiliated customers: | |||||||||||||||
Human pharmaceutical products: | |||||||||||||||
Endocrinology: | |||||||||||||||
Humalog® | $ | 2,785.20 | $ | 2,611.20 | $ | 2,395.50 | |||||||||
Humulin® | 1,400.10 | 1,315.80 | 1,239.10 | ||||||||||||
Forteo® | 1,322.00 | 1,244.90 | 1,151.00 | ||||||||||||
Evista | 419.8 | 1,050.40 | 1,010.10 | ||||||||||||
Trajenta | 328.8 | 249.2 | 88.6 | ||||||||||||
Other Endocrinology | 683.1 | 832.9 | 926.6 | ||||||||||||
Total Endocrinology | 6,939.00 | 7,304.40 | 6,810.90 | ||||||||||||
Neuroscience: | |||||||||||||||
Cymbalta | 1,614.70 | 5,084.40 | 4,994.10 | ||||||||||||
Zyprexa® | 1,037.30 | 1,194.80 | 1,701.40 | ||||||||||||
Strattera® | 738.5 | 709.2 | 621.4 | ||||||||||||
Other Neuroscience | 206 | 227.8 | 258.2 | ||||||||||||
Total Neuroscience | 3,596.50 | 7,216.20 | 7,575.10 | ||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Oncology: | |||||||||||||||
Alimta | 2,792.00 | 2,703.00 | 2,594.30 | ||||||||||||
Erbitux | 373.3 | 373.7 | 397 | ||||||||||||
Other Oncology | 227.7 | 191.8 | 290.3 | ||||||||||||
Total Oncology | 3,393.00 | 3,268.50 | 3,281.60 | ||||||||||||
Cardiovascular: | |||||||||||||||
Cialis® | 2,291.00 | 2,159.40 | 1,926.80 | ||||||||||||
Effient | 522.2 | 508.7 | 457.2 | ||||||||||||
Other Cardiovascular | 240.3 | 255.1 | 248.5 | ||||||||||||
Total Cardiovascular | 3,053.50 | 2,923.20 | 2,632.50 | ||||||||||||
Other pharmaceuticals | 287 | 249.3 | 266.8 | ||||||||||||
Total human pharmaceutical products | 17,269.00 | 20,961.60 | 20,566.90 | ||||||||||||
Animal health | 2,346.60 | 2,151.50 | 2,036.50 | ||||||||||||
Total segment revenue | $ | 19,615.60 | $ | 23,113.10 | $ | 22,603.40 | |||||||||
Segment profits(1): | |||||||||||||||
Human pharmaceutical products | $ | 3,132.00 | $ | 5,015.00 | $ | 4,393.40 | |||||||||
Animal health | 564.2 | 556.6 | 508.1 | ||||||||||||
Total segment profits | $ | 3,696.20 | $ | 5,571.60 | $ | 4,901.50 | |||||||||
Reconciliation of total segment profits to consolidated income before taxes: | |||||||||||||||
Segment profits | $ | 3,696.20 | $ | 5,571.60 | $ | 4,901.50 | |||||||||
Other profits (losses): | |||||||||||||||
Income related to termination of the exenatide collaboration with Amylin Pharmaceuticals, Inc. (Note 4) | — | 495.4 | 787.8 | ||||||||||||
Income related to transfer of linagliptin and empagliflozin rights in certain countries to Boehringer Ingelheim (Note 4) | 92 | — | — | ||||||||||||
Acquired in-process research and development (Notes 3 and 4) | (200.2 | ) | (57.1 | ) | — | ||||||||||
Asset impairment, restructuring, and other special charges (Note 5) | (468.7 | ) | (120.6 | ) | (281.1 | ) | |||||||||
U.S. Branded Prescription Drug Fee | (119.0 | ) | — | — | |||||||||||
Total consolidated income before taxes | $ | 3,000.30 | $ | 5,889.30 | $ | 5,408.20 | |||||||||
1 | Human pharmaceutical products segment profit includes total depreciation and amortization expense of $1.27 billion, $1.35 billion, and $1.37 billion for the years ended December 31, 2014, 2013, and 2012, respectively. Animal health segment profit includes total depreciation and amortization expense of $111.5 million, $99.4 million, and $91.1 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Geographic Information | |||||||||||||||
Revenue—to unaffiliated customers(1): | |||||||||||||||
United States | $ | 9,134.10 | $ | 12,889.70 | $ | 12,313.10 | |||||||||
Europe | 4,506.70 | 4,338.40 | 4,259.70 | ||||||||||||
Japan | 2,027.10 | 2,063.80 | 2,246.20 | ||||||||||||
Other foreign countries | 3,947.70 | 3,821.20 | 3,784.40 | ||||||||||||
Revenue | $ | 19,615.60 | $ | 23,113.10 | $ | 22,603.40 | |||||||||
Long-lived assets(2): | |||||||||||||||
United States | $ | 4,566.20 | $ | 4,649.60 | $ | 5,064.70 | |||||||||
Europe | 2,401.50 | 2,469.70 | 2,281.10 | ||||||||||||
Japan | 80.4 | 81.1 | 101.5 | ||||||||||||
Other foreign countries | 1,499.10 | 1,540.90 | 1,543.20 | ||||||||||||
Long-lived assets | $ | 8,547.20 | $ | 8,741.30 | $ | 8,990.50 | |||||||||
1 | Revenue is attributed to the countries based on the location of the customer. | ||||||||||||||
2 | Long-lived assets consist of property and equipment and certain sundry assets. |
Selected_Quarterly_Data_Tables
Selected Quarterly Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | |||||||||||||||||
2014 | Fourth | Third | Second | First | |||||||||||||
Revenue | $ | 5,121.30 | $ | 4,875.60 | $ | 4,935.60 | $ | 4,683.10 | |||||||||
Cost of sales | 1,253.10 | 1,267.00 | 1,189.70 | 1,222.70 | |||||||||||||
Operating expenses(1) | 2,985.60 | 2,915.30 | 2,859.30 | 2,594.20 | |||||||||||||
Acquired IPR&D | 105.2 | 95 | — | — | |||||||||||||
Asset impairment, restructuring, and other special charges | 401 | 36.3 | — | 31.4 | |||||||||||||
Other—net, (income) expense | (137.2 | ) | (93.5 | ) | (53.8 | ) | (56.0 | ) | |||||||||
Income before income taxes | 513.6 | 655.5 | 940.4 | 890.8 | |||||||||||||
Net income | 428.5 | 500.6 | 733.5 | 727.9 | |||||||||||||
Earnings per share—basic | 0.4 | 0.47 | 0.68 | 0.68 | |||||||||||||
Earnings per share—diluted | 0.4 | 0.47 | 0.68 | 0.68 | |||||||||||||
Dividends paid per share | 0.49 | 0.49 | 0.49 | 0.49 | |||||||||||||
Common stock closing prices: | |||||||||||||||||
High | 72.83 | 66.59 | 63.1 | 59.85 | |||||||||||||
Low | 61.9 | 60.35 | 58.21 | 50.73 | |||||||||||||
2013 | Fourth | Third | Second | First | |||||||||||||
Revenue | $ | 5,808.80 | $ | 5,772.60 | $ | 5,929.70 | $ | 5,602.00 | |||||||||
Cost of sales | 1,386.50 | 1,198.10 | 1,165.20 | 1,158.30 | |||||||||||||
Operating expenses(1) | 3,429.00 | 3,029.80 | 3,198.00 | 3,000.10 | |||||||||||||
Acquired IPR&D | 57.1 | — | — | — | |||||||||||||
Asset impairment, restructuring, and other special charges | 35.4 | — | 63.5 | 21.7 | |||||||||||||
Other—net, (income) expense | (9.1 | ) | 31.3 | (11.9 | ) | (529.2 | ) | ||||||||||
Income before income taxes | 909.9 | 1,513.40 | 1,514.90 | 1,951.10 | |||||||||||||
Net income | 727.5 | 1,203.10 | 1,206.20 | 1,548.00 | |||||||||||||
Earnings per share—basic | 0.68 | 1.11 | 1.12 | 1.42 | |||||||||||||
Earnings per share—diluted | 0.67 | 1.11 | 1.11 | 1.42 | |||||||||||||
Dividends paid per share | 0.49 | 0.49 | 0.49 | 0.49 | |||||||||||||
Common stock closing prices: | |||||||||||||||||
High | 51.34 | 54.96 | 58.33 | 56.79 | |||||||||||||
Low | 47.65 | 49.92 | 49.06 | 49.51 | |||||||||||||
1 Includes research and development, marketing, selling, and administrative expenses |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Average Remaining Maturity of Foreign Currency Derivatives | 12 months | ||||||||||
Depreciation | $759.10 | $774.80 | $754 | ||||||||
Operating Leases, Rent Expense | 227.3 | 227.2 | 262.2 | ||||||||
Collaboration and other revenue | 788.4 | 707.5 | 633 | ||||||||
Revenue | $5,121.30 | $4,875.60 | $4,935.60 | $4,683.10 | $5,808.80 | $5,772.60 | $5,929.70 | $5,602 | $19,615.60 | $23,113.10 | $22,603.40 |
Minimum [Member] | |||||||||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 3 years | ||||||||||
Minimum [Member] | Building [Member] | |||||||||||
Property, Plant and Equipment, Useful Life, Minimum | 12 years | ||||||||||
Minimum [Member] | Equipment [Member] | |||||||||||
Property, Plant and Equipment, Useful Life, Minimum | 3 years | ||||||||||
Maximum [Member] | |||||||||||
Finite-Lived Intangible Assets, Useful Life, Minimum | 20 years | ||||||||||
Maximum [Member] | Building [Member] | |||||||||||
Property, Plant and Equipment, Useful Life, Minimum | 50 years | ||||||||||
Maximum [Member] | Equipment [Member] | |||||||||||
Property, Plant and Equipment, Useful Life, Minimum | 25 years |
Acquisitions_Details
Acquisitions (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 17, 2012 | Apr. 30, 2014 | Jan. 31, 2015 | Jul. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | |
Restricted cash | $0 | $5,405,600,000 | $0 | $5,405,600,000 | $0 | $5,405,600,000 | ||||||||||||
Acquired in-process research and development | 57,100,000 | 105,200,000 | 95,000,000 | 0 | 0 | 57,100,000 | 0 | 0 | 0 | 200,200,000 | 57,100,000 | 0 | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | 551,400,000 | 43,700,000 | 199,300,000 | |||||||||||||||
Goodwill | 1,516,800,000 | 1,758,100,000 | 1,516,800,000 | 1,758,100,000 | 1,516,800,000 | 1,758,100,000 | ||||||||||||
ChemGen [Member] | ||||||||||||||||||
Business Combination, Consideration Transferred | 206,900,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 151,500,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 55,400,000 | |||||||||||||||||
Lohmann Animal Health [Member] | ||||||||||||||||||
Business Combination, Consideration Transferred | 591,200,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 51,100,000 | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 551,400,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 39,800,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 89,800,000 | |||||||||||||||||
Goodwill | 243,700,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 92,700,000 | |||||||||||||||||
Novartis Animal Health [Member] | ||||||||||||||||||
Business Acquisition, Pro Forma Revenue | 20,700,000,000 | |||||||||||||||||
Novartis Animal Health [Member] | Subsequent Event [Member] | ||||||||||||||||||
Business Combination, Consideration Transferred | 5,400,000,000 | |||||||||||||||||
Immunocore Limited [Member] | ||||||||||||||||||
Acquired in-process research and development | 45,000,000 | |||||||||||||||||
AstraZeneca [Member] | ||||||||||||||||||
Acquired in-process research and development | 50,000,000 | |||||||||||||||||
Adocia [Member] | ||||||||||||||||||
Acquired in-process research and development | 50,000,000 | |||||||||||||||||
Developed Technology Rights [Member] | Lohmann Animal Health [Member] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 275,400,000 | |||||||||||||||||
Customer Relationships [Member] | Lohmann Animal Health [Member] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 23,900,000 | |||||||||||||||||
United States [Member] | U.S. Sentinel Product Line [Member] | Subsequent Event [Member] | ||||||||||||||||||
Proceeds from Divestiture of Businesses | $410,000,000 |
Collaborations_Details
Collaborations (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 10 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Oct. 31, 2013 | Nov. 30, 2011 | Jun. 30, 2011 | Dec. 31, 2009 | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2001 | Oct. 31, 2011 |
Collaboration and other revenue | $788.40 | $707.50 | $633 | |||||||||||||||||||
Total Revenue | 5,121.30 | 4,875.60 | 4,935.60 | 4,683.10 | 5,808.80 | 5,772.60 | 5,929.70 | 5,602 | 19,615.60 | 23,113.10 | 22,603.40 | |||||||||||
Other Nonoperating Income (Expense) | 368.3 | 63.9 | -41 | |||||||||||||||||||
Research and Development Expense | 4,733.60 | 5,531.30 | 5,278.10 | |||||||||||||||||||
Proceeds from prepayment of revenue-sharing obligation | 0 | 0 | 1,212.10 | |||||||||||||||||||
Other-net, (income) expense | 137.2 | 93.5 | 53.8 | 56 | 9.1 | -31.3 | 11.9 | 529.2 | 340.5 | 518.9 | 674 | |||||||||||
Marketing, selling, and administrative | 6,620.80 | 7,125.60 | 7,513.50 | |||||||||||||||||||
Acquired in-process research and development | 57.1 | 105.2 | 95 | 0 | 0 | 57.1 | 0 | 0 | 0 | 200.2 | 57.1 | 0 | ||||||||||
Amortization of Intangible Assets | 535.9 | 555 | 563 | |||||||||||||||||||
Erbitux [Member] | ||||||||||||||||||||||
Sales Revenue, Goods, Net | 46.1 | 58.5 | 76.4 | |||||||||||||||||||
Collaboration and other revenue | 327.2 | 315.2 | 320.6 | |||||||||||||||||||
Total Revenue | 373.3 | 373.7 | 397 | |||||||||||||||||||
Effient [Member] | ||||||||||||||||||||||
Sales Revenue, Goods, Net | 522.2 | 508.7 | 457.2 | |||||||||||||||||||
Amylin [Member] | ||||||||||||||||||||||
Proceeds from prepayment of revenue-sharing obligation | 1,210 | |||||||||||||||||||||
Exenatide [Member] | ||||||||||||||||||||||
Sales Revenue, Goods, Net | 133.1 | 207.8 | ||||||||||||||||||||
Collaboration and other revenue | 0 | 70.1 | ||||||||||||||||||||
Total Revenue | 133.1 | 277.9 | ||||||||||||||||||||
Other Nonoperating Income (Expense) | 495.4 | 787.8 | ||||||||||||||||||||
Boerhringer Ingelheim (BI) [Member] | ||||||||||||||||||||||
Collaboration and other revenue | 328.8 | 249.2 | 88.6 | |||||||||||||||||||
BI compounds [Member] | ||||||||||||||||||||||
Other-net, (income) expense | 92 | |||||||||||||||||||||
LLY compounds [Member] | ||||||||||||||||||||||
Acquired in-process research and development | 55.2 | |||||||||||||||||||||
Tanezumab [Member] | ||||||||||||||||||||||
Acquired in-process research and development | 200 | |||||||||||||||||||||
United States [Member] | ||||||||||||||||||||||
Total Revenue | 9,134.10 | 12,889.70 | 12,313.10 | |||||||||||||||||||
Secured Note [Member] | Amylin [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||||||||||||||||||||
Revenue Share [Member] | Amylin [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Terms | 1,260 | 1,200 | ||||||||||||||||||||
Revenue Share [Member] | United States [Member] | Amylin [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations Percent | 65.00% | |||||||||||||||||||||
Revenue Share [Member] | Outside the United States [Member] | Amylin [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations Percent | 35.00% | |||||||||||||||||||||
Milestone Payments [Member] | Solanezumab [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Terms | -70 | |||||||||||||||||||||
Milestone Payments, Sales-based [Member] | Baricitinib [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Terms | -150 | |||||||||||||||||||||
Milestone Payments, Sales-based [Member] | Tanezumab [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Terms | -1,230 | |||||||||||||||||||||
Milestone Payments, Development and Regulatory [Member] | Trajenta (BI) [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Terms | -478.7 | |||||||||||||||||||||
Milestone Payments, Development and Regulatory [Member] | Amylin [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Terms | 150 | |||||||||||||||||||||
Milestone Payments, Development and Regulatory [Member] | Jardiance [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Terms | -300.5 | -97.2 | ||||||||||||||||||||
Milestone Payments, Development and Regulatory [Member] | LLY compounds [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Terms | -62.5 | 50 | -187.5 | |||||||||||||||||||
Milestone Payments, Development and Regulatory [Member] | Baricitinib [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Terms | -415 | -50 | ||||||||||||||||||||
Milestone Payments, Development and Regulatory [Member] | Tanezumab [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Terms | -350 | |||||||||||||||||||||
Profit And Development And Marketing Share [Member] | Effient [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations Percent | 50.00% | |||||||||||||||||||||
Upfront Payment [Member] | Amylin [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Terms | 250 | |||||||||||||||||||||
Sales Reported [Member] | Amylin [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations Percent | 15.00% | |||||||||||||||||||||
Sales Reported [Member] | Outside the United States [Member] | Exenatide [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations Percent | 100.00% | |||||||||||||||||||||
Research And Development Exp [Member] | Baricitinib [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations Percent | 30.00% | |||||||||||||||||||||
Royalty Payments Received [Member] | Solanezumab [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations, Term of Arrangement | 10 years | |||||||||||||||||||||
Royalty Payments Received [Member] | Baricitinib [Member] | ||||||||||||||||||||||
Collaborative Arrangement, Rights and Obligations Percent | 20.00% | |||||||||||||||||||||
Collaborative Arrangement [Member] | ||||||||||||||||||||||
Marketing, selling, and administrative | $211.20 | $203.70 | $188.50 |
Asset_Impairments_Restructurin2
Asset Impairments, Restructuring, and Other Special Charges (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Unusual or Infrequent Item [Line Items] | ||||
Asset Impairment Charges | $243.20 | $30 | $206.60 | |
Severance Costs | 225.5 | 90.6 | 74.5 | |
Xigris [Member] | ||||
Unusual or Infrequent Item [Line Items] | ||||
Asset Impairment Charges | 20 | |||
Device Delivery Platform [Member] | ||||
Unusual or Infrequent Item [Line Items] | ||||
Asset Impairment Charges | 64 | |||
Liprotamase [Member] | ||||
Unusual or Infrequent Item [Line Items] | ||||
Asset Impairment Charges | 122.6 | |||
PUERTO RICO | ||||
Unusual or Infrequent Item [Line Items] | ||||
Asset Impairment Charges | $180.80 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory [Line Items] | ||
LIFO Inventory Amount | $1,090,000,000 | $1,020,000,000 |
Finished products | 838,000,000 | 968,100,000 |
Work in process | 1,715,400,000 | 1,868,300,000 |
Raw materials and supplies | 315,000,000 | 259,000,000 |
Inventory, Gross, Total | 2,868,400,000 | 3,095,400,000 |
Reduction to LIFO cost | -128,400,000 | -166,600,000 |
Inventories | $2,740,000,000 | $2,928,800,000 |
Financial_Instruments_Details
Financial Instruments (Details) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Hedged Fixed-Rate Debt [Member] | Hedged Fixed-Rate Debt [Member] | Hedged Fixed-Rate Debt [Member] | Equity Contract [Member] | Equity Contract [Member] | Equity Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | US Government Agencies Debt Securities [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Method and Other Investments [Member] | Equity Method and Other Investments [Member] | Equity Method and Other Investments [Member] | Equity Method and Other Investments [Member] | Buy euro Sell US dollar [Member] | Buy euro Sell US dollar [Member] | Buy USD Sell Euro [Member] | Buy USD Sell Euro [Member] | Buy GBP Sell Euro [Member] | Buy GBP Sell Euro [Member] | Buy USD Sell Japanese Yen [Member] | Buy USD Sell Japanese Yen [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Available-for-Sale Securities, Amortized Cost [Member] | Available-for-Sale Securities, Amortized Cost [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | EUR (€) | GBP (£) | USD ($) | JPY (¥) | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Equity Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Equity Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Equity Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Equity Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Equity Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | |||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Paper | $2,680,600,000 | $0 | $2,680,600,000 | $0 | $0 | $0 | $2,680,600,000 | $0 | $0 | $0 | $2,680,600,000 | $0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liability, Notional Amount | 876,000,000 | 1,180,000,000 | 330,600,000 | 190,400,000 | 332,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Asset, Notional Amount | 1,300,000,000 | 1,450,000,000 | 270,300,000 | 242,400,000 | 40,040,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from terminations of interest rate swaps | 340,700,000 | 0 | 0 | 340,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Available-for-sale Securities | 14,609,500,000 | 13,753,500,000 | 6,529,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Fair Value Disclosure | 2,443,500,000 | 2,574,700,000 | 2,415,500,000 | 2,517,100,000 | 2,443,500,000 | 2,574,700,000 | 28,000,000 | 57,600,000 | 0 | 0 | 2,443,500,000 | 2,574,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | -5,375,800,000 | -5,212,900,000 | 0 | 0 | -5,722,100,000 | -5,490,900,000 | 0 | 0 | -5,722,100,000 | -5,490,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets, Current | 102,500,000 | 20,100,000 | 0 | 0 | 102,500,000 | 20,100,000 | 0 | 0 | 102,500,000 | 20,100,000 | 9,100,000 | 6,700,000 | 0 | 0 | 9,100,000 | 6,700,000 | 0 | 0 | 9,100,000 | 6,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Other, Percentage of Nonperforming Assets | 90.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Remaining Maturity of Foreign Currency Derivatives | 30 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 55.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 156,900,000 | -308,200,000 | 51,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | -156,900,000 | 308,200,000 | -51,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 9,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 129,000,000 | 0 | 0 | 9,000,000 | 9,000,000 | 9,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | -20,400,000 | 15,400,000 | -35,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 149,600,000 | -149,600,000 | 0 | -164,700,000 | 16,700,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets, Noncurrent | 278,700,000 | 0 | 278,700,000 | 0 | 278,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liability, Noncurrent | -700,000 | -900,000 | 0 | 0 | -700,000 | -900,000 | 0 | 0 | -700,000 | -900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities, Current | -149,600,000 | -149,500,000 | 0 | 0 | -149,600,000 | -149,500,000 | 0 | 0 | -149,600,000 | -149,500,000 | -14,000,000 | -7,100,000 | 0 | 0 | -14,000,000 | -7,100,000 | 0 | 0 | -14,000,000 | -7,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Continuous Unrealized Gain Position, Fair Value | 1,778,800,000 | 4,982,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,129,200,000 | 3,664,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other than Temporary Impairment Losses, Investments | 12,500,000 | 11,300,000 | 22,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 18,300,000 | 59,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 171,900,000 | 375,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Gross Realized Gains | 353,500,000 | 49,500,000 | 82,300,000 | 260,800,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Gross Realized Losses | 29,400,000 | 15,400,000 | 10,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Debt Securities, Current | 767,400,000 | 931,700,000 | 0 | 0 | 766,700,000 | 929,800,000 | 767,400,000 | 931,700,000 | 0 | 0 | 767,400,000 | 931,700,000 | 185,500,000 | 276,400,000 | 156,500,000 | 276,400,000 | 185,600,000 | 276,600,000 | 29,000,000 | 0 | 0 | 0 | 185,500,000 | 276,400,000 | 2,500,000 | 2,700,000 | 0 | 0 | 2,500,000 | 2,700,000 | 2,500,000 | 2,700,000 | 0 | 0 | 2,500,000 | 2,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Equity Securities | 356,300,000 | 356,300,000 | 75,000,000 | 0 | 0 | 356,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Current, Total | 955,400,000 | 1,567,100,000 | 954,800,000 | 1,284,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Debt Securities, Noncurrent | 2,462,700,000 | 4,940,500,000 | 0 | 0 | 2,468,900,000 | 4,933,700,000 | 2,462,700,000 | 4,940,500,000 | 0 | 0 | 2,462,700,000 | 4,940,500,000 | 756,700,000 | 1,115,600,000 | 747,500,000 | 1,035,600,000 | 757,500,000 | 1,126,100,000 | 9,200,000 | 80,000,000 | 0 | 0 | 756,700,000 | 1,115,600,000 | 3,200,000 | 7,300,000 | 0 | 0 | 3,200,000 | 8,300,000 | 3,200,000 | 7,300,000 | 0 | 0 | 3,200,000 | 7,300,000 | 217,000,000 | 636,000,000 | 0 | 0 | 217,600,000 | 652,400,000 | 217,000,000 | 636,000,000 | 0 | 0 | 217,000,000 | 636,000,000 | 477,800,000 | 490,000,000 | 0 | 0 | 478,000,000 | 494,500,000 | 477,800,000 | 490,000,000 | 0 | 0 | 477,800,000 | 490,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Equity Securities, Noncurrent | 204,800,000 | 81,200,000 | 204,800,000 | 81,200,000 | 44,000,000 | 22,800,000 | 0 | 0 | 0 | 0 | 204,800,000 | 81,200,000 | 446,700,000 | 354,300,000 | 446,700,000 | 354,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Noncurrent, Total | 4,568,900,000 | 7,624,900,000 | 4,415,900,000 | 7,592,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 955,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 3,462,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 230,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 224,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities, Debt Securities | 4,872,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Notional Amount | 1,350,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 3,400,000 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Remaining Maturity | 3 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments for (Proceeds from) Derivative Instrument, Financing Activities | $3,400,000 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets, Gross | $5,833.60 | $5,300.90 | |
Impairment of Intangible Assets, Finite-lived | 0 | ||
Goodwill, Impairment Loss | 0 | ||
Goodwill | 1,758.10 | 1,516.80 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 2,960.80 | 2,520.20 | |
Finite-Lived Intangible Assets, Net | 2,872.80 | 2,780.70 | |
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 10 years | ||
Amortization of Intangible Assets | 535.9 | 555 | 563 |
Future Amortization Expense, Year One | 465 | ||
Future Amortization Expense, Year Two | 360 | ||
Future Amortization Expense, Year Three | 325 | ||
Future Amortization Expense, Year Four | 215 | ||
Future Amortization Expense, Year Five | 185 | ||
Impairment charges, indefinite lived intangibles | 0 | 0 | 205 |
Indefinite-Lived Intangible Assets, Gross | 1,769.50 | 1,550.40 | |
In-process Research and Development [Member] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 11.4 | 33.6 | |
Human Pharmaceutical Products [Member] | |||
Goodwill | 1,354.30 | 1,354.70 | |
Animal Health Products [Member] | |||
Goodwill | 403.8 | 162.1 | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets, Gross | 5,684.30 | 5,136.10 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 2,915.60 | 2,447.20 | |
Finite-Lived Intangible Assets, Net | 2,768.70 | 2,688.90 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets, Gross | 149.3 | 164.8 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 45.2 | 73 | |
Finite-Lived Intangible Assets, Net | $104.10 | $91.80 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property and Equipment [Abstract] | |||
Depreciation | $759.10 | $774.80 | $754 |
Land | 205.2 | 198.7 | |
Buildings | 6,516.20 | 6,489.90 | |
Equipment | 7,609.70 | 7,752.70 | |
Construction in progress | 1,698.20 | 1,205.40 | |
Property and equipment, gross | 16,029.30 | 15,646.70 | |
Less accumulated depreciation | -8,065.40 | -7,671.20 | |
Property and equipment, net | 7,963.90 | 7,975.50 | |
Operating Leases, Rent Expense | $227.30 | $227.20 | $262.20 |
Borrowings_Details
Borrowings (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2014 | Feb. 28, 2014 | |
Commercial Paper | $2,680,600,000 | $0 | ||||
Short-term borrowings and current maturities of long-term debt | 2,688,700,000 | 1,012,600,000 | ||||
Short-term Debt, Weighted Average Interest Rate | 0.18% | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.95% | |||||
Repayments of Long-term Debt | 1,000,000,000 | 1,034,800,000 | 10,500,000 | 1,511,100,000 | ||
Notes Payable | 4,887,300,000 | 4,887,300,000 | ||||
Other Notes Payable | 33,100,000 | 27,100,000 | ||||
Long-term Debt, Fair Value Adjustment | 455,400,000 | 298,500,000 | ||||
Debt, Long-term and Short-term, Combined Amount | 8,056,400,000 | 5,212,900,000 | ||||
Long-term debt | 5,367,700,000 | 4,200,300,000 | ||||
Description of Derivative Activity Volume Percent | 55.00% | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 8,100,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 208,500,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,010,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 203,800,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 601,000,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 3,310,000,000 | |||||
Line of Credit Facility, Amount Outstanding | 0 | |||||
Interest Paid, Net | 140,400,000 | 139,700,000 | 171,900,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.69% | 3.10% | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 7.13% | |||||
Maturity Date, 2019 [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.95% | |||||
Long-term Debt | 600,000,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200,000,000 | |||||
Maturity Date, 2015 [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000,000 | |||||
Maturity Date, 2044 [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.65% | |||||
Long-term Debt | $400,000,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $156 | $144.90 | $141.50 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 54.6 | 50.7 | 49.5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 101,000,000 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 19.8 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 12 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 700,000 | 700,000 | 1,600,000 | |
Share Based Compensation Arrangement by Share-based Payment Award, Expected Shares To Be Issued | 500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $48.81 | $50.19 | $35.74 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||
Shareholder Value Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 53.8 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 20 months | |||
Share Based Compensation Arrangement by Share-based Payment Award, Expected Shares To Be Issued | 2,200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $41.97 | $45.17 | $30.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.50% | 3.50% | 4.50% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.71% | 0.43% | 0.36% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.08% | 0.08% | 0.10% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 18.87% | 18.95% | 22.40% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 21.56% | 22.37% | 25.64% | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 6,099,000 | 6,636,000 | 7,539,000 | 7,036,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,987,000 | 1,795,000 | 2,439,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -2,224,000 | -2,397,000 | -973,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -300,000 | -301,000 | -963,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 87.9 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 27 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 900,000 | 800,000 | 300,000 | |
Share Based Compensation Arrangement by Share-based Payment Award, Expected Shares To Be Issued | 800,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $52.72 | $54.10 | $39.65 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,200,000 | 1,100,000 | 1,400,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 31.2 | 0.5 | 1.4 | |
Proceeds from Stock Options Exercised | 188.1 | 11.3 | 1 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 8.9 | 0.2 | 0.5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | P10Y | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,316,000 | 16,140,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $56.26 | $66.66 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -3,670,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $55.86 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | -10,154,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $72.93 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 0 years 11 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 29.6 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,316,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $56.26 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 0 years 11 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $29.60 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2000 | Oct. 31, 2013 | |
Treasury Stock, Value, Acquired, Cost Method | $800,000,000 | $1,600,000,000 | $819,200,000 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 15,388,100,000 | 17,640,700,000 | 15,388,100,000 | 17,640,700,000 | |||||||||
Common stock shares in treasury, shares in thousands | 810,000 | 833,000 | 810,000 | 833,000 | |||||||||
Net income | 428,500,000 | 500,600,000 | 733,500,000 | 727,900,000 | 727,500,000 | 1,203,100,000 | 1,206,200,000 | 1,548,000,000 | 2,390,500,000 | 4,684,800,000 | 4,088,600,000 | ||
Treasury Stock, Retired, Cost Method, Amount | 0 | 0 | -100,000 | ||||||||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | |||||||||
Common Stock, Shares Held in Employee Trust, Shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||
Employee benefit trust | 3,013,200,000 | 3,013,200,000 | 3,013,200,000 | 3,013,200,000 | |||||||||
Other comprehensive income (loss) | -1,989,100,000 | 1,794,400,000 | 61,500,000 | ||||||||||
Allocated Share-based Compensation Expense | 156,000,000 | 144,900,000 | 141,500,000 | ||||||||||
Issued shares, shares in thousands | 1,111,437,000 | 1,117,628,000 | 1,111,437,000 | 1,117,628,000 | |||||||||
Additional Paid-in Capital [Member] | |||||||||||||
Treasury Stock, Retired, Cost Method, Amount | |||||||||||||
Retained Earnings [Member] | |||||||||||||
Net income | 2,390,500,000 | 4,684,800,000 | 4,088,600,000 | ||||||||||
Treasury Stock, Retired, Cost Method, Amount | -792,100,000 | -1,677,800,000 | -711,700,000 | ||||||||||
Treasury Stock [Member] | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | 800,000,000 | 1,600,000,000 | 819,200,000 | ||||||||||
Treasury Stock, Retired, Cost Method, Amount | -800,000,000 | -1,698,100,000 | -721,100,000 | ||||||||||
Treasury Stock, Shares, Retired | -12,579,000 | -32,406,000 | -14,912,000 | ||||||||||
2000 Share Repurchase Program [Member] | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | 419,200,000 | ||||||||||||
Stock Repurchase Program, Authorized Amount | 3,000,000,000 | ||||||||||||
2012 Share Repurchase Program [Member] | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | 1,100,000,000 | 400,000,000 | |||||||||||
Stock Repurchase Program, Authorized Amount | 1,500,000,000 | ||||||||||||
2013 Share Repurchase Program [Member] | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | 800,000,000 | 500,000,000 | |||||||||||
Stock Repurchase Program, Authorized Amount | 5,000,000,000 | ||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $3,700,000,000 | $3,700,000,000 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $428.50 | $500.60 | $733.50 | $727.90 | $727.50 | $1,203.10 | $1,206.20 | $1,548 | $2,390.50 | $4,684.80 | $4,088.60 |
Weighted-average number of common shares oustanding, including incremental shares | 1,069,932 | 1,080,874 | 1,113,178 | ||||||||
Basic earnings per share | $0.40 | $0.47 | $0.68 | $0.68 | $0.68 | $1.11 | $1.12 | $1.42 | $2.23 | $4.33 | $3.67 |
Weighted-average number of common shares oustanding, including incremental shares and stock options | 1,074,286 | 1,084,766 | 1,117,294 | ||||||||
Diluted earnings per share | $0.40 | $0.47 | $0.68 | $0.68 | $0.67 | $1.11 | $1.11 | $1.42 | $2.23 | $4.32 | $3.66 |
Income_Taxes_Composition_and_D
Income Taxes (Composition and Deferreds) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Unremitted Earnings of Foreign Subsidiaries | $25,700,000,000 | ||
Current Federal Tax Expense (Benefit) | 168,900,000 | 259,100,000 | 596,800,000 |
Current Foreign Tax Expense (Benefit) | 406,200,000 | 553,200,000 | 540,600,000 |
Current State and Local Tax Expense (Benefit) | -2,100,000 | 126,300,000 | 56,200,000 |
Current Income Tax Expense (Benefit), Total | 573,000,000 | 938,600,000 | 1,193,600,000 |
Deferred Federal Income Tax Expense (Benefit) | -83,300,000 | 297,000,000 | 87,000,000 |
Deferred Foreign Income Tax Expense (Benefit) | 120,200,000 | -28,200,000 | 29,900,000 |
Deferred State and Local Income Tax Expense (Benefit) | -100,000 | -2,900,000 | 9,100,000 |
Deferred Income Tax Expense (Benefit), Total | 36,800,000 | 265,900,000 | 126,000,000 |
Income taxes | 609,800,000 | 1,204,500,000 | 1,319,600,000 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 897,300,000 | 639,800,000 | |
Tax Credit Carryforward, Deferred Tax Asset | 279,400,000 | 494,600,000 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | 241,800,000 | 313,700,000 | |
Deferred Tax Assets, Operating Loss Carryforwards | 265,500,000 | 311,700,000 | |
Deferred Tax Assets, Goodwill and Intangible Assets | 473,300,000 | 418,800,000 | |
Deferred Tax Assets, Inventory | 0 | 104,500,000 | |
Deferred Tax Asset, Fair Value Adjustments | 176,000,000 | 110,000,000 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies | 68,900,000 | 106,000,000 | |
Deferred Tax Assets, Other | 633,300,000 | 595,000,000 | |
Deferred Tax Assets, Gross, Total | 3,035,500,000 | 3,094,100,000 | |
Deferred Tax Assets, Valuation Allowance | -601,100,000 | -647,100,000 | |
Deferred Tax Assets, Net, Total | 2,434,400,000 | 2,447,000,000 | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | -737,100,000 | -898,300,000 | |
Deferred Tax Liabilities, Goodwill and Intangible Assets | -582,600,000 | -598,900,000 | |
Deferred Tax Liabilities, Prepaid Expenses | -275,800,000 | -446,200,000 | |
Deferred Tax Liabilities, Deferred Expense, Capitalized Inventory Costs | -684,600,000 | -685,600,000 | |
Deferred Tax Liabilities, Property, Plant and Equipment | -424,700,000 | -379,100,000 | |
Deferred Tax Liabilities, Derivatives | 161,500,000 | 109,600,000 | |
Deferred Tax Liabilities, Total | 2,866,300,000 | 3,117,700,000 | |
Deferred Tax Assets (Liabilities), Net, Total | -431,900,000 | -670,700,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 97,000,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Other | 8,900,000 | ||
Carryforward [Member] | |||
Operating Loss Carryforwards | 493,900,000 | ||
Tax Credit Carryforward, Amount | 459,900,000 | ||
Expiration 5 years [Member] | |||
Operating Loss Carryforwards | 74,600,000 | ||
Expiration 5-20 years [Member] | |||
Operating Loss Carryforwards | 366,100,000 | ||
Expiration 5-20 years, Minimum [Member] | |||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-19 | ||
Expiration 5-20 years, Maximum [Member] | |||
Operating Loss Carryforwards, Expiration Dates | 31-Dec-29 | ||
Expiration 10-20 years [Member] | |||
Tax Credit Carryforward, Amount | 180,500,000 | ||
Expiration 10-20 years, Maximum [Member] | |||
Other Tax Carryforward, Expiration Dates | 31-Dec-21 | ||
No Expiration [Member] | |||
Operating Loss Carryforwards | 53,200,000 | ||
Internal Revenue Service (IRS) [Member] | Designated Unusable [Member] | |||
Tax Credit Carryforward, Amount | 80,300,000 | ||
State and Local Jurisdiction [Member] | Designated Unusable [Member] | |||
Tax Credit Carryforward, Amount | 94,700,000 | ||
Foreign Tax Authority [Member] | Designated Unusable [Member] | |||
Tax Credit Carryforward, Amount | $104,400,000 |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense and Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic Contribution to Income before Income Taxes | 20.00% | 60.00% | 55.00% |
Income Tax Holiday, Termination Date | 12/31/16 | ||
Income Tax Holiday, Commencement Date | 12/31/17 | ||
Income Tax Holiday, Description | P15Y | ||
Income Taxes Paid | $729.70 | $1,260 | $992 |
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | 1,050.10 | 2,061.30 | 1,892.90 |
Income Tax Reconciliation, Deductions, Extraterritorial Income Exclusion | -344.8 | -778.3 | -593.8 |
Income Tax Reconciliation, Tax Credits | -44.3 | -175.6 | -11.2 |
Income Tax Reconciliation, Other Adjustments | -51.2 | 97.1 | 31.7 |
Income taxes | 609.8 | 1,204.50 | 1,319.60 |
Unrecognized Tax Benefits, Beginning Balance | 1,136.40 | 1,534.30 | 1,369.30 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 126.4 | 142.5 | 144.8 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 132.6 | 251.5 | 70.1 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | -32.1 | -358.2 | -38.5 |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | -3.5 | -24.9 | -4.6 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | -4.2 | -404.9 | -9.2 |
Unrecognized Tax Benefits, Increases Resulting from Foreign Currency Translation | -16.8 | -3.9 | 2.4 |
Unrecognized Tax Benefits, Ending Balance | 1,338.80 | 1,136.40 | 1,534.30 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 638.8 | 523.3 | |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 135 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 35.9 | -10.9 | 42.3 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $207.20 | $161.50 |
Retirement_Benefits_Schedule_o
Retirement Benefits (Schedule of Benefit Obligations and Plan Assets) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Document Period End Date | 31-Dec-14 | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $9,976.40 | $10,423.80 | |
Defined Benefit Plan, Service Cost | 240.9 | 287.1 | 253.1 |
Defined Benefit Plan, Interest Cost | 472.6 | 437.2 | 455.1 |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 1,996.30 | -792.2 | |
Defined Benefit Plan, Benefits Paid | -421.2 | -402.3 | |
Defined Benefit Plan, Plan Amendments | -2.4 | -0.1 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | -250.2 | 22.9 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 12,012.40 | 9,976.40 | 10,423.80 |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 9,481.70 | 8,286.60 | |
Defined Benefit Plan, Actual Return on Plan Assets | 813.6 | 1,144.60 | |
Defined Benefit Plan, Contributions by Employer | 127.2 | 428.9 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -165.6 | 23.9 | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 9,835.70 | 9,481.70 | 8,286.60 |
Defined Benefit Plan, Funded Status of Plan | -2,176.70 | -494.7 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 5,114.90 | 3,546.30 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 43.5 | 50.7 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet, Total | 2,981.70 | 3,102.30 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | 1,757.20 | 2,337.70 | |
Defined Benefit Plan, Service Cost | 33 | 49.9 | 63.3 |
Defined Benefit Plan, Interest Cost | 85.6 | 98.1 | 114.9 |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 293.5 | -642.5 | |
Defined Benefit Plan, Benefits Paid | -76.1 | -79.6 | |
Defined Benefit Plan, Plan Amendments | -533.6 | -4.1 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | -6.1 | -2.3 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 1,553.50 | 1,757.20 | 2,337.70 |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 1,879.60 | 1,518 | |
Defined Benefit Plan, Actual Return on Plan Assets | 157.4 | 365.7 | |
Defined Benefit Plan, Contributions by Employer | -42.2 | 75.5 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,918.70 | 1,879.60 | 1,518 |
Defined Benefit Plan, Funded Status of Plan | 365.2 | 122.4 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 439.5 | 178.1 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | -666.7 | -171.5 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet, Total | 138 | 129 | |
Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 5,076.20 | 4,860.10 | |
Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,579.60 | 1,533.90 | |
Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 2,822.20 | 2,603.20 | 2,274.90 |
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 216.5 | 211.1 | 182.2 |
Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,937.30 | 2,018.40 | |
Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 122.6 | 134.6 | |
Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 411.4 | 400.3 | |
Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 39.2 | 39.4 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 227.6 | 211.1 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 22 | 21.1 | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 183.8 | 189.2 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 17.2 | 18.3 | |
Equity Securities - International [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 2,337.80 | 2,483.80 | |
Equity Securities - International [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 158.9 | 167.2 | |
Equity Securities - International [Member] | Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,338.10 | 1,438 | |
Equity Securities - International [Member] | Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 100.1 | 105.6 | |
Equity Securities - International [Member] | Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Equity Securities - International [Member] | Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Equity Securities - International [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 999.7 | 1,045.80 | |
Equity Securities - International [Member] | Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | $58.80 | $61.60 |
Retirement_Benefits_Schedule_o1
Retirement Benefits (Schedule of Components in Consolidated Balance Sheets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | $2,562.90 | $1,549.40 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | -34 | -31.9 |
Pension Plans, Defined Benefit [Member] | ||
Defined Benefit Plan, Amortization of Net Gains (Losses) | -387.4 | |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 211.2 | 881.2 |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -62.3 | -62.8 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 2,325.60 | 1,313.10 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 5,158.40 | 3,597 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet, Total | 2,981.70 | 3,102.30 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | -282.3 | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | -3.6 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Change in Retiree Health Plan - Impact on Unrecognized Prior Service Cost | 520.8 | |
Defined Benefit Plan, Amortization of Net Gains (Losses) | -37.9 | |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 609.4 | 366.4 |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -6.9 | -7.7 |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 237.3 | 236.3 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | -227.2 | 6.6 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet, Total | 138 | 129 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | -20.7 | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | $37.60 |
Retirement_Benefits_Schedule_o2
Retirement Benefits (Schedule of Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.40% | ||
Defined Benefit Plan, Direction and Pattern for Assumed Health Care Cost Trend Rate | 0.20% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.90% | 4.30% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.90% | 4.30% | 5.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.40% | 3.40% | 3.40% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.40% | 3.40% | 3.70% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.10% | 8.40% | 8.40% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.10% | 5.00% | 4.30% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.00% | 4.30% | 5.10% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.50% | 8.80% | 8.80% |
Retirement_Benefits_Schedule_o3
Retirement Benefits (Schedule of Expected Benefit Payments, Contributions and Expense) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year, Description | $40,000,000 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 10,880,000,000 | 9,130,000,000 | |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 10,537,200,000 | 1,773,600,000 | |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 8,149,200,000 | 395,400,000 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 2,179,800,000 | 1,384,600,000 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 700,900,000 | 181,800,000 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 50,200,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 7,800,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 52,700,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 6,600,000 | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | -34,000,000 | -31,900,000 | |
Change in defined benefit pension and retiree health benefit plans | 1,327,600,000 | -2,592,200,000 | 128,600,000 |
Defined Contribution Plan, Cost Recognized | 153,300,000 | 147,700,000 | 136,300,000 |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year, Description | 270,000,000 | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | -428,700,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | -439,300,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | -452,300,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | -467,900,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | -487,700,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | -2,783,600,000 | ||
Defined Benefit Plan, Service Cost | 240,900,000 | 287,100,000 | 253,100,000 |
Defined Benefit Plan, Interest Cost | 472,600,000 | 437,200,000 | 455,100,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -756,600,000 | -701,900,000 | -684,800,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 3,600,000 | 3,700,000 | 4,200,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | 282,300,000 | 414,700,000 | 285,700,000 |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 387,400,000 | ||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 10,300,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost, Total | 242,800,000 | 440,800,000 | 313,300,000 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 1,939,300,000 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | 2,400,000 | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | -3,600,000 | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | -282,300,000 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 397,700,000 | ||
Foreign currency translation gains (losses) | 89,600,000 | ||
Change in defined benefit pension and retiree health benefit plans | -1,561,400,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | -85,100,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | -73,500,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | -76,500,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | -78,600,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | -80,400,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | -425,400,000 | ||
Defined Benefit Plan, Service Cost | 33,000,000 | 49,900,000 | 63,300,000 |
Defined Benefit Plan, Interest Cost | 85,600,000 | 98,100,000 | 114,900,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -146,400,000 | -130,700,000 | -127,200,000 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | -37,600,000 | -35,600,000 | -39,800,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | 20,700,000 | 100,500,000 | 98,400,000 |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 37,900,000 | ||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | -92,100,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost, Total | -44,700,000 | 82,200,000 | 109,600,000 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 282,900,000 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, before Tax | 533,600,000 | ||
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | 37,600,000 | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | -20,700,000 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | -54,200,000 | ||
Foreign currency translation gains (losses) | 0 | ||
Change in defined benefit pension and retiree health benefit plans | 233,800,000 | ||
Other Postretirement Benefit Plans, Defined Benefit, Gross [Member] | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | -91,600,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | -75,600,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | -77,200,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | -79,300,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | -81,200,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | -430,300,000 | ||
Other Postretirement Benefit Plans, Defined Benefit Plans, Medicare Rebates [Member] | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | -6,500,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | -2,100,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | -700,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | -700,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | -800,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | ($4,900,000) |
Retirement_Benefits_Fair_Value
Retirement Benefits (Fair Value Disclosures) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Percentage of Global Investments in Plan Assets | 80.00% | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,918.70 | $1,879.60 | $1,518 |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 1,518 | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 9,835.70 | 9,481.70 | 8,286.60 |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 8,286.60 | ||
Fixed Income Funds [Member] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets | 15.00% | ||
Fixed Income Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 61.8 | 54.7 | |
Fixed Income Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,230.70 | 1,036.10 | |
Equity Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 92.3 | 88.9 | |
Equity Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,146.60 | 1,069.90 | |
Equity Securities [Member] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets | 85.00% | ||
Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 39.2 | 39.4 | |
Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 411.4 | 400.3 | |
Equity Securities - International [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 158.9 | 167.2 | |
Equity Securities - International [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 2,337.80 | 2,483.80 | |
Fixed Income Funds, Emerging Markets [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 35.5 | 38.2 | |
Fixed Income Funds, Emerging Markets [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 374.7 | 382.6 | |
Hedge Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 282.7 | 266.4 | |
Hedge Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 3,277.60 | 2,902.30 | |
Real Estate [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 39 | 36.7 | |
Real Estate [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 569 | 521.4 | |
Other Assets [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 20.1 | 51.3 | |
Other Assets [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 487.9 | 685.3 | |
Other Contract [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,189.20 | 1,136.80 | |
Fair Value, Inputs, Level 1 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 122.6 | 134.6 | |
Fair Value, Inputs, Level 1 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,937.30 | 2,018.40 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 112.2 | 170.2 | |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 17.2 | 18.3 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 183.8 | 189.2 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities - International [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 58.8 | 61.6 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities - International [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 999.7 | 1,045.80 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds, Emerging Markets [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds, Emerging Markets [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 8.7 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Hedge Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Hedge Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Real Estate [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 39 | 36.7 | |
Fair Value, Inputs, Level 1 [Member] | Real Estate [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 403.1 | 368 | |
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 7.6 | 18 | |
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 229.8 | 245.2 | |
Fair Value, Inputs, Level 1 [Member] | Other Contract [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,579.60 | 1,533.90 | |
Fair Value, Inputs, Level 2 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 5,076.20 | 4,860.10 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 61.8 | 53.1 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,118.50 | 850 | |
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 75.2 | 76.4 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 22 | 21.1 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 227.6 | 211.1 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities - International [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 100.1 | 105.6 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities - International [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,338.10 | 1,438 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds, Emerging Markets [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 35.3 | 38.2 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds, Emerging Markets [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 364.2 | 382.6 | |
Fair Value, Inputs, Level 2 [Member] | Hedge Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 158.7 | 145.8 | |
Fair Value, Inputs, Level 2 [Member] | Hedge Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,694.50 | 1,461.90 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 12.5 | 33.3 | |
Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 258.1 | 440.1 | |
Fair Value, Inputs, Level 2 [Member] | Other Contract [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,189.20 | 1,136.80 | |
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 216.5 | 211.1 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 211.1 | 182.2 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 7.1 | 23.9 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | -0.1 | 0 | |
Defined Benefit Plan, Purchases, Sales, and Settlements | -0.5 | 3.9 | |
Defined Benefit Plan, Transfers Between Measurement Levels | -1.1 | 1.1 | |
Fair Value, Inputs, Level 3 [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 2,822.20 | 2,603.20 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 2,603.20 | 2,274.90 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 152.7 | 284.6 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | -0.8 | 0 | |
Defined Benefit Plan, Purchases, Sales, and Settlements | 78.5 | 32.2 | |
Defined Benefit Plan, Transfers Between Measurement Levels | -11.4 | 11.5 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 1.6 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 1.6 | 0.4 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | -0.1 | -0.3 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | -0.1 | 0 | |
Defined Benefit Plan, Purchases, Sales, and Settlements | -0.3 | 0.4 | |
Defined Benefit Plan, Transfers Between Measurement Levels | -1.1 | 1.1 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 15.9 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 15.9 | 3.7 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | -0.4 | -3 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | -0.8 | 0 | |
Defined Benefit Plan, Purchases, Sales, and Settlements | -3.3 | 3.7 | |
Defined Benefit Plan, Transfers Between Measurement Levels | -11.4 | 11.5 | |
Fair Value, Inputs, Level 3 [Member] | Equity Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 92.3 | 88.9 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 88.9 | 81.9 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 6 | 13.9 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 | |
Defined Benefit Plan, Purchases, Sales, and Settlements | -2.6 | -6.9 | |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,071.40 | 993.5 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 993.5 | 910.5 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 108.2 | 155.7 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 | |
Defined Benefit Plan, Purchases, Sales, and Settlements | -30.3 | -72.7 | |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities - International [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities - International [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds, Emerging Markets [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0.2 | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | ||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0 | ||
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | ||
Defined Benefit Plan, Purchases, Sales, and Settlements | 0.2 | ||
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds, Emerging Markets [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1.8 | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | ||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0.1 | ||
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | ||
Defined Benefit Plan, Purchases, Sales, and Settlements | 1.7 | ||
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 124 | 120.6 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 120.6 | 99.9 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 1.2 | 10.3 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 | |
Defined Benefit Plan, Purchases, Sales, and Settlements | 2.2 | 10.4 | |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 1,583.10 | 1,440.40 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 1,440.40 | 1,218.10 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 44.6 | 123.4 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 | |
Defined Benefit Plan, Purchases, Sales, and Settlements | 98.1 | 98.9 | |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 0 | 0 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0 | 0 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 | |
Defined Benefit Plan, Purchases, Sales, and Settlements | 0 | 0 | |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 165.9 | 153.4 | |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 153.4 | 142.6 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0.2 | 8.5 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 | |
Defined Benefit Plan, Purchases, Sales, and Settlements | 12.3 | 2.3 | |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Assets [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Assets [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Other Contract [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 0 | $0 |
Contingencies_Details
Contingencies (Details) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Actos [Member] | Byetta [Member] | Byetta [Member] | Prozac [Member] | Compensatory Damages [Member] | Compensatory Damages [Member] | Compensatory Damages [Member] | Punitive Damages [Member] | Punitive Damages [Member] | Punitive Damages [Member] | Punitive Damages [Member] | Damages from Product, Cancer [Member] | CANADA | CALIFORNIA | Other states [Member] | Brazil [Member] | Brazil [Member] | ONTARIO | QUEBEC | ALBERTA | |
Product Liability Litigation [Member] | Multi District Litigation Mdl [Member] | Product Liability Litigation [Member] | Product Liability Litigation [Member] | Actos [Member] | Actos [Member] | Actos [Member] | Actos [Member] | Actos [Member] | Actos [Member] | Actos [Member] | Byetta [Member] | Actos [Member] | Byetta [Member] | Byetta [Member] | Employee Litigation [Member] | Employee Litigation [Member] | Actos [Member] | Actos [Member] | Actos [Member] | |
USD ($) | Takeda Portion [Member] | Lilly Portion [Member] | Takeda Portion [Member] | Takeda Portion [Member] | Lilly Portion [Member] | Lilly Portion [Member] | Product Liability Litigation [Member] | Product Liability Litigation [Member] | Product Liability Litigation [Member] | Product Liability Litigation [Member] | USD ($) | BRL | Product Liability Litigation [Member] | Product Liability Litigation [Member] | Product Liability Litigation [Member] | |||||
USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||
Loss Contingency, Number of Cases | 5,275 | 3 | 1 | 1 | 1 | |||||||||||||||
Loss Contingency, Damages Awarded, Value | $1.30 | $28 | $6,000 | $9 | $3,000 | $375 | 1,000 | |||||||||||||
Loss Contingency, Parties Jointly and Severally Liable in Litigation, Percent Share | 75.00% | 25.00% | ||||||||||||||||||
Loss Contingency, Number of Claimants | 395 | 470 | ||||||||||||||||||
Loss Contingency, Number of Lawsuits | 310 | 415 | 10 | 350 | 95 | 10 | 30 | 30 | ||||||||||||
Loss Contingency, Number of Plaintiffs | 350 | 920 | 540 | 540 | 30 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | ($34) | ($31.90) | ||
Document Period End Date | 31-Dec-14 | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | -56.7 | 71.6 | 30.8 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -3,991.80 | -2,002.70 | ||
Other comprehensive income (loss) | -1,989.10 | 1,794.40 | 61.5 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 269 | 483.3 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 303 | 515.2 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | -83.4 | -164.3 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 185.6 | 319 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | -324.1 | -12 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax | 0 | 2.4 | ||
Other Comprehensive Income (Loss), Reclasification Adjustment from AOCI, Available-for-Sale Securities, before Tax, Total | -324.1 | -9.6 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 113.4 | 3.4 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Available-for-Sale Securities, Net of Tax, Total | 210.7 | 6.2 | ||
Other Comprehensive Income, Other, Net of Tax | 5.9 | 5.9 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -19.2 | 318.7 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 5.2 | 43.2 | -2.8 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, before Reclassification Adjustments, Tax | 414.7 | -886.1 | -34.4 | |
Other Comprehensive Income (Loss), Tax | 476.6 | -914.5 | -68 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -3,991.80 | -2,002.70 | -3,797.10 | -3,858.60 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,969.90 | -1,475.70 | ||
Other comprehensive income (loss) | -1,989.10 | 1,794.40 | 61.5 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 19.2 | -318.7 | ||
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -498.4 | 463 | 426.8 | 265.9 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 961.4 | -36.2 | ||
Other comprehensive income (loss) | -961.4 | 36.2 | 160.9 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 99.7 | 205.2 | 72.5 | 14.8 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -105.2 | -138.9 | ||
Other comprehensive income (loss) | -105.5 | 132.7 | 57.7 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 104.1 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 210.7 | 6.2 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -46.4 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -3,402 | -2,489.10 | -4,195.20 | -4,032.20 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,098.50 | -1,387.10 | ||
Other comprehensive income (loss) | -912.9 | 1,706.10 | -163 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -185.6 | -319 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -191.1 | -181.8 | -101.2 | -107.1 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 15.2 | 86.5 | ||
Other comprehensive income (loss) | -9.3 | -80.6 | 5.9 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | -5.9 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ($5.90) | ($5.90) |
Other_Net_Expense_Income_Detai
Other - Net, Expense (Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Revenue, Net | $788.40 | $707.50 | $633 | ||||||||
Income related to termination of the exenatide collaboration with Amylin | 0 | -495.4 | -787.8 | ||||||||
Interest Expense | 148.8 | 160.1 | 177.8 | ||||||||
Investment Income, Interest | -121 | -119.7 | -105 | ||||||||
Other (income)expense | -368.3 | -63.9 | 41 | ||||||||
Nonoperating Income (Expense), Total | -137.2 | -93.5 | -53.8 | -56 | -9.1 | 31.3 | -11.9 | -529.2 | -340.5 | -518.9 | -674 |
Exenatide [Member] | |||||||||||
Other Revenue, Net | 0 | 70.1 | |||||||||
Other (income)expense | ($495.40) | ($787.80) |
Segment_Information_Segment_In1
Segment Information Segment Information (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and amortization | $1,379 | $1,445.60 | $1,462.20 | |||||||||
Revenue | 5,121.30 | 4,875.60 | 4,935.60 | 4,683.10 | 5,808.80 | 5,772.60 | 5,929.70 | 5,602 | 19,615.60 | 23,113.10 | 22,603.40 | |
Long-Lived Assets | 8,741.30 | 8,547.20 | 8,741.30 | 8,547.20 | 8,741.30 | 8,990.50 | ||||||
Asset impairment, restructuring, and other special charges | -401 | -36.3 | 0 | -31.4 | -35.4 | 0 | -63.5 | -21.7 | -468.7 | -120.6 | -281.1 | |
Selling, General and Administrative Expense | -6,620.80 | -7,125.60 | -7,513.50 | |||||||||
Income before income taxes | 513.6 | 655.5 | 940.4 | 890.8 | 909.9 | 1,513.40 | 1,514.90 | 1,951.10 | 3,000.30 | 5,889.30 | 5,408.20 | |
Acquired in-process research and development | -57.1 | -105.2 | -95 | 0 | 0 | -57.1 | 0 | 0 | 0 | -200.2 | -57.1 | 0 |
Gain (Loss) on Contract Termination | 0 | 495.4 | 787.8 | |||||||||
Other-net, (income) expense | 137.2 | 93.5 | 53.8 | 56 | 9.1 | -31.3 | 11.9 | 529.2 | 340.5 | 518.9 | 674 | |
United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 9,134.10 | 12,889.70 | 12,313.10 | |||||||||
Long-Lived Assets | 4,649.60 | 4,566.20 | 4,649.60 | 4,566.20 | 4,649.60 | 5,064.70 | ||||||
Europe [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 4,506.70 | 4,338.40 | 4,259.70 | |||||||||
Long-Lived Assets | 2,469.70 | 2,401.50 | 2,469.70 | 2,401.50 | 2,469.70 | 2,281.10 | ||||||
JAPAN | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 2,027.10 | 2,063.80 | 2,246.20 | |||||||||
Long-Lived Assets | 81.1 | 80.4 | 81.1 | 80.4 | 81.1 | 101.5 | ||||||
Other Foreign Countries [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 3,947.70 | 3,821.20 | 3,784.40 | |||||||||
Long-Lived Assets | 1,540.90 | 1,499.10 | 1,540.90 | 1,499.10 | 1,540.90 | 1,543.20 | ||||||
Total segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Income before income taxes | 3,696.20 | 5,571.60 | 4,901.50 | |||||||||
Endocrinology [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 6,939 | 7,304.40 | 6,810.90 | |||||||||
Neuroscience [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 3,596.50 | 7,216.20 | 7,575.10 | |||||||||
Oncology [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 3,393 | 3,268.50 | 3,281.60 | |||||||||
Cardiovascular [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 3,053.50 | 2,923.20 | 2,632.50 | |||||||||
Other Pharmaceuticals [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 287 | 249.3 | 266.8 | |||||||||
Human Pharmaceutical Products Total [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and amortization | 1,270 | 1,350 | 1,370 | |||||||||
Revenue | 17,269 | 20,961.60 | 20,566.90 | |||||||||
Income before income taxes | 3,132 | 5,015 | 4,393.40 | |||||||||
Animal Health Products [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and amortization | 111.5 | 99.4 | 91.1 | |||||||||
Revenue | 2,346.60 | 2,151.50 | 2,036.50 | |||||||||
Income before income taxes | 564.2 | 556.6 | 508.1 | |||||||||
Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Asset impairment, restructuring, and other special charges | -468.7 | -120.6 | -281.1 | |||||||||
Selling, General and Administrative Expense | -119 | 0 | 0 | |||||||||
Acquired in-process research and development | -200.2 | -57.1 | 0 | |||||||||
Amylin [Member] | Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Gain (Loss) on Contract Termination | 0 | 495.4 | 787.8 | |||||||||
Cymbalta [Member] | Neuroscience [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 1,614.70 | 5,084.40 | 4,994.10 | |||||||||
Humalog [Member] | Endocrinology [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 2,785.20 | 2,611.20 | 2,395.50 | |||||||||
Humulin [Member] | Endocrinology [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 1,400.10 | 1,315.80 | 1,239.10 | |||||||||
Forteo [Member] | Endocrinology [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 1,322 | 1,244.90 | 1,151 | |||||||||
Evista [Member] | Endocrinology [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 419.8 | 1,050.40 | 1,010.10 | |||||||||
Trajenta (BI) [Member] | Endocrinology [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 328.8 | 249.2 | 88.6 | |||||||||
Other Endocrinology [Member] | Endocrinology [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 683.1 | 832.9 | 926.6 | |||||||||
Zyprexa [Member] | Neuroscience [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 1,037.30 | 1,194.80 | 1,701.40 | |||||||||
Strattera [Member] | Neuroscience [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 738.5 | 709.2 | 621.4 | |||||||||
Other Neuroscience [Member] | Neuroscience [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 206 | 227.8 | 258.2 | |||||||||
Alimta [Member] | Oncology [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 2,792 | 2,703 | 2,594.30 | |||||||||
Erbitux [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 373.3 | 373.7 | 397 | |||||||||
Erbitux [Member] | Oncology [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 373.3 | 373.7 | 397 | |||||||||
Other Oncology [Member] | Oncology [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 227.7 | 191.8 | 290.3 | |||||||||
Cialis [Member] | Cardiovascular [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 2,291 | 2,159.40 | 1,926.80 | |||||||||
Effient [Member] | Cardiovascular [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 522.2 | 508.7 | 457.2 | |||||||||
Other Cardiovascular [Member] | Cardiovascular [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 240.3 | 255.1 | 248.5 | |||||||||
BI compounds [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Other-net, (income) expense | 92 | |||||||||||
BI compounds [Member] | Corporate, Non-Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Other-net, (income) expense | $92 | $0 | $0 | |||||||||
Minimum [Member] | Sales Revenue, Goods, Net [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Concentration Risk, Percentage | 8.00% | 10.00% | 10.00% | |||||||||
Minimum [Member] | Accounts Receivable [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Concentration Risk, Percentage | 9.00% | 9.00% | 9.00% | |||||||||
Maximum [Member] | Sales Revenue, Goods, Net [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Concentration Risk, Percentage | 19.00% | 19.00% | 19.00% | |||||||||
Maximum [Member] | Accounts Receivable [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Concentration Risk, Percentage | 18.00% | 18.00% | 18.00% |
Selected_Quarterly_Data_Detail
Selected Quarterly Data (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue | $5,121.30 | $4,875.60 | $4,935.60 | $4,683.10 | $5,808.80 | $5,772.60 | $5,929.70 | $5,602 | $19,615.60 | $23,113.10 | $22,603.40 | |
Cost of sales | 1,253.10 | 1,267 | 1,189.70 | 1,222.70 | 1,386.50 | 1,198.10 | 1,165.20 | 1,158.30 | 4,932.50 | 4,908.10 | 4,796.50 | |
Operating Expenses | 2,985.60 | 2,915.30 | 2,859.30 | 2,594.20 | 3,429 | 3,029.80 | 3,198 | 3,000.10 | ||||
Acquired in-process research and development | 57.1 | 105.2 | 95 | 0 | 0 | 57.1 | 0 | 0 | 0 | 200.2 | 57.1 | 0 |
Asset impairment, restructuring, and other special charges | 401 | 36.3 | 0 | 31.4 | 35.4 | 0 | 63.5 | 21.7 | 468.7 | 120.6 | 281.1 | |
Other-net, (income) expense | -137.2 | -93.5 | -53.8 | -56 | -9.1 | 31.3 | -11.9 | -529.2 | -340.5 | -518.9 | -674 | |
Income before income taxes | 513.6 | 655.5 | 940.4 | 890.8 | 909.9 | 1,513.40 | 1,514.90 | 1,951.10 | 3,000.30 | 5,889.30 | 5,408.20 | |
Net income | $428.50 | $500.60 | $733.50 | $727.90 | $727.50 | $1,203.10 | $1,206.20 | $1,548 | $2,390.50 | $4,684.80 | $4,088.60 | |
Basic earnings per share | $0.40 | $0.47 | $0.68 | $0.68 | $0.68 | $1.11 | $1.12 | $1.42 | $2.23 | $4.33 | $3.67 | |
Diluted earnings per share | $0.40 | $0.47 | $0.68 | $0.68 | $0.67 | $1.11 | $1.11 | $1.42 | $2.23 | $4.32 | $3.66 | |
Common Stock, Dividends, Per Share, Cash Paid | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | ||||
Maximum [Member] | ||||||||||||
Share Price | $51.34 | $72.83 | $66.59 | $63.10 | $59.85 | $51.34 | $54.96 | $58.33 | $56.79 | $72.83 | $51.34 | |
Minimum [Member] | ||||||||||||
Share Price | $47.65 | $61.90 | $60.35 | $58.21 | $50.73 | $47.65 | $49.92 | $49.06 | $49.51 | $61.90 | $47.65 |