Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 26, 2020 | |
Document Information [Line Items] | ||
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000059478 | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Entity File Number | 001-6351 | |
Entity Registrant Name | ELI LILLY AND COMPANY | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-0470950 | |
Entity Address, Address Line One | Lilly Corporate Center | |
Entity Address, City or Town | Indianapolis | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46285 | |
City Area Code | 317 | |
Local Phone Number | 276-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 956,581,598 | |
Common Stock (no par value) | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock (no par value) | |
Trading Symbol | LLY | |
Security Exchange Name | NYSE | |
1.000% Notes due 2022 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.000% Notes due 2022 | |
Trading Symbol | LLY22 | |
Security Exchange Name | NYSE | |
7 1/8% Notes due 2025 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7 1/8% Notes due 2025 | |
Trading Symbol | LLY25 | |
Security Exchange Name | NYSE | |
1.625% Notes due 2026 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.625% Notes due 2026 | |
Trading Symbol | LLY26 | |
Security Exchange Name | NYSE | |
2.125% Notes due 2030 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 2.125% Notes due 2030 | |
Trading Symbol | LLY30 | |
Security Exchange Name | NYSE | |
0.625% Notes due 2031 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 0.625% Notes due 2031 | |
Trading Symbol | LLY31 | |
Security Exchange Name | NYSE | |
6.77% Notes due 2036 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.77% Notes due 2036 | |
Trading Symbol | LLY36 | |
Security Exchange Name | NYSE | |
1.700% Notes due 2049 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.700% Notes due 2049 | |
Trading Symbol | LLY49A | |
Security Exchange Name | NYSE |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue (Note 2) | $ 5,740,600,000 | $ 5,476,600,000 | $ 17,099,800,000 | $ 16,205,500,000 |
Costs, expenses, and other: | ||||
Cost of sales | 1,326,400,000 | 1,175,000,000 | 3,763,500,000 | 3,438,600,000 |
Research and development | 1,465,400,000 | 1,380,900,000 | 4,247,700,000 | 4,013,600,000 |
Marketing, selling, and administrative | 1,569,100,000 | 1,412,300,000 | 4,567,300,000 | 4,515,700,000 |
Acquired in-process research and development (Note 3) | 0 | 77,700,000 | 294,100,000 | 239,600,000 |
Asset impairment, restructuring, and other special charges (Note 6) | 101,400,000 | 0 | 161,300,000 | 423,900,000 |
Other–net, (income) expense (Note 12) | (158,900,000) | 24,900,000 | (694,900,000) | (28,700,000) |
Costs, expenses, and other | 4,303,400,000 | 4,070,800,000 | 12,339,000,000 | 12,602,700,000 |
Income before income taxes | 1,437,200,000 | 1,405,800,000 | 4,760,800,000 | 3,602,800,000 |
Income taxes (Note 8) | 228,800,000 | 151,900,000 | 683,900,000 | 460,600,000 |
Net income from continuing operations | 1,208,400,000 | 1,253,900,000 | 4,076,900,000 | 3,142,200,000 |
Net income from discontinued operations (Note 5) | 0 | 0 | 0 | 3,680,500,000 |
Net income | $ 1,208,400,000 | $ 1,253,900,000 | $ 4,076,900,000 | $ 6,822,700,000 |
Earnings per share: | ||||
Earnings from continuing operations - basic (usd per share) | $ 1.33 | $ 1.37 | $ 4.49 | $ 3.35 |
Earnings from discontinued operations - basic (usd per share) | 0 | 0 | 0 | 3.92 |
Earnings per share - basic (usd per share) | 1.33 | 1.37 | 4.49 | 7.27 |
Earnings from continuing operations - diluted (usd per share) | 1.33 | 1.37 | 4.47 | 3.33 |
Earnings from discontinued operations - diluted (usd per share) | 0 | 0 | 0 | 3.91 |
Earnings per share - diluted (usd per share) | $ 1.33 | $ 1.37 | $ 4.47 | $ 7.24 |
Shares used in calculation of earnings per share: | ||||
Basic (shares) | 907.2 | 913.9 | 907.5 | 938.2 |
Diluted (shares) | 911.4 | 918.5 | 911.9 | 942.4 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 1,208.4 | $ 1,253.9 | $ 4,076.9 | $ 6,822.7 |
Other comprehensive income (loss), net of tax (Note 11) | 127.8 | (134) | (31.5) | 5.7 |
Comprehensive income | 1,336.2 | 1,119.9 | 4,045.4 | 6,828.4 |
Continuing Operations | ||||
Other comprehensive income (loss), net of tax (Note 11) | 127.8 | (134) | (31.5) | (51.1) |
Discontinued Operations | ||||
Other comprehensive income (loss), net of tax (Note 11) | $ 0 | $ 0 | $ 0 | $ 56.8 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents (Note 7) | $ 3,595.3 | $ 2,337.5 |
Short-term investments (Note 7) | 35 | 101 |
Accounts receivable, net of allowances of $26.4 (2020) and $22.4 (2019) | 4,886.7 | 4,547.3 |
Other receivables | 958.1 | 994.2 |
Inventories | 3,555.4 | 3,190.7 |
Prepaid expenses and other | 3,209.4 | 2,538.9 |
Total current assets | 16,239.9 | 13,709.6 |
Investments (Note 7) | 2,476.2 | 1,962.4 |
Goodwill | 3,726.4 | 3,679.4 |
Other intangibles, net | 7,588.6 | 6,618 |
Deferred tax assets | 2,555.3 | 2,572.6 |
Property and equipment, net of accumulated depreciation of $9,600.5 (2020) and $9,161.6 (2019) | 8,281.1 | 7,872.9 |
Other noncurrent assets | 3,078.5 | 2,871.2 |
Total assets | 43,946 | 39,286.1 |
Current Liabilities | ||
Short-term borrowings and current maturities of long-term debt | 587.5 | 1,499.3 |
Accounts payable | 1,430.1 | 1,405.3 |
Employee compensation | 795.6 | 915.5 |
Sales rebates and discounts | 5,745.2 | 4,933.6 |
Dividends payable | 0 | 671.5 |
Income taxes payable | 1,173.5 | 160.6 |
Other current liabilities | 2,245 | 2,189.4 |
Total current liabilities | 11,976.9 | 11,775.2 |
Other Liabilities | ||
Long-term debt | 16,334.6 | 13,817.9 |
Accrued retirement benefits (Note 9) | 3,435.5 | 3,698.2 |
Long-term income taxes payable | 3,392.7 | 3,607.2 |
Deferred tax liabilities | 2,107.7 | 2,187.5 |
Other noncurrent liabilities | 1,702.6 | 1,501 |
Total other liabilities | 26,973.1 | 24,811.8 |
Commitments and Contingencies (Note 10) | ||
Eli Lilly and Company Shareholders’ Equity | ||
Common stock | 598.1 | 598.8 |
Additional paid-in capital | 6,698.8 | 6,685.3 |
Retained earnings | 7,154 | 4,920.4 |
Employee benefit trust | (3,013.2) | (3,013.2) |
Accumulated other comprehensive loss (Note 11) | (6,555.1) | (6,523.6) |
Cost of common stock in treasury | (55.7) | (60.8) |
Total Eli Lilly and Company shareholders’ equity | 4,826.9 | 2,606.9 |
Noncontrolling interests | 169.1 | 92.2 |
Total equity | 4,996 | 2,699.1 |
Total liabilities and equity | $ 43,946 | $ 39,286.1 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Receivables, Net, Current [Abstract] | ||
Allowances for doubtful accounts | $ 26.4 | $ 22.4 |
Property and equipment, accumulated depreciation | $ 9,600.5 | $ 9,161.6 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Employee Benefit Trust | Accumulated Other Comprehensive Loss | Common Stock in Treasury | Noncontrolling Interests | |
Beginning balance (in shares) at Dec. 31, 2018 | 1,057,639 | 604 | |||||||
Balance at beginning of period at Dec. 31, 2018 | $ 661 | $ 6,583.6 | $ 11,395.9 | $ (3,013.2) | $ (5,729.2) | $ (69.4) | $ 1,080.4 | ||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 6,822.7 | 25.7 | |||||||
Other comprehensive income (loss), net of tax | (5.3) | 11 | |||||||
Cash dividend declared | (1,171.6) | ||||||||
Retirement of treasury shares (in shares) | (100,018) | (100,018) | |||||||
Retirement of treasury shares | $ (62.4) | (12,065.1) | $ 12,127.5 | ||||||
Purchase of treasury shares (in shares) | 35,017 | ||||||||
Purchase of treasury shares | $ (4,100) | ||||||||
Issuance of stock under employee stock plans, net (in shares) | 2,955 | (74) | |||||||
Issuance of stock under employee stock plans, net | $ 1.8 | (205.7) | $ 8.6 | ||||||
Stock-based compensation | 230.8 | ||||||||
Acquisition of common stock in exchange offer (in shares) | 65,001 | ||||||||
Acquisition of common stock in exchange offer | $ (8,027.5) | ||||||||
Deconsolidation of Elanco | (1,028.9) | ||||||||
Other | (8.4) | ||||||||
Ending balance (in shares) at Sep. 30, 2019 | 960,576 | 530 | |||||||
Balance at end of period at Sep. 30, 2019 | $ 600.4 | 6,608.7 | 4,981.9 | (3,013.2) | (5,734.5) | $ (60.8) | 79.8 | ||
Beginning balance (in shares) at Jun. 30, 2019 | 965,957 | 541 | |||||||
Balance at beginning of period at Jun. 30, 2019 | $ 603.7 | 6,534.5 | 4,318.1 | (3,013.2) | (5,600.5) | $ (62.1) | 76.8 | ||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 1,253.9 | 4.6 | |||||||
Other comprehensive income (loss), net of tax | (134) | ||||||||
Retirement of treasury shares (in shares) | (5,391) | (5,391) | |||||||
Retirement of treasury shares | $ (3.3) | (596.6) | $ 600 | ||||||
Purchase of treasury shares (in shares) | 5,391 | ||||||||
Purchase of treasury shares | $ (600) | ||||||||
Issuance of stock under employee stock plans, net (in shares) | 10 | (11) | |||||||
Issuance of stock under employee stock plans, net | (1.3) | $ 1.3 | |||||||
Stock-based compensation | 75.5 | ||||||||
Other | 6.5 | (1.6) | |||||||
Ending balance (in shares) at Sep. 30, 2019 | 960,576 | 530 | |||||||
Balance at end of period at Sep. 30, 2019 | $ 600.4 | 6,608.7 | 4,981.9 | (3,013.2) | (5,734.5) | $ (60.8) | 79.8 | ||
Beginning balance (in shares) at Dec. 31, 2019 | 958,056 | 530 | |||||||
Balance at beginning of period at Dec. 31, 2019 | $ 2,699.1 | $ 598.8 | 6,685.3 | 4,920.4 | (3,013.2) | (6,523.6) | $ (60.8) | 92.2 | |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 4,076.9 | 95.9 | |||||||
Other comprehensive income (loss), net of tax | (31.5) | ||||||||
Cash dividend declared | (1,345.6) | ||||||||
Retirement of treasury shares (in shares) | (3,627) | (3,627) | |||||||
Retirement of treasury shares | $ (2.3) | (497.7) | $ 500 | ||||||
Purchase of treasury shares (in shares) | [1] | 3,627 | |||||||
Purchase of treasury shares | [1] | $ (500) | |||||||
Issuance of stock under employee stock plans, net (in shares) | 2,549 | (43) | |||||||
Issuance of stock under employee stock plans, net | $ 1.6 | (206.4) | $ 5.1 | ||||||
Stock-based compensation | 220.3 | ||||||||
Other | (0.4) | (19) | |||||||
Ending balance (in shares) at Sep. 30, 2020 | 956,978 | 487 | |||||||
Balance at end of period at Sep. 30, 2020 | 4,996 | $ 598.1 | 6,698.8 | 7,154 | (3,013.2) | (6,555.1) | $ (55.7) | 169.1 | |
Beginning balance (in shares) at Jun. 30, 2020 | 956,953 | 487 | |||||||
Balance at beginning of period at Jun. 30, 2020 | $ 598.1 | 6,629.4 | 6,617.2 | (3,013.2) | (6,682.9) | $ (55.7) | 179.1 | ||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 1,208.4 | (4.8) | |||||||
Other comprehensive income (loss), net of tax | 127.8 | ||||||||
Cash dividend declared | (671.6) | ||||||||
Issuance of stock under employee stock plans, net (in shares) | 25 | ||||||||
Issuance of stock under employee stock plans, net | (2.3) | ||||||||
Stock-based compensation | 71.7 | ||||||||
Other | (5.2) | ||||||||
Ending balance (in shares) at Sep. 30, 2020 | 956,978 | 487 | |||||||
Balance at end of period at Sep. 30, 2020 | $ 4,996 | $ 598.1 | $ 6,698.8 | $ 7,154 | $ (3,013.2) | $ (6,555.1) | $ (55.7) | $ 169.1 | |
[1] | As of September 30, 2020, there was $1.00 billion remaining under our $8.00 billion share repurchase program authorized in June 2018. |
Consolidated Condensed Statem_4
Consolidated Condensed Statements of Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividend declared per share (in usd per share) | $ 0.74 | $ 1.48 | $ 1.29 | |
Remaining authorized repurchase amount | $ 1,000 | $ 1,000 | ||
Stock repurchase program, authorized amount | $ 8,000 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities | ||
Net income | $ 4,076,900,000 | $ 6,822,700,000 |
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: | ||
Gain related to disposition of Elanco (Note 5) | 0 | (3,680,500,000) |
Depreciation and amortization | 956,400,000 | 891,900,000 |
Change in deferred income taxes | 66,200,000 | (23,400,000) |
Stock-based compensation expense | 220,300,000 | 230,800,000 |
Net investment gains | (909,500,000) | (177,600,000) |
Acquired in-process research and development (Note 3) | 294,100,000 | 239,600,000 |
Other changes in operating assets and liabilities, net of acquisitions and divestitures | (232,200,000) | (1,763,700,000) |
Other non-cash operating activities, net | 212,200,000 | 333,100,000 |
Net Cash Provided by Operating Activities | 4,684,400,000 | 2,872,900,000 |
Cash Flows from Investing Activities | ||
Net purchases of property and equipment | (933,200,000) | (707,400,000) |
Proceeds from sales and maturities of short-term investments | 118,800,000 | 116,300,000 |
Purchases of short-term investments | (11,400,000) | (34,100,000) |
Proceeds from sales of noncurrent investments | 574,100,000 | 498,400,000 |
Purchases of noncurrent investments | (223,700,000) | (196,700,000) |
Cash paid for acquisitions, net of cash acquired (Note 3) | (849,300,000) | (6,917,700,000) |
Purchases of in-process research and development | (276,400,000) | (319,600,000) |
Other investing activities, net | 16,300,000 | (480,700,000) |
Net Cash Used for Investing Activities | (1,584,800,000) | (8,041,500,000) |
Cash Flows from Financing Activities | ||
Dividends paid | (2,017,100,000) | (1,822,600,000) |
Net change in short-term borrowings | (914,300,000) | |
Net change in short-term borrowings | 1,058,900,000 | |
Proceeds from issuance of long-term debt | 2,062,300,000 | 4,448,300,000 |
Repayments of long-term debt | (276,300,000) | (600,300,000) |
Purchases of common stock | (500,000,000) | (4,100,000,000) |
Other financing activities, net | (200,200,000) | (195,200,000) |
Net Cash Used for Financing Activities | (1,845,600,000) | (1,210,900,000) |
Effect of exchange rate changes on cash and cash equivalents | 3,800,000 | (54,900,000) |
Net increase (decrease) in cash and cash equivalents | 1,257,800,000 | (6,434,400,000) |
Cash and cash equivalents at January 1 (2019 includes $677.5 of discontinued operations) | 2,337,500,000 | 7,998,200,000 |
Cash and Cash Equivalents at September 30 | $ 3,595,300,000 | $ 1,563,800,000 |
Consolidated Condensed Statem_6
Consolidated Condensed Statements of Cash Flows (Parenthetical) $ in Millions | Dec. 31, 2018USD ($) |
Statement of Cash Flows [Abstract] | |
Discontinued operations cash | $ 677.5 |
Basis of Presentation and Chang
Basis of Presentation and Change in Accounting Principle | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Change in Accounting Principle | Basis of Presentation and Change in Accounting Principle Basis of Presentation We have prepared the accompanying unaudited consolidated condensed financial statements in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States (GAAP). In our opinion, the consolidated condensed financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for a fair presentation of the results of operations for the periods shown. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2019. We issue our financial statements by filing them with the Securities and Exchange Commission and have evaluated subsequent events up to the time of the filing of our Form 10-Q. All per-share amounts, unless otherwise noted in the footnotes, are presented on a diluted basis, that is, based on the weighted-average number of outstanding common shares plus the effect of incremental shares from our stock-based compensation programs. We operate as a single operating segment engaged in the discovery, development, manufacturing, marketing, and sales of pharmaceutical products worldwide. A global research and development organization and a supply chain organization are responsible for the discovery, development, manufacturing, and supply of our products. Regional commercial organizations market, distribute, and sell the products. The business is also supported by global corporate staff functions. Our determination that we operate as a single segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. Change in Accounting Principle for Retirement Benefit Plan Assets Effective during the third quarter of 2020, we adopted a voluntary change in our method of applying an accounting principle for certain of our retirement benefit plans. Refer to Note 9 for additional information. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table summarizes our revenue recognized in our consolidated condensed statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net product revenue $ 5,281.1 $ 4,982.0 $ 15,762.3 $ 14,843.0 Collaboration and other revenue (1) 459.5 494.6 1,337.5 1,362.5 Revenue $ 5,740.6 $ 5,476.6 $ 17,099.8 $ 16,205.5 (1) Collaboration and other revenue associated with prior period transfers of intellectual property was $31.5 million and $101.5 million during the three and nine months ended September 30, 2020, respectively, and $67.9 million and $163.0 million during the three and nine months ended September 30, 2019, respectively. We recognize revenue primarily from two different types of contracts, product sales to customers (net product revenue) and collaborations and other arrangements. Revenue recognized from collaborations and other arrangements includes our share of profits from the collaboration, as well as royalties, upfront and milestone payments we receive under these types of contracts. See Note 4 for additional information related to certain of our collaborations and other arrangements. Collaboration and other revenue disclosed above includes the revenue from the Trajenta ® and Jardiance ® families of products resulting from our collaboration with Boehringer Ingelheim discussed in Note 4. Substantially all of the remainder of collaboration and other revenue is related to contracts accounted for as contracts with customers. Adjustments to Revenue Adjustments to increase (decrease) revenue recognized as a result of changes in estimates for our most significant U.S. sales returns, rebates, and discounts liability balances for products shipped in previous periods were approximately (1 percent) and 1 percent of U.S. revenue during the three and nine months ended September 30, 2020, respectively, and approximately 2 percent and 3 percent of U.S. revenue during the three and nine months ended September 30, 2019, respectively. Contract Liabilities Our contract liabilities result from arrangements where we have received payment in advance of performance under the contract and do not include sales returns, rebates, and discounts. Changes in contract liabilities are generally due to either receipt of additional advance payments or our performance under the contract. The following table summarizes contract liability balances: September 30, 2020 December 31, 2019 Contract liabilities $ 289.5 $ 264.6 During the three and nine months ended September 30, 2020 and 2019, revenue recognized from contract liabilities as of the beginning of the respective year was not material. Revenue expected to be recognized in the future from contract liabilities as the related performance obligations are satisfied is not expected to be material in any one year. Disaggregation of Revenue The following table summarizes revenue by product for the three months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 2019 United States (U.S.) (1) Outside U.S. Total U.S. (1) Outside U.S. Total Revenue—to unaffiliated customers: Diabetes: Trulicity ® $ 791.2 $ 315.4 $ 1,106.6 $ 755.5 $ 256.0 $ 1,011.5 Humalog ® (2) 390.1 266.9 656.9 356.2 292.6 648.9 Jardiance (3) 163.3 147.5 310.8 140.6 100.1 240.7 Humulin ® 214.0 91.9 305.9 218.2 103.6 321.8 Basaglar ® 178.5 69.7 248.2 202.4 60.8 263.2 Trajenta (4) 19.4 72.3 91.7 60.1 95.4 155.5 Other Diabetes 42.0 20.8 62.9 51.4 19.3 70.7 Total Diabetes 1,798.5 984.5 2,783.0 1,784.4 927.8 2,712.3 Oncology: Alimta ® 291.9 286.1 578.0 282.4 225.9 508.2 Cyramza ® 94.5 158.2 252.7 82.5 157.5 240.0 Verzenio ® 158.9 75.5 234.4 124.8 32.4 157.2 Erbitux ® 122.5 14.0 136.4 113.8 14.8 128.6 Other Oncology 14.7 117.1 131.9 36.7 76.6 113.4 Total Oncology 682.5 650.9 1,333.4 640.2 507.2 1,147.4 Immunology: Taltz ® 326.2 128.3 454.5 250.6 89.4 340.0 Olumiant ® 14.5 147.5 162.0 12.1 102.5 114.6 Other Immunology 6.1 4.5 10.6 — — — Total Immunology 346.8 280.3 627.1 262.8 191.8 454.6 Neuroscience: Cymbalta ® 11.1 175.5 186.6 10.3 168.3 178.6 Zyprexa ® 21.2 91.5 112.7 11.2 94.2 105.4 Emgality ® 81.4 10.1 91.5 45.8 1.9 47.7 Other Neuroscience 26.7 53.2 79.9 27.3 67.7 95.0 Total Neuroscience 140.4 330.3 470.7 94.6 332.1 426.7 Other: Forteo ® 144.6 122.3 266.9 175.1 195.7 370.7 Cialis ® 15.1 147.3 162.5 30.9 153.4 184.3 Other 33.5 63.6 97.0 72.2 108.4 180.6 Total Other 193.2 333.2 526.4 278.2 457.5 735.6 Revenue $ 3,161.4 $ 2,579.3 $ 5,740.6 $ 3,060.2 $ 2,416.4 $ 5,476.6 Numbers may not add due to rounding. (1) U.S. revenue includes revenue in Puerto Rico. (2) Humalog revenue includes insulin lispro. (3) Jardiance revenue includes Glyxambi ® , Synjardy ® , and Trijardy ® XR. (4) Trajenta revenue includes Jentadueto ® . The following table summarizes revenue by product for the nine months ended September 30, 2020 and 2019: Nine Months Ended September 30, 2020 2019 U.S. (1) Outside U.S. Total U.S. (1) Outside U.S. Total Revenue—to unaffiliated customers: Diabetes: Trulicity $ 2,673.2 $ 892.5 $ 3,565.7 $ 2,213.2 $ 706.5 $ 2,919.7 Humalog (2) 1,070.4 837.4 1,907.8 1,201.0 856.3 2,057.3 Humulin 642.5 292.7 935.2 639.6 302.5 942.1 Basaglar 638.7 203.7 842.3 632.8 172.6 805.4 Jardiance (3) 453.0 387.3 840.3 408.4 267.9 676.2 Trajenta (4) 64.5 197.2 261.7 171.9 269.5 441.4 Other Diabetes 120.7 57.2 177.9 119.7 65.6 185.4 Total Diabetes 5,663.0 2,868.0 8,530.9 5,386.6 2,640.9 8,027.5 Oncology: Alimta 933.4 743.8 1,677.2 905.8 679.3 1,585.1 Cyramza 277.6 470.8 748.4 247.4 432.7 680.1 Verzenio 430.0 201.1 631.1 323.5 77.0 400.6 Erbitux 356.1 40.6 396.7 364.1 42.3 406.4 Other Oncology 26.0 324.1 350.1 83.1 202.2 285.1 Total Oncology 2,023.1 1,780.4 3,803.5 1,923.9 1,433.5 3,357.3 Immunology: Taltz 942.9 350.3 1,293.2 699.6 246.7 946.3 Olumiant 39.0 407.7 446.7 29.2 269.9 299.1 Other Immunology 13.2 8.1 21.3 — — — Total Immunology 995.1 766.1 1,761.2 728.8 516.6 1,245.4 Neuroscience: Cymbalta 30.5 546.5 576.9 38.7 491.2 529.9 Zyprexa 41.5 266.2 307.7 29.8 287.2 317.0 Emgality 229.3 23.6 252.9 91.8 4.5 96.3 Other Neuroscience 53.4 165.7 219.2 89.9 239.5 329.4 Total Neuroscience 354.7 1,002.0 1,356.7 250.2 1,022.4 1,272.6 Other: Forteo 386.7 405.2 791.9 473.8 570.6 1,044.4 Cialis 64.6 421.6 486.2 209.3 483.4 692.7 Other 144.2 225.2 369.4 230.9 334.6 565.6 Total Other 595.5 1,052.0 1,647.5 914.0 1,388.6 2,302.7 Revenue $ 9,631.4 $ 7,468.5 $ 17,099.8 $ 9,203.5 $ 7,002.1 $ 16,205.5 Numbers may not add due to rounding. (1) U.S. revenue includes revenue in Puerto Rico. (2) Humalog revenue includes insulin lispro. (3) Jardiance revenue includes Glyxambi, Synjardy, and Trijardy XR. (4) Trajenta revenue includes Jentadueto. . The following table summarizes revenue by geographical area: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue—to unaffiliated customers (1) : U.S. (2) $ 3,161.4 $ 3,060.2 $ 9,631.4 $ 9,203.5 Europe 1,046.7 923.4 2,984.4 2,752.0 Japan 660.1 641.5 1,919.1 1,838.4 China 289.1 264.1 796.2 706.2 Other foreign countries 583.2 587.3 1,768.7 1,705.5 Revenue $ 5,740.6 $ 5,476.6 $ 17,099.8 $ 16,205.5 Numbers may not add due to rounding. (1) Revenue is attributed to the countries based on the location of the customer. (2) U.S. revenue includes revenue in Puerto Rico. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions In February 2020 and 2019, we completed the acquisitions of Dermira, Inc. (Dermira) and Loxo Oncology, Inc. (Loxo), respectively. These transactions, as further discussed in this note below in Acquisitions of Businesses, were accounted for as business combinations under the acquisition method of accounting. Under this method, the assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated condensed financial statements. The determination of estimated fair value required management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets, where applicable, has been recorded as goodwill. The results of operations of these acquisitions are included in our consolidated condensed financial statements from the date of acquisition. We also acquired assets in development which are further discussed in this note below in Asset Acquisitions. Upon acquisition, the acquired in-process research and development (IPR&D) charges related to these compounds were immediately expensed because the compounds had no alternative future use. There were no acquired IPR&D charges recognized in the three months ended September 30, 2020. We recognized $294.1 million of acquired IPR&D charges for the nine months ended September 30, 2020. We recognized $77.7 million and $239.6 million of acquired IPR&D charges for the three and nine months ended September 30, 2019, respectively. Acquisitions of Businesses Dermira Acquisition Overview of Transaction In February 2020, we acquired all shares of Dermira for a purchase price of approximately $849.3 million, net of cash acquired. Under terms of the agreement, we acquired lebrikizumab, a novel, investigational, monoclonal antibody being evaluated for the treatment of moderate-to-severe atopic dermatitis. Lebrikizumab was granted Fast Track designation from the U.S. Food and Drug Administration (FDA). We also acquired Qbrexza ® (glycopyrronium) cloth, a medicated cloth approved by the FDA for the topical treatment of primary axillary hyperhidrosis (uncontrolled excessive underarm sweating). Assets Acquired and Liabilities Assumed Our access to Dermira information was limited prior to the acquisition. As a consequence, we are in the process of determining fair values and tax bases of a significant portion of the assets acquired and liabilities assumed, including the identification and valuation of intangible assets, long-term debt, and tax exposures. The final determination of these amounts will be completed as soon as possible but no later than one year from the acquisition date. The final determination may result in asset and liability fair values and tax bases that differ from the preliminary estimates and require changes to the preliminary amounts recognized. Preliminary fair values related to this acquisition included goodwill of $46.8 million, other intangibles of $1.24 billion primarily related to lebrikizumab, deferred income tax liabilities of $55.0 million, and long-term debt of $375.5 million. After the acquisition, we repaid $276.2 million of long-term debt assumed as part of our acquisition of Dermira. Loxo Acquisition Overview of Transaction In February 2019, we acquired all shares of Loxo for a purchase price of $6.92 billion, net of cash acquired. The accelerated vesting of Loxo employee equity awards was recognized as transaction expense included in asset impairment, restructuring, and other special charges during the nine months ended September 30, 2019 (see Note 6). Under the terms of the agreement, we acquired a pipeline of investigational medicines, including selpercatinib (LOXO-292), an oral RET inhibitor, and LOXO-305, an oral BTK inhibitor. In the second quarter of 2020, the FDA approved selpercatinib (Retevmo ® ) under its Accelerated Approval regulations and continued approval may be contingent upon verification and description of clinical benefit in confirmatory trials. At the time of approval, we reclassified our $4.60 billion intangible asset for selpercatinib (Retevmo) from indefinite-lived intangible assets to finite-lived intangible assets and began amortizing straight line over its estimated useful life. Assets Acquired and Liabilities Assumed The following table summarizes the amounts recognized for assets acquired and liabilities assumed in the acquisition of Loxo as of the acquisition date: Estimated Fair Value at February 15, 2019 Acquired IPR&D (1) $ 4,670.0 Finite-lived intangibles (2) 980.0 Deferred income taxes (1,032.8) Other assets and liabilities - net (26.4) Total identifiable net assets 4,590.8 Goodwill (3) 2,326.9 Total consideration transferred - net of cash acquired $ 6,917.7 (1) $4.60 billion of the acquired IPR&D relates to selpercatinib (LOXO-292). (2) Contract-based intangibles (primarily related to Vitrakvi ® ) which are being amortized to cost of sales on a straight-line basis over their estimated useful lives, were expected to have a weighted average useful life of approximately 12 years from the acquisition date. (3) The goodwill recognized from this acquisition is attributable primarily to future unidentified projects and products and the assembled workforce for Loxo and is not deductible for tax purposes. Asset Acquisitions The following table and narrative summarize our asset acquisitions during the nine months ended September 30, 2020 and 2019: Counterparty Compound(s) or Therapy Acquisition Month Phase of Development (1) Acquired IPR&D Expense Sitryx Therapeutics Limited Pre-clinical targets that could lead to potential new medicines for autoimmune diseases March 2020 Pre-clinical $ 52.3 AbCellera Biologics Inc. (2) Neutralizing antibodies for the treatment and prevention of COVID-19 March 2020 Pre-clinical 25.0 Junshi Biosciences Co., Ltd. Neutralizing antibodies for the treatment and prevention of COVID-19 May 2020 Pre-clinical 20.0 Undisclosed Pre-clinical target that could lead to potential new medicine May 2020 Pre-clinical 174.8 Evox Therapeutics Ltd. Pre-clinical research collaboration for the potential treatment of neurological disorders June 2020 Pre-clinical 22.0 AC Immune SA Tau aggregation inhibitor small molecules for the potential treatment of Alzheimer's disease and other neurodegenerative diseases January 2019 & September 2019 (3) Pre-clinical $ 127.1 ImmuNext, Inc. Novel immunometabolism target March 2019 Pre-clinical 40.0 Avidity Biosciences, Inc. Potential new medicines in immunology and other select indications April 2019 Pre-clinical 25.0 Centrexion Therapeutics Corporation CNTX-0290, a novel, small molecule somatostain receptor type 4 agonist July 2019 Phase I 47.5 (1) The phase of development presented is as of the date of the arrangement and represents the phase of development of the most advanced asset acquired, where applicable. (2) We recognized the acquired IPR&D expense of $25.0 million in May 2020 upon closing of the transaction. (3) We recognized acquired IPR&D expense of $96.9 million in January 2019 upon entering into a license agreement and $30.2 million in September 2019 upon entering into an amendment to the license agreement. In connection with these arrangements, our partners may be entitled to future royalties and/or commercial milestones based on sales should products be approved for commercialization and/or milestones based on the successful progress of compounds through the development process. Subsequent Events In October 2020, we completed the global expansion of our strategic alliance for Tyvyt ® (sintilimab injection) with Innovent Biologics, Inc. (Innovent). We and Innovent currently co-commercialize Tyvyt in China. Under the terms of the expanded license agreement, we obtained an exclusive license for Tyvyt for geographies outside of China and plan to pursue registration of Tyvyt in the U.S. and other markets. As a result of the transaction, we will record an acquired IPR&D charge of $200.0 million in the fourth quarter of 2020 associated with the upfront payment due to Innovent. Innovent will be eligible to receive up to $825.0 million in success-based regulatory and sales-based milestones, as well as tiered double digit royalties on net sales for geographies outside of China. Both companies will also retain the right to study Tyvyt in combination with other medicines as part of their own clinical programs. |
Collaborations and Other Arrang
Collaborations and Other Arrangements | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborations and Other Arrangements | Collaborations and Other Arrangements We often enter into collaborative and other similar arrangements to develop and commercialize drug candidates. Collaborative activities may include research and development, marketing and selling (including promotional activities and physician detailing), manufacturing, and distribution. These arrangements often require milestone 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 from or payments to the collaboration partner. See Note 2 for amounts of collaboration and other revenue recognized from these types of arrangements. Operating expenses for costs incurred pursuant to these arrangements are reported in their respective expense line item, net of any payments due to or reimbursements due from our collaboration partners, with such reimbursements being recognized at the time the party becomes obligated to pay. Each collaboration is unique in nature, and our more significant arrangements are discussed below. Boehringer Ingelheim Diabetes Collaboration We and Boehringer Ingelheim have a global agreement to jointly develop and commercialize a portfolio of diabetes compounds. Currently included in the collaboration are Boehringer Ingelheim’s oral diabetes products: Trajenta, Jentadueto, Jardiance, Glyxambi, Synjardy, and Trijardy XR as well as our basal insulin, Basaglar. Jentadueto is included in the Trajenta product family. Glyxambi, Synjardy, and Trijardy XR are included in the Jardiance product family. The table below summarizes significant milestones (deferred) capitalized for the compounds included in this collaboration: Product Family Milestones (Deferred) Capitalized (1) Trajenta (2) $ 446.4 Jardiance (3) 289.0 Basaglar (250.0) (1) In connection with the regulatory approvals of Basaglar in the U.S., Europe, and Japan, milestone payments received were recorded as contract liabilities and are being amortized through the term of the collaboration (2029) to collaboration and other revenue. In connection with the regulatory approvals of Trajenta and Jardiance, milestone payments made were capitalized as intangible assets and are being amortized to cost of sales through the term of the collaboration. This represents the cumulative amounts that have been (deferred) or capitalized from the start of this collaboration through the end of the reporting period. (2) The collaboration agreement with Boehringer Ingelheim for Trajenta ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto. (3) The collaboration agreement with Boehringer Ingelheim for Jardiance ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto. Through December 31, 2019, in the most significant markets, we and Boehringer Ingelheim shared equally the ongoing development costs, commercialization costs, and agreed upon gross margin for any product resulting from the collaboration. We recorded our portion of the gross margin associated with Boehringer Ingelheim's products as collaboration and other revenue. We recorded our sales of Basaglar to third parties as net product revenue with the payments made to Boehringer Ingelheim for their portion of the gross margin recorded as cost of sales. For all compounds under this collaboration, we recorded our portion of the development and commercialization costs as research and development expense and marketing, selling, and administrative expense, respectively. Each company was entitled to potential performance payments depending on the sales of the molecules it contributes to the collaboration. These performance payments may have resulted in the owner of the molecule retaining a greater share of the agreed upon gross margin of that product. Subject to achieving these thresholds, in a given period, our reported revenue for Trajenta and Jardiance may have been reduced by any performance payments we made related to these products. Similarly, performance payments we may have received related to Basaglar effectively reduced Boehringer Ingelheim's share of the gross margin, which reduced our cost of sales. Effective January 1, 2020, we and Boehringer Ingelheim modernized the alliance. In the most significant markets, we and Boehringer Ingelheim share equally the ongoing development costs and commercialization costs for the Jardiance product family. We receive a royalty on net sales of Boehringer Ingelheim's products in the most significant markets and recognize the royalty as collaboration and other revenue. We pay to Boehringer Ingelheim a royalty on net sales for Basaglar in the U.S. We record our sales of Basaglar to third parties as net product revenue with the royalty payments made to Boehringer Ingelheim recorded as cost of sales. For the Jardiance product family, we record our portion of the development and commercialization costs as research and development expense and marketing, selling, and administrative expense, respectively. Boehringer Ingelheim is entitled to potential performance payments depending on the net sales of the Jardiance product family; therefore, our reported revenue for Jardiance may be reduced by any potential performance payments we make related to this product. Beginning January 1, 2021, the royalty received by us related to the Jardiance product family may also be increased or decreased depending on whether net sales for this product family exceed or fall below certain thresholds. The following table summarizes our net product revenue recognized with respect to Basaglar and collaboration and other revenue recognized with respect to the Jardiance and Trajenta families of products: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Basaglar $ 248.2 $ 263.2 $ 842.3 $ 805.4 Jardiance 310.8 240.7 840.3 676.2 Trajenta 91.7 155.5 261.7 441.4 Olumiant We have a worldwide license and collaboration agreement with Incyte Corporation (Incyte), which provides us the development and commercialization rights to its Janus tyrosine kinase (JAK) inhibitor compound, now known as Olumiant, and certain follow-on compounds, for the treatment of inflammatory and autoimmune diseases. In the first half of 2020, the agreement was amended to include the potential treatment of COVID-19. Incyte has the right to receive tiered, double digit royalty payments on future global sales with rates ranging up to 20 percent. The agreement calls for payments by us to Incyte associated with certain development, success-based regulatory, and sales-based milestones. In connection with the regulatory approvals of Olumiant in the U.S., Europe, and Japan, milestone payments of $180.0 million were capitalized as intangible assets and are being amortized to cost of sales through the term of the collaboration. This represents the cumulative amounts that have been capitalized from the start of this collaboration through the end of the reporting period. As of September 30, 2020, Incyte is eligible to receive up to $130.0 million of additional payments from us contingent upon certain development and success-based regulatory milestones. Incyte is also eligible to receive up to $150.0 million of potential sales-based milestones. We record our sales of Olumiant to third parties as net product revenue with the royalty payments made to Incyte recorded as cost of sales. The following table summarizes our net product revenue recognized with respect to Olumiant: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Olumiant $ 162.0 $ 114.6 $ 446.7 $ 299.1 Tanezumab We have a collaboration agreement with Pfizer Inc. (Pfizer) to jointly develop and globally commercialize tanezumab for the treatment of osteoarthritis pain and cancer pain. The companies equally share the ongoing development costs and, if successful, in the U.S. will co-commercialize and equally share in gross margin and certain commercialization expenses. As a result of an amendment to the agreement in the third quarter of 2020, Pfizer will be responsible for commercialization activities and costs outside the U.S., and Lilly has the right to receive tiered royalties in percentages from the high teens to mid-twenties for net sales in Japan as well as low double digit royalties on annual net sales greater than $150.0 million in all other territories outside of the U.S. and Japan. As of September 30, 2020, Pfizer is eligible to receive up to $147.5 million in success-based regulatory milestones based on current development plans and up to $1.23 billion in a series of sales-based milestones, contingent upon the commercial success of tanezumab. Lebrikizumab As a result of our acquisition of Dermira, we have a worldwide licensing agreement with F. Hoffmann-La Roche Ltd and Genentech, Inc. (collectively Roche), which provides us the global development and commercialization rights to lebrikizumab. Roche has the right to receive tiered royalty payments on future global net sales ranging in percentages from high single digits to high teens if the product is successfully commercialized. As of September 30, 2020, Roche is eligible to receive up to $180.0 million of payments from us contingent upon the achievement of success-based regulatory milestones, and up to $1.03 billion in a series of sales-based milestones, contingent upon the commercial success of lebrikizumab. As a result of our acquisition of Dermira, we have a license agreement with Almirall, S.A. (Almirall), under which Almirall licensed the rights to develop and commercialize lebrikizumab for the treatment or prevention of dermatology indications, including, but not limited to, atopic dermatitis in Europe. We have the right to receive tiered royalty payments on future net sales in Europe ranging in percentages from low double digits to low twenties if the product is successfully commercialized. As of September 30, 2020, we are eligible to receive additional payments of $85.0 million from Almirall contingent upon the achievement of success-based regulatory milestones and up to $1.25 billion in a series of sales-based milestones, contingent upon the commercial success of lebrikizumab. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On March 11, 2019, we completed the disposition of our remaining 80.2 percent ownership of Elanco Animal Health (Elanco) common stock through a tax-free exchange offer. As a result, we have presented Elanco as discontinued operations in our consolidated condensed financial statements for all periods presented. Revenue and net income from discontinued operations for the nine months ended September 30, 2019 were $580.0 million and $3.68 billion, respectively. Net income from discontinued operations for the nine months ended September 30, 2019 included an approximate $3.7 billion gain related to the disposition of Elanco. The gain related to the disposition of Elanco in the consolidated condensed statement of cash flows included the operating results of Elanco through the disposition date, which were not material. Net cash flows of our discontinued operations for operating and investing activities for the nine months ended September 30, 2019 were not material. We entered into a transitional services agreement (TSA) with Elanco in order to facilitate the orderly transfer of various services to Elanco. The TSA relates primarily to administrative services, which are generally to be provided over 24 months from March 11, 2019, the disposition date. This agreement is not material and does not confer upon us the ability to influence the operating and/or financial policies of Elanco subsequent to the disposition date. |
Asset Impairment, Restructuring
Asset Impairment, Restructuring, and Other Special Charges | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Asset Impairment, Restructuring, and Other Special Charges | Asset Impairment, Restructuring, and Other Special Charges The components of the charges included in asset impairment, restructuring, and other special charges in our consolidated condensed statements of operations are described below. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Severance $ 144.4 $ — $ 154.2 $ (3.6) Asset impairment (recovery) and other special charges (43.0) — 7.1 427.5 Total asset impairment, restructuring, and other special charges $ 101.4 $ — $ 161.3 $ 423.9 Severance costs recognized during the three and nine months ended September 30, 2020 were incurred as a result of actions taken worldwide to reduce our cost structure. Substantially all of the severance costs incurred during the three months ended September 30, 2020 are expected to be paid in the next 12 months. Asset impairment and other special charges recognized during the nine months ended September 30, 2019 consisted of $400.7 million related to the acquisition of Loxo, substantially all of which was associated with the accelerated vesting of Loxo employee equity awards. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial Instruments Financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest-bearing investments. Wholesale distributors of life science products account for a substantial portion of our trade receivables; collateral is generally not required. We seek to mitigate the risk associated with this concentration through our ongoing credit-review procedures and insurance. A large portion of our cash is held by a few major financial institutions. We monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations. In accordance with documented corporate risk-management policies, we monitor the amount of credit exposure to any one financial institution or corporate issuer. We are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings. We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value. Our equity investments are accounted for using three different methods depending on the type of equity investment: • Investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method, with our share of earnings or losses reported in other-net, (income) expense. • For equity investments that do not have readily determinable fair values, we measure these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any change in recorded value is recorded in other-net, (income) expense. • Our public equity investments are measured and carried at fair value. Any change in fair value is recognized in other-net, (income) expense. We review equity investments other than public equity investments for indications of impairment and observable price changes on a regular basis. Our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets, liabilities, and transactions being hedged. Management reviews the correlation and effectiveness of our derivatives on a quarterly basis. For derivative instruments that are designated and qualify as fair value hedges, the derivative instrument is marked to market, with gains and losses recognized currently in income to offset the respective losses and gains recognized on the underlying exposure. For derivative instruments that are designated and qualify as cash flow hedges, gains and losses are reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period the hedged transaction affects earnings. For derivative and non-derivative instruments that are designated and qualify as net investment hedges, the foreign currency translation gains or losses due to spot rate fluctuations are reported as a component of accumulated other comprehensive loss. Derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in earnings during the period of change. We may enter into foreign currency forward or option contracts to reduce the effect of fluctuating currency exchange rates (principally the euro, British pound, and Japanese yen). Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures. Forward and option contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies. These contracts are recorded at fair value with the gain or loss recognized in other–net, (income) expense. We may enter into foreign currency forward and option contracts and currency swaps as fair value hedges of firm commitments. Forward contracts generally have maturities not exceeding 12 months. At September 30, 2020, we had outstanding foreign currency forward commitments to purchase 367.5 million U.S. dollars and sell 312.3 million euro, commitments to purchase 2.56 billion euro and sell 3.01 billion U.S. dollars, commitments to purchase 302.3 million U.S. dollars and sell 31.81 billion Japanese yen, and commitments to purchase 226.2 million British pounds and sell 290.7 million U.S. dollars, which will all settle within 30 days. Foreign currency exchange risk is also managed through the use of foreign currency debt and cross-currency interest rate swaps. Our foreign currency-denominated notes had carrying amounts of $5.74 billion and $5.49 billion as of September 30, 2020 and December 31, 2019, respectively, of which $4.29 billion and $4.10 billion have been designated as, and are effective as, economic hedges of net investments in certain of our euro-denominated foreign operations as of September 30, 2020 and December 31, 2019, respectively. At September 30, 2020, we had outstanding cross currency swaps with notional amounts of $3.16 billion swapping U.S. dollars to euro and $1.00 billion swapping Swiss francs to U.S. dollars which have settlement dates ranging through 2028. Our cross-currency interest rate swaps, for which a majority convert a portion of our U.S. dollar-denominated floating rate debt to foreign-denominated floating rate debt, have also been designated as, and are effective as, economic hedges of net investments. In the normal course of business, our operations are exposed to fluctuations in interest rates which can vary our costs of financing, investing, and operating. We seek to address a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. Our primary interest-rate risk exposure results from changes in short-term U.S. dollar interest rates. In an effort to manage interest-rate exposures, we strive to achieve an acceptable balance between fixed- and floating-rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance. Interest rate swaps or collars that convert our fixed-rate debt to a floating rate are designated as fair value hedges of the underlying instruments. Interest rate swaps or collars that convert floating-rate debt to a fixed rate are designated as cash flow hedges. Interest expense on the debt is adjusted to include the payments made or received under the swap agreements. Cash proceeds from or payments to counterparties resulting from the termination of interest rate swaps are classified as operating activities in our consolidated condensed statements of cash flows. At September 30, 2020, substantially all of our total long-term debt is fixed rate. We have converted approximately 9 percent of our long-term fixed-rate notes to floating rates through the use of interest rate swaps. We also may enter into forward-starting interest rate swaps, which we designate as cash flow hedges, as part of anticipated future debt issuances in order to reduce the risk of cash flow volatility from future changes in interest rates. The change in fair value of these instruments is recorded as part of other comprehensive income (loss), and upon completion of a debt issuance and termination of the swap, is amortized to interest expense over the life of the underlying debt. As of September 30, 2020, the total notional amounts of forward-starting interest rate contracts in designated cash flow hedging instruments were $1.75 billion, which have settlement dates ranging between 2023 and 2025. In May 2020, we issued $1.00 billion of 2.25 percent fixed-rate notes due in May 2050, with interest to be paid semi-annually. We used the net proceeds from the sale of these notes for general corporate purposes, including the repayment of outstanding commercial paper. In August 2020, we issued $850.0 million of 2.50 percent fixed-rate notes due in September 2060 and an additional $250.0 million of our 2.25 percent fixed-rate notes due in May 2050, with interest to be paid semi-annually. We used the net proceeds from the sale of these notes for general corporate purposes, including the repayment of outstanding commercial paper. The Effect of Risk-Management Instruments on the Consolidated Condensed Statements of Operations The following effects of risk-management instruments were recognized in other–net, (income) expense: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fair value hedges: Effect from hedged fixed-rate debt $ (14.0) $ 49.5 $ 110.4 $ 148.1 Effect from interest rate contracts 14.0 (49.5) (110.4) (148.1) Cash flow hedges: Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss 4.1 2.8 12.3 10.6 Cross-currency interest rate swaps (30.2) 47.4 (54.6) 2.9 Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments (54.2) 52.6 (82.8) 93.0 Total $ (80.3) $ 102.8 $ (125.1) $ 106.5 During the three and nine months ended September 30, 2020 and 2019, the amortization of losses related to the portion of our risk management hedging instruments, fair value hedges, and cash flow hedges that was excluded from the assessment of effectiveness was not material. The Effect of Risk-Management Instruments on Other Comprehensive Income (Loss) The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net investment hedges: Foreign currency-denominated notes $ (181.1) $ 89.3 $ (186.0) $ 112.6 Cross-currency interest rate swaps (110.4) 89.0 (55.4) 123.1 Cash flow hedges: Forward-starting interest rate swaps 99.6 (32.7) (231.9) (44.4) Cross-currency interest rate swaps 6.6 16.6 (58.3) (20.8) During the next 12 months, we expect to reclassify $16.7 million of pretax net losses on cash flow hedges from accumulated other comprehensive loss to other–net, (income) expense. During the three and nine months ended September 30, 2020 and 2019, the amounts excluded from the assessment of hedge effectiveness recognized in other comprehensive income (loss) were not material. Fair Value of Financial Instruments The following tables summarize certain fair value information at September 30, 2020 and December 31, 2019 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments: Fair Value Measurements Using Carrying Cost (1) Quoted Prices in Active Markets for Identical Assets Significant Other Significant Fair September 30, 2020 Cash equivalents $ 2,374.2 $ 2,374.2 $ 2,374.2 $ — $ — $ 2,374.2 Short-term investments: U.S. government and agency securities $ 11.8 $ 11.7 $ 11.8 $ — $ — $ 11.8 Corporate debt securities 5.5 5.5 — 5.5 — 5.5 Asset-backed securities 3.6 3.6 — 3.6 — 3.6 Other securities 14.1 14.1 — — 14.1 14.1 Short-term investments $ 35.0 Noncurrent investments: U.S. government and agency securities $ 73.2 $ 68.5 $ 73.2 $ — $ — $ 73.2 Corporate debt securities 137.5 128.0 — 137.5 — 137.5 Mortgage-backed securities 104.3 99.2 — 104.3 — 104.3 Asset-backed securities 25.4 24.8 — 25.4 — 25.4 Other securities 97.8 31.4 — — 97.8 97.8 Marketable equity securities 1,258.4 275.2 1,258.4 — — 1,258.4 Equity investments without readily determinable fair values (2) 339.5 Equity method investments (2) 440.1 Noncurrent investments $ 2,476.2 December 31, 2019 Cash equivalents $ 1,025.4 $ 1,025.4 $ 1,025.4 $ — $ — $ 1,025.4 Short-term investments: U.S. government and agency securities $ 7.2 $ 7.2 $ 7.2 $ — $ — $ 7.2 Corporate debt securities 81.4 81.1 — 81.4 — 81.4 Asset-backed securities 2.6 2.6 — 2.6 — 2.6 Other securities 9.8 9.8 — — 9.8 9.8 Short-term investments $ 101.0 Noncurrent investments: U.S. government and agency securities $ 77.2 $ 76.3 $ 77.2 $ — $ — $ 77.2 Corporate debt securities 271.1 267.8 — 271.1 — 271.1 Mortgage-backed securities 101.1 99.6 — 101.1 — 101.1 Asset-backed securities 30.0 29.6 — 30.0 — 30.0 Other securities 60.0 27.4 — — 60.0 60.0 Marketable equity securities 718.6 254.4 718.6 — — 718.6 Equity investments without readily determinable fair values (2) 405.0 Equity method investments (2) 299.4 Noncurrent investments $ 1,962.4 (1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost. (2) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments. Fair Value Measurements Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair Short-term commercial paper borrowings September 30, 2020 $ (579.9) $ — $ (578.8) $ — $ (578.8) December 31, 2019 (1,494.2) — (1,491.6) — (1,491.6) Long-term debt, including current portion September 30, 2020 $ (16,342.2) $ — $ (16,148.2) $ — $ (16,148.2) December 31, 2019 (13,823.0) — (15,150.0) — (15,150.0) Fair Value Measurements Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair September 30, 2020 Risk-management instruments: Interest rate contracts designated as fair value hedges: Other noncurrent assets $ 182.4 $ — $ 182.4 $ — $ 182.4 Interest rate contracts designated as cash flow hedges: Other noncurrent assets 21.1 — 21.1 — 21.1 Other noncurrent liabilities (201.8) — (201.8) — (201.8) Cross-currency interest rate contracts designated as net investment hedges: Other receivables 2.2 — 2.2 — 2.2 Other noncurrent assets 34.1 — 34.1 — 34.1 Other current liabilities (30.3) — (30.3) — (30.3) Other noncurrent liabilities (43.6) — (43.6) — (43.6) Cross-currency interest rate contracts designated as cash flow hedges: Other noncurrent assets 5.5 — 5.5 — 5.5 Other noncurrent liabilities (26.4) — (26.4) — (26.4) Foreign exchange contracts not designated as hedging instruments: Other receivables 8.5 — 8.5 — 8.5 Other current liabilities (16.4) — (16.4) — (16.4) December 31, 2019 Risk-management instruments: Interest rate contracts designated as fair value hedges: Other noncurrent assets 72.0 — 72.0 — 72.0 Interest rate contracts designated as cash flow hedges: Other noncurrent assets 43.3 — 43.3 — 43.3 Cross-currency interest rate contracts designated as net investment hedges: Other noncurrent assets 45.1 — 45.1 — 45.1 Other current liabilities (21.4) — (21.4) — (21.4) Other noncurrent liabilities (5.7) — (5.7) — (5.7) Cross-currency interest rate contracts designated as cash flow hedges: Other noncurrent assets 3.0 — 3.0 — 3.0 Other noncurrent liabilities (20.1) — (20.1) — (20.1) Foreign exchange contracts not designated as hedging instruments: Other receivables 18.4 — 18.4 — 18.4 Other current liabilities (11.9) — (11.9) — (11.9) Risk-management instruments above are disclosed on a gross basis. There are various rights of setoff associated with certain of the risk-management instruments above that are subject to enforceable master netting arrangements or similar agreements. Although various rights of setoff and master netting arrangements or similar agreements may exist with the individual counterparties to the risk-management instruments above, individually, these financial rights are not material. We determine our Level 1 and Level 2 fair value measurements based on a market approach using quoted market values, significant other observable inputs for identical or comparable assets or liabilities, or discounted cash flow analyses. Level 3 fair value measurements for other investment securities are determined using unobservable inputs, including the investments' cost adjusted for impairments and price changes from orderly transactions. The fair values of equity method investments and investments measured under the measurement alternative for equity investments that do not have readily determinable fair values are not readily available. As of September 30, 2020, we had approximately $615 million of unfunded commitments to invest in venture capital funds, which we anticipate will be paid over a period of up to 10 years. The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of September 30, 2020: Maturities by Period Total Less Than 1-5 6-10 More Than Fair value of debt securities $ 361.2 $ 20.9 $ 110.2 $ 94.0 $ 136.1 The net gains recognized in our consolidated condensed statements of operations for equity securities were $142.5 million and $884.7 million for the three and nine months ended September 30, 2020, respectively, and $26.4 million and $182.4 million for the three and nine months ended September 30, 2019, respectively. The net gains/losses recognized during the three and nine months ended September 30, 2020 and 2019 on equity securities sold during the respective periods were not material. We adjust our equity investments without readily determinable fair values based upon changes in the equity instruments' values resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Downward adjustments resulting from an impairment are recorded based upon impairment considerations, including the financial condition and near term prospects of the issuer, general market conditions, and industry specific factors. Adjustments recorded during the three and nine months ended September 30, 2020 and 2019 were not material. 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 in accumulated other comprehensive loss follows: September 30, 2020 December 31, 2019 Unrealized gross gains $ 20.8 $ 10.3 Unrealized gross losses 0.8 4.0 Fair value of securities in an unrealized gain position 335.4 429.5 Fair value of securities in an unrealized loss position 25.7 141.1 We periodically assess our investment in available-for-sale securities for other-than-temporary impairment losses. Other-than-temporary impairment losses were not material in the three and nine months ended September 30, 2020 and 2019. For debt securities, the amount of credit losses are determined by comparing the difference between the present value of future cash flows expected to be collected on these securities and the amortized cost. Factors considered in assessing credit losses include the position in the capital structure, vintage and amount of collateral, delinquency rates, current credit support, and geographic concentration. Credit losses related to debt securities were not material in the three and nine months ended September 30, 2020. As of September 30, 2020, the available-for-sale securities in an unrealized loss position include primarily fixed-rate debt securities of varying maturities, which are sensitive to changes in the yield curve and other market conditions. Approximately 94 percent of the fixed-rate debt securities in a loss position are investment-grade debt securities. As of September 30, 2020, we do not intend to sell, and it is not more likely than not that we will be required to sell, the securities in a loss position before the market values recover or the underlying cash flows have been received, and there is no indication of default on interest or principal payments for any of our debt securities. Activity related to our available-for-sale securities, was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Proceeds from sales $ 14.0 $ 46.5 $ 246.8 $ 365.9 Realized gross gains on sales 0.4 0.9 4.0 4.7 Realized gross losses on sales 0.2 — 8.2 2.0 Realized gains and losses on sales of available-for-sale investments are computed based upon specific identification of the initial cost adjusted for any other-than-temporary declines in fair value that were recorded in earnings. Accounts Receivable Factoring Arrangements We have entered into accounts receivable factoring agreements with financial institutions to sell certain of our non-U.S. accounts receivable. These transactions are accounted for as sales and result in a reduction in accounts receivable because the agreements transfer effective control over and, risk related to, the receivables to the buyers. Our factoring agreements do not allow for recourse in the event of uncollectibility, and we do not retain any interest in the underlying accounts receivable once sold. We derecognized $708.1 million and $678.8 million of accounts receivable as of September 30, 2020 and December 31, 2019, respectively, under these factoring arrangements. The costs of factoring such accounts receivable on our consolidated condensed results of operations for the three and nine months ended September 30, 2020 and 2019 were not material. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate was 15.9 percent for the three months ended September 30, 2020, compared with 10.8 percent for the three months ended September 30, 2019. The effective tax rate was 14.4 percent for the nine months ended September 30, 2020, compared with 12.8 percent for the nine months ended September 30, 2019. The higher effective tax rates for the three and nine months ended September 30, 2020 were driven primarily by a mix of earnings in higher tax jurisdictions and a lower net discrete tax benefit compared to the same period in 2019. During the fourth quarter of 2019, the Internal Revenue Service began its examination of tax years 2016-2018. Because this examination is still in the early stages of information gathering, the resolution of the audit will likely extend beyond the next 12 months. |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Sep. 30, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Retirement Benefits | Retirement Benefits Net pension and retiree health benefit (income) cost included the following components: Defined Benefit Pension Plans Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Components of net periodic benefit cost: Service cost $ 81.7 $ 62.4 $ 243.4 $ 187.8 Interest cost 106.6 121.0 319.0 364.4 Expected return on plan assets (229.5) (208.9) (671.4) (630.2) Amortization of prior service cost 1.1 1.5 3.2 4.5 Recognized actuarial loss 58.4 70.9 286.5 213.6 Net periodic benefit cost $ 18.3 $ 46.9 $ 180.7 $ 140.1 Retiree Health Benefit Plans Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Components of net periodic benefit income: Service cost $ 10.2 $ 9.1 $ 30.6 $ 27.2 Interest cost 10.9 14.5 32.8 43.5 Expected return on plan assets (40.3) (35.9) (115.1) (107.8) Amortization of prior service benefit (21.9) (15.7) (51.6) (47.2) Recognized actuarial loss 0.7 0.4 2.1 1.3 Net periodic benefit income $ (40.4) $ (27.6) $ (101.2) $ (83.0) We contributed approximately $20 million to satisfy minimum funding requirements to our defined benefit pension and retiree health benefit plans during the nine months ended September 30, 2020. We contributed $200 million in discretionary funding during the nine months ended September 30, 2020. During the remainder of 2020, we expect to make contributions of approximately $5 million to our defined benefit pension and retiree health plans to satisfy minimum funding requirements. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 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 U.S. Alimta patent litigation, 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. Patent Litigation Alimta Patent Litigation and Administrative Proceedings A number of manufacturers are seeking approvals in the U.S., a number of countries in Europe, and Japan to market generic forms of Alimta prior to the expiration of our vitamin regimen patents, alleging that those patents are invalid, not infringed, or both. We believe our Alimta vitamin regimen patents are valid and enforceable against these generic manufacturers. 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 in the U.S. 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 in any of the below jurisdictions would result in a rapid and severe decline in future revenue for the product in the relevant market. U.S. Patent Litigation Alimta is protected by a vitamin regimen patent until 2021, plus pediatric exclusivity through May 2022. In June 2018, the U.S. District Court for the Southern District of Indiana ruled in our favor in two cases, finding Dr. Reddy's Laboratories, Ltd. and Dr. Reddy's Laboratories, Inc.'s (collectively, Dr. Reddy) and Hospira, Inc.'s (Hospira) proposed products using an alternative form of pemetrexed (the active ingredient in Alimta) would infringe our method of use patent under the doctrine of equivalents. In August 2019, the U.S. Court of Appeals for the Federal Circuit affirmed that ruling, and in November 2019, the appeals court denied Dr. Reddy and Hospira’s petition for a rehearing. In June 2020, the U.S. Supreme Court denied Dr. Reddy and Hospira’s petitions to review the case and this litigation has ended. We have one additional lawsuit pending in federal court in which we allege infringement against Apotex Inc. (Apotex) in response to its application to market products using alternative forms of pemetrexed. In December 2019, the U.S. District Court for the Southern District of Indiana granted our motion for summary judgment of infringement under the doctrine of equivalents against Apotex. Apotex has appealed that ruling to the U.S. Court of Appeals for the Federal Circuit, with argument scheduled in November 2020. We had filed a similar lawsuit against Actavis LLC in the U.S. District Court for the Southern District of Indiana, which has been administratively closed. In December 2019, we settled a lawsuit we filed against Eagle Pharmaceuticals, Inc. (Eagle) in response to its application to market a product using an alternative form of pemetrexed. Per the settlement agreement, Eagle has a limited initial entry into the market with its product starting February 2022 (up to an approximate three-week supply) and subsequent unlimited entry starting April 2022. European Patent Litigation Legal proceedings are ongoing regarding our Alimta patents in various national courts throughout Europe. We are aware that several companies have received approval to market generic versions of pemetrexed in major European markets (including generics currently on the market at risk in France and the Netherlands) and that additional generic competitors may choose to launch at risk. Following a final decision in the Supreme Court of Germany in July 2020 overturning the lower court and upholding the validity of our Alimta patent, several generics that were on the market at risk left. We have removed the remaining generics from the market by obtaining preliminary injunctions in our favor. In September 2020, the Paris Court of First Instance in France issued a final decision upholding the validity of our Alimta patent and found infringement by Fresenius Kabi’s (Kabi) pemetrexed product. The court issued an injunction against Kabi and provisionally awarded us damages. We will continue to pursue injunctions to remove remaining generics from the market in France. In late October 2020, the Court of Appeal of the Netherlands ruled in Lilly's favor and reinstated an order against Kabi prohibiting it from continuing to market its generic pemetrexed product in the Netherlands. Kabi's generic pemetrexed product was the only at risk generic on the market in the Netherlands. Our vitamin regimen patents have also been challenged in other smaller European jurisdictions. We will continue to seek to remove any generic pemetrexed products launched at risk in other European markets, seek damages with respect to such launches, and defend our patents against validity challenges. Japanese Administrative Proceedings Three separate sets of demands for invalidation of our two Japanese vitamin regimen patents, involving several companies, have been filed with the Japanese Patent Office (JPO). The JPO has rejected demands for invalidation by Sawai Pharmaceutical Co., Ltd. and Nipro Corporation, an d both rejections have been affirmed on appeal. In October 2020, the JPO issued notices closing the last remaining set of demands brought by Hospira, and Hospira has requested withdrawal of its demands for invalidation. These patents provide intellectual property protection for Alimta until June 2021. Notwithstanding our patents, generic versions of Alimta received regulatory approval in Japan starting in February 2016. We do not currently anticipate that generic versions of Alimta will proceed to pricing approval prior to our patent’s expiration. Jardiance Patent Litigation Boehringer Ingelheim, our partner in marketing and development of Jardiance, initiated U.S. patent litigation in the U.S. District Court of Delaware involving Jardiance, Glyxambi, and Synjardy in accordance with the procedures set out in the Drug Price Competition and Patent Term Restoration Act of 1984 (the Hatch-Waxman Act). Several companies submitted Abbreviated New Drug Applications seeking approval to market generic versions of Jardiance prior to the expiration of the relevant patents, alleging certain patents, including in some allegations the compound patent, are invalid or would not be infringed. Trial is scheduled for April 2021. Taltz Patent Litigation We were named as a defendant in litigation filed by Genentech, Inc. (Genentech) in Germany seeking a ruling that Genentech’s patent would be infringed by our continued sales of Taltz in Germany. After it sold its patent rights to Novartis Pharma AG (Novartis) in June 2020, Genentech withdrew its infringement litigation and Novartis subsequently filed litigation against us in Germany asserting infringement based on sales of Taltz. We expect a trial to assess Novartis’ German infringement claims to take place in May 2021. We are also named in litigation in the U.K. in which Genentech asserted similar claims regarding its corresponding U.K. patent. We believe these lawsuits are without merit and are defending against them vigorously. Emgality Patent Litigation We have been named as a defendant in litigation filed by Teva Pharmaceuticals International GMBH and Teva Pharmaceuticals USA, Inc. (collectively, Teva) in the U.S. District Court for the District of Massachusetts seeking a ruling that various claims in nine different Teva patents would be infringed by our launch and continued sales of Emgality for the prevention of migraine in adults. We believe this lawsuit is without merit and are defending against it vigorously. Separately, the U.S. Patent and Trademark Office (USPTO) granted our request to initiate an inter partes review (IPR) to reexamine the validity of the nine Teva patents asserted against us in the litigation. In February 2020, the USPTO ruled in our favor and found that the claims asserted against us in six of Teva's nine patents were invalid. In March 2020, the USPTO ruled against us on the remaining three Teva patents, finding that we failed to show that the remaining three patents were unpatentable based on the subset of invalidity arguments available in an IPR proceeding. We have appealed the USPTO’s March 2020 ruling, and Teva has appealed the USPTO’s February 2020 ruling. We believe these claims are without merit and are defending against them vigorously. The district court litigation will proceed in parallel with the IPR appeals. Other Matters Brazil Litigation – Cosmopolis Facility Labor Attorney Litigation Our subsidiary in Brazil, Eli Lilly do Brasil Limitada (Lilly Brasil), is named in a lawsuit brought by the Labor Attorney for the 15th Region in the Labor Court of Paulinia, State of Sao Paulo, Brazil, alleging possible harm to employees and former employees caused by exposure to heavy metals at a former Lilly Brasil manufacturing facility in Cosmopolis, Brazil, operated by the company between 1977 and 2003. In May 2014, the labor court judge ruled against Lilly Brasil, ordering it to undertake several actions of unspecified financial impact, including paying lifetime health coverage for the employees and contractors who worked at the Cosmopolis facility more than six months during the affected years and their children born during and after this period. We appealed this decision. In July 2018, the appeals court affirmed the labor court's ruling with the total financial impact of the ruling estimated to be approximately 500 million Brazilian real (approximately $90 million as of September 30, 2020). The appeals court restricted the broad health coverage awarded by the labor court to health problems that claimants could show arose from exposure to the alleged contamination. In August 2019, Lilly Brasil filed an appeal to the superior labor court. In September 2019, the appeals court stayed a number of elements of its prior decision, including the obligation to provide health coverage for contractors, their children, and children of employees who worked at the Cosmopolis facility, pending the determination of Lilly Brasil’s appeal to the superior labor court. In June 2019, the Labor Attorney filed an application in the labor court for enforcement of the healthcare coverage granted by the appeals court in its July 2018 ruling and requested restrictions on Lilly Brasil’s assets in Brazil. In July 2019, the labor court issued a ruling requiring either a freeze of Lilly Brasil’s immovable property or, alternatively, a security deposit of 500 million Brazilian real. Lilly Brasil filed a writ of mandamus challenging this ruling, but the court stayed its decision on this writ and instead directed the parties to attend conciliation hearings, a process that concluded unsuccessfully in September 2020. The labor court also stayed the Labor Attorney’s application to enforce the previous healthcare coverage ruling until after the appeals court ruled on the various motions pending before it. As the conciliation hearings have been unsuccessful, we have filed a brief to strike the Labor Attorney’s application to enforce the previous healthcare coverage. Lilly Brasil is currently awaiting a determination as to whether its application seeking leave to appeal to the superior labor court has been successful. We believe all of these lawsuits are without merit and are defending against them vigorously. Individual Former Employee Litigation We are also named in approximately 30 lawsuits filed in the same labor court by individual former employees making similar claims. These lawsuits are each at various stages in the litigation process, with judgments being handed down in approximately half of the lawsuits, nearly all of which are on appeal in the labor courts. We believe all of these lawsuits are without merit and are defending against them vigorously. Pricing Litigation, Investigations, and Inquiries Litigation We, along with Sanofi-Aventis U.S. LLC (Sanofi) and Novo Nordisk, Inc. (Novo Nordisk) are named as defendants in a consolidated purported class action lawsuit, In re. Insulin Pricing Litigation , in the U.S. District Court for the District of New Jersey relating to insulin pricing seeking damages under various state consumer protection laws and the Federal Racketeer Influenced and Corrupt Organization Act (federal RICO Act). Separately, we, along with Sanofi and Novo Nordisk, are named as defendants in MSP Recovery Claims, Series, LLC et al. v. Sanofi Aventis U.S. LLC et al. , in the same court, seeking damages under various state consumer protection laws, common law fraud, unjust enrichment, and the federal RICO Act. In both In re. Insulin Pricing Litigation and the MSP Recovery Claims litigation, the court dismissed claims under the federal RICO Act and certain state laws. Also in the same court, we, along with Sanofi, Novo Nordisk, CVS, Express Scripts, and Optum, have been sued in a purported class action, FWK Holdings, LLC v. Novo Nordisk Inc., et al. , for alleged violations of the federal RICO Act as well as the New Jersey RICO Act and anti-trust law. That same group of defendants, along with Medco Health and United Health Group, also have been sued in other purported class actions in the same court, Rochester Drug Co-Operative Inc. v. Eli Lilly & Co. et al. and Value Drug Co. v. Eli Lilly & Co. et al. , for alleged violations of the federal RICO Act. In September 2020, the U.S. District Court for the District of New Jersey granted plaintiffs’ motion to consolidate FWK Holdings, LLC v. Novo Nordisk Inc., et al. , Rochester Drug Co-Operative Inc. v. Eli Lilly & Co. et al. , and Value Drug Co. v. Eli Lilly & Co. et al. The Minnesota Attorney General’s Office has initiated litigation against us, Sanofi, and Novo Nordisk, State of Minnesota v. Sanofi-Aventis U.S. LLC et al., in the U.S. District Court for the District of New Jersey, alleging unjust enrichment, violations of various Minnesota state consumer protection laws, and the federal RICO Act. Additionally, the Kentucky Attorney General’s Office filed a complaint against us, Sanofi, and Novo Nordisk, Commonwealth of Kentucky v. Novo Nordisk, Inc. et al. , in Kentucky state court, alleging violations of the Kentucky consumer protection law, false advertising, and unjust enrichment. Harris County in Texas initiated litigation against us, Sanofi, Novo Nordisk, Express Scripts, CVS, Optum, and Aetna, County of Harris Texas v. Eli Lilly & Co., et al. , in federal court in the Southern District of Texas alleging violations of the federal RICO Act, federal and state anti-trust law, and the state deceptive trade practices-consumer protection act. Harris County also alleges common law claims such as fraud, unjust enrichment, and civil conspiracy. This lawsuit relates to our insulin products as well as Trulicity. We believe all of these claims are without merit and are defending against them vigorously. Investigations, Subpoenas, and Inquiries We have received a subpoena from the New York Attorney General’s Office and civil investigative demands from the Washington, New Mexico, and Colorado Attorney General Offices relating to the pricing and sale of our insulin products. The Offices of the Attorney General in Mississippi, Washington D.C., California, Florida, Hawaii, and Nevada have requested information relating to the pricing and sale of our insulin products. We also received interrogatories and a subpoena from the California Attorney General's Office regarding our competition in the long- acting insulin market. We received two requests from the House of Representatives’ Committee on Energy and Commerce and a request from the Senate’s Committee on Health, Education, Labor, and Pensions, seeking certain information related to the pricing of insulin products, among other issues. We also received requests from the House of Representatives’ Committee on Oversight and Reform and the Senate’s Committee on Finance, which seek detailed commercial information and business records. We are cooperating with all of these aforementioned investigations, subpoenas, and inquiries. Product Liability Insurance |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended September 30, 2020 and 2019: (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at July 1, 2020 $ (1,722.5) $ 15.1 $ (4,454.9) $ (520.6) $ (6,682.9) Other comprehensive income (loss) before reclassifications 30.3 0.8 (19.6) 82.9 94.4 Net amount reclassified from accumulated other comprehensive loss — (0.2) 30.3 3.3 33.4 Net other comprehensive income (loss) 30.3 0.6 10.7 86.2 127.8 Balance at September 30, 2020 $ (1,692.2) $ 15.7 $ (4,444.2) $ (434.4) $ (6,555.1) (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at July 1, 2019 $ (1,570.0) $ 4.5 $ (3,763.3) $ (271.7) $ (5,600.5) Other comprehensive income (loss) before reclassifications (192.0) 1.5 21.3 (12.7) (181.9) Net amount reclassified from accumulated other comprehensive loss — 0.6 45.1 2.2 47.9 Net other comprehensive income (loss) (192.0) 2.1 66.4 (10.5) (134.0) Balance at September 30, 2019 $ (1,762.0) $ 6.6 $ (3,696.9) $ (282.2) $ (5,734.5) The following tables summarize the activity related to each component of other comprehensive income (loss) during the nine months ended September 30, 2020 and 2019: Continuing Operations (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 Discontinued Operations Accumulated Other Comprehensive Loss Balance at January 1, 2020 $ (1,678.0) $ 4.9 $ (4,638.6) $ (211.9) $ — $ (6,523.6) Other comprehensive income (loss) before reclassifications (14.2) 7.6 4.6 (232.3) — (234.3) Net amount reclassified from accumulated other comprehensive loss — 3.2 189.8 9.8 — 202.8 Net other comprehensive income (loss) (14.2) 10.8 194.4 (222.5) — (31.5) Balance at September 30, 2020 $ (1,692.2) $ 15.7 $ (4,444.2) $ (434.4) $ — $ (6,555.1) Continuing Operations (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 Discontinued Operations Accumulated Other Comprehensive Loss Balance at January 1, 2019 (1) $ (1,569.7) $ (22.1) $ (3,852.7) $ (238.9) $ (56.8) $ (5,740.2) Other comprehensive income (loss) before reclassifications (192.3) 26.7 19.0 (51.7) (27.2) (225.5) Net amount reclassified from accumulated other comprehensive loss — 2.0 136.8 8.4 84.0 231.2 Net other comprehensive income (loss) (192.3) 28.7 155.8 (43.3) 56.8 5.7 Balance at September 30, 2019 $ (1,762.0) $ 6.6 $ (3,696.9) $ (282.2) $ — $ (5,734.5) (1) Accumulated other comprehensive loss as of January 1, 2019 consists of $5.73 billion of accumulated other comprehensive loss attributable to controlling interest and $11.0 million of accumulated other comprehensive loss attributable to noncontrolling interest. The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows: Three Months Ended September 30, Nine Months Ended September 30, Tax benefit (expense) 2020 2019 2020 2019 Foreign currency translation gains/losses $ 46.0 $ (5.1) $ 34.9 $ (17.1) Unrealized net gains/losses on securities (0.2) (0.5) (3.0) (7.4) Defined benefit pension and retiree health benefit plans 11.8 (17.4) (32.8) (42.2) Effective portion of cash flow hedges (22.9) 2.7 59.1 11.4 Benefit (provision) for income taxes allocated to other comprehensive income (loss) items $ 34.7 $ (20.3) $ 58.2 $ (55.3) Except for the tax effects of foreign currency translation gains and losses related to our foreign currency-denominated notes, cross-currency interest rate swaps, and other foreign currency exchange contracts designated as net investment hedges (see Note 7), income taxes were not provided for foreign currency translation. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders' equity rather than in the consolidated condensed statements of operations. Reclassifications out of accumulated other comprehensive loss were as follows: Details about Accumulated Other Comprehensive Loss Components Three Months Ended September 30, Nine Months Ended September 30, Affected Line Item in the Consolidated Condensed Statements of Operations 2020 2019 2020 2019 Amortization of retirement benefit items: Prior service benefits, net $ (20.8) $ (14.2) $ (48.4) $ (42.7) Other–net, (income) expense Actuarial losses, net 59.1 71.3 288.6 214.9 Other–net, (income) expense Total before tax 38.3 57.1 240.2 172.2 Tax benefit (8.0) (12.0) (50.4) (35.4) Income taxes Net of tax 30.3 45.1 189.8 136.8 Other, net of tax 3.1 2.8 13.0 10.4 Other–net, (income) expense Reclassifications from continuing operations (net of tax) 33.4 47.9 202.8 147.2 Reclassifications from discontinued operations (net of tax) — — — 84.0 Net income from discontinued operations Total reclassifications for the period (net of tax) $ 33.4 $ 47.9 $ 202.8 $ 231.2 |
Other_Net, (Income) Expense
Other–Net, (Income) Expense | 9 Months Ended |
Sep. 30, 2020 | |
Nonoperating Income (Expense) [Abstract] | |
Other–Net, (Income) Expense | Other–Net, (Income) Expense Other–net, (income) expense consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest expense $ 89.6 $ 107.4 $ 270.4 $ 304.7 Interest income (5.8) (17.3) (27.2) (67.2) Retirement benefit plans (114.0) (52.2) (194.5) (157.9) Other income (128.7) (13.0) (743.6) (108.3) Other–net, (income) expense $ (158.9) $ 24.9 $ (694.9) $ (28.7) For the three and nine months ended September 30, 2020, other income is primarily related to net gains on investments (see Note 7). |
Acquisitions (Policies)
Acquisitions (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combinations Policy | Under this method, the assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated condensed financial statements. The determination of estimated fair value required management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets, where applicable, has been recorded as goodwill. The results of operations of these acquisitions are included in our consolidated condensed financial statements from the date of acquisition.Upon acquisition, the acquired in-process research and development (IPR&D) charges related to these compounds were immediately expensed because the compounds had no alternative future use. |
Financial Instruments (Policies
Financial Instruments (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Description of Derivative Risk Management Policy | Our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets, liabilities, and transactions being hedged. Management reviews the correlation and effectiveness of our derivatives on a quarterly basis. For derivative instruments that are designated and qualify as fair value hedges, the derivative instrument is marked to market, with gains and losses recognized currently in income to offset the respective losses and gains recognized on the underlying exposure. For derivative instruments that are designated and qualify as cash flow hedges, gains and losses are reported as a component of accumulated other comprehensive loss and reclassified into earnings in |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | The following table summarizes our revenue recognized in our consolidated condensed statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net product revenue $ 5,281.1 $ 4,982.0 $ 15,762.3 $ 14,843.0 Collaboration and other revenue (1) 459.5 494.6 1,337.5 1,362.5 Revenue $ 5,740.6 $ 5,476.6 $ 17,099.8 $ 16,205.5 (1) Collaboration and other revenue associated with prior period transfers of intellectual property was $31.5 million and $101.5 million during the three and nine months ended September 30, 2020, respectively, and $67.9 million and $163.0 million during the three and nine months ended September 30, 2019, respectively. The following table summarizes revenue by product for the three months ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 2019 United States (U.S.) (1) Outside U.S. Total U.S. (1) Outside U.S. Total Revenue—to unaffiliated customers: Diabetes: Trulicity ® $ 791.2 $ 315.4 $ 1,106.6 $ 755.5 $ 256.0 $ 1,011.5 Humalog ® (2) 390.1 266.9 656.9 356.2 292.6 648.9 Jardiance (3) 163.3 147.5 310.8 140.6 100.1 240.7 Humulin ® 214.0 91.9 305.9 218.2 103.6 321.8 Basaglar ® 178.5 69.7 248.2 202.4 60.8 263.2 Trajenta (4) 19.4 72.3 91.7 60.1 95.4 155.5 Other Diabetes 42.0 20.8 62.9 51.4 19.3 70.7 Total Diabetes 1,798.5 984.5 2,783.0 1,784.4 927.8 2,712.3 Oncology: Alimta ® 291.9 286.1 578.0 282.4 225.9 508.2 Cyramza ® 94.5 158.2 252.7 82.5 157.5 240.0 Verzenio ® 158.9 75.5 234.4 124.8 32.4 157.2 Erbitux ® 122.5 14.0 136.4 113.8 14.8 128.6 Other Oncology 14.7 117.1 131.9 36.7 76.6 113.4 Total Oncology 682.5 650.9 1,333.4 640.2 507.2 1,147.4 Immunology: Taltz ® 326.2 128.3 454.5 250.6 89.4 340.0 Olumiant ® 14.5 147.5 162.0 12.1 102.5 114.6 Other Immunology 6.1 4.5 10.6 — — — Total Immunology 346.8 280.3 627.1 262.8 191.8 454.6 Neuroscience: Cymbalta ® 11.1 175.5 186.6 10.3 168.3 178.6 Zyprexa ® 21.2 91.5 112.7 11.2 94.2 105.4 Emgality ® 81.4 10.1 91.5 45.8 1.9 47.7 Other Neuroscience 26.7 53.2 79.9 27.3 67.7 95.0 Total Neuroscience 140.4 330.3 470.7 94.6 332.1 426.7 Other: Forteo ® 144.6 122.3 266.9 175.1 195.7 370.7 Cialis ® 15.1 147.3 162.5 30.9 153.4 184.3 Other 33.5 63.6 97.0 72.2 108.4 180.6 Total Other 193.2 333.2 526.4 278.2 457.5 735.6 Revenue $ 3,161.4 $ 2,579.3 $ 5,740.6 $ 3,060.2 $ 2,416.4 $ 5,476.6 Numbers may not add due to rounding. (1) U.S. revenue includes revenue in Puerto Rico. (2) Humalog revenue includes insulin lispro. (3) Jardiance revenue includes Glyxambi ® , Synjardy ® , and Trijardy ® XR. (4) Trajenta revenue includes Jentadueto ® . The following table summarizes revenue by product for the nine months ended September 30, 2020 and 2019: Nine Months Ended September 30, 2020 2019 U.S. (1) Outside U.S. Total U.S. (1) Outside U.S. Total Revenue—to unaffiliated customers: Diabetes: Trulicity $ 2,673.2 $ 892.5 $ 3,565.7 $ 2,213.2 $ 706.5 $ 2,919.7 Humalog (2) 1,070.4 837.4 1,907.8 1,201.0 856.3 2,057.3 Humulin 642.5 292.7 935.2 639.6 302.5 942.1 Basaglar 638.7 203.7 842.3 632.8 172.6 805.4 Jardiance (3) 453.0 387.3 840.3 408.4 267.9 676.2 Trajenta (4) 64.5 197.2 261.7 171.9 269.5 441.4 Other Diabetes 120.7 57.2 177.9 119.7 65.6 185.4 Total Diabetes 5,663.0 2,868.0 8,530.9 5,386.6 2,640.9 8,027.5 Oncology: Alimta 933.4 743.8 1,677.2 905.8 679.3 1,585.1 Cyramza 277.6 470.8 748.4 247.4 432.7 680.1 Verzenio 430.0 201.1 631.1 323.5 77.0 400.6 Erbitux 356.1 40.6 396.7 364.1 42.3 406.4 Other Oncology 26.0 324.1 350.1 83.1 202.2 285.1 Total Oncology 2,023.1 1,780.4 3,803.5 1,923.9 1,433.5 3,357.3 Immunology: Taltz 942.9 350.3 1,293.2 699.6 246.7 946.3 Olumiant 39.0 407.7 446.7 29.2 269.9 299.1 Other Immunology 13.2 8.1 21.3 — — — Total Immunology 995.1 766.1 1,761.2 728.8 516.6 1,245.4 Neuroscience: Cymbalta 30.5 546.5 576.9 38.7 491.2 529.9 Zyprexa 41.5 266.2 307.7 29.8 287.2 317.0 Emgality 229.3 23.6 252.9 91.8 4.5 96.3 Other Neuroscience 53.4 165.7 219.2 89.9 239.5 329.4 Total Neuroscience 354.7 1,002.0 1,356.7 250.2 1,022.4 1,272.6 Other: Forteo 386.7 405.2 791.9 473.8 570.6 1,044.4 Cialis 64.6 421.6 486.2 209.3 483.4 692.7 Other 144.2 225.2 369.4 230.9 334.6 565.6 Total Other 595.5 1,052.0 1,647.5 914.0 1,388.6 2,302.7 Revenue $ 9,631.4 $ 7,468.5 $ 17,099.8 $ 9,203.5 $ 7,002.1 $ 16,205.5 Numbers may not add due to rounding. (1) U.S. revenue includes revenue in Puerto Rico. (2) Humalog revenue includes insulin lispro. (3) Jardiance revenue includes Glyxambi, Synjardy, and Trijardy XR. (4) Trajenta revenue includes Jentadueto. . The following table summarizes revenue by geographical area: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue—to unaffiliated customers (1) : U.S. (2) $ 3,161.4 $ 3,060.2 $ 9,631.4 $ 9,203.5 Europe 1,046.7 923.4 2,984.4 2,752.0 Japan 660.1 641.5 1,919.1 1,838.4 China 289.1 264.1 796.2 706.2 Other foreign countries 583.2 587.3 1,768.7 1,705.5 Revenue $ 5,740.6 $ 5,476.6 $ 17,099.8 $ 16,205.5 Numbers may not add due to rounding. (1) Revenue is attributed to the countries based on the location of the customer. (2) U.S. revenue includes revenue in Puerto Rico. |
Schedule of amounts recorded for contract liabilities | The following table summarizes contract liability balances: September 30, 2020 December 31, 2019 Contract liabilities $ 289.5 $ 264.6 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Schedule of the amounts recognized for assets acquired and liabilities assumed as of the acquisition date | The following table summarizes the amounts recognized for assets acquired and liabilities assumed in the acquisition of Loxo as of the acquisition date: Estimated Fair Value at February 15, 2019 Acquired IPR&D (1) $ 4,670.0 Finite-lived intangibles (2) 980.0 Deferred income taxes (1,032.8) Other assets and liabilities - net (26.4) Total identifiable net assets 4,590.8 Goodwill (3) 2,326.9 Total consideration transferred - net of cash acquired $ 6,917.7 (1) $4.60 billion of the acquired IPR&D relates to selpercatinib (LOXO-292). (2) Contract-based intangibles (primarily related to Vitrakvi ® ) which are being amortized to cost of sales on a straight-line basis over their estimated useful lives, were expected to have a weighted average useful life of approximately 12 years from the acquisition date. (3) The goodwill recognized from this acquisition is attributable primarily to future unidentified projects and products and the assembled workforce for Loxo and is not deductible for tax purposes. |
Schedule of asset acquisition | The following table and narrative summarize our asset acquisitions during the nine months ended September 30, 2020 and 2019: Counterparty Compound(s) or Therapy Acquisition Month Phase of Development (1) Acquired IPR&D Expense Sitryx Therapeutics Limited Pre-clinical targets that could lead to potential new medicines for autoimmune diseases March 2020 Pre-clinical $ 52.3 AbCellera Biologics Inc. (2) Neutralizing antibodies for the treatment and prevention of COVID-19 March 2020 Pre-clinical 25.0 Junshi Biosciences Co., Ltd. Neutralizing antibodies for the treatment and prevention of COVID-19 May 2020 Pre-clinical 20.0 Undisclosed Pre-clinical target that could lead to potential new medicine May 2020 Pre-clinical 174.8 Evox Therapeutics Ltd. Pre-clinical research collaboration for the potential treatment of neurological disorders June 2020 Pre-clinical 22.0 AC Immune SA Tau aggregation inhibitor small molecules for the potential treatment of Alzheimer's disease and other neurodegenerative diseases January 2019 & September 2019 (3) Pre-clinical $ 127.1 ImmuNext, Inc. Novel immunometabolism target March 2019 Pre-clinical 40.0 Avidity Biosciences, Inc. Potential new medicines in immunology and other select indications April 2019 Pre-clinical 25.0 Centrexion Therapeutics Corporation CNTX-0290, a novel, small molecule somatostain receptor type 4 agonist July 2019 Phase I 47.5 (1) The phase of development presented is as of the date of the arrangement and represents the phase of development of the most advanced asset acquired, where applicable. (2) We recognized the acquired IPR&D expense of $25.0 million in May 2020 upon closing of the transaction. (3) We recognized acquired IPR&D expense of $96.9 million in January 2019 upon entering into a license agreement and $30.2 million in September 2019 upon entering into an amendment to the license agreement. |
Collaborations and Other Arra_2
Collaborations and Other Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of significant milestones and revenue recognized | The table below summarizes significant milestones (deferred) capitalized for the compounds included in this collaboration: Product Family Milestones (Deferred) Capitalized (1) Trajenta (2) $ 446.4 Jardiance (3) 289.0 Basaglar (250.0) (1) In connection with the regulatory approvals of Basaglar in the U.S., Europe, and Japan, milestone payments received were recorded as contract liabilities and are being amortized through the term of the collaboration (2029) to collaboration and other revenue. In connection with the regulatory approvals of Trajenta and Jardiance, milestone payments made were capitalized as intangible assets and are being amortized to cost of sales through the term of the collaboration. This represents the cumulative amounts that have been (deferred) or capitalized from the start of this collaboration through the end of the reporting period. (2) The collaboration agreement with Boehringer Ingelheim for Trajenta ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto. (3) The collaboration agreement with Boehringer Ingelheim for Jardiance ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto. The following table summarizes our net product revenue recognized with respect to Basaglar and collaboration and other revenue recognized with respect to the Jardiance and Trajenta families of products: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Basaglar $ 248.2 $ 263.2 $ 842.3 $ 805.4 Jardiance 310.8 240.7 840.3 676.2 Trajenta 91.7 155.5 261.7 441.4 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Olumiant $ 162.0 $ 114.6 $ 446.7 $ 299.1 |
Asset Impairment, Restructuri_2
Asset Impairment, Restructuring, and Other Special Charges (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
The components of the charges included in asset impairment, restructuring, and other special charges | The components of the charges included in asset impairment, restructuring, and other special charges in our consolidated condensed statements of operations are described below. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Severance $ 144.4 $ — $ 154.2 $ (3.6) Asset impairment (recovery) and other special charges (43.0) — 7.1 427.5 Total asset impairment, restructuring, and other special charges $ 101.4 $ — $ 161.3 $ 423.9 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of effects of risk-management instruments were recognized in other–net, (income) expense | The following effects of risk-management instruments were recognized in other–net, (income) expense: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Fair value hedges: Effect from hedged fixed-rate debt $ (14.0) $ 49.5 $ 110.4 $ 148.1 Effect from interest rate contracts 14.0 (49.5) (110.4) (148.1) Cash flow hedges: Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss 4.1 2.8 12.3 10.6 Cross-currency interest rate swaps (30.2) 47.4 (54.6) 2.9 Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments (54.2) 52.6 (82.8) 93.0 Total $ (80.3) $ 102.8 $ (125.1) $ 106.5 |
Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), net investment hedges | The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net investment hedges: Foreign currency-denominated notes $ (181.1) $ 89.3 $ (186.0) $ 112.6 Cross-currency interest rate swaps (110.4) 89.0 (55.4) 123.1 Cash flow hedges: Forward-starting interest rate swaps 99.6 (32.7) (231.9) (44.4) Cross-currency interest rate swaps 6.6 16.6 (58.3) (20.8) |
Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), cash flow hedges | The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net investment hedges: Foreign currency-denominated notes $ (181.1) $ 89.3 $ (186.0) $ 112.6 Cross-currency interest rate swaps (110.4) 89.0 (55.4) 123.1 Cash flow hedges: Forward-starting interest rate swaps 99.6 (32.7) (231.9) (44.4) Cross-currency interest rate swaps 6.6 16.6 (58.3) (20.8) |
Summary certain fair value information | The following tables summarize certain fair value information at September 30, 2020 and December 31, 2019 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments: Fair Value Measurements Using Carrying Cost (1) Quoted Prices in Active Markets for Identical Assets Significant Other Significant Fair September 30, 2020 Cash equivalents $ 2,374.2 $ 2,374.2 $ 2,374.2 $ — $ — $ 2,374.2 Short-term investments: U.S. government and agency securities $ 11.8 $ 11.7 $ 11.8 $ — $ — $ 11.8 Corporate debt securities 5.5 5.5 — 5.5 — 5.5 Asset-backed securities 3.6 3.6 — 3.6 — 3.6 Other securities 14.1 14.1 — — 14.1 14.1 Short-term investments $ 35.0 Noncurrent investments: U.S. government and agency securities $ 73.2 $ 68.5 $ 73.2 $ — $ — $ 73.2 Corporate debt securities 137.5 128.0 — 137.5 — 137.5 Mortgage-backed securities 104.3 99.2 — 104.3 — 104.3 Asset-backed securities 25.4 24.8 — 25.4 — 25.4 Other securities 97.8 31.4 — — 97.8 97.8 Marketable equity securities 1,258.4 275.2 1,258.4 — — 1,258.4 Equity investments without readily determinable fair values (2) 339.5 Equity method investments (2) 440.1 Noncurrent investments $ 2,476.2 December 31, 2019 Cash equivalents $ 1,025.4 $ 1,025.4 $ 1,025.4 $ — $ — $ 1,025.4 Short-term investments: U.S. government and agency securities $ 7.2 $ 7.2 $ 7.2 $ — $ — $ 7.2 Corporate debt securities 81.4 81.1 — 81.4 — 81.4 Asset-backed securities 2.6 2.6 — 2.6 — 2.6 Other securities 9.8 9.8 — — 9.8 9.8 Short-term investments $ 101.0 Noncurrent investments: U.S. government and agency securities $ 77.2 $ 76.3 $ 77.2 $ — $ — $ 77.2 Corporate debt securities 271.1 267.8 — 271.1 — 271.1 Mortgage-backed securities 101.1 99.6 — 101.1 — 101.1 Asset-backed securities 30.0 29.6 — 30.0 — 30.0 Other securities 60.0 27.4 — — 60.0 60.0 Marketable equity securities 718.6 254.4 718.6 — — 718.6 Equity investments without readily determinable fair values (2) 405.0 Equity method investments (2) 299.4 Noncurrent investments $ 1,962.4 (1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost. (2) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments. |
Summary certain fair value information, liabilities | Fair Value Measurements Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair Short-term commercial paper borrowings September 30, 2020 $ (579.9) $ — $ (578.8) $ — $ (578.8) December 31, 2019 (1,494.2) — (1,491.6) — (1,491.6) Long-term debt, including current portion September 30, 2020 $ (16,342.2) $ — $ (16,148.2) $ — $ (16,148.2) December 31, 2019 (13,823.0) — (15,150.0) — (15,150.0) |
Fair value, by balance sheet grouping | Fair Value Measurements Using Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair September 30, 2020 Risk-management instruments: Interest rate contracts designated as fair value hedges: Other noncurrent assets $ 182.4 $ — $ 182.4 $ — $ 182.4 Interest rate contracts designated as cash flow hedges: Other noncurrent assets 21.1 — 21.1 — 21.1 Other noncurrent liabilities (201.8) — (201.8) — (201.8) Cross-currency interest rate contracts designated as net investment hedges: Other receivables 2.2 — 2.2 — 2.2 Other noncurrent assets 34.1 — 34.1 — 34.1 Other current liabilities (30.3) — (30.3) — (30.3) Other noncurrent liabilities (43.6) — (43.6) — (43.6) Cross-currency interest rate contracts designated as cash flow hedges: Other noncurrent assets 5.5 — 5.5 — 5.5 Other noncurrent liabilities (26.4) — (26.4) — (26.4) Foreign exchange contracts not designated as hedging instruments: Other receivables 8.5 — 8.5 — 8.5 Other current liabilities (16.4) — (16.4) — (16.4) December 31, 2019 Risk-management instruments: Interest rate contracts designated as fair value hedges: Other noncurrent assets 72.0 — 72.0 — 72.0 Interest rate contracts designated as cash flow hedges: Other noncurrent assets 43.3 — 43.3 — 43.3 Cross-currency interest rate contracts designated as net investment hedges: Other noncurrent assets 45.1 — 45.1 — 45.1 Other current liabilities (21.4) — (21.4) — (21.4) Other noncurrent liabilities (5.7) — (5.7) — (5.7) Cross-currency interest rate contracts designated as cash flow hedges: Other noncurrent assets 3.0 — 3.0 — 3.0 Other noncurrent liabilities (20.1) — (20.1) — (20.1) Foreign exchange contracts not designated as hedging instruments: Other receivables 18.4 — 18.4 — 18.4 Other current liabilities (11.9) — (11.9) — (11.9) |
Summary the contractual maturities of our investments in debt securities measured at fair value | The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of September 30, 2020: Maturities by Period Total Less Than 1-5 6-10 More Than Fair value of debt securities $ 361.2 $ 20.9 $ 110.2 $ 94.0 $ 136.1 |
Summary of the amount of unrealized gains and losses (pretax) recognized in our statement of operations for equity securities | 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 in accumulated other comprehensive loss follows: September 30, 2020 December 31, 2019 Unrealized gross gains $ 20.8 $ 10.3 Unrealized gross losses 0.8 4.0 Fair value of securities in an unrealized gain position 335.4 429.5 Fair value of securities in an unrealized loss position 25.7 141.1 |
Activity related to our available-for-sale securities | Activity related to our available-for-sale securities, was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Proceeds from sales $ 14.0 $ 46.5 $ 246.8 $ 365.9 Realized gross gains on sales 0.4 0.9 4.0 4.7 Realized gross losses on sales 0.2 — 8.2 2.0 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of net pension and retiree health benefit (income) cost | Net pension and retiree health benefit (income) cost included the following components: Defined Benefit Pension Plans Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Components of net periodic benefit cost: Service cost $ 81.7 $ 62.4 $ 243.4 $ 187.8 Interest cost 106.6 121.0 319.0 364.4 Expected return on plan assets (229.5) (208.9) (671.4) (630.2) Amortization of prior service cost 1.1 1.5 3.2 4.5 Recognized actuarial loss 58.4 70.9 286.5 213.6 Net periodic benefit cost $ 18.3 $ 46.9 $ 180.7 $ 140.1 Retiree Health Benefit Plans Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Components of net periodic benefit income: Service cost $ 10.2 $ 9.1 $ 30.6 $ 27.2 Interest cost 10.9 14.5 32.8 43.5 Expected return on plan assets (40.3) (35.9) (115.1) (107.8) Amortization of prior service benefit (21.9) (15.7) (51.6) (47.2) Recognized actuarial loss 0.7 0.4 2.1 1.3 Net periodic benefit income $ (40.4) $ (27.6) $ (101.2) $ (83.0) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of components of other comprehensive income (loss) | The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended September 30, 2020 and 2019: (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at July 1, 2020 $ (1,722.5) $ 15.1 $ (4,454.9) $ (520.6) $ (6,682.9) Other comprehensive income (loss) before reclassifications 30.3 0.8 (19.6) 82.9 94.4 Net amount reclassified from accumulated other comprehensive loss — (0.2) 30.3 3.3 33.4 Net other comprehensive income (loss) 30.3 0.6 10.7 86.2 127.8 Balance at September 30, 2020 $ (1,692.2) $ 15.7 $ (4,444.2) $ (434.4) $ (6,555.1) (Amounts presented net of taxes) Foreign Currency Translation Gains (Losses) Unrealized Net Gains (Losses) on Securities Defined Benefit Pension and Retiree Health Benefit Plans Effective Portion of Cash Flow Hedges Accumulated Other Comprehensive Loss Balance at July 1, 2019 $ (1,570.0) $ 4.5 $ (3,763.3) $ (271.7) $ (5,600.5) Other comprehensive income (loss) before reclassifications (192.0) 1.5 21.3 (12.7) (181.9) Net amount reclassified from accumulated other comprehensive loss — 0.6 45.1 2.2 47.9 Net other comprehensive income (loss) (192.0) 2.1 66.4 (10.5) (134.0) Balance at September 30, 2019 $ (1,762.0) $ 6.6 $ (3,696.9) $ (282.2) $ (5,734.5) The following tables summarize the activity related to each component of other comprehensive income (loss) during the nine months ended September 30, 2020 and 2019: Continuing Operations (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 Discontinued Operations Accumulated Other Comprehensive Loss Balance at January 1, 2020 $ (1,678.0) $ 4.9 $ (4,638.6) $ (211.9) $ — $ (6,523.6) Other comprehensive income (loss) before reclassifications (14.2) 7.6 4.6 (232.3) — (234.3) Net amount reclassified from accumulated other comprehensive loss — 3.2 189.8 9.8 — 202.8 Net other comprehensive income (loss) (14.2) 10.8 194.4 (222.5) — (31.5) Balance at September 30, 2020 $ (1,692.2) $ 15.7 $ (4,444.2) $ (434.4) $ — $ (6,555.1) Continuing Operations (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 Discontinued Operations Accumulated Other Comprehensive Loss Balance at January 1, 2019 (1) $ (1,569.7) $ (22.1) $ (3,852.7) $ (238.9) $ (56.8) $ (5,740.2) Other comprehensive income (loss) before reclassifications (192.3) 26.7 19.0 (51.7) (27.2) (225.5) Net amount reclassified from accumulated other comprehensive loss — 2.0 136.8 8.4 84.0 231.2 Net other comprehensive income (loss) (192.3) 28.7 155.8 (43.3) 56.8 5.7 Balance at September 30, 2019 $ (1,762.0) $ 6.6 $ (3,696.9) $ (282.2) $ — $ (5,734.5) (1) Accumulated other comprehensive loss as of January 1, 2019 consists of $5.73 billion of accumulated other comprehensive loss attributable to controlling interest and $11.0 million of accumulated other comprehensive loss attributable to noncontrolling interest. The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows: Three Months Ended September 30, Nine Months Ended September 30, Tax benefit (expense) 2020 2019 2020 2019 Foreign currency translation gains/losses $ 46.0 $ (5.1) $ 34.9 $ (17.1) Unrealized net gains/losses on securities (0.2) (0.5) (3.0) (7.4) Defined benefit pension and retiree health benefit plans 11.8 (17.4) (32.8) (42.2) Effective portion of cash flow hedges (22.9) 2.7 59.1 11.4 Benefit (provision) for income taxes allocated to other comprehensive income (loss) items $ 34.7 $ (20.3) $ 58.2 $ (55.3) |
Schedule of reclassifications out of accumulated other comprehensive loss | Reclassifications out of accumulated other comprehensive loss were as follows: Details about Accumulated Other Comprehensive Loss Components Three Months Ended September 30, Nine Months Ended September 30, Affected Line Item in the Consolidated Condensed Statements of Operations 2020 2019 2020 2019 Amortization of retirement benefit items: Prior service benefits, net $ (20.8) $ (14.2) $ (48.4) $ (42.7) Other–net, (income) expense Actuarial losses, net 59.1 71.3 288.6 214.9 Other–net, (income) expense Total before tax 38.3 57.1 240.2 172.2 Tax benefit (8.0) (12.0) (50.4) (35.4) Income taxes Net of tax 30.3 45.1 189.8 136.8 Other, net of tax 3.1 2.8 13.0 10.4 Other–net, (income) expense Reclassifications from continuing operations (net of tax) 33.4 47.9 202.8 147.2 Reclassifications from discontinued operations (net of tax) — — — 84.0 Net income from discontinued operations Total reclassifications for the period (net of tax) $ 33.4 $ 47.9 $ 202.8 $ 231.2 |
Other_Net, (Income) Expense (Ta
Other–Net, (Income) Expense (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule of other–net, (income) expense | Other–net, (income) expense consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest expense $ 89.6 $ 107.4 $ 270.4 $ 304.7 Interest income (5.8) (17.3) (27.2) (67.2) Retirement benefit plans (114.0) (52.2) (194.5) (157.9) Other income (128.7) (13.0) (743.6) (108.3) Other–net, (income) expense $ (158.9) $ 24.9 $ (694.9) $ (28.7) |
Revenue (Summary of Revenue Rec
Revenue (Summary of Revenue Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 5,740.6 | $ 5,476.6 | $ 17,099.8 | $ 16,205.5 |
Net product revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,281.1 | 4,982 | 15,762.3 | 14,843 |
Collaboration and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 459.5 | 494.6 | 1,337.5 | 1,362.5 |
Collaboration and other revenue associated with prior period transfers of intellectual property | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 31.5 | $ 67.9 | $ 101.5 | $ 163 |
Revenue (Adjustments to Revenue
Revenue (Adjustments to Revenue) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
U.S. | Sales returns, rebates, and discounts | ||||
Change in Accounting Estimate [Line Items] | ||||
Revenue, information used to determine revenue recognized, change in accounting estimate, percent | (1.00%) | 2.00% | 1.00% | 3.00% |
Revenue (Contract Liabilities)
Revenue (Contract Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 289.5 | $ 264.6 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue by Product) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 5,740.6 | $ 5,476.6 | $ 17,099.8 | $ 16,205.5 |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,161.4 | 3,060.2 | 9,631.4 | 9,203.5 |
Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,579.3 | 2,416.4 | 7,468.5 | 7,002.1 |
Diabetes | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,783 | 2,712.3 | 8,530.9 | 8,027.5 |
Diabetes | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,798.5 | 1,784.4 | 5,663 | 5,386.6 |
Diabetes | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 984.5 | 927.8 | 2,868 | 2,640.9 |
Trulicity® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,106.6 | 1,011.5 | 3,565.7 | 2,919.7 |
Trulicity® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 791.2 | 755.5 | 2,673.2 | 2,213.2 |
Trulicity® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 315.4 | 256 | 892.5 | 706.5 |
Humalog® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 656.9 | 648.9 | 1,907.8 | 2,057.3 |
Humalog® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 390.1 | 356.2 | 1,070.4 | 1,201 |
Humalog® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 266.9 | 292.6 | 837.4 | 856.3 |
Jardiance | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 310.8 | 240.7 | 840.3 | 676.2 |
Jardiance | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 163.3 | 140.6 | 453 | 408.4 |
Jardiance | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 147.5 | 100.1 | 387.3 | 267.9 |
Humulin® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 305.9 | 321.8 | 935.2 | 942.1 |
Humulin® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 214 | 218.2 | 642.5 | 639.6 |
Humulin® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 91.9 | 103.6 | 292.7 | 302.5 |
Basaglar® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 248.2 | 263.2 | 842.3 | 805.4 |
Basaglar® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 178.5 | 202.4 | 638.7 | 632.8 |
Basaglar® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 69.7 | 60.8 | 203.7 | 172.6 |
Trajenta | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 91.7 | 155.5 | 261.7 | 441.4 |
Trajenta | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 19.4 | 60.1 | 64.5 | 171.9 |
Trajenta | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 72.3 | 95.4 | 197.2 | 269.5 |
Other Diabetes | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 62.9 | 70.7 | 177.9 | 185.4 |
Other Diabetes | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 42 | 51.4 | 120.7 | 119.7 |
Other Diabetes | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 20.8 | 19.3 | 57.2 | 65.6 |
Oncology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,333.4 | 1,147.4 | 3,803.5 | 3,357.3 |
Oncology | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 682.5 | 640.2 | 2,023.1 | 1,923.9 |
Oncology | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 650.9 | 507.2 | 1,780.4 | 1,433.5 |
Alimta® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 578 | 508.2 | 1,677.2 | 1,585.1 |
Alimta® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 291.9 | 282.4 | 933.4 | 905.8 |
Alimta® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 286.1 | 225.9 | 743.8 | 679.3 |
Cyramza® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 252.7 | 240 | 748.4 | 680.1 |
Cyramza® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 94.5 | 82.5 | 277.6 | 247.4 |
Cyramza® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 158.2 | 157.5 | 470.8 | 432.7 |
Verzenio® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 234.4 | 157.2 | 631.1 | 400.6 |
Verzenio® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 158.9 | 124.8 | 430 | 323.5 |
Verzenio® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 75.5 | 32.4 | 201.1 | 77 |
Erbitux® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 136.4 | 128.6 | 396.7 | 406.4 |
Erbitux® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 122.5 | 113.8 | 356.1 | 364.1 |
Erbitux® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 14 | 14.8 | 40.6 | 42.3 |
Other Oncology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 131.9 | 113.4 | 350.1 | 285.1 |
Other Oncology | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 14.7 | 36.7 | 26 | 83.1 |
Other Oncology | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 117.1 | 76.6 | 324.1 | 202.2 |
Immunology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 627.1 | 454.6 | 1,761.2 | 1,245.4 |
Immunology | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 346.8 | 262.8 | 995.1 | 728.8 |
Immunology | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 280.3 | 191.8 | 766.1 | 516.6 |
Taltz® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 454.5 | 340 | 1,293.2 | 946.3 |
Taltz® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 326.2 | 250.6 | 942.9 | 699.6 |
Taltz® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 128.3 | 89.4 | 350.3 | 246.7 |
Olumiant® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 162 | 114.6 | 446.7 | 299.1 |
Olumiant® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 14.5 | 12.1 | 39 | 29.2 |
Olumiant® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 147.5 | 102.5 | 407.7 | 269.9 |
Other Immunology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10.6 | 0 | 21.3 | 0 |
Other Immunology | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6.1 | 0 | 13.2 | 0 |
Other Immunology | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4.5 | 0 | 8.1 | 0 |
Neuroscience | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 470.7 | 426.7 | 1,356.7 | 1,272.6 |
Neuroscience | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 140.4 | 94.6 | 354.7 | 250.2 |
Neuroscience | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 330.3 | 332.1 | 1,002 | 1,022.4 |
Cymbalta® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 186.6 | 178.6 | 576.9 | 529.9 |
Cymbalta® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11.1 | 10.3 | 30.5 | 38.7 |
Cymbalta® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 175.5 | 168.3 | 546.5 | 491.2 |
Zyprexa® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 112.7 | 105.4 | 307.7 | 317 |
Zyprexa® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 21.2 | 11.2 | 41.5 | 29.8 |
Zyprexa® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 91.5 | 94.2 | 266.2 | 287.2 |
Emgality® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 91.5 | 47.7 | 252.9 | 96.3 |
Emgality® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 81.4 | 45.8 | 229.3 | 91.8 |
Emgality® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10.1 | 1.9 | 23.6 | 4.5 |
Other Neuroscience | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 79.9 | 95 | 219.2 | 329.4 |
Other Neuroscience | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 26.7 | 27.3 | 53.4 | 89.9 |
Other Neuroscience | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 53.2 | 67.7 | 165.7 | 239.5 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 526.4 | 735.6 | 1,647.5 | 2,302.7 |
Other | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 193.2 | 278.2 | 595.5 | 914 |
Other | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 333.2 | 457.5 | 1,052 | 1,388.6 |
Forteo® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 266.9 | 370.7 | 791.9 | 1,044.4 |
Forteo® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 144.6 | 175.1 | 386.7 | 473.8 |
Forteo® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 122.3 | 195.7 | 405.2 | 570.6 |
Cialis® | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 162.5 | 184.3 | 486.2 | 692.7 |
Cialis® | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15.1 | 30.9 | 64.6 | 209.3 |
Cialis® | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 147.3 | 153.4 | 421.6 | 483.4 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 97 | 180.6 | 369.4 | 565.6 |
Other | U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 33.5 | 72.2 | 144.2 | 230.9 |
Other | Outside U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 63.6 | $ 108.4 | $ 225.2 | $ 334.6 |
Revenue (Disaggregation of Re_2
Revenue (Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 5,740.6 | $ 5,476.6 | $ 17,099.8 | $ 16,205.5 |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,161.4 | 3,060.2 | 9,631.4 | 9,203.5 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,046.7 | 923.4 | 2,984.4 | 2,752 |
Japan | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 660.1 | 641.5 | 1,919.1 | 1,838.4 |
China | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 289.1 | 264.1 | 796.2 | 706.2 |
Other foreign countries | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 583.2 | $ 587.3 | $ 1,768.7 | $ 1,705.5 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Oct. 31, 2020 | Feb. 29, 2020 | Feb. 28, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Feb. 15, 2019 | |
Business Acquisition [Line Items] | ||||||||||
Acquired IPR&D charges | $ 0 | $ 77,700,000 | $ 294,100,000 | $ 239,600,000 | ||||||
Goodwill | $ 3,726,400,000 | 3,726,400,000 | $ 3,679,400,000 | |||||||
Repayments of long-term debt | 276,300,000 | $ 600,300,000 | ||||||||
Subsequent Event | Innovent Biologics, Inc. | Milestone Payments, Sales-based | TYVYT | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Milestones capitalized | $ 825,000,000 | |||||||||
Dermira | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price | $ 849,300,000 | |||||||||
Goodwill | 46,800,000 | |||||||||
Acquired other intangibles | 1,240,000,000 | |||||||||
Deferred income taxes assumed | 55,000,000 | |||||||||
Long-term debt assumed | $ 375,500,000 | |||||||||
Repayments of long-term debt | $ 276,200,000 | |||||||||
Loxo Oncology, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price | $ 6,920,000,000 | |||||||||
Goodwill | $ 2,326,900,000 | |||||||||
Deferred income taxes assumed | $ 1,032,800,000 | |||||||||
Innovent Biologics, Inc. | Subsequent Event | Forecast | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired IPR&D charges | $ 200,000,000 | |||||||||
Disarm Therapeutics, Inc. [Member] | Subsequent Event | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses | 135,000,000 | |||||||||
Additional future payments of milestones (up to) | $ 1,230,000,000 |
Acquisitions (Assets Acquired a
Acquisitions (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | Feb. 15, 2019 | Sep. 30, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Goodwill | $ 3,726.4 | $ 3,679.4 | |
Loxo Oncology, Inc. | |||
Business Acquisition [Line Items] | |||
Acquired IPR&D | $ 4,670 | ||
Finite-lived intangibles | 980 | ||
Deferred income taxes | (1,032.8) | ||
Other assets and liabilities - net | (26.4) | ||
Total identifiable net assets | 4,590.8 | ||
Goodwill | 2,326.9 | ||
Total consideration transferred - net of cash acquired | $ 6,917.7 | ||
Contract-based intangibles | Loxo Oncology, Inc. | |||
Business Acquisition [Line Items] | |||
Useful life | 12 years | ||
Selpercatinib (LOXO-292) | Loxo Oncology, Inc. | |||
Business Acquisition [Line Items] | |||
Acquired IPR&D | $ 4,600 |
Acquisitions (Asset Acquisition
Acquisitions (Asset Acquisitions) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Jun. 30, 2020 | May 31, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Jan. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition [Line Items] | ||||||||||||
Acquired IPR&D Expense | $ 0 | $ 77,700,000 | $ 294,100,000 | $ 239,600,000 | ||||||||
Sitryx Therapeutics Limited | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired IPR&D Expense | $ 52,300,000 | |||||||||||
AbCellera Biologics Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired IPR&D Expense | $ 25,000,000 | |||||||||||
Junshi Biosciences Co., Ltd. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired IPR&D Expense | $ 20,000,000 | |||||||||||
Undisclosed | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired IPR&D Expense | $ 174,800,000 | |||||||||||
Evox Therapeutics Ltd. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired IPR&D Expense | $ 22,000,000 | |||||||||||
AC Immune SA | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired IPR&D Expense | $ 30,200,000 | $ 96,900,000 | $ 127,100,000 | |||||||||
ImmuNext, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired IPR&D Expense | $ 40,000,000 | |||||||||||
Avidity Biosciences, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired IPR&D Expense | $ 25,000,000 | |||||||||||
Centrexion Therapeutics Corporation | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired IPR&D Expense | $ 47,500,000 |
Collaborations and Other Arra_3
Collaborations and Other Arrangements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue | $ 5,740.6 | $ 5,476.6 | $ 17,099.8 | $ 16,205.5 | |
Contract liabilities | 289.5 | 289.5 | $ 264.6 | ||
Trajenta | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue | 91.7 | 155.5 | 261.7 | 441.4 | |
Jardiance | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue | 310.8 | 240.7 | 840.3 | 676.2 | |
Basaglar | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue | 248.2 | 263.2 | 842.3 | 805.4 | |
Olumiant® | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue | 162 | $ 114.6 | 446.7 | $ 299.1 | |
Lebrikizumab | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Contract liabilities | $ 36.2 | 36.2 | |||
Milestone Payments, Development and Regulatory, Capitalized (Deferred), Cumulative | Trajenta | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | 446.4 | ||||
Milestone Payments, Development and Regulatory, Capitalized (Deferred), Cumulative | Jardiance | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | 289 | ||||
Milestone Payments, Development and Regulatory, Capitalized (Deferred), Cumulative | Basaglar | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | (250) | ||||
Milestone Payments, Development and Regulatory, Capitalized (Deferred), Cumulative | Olumiant® | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | $ 180 | ||||
Royalty Agreement Terms | Olumiant® | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Collaborative arrangement, rights and obligations, percentage (up to) | 20.00% | ||||
Milestone Payments, Development and Regulatory | Olumiant® | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | $ 130 | ||||
Milestone Payments, Development and Regulatory | Tanezumab | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | 147.5 | ||||
Milestone Payments, Development and Regulatory | Lebrikizumab | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | 85 | ||||
Milestone Payments, Sales-based | Olumiant® | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | 150 | ||||
Milestone Payments, Sales-based | Tanezumab | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | 1,230 | ||||
Milestone Payments, Sales-based | Lebrikizumab | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | 1,250 | ||||
Roche | Milestone Payments, Development and Regulatory | Lebrikizumab | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | 180 | ||||
Roche | Milestone Payments, Sales-based | Lebrikizumab | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Milestones (deferred) capitalized | $ 1,030 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | Mar. 11, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net income from discontinued operations | $ 0 | $ 0 | $ 0 | $ 3,680.5 | |
Gain related to disposition | $ 0 | 3,680.5 | |||
Elanco | Discontinued Operations, Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue | 580 | ||||
Net income from discontinued operations | 3,680 | ||||
Gain related to disposition | $ 3,700 | ||||
Transitional services agreement, term | 24 months | ||||
Eli Lilly And Company | Elanco | Discontinued Operations, Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposition of ownership interest | 80.20% |
Asset Impairment, Restructuri_3
Asset Impairment, Restructuring, and Other Special Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition [Line Items] | ||||
Severance | $ 144.4 | $ 0 | $ 154.2 | $ (3.6) |
Asset impairment (recovery) and other special charges | (43) | 0 | 7.1 | 427.5 |
Total asset impairment, restructuring, and other special charges | $ 101.4 | $ 0 | 161.3 | $ 423.9 |
Loxo Oncology, Inc. | ||||
Business Acquisition [Line Items] | ||||
Asset impairment (recovery) and other special charges | $ 400.7 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) € in Millions, ¥ in Millions, £ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020EUR (€) | Sep. 30, 2020JPY (¥) | Sep. 30, 2020GBP (£) | Aug. 31, 2020USD ($) | May 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Maximum remaining maturity of foreign currency derivatives | 30 days | |||||||||
Derivatives used in net investment hedge, net of tax | $ 4,290 | $ 4,290 | $ 4,100 | |||||||
Percentage of long-term fixed-rate notes to floating rates through the use of interest rate swaps converted | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | |||||
Pretax net losses on cash flow hedges expected to be reclassified during the next 12 months | $ 16.7 | $ 16.7 | ||||||||
Alternative investments, unfunded commitments | 615 | $ 615 | ||||||||
Alternative investments, unfunded commitments, payment period | 10 years | |||||||||
Equity securities, net unrealized gains | 142.5 | $ 26.4 | $ 884.7 | $ 182.4 | ||||||
Available-for-sale, percentage of nonperforming assets | 94.00% | |||||||||
Amount of receivable derecognized | 708.1 | $ 708.1 | 678.8 | |||||||
Buy U.S. Dollars Sell Euros | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative liability, notional amount | 367.5 | 367.5 | ||||||||
Derivative asset, notional amount | € | € 312.3 | |||||||||
Buy Euros Sell U.S. Dollars | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative liability, notional amount | € | € 2,560 | |||||||||
Derivative asset, notional amount | 3,010 | 3,010 | ||||||||
Buy U.S. Dollars Sell Japanese Yen | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative liability, notional amount | 302.3 | 302.3 | ||||||||
Derivative asset, notional amount | ¥ | ¥ 31,810 | |||||||||
Buy British Pounds and Sell U.S. Dollars | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative liability, notional amount | £ | £ 226.2 | |||||||||
Derivative asset, notional amount | 290.7 | 290.7 | ||||||||
Swap U.S. Dollars to Euro | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, notional amount | 3,160 | 3,160 | ||||||||
Swap Swiss Francs to U.S. Dollars | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, notional amount | 1,000 | 1,000 | ||||||||
Foreign Currency Denominated Debt | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Long-term debt, including current portion | 5,740 | 5,740 | $ 5,490 | |||||||
Senior Notes Due April 2050 | Senior Notes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Debt instrument, face amount | $ 250 | $ 1,000 | ||||||||
Stated interest rate | 2.25% | 2.25% | ||||||||
Senior Notes Due August 2060 | Senior Notes | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Debt instrument, face amount | $ 850 | |||||||||
Stated interest rate | 2.50% | |||||||||
Designated as Hedging Instrument | Cash Flow Hedging | Forward-starting interest rate swaps | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, notional amount | $ 1,750 | $ 1,750 |
Financial Instruments (Effect o
Financial Instruments (Effect of Risk-Management Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flow hedges: | ||||
Total | $ (80.3) | $ 102.8 | $ (125.1) | $ 106.5 |
Foreign currency-denominated notes | ||||
Cash flow hedges: | ||||
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss), net investment hedges | (181.1) | 89.3 | (186) | 112.6 |
Cross-currency interest rate swaps | ||||
Cash flow hedges: | ||||
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss), net investment hedges | (110.4) | 89 | (55.4) | 123.1 |
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss), cash flow hedges | 6.6 | 16.6 | (58.3) | (20.8) |
Forward-starting interest rate swaps | ||||
Cash flow hedges: | ||||
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss), cash flow hedges | 99.6 | (32.7) | (231.9) | (44.4) |
Designated as Hedging Instrument | Foreign currency-denominated notes | ||||
Fair value hedges: | ||||
Effect from hedged fixed-rate debt | (14) | 49.5 | 110.4 | 148.1 |
Designated as Hedging Instrument | Interest rate contracts | ||||
Fair value hedges: | ||||
Effect from interest rate contracts | 14 | (49.5) | (110.4) | (148.1) |
Cash flow hedges: | ||||
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss | 4.1 | 2.8 | 12.3 | 10.6 |
Designated as Hedging Instrument | Cross-currency interest rate swaps | ||||
Cash flow hedges: | ||||
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss | (30.2) | 47.4 | (54.6) | 2.9 |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | ||||
Cash flow hedges: | ||||
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments | $ (54.2) | $ 52.6 | $ (82.8) | $ 93 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Noncurrent investments | $ 2,476.2 | $ 1,962.4 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,374.2 | 1,025.4 |
Short-term investments, debt securities | 35 | 101 |
Equity investments without readily determinable fair values | 339.5 | 405 |
Noncurrent investments | 2,476.2 | 1,962.4 |
Short-term commercial paper borrowings | (579.9) | (1,494.2) |
Long-term debt, including current portion | (16,342.2) | (13,823) |
Carrying Amount | U.S. government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 11.8 | 7.2 |
Noncurrent investments, debt securities | 73.2 | 77.2 |
Carrying Amount | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 5.5 | 81.4 |
Noncurrent investments, debt securities | 137.5 | 271.1 |
Carrying Amount | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 3.6 | 2.6 |
Noncurrent investments, debt securities | 25.4 | 30 |
Carrying Amount | Other securities, current investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 14.1 | 9.8 |
Carrying Amount | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Noncurrent investments, debt securities | 104.3 | 101.1 |
Carrying Amount | Other securities, noncurrent investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 97.8 | 60 |
Carrying Amount | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 1,258.4 | 718.6 |
Carrying Amount | Equity method investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investments | 440.1 | 299.4 |
Cost | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,374.2 | 1,025.4 |
Cost | U.S. government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 11.7 | 7.2 |
Noncurrent investments, debt securities | 68.5 | 76.3 |
Cost | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 5.5 | 81.1 |
Noncurrent investments, debt securities | 128 | 267.8 |
Cost | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 3.6 | 2.6 |
Noncurrent investments, debt securities | 24.8 | 29.6 |
Cost | Other securities, current investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 14.1 | 9.8 |
Cost | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Noncurrent investments, debt securities | 99.2 | 99.6 |
Cost | Other securities, noncurrent investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 31.4 | 27.4 |
Cost | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 275.2 | 254.4 |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,374.2 | 1,025.4 |
Short-term commercial paper borrowings | (578.8) | (1,491.6) |
Long-term debt, including current portion | (16,148.2) | (15,150) |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,374.2 | 1,025.4 |
Short-term commercial paper borrowings | 0 | 0 |
Long-term debt, including current portion | 0 | 0 |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term commercial paper borrowings | (578.8) | (1,491.6) |
Long-term debt, including current portion | (16,148.2) | (15,150) |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term commercial paper borrowings | 0 | 0 |
Long-term debt, including current portion | 0 | 0 |
Estimate of Fair Value Measurement | U.S. government and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 11.8 | 7.2 |
Noncurrent investments, debt securities | 73.2 | 77.2 |
Estimate of Fair Value Measurement | U.S. government and agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 11.8 | 7.2 |
Noncurrent investments, debt securities | 73.2 | 77.2 |
Estimate of Fair Value Measurement | U.S. government and agency securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | U.S. government and agency securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 5.5 | 81.4 |
Noncurrent investments, debt securities | 137.5 | 271.1 |
Estimate of Fair Value Measurement | Corporate debt securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Corporate debt securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 5.5 | 81.4 |
Noncurrent investments, debt securities | 137.5 | 271.1 |
Estimate of Fair Value Measurement | Corporate debt securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 3.6 | 2.6 |
Noncurrent investments, debt securities | 25.4 | 30 |
Estimate of Fair Value Measurement | Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 3.6 | 2.6 |
Noncurrent investments, debt securities | 25.4 | 30 |
Estimate of Fair Value Measurement | Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Other securities, current investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 14.1 | 9.8 |
Estimate of Fair Value Measurement | Other securities, current investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Other securities, current investments | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Other securities, current investments | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments, debt securities | 14.1 | 9.8 |
Estimate of Fair Value Measurement | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Noncurrent investments, debt securities | 104.3 | 101.1 |
Estimate of Fair Value Measurement | Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Noncurrent investments, debt securities | 104.3 | 101.1 |
Estimate of Fair Value Measurement | Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Noncurrent investments, debt securities | 0 | 0 |
Estimate of Fair Value Measurement | Other securities, noncurrent investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 97.8 | 60 |
Estimate of Fair Value Measurement | Other securities, noncurrent investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Estimate of Fair Value Measurement | Other securities, noncurrent investments | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Estimate of Fair Value Measurement | Other securities, noncurrent investments | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 97.8 | 60 |
Estimate of Fair Value Measurement | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 1,258.4 | 718.6 |
Estimate of Fair Value Measurement | Marketable equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 1,258.4 | 718.6 |
Estimate of Fair Value Measurement | Marketable equity securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Estimate of Fair Value Measurement | Marketable equity securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 0 | $ 0 |
Financial Instruments (Risk Man
Financial Instruments (Risk Management Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Carrying Amount | Foreign currency exchange contracts | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | $ 8.5 | $ 18.4 |
Other current liabilities | (16.4) | (11.9) |
Estimate of Fair Value Measurement | Foreign currency exchange contracts | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 8.5 | 18.4 |
Other current liabilities | (16.4) | (11.9) |
Estimate of Fair Value Measurement | Foreign currency exchange contracts | Not Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 0 | 0 |
Other current liabilities | 0 | 0 |
Estimate of Fair Value Measurement | Foreign currency exchange contracts | Not Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 8.5 | 18.4 |
Other current liabilities | (16.4) | (11.9) |
Estimate of Fair Value Measurement | Foreign currency exchange contracts | Not Designated as Hedging Instrument | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other receivables | 0 | 0 |
Other current liabilities | 0 | 0 |
Fair Value Hedging | Carrying Amount | Interest rate contracts | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 182.4 | 72 |
Fair Value Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 182.4 | 72 |
Fair Value Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | 0 |
Fair Value Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 182.4 | 72 |
Fair Value Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | 0 |
Cash Flow Hedging | Carrying Amount | Interest rate contracts | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 21.1 | 43.3 |
Other noncurrent liabilities | (201.8) | |
Cash Flow Hedging | Carrying Amount | Cross-currency interest rate swaps | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 3 | |
Other noncurrent liabilities | (26.4) | (20.1) |
Cash Flow Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 21.1 | 43.3 |
Other noncurrent liabilities | (201.8) | |
Cash Flow Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | 0 |
Other noncurrent liabilities | 0 | |
Cash Flow Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 21.1 | 43.3 |
Other noncurrent liabilities | (201.8) | |
Cash Flow Hedging | Estimate of Fair Value Measurement | Interest rate contracts | Designated as Hedging Instrument | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | 0 |
Other noncurrent liabilities | 0 | |
Cash Flow Hedging | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 3 | |
Other noncurrent liabilities | (26.4) | (20.1) |
Cash Flow Hedging | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | |
Other noncurrent liabilities | 0 | 0 |
Cash Flow Hedging | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 3 | |
Other noncurrent liabilities | (26.4) | (20.1) |
Cash Flow Hedging | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | |
Other noncurrent liabilities | 0 | 0 |
Net investment hedges | Carrying Amount | Cross-currency interest rate swaps | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 34.1 | 45.1 |
Other receivables | 2.2 | |
Other current liabilities | (30.3) | (21.4) |
Other noncurrent liabilities | (43.6) | (5.7) |
Net investment hedges | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 34.1 | 45.1 |
Other receivables | 2.2 | |
Other current liabilities | (30.3) | (21.4) |
Other noncurrent liabilities | (43.6) | (5.7) |
Net investment hedges | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | 0 |
Other receivables | 0 | |
Other current liabilities | 0 | 0 |
Other noncurrent liabilities | 0 | 0 |
Net investment hedges | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 34.1 | 45.1 |
Other receivables | 2.2 | |
Other current liabilities | (30.3) | (21.4) |
Other noncurrent liabilities | (43.6) | (5.7) |
Net investment hedges | Estimate of Fair Value Measurement | Cross-currency interest rate swaps | Designated as Hedging Instrument | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other noncurrent assets | 0 | 0 |
Other receivables | 0 | |
Other current liabilities | 0 | 0 |
Other noncurrent liabilities | $ 0 | $ 0 |
Financial Instruments (Contract
Financial Instruments (Contractual Maturities) (Details) $ in Millions | Sep. 30, 2020USD ($) |
Fair Value Disclosures [Abstract] | |
Total | $ 361.2 |
Less Than 1 Year | 20.9 |
1-5 Years | 110.2 |
6-10 Years | 94 |
More Than 10 Years | $ 136.1 |
Financial Instruments (Unrealiz
Financial Instruments (Unrealized Gains and Losses) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Unrealized gross gains | $ 20.8 | $ 10.3 |
Unrealized gross losses | 0.8 | 4 |
Fair value of securities in an unrealized gain position | 335.4 | 429.5 |
Fair value of securities in an unrealized loss position | $ 25.7 | $ 141.1 |
Financial Instruments (Realized
Financial Instruments (Realized Gains and Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | ||||
Proceeds from sales | $ 14 | $ 46.5 | $ 246.8 | $ 365.9 |
Realized gross gains on sales | 0.4 | 0.9 | 4 | 4.7 |
Realized gross losses on sales | $ 0.2 | $ 0 | $ 8.2 | $ 2 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate, percentage | 15.90% | 10.80% | 14.40% | 12.80% |
Retirement Benefits (Components
Retirement Benefits (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Defined Benefit Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 81.7 | $ 62.4 | $ 243.4 | $ 187.8 |
Interest cost | 106.6 | 121 | 319 | 364.4 |
Expected return on plan assets | (229.5) | (208.9) | (671.4) | (630.2) |
Amortization of prior service cost | 1.1 | 1.5 | 3.2 | 4.5 |
Recognized actuarial loss | 58.4 | 70.9 | 286.5 | 213.6 |
Net periodic benefit cost | 18.3 | 46.9 | 180.7 | 140.1 |
Retiree Health Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 10.2 | 9.1 | 30.6 | 27.2 |
Interest cost | 10.9 | 14.5 | 32.8 | 43.5 |
Expected return on plan assets | (40.3) | (35.9) | (115.1) | (107.8) |
Amortization of prior service cost | (21.9) | (15.7) | (51.6) | (47.2) |
Recognized actuarial loss | 0.7 | 0.4 | 2.1 | 1.3 |
Net periodic benefit cost | $ (40.4) | $ (27.6) | $ (101.2) | $ (83) |
Retirement Benefits (Narrative)
Retirement Benefits (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Pension contributions | $ 20,000,000 |
Payment for additional discretionary funding | 200,000,000 |
Estimated future employer contributions in current fiscal year | $ 5,000,000 |
Contingencies (Details)
Contingencies (Details) R$ in Millions, $ in Millions | Sep. 30, 2020USD ($)patentdemandlawsuit | Mar. 31, 2020patent | Feb. 29, 2020patent | Dec. 31, 2019 | Jul. 31, 2019BRL (R$) | Jul. 31, 2018BRL (R$) | Jun. 30, 2018case | May 31, 2014 | Sep. 30, 2020patentdemandlawsuit |
Loss Contingencies [Line Items] | |||||||||
Number of patents ruled unpatentable | 3 | ||||||||
Dr Reddy's Lab | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of cases settled and dismissed | case | 2 | ||||||||
Limited initial market entry, supply term | 21 days | ||||||||
Apotex Inc. Patent Infringement | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of pending lawsuits | lawsuit | 1 | 1 | |||||||
Japanese Administrative Proceedings | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of demands | demand | 3 | 3 | |||||||
Number of patents | 2 | 2 | |||||||
Emgality Patent Litigation | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of patents | 9 | 9 | 9 | ||||||
Number of patents, claims dismissed | 6 | ||||||||
Number of patents ruled unpatentable | 3 | ||||||||
Brazil | Employee Litigation | |||||||||
Loss Contingencies [Line Items] | |||||||||
Requisite service period, affected years | 6 months | ||||||||
Damages awarded, value | $ 90 | R$ 500 | R$ 500 | ||||||
Number of lawsuits | lawsuit | 30 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 2,699.1 | |||
Other comprehensive income (loss) before reclassifications | $ 94.4 | $ (181.9) | (234.3) | $ (225.5) |
Net amount reclassified from accumulated other comprehensive loss | 33.4 | 47.9 | 202.8 | 231.2 |
Net other comprehensive income (loss) | 127.8 | (134) | (31.5) | 5.7 |
Balance at end of period | 4,996 | 4,996 | ||
Accumulated Other Comprehensive Loss | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (6,682.9) | (5,600.5) | (6,523.6) | (5,740.2) |
Balance at end of period | (6,555.1) | (5,734.5) | (6,555.1) | (5,734.5) |
Foreign Currency Translation Gains (Losses) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,722.5) | (1,570) | ||
Other comprehensive income (loss) before reclassifications | 30.3 | (192) | ||
Net amount reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Net other comprehensive income (loss) | 30.3 | (192) | ||
Balance at end of period | (1,692.2) | (1,762) | (1,692.2) | (1,762) |
Unrealized Net Gains (Losses) on Securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 15.1 | 4.5 | ||
Other comprehensive income (loss) before reclassifications | 0.8 | 1.5 | ||
Net amount reclassified from accumulated other comprehensive loss | (0.2) | 0.6 | ||
Net other comprehensive income (loss) | 0.6 | 2.1 | ||
Balance at end of period | 15.7 | 6.6 | 15.7 | 6.6 |
Defined Benefit Pension and Retiree Health Benefit Plans | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (4,454.9) | (3,763.3) | ||
Other comprehensive income (loss) before reclassifications | (19.6) | 21.3 | ||
Net amount reclassified from accumulated other comprehensive loss | 30.3 | 45.1 | ||
Net other comprehensive income (loss) | 10.7 | 66.4 | ||
Balance at end of period | (4,444.2) | (3,696.9) | (4,444.2) | (3,696.9) |
Effective Portion of Cash Flow Hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (520.6) | (271.7) | ||
Other comprehensive income (loss) before reclassifications | 82.9 | (12.7) | ||
Net amount reclassified from accumulated other comprehensive loss | 3.3 | 2.2 | ||
Net other comprehensive income (loss) | 86.2 | (10.5) | ||
Balance at end of period | (434.4) | (282.2) | (434.4) | (282.2) |
AOCI Attributable to Parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (6,682.9) | (5,600.5) | (6,523.6) | (5,729.2) |
Balance at end of period | (6,555.1) | (5,734.5) | (6,555.1) | (5,734.5) |
AOCI Attributable to Noncontrolling Interest | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (11) | |||
Continuing Operations | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Net other comprehensive income (loss) | 127.8 | (134) | (31.5) | (51.1) |
Continuing Operations | Foreign Currency Translation Gains (Losses) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,678) | (1,569.7) | ||
Other comprehensive income (loss) before reclassifications | (14.2) | (192.3) | ||
Net amount reclassified from accumulated other comprehensive loss | 0 | |||
Net other comprehensive income (loss) | (14.2) | (192.3) | ||
Balance at end of period | (1,692.2) | (1,762) | (1,692.2) | (1,762) |
Continuing Operations | Unrealized Net Gains (Losses) on Securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 4.9 | (22.1) | ||
Other comprehensive income (loss) before reclassifications | 7.6 | 26.7 | ||
Net amount reclassified from accumulated other comprehensive loss | 3.2 | 2 | ||
Net other comprehensive income (loss) | 10.8 | 28.7 | ||
Balance at end of period | 15.7 | 6.6 | 15.7 | 6.6 |
Continuing Operations | Defined Benefit Pension and Retiree Health Benefit Plans | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (4,638.6) | (3,852.7) | ||
Other comprehensive income (loss) before reclassifications | 4.6 | 19 | ||
Net amount reclassified from accumulated other comprehensive loss | 189.8 | 136.8 | ||
Net other comprehensive income (loss) | 194.4 | 155.8 | ||
Balance at end of period | (4,444.2) | (3,696.9) | (4,444.2) | (3,696.9) |
Continuing Operations | Effective Portion of Cash Flow Hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (211.9) | (238.9) | ||
Other comprehensive income (loss) before reclassifications | (232.3) | (51.7) | ||
Net amount reclassified from accumulated other comprehensive loss | 9.8 | 8.4 | ||
Net other comprehensive income (loss) | (222.5) | (43.3) | ||
Balance at end of period | (434.4) | (282.2) | (434.4) | (282.2) |
Discontinued Operations | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Net other comprehensive income (loss) | 0 | 0 | 0 | 56.8 |
Discontinued Operations | Accumulated Other Comprehensive Loss | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 0 | (56.8) | ||
Other comprehensive income (loss) before reclassifications | 0 | (27.2) | ||
Net amount reclassified from accumulated other comprehensive loss | 0 | 84 | ||
Net other comprehensive income (loss) | 0 | 56.8 | ||
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) (Tax Effect) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Benefit (provision) for income taxes allocated to other comprehensive income (loss) items | $ 34.7 | $ (20.3) | $ 58.2 | $ (55.3) |
Foreign Currency Translation Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Benefit (provision) for income taxes allocated to other comprehensive income (loss) items | 46 | (5.1) | 34.9 | (17.1) |
Unrealized net gains/losses on securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Benefit (provision) for income taxes allocated to other comprehensive income (loss) items | (0.2) | (0.5) | (3) | (7.4) |
Defined Benefit Pension and Retiree Health Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Benefit (provision) for income taxes allocated to other comprehensive income (loss) items | 11.8 | (17.4) | (32.8) | (42.2) |
Effective portion of cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Benefit (provision) for income taxes allocated to other comprehensive income (loss) items | $ (22.9) | $ 2.7 | $ 59.1 | $ 11.4 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) (Reclassification) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other–net, (income) expense | $ (128.7) | $ (13) | $ (743.6) | $ (108.3) |
Total before tax | (1,437.2) | (1,405.8) | (4,760.8) | (3,602.8) |
Tax benefit | 228.8 | 151.9 | 683.9 | 460.6 |
Reclassifications from continuing operations (net of tax) | (1,208.4) | (1,253.9) | (4,076.9) | (3,142.2) |
Reclassifications from discontinued operations (net of tax) | 0 | 0 | 0 | (3,680.5) |
Total reclassifications for the period (net of tax) | 33.4 | 47.9 | 202.8 | 231.2 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications from continuing operations (net of tax) | 33.4 | 47.9 | 202.8 | 147.2 |
Reclassifications from discontinued operations (net of tax) | 0 | 0 | 0 | 84 |
Total reclassifications for the period (net of tax) | 33.4 | 47.9 | 202.8 | 231.2 |
Defined Benefit Pension and Retiree Health Benefit Plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period (net of tax) | 30.3 | 45.1 | ||
Defined Benefit Pension and Retiree Health Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 38.3 | 57.1 | 240.2 | 172.2 |
Tax benefit | (8) | (12) | (50.4) | (35.4) |
Total reclassifications for the period (net of tax) | 30.3 | 45.1 | 189.8 | 136.8 |
Prior service benefits, net | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other–net, (income) expense | (20.8) | (14.2) | (48.4) | (42.7) |
Actuarial losses, net | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other–net, (income) expense | 59.1 | 71.3 | 288.6 | 214.9 |
Other, net of tax | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other–net, (income) expense | $ 3.1 | $ 2.8 | $ 13 | $ 10.4 |
Other_Net, (Income) Expense (De
Other–Net, (Income) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Nonoperating Income (Expense) [Abstract] | ||||
Interest expense | $ 89.6 | $ 107.4 | $ 270.4 | $ 304.7 |
Interest income | (5.8) | (17.3) | (27.2) | (67.2) |
Retirement benefit plans | (114) | (52.2) | (194.5) | (157.9) |
Other income | (128.7) | (13) | (743.6) | (108.3) |
Other–net, (income) expense | $ (158.9) | $ 24.9 | $ (694.9) | $ (28.7) |