Eli Lilly and (LLY) 10-K 17 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 12, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Entity File Number	001-06351
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 138,907
Entity Common Stock, Shares Outstanding (in shares)		958,425,693
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000059478
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement for the 2021 Annual Meeting of Shareholders have been incorporated by reference into Part III of this report.
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 Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenue	$ 24,539.8	$ 22,319.5	$ 21,493.3
Costs, expenses, and other:
Cost of sales	5,483.3	4,721.2	4,681.7
Research and development	6,085.7	5,595	5,051.2
Marketing, selling, and administrative	6,121.2	6,213.8	5,975.1
Acquired in-process research and development (Note 3)	660.4	239.6	1,983.9
Asset impairment, restructuring, and other special charges (Note 5)	131.2	575.6	266.9
Other—net, (income) expense (Note 18)	(1,171.9)	(291.6)	(145.6)
Costs, expenses, and other	17,309.9	17,053.6	17,813.2
Income before income taxes	7,229.9	5,265.9	3,680.1
Income taxes (Note 14)	1,036.2	628	529.5
Net income from continuing operations	6,193.7	4,637.9	3,150.6
Net income from discontinued operations (Note 19)	0	3,680.5	81.4
Net income	$ 6,193.7	$ 8,318.4	$ 3,232
Earnings per share:
Earnings from continuing operations - basic (in usd per share)	$ 6.82	$ 4.98	$ 3.07
Earnings from discontinued operations - basic (in usd per share)	0	3.95	0.07
Earnings per share - basic (in usd per share)	6.82	8.93	3.14
Earnings from continuing operations - diluted (in usd per share)	6.79	4.96	3.05
Earnings from discontinued operations - diluted (in usd per share)	0	3.93	0.08
Earnings per share - diluted (in usd per share)	$ 6.79	$ 8.89	$ 3.13
Shares used in calculation of earnings per share:
Basic (in shares)	907,634	931,059	1,027,721
Diluted (in shares)	912,505	935,684	1,033,667

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income	$ 6,193.7	$ 8,318.4	$ 3,232
Other comprehensive income (loss) from continuing operations:
Change in foreign currency translation gains (losses)	122.1	(89.9)	(429.6)
Change in net unrealized gains (losses) on securities	14.2	34.4	(8.8)
Change in defined benefit pension and retiree health benefit plans (Note 15)	(157.1)	(970)	544
Change in effective portion of cash flow hedges	(152.9)	34.3
Change in effective portion of cash flow hedges			(6)
Other comprehensive income (loss) from continuing operations before income taxes	(173.7)	(991.2)	99.6
Benefit (provision) for income taxes related to other comprehensive income (loss) from continuing operations	200.9	151	(30.3)
Net other comprehensive income (loss)	27.2	(783.4)	83.6
Comprehensive income	6,220.9	7,535	3,315.6
Continuing Operations
Other comprehensive income (loss) from continuing operations:
Net other comprehensive income (loss)	27.2	(840.2)	69.3
Discontinued Operations
Other comprehensive income (loss) from continuing operations:
Net other comprehensive income (loss)	$ 0	$ 56.8	$ 14.3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents (Note 7)	$ 3,657.1	$ 2,337.5
Short-term investments (Note 7)	24.2	101
Accounts receivable, net of allowances of $25.9 (2020) and $22.4 (2019)	5,875.3	4,547.3
Other receivables	1,053.7	994.2
Inventories (Note 6)	3,980.3	3,190.7
Prepaid expenses and other	2,871.5	2,538.9
Total current assets	17,462.1	13,709.6
Investments (Note 7)	2,966.8	1,962.4
Goodwill (Note 8)	3,766.5	3,679.4
Other intangibles, net (Note 8)	7,450	6,618
Deferred tax assets (Note 14)	2,830.4	2,572.6
Property and equipment, net (Note 9)	8,681.9	7,872.9
Other noncurrent assets	3,475.4	2,871.2
Total assets	46,633.1	39,286.1
Current Liabilities
Short-term borrowings and current maturities of long-term debt (Note 11)	8.7	1,499.3
Accounts payable	1,606.7	1,405.3
Employee compensation	997.2	915.5
Sales rebates and discounts	5,853	4,933.6
Dividends payable	770.6	671.5
Income taxes payable (Note 14)	495.1	160.6
Other current liabilities	2,750.3	2,189.4
Total current liabilities	12,481.6	11,775.2
Other Liabilities
Long-term debt (Note 11)	16,586.6	13,817.9
Accrued retirement benefits (Note 15)	4,094.5	3,698.2
Long-term income taxes payable (Note 14)	3,837.8	3,607.2
Other noncurrent liabilities	1,707.5	1,501
Deferred tax liabilities (Note 14)	2,099.9	2,187.5
Total other liabilities	28,326.3	24,811.8
Commitments and Contingencies (Note 16)
Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)
Common stock—no par value Authorized shares: 3,200,000 Issued shares: 957,077 (2020) and 958,056 (2019)	598.2	598.8
Additional paid-in capital	6,778.5	6,685.3
Retained earnings	7,830.2	4,920.4
Employee benefit trust	(3,013.2)	(3,013.2)
Accumulated other comprehensive loss (Note 17)	(6,496.4)	(6,523.6)
Cost of common stock in treasury	(55.7)	(60.8)
Total Eli Lilly and Company shareholders' equity	5,641.6	2,606.9
Noncontrolling interests	183.6	92.2
Total equity	5,825.2	2,699.1
Total liabilities and equity	$ 46,633.1	$ 39,286.1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 25.9	$ 22.4
Authorized (in shares)	3,200,000	3,200,000
Issued (in shares)	957,077	958,056

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Employee Benefit Trust	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment	Common Stock in Treasury	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2017		1,100,672							664
Beginning balance at Dec. 31, 2017		$ 687.9	$ 5,817.8	$ 13,894.1	$ 763.8	$ (3,013.2)	$ (5,718.6)	$ (105.2)	$ (75.8)	$ 75.7
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income				3,232						3.7
Other comprehensive income (loss), net of tax							85.6			(2)
Cash dividends declared				(2,372)
Retirement of treasury shares (in shares)		(45,882)							(45,882)
Retirement of treasury shares		$ (28.7)		(4,122)					$ 4,150.7
Purchase of treasury shares (in shares)									45,882
Purchase of treasury shares	$ (4,150)								$ (4,150.7)
Issuance of stock under employee stock plans, net (in shares)		2,849							60
Issuance of stock under employee stock plans, net		$ 1.8	(139)						$ 6.4
Stock-based compensation			279.5
Sale of Elanco Stock (Note 19)	1,017.2		629.2				9
Other			(3.9)							(14.2)
Ending balance (in shares) at Dec. 31, 2018		1,057,639							604
Ending balance 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				8,318.4						37.7
Other comprehensive income (loss), net of tax							(794.4)			11
Cash dividends declared				(2,430.5)
Retirement of treasury shares (in shares)		(102,640)							(102,640)
Retirement of treasury shares		$ (64.1)		(12,363.4)					$ 12,427.5
Purchase of treasury shares (in shares)									37,639
Purchase of treasury shares	(4,400)								$ (4,400)
Issuance of stock under employee stock plans, net (in shares)		3,057							74
Issuance of stock under employee stock plans, net		$ 1.9	(210.7)						$ 8.6
Stock-based compensation			312.4
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)
Ending balance (in shares) at Dec. 31, 2019		958,056							530
Ending balance 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				6,193.7						126.6
Other comprehensive income (loss), net of tax							27.2
Cash dividends declared				(2,786.2)
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)									3,627
Purchase of treasury shares	(500)								$ (500)
Issuance of stock under employee stock plans, net (in shares)		2,648							43
Issuance of stock under employee stock plans, net		$ 1.7	(212.7)						$ 5.1
Stock-based compensation			308.1
Other			(2.2)							(35.2)
Ending balance (in shares) at Dec. 31, 2020		957,077							487
Ending balance at Dec. 31, 2020	$ 5,825.2	$ 598.2	$ 6,778.5	$ 7,830.2		$ (3,013.2)	$ (6,496.4)		$ (55.7)	$ 183.6

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per share (in usd per share)	$ 3.07	$ 2.68	$ 2.33

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities
Net income	$ 6,193.7	$ 8,318.4	$ 3,232
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:
Gain related to disposition of Elanco (Note 19)	0	(3,680.5)	0
Gain on sale of antibiotic business in China (Note 3)	0	(309.8)	0
Depreciation and amortization	1,323.9	1,232.6	1,609
Change in deferred income taxes	(134.5)	62.4	326.8
Stock-based compensation expense	308.1	312.4	279.5
Net investment gains	(1,438.5)	(403.1)	(27)
Acquired in-process research and development (Note 3)	660.4	239.6	1,983.9
Other non-cash operating activities, net	333.9	751.8	499
Other changes in operating assets and liabilities, net of acquisitions and divestitures:
Receivables—(increase) decrease	(1,350.2)	(127.2)	(996.7)
Inventories—(increase) decrease	(533.4)	(258.7)	7.8
Other assets—(increase) decrease	(457.1)	(602.3)	(980)
Income taxes payable—increase (decrease)	322	(221.3)	(125.3)
Accounts payable and other liabilities—increase (decrease)	1,271.3	(477.7)	(284.5)
Net Cash Provided by Operating Activities	6,499.6	4,836.6	5,524.5
Cash Flows from Investing Activities
Purchases of property and equipment	(1,387.9)	(1,033.9)	(1,210.6)
Proceeds from sales and maturities of short-term investments	129.7	136.6	2,552.5
Purchases of short-term investments	(11.4)	(42.7)	(112.2)
Proceeds from sales of noncurrent investments	757.1	609.8	3,509.5
Purchases of noncurrent investments	(358.7)	(247.5)	(837.9)
Purchases of in-process research and development	(641.2)	(319.6)	(1,807.6)
Cash paid for acquisitions, net of cash acquired (Note 3)	(849.3)	(6,917.7)	0
Cash distributed to Elanco upon disposition	0	(374)	0
Cash received for sale of antibiotic business in China	0	354.8	0
Other investing activities, net	102.8	(248.7)	(187.7)
Net Cash Provided by (Used for) Investing Activities	(2,258.9)	(8,082.9)	1,906
Cash Flows from Financing Activities
Dividends paid	(2,687.1)	(2,409.8)	(2,311.8)
Net change in short-term borrowings	(1,494.2)	995.4	(2,197.9)
Proceeds from issuance of long-term debt	2,062.3	6,556.4	2,477.7
Repayments of long-term debt	(276.5)	(2,866.4)	(1,009.1)
Purchases of common stock	(500)	(4,400)	(4,150.7)
Net proceeds from Elanco initial public offering (Note 19)	0	0	1,659.7
Other financing activities, net	(241.6)	(200.1)	(372.8)
Net Cash Used for Financing Activities	(3,137.1)	(2,324.5)	(5,904.9)
Effect of exchange rate changes on cash and cash equivalents	216	(89.9)	(63.6)
Net increase (decrease) in cash and cash equivalents	1,319.6	(5,660.7)	1,462
Cash and cash equivalents at beginning of year (includes $677.5 (2019) and $324.4 (2018) of discontinued operations)	2,337.5	7,998.2	6,536.2
Cash and Cash Equivalents at End of Year (includes $677.5 (2018) of discontinued operations)	$ 3,657.1	$ 2,337.5	$ 7,998.2

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Statement of Cash Flows [Abstract]
Discontinued operations cash	$ 677.5	$ 324.4

Summary of Significant Accounti

Summary of Significant Accounting Policies and Implementation of New Financial Accounting Standards	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Implementation of New Financial Accounting Standards	Summary of Significant Accounting Policies and Implementation of New Financial Accounting Standards Basis of Presentation The accompanying consolidated financial statements include Eli Lilly and Company and all subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). We consider majority voting interests, as well as effective economic or other control over an entity when deciding whether or not to consolidate an entity. We generally do not have control by means other than voting interests. Where our ownership of consolidated subsidiaries is less than 100 percent, the noncontrolling shareholders’ interests are reflected as a separate component of equity. All intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. We issued our financial statements by filing with the Securities and Exchange Commission (SEC) and have evaluated subsequent events up to the time of the filing of this Annual Report on Form 10-K. Certain reclassifications have been made to prior periods in the consolidated financial statements and accompanying notes to conform with the current presentation. All per-share amounts, unless otherwise noted in the footnotes, are presented on a diluted basis. On March 11, 2019, we completed the disposition of our remaining 80.2 percent ownership of Elanco Animal Health Incorporated (Elanco) common stock through a tax-free exchange offer. As a result, Elanco has been presented as discontinued operations in our consolidated financial statements for all periods presented. Following the completion of the disposition of Elanco, we now 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. Research and Development Expenses and Acquired In-Process Research and Development (IPR&D) Research and development expenses include the following: • Research and development costs, which are expensed as incurred. • Milestone payment obligations incurred prior to regulatory approval of the product, which are accrued when the event requiring payment of the milestone occurs. Acquired IPR&D expense includes the initial costs of externally developed IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use. Earnings Per Share (EPS) We calculate basic EPS based on the weighted-average number of common shares outstanding and incremental shares from potential participating securities. We calculate diluted EPS based on the weighted-average number of common shares outstanding, including incremental shares from our stock-based compensation programs. Foreign Currency Translation Operations in our subsidiaries outside the United States (U.S.) are recorded in the functional currency of each subsidiary which is determined by a review of the environment where each subsidiary primarily generates and expends cash. The results of operations for our subsidiaries outside the U.S. are translated from functional currencies into U.S. dollars using the weighted average currency rate for the period. Assets and liabilities are translated using the period end exchange rates. The U.S. dollar effects that arise from translating the net assets of these subsidiaries are recorded in other comprehensive income (loss). Advertising Expenses Costs associated with advertising are expensed as incurred and are included in marketing, selling, and administrative expenses. Advertising expenses, comprised primarily of television, radio, print media, and Internet advertising, totaled approximately $1.1 billion, $1.1 billion, and $900 million in 2020, 2019, and 2018, respectively, which was less than 5 percent of revenue each year. Other Significant Accounting Policies Our other significant accounting policies are described in the remaining appropriate notes to the consolidated financial statements. Implementation of New Financial Accounting Standards Effective January 1, 2019, we adopted Accounting Standards Update 2016-02, Leases , using the modified retrospective approach, applied at the beginning of the period of adoption, and we elected the package of transitional practical expedients. The adoption of this standard resulted in recording of operating lease assets of approximately $530 million, which included reclassifying approximately $65 million of deferred rent and lease incentives, net of prepaid rent, as a component of the operating lease assets as of January 1, 2019. The adoption also resulted in recording operating lease liabilities of approximately $595 million as of January 1, 2019. Our accounting for finance leases remained substantially unchanged. Adoption of this standard did not result in a material change in net income in the year of adoption. Effective January 1, 2018, we adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers, and other related updates. This standard requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We applied this standard to contracts for which performance was not substantially complete as of the date of adoption. For those contracts that were modified prior to the date of adoption, we reflected the aggregate effect of those modifications when determining the appropriate accounting under the new standard. We don’t believe the effect of applying this practical expedient resulted in material differences. We applied this standard through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Upon adoption, the cumulative effect of applying this standard resulted in an increase of approximately $5 million to retained earnings as of January 1, 2018. Adoption of this standard did not result in a material change in revenue or net income in the year of adoption. Effective January 1, 2018, we adopted Accounting Standards Update 2016-01 (ASU 2016-01), Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. This standard requires entities to recognize changes in the fair value of equity investments with readily determinable fair values in net income (except for investments accounted for under the equity method of accounting or those that result in consolidation of the investee). We applied the new standard through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Upon adoption, we reclassified from accumulated other comprehensive loss the after-tax amount of net unrealized gains resulting in an increase to retained earnings of approximately $105 million as of January 1, 2018. Adoption of this standard did not result in a material change in net income in the year of adoption. Effective January 1, 2018, we adopted Accounting Standards Update 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory. This standard requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time of transfer. We adopted this standard using a modified retrospective approach. Upon adoption, the cumulative effect of applying this standard resulted in an increase of approximately $700 million to retained earnings, $2.5 billion to deferred tax assets, and $1.8 billion to deferred tax liabilities as of January 1, 2018. Adoption of this standard did not result in a material change in net income in the year of adoption. 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 15 for additional information.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table summarizes our revenue recognized in our consolidated statements of operations: 2020 2019 2018 Net product revenue $ 22,694.8 $ 20,377.3 $ 19,866.4 Collaboration and other revenue (1) 1,845.0 1,942.2 1,626.9 Revenue $ 24,539.8 $ 22,319.5 $ 21,493.3 (1) Collaboration and other revenue associated with prior period transfers of intellectual property was $135.6 million, $301.5 million, and $303.2 million during the years ended December 31, 2020, 2019, and 2018, 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 will include 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 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. Net Product Revenue Revenue from sales of products is recognized at the point where the customer obtains control of the goods and we satisfy our performance obligation, which generally is at the time we ship the product to the customer. Payment terms differ by jurisdiction and customer, but payment terms in most of our major jurisdictions typically range from 30 to 70 days from date of shipment. Revenue for our product sales has not been adjusted for the effects of a financing component as we expect, at contract inception, that the period between when we transfer control of the product and when we receive payment will be one year or less. Any exceptions are either not material or we collect interest for payments made after the due date. Provisions for rebates, discounts, and returns are established in the same period the related sales are recognized. We generally ship product shortly after orders are received; therefore, we generally only have a few days of orders received but not yet shipped at the end of any reporting period. Shipping and handling activities are considered to be fulfillment activities and are not considered to be a separate performance obligation. We exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are imposed on our sales of product and collected from a customer. Most of our products are sold to wholesalers that serve pharmacies, physicians and other health care professionals, and hospitals. For the years ended December 31, 2020, 2019, and 2018, our three largest wholesalers each accounted for between 15 percent and 20 percent of consolidated revenue. Further, they each accounted for between 19 percent and 27 percent of accounts receivable as of December 31, 2020 and 2019. Significant judgments must be made in determining the transaction price for our sales of products related to anticipated rebates, discounts and returns. The following describe the most significant of these judgments: Sales Rebates and Discounts - Background and Uncertainties • We initially invoice our customers at contractual list prices. Contracts with direct and indirect customers may provide for various rebates and discounts that may differ in each contract. As a consequence, to determine the appropriate transaction price for our product sales at the time we recognize a sale to a direct customer, we must estimate any rebates or discounts that ultimately will be due to the direct customer and other customers in the distribution chain under the terms of our contracts. Significant judgments are required in making these estimates. • The rebate and discount amounts are recorded as a deduction to arrive at our net product revenue. Sales rebates and discounts that require the use of judgment in the establishment of the accrual include managed care, Medicare, Medicaid, chargebacks, long-term care, hospital, patient assistance programs, and various other programs. We estimate these accruals using an expected value approach. • The largest of our sales rebate and discount amounts are rebates associated with sales covered by managed care, Medicare, Medicaid, chargeback, and patient assistance programs in the U.S. In determining the appropriate accrual amount, we consider our historical rebate payments for these programs by product as a percentage of our historical sales as well as any significant changes in sales trends (e.g., patent expiries and product launches), an evaluation of the current contracts for these programs, the percentage of our products that are sold via these programs, and our product pricing. Although we accrue a liability for rebates related to these programs at the time we record the sale, the rebate related to that sale is typically paid up to six months later. Because of this time lag, in any particular period our rebate adjustments may incorporate revisions of accruals for several periods. • Most of our rebates outside the U.S. are contractual or legislatively mandated and are estimated and recognized in the same period as the related sales. In some large European countries, government rebates are based on the anticipated budget for pharmaceutical payments in the country. An estimate of these rebates, updated as governmental authorities revise budgeted deficits, is recognized in the same period as the related sale. Sales Returns - Background and Uncertainties • When product sales occur, to determine the appropriate transaction price for our sales, we estimate a reserve for future product returns related to those sales using an expected value approach. This estimate is based on several factors, including: historical return rates, expiration date by product (on average, approximately 24 months after the initial sale of a product to our customer), and estimated levels of inventory in the wholesale and retail channels, as well as any other specifically-identified anticipated returns due to known factors such as the loss of patent exclusivity, product recalls and discontinuances, or a changing competitive environment. We maintain a returns policy that allows most U.S. customers to return product for dating issues within a specified period prior to and subsequent to the product's expiration date. Following the loss of exclusivity for a patent-dependent product, we expect to experience an elevated level of product returns as product inventory remaining in the wholesale and retail channels expires. In the U.S. we allow bamlanivimab to be returned if the Emergency Use Authorization (EUA) is revoked. If the EUA were to be revoked, we could experience an elevated level of product returns of bamlanivimab, dependent on the amount of product remaining in the distribution channel. Adjustments to the returns reserve have been and may in the future be required based on revised estimates to our assumptions. We record the return amounts as a deduction to arrive at our net product revenue. Once the product is returned, it is destroyed; we do not record a right of return asset. Our returns policies outside the U.S. are generally more restrictive than in the U.S. as returns are not allowed for reasons other than failure to meet product specifications in many countries. Our reserve for future product returns for product sales outside the U.S. is not material. • As a part of our process to estimate a reserve for product returns, we regularly review the supply levels of our significant products at the major wholesalers in the U.S. and in major markets outside the U.S., primarily by reviewing periodic inventory reports supplied by our major wholesalers and available prescription volume information for our products, or alternative approaches. We attempt to maintain U.S. wholesaler inventory levels at an average of approximately one month or less on a consistent basis across our product portfolio. Causes of unusual wholesaler buying patterns include actual or anticipated product-supply issues, weather patterns, anticipated changes in the transportation network, redundant holiday stocking, and changes in wholesaler business operations. In the U.S., the current structure of our arrangements provides us with data on inventory levels at our wholesalers; however, our data on inventory levels in the retail channel is more limited. Wholesaler stocking and destocking activity historically has not caused any material changes in the rate of actual product returns. • Actual U.S. product returns have been less than 2 percent of our U.S. revenue over each of the past three years and have not fluctuated significantly as a percentage of revenue, although fluctuations are more likely in periods following loss of patent exclusivity for major products in the U.S. market. Adjustments to Revenue Adjustments to increase revenue recognized as a result of changes in estimates for the judgments described above for our most significant U.S. sales returns, rebates, and discounts liability balances for products shipped in previous periods were approximately 1 percent, 2 percent and 1 percent of U.S revenue during 2020, 2019, and 2018, respectively. Collaboration and Other Arrangements We recognize several types of revenue from our collaborations and other arrangements, which we discuss in general terms immediately below and more specifically in Note 4 for each of our material collaborations and other arrangements. Our collaborations and other arrangements are not contracts with customers but are evaluated to determine whether any aspects of the arrangements are contracts with customers. • Revenue related to products we sell pursuant to these arrangements is included in net product revenue, while other sources of revenue (e.g., royalties and profit sharing from our partner) are included in collaboration and other revenue. • Initial fees and developmental milestones we receive in collaborative and other similar arrangements from the partnering of our compounds under development are generally deferred and amortized into income through the expected product approval date. • Profit-sharing due from our collaboration partners, which is based upon gross margins reported to us by our partners, is recognized as collaboration and other revenue as earned. • Royalty revenue from licensees and certain of our collaboration partners, which is based on sales to third-parties of licensed products and technology, is recorded when the third-party sale occurs and the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). This royalty revenue is included in collaboration and other revenue. • For arrangements involving multiple goods or services (e.g., research and development, marketing and selling, manufacturing, and distribution), each required good or service is evaluated to determine whether it is distinct. If a good or service does not qualify as distinct, it is combined with the other non-distinct goods or services within the arrangement and these combined goods or services are treated as a single performance obligation for accounting purposes. The arrangement's transaction price is then allocated to each performance obligation based on the relative standalone selling price of each performance obligation. For arrangements that involve variable consideration where we have sold intellectual property, we recognize revenue based on estimates of the amount of consideration we believe we will be entitled to receive from the other party, subject to a constraint. These estimates are adjusted to reflect the actual amounts to be collected when those facts and circumstances become known. • Significant judgments must be made in determining the transaction price for our sales of intellectual property. Because of the risk that products in development will not receive regulatory approval, we generally do not recognize any contingent payments that would be due to us upon or after regulatory approval. • We have entered into arrangements whereby we transferred rights to products and committed to supply for a period of time. For those arrangements for which we concluded that the obligations were not distinct, any amounts received upfront are being amortized to revenue as net product revenue over the period of the supply arrangement as the performance obligation is satisfied. 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: 2020 2019 Contract liabilities $ 276.8 $ 264.6 The contract liabilities balances disclosed above as of December 31, 2020 and 2019 were primarily related to the remaining license period of symbolic intellectual property and obligations to perform research and development activities or supply product for a defined period of time. During the years ended December 31, 2020, 2019, and 2018, 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: U.S. Outside U.S. 2020 2019 2018 2020 2019 2018 Revenue—to unaffiliated customers: Diabetes: Trulicity ® $ 3,835.9 $ 3,155.2 $ 2,515.8 $ 1,232.2 $ 972.7 $ 683.3 Humalog ® (1) 1,485.6 1,669.7 1,787.8 1,140.3 1,151.0 1,208.7 Humulin ® 866.4 879.7 910.2 393.2 410.4 421.2 Jardiance (2) 620.8 565.9 400.2 533.0 378.3 258.1 Basaglar ® 842.3 876.2 622.8 282.1 236.3 178.5 Trajenta (3) 95.6 224.8 224.2 263.0 365.8 350.5 Other Diabetes 162.5 158.0 146.0 81.5 88.1 112.2 Total Diabetes 7,909.1 7,529.5 6,607.0 3,925.3 3,602.6 3,212.5 Oncology: Alimta ® 1,265.3 1,219.5 1,131.0 1,064.7 896.4 1,001.9 Cyramza ® 381.9 335.3 291.5 650.8 589.9 529.9 Verzenio ® 618.2 454.8 248.5 294.4 124.9 6.6 Erbitux ® 480.1 487.9 531.6 56.3 55.4 103.8 Other Oncology 46.6 111.0 200.6 461.0 339.3 215.1 Total Oncology 2,792.1 2,608.5 2,403.2 2,527.2 2,005.9 1,857.3 Immunology: Taltz ® 1,288.5 1,016.8 738.7 500.0 349.6 198.7 Olumiant ® 63.8 42.2 6.7 575.0 384.7 195.9 Other Immunology 20.0 — — 14.6 — — Total Immunology 1,372.3 1,059.0 745.4 1,089.6 734.3 394.6 Neuroscience: Cymbalta ® 42.1 49.6 54.3 725.6 675.8 653.7 Zyprexa ® 46.1 41.0 36.2 360.5 377.6 435.1 Emgality ® 325.9 154.9 4.9 37.0 7.7 — Other Neuroscience 73.2 111.0 182.0 220.9 305.3 454.5 Total Neuroscience 487.3 356.5 277.4 1,344.0 1,366.4 1,543.3 Other: Forteo ® 510.3 645.5 757.9 536.0 759.1 817.7 Bamlanivimab (4) 850.0 — — 21.2 — — Cialis ® 61.8 231.7 1,129.2 545.4 658.8 722.7 Other 246.4 291.9 471.8 321.8 469.7 553.3 Total Other 1,668.4 1,169.1 2,358.8 1,424.4 1,887.7 2,093.7 Revenue $ 14,229.3 $ 12,722.6 $ 12,391.9 $ 10,310.5 $ 9,596.8 $ 9,101.4 Numbers may not add due to rounding. (1) Humalog revenue includes insulin lispro. (2) Jardiance revenue includes Glyxambi ® and Synjardy ® , and Trijardy ® XR. (3) Trajenta revenue includes Jentadueto ® . (4) Bamlanivimab sales are pursuant to EUA. The following table summarizes revenue by geographical area: 2020 2019 2018 Revenue—to unaffiliated customers (1) : U.S. $ 14,229.3 $ 12,722.6 $ 12,391.9 Europe 4,187.7 3,765.0 3,663.1 Japan 2,583.1 2,547.6 2,407.4 China 1,116.9 939.4 750.8 Other foreign countries 2,422.7 2,344.9 2,280.1 Revenue $ 24,539.8 $ 22,319.5 $ 21,493.3 Numbers may not add due to rounding. (1) Revenue is attributed to the countries based on the location of the customer.

Acquisitions and Divestiture

Acquisitions and Divestiture	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Acquisitions and Divestiture	Acquisitions and Divestiture 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 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 have been included in our consolidated financial statements from the date of acquisition. We also acquired assets in development in 2020, 2019, and 2018, which are further discussed in this note below in Asset Acquisitions. Upon each acquisition, the cost allocated to acquired IPR&D was immediately expensed because the compound acquired had no alternative future use. For the years ended December 31, 2020, 2019, and 2018, we recorded acquired IPR&D charges of $660.4 million, $239.6 million, and $1.98 billion, 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 The fair values recognized related to the assets acquired and liabilities assumed in this acquisition included goodwill of $86.8 million, other intangibles of $1.20 billion primarily related to lebrikizumab, deferred income tax liabilities of $49.5 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. Revenue attributable to assets acquired in the Dermira acquisition did not have a material impact on our consolidated statement of operations for the year ended December 31, 2020. We are unable to provide the results of operations for the year ended December 31, 2020 attributable to Dermira as those operations were substantially integrated into our legacy business. Pro forma information has not been included because this acquisition did not have a material impact on our results of operations for the years ended December 31, 2020 and 2019. 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 year ended December 31, 2019 (see Note 5). 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. Our consolidated statement of operations for the year ended December 31, 2019 includes revenue attributable to assets acquired in the Loxo acquisition of $136.7 million, primarily due to regulatory approval and sales milestones received. We are unable to provide the results of operations for the year ended December 31, 2019 attributable to Loxo as those operations were substantially integrated into our legacy business. Pro forma information has not been included because this acquisition did not have a material impact on our results of operations for the years ended December 31, 2019 and 2018. Asset Acquisitions The following table and narrative summarize our asset acquisitions during 2020, 2019, and 2018. Counterparty Compound(s),Therapy, or Asset 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. (AbCellera) (2) Neutralizing antibodies for the treatement and prevention of COVID-19 March 2020 Pre-clinical 25.0 Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences) 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 Innovent Biologics, Inc. (Innovent) Sintilimab injection, an anti-PD-1 monoclonal antibody immuno-oncology medicine, for geographies outside of China October 2020 Phase III 200.0 Disarm Therapeutics, Inc. (Disarm) Disease-modifying therapeutics program for patients with axonal degeneration October 2020 Pre-clinical 126.3 Fochon Pharmaceuticals, Ltd. Pre-clinical molecule targeting hematological malignancies November 2020 Pre-clinical 40.0 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 somatostatin receptor type 4 agonist July 2019 Phase I 47.5 Sigilon Therapeutics, Inc. Encapsulated cell therapies for the potential treatment of type 1 diabetes April 2018 Pre-clinical 66.9 AurKa Pharma Inc. AK-01, an Aurora kinase A inhibitor June 2018 Phase I 81.8 ARMO BioSciences, Inc. (ARMO) Cancer therapy - pegilodecakin June 2018 Phase III 1,475.8 Anima Biotech Inc. Translation inhibitors for selected neuroscience targets July 2018 Pre-clinical 30.0 SIGA Technologies, Inc. Priority Review Voucher October 2018 Not applicable 80.0 Chugai Pharmaceutical Co., Ltd. OWL833, an oral non-peptidic GLP-1 receptor agonist October 2018 Pre-clinical 50.0 NextCure, Inc. Immuno-oncology cancer therapies November 2018 Pre-clinical (4) 28.1 Dicerna Pharmaceuticals Inc. Cardio-metabolic disease, neurodegeneration, and pain December 2018 Pre-clinical 148.7 Hydra Biosciences TRPA1 antagonists program for the potential treatment of chronic pain syndromes December 2018 Pre-clinical 22.6 (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 expenses 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. (4) This research and development collaboration agreement terminated effective March 2020. 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. Divestiture In October 2019, we completed a transaction in which we sold the rights in China for two legacy antibiotic medicines, as well as a manufacturing facility in Suzhou, China to Eddingpharm, a China-based specialty pharmaceutical company. In connection with the sale, we received net cash proceeds of $354.8 million and $40.3 million from Eddingpharm in 2019 and 2020, respectively. We accounted for the transaction as the sale of a business. We recorded a gain of $309.8 million in Other—net, (income) expense upon closing the transaction in 2019. Subsequent Events Precision BioSciences, Inc. (Precision) In January 2021, we entered into a research collaboration and exclusive license agreement with Precision to utilize Precision's proprietary ARCUS genome editing platform for the research and development of potential in vivo therapies for genetic disorders. Under terms of the agreement, we paid an upfront cash payment of $100.0 million and invested $35.0 million in Precision's common stock at a premium. As a result of the transaction, we will record an acquired IPR&D charge of $107.8 million in the first quarter of 2021. Merus N.V. (Merus) In January 2021, we entered into a research collaboration and exclusive license agreement with Merus to research and develop up to three CD3-engaging T-cell re-directing bispecific antibody therapies. Under the terms of the agreement, we paid Merus an upfront cash payment of $40.0 million and invested $20.0 million in Merus common shares at a premium. As a result of the transaction, we will record an acquired IPR&D charge of $46.5 million in the first quarter of 2021. Prevail Therapeutics Inc. (Prevail) In January 2021, we completed our acquisition of Prevail. Prevail is a biotechnology company developing potentially disease-modifying AAV9-based gene therapies for patients with neurodegenerative diseases. The acquisition establishes a new modality for drug discovery and development, extending our research efforts through the creation of a gene therapy program that will be anchored by Prevail’s portfolio of clinical-stage and preclinical neuroscience assets. We acquired all shares of Prevail for $22.50 per share (approximately $880 million) in cash plus one non-tradable contingent value right (CVR). The CVR entitles Prevail stockholders to up to an additional $4.00 per share in cash (or an aggregate of approximately $160 million) payable, subject to terms and conditions, upon the first regulatory approval of a Prevail product in one of the following countries: U.S., Japan, United Kingdom (U.K.), Germany, France, Italy or Spain. To achieve the full value of the CVR, such regulatory approval must occur by December 31, 2024. If such regulatory approval occurs after December 31, 2024, the value of the CVR will be reduced by approximately 8.3 cents per month until December 1, 2028, at which point the CVR will expire. The accounting impact of this acquisition and the results of the operations for Prevail will be included in our consolidated financial statements beginning in the first quarter of 2021.The initial accounting for this acquisition is incomplete. Significant, relevant information needed to complete the initial accounting is not available because the valuation of assets acquired and liabilities assumed is not complete. As a result, determining these values is not practicable, and we are unable to disclose these values or provide other related disclosures at this time. Asahi Kasei Pharma Corporation (Asahi) In January 2021, we entered into a license agreement with Asahi to acquire the exclusive rights for AK1780, an orally bioavailable P2X7 receptor antagonist that recently completed Phase 1 single and multiple ascending dose and clinical pharmacology studies for the potential treatment of chronic pain conditions. As a result of the transaction, we will pay Asahi an upfront cash payment and record an acquired IPR&D charge of $20.0 million in the first quarter of 2021.

Collaborations and Other Arrang

Collaborations and Other Arrangements	12 Months Ended
	Dec. 31, 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 as well as 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: 2020 2019 2018 Basaglar $ 1,124.4 $ 1,112.6 $ 801.2 Jardiance 1,153.8 944.2 658.3 Trajenta 358.5 590.6 574.7 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 (baricitinib), and certain follow-on compounds, for the treatment of inflammatory and autoimmune diseases. Incyte has the right to receive tiered, double digit royalty payments on global net 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 the first half of 2020, the agreement was amended to include the treatment of COVID-19, with Incyte obtaining the right to receive an additional royalty ranging up to the low teens on global net sales for the treatment of COVID-19 that exceed a specified aggregate global net sales threshold. In connection with the regulatory approvals of Olumiant in the U.S., Europe, and Japan, milestone payments of $210.0 million and $180.0 million were capitalized as intangible assets as of December 31, 2020 and 2019, respectively, 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 each reporting period. As of December 31, 2020, Incyte is eligible to receive up to $100.0 million of additional payments from us contingent upon certain 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: 2020 2019 2018 Olumiant $ 638.9 $ 426.9 $ 202.5 COVID-19 antibody therapies In 2020, we entered into a worldwide license and collaboration agreement with AbCellera to co-develop therapeutic antibodies for the potential prevention and treatment of COVID-19, including bamlanivimab, for which we hold development and commercialization rights. In connection with this transaction, we recognized an acquired IPR&D expense of $25.0 million in 2020. AbCellera has the right to receive tiered royalty payments on global net sales of bamlanivimab with percentages ranging in the mid-teens to mid-twenties. Royalty payments made to AbCellera are recorded as cost of sales. Pursuant to an EUA, we recognized $871.2 million of net product revenue associated with our sales of bamlanivimab to third parties during the year ended December 31, 2020. In 2020, we entered into a license and collaboration agreement with Junshi Biosciences to co-develop therapeutic antibodies for the potential prevention and treatment of COVID-19, including etesevimab, for which we hold development and commercialization rights outside of Greater China (which includes mainland China, Hong Kong and Macau Special Administrative Regions and Taiwan) and Junshi Biosciences maintains all rights in Greater China. In connection with this transaction, we recognized an acquired IPR&D expense of $20.0 million in 2020. Junshi Biosciences has the right to receive royalty payments in the mid-teens on our future net sales of etesevimab. Junshi Biosciences also has the right to receive certain development, success-based regulatory and sales-based milestones. As of December 31, 2020, Junshi Biosciences is eligible to receive up to $75.0 million of additional payments contingent upon certain success-based regulatory milestones and up to $120.0 million of potential sales-based milestones, contingent upon the commercial success of etesevimab. During the year ended December 31, 2020, we recognized $50.0 million of research and development expenses related to development milestones. Tyvyt ® We have a collaboration agreement with Innovent to jointly develop and commercialize Tyvyt (sintilimab injection) in China. In 2019, we and Innovent began co-commercializing Tyvyt in China. We record our sales of Tyvyt to third parties as revenue, with payments made to Innovent for its portion of the gross margin reported as cost of sales. We also report as revenue our portion of the gross margin for Tyvyt sales made by Innovent to third parties. Our Tyvyt revenue in China, which is primarily recorded as net product revenue, was $308.7 million and $134.0 million in 2020 and 2019, respectively. In October 2020, we obtained an exclusive license for Tyvyt from Innovent for geographies outside of China and plan to pursue registration of Tyvyt in the U.S. and other markets. We recorded an acquired IPR&D charge of $200.0 million in 2020 associated with the upfront payment to Innovent. As of December 31, 2020, Innovent is eligible to receive up to $825.0 million for geographies outside of China and up to $75.0 million in China in success-based regulatory and sales-based milestones. Innovent is also eligible to receive tiered double digit royalties on net sales for geographies outside of China. 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 we have 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 December 31, 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 December 31, 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.

Asset Impairment, Restructuring

Asset Impairment, Restructuring, and Other Special Charges	12 Months Ended
	Dec. 31, 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 statements of operations are described below: 2020 2019 2018 Severance $ 151.2 $ 77.8 $ 127.8 Asset impairment (gain) and other special charges (20.0) 497.8 139.1 Total asset impairment, restructuring, and other special charges $ 131.2 $ 575.6 $ 266.9 Severance costs recognized during the years ended December 31, 2020, 2019 and 2018 were incurred as a result of actions taken worldwide to reduce our cost structure. Substantially all of the severance costs incurred during the year ended December 31, 2020 are expected to be paid in the next 12 months. Asset impairment and other special charges recognized during the year ended December 31, 2019 resulted primarily from $400.7 million of other special charges related to the acquisition of Loxo, substantially all of which is associated with the accelerated vesting of Loxo employee equity awards. Asset impairment and other special charges recognized during the year ended December 31, 2018 resulted primarily from asset impairment and other special charges related to the sale of the Posilac ® (rbST) brand and the associated Augusta, Georgia manufacturing site.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories We use the last-in, first-out (LIFO) method for the majority of our inventories located in the continental U.S. Other inventories are valued by the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost. Inventories measured using LIFO must be valued at the lower of cost or market. Inventories measured using FIFO must be valued at the lower of cost or net realizable value. Inventories at December 31 consisted of the following: 2020 2019 Finished products $ 758.9 $ 647.3 Work in process 2,535.4 2,067.6 Raw materials and supplies 651.2 424.6 Total (approximates replacement cost) 3,945.5 3,139.5 Increase to LIFO cost 34.8 51.2 Inventories $ 3,980.3 $ 3,190.7 Inventories valued under the LIFO method comprised $1.21 billion and $1.20 billion of total inventories at December 31, 2020 and 2019, respectively.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [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 the Japanese yen). Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures. Forward and option contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies. These contracts are recorded at fair value with the gain or loss recognized in other–net, (income) expense. We may enter into foreign currency forward and option contracts and currency swaps as fair value hedges of firm commitments. Forward contracts generally have maturities not exceeding 12 months. At December 31, 2020, we had outstanding foreign currency forward commitments to purchase 647.9 million U.S. dollars and sell 530.7 million euro; commitments to purchase 2.97 billion euro and sell 3.62 billion U.S. dollars; commitments to purchase 180.7 million U.S. dollars and sell 18.64 billion Japanese yen, and commitments to purchase 272.2 million British pounds and sell 363.9 million U.S. dollars which all settled 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 $6.02 billion and $5.49 billion as of December 31, 2020 and 2019, respectively, of which $4.50 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 December 31, 2020 and 2019, respectively. At December 31, 2020, we had outstanding cross currency swaps with notional amounts of $3.76 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 fixed rate debt to foreign-denominated fixed 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 the 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 statements of cash flows. At December 31, 2020, substantially all of our total long-term debt is at a 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 any 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 December 31, 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. The Effect of Risk Management Instruments on the Consolidated Statements of Operations The following effects of risk-management instruments were recognized in other–net, (income) expense: 2020 2019 2018 Fair value hedges: Effect from hedged fixed-rate debt $ 86.9 $ 112.1 $ (40.9) Effect from interest rate contracts (86.9) (112.1) 40.9 Cash flow hedges: Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss 16.4 15.9 14.8 Cross-currency interest rate swaps (102.4) (17.1) — Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments (123.7) 61.9 100.0 Total $ (209.7) $ 60.7 $ 114.8 During the years ended December 31, 2020, 2019 and 2018, 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: 2020 2019 2018 Net investment hedges: Foreign currency-denominated notes $ (404.0) $ 40.1 $ 110.4 Cross-currency interest rate swaps (207.9) 47.4 96.8 Foreign currency exchange contracts — — 5.7 Cash flow hedges: Forward-starting interest rate swaps (110.9) 31.6 — Cross-currency interest rate swaps (53.7) (8.3) — During the next 12 months, we expect to reclassify $16.8 million of net losses on cash flow hedges from accumulated other comprehensive loss to other–net, (income) expense. During the years ended December 31, 2020, 2019 and 2018, 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 December 31 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments: Fair Value Measurements Using Description Carrying Cost (1) Quoted Prices in Active Markets for Identical Assets Significant Significant Fair December 31, 2020 Cash equivalents $ 2,097.9 $ 2,097.9 $ 2,097.9 $ — $ — $ 2,097.9 Short-term investments: U.S. government and agency securities $ 9.9 $ 9.9 $ 9.9 $ — $ — $ 9.9 Corporate debt securities 2.8 2.8 — 2.8 — 2.8 Asset-backed securities 1.2 1.2 — 1.2 — 1.2 Other securities 10.3 10.3 — — 10.3 10.3 Short-term investments $ 24.2 Noncurrent investments: U.S. government and agency securities $ 78.7 $ 74.3 $ 78.7 $ — $ — $ 78.7 Corporate debt securities 137.0 126.8 — 137.0 — 137.0 Mortgage-backed securities 106.4 101.4 — 106.4 — 106.4 Asset-backed securities 24.3 23.7 — 24.3 — 24.3 Other securities 110.5 31.8 — — 110.5 110.5 Marketable equity securities 1,664.2 311.6 1,664.2 — — 1,664.2 Equity investments without readily determinable fair values (2) 373.9 Equity method investments (2) 471.8 Noncurrent investments $ 2,966.8 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 Description Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair Short-term commercial paper borrowings December 31, 2020 $ — $ — $ — $ — $ — December 31, 2019 (1,494.2) — (1,491.6) — (1,491.6) Long-term debt, including current portion December 31, 2020 $ (16,595.3) $ — $ (19,038.9) $ — $ (19,038.9) December 31, 2019 (13,823.0) — (15,150.0) — (15,150.0) Fair Value Measurements Using Description Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair December 31, 2020 Risk-management instruments Interest rate contracts designated as fair value hedges: Other noncurrent assets $ 158.9 $ — $ 158.9 $ — $ 158.9 Interest rate contracts designated as cash flow hedges: Other noncurrent assets 38.1 — 38.1 — 38.1 Other noncurrent liabilities (97.8) — (97.8) — (97.8) Cross-currency interest rate contracts designated as net investment hedges: Other current liabilities (92.6) — (92.6) — (92.6) Other noncurrent liabilities (97.2) — (97.2) — (97.2) Cross-currency interest rate contracts designated as cash flow hedges: Other noncurrent assets 34.4 — 34.4 — 34.4 Other noncurrent liabilities (2.9) — (2.9) — (2.9) Foreign exchange contracts not designated as hedging instruments: Other receivables 41.1 — 41.1 — 41.1 Other current liabilities (15.2) — (15.2) — (15.2) 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 December 31, 2020, we had approximately $687 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 December 31, 2020: Maturities by Period Total Less Than 1-5 Years 6-10 Years More Than 10 Years Fair value of debt securities $ 360.3 $ 13.9 $ 135.6 $ 82.7 $ 128.1 The net gains recognized in our consolidated statements of operations for equity securities were $1,442.2 million, $401.2 million and $72.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. The net gains/losses recognized for the years ended December 31, 2020, 2019 and 2018 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 for the years ended December 31, 2020, 2019 and 2018 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: 2020 2019 Unrealized gross gains $ 20.9 $ 10.3 Unrealized gross losses 0.5 4.0 Fair value of securities in an unrealized gain position 348.9 429.5 Fair value of securities in an unrealized loss position 11.4 141.1 We periodically assess our investment in available-for-sale securities for impairment and credit losses. 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. Impairment and credit losses related to available-for-sale securities were not material for the years ended December 31, 2020, 2019 and 2018. As of December 31, 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 86 percent of the fixed-rate debt securities in a loss position are investment-grade debt securities. As of December 31, 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: 2020 2019 2018 Proceeds from sales $ 264.8 $ 431.6 $ 5,529.0 Realized gross gains on sales 4.5 4.9 3.6 Realized gross losses on sales 8.2 3.0 49.2 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 $754.9 million and $678.8 million of accounts receivable as of December 31, 2020 and 2019, respectively, under these factoring arrangements. The costs of factoring such accounts receivable on our consolidated results of operations for the years ended December 31, 2020, 2019, and 2018 were not material.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles Goodwill Goodwill results from excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not amortized but is reviewed for impairment at least annually, or more frequently if impairment indicators are present, by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If we conclude it is more likely than not that the fair value is less than the carrying amount, a quantitative test that compares the fair value to its carrying value is performed to determine the amount of any impairment. The changes in goodwill during 2020 and 2019 were primarily related to our acquisitions of Dermira and Loxo, respectively. See Note 3 for further discussion. No impairments occurred with respect to the carrying value of goodwill for the years ended December 31, 2020, 2019, and 2018. Other Intangibles The components of intangible assets other than goodwill at December 31 were as follows: 2020 2019 Description Carrying Accumulated Carrying Carrying Accumulated Carrying Finite-lived intangible assets: Marketed products $ 7,984.0 $ (1,659.5) $ 6,324.5 $ 3,150.2 $ (1,244.6) $ 1,905.6 Other 92.8 (68.3) 24.5 94.2 (51.8) 42.4 Total finite-lived intangible assets 8,076.8 (1,727.8) 6,349.0 3,244.4 (1,296.4) 1,948.0 Indefinite-lived intangible assets: Acquired IPR&D 1,101.0 — 1,101.0 4,670.0 — 4,670.0 Other intangibles $ 9,177.8 $ (1,727.8) $ 7,450.0 $ 7,914.4 $ (1,296.4) $ 6,618.0 Marketed products consist of the amortized cost of the rights to assets acquired in business combinations and approved for marketing in a significant global jurisdiction (U.S., Europe, and Japan) and capitalized milestone payments. For transactions other than a business combination, we capitalize milestone payments incurred at or after the product has obtained regulatory approval for marketing. Other finite-lived intangible assets consist primarily of the amortized cost of licensed platform technologies that have alternative future uses in research and development, manufacturing technologies, and customer relationships from business combinations. Acquired IPR&D consists of the fair values of acquired IPR&D projects acquired in business combination, adjusted for subsequent impairments, if any. The costs of acquired IPR&D projects acquired directly in a transaction other than a business combination are capitalized as other intangible assets if the projects have an alternative future use; otherwise, they are expensed immediately. See Note 3 for acquired IPR&D projects that had no alternative future use. Several methods may be used to determine the estimated fair value of other intangibles acquired in a business combination. We utilize the “income method,” which is a Level 3 fair value measurement and applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected revenues and estimated costs. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products, analyst expectations, and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each asset independently. The acquired IPR&D assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are tested for impairment and amortized over the remaining useful life or written off, as appropriate. The increase in marketed products and the decrease in acquired IPR&D in 2020 primarily relates to the reclassification of our $4.60 billion intangible asset for selpercatinib (Retevmo) from indefinite-lived to finite-lived as it was approved by the FDA in the second quarter of 2020. This decrease in acquired IPR&D in 2020 was partially offset by the addition of acquired IPR&D for lebrikizumab as a result of the Dermira acquisition. The increases in marketed products and acquired IPR&D intangible assets in 2019 were primarily related to our acquisition of Loxo. See Note 3 for further discussion of intangible assets acquired in recent business combinations and Note 4 for additional discussion of recent capitalized milestone payments. Indefinite-lived intangible assets are reviewed for impairment at least annually, or more frequently if impairment indicators are present, by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If we conclude it is more likely than not that the fair value is less than the carrying amount, a quantitative test that compares the fair value of the intangible asset to its carrying value is performed to determine the amount of any impairment. Finite-lived intangible assets are reviewed for impairment when an indicator of impairment is present. When required, a comparison of fair value to the carrying amount of assets is performed to determine the amount of any impairment. When determining the fair value of indefinite-lived acquired IPR&D as well as the fair value of finite-lived intangible assets for impairment testing purposes, we utilize the "income method" discussed above. Intangible assets with finite lives are capitalized and are amortized over their estimated useful lives, ranging from three Amortization expense related to finite-lived intangible assets was as follows: 2020 2019 2018 Amortization expense $ 428.2 $ 225.8 $ 361.3 The estimated amortization expense for each of the next five years associated with our finite-lived intangible assets as of December 31, 2020 is as follows: 2021 2022 2023 2024 2025 Estimated amortization expense $ 517.7 $ 513.0 $ 501.2 $ 449.1 $ 432.5 Amortization expense is included in either cost of sales, marketing, selling, and administrative or research and development depending on the nature of the intangible asset being amortized.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment is stated on the basis of cost. Provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives (12 to 50 years for buildings and three At December 31, property and equipment consisted of the following: 2020 2019 Land $ 226.8 $ 169.5 Buildings 7,326.1 7,067.3 Equipment 8,560.9 7,913.3 Construction in progress 2,138.8 1,884.4 18,252.6 17,034.5 Less accumulated depreciation (9,570.7) (9,161.6) Property and equipment, net $ 8,681.9 $ 7,872.9 Depreciation expense related to property and equipment was as follows: 2020 2019 2018 Depreciation expense $ 765.2 $ 814.7 $ 797.1 Capitalized interest costs were not material for the years ended December 31, 2020, 2019, and 2018. The following table summarizes long-lived assets by geographical area: 2020 2019 Long-lived assets (1) : U.S. and Puerto Rico $ 6,113.6 $ 5,595.4 Ireland 1,786.9 1,454.8 Other foreign countries 1,747.7 1,758.3 Long-lived assets $ 9,648.2 $ 8,808.5 (1) Long-lived assets consist of property and equipment, net, operating lease assets, and certain other noncurrent assets.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases We determine if an arrangement is a lease at inception. We have leases with terms up to 12 years primarily for corporate offices, research and development facilities, vehicles, and equipment, including some of which have options to extend and/or early-terminate the leases. We determine the lease term by assuming the exercise of any renewal and/or early-termination options that are reasonably assured. Operating lease right-of-use assets are presented as other noncurrent assets in our consolidated balance sheets, and the current and long-term portions of operating lease liabilities are included in other current liabilities and other noncurrent liabilities, respectively, in our consolidated balance sheets. Short-term leases, which are deemed at inception to have a lease term of 12 months or less, are not recorded on the consolidated balance sheets. Operating lease assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for operating lease assets, which is recognized on a straight-line basis over the lease term, was $154.6 million and $172.8 million during the years ended December 31, 2020 and 2019, respectively. Variable lease payments, which represent non-lease components such as maintenance, insurance and taxes, and which vary due to changes in facts or circumstances occurring after the commencement date other than the passage of time, are expensed in the period in which the payment obligation is incurred and were not material during the years ended December 31, 2020 and 2019. Short-term lease expense was not material during the years ended December 31, 2020 and 2019. Supplemental balance sheet information related to operating leases as of December 31, 2020 and 2019 was as follows: 2020 2019 Weighted-average remaining lease term 7 years 8 years Weighted-average discount rate 3.3 % 3.6 % Supplemental cash flow information related to operating leases during the years ended December 31, 2020 and 2019 was as follows: 2020 2019 Operating cash flows from operating leases $ 160.9 $ 153.6 Right-of-use assets obtained in exchange for new operating lease liabilities 136.7 81.2 The annual minimum lease payments of our operating lease liabilities as of December 31, 2020 were as follows: Year 1 $ 150.9 Year 2 120.7 Year 3 94.1 Year 4 73.3 Year 5 63.4 After Year 5 258.7 Total lease payments 761.1 Less imputed interest 97.4 Total $ 663.7 Rental expense for all leases, including contingent rentals (not material), was $175.7 million for the year ended December 31, 2018. Finance leases are included in property and equipment, short-term borrowings and current maturities of long-term debt, and long-term debt in our consolidated balance sheets. Finance leases are not material to our consolidated financial statements.
Leases	Leases We determine if an arrangement is a lease at inception. We have leases with terms up to 12 years primarily for corporate offices, research and development facilities, vehicles, and equipment, including some of which have options to extend and/or early-terminate the leases. We determine the lease term by assuming the exercise of any renewal and/or early-termination options that are reasonably assured. Operating lease right-of-use assets are presented as other noncurrent assets in our consolidated balance sheets, and the current and long-term portions of operating lease liabilities are included in other current liabilities and other noncurrent liabilities, respectively, in our consolidated balance sheets. Short-term leases, which are deemed at inception to have a lease term of 12 months or less, are not recorded on the consolidated balance sheets. Operating lease assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for operating lease assets, which is recognized on a straight-line basis over the lease term, was $154.6 million and $172.8 million during the years ended December 31, 2020 and 2019, respectively. Variable lease payments, which represent non-lease components such as maintenance, insurance and taxes, and which vary due to changes in facts or circumstances occurring after the commencement date other than the passage of time, are expensed in the period in which the payment obligation is incurred and were not material during the years ended December 31, 2020 and 2019. Short-term lease expense was not material during the years ended December 31, 2020 and 2019. Supplemental balance sheet information related to operating leases as of December 31, 2020 and 2019 was as follows: 2020 2019 Weighted-average remaining lease term 7 years 8 years Weighted-average discount rate 3.3 % 3.6 % Supplemental cash flow information related to operating leases during the years ended December 31, 2020 and 2019 was as follows: 2020 2019 Operating cash flows from operating leases $ 160.9 $ 153.6 Right-of-use assets obtained in exchange for new operating lease liabilities 136.7 81.2 The annual minimum lease payments of our operating lease liabilities as of December 31, 2020 were as follows: Year 1 $ 150.9 Year 2 120.7 Year 3 94.1 Year 4 73.3 Year 5 63.4 After Year 5 258.7 Total lease payments 761.1 Less imputed interest 97.4 Total $ 663.7 Rental expense for all leases, including contingent rentals (not material), was $175.7 million for the year ended December 31, 2018. Finance leases are included in property and equipment, short-term borrowings and current maturities of long-term debt, and long-term debt in our consolidated balance sheets. Finance leases are not material to our consolidated financial statements.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Borrowings	Borrowings Debt at December 31 consisted of the following: 2020 2019 Short-term commercial paper borrowings $ — $ 1,494.2 Long-term notes 16,348.7 13,638.5 Other long-term debt 14.8 12.9 Unamortized debt issuance costs (89.1) (73.6) Fair value adjustment on hedged long-term notes 320.9 245.2 Total debt 16,595.3 15,317.2 Less current portion (8.7) (1,499.3) Long-term debt $ 16,586.6 $ 13,817.9 The following table summarizes long-term notes at December 31: 2020 2019 2.35% notes due 2022 $ 750.0 $ 750.0 3.00% notes due 2022 99.2 — 1.00% Euro denominated notes due 2022 737.9 671.8 0.15% Swiss Franc denominated notes due 2024 679.7 618.3 7.125% notes due 2025 229.7 229.7 2.75% notes due 2025 560.6 560.6 1.625% Euro denominated notes due 2026 922.4 839.7 5.5% notes due 2027 377.5 377.5 3.1% notes due 2027 401.5 401.5 0.45% Swiss Franc denominated notes due 2028 453.2 412.2 3.375% notes due 2029 1,150.0 1,150.0 0.42% Japanese Yen denominated notes due 2029 222.4 209.9 2.125% Euro denominated notes due 2030 922.4 839.7 0.625% Euro denominated notes due 2031 737.9 671.8 0.56% Japanese Yen denominated notes due 2034 90.0 85.0 6.77% notes due 2036 174.4 174.4 5.55% notes due 2037 476.2 476.2 5.95% notes due 2037 284.1 284.1 3.875% notes due 2039 360.7 360.7 4.65% notes due 2044 43.0 43.0 3.7% notes due 2045 412.5 412.5 3.95% notes due 2047 436.1 436.1 3.95% notes due 2049 1,500.0 1,500.0 1.7% Euro denominated notes due 2049 1,229.9 1,119.6 0.97% Japanese Yen denominated notes due 2049 74.1 70.0 2.25% notes due 2050 1,250.0 — 4.15% notes due 2059 1,000.0 1,000.0 2.5% notes due 2060 850.0 — Unamortized note discounts (76.7) (55.8) Total long-term notes $ 16,348.7 $ 13,638.5 The weighted-average effective borrowing rate on outstanding commercial paper at December 31, 2019 was 1.65 percent. The weighted-average effective borrowing rate for each issuance of the long term-notes approximates the stated interest rate. At December 31, 2020, we had a total of $5.24 billion of unused committed bank credit facilities, which consisted primarily of a $3.00 billion credit facility that expires in December 2024 and a $2.00 billion 364-day facility that expires in December 2021, both of which are available to support our commercial paper program. We have not drawn against the $3.00 billion and $2.00 billion facilities as of December 31, 2020. Of the remaining committed bank credit facilities, the outstanding balances as of December 31, 2020 and 2019 were not material. Compensating balances and commitment fees are not material, and there are no conditions that are probable of occurring under which the lines may be withdrawn. In 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 cash proceeds from the offering of $988.6 million 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 cash proceeds from the offering of $1.07 billion for general corporate purposes, including the repayment of outstanding commercial paper. In February 2019, we issued $1.15 billion of 3.375 percent fixed-rate notes due in March 2029, $850.0 million of 3.875 percent fixed-rate notes due in March 2039, $1.50 billion of 3.95 percent fixed-rate notes due in March 2049, and $1.00 billion of 4.15 percent fixed-rate notes due in March 2059, with interest to be paid semi-annually. We used the net cash proceeds of $4.45 billion from the offering to repay commercial paper that was issued in connection with the acquisition of Loxo and for general corporate purposes. In November 2019, we issued euro-denominated notes consisting of €600.0 million of 0.625 percent fixed-notes due November 2031 and €1.00 billion of 1.70 percent fixed-rate notes due in November 2049 with interest to be paid annually. We paid $2.27 billion, comprised of $1.75 billion of net cash proceeds from the offering and proceeds from commercial paper, to purchase and redeem certain higher interest rate U.S. dollar denominated notes with an aggregate principal amount of $2.00 billion and a net carrying value of $2.01 billion, resulting in a debt extinguishment loss of $252.5 million. This loss was included in other-net, (income) expense in our consolidated statement of operations during the year ended December 31, 2019. In November 2019, we issued Japanese Yen-denominated notes consisting of ¥22.92 billion of 0.42 percent fixed-rate notes due in November 2029, ¥9.28 billion of 0.56 percent fixed-rate notes due in November 2034, and ¥7.64 billion of 0.97 percent fixed-rate notes due in November 2049, with interest to be paid semi-annually. We used the net cash proceeds from the offering of $356.6 million for general corporate purposes, including the repayment of outstanding commercial paper. The aggregate amounts of maturities on long-term debt for the next five years are as follows: 2021 2022 2023 2024 2025 Maturities on long-term debt $ 6.0 $ 1,590.2 $ 2.3 $ 681.1 $ 790.3 We have converted approximately 9 percent of our long-term fixed-rate notes to floating rates through the use of interest rate swaps. The weighted-average effective borrowing rates based on long-term debt obligations and interest rates at December 31, 2020 and 2019, including the effects of interest rate swaps for hedged debt obligations, were 2.61 percent and 2.88 percent, respectively. The aggregate amount of cash payments for interest on borrowings, net of capitalized interest, are as follows: 2020 2019 2018 Cash payments for interest on borrowings $ 345.8 $ 305.5 $ 223.8 In accordance with the requirements of derivatives and hedging guidance, the portion of our fixed-rate debt obligations that is hedged as a fair value hedge is reflected in the consolidated balance sheets as an amount equal to the sum of the debt’s carrying value plus the fair value adjustment representing changes in fair value of the hedged debt attributable to movements in market interest rates subsequent to the inception of the hedge.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Our stock-based compensation expense consists of performance awards (PAs), shareholder value awards (SVAs), relative value awards (RVAs), and restricted stock units (RSUs). We recognize the fair value of stock-based compensation as expense over the requisite service period of the individual grantees, which generally equals the vesting period. We provide newly issued shares of our common stock and treasury stock to satisfy the issuance of PA, SVA, RVA, and RSU shares. Stock-based compensation expense and the related tax benefits were as follows: 2020 2019 2018 Stock-based compensation expense $ 308.1 $ 306.8 $ 253.5 Tax benefit 64.7 64.4 53.2 At December 31, 2020, stock-based compensation awards may be granted under the 2002 Lilly Stock Plan for not more than 53.9 million additional shares. Performance Award Program PAs are granted to officers and management and are payable in shares of our common stock. The number of PA shares actually issued, if any, varies depending on the achievement of certain pre-established earnings-per-share targets over a two-year period. PA shares are accounted for at fair value based upon the closing stock price on the date of grant and fully vest at the end of the measurement period. The fair values of PAs granted for the years ended December 31, 2020, 2019, and 2018 were $137.33, $112.09, and $71.63, respectively. The number of shares ultimately issued for the PA program is dependent upon the EPS achieved during the vesting period. Pursuant to this program, approximately 1.1 million shares, 1.2 million shares, and 0.9 million shares were issued during the years ended December 31, 2020, 2019, and 2018, respectively. Approximately 0.8 million shares are expected to be issued in 2021. As of December 31, 2020, the total remaining unrecognized compensation cost related to nonvested PAs was $77.3 million, which will be amortized over the weighted-average remaining requisite service period of 12 months. Shareholder Value Award Program SVAs are granted to officers and management and are payable in shares of our common stock. The number of shares actually issued, if any, varies depending on our stock price at the end of the three-year vesting period compared to pre-established target stock prices. We measure the fair value of the SVA unit on the grant date using a Monte Carlo simulation model. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. Expected volatilities utilized in the model are based on implied volatilities from traded options on our stock, historical volatility of our stock price, and other factors. Similarly, the dividend yield is based on historical experience and our estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair values of the SVA units granted during the years ended December 31, 2020, 2019, and 2018 were $139.14, $95.01, and $48.51, respectively, determined using the following assumptions: (Percents) 2020 2019 2018 Expected dividend yield 2.50 % 2.50 % 2.50 % Risk-free interest rate 1.38 2.46 2.31 Volatility 20.90 21.00 22.26 Pursuant to this program, approximately 0.8 million shares, 1.0 million shares, and 0.7 million shares were issued during the years ended December 31, 2020, 2019, and 2018, respectively. Approximately 1.0 million shares are expected to be issued in 2021. As of December 31, 2020, the total remaining unrecognized compensation cost related to nonvested SVAs was $48.8 million, which will be amortized over the weighted-average remaining requisite service period of 20 months. Relative Value Award Program Beginning in 2020, we granted RVAs to officers and management and are payable in shares of our common stock. The number of shares actually issued, if any, varies depending on the growth of our stock price at the end of the three-year vesting period compared to our peers. We measure the fair value of the RVA unit on the grant date using a Monte Carlo simulation model. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. Expected volatilities utilized in the model are based on implied volatilities from traded options on our stock, historical volatility of our stock price and our peers' stock price, and other factors. Similarly, the dividend yield is based on historical experience and our estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of the RVA units granted during the year ended December 31, 2020 was $179.90, determined using the following assumptions: (Percents) 2020 Expected dividend yield 2.50 % Risk-free interest rate 1.38 Volatility 19.89 As of December 31, 2020, the total remaining unrecognized compensation cost related to nonvested RVAs was $13.7 million, which will be amortized over the weighted-average remaining requisite service period of 24 months. Restricted Stock Units RSUs are granted to certain employees and are payable in shares of our common stock. RSU shares are accounted for at fair value based upon the closing stock price on the date of grant. The corresponding expense is amortized over the vesting period, typically three years. The fair values of RSU awards granted during the years ended December 31, 2020, 2019, and 2018 were $135.42, $108.43, and $70.95, respectively. The number of shares ultimately issued for the RSU program remains constant with the exception of forfeitures. Pursuant to this program, 1.1 million, 1.5 million, and 1.3 million shares were granted and approximately 0.6 million, 0.8 million, and 1.0 million shares were issued during the years ended December 31, 2020, 2019, and 2018, respectively. Approximately 0.6 million shares are expected to be issued in 2021. As of December 31, 2020, the total remaining unrecognized compensation cost related to nonvested RSUs was $179.2 million, which will be amortized over the weighted-average remaining requisite service period of 31 months.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity During 2020, 2019, and 2018, we repurchased $500.0 million, $4.40 billion and $4.15 billion, respectively, of shares associated with our share repurchase programs. As of December 31, 2020, we had $1.00 billion remaining under our $8.00 billion share repurchase program that our board authorized in June 2018. We have 5.0 million authorized shares of preferred stock. As of December 31, 2020 and 2019, no preferred stock was issued. We have an employee benefit trust that held 50.0 million shares of our common stock at both December 31, 2020 and 2019, to provide a source of funds to assist us in meeting our obligations under various employee benefit plans. The cost basis of the shares held in the trust was $3.01 billion at both December 31, 2020 and 2019, and is shown as a reduction of shareholders’ equity. Any dividend transactions between us and the trust are eliminated. Stock held by the trust is not considered outstanding in the computation of EPS. The assets of the trust were not used to fund any of our obligations under these employee benefit plans during the years ended December 31, 2020, 2019, and 2018.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting based on enacted tax laws and rates. Deferred taxes related to GILTI, global intangible low-taxed income, are also recognized for the future tax effects of temporary differences. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position, based on its technical merits, will be sustained upon examination by the taxing authority. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate resolution. In December 2017, the Tax Cuts and Job Act (the 2017 Tax Act) was signed into law. The 2017 Tax Act included significant changes to the U.S. corporate income tax system, such as the reduction in the corporate income tax rate from 35 percent to 21 percent, transition to a territorial tax system, changes to business related exclusions, deductions and credits, and modifications to international tax provisions, including a one-time repatriation transition tax (also known as the ‘Toll Tax’) on unremitted foreign earnings and GILTI, a new U.S. minimum tax on the earnings of our foreign subsidiaries. In 2018, we recorded $313.3 million of income tax benefit, mainly attributable to measurement period adjustments to the Toll Tax and GILTI. Following is the composition of income tax expense: 2020 2019 2018 Current: Federal (1) $ 567.6 $ 280.2 $ 169.6 Foreign 650.4 299.8 106.8 State (47.3) (14.4) 4.7 Total current tax expense 1,170.7 565.6 281.1 Deferred: Federal (2) (97.4) 141.3 (3.7) Foreign (16.6) (24.1) 248.7 State (20.5) (54.8) 3.4 Total deferred tax (benefit) expense (134.5) 62.4 248.4 Income taxes $ 1,036.2 $ 628.0 $ 529.5 (1) The 2020 and 2019 current tax expense includes $144.4 million and $153.1 million of tax benefit, respectively, from utilization of net operating loss and tax credit carryforwards. The 2018 current tax expense includes $201.5 million of tax expense related to effects of the 2017 Tax Act. (2) The 2018 deferred tax benefit includes $26.2 million of tax benefit related to effects of the 2017 Tax Act. Significant components of our deferred tax assets and liabilities as of December 31 were as follows: 2020 2019 Deferred tax assets: Purchases of intangible assets $ 2,560.6 $ 2,512.4 Compensation and benefits 1,045.6 934.3 Tax credit carryforwards and carrybacks 523.5 455.8 Tax loss carryforwards and carrybacks 488.3 318.8 Sales rebates and discounts 461.3 197.3 Correlative tax adjustments 404.2 219.1 Foreign tax redeterminations 242.8 156.8 Operating lease liabilities 150.7 140.6 Capitalized research and development 135.2 75.7 Other 605.8 595.7 Total gross deferred tax assets 6,618.0 5,606.5 Valuation allowances (816.3) (616.5) Total deferred tax assets 5,801.7 4,990.0 Deferred tax liabilities: Earnings of foreign subsidiaries (1,905.3) (1,776.4) Intangibles (1,465.7) (1,298.0) Inventories (623.7) (686.4) Prepaid employee benefits (410.1) (305.9) Property and equipment (315.2) (274.1) Financial instruments (216.9) (139.4) Operating lease assets (134.3) (124.7) Total deferred tax liabilities (5,071.2) (4,604.9) Deferred tax assets - net $ 730.5 $ 385.1 The deferred tax asset and related valuation allowance amounts for U.S. federal, international, and state net operating losses and tax credits shown above have been reduced for differences between financial reporting and tax return filings. At December 31, 2020, based on filed tax returns we have tax credit carryforwards and carrybacks of $887.3 million available to reduce future income taxes; $148.8 million, if unused, will expire by 2026, and $16.1 million, if unused, will expire between 2029 and 2039. The remaining portion of the tax credit carryforwards is related to federal tax credits of $84.8 million, international tax credits of $121.9 million, and state tax credits of $515.7 million, all of which are fully reserved. At December 31, 2020, based on filed tax returns we had net operating losses and other carryforwards for international and U.S. federal income tax purposes of $1.52 billion: $162.6 million will expire by 2025; $781.7 million will expire between 2026 and 2040; and $576.3 million of the carryforwards will never expire. Net operating losses and other carryforwards for international and U.S. federal income tax purposes are partially reserved. Deferred tax assets related to state net operating losses and other carryforwards of $175.6 million are fully reserved as of December 31, 2020. Domestic and Puerto Rican companies contributed approximately 39 percent, 44 percent, and 15 percent for the years ended December 31, 2020, 2019, and 2018, respectively, to consolidated income before income taxes. We have a subsidiary operating in Puerto Rico under a tax incentive grant effective through the end of 2031. Substantially all of the unremitted earnings of our foreign subsidiaries are considered not to be indefinitely reinvested for continued use in our foreign operations. At December 31, 2020 and December 31, 2019, we accrued an immaterial amount of foreign withholding taxes and state income taxes that would be owed upon future distributions of unremitted earnings of our foreign subsidiaries that are not indefinitely reinvested. For the amount considered to be indefinitely reinvested, it is not practicable to determine the amount of the related deferred income tax liability due to the complexities in the tax laws and assumptions we would have to make. Cash payments of U.S. federal, state, and foreign income taxes, net of refunds, were as follows: 2020 2019 2018 Cash payments of income taxes $ 954.6 $ 1,180.5 $ 1,076.7 The 2017 Tax Act provided an election to taxpayers subject to the Toll Tax to make payments over an eight year period beginning in 2018 through 2025. Having made this election, our future cash payments relating to the Toll Tax as of December 31, 2020 are as follows: Total Less than 1 Year 1-3 Years 3-5 Years 2017 Tax Act Toll Tax $2,403.1 $253.7 $729.3 $1,420.1 We have additional noncurrent income tax payables of $1.69 billion unrelated to the Toll Tax; we cannot reasonably estimate the timing of future cash outflows associated with these liabilities. Following is a reconciliation of the consolidated income tax expense applying the U.S. federal statutory rate to income before income taxes to reported consolidated income tax expense: 2020 2019 2018 Income tax at the U.S. federal statutory tax rate $ 1,518.3 $ 1,105.8 $ 772.8 Add (deduct): International operations, including Puerto Rico (297.1) (242.0) (627.1) General business credits (97.9) (108.8) (87.4) Non-deductible acquired IPR&D (1) 63.2 — 309.9 2017 Tax Act — — 175.3 Other (150.3) (127.0) (14.0) Income taxes $ 1,036.2 $ 628.0 $ 529.5 (1) Non-deductible acquired IPR&D was related to the acquisitions of Disarm and a pre-clinical stage company in 2020 and ARMO in 2018. See Note 3 for additional information related to acquisitions. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: 2020 2019 2018 Beginning balance at January 1 $ 2,108.6 $ 2,034.6 $ 1,000.8 Additions based on tax positions related to the current year 225.6 187.2 798.2 Additions for tax positions of prior years 310.8 425.3 410.9 Reductions for tax positions of prior years (52.4) (100.3) (115.4) Settlements (72.0) (260.5) (33.2) Lapses of statutes of limitation (41.7) (161.5) (20.5) Changes related to the impact of foreign currency translation 73.0 (16.2) (6.2) Ending balance at December 31 $ 2,551.9 $ 2,108.6 $ 2,034.6 The total amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate was $1.67 billion and $1.53 billion at December 31, 2020 and 2019, respectively. We file U.S. federal, foreign, and various state and local income tax returns. We are no longer subject to U.S. federal income tax examination for years before 2016. In most major foreign and state jurisdictions, we are no longer subject to income tax examination for years before 2012. The U.S. examination of tax years 2016-2018 began in the fourth quarter of 2019 and remains ongoing; therefore, the resolution of this audit period will likely extend beyond the next 12 months. For tax years 2013-2015, all matters were effectively settled in 2019. As a result, our gross uncertain tax positions were reduced by approximately $200 million, we made a cash payment of approximately $125 million, and our consolidated results were benefited by an immaterial reduction in tax expense. We recognize both accrued interest and penalties related to unrecognized tax benefits in income tax expense. We recognized income tax (benefit) expense related to interest and penalties as follows: 2020 2019 2018 Income tax (benefit) expense $ 34.0 $ (26.4) $ 25.1 At December 31, 2020 and 2019, our accruals for the payment of interest and penalties totaled $196.7 million and $150.8 million, respectively.

Retirement Benefits

Retirement Benefits	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits We use a measurement date of December 31 to develop the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at December 31 for our defined benefit pension and retiree health benefit plans, which were as follows: Defined Benefit Retiree Health 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 16,251.0 $ 13,427.1 $ 1,601.4 $ 1,540.0 Service cost 325.5 250.4 40.8 36.3 Interest cost 425.8 486.0 43.7 58.0 Actuarial loss 1,563.1 2,631.7 142.1 54.3 Benefits paid (587.2) (584.2) (75.1) (87.3) Curtailment (gain) loss 2.2 (16.8) — (0.5) Foreign currency exchange rate changes and other adjustments 245.1 56.8 0.8 0.6 Benefit obligation at end of year 18,225.5 16,251.0 1,753.7 1,601.4 Change in plan assets: Fair value of plan assets at beginning of year 12,858.0 10,932.6 2,768.2 2,398.1 Actual return on plan assets 1,802.4 2,012.0 539.0 444.1 Employer contribution 318.8 429.9 (5.1) 13.2 Benefits paid (587.2) (584.2) (75.1) (87.3) Foreign currency exchange rate changes and other adjustments 187.0 67.7 — 0.1 Fair value of plan assets at end of year 14,579.0 12,858.0 3,227.0 2,768.2 Funded status (3,646.5) (3,393.0) 1,473.3 1,166.8 Unrecognized net actuarial (gain) loss 6,515.5 6,177.6 (349.1) (111.6) Unrecognized prior service (benefit) cost 15.4 17.4 (177.6) (236.4) Net amount recognized $ 2,884.4 $ 2,802.0 $ 946.6 $ 818.8 Amounts recognized in the consolidated balance sheet consisted of: Other noncurrent assets $ 299.6 $ 163.3 $ 1,697.0 $ 1,381.3 Other current liabilities (67.9) (65.3) (7.4) (7.3) Accrued retirement benefits (3,878.2) (3,491.0) (216.3) (207.2) Accumulated other comprehensive (income) loss before income taxes 6,530.9 6,195.0 (526.7) (348.0) Net amount recognized $ 2,884.4 $ 2,802.0 $ 946.6 $ 818.8 The unrecognized net actuarial loss (gain) and unrecognized prior service cost (benefit) have not yet been recognized in net periodic pension costs and were included in accumulated other comprehensive loss at December 31, 2020 and 2019. 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. The new accounting method changes the computation of expected returns on U.S. dollar denominated investment grade debt securities and derivatives in such plans from a calculated value that includes changes in the fair values over a period of five years to actual fair value. This change in accounting principle is preferable because changes in the fair value of this class of assets will be amortized into net periodic pension and retiree health cost sooner. No change is being made to the accounting principle for the other classes of pension assets. The impact of the adoption of this change in accounting method was not material to our historical and current consolidated financial statements. A decrease in the discount rate was the primary driver for the $2.13 billion and $2.89 billion increase in the benefit obligation in 2020 and 2019, respectively. In July 2018, we announced that we would amend our defined benefit pension and retiree health benefit plans to freeze or reduce benefits for certain employees effective January 1, 2019. We remeasured the impacted pension and retiree health plans’ benefit obligations as of July 31, 2018, which resulted in a net curtailment gain of $28.0 million, which was recorded in asset impairment, restructuring, and other special charges. The following represents our weighted-average assumptions as of December 31: Defined Benefit Retiree Health (Percents) 2020 2019 2018 2020 2019 2018 Discount rate for benefit obligation 2.4 % 3.0 % 4.0 % 2.6 % 3.3 % 4.4 % Discount rate for net benefit costs 3.0 4.0 3.4 3.3 4.4 3.7 Rate of compensation increase for benefit obligation 3.3 3.3 3.4 Rate of compensation increase for net benefit costs 3.3 3.4 3.4 Expected return on plan assets for net benefit costs 7.3 7.4 7.4 6.0 6.0 8.0 We annually evaluate the expected return on plan assets in our defined benefit pension and retiree health benefit plans. In evaluating the expected rate of return, we consider many factors, with a primary analysis of current and projected market conditions; asset returns and asset allocations; and the views of leading financial advisers and economists. We may also review our historical assumptions compared with actual results, as well as the assumptions and trend rates utilized by similar plans, where applicable. Given the design of our retiree health benefit plans, healthcare-cost trend rates do not have a material impact on our financial condition or results of operations. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows: 2021 2022 2023 2024 2025 2026-2030 Defined benefit pension plans $ 639.2 $ 635.3 $ 645.8 $ 673.1 $ 689.6 $ 3,800.8 Retiree health benefit plans 91.2 91.2 91.2 94.9 95.7 481.8 Amounts relating to defined benefit pension plans with projected benefit obligations in excess of plan assets were as follows at December 31: 2020 2019 Projected benefit obligation $ 15,770.7 $ 14,039.7 Fair value of plan assets 11,824.4 10,483.4 Amounts relating to defined benefit pension plans and retiree health benefit plans with accumulated benefit obligations in excess of plan assets were as follows at December 31: Defined Benefit Retiree Health 2020 2019 2020 2019 Accumulated benefit obligation $ 14,682.3 $ 13,063.7 $ 223.8 $ 214.4 Fair value of plan assets 11,824.4 10,483.4 — — The total accumulated benefit obligation for our defined benefit pension plans was $17.03 billion and $15.17 billion at December 31, 2020 and 2019, respectively. Net pension and retiree health benefit expense included the following components: Defined Benefit Retiree Health 2020 2019 2018 2020 2019 2018 Components of net periodic (benefit) cost: Service cost $ 325.5 $ 250.4 $ 292.7 $ 40.8 $ 36.3 $ 41.5 Interest cost 425.8 486.0 458.5 43.7 58.0 57.3 Expected return on plan assets (901.5) (839.6) (842.1) (158.1) (144.3) (177.9) Amortization of prior service (benefit) cost 4.5 6.1 4.6 (59.5) (62.9) (79.5) Recognized actuarial loss (gain) 396.3 284.9 332.5 (3.0) 1.9 6.1 Curtailment (gain) loss — 2.2 1.3 — — (29.3) Net periodic (benefit) cost $ 250.6 $ 190.0 $ 247.5 $ (136.1) $ (111.0) $ (181.8) The following represents the amounts recognized in other comprehensive income (loss) for the years ended December 31, 2020 , 2019, and 2018: Defined Benefit Retiree Health 2020 2019 2018 2020 2019 2018 Actuarial gain (loss) arising during period $ (663.0) $ (1,461.0) $ 182.8 $ 238.8 $ 246.1 $ 37.5 Plan amendments during period (2.2) — (17.6) — — 14.1 Curtailment gain (loss) — 19.0 45.2 — — (31.8) Amortization of prior service (benefit) cost included in net income 4.5 6.1 4.6 (59.5) (62.9) (79.5) Amortization of net actuarial loss included in net income 396.3 284.9 332.5 (3.0) 1.9 6.1 Foreign currency exchange rate changes and other (71.5) (7.7) 47.1 2.4 3.6 (0.1) Total other comprehensive income (loss) during period $ (335.9) $ (1,158.7) $ 594.6 $ 178.7 $ 188.7 $ (53.7) We have defined contribution savings plans that cover our eligible employees worldwide. The purpose of these plans is generally to provide additional financial security during retirement by providing employees with an incentive to save. Our contributions to the plans are based on employee contributions and the level of our match. Expenses under the plans totaled $164.3 million, $145.2 million, and $132.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. We provide certain other postemployment benefits primarily related to disability benefits and accrue for the related cost over the service lives of employees. Expenses associated with these benefit plans for the years ended December 31, 2020, 2019, and 2018 were not material. Benefit Plan Investments Our benefit plan investment policies are set with specific consideration of return and risk requirements in relationship to the respective liabilities. U.S. and Puerto Rico plans represent approximately 80 percent of our global investments. Given the long-term nature of our liabilities, these plans have the flexibility to manage an above-average degree of risk in the asset portfolios. At the investment-policy level, there are no specifically prohibited investments. However, within individual investment manager mandates, restrictions and limitations are contractually set to align with our investment objectives, ensure risk control, and limit concentrations. We manage our portfolio to minimize concentration of risk by allocating funds within asset categories. In addition, within a category we use different managers with various management objectives to eliminate any significant concentration of risk. Our global benefit plans may enter into contractual arrangements (derivatives) to implement the local investment policy or manage particular portfolio risks. Derivatives are principally used to increase or decrease exposure to a particular public equity, fixed income, commodity, or currency market more rapidly or less expensively than could be accomplished through the use of the cash markets. The plans utilize both exchange-traded and over-the-counter instruments. The maximum exposure to either a market or counterparty credit loss is limited to the carrying value of the receivable, and is managed within contractual limits. We expect all of our counterparties to meet their obligations. The gross values of these derivative receivables and payables are not material to the global asset portfolio, and their values are reflected within the tables below. The defined benefit pension and retiree health benefit plan allocation for the U.S. and Puerto Rico currently comprises approximately 65 percent growth investments and 35 percent fixed-income investments. The growth investment allocation encompasses U.S. and international public equity securities, hedge funds, private equity-like investments, and real estate. These portfolio allocations are intended to reduce overall risk by providing diversification, while seeking moderate to high returns over the long term. Public equity securities are well diversified and invested in U.S. and international small-to-large companies across various asset managers and styles. The remaining portion of the growth portfolio is invested in private alternative investments. Fixed-income investments primarily consist of fixed-income securities in U.S. treasuries and agencies, emerging market debt obligations, corporate bonds, bank loans, mortgage-backed securities, commercial mortgage-backed obligations, and any related repurchase agreements. Hedge funds are privately owned institutional investment funds that generally have moderate liquidity. Hedge funds seek specified levels of absolute return regardless of overall market conditions, and generally have low correlations to public equity and debt markets. Hedge funds often invest substantially in financial market instruments (stocks, bonds, commodities, currencies, derivatives, etc.) using a very broad range of trading activities to manage portfolio risks. Hedge fund strategies focus primarily on security selection and seek to be neutral with respect to market moves. Common groupings of hedge fund strategies include relative value, tactical, and event driven. Relative value strategies include arbitrage, when the same asset can simultaneously be bought and sold at different prices, achieving an immediate profit. Tactical strategies often take long and short positions to reduce or eliminate overall market risks while seeking a particular investment opportunity. Event strategy opportunities can evolve from specific company announcements such as mergers and acquisitions, and typically have little correlation to overall market directional movements. Our hedge fund investments are made through limited partnership interests in fund-of-funds structures and directly into hedge funds. Plan holdings in hedge funds are valued based on net asset values (NAVs) calculated by each fund or general partner, as applicable, and we have the ability to redeem these investments at NAV. Private equity-like investment funds typically have low liquidity and are made through long-term partnerships or joint ventures that invest in pools of capital invested in primarily non-publicly traded entities. Underlying investments include venture capital (early stage investing), buyout, special situations, private debt, and private real estate investments. Private equity management firms typically acquire and then reorganize private companies to create increased long term value. Private equity-like funds usually have a limited life of approximately 10-15 years, and require a minimum investment commitment from their limited partners. Our private equity-like investments are made both directly into funds and through fund-of-funds structures to ensure broad diversification of management styles and assets across the portfolio. Plan holdings in private equity-like investments are valued using the value reported by the partnership, adjusted for known cash flows and significant events through our reporting date. Values provided by the partnerships are primarily based on analysis of and judgments about the underlying investments. Inputs to these valuations include underlying NAVs, discounted cash flow valuations, comparable market valuations, and may also include adjustments for currency, credit, liquidity and other risks as applicable. The vast majority of these private partnerships provide us with annual audited financial statements including their compliance with fair valuation procedures consistent with applicable accounting standards. Real estate is composed of public holdings. Real estate investments in registered investment companies that trade on an exchange are classified as Level 1 on the fair value hierarchy. Real estate investments in funds measured at fair value on the basis of NAV provided by the fund manager are classified as such. These NAVs are developed with inputs including discounted cash flow, independent appraisal, and market comparable analyses. Other assets include cash and cash equivalents and mark-to-market value of derivatives. The cash value of the trust-owned insurance contract is primarily invested in investment-grade publicly traded equity and fixed-income securities. Other than hedge funds, private equity-like investments, and a portion of the real estate holdings, which are discussed above, we determine fair values based on a market approach using quoted market values, significant other observable inputs for identical or comparable assets or liabilities, or discounted cash flow analyses. The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2020 by asset category were as follows: Fair Value Measurements Using Asset Class Total Quoted Prices in Active Markets for Significant Significant Investments Valued at Net Asset Value (1) Defined Benefit Pension Plans Public equity securities: U.S. $ 737.6 $ 476.1 $ — $ 1.0 $ 260.5 International 2,635.8 1,102.3 — — 1,533.5 Fixed income: Developed markets 4,301.3 2.9 3,179.2 — 1,119.2 Developed markets - repurchase agreements (1,670.8) — (1,670.8) — — Emerging markets 631.0 14.2 262.7 0.1 354.0 Private alternative investments: Hedge funds 2,661.3 — — — 2,661.3 Equity-like funds 2,844.7 — — 16.9 2,827.8 Real estate 558.9 259.6 6.9 5.8 286.6 Other 1,879.2 60.4 301.2 18.0 1,499.6 Total $ 14,579.0 $ 1,915.5 $ 2,079.2 $ 41.8 $ 10,542.5 Retiree Health Benefit Plans Public equity securities: U.S. $ 68.3 $ 45.0 $ — $ 0.1 $ 23.2 International 162.3 58.1 — — 104.2 Fixed income: Developed markets 101.5 — 80.3 — 21.2 Emerging markets 53.5 — 24.7 — 28.8 Private alternative investments: Hedge funds 229.7 — — — 229.7 Equity-like funds 223.4 — — 1.6 221.8 Cash value of trust owned insurance contract 2,204.6 — 2,204.6 — — Real estate 25.8 24.5 0.7 0.6 — Other 157.9 14.1 21.1 1.7 121.0 Total $ 3,227.0 $ 141.7 $ 2,331.4 $ 4.0 $ 749.9 (1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. No material transfers between Level 1, Level 2, or Level 3 occurred during the year ended December 31, 2020. The activity in the Level 3 investments during the year ended December 31, 2020 was not material. The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2019 by asset category were as follows: Fair Value Measurements Using Asset Class Total Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investments Valued at Net Asset Value (1) Defined Benefit Pension Plans Public equity securities: U.S. $ 794.2 $ 532.4 $ — $ — $ 261.7 International 2,439.2 1,046.8 — — 1,392.4 Fixed income: Developed markets 3,661.4 4.8 2,658.9 — 997.7 Developed markets - repurchase agreements (1,659.1) — (1,659.1) — — Emerging markets 648.0 18.5 277.4 4.1 348.0 Private alternative investments: Hedge funds 2,897.9 — — — 2,897.9 Equity-like funds 2,279.3 — — 16.8 2,262.5 Real estate 570.3 166.2 — — 404.1 Other 1,226.8 62.9 222.6 6.6 934.7 Total $ 12,858.0 $ 1,831.7 $ 1,499.8 $ 27.5 $ 9,499.0 Retiree Health Benefit Plans Public equity securities: U.S. $ 76.5 $ 52.1 $ — $ — $ 24.4 International 152.6 60.8 — — 91.8 Fixed income: Developed markets 82.7 — 56.3 — 26.4 Emerging markets 58.5 — 27.0 0.4 31.1 Private alternative investments: Hedge funds 250.8 — — — 250.8 Equity-like funds 187.4 — — 1.6 185.8 Cash value of trust owned insurance contract 1,832.2 — 1,832.2 — — Real estate 31.3 16.2 — — 15.1 Other 96.2 11.4 7.9 0.7 76.2 Total $ 2,768.2 $ 140.5 $ 1,923.4 $ 2.7 $ 701.6 (1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. No material transfers between Level 1, Level 2, or Level 3 occurred during the year ended December 31, 2019. The activity in the Level 3 investments during the year ended December 31, 2019 was not material.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies We are involved in various lawsuits, claims, government investigations and other legal proceedings that arise in the ordinary course of business. These claims or proceedings can involve various types of parties, including governments, competitors, customers, suppliers, service providers, licensees, employees, or shareholders, among others. These matters may involve patent infringement, antitrust, securities, pricing, sales and marketing practices, environmental, commercial, contractual rights, licensing obligations, health and safety matters, consumer fraud, employment matters, product liability and insurance coverage, among others. The resolution of these matters often develops over a long period of time and expectations can change as a result of new findings, rulings, appeals or settlement arrangements. Legal proceedings that are significant or that we believe could become significant or material are described below. We believe the legal proceedings in which we are named as defendants are without merit and we are defending against them vigorously. 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 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. Litigation accruals, environmental liabilities, and the related estimated insurance recoverables are reflected on a gross basis as liabilities and assets, respectively, on our consolidated balance sheets. With respect to the product liability claims currently asserted against us, we have accrued for our estimated exposures to the extent they are both probable and reasonably estimable based on the information available to us. We accrue for certain product liability claims incurred but not filed to the extent we can formulate a reasonable estimate of their costs. We estimate these expenses based primarily on historical claims experience and data regarding product usage. Legal defense costs expected to be incurred in connection with significant product liability loss contingencies are accrued when both probable and reasonably estimable. Because of the nature of pharmaceutical products, it is possible that we could become subject to large numbers of additional product liability and related claims in the future. Due to a very restrictive market for product liability insurance, we are self-insured for product liability losses for all our currently and previously marketed products. Patent Litigation Alimta Patent Litigation 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 and cash flows. 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 (pemetrexed) is protected by a vitamin regimen patent until 2021, plus pediatric exclusivity through May 2022. In August 2017, we filed a lawsuit in the U.S. District Court for the Southern District of Indiana against Apotex Inc. (Apotex) alleging infringement of Alimta's vitamin regimen patent for its application to market a pemetrexed product. In December 2019, the U.S. District Court for the Southern District of Indiana granted our motion for summary judgment of infringement, and in December 2020, the U.S. Court of Appeals for the Federal Circuit affirmed that ruling. Apotex did not request reconsideration or a rehearing of that ruling. However, Apotex could petition the U.S. Supreme Court to review the case. 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 and that 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 France and Fresenius Kabi Groupe France’s (collectively, Kabi) pemetrexed product. The court issued an injunction against Kabi and provisionally awarded us damages. In January 2021, that same court issued a preliminary injunction against Zentiva France S.A.S. (Zentiva), the last remaining company with a generic pemetrexed product on the French market, and provisionally awarded us damages. In October 2020, the Court of Appeal of the Netherlands overturned a lower court decision and ruled that our Alimta patent is valid and infringed and reinstated an injunction against Kabi, thereby removing Kabi's pemetrexed product from the Netherlands market. Kabi has appealed this decision to the Netherlands Supreme Court. 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 In October 2020, the Japanese Patent Office (JPO) issued notices closing Hopira Inc.'s (Hospira) invalidation against our Japanese Alimta patents. As a result, Hospira filed a withdrawal notice with the JPO and the JPO accepted the withdrawal in November. This matter is now closed. Emgality Patent Litigation In September 2018, we were 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 ad ults. Trial is expected in December 2021. Separat ely, 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. In April 2020, we appealed the USPTO’s March 2020 ruling, and Teva appealed the USPTO’s February 2020 ruling to the U.S. Court of Appeals for the Federal Circuit . The district court litigation will proceed in parallel with the IPR appeals. Jardiance Patent Litigation In November 2018, Boehringer Ingelheim (BI), our partner in marketing and development of Jardiance, initiated U.S. patent litigation in the U.S. District Court of Delaware alleging infringement arising from Alkem Laboratories Ltd.'s (Alkem) and Ascend Laboratories, LLC's (Ascend) submissions of Abbreviated New Drug Applications (ANDA) seeking approval to market generic versions of 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). Particularly with respect to Jardiance, Alkem's and Ascend's ANDAs seek approval to market generic versions of Jardiance prior to the expiration of the relevant patents, and allege that certain patents, including in some allegations the compound patent, are invalid or would not be infringed. We are not a party to this litigation. Trial was scheduled for April 2021 but has been postponed. Taltz Patent Litigation In July 2018, we were named as a defendant in litigation filed by Genentech, Inc. (Genentech) in Germany seeking a ruling that Genentech’s patent would be in fringed 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. In January 2021, we entered into a settlement agreement with Novartis whereby all pending litigation in Germany related to the Taltz patent has been withdrawn and this matter has concluded. We were also named in litigation in the U.K. in which Genentech asserted similar claims regarding its corresponding U.K. patent. Novartis purchased Genentech's U.K. patent rights for Taltz, sought substitution for Genentech in the U.K. litigation and then sought dismissal of all appeals. Orders to this effect were issued by the Patents Court and Court of Appeal in November 2020 and these matters have concluded. Zyprexa Canada Patent Litigation Beginning in the mid-2000’s, several generic companies in Canada challenged the validity of our Zyprexa compound patent. In 2012, the Canadian Federal Court of Appeals denied our appeal of a lower court's decision t hat certain patent claims were invalid for lack of utility. In 2013, Apotex Inc. and Apotex Pharmachem Inc. (collectively, Apotex) brought claims against us in the Ontario Superior Court of Justice at Toronto for damages related to our enforcement of the Zyprexa compound patent under Canadian regulations governing patented drugs. Apotex seeks compensation based on novel legal theories under the Statute of Monopolies, Trade-Mark Act, and common law. Trial is expected in 2021 or 2022. Product Liability Litigation Actos ® Product Liability We are named along with Takeda Chemical Industries, Ltd. and Takeda affiliates (collectively, Takeda) as a defendant in four purported product liability class actions in Canada related to Actos, which we commercialized with Takeda in Canada until 2009, including one in Ontario filed December 2011 ( Casseres et al. v. Takeda Pharmaceutical North America, Inc., et al. ), one in Quebec filed July 2012 ( Whyte et al. v. Eli Lilly et al. ), one in Saskatchewan filed November 2017 ( Weiler v. Takeda Canada Inc. et al. ), and one in Alberta filed January 2013 ( Epp v. Takeda Canada Inc. et al. ). In general, plaintiffs in these actions alleged that Actos caused or contributed to their bladder cancer. Byetta ® Product Liability First initiated in March 2009, we are named as a defendant in approximately 570 Byetta product liability lawsuits in the U.S. involving approximately 810 plaintiffs. Approximately 55 of these lawsuits, covering about 285 plaintiffs, are filed in California state court and coordinated in a Los Angeles Superior Court. Approximately 515 of the lawsuits, covering about 515 plaintiffs, are filed in federal court, the majority of which are coordinated in a multi-district litigation (MDL) in the U.S. District Court for the Southern District of California. Three lawsuits, representing approximately four plaintiffs, have also been filed in various state courts. Approximately 565 of the lawsuits, involving approximately 800 plaintiffs, contain allegations that Byetta caused or contributed to the plaintiffs' cancer (primarily pancreatic cancer or thyroid cancer); while six plaintiffs allege Byetta caused or contributed to pancreatitis. In addition, one case alleges that Byetta caused or contributed to ampullary cancer. The federal and state trial courts granted summary judgment in favor of us and our co-defendants on the claims alleging pancreatic cancer. The plaintiffs appealed those rulings. In November 2017, the U.S. Court of Appeals for the Ninth Circuit reversed the U.S. District Court's grant of summary judgment based on that court's discovery rulings and remanded the cases for further proceedings. In November 2018, the California Court of Appeal reversed the state court's grant of summary judgment based on that court's discovery rulings and remanded for further proceedings. We are aware of approximately 20 additional claimants who have not yet filed suit. These additional claims allege damages for pancreatic cancer or thyroid cancer. Cialis Product Liability First initiated in August 2015, we are named as a defendant in approximately 350 Cialis product liability lawsuits in the U.S. These cases, many of which were originally filed in various federal courts, contain allegations that Cialis caused or contributed to the plaintiffs' cancer (melanoma). In December 2016, the Judicial Panel on Multidistrict Litigation (JPML) granted the plaintiffs' petition to have filed cases and an unspecified number of future cases coordinated into a federal multidistrict litigation (MDL) in the U.S. District Court for the Northern District of California, alongside an existing coordinated proceeding involving Viagra®. The JPML ordered the transfer of the existing cases to the now-renamed MDL In re: Viagra (Sildenafil Citrate) and Cialis (Tadalafil) Products Liability Litigation . In April 2020, the MDL court granted summary judgment to the defendants on all of the claims brought against them by the plaintiffs. In May 2020, plaintiffs filed an appeal in the U.S. Court of Appeals for the Ninth Circuit. Jardiance Product Liability First initiated in January 2019, we and Boehringer Ingelheim Pharmaceuticals, Inc., a subsidiary of BI, have been named as a defendant in approximately 95 product liability lawsuits in the U.S., mostly in Stamford Superior Court in Connecticut, alleging that Jardiance caused or contributed to plaintiffs’ Fournier’s gangrene. Our agreement with BI calls for BI to defend and indemnify us against any damages, costs, expenses, and certain other losses with respect to product liability claims in accordance with the terms of the agreement. Environmental Proceedings Under the Comprehensive Environmental Response, Compensation, and Liability Act, commonly known as "Superfund," we have been designated as one of several potentially responsible parties with respect to the cleanup of fewer than 10 sites. Under Superfund, each responsible party may be jointly and severally liable for the entire amount of the cleanup. Other Matters 340B Litigation We are the plaintiff in a lawsuit filed in January 2021 in the U.S. District Court for the Southern District of Indiana against the U.S. Department of Health and Human Services (HHS), the Secretary of HHS, the Health Resources and Services Administration (HRSA), and the Administrator of HRSA. The lawsuit challenges the HHS's December 30, 2020 advisory opinion stating that drug manufacturers are required to deliver discounts under the 340B program to all contract pharmacies. We seek a declaratory judgment that the defendants violated the Administrative Procedures Act and the U.S. Constitution, a preliminary injunction enjoining implementation of the alternative dispute resolution process created by defendants and, with it, their application of the advisory opinion, and other related relief. A hearing on our motion for preliminary injunction has been scheduled for February 26, 2021. In January 2021, we, along with other pharmaceutical manufacturers, were named as a defendant in a petition currently pending before the HHS Administration Dispute Resolution Panel. Petitioner seeks declaratory and other injunctive relief related to the 340B program. Brazil Litigation – Cosmopolis Facility Labor Attorney Litigation First initiated in 2008, 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 a liquidated award of 300 million Brazilian real (for moral damages, donation of equipment, and creation of a foundation) which, adjusted for inflation and interest using the current Central Bank of Brazil's special system of clearance and custody rate (SELIC), is approximately 950 million Brazilian real (approximately $180 million as of December 31, 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. The cost of any such health coverage has not been determined. 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 has stayed its decision on this writ and instead directed the parties to attend conciliation hearings, a process that concluded unsuccessfully in September 2020. Consequently, the partial stay of the proceedings relating to Lilly Brasil's application to appeal in the main proceedings has been lifted. In addition, the Labor Attorney's application for preliminary enforcement of the July 2018 healthcare coverage ruling was granted. 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. Individual Former Employee Litigation First initiated in 2003, we have also been 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. China NDRC Antitrust Matter The competition authority in China has investigated our distributor pricing practices in China in connection with a broader inquiry into pharmaceutical industry pricing. We have cooperated with this investigation. Eastern District of Pennsylvania Pricing (Average Manufacturer Price) Inquiry In November 2014, we, along with another pharmaceutical manufacturer, are named as co-defendants in United States et al. ex rel. Streck v. Takeda Pharm. Am., Inc., et al. , which was filed in November 2014 and unsealed in the U.S. District Court for the Northern District of Illinois. The complaint alleges that the defendants should have treated certain credits from distributors as retroactive price increases and included such increases in calculating average manufacturer prices. Trial is scheduled for February 2022. Health Choice Alliance We are named as a defendant in a lawsuit filed in June 2017 in the U.S. District Court for the Eastern District of Texas seeking damages under the federal anti-kickback statute and state and federal false claims acts for certain patient support programs related to our products Humalog, Humulin, and Forteo. In September 2019, the U.S. District Court granted the U.S. Department of Justice’s motion to dismiss the relator’s second amended complaint. In January 2020, the relator appealed the District Court’s dismissal to the U.S. Court of Appeals for the Fifth Circuit. We are also named as a defendant in two similar lawsuits filed in Texas and New Jersey state courts in October 2019 seeking damages under the Texas Medicaid Fraud Prevention Act and New Jersey Medicaid False Claims Act, respectively. In November 2020, the Texas state court action was stayed pending a decision by the U.S. Court of Appeals for the Fifth Circuit on the aforementioned District Court appeal. Pricing Litigation, Investigations, and Inquires Litigation In December 2017, we, along with Sanofi-Aventis U.S. LLC (Sanofi) and Novo Nordisk, Inc. (Novo Nordisk) were 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, in February 2018, we, along with Sanofi and Novo Nordisk, were 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, filed in the same court in November 2020, 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. both initiated in March 2020, 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. In October 2018, the Minnesota Attorney General’s Office 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, in May 2019, 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. In November 2019, 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. Investigations, Subpoenas, and Inquiries We received a subpoena from the New York a nd Vermont Attorney General Offices 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. In January 2021, the Senate’s Committee on Finance released a report summarizing the findings of its investigation. We are cooperating with all of these aforementioned investigations, subpoenas, and inquiries. Research Corporation Technologies, Inc.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) The following table summarizes the activity related to each component of other comprehensive income (loss): 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 Beginning balance at January 1, 2018 (1) $ (1,191.7) $ 113.5 $ (4,311.3) $ (234.3) $ (71.1) $ (5,694.9) Reclassification due to adoption of new accounting standard (2) — (128.9) — — — (128.9) Other comprehensive income (loss) before reclassifications (378.0) 24.5 250.7 (16.3) 12.2 (106.9) Net amount reclassified from accumulated other comprehensive loss — (31.2) 207.9 11.7 2.1 190.5 Net other comprehensive income (loss) (378.0) (6.7) 458.6 (4.6) 14.3 83.6 Balance at December 31, 2018 (3) (1,569.7) (22.1) (3,852.7) (238.9) (56.8) (5,740.2) Other comprehensive income (loss) before reclassifications (46.2) 28.9 (967.6) 14.5 (27.2) (997.6) Net amount reclassified from accumulated other comprehensive loss (62.1) (1.9) 181.7 12.5 84.0 214.2 Net other comprehensive income (loss) (108.3) 27.0 (785.9) 27.0 56.8 (783.4) Balance at December 31, 2019 (1,678.0) 4.9 (4,638.6) (211.9) — (6,523.6) Other comprehensive income (loss) before reclassifications 250.5 6.8 (379.7) (133.8) — (256.2) Net amount reclassified from accumulated other comprehensive loss — 3.1 267.3 13.0 — 283.4 Net other comprehensive income (loss) 250.5 9.9 (112.4) (120.8) — 27.2 Ending balance at December 31, 2020 $ (1,427.5) $ 14.8 $ (4,751.0) $ (332.7) $ — $ (6,496.4) (1) Accumulated other comprehensive loss as of January 1, 2018 consists of $5.72 billion of accumulated other comprehensive loss attributable to controlling interest and $23.7 million of accumulated other comprehensive income attributable to noncontrolling interest. (2) This reclassification consists of $105.2 million of accumulated other comprehensive income attributable to controlling interest and $23.7 million of accumulated other comprehensive income attributable to noncontrolling interest. Refer to Note 1 for further details regarding the reclassification due to the adoption of ASU 2016-01. (3) Accumulated other comprehensive loss as of December 31, 2018 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) for the years ended December 31, were as follows: Tax benefit (expense) 2020 2019 2018 Foreign currency translation gains/losses $ 128.3 $ (18.4) $ 51.6 Unrealized net gains/losses on securities (4.3) (7.4) 2.1 Defined benefit pension and retiree health benefit plans 44.8 184.1 (85.3) Effective portion of cash flow hedges 32.1 (7.3) 1.3 Benefit/(provision) for income taxes allocated to other comprehensive income (loss) items $ 200.9 $ 151.0 $ (30.3) 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 statements of operations. Reclassifications out of accumulated other comprehensive loss were as follows: Details about Accumulated Other Year Ended December 31, Affected Line Item in the Consolidated Statements of Operations 2020 2019 2018 Amortization of retirement benefit items: Prior service benefits, net $ (55.0) $ (56.8) $ (74.9) Other—net, (income) expense Actuarial losses 393.3 286.8 338.6 Other—net, (income) expense Total before tax 338.3 230.0 263.7 Tax benefit (71.0) (48.3) (55.8) Income taxes Net of tax 267.3 181.7 207.9 Other, net of tax 16.1 (51.5) (19.5) Other—net, (income) expense Reclassifications from continuing operations (net of tax) 283.4 130.2 188.4 Reclassifications from discontinued operations (net of tax) — 84.0 2.1 Net income from discontinued operations Total reclassifications for the period, net of tax $ 283.4 $ 214.2 $ 190.5

Other-Net, (Income) Expense

Other-Net, (Income) Expense	12 Months Ended
	Dec. 31, 2020
Nonoperating Income (Expense) [Abstract]
Other-Net, (Income) Expense	Other–Net, (Income) Expense Other–net, (income) expense consisted of the following: 2020 2019 2018 Interest expense $ 359.6 $ 400.6 $ 242.5 Interest income (33.0) (80.4) (159.3) Debt extinguishment loss (Note 11) — 252.5 — Gain on sale of antibiotic business in China (Note 3) — (309.8) — Retirement benefit plans (251.8) (209.9) (240.5) Other (income) expense (1,246.7) (344.6) 11.7 Other–net, (income) expense $ (1,171.9) $ (291.6) $ (145.6)

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On September 24, 2018, Elanco completed its initial public offering (IPO) resulting in the issuance of 72.3 million shares of its common stock, which represented 19.8 percent of Elanco's outstanding shares, at $24 per share. In connection with the completion of the IPO, through a series of equity and other transactions, we transferred to Elanco the animal health businesses that formed its business. In exchange, Elanco transferred to us consideration of approximately $4.2 billion, which consisted primarily of the net proceeds from the IPO and the net proceeds from a $2.00 billion debt offering and a $500.0 million three-year term loan facility entered into by Elanco in August 2018. The consideration that we received was used for debt repayment, dividends, and share repurchases. The excess of the net proceeds from the IPO over the net book value of our divested interest was $629.2 million and was recorded in additional paid-in capital. Through March 11, 2019, we continued to consolidate Elanco, as we retained control over Elanco. We completed the disposition of our remaining 80.2 percent ownership of Elanco common stock through a tax-free exchange offer that closed on March 11, 2019 (the disposition date). The earnings attributable to the divested, noncontrolling interest for the period from the IPO until disposition were not material. As a result of the disposition, in the first quarter of 2019, we recognized a gain related to the disposition of approximately $3.7 billion, and we presented Elanco, including the gain related to the disposition, as discontinued operations in our consolidated financial statements for all periods presented. The following table sets summarizes revenue and net income from discontinued operations: 2019 2018 Revenue from discontinued operations $ 580.0 $ 3,062.4 Net income from discontinued operations 3,680.5 81.4 The gain related to the disposition of Elanco in the consolidated statement of cash flows includes the operating results of Elanco through the disposition date, which were not material. Net cash flows of our discontinued operations for operating activities were not material for the year ended December 31, 2019. Net cash provided by operating activities related to our discontinued operations was approximately $500 million for the year ended December 31, 2018. The net cash flows of our discontinued operations for investing activities were not material for any period presented. We entered into a transitional services agreement (TSA) with Elanco that is designed 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 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Implementation of New Financial Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Research and Development Expense and Acquired In-Process Research and Development (IPR&D)	Research and Development Expenses and Acquired In-Process Research and Development (IPR&D) Research and development expenses include the following: • Research and development costs, which are expensed as incurred. • Milestone payment obligations incurred prior to regulatory approval of the product, which are accrued when the event requiring payment of the milestone occurs. Acquired IPR&D expense includes the initial costs of externally developed IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use.
Earnings Per Share (EPS)	Earnings Per Share (EPS)We calculate basic EPS based on the weighted-average number of common shares outstanding and incremental shares from potential participating securities. We calculate diluted EPS based on the weighted-average number of common shares outstanding, including incremental shares from our stock-based compensation programs.
Foreign Currency Translation	Foreign Currency Translation Operations in our subsidiaries outside the United States (U.S.) are recorded in the functional currency of each subsidiary which is determined by a review of the environment where each subsidiary primarily generates and expends cash. The results of operations for our subsidiaries outside the U.S. are translated from functional currencies into U.S. dollars using the weighted average currency rate for the period. Assets and liabilities are translated using the period end exchange rates. The U.S. dollar effects that arise from translating the net assets of these subsidiaries are recorded in other comprehensive income (loss).
Advertising Expenses	Advertising ExpensesCosts associated with advertising are expensed as incurred and are included in marketing, selling, and administrative expenses.
Implementation of New Financial Accounting Standards	Implementation of New Financial Accounting Standards Effective January 1, 2019, we adopted Accounting Standards Update 2016-02, Leases , using the modified retrospective approach, applied at the beginning of the period of adoption, and we elected the package of transitional practical expedients. The adoption of this standard resulted in recording of operating lease assets of approximately $530 million, which included reclassifying approximately $65 million of deferred rent and lease incentives, net of prepaid rent, as a component of the operating lease assets as of January 1, 2019. The adoption also resulted in recording operating lease liabilities of approximately $595 million as of January 1, 2019. Our accounting for finance leases remained substantially unchanged. Adoption of this standard did not result in a material change in net income in the year of adoption. Effective January 1, 2018, we adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers, and other related updates. This standard requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We applied this standard to contracts for which performance was not substantially complete as of the date of adoption. For those contracts that were modified prior to the date of adoption, we reflected the aggregate effect of those modifications when determining the appropriate accounting under the new standard. We don’t believe the effect of applying this practical expedient resulted in material differences. We applied this standard through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Upon adoption, the cumulative effect of applying this standard resulted in an increase of approximately $5 million to retained earnings as of January 1, 2018. Adoption of this standard did not result in a material change in revenue or net income in the year of adoption. Effective January 1, 2018, we adopted Accounting Standards Update 2016-01 (ASU 2016-01), Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. This standard requires entities to recognize changes in the fair value of equity investments with readily determinable fair values in net income (except for investments accounted for under the equity method of accounting or those that result in consolidation of the investee). We applied the new standard through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Upon adoption, we reclassified from accumulated other comprehensive loss the after-tax amount of net unrealized gains resulting in an increase to retained earnings of approximately $105 million as of January 1, 2018. Adoption of this standard did not result in a material change in net income in the year of adoption. Effective January 1, 2018, we adopted Accounting Standards Update 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory. This standard requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time of transfer. We adopted this standard using a modified retrospective approach. Upon adoption, the cumulative effect of applying this standard resulted in an increase of approximately $700 million to retained earnings, $2.5 billion to deferred tax assets, and $1.8 billion to deferred tax liabilities as of January 1, 2018. Adoption of this standard did not result in a material change in net income in the year of adoption. 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 15 for additional information.
Business Combinations	Under this method, the assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated financial statements. The determination of estimated fair value required management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets, where applicable, has been recorded as goodwill. The results of operations of these acquisitions have been included in our consolidated financial statements from the date of acquisition.Upon each acquisition, the cost allocated to acquired IPR&D was immediately expensed because the compound acquired had no alternative future use.
Inventories	We use the last-in, first-out (LIFO) method for the majority of our inventories located in the continental U.S. Other inventories are valued by the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost.
Concentration Risk, Credit Risk	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.
Investment	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.
Derivatives	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.
Goodwill and Intangible Assets	Goodwill results from excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not amortized but is reviewed for impairment at least annually, or more frequently if impairment indicators are present, by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If we conclude it is more likely than not that the fair value is less than the carrying amount, a quantitative test that compares the fair value to its carrying value is performed to determine the amount of any impairment.For transactions other than a business combination, we capitalize milestone payments incurred at or after the product has obtained regulatory approval for marketing.The costs of acquired IPR&D projects acquired directly in a transaction other than a business combination are capitalized as other intangible assets if the projects have an alternative future use; otherwise, they are expensed immediately. See Note 3 for acquired IPR&D projects that had no alternative future use. Several methods may be used to determine the estimated fair value of other intangibles acquired in a business combination. We utilize the “income method,” which is a Level 3 fair value measurement and applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected revenues and estimated costs. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products, analyst expectations, and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each asset independently. The acquired IPR&D assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are tested for impairment and amortized over the remaining useful life or written off, as appropriate. ndefinite-lived intangible assets are reviewed for impairment at least annually, or more frequently if impairment indicators are present, by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If we conclude it is more likely than not that the fair value is less than the carrying amount, a quantitative test that compares the fair value of the intangible asset to its carrying value is performed to determine the amount of any impairment. Finite-lived intangible assets are reviewed for impairment when an indicator of impairment is present. When required, a comparison of fair value to the carrying amount of assets is performed to determine the amount of any impairment. When determining the fair value of indefinite-lived acquired IPR&D as well as the fair value of finite-lived intangible assets for impairment testing purposes, we utilize the "income method" discussed above.
Property, Plant and Equipment	Property and equipment is stated on the basis of cost. Provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives (12 to 50 years for buildings and three
Share-based Compensation, Option and Incentive Plans	We recognize the fair value of stock-based compensation as expense over the requisite service period of the individual grantees, which generally equals the vesting period. We provide newly issued shares of our common stock and treasury stock to satisfy the issuance of PA, SVA, RVA, and RSU shares.
Income Taxes	Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting based on enacted tax laws and rates. Deferred taxes related to GILTI, global intangible low-taxed income, are also recognized for the future tax effects of temporary differences. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position, based on its technical merits, will be sustained upon examination by the taxing authority. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate resolution.
Commitments and Contingencies	Litigation accruals, environmental liabilities, and the related estimated insurance recoverables are reflected on a gross basis as liabilities and assets, respectively, on our consolidated balance sheets. With respect to the product liability claims currently asserted against us, we have accrued for our estimated exposures to the extent they are both probable and reasonably estimable based on the information available to us. We accrue for certain product liability claims incurred but not filed to the extent we can formulate a reasonable estimate of their costs. We estimate these expenses based primarily on historical claims experience and data regarding product usage. Legal defense costs expected to be incurred in connection with significant product liability loss contingencies are accrued when both probable and reasonably estimable.Because of the nature of pharmaceutical products, it is possible that we could become subject to large numbers of additional product liability and related claims in the future. Due to a very restrictive market for product liability insurance, we are self-insured for product liability losses for all our currently and previously marketed products.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes our revenue recognized in our consolidated statements of operations: 2020 2019 2018 Net product revenue $ 22,694.8 $ 20,377.3 $ 19,866.4 Collaboration and other revenue (1) 1,845.0 1,942.2 1,626.9 Revenue $ 24,539.8 $ 22,319.5 $ 21,493.3 (1) Collaboration and other revenue associated with prior period transfers of intellectual property was $135.6 million, $301.5 million, and $303.2 million during the years ended December 31, 2020, 2019, and 2018, respectively. The following table summarizes revenue by product: U.S. Outside U.S. 2020 2019 2018 2020 2019 2018 Revenue—to unaffiliated customers: Diabetes: Trulicity ® $ 3,835.9 $ 3,155.2 $ 2,515.8 $ 1,232.2 $ 972.7 $ 683.3 Humalog ® (1) 1,485.6 1,669.7 1,787.8 1,140.3 1,151.0 1,208.7 Humulin ® 866.4 879.7 910.2 393.2 410.4 421.2 Jardiance (2) 620.8 565.9 400.2 533.0 378.3 258.1 Basaglar ® 842.3 876.2 622.8 282.1 236.3 178.5 Trajenta (3) 95.6 224.8 224.2 263.0 365.8 350.5 Other Diabetes 162.5 158.0 146.0 81.5 88.1 112.2 Total Diabetes 7,909.1 7,529.5 6,607.0 3,925.3 3,602.6 3,212.5 Oncology: Alimta ® 1,265.3 1,219.5 1,131.0 1,064.7 896.4 1,001.9 Cyramza ® 381.9 335.3 291.5 650.8 589.9 529.9 Verzenio ® 618.2 454.8 248.5 294.4 124.9 6.6 Erbitux ® 480.1 487.9 531.6 56.3 55.4 103.8 Other Oncology 46.6 111.0 200.6 461.0 339.3 215.1 Total Oncology 2,792.1 2,608.5 2,403.2 2,527.2 2,005.9 1,857.3 Immunology: Taltz ® 1,288.5 1,016.8 738.7 500.0 349.6 198.7 Olumiant ® 63.8 42.2 6.7 575.0 384.7 195.9 Other Immunology 20.0 — — 14.6 — — Total Immunology 1,372.3 1,059.0 745.4 1,089.6 734.3 394.6 Neuroscience: Cymbalta ® 42.1 49.6 54.3 725.6 675.8 653.7 Zyprexa ® 46.1 41.0 36.2 360.5 377.6 435.1 Emgality ® 325.9 154.9 4.9 37.0 7.7 — Other Neuroscience 73.2 111.0 182.0 220.9 305.3 454.5 Total Neuroscience 487.3 356.5 277.4 1,344.0 1,366.4 1,543.3 Other: Forteo ® 510.3 645.5 757.9 536.0 759.1 817.7 Bamlanivimab (4) 850.0 — — 21.2 — — Cialis ® 61.8 231.7 1,129.2 545.4 658.8 722.7 Other 246.4 291.9 471.8 321.8 469.7 553.3 Total Other 1,668.4 1,169.1 2,358.8 1,424.4 1,887.7 2,093.7 Revenue $ 14,229.3 $ 12,722.6 $ 12,391.9 $ 10,310.5 $ 9,596.8 $ 9,101.4 Numbers may not add due to rounding. (1) Humalog revenue includes insulin lispro. (2) Jardiance revenue includes Glyxambi ® and Synjardy ® , and Trijardy ® XR. (3) Trajenta revenue includes Jentadueto ® . (4) Bamlanivimab sales are pursuant to EUA. The following table summarizes revenue by geographical area: 2020 2019 2018 Revenue—to unaffiliated customers (1) : U.S. $ 14,229.3 $ 12,722.6 $ 12,391.9 Europe 4,187.7 3,765.0 3,663.1 Japan 2,583.1 2,547.6 2,407.4 China 1,116.9 939.4 750.8 Other foreign countries 2,422.7 2,344.9 2,280.1 Revenue $ 24,539.8 $ 22,319.5 $ 21,493.3 Numbers may not add due to rounding. (1) Revenue is attributed to the countries based on the location of the customer.
Schedule of Amounts Recorded for Contract Liabilities	The following table summarizes contract liability balances: 2020 2019 Contract liabilities $ 276.8 $ 264.6

Acquisitions and Divestiture (T

Acquisitions and Divestiture (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Schedule of Recognized Identified 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.
Schedule of Research and Development Assets Acquired Other than Through Business Combination	The following table and narrative summarize our asset acquisitions during 2020, 2019, and 2018. Counterparty Compound(s),Therapy, or Asset 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. (AbCellera) (2) Neutralizing antibodies for the treatement and prevention of COVID-19 March 2020 Pre-clinical 25.0 Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences) 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 Innovent Biologics, Inc. (Innovent) Sintilimab injection, an anti-PD-1 monoclonal antibody immuno-oncology medicine, for geographies outside of China October 2020 Phase III 200.0 Disarm Therapeutics, Inc. (Disarm) Disease-modifying therapeutics program for patients with axonal degeneration October 2020 Pre-clinical 126.3 Fochon Pharmaceuticals, Ltd. Pre-clinical molecule targeting hematological malignancies November 2020 Pre-clinical 40.0 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 somatostatin receptor type 4 agonist July 2019 Phase I 47.5 Sigilon Therapeutics, Inc. Encapsulated cell therapies for the potential treatment of type 1 diabetes April 2018 Pre-clinical 66.9 AurKa Pharma Inc. AK-01, an Aurora kinase A inhibitor June 2018 Phase I 81.8 ARMO BioSciences, Inc. (ARMO) Cancer therapy - pegilodecakin June 2018 Phase III 1,475.8 Anima Biotech Inc. Translation inhibitors for selected neuroscience targets July 2018 Pre-clinical 30.0 SIGA Technologies, Inc. Priority Review Voucher October 2018 Not applicable 80.0 Chugai Pharmaceutical Co., Ltd. OWL833, an oral non-peptidic GLP-1 receptor agonist October 2018 Pre-clinical 50.0 NextCure, Inc. Immuno-oncology cancer therapies November 2018 Pre-clinical (4) 28.1 Dicerna Pharmaceuticals Inc. Cardio-metabolic disease, neurodegeneration, and pain December 2018 Pre-clinical 148.7 Hydra Biosciences TRPA1 antagonists program for the potential treatment of chronic pain syndromes December 2018 Pre-clinical 22.6 (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 expenses 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. (4) This research and development collaboration agreement terminated effective March 2020.

Collaborations and Other Arra_2

Collaborations and Other Arrangements (Tables)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions	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: 2020 2019 2018 Basaglar $ 1,124.4 $ 1,112.6 $ 801.2 Jardiance 1,153.8 944.2 658.3 Trajenta 358.5 590.6 574.7 2020 2019 2018 Olumiant $ 638.9 $ 426.9 $ 202.5

Asset Impairment, Restructuri_2

Asset Impairment, Restructuring, and Other Special Charges (Tables)	12 Months Ended
	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Schedule of Other Operating Cost and Expense, by Component	The components of the charges included in asset impairment, restructuring, and other special charges in our consolidated statements of operations are described below: 2020 2019 2018 Severance $ 151.2 $ 77.8 $ 127.8 Asset impairment (gain) and other special charges (20.0) 497.8 139.1 Total asset impairment, restructuring, and other special charges $ 131.2 $ 575.6 $ 266.9

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories at December 31 consisted of the following: 2020 2019 Finished products $ 758.9 $ 647.3 Work in process 2,535.4 2,067.6 Raw materials and supplies 651.2 424.6 Total (approximates replacement cost) 3,945.5 3,139.5 Increase to LIFO cost 34.8 51.2 Inventories $ 3,980.3 $ 3,190.7

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	The following effects of risk-management instruments were recognized in other–net, (income) expense: 2020 2019 2018 Fair value hedges: Effect from hedged fixed-rate debt $ 86.9 $ 112.1 $ (40.9) Effect from interest rate contracts (86.9) (112.1) 40.9 Cash flow hedges: Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss 16.4 15.9 14.8 Cross-currency interest rate swaps (102.4) (17.1) — Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments (123.7) 61.9 100.0 Total $ (209.7) $ 60.7 $ 114.8
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: 2020 2019 2018 Net investment hedges: Foreign currency-denominated notes $ (404.0) $ 40.1 $ 110.4 Cross-currency interest rate swaps (207.9) 47.4 96.8 Foreign currency exchange contracts — — 5.7 Cash flow hedges: Forward-starting interest rate swaps (110.9) 31.6 — Cross-currency interest rate swaps (53.7) (8.3) —
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows: 2020 2019 2018 Net investment hedges: Foreign currency-denominated notes $ (404.0) $ 40.1 $ 110.4 Cross-currency interest rate swaps (207.9) 47.4 96.8 Foreign currency exchange contracts — — 5.7 Cash flow hedges: Forward-starting interest rate swaps (110.9) 31.6 — Cross-currency interest rate swaps (53.7) (8.3) —
Fair Value, Assets Measured on Recurring Basis	The following tables summarize certain fair value information at December 31 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments: Fair Value Measurements Using Description Carrying Cost (1) Quoted Prices in Active Markets for Identical Assets Significant Significant Fair December 31, 2020 Cash equivalents $ 2,097.9 $ 2,097.9 $ 2,097.9 $ — $ — $ 2,097.9 Short-term investments: U.S. government and agency securities $ 9.9 $ 9.9 $ 9.9 $ — $ — $ 9.9 Corporate debt securities 2.8 2.8 — 2.8 — 2.8 Asset-backed securities 1.2 1.2 — 1.2 — 1.2 Other securities 10.3 10.3 — — 10.3 10.3 Short-term investments $ 24.2 Noncurrent investments: U.S. government and agency securities $ 78.7 $ 74.3 $ 78.7 $ — $ — $ 78.7 Corporate debt securities 137.0 126.8 — 137.0 — 137.0 Mortgage-backed securities 106.4 101.4 — 106.4 — 106.4 Asset-backed securities 24.3 23.7 — 24.3 — 24.3 Other securities 110.5 31.8 — — 110.5 110.5 Marketable equity securities 1,664.2 311.6 1,664.2 — — 1,664.2 Equity investments without readily determinable fair values (2) 373.9 Equity method investments (2) 471.8 Noncurrent investments $ 2,966.8 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, Liabilities Measured on Recurring Basis	Fair Value Measurements Using Description Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair Short-term commercial paper borrowings December 31, 2020 $ — $ — $ — $ — $ — December 31, 2019 (1,494.2) — (1,491.6) — (1,491.6) Long-term debt, including current portion December 31, 2020 $ (16,595.3) $ — $ (19,038.9) $ — $ (19,038.9) December 31, 2019 (13,823.0) — (15,150.0) — (15,150.0)
Fair Value, by Balance Sheet Grouping	Fair Value Measurements Using Description Carrying Quoted Prices in Active Markets for Identical Assets Significant Significant Fair December 31, 2020 Risk-management instruments Interest rate contracts designated as fair value hedges: Other noncurrent assets $ 158.9 $ — $ 158.9 $ — $ 158.9 Interest rate contracts designated as cash flow hedges: Other noncurrent assets 38.1 — 38.1 — 38.1 Other noncurrent liabilities (97.8) — (97.8) — (97.8) Cross-currency interest rate contracts designated as net investment hedges: Other current liabilities (92.6) — (92.6) — (92.6) Other noncurrent liabilities (97.2) — (97.2) — (97.2) Cross-currency interest rate contracts designated as cash flow hedges: Other noncurrent assets 34.4 — 34.4 — 34.4 Other noncurrent liabilities (2.9) — (2.9) — (2.9) Foreign exchange contracts not designated as hedging instruments: Other receivables 41.1 — 41.1 — 41.1 Other current liabilities (15.2) — (15.2) — (15.2) 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)
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis	The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of December 31, 2020: Maturities by Period Total Less Than 1-5 Years 6-10 Years More Than 10 Years Fair value of debt securities $ 360.3 $ 13.9 $ 135.6 $ 82.7 $ 128.1
Available-for-sale 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: 2020 2019 Unrealized gross gains $ 20.9 $ 10.3 Unrealized gross losses 0.5 4.0 Fair value of securities in an unrealized gain position 348.9 429.5 Fair value of securities in an unrealized loss position 11.4 141.1
Gain (Loss) on Investments	Activity related to our available-for-sale securities was as follows: 2020 2019 2018 Proceeds from sales $ 264.8 $ 431.6 $ 5,529.0 Realized gross gains on sales 4.5 4.9 3.6 Realized gross losses on sales 8.2 3.0 49.2

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-lived Intangible Assets other than Goodwill	The components of intangible assets other than goodwill at December 31 were as follows: 2020 2019 Description Carrying Accumulated Carrying Carrying Accumulated Carrying Finite-lived intangible assets: Marketed products $ 7,984.0 $ (1,659.5) $ 6,324.5 $ 3,150.2 $ (1,244.6) $ 1,905.6 Other 92.8 (68.3) 24.5 94.2 (51.8) 42.4 Total finite-lived intangible assets 8,076.8 (1,727.8) 6,349.0 3,244.4 (1,296.4) 1,948.0 Indefinite-lived intangible assets: Acquired IPR&D 1,101.0 — 1,101.0 4,670.0 — 4,670.0 Other intangibles $ 9,177.8 $ (1,727.8) $ 7,450.0 $ 7,914.4 $ (1,296.4) $ 6,618.0
Schedule of Indefinite-lived Intangible Assets other than Goodwill	The components of intangible assets other than goodwill at December 31 were as follows: 2020 2019 Description Carrying Accumulated Carrying Carrying Accumulated Carrying Finite-lived intangible assets: Marketed products $ 7,984.0 $ (1,659.5) $ 6,324.5 $ 3,150.2 $ (1,244.6) $ 1,905.6 Other 92.8 (68.3) 24.5 94.2 (51.8) 42.4 Total finite-lived intangible assets 8,076.8 (1,727.8) 6,349.0 3,244.4 (1,296.4) 1,948.0 Indefinite-lived intangible assets: Acquired IPR&D 1,101.0 — 1,101.0 4,670.0 — 4,670.0 Other intangibles $ 9,177.8 $ (1,727.8) $ 7,450.0 $ 7,914.4 $ (1,296.4) $ 6,618.0
Finite-lived Intangible Assets Amortization Expense	Amortization expense related to finite-lived intangible assets was as follows: 2020 2019 2018 Amortization expense $ 428.2 $ 225.8 $ 361.3
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated amortization expense for each of the next five years associated with our finite-lived intangible assets as of December 31, 2020 is as follows: 2021 2022 2023 2024 2025 Estimated amortization expense $ 517.7 $ 513.0 $ 501.2 $ 449.1 $ 432.5

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	At December 31, property and equipment consisted of the following: 2020 2019 Land $ 226.8 $ 169.5 Buildings 7,326.1 7,067.3 Equipment 8,560.9 7,913.3 Construction in progress 2,138.8 1,884.4 18,252.6 17,034.5 Less accumulated depreciation (9,570.7) (9,161.6) Property and equipment, net $ 8,681.9 $ 7,872.9 Depreciation expense related to property and equipment was as follows: 2020 2019 2018 Depreciation expense $ 765.2 $ 814.7 $ 797.1
Long-lived Assets by Geographic Areas	The following table summarizes long-lived assets by geographical area: 2020 2019 Long-lived assets (1) : U.S. and Puerto Rico $ 6,113.6 $ 5,595.4 Ireland 1,786.9 1,454.8 Other foreign countries 1,747.7 1,758.3 Long-lived assets $ 9,648.2 $ 8,808.5 (1) Long-lived assets consist of property and equipment, net, operating lease assets, and certain other noncurrent assets.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Impact of Leases to Consolidated Condensed Financial Statements	Supplemental balance sheet information related to operating leases as of December 31, 2020 and 2019 was as follows: 2020 2019 Weighted-average remaining lease term 7 years 8 years Weighted-average discount rate 3.3 % 3.6 % Supplemental cash flow information related to operating leases during the years ended December 31, 2020 and 2019 was as follows: 2020 2019 Operating cash flows from operating leases $ 160.9 $ 153.6 Right-of-use assets obtained in exchange for new operating lease liabilities 136.7 81.2
Schedule of Maturities of Operating Lease Liabilities	The annual minimum lease payments of our operating lease liabilities as of December 31, 2020 were as follows: Year 1 $ 150.9 Year 2 120.7 Year 3 94.1 Year 4 73.3 Year 5 63.4 After Year 5 258.7 Total lease payments 761.1 Less imputed interest 97.4 Total $ 663.7

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Debt at December 31 consisted of the following: 2020 2019 Short-term commercial paper borrowings $ — $ 1,494.2 Long-term notes 16,348.7 13,638.5 Other long-term debt 14.8 12.9 Unamortized debt issuance costs (89.1) (73.6) Fair value adjustment on hedged long-term notes 320.9 245.2 Total debt 16,595.3 15,317.2 Less current portion (8.7) (1,499.3) Long-term debt $ 16,586.6 $ 13,817.9
Summary of Long-term Notes	The following table summarizes long-term notes at December 31: 2020 2019 2.35% notes due 2022 $ 750.0 $ 750.0 3.00% notes due 2022 99.2 — 1.00% Euro denominated notes due 2022 737.9 671.8 0.15% Swiss Franc denominated notes due 2024 679.7 618.3 7.125% notes due 2025 229.7 229.7 2.75% notes due 2025 560.6 560.6 1.625% Euro denominated notes due 2026 922.4 839.7 5.5% notes due 2027 377.5 377.5 3.1% notes due 2027 401.5 401.5 0.45% Swiss Franc denominated notes due 2028 453.2 412.2 3.375% notes due 2029 1,150.0 1,150.0 0.42% Japanese Yen denominated notes due 2029 222.4 209.9 2.125% Euro denominated notes due 2030 922.4 839.7 0.625% Euro denominated notes due 2031 737.9 671.8 0.56% Japanese Yen denominated notes due 2034 90.0 85.0 6.77% notes due 2036 174.4 174.4 5.55% notes due 2037 476.2 476.2 5.95% notes due 2037 284.1 284.1 3.875% notes due 2039 360.7 360.7 4.65% notes due 2044 43.0 43.0 3.7% notes due 2045 412.5 412.5 3.95% notes due 2047 436.1 436.1 3.95% notes due 2049 1,500.0 1,500.0 1.7% Euro denominated notes due 2049 1,229.9 1,119.6 0.97% Japanese Yen denominated notes due 2049 74.1 70.0 2.25% notes due 2050 1,250.0 — 4.15% notes due 2059 1,000.0 1,000.0 2.5% notes due 2060 850.0 — Unamortized note discounts (76.7) (55.8) Total long-term notes $ 16,348.7 $ 13,638.5
Schedule of Maturities of Long-term Debt	The aggregate amounts of maturities on long-term debt for the next five years are as follows: 2021 2022 2023 2024 2025 Maturities on long-term debt $ 6.0 $ 1,590.2 $ 2.3 $ 681.1 $ 790.3
Schedule of Additional Borrowings Disclosures	The aggregate amount of cash payments for interest on borrowings, net of capitalized interest, are as follows: 2020 2019 2018 Cash payments for interest on borrowings $ 345.8 $ 305.5 $ 223.8

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Additional Stock-Based Compensation Disclosures	Stock-based compensation expense and the related tax benefits were as follows: 2020 2019 2018 Stock-based compensation expense $ 308.1 $ 306.8 $ 253.5 Tax benefit 64.7 64.4 53.2
Share-based Compensation Awards, Fair Value Assumptions Used	The weighted-average fair values of the SVA units granted during the years ended December 31, 2020, 2019, and 2018 were $139.14, $95.01, and $48.51, respectively, determined using the following assumptions: (Percents) 2020 2019 2018 Expected dividend yield 2.50 % 2.50 % 2.50 % Risk-free interest rate 1.38 2.46 2.31 Volatility 20.90 21.00 22.26 (Percents) 2020 Expected dividend yield 2.50 % Risk-free interest rate 1.38 Volatility 19.89

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Following is the composition of income tax expense: 2020 2019 2018 Current: Federal (1) $ 567.6 $ 280.2 $ 169.6 Foreign 650.4 299.8 106.8 State (47.3) (14.4) 4.7 Total current tax expense 1,170.7 565.6 281.1 Deferred: Federal (2) (97.4) 141.3 (3.7) Foreign (16.6) (24.1) 248.7 State (20.5) (54.8) 3.4 Total deferred tax (benefit) expense (134.5) 62.4 248.4 Income taxes $ 1,036.2 $ 628.0 $ 529.5 (1) The 2020 and 2019 current tax expense includes $144.4 million and $153.1 million of tax benefit, respectively, from utilization of net operating loss and tax credit carryforwards. The 2018 current tax expense includes $201.5 million of tax expense related to effects of the 2017 Tax Act. (2) The 2018 deferred tax benefit includes $26.2 million of tax benefit related to effects of the 2017 Tax Act.
Schedule of Deferred Tax Assets and Liabilities	Significant components of our deferred tax assets and liabilities as of December 31 were as follows: 2020 2019 Deferred tax assets: Purchases of intangible assets $ 2,560.6 $ 2,512.4 Compensation and benefits 1,045.6 934.3 Tax credit carryforwards and carrybacks 523.5 455.8 Tax loss carryforwards and carrybacks 488.3 318.8 Sales rebates and discounts 461.3 197.3 Correlative tax adjustments 404.2 219.1 Foreign tax redeterminations 242.8 156.8 Operating lease liabilities 150.7 140.6 Capitalized research and development 135.2 75.7 Other 605.8 595.7 Total gross deferred tax assets 6,618.0 5,606.5 Valuation allowances (816.3) (616.5) Total deferred tax assets 5,801.7 4,990.0 Deferred tax liabilities: Earnings of foreign subsidiaries (1,905.3) (1,776.4) Intangibles (1,465.7) (1,298.0) Inventories (623.7) (686.4) Prepaid employee benefits (410.1) (305.9) Property and equipment (315.2) (274.1) Financial instruments (216.9) (139.4) Operating lease assets (134.3) (124.7) Total deferred tax liabilities (5,071.2) (4,604.9) Deferred tax assets - net $ 730.5 $ 385.1
Schedule of Cash Payments Relating to Income Taxes and Tax Act Toll Tax	Cash payments of U.S. federal, state, and foreign income taxes, net of refunds, were as follows: 2020 2019 2018 Cash payments of income taxes $ 954.6 $ 1,180.5 $ 1,076.7 Total Less than 1 Year 1-3 Years 3-5 Years 2017 Tax Act Toll Tax $2,403.1 $253.7 $729.3 $1,420.1
Schedule of Effective Income Tax Rate Reconciliation	Following is a reconciliation of the consolidated income tax expense applying the U.S. federal statutory rate to income before income taxes to reported consolidated income tax expense: 2020 2019 2018 Income tax at the U.S. federal statutory tax rate $ 1,518.3 $ 1,105.8 $ 772.8 Add (deduct): International operations, including Puerto Rico (297.1) (242.0) (627.1) General business credits (97.9) (108.8) (87.4) Non-deductible acquired IPR&D (1) 63.2 — 309.9 2017 Tax Act — — 175.3 Other (150.3) (127.0) (14.0) Income taxes $ 1,036.2 $ 628.0 $ 529.5 (1) Non-deductible acquired IPR&D was related to the acquisitions of Disarm and a pre-clinical stage company in 2020 and ARMO in 2018. See Note 3 for additional information related to acquisitions.
Summary of Income Tax Contingencies	A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: 2020 2019 2018 Beginning balance at January 1 $ 2,108.6 $ 2,034.6 $ 1,000.8 Additions based on tax positions related to the current year 225.6 187.2 798.2 Additions for tax positions of prior years 310.8 425.3 410.9 Reductions for tax positions of prior years (52.4) (100.3) (115.4) Settlements (72.0) (260.5) (33.2) Lapses of statutes of limitation (41.7) (161.5) (20.5) Changes related to the impact of foreign currency translation 73.0 (16.2) (6.2) Ending balance at December 31 $ 2,551.9 $ 2,108.6 $ 2,034.6 We recognize both accrued interest and penalties related to unrecognized tax benefits in income tax expense. We recognized income tax (benefit) expense related to interest and penalties as follows: 2020 2019 2018 Income tax (benefit) expense $ 34.0 $ (26.4) $ 25.1

Retirement Benefits (Tables)

Retirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Schedule of Changes in Accumulated Postemployment Benefit Obligations	We use a measurement date of December 31 to develop the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at December 31 for our defined benefit pension and retiree health benefit plans, which were as follows: Defined Benefit Retiree Health 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 16,251.0 $ 13,427.1 $ 1,601.4 $ 1,540.0 Service cost 325.5 250.4 40.8 36.3 Interest cost 425.8 486.0 43.7 58.0 Actuarial loss 1,563.1 2,631.7 142.1 54.3 Benefits paid (587.2) (584.2) (75.1) (87.3) Curtailment (gain) loss 2.2 (16.8) — (0.5) Foreign currency exchange rate changes and other adjustments 245.1 56.8 0.8 0.6 Benefit obligation at end of year 18,225.5 16,251.0 1,753.7 1,601.4
Schedule of Changes in Fair Value of Plan Assets	Change in plan assets: Fair value of plan assets at beginning of year 12,858.0 10,932.6 2,768.2 2,398.1 Actual return on plan assets 1,802.4 2,012.0 539.0 444.1 Employer contribution 318.8 429.9 (5.1) 13.2 Benefits paid (587.2) (584.2) (75.1) (87.3) Foreign currency exchange rate changes and other adjustments 187.0 67.7 — 0.1 Fair value of plan assets at end of year 14,579.0 12,858.0 3,227.0 2,768.2
Schedule of Net Funded Status	Funded status (3,646.5) (3,393.0) 1,473.3 1,166.8 Unrecognized net actuarial (gain) loss 6,515.5 6,177.6 (349.1) (111.6) Unrecognized prior service (benefit) cost 15.4 17.4 (177.6) (236.4) Net amount recognized $ 2,884.4 $ 2,802.0 $ 946.6 $ 818.8
Schedule of Amounts Recognized in Balance Sheet	Amounts recognized in the consolidated balance sheet consisted of: Other noncurrent assets $ 299.6 $ 163.3 $ 1,697.0 $ 1,381.3 Other current liabilities (67.9) (65.3) (7.4) (7.3) Accrued retirement benefits (3,878.2) (3,491.0) (216.3) (207.2) Accumulated other comprehensive (income) loss before income taxes 6,530.9 6,195.0 (526.7) (348.0) Net amount recognized $ 2,884.4 $ 2,802.0 $ 946.6 $ 818.8
Schedule of Assumptions Used	The following represents our weighted-average assumptions as of December 31: Defined Benefit Retiree Health (Percents) 2020 2019 2018 2020 2019 2018 Discount rate for benefit obligation 2.4 % 3.0 % 4.0 % 2.6 % 3.3 % 4.4 % Discount rate for net benefit costs 3.0 4.0 3.4 3.3 4.4 3.7 Rate of compensation increase for benefit obligation 3.3 3.3 3.4 Rate of compensation increase for net benefit costs 3.3 3.4 3.4 Expected return on plan assets for net benefit costs 7.3 7.4 7.4 6.0 6.0 8.0
Schedule of Expected Benefit Payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows: 2021 2022 2023 2024 2025 2026-2030 Defined benefit pension plans $ 639.2 $ 635.3 $ 645.8 $ 673.1 $ 689.6 $ 3,800.8 Retiree health benefit plans 91.2 91.2 91.2 94.9 95.7 481.8
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets	Amounts relating to defined benefit pension plans with projected benefit obligations in excess of plan assets were as follows at December 31: 2020 2019 Projected benefit obligation $ 15,770.7 $ 14,039.7 Fair value of plan assets 11,824.4 10,483.4
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	Amounts relating to defined benefit pension plans and retiree health benefit plans with accumulated benefit obligations in excess of plan assets were as follows at December 31: Defined Benefit Retiree Health 2020 2019 2020 2019 Accumulated benefit obligation $ 14,682.3 $ 13,063.7 $ 223.8 $ 214.4 Fair value of plan assets 11,824.4 10,483.4 — —
Schedule of Net Benefit Costs	Net pension and retiree health benefit expense included the following components: Defined Benefit Retiree Health 2020 2019 2018 2020 2019 2018 Components of net periodic (benefit) cost: Service cost $ 325.5 $ 250.4 $ 292.7 $ 40.8 $ 36.3 $ 41.5 Interest cost 425.8 486.0 458.5 43.7 58.0 57.3 Expected return on plan assets (901.5) (839.6) (842.1) (158.1) (144.3) (177.9) Amortization of prior service (benefit) cost 4.5 6.1 4.6 (59.5) (62.9) (79.5) Recognized actuarial loss (gain) 396.3 284.9 332.5 (3.0) 1.9 6.1 Curtailment (gain) loss — 2.2 1.3 — — (29.3) Net periodic (benefit) cost $ 250.6 $ 190.0 $ 247.5 $ (136.1) $ (111.0) $ (181.8)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	The following represents the amounts recognized in other comprehensive income (loss) for the years ended December 31, 2020 , 2019, and 2018: Defined Benefit Retiree Health 2020 2019 2018 2020 2019 2018 Actuarial gain (loss) arising during period $ (663.0) $ (1,461.0) $ 182.8 $ 238.8 $ 246.1 $ 37.5 Plan amendments during period (2.2) — (17.6) — — 14.1 Curtailment gain (loss) — 19.0 45.2 — — (31.8) Amortization of prior service (benefit) cost included in net income 4.5 6.1 4.6 (59.5) (62.9) (79.5) Amortization of net actuarial loss included in net income 396.3 284.9 332.5 (3.0) 1.9 6.1 Foreign currency exchange rate changes and other (71.5) (7.7) 47.1 2.4 3.6 (0.1) Total other comprehensive income (loss) during period $ (335.9) $ (1,158.7) $ 594.6 $ 178.7 $ 188.7 $ (53.7)
Schedule of Allocation of Plan Assets	The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2020 by asset category were as follows: Fair Value Measurements Using Asset Class Total Quoted Prices in Active Markets for Significant Significant Investments Valued at Net Asset Value (1) Defined Benefit Pension Plans Public equity securities: U.S. $ 737.6 $ 476.1 $ — $ 1.0 $ 260.5 International 2,635.8 1,102.3 — — 1,533.5 Fixed income: Developed markets 4,301.3 2.9 3,179.2 — 1,119.2 Developed markets - repurchase agreements (1,670.8) — (1,670.8) — — Emerging markets 631.0 14.2 262.7 0.1 354.0 Private alternative investments: Hedge funds 2,661.3 — — — 2,661.3 Equity-like funds 2,844.7 — — 16.9 2,827.8 Real estate 558.9 259.6 6.9 5.8 286.6 Other 1,879.2 60.4 301.2 18.0 1,499.6 Total $ 14,579.0 $ 1,915.5 $ 2,079.2 $ 41.8 $ 10,542.5 Retiree Health Benefit Plans Public equity securities: U.S. $ 68.3 $ 45.0 $ — $ 0.1 $ 23.2 International 162.3 58.1 — — 104.2 Fixed income: Developed markets 101.5 — 80.3 — 21.2 Emerging markets 53.5 — 24.7 — 28.8 Private alternative investments: Hedge funds 229.7 — — — 229.7 Equity-like funds 223.4 — — 1.6 221.8 Cash value of trust owned insurance contract 2,204.6 — 2,204.6 — — Real estate 25.8 24.5 0.7 0.6 — Other 157.9 14.1 21.1 1.7 121.0 Total $ 3,227.0 $ 141.7 $ 2,331.4 $ 4.0 $ 749.9 (1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2019 by asset category were as follows: Fair Value Measurements Using Asset Class Total Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investments Valued at Net Asset Value (1) Defined Benefit Pension Plans Public equity securities: U.S. $ 794.2 $ 532.4 $ — $ — $ 261.7 International 2,439.2 1,046.8 — — 1,392.4 Fixed income: Developed markets 3,661.4 4.8 2,658.9 — 997.7 Developed markets - repurchase agreements (1,659.1) — (1,659.1) — — Emerging markets 648.0 18.5 277.4 4.1 348.0 Private alternative investments: Hedge funds 2,897.9 — — — 2,897.9 Equity-like funds 2,279.3 — — 16.8 2,262.5 Real estate 570.3 166.2 — — 404.1 Other 1,226.8 62.9 222.6 6.6 934.7 Total $ 12,858.0 $ 1,831.7 $ 1,499.8 $ 27.5 $ 9,499.0 Retiree Health Benefit Plans Public equity securities: U.S. $ 76.5 $ 52.1 $ — $ — $ 24.4 International 152.6 60.8 — — 91.8 Fixed income: Developed markets 82.7 — 56.3 — 26.4 Emerging markets 58.5 — 27.0 0.4 31.1 Private alternative investments: Hedge funds 250.8 — — — 250.8 Equity-like funds 187.4 — — 1.6 185.8 Cash value of trust owned insurance contract 1,832.2 — 1,832.2 — — Real estate 31.3 16.2 — — 15.1 Other 96.2 11.4 7.9 0.7 76.2 Total $ 2,768.2 $ 140.5 $ 1,923.4 $ 2.7 $ 701.6 (1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the activity related to each component of other comprehensive income (loss): 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 Beginning balance at January 1, 2018 (1) $ (1,191.7) $ 113.5 $ (4,311.3) $ (234.3) $ (71.1) $ (5,694.9) Reclassification due to adoption of new accounting standard (2) — (128.9) — — — (128.9) Other comprehensive income (loss) before reclassifications (378.0) 24.5 250.7 (16.3) 12.2 (106.9) Net amount reclassified from accumulated other comprehensive loss — (31.2) 207.9 11.7 2.1 190.5 Net other comprehensive income (loss) (378.0) (6.7) 458.6 (4.6) 14.3 83.6 Balance at December 31, 2018 (3) (1,569.7) (22.1) (3,852.7) (238.9) (56.8) (5,740.2) Other comprehensive income (loss) before reclassifications (46.2) 28.9 (967.6) 14.5 (27.2) (997.6) Net amount reclassified from accumulated other comprehensive loss (62.1) (1.9) 181.7 12.5 84.0 214.2 Net other comprehensive income (loss) (108.3) 27.0 (785.9) 27.0 56.8 (783.4) Balance at December 31, 2019 (1,678.0) 4.9 (4,638.6) (211.9) — (6,523.6) Other comprehensive income (loss) before reclassifications 250.5 6.8 (379.7) (133.8) — (256.2) Net amount reclassified from accumulated other comprehensive loss — 3.1 267.3 13.0 — 283.4 Net other comprehensive income (loss) 250.5 9.9 (112.4) (120.8) — 27.2 Ending balance at December 31, 2020 $ (1,427.5) $ 14.8 $ (4,751.0) $ (332.7) $ — $ (6,496.4) (1) Accumulated other comprehensive loss as of January 1, 2018 consists of $5.72 billion of accumulated other comprehensive loss attributable to controlling interest and $23.7 million of accumulated other comprehensive income attributable to noncontrolling interest. (2) This reclassification consists of $105.2 million of accumulated other comprehensive income attributable to controlling interest and $23.7 million of accumulated other comprehensive income attributable to noncontrolling interest. Refer to Note 1 for further details regarding the reclassification due to the adoption of ASU 2016-01. (3) Accumulated other comprehensive loss as of December 31, 2018 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) for the years ended December 31, were as follows: Tax benefit (expense) 2020 2019 2018 Foreign currency translation gains/losses $ 128.3 $ (18.4) $ 51.6 Unrealized net gains/losses on securities (4.3) (7.4) 2.1 Defined benefit pension and retiree health benefit plans 44.8 184.1 (85.3) Effective portion of cash flow hedges 32.1 (7.3) 1.3 Benefit/(provision) for income taxes allocated to other comprehensive income (loss) items $ 200.9 $ 151.0 $ (30.3)
Schedule of Amounts Recognized in Other Comprehensive Loss	Reclassifications out of accumulated other comprehensive loss were as follows: Details about Accumulated Other Year Ended December 31, Affected Line Item in the Consolidated Statements of Operations 2020 2019 2018 Amortization of retirement benefit items: Prior service benefits, net $ (55.0) $ (56.8) $ (74.9) Other—net, (income) expense Actuarial losses 393.3 286.8 338.6 Other—net, (income) expense Total before tax 338.3 230.0 263.7 Tax benefit (71.0) (48.3) (55.8) Income taxes Net of tax 267.3 181.7 207.9 Other, net of tax 16.1 (51.5) (19.5) Other—net, (income) expense Reclassifications from continuing operations (net of tax) 283.4 130.2 188.4 Reclassifications from discontinued operations (net of tax) — 84.0 2.1 Net income from discontinued operations Total reclassifications for the period, net of tax $ 283.4 $ 214.2 $ 190.5

Other - Net, (Income) Expense (

Other - Net, (Income) Expense (Tables)	12 Months Ended
	Dec. 31, 2020
Nonoperating Income (Expense) [Abstract]
Schedule of Other Nonoperating Income (Expense)	Other–net, (income) expense consisted of the following: 2020 2019 2018 Interest expense $ 359.6 $ 400.6 $ 242.5 Interest income (33.0) (80.4) (159.3) Debt extinguishment loss (Note 11) — 252.5 — Gain on sale of antibiotic business in China (Note 3) — (309.8) — Retirement benefit plans (251.8) (209.9) (240.5) Other (income) expense (1,246.7) (344.6) 11.7 Other–net, (income) expense $ (1,171.9) $ (291.6) $ (145.6)

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Summary of Revenue and Net Income from Discontinued Operations	The following table sets summarizes revenue and net income from discontinued operations: 2019 2018 Revenue from discontinued operations $ 580.0 $ 3,062.4 Net income from discontinued operations 3,680.5 81.4

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Implementation of New Financial Accounting Standards (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 11, 2019	Jan. 01, 2019	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Advertising expense	$ 1,100	$ 1,100	$ 900
Advertising expense, percentage of revenue	5.00%	5.00%	5.00%
Operating lease, right-of-use asset					$ 530
Contract liabilities	$ 276.8	$ 264.6
Operating lease, liability	$ 663.7				$ 595
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent			us-gaap:OtherLiabilitiesNoncurrent
Stockholders' equity	$ 5,825.2	$ 2,699.1
Deferred tax assets	730.5	385.1
Retained Earnings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stockholders' equity	7,830.2	4,920.4	$ 11,395.9			$ 13,894.1
Accumulated Other Comprehensive Loss
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stockholders' equity	$ (6,496.4)	$ (6,523.6)	(5,729.2)			(5,718.6)
Tax Cuts and Jobs Act, reclassification from AOCI to retained earnings, tax effect			$ 105.2
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stockholders' equity						763.8
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stockholders' equity						(105.2)
Discontinued Operations, Disposed of by Sale | Elanco | Eli Lilly and Company
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposition of ownership interest				80.20%
Accounting Standards Update 2016-02
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract liabilities					$ (65)
Accounting Standards Update 2014-09 | Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stockholders' equity						5
Accounting Standards Update 2016-16 | Cumulative Effect, Period of Adoption, Adjustment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred tax assets						2,500
Deferred tax liabilities						1,800
Accounting Standards Update 2016-16 | Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stockholders' equity						$ 700

Revenue (Summary of Revenue Rec

Revenue (Summary of Revenue Recognized) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 24,539.8	$ 22,319.5	$ 21,493.3
Net product revenue
Disaggregation of Revenue [Line Items]
Revenue	22,694.8	20,377.3	19,866.4
Collaboration and other revenue
Disaggregation of Revenue [Line Items]
Revenue	1,845	1,942.2	1,626.9
Collaboration and other revenue associated with prior period transfers of intellectual property
Disaggregation of Revenue [Line Items]
Revenue	$ 135.6	$ 301.5	$ 303.2

Revenue (Narrative) (Details)

Revenue (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in Accounting Estimate [Line Items]
Revenue, performance obligation, payment terms, days from date of shipment, minimum	30 days
Revenue, performance obligation, payment terms, days from date of shipment, maximum	70 days
Revenue, performance obligation, payment terms, financing component, period between transfer of control and payment receipt (or less)	1 year
Revenue, performance obligation, sales rebate payment period (up to)	6 months
Revenue, performance obligation, sales returns, product expiration date	24 months
Revenue, performance obligation, sales returns, average inventory level (or less)	1 month
Revenue, performance obligation, sales returns, percentage of net revenue (less than)	0.02	0.02	0.02
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%
Three Largest Wholesales | Revenue Benchmark | Minimum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage	15.00%	15.00%	15.00%
Three Largest Wholesales | Revenue Benchmark | Maximum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage	20.00%	20.00%	20.00%
Three Largest Wholesales | Accounts Receivable | Minimum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage	19.00%	19.00%
Three Largest Wholesales | Accounts Receivable | Maximum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage	27.00%	27.00%

Revenue (Contract Liabilities)

Revenue (Contract Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 276.8	$ 264.6

Revenue (Disaggregation of Reve

Revenue (Disaggregation of Revenue by Product) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 24,539.8	$ 22,319.5	$ 21,493.3
U.S.
Disaggregation of Revenue [Line Items]
Revenue	14,229.3	12,722.6	12,391.9
Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	10,310.5	9,596.8	9,101.4
Diabetes | U.S.
Disaggregation of Revenue [Line Items]
Revenue	7,909.1	7,529.5	6,607
Diabetes | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	3,925.3	3,602.6	3,212.5
Trulicity® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	3,835.9	3,155.2	2,515.8
Trulicity® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,232.2	972.7	683.3
Humalog® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,485.6	1,669.7	1,787.8
Humalog® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,140.3	1,151	1,208.7
Humulin® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	866.4	879.7	910.2
Humulin® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	393.2	410.4	421.2
Jardiance®
Disaggregation of Revenue [Line Items]
Revenue	1,153.8	944.2	658.3
Jardiance® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	620.8	565.9	400.2
Jardiance® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	533	378.3	258.1
Basaglar®
Disaggregation of Revenue [Line Items]
Revenue	1,124.4	1,112.6	801.2
Basaglar® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	842.3	876.2	622.8
Basaglar® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	282.1	236.3	178.5
Trajenta®
Disaggregation of Revenue [Line Items]
Revenue	358.5	590.6	574.7
Trajenta® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	95.6	224.8	224.2
Trajenta® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	263	365.8	350.5
Other Diabetes | U.S.
Disaggregation of Revenue [Line Items]
Revenue	162.5	158	146
Other Diabetes | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	81.5	88.1	112.2
Oncology | U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,792.1	2,608.5	2,403.2
Oncology | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,527.2	2,005.9	1,857.3
Alimta® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,265.3	1,219.5	1,131
Alimta® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,064.7	896.4	1,001.9
Cyramza® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	381.9	335.3	291.5
Cyramza® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	650.8	589.9	529.9
Verzenio® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	618.2	454.8	248.5
Verzenio® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	294.4	124.9	6.6
Erbitux® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	480.1	487.9	531.6
Erbitux® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	56.3	55.4	103.8
Other Oncology | U.S.
Disaggregation of Revenue [Line Items]
Revenue	46.6	111	200.6
Other Oncology | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	461	339.3	215.1
Immunology | U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,372.3	1,059	745.4
Immunology | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,089.6	734.3	394.6
Taltz® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,288.5	1,016.8	738.7
Taltz® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	500	349.6	198.7
Olumiant®
Disaggregation of Revenue [Line Items]
Revenue	638.9	426.9	202.5
Olumiant® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	63.8	42.2	6.7
Olumiant® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	575	384.7	195.9
Other Immunology | U.S.
Disaggregation of Revenue [Line Items]
Revenue	20	0	0
Other Immunology | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	14.6	0	0
Neuroscience | U.S.
Disaggregation of Revenue [Line Items]
Revenue	487.3	356.5	277.4
Neuroscience | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,344	1,366.4	1,543.3
Cymbalta® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	42.1	49.6	54.3
Cymbalta® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	725.6	675.8	653.7
Zyprexa® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	46.1	41	36.2
Zyprexa® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	360.5	377.6	435.1
Emgality® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	325.9	154.9	4.9
Emgality® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	37	7.7	0
Other Neuroscience | U.S.
Disaggregation of Revenue [Line Items]
Revenue	73.2	111	182
Other Neuroscience | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	220.9	305.3	454.5
Other | U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,668.4	1,169.1	2,358.8
Other | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,424.4	1,887.7	2,093.7
Forteo® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	510.3	645.5	757.9
Forteo® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	536	759.1	817.7
Bamlanivimab
Disaggregation of Revenue [Line Items]
Revenue	871.2
Bamlanivimab | U.S.
Disaggregation of Revenue [Line Items]
Revenue	850	0	0
Bamlanivimab | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	21.2	0	0
Cialis® | U.S.
Disaggregation of Revenue [Line Items]
Revenue	61.8	231.7	1,129.2
Cialis® | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	545.4	658.8	722.7
Other | U.S.
Disaggregation of Revenue [Line Items]
Revenue	246.4	291.9	471.8
Other | Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	$ 321.8	$ 469.7	$ 553.3

Revenue (Disaggregation of Re_2

Revenue (Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 24,539.8	$ 22,319.5	$ 21,493.3
U.S.
Disaggregation of Revenue [Line Items]
Revenue	14,229.3	12,722.6	12,391.9
Europe
Disaggregation of Revenue [Line Items]
Revenue	4,187.7	3,765	3,663.1
Japan
Disaggregation of Revenue [Line Items]
Revenue	2,583.1	2,547.6	2,407.4
China
Disaggregation of Revenue [Line Items]
Revenue	1,116.9	939.4	750.8
Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue	$ 2,422.7	$ 2,344.9	$ 2,280.1

Acquisitions and Divestiture (N

Acquisitions and Divestiture (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended				3 Months Ended		11 Months Ended	12 Months Ended
	Jan. 31, 2021USD ($)$ / shares	Feb. 29, 2020USD ($)	Oct. 31, 2019USD ($)medicine	Feb. 28, 2019USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Feb. 15, 2019USD ($)
Business Acquisition [Line Items]
Acquired IPR&D charges								$ 660.4	$ 239.6	$ 1,980
Goodwill						$ 3,679.4	$ 3,679.4	3,766.5	3,679.4
Repayments of long-term debt								276.5	2,866.4	1,009.1
Gain related to disposition								0	$ 309.8	$ 0
Dermira
Business Acquisition [Line Items]
Consideration transferred		$ 849.3
Goodwill		86.8
Intangibles acquired		1,200
Deferred income tax liabilities assumed		49.5
Long-term debt assumed		$ 375.5
Repayments of long-term debt								$ 276.2
Loxo Oncology, Inc.
Business Acquisition [Line Items]
Consideration transferred				$ 6,920
Goodwill											$ 2,326.9
Deferred income tax liabilities assumed											1,032.8
Acquired IPR&D											4,670
Revenue							$ 136.7
Loxo Oncology, Inc. | Selpercatinib (LOXO-292)
Business Acquisition [Line Items]
Acquired IPR&D											$ 4,600
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Legacy Antibiotic Medicines and a Manufacturing Facility in Suzhou, China | Eddingpharm
Business Acquisition [Line Items]
Number of legacy antibiotic medicines rights sold | medicine			2
Proceeds from divestiture of businesses, net of cash divested			$ 354.8
Disposal group, not discontinued operation, payment to be received			$ 40.3
Gain related to disposition						$ 309.8
Subsequent Event | Precision BioSciences, Inc.
Business Acquisition [Line Items]
Payments for acquisitions	$ 100
Consideration transferred, equity interests purchased	35
Subsequent Event | Merus N.V.
Business Acquisition [Line Items]
Payments for acquisitions	40
Consideration transferred, equity interests purchased	20
Subsequent Event | Forecast | Precision BioSciences, Inc.
Business Acquisition [Line Items]
Acquired IPR&D charges					$ 107.8
Subsequent Event | Forecast | Merus N.V.
Business Acquisition [Line Items]
Acquired IPR&D charges					46.5
Subsequent Event | Prevail Therapeutics Inc.
Business Acquisition [Line Items]
Payments for acquisitions	$ 880
Business acquisition, share price (in dollars per share) | $ / shares	$ 22.50
Contingent value right, additional price per share (in dollars per share) | $ / shares	$ 4
Contingent value right, additional price per share, aggregate amount	$ 160
Contingent value right, monthly reduction | $ / shares	$ 0.083
Subsequent Event | Asahi Kasei Pharma Corporation | Forecast
Business Acquisition [Line Items]
Acquired IPR&D charges					$ 20

Acquisitions and Divestiture (P

Acquisitions and Divestiture (Purchase Price Allocation) (Details) - USD ($) $ in Millions	Feb. 15, 2019	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 3,766.5	$ 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]
Weighted average useful life	12 years
Selpercatinib (LOXO-292) | Loxo Oncology, Inc.
Business Acquisition [Line Items]
Acquired IPR&D	$ 4,600

Acquisitions and Divestiture (A

Acquisitions and Divestiture (Asset Acquisitions) (Details) - USD ($) $ in Millions

1 Months Ended

12 Months Ended

Nov. 30, 2020

Oct. 31, 2020

Jun. 30, 2020

May 31, 2020

Mar. 31, 2020

Sep. 30, 2019

Jul. 31, 2019

Apr. 30, 2019

Mar. 31, 2019

Jan. 31, 2019

Dec. 31, 2018

Nov. 30, 2018

Oct. 31, 2018

Jul. 31, 2018

Jun. 30, 2018

Apr. 30, 2018

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 660.4

$ 239.6

$ 1,980

Sitryx Therapeutics Limited

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 52.3

AbCellera Biologics Inc. (AbCellera)

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 25

$ 25

25

Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences)

Business Acquisition [Line Items]

Acquired IPR&D charges

20

20

Undisclosed

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 174.8

Evox Therapeutics Ltd

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 22

Innovent Biologics, Inc. (Innovent)

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 200

$ 200

Disarm Therapeutics, Inc. (Disarm)

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 126.3

Fochon Pharmaceuticals, Ltd.

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 40

AC Immune SA

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 30.2

$ 96.9

$ 127.1

ImmuNext, Inc.

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 40

Avidity Biosciences, Inc.

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 25

Centrexion Therapeutics Corporation

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 47.5

Sigilon Therapeutics, Inc.

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 66.9

AurKa Pharma Inc.

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 81.8

ARMO BioSciences, Inc. (ARMO)

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 1,475.8

Anima Biotech Inc.

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 30

SIGA Technologies, Inc.

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 80

Chugai Pharmaceutical Co., Ltd.

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 50

NextCure, Inc.

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 28.1

Dicerna Pharmaceuticals Inc.

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 148.7

Hydra Biosciences

Business Acquisition [Line Items]

Acquired IPR&D charges

$ 22.6

Collaborations and Other Arra_3

Collaborations and Other Arrangements (Milestones (Deferred) Capitalized) (Details) - Milestone Payments, Development and Regulatory, Capitalized (Deferred), Cumulative $ in Millions	Dec. 31, 2020USD ($)
Trajenta®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments	$ 446.4
Jardiance
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments	289
Basaglar®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments	$ (250)

Collaborations and Other Arra_4

Collaborations and Other Arrangements (Net Product Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 24,539.8	$ 22,319.5	$ 21,493.3
Basaglar®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	1,124.4	1,112.6	801.2
Jardiance
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	1,153.8	944.2	658.3
Trajenta®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	358.5	590.6	574.7
Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 638.9	$ 426.9	$ 202.5

Collaborations and Other Arra_5

Collaborations and Other Arrangements (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	May 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired IPR&D charges			$ 660.4	$ 239.6	$ 1,980
Revenue			24,539.8	22,319.5	21,493.3
Contract liabilities			276.8	264.6
AbCellera Biologics Inc. (AbCellera)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired IPR&D charges	$ 25	$ 25	25
Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired IPR&D charges	$ 20		20
China
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			1,116.9	939.4	750.8
Milestone Payments, Success-based Regulatory And Sales-based | Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired IPR&D charges			50
Milestone Payments, Sales-based | Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			120
Milestone Payments, Success-based Regulatory | Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			75
Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			$ 638.9	426.9	$ 202.5
Olumiant® | Royalty Payments Received
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations percent			20.00%
Olumiant® | Milestone Payments, Development and Regulatory, Capitalized (Deferred), Cumulative
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			$ 210	180
Olumiant® | Milestone Payments, Development and Regulatory
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			100
Olumiant® | Milestone Payments, Sales-based
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			150
Bamlanivimab
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			871.2
Tyvyt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue			308.7	$ 134
Tyvyt | Milestone Payments, Success-based Regulatory And Sales-based | Outside of China | Innovent Biologics, Inc. (Innovent)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			825
Tyvyt | Milestone Payments, Success-based Regulatory And Sales-based | China | Innovent Biologics, Inc. (Innovent)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			75
Tanezumab | Outside US And Japan
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual net sales threshold (greater than)			150
Tanezumab | Milestone Payments, Development and Regulatory
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			147.5
Tanezumab | Milestone Payments, Sales-based
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			1,230
Lebrikizumab
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract liabilities			29.7
Lebrikizumab | Milestone Payments, Development and Regulatory
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			85
Lebrikizumab | Milestone Payments, Development and Regulatory | Roche
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			180
Lebrikizumab | Milestone Payments, Sales-based
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			1,250
Lebrikizumab | Milestone Payments, Sales-based | Roche
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones payments			$ 1,030

Asset Impairment, Restructuri_3

Asset Impairment, Restructuring, and Other Special Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring and Related Activities [Abstract]
Severance	$ 151.2	$ 77.8	$ 127.8
Asset impairment (gain) and other special charges	(20)	497.8	139.1
Total asset impairment, restructuring, and other special charges	$ 131.2	$ 575.6	$ 266.9

Asset Impairment, Restructuri_4

Asset Impairment, Restructuring, and Other Special Charges (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Asset impairment (gain) and other special charges	$ (20)	$ 497.8	$ 139.1
Loxo Oncology, Inc.
Restructuring Cost and Reserve [Line Items]
Asset impairment (gain) and other special charges		$ 400.7

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished products	$ 758.9	$ 647.3
Work in process	2,535.4	2,067.6
Raw materials and supplies	651.2	424.6
Total (approximates replacement cost)	3,945.5	3,139.5
Increase to LIFO cost	34.8	51.2
Inventories	3,980.3	3,190.7
LIFO Inventory Amount	$ 1,210	$ 1,200

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) € in Millions, ¥ in Millions, £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2020JPY (¥)	Dec. 31, 2020GBP (£)
Derivative [Line Items]
Average remaining maturity of foreign currency derivatives	12 months
Maximum remaining maturity of foreign currency derivatives	30 days
Total long-term notes	$ 16,348.7	$ 13,638.5
Foreign currency-denominated notes, designated as hedge	$ 4,500	4,100
Variable rate	9.00%			9.00%	9.00%	9.00%
Losses expected to be reclassified in the next 12 months	$ 16.8
Unfunded commitments to invest in venture capital funds	$ 687
Unfunded commitments to invest in venture capital funds, anticipated payment period	10 years
Unrealized losses from equity securities	$ 1,442.2	401.2	$ 72.6
Percentage of nonperforming assets	86.00%
Accounts receivable derecognized	$ 754.9	678.8
Buy USD Sell Euro
Derivative [Line Items]
Derivative liability, notional amount	647.9
Derivative asset, notional amount | €				€ 530.7
Buy Euro Sell USD
Derivative [Line Items]
Derivative liability, notional amount | €				€ 2,970
Derivative asset, notional amount	3,620
Buy USD Sell Japanese Yen
Derivative [Line Items]
Derivative liability, notional amount	180.7
Derivative asset, notional amount | ¥					¥ 18,640
Buy GBP Sell USD
Derivative [Line Items]
Derivative liability, notional amount | £						£ 272.2
Derivative asset, notional amount	363.9
Currency Swap
Derivative [Line Items]
Derivative liability, notional amount	3,760
Swap Swiss Francs to USD
Derivative [Line Items]
Derivative liability, notional amount	1,000
Foreign Currency Denominated Debt
Derivative [Line Items]
Total long-term notes	6,020	$ 5,490
Cash flow hedges | Designated as Hedging Instrument | Forward-starting interest rate swaps
Derivative [Line Items]
Derivative, notional amount	$ 1,750

Financial Instruments (Schedule

Financial Instruments (Schedule of Effect of Risk Management) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flow hedges:
Total	$ (209.7)	$ 60.7	$ 114.8
Hedged Fixed Rate Debt
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(404)	40.1
Foreign currency exchange contracts
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	0	0
Forward-starting interest rate swaps
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(110.9)	31.6
Cross-currency interest rate swaps
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(207.9)	47.4
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(53.7)	(8.3)
Net investment hedges | Hedged Fixed Rate Debt
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)			110.4
Net investment hedges | Foreign currency exchange contracts
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)			5.7
Net investment hedges | Cross-currency interest rate swaps
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)			96.8
Cash flow hedges | Forward-starting interest rate swaps
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)			0
Cash flow hedges | Cross-currency interest rate swaps
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)			0
Designated as Hedging Instrument | Hedged Fixed Rate Debt
Fair value hedges:
Effect from hedged fixed-rate debt	86.9	112.1	(40.9)
Designated as Hedging Instrument | Interest Rate Contract
Fair value hedges:
Effect from interest rate contracts	(86.9)	(112.1)	40.9
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	16.4	15.9
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss			14.8
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	(102.4)	(17.1)
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss			0
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	$ (123.7)	$ 61.9	$ 100

Financial Instruments (Schedu_2

Financial Instruments (Schedule of Fair Value Measurement) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Noncurrent investments:
Noncurrent investments	$ 2,966.8	$ 1,962.4
Carrying Amount
Statement [Line Items]
Cash equivalents	2,097.9	1,025.4
Short-term investments:
Debt securities	24.2	101
Noncurrent investments:
Equity investments without readily determinable fair values	373.9	405
Noncurrent investments	2,966.8	1,962.4
Cost
Statement [Line Items]
Cash equivalents	2,097.9	1,025.4
Fair Value
Statement [Line Items]
Cash equivalents	2,097.9	1,025.4
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Statement [Line Items]
Cash equivalents	2,097.9	1,025.4
Fair Value | Significant Other Observable Inputs (Level 2)
Statement [Line Items]
Cash equivalents	0	0
Fair Value | Significant Unobservable Inputs (Level 3)
Statement [Line Items]
Cash equivalents	0	0
U.S. government and agency securities | Carrying Amount
Short-term investments:
Debt securities	9.9	7.2
Noncurrent investments:
Noncurrent investments, debt securities	78.7	77.2
U.S. government and agency securities | Cost
Short-term investments:
Debt securities	9.9	7.2
Noncurrent investments:
Noncurrent investments, debt securities	74.3	76.3
U.S. government and agency securities | Fair Value
Short-term investments:
Debt securities	9.9	7.2
Noncurrent investments:
Noncurrent investments, debt securities	78.7	77.2
U.S. government and agency securities | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Short-term investments:
Debt securities	9.9	7.2
Noncurrent investments:
Noncurrent investments, debt securities	78.7	77.2
U.S. government and agency securities | Fair Value | Significant Other Observable Inputs (Level 2)
Short-term investments:
Debt securities	0	0
Noncurrent investments:
Noncurrent investments, debt securities	0	0
U.S. government and agency securities | Fair Value | Significant Unobservable Inputs (Level 3)
Short-term investments:
Debt securities	0	0
Noncurrent investments:
Noncurrent investments, debt securities	0	0
Corporate debt securities | Carrying Amount
Short-term investments:
Debt securities	2.8	81.4
Noncurrent investments:
Noncurrent investments, debt securities	137	271.1
Corporate debt securities | Cost
Short-term investments:
Debt securities	2.8	81.1
Noncurrent investments:
Noncurrent investments, debt securities	126.8	267.8
Corporate debt securities | Fair Value
Short-term investments:
Debt securities	2.8	81.4
Noncurrent investments:
Noncurrent investments, debt securities	137	271.1
Corporate debt securities | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Short-term investments:
Debt securities	0	0
Noncurrent investments:
Noncurrent investments, debt securities	0	0
Corporate debt securities | Fair Value | Significant Other Observable Inputs (Level 2)
Short-term investments:
Debt securities	2.8	81.4
Noncurrent investments:
Noncurrent investments, debt securities	137	271.1
Corporate debt securities | Fair Value | Significant Unobservable Inputs (Level 3)
Short-term investments:
Debt securities	0	0
Noncurrent investments:
Noncurrent investments, debt securities	0	0
Asset-backed securities | Carrying Amount
Short-term investments:
Debt securities	1.2	2.6
Noncurrent investments:
Noncurrent investments, debt securities	24.3	30
Asset-backed securities | Cost
Short-term investments:
Debt securities	1.2	2.6
Noncurrent investments:
Noncurrent investments, debt securities	23.7	29.6
Asset-backed securities | Fair Value
Short-term investments:
Debt securities	1.2	2.6
Noncurrent investments:
Noncurrent investments, debt securities	24.3	30
Asset-backed securities | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Short-term investments:
Debt securities	0	0
Noncurrent investments:
Noncurrent investments, debt securities	0	0
Asset-backed securities | Fair Value | Significant Other Observable Inputs (Level 2)
Short-term investments:
Debt securities	1.2	2.6
Noncurrent investments:
Noncurrent investments, debt securities	24.3	30
Asset-backed securities | Fair Value | Significant Unobservable Inputs (Level 3)
Short-term investments:
Debt securities	0	0
Noncurrent investments:
Noncurrent investments, debt securities	0	0
Other securities | Carrying Amount
Short-term investments:
Debt securities	10.3	9.8
Other securities | Cost
Short-term investments:
Debt securities	10.3	9.8
Other securities | Fair Value
Short-term investments:
Debt securities	10.3	9.8
Other securities | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Short-term investments:
Debt securities	0	0
Other securities | Fair Value | Significant Other Observable Inputs (Level 2)
Short-term investments:
Debt securities	0	0
Other securities | Fair Value | Significant Unobservable Inputs (Level 3)
Short-term investments:
Debt securities	10.3	9.8
Mortgage-backed securities | Carrying Amount
Noncurrent investments:
Noncurrent investments, debt securities	106.4	101.1
Mortgage-backed securities | Cost
Noncurrent investments:
Noncurrent investments, debt securities	101.4	99.6
Mortgage-backed securities | Fair Value
Noncurrent investments:
Noncurrent investments, debt securities	106.4	101.1
Mortgage-backed securities | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Noncurrent investments:
Noncurrent investments, debt securities	0	0
Mortgage-backed securities | Fair Value | Significant Other Observable Inputs (Level 2)
Noncurrent investments:
Noncurrent investments, debt securities	106.4	101.1
Mortgage-backed securities | Fair Value | Significant Unobservable Inputs (Level 3)
Noncurrent investments:
Noncurrent investments, debt securities	0	0
Other securities | Carrying Amount
Noncurrent investments:
Equity securities	110.5	60
Other securities | Cost
Noncurrent investments:
Equity securities	31.8	27.4
Other securities | Fair Value
Noncurrent investments:
Equity securities	110.5	60
Other securities | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Noncurrent investments:
Equity securities	0	0
Other securities | Fair Value | Significant Other Observable Inputs (Level 2)
Noncurrent investments:
Equity securities	0	0
Other securities | Fair Value | Significant Unobservable Inputs (Level 3)
Noncurrent investments:
Equity securities	110.5	60
Marketable equity securities | Carrying Amount
Noncurrent investments:
Equity securities	1,664.2	718.6
Marketable equity securities | Cost
Noncurrent investments:
Equity securities	311.6	254.4
Marketable equity securities | Fair Value
Noncurrent investments:
Equity securities	1,664.2	718.6
Marketable equity securities | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Noncurrent investments:
Equity securities	1,664.2	718.6
Marketable equity securities | Fair Value | Significant Other Observable Inputs (Level 2)
Noncurrent investments:
Equity securities	0	0
Marketable equity securities | Fair Value | Significant Unobservable Inputs (Level 3)
Noncurrent investments:
Equity securities	0	0
Equity method investments | Carrying Amount
Noncurrent investments:
Equity method investments	$ 471.8	$ 299.4

Financial Instruments (Schedu_3

Financial Instruments (Schedule of Short-term and Long-term Classification) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	$ 0	$ (1,494.2)
Long-term debt, including current portion	(16,348.7)	(13,638.5)
Carrying Amount
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	(16,595.3)	(13,823)
Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	(19,038.9)	(15,150)
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	0	0
Significant Other Observable Inputs (Level 2) | Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	(19,038.9)	(15,150)
Significant Unobservable Inputs (Level 3) | Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	0	0
Commercial Paper | Carrying Amount
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	0	(1,494.2)
Commercial Paper | Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	0	(1,491.6)
Commercial Paper | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	0	0
Commercial Paper | Significant Other Observable Inputs (Level 2) | Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	0	(1,491.6)
Commercial Paper | Significant Unobservable Inputs (Level 3) | Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	$ 0	$ 0

Financial Instruments (Schedu_4

Financial Instruments (Schedule of Risk Management Instruments) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Carrying Amount | Designated as Hedging Instrument | Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent liabilities		$ (20.1)
Carrying Amount | Not Designated as Hedging Instrument | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other receivables	$ 41.1	18.4
Other current liabilities	(15.2)	(11.9)
Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent liabilities		(20.1)
Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps | 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 liabilities		0
Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent liabilities		(20.1)
Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent liabilities		0
Fair Value | Not Designated as Hedging Instrument | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other receivables	41.1	18.4
Other current liabilities	(15.2)	(11.9)
Fair Value | Not Designated as Hedging Instrument | Foreign currency exchange contracts | 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
Fair Value | Not Designated as Hedging Instrument | Foreign currency exchange contracts | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other receivables	41.1	18.4
Other current liabilities	(15.2)	(11.9)
Fair Value | Not Designated as Hedging Instrument | Foreign currency exchange contracts | 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 hedges | Carrying Amount | Designated as Hedging Instrument | Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	158.9	72
Fair value hedges | Fair Value | Designated as Hedging Instrument | Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	158.9	72
Fair value hedges | Fair Value | Designated as Hedging Instrument | Interest Rate Contract | 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 hedges | Fair Value | Designated as Hedging Instrument | Interest Rate Contract | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	158.9	72
Fair value hedges | Fair Value | Designated as Hedging Instrument | Interest Rate Contract | 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 hedges | Carrying Amount | Designated as Hedging Instrument | Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	38.1	43.3
Other noncurrent liabilities	(97.8)
Cash flow hedges | Carrying Amount | Designated as Hedging Instrument | Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	34.4	3
Other noncurrent liabilities	(2.9)
Cash flow hedges | Fair Value | Designated as Hedging Instrument | Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	38.1	43.3
Other noncurrent liabilities	(97.8)
Cash flow hedges | Fair Value | Designated as Hedging Instrument | Interest Rate Contract | 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 hedges | Fair Value | Designated as Hedging Instrument | Interest Rate Contract | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	38.1	43.3
Other noncurrent liabilities	(97.8)
Cash flow hedges | Fair Value | Designated as Hedging Instrument | Interest Rate Contract | 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 hedges | Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	34.4	3
Other noncurrent liabilities	(2.9)
Cash flow hedges | Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps | 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 hedges | Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	34.4	3
Other noncurrent liabilities	(2.9)
Cash flow hedges | Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps | 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
Net investment hedges | Carrying Amount | Designated as Hedging Instrument | Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets		45.1
Other current liabilities	(92.6)	(21.4)
Other noncurrent liabilities	(97.2)	(5.7)
Net investment hedges | Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets		45.1
Other current liabilities	(92.6)	(21.4)
Other noncurrent liabilities	(97.2)	(5.7)
Net investment hedges | Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps | 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 current liabilities	0	0
Other noncurrent liabilities	0	0
Net investment hedges | Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets		45.1
Other current liabilities	(92.6)	(21.4)
Other noncurrent liabilities	(97.2)	(5.7)
Net investment hedges | Fair Value | Designated as Hedging Instrument | Cross-currency interest rate swaps | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets		0
Other current liabilities	0	0
Other noncurrent liabilities	$ 0	$ 0

Financial Instruments (Schedu_5

Financial Instruments (Schedule of Contractual Maturities) (Details) $ in Millions	Dec. 31, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Total	$ 360.3
Less Than 1 Year	13.9
1-5 Years	135.6
6-10 Years	82.7
More Than 10 Years	$ 128.1

Financial Instruments (Schedu_6

Financial Instruments (Schedule of AFS Unrealized Gain (Loss)) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gross gains	$ 20.9	$ 10.3
Unrealized gross losses	0.5	4
Fair value of securities in an unrealized gain position	348.9	429.5
Fair value of securities in an unrealized loss position	$ 11.4	$ 141.1

Financial Instruments (Schedu_7

Financial Instruments (Schedule of Investment Portfolio Activity) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Proceeds from sales	$ 264.8	$ 431.6	$ 5,529
Realized gross gains on sales	4.5	4.9	3.6
Realized gross losses on sales	$ 8.2	$ 3	$ 49.2

Goodwill and Other Intangible_2

Goodwill and Other Intangibles (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 15, 2019
Finite-lived intangible assets:
Goodwill, impairment loss	$ 0	$ 0	$ 0
Remaining amortization period	15 years
Loxo Oncology, Inc.
Finite-lived intangible assets:
Acquired IPR&D				$ 4,670,000,000
Selpercatinib (LOXO-292) | Loxo Oncology, Inc.
Finite-lived intangible assets:
Acquired IPR&D				$ 4,600,000,000
Minimum
Finite-lived intangible assets:
Finite-lived intangible asset, useful life	3 years
Maximum
Finite-lived intangible assets:
Finite-lived intangible asset, useful life	20 years

Goodwill and Other Intangible_3

Goodwill and Other Intangibles (Schedule of Finite-lived and Indefinite-lived Intangible Assets other than Goodwill) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finite-lived intangible assets:
Carrying Amount, Gross	$ 8,076.8	$ 3,244.4
Accumulated Amortization	(1,727.8)	(1,296.4)
Carrying Amount, Net	6,349	1,948
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Carrying Amount, Gross	9,177.8	7,914.4
Accumulated Amortization	(1,727.8)	(1,296.4)
Carrying Amount, Net	7,450	6,618
Acquired IPR&D
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,101	4,670
Marketed products
Finite-lived intangible assets:
Carrying Amount, Gross	7,984	3,150.2
Accumulated Amortization	(1,659.5)	(1,244.6)
Carrying Amount, Net	6,324.5	1,905.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(1,659.5)	(1,244.6)
Other intangibles
Finite-lived intangible assets:
Carrying Amount, Gross	92.8	94.2
Accumulated Amortization	(68.3)	(51.8)
Carrying Amount, Net	24.5	42.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (68.3)	$ (51.8)

Goodwill and Other Intangible_4

Goodwill and Other Intangibles (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 428.2	$ 225.8	$ 361.3

Goodwill and Other Intangible_5

Goodwill and Other Intangibles (Schedule of Estimated Amortization Expense) (Details) $ in Millions	Dec. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 517.7
2022	513
2023	501.2
2024	449.1
2025	$ 432.5

Property and Equipment (Narrati

Property and Equipment (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020
Building | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	12 years
Building | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	50 years
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Land	$ 226.8	$ 169.5
Buildings	7,326.1	7,067.3
Equipment	8,560.9	7,913.3
Construction in progress	2,138.8	1,884.4
Property and equipment, gross	18,252.6	17,034.5
Less accumulated depreciation	(9,570.7)	(9,161.6)
Property and equipment, net	$ 8,681.9	$ 7,872.9

Property and Equipment (Sched_2

Property and Equipment (Schedule of Depreciation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 765.2	$ 814.7	$ 797.1

Property and Equipment (Sched_3

Property and Equipment (Schedule of Geographic Information) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 9,648.2	$ 8,808.5
U.S. and Puerto Rico
Property, Plant and Equipment [Line Items]
Long-lived assets	6,113.6	5,595.4
Ireland
Property, Plant and Equipment [Line Items]
Long-lived assets	1,786.9	1,454.8
Other foreign countries
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 1,747.7	$ 1,758.3

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Lessee, lease, remaining lease term (up to)	12 years
Lease expense	$ 154.6	$ 172.8
Rent expense			$ 175.7

Leases (Impact of Leases to Con

Leases (Impact of Leases to Consolidated Condensed Financial Statements) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term	7 years	8 years
Weighted-average discount rate	3.30%	3.60%
Operating cash flows from operating leases	$ 160.9	$ 153.6
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 136.7	$ 81.2

Leases (Maturities of Operating

Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Year 1	$ 150.9
Year 2	120.7
Year 3	94.1
Year 4	73.3
Year 5	63.4
After Year 5	258.7
Total lease payments	761.1
Less imputed interest	97.4
Total	$ 663.7		$ 595
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent

Borrowings (Schedule of Debt) (

Borrowings (Schedule of Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Short-term commercial paper borrowings	$ 0	$ 1,494.2
Long-term notes	16,348.7	13,638.5
Other long-term debt	14.8	12.9
Unamortized debt issuance costs	(89.1)	(73.6)
Fair value adjustment on hedged long-term notes	320.9	245.2
Total debt	16,595.3	15,317.2
Less current portion	(8.7)	(1,499.3)
Long-term debt	$ 16,586.6	$ 13,817.9

Borrowings (Summary of Long-ter

Borrowings (Summary of Long-term Notes) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Aug. 31, 2020	May 31, 2020	Dec. 31, 2019	Nov. 30, 2019	Feb. 28, 2019
Debt Instrument [Line Items]
Long-term notes	$ 16,348.7			$ 13,638.5
Unamortized note discounts	(76.7)			(55.8)
Total long-term notes	$ 16,348.7			13,638.5
Senior Notes | 2.35% notes due 2022
Debt Instrument [Line Items]
Stated interest rate	2.35%
Long-term notes, gross	$ 750			750
Senior Notes | 3.00% notes due 2022
Debt Instrument [Line Items]
Stated interest rate	3.00%
Long-term notes, gross	$ 99.2			0
Senior Notes | 1.00% Euro denominated notes due 2022
Debt Instrument [Line Items]
Stated interest rate	1.00%
Long-term notes, gross	$ 737.9			671.8
Senior Notes | 0.15% Swiss Franc denominated notes due 2024
Debt Instrument [Line Items]
Stated interest rate	0.15%
Long-term notes, gross	$ 679.7			618.3
Senior Notes | 7.125% notes due 2025
Debt Instrument [Line Items]
Stated interest rate	7.125%
Long-term notes, gross	$ 229.7			229.7
Senior Notes | 2.75% notes due 2025
Debt Instrument [Line Items]
Stated interest rate	2.75%
Long-term notes, gross	$ 560.6			560.6
Senior Notes | 1.625% Euro denominated notes due 2026
Debt Instrument [Line Items]
Stated interest rate	1.625%
Long-term notes, gross	$ 922.4			839.7
Senior Notes | 5.5% notes due 2027
Debt Instrument [Line Items]
Stated interest rate	5.50%
Long-term notes, gross	$ 377.5			377.5
Senior Notes | 3.1% notes due 2027
Debt Instrument [Line Items]
Stated interest rate	3.10%
Long-term notes, gross	$ 401.5			401.5
Senior Notes | 0.45% Swiss Franc denominated notes due 2028
Debt Instrument [Line Items]
Stated interest rate	0.45%
Long-term notes, gross	$ 453.2			412.2
Senior Notes | 3.375% notes due 2029
Debt Instrument [Line Items]
Stated interest rate	3.375%					3.375%
Long-term notes, gross	$ 1,150			1,150
Senior Notes | 0.42% Japanese Yen denominated notes due 2029
Debt Instrument [Line Items]
Stated interest rate	0.42%				0.42%
Long-term notes, gross	$ 222.4			209.9
Senior Notes | 2.125% Euro denominated notes due 2030
Debt Instrument [Line Items]
Stated interest rate	2.125%
Long-term notes, gross	$ 922.4			839.7
Senior Notes | 0.625% Euro denominated notes due 2031
Debt Instrument [Line Items]
Stated interest rate	0.625%				0.625%
Long-term notes, gross	$ 737.9			671.8
Senior Notes | 0.56% Japanese Yen denominated notes due 2034
Debt Instrument [Line Items]
Stated interest rate	0.56%				0.56%
Long-term notes, gross	$ 90			85
Senior Notes | 6.77% notes due 2036
Debt Instrument [Line Items]
Stated interest rate	6.77%
Long-term notes, gross	$ 174.4			174.4
Senior Notes | 5.55% notes due 2037
Debt Instrument [Line Items]
Stated interest rate	5.55%
Long-term notes, gross	$ 476.2			476.2
Senior Notes | 5.95% notes due 2037
Debt Instrument [Line Items]
Stated interest rate	5.95%
Long-term notes, gross	$ 284.1			284.1
Senior Notes | 3.875% notes due 2039
Debt Instrument [Line Items]
Stated interest rate	3.875%					3.875%
Long-term notes, gross	$ 360.7			360.7
Senior Notes | 4.65% notes due 2044
Debt Instrument [Line Items]
Stated interest rate	4.65%
Long-term notes, gross	$ 43			43
Senior Notes | 3.7% notes due 2045
Debt Instrument [Line Items]
Stated interest rate	3.70%
Long-term notes, gross	$ 412.5			412.5
Senior Notes | 3.95% notes due 2047
Debt Instrument [Line Items]
Stated interest rate	3.95%
Long-term notes, gross	$ 436.1			436.1
Senior Notes | 3.95% notes due 2049
Debt Instrument [Line Items]
Stated interest rate	3.95%					3.95%
Long-term notes, gross	$ 1,500			1,500
Senior Notes | 1.7% Euro denominated notes due 2049
Debt Instrument [Line Items]
Stated interest rate	1.70%				1.70%
Long-term notes, gross	$ 1,229.9			1,119.6
Senior Notes | 0.97% Japanese Yen denominated notes due 2049
Debt Instrument [Line Items]
Stated interest rate	0.97%				0.97%
Long-term notes, gross	$ 74.1			70
Senior Notes | 2.25% notes due 2050
Debt Instrument [Line Items]
Stated interest rate	2.25%	2.25%	2.25%
Long-term notes, gross	$ 1,250			0
Senior Notes | 4.15% notes due 2059
Debt Instrument [Line Items]
Stated interest rate	4.15%					4.15%
Long-term notes, gross	$ 1,000			1,000
Senior Notes | 2.5% notes due 2060
Debt Instrument [Line Items]
Stated interest rate	2.50%	2.50%
Long-term notes, gross	$ 850			$ 0

Borrowings (Narrative) (Details

Borrowings (Narrative) (Details) $ in Millions	1 Months Ended			2 Months Ended		12 Months Ended
	May 31, 2020USD ($)	Nov. 30, 2019USD ($)	Feb. 28, 2019USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Aug. 31, 2020USD ($)	Nov. 30, 2019EUR (€)	Nov. 30, 2019JPY (¥)
Debt Instrument [Line Items]
Weighted average interest rate						1.65%
Line of credit facility, remaining borrowing capacity						$ 5,240
Long-term debt					$ 13,817.9	16,586.6	$ 13,817.9
Loss on extinguishment of debt						$ 0	$ 252.5	$ 0
Description of derivative activity volume percent						9.00%
Debt instrument, interest rate, effective percentage					2.88%	2.61%	2.88%
Maturity Date, 2023
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 3,000
Maturity Date, 2019
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 2,000
Debt instrument, term						364 days
Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 4,450
Payments for repurchase and redemption of notes payable		$ 2,270
Repurchase aggregate principal amount		2,000
Long-term debt		2,010
Loss on extinguishment of debt					$ 252.5
Senior Notes | Senior Notes Due May 2050 and September 2060
Debt Instrument [Line Items]
Proceeds from issuance of debt				$ 1,070
Senior Notes | 2.25% notes due 2050
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000								$ 250
Stated interest rate	2.25%					2.25%			2.25%
Proceeds from issuance of debt	$ 988.6
Senior Notes | 2.5% notes due 2060
Debt Instrument [Line Items]
Debt instrument, face amount									$ 850
Stated interest rate						2.50%			2.50%
Senior Notes | 3.375% notes due 2029
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,150
Stated interest rate			3.375%			3.375%
Senior Notes | 3.875% notes due 2039
Debt Instrument [Line Items]
Debt instrument, face amount			$ 850
Stated interest rate			3.875%			3.875%
Senior Notes | 3.95% notes due 2049
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,500
Stated interest rate			3.95%			3.95%
Senior Notes | 4.15% notes due 2059
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,000
Stated interest rate			4.15%			4.15%
Senior Notes | November 2019 Euro-denominated Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 1,750
Senior Notes | 0.625% Euro denominated notes due 2031
Debt Instrument [Line Items]
Debt instrument, face amount | €										€ 600,000,000
Stated interest rate		0.625%				0.625%				0.625%	0.625%
Senior Notes | 1.7% Euro denominated notes due 2049
Debt Instrument [Line Items]
Debt instrument, face amount | €										€ 1,000,000,000
Stated interest rate		1.70%				1.70%				1.70%	1.70%
Senior Notes | November 2019 Yen-denominated Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 356.6
Senior Notes | 0.42% Japanese Yen denominated notes due 2029
Debt Instrument [Line Items]
Debt instrument, face amount | ¥											¥ 22,920,000,000
Stated interest rate		0.42%				0.42%				0.42%	0.42%
Senior Notes | 0.56% Japanese Yen denominated notes due 2034
Debt Instrument [Line Items]
Debt instrument, face amount | ¥											¥ 9,280,000,000
Stated interest rate		0.56%				0.56%				0.56%	0.56%
Senior Notes | 0.97% Japanese Yen denominated notes due 2049
Debt Instrument [Line Items]
Debt instrument, face amount | ¥											¥ 7,640,000,000
Stated interest rate		0.97%				0.97%				0.97%	0.97%

Borrowings (Schedule of Debt Ma

Borrowings (Schedule of Debt Maturities) (Details) $ in Millions	Dec. 31, 2020USD ($)
Maturities on long-term debt
2021	$ 6
2022	1,590.2
2023	2.3
2024	681.1
2025	$ 790.3

Borrowings (Schedule of Cash Pa

Borrowings (Schedule of Cash Payments for Interest on Borrowings) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Cash payments for interest on borrowings	$ 345.8	$ 305.5	$ 223.8

Stock-Based Compensation (Sched

Stock-Based Compensation (Schedule of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 308.1	$ 306.8	$ 253.5
Tax benefit	$ 64.7	$ 64.4	$ 53.2

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	53.9
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Weighted average grant date fair value (in dollars per share)	$ 137.33	$ 112.09	$ 71.63
Shares issued in period (in shares)	1.1	1.2	0.9
Shares expected to be issued (in shares)	0.8
Total compensation cost not yet recognized	$ 77.3
Period for recognition of the compensation cost not yet recognized	12 months
Shareholder Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Weighted average grant date fair value (in dollars per share)	$ 139.14	$ 95.01	$ 48.51
Shares issued in period (in shares)	0.8	1	0.7
Shares expected to be issued (in shares)	1
Total compensation cost not yet recognized	$ 48.8
Period for recognition of the compensation cost not yet recognized	20 months
Relative Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Weighted average grant date fair value (in dollars per share)	$ 179.90
Total compensation cost not yet recognized	$ 13.7
Period for recognition of the compensation cost not yet recognized	24 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Weighted average grant date fair value (in dollars per share)	$ 135.42	$ 108.43	$ 70.95
Shares issued in period (in shares)	0.6	0.8	1
Shares expected to be issued (in shares)	0.6
Total compensation cost not yet recognized	$ 179.2
Period for recognition of the compensation cost not yet recognized	31 months
Grants in period (in shares)	1.1	1.5	1.3

Stock-Based Compensation (Sch_2

Stock-Based Compensation (Schedule of Assumptions Used) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shareholder Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	2.50%	2.50%	2.50%
Risk-free interest rate	1.38%	2.46%	2.31%
Volatility	20.90%	21.00%	22.26%
Relative Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	2.50%
Risk-free interest rate	1.38%
Volatility	19.89%

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018
Statement [Line Items]
Purchase for treasury	$ 500	$ 4,400	$ 4,150
Preferred stock, shares authorized (in shares)	5,000,000
Shares issued (in shares)	0	0
Shares held in employee trust (in shares)	50,000,000	50,000,000
Employee benefit trust	$ 3,013.2	$ 3,013.2
2018 Repurchase Program
Statement [Line Items]
Remaining authorized repurchase amount	$ 1,000
Stock repurchase program, authorized amount				$ 8,000

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
2017 Tax Act, deferred taxes related to GILTI				$ 313.3
Domestic and Puerto Rican companies contribution		39.00%	44.00%	15.00%
Long-term income taxes payable, estimated timing of future cash outflows not possible		$ 1,690
Unrecognized tax benefits that would impact effective tax rate		1,670	$ 1,530
Accruals for the payment of interest and penalties		196.7	150.8
Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		887.3
Operating loss carryforwards		1,520
Expiration in 6 Years
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		148.8
Expiration in 12 to 18 Years
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		16.1
Designated Unusable | Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		84.8
Designated Unusable | Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		121.9
Designated Unusable | State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		515.7
Deferred tax assets related to state net operating losses			$ 175.6
Expiration within 5 years
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		162.6
Expiration 5 to 20 Years
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		781.7
No Expiration
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 576.3
Tax Years 2013 to 2015
Operating Loss Carryforwards [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 200
Payments for income tax settlements	$ 125

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Composition of Income Tax Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 567.6	$ 280.2	$ 169.6
Foreign	650.4	299.8	106.8
State	(47.3)	(14.4)	4.7
Total current tax expense	1,170.7	565.6	281.1
Deferred:
Federal	(97.4)	141.3	(3.7)
Foreign	(16.6)	(24.1)	248.7
State	(20.5)	(54.8)	3.4
Total deferred tax (benefit) expense	(134.5)	62.4	248.4
Income taxes	1,036.2	628	529.5
Current federal tax expense, utilization of net operating loss carryforward	$ 144.4
Current federal tax expense, effect of 2017 Tax Act		$ 153.1	201.5
Deferred federal income tax benefit, effect of 2017 Tax Act			$ 26.2

Income Taxes (Schedule of Defer

Income Taxes (Schedule of Deferred Tax Asset and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Purchases of intangible assets	$ 2,560.6	$ 2,512.4
Compensation and benefits	1,045.6	934.3
Tax credit carryforwards and carrybacks	523.5	455.8
Tax loss carryforwards and carrybacks	488.3	318.8
Sales rebates and discounts	461.3	197.3
Correlative tax adjustments	404.2	219.1
Foreign tax redeterminations	242.8	156.8
Operating lease liabilities	150.7	140.6
Capitalized research and development	135.2	75.7
Other	605.8	595.7
Total gross deferred tax assets	6,618	5,606.5
Valuation allowances	(816.3)	(616.5)
Total deferred tax assets	5,801.7	4,990
Deferred tax liabilities:
Earnings of foreign subsidiaries	(1,905.3)	(1,776.4)
Intangibles	(1,465.7)	(1,298)
Inventories	(623.7)	(686.4)
Prepaid employee benefits	(410.1)	(305.9)
Property and equipment	(315.2)	(274.1)
Financial instruments	(216.9)	(139.4)
Operating lease assets	(134.3)	(124.7)
Total deferred tax liabilities	(5,071.2)	(4,604.9)
Deferred tax assets, net	$ 730.5	$ 385.1

Income Taxes (Schedule of Cash

Income Taxes (Schedule of Cash Payments of Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Cash payments of income taxes	$ 954.6	$ 1,180.5	$ 1,076.7

Income Taxes (Schedule of Futur

Income Taxes (Schedule of Future Cash Payments Relating to the Toll Tax) (Details) $ in Millions	Dec. 31, 2020USD ($)
Tax Cut And Jobs Act, Toll Tax, Payment, Due [Abstract]
Total	$ 2,403.1
Less than 1 Year	253.7
1-3 Years	729.3
3-5 Years	$ 1,420.1

Income Taxes (Schedule of Recon

Income Taxes (Schedule of Reconciliation of Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax at the U.S. federal statutory tax rate	$ 1,518.3	$ 1,105.8	$ 772.8
Add (deduct):
International operations, including Puerto Rico	(297.1)	(242)	(627.1)
General business credits	(97.9)	(108.8)	(87.4)
Non-deductible acquired IPR&D	63.2	0	309.9
2017 Tax Act	0	0	175.3
Other	(150.3)	(127)	(14)
Income taxes	$ 1,036.2	$ 628	$ 529.5

Income Taxes (Schedule of Unrec

Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 2,108.6	$ 2,034.6	$ 1,000.8
Additions based on tax positions related to the current year	225.6	187.2	798.2
Additions for tax positions of prior years	310.8	425.3	410.9
Reductions for tax positions of prior years	(52.4)	(100.3)	(115.4)
Settlements	(72)	(260.5)	(33.2)
Lapses of statutes of limitation	(41.7)	(161.5)	(20.5)
Changes related to the impact of foreign currency translation, increase	73
Changes related to the impact of foreign currency translation, decrease		(16.2)	(6.2)
Ending balance	$ 2,551.9	$ 2,108.6	$ 2,034.6

Income Taxes (Schedule of Incom

Income Taxes (Schedule of Income Tax (Benefit) Expense Related to Interest and Penalties) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 34	$ (26.4)	$ 25.1

Retirement Benefits (Schedule o

Retirement Benefits (Schedule of Benefit Obligations and Plan Assets and Funded Status) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Pension Plans
Change in benefit obligation:
Benefit obligation at beginning of year	$ 16,251	$ 13,427.1
Service cost	325.5	250.4	$ 292.7
Interest cost	425.8	486	458.5
Actuarial loss	1,563.1	2,631.7
Benefits paid	(587.2)	(584.2)
Curtailment (gain) loss	2.2	(16.8)
Foreign currency exchange rate changes and other adjustments	245.1	56.8
Benefit obligation at end of year	18,225.5	16,251	13,427.1
Change in plan assets:
Fair value of plan assets at beginning of year	12,858	10,932.6
Actual return on plan assets	1,802.4	2,012
Employer contribution	318.8	429.9
Benefits paid	(587.2)	(584.2)
Foreign currency exchange rate changes and other adjustments	187	67.7
Fair value of plan assets at end of year	14,579	12,858	10,932.6
Funded status	(3,646.5)	(3,393)
Unrecognized net actuarial (gain) loss	6,515.5	6,177.6
Unrecognized prior service (benefit) cost	15.4	17.4
Net amount recognized	2,884.4	2,802
Retiree Health Benefit Plans
Change in benefit obligation:
Benefit obligation at beginning of year	1,601.4	1,540
Service cost	40.8	36.3	41.5
Interest cost	43.7	58	57.3
Actuarial loss	142.1	54.3
Benefits paid	(75.1)	(87.3)
Curtailment (gain) loss	0	(0.5)
Foreign currency exchange rate changes and other adjustments	0.8	0.6
Benefit obligation at end of year	1,753.7	1,601.4	1,540
Change in plan assets:
Fair value of plan assets at beginning of year	2,768.2	2,398.1
Actual return on plan assets	539	444.1
Employer contribution	(5.1)	13.2
Benefits paid	(75.1)	(87.3)
Foreign currency exchange rate changes and other adjustments	0	0.1
Fair value of plan assets at end of year	3,227	2,768.2	$ 2,398.1
Funded status	1,473.3	1,166.8
Unrecognized net actuarial (gain) loss	(349.1)	(111.6)
Unrecognized prior service (benefit) cost	(177.6)	(236.4)
Net amount recognized	$ 946.6	$ 818.8

Retirement Benefits (Schedule_2

Retirement Benefits (Schedule of Components in Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Amounts recognized in the consolidated balance sheet consisted of:
Accrued retirement benefits	$ (4,094.5)	$ (3,698.2)
Defined Benefit Pension Plans
Amounts recognized in the consolidated balance sheet consisted of:
Other noncurrent assets	299.6	163.3
Other current liabilities	(67.9)	(65.3)
Accrued retirement benefits	(3,878.2)	(3,491)
Accumulated other comprehensive (income) loss before income taxes	6,530.9	6,195
Net amount recognized	2,884.4	2,802
Retiree Health Benefit Plans
Amounts recognized in the consolidated balance sheet consisted of:
Other noncurrent assets	1,697	1,381.3
Other current liabilities	(7.4)	(7.3)
Accrued retirement benefits	(216.3)	(207.2)
Accumulated other comprehensive (income) loss before income taxes	(526.7)	(348)
Net amount recognized	$ 946.6	$ 818.8

Retirement Benefits (Narrative)

Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Defined benefit obligation, period increase		$ 2,130	$ 2,890
Curtailment gain	$ 28
Expense under the plans		$ 164.3	145.2	$ 132.6
Percentage of global investments in plan assets		80.00%
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Curtailment gain		$ 0	(2.2)	$ (1.3)
Total accumulated benefit obligation for our defined benefit pension plans		17,030	$ 15,170
Expected future employer contributions, next fiscal year		40
Expected future employer discretionary contributions, next fiscal year		$ 10
Marketable equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets, target allocation		65.00%
Developed markets
Defined Benefit Plan Disclosure [Line Items]
Plan assets, target allocation		35.00%

Retirement Benefits (Schedule_3

Retirement Benefits (Schedule of Weighted Average Assumptions) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Discount rate for benefit obligation	2.40%	3.00%	4.00%
Discount rate for net benefit costs	3.00%	4.00%	3.40%
Rate of compensation increase for benefit obligation	3.30%	3.30%	3.40%
Rate of compensation increase for net benefit costs	3.30%	3.40%	3.40%
Expected return on plan assets for net benefit costs	7.30%	7.40%	7.40%
Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Discount rate for benefit obligation	2.60%	3.30%	4.40%
Discount rate for net benefit costs	3.30%	4.40%	3.70%
Expected return on plan assets for net benefit costs	6.00%	6.00%	8.00%

Retirement Benefits (Schedule_4

Retirement Benefits (Schedule of Expected Benefit Payments, Contributions and Expense) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation		$ 15,770.7	$ 14,039.7
Fair value of plan assets		11,824.4	10,483.4
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Fair value of plan assets		11,824.4	10,483.4
Components of net periodic (benefit) cost:
Curtailment (gain) loss	$ (28)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax [Abstract]
Total other comprehensive income (loss) during period		(157.1)	(970)	$ 544
Defined Benefit Pension Plans
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2021		639.2
2022		635.3
2023		645.8
2024		673.1
2025		689.6
2026-2030		3,800.8
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Fair value of plan assets		11,824.4	10,483.4
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation		14,682.3	13,063.7
Fair value of plan assets		11,824.4	10,483.4
Components of net periodic (benefit) cost:
Service cost		325.5	250.4	292.7
Interest cost		425.8	486	458.5
Expected return on plan assets		(901.5)	(839.6)	(842.1)
Amortization of prior service (benefit) cost		4.5	6.1	4.6
Recognized actuarial loss (gain)		396.3	284.9	332.5
Curtailment (gain) loss		0	2.2	1.3
Net periodic (benefit) cost		250.6	190	247.5
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax [Abstract]
Actuarial gain (loss) arising during period		(663)	(1,461)	182.8
Plan amendments during period		(2.2)	0	(17.6)
Curtailment gain (loss)		0	19	45.2
Amortization of prior service (benefit) cost included in net income		4.5	6.1	4.6
Amortization of net actuarial loss included in net income		396.3	284.9	332.5
Foreign currency exchange rate changes and other		(71.5)	(7.7)	47.1
Total other comprehensive income (loss) during period		(335.9)	(1,158.7)	594.6
Retiree Health Benefit Plans
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2021		91.2
2022		91.2
2023		91.2
2024		94.9
2025		95.7
2026-2030		481.8
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Fair value of plan assets		0	0
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation		223.8	214.4
Fair value of plan assets		0	0
Components of net periodic (benefit) cost:
Service cost		40.8	36.3	41.5
Interest cost		43.7	58	57.3
Expected return on plan assets		(158.1)	(144.3)	(177.9)
Amortization of prior service (benefit) cost		(59.5)	(62.9)	(79.5)
Recognized actuarial loss (gain)		(3)	1.9	6.1
Curtailment (gain) loss		0	0	(29.3)
Net periodic (benefit) cost		(136.1)	(111)	(181.8)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax [Abstract]
Actuarial gain (loss) arising during period		238.8	246.1	37.5
Plan amendments during period		0	0	14.1
Curtailment gain (loss)		0	0	(31.8)
Amortization of prior service (benefit) cost included in net income		(59.5)	(62.9)	(79.5)
Amortization of net actuarial loss included in net income		(3)	1.9	6.1
Foreign currency exchange rate changes and other		2.4	3.6	(0.1)
Total other comprehensive income (loss) during period		$ 178.7	$ 188.7	$ (53.7)

Retirement Benefits (Schedule_5

Retirement Benefits (Schedule of Fair Value Disclosures) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	$ 14,579	$ 12,858	$ 10,932.6
Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	3,227	2,768.2	$ 2,398.1
U.S. | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	737.6	794.2
U.S. | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	68.3	76.5
International | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	2,635.8	2,439.2
International | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	162.3	152.6
Developed markets | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	4,301.3	3,661.4
Developed markets | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	101.5	82.7
Developed markets - repurchase agreements | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	(1,670.8)	(1,659.1)
Emerging markets | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	631	648
Emerging markets | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	53.5	58.5
Hedge funds | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	2,661.3	2,897.9
Hedge funds | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	229.7	250.8
Equity-like funds | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	2,844.7	2,279.3
Equity-like funds | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	223.4	187.4
Cash value of trust owned insurance contract | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	2,204.6	1,832.2
Real estate | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	558.9	570.3
Real estate | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	25.8	31.3
Other | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	1,879.2	1,226.8
Other | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	157.9	96.2
Quoted Prices in Active Markets for Identical Assets (Level 1) | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	1,915.5	1,831.7
Quoted Prices in Active Markets for Identical Assets (Level 1) | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	141.7	140.5
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	476.1	532.4
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	45	52.1
Quoted Prices in Active Markets for Identical Assets (Level 1) | International | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	1,102.3	1,046.8
Quoted Prices in Active Markets for Identical Assets (Level 1) | International | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	58.1	60.8
Quoted Prices in Active Markets for Identical Assets (Level 1) | Developed markets | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	2.9	4.8
Quoted Prices in Active Markets for Identical Assets (Level 1) | Developed markets | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Developed markets - repurchase agreements | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Emerging markets | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	14.2	18.5
Quoted Prices in Active Markets for Identical Assets (Level 1) | Emerging markets | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Hedge funds | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Hedge funds | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity-like funds | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity-like funds | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash value of trust owned insurance contract | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Real estate | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	259.6	166.2
Quoted Prices in Active Markets for Identical Assets (Level 1) | Real estate | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	24.5	16.2
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	60.4	62.9
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	14.1	11.4
Significant Other Observable Inputs (Level 2) | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	2,079.2	1,499.8
Significant Other Observable Inputs (Level 2) | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	2,331.4	1,923.4
Significant Other Observable Inputs (Level 2) | U.S. | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) | U.S. | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) | International | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) | International | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) | Developed markets | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	3,179.2	2,658.9
Significant Other Observable Inputs (Level 2) | Developed markets | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	80.3	56.3
Significant Other Observable Inputs (Level 2) | Developed markets - repurchase agreements | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	(1,670.8)	(1,659.1)
Significant Other Observable Inputs (Level 2) | Emerging markets | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	262.7	277.4
Significant Other Observable Inputs (Level 2) | Emerging markets | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	24.7	27
Significant Other Observable Inputs (Level 2) | Hedge funds | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) | Hedge funds | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) | Equity-like funds | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) | Equity-like funds | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Other Observable Inputs (Level 2) | Cash value of trust owned insurance contract | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	2,204.6	1,832.2
Significant Other Observable Inputs (Level 2) | Real estate | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	6.9	0
Significant Other Observable Inputs (Level 2) | Real estate | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0.7	0
Significant Other Observable Inputs (Level 2) | Other | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	301.2	222.6
Significant Other Observable Inputs (Level 2) | Other | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	21.1	7.9
Significant Unobservable Inputs (Level 3) | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	41.8	27.5
Significant Unobservable Inputs (Level 3) | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	4	2.7
Significant Unobservable Inputs (Level 3) | U.S. | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	1	0
Significant Unobservable Inputs (Level 3) | U.S. | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0.1	0
Significant Unobservable Inputs (Level 3) | International | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Unobservable Inputs (Level 3) | International | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Unobservable Inputs (Level 3) | Developed markets | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Unobservable Inputs (Level 3) | Developed markets | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Unobservable Inputs (Level 3) | Developed markets - repurchase agreements | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Unobservable Inputs (Level 3) | Emerging markets | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0.1	4.1
Significant Unobservable Inputs (Level 3) | Emerging markets | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0.4
Significant Unobservable Inputs (Level 3) | Hedge funds | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Unobservable Inputs (Level 3) | Hedge funds | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Unobservable Inputs (Level 3) | Equity-like funds | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	16.9	16.8
Significant Unobservable Inputs (Level 3) | Equity-like funds | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	1.6	1.6
Significant Unobservable Inputs (Level 3) | Cash value of trust owned insurance contract | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Significant Unobservable Inputs (Level 3) | Real estate | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	5.8	0
Significant Unobservable Inputs (Level 3) | Real estate | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0.6	0
Significant Unobservable Inputs (Level 3) | Other | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	18	6.6
Significant Unobservable Inputs (Level 3) | Other | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	1.7	0.7
Investments Valued at Net Asset Value | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	10,542.5	9,499
Investments Valued at Net Asset Value | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	749.9	701.6
Investments Valued at Net Asset Value | U.S. | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	260.5	261.7
Investments Valued at Net Asset Value | U.S. | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	23.2	24.4
Investments Valued at Net Asset Value | International | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	1,533.5	1,392.4
Investments Valued at Net Asset Value | International | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	104.2	91.8
Investments Valued at Net Asset Value | Developed markets | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	1,119.2	997.7
Investments Valued at Net Asset Value | Developed markets | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	21.2	26.4
Investments Valued at Net Asset Value | Developed markets - repurchase agreements | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Investments Valued at Net Asset Value | Emerging markets | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	354	348
Investments Valued at Net Asset Value | Emerging markets | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	28.8	31.1
Investments Valued at Net Asset Value | Hedge funds | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	2,661.3	2,897.9
Investments Valued at Net Asset Value | Hedge funds | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	229.7	250.8
Investments Valued at Net Asset Value | Equity-like funds | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	2,827.8	2,262.5
Investments Valued at Net Asset Value | Equity-like funds | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	221.8	185.8
Investments Valued at Net Asset Value | Cash value of trust owned insurance contract | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	0
Investments Valued at Net Asset Value | Real estate | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	286.6	404.1
Investments Valued at Net Asset Value | Real estate | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	0	15.1
Investments Valued at Net Asset Value | Other | Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	1,499.6	934.7
Investments Valued at Net Asset Value | Other | Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Fair value of plan assets	$ 121	$ 76.2

Contingencies (Details)

Contingencies (Details) R$ in Millions, $ in Millions

Dec. 31, 2020BRL (R$)lawsuitclaimantpatentrequest

Dec. 31, 2020USD ($)lawsuitclaimantpatentrequest

Mar. 31, 2020patent

Feb. 29, 2020patent

Dec. 31, 2019

Jul. 31, 2019BRL (R$)

Jul. 31, 2018BRL (R$)

Dec. 31, 2020plaintifflawsuitpatentrequestclaimant

Nov. 30, 2017lawsuit

Jan. 31, 2013lawsuit

Jul. 31, 2012lawsuit

Dec. 31, 2011lawsuit

Loss Contingencies [Line Items]

Number of requests for information | request

2

2

2

Actos | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

4

4

4

Byetta | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

570

570

570

Number of plaintiffs | plaintiff

810

Number of claimants | claimant

20

20

20

Byetta | Pancreatic Cancer or Thyroid Cancer | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

565

565

565

Number of plaintiffs | plaintiff

800

Byetta | Pancreatitis | Product Liability

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

6

Byetta | Ampullary Cancer | Product Liability

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

1

Byetta | Los Angeles | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

55

55

55

Number of plaintiffs | plaintiff

285

Byetta | Southern District of California | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

515

515

515

Number of plaintiffs | plaintiff

515

Byetta | Various State Domiciles | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

3

3

3

Number of plaintiffs | plaintiff

4

Cialis® | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

350

350

350

Jardiance | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

95

95

95

Humalog, Humulin and Forteo

Loss Contingencies [Line Items]

Number of lawsuits

2

2

2

Dr Reddy's Lab

Loss Contingencies [Line Items]

Claims settled and dismissed, limited initial market entry, supply term

21 days

Emgality Patent Litigation

Loss Contingencies [Line Items]

Number of patents | patent

9

9

9

9

Number of patents, claims dismissed | patent

6

Number of patents ruled unpatentable | patent

3

Casseres et al. v. Takeda Pharmaceutical North America, Inc., et al. | Actos | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

1

Weiler v. Takeda Canada Inc. et al. | Actos | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

1

Weiler v. Takeda Canada Inc. et al. | Actos | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

1

Epp v. Takeda Canada Inc. et al. | Actos | Product Liability

Loss Contingencies [Line Items]

Number of lawsuits

1

Brazil | Employee Litigation

Loss Contingencies [Line Items]

Number of lawsuits

30

30

30

Damages awarded, value

R$ 950

$ 180

R$ 500

R$ 300

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) (Schedule of Component of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 2,699.1
Other comprehensive income (loss) before reclassifications	(256.2)	$ (997.6)	$ (106.9)
Net amount reclassified from accumulated other comprehensive loss	283.4	214.2	190.5
Net other comprehensive income (loss)	27.2	(783.4)	83.6
Ending balance	5,825.2	2,699.1
Accumulated other comprehensive income (loss)	(6,496.4)	(6,523.6)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(6,523.6)	(5,740.2)	(5,694.9)
Reclassification due to adoption of new accounting standard			(128.9)
Ending balance	(6,496.4)	(6,523.6)	(5,740.2)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(6,523.6)	(5,729.2)	(5,718.6)
Reclassification due to adoption of new accounting standard			105.2
Ending balance	(6,496.4)	(6,523.6)	(5,729.2)
AOCI Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)			(11)	$ 23.7
Continuing Operations
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net other comprehensive income (loss)	27.2	(840.2)	69.3
Continuing Operations | Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,678)	(1,569.7)	(1,191.7)
Other comprehensive income (loss) before reclassifications	250.5	(46.2)	(378)
Net amount reclassified from accumulated other comprehensive loss	0	(62.1)	0
Net other comprehensive income (loss)	250.5	(108.3)	(378)
Ending balance	(1,427.5)	(1,678)	(1,569.7)
Continuing Operations | Unrealized Net Gains (Losses) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	4.9	(22.1)	113.5
Reclassification due to adoption of new accounting standard			(128.9)
Other comprehensive income (loss) before reclassifications	6.8	28.9	24.5
Net amount reclassified from accumulated other comprehensive loss	3.1	(1.9)	(31.2)
Net other comprehensive income (loss)	9.9	27	(6.7)
Ending balance	14.8	4.9	(22.1)
Continuing Operations | Defined Benefit Pension and Retiree Health Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(4,638.6)	(3,852.7)	(4,311.3)
Other comprehensive income (loss) before reclassifications	(379.7)	(967.6)	250.7
Net amount reclassified from accumulated other comprehensive loss	267.3	181.7	207.9
Net other comprehensive income (loss)	(112.4)	(785.9)	458.6
Ending balance	(4,751)	(4,638.6)	(3,852.7)
Continuing Operations | Effective Portion of Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(238.9)	(234.3)
Other comprehensive income (loss) before reclassifications		14.5	(16.3)
Net amount reclassified from accumulated other comprehensive loss		12.5	11.7
Net other comprehensive income (loss)		27	(4.6)
Ending balance			(238.9)
Continuing Operations | Effective Portion of Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(211.9)
Other comprehensive income (loss) before reclassifications	(133.8)
Net amount reclassified from accumulated other comprehensive loss	13
Net other comprehensive income (loss)	(120.8)
Ending balance	(332.7)	(211.9)
Discontinued Operations
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net other comprehensive income (loss)	0	56.8	14.3
Discontinued Operations | Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	(56.8)	(71.1)
Other comprehensive income (loss) before reclassifications	0	(27.2)	12.2
Net amount reclassified from accumulated other comprehensive loss	0	84	2.1
Net other comprehensive income (loss)	0	56.8	14.3
Ending balance	$ 0	$ 0	$ (56.8)

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) (Schedule of Tax Effects) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit/(provision) for income taxes allocated to other comprehensive income (loss) items	$ 200.9	$ 151	$ (30.3)
Foreign Currency Translation Gains (Losses)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit/(provision) for income taxes allocated to other comprehensive income (loss) items	128.3	(18.4)	51.6
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	(4.3)	(7.4)	2.1
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	44.8	184.1	(85.3)
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	$ 32.1	$ (7.3)	$ 1.3

Other Comprehensive Income (L_5

Other Comprehensive Income (Loss) (Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other, net (income) expense	$ (1,246.7)	$ (344.6)	$ 11.7
Total before tax	(7,229.9)	(5,265.9)	(3,680.1)
Income taxes	1,036.2	628	529.5
Reclassifications from continuing operations (net of tax)	(6,193.7)	(4,637.9)	(3,150.6)
Reclassifications from discontinued operations (net of tax)	0	(3,680.5)	(81.4)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassifications from continuing operations (net of tax)	283.4	130.2	188.4
Reclassifications from discontinued operations (net of tax)	0	84	2.1
Total reclassifications for the period, net of tax	283.4	214.2	190.5
Amortization of retirement benefit items | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	338.3	230	263.7
Income taxes	(71)	(48.3)	(55.8)
Total reclassifications for the period, net of tax	267.3	181.7	207.9
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	(55)	(56.8)	(74.9)
Actuarial losses | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other, net (income) expense	393.3	286.8	338.6
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	$ 16.1	$ (51.5)	$ (19.5)

Other - Net, (Income) Expense_2

Other - Net, (Income) Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Nonoperating Income (Expense) [Abstract]
Interest expense	$ 359.6	$ 400.6	$ 242.5
Interest income	(33)	(80.4)	(159.3)
Debt extinguishment loss (Note 11)	0	252.5	0
Gain on sale of antibiotic business in China (Note 3)	0	(309.8)	0
Retirement benefit plans	(251.8)	(209.9)	(240.5)
Other (income) expense	(1,246.7)	(344.6)	11.7
Other–net, (income) expense	$ (1,171.9)	$ (291.6)	$ (145.6)

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Mar. 11, 2019	Sep. 24, 2018	Aug. 31, 2018	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain related to disposition					$ 0	$ 3,680.5	$ 0
Elanco
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received		$ 4,200
Additional paid in capital		629.2
Elanco | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain related to disposition				$ 3,700
Cash provided by operating activities, discontinued operations							$ 500
Transitional services agreement, term	24 months
Elanco | Discontinued Operations, Disposed of by Sale | Eli Lilly and Company
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposition of ownership interest	80.20%
Elanco
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from issuance of debt		$ 2,000
Elanco | Term Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, face amount			$ 500
Debt instrument, term			3 years
IPO | Elanco
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Initial public offering (in shares)		72.3
Percentage of stock sold		19.80%
Sale of stock, price per share (in usd per share)		$ 24

Discontinued Operations (Summar

Discontinued Operations (Summary of Revenue and Net Income from Discontinued Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from discontinued operations	$ 24,539.8	$ 22,319.5	$ 21,493.3
Net income from discontinued operations	$ 0	3,680.5	81.4
Elanco | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from discontinued operations		580	3,062.4
Net income from discontinued operations		$ 3,680.5	$ 81.4