Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 21, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'MYLAN INC. | ' | ' |
Entity Central Index Key | '0000069499 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $11,772,902,098 |
Entity Common Stock, Shares Outstanding | ' | 371,912,507 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $291,293 | $349,969 |
Accounts receivable, net | 1,820,273 | 1,554,342 |
Inventories | 1,664,693 | 1,525,242 |
Deferred income tax benefit | 248,861 | 229,348 |
Prepaid expenses and other current assets | 446,140 | 243,816 |
Total current assets | 4,471,260 | 3,902,717 |
Property, plant and equipment, net | 1,663,076 | 1,397,216 |
Intangible assets, net | 2,517,888 | 2,224,457 |
Goodwill | 4,288,124 | 3,515,655 |
Deferred income tax benefit | 77,829 | 87,655 |
Other assets | 2,218,164 | 804,197 |
Total assets | 15,236,341 | 11,931,897 |
Current liabilities: | ' | ' |
Trade accounts payable | 1,072,838 | 777,908 |
Short-term borrowings | 439,797 | 298,987 |
Income taxes payable | 49,749 | 33,731 |
Current portion of long-term debt and other long-term obligations | 3,636 | 98,048 |
Deferred income tax liability | 787 | 1,283 |
Other current liabilities | 1,389,263 | 983,546 |
Total current liabilities | 2,956,070 | 2,193,503 |
Long-term debt | 7,586,459 | 5,337,196 |
Other long-term obligations | 1,265,375 | 771,111 |
Deferred income tax liability | 468,530 | 274,259 |
Total liabilities | 12,276,434 | 8,576,069 |
Mylan Inc. shareholders’ equity | ' | ' |
Common stock — par value $0.50 per share | 271,989 | 269,832 |
Additional paid-in capital | 4,103,678 | 3,986,746 |
Retained earnings | 2,685,081 | 2,061,370 |
Accumulated other comprehensive loss | -240,131 | -86,498 |
Total Mylan Inc. shareholders' equity, before treasury stock | 6,820,617 | 6,231,450 |
Noncontrolling interest | 18,090 | 15,110 |
Less: treasury stock — at cost | 3,878,800 | 2,890,732 |
Total equity | 2,959,907 | 3,355,828 |
Total liabilities and equity | $15,236,341 | $11,931,897 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value, in USD per share | $0.50 | $0.50 |
Common stock, number of shares authorized | 1,500,000,000 | 1,500,000,000 |
Common stock, number of shares issued | 543,978,030 | 539,664,386 |
Treasury stock, number of shares | 172,373,900 | 144,459,210 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Net revenues | $6,856,606 | $6,750,246 | $6,106,277 |
Other revenues | 52,537 | 45,864 | 23,548 |
Total revenues | 6,909,143 | 6,796,110 | 6,129,825 |
Cost of sales | 3,868,800 | 3,887,806 | 3,566,461 |
Gross profit | 3,040,343 | 2,908,304 | 2,563,364 |
Operating expenses: | ' | ' | ' |
Research and development | 507,823 | 401,341 | 294,728 |
Selling, general and administrative | 1,411,629 | 1,400,747 | 1,214,631 |
Litigation settlements, net | -14,639 | -3,133 | 48,556 |
Total operating expenses | 1,904,813 | 1,798,955 | 1,557,915 |
Earnings from operations | 1,135,530 | 1,109,349 | 1,005,449 |
Interest expense | 313,336 | 308,699 | 335,944 |
Other income (expense), net | -74,854 | 3,429 | -14,869 |
Earnings before income taxes and noncontrolling interest | 747,340 | 804,079 | 654,636 |
Income tax provision | 120,808 | 161,145 | 115,833 |
Net earnings | 626,532 | 642,934 | 538,803 |
Net earnings attributable to the noncontrolling interest | -2,821 | -2,084 | -1,993 |
Net earnings attributable to Mylan Inc. common shareholders | $623,711 | $640,850 | $536,810 |
Earnings per common share attributable to Mylan Inc. common shareholders: | ' | ' | ' |
Basic (in USD per share) | $1.63 | $1.54 | $1.25 |
Diluted (in USD per share) | $1.58 | $1.52 | $1.22 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic (in USD per share) | 383,327 | 415,210 | 430,839 |
Diluted (in USD per share) | 394,454 | 420,236 | 438,785 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings | $626,532 | $642,934 | $538,803 |
Other comprehensive earnings (loss), before tax: | ' | ' | ' |
Foreign currency translation adjustment | -273,699 | -3,461 | -224,424 |
Change in unrecognized loss and prior service cost related to defined benefit plans | 8,198 | -10,930 | -2,015 |
Net unrecognized gain (loss) on derivatives | 180,431 | 18,487 | -49,062 |
Net unrealized (loss) gain on marketable securities | -1,128 | -72 | 50 |
Other comprehensive (loss) earnings, before tax | -86,198 | 4,024 | -275,451 |
Income tax related to items of other comprehensive earnings (loss) | 67,435 | 2,683 | -15,745 |
Other comprehensive (loss) earnings, net of tax | -153,633 | 1,341 | -259,706 |
Comprehensive earnings | 472,899 | 644,275 | 279,097 |
Comprehensive earnings attributable to the noncontrolling interest | -2,821 | -2,084 | -1,993 |
Comprehensive earnings attributable to Mylan Inc. common shareholders | $470,078 | $642,191 | $277,104 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Earnings (Loss) | Noncontrolling Interest |
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2010 | $3,615,401 | $262,909 | $3,849,682 | $883,710 | ($1,566,289) | $171,867 | $13,522 |
Balance (in shares) at Dec. 31, 2010 | ' | 525,817,549 | ' | ' | -89,707,087 | ' | ' |
Net earnings | 538,803 | ' | ' | 536,810 | ' | ' | 1,993 |
Other comprehensive (loss) earnings, net of tax | -259,706 | ' | ' | ' | ' | -259,706 | ' |
Common stock share repurchase | -349,998 | ' | ' | ' | -349,998 | ' | ' |
Common stock share repurchase (in shares) | -14,800,000 | ' | ' | ' | -14,773,006 | ' | ' |
Warrant amendment and exchange | -149,947 | ' | -149,947 | ' | ' | ' | ' |
Stock options exercised, net of shares tendered for payment | 67,738 | 2,249 | 65,489 | ' | ' | ' | ' |
Stock options exercised, net of shares tendered for payment (in shares) | ' | 4,497,904 | ' | ' | ' | ' | ' |
Stock compensation expense | 42,576 | ' | 42,576 | ' | ' | ' | ' |
Issuance of restricted stock, net of shares withheld | -6,123 | ' | -20,973 | ' | 14,850 | ' | ' |
Issuance of restricted stock, net of shares withheld (in shares) | ' | ' | ' | ' | 843,077 | ' | ' |
Tax benefit of stock option plans | 11,153 | ' | 11,153 | ' | ' | ' | ' |
Purchase of subsidiary shares from noncontrolling interest | -4,992 | ' | -2,607 | ' | ' | ' | -2,385 |
Other | -123 | ' | 0 | ' | ' | ' | -123 |
Balance at Dec. 31, 2011 | 3,504,782 | 265,158 | 3,795,373 | 1,420,520 | -1,901,437 | -87,839 | 13,007 |
Balance (in shares) at Dec. 31, 2011 | ' | 530,315,453 | ' | ' | -103,637,016 | ' | ' |
Net earnings | 642,934 | ' | ' | 640,850 | ' | ' | 2,084 |
Other comprehensive (loss) earnings, net of tax | 1,341 | ' | ' | ' | ' | 1,341 | ' |
Common stock share repurchase | -999,893 | ' | ' | ' | -999,893 | ' | ' |
Common stock share repurchase (in shares) | -41,400,000 | ' | ' | ' | -41,398,647 | ' | ' |
Stock options exercised, net of shares tendered for payment | 143,883 | 4,674 | 139,209 | ' | ' | ' | ' |
Stock options exercised, net of shares tendered for payment (in shares) | ' | 9,348,933 | ' | ' | ' | ' | ' |
Stock compensation expense | 42,579 | ' | 42,579 | ' | ' | ' | ' |
Issuance of restricted stock, net of shares withheld | -5,040 | ' | -15,638 | ' | 10,598 | ' | ' |
Issuance of restricted stock, net of shares withheld (in shares) | ' | ' | ' | ' | 576,454 | ' | ' |
Tax benefit of stock option plans | 25,232 | ' | 25,232 | ' | ' | ' | ' |
Purchase of subsidiary shares from noncontrolling interest | -34 | ' | -9 | ' | ' | ' | -25 |
Other | 44 | ' | ' | ' | ' | ' | 44 |
Balance at Dec. 31, 2012 | 3,355,828 | 269,832 | 3,986,746 | 2,061,370 | -2,890,732 | -86,498 | 15,110 |
Balance (in shares) at Dec. 31, 2012 | ' | 539,664,386 | ' | ' | -144,459,209 | ' | ' |
Net earnings | 626,532 | ' | ' | 623,711 | ' | ' | 2,821 |
Other comprehensive (loss) earnings, net of tax | -153,633 | ' | ' | ' | ' | -153,633 | ' |
Common stock share repurchase | -999,999 | ' | ' | ' | -999,999 | ' | ' |
Common stock share repurchase (in shares) | -28,500,000 | ' | ' | ' | -28,485,459 | ' | ' |
Stock options exercised, net of shares tendered for payment | 76,172 | 2,157 | 74,015 | ' | ' | ' | ' |
Stock options exercised, net of shares tendered for payment (in shares) | ' | 4,313,644 | ' | ' | ' | ' | ' |
Stock compensation expense | 46,971 | ' | 46,971 | ' | ' | ' | ' |
Issuance of restricted stock, net of shares withheld | -7,665 | ' | -19,596 | ' | 11,931 | ' | ' |
Issuance of restricted stock, net of shares withheld (in shares) | ' | ' | ' | ' | 570,769 | ' | ' |
Tax benefit of stock option plans | 15,530 | ' | 15,530 | ' | ' | ' | ' |
Other | 171 | ' | 12 | ' | ' | ' | 159 |
Balance at Dec. 31, 2013 | $2,959,907 | $271,989 | $4,103,678 | $2,685,081 | ($3,878,800) | ($240,131) | $18,090 |
Balance (in shares) at Dec. 31, 2013 | ' | 543,978,030 | ' | ' | -172,373,899 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net earnings | $626,532 | $642,934 | $538,803 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 515,997 | 546,604 | 510,688 |
Stock-based compensation expense | 46,971 | 42,579 | 42,576 |
Change in estimated sales allowances | 345,750 | 265,532 | -3,540 |
Deferred income tax benefit | -87,133 | -108,930 | -57,405 |
Other non-cash items | 161,720 | 235,985 | 111,018 |
Litigation settlements, net | -14,639 | -3,133 | 48,556 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -553,525 | -354,844 | -318,870 |
Inventories | -157,056 | -172,020 | -220,600 |
Trade accounts payable | 137,212 | 81,429 | 133,666 |
Income taxes | -1,107 | -49,989 | 96,935 |
Deferred revenue | -151 | -19,765 | -996 |
Other operating assets and liabilities, net | 85,992 | -157,364 | -160,407 |
Net cash provided by operating activities | 1,106,563 | 949,018 | 720,424 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -334,580 | -305,325 | -279,848 |
Change in restricted cash | -228,031 | 6,972 | 15,030 |
Cash paid for acquisitions, net | -1,261,853 | 0 | -80,510 |
Proceeds from sale of property, plant and equipment | 25,250 | 16,338 | 0 |
Purchase of marketable securities | -19,346 | -9,884 | -10,024 |
Proceeds from sale of marketable securities | 10,600 | 8,061 | 6,893 |
Other items, net | -60,854 | -80,404 | 16,418 |
Net cash used in investing activities | -1,868,814 | -364,242 | -332,041 |
Cash flows from financing activities: | ' | ' | ' |
Payment of financing fees | -34,634 | -7,691 | -17,246 |
Cash paid for warrant amendment and exchange | 0 | 0 | -149,947 |
Purchase of common stock | -999,999 | -999,893 | -349,998 |
Change in short-term borrowings, net | 141,422 | 174,335 | -15,614 |
Proceeds from issuance of long-term debt | 4,974,712 | 2,043,448 | 1,458,000 |
Payment of long-term debt | -3,480,289 | -1,990,796 | -1,644,198 |
Proceeds from exercise of stock options | 76,172 | 143,883 | 67,738 |
Other items, net | 15,530 | 25,198 | 6,269 |
Net cash (used in) provided by financing activities | 692,914 | -611,516 | -644,996 |
Effect on cash of changes in exchange rates | 10,661 | 1,653 | -30,383 |
Net (decrease) increase in cash and cash equivalents | -58,676 | -25,087 | -286,996 |
Cash and cash equivalents — beginning of period | 349,969 | 375,056 | 662,052 |
Cash and cash equivalents — end of period | 291,293 | 349,969 | 375,056 |
Cash paid during the period for: | ' | ' | ' |
Income taxes | 189,620 | 308,544 | 124,123 |
Interest | 249,429 | 246,762 | 284,637 |
Other current liabilities | ' | ' | ' |
Non-cash transactions: | ' | ' | ' |
Non-cash transactions | 250,000 | 0 | 0 |
Other long-term obligations | ' | ' | ' |
Non-cash transactions: | ' | ' | ' |
Non-cash transactions | $0 | $0 | $376,110 |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
Mylan Inc. and its subsidiaries (collectively, the “Company,” “Mylan,” “our” or “we”) are engaged in the global development, licensing, manufacture, marketing and distribution of generic, brand and branded generic pharmaceutical products for resale by others and active pharmaceutical ingredients (“API”) through two segments, “Generics” and “Specialty.” The principal markets for Generics are proprietary and ethical pharmaceutical wholesalers and distributors, group purchasing organizations, drug store chains, independent pharmacies, drug manufacturers, institutions, and public and governmental agencies primarily within the United States (“U.S.”) and Canada (collectively, “North America”), Europe, the Middle East and Africa (collectively, “EMEA”), and India, Australia, Japan, New Zealand and Brazil (collectively, “Rest of World”). Generics also focuses on developing API with non-infringing processes for both internal use and to partner with manufacturers in regulated markets such as the U.S. and the European Union (“EU”) at market formation. The principal market for Specialty is pharmaceutical wholesalers and distributors, pharmacies and health care institutions primarily in the U.S. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary Of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Principles of Consolidation. The Consolidated Financial Statements include the accounts of Mylan Inc. and those of its wholly owned and majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Investments in equity method affiliates are recorded at cost and adjusted for the Company’s share of the affiliates’ cumulative results of operations, capital contributions and distributions. Noncontrolling interests in the Company’s subsidiaries are recorded net of tax as net earnings attributable to noncontrolling interests. | ||||||||||||
Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the uncertainty inherent in such estimates, actual results could differ from those estimates. | ||||||||||||
Foreign Currencies. The Consolidated Financial Statements are presented in U.S. Dollars, the reporting currency of Mylan. Statements of Operations and Cash Flows of all of the Company’s subsidiaries that have functional currencies other than U.S. Dollars are translated at a weighted average exchange rate for the period for inclusion in the Consolidated Statements of Operations and Cash Flows, whereas assets and liabilities are translated at the end of the period exchange rates for inclusion in the Consolidated Balance Sheets. Translation differences are recorded directly in shareholders’ equity as foreign currency translation adjustments. Gains or losses on transactions denominated in a currency other than the subsidiaries’ functional currency, which arise as a result of changes in foreign currency exchange rates, are recorded in the Consolidated Statements of Operations. | ||||||||||||
Cash and Cash Equivalents. Cash and cash equivalents are comprised of highly liquid investments with an original maturity of three months or less at the date of purchase. | ||||||||||||
Marketable Securities. Marketable equity and debt securities classified as available-for-sale are recorded at fair value, with net unrealized gains and losses, net of income taxes, reflected in accumulated other comprehensive loss as a component of shareholders’ equity. Net realized gains and losses on sales of available-for-sale securities are computed on a specific security basis and are included in other (expense) income, net, in the Consolidated Statements of Operations. Marketable equity and debt securities classified as trading securities are valued at the quoted market price from broker or dealer quotations or transparent pricing sources at the reporting date, and realized and unrealized gains and losses are included in other (expense) income, net, in the Consolidated Statements of Operations. | ||||||||||||
Concentrations of Credit Risk. Financial instruments that potentially subject the Company to credit risk consist principally of interest-bearing investments, derivatives and accounts receivable. | ||||||||||||
Mylan invests its excess cash in high-quality, liquid money market instruments, principally overnight deposits and highly rated money market funds. The Company maintains deposit balances at certain financial institutions in excess of federally insured amounts. Periodically, the Company reviews the creditworthiness of its counterparties to derivative transactions, and it does not expect to incur a loss from failure of any counterparties to perform under agreements it has with such counterparties. | ||||||||||||
Mylan performs ongoing credit evaluations of its customers and generally does not require collateral. Approximately 41% and 38% of the accounts receivable balances represent amounts due from three customers at December 31, 2013 and December 31, 2012, respectively. Total allowances for doubtful accounts were $24.6 million and $23.0 million at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||
Inventories. Inventories are stated at the lower of cost or market, with cost determined by the first-in, first-out method. Provisions for potentially obsolete or slow-moving inventory, including pre-launch inventory, are made based on our analysis of inventory levels, historical obsolescence and future sales forecasts. | ||||||||||||
Property, Plant and Equipment. Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed and recorded on a straight-line basis over the assets’ estimated service lives (three to 18 years for machinery and equipment and other fixed assets and 15 to 39 years for buildings and improvements). The Company periodically reviews the original estimated useful lives of assets and makes adjustments when appropriate. Depreciation expense was approximately $152.3 million, $160.2 million and $152.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Intangible Assets and Goodwill. Intangible assets are stated at cost less accumulated amortization. Amortization is generally recorded on a straight-line basis over estimated useful lives ranging from five to 20 years. The Company periodically reviews the original estimated useful lives of intangible assets and makes adjustments when events indicate that a shorter life is appropriate. | ||||||||||||
The Company accounts for acquired businesses using the purchase method of accounting, which requires that the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. The cost to acquire a business is allocated to the underlying net assets of the acquired business in proportion to their respective fair values. Amounts allocated to acquired in-process research and development (“IPR&D”) are capitalized at the date of an acquisition and, at the time, such IPR&D assets have indefinite lives. As products in development are approved for sale, amounts will be allocated to product rights and licenses and will be amortized over their estimated useful lives. Definite-lived intangible assets are amortized over the expected life of the asset. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. | ||||||||||||
We review goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable based on management's assessment of the fair value of the Company's reporting units as compared to their related carrying value. Under the authoritative guidance issued by the Financial Accounting Standards Board (“FASB”), we have the option to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the two-step goodwill impairment test is performed. The first step, identifying a potential impairment, compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds its fair value, the second step would need to be performed; otherwise, no further step is required. The second step, measuring the impairment loss, compares the implied fair value of the goodwill with the carrying amount of the goodwill. Any excess of the goodwill carrying amount over the applied fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. | ||||||||||||
The judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results of operations. Fair values and useful lives are determined based on, among other factors, the expected future period of benefit of the asset, the various characteristics of the asset and projected cash flows. | ||||||||||||
Contingent Consideration. Mylan records contingent consideration resulting from a business acquisition at its fair value on the acquisition date. Each reporting period thereafter, the Company revalues these obligations and records increases or decreases in their fair value as a charge (credit) to selling, general and administrative costs within the Consolidated Statements of Operations. Changes in the fair value of the contingent consideration obligations can result from adjustments to the discount rates, payment periods and adjustments in the probability of achieving future development steps, regulatory approvals, market launches, sales targets and profitability. These fair value measurements represent Level 3 measurements, as they are based on significant inputs not observable in the market. | ||||||||||||
Significant judgment is employed in determining the assumptions utilized as of the acquisition date and for each subsequent measurement period. Accordingly, changes in the assumptions described above could have a material impact on the Company’s consolidated results of operations. | ||||||||||||
Impairment of Long-Lived Assets. The carrying values of long-lived assets, which include property, plant and equipment and intangible assets with finite lives, are evaluated periodically in relation to the expected future undiscounted cash flows of the underlying assets and monitored for other potential triggering events. Adjustments are made in the event that estimated undiscounted net cash flows are less than the carrying value. | ||||||||||||
Indefinite-lived intangibles, principally IPR&D, are tested at least annually for impairment or upon the occurrence of a triggering event. The impairment test for IPR&D consists of a comparison of the asset’s fair value with its carrying value. Impairment is determined to exist when the fair value is less than the carrying value of the assets being tested. | ||||||||||||
Short-Term Borrowings. Mylan Laboratories Limited has working capital facilities with several banks which are secured by its current assets. The working capital facilities have a weighted average interest rate of 2.3% at December 31, 2013. | ||||||||||||
Mylan Pharmaceuticals Inc. (“MPI”), a wholly owned subsidiary of the Company, also has a $400 million accounts receivable facility (“Receivables Facility”), which will expire in February 2015. Included in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012, respectively, are $374 million and $180 million of short-term borrowings, which are recorded as a secured loan. The receivables underlying any borrowings are included in accounts receivable, net, in the Consolidated Balance Sheets. There were $723.1 million and $556.5 million of securitized accounts receivable at December 31, 2013 and 2012, respectively. | ||||||||||||
Revenue Recognition. Mylan recognizes net revenue for product sales when title and risk of loss pass to its customers and when provisions for estimates, including discounts, sales allowances, price adjustments, returns, chargebacks and other promotional programs, are reasonably determinable. The following briefly describes the nature of each provision and how such provisions are estimated. | ||||||||||||
Discounts are reductions to invoiced amounts offered to customers for payment within a specified period and are estimated upon sale utilizing historical customer payment experience. | ||||||||||||
Volume-based sales allowances are offered to key customers to promote customer loyalty and encourage greater product sales. These programs provide that upon the attainment of pre-established volumes or the attainment of revenue milestones for a specified period, the customer receives credit against purchases. Other promotional programs are incentive programs periodically offered to our customers. The Company is able to estimate provisions for volume-based sales allowances and other promotional programs based on the specific terms in each agreement at the time of sale. | ||||||||||||
Consistent with industry practice, Mylan maintains a return policy that allows customers to return product within a specified period prior and subsequent to the expiration date. The Company’s estimate of the provision for returns is generally based upon historical experience with actual returns. | ||||||||||||
Price adjustments, which include shelf stock adjustments, are credits issued to reflect decreases in the selling prices of products. Shelf stock adjustments are based upon the amount of product which the customer has remaining in its inventory at the time of the price reduction. Decreases in selling prices are discretionary decisions made by the Company to reflect market conditions. Amounts recorded for estimated price adjustments are based upon specified terms with direct customers, estimated launch dates of competing products, estimated declines in market price and, in the case of shelf stock adjustments, estimates of inventory held by the customer. | ||||||||||||
The Company has agreements with certain indirect customers, such as independent pharmacies, managed care organizations, hospitals, nursing homes, governmental agencies and pharmacy benefit management companies, which establish contract prices for certain products. The indirect customers then independently select a wholesaler from which to actually purchase the products at these contracted prices. Alternatively, certain wholesalers may enter into agreements with indirect customers that establish contract pricing for certain products, which the wholesalers provide. Under either arrangement, Mylan will provide credit to the wholesaler for any difference between the contracted price with the indirect party and the wholesaler’s invoice price. Such credits are called chargebacks. The provision for chargebacks is based on expected sell-through levels by our wholesaler customers to indirect customers, as well as estimated wholesaler inventory levels. | ||||||||||||
Accounts receivable are presented net of allowances relating to the above provisions. No significant revisions were made to the methodology used in determining these provisions during the years ended December 31, 2013 and 2012. Such allowances were $1.24 billion and $977.0 million at December 31, 2013 and 2012, respectively. Other current liabilities included $281.1 million and $202.9 million at December 31, 2013 and 2012, respectively, for certain sales allowances and other adjustments that are paid to indirect customers. | ||||||||||||
Royalty or profit share revenue from licensees, which are based on third-party sales of licensed products and technology, is recorded in accordance with the contract terms, when third-party sales can be reliably measured and collection of the funds is reasonably assured. Royalty revenue is included in other revenue in the Consolidated Statements of Operations. | ||||||||||||
The Company recognizes contract manufacturing and other service revenue when the service is performed or when the Company’s partners take ownership and title has passed, collectability is reasonably assured, the sales price is fixed or determinable, and there is persuasive evidence of an arrangement. | ||||||||||||
During the years ended December 31, 2013, 2012 and 2011, sales to Cardinal Health, Inc. were 15%, 14%, and 13%, respectively, and sales to McKesson Corporation were 14%, 13% and 11%, respectively, of consolidated net revenues. | ||||||||||||
Research and Development. Research and Development (“R&D”) expenses are charged to operations as incurred. | ||||||||||||
Income Taxes. Income taxes have been provided for using an asset and liability approach in which deferred income taxes reflect the tax consequences on future years of events that the Company has already recognized in the financial statements or tax returns. Changes in enacted tax rates or laws may result in adjustments to the recorded tax assets or liabilities in the period that the new tax law is enacted. | ||||||||||||
Earnings per Common Share. Basic earnings per common share is computed by dividing net earnings attributable to Mylan Inc. common shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per common share is computed by dividing net earnings attributable to Mylan Inc. common shareholders by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive. | ||||||||||||
On September 15, 2008, concurrent with the sale of $575 million aggregate principal amount of Cash Convertible Notes due 2015 (the “Cash Convertible Notes”), Mylan entered into a convertible note hedge and warrant transaction with certain counterparties. Pursuant to the warrant transactions, the Company sold to the counterparties warrants to purchase in the aggregate up to approximately 43.2 million shares of Mylan common stock, subject to anti-dilution adjustments substantially similar to the anti-dilution adjustments for the Cash Convertible Notes, which under most circumstances represents the maximum number of shares that underlie the conversion reference rate for the Cash Convertible Notes. The sold warrants had an exercise price of $20.00 and will be net share settled, meaning that Mylan will issue a number of shares per warrant corresponding to the difference between its share price at each warrant expiration date and the exercise price. The warrants meet the definition of derivatives under the guidance in the FASB Accounting Standards Codification (“ASC”) 815 Derivatives and Hedging (“ASC 815”); however, because these instruments have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification under ASC 815-40 Contracts in Entity’s Own Equity (“ASC 815-40”), the warrants have been recorded in shareholders’ equity in the Consolidated Balance Sheets. | ||||||||||||
In September 2011, the Company entered into amendments with the counterparties to exchange the original warrants with an exercise price of $20.00 (the “Old Warrants”) with new warrants with an exercise price of $30.00 (the “New Warrants”). Approximately 41.0 million of the Old Warrants were exchanged in the transaction. All other terms and settlement provisions of the Old Warrants remain unchanged in the New Warrants. The New Warrants meet the definition of derivatives under the guidance in ASC 815; however, because these instruments have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification under ASC 815-40, the New Warrants have also been recorded in shareholders’ equity in the Consolidated Balance Sheets. The dilutive impact of the Old and New Warrants are included in the calculation of diluted earnings per share based upon the average market value of the Company’s common stock during the period as compared to the exercise price. For the year ended December 31, 2013, 2012 and 2011, 5.1 million, 0.3 million and 4.3 million, respectively, warrants were included in the calculation of diluted earnings per share. | ||||||||||||
The Board of Directors periodically authorizes the Company to repurchase common stock in the open market or through other methods. The Company repurchased 28.5 million common shares at a cost of $1.0 billion, 41.4 million common shares at a cost of $1.0 billion and 14.8 million common shares at a cost of $350 million in 2013, 2012 and 2011, respectively. These amounts reflect transactions executed through December 31st of each year. Basic and diluted earnings per common share attributable to Mylan Inc. are calculated as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||||
Basic earnings attributable to Mylan Inc. common shareholders (numerator): | ||||||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 623,711 | $ | 640,850 | $ | 536,810 | ||||||
Shares (denominator): | ||||||||||||
Weighted average common shares outstanding | 383,327 | 415,210 | 430,839 | |||||||||
Basic earnings per common share attributable to Mylan Inc. common shareholders | $ | 1.63 | $ | 1.54 | $ | 1.25 | ||||||
Diluted earnings attributable to Mylan Inc. common shareholders (numerator): | ||||||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 623,711 | $ | 640,850 | $ | 536,810 | ||||||
Shares (denominator): | ||||||||||||
Weighted average common shares outstanding | 383,327 | 415,210 | 430,839 | |||||||||
Stock-based awards and warrants | 11,127 | 5,026 | 7,946 | |||||||||
Total dilutive shares outstanding | 394,454 | 420,236 | 438,785 | |||||||||
Diluted earnings per common share attributable to Mylan Inc. common shareholders | $ | 1.58 | $ | 1.52 | $ | 1.22 | ||||||
Additional stock options or restricted stock awards were outstanding during the years ended December 31, 2013, 2012 and 2011 but were not included in the computation of diluted earnings per share for each respective period, because the effect would be anti-dilutive. Such anti-dilutive stock options or restricted stock awards represented 1.0 million, 4.8 million and 5.5 million shares for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Stock-Based Compensation. The fair value of stock-based compensation is recognized as expense in the Consolidated Statements of Operations over the vesting period. | ||||||||||||
Derivatives. From time to time the Company may enter into derivative financial instruments (mainly foreign currency exchange forward contracts, interest rate swaps and purchased equity call options) designed to: 1) hedge the cash flows resulting from existing assets and liabilities and transactions expected to be entered into over the next twenty-four months in currencies other than the functional currency, 2) hedge the variability in interest expense on floating rate debt, 3) hedge the fair value of fixed-rate notes, 4) hedge against changes in interest rates that could impact future debt issuances, or 5) hedge cash or share payments required on conversion of issued convertible notes. Derivatives are recognized as assets or liabilities in the Consolidated Balance Sheets at their fair value. When the derivative instrument qualifies as a cash flow hedge, changes in the fair value are included in earnings or deferred through other comprehensive earnings depending on the nature and effectiveness of the offset. If a derivative instrument qualifies as a fair value hedge, the changes in the fair value, as well as the offsetting changes in the fair value of the hedged items, are included in interest expense. When such instruments do not qualify for hedge accounting the changes in fair value are recorded in the Consolidated Statements of Operations within other (expense) income, net. | ||||||||||||
Financial Instruments. The Company’s financial instruments consist primarily of short-term and long-term debt, interest rate swaps, forward contracts, and option contracts. The Company’s financial instruments also include cash and cash equivalents as well as accounts and other receivables and accounts payable, the fair values of which approximate their carrying values. As a policy, the Company does not engage in speculative or leveraged transactions. | ||||||||||||
The Company uses derivative financial instruments for the purpose of hedging foreign currency and interest rate exposures, which exist as part of ongoing business operations or to hedge cash or share payments required on conversion of issued convertible notes. The Company carries derivative instruments on the Consolidated Balance Sheets at fair value, determined by reference to market data such as forward rates for currencies, implied volatilities, and interest rate swap yield curves. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. | ||||||||||||
Recent Accounting Pronouncements. In July 2013, the FASB issued revised accounting guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward exists. The amended guidance clarifies when the unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss and when the unrecognized tax benefit should be presented in the financial statements as a liability and not combined with the deferred tax asset. The guidance is effective for fiscal years, and interim periods, beginning after December 15, 2013. The Company does not expect that the adoption of the guidance will have a material effect on its results of operations, financial position or cash flows. | ||||||||||||
In February 2013, the FASB issued revised accounting guidance on the presentation of comprehensive income in the financial statements. The amended guidance requires an entity to report, in one place, the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income. Reclassifications must be disclosed if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. The guidance is effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted the guidance during 2013 by presenting additional disclosure in the notes to financial statements (see Note 8). The adoption of the guidance did not have a material effect on the Company’s results of operations, financial position or cash flows. | ||||||||||||
In December 2011 and January 2013, the FASB issued revised accounting guidance for an entity with particular financial instruments and derivative instruments that offset in accordance with the FASB’s guidance regarding other presentation matters for derivatives and hedging. Under the amendments in this update, an entity with financial instruments that are offset in the financial statements or subject to enforceable master netting arrangements, or similar agreements, must disclose the gross amount recognized for the asset/liability, the offsetting amounts, the net amounts presented on the balance sheet and any amounts subject to enforceable master netting arrangements. The amended guidance is effective for fiscal years, including interim periods, beginning on or after January 1, 2013. Retroactive application is required. The Company adopted the guidance during 2013, and the adoption of the guidance did not have a material effect on the Company’s results of operations, financial position or cash flows. |
Acquisitions_and_Other_Transac
Acquisitions and Other Transactions | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisitions And Collaborative Agreements | ' | |||||||
Acquisitions and Other Transactions | ||||||||
Agila Specialties | ||||||||
On February 27, 2013, the Company announced that it had signed definitive agreements to acquire the Agila Specialties business (“Agila”), a developer, manufacturer and marketer of high-quality generic injectable products, from Strides Arcolab Limited (“Strides Arcolab”). The transaction closed on December 4, 2013 and the total purchase price was approximately $1.43 billion (net of cash acquired of $3.4 million), which includes estimated contingent consideration of $250 million. The contingent consideration, which could total a maximum of $461 million, is primarily related to the satisfaction of certain regulatory conditions, including potential regulatory remediation costs and the resolution of certain pre-acquisition contingencies. The acquisition of Agila significantly expands and strengthens Mylan's existing injectables platform and portfolio, and also provides Mylan entry into certain new geographic markets. | ||||||||
In accordance with GAAP, the Company used the purchase method of accounting to account for this transaction. Under the purchase method of accounting, the assets acquired and liabilities assumed in the transaction were recorded at their respective estimated fair values at the acquisition date. The preliminary allocation of the $1.43 billion purchase price to the assets acquired and liabilities assumed for Agila is as follows: | ||||||||
(In millions) | ||||||||
Current assets (excluding inventories) | $ | 39 | ||||||
Inventories | 45.1 | |||||||
Property, plant and equipment | 143.8 | |||||||
Identified intangible assets | 280 | |||||||
In-process research and development | 436 | |||||||
Goodwill | 884.2 | |||||||
Other assets, including equity method investment | 153.4 | |||||||
Total assets acquired | 1,981.50 | |||||||
Current liabilities | (234.7 | ) | ||||||
Deferred tax liabilities | (193.2 | ) | ||||||
Other non-current liabilities | (119.9 | ) | ||||||
Net assets acquired | $ | 1,433.70 | ||||||
The amount allocated to IPR&D represents an estimate of the fair value of purchased in-process technology for research projects that, as of the closing date of the acquisition, had not reached technological feasibility and had no alternative future use. The fair value of the IPR&D was based on the excess earnings method, which utilizes forecasts of expected cash inflows (including estimates for ongoing costs) and other contributory charges. A discount rate of 13.0% was utilized to discount net cash inflows to present values. IPR&D is accounted for as an indefinite-lived intangible asset and will be subject to impairment testing until completion or abandonment of the projects. Upon successful completion and launch of each product, the Company will make a determination of the estimated useful life of the individual IPR&D asset. The acquired IPR&D projects are in various stages of completion and the estimated costs to complete these projects total approximately $50 million which is expected to be incurred from 2014 through 2016. There are risks and uncertainties associated with the timely and successful completion of the projects included in IPR&D, and no assurances can be given that the underlying assumptions used to estimate the fair value of IPR&D will not change or the timely completion of each project to commercial success will occur. | ||||||||
The identified intangible assets of $280 million are comprised of $221 million of product rights and licenses that have a weighted average useful life of 8 years and $59 million of customer relationships that have a weighted average useful life of 5 years. The equity method investment of $125 million represents the fair value of Agila’s 50% interest in Sagent Agila LLC (“Sagent Agila”). The goodwill of $884.2 million arising from the acquisition consisted largely of the value of the employee workforce and the value of products to be developed in the future. All of the goodwill was assigned to Mylan’s Generics segment. The allocation of the goodwill to the individual reporting units within the Generics segment has not been completed. None of the goodwill recognized is currently expected to be deductible for income tax purposes. | ||||||||
Significant assumptions utilized in the valuation of identified intangible assets, the equity method investment and IPR&D were based on company specific information and projections which are not observable in the market and are thus considered Level 3 measurements as defined by GAAP. The preliminary fair value estimates for the assets acquired and liabilities assumed were based upon preliminary calculations, valuations and assumptions that are subject to change as the Company obtains additional information during the measurement period (up to one year from the acquisition date). The primary areas of those preliminary estimates that are not yet finalized relate to the determination of certain contingent consideration, certain contingent liabilities, including income and non-income based tax contingencies, and deferred income taxes. | ||||||||
Approximately $49.8 million of expenses were incurred during the year ended December 31, 2013 that related to this acquisition. | ||||||||
The operating results of Agila have been included in Mylan’s Consolidated Statements of Operations since December 4, 2013. Revenues and earnings from the acquisition date through December 31, 2013 were not material to Mylan’s consolidated financial statements. | ||||||||
Unaudited Pro Forma Financial Results | ||||||||
The following table presents supplemental unaudited pro forma information as if the acquisition of Agila had occurred on January 1, 2012. The unaudited pro forma results reflect certain adjustments related to past operating performance and acquisition accounting adjustments, such as increased amortization expense based on the fair valuation of assets acquired, the impact of acquisition financing, transaction costs and the related income tax effects. The unaudited pro forma results do not include any anticipated synergies which may be achievable subsequent to the acquisition date. Accordingly, the unaudited pro forma results are not necessarily indicative of the results that actually would have occurred had the acquisition been completed on January 1, 2012, nor are they indicative of the future operating results of the combined company. | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In millions, except per share amounts) | (Unaudited) | |||||||
Total revenues | $ | 7,109 | $ | 7,036 | ||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 443 | $ | 530 | ||||
Earnings per common share attributable to Mylan Inc. common shareholders | ||||||||
Basic | $ | 1.16 | $ | 1.28 | ||||
Diluted | $ | 1.12 | $ | 1.26 | ||||
Weighted average common shares outstanding: | ||||||||
Basic | 383,327 | 415,210 | ||||||
Diluted | 394,454 | 420,236 | ||||||
Respiratory Delivery Platform | ||||||||
On December 23, 2011, Mylan completed its acquisition of the exclusive worldwide rights to develop, manufacture and commercialize a generic equivalent to GlaxoSmithKline’s Advair® Diskus and Seretide® Diskus incorporating Pfizer Inc.’s proprietary dry powder inhaler delivery platform (“respiratory delivery platform”). As part of the agreement, Mylan will fund the remaining development and capital requirements as well as make certain potential development and commercial milestone payments as the products are brought to market. In accordance with GAAP, the Company accounted for this transaction as a purchase of a business and utilized the purchase method of accounting. Under the purchase method of accounting, the assets acquired and liabilities assumed in the transaction were recorded at the date of acquisition at the estimate of their respective fair values. | ||||||||
The total purchase consideration was $348 million. This amount consisted of an initial cash payment of $22 million, approximately $4 million in assumed liabilities, and $322 million of contingent consideration. Pfizer is eligible to receive milestone payments, which are contingent upon the future product development achievements including regulatory approvals, market launches, sales targets and profitability. The $322 million of contingent consideration at the acquisition date represented the net present value of expected milestone and profit sharing payments. The purchase price allocation, including the valuation of the contingent payment elements of the purchase price, resulted in IPR&D of $338 million, fixed assets of $8 million and goodwill of $2 million. | ||||||||
The amount allocated to acquired IPR&D represented an estimate of the fair value of purchased in-process technology that, as of the closing date of the acquisition, had not reached technological feasibility and had no alternative future use. The fair value of IPR&D was based on the excess earnings method, which utilizes forecasts of expected net cash inflows (including estimates for ongoing costs) and other contributory charges. A discount rate of 12.5% was utilized to discount net cash inflows to present values. | ||||||||
The project is in the early stages of development, and the expected costs to complete are estimated to be significant. The project is not expected to begin generating a material benefit to the Company until after 2016. There can be no certainty that these assets ultimately will yield a successful product. Failure to successfully complete this project would have a material impact on the IPR&D assets related to it. Additionally, no assurances can be given that the underlying assumptions used to prepare the discounted cash flow analysis will not change in future periods. | ||||||||
Other Transactions | ||||||||
Beginning in 2013, we established an exclusive long-term strategic collaboration with Pfizer Japan Inc. (“Pfizer Japan”) to develop, manufacture, distribute and market generic drugs in Japan. Under the agreement, both parties operate separate legal entities in Japan and collaborate on current and future generic products, sharing the costs and profits resulting from the collaboration. Mylan Japan’s responsibilities primarily consist of managing operations, including R&D and manufacturing. Pfizer Japan’s responsibilities primarily consist of the commercialization of the combined generics portfolio and managing a combined marketing and sales effort. | ||||||||
During 2013, the Company completed the acquisition of four separate manufacturing operations located in India. The aggregate purchase price was approximately $76 million in cash. As part of the purchase price allocations, goodwill in the aggregate of approximately $20 million was recognized within the Generics segment. The acquisitions did not have a material impact on the Company’s results of operations since the acquisition dates. | ||||||||
During 2011, the Company completed two additional business acquisitions for total purchase consideration of approximately $165 million. The total combined purchase consideration of the two acquisitions included initial cash payments of $59 million and approximately $106 million in assumed liabilities. The preliminary purchase price allocations, including the valuation of the contingent payment elements of the purchase price, resulted in intangible assets of $130 million, IPR&D of $30 million and fixed assets of $5 million. The impact on our results of operations since the acquisition dates was not material. |
Balance_Sheet_Components
Balance Sheet Components | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Balance Sheet Components [Abstract] | ' | |||||||
Balance Sheet Components | ' | |||||||
Balance Sheet Components | ||||||||
Selected balance sheet components consist of the following: | ||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||
Inventories: | ||||||||
Raw materials | $ | 484,648 | $ | 455,958 | ||||
Work in process | 310,050 | 268,191 | ||||||
Finished goods | 869,995 | 801,093 | ||||||
$ | 1,664,693 | $ | 1,525,242 | |||||
Property, plant and equipment: | ||||||||
Land and improvements | $ | 72,700 | $ | 73,857 | ||||
Buildings and improvements | 747,003 | 665,058 | ||||||
Machinery and equipment | 1,698,411 | 1,436,904 | ||||||
Construction in progress | 207,721 | 308,192 | ||||||
2,725,835 | 2,484,011 | |||||||
Less accumulated depreciation | 1,062,759 | 1,086,795 | ||||||
$ | 1,663,076 | $ | 1,397,216 | |||||
Other current liabilities: | ||||||||
Legal and professional accruals, including litigation accruals | $ | 146,051 | $ | 122,083 | ||||
Payroll and employee benefit plan accruals | 288,954 | 266,650 | ||||||
Accrued sales allowances | 281,112 | 202,891 | ||||||
Accrued interest | 68,466 | 72,590 | ||||||
Fair value of financial instruments | 74,312 | 29,051 | ||||||
Other | 530,368 | 290,281 | ||||||
$ | 1,389,263 | $ | 983,546 | |||||
The value of contingent consideration included in other current liabilities is $250.0 million at December 31, 2013. Contingent consideration included in other long-term obligations totaled $414.6 million and $379.2 million at December 31, 2013 and 2012, respectively. Included in prepaid expenses and other current assets is $129.5 million and $1.5 million of restricted cash at December 31, 2013 and 2012, respectively. An additional $100 million of restricted cash is classified as a component of other long-term assets at December 31, 2013. The increase in restricted cash at December 31, 2013 principally related to amounts deposited in escrow, or restricted accounts, for potential contingent consideration payments related to the Agila acquisition. | ||||||||
The Company’s equity method investments in clean energy partnerships, whose activities qualify for income tax credits under section 45 of the U.S. Internal Revenue Code, totaled $401.7 million and $71.7 million at December 31, 2013 and 2012, respectively, and are included in other assets in the Consolidated Balance Sheets. Liabilities related to these investments totaled $415.4 million and $78.7 million at December 31, 2013 and 2012, respectively, and are included in other long-term obligations in the Consolidated Balance Sheets. | ||||||||
As part of the Agila acquisition, the Company acquired a 50% interest in Sagent Agila, which was established in 2007 between Agila and Sagent Pharmaceuticals, Inc. Sagent Agila was established to allow for the development, manufacturing and distribution of certain generic injectable products in the U.S. market. The initial term of the venture expires upon the tenth anniversary of its formation. The fair value of the 50% interest was valued at $125 million and is accounted for using the equity method of accounting. The equity method investment is included in other assets in the Consolidated Balance Sheets. The results of Sagent Agila since the acquisition date were not material to Mylan’s consolidated financial statements. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||
(In thousands) | Generics Segment | Specialty Segment | Total | |||||||||||
Balance at December 31, 2011: | ||||||||||||||
Goodwill | $ | 3,196,428 | $ | 706,507 | $ | 3,902,935 | ||||||||
Accumulated impairment losses | — | (385,000 | ) | (385,000 | ) | |||||||||
3,196,428 | 321,507 | 3,517,935 | ||||||||||||
Foreign currency translation | (2,280 | ) | — | (2,280 | ) | |||||||||
3,194,148 | 321,507 | 3,515,655 | ||||||||||||
Balance at December 31, 2012: | ||||||||||||||
Goodwill | 3,194,148 | 706,507 | 3,900,655 | |||||||||||
Accumulated impairment losses | — | (385,000 | ) | (385,000 | ) | |||||||||
3,194,148 | 321,507 | 3,515,655 | ||||||||||||
Goodwill acquired (1) | 903,998 | — | 903,998 | |||||||||||
Transfers (2) | (27,602 | ) | 27,602 | — | ||||||||||
Foreign currency translation | (131,529 | ) | — | (131,529 | ) | |||||||||
3,939,015 | 349,109 | 4,288,124 | ||||||||||||
Balance at December 31, 2013: | ||||||||||||||
Goodwill | 3,939,015 | 734,109 | 4,673,124 | |||||||||||
Accumulated impairment losses | — | (385,000 | ) | (385,000 | ) | |||||||||
$ | 3,939,015 | $ | 349,109 | $ | 4,288,124 | |||||||||
____________ | ||||||||||||||
(1) | See Note 3. | |||||||||||||
(2) | As a result of the January 1, 2013 reorganization of certain components between the Generics and Specialty segments, the Company was required to reassign a portion of the carrying amount of goodwill to the Specialty segment. | |||||||||||||
Intangible assets consist of the following components at December 31, 2013 and 2012: | ||||||||||||||
(In thousands) | Weighted | Original | Accumulated | Net Book | ||||||||||
Average Life | Cost | Amortization | Value | |||||||||||
(Years) | ||||||||||||||
December 31, 2013 | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Patents and technologies | 20 | $ | 116,631 | $ | 93,761 | $ | 22,870 | |||||||
Product rights and licenses | 10 | 3,559,505 | 2,018,111 | 1,541,394 | ||||||||||
Other (1) | 8 | 173,974 | 59,395 | 114,579 | ||||||||||
3,850,110 | 2,171,267 | 1,678,843 | ||||||||||||
In-process research and development | 839,045 | — | 839,045 | |||||||||||
$ | 4,689,155 | $ | 2,171,267 | $ | 2,517,888 | |||||||||
December 31, 2012 | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Patents and technologies | 20 | $ | 116,631 | $ | 88,288 | $ | 28,343 | |||||||
Product rights and licenses | 10 | 3,459,980 | 1,749,424 | 1,710,556 | ||||||||||
Other (1) | 8 | 111,033 | 51,384 | 59,649 | ||||||||||
3,687,644 | 1,889,096 | 1,798,548 | ||||||||||||
In-process research and development | 425,909 | — | 425,909 | |||||||||||
$ | 4,113,553 | $ | 1,889,096 | $ | 2,224,457 | |||||||||
____________ | ||||||||||||||
(1) | Other intangibles consist principally of customer lists and contracts. | |||||||||||||
Product rights and licenses are primarily comprised of the products marketed at the time of acquisition. These product rights and licenses relate to numerous individual products, the net book value of which, by therapeutic category, is as follows: | ||||||||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||||||||
Allergy | $ | 95,911 | $ | 111,386 | ||||||||||
Anti-infectives | 194,220 | 145,109 | ||||||||||||
Antineoplastic | 147,414 | 51,251 | ||||||||||||
Cardiovascular | 235,777 | 309,062 | ||||||||||||
Central Nervous System | 211,205 | 273,102 | ||||||||||||
Dermatological | 79,576 | 93,644 | ||||||||||||
Endocrine and Metabolic | 72,400 | 80,702 | ||||||||||||
Gastrointestinal | 95,184 | 121,823 | ||||||||||||
Respiratory System | 147,448 | 218,658 | ||||||||||||
Other (1) | 262,259 | 305,819 | ||||||||||||
$ | 1,541,394 | $ | 1,710,556 | |||||||||||
____________ | ||||||||||||||
(1) | Other consists of numerous therapeutic classes, none of which individually exceeds 5% of total product rights and licenses. | |||||||||||||
Amortization expense, which is classified primarily within cost of sales in the Consolidated Statements of Operations, for the years ended December 31, 2013, 2012 and 2011 was $363.7 million, $386.4 million and $357.8 million, respectively. Amortization expense is expected to be approximately $386 million, $360 million, $276 million, $231 million and $182 million for the years ended December 31, 2014 through 2018, respectively. | ||||||||||||||
Indefinite-lived intangibles, such as the Company’s IPR&D assets, are tested at least annually for impairment, but they may be tested whenever certain impairment indicators are present. Impairment is determined to exist when the fair value is less than the carrying value of the assets being tested. | ||||||||||||||
The Company performs its annual impairment review of certain IPR&D assets at September 30th. This review of IPR&D assets principally relates to assets acquired as part of the Bioniche Pharma acquisition in September 2010. For the years ended December 31, 2013 and 2012, the Company recorded impairment charges related to the Bioniche Pharma IPR&D assets in the amounts of $18.0 million and $41.6 million, respectively, which were recorded as a component of amortization expense. These impairment charges resulted from the Company’s estimate of the fair value of these assets, which was based upon updated forecasts and commercial development plans, compared with the assigned fair values at the acquisition date. The fair value was determined based upon detailed valuations employing the income approach which utilized Level 3 inputs, as defined in Note 6. The fair value of IPR&D was calculated as the present value of the estimated future net cash flows using a market rate of return. The assumptions inherent in the estimated future cash flows include, among other things, the impact of changes to the development programs, the projected development and regulatory time frames and the current competitive environment. A discount rate of approximately 10% was utilized in each valuation at September 30, 2013 and 2012. Changes to any of the Company’s assumptions may result in a further reduction to the estimated fair value of the IPR&D asset. | ||||||||||||||
During the years ended December 31, 2013 and 2012, approximately $6.5 million and $33.0 million, respectively, was reclassified from acquired IPR&D to product rights and licenses. Also during the year ended December 31, 2012, the Company paid approximately $70.0 million to acquire products rights and licenses, the majority of which relates to two dermatological products acquired from Valeant Pharmaceuticals. |
Financial_Instruments_and_Risk
Financial Instruments and Risk Management | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Financial Instruments And Risk Management | ' | |||||||||||||||
Financial Instruments and Risk Management | ||||||||||||||||
Mylan is exposed to certain financial risks relating to its ongoing business operations. The primary financial risks that are managed by using derivative instruments are foreign currency risk, interest rate risk and equity risk. | ||||||||||||||||
Foreign Currency Risk Management | ||||||||||||||||
In order to manage foreign currency risk, Mylan enters into foreign exchange forward contracts to mitigate risk associated with changes in spot exchange rates of mainly non-functional currency denominated assets or liabilities. The foreign exchange forward contracts are measured at fair value and reported as current assets or current liabilities on the Consolidated Balance Sheets. Any gains or losses on the foreign exchange forward contracts are recognized in earnings in the period incurred in the Consolidated Statements of Operations. | ||||||||||||||||
The Company has also entered into forward contracts to hedge forecasted foreign currency denominated sales from certain international subsidiaries. These contracts are designated as cash flow hedges to manage foreign currency transaction risk and are measured at fair value and reported as current assets or current liabilities on the Consolidated Balance Sheets. Any changes in fair value are included in earnings or deferred through accumulated other comprehensive earnings (“AOCE”), depending on the nature and effectiveness of the offset. | ||||||||||||||||
Interest Rate Risk Management | ||||||||||||||||
The Company enters into interest rate swaps in order to manage interest rate risk associated with the Company’s fixed- and floating-rate debt. These derivative instruments are measured at fair value and reported as current assets or current liabilities on the Consolidated Balance Sheets. | ||||||||||||||||
The Company’s interest rate swaps designated as cash flow hedges fix the interest rate on a portion of the Company’s variable-rate debt or hedge part of the Company’s interest rate exposure associated with the variability in the future cash flows attributable to changes in interest rates. Any changes in fair value are included in earnings or deferred through AOCE, depending on the nature and effectiveness of the offset. Any ineffectiveness in a cash flow hedging relationship is recognized immediately in earnings in the Consolidated Statements of Operations. In conjunction with the senior notes offering during the second quarter of 2013 and the related repayment of the Company’s variable-rate U.S. Term Loans (the “U.S. Term Loans”) (see Note 7), the Company terminated all existing interest rate swaps that had previously fixed the interest rate on a portion of the Company’s variable-rate U.S. Term Loans. As a result, during the year ended December 31, 2013, approximately $0.8 million that had previously been classified in AOCE was recognized into other (expense) income, net, as the forecasted transaction was no longer probable of occurring. In addition, $750 million of floating-rate debt interest rate swaps that were extended through forward-starting swaps were terminated during the year ended December 31, 2013 in the transaction described above. The total notional amount of the Company’s interest rate swaps on floating-rate debt was $850 million as of December 31, 2012. There were no interest rate swaps on floating-rate debt as of December 31, 2013. | ||||||||||||||||
In anticipation of issuing fixed-rate debt, the Company may use treasury rate locks or forward starting interest rate swaps that are designated as cash flow hedges. During the first and third quarters of 2013, the Company entered into a series of forward starting swaps to hedge against changes in interest rates that could impact the Company’s expected financing of the acquisition of Agila. These interest rate swaps were designated as cash flow hedges of expected future interest payments. In February 2013, the Company executed interest rate swaps with a notional value of $1.07 billion. In September 2013, the terms of these swaps were extended to an effective date in November 2013 and the Company executed an additional $930 million of notional value of interest rate swaps with an effective date in November 2013. In November 2013 all of the swaps were terminated in conjunction with the completion of the financing of the Agila acquisition. A gain of $41.2 million is recorded in AOCE, which will be amortized over the term of the related financing transactions. In addition, $0.8 million of hedge ineffectiveness was recorded in other (expense) income, net. | ||||||||||||||||
In April 2013, the Company entered into a series of forward starting swaps to hedge against changes in interest rates that could impact future debt issuances. These swaps are designated as cash flow hedges of expected future interest payments related to these issuances. The Company executed $1.80 billion of notional value swaps with effective dates ranging from December 2014 to August 2015. These swaps have maturities of ten years. | ||||||||||||||||
The Company's interest rate swaps designated as fair value hedges convert the fixed rate on a portion of the Company's fixed-rate senior notes to a variable rate. These interest rate swaps designated as fair value hedges are measured at fair value and reported as assets or current liabilities in the Consolidated Balance Sheets. Any changes in the fair value of these derivative instruments, as well as the offsetting change in fair value of the portion of the fixed-rate debt being hedged, is included in interest expense. In June 2013, the Company entered into interest rate swaps with a notional value of $500 million that were designated as hedges of the Company’s 1.800% Senior Notes due 2016. The variable rate was 1.41% at December 31, 2013. In December 2013, the Company entered into interest rate swaps with a notional value of $750 million that were designated as hedges of the Company’s 3.125% Senior Notes due 2023. The variable rate was 0.57% at December 31, 2013. The total notional amount of the Company’s interest rate swaps on fixed-rate debt was $1.8 billion and $500 million as of December 31, 2013 and December 31, 2012 respectively. | ||||||||||||||||
In November 2011, the Company terminated certain interest rate swaps that had previously fixed the interest rate on a portion of the Company’s term loans. As a result, during the year ended December 31, 2011, charges of approximately $13.9 million that had previously been classified in AOCE were recognized into other (expense) income, net. | ||||||||||||||||
Certain derivative instrument contracts entered into by the Company are governed by Master Agreements, which contain credit-risk-related contingent features that would allow the counterparties to terminate the contracts early and request immediate payment should the Company trigger an event of default on other specified borrowings. The Company is not subject to any obligations to post collateral under derivative instrument contracts. | ||||||||||||||||
The Company maintains significant credit exposure arising from the convertible note hedge on its Cash Convertible Notes. Holders may convert their Cash Convertible Notes subject to certain conversion provisions determined by a) the market price of the Company’s common stock, b) specified distributions to common shareholders, c) a fundamental change, as defined in the purchase agreement, or d) certain time periods specified in the purchase agreement. The conversion feature can only be settled in cash and, therefore, it is bifurcated from the Cash Convertible Notes and treated as a separate derivative instrument. In order to offset the cash flow risk associated with the cash conversion feature, the Company entered into a convertible note hedge with certain counterparties. Both the cash conversion feature and the purchased convertible note hedge are measured at fair value with gains and losses recorded in the Company’s Consolidated Statements of Operations. Also, in conjunction with the issuance of the Cash Convertible Notes, the Company entered into several warrant transactions with certain counterparties. The warrants meet the definition of derivatives; however, because these instruments have been determined to be indexed to the Company’s own stock, and have been recorded in shareholders’ equity in the Company’s Consolidated Balance Sheets, the instruments are exempt from the scope of GAAP guidance regarding accounting for derivative instruments and hedging activities and are not subject to the fair value provisions set forth therein. | ||||||||||||||||
At December 31, 2013, the convertible note hedge had a total fair value of $1.30 billion, which reflects the maximum loss that would be incurred should the parties fail to perform according to the terms of the contract. The counterparties are highly rated diversified financial institutions with both commercial and investment banking operations. The counterparties are required to post collateral against this obligation should they be downgraded below thresholds specified in the contract. Eligible collateral is comprised of a wide range of financial securities with a valuation discount percentage reflecting the associated risk. | ||||||||||||||||
The Company regularly reviews the creditworthiness of its financial counterparties and does not expect to incur a significant loss from failure of any counterparties to perform under any agreements. | ||||||||||||||||
The Company records all derivative instruments on a gross basis in the Consolidated Balance Sheets. Accordingly, there are no offsetting amounts that net assets against liabilities. The asset and liability balances presented in the tables below reflect the gross amounts of derivatives recorded in the Company’s Consolidated Financial Statements. | ||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(In thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Interest rate swaps | Prepaid expenses and other current assets | $ | 90,305 | Prepaid expenses and other current assets | $ | 36,647 | ||||||||||
Interest rate swaps | Other assets | 93,100 | Other assets | — | ||||||||||||
Total | $ | 183,405 | $ | 36,647 | ||||||||||||
Liability Derivatives | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(In thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Interest rate swaps | Other current liabilities | $ | 15,826 | Other current liabilities | $ | 9,823 | ||||||||||
Foreign currency forward contracts | Other current liabilities | 53,123 | Other current liabilities | 15,863 | ||||||||||||
Total | $ | 68,949 | $ | 25,686 | ||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(In thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Foreign currency forward contracts | Prepaid expenses and other current assets | $ | 6,405 | Prepaid expenses and other current assets | $ | 5,818 | ||||||||||
Purchased cash convertible note hedge | Other assets | 1,303,000 | Other assets | 636,300 | ||||||||||||
Total | $ | 1,309,405 | $ | 642,118 | ||||||||||||
Liability Derivatives | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(In thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Foreign currency forward contracts | Other current liabilities | $ | 5,362 | Other current liabilities | $ | 3,365 | ||||||||||
Cash conversion feature of Cash Convertible Notes | Long-term debt | 1,303,000 | Long-term debt | 636,300 | ||||||||||||
Total | $ | 1,308,362 | $ | 639,665 | ||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Operations | ||||||||||||||||
Derivatives in Fair Value Hedging Relationships | ||||||||||||||||
Location of (Loss) or Gain Recognized in Earnings on Derivatives | Amount of (Loss) or Gain Recognized in Earnings on Derivatives | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Interest rate swaps | Interest expense | $ | (17,933 | ) | $ | 19,562 | $ | 42,648 | ||||||||
Total | $ | (17,933 | ) | $ | 19,562 | $ | 42,648 | |||||||||
Location of Gain or (Loss) Recognized in Earnings on Hedged Items | Amount of Gain or (Loss) Recognized in Earnings on Hedging Items | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
2016 Senior Notes (1.800% coupon) | Interest expense | $ | 448 | $ | — | $ | — | |||||||||
2018 Senior Notes (6.000% coupon) | Interest expense | 17,073 | (6,873 | ) | (29,773 | ) | ||||||||||
2023 Senior Notes (3.125% coupon) | Interest expense | 15,379 | — | — | ||||||||||||
Total | $ | 32,900 | $ | (6,873 | ) | $ | (29,773 | ) | ||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Operations | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||
Amount of (Loss) or Gain | ||||||||||||||||
Recognized in AOCE (Net of Tax) | ||||||||||||||||
on Derivative | ||||||||||||||||
(Effective Portion) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Foreign currency forward contracts | $ | (83,784 | ) | $ | (25,536 | ) | $ | (55,453 | ) | |||||||
Interest rate swaps | 136,616 | (8,168 | ) | 15,836 | ||||||||||||
Total | $ | 52,832 | $ | (33,704 | ) | $ | (39,617 | ) | ||||||||
Location of Loss Reclassified from AOCE into Earnings (Effective Portion) | Amount of Loss | |||||||||||||||
Reclassified from AOCE | ||||||||||||||||
into Earnings | ||||||||||||||||
(Effective Portion) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Foreign currency forward contracts | Net revenues | $ | (60,493 | ) | $ | (44,217 | ) | $ | (5,492 | ) | ||||||
Interest rate swaps | Interest expense | (1,465 | ) | (2,386 | ) | (15,719 | ) | |||||||||
Interest rate swaps | Other (expense) income, net | (818 | ) | — | — | |||||||||||
Total | $ | (62,776 | ) | $ | (46,603 | ) | $ | (21,211 | ) | |||||||
Location of Gain Excluded from the Assessment of Hedge Effectiveness | Amount of Gain | |||||||||||||||
Excluded from the Assessment | ||||||||||||||||
of Hedge Effectiveness | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Foreign currency forward contracts | Other (expense) income, net | $ | 61,636 | $ | 58,024 | $ | 13,432 | |||||||||
Total | $ | 61,636 | $ | 58,024 | $ | 13,432 | ||||||||||
At December 31, 2013, the Company expects that approximately $54 million of pre-tax net losses on cash flow hedges will be reclassified from AOCE into earnings during the next 12 months. | ||||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Operations | ||||||||||||||||
Derivatives in Net Investment Hedging Relationships | ||||||||||||||||
Amount of Loss | ||||||||||||||||
Recognized in AOCE (Net of Tax) | ||||||||||||||||
on Derivative | ||||||||||||||||
(Effective Portion) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Foreign currency borrowings | $ | — | $ | — | $ | (11,596 | ) | |||||||||
Total | $ | — | $ | — | $ | (11,596 | ) | |||||||||
During the years ended December 31, 2013, 2012 and 2011, there was no gain or loss recognized into earnings on derivatives with net investment hedging relationships. | ||||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Operations | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Location of Gain | Amount of Gain or (Loss) | |||||||||||||||
or (Loss) | Recognized in Earnings on | |||||||||||||||
Recognized | Derivatives | |||||||||||||||
in Earnings | Year Ended December 31, | |||||||||||||||
(In thousands) | on Derivatives | 2013 | 2012 | 2011 | ||||||||||||
Foreign currency forward contracts | Other (expense) income, net | $ | 2,173 | $ | (8,429 | ) | $ | 20,740 | ||||||||
Cash conversion feature of Cash Convertible Notes | Other (expense) income, net | (667,000 | ) | $ | (176,300 | ) | $ | 12,400 | ||||||||
Purchased cash convertible note hedge | Other (expense) income, net | 667,000 | $ | 176,300 | $ | (12,400 | ) | |||||||||
Total | $ | 2,173 | $ | (8,429 | ) | $ | 20,740 | |||||||||
Fair Value Measurement | ||||||||||||||||
Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: | ||||||||||||||||
Level 1: | Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. | |||||||||||||||
Level 2: | Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
Level 3: | Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. | |||||||||||||||
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. | ||||||||||||||||
Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above: | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Recurring fair value measurements | ||||||||||||||||
Financial Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | — | $ | — | $ | — | $ | — | ||||||||
Total cash equivalents | — | — | — | — | ||||||||||||
Trading securities: | ||||||||||||||||
Equity securities — exchange traded funds | 16,622 | — | — | 16,622 | ||||||||||||
Total trading securities | 16,622 | — | — | 16,622 | ||||||||||||
Available-for-sale fixed income investments: | ||||||||||||||||
U.S. Treasuries | — | 12,827 | — | 12,827 | ||||||||||||
Corporate bonds | — | 10,689 | — | 10,689 | ||||||||||||
Agency mortgage-backed securities | — | 701 | — | 701 | ||||||||||||
Other | — | 2,585 | — | 2,585 | ||||||||||||
Total available-for-sale fixed income investments | — | 26,802 | — | 26,802 | ||||||||||||
Available-for-sale equity securities: | ||||||||||||||||
Biosciences industry | 204 | — | — | 204 | ||||||||||||
Total available-for-sale equity securities | 204 | — | — | 204 | ||||||||||||
Foreign exchange derivative assets | — | 6,405 | — | 6,405 | ||||||||||||
Interest rate swap derivative assets | — | 183,405 | — | 183,405 | ||||||||||||
Purchased cash convertible note hedge | — | 1,303,000 | — | 1,303,000 | ||||||||||||
Total assets at recurring fair value measurement | $ | 16,826 | $ | 1,519,612 | $ | — | $ | 1,536,438 | ||||||||
Financial Liabilities | ||||||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 58,485 | $ | — | $ | 58,485 | ||||||||
Interest rate swap derivative liabilities | — | 15,826 | — | 15,826 | ||||||||||||
Cash conversion feature of Cash Convertible Notes | — | 1,303,000 | — | 1,303,000 | ||||||||||||
Contingent consideration | — | — | 664,648 | 664,648 | ||||||||||||
Total liabilities at recurring fair value measurement | $ | — | $ | 1,377,311 | $ | 664,648 | $ | 2,041,959 | ||||||||
31-Dec-12 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Recurring fair value measurements | ||||||||||||||||
Financial Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 135,209 | $ | — | $ | — | $ | 135,209 | ||||||||
Total cash equivalents | 135,209 | — | — | 135,209 | ||||||||||||
Trading securities: | ||||||||||||||||
Equity securities — exchange traded funds | 10,913 | — | — | 10,913 | ||||||||||||
Total trading securities | 10,913 | — | — | 10,913 | ||||||||||||
Available-for-sale fixed income investments: | ||||||||||||||||
U.S. Treasuries | — | 11,085 | — | 11,085 | ||||||||||||
Corporate bonds | — | 8,189 | — | 8,189 | ||||||||||||
Agency mortgage-backed securities | — | 1,050 | — | 1,050 | ||||||||||||
Other | — | 2,502 | — | 2,502 | ||||||||||||
Total available-for-sale fixed income investments | — | 22,826 | — | 22,826 | ||||||||||||
Available-for-sale equity securities: | ||||||||||||||||
Biosciences industry | 102 | — | — | 102 | ||||||||||||
Total available-for-sale equity securities | 102 | — | — | 102 | ||||||||||||
Foreign exchange derivative assets | — | 5,818 | — | 5,818 | ||||||||||||
Interest rate swap derivative assets | — | 36,647 | — | 36,647 | ||||||||||||
Purchased cash convertible note hedge | — | 636,300 | — | 636,300 | ||||||||||||
Total assets at recurring fair value measurement | $ | 146,224 | $ | 701,591 | $ | — | $ | 847,815 | ||||||||
Financial Liabilities | ||||||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 19,228 | $ | — | $ | 19,228 | ||||||||
Interest rate swap derivative liabilities | — | 9,823 | — | 9,823 | ||||||||||||
Cash conversion feature of Cash Convertible Notes | — | 636,300 | — | 636,300 | ||||||||||||
Contingent consideration | — | — | 379,197 | 379,197 | ||||||||||||
Total liabilities at recurring fair value measurement | $ | — | $ | 665,351 | $ | 379,197 | $ | 1,044,548 | ||||||||
For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including the LIBOR yield curve, foreign exchange forward prices, and bank price quotes. For the years ended December 31, 2013 and 2012, there were no transfers between Level 1 and 2 of the fair value hierarchy. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities: | ||||||||||||||||
• | Cash equivalents — valued at observable net asset value prices. | |||||||||||||||
• | Trading securities — valued at the active quoted market price from broker or dealer quotations or transparent pricing sources at the reporting date. | |||||||||||||||
• | Available-for-sale fixed income investments — valued at the quoted market price from broker or dealer quotations or transparent pricing sources at the reporting date. | |||||||||||||||
• | Available-for-sale equity securities — valued using quoted stock prices from the London Exchange at the reporting date and translated to U.S. Dollars at prevailing spot exchange rates. | |||||||||||||||
• | Interest rate swap derivative assets and liabilities — valued using the LIBOR/EURIBOR yield curves at the reporting date. Counterparties to these contracts are highly rated financial institutions. | |||||||||||||||
• | Foreign exchange derivative assets and liabilities — valued using quoted forward foreign exchange prices at the reporting date. Counterparties to these contracts are highly rated financial institutions. | |||||||||||||||
• | Cash conversion feature of cash convertible notes and purchased convertible note hedge — valued using quoted prices for the Company’s cash convertible notes, its implied volatility and the quoted yield on the Company’s other long-term debt at the reporting date. Counterparties to the purchased convertible note hedge are highly rated financial institutions. | |||||||||||||||
The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for the respiratory delivery platform, the Agila acquisition and certain other acquisitions. The measurement is calculated using unobservable inputs based on the Company’s own assumptions. For the respiratory platform and certain other acquisitions, significant unobservable inputs in the valuation include the probability and timing of future development and commercial milestones and future profit sharing payments. A discounted cash flow method was used to value contingent consideration at December 31, 2013 and 2012, which was calculated as the present value of the estimated future net cash flows using a market rate of return. Discount rates ranging from 0.8% to 11.3% were utilized in the valuation. For the Agila acquisition, significant unobservable inputs in the valuation include the probability of future payments to the seller of amounts withheld at the closing date. Significant changes in unobservable inputs could result in material changes to the contingent consideration liability. During the years ended December 31, 2013 and 2012, accretion of $32.3 million and $30.7 million, respectively, was recorded in interest expense. A fair value adjustment to increase the liability of approximately $3.1 million during the year ended December 31, 2013, was recorded as a component of selling, general and administrative expense. | ||||||||||||||||
Although the Company has not elected the fair value option for financial assets and liabilities, any future transacted financial asset or liability will be evaluated for the fair value election. | ||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||
The amortized cost and estimated fair value of available-for-sale securities, included in prepaid expenses and other current assets, were as follows: | ||||||||||||||||
(In thousands) | Amortized | Gross | Gross | Fair | ||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||
Gains | Losses | |||||||||||||||
December 31, 2013 | ||||||||||||||||
Debt securities | $ | 26,533 | $ | 286 | $ | (17 | ) | $ | 26,802 | |||||||
Equity securities | — | 204 | — | 204 | ||||||||||||
$ | 26,533 | $ | 490 | $ | (17 | ) | $ | 27,006 | ||||||||
December 31, 2012 | ||||||||||||||||
Debt securities | $ | 21,276 | $ | 1,550 | $ | — | $ | 22,826 | ||||||||
Equity securities | — | 102 | — | 102 | ||||||||||||
$ | 21,276 | $ | 1,652 | $ | — | $ | 22,928 | |||||||||
Maturities of available-for-sale debt securities at fair value as of December 31, 2013, were as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Mature within one year | $ | 605 | ||||||||||||||
Mature in one to five years | 10,254 | |||||||||||||||
Mature in five years and later | 15,943 | |||||||||||||||
$ | 26,802 | |||||||||||||||
Debt
Debt | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Debt | ' | ||||||||||
Debt | |||||||||||
Receivables Facility | |||||||||||
In February 2012, MPI entered into a $300 million accounts receivable securitization facility, which was expanded to $400 million in July 2012, pursuant to (i) a Purchase and Contribution Agreement, between MPI and Mylan Securitization LLC (“Mylan Securitization”), and (ii) a Receivables Purchase Agreement, among Mylan Securitization, as seller, MPI, as originator and servicer, certain conduit purchasers, committed purchasers and letter of credit issuers from time to time party thereto (collectively, the “Purchasers”), certain purchaser agents from time to time party thereto and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as agent (the “Agent”). The Company agreed to enter into a performance guarantee with respect to the obligations of MPI under these agreements. | |||||||||||
Under the Purchase and Contribution Agreement, MPI will sell, on an ongoing basis, certain accounts receivable, related assets and the right to the collections on those accounts receivable to Mylan Securitization. Once sold to Mylan Securitization, the accounts receivable, related assets and rights to collection described above will be separate and distinct from MPI’s own assets and will not be available to MPI’s creditors should MPI become insolvent. The servicing, administration and collection of the accounts receivable will be conducted by MPI, as servicer. Under the terms of the Receivables Purchase Agreement, Mylan Securitization may, from time to time, obtain up to $400 million (in the form of cash or letters of credit for the benefit of MPI) from the Purchasers through the sale of its interest in such receivables, related assets and collections. The size of the accounts receivable securitization facility may be increased from time to time, upon request by Mylan Securitization and with the consent of the purchaser agents and the Agent, up to a maximum of $500 million. Purchases under the Receivables Purchase Agreement will be repaid as accounts receivable are collected, with new purchases being advanced as new accounts receivable are originated by MPI and sold to Mylan Securitization, with settlement occurring monthly. Mylan Securitization has the option to reduce the commitments under the Receivables Purchase Agreement. Mylan Securitization’s assets have been pledged to the Agent in support of its obligations under the Receivables Purchase Agreement. Any amounts outstanding under the facility will be recorded as a secured loan and the receivables underlying any borrowings will continue to be included in accounts receivable, net, in the Consolidated Balance Sheets of the Company. The accounts receivable securitization facility has a term of three years. | |||||||||||
The Receivables Purchase Agreement contains various customary affirmative and negative covenants and also contains customary default and termination provisions, which provide for acceleration of amounts owed under the Receivables Purchase Agreement upon the occurrence of certain specified events, including, but not limited to, failure by Mylan Securitization to pay interest and other amounts due, defaults on certain indebtedness, certain judgments, change in control, certain events negatively affecting the overall credit quality of transferred accounts receivable, bankruptcy and insolvency events. | |||||||||||
As of December 31, 2013, the Consolidated Balance Sheets include $723.1 million of accounts receivable balances sold to Mylan Securitization, as well as $374 million of short-term borrowings. The interest rate on borrowings under this facility was approximately 0.93% at December 31, 2013. | |||||||||||
Mylan Securitization holds trade accounts receivable whose cash flows are the primary source of repayment for its liabilities. Investors only have recourse to the assets held by Mylan Securitization. The Company is involved in these arrangements to the extent that it originates the accounts receivable and provides servicing activities. | |||||||||||
Long-Term Debt | |||||||||||
A summary of long-term debt is as follows: | |||||||||||
(In thousands) | Coupon | December 31, 2013 | December 31, 2012 | ||||||||
U.S. Term Loans | $ | — | $ | 1,156,250 | |||||||
Revolving Facility | 60,000 | — | |||||||||
2015 Cash Convertible Notes | 3.75 | % | 1,828,301 | 1,136,768 | |||||||
2016 Senior Notes (a) | 1.8 | % | 499,241 | — | |||||||
2016 Senior Notes (b) | 1.35 | % | 499,713 | — | |||||||
2017 Senior Notes (c) | 7.625 | % | — | 550,000 | |||||||
2018 Senior Notes (d) | 2.6 | % | 648,774 | — | |||||||
2018 Senior Notes (c) | 6 | % | 811,313 | 826,974 | |||||||
2019 Senior Notes (a) | 2.55 | % | 498,789 | — | |||||||
2020 Senior Notes (c) | 7.875 | % | 1,012,003 | 1,013,372 | |||||||
2023 Senior Notes (a) | 3.125 | % | 733,207 | 748,452 | |||||||
2023 Senior Notes (e) | 4.2 | % | 498,074 | — | |||||||
2043 Senior Notes (e) | 5.4 | % | 496,914 | — | |||||||
Other | 132 | 132 | |||||||||
7,586,461 | 5,431,948 | ||||||||||
Less current portion | 2 | 94,752 | |||||||||
Total long-term debt | $ | 7,586,459 | $ | 5,337,196 | |||||||
____________ | |||||||||||
(a) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.20% plus, in each case, accrued and unpaid interest. | ||||||||||
(b) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.125% plus, in each case, accrued and unpaid interest. | ||||||||||
(c) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.50% plus, in each case, accrued and unpaid interest. | ||||||||||
(d) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.30% plus, in each case, accrued and unpaid interest. | ||||||||||
(e) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.25% plus, in each case, accrued and unpaid interest. | ||||||||||
Senior Credit Facilities | |||||||||||
In June 2013, the Company entered into a Senior Credit Agreement with a syndication of banks, which contains a $1.50 billion revolving facility (the “Revolving Facility”), under which the Company may obtain extensions of credit, subject to the satisfaction of specified conditions, in U.S. Dollars or alternative currencies, including Euro, Sterling, Yen, and such other currencies that are acceptable to each lender under the Revolving Facility and the Administrative Agent. The Revolving Facility includes a $150 million subfacility for the issuance of letters of credit and a $125 million subfacility for swingline borrowings. At December 31, 2013, the Company had $60 million outstanding under the Revolving Facility. The interest rate on the Revolving Facility at December 31, 2013 was 1.43%. Amounts drawn on the Revolving Facility become due and payable on June 27, 2018. | |||||||||||
The Senior Credit Agreement contains customary affirmative covenants for facilities of this type, including among others, covenants pertaining to the delivery of financial statements, notices of default and certain material events, maintenance of business and insurance and compliance with laws, as well as customary negative covenants for facilities of this type, including limitations on the incurrence of indebtedness and liens, mergers and certain other fundamental changes, investments and loans, transactions with affiliates, payments of dividends and other restricted payments and changes in our lines of business. The Senior Credit Agreement contains a maximum consolidated leverage ratio financial covenant. We have been compliant with the financial covenant during 2013, and we expect to remain in compliance for the next twelve months. | |||||||||||
In November 2011, the Company entered into a Senior Credit Agreement with a syndication of banks, which provided $1.25 billion in U.S. Term Loans and contained a $1.25 billion revolving facility. | |||||||||||
In June 2013, in connection with its entry into the June 2013 Senior Credit Agreement, the Company terminated the credit agreement entered into in November 2011 (the “Prior Credit Agreement”). An amortization payment due in the first quarter of 2013 on the U.S. Term Loans was paid in March 2013, in the amount of $23.4 million. The remaining balance on the U.S. Term Loans of $1.13 billion was paid in June 2013, utilizing the proceeds from the June 2013 senior note offerings as described below. In addition, during the second quarter of 2013, the Company incurred a pre-tax charge of approximately $8.7 million related to the Senior Credit Agreement refinancing transaction related to the write-off of deferred financing fees, which was included in other (expense) income, net, in the Condensed Consolidated Statements of Operations. | |||||||||||
Details of the interest rates in effect at December 31, 2012 on the outstanding borrowings under the term loans are in the table below: | |||||||||||
December 31, 2012 | |||||||||||
(In thousands) | Outstanding | Basis | Rate | ||||||||
U.S. Term Loans: | |||||||||||
Swapped to Fixed Rate - January 2014 (1) | $ | 500,000 | Fixed | 2.35 | % | ||||||
Swapped to Fixed Rate - March 2014 (1) | $ | 350,000 | Fixed | 2.2 | % | ||||||
Floating Rate | $ | 306,250 | LIBOR + 1.75% | 1.96 | % | ||||||
Total U.S. Term Loans | $ | 1,156,250 | |||||||||
____________ | |||||||||||
(1) | Effective January 2012, $500 million of the U.S. Term Loans had been swapped to a fixed rate of 0.60% plus the specified spread under the Senior Credit Agreement through January 2014. Effective March 2012, an additional $350 million of the U.S. Term Loans had been swapped to a fixed rate of 0.45% plus the specified spread under the Senior Credit Agreement through March 2014. As of December 31, 2012, the specified spread under the Senior Credit Agreement was 175 basis points. These swaps were designated as cash flow hedges of the variability in interest expense related to our variable rate debt. | ||||||||||
Senior Notes | |||||||||||
Senior Notes issued November 2013 | |||||||||||
In November 2013, the Company issued $500 million aggregate principal amount of 1.350% Senior Notes due November 2016, $500 million aggregate principal amount of 2.550% Senior Notes due March 2019, $500 million aggregate principal amount of 4.200% Senior Notes due November 2023 and $500 million aggregate principal amount of 5.400% Senior Notes due November 2043 (collectively the “November 2013 Senior Notes”) in a registered offering pursuant to an effective Registration Statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”). The November 2013 Senior Notes were issued pursuant to an indenture dated as of November 29, 2013 (the “Base Indenture”) and the first supplemental indenture dated as of November 29, 2013, both of which were entered into by and between the Company and The Bank of New York Mellon as trustee. Interest payments on the November 2013 Senior Notes are due semi-annually in arrears on May 29th and November 29th of each year beginning May 29, 2014 except in the case of the 2.550% Senior Notes due 2019 where interest payments are due semi-annually in arrears on March 28th and September 28th of each year beginning March 28, 2014. | |||||||||||
The Company may redeem the 4.200% Senior Notes due in 2023 and the 5.400% Senior Notes due 2043 at any time on or after three months prior to their maturity in the case of the 4.200% Senior Notes due in 2023 and six months prior to their maturity in the case of the 5.400% Senior Notes due in 2043, at a redemption price equal to 100% of the principal amount of the 4.200% November 2023 Senior Notes or 5.400% November 2043 Senior Notes, as the case may be, to be redeemed, plus in each case accrued and unpaid interest up to, but excluding the redemption date. | |||||||||||
The net proceeds from the offering were used to fund the acquisition of Agila and for general corporate purposes, including, but not limited to, the repayment of short-term borrowings and funding of the October 2013 share repurchase program. The outstanding balance under the November 2013 Senior Notes at December 31, 2013 was $1.99 billion, which includes a discount of $6.5 million. | |||||||||||
Senior Notes issued June 2013 | |||||||||||
In June 2013, the Company issued $500 million aggregate principal amount of 1.800% Senior Notes due 2016 and $650 million aggregate principal amount of 2.600% Senior Notes due June 2018 (collectively the “June 2013 Senior Notes”). These notes are the Company’s senior unsecured obligations and were issued to qualified institutional buyers in accordance with Rule 144A and to persons outside of the U.S. pursuant to Regulation S under the Securities Act in a private offering exempt from the registration requirements of the Securities Act. The June 2013 Senior Notes were issued pursuant to an indenture dated as of June 25, 2013 entered into by and between the Company and The Bank of New York Mellon as trustee. Interest payments on the June 2013 Senior Notes are due semi-annually in arrears on June 24th and December 24th of each year beginning December 24, 2013. | |||||||||||
In June 2013 and in connection with the offering of the June 2013 Senior Notes, the Company entered into a registration rights agreement with the initial purchasers of the Notes. Pursuant to the registration rights agreement, the Company was obligated to use commercially reasonable efforts (1) to file a registration statement with respect to an offer to exchange the June 2013 Senior Notes (the “exchange offer”) for new notes with the same aggregate principal amount and terms substantially identical in all material respects and (2) to cause the exchange offer registration statement to be declared effective by the SEC under the Securities Act. The Company filed a registration statement with the SEC, which was declared effective on January 31, 2014. The exchange offer will expire on March 3, 2014, unless extended or terminated by the Company. Net proceeds from the June 2013 Senior Notes were used to repay all of its outstanding $1.13 billion in U.S. Term Loans under the Prior Credit Agreement and for general corporate purposes. | |||||||||||
The Company has entered into interest rate swaps that convert $500 million of 1.800% Senior Notes due 2016 principal debt to a variable rate, which was 1.41% at December 31, 2013. At December 31, 2013, the $499.2 million of 1.800% Senior Notes due 2016 debt is net of a $0.3 million discount and a fair value adjustment of $0.4 million associated with interest rate swaps. | |||||||||||
July 2017 Senior Notes Redemption | |||||||||||
On July 18, 2013, the Company redeemed all of its outstanding 7.625% Senior Notes due 2017 pursuant to their terms for a total of $608.8 million, including a $58.8 million redemption premium. The Company recorded a pre-tax charge of approximately $63.9 million during the current quarter related to the redemption of the 7.625% Senior Notes due 2017, comprised of the redemption premium and the write-off of deferred financing fees, which was included in other (expense) income, net, in the Condensed Consolidated Statements of Operations. The redemption of the7.625% Senior Notes due 2017 was funded through borrowings under the Revolving Facility. | |||||||||||
Cash Convertible Notes | |||||||||||
In 2008, Mylan issued $575 million aggregate principal amount of Cash Convertible Notes due 2015. The Cash Convertible Notes bear stated interest at a rate of 3.75% per year and an effective interest rate of 9.5%. The effective interest rate is based on the rate for a similar instrument that does not have a conversion feature. The Cash Convertible Notes are not convertible into our common stock or any other securities under any circumstance. | |||||||||||
On September 15, 2008, concurrent with the sale of the Cash Convertible Notes, Mylan entered into a convertible note hedge and warrant transaction with certain counterparties. Pursuant to the warrant transactions, the Company sold to the counterparties warrants to purchase in the aggregate up to approximately 43.2 million shares of Mylan common stock, subject to anti-dilution adjustments substantially similar to the anti-dilution adjustments for the Cash Convertible Notes, which under most circumstances represents the maximum number of shares that underlie the conversion reference rate for the Cash Convertible Notes. The sold warrants had an exercise price of $20.00 and will be net share settled, meaning that Mylan will issue a number of shares per warrant corresponding to the difference between its share price at each warrant expiration date and the exercise price. The warrants meet the definition of derivatives under the guidance in ASC 815; however, because these instruments have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification under ASC 815-40, the warrants have been recorded in shareholders’ equity in the Consolidated Balance Sheets. | |||||||||||
In the third quarter of 2011, the Company entered into amendments with the counterparties to exchange the original warrants with an exercise price of $20.00 (the “Old Warrants”) with new warrants with an exercise price of $30.00 (the “New Warrants”). Approximately 41.0 million of the Old Warrants were exchanged in the transaction. All other terms and settlement provisions of the Old Warrants remain unchanged in the New Warrants. As part of the amendments, the Company paid the holders of the Old Warrants approximately $3.66 per warrant or $150 million in total. | |||||||||||
Below is the summary of the components of the Cash Convertible Notes: | |||||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | Balance Sheet Classification | ||||||||
Outstanding principal | $ | 573,963 | $ | 575,000 | Long-term debt | ||||||
Equity component carrying amount | 1,303,300 | 636,300 | Long-term debt | ||||||||
Unamortized discount | (48,962 | ) | (74,532 | ) | Long-term debt | ||||||
Net debt carrying amount | $ | 1,828,301 | $ | 1,136,768 | |||||||
Purchased call options | $ | 1,303,300 | $ | 636,300 | Other assets | ||||||
Holders may convert their notes subject to certain conversion provisions including (i) during any quarter if the closing price of our common stock exceeds 130% of the respective conversion price per share. During a defined period at the end of the previous quarter; (ii) during a defined period following five consecutive trading days in which the trading price per $1,000 principal amount was less than 98% of the product of the closing price of our common stock on such day and the applicable conversion reference rate; (iii) if the Company makes specified distributions to holders of our common stock including sales of rights or common stock on a preferential basis, certain distribution of assets or other securities or rights to all holders of our common stock or certain transactions resulting in substantially all shares of our common stock being converted into cash, securities or other property; or (iv) upon a change of control or if our securities cease to be traded on a major U.S. stock exchange. | |||||||||||
As of December 31, 2013, because the closing price of our common stock for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day in the December 31, 2013 period, was more than 130% of the applicable conversion reference price of $13.32, the $574.0 million of Cash Convertible Notes was currently convertible. Although the Company’s experience is that convertible debentures are not normally converted by investors until close to their maturity date, it is possible that some debentures could be converted prior to their maturity date if, for example, a holder perceives the market for the debentures to be weaker than the market for the common stock. Upon an investor’s election to convert, the Company is required to pay the full conversion value in cash. Should holders elect to convert, the Company intends to draw on its Revolving Facility to fund any principal payments. The amount payable per $1,000 notional bond would be calculated as the product of (1) the conversion reference rate (currently 75.0751) and (2) the average Daily Volume Weighted Average Price per share of common stock for a specified period following the conversion date. Any payment above the principal amount is matched by a convertible note hedge. | |||||||||||
Fair Value | |||||||||||
At December 31, 2013, the fair value of the Senior Notes was approximately $5.85 billion, and at December 31, 2012, the fair value of the Senior Notes and Senior Convertible Notes was approximately $3.43 billion. At December 31, 2013 and December 31, 2012, the fair value of the Cash Convertible Notes was approximately $1.88 billion and $1.22 billion, respectively. The fair values of the Senior Notes and Cash Convertible Notes were valued at quoted market prices from broker or dealer quotations and were classified as Level 2 in the fair value hierarchy. Based on quoted market rates of interest and maturity schedules for similar debt issues, the fair values of the U.S. Term Loans and Revolving Facility, determined based on Level 2 inputs, approximate their carrying values at December 31, 2013 and December 31, 2012. | |||||||||||
Mandatory minimum repayments remaining on the outstanding long-term debt at December 31, 2013, excluding the discounts, premium and conversion features, are as follows for each of the periods ending December 31: | |||||||||||
(In thousands) | Total | ||||||||||
2014 | $ | 2 | |||||||||
2015 | 574,093 | ||||||||||
2016 | 1,000,000 | ||||||||||
2017 | — | ||||||||||
2018 | 1,510,000 | ||||||||||
Thereafter | 3,250,000 | ||||||||||
Total | $ | 6,334,095 | |||||||||
Comprehensive_Earnings
Comprehensive Earnings | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||
Comprehensive Earnings | ' | |||||||||||||||||||||||||
Comprehensive Earnings | ||||||||||||||||||||||||||
Accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets, is comprised of the following: | ||||||||||||||||||||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Net unrealized gains on marketable securities, net of tax | $ | 300 | $ | 1,033 | ||||||||||||||||||||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (8,699 | ) | (13,890 | ) | ||||||||||||||||||||||
Net unrecognized gains (losses) on derivatives, net of tax | 84,788 | (30,820 | ) | |||||||||||||||||||||||
Foreign currency translation adjustment | (316,520 | ) | (42,821 | ) | ||||||||||||||||||||||
$ | (240,131 | ) | $ | (86,498 | ) | |||||||||||||||||||||
Components of other comprehensive earnings (loss), before tax, consist of the following: | ||||||||||||||||||||||||||
(In thousands) | Year Ended December 31, 2013 | |||||||||||||||||||||||||
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | Gains and Losses on Marketable Securities | Defined Benefit Plan Items | Foreign Currency Translation Adjustment | Totals | ||||||||||||||||||||||
Foreign currency forward contracts | Interest rate swaps | Total | ||||||||||||||||||||||||
Balance at December 31, 2012, net of tax | $ | (30,820 | ) | $ | 1,033 | $ | (13,890 | ) | $ | (42,821 | ) | $ | (86,498 | ) | ||||||||||||
Other comprehensive earnings (loss) before reclassifications, before tax | 117,655 | (1,244 | ) | 9,697 | (273,699 | ) | (147,591 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax: | ||||||||||||||||||||||||||
Gain (loss) on foreign exchange forward contracts classified as cash flow hedges, included in net revenues | (60,493 | ) | (60,493 | ) | (60,493 | ) | ||||||||||||||||||||
Gain (loss) on interest rate swaps classified as cash flow hedges, included in interest expense | (1,465 | ) | (1,465 | ) | (1,465 | ) | ||||||||||||||||||||
Gain (loss) on interest rate swaps classified as cash flow hedges, included in other (expense) income, net | (818 | ) | (818 | ) | (818 | ) | ||||||||||||||||||||
Realized gain (loss) on sale of marketable securities, included in other (expense) income, net | (116 | ) | (116 | ) | ||||||||||||||||||||||
Amortization of prior service costs included in selling, general and administrative expenses | 338 | 338 | ||||||||||||||||||||||||
Amortization of actuarial gain (loss) included in selling, general and administrative expenses | 1,161 | 1,161 | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | (62,776 | ) | (116 | ) | 1,499 | — | (61,393 | ) | ||||||||||||||||||
Net other comprehensive earnings (loss), before tax | 180,431 | (1,128 | ) | 8,198 | (273,699 | ) | (86,198 | ) | ||||||||||||||||||
Income tax related to items of other comprehensive earnings (loss) | (64,823 | ) | 395 | (3,007 | ) | — | (67,435 | ) | ||||||||||||||||||
Balance at December 31, 2013, net of tax | $ | 84,788 | $ | 300 | $ | (8,699 | ) | $ | (316,520 | ) | $ | (240,131 | ) | |||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||
(In thousands) | 2012 | 2011 | ||||||||||||||||||||||||
Defined benefit plans: | ||||||||||||||||||||||||||
Unrecognized gain (loss) and prior service cost arising during the period | $ | (13,293 | ) | $ | (2,998 | ) | ||||||||||||||||||||
Less: Actuarial loss included in net earnings | (2,009 | ) | (877 | ) | ||||||||||||||||||||||
Less: Amortization of actuarial gain included in net earnings | (354 | ) | (106 | ) | ||||||||||||||||||||||
Net change in unrecognized losses and prior service cost related to defined benefit plans | $ | (10,930 | ) | $ | (2,015 | ) | ||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
Amount of loss recognized in AOCE on derivatives (effective portion) | $ | (28,116 | ) | $ | (70,273 | ) | ||||||||||||||||||||
Less: Reclassification of loss from AOCE into earnings (effective portion) | (46,603 | ) | (21,211 | ) | ||||||||||||||||||||||
Net unrecognized loss on derivatives | $ | 18,487 | $ | (49,062 | ) | |||||||||||||||||||||
Net unrealized gain on marketable securities: | ||||||||||||||||||||||||||
Unrealized gain on marketable securities | $ | (1 | ) | $ | 228 | |||||||||||||||||||||
Less: Reclassification for gain included in net earnings | 71 | 178 | ||||||||||||||||||||||||
Net unrealized gain on marketable securities | $ | (72 | ) | $ | 50 | |||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income tax provision consisted of the following components: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Federal: | ||||||||||||
Current | $ | 89,449 | $ | 167,172 | $ | 96,725 | ||||||
Deferred | (41,090 | ) | (30,111 | ) | 28,138 | |||||||
48,359 | 137,061 | 124,863 | ||||||||||
State and Puerto Rico: | ||||||||||||
Current | 18,025 | 27,805 | 8,111 | |||||||||
Deferred | (1,935 | ) | (8,151 | ) | 1,819 | |||||||
16,090 | 19,654 | 9,930 | ||||||||||
Foreign: | ||||||||||||
Current | 100,467 | 75,431 | 68,605 | |||||||||
Deferred | (44,108 | ) | (71,001 | ) | (87,565 | ) | ||||||
56,359 | 4,430 | (18,960 | ) | |||||||||
Income tax provision | $ | 120,808 | $ | 161,145 | $ | 115,833 | ||||||
Earnings before income taxes and noncontrolling interest: | ||||||||||||
Domestic | $ | 513,805 | $ | 690,545 | $ | 537,009 | ||||||
Foreign | 233,535 | 113,534 | 117,627 | |||||||||
Total earnings before income taxes and noncontrolling interest | $ | 747,340 | $ | 804,079 | $ | 654,636 | ||||||
For all periods presented, the allocation of earnings before income taxes and noncontrolling interest between domestic and foreign operations includes intercompany interest allocations between certain domestic and foreign subsidiaries. These amounts are eliminated on a consolidated basis. | ||||||||||||
In 2011, the benefit from the reduction of the deferred tax liability related to intangible assets was greater than the amount of foreign current taxes payable that related to the foreign pre-tax income for the year. | ||||||||||||
Temporary differences and carryforwards that result in deferred tax assets and liabilities were as follows: | ||||||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Employee benefits | $ | 145,070 | $ | 119,434 | ||||||||
Legal matters | 31,409 | 30,683 | ||||||||||
Accounts receivable allowances | 136,760 | 120,718 | ||||||||||
Inventories | 21,169 | 31,791 | ||||||||||
Financial instruments | — | 16,108 | ||||||||||
Other reserves | 17,684 | 15,882 | ||||||||||
Tax credits | 8,220 | 14,676 | ||||||||||
Net operating losses carryforwards | 303,918 | 293,251 | ||||||||||
Intangible assets | 44,819 | 62,584 | ||||||||||
Capital loss carryforward | 16,003 | 18,645 | ||||||||||
Convertible debt | 51,513 | 40,549 | ||||||||||
Other | 32,005 | 66,093 | ||||||||||
808,570 | 830,414 | |||||||||||
Less: Valuation allowance | (266,668 | ) | (249,382 | ) | ||||||||
Total deferred tax assets | 541,902 | 581,032 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Plant and equipment | 126,513 | 103,222 | ||||||||||
Intangibles | 442,700 | 371,880 | ||||||||||
Clean energy investments | 25,939 | 15,754 | ||||||||||
Financial instruments | 64,424 | — | ||||||||||
Other | 24,953 | 48,715 | ||||||||||
Total deferred tax liabilities | 684,529 | 539,571 | ||||||||||
Deferred tax (liabilities) assets, net | $ | (142,627 | ) | $ | 41,461 | |||||||
For those foreign subsidiaries whose investments are permanent in duration, U.S. income and foreign withholding taxes have not been provided on the amount by which the investment in those subsidiaries as recorded for financial reporting exceeds the tax basis. This amount becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. The amount of such temporary differences totaled approximately $310 million at December 31, 2013. Determination of the amount of any unrecognized deferred income tax liability on this temporary difference is not practicable. No deferred taxes have been recorded on the instances whereby the Company’s investment in foreign subsidiaries is currently greater for U.S. tax purposes than for GAAP purposes, as management has no current plans that would cause that temporary difference to reverse in the foreseeable future. | ||||||||||||
A reconciliation of the statutory tax rate to the effective tax rate is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes and credits | 1 | % | 1.1 | % | 1.1 | % | ||||||
Foreign rate differential | (13.0 | )% | (7.5 | )% | (13.1 | )% | ||||||
Other foreign items | 1.2 | % | (2.0 | )% | 2.6 | % | ||||||
Uncertain tax positions | (0.6 | )% | (3.4 | )% | (4.5 | )% | ||||||
Foreign tax credits, net | (2.6 | )% | (3.2 | )% | (5.7 | )% | ||||||
Valuation allowance | 4.7 | % | 2.9 | % | (0.2 | )% | ||||||
Clean energy and research credits (1) | (5.7 | )% | (2.5 | )% | (0.4 | )% | ||||||
Other | (3.8 | )% | (0.4 | )% | 2.9 | % | ||||||
Effective tax rate | 16.2 | % | 20 | % | 17.7 | % | ||||||
___________ | ||||||||||||
-1 | Includes the U.S. Internal Revenue Code (“IRC”) Section 45 income tax credits earned from the Company’s investments in clean energy partnerships. | |||||||||||
Valuation Allowance | ||||||||||||
A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. At December 31, 2013, a valuation allowance has been applied to certain foreign and state deferred tax assets in the amount of $266.7 million. The valuation allowance increased by $17.3 million during 2013. | ||||||||||||
Net Operating Losses | ||||||||||||
As of December 31, 2013, the Company has net operating loss carryforwards for international and U.S. state income tax purposes of approximately $2.6 billion, some of which will expire in fiscal years 2014 through 2030, while others can be carried forward indefinitely. Of these loss carryforwards, $1.9 billion are state losses. Most of the state net operating losses are attributable to Pennsylvania, where a taxpayer’s use is limited to the greater of 20% of taxable income or $3.0 million each taxable year. In addition, the Company has foreign net operating loss carryforwards of approximately $700 million, of which $400 million can be carried forward indefinitely, with the remainder expiring in years 2014 through 2033. Most of the net operating losses (foreign and state) have a full valuation allowance. | ||||||||||||
The Company has a $47.0 million foreign capital loss carryforward expiring in 2017. A full valuation allowance is recorded against this loss. | ||||||||||||
Tax Examinations | ||||||||||||
Mylan is subject to ongoing IRS examinations and is a voluntary participant in the IRS Compliance Assurance Process. The years 2010 through 2013 are the open years under examination. The years 2008 and 2009 have one issue open in the IRS Appeals process. Tax and interest continue to be accrued related to certain tax positions. | ||||||||||||
The Company’s major state taxing jurisdictions remain open from fiscal year 2007 through 2013, with several state audits currently in progress. The Company’s major international taxing jurisdictions remain open from 2006 through 2013, some of which are indemnified by Merck KGaA and Strides Arcolab for tax assessments. | ||||||||||||
Accounting for Uncertainty in Income Taxes | ||||||||||||
The impact of an uncertain tax position that is more likely than not of being sustained upon audit by the relevant taxing authority must be recognized at the largest amount that is more likely than not to be sustained. No portion of an uncertain tax position will be recognized if the position has less than a 50% likelihood of being sustained. | ||||||||||||
As of December 31, 2013 and 2012, the Company’s Consolidated Balance Sheets reflect liabilities for unrecognized tax benefits of $172.7 million and $132.3 million, of which $120.4 million and $126.9 million, respectively, would affect the Company’s effective tax rate if recognized. Accrued interest and penalties included in the Consolidated Balance Sheets were $64.4 million and $14.8 million as of December 31, 2013 and December 31, 2012. For the years ended December 31, 2013, 2012 and 2011, Mylan recognized $0.5 million, $(9.1) million and $(0.7) million, respectively, for interest expense (income)related to uncertain tax positions. Interest expense and penalties related to income taxes are included in the tax provision. | ||||||||||||
A reconciliation of the unrecognized tax benefits is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Unrecognized tax benefit — beginning of year | $ | 132,336 | $ | 162,885 | $ | 203,350 | ||||||
Additions for current year tax positions | 4,090 | 5,684 | 964 | |||||||||
Additions for prior year tax positions | 5,280 | — | 5,048 | |||||||||
Reductions for prior year tax positions | — | (5,849 | ) | (7,878 | ) | |||||||
Settlements | (368 | ) | (764 | ) | (7,434 | ) | ||||||
Reductions due to expirations of statute of limitations | (11,770 | ) | (29,620 | ) | (22,293 | ) | ||||||
Foreign currency translation | — | — | (8,872 | ) | ||||||||
Addition due to acquisition | 43,155 | — | — | |||||||||
Unrecognized tax benefit — end of year | $ | 172,723 | $ | 132,336 | $ | 162,885 | ||||||
The Company believes that it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next twelve months by approximately $15 million, involving federal and state tax audits and settlements, and expirations of certain state and foreign statutes of limitations. The Company does not anticipate significant increases to the reserve within the next 12 months. |
Preferred_and_Common_Stock
Preferred and Common Stock | 12 Months Ended |
Dec. 31, 2013 | |
Preferred And Common Stock [Abstract] | ' |
Preferred and Common Stock | ' |
Preferred and Common Stock | |
The Company entered into a Rights Agreement (the “Rights Agreement”) with American Stock Transfer & Trust Company, as rights agent, to provide the Board with sufficient time to assess and evaluate any takeover bid and explore and develop a reasonable response. Effective November 1999, the Rights Agreement was amended to eliminate certain limitations on the Board’s ability to redeem or amend the rights to permit an acquisition and also to eliminate special rights held by incumbent directors unaffiliated with an acquiring shareholder. The Rights Agreement will expire on August 13, 2014 unless it is extended or such rights are earlier redeemed or exchanged. | |
In fiscal year 1985, the Board authorized 5,000,000 shares of $0.50 par value preferred stock. Prior to November 19, 2007, no preferred stock had been issued. On November 19, 2007, the Company completed public offerings of 2,139,000 shares of 6.50% mandatorily convertible preferred stock (“preferred stock”) at $1,000 per share, as well as an offering of 55,440,000 shares of common stock at $14.00 per share, pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission. On November 15, 2010, the conversion of the 6.50% mandatorily convertible preferred stock were converted into 125,234,172 shares of Mylan’s common stock was completed at the minimum conversion rate. |
StockBased_Incentive_Plan
Stock-Based Incentive Plan | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock-Based Incentive Plan | ' | ||||||
Stock-Based Incentive Plan | |||||||
Mylan’s shareholders have approved the 2003 Long-Term Incentive Plan (as amended, the “2003 Plan”). Under the 2003 Plan, as amended, 55,300,000 shares of common stock are reserved for issuance to key employees, consultants, independent contractors and non-employee directors of Mylan through a variety of incentive awards, including: stock options, stock appreciation rights, restricted shares and units, performance awards, other stock-based awards and short-term cash awards. Stock option awards are granted at the fair value of the shares underlying the options at the date of the grant, generally become exercisable over periods ranging from three to four years, and generally expire in ten years. | |||||||
Upon approval of the 2003 Plan, no further grants of stock options have been made under any other plan. | |||||||
The following table summarizes stock option activity: | |||||||
Number of Shares | Weighted | ||||||
Under Option | Average | ||||||
Exercise Price | |||||||
per Share | |||||||
Outstanding at December 31, 2010 | 23,840,049 | $ | 15.99 | ||||
Options granted | 4,943,178 | 22.4 | |||||
Options exercised | (4,514,170 | ) | 15.09 | ||||
Options forfeited | (669,801 | ) | 19.05 | ||||
Outstanding at December 31, 2011 | 23,599,256 | $ | 17.42 | ||||
Options granted | 3,130,843 | 23.37 | |||||
Options exercised | (9,360,396 | ) | 15.4 | ||||
Options forfeited | (753,086 | ) | 20.24 | ||||
Outstanding at December 31, 2012 | 16,616,617 | $ | 19.54 | ||||
Options granted | 2,182,035 | 32.92 | |||||
Options exercised | (4,367,871 | ) | 17.8 | ||||
Options forfeited | (866,900 | ) | 23.12 | ||||
Outstanding at December 31, 2013 | 13,563,881 | $ | 22.05 | ||||
Vested and expected to vest at December 31, 2013 | 12,769,967 | $ | 21.8 | ||||
Options exercisable at December 31, 2013 | 8,005,682 | $ | 18.82 | ||||
As of December 31, 2013, options outstanding, options vested and expected to vest, and options exercisable had average remaining contractual terms of 6.52 years, 6.41 years and 5.22 years, respectively. Also at December 31, 2013, options outstanding, options vested and expected to vest and options exercisable had aggregate intrinsic values of $289.6 million, $275.8 million and $196.8 million, respectively. | |||||||
A summary of the status of the Company’s nonvested restricted stock and restricted stock unit awards, including performance based restricted stock, as of December 31, 2013 and the changes during the year ended December 31, 2013 are presented below: | |||||||
Number of Restricted | Weighted Average | ||||||
Stock Awards | Grant-Date | ||||||
Fair Value Per Share | |||||||
Nonvested at December 31, 2012 | 2,498,316 | $ | 22.47 | ||||
Granted | 1,862,236 | 30.98 | |||||
Released | (819,797 | ) | 21.81 | ||||
Forfeited | (218,919 | ) | 26.78 | ||||
Nonvested at December 31, 2013 | 3,321,836 | $ | 27.13 | ||||
Of the 1,862,236 awards granted during the year ended December 31, 2013, 1,150,871 vest ratably over three years, 628,951 vest in three years, subject to performance obligations, 47,420 vest after the first year, and 34,994 vest two-thirds after two years, with the remaining one-third vesting after the third year. | |||||||
As of December 31, 2013, the Company had $63.9 million of total unrecognized compensation expense, net of estimated forfeitures, related to all of its stock-based awards, which will be recognized over the remaining weighted average vesting period of 1.62 years. The total intrinsic value of stock-based awards exercised and restricted stock units converted during the years ended December 31, 2013 and 2012 was $96.5 million and $111.7 million. | |||||||
With respect to options granted under the Company’s stock-based compensation plans, the fair value of each option grant was estimated at the date of grant using the Black-Scholes option pricing model. Black-Scholes utilizes assumptions related to volatility, the risk-free interest rate, the dividend yield and employee exercise behavior. Expected volatilities utilized in the model are based mainly on the implied volatility of the Company’s stock price and other factors. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The model incorporates exercise and post-vesting forfeiture assumptions based on an analysis of historical data. The expected lives of the grants are derived from historical and other factors. | |||||||
The assumptions used are as follows: | |||||||
Year Ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
Volatility | 23.90% | 29.70% | 33.00% | ||||
Risk-free interest rate | 1.10% | 1.00% | 2.40% | ||||
Expected term of options (years) | 6.1 | 5.9 | 6 | ||||
Forfeiture rate | 5.50% | 5.50% | 5.50% | ||||
Weighted average grant date fair value per option | $8.49 | $7.00 | $8.13 |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefits | ' |
Employee Benefits | |
Defined Benefit Plans | |
The Company sponsors various defined benefit pension plans in several countries. Benefit formulas are based on varying criteria on a plan by plan basis. Mylan’s policy is to fund domestic pension liabilities in accordance with the minimum and maximum limits imposed by the Employee Retirement Income Security Act of 1974 and Federal income tax laws. The Company funds non-domestic pension liabilities in accordance with laws and regulations applicable to those plans, which typically results in these plans being unfunded. The Company has a plan covering certain employees in the United States and Puerto Rico to provide for limited reimbursement of post-retirement supplemental medical coverage. In addition, in December 2001, the Supplemental Health Insurance Program for Certain Officers of the Company was adopted to provide full post-retirement medical coverage to certain officers and their spouses and dependents. These plans generally provide benefits to employees who meet minimum age and service requirements. The net amounts accrued related to these benefits were $60.4 million and $61.2 million at December 31, 2013 and 2012. | |
Defined Contribution Plans | |
The Company sponsors defined contribution plans covering certain of its employees in the United States and Puerto Rico, as well as certain employees in a number of countries outside the U.S. Its domestic defined contribution plans consist primarily of a 401(k) retirement plan with a profit sharing component for non-union represented employees and a 401(k) retirement plan for union-represented employees. Profit sharing contributions are made at the discretion of the Board. Its non-domestic plans vary in form depending on local legal requirements. The Company’s contributions are based upon employee contributions, service hours, or pre-determined amounts depending upon the plan. Obligations for contributions to defined contribution plans are recognized as expense in the Consolidated Statements of Operations when they are earned. | |
In December 2009, the Company adopted a 401(k) Restoration Plan (the “Restoration Plan”). The Restoration Plan permits employees who earn compensation in excess of the limits imposed by Section 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”), to (i) defer a portion of base salary and bonus compensation, (ii) be credited with a Company matching contribution in respect of deferrals under the Restoration Plan, and (iii) be credited with Company non-elective contributions (to the extent so made by the Company), in each case, to the extent that participants otherwise would be able to defer or be credited with such amounts, as applicable, under the Company’s Profit Sharing 401(k) Plan if not for the limits on contributions and deferrals imposed by the Code. | |
Also in December 2009, the Company adopted an Income Deferral Plan (the “Income Deferral Plan”), which permits certain management or highly compensated employees who are designated by the plan administrator to participate in the Income Deferral Plan to elect to defer up to 50% of base salary and up to 100% of bonus compensation, in each case, in addition to any amounts that may be deferred by such participants under the Profit Sharing 401(k) Plan and the Restoration Plan. In addition, under the Income Deferral Plan, eligible participants may be granted employee deferral awards, which awards will be subject to the terms and conditions (including vesting) as determined by the plan administrator at the time such awards are granted. | |
Total employer contributions to defined contribution plans were approximately $79.0 million, $68.4 million and $55.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Other Benefit Arrangements | |
The Company provides supplemental life insurance benefits to certain management employees. Such benefits require annual funding and may require accelerated funding in the event that the Company would experience a change in control. | |
The Company participated in a multi-employer pension plan under previous collective bargaining agreements. The PACE Industry Union-Management Pension Fund, (the “Plan”), provides defined benefits to certain retirees and certain production and maintenance employees at the Company’s manufacturing facility in Morgantown, West Virginia who were covered by the previous collective bargaining agreements. Pursuant to a new collective bargaining agreement entered into on April 16, 2012, the Company withdrew from the Plan effective May 10, 2012. In the fourth quarter of 2013, the Plan trustee notified the Company that its withdrawal liability was approximately $27 million, which has been accrued by the Company as of December 31, 2013. The Company is in the process of reviewing and validating the Plan’s assumptions utilized in determining the withdrawal liability. The Employee Identification Number for this Plan is 11-6166763. | |
For the years ended, December 31, 2012 and 2011 the Company made contributions to the Plan, totaling $1.8 million and $4.2 million, respectively. For the Plan Year 2011, the Company’s contributions were in excess of 5% of the total contributions for the Plan. The Pension Protection Act (“PPA”) zone status for the Plan as of December 31, 2013, 2012, and 2011 is critical. Zone status is based on information provided by the Plan to the Company. Generally, a plan is deemed to be in critical status if the funded percentage is less than 65%, which is determined by dividing the Plan’s total assets by its liabilities on the valuation date. | |
As a result of the critical status of the Plan, in July 2010 the trustees of the Plan adopted a rehabilitation plan, to delay the potential insolvency of the Plan. Under the rehabilitation plan, the Company’s employer contributions for 2011 and 2012 were increased by a 10% surcharge. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
Mylan has two segments, “Generics” and “Specialty.” The Generics segment primarily develops, manufactures, sells and distributes generic or branded generic pharmaceutical products in tablet, capsule, injectable or transdermal patch form, as well as API. The Specialty segment engages mainly in the development, manufacture and sale of branded specialty nebulized and injectable products. | ||||||||||||||||
The Company’s chief operating decision maker evaluates the performance of its segments based on total revenues and segment profitability. Segment profitability represents segment gross profit less direct R&D expenses and direct selling, general and administrative expenses. Certain general and administrative and R&D expenses not allocated to the segments, litigation settlements, net, impairment charges and other expenses not directly attributable to the segments, are reported in Corporate/Other. Additionally, amortization of intangible assets and other purchase accounting related items, as well as any other significant special items, are included in Corporate/Other. Items below the earnings from operations line on the Company’s Consolidated Statements of Operations are not presented by segment, since they are excluded from the measure of segment profitability. The Company does not report depreciation expense, total assets and capital expenditures by segment, as such information is not used by the chief operating decision maker. | ||||||||||||||||
The accounting policies of the segments are the same as those described in Note 2 to Consolidated Financial Statements. Intersegment revenues are accounted for at current market values and are eliminated at the consolidated level. | ||||||||||||||||
Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information. | ||||||||||||||||
(In thousands) | Generics | Specialty | Corporate / | Consolidated | ||||||||||||
Segment | Segment | Other(1) | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Total revenues | ||||||||||||||||
Third party | $ | 5,900,624 | $ | 1,008,519 | $ | — | $ | 6,909,143 | ||||||||
Intersegment | 5,673 | 19,334 | (25,007 | ) | — | |||||||||||
Total | $ | 5,906,297 | $ | 1,027,853 | $ | (25,007 | ) | $ | 6,909,143 | |||||||
Segment profitability | $ | 1,656,323 | $ | 461,552 | $ | (982,346 | ) | $ | 1,135,530 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
Total revenues | ||||||||||||||||
Third party | $ | 5,946,203 | $ | 849,907 | $ | — | $ | 6,796,110 | ||||||||
Intersegment | 3,088 | 36,991 | (40,079 | ) | — | |||||||||||
Total | $ | 5,949,291 | $ | 886,898 | $ | (40,079 | ) | $ | 6,796,110 | |||||||
Segment profitability | $ | 1,706,783 | $ | 319,243 | $ | (916,677 | ) | $ | 1,109,349 | |||||||
Year Ended December 31, 2011 | ||||||||||||||||
Total revenues | ||||||||||||||||
Third party | $ | 5,544,975 | $ | 584,850 | $ | — | $ | 6,129,825 | ||||||||
Intersegment | 2,480 | 70,005 | (72,485 | ) | — | |||||||||||
Total | $ | 5,547,455 | $ | 654,855 | $ | (72,485 | ) | $ | 6,129,825 | |||||||
Segment profitability | $ | 1,607,910 | $ | 240,440 | $ | (842,901 | ) | $ | 1,005,449 | |||||||
____________ | ||||||||||||||||
(1) | Includes certain corporate general and administrative and R&D expenses; litigation settlements, net; certain intercompany transactions, including eliminations; amortization of intangible assets and certain purchase accounting items; impairment charges; and other expenses not directly attributable to segments. | |||||||||||||||
The Company’s net revenues are generated via the sale of products in the following therapeutic categories: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Allergy | $ | 850,222 | $ | 741,487 | $ | 476,990 | ||||||||||
Anti-infectives | 1,080,334 | 1,034,332 | 1,005,278 | |||||||||||||
Cardiovascular | 1,162,280 | 1,156,348 | 1,037,644 | |||||||||||||
Central Nervous System | 1,393,339 | 1,473,928 | 1,214,046 | |||||||||||||
Dermatological | 247,881 | 157,296 | 143,769 | |||||||||||||
Endocrine and Metabolic | 568,337 | 645,936 | 535,383 | |||||||||||||
Gastrointestinal | 365,849 | 418,934 | 492,683 | |||||||||||||
Respiratory System | 259,653 | 229,249 | 250,692 | |||||||||||||
Other (1) | 928,711 | 892,736 | 949,792 | |||||||||||||
$ | 6,856,606 | $ | 6,750,246 | $ | 6,106,277 | |||||||||||
____________ | ||||||||||||||||
(1) | Other consists of numerous therapeutic classes, none of which individually exceeds 5% of consolidated net revenues. | |||||||||||||||
Geographic Information | ||||||||||||||||
The Company’s principal geographic markets are North America, Europe, and Rest of World. Net revenues are classified based on the geographic location of the customers and are as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
North America | ||||||||||||||||
United States | $ | 3,937,031 | $ | 3,909,518 | $ | 3,242,985 | ||||||||||
Other | 160,710 | 202,809 | 206,899 | |||||||||||||
Europe (1) | 1,974,764 | 1,694,236 | 1,781,184 | |||||||||||||
Rest of World | 784,101 | 943,683 | 875,209 | |||||||||||||
$ | 6,856,606 | $ | 6,750,246 | $ | 6,106,277 | |||||||||||
____________ | ||||||||||||||||
(1) | Net revenues in France consisted of approximately 10%, 9% and 11% of consolidated net revenues for the years ended December 31, 2013, 2012 and 2011, respectively. |
Commitments
Commitments | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments [Abstract] | ' | |||
Commitments | ' | |||
Commitments | ||||
Operating Leases | ||||
The Company leases certain property under various operating lease arrangements. These leases generally provide the Company with the option to renew the lease at the end of the lease term. For the years ended December 31, 2013, 2012 and 2011, the Company had lease expense of $40.5 million, $39.3 million and $36.3 million, respectively. | ||||
Future minimum lease payments under operating lease commitments are as follows: | ||||
(In thousands) | ||||
December 31, | ||||
2014 | $ | 38,292 | ||
2015 | 30,535 | |||
2016 | 18,320 | |||
2017 | 9,858 | |||
2018 | 6,767 | |||
Thereafter | 17,662 | |||
$ | 121,434 | |||
Other Commitments | ||||
The Company is contractually obligated to make potential future development, regulatory and commercial milestone, royalty and/or profit sharing payments in conjunction with collaborative agreements or acquisitions that the Company has entered into with third parties. The most significant of these such obligations relates to the potential future consideration related to the 2011 respiratory delivery platform acquisition and the 2013 Agila acquisition. These payments are contingent upon the occurrence of certain future events and, given the nature of these events, it is unclear when, if ever, the Company may be required to pay such amounts. Further, the timing of any future payment is not reasonably estimable. The amount of contingent consideration accrued was $665 million at December 31, 2013. | ||||
The Company has entered into an exclusive collaboration on the development, manufacturing, supply and commercialization of multiple, high value generic biologic compounds and three insulin analog products for the global marketplace. Mylan plans to provide funding related to the collaboration over the next several years that could total approximately $50 million or more per year. | ||||
In the fourth quarter of 2013, the Company entered into a licensing agreement with Pfizer for the exclusive worldwide rights to develop, manufacture and commercialize a novel long-acting muscarinic antagonist compound. As part of the agreement, the Company made an upfront development payment, which is included as a component of R&D expense in 2013, and could make additional payments upon the achievement of certain milestones as the Company’s development continues over the next several years. Depending on the commercialization of this novel compound and the level of future sales and profits, the Company could also be obligated to make payments upon the occurrence of certain sales milestones, along with sales royalties and profit sharing payments. | ||||
Additionally, Mylan has entered into product development agreements under which the Company has agreed to share in the development costs as they are incurred by our partners. As the timing of cash expenditures is dependent upon a number of factors, many of which are outside of our control, it is difficult to forecast the amount of payments to be made over the next few years, which could be significant. | ||||
The Company has also entered into employment and other agreements with certain executives and other employees that provide for compensation, retirement and certain other benefits. These agreements provide for severance payments under certain circumstances. Additionally, the Company has split-dollar life insurance agreements with certain retired executives. | ||||
In the normal course of business, Mylan periodically enters into employment, legal settlement and other agreements which incorporate indemnification provisions. While the maximum amount to which Mylan may be exposed under such agreements cannot be reasonably estimated, the Company maintains insurance coverage, which management believes will effectively mitigate the Company’s obligations under these indemnification provisions. No amounts have been recorded in the Consolidated Financial Statements with respect to the Company’s obligations under such agreements. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Legal Proceedings | |
The Company is involved in various disputes, governmental and/or regulatory inquiries and proceedings, and litigation matters that arise from time to time, some of which are described below. The Company is also party to certain matters for which Merck KGaA or Strides Arcolab has agreed to indemnify the Company, pursuant to the respective sale and purchase agreements. | |
While the Company believes that it has meritorious defenses with respect to the claims asserted against it and intends to vigorously defend its position, the process of resolving matters through litigation or other means is inherently uncertain, and it is not possible to predict the ultimate resolution of any such proceeding. It is possible that an unfavorable resolution of any of the matters described below, or the inability or denial of Merck KGaA, Strides Arcolab or another indemnitor or insurer to pay an indemnified claim, could have a material effect on the Company’s financial position, results of operations and/or cash flows, and could cause the market value of our stock to decline. Unless otherwise disclosed below, the Company is unable to predict the outcome of the respective litigation or to provide an estimate of the range of reasonably possible losses. Legal costs are recorded as incurred and are classified in selling, general and administrative expenses in the Company’s Consolidated Statements of Operations. | |
Lorazepam and Clorazepate | |
On June 1, 2005, a jury verdict was rendered against Mylan, MPI, and co-defendants Cambrex Corporation and Gyma Laboratories in the U.S. District Court for the District of Columbia in the amount of approximately $12.0 million, which has been accrued for by the Company. The jury found that Mylan and its co-defendants willfully violated Massachusetts, Minnesota and Illinois state antitrust laws in connection with API supply agreements entered into between the Company and its API supplier (Cambrex) and broker (Gyma) for two drugs, Lorazepam and Clorazepate, in 1997, and subsequent price increases on these drugs in 1998. The case was brought by four health insurers who opted out of earlier class action settlements agreed to by the Company in 2001 and represents the last remaining antitrust claims relating to Mylan’s 1998 price increases for Lorazepam and Clorazepate. Following the verdict, the Company filed a motion for judgment as a matter of law, a motion for a new trial, a motion to dismiss two of the insurers and a motion to reduce the verdict. On December 20, 2006, the Company’s motion for judgment as a matter of law and motion for a new trial were denied and the remaining motions were denied on January 24, 2008. In post-trial filings, the plaintiffs requested that the verdict be trebled and that request was granted on January 24, 2008. On February 6, 2008, a judgment was issued against Mylan and its co-defendants in the total amount of approximately $69.0 million, which, in the case of three of the plaintiffs, reflects trebling of the compensatory damages in the original verdict (approximately $11.0 million in total) and, in the case of the fourth plaintiff, reflects their amount of the compensatory damages in the original jury verdict plus doubling this compensatory damage award as punitive damages assessed against each of the defendants (approximately $58.0 million in total), some or all of which may be subject to indemnification obligations by Mylan. Plaintiffs are also seeking an award of attorneys’ fees and litigation costs in unspecified amounts and prejudgment interest of approximately $8.0 million. The Company and its co-defendants appealed to the U.S. Court of Appeals for the D.C. Circuit and have challenged the verdict as legally erroneous on multiple grounds. The appeals were held in abeyance pending a ruling on the motion for prejudgment interest, which has been granted. Mylan has contested this ruling along with the liability finding and other damages awards as part of its appeal, which was filed in the Court of Appeals for the D.C. Circuit. On January 18, 2011, the Court of Appeals issued a judgment remanding the case to the District Court for further proceedings based on lack of diversity with respect to certain plaintiffs. On June 13, 2011, Mylan filed a certiorari petition with the U.S. Supreme Court requesting review of the judgment of the D.C. Circuit. On October 3, 2011, the certiorari petition was denied. The case is now proceeding before the District Court. On January 14, 2013, following limited court-ordered jurisdictional discovery, the plaintiffs filed a fourth amended complaint containing additional factual averments with respect to the diversity of citizenship of the parties, along with a motion to voluntarily dismiss 755 (of 1,387), self-funded customers whose presence would destroy the District Court’s diversity jurisdiction. The plaintiffs also moved for a remittitur (reduction) of approximately $8.1 million from the full damages award. Mylan's brief in response to the new factual averments in the complaint was filed on February 13, 2013. In addition to disputing the sufficiency of many of the plaintiffs’ jurisdictional averments, Mylan argues that the case should be dismissed in its entirety, or that alternatively all of the self-funded customer claims should be dismissed. Mylan also argues for additional discovery and a new trial on damages. Briefing on these issues is complete, and a decision is pending. | |
In connection with the Company’s appeal of the judgment, the Company submitted a surety bond underwritten by a third-party insurance company in the amount of $74.5 million in February 2008. On May 30, 2012, the District Court ordered the amount of the surety bond reduced to $66.6 million. | |
Pricing and Medicaid Litigation | |
Beginning in September 2003, Mylan, MPI and/or Mylan Institutional Inc. (formerly known as UDL Laboratories, Inc. and hereafter “MII”), a wholly owned subsidiary of the Company, together with many other pharmaceutical companies, have been named in civil lawsuits filed by state attorneys general (“AGs”) and municipal bodies within the state of New York alleging generally that the defendants defrauded the state Medicaid systems by allegedly reporting “Average Wholesale Prices” and/or “Wholesale Acquisition Costs” that exceeded the actual selling price of the defendants’ prescription drugs, causing state programs to overpay pharmacies and other providers. To date, Mylan, MPI and/or MII have been named as defendants in substantially similar civil lawsuits filed by the AGs of Alabama, Alaska, California, Florida, Hawaii, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Mississippi, Missouri, Oklahoma, South Carolina, Texas, Utah and Wisconsin, and also by the city of New York and approximately 40 counties across New York State. Several of these cases were transferred to the AWP multi-district litigation proceedings pending in the U.S. District Court for the District of Massachusetts for pretrial proceedings. Other cases have been litigated in the state courts in which they were filed. Each of the cases seeks money damages, civil penalties and/or double, treble or punitive damages, counsel fees and costs, equitable relief and/or injunctive relief. Mylan and its subsidiaries have denied liability and have defended each of these actions vigorously. | |
In May 2008, an amended complaint was filed in the U.S. District Court for the District of Massachusetts by a private plaintiff on behalf of the United States of America against Mylan, MPI, MII and several other generic manufacturers. The original complaint was filed under seal in April 2000, and Mylan, MPI and MII were added as parties in February 2001. The claims against Mylan, MPI, MII and the other generic manufacturers were severed from the April 2000 complaint (which remains under seal) as a result of the federal government’s decision not to intervene in the action as to those defendants. The complaint alleged violations of the False Claims Act and set forth allegations substantially similar to those alleged in the state AG cases mentioned in the preceding paragraph and purported to seek nationwide recovery of any and all alleged overpayment of the “federal share” under the Medicaid program, as well as treble damages and civil penalties. In December 2010, the Company completed a settlement of this case (except for the claims related to the California federal share) and the Texas state action mentioned above. This settlement resolved a significant portion of the damages claims asserted against Mylan, MPI and MII in the various pending pricing litigations. In addition, Mylan has reached settlements of the Alabama, Alaska, California (including the “federal share”), Florida, Hawaii, Idaho, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Mississippi, New York state and county, Oklahoma. South Carolina and Utah state actions. The Company has also reached agreements in principle to settle the Illinois, Wisconsin and Missouri actions, which are contingent upon the execution of definitive settlement documents. With regard to the remaining state actions, the Company had accrued approximately $50.0 million at December 31, 2012 and $56.0 million at December 31, 2013. There were no settlement payments made during the year ended December 31, 2013. The Company reviews the status of these actions on an ongoing basis, and from time to time, the Company may settle or otherwise resolve these matters on terms and conditions that management believes are in the best interests of the Company. There are no assurances that settlements reached and/or adverse judgments received, if any, will not exceed amounts that may be provided for. However, the range of reasonably possible loss above the amount provided for cannot be estimated. | |
Dey L.P. (now known as Mylan Specialty L.P. and hereafter “Mylan Specialty”), a wholly owned subsidiary of the Company, was named as a defendant in several class actions brought by consumers and third-party payors. Mylan Specialty reached a settlement of these class actions, which was approved by the court and all claims have been dismissed. Additionally, a complaint was filed under seal by a plaintiff on behalf of the United States of America against Mylan Specialty in August 1997. In August 2006, the Government filed its complaint-in-intervention and the case was unsealed in September 2006. The Government asserted that Mylan Specialty was jointly liable with a codefendant and sought recovery of alleged overpayments, together with treble damages, civil penalties and equitable relief. Mylan Specialty completed a settlement of this action in December 2010. These cases all have generally alleged that Mylan Specialty falsely reported certain price information concerning certain drugs marketed by Mylan Specialty, that Mylan Specialty caused false claims to be made to Medicaid and to Medicare, and that Mylan Specialty caused Medicaid and Medicare to make overpayments on those claims. | |
Under the terms of the purchase agreement with Merck KGaA, Mylan is fully indemnified for the claims in the preceding paragraph and Merck KGaA is entitled to any income tax benefit the Company realizes for any deductions of amounts paid for such pricing litigation. Under the indemnity, Merck KGaA is responsible for all settlement and legal costs, and, as such, these settlements had no impact on the Company’s Consolidated Statements of Operations. At December 31, 2013, the Company has accrued approximately $64.1 million in other current liabilities, which represents its estimate of the remaining amount of anticipated income tax benefits due to Merck KGaA. Substantially all of Mylan Specialty’s known claims with respect to this pricing litigation have been settled. | |
Modafinil Antitrust Litigation and FTC Inquiry | |
Beginning in April 2006, Mylan and four other drug manufacturers have been named as defendants in civil lawsuits filed in or transferred to the U.S. District Court for the Eastern District of Pennsylvania by a variety of plaintiffs purportedly representing direct and indirect purchasers of the drug Modafinil and in a lawsuit filed by Apotex, Inc., a manufacturer of generic drugs, seeking approval to market a generic Modafinil product. These actions allege violations of federal antitrust and state laws in connection with the generic defendants’ settlement of patent litigation with Cephalon relating to Modafinil. On March 29, 2010, the Court in the Eastern District of Pennsylvania denied the defendants’ motions to dismiss. Fact discovery closed on February 11, 2011. Briefing on dispositive motions is ongoing. | |
In addition, by letter dated July 11, 2006, Mylan was notified by the U.S. Federal Trade Commission (“FTC”) of an investigation relating to the settlement of the Modafinil patent litigation. In its letter, the FTC requested certain information from Mylan, MPI and Mylan Technologies, Inc. pertaining to the patent litigation and the settlement thereof. On March 29, 2007, the FTC issued a subpoena, and on April 26, 2007, the FTC issued a civil investigative demand to Mylan, requesting additional information from the Company relating to the investigation. Mylan has cooperated fully with the government’s investigation and completed all requests for information. On February 13, 2008, the FTC filed a lawsuit against Cephalon in the U.S. District Court for the District of Columbia and the case has subsequently been transferred to the U.S. District Court for the Eastern District of Pennsylvania. On July 1, 2010, the FTC issued a third party subpoena to Mylan, requesting documents in connection with its lawsuit against Cephalon. Mylan has responded to the subpoena. Mylan is not named as a defendant in the FTC’s lawsuit, although the complaint includes certain allegations pertaining to Mylan's settlement with Cephalon. | |
Minocycline | |
On May 1, 2012, the FTC issued a civil investigative demand to Mylan pertaining to an investigation being conducted to determine whether Medicis Pharmaceutical Corporation, Mylan, and/or other generic companies engaged in unfair methods of competition with regard to Medicis’ branded Solodyn products and generic Solodyn products, as well as the 2010 settlement of Medicis’ patent infringement claims against Mylan and Matrix Laboratories Limited (now known as Mylan Laboratories Limited). Mylan is cooperating with the FTC and has responded to the requests for information. | |
Beginning in July 2013, Mylan and Mylan Laboratories Limited, along with eight other parties, have been named as defendants in civil lawsuits filed by a variety of plaintiffs in the U.S. District Court for the Eastern District of Pennsylvania, the District of Arizona, and the District of Massachusetts. The plaintiffs purport to represent direct and indirect purchasers of branded or generic Solodyn®, and assert violations of federal and state laws, including allegations in connection with separate settlements by Medicis with each of the other defendants of patent litigation relating to generic Solodyn. | |
Pioglitazone | |
Beginning in December 2013, Mylan, Takeda, and several other drug manufacturers have been named as defendants in civil lawsuits filed in the U.S. District Court for the Southern District of New York by plaintiffs which purport to represent indirect purchasers of branded or generic Actos® and Actoplus Met®. These actions allege violations of state competition laws in connection with the defendants’ settlements of patent litigation in 2010 relating to Actos and Actoplus Met. | |
EpiPen® Auto-Injector Advertising Inquiries | |
During 2012, the Massachusetts AG and the Oregon Department of Justice issued civil investigation demands to Mylan Specialty, regarding the marketing and sale of EpiPen® and EpiPen Jr® Auto-Injector in both states, seeking information about an EpiPen® Auto-Injector television commercial. Mylan cooperated with these requests and resolved both inquires in November 2013. | |
EU Commission Proceedings | |
On or around July 8, 2009, the European Commission (the “EU Commission” or the “Commission”) stated that it had initiated antitrust proceedings pursuant to Article 11(6) of Regulation No. 1/2003 and Article 2(1) of Regulation No. 773/2004 to explore possible infringement of Articles 81 and 82 EC and Articles 53 and 54 of the EEA Agreement by Les Laboratoires Servier (“Servier”) as well as possible infringement of Article 81 EC by the Company’s Indian subsidiary, Mylan Laboratories Limited (formerly known as Matrix Laboratories Limited), and four other companies, each of which entered into agreements with Servier relating to the product Perindopril. On July 30, 2012, the European Commission issued a Statement of Objections to Servier SAS, Servier Laboratories Limited, Les Laboratories Servier, Adir, Biogaran, Krka, d.d. Novo mesto, Lupin Limited, Mylan Laboratories Limited, Mylan Inc., Niche Generics Limited, Teva UK Limited, Teva Pharmaceutical Industries Ltd., Teva Pharmaceuticals Europe B.V., and Unichem Laboratories Limited. Mylan Inc. and Mylan Laboratories Limited have filed responses to the Statement of Objections and are vigorously defending themselves against allegations contained therein. | |
On October 6, 2009, the Company received notice that the EU Commission was initiating an investigation pursuant to Article 20(4) of Regulation No. 1/2003 to explore possible infringement of Articles 81 and 82 EC by the Company and its affiliates. Mylan S.A.S., acting on behalf of its Mylan affiliates, has produced documents and other information in connection with the inquiry and continues to respond to other requests for additional information. The Company is cooperating with the Commission in connection with the investigation, and no statement of objections has been filed against the Company in connection with the investigation. | |
On March 19, 2010, Mylan and Generics [U.K.] Limited, a wholly owned subsidiary of the Company, received notice that the EU Commission had opened proceedings against Lundbeck with respect to alleged unilateral practices and/or agreements related to Citalopram in the European Economic Area. A Statement of Objections was issued to Lundbeck, Merck KGaA, Generics [U.K.] Limited, Arrow, Resolution Chemicals, Xelia Pharmaceuticals, Alpharma, A.L. Industrier and Ranbaxy on July 25, 2012. Generics [U.K.] Limited filed a response to the Statement of Objections and vigorously defended itself against allegations contained therein. On June 19, 2013, the European Commission issued a decision finding that Generics [U.K.] Limited, as well as the companies noted above, had violated EU competition rules and required Generics [U.K.] Limited to pay approximately €7.8 million, jointly and severally with Merck KGaA. Generics [U.K.] Limited has appealed the European Commission’s decision. Generics [U.K.] Limited has also sought indemnification from Merck KGaA with respect to the €7.8 million issued against Merck KGaA and Generics [U.K.] Limited jointly and severally. Merck KGaA has counterclaimed against Generics [U.K.] Limited seeking the same. During the year ended December 31, 2013, the Company accrued approximately $10.3 million related to this matter. There are no assurances that settlements reached and/or adverse judgments received, if any, will not exceed amounts that may be provided for. However, the range of reasonably possible loss above the amount provided for cannot be estimated. | |
U.K. Office of Fair Trading | |
On August 12, 2011, Generics [U.K.] Limited received notice that the Office of Fair Trading was opening an investigation to explore the possible infringement of the Competition Act 1998 and Article 101 and 102 of the Treaty on the Functioning of the European Union, with respect to alleged agreements related to Paroxetine. On April 19, 2013, a Statement of Objections was issued to GlaxoSmithKline, Generics [U.K.] Limited, Alpharma and Ivax LLC. Generics [U.K.] Limited filed a response to the Statement of Objections, defending itself against the allegations contained therein. | |
South African Competition Commission | |
Mylan's South African affiliate received a summons and a request for appearance and information, dated February 22, 2013, regarding a supply agreement between Aspen Pharmacare Holdings (Pty) Ltd. and Mylan Laboratories Limited pertaining to a fixed dose combination antiretroviral product. The summons was issued in respect of two complaints in connection with this Agreement. An amended complaint and Initiation Statement were received on June 21, 2013. Mylan has produced documents and information in connection with this matter. Mylan is continuing to cooperate in this investigation. The complaint has not been referred to the Competition Tribunal. | |
Product Liability | |
The Company is involved in a number of product liability lawsuits and claims related to alleged personal injuries arising out of certain products manufactured and/or distributed by the Company, including but not limited to its Fentanyl Transdermal System, Phenytoin, Propoxyphene, and Alendronate. The Company believes that it has meritorious defenses to these lawsuits and claims and is vigorously defending itself with respect to those matters. From time to time, the Company has agreed to settle or otherwise resolve certain lawsuits and claims on terms and conditions that are in the best interests of the Company. The Company had accrued approximately $21.6 million at December 31, 2012 and $13.8 million at December 31, 2013.The reduction in the accrual during the current year was principally due to payments. There are no assurances that settlements reached and/or adverse judgments received, if any, will not exceed amounts that may be provided for. However, the range of reasonably possible loss above the amount provided for cannot be estimated. | |
Intellectual Property | |
On April 16, 2012, the Federal Circuit reversed and vacated a judgment of invalidity by the United States District Court for the District of Delaware in a patent infringement lawsuit by Eurand, Inc. (now known as Aptalis Pharmatech, Inc.), Cephalon, Inc., and Anesta AG against Mylan Inc. and MPI in relation to MPI’s abbreviated new drug application for extended-release cyclobenzaprine hydrochloride. On May 12, 2011, the District Court found, after trial, the patents-in-suit invalid as obvious. On May 13, 2011, MPI launched its cyclobenzaprine hydrochloride extended-release capsules. Plaintiffs appealed the District Court’s finding of obviousness to the Federal Circuit, and on May 24, 2011, the District Court issued an injunction order enjoining Mylan from selling any additional cyclobenzaprine products pending the Federal Circuit’s decision. Plaintiffs were required to post a $10 million bond. Mylan appealed the District Court’s injunction and filed a motion to stay the injunction pending resolution of the appeal. On May 25, 2011, the Federal Circuit temporarily stayed the injunction pending full briefing on Mylan’s motion to stay. On July 7, 2011, the Federal Circuit reinstated the injunction preventing further sales pending a decision on the appeal. On April 16, 2012, the Federal Circuit reversed and vacated the District Court’s invalidity judgment and dismissed without prejudice Mylan’s appeal of the injunction. The Company filed a petition for rehearing en banc and on July 25, 2012, the petition was denied. The Company filed a petition for certiorari to the United States Supreme Court on October 23, 2012 and on January 14, 2013, the petition was denied. The case was remanded to the District Court for consideration of the issue of damages. On April 4, 2013, the District Court ordered that the effective date of approval of Mylan’s Abbreviated New Drug Application shall not be earlier than the later to expire of the patents-in-suit, unless otherwise ordered by the Court, and enjoined Mylan from manufacturing, using, offering to sell, selling, or importing its products until after the later of the expiration dates of the patents-in-suit, unless otherwise ordered by the Court. The trial on the issue of damages is scheduled to commence on September 2, 2014. | |
In these and other situations, the Company has used its business judgment to decide to market and sell products, notwithstanding the fact that allegations of patent infringement(s) or other potential third party rights have not been finally resolved by the courts (i.e., an “at-risk launch” situation). The risk involved in doing so can be substantial because the remedies available to the owner of a patent for infringement may include, among other things, damages measured by the profits lost by the patent owner and not necessarily by the profits earned by the infringer. In the case of willful infringement, the definition of which is subjective, such damages may be increased up to three times. Moreover, because of the discount pricing typically involved with bioequivalent products, patented branded products generally realize a substantially higher profit margin than bioequivalent products. An adverse decision in cases involving an “at-risk launch” could have a material adverse effect on our financial position, including our results of operations and cash flows. | |
Other Litigation | |
The Company is involved in various other legal proceedings that are considered normal to its business, including but not limited to certain proceedings assumed as a result of the acquisition of the former Merck Generics business and Agila. While it is not possible to predict the ultimate outcome of such other proceedings, the ultimate outcome of any such proceeding is not currently expected to be material to the Company’s financial position, results of operations or cash flows. |
Supplementary_Financial_Inform
Supplementary Financial Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Supplementary Financial Information | ' | |||||||||||||||
Mylan Inc. | ||||||||||||||||
Supplementary Financial Information | ||||||||||||||||
Quarterly Financial Data | ||||||||||||||||
(Unaudited, in thousands, except per share data) | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Three-Month Period Ended | ||||||||||||||||
31-Mar-13 | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | |||||||||||||
Total revenues | $ | 1,631,490 | $ | 1,701,701 | $ | 1,767,426 | $ | 1,808,526 | ||||||||
Gross profit | 693,490 | 742,384 | 808,518 | 795,951 | ||||||||||||
Net earnings | 107,544 | 178,616 | 159,423 | 180,949 | ||||||||||||
Net earnings attributable to Mylan Inc. common shareholders | 106,882 | 177,689 | 158,908 | 180,232 | ||||||||||||
Earnings per share(1): | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.47 | $ | 0.42 | $ | 0.48 | ||||||||
Diluted | $ | 0.27 | $ | 0.46 | $ | 0.4 | $ | 0.45 | ||||||||
Share prices(2): | ||||||||||||||||
High | $ | 31.01 | $ | 31.87 | $ | 38.95 | $ | 44.5 | ||||||||
Low | $ | 27.54 | $ | 27.96 | $ | 30.37 | $ | 37.87 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Three-Month Period Ended | ||||||||||||||||
31-Mar-12 | June 30, 2012 | 30-Sep-12 | 31-Dec-12 | |||||||||||||
Total revenues | $ | 1,583,655 | $ | 1,687,814 | $ | 1,801,786 | $ | 1,722,854 | ||||||||
Gross profit | 670,229 | 702,637 | 793,122 | 742,316 | ||||||||||||
Net earnings | 129,469 | 139,173 | 212,086 | 162,160 | ||||||||||||
Net earnings attributable to Mylan Inc. common shareholders | 129,079 | 138,550 | 211,257 | 161,964 | ||||||||||||
Earnings per share(1): | ||||||||||||||||
Basic | $ | 0.3 | $ | 0.33 | $ | 0.52 | $ | 0.4 | ||||||||
Diluted | $ | 0.3 | $ | 0.33 | $ | 0.51 | $ | 0.39 | ||||||||
Share prices(2): | ||||||||||||||||
High | $ | 23.69 | $ | 23.54 | $ | 24.55 | $ | 28.3 | ||||||||
Low | $ | 20.75 | $ | 20.64 | $ | 21.54 | $ | 23.44 | ||||||||
____________ | ||||||||||||||||
(1) | The sum of earnings per share for the quarters may not equal earnings per share for the total year due to changes in the average number of common shares outstanding. | |||||||||||||||
(2) | Closing prices are as reported on the NASDAQ Stock Market. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | |||||||||||||||||||
MYLAN INC. AND SUBSIDIARIES | ||||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Description | Beginning | Additions | Additions | Deductions | Ending | |||||||||||||||
Balance | Charged | Charged | Balance | |||||||||||||||||
to | to | |||||||||||||||||||
Costs | Other | |||||||||||||||||||
and | Accounts | |||||||||||||||||||
Expenses | ||||||||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||||||
Year ended December 31, 2013 | $ | 23,037 | $ | 5,004 | $ | 110 | $ | (3,552 | ) | $ | 24,599 | |||||||||
Year ended December 31, 2012 | $ | 18,925 | $ | 7,921 | $ | 95 | $ | (3,904 | ) | $ | 23,037 | |||||||||
Year ended December 31, 2011 | $ | 23,900 | $ | 3,983 | $ | 370 | $ | (9,328 | ) | $ | 18,925 | |||||||||
Valuation allowance for deferred tax assets: | ||||||||||||||||||||
Year ended December 31, 2013 | $ | 249,382 | $ | 53,189 | $ | (13,350 | ) | $ | (22,553 | ) | $ | 266,668 | ||||||||
Year ended December 31, 2012 | $ | 231,436 | $ | 23,996 | $ | — | $ | (6,050 | ) | $ | 249,382 | |||||||||
Year ended December 31, 2011 | $ | 232,147 | $ | 14,845 | $ | — | $ | (15,556 | ) | $ | 231,436 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||
Principles of Consolidation Policy | ' | |||||||||||
Principles of Consolidation. The Consolidated Financial Statements include the accounts of Mylan Inc. and those of its wholly owned and majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Investments in equity method affiliates are recorded at cost and adjusted for the Company’s share of the affiliates’ cumulative results of operations, capital contributions and distributions. Noncontrolling interests in the Company’s subsidiaries are recorded net of tax as net earnings attributable to noncontrolling interests. | ||||||||||||
Use of Estimates in the Preparation of Financial Statements Policy | ' | |||||||||||
Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the uncertainty inherent in such estimates, actual results could differ from those estimates. | ||||||||||||
Foreign Currencies Policy | ' | |||||||||||
Foreign Currencies. The Consolidated Financial Statements are presented in U.S. Dollars, the reporting currency of Mylan. Statements of Operations and Cash Flows of all of the Company’s subsidiaries that have functional currencies other than U.S. Dollars are translated at a weighted average exchange rate for the period for inclusion in the Consolidated Statements of Operations and Cash Flows, whereas assets and liabilities are translated at the end of the period exchange rates for inclusion in the Consolidated Balance Sheets. Translation differences are recorded directly in shareholders’ equity as foreign currency translation adjustments. Gains or losses on transactions denominated in a currency other than the subsidiaries’ functional currency, which arise as a result of changes in foreign currency exchange rates, are recorded in the Consolidated Statements of Operations. | ||||||||||||
Cash and Cash Equivalents Policy | ' | |||||||||||
Cash and Cash Equivalents. Cash and cash equivalents are comprised of highly liquid investments with an original maturity of three months or less at the date of purchase. | ||||||||||||
Marketable Securities Policy | ' | |||||||||||
Marketable Securities. Marketable equity and debt securities classified as available-for-sale are recorded at fair value, with net unrealized gains and losses, net of income taxes, reflected in accumulated other comprehensive loss as a component of shareholders’ equity. Net realized gains and losses on sales of available-for-sale securities are computed on a specific security basis and are included in other (expense) income, net, in the Consolidated Statements of Operations. Marketable equity and debt securities classified as trading securities are valued at the quoted market price from broker or dealer quotations or transparent pricing sources at the reporting date, and realized and unrealized gains and losses are included in other (expense) income, net, in the Consolidated Statements of Operations. | ||||||||||||
Concentrations of Credit Risk Policy | ' | |||||||||||
Concentrations of Credit Risk. Financial instruments that potentially subject the Company to credit risk consist principally of interest-bearing investments, derivatives and accounts receivable. | ||||||||||||
Mylan invests its excess cash in high-quality, liquid money market instruments, principally overnight deposits and highly rated money market funds. The Company maintains deposit balances at certain financial institutions in excess of federally insured amounts. Periodically, the Company reviews the creditworthiness of its counterparties to derivative transactions, and it does not expect to incur a loss from failure of any counterparties to perform under agreements it has with such counterparties. | ||||||||||||
Mylan performs ongoing credit evaluations of its customers and generally does not require collateral. Approximately 41% and 38% of the accounts receivable balances represent amounts due from three customers at December 31, 2013 and December 31, 2012, respectively. Total allowances for doubtful accounts were $24.6 million and $23.0 million at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||
Inventories Policy | ' | |||||||||||
Inventories. Inventories are stated at the lower of cost or market, with cost determined by the first-in, first-out method. Provisions for potentially obsolete or slow-moving inventory, including pre-launch inventory, are made based on our analysis of inventory levels, historical obsolescence and future sales forecasts. | ||||||||||||
Property, Plant and Equipment Policy | ' | |||||||||||
Property, Plant and Equipment. Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed and recorded on a straight-line basis over the assets’ estimated service lives (three to 18 years for machinery and equipment and other fixed assets and 15 to 39 years for buildings and improvements). The Company periodically reviews the original estimated useful lives of assets and makes adjustments when appropriate. Depreciation expense was approximately $152.3 million, $160.2 million and $152.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Intangible Assets and Goodwill Policy | ' | |||||||||||
Intangible Assets and Goodwill. Intangible assets are stated at cost less accumulated amortization. Amortization is generally recorded on a straight-line basis over estimated useful lives ranging from five to 20 years. The Company periodically reviews the original estimated useful lives of intangible assets and makes adjustments when events indicate that a shorter life is appropriate. | ||||||||||||
The Company accounts for acquired businesses using the purchase method of accounting, which requires that the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. The cost to acquire a business is allocated to the underlying net assets of the acquired business in proportion to their respective fair values. Amounts allocated to acquired in-process research and development (“IPR&D”) are capitalized at the date of an acquisition and, at the time, such IPR&D assets have indefinite lives. As products in development are approved for sale, amounts will be allocated to product rights and licenses and will be amortized over their estimated useful lives. Definite-lived intangible assets are amortized over the expected life of the asset. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. | ||||||||||||
We review goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable based on management's assessment of the fair value of the Company's reporting units as compared to their related carrying value. Under the authoritative guidance issued by the Financial Accounting Standards Board (“FASB”), we have the option to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the two-step goodwill impairment test is performed. The first step, identifying a potential impairment, compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds its fair value, the second step would need to be performed; otherwise, no further step is required. The second step, measuring the impairment loss, compares the implied fair value of the goodwill with the carrying amount of the goodwill. Any excess of the goodwill carrying amount over the applied fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. | ||||||||||||
The judgments made in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results of operations. Fair values and useful lives are determined based on, among other factors, the expected future period of benefit of the asset, the various characteristics of the asset and projected cash flows. | ||||||||||||
Intangible Assets and Goodwill Policy | ' | |||||||||||
Indefinite-lived intangibles, such as the Company’s IPR&D assets, are tested at least annually for impairment, but they may be tested whenever certain impairment indicators are present. Impairment is determined to exist when the fair value is less than the carrying value of the assets being tested. | ||||||||||||
Contingent Consideration Policy | ' | |||||||||||
Contingent Consideration. Mylan records contingent consideration resulting from a business acquisition at its fair value on the acquisition date. Each reporting period thereafter, the Company revalues these obligations and records increases or decreases in their fair value as a charge (credit) to selling, general and administrative costs within the Consolidated Statements of Operations. Changes in the fair value of the contingent consideration obligations can result from adjustments to the discount rates, payment periods and adjustments in the probability of achieving future development steps, regulatory approvals, market launches, sales targets and profitability. These fair value measurements represent Level 3 measurements, as they are based on significant inputs not observable in the market. | ||||||||||||
Significant judgment is employed in determining the assumptions utilized as of the acquisition date and for each subsequent measurement period. Accordingly, changes in the assumptions described above could have a material impact on the Company’s consolidated results of operations. | ||||||||||||
In accordance with GAAP, the Company accounted for this transaction as a purchase of a business and utilized the purchase method of accounting. Under the purchase method of accounting, the assets acquired and liabilities assumed in the transaction were recorded at the date of acquisition at the estimate of their respective fair values. | ||||||||||||
Impairment of Long-Lived Assets Policy | ' | |||||||||||
Impairment of Long-Lived Assets. The carrying values of long-lived assets, which include property, plant and equipment and intangible assets with finite lives, are evaluated periodically in relation to the expected future undiscounted cash flows of the underlying assets and monitored for other potential triggering events. Adjustments are made in the event that estimated undiscounted net cash flows are less than the carrying value. | ||||||||||||
Indefinite-lived intangibles, principally IPR&D, are tested at least annually for impairment or upon the occurrence of a triggering event. The impairment test for IPR&D consists of a comparison of the asset’s fair value with its carrying value. Impairment is determined to exist when the fair value is less than the carrying value of the assets being tested. | ||||||||||||
Revenue Recognition Policy | ' | |||||||||||
Revenue Recognition. Mylan recognizes net revenue for product sales when title and risk of loss pass to its customers and when provisions for estimates, including discounts, sales allowances, price adjustments, returns, chargebacks and other promotional programs, are reasonably determinable. The following briefly describes the nature of each provision and how such provisions are estimated. | ||||||||||||
Discounts are reductions to invoiced amounts offered to customers for payment within a specified period and are estimated upon sale utilizing historical customer payment experience. | ||||||||||||
Volume-based sales allowances are offered to key customers to promote customer loyalty and encourage greater product sales. These programs provide that upon the attainment of pre-established volumes or the attainment of revenue milestones for a specified period, the customer receives credit against purchases. Other promotional programs are incentive programs periodically offered to our customers. The Company is able to estimate provisions for volume-based sales allowances and other promotional programs based on the specific terms in each agreement at the time of sale. | ||||||||||||
Consistent with industry practice, Mylan maintains a return policy that allows customers to return product within a specified period prior and subsequent to the expiration date. The Company’s estimate of the provision for returns is generally based upon historical experience with actual returns. | ||||||||||||
Price adjustments, which include shelf stock adjustments, are credits issued to reflect decreases in the selling prices of products. Shelf stock adjustments are based upon the amount of product which the customer has remaining in its inventory at the time of the price reduction. Decreases in selling prices are discretionary decisions made by the Company to reflect market conditions. Amounts recorded for estimated price adjustments are based upon specified terms with direct customers, estimated launch dates of competing products, estimated declines in market price and, in the case of shelf stock adjustments, estimates of inventory held by the customer. | ||||||||||||
The Company has agreements with certain indirect customers, such as independent pharmacies, managed care organizations, hospitals, nursing homes, governmental agencies and pharmacy benefit management companies, which establish contract prices for certain products. The indirect customers then independently select a wholesaler from which to actually purchase the products at these contracted prices. Alternatively, certain wholesalers may enter into agreements with indirect customers that establish contract pricing for certain products, which the wholesalers provide. Under either arrangement, Mylan will provide credit to the wholesaler for any difference between the contracted price with the indirect party and the wholesaler’s invoice price. Such credits are called chargebacks. The provision for chargebacks is based on expected sell-through levels by our wholesaler customers to indirect customers, as well as estimated wholesaler inventory levels. | ||||||||||||
Accounts receivable are presented net of allowances relating to the above provisions. No significant revisions were made to the methodology used in determining these provisions during the years ended December 31, 2013 and 2012. Such allowances were $1.24 billion and $977.0 million at December 31, 2013 and 2012, respectively. Other current liabilities included $281.1 million and $202.9 million at December 31, 2013 and 2012, respectively, for certain sales allowances and other adjustments that are paid to indirect customers. | ||||||||||||
Royalty or profit share revenue from licensees, which are based on third-party sales of licensed products and technology, is recorded in accordance with the contract terms, when third-party sales can be reliably measured and collection of the funds is reasonably assured. Royalty revenue is included in other revenue in the Consolidated Statements of Operations. | ||||||||||||
The Company recognizes contract manufacturing and other service revenue when the service is performed or when the Company’s partners take ownership and title has passed, collectability is reasonably assured, the sales price is fixed or determinable, and there is persuasive evidence of an arrangement. | ||||||||||||
During the years ended December 31, 2013, 2012 and 2011, sales to Cardinal Health, Inc. were 15%, 14%, and 13%, respectively, and sales to McKesson Corporation were 14%, 13% and 11%, respectively, of consolidated net revenues. | ||||||||||||
Research and Development Policy | ' | |||||||||||
Research and Development. Research and Development (“R&D”) expenses are charged to operations as incurred. | ||||||||||||
Income Taxes Policy | ' | |||||||||||
Income Taxes. Income taxes have been provided for using an asset and liability approach in which deferred income taxes reflect the tax consequences on future years of events that the Company has already recognized in the financial statements or tax returns. Changes in enacted tax rates or laws may result in adjustments to the recorded tax assets or liabilities in the period that the new tax law is enacted. | ||||||||||||
Earnings Per Common Share Policy | ' | |||||||||||
Earnings per Common Share. Basic earnings per common share is computed by dividing net earnings attributable to Mylan Inc. common shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per common share is computed by dividing net earnings attributable to Mylan Inc. common shareholders by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive. | ||||||||||||
On September 15, 2008, concurrent with the sale of $575 million aggregate principal amount of Cash Convertible Notes due 2015 (the “Cash Convertible Notes”), Mylan entered into a convertible note hedge and warrant transaction with certain counterparties. Pursuant to the warrant transactions, the Company sold to the counterparties warrants to purchase in the aggregate up to approximately 43.2 million shares of Mylan common stock, subject to anti-dilution adjustments substantially similar to the anti-dilution adjustments for the Cash Convertible Notes, which under most circumstances represents the maximum number of shares that underlie the conversion reference rate for the Cash Convertible Notes. The sold warrants had an exercise price of $20.00 and will be net share settled, meaning that Mylan will issue a number of shares per warrant corresponding to the difference between its share price at each warrant expiration date and the exercise price. The warrants meet the definition of derivatives under the guidance in the FASB Accounting Standards Codification (“ASC”) 815 Derivatives and Hedging (“ASC 815”); however, because these instruments have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification under ASC 815-40 Contracts in Entity’s Own Equity (“ASC 815-40”), the warrants have been recorded in shareholders’ equity in the Consolidated Balance Sheets. | ||||||||||||
In September 2011, the Company entered into amendments with the counterparties to exchange the original warrants with an exercise price of $20.00 (the “Old Warrants”) with new warrants with an exercise price of $30.00 (the “New Warrants”). Approximately 41.0 million of the Old Warrants were exchanged in the transaction. All other terms and settlement provisions of the Old Warrants remain unchanged in the New Warrants. The New Warrants meet the definition of derivatives under the guidance in ASC 815; however, because these instruments have been determined to be indexed to the Company’s own stock and meet the criteria for equity classification under ASC 815-40, the New Warrants have also been recorded in shareholders’ equity in the Consolidated Balance Sheets. The dilutive impact of the Old and New Warrants are included in the calculation of diluted earnings per share based upon the average market value of the Company’s common stock during the period as compared to the exercise price. For the year ended December 31, 2013, 2012 and 2011, 5.1 million, 0.3 million and 4.3 million, respectively, warrants were included in the calculation of diluted earnings per share. | ||||||||||||
The Board of Directors periodically authorizes the Company to repurchase common stock in the open market or through other methods. The Company repurchased 28.5 million common shares at a cost of $1.0 billion, 41.4 million common shares at a cost of $1.0 billion and 14.8 million common shares at a cost of $350 million in 2013, 2012 and 2011, respectively. These amounts reflect transactions executed through December 31st of each year. Basic and diluted earnings per common share attributable to Mylan Inc. are calculated as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||||
Basic earnings attributable to Mylan Inc. common shareholders (numerator): | ||||||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 623,711 | $ | 640,850 | $ | 536,810 | ||||||
Shares (denominator): | ||||||||||||
Weighted average common shares outstanding | 383,327 | 415,210 | 430,839 | |||||||||
Basic earnings per common share attributable to Mylan Inc. common shareholders | $ | 1.63 | $ | 1.54 | $ | 1.25 | ||||||
Diluted earnings attributable to Mylan Inc. common shareholders (numerator): | ||||||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 623,711 | $ | 640,850 | $ | 536,810 | ||||||
Shares (denominator): | ||||||||||||
Weighted average common shares outstanding | 383,327 | 415,210 | 430,839 | |||||||||
Stock-based awards and warrants | 11,127 | 5,026 | 7,946 | |||||||||
Total dilutive shares outstanding | 394,454 | 420,236 | 438,785 | |||||||||
Diluted earnings per common share attributable to Mylan Inc. common shareholders | $ | 1.58 | $ | 1.52 | $ | 1.22 | ||||||
Additional stock options or restricted stock awards were outstanding during the years ended December 31, 2013, 2012 and 2011 but were not included in the computation of diluted earnings per share for each respective period, because the effect would be anti-dilutive. Such anti-dilutive stock options or restricted stock awards represented 1.0 million, 4.8 million and 5.5 million shares for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Stock-Based Compensation Policy | ' | |||||||||||
Stock-Based Compensation. The fair value of stock-based compensation is recognized as expense in the Consolidated Statements of Operations over the vesting period. | ||||||||||||
Derivatives Policy | ' | |||||||||||
Derivatives. From time to time the Company may enter into derivative financial instruments (mainly foreign currency exchange forward contracts, interest rate swaps and purchased equity call options) designed to: 1) hedge the cash flows resulting from existing assets and liabilities and transactions expected to be entered into over the next twenty-four months in currencies other than the functional currency, 2) hedge the variability in interest expense on floating rate debt, 3) hedge the fair value of fixed-rate notes, 4) hedge against changes in interest rates that could impact future debt issuances, or 5) hedge cash or share payments required on conversion of issued convertible notes. Derivatives are recognized as assets or liabilities in the Consolidated Balance Sheets at their fair value. When the derivative instrument qualifies as a cash flow hedge, changes in the fair value are included in earnings or deferred through other comprehensive earnings depending on the nature and effectiveness of the offset. If a derivative instrument qualifies as a fair value hedge, the changes in the fair value, as well as the offsetting changes in the fair value of the hedged items, are included in interest expense. When such instruments do not qualify for hedge accounting the changes in fair value are recorded in the Consolidated Statements of Operations within other (expense) income, net. | ||||||||||||
Financial Instruments Policy | ' | |||||||||||
Financial Instruments. The Company’s financial instruments consist primarily of short-term and long-term debt, interest rate swaps, forward contracts, and option contracts. The Company’s financial instruments also include cash and cash equivalents as well as accounts and other receivables and accounts payable, the fair values of which approximate their carrying values. As a policy, the Company does not engage in speculative or leveraged transactions. | ||||||||||||
The Company uses derivative financial instruments for the purpose of hedging foreign currency and interest rate exposures, which exist as part of ongoing business operations or to hedge cash or share payments required on conversion of issued convertible notes. The Company carries derivative instruments on the Consolidated Balance Sheets at fair value, determined by reference to market data such as forward rates for currencies, implied volatilities, and interest rate swap yield curves. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. | ||||||||||||
Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: | ||||||||||||
Level 1: | Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. | |||||||||||
Level 2: | Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. | |||||||||||
Level 3: | Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. | |||||||||||
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value | ||||||||||||
Recent Accounting Pronouncements | ' | |||||||||||
Recent Accounting Pronouncements. In July 2013, the FASB issued revised accounting guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward exists. The amended guidance clarifies when the unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss and when the unrecognized tax benefit should be presented in the financial statements as a liability and not combined with the deferred tax asset. The guidance is effective for fiscal years, and interim periods, beginning after December 15, 2013. The Company does not expect that the adoption of the guidance will have a material effect on its results of operations, financial position or cash flows. | ||||||||||||
In February 2013, the FASB issued revised accounting guidance on the presentation of comprehensive income in the financial statements. The amended guidance requires an entity to report, in one place, the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income. Reclassifications must be disclosed if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. The guidance is effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted the guidance during 2013 by presenting additional disclosure in the notes to financial statements (see Note 8). The adoption of the guidance did not have a material effect on the Company’s results of operations, financial position or cash flows. | ||||||||||||
In December 2011 and January 2013, the FASB issued revised accounting guidance for an entity with particular financial instruments and derivative instruments that offset in accordance with the FASB’s guidance regarding other presentation matters for derivatives and hedging. Under the amendments in this update, an entity with financial instruments that are offset in the financial statements or subject to enforceable master netting arrangements, or similar agreements, must disclose the gross amount recognized for the asset/liability, the offsetting amounts, the net amounts presented on the balance sheet and any amounts subject to enforceable master netting arrangements. The amended guidance is effective for fiscal years, including interim periods, beginning on or after January 1, 2013. Retroactive application is required. The Company adopted the guidance during 2013, and the adoption of the guidance did not have a material effect on the Company’s results of operations, financial position or cash flows. | ||||||||||||
Legal Costs Policy | ' | |||||||||||
Legal costs are recorded as incurred and are classified in selling, general and administrative expenses in the Company’s Consolidated Statements of Operations | ||||||||||||
Short-term Debt | ' | |||||||||||
Debt Instrument [Line Items] | ' | |||||||||||
Short-Term Borrowings Policy | ' | |||||||||||
Short-Term Borrowings. Mylan Laboratories Limited has working capital facilities with several banks which are secured by its current assets. The working capital facilities have a weighted average interest rate of 2.3% at December 31, 2013. | ||||||||||||
Mylan Pharmaceuticals Inc. (“MPI”), a wholly owned subsidiary of the Company, also has a $400 million accounts receivable facility (“Receivables Facility”), which will expire in February 2015. Included in the Consolidated Balance Sheets at December 31, 2013 and December 31, 2012, respectively, are $374 million and $180 million of short-term borrowings, which are recorded as a secured loan. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Earnings Per Common Share Attributable To Mylan Inc. | ' | |||||||||||
asic and diluted earnings per common share attributable to Mylan Inc. are calculated as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2011 | |||||||||
Basic earnings attributable to Mylan Inc. common shareholders (numerator): | ||||||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 623,711 | $ | 640,850 | $ | 536,810 | ||||||
Shares (denominator): | ||||||||||||
Weighted average common shares outstanding | 383,327 | 415,210 | 430,839 | |||||||||
Basic earnings per common share attributable to Mylan Inc. common shareholders | $ | 1.63 | $ | 1.54 | $ | 1.25 | ||||||
Diluted earnings attributable to Mylan Inc. common shareholders (numerator): | ||||||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 623,711 | $ | 640,850 | $ | 536,810 | ||||||
Shares (denominator): | ||||||||||||
Weighted average common shares outstanding | 383,327 | 415,210 | 430,839 | |||||||||
Stock-based awards and warrants | 11,127 | 5,026 | 7,946 | |||||||||
Total dilutive shares outstanding | 394,454 | 420,236 | 438,785 | |||||||||
Diluted earnings per common share attributable to Mylan Inc. common shareholders | $ | 1.58 | $ | 1.52 | $ | 1.22 | ||||||
Acquisitions_and_Other_Transac1
Acquisitions and Other Transactions (Tables) (Agila Specialties) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Agila Specialties | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Schedule of Purchase Price Allocation | ' | |||||||
(In millions) | ||||||||
Current assets (excluding inventories) | $ | 39 | ||||||
Inventories | 45.1 | |||||||
Property, plant and equipment | 143.8 | |||||||
Identified intangible assets | 280 | |||||||
In-process research and development | 436 | |||||||
Goodwill | 884.2 | |||||||
Other assets, including equity method investment | 153.4 | |||||||
Total assets acquired | 1,981.50 | |||||||
Current liabilities | (234.7 | ) | ||||||
Deferred tax liabilities | (193.2 | ) | ||||||
Other non-current liabilities | (119.9 | ) | ||||||
Net assets acquired | $ | 1,433.70 | ||||||
Business Acquisition, Pro Forma Information for Agila Acqusition | ' | |||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In millions, except per share amounts) | (Unaudited) | |||||||
Total revenues | $ | 7,109 | $ | 7,036 | ||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 443 | $ | 530 | ||||
Earnings per common share attributable to Mylan Inc. common shareholders | ||||||||
Basic | $ | 1.16 | $ | 1.28 | ||||
Diluted | $ | 1.12 | $ | 1.26 | ||||
Weighted average common shares outstanding: | ||||||||
Basic | 383,327 | 415,210 | ||||||
Diluted | 394,454 | 420,236 | ||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Inventories | ' | |||||||
ected balance sheet components consist of the following: | ||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||
Inventories: | ||||||||
Raw materials | $ | 484,648 | $ | 455,958 | ||||
Work in process | 310,050 | 268,191 | ||||||
Finished goods | 869,995 | 801,093 | ||||||
$ | 1,664,693 | $ | 1,525,242 | |||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment: | ||||||||
Land and improvements | $ | 72,700 | $ | 73,857 | ||||
Buildings and improvements | 747,003 | 665,058 | ||||||
Machinery and equipment | 1,698,411 | 1,436,904 | ||||||
Construction in progress | 207,721 | 308,192 | ||||||
2,725,835 | 2,484,011 | |||||||
Less accumulated depreciation | 1,062,759 | 1,086,795 | ||||||
$ | 1,663,076 | $ | 1,397,216 | |||||
Other Current Liabilities | ' | |||||||
Other current liabilities: | ||||||||
Legal and professional accruals, including litigation accruals | $ | 146,051 | $ | 122,083 | ||||
Payroll and employee benefit plan accruals | 288,954 | 266,650 | ||||||
Accrued sales allowances | 281,112 | 202,891 | ||||||
Accrued interest | 68,466 | 72,590 | ||||||
Fair value of financial instruments | 74,312 | 29,051 | ||||||
Other | 530,368 | 290,281 | ||||||
$ | 1,389,263 | $ | 983,546 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Changes in Carrying Amount of Goodwill | ' | |||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||
(In thousands) | Generics Segment | Specialty Segment | Total | |||||||||||
Balance at December 31, 2011: | ||||||||||||||
Goodwill | $ | 3,196,428 | $ | 706,507 | $ | 3,902,935 | ||||||||
Accumulated impairment losses | — | (385,000 | ) | (385,000 | ) | |||||||||
3,196,428 | 321,507 | 3,517,935 | ||||||||||||
Foreign currency translation | (2,280 | ) | — | (2,280 | ) | |||||||||
3,194,148 | 321,507 | 3,515,655 | ||||||||||||
Balance at December 31, 2012: | ||||||||||||||
Goodwill | 3,194,148 | 706,507 | 3,900,655 | |||||||||||
Accumulated impairment losses | — | (385,000 | ) | (385,000 | ) | |||||||||
3,194,148 | 321,507 | 3,515,655 | ||||||||||||
Goodwill acquired (1) | 903,998 | — | 903,998 | |||||||||||
Transfers (2) | (27,602 | ) | 27,602 | — | ||||||||||
Foreign currency translation | (131,529 | ) | — | (131,529 | ) | |||||||||
3,939,015 | 349,109 | 4,288,124 | ||||||||||||
Balance at December 31, 2013: | ||||||||||||||
Goodwill | 3,939,015 | 734,109 | 4,673,124 | |||||||||||
Accumulated impairment losses | — | (385,000 | ) | (385,000 | ) | |||||||||
$ | 3,939,015 | $ | 349,109 | $ | 4,288,124 | |||||||||
____________ | ||||||||||||||
(1) | See Note 3. | |||||||||||||
(2) | As a result of the January 1, 2013 reorganization of certain components between the Generics and Specialty segments, the Company was required to reassign a portion of the carrying amount of goodwill to the Specialty segment. | |||||||||||||
Components of Intangible Assets | ' | |||||||||||||
Intangible assets consist of the following components at December 31, 2013 and 2012: | ||||||||||||||
(In thousands) | Weighted | Original | Accumulated | Net Book | ||||||||||
Average Life | Cost | Amortization | Value | |||||||||||
(Years) | ||||||||||||||
December 31, 2013 | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Patents and technologies | 20 | $ | 116,631 | $ | 93,761 | $ | 22,870 | |||||||
Product rights and licenses | 10 | 3,559,505 | 2,018,111 | 1,541,394 | ||||||||||
Other (1) | 8 | 173,974 | 59,395 | 114,579 | ||||||||||
3,850,110 | 2,171,267 | 1,678,843 | ||||||||||||
In-process research and development | 839,045 | — | 839,045 | |||||||||||
$ | 4,689,155 | $ | 2,171,267 | $ | 2,517,888 | |||||||||
December 31, 2012 | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Patents and technologies | 20 | $ | 116,631 | $ | 88,288 | $ | 28,343 | |||||||
Product rights and licenses | 10 | 3,459,980 | 1,749,424 | 1,710,556 | ||||||||||
Other (1) | 8 | 111,033 | 51,384 | 59,649 | ||||||||||
3,687,644 | 1,889,096 | 1,798,548 | ||||||||||||
In-process research and development | 425,909 | — | 425,909 | |||||||||||
$ | 4,113,553 | $ | 1,889,096 | $ | 2,224,457 | |||||||||
____________ | ||||||||||||||
(1) | Other intangibles consist principally of customer lists and contracts. | |||||||||||||
Product Rights and Licenses by Therapeutic Category | ' | |||||||||||||
Product rights and licenses are primarily comprised of the products marketed at the time of acquisition. These product rights and licenses relate to numerous individual products, the net book value of which, by therapeutic category, is as follows: | ||||||||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||||||||
Allergy | $ | 95,911 | $ | 111,386 | ||||||||||
Anti-infectives | 194,220 | 145,109 | ||||||||||||
Antineoplastic | 147,414 | 51,251 | ||||||||||||
Cardiovascular | 235,777 | 309,062 | ||||||||||||
Central Nervous System | 211,205 | 273,102 | ||||||||||||
Dermatological | 79,576 | 93,644 | ||||||||||||
Endocrine and Metabolic | 72,400 | 80,702 | ||||||||||||
Gastrointestinal | 95,184 | 121,823 | ||||||||||||
Respiratory System | 147,448 | 218,658 | ||||||||||||
Other (1) | 262,259 | 305,819 | ||||||||||||
$ | 1,541,394 | $ | 1,710,556 | |||||||||||
____________ | ||||||||||||||
(1) | Other consists of numerous therapeutic classes, none of which individually exceeds 5% of total product rights and licenses. |
Financial_Instruments_and_Risk1
Financial Instruments and Risk Management (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||
Financial Assets and Liabilities Carried at Fair Value | ' | |||||||||||||||
Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above: | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Recurring fair value measurements | ||||||||||||||||
Financial Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | — | $ | — | $ | — | $ | — | ||||||||
Total cash equivalents | — | — | — | — | ||||||||||||
Trading securities: | ||||||||||||||||
Equity securities — exchange traded funds | 16,622 | — | — | 16,622 | ||||||||||||
Total trading securities | 16,622 | — | — | 16,622 | ||||||||||||
Available-for-sale fixed income investments: | ||||||||||||||||
U.S. Treasuries | — | 12,827 | — | 12,827 | ||||||||||||
Corporate bonds | — | 10,689 | — | 10,689 | ||||||||||||
Agency mortgage-backed securities | — | 701 | — | 701 | ||||||||||||
Other | — | 2,585 | — | 2,585 | ||||||||||||
Total available-for-sale fixed income investments | — | 26,802 | — | 26,802 | ||||||||||||
Available-for-sale equity securities: | ||||||||||||||||
Biosciences industry | 204 | — | — | 204 | ||||||||||||
Total available-for-sale equity securities | 204 | — | — | 204 | ||||||||||||
Foreign exchange derivative assets | — | 6,405 | — | 6,405 | ||||||||||||
Interest rate swap derivative assets | — | 183,405 | — | 183,405 | ||||||||||||
Purchased cash convertible note hedge | — | 1,303,000 | — | 1,303,000 | ||||||||||||
Total assets at recurring fair value measurement | $ | 16,826 | $ | 1,519,612 | $ | — | $ | 1,536,438 | ||||||||
Financial Liabilities | ||||||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 58,485 | $ | — | $ | 58,485 | ||||||||
Interest rate swap derivative liabilities | — | 15,826 | — | 15,826 | ||||||||||||
Cash conversion feature of Cash Convertible Notes | — | 1,303,000 | — | 1,303,000 | ||||||||||||
Contingent consideration | — | — | 664,648 | 664,648 | ||||||||||||
Total liabilities at recurring fair value measurement | $ | — | $ | 1,377,311 | $ | 664,648 | $ | 2,041,959 | ||||||||
31-Dec-12 | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Recurring fair value measurements | ||||||||||||||||
Financial Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 135,209 | $ | — | $ | — | $ | 135,209 | ||||||||
Total cash equivalents | 135,209 | — | — | 135,209 | ||||||||||||
Trading securities: | ||||||||||||||||
Equity securities — exchange traded funds | 10,913 | — | — | 10,913 | ||||||||||||
Total trading securities | 10,913 | — | — | 10,913 | ||||||||||||
Available-for-sale fixed income investments: | ||||||||||||||||
U.S. Treasuries | — | 11,085 | — | 11,085 | ||||||||||||
Corporate bonds | — | 8,189 | — | 8,189 | ||||||||||||
Agency mortgage-backed securities | — | 1,050 | — | 1,050 | ||||||||||||
Other | — | 2,502 | — | 2,502 | ||||||||||||
Total available-for-sale fixed income investments | — | 22,826 | — | 22,826 | ||||||||||||
Available-for-sale equity securities: | ||||||||||||||||
Biosciences industry | 102 | — | — | 102 | ||||||||||||
Total available-for-sale equity securities | 102 | — | — | 102 | ||||||||||||
Foreign exchange derivative assets | — | 5,818 | — | 5,818 | ||||||||||||
Interest rate swap derivative assets | — | 36,647 | — | 36,647 | ||||||||||||
Purchased cash convertible note hedge | — | 636,300 | — | 636,300 | ||||||||||||
Total assets at recurring fair value measurement | $ | 146,224 | $ | 701,591 | $ | — | $ | 847,815 | ||||||||
Financial Liabilities | ||||||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 19,228 | $ | — | $ | 19,228 | ||||||||
Interest rate swap derivative liabilities | — | 9,823 | — | 9,823 | ||||||||||||
Cash conversion feature of Cash Convertible Notes | — | 636,300 | — | 636,300 | ||||||||||||
Contingent consideration | — | — | 379,197 | 379,197 | ||||||||||||
Total liabilities at recurring fair value measurement | $ | — | $ | 665,351 | $ | 379,197 | $ | 1,044,548 | ||||||||
Schedule of Available-for-Sale Securities Reconciliation | ' | |||||||||||||||
The amortized cost and estimated fair value of available-for-sale securities, included in prepaid expenses and other current assets, were as follows: | ||||||||||||||||
(In thousands) | Amortized | Gross | Gross | Fair | ||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||
Gains | Losses | |||||||||||||||
December 31, 2013 | ||||||||||||||||
Debt securities | $ | 26,533 | $ | 286 | $ | (17 | ) | $ | 26,802 | |||||||
Equity securities | — | 204 | — | 204 | ||||||||||||
$ | 26,533 | $ | 490 | $ | (17 | ) | $ | 27,006 | ||||||||
December 31, 2012 | ||||||||||||||||
Debt securities | $ | 21,276 | $ | 1,550 | $ | — | $ | 22,826 | ||||||||
Equity securities | — | 102 | — | 102 | ||||||||||||
$ | 21,276 | $ | 1,652 | $ | — | $ | 22,928 | |||||||||
Maturities Of Available-for-Sale Debt Securities At Fair Value | ' | |||||||||||||||
Maturities of available-for-sale debt securities at fair value as of December 31, 2013, were as follows: | ||||||||||||||||
(In thousands) | ||||||||||||||||
Mature within one year | $ | 605 | ||||||||||||||
Mature in one to five years | 10,254 | |||||||||||||||
Mature in five years and later | 15,943 | |||||||||||||||
$ | 26,802 | |||||||||||||||
Fair Value Hedging Relationships | ' | |||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Operations | ' | |||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Operations | ||||||||||||||||
Derivatives in Fair Value Hedging Relationships | ||||||||||||||||
Location of (Loss) or Gain Recognized in Earnings on Derivatives | Amount of (Loss) or Gain Recognized in Earnings on Derivatives | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Interest rate swaps | Interest expense | $ | (17,933 | ) | $ | 19,562 | $ | 42,648 | ||||||||
Total | $ | (17,933 | ) | $ | 19,562 | $ | 42,648 | |||||||||
Location of Gain or (Loss) Recognized in Earnings on Hedged Items | Amount of Gain or (Loss) Recognized in Earnings on Hedging Items | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
2016 Senior Notes (1.800% coupon) | Interest expense | $ | 448 | $ | — | $ | — | |||||||||
2018 Senior Notes (6.000% coupon) | Interest expense | 17,073 | (6,873 | ) | (29,773 | ) | ||||||||||
2023 Senior Notes (3.125% coupon) | Interest expense | 15,379 | — | — | ||||||||||||
Total | $ | 32,900 | $ | (6,873 | ) | $ | (29,773 | ) | ||||||||
Cash Flow Hedging Relationships | ' | |||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Operations | ' | |||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Operations | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||
Amount of (Loss) or Gain | ||||||||||||||||
Recognized in AOCE (Net of Tax) | ||||||||||||||||
on Derivative | ||||||||||||||||
(Effective Portion) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Foreign currency forward contracts | $ | (83,784 | ) | $ | (25,536 | ) | $ | (55,453 | ) | |||||||
Interest rate swaps | 136,616 | (8,168 | ) | 15,836 | ||||||||||||
Total | $ | 52,832 | $ | (33,704 | ) | $ | (39,617 | ) | ||||||||
Location of Loss Reclassified from AOCE into Earnings (Effective Portion) | Amount of Loss | |||||||||||||||
Reclassified from AOCE | ||||||||||||||||
into Earnings | ||||||||||||||||
(Effective Portion) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Foreign currency forward contracts | Net revenues | $ | (60,493 | ) | $ | (44,217 | ) | $ | (5,492 | ) | ||||||
Interest rate swaps | Interest expense | (1,465 | ) | (2,386 | ) | (15,719 | ) | |||||||||
Interest rate swaps | Other (expense) income, net | (818 | ) | — | — | |||||||||||
Total | $ | (62,776 | ) | $ | (46,603 | ) | $ | (21,211 | ) | |||||||
Location of Gain Excluded from the Assessment of Hedge Effectiveness | Amount of Gain | |||||||||||||||
Excluded from the Assessment | ||||||||||||||||
of Hedge Effectiveness | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Foreign currency forward contracts | Other (expense) income, net | $ | 61,636 | $ | 58,024 | $ | 13,432 | |||||||||
Total | $ | 61,636 | $ | 58,024 | $ | 13,432 | ||||||||||
Net Investment Hedging Relationships | ' | |||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Operations | ' | |||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Operations | ||||||||||||||||
Derivatives in Net Investment Hedging Relationships | ||||||||||||||||
Amount of Loss | ||||||||||||||||
Recognized in AOCE (Net of Tax) | ||||||||||||||||
on Derivative | ||||||||||||||||
(Effective Portion) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Foreign currency borrowings | $ | — | $ | — | $ | (11,596 | ) | |||||||||
Total | $ | — | $ | — | $ | (11,596 | ) | |||||||||
Designated as Hedging Instrument | ' | |||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(In thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Interest rate swaps | Prepaid expenses and other current assets | $ | 90,305 | Prepaid expenses and other current assets | $ | 36,647 | ||||||||||
Interest rate swaps | Other assets | 93,100 | Other assets | — | ||||||||||||
Total | $ | 183,405 | $ | 36,647 | ||||||||||||
Liability Derivatives | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(In thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Interest rate swaps | Other current liabilities | $ | 15,826 | Other current liabilities | $ | 9,823 | ||||||||||
Foreign currency forward contracts | Other current liabilities | 53,123 | Other current liabilities | 15,863 | ||||||||||||
Total | $ | 68,949 | $ | 25,686 | ||||||||||||
Not Designated as Hedging Instrument | ' | |||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(In thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Foreign currency forward contracts | Prepaid expenses and other current assets | $ | 6,405 | Prepaid expenses and other current assets | $ | 5,818 | ||||||||||
Purchased cash convertible note hedge | Other assets | 1,303,000 | Other assets | 636,300 | ||||||||||||
Total | $ | 1,309,405 | $ | 642,118 | ||||||||||||
Liability Derivatives | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(In thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Foreign currency forward contracts | Other current liabilities | $ | 5,362 | Other current liabilities | $ | 3,365 | ||||||||||
Cash conversion feature of Cash Convertible Notes | Long-term debt | 1,303,000 | Long-term debt | 636,300 | ||||||||||||
Total | $ | 1,308,362 | $ | 639,665 | ||||||||||||
Effect of Derivative Instruments on the Consolidated Statements of Operations | ' | |||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Operations | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Location of Gain | Amount of Gain or (Loss) | |||||||||||||||
or (Loss) | Recognized in Earnings on | |||||||||||||||
Recognized | Derivatives | |||||||||||||||
in Earnings | Year Ended December 31, | |||||||||||||||
(In thousands) | on Derivatives | 2013 | 2012 | 2011 | ||||||||||||
Foreign currency forward contracts | Other (expense) income, net | $ | 2,173 | $ | (8,429 | ) | $ | 20,740 | ||||||||
Cash conversion feature of Cash Convertible Notes | Other (expense) income, net | (667,000 | ) | $ | (176,300 | ) | $ | 12,400 | ||||||||
Purchased cash convertible note hedge | Other (expense) income, net | 667,000 | $ | 176,300 | $ | (12,400 | ) | |||||||||
Total | $ | 2,173 | $ | (8,429 | ) | $ | 20,740 | |||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Debt Instrument [Line Items] | ' | ||||||||||
Summary of Long-Term Debt | ' | ||||||||||
A summary of long-term debt is as follows: | |||||||||||
(In thousands) | Coupon | December 31, 2013 | December 31, 2012 | ||||||||
U.S. Term Loans | $ | — | $ | 1,156,250 | |||||||
Revolving Facility | 60,000 | — | |||||||||
2015 Cash Convertible Notes | 3.75 | % | 1,828,301 | 1,136,768 | |||||||
2016 Senior Notes (a) | 1.8 | % | 499,241 | — | |||||||
2016 Senior Notes (b) | 1.35 | % | 499,713 | — | |||||||
2017 Senior Notes (c) | 7.625 | % | — | 550,000 | |||||||
2018 Senior Notes (d) | 2.6 | % | 648,774 | — | |||||||
2018 Senior Notes (c) | 6 | % | 811,313 | 826,974 | |||||||
2019 Senior Notes (a) | 2.55 | % | 498,789 | — | |||||||
2020 Senior Notes (c) | 7.875 | % | 1,012,003 | 1,013,372 | |||||||
2023 Senior Notes (a) | 3.125 | % | 733,207 | 748,452 | |||||||
2023 Senior Notes (e) | 4.2 | % | 498,074 | — | |||||||
2043 Senior Notes (e) | 5.4 | % | 496,914 | — | |||||||
Other | 132 | 132 | |||||||||
7,586,461 | 5,431,948 | ||||||||||
Less current portion | 2 | 94,752 | |||||||||
Total long-term debt | $ | 7,586,459 | $ | 5,337,196 | |||||||
____________ | |||||||||||
(a) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.20% plus, in each case, accrued and unpaid interest. | ||||||||||
(b) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.125% plus, in each case, accrued and unpaid interest. | ||||||||||
(c) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.50% plus, in each case, accrued and unpaid interest. | ||||||||||
(d) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.30% plus, in each case, accrued and unpaid interest. | ||||||||||
(e) | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.25% plus, in each case, accrued and unpaid interest | ||||||||||
Interest Rates on Outstanding Borrowings Under Term Loans | ' | ||||||||||
Details of the interest rates in effect at December 31, 2012 on the outstanding borrowings under the term loans are in the table below: | |||||||||||
December 31, 2012 | |||||||||||
(In thousands) | Outstanding | Basis | Rate | ||||||||
U.S. Term Loans: | |||||||||||
Swapped to Fixed Rate - January 2014 (1) | $ | 500,000 | Fixed | 2.35 | % | ||||||
Swapped to Fixed Rate - March 2014 (1) | $ | 350,000 | Fixed | 2.2 | % | ||||||
Floating Rate | $ | 306,250 | LIBOR + 1.75% | 1.96 | % | ||||||
Total U.S. Term Loans | $ | 1,156,250 | |||||||||
____________ | |||||||||||
(1) | Effective January 2012, $500 million of the U.S. Term Loans had been swapped to a fixed rate of 0.60% plus the specified spread under the Senior Credit Agreement through January 2014. Effective March 2012, an additional $350 million of the U.S. Term Loans had been swapped to a fixed rate of 0.45% plus the specified spread under the Senior Credit Agreement through March 2014. As of December 31, 2012, the specified spread under the Senior Credit Agreement was 175 basis points. These swaps were designated as cash flow hedges of the variability in interest expense related to our variable rate debt. | ||||||||||
Minimum Repayments on Outstanding Borrowings | ' | ||||||||||
Mandatory minimum repayments remaining on the outstanding long-term debt at December 31, 2013, excluding the discounts, premium and conversion features, are as follows for each of the periods ending December 31: | |||||||||||
(In thousands) | Total | ||||||||||
2014 | $ | 2 | |||||||||
2015 | 574,093 | ||||||||||
2016 | 1,000,000 | ||||||||||
2017 | — | ||||||||||
2018 | 1,510,000 | ||||||||||
Thereafter | 3,250,000 | ||||||||||
Total | $ | 6,334,095 | |||||||||
Cash Convertible Notes | Convertible Debt | ' | ||||||||||
Debt Instrument [Line Items] | ' | ||||||||||
Summary of Long-Term Debt | ' | ||||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | Balance Sheet Classification | ||||||||
Outstanding principal | $ | 573,963 | $ | 575,000 | Long-term debt | ||||||
Equity component carrying amount | 1,303,300 | 636,300 | Long-term debt | ||||||||
Unamortized discount | (48,962 | ) | (74,532 | ) | Long-term debt | ||||||
Net debt carrying amount | $ | 1,828,301 | $ | 1,136,768 | |||||||
Purchased call options | $ | 1,303,300 | $ | 636,300 | Other assets | ||||||
Comprehensive_Earnings_Tables
Comprehensive Earnings (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||||||||
Accumulated other comprehensive loss, as reflected on the Consolidated Balance Sheets, is comprised of the following: | ||||||||||||||||||||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Net unrealized gains on marketable securities, net of tax | $ | 300 | $ | 1,033 | ||||||||||||||||||||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (8,699 | ) | (13,890 | ) | ||||||||||||||||||||||
Net unrecognized gains (losses) on derivatives, net of tax | 84,788 | (30,820 | ) | |||||||||||||||||||||||
Foreign currency translation adjustment | (316,520 | ) | (42,821 | ) | ||||||||||||||||||||||
$ | (240,131 | ) | $ | (86,498 | ) | |||||||||||||||||||||
Components of Other Comprehensive Loss | ' | |||||||||||||||||||||||||
Components of other comprehensive earnings (loss), before tax, consist of the following: | ||||||||||||||||||||||||||
(In thousands) | Year Ended December 31, 2013 | |||||||||||||||||||||||||
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | Gains and Losses on Marketable Securities | Defined Benefit Plan Items | Foreign Currency Translation Adjustment | Totals | ||||||||||||||||||||||
Foreign currency forward contracts | Interest rate swaps | Total | ||||||||||||||||||||||||
Balance at December 31, 2012, net of tax | $ | (30,820 | ) | $ | 1,033 | $ | (13,890 | ) | $ | (42,821 | ) | $ | (86,498 | ) | ||||||||||||
Other comprehensive earnings (loss) before reclassifications, before tax | 117,655 | (1,244 | ) | 9,697 | (273,699 | ) | (147,591 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax: | ||||||||||||||||||||||||||
Gain (loss) on foreign exchange forward contracts classified as cash flow hedges, included in net revenues | (60,493 | ) | (60,493 | ) | (60,493 | ) | ||||||||||||||||||||
Gain (loss) on interest rate swaps classified as cash flow hedges, included in interest expense | (1,465 | ) | (1,465 | ) | (1,465 | ) | ||||||||||||||||||||
Gain (loss) on interest rate swaps classified as cash flow hedges, included in other (expense) income, net | (818 | ) | (818 | ) | (818 | ) | ||||||||||||||||||||
Realized gain (loss) on sale of marketable securities, included in other (expense) income, net | (116 | ) | (116 | ) | ||||||||||||||||||||||
Amortization of prior service costs included in selling, general and administrative expenses | 338 | 338 | ||||||||||||||||||||||||
Amortization of actuarial gain (loss) included in selling, general and administrative expenses | 1,161 | 1,161 | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | (62,776 | ) | (116 | ) | 1,499 | — | (61,393 | ) | ||||||||||||||||||
Net other comprehensive earnings (loss), before tax | 180,431 | (1,128 | ) | 8,198 | (273,699 | ) | (86,198 | ) | ||||||||||||||||||
Income tax related to items of other comprehensive earnings (loss) | (64,823 | ) | 395 | (3,007 | ) | — | (67,435 | ) | ||||||||||||||||||
Balance at December 31, 2013, net of tax | $ | 84,788 | $ | 300 | $ | (8,699 | ) | $ | (316,520 | ) | $ | (240,131 | ) | |||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||
(In thousands) | 2012 | 2011 | ||||||||||||||||||||||||
Defined benefit plans: | ||||||||||||||||||||||||||
Unrecognized gain (loss) and prior service cost arising during the period | $ | (13,293 | ) | $ | (2,998 | ) | ||||||||||||||||||||
Less: Actuarial loss included in net earnings | (2,009 | ) | (877 | ) | ||||||||||||||||||||||
Less: Amortization of actuarial gain included in net earnings | (354 | ) | (106 | ) | ||||||||||||||||||||||
Net change in unrecognized losses and prior service cost related to defined benefit plans | $ | (10,930 | ) | $ | (2,015 | ) | ||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
Amount of loss recognized in AOCE on derivatives (effective portion) | $ | (28,116 | ) | $ | (70,273 | ) | ||||||||||||||||||||
Less: Reclassification of loss from AOCE into earnings (effective portion) | (46,603 | ) | (21,211 | ) | ||||||||||||||||||||||
Net unrecognized loss on derivatives | $ | 18,487 | $ | (49,062 | ) | |||||||||||||||||||||
Net unrealized gain on marketable securities: | ||||||||||||||||||||||||||
Unrealized gain on marketable securities | $ | (1 | ) | $ | 228 | |||||||||||||||||||||
Less: Reclassification for gain included in net earnings | 71 | 178 | ||||||||||||||||||||||||
Net unrealized gain on marketable securities | $ | (72 | ) | $ | 50 | |||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Provision | ' | |||||||||||
Income tax provision consisted of the following components: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Federal: | ||||||||||||
Current | $ | 89,449 | $ | 167,172 | $ | 96,725 | ||||||
Deferred | (41,090 | ) | (30,111 | ) | 28,138 | |||||||
48,359 | 137,061 | 124,863 | ||||||||||
State and Puerto Rico: | ||||||||||||
Current | 18,025 | 27,805 | 8,111 | |||||||||
Deferred | (1,935 | ) | (8,151 | ) | 1,819 | |||||||
16,090 | 19,654 | 9,930 | ||||||||||
Foreign: | ||||||||||||
Current | 100,467 | 75,431 | 68,605 | |||||||||
Deferred | (44,108 | ) | (71,001 | ) | (87,565 | ) | ||||||
56,359 | 4,430 | (18,960 | ) | |||||||||
Income tax provision | $ | 120,808 | $ | 161,145 | $ | 115,833 | ||||||
Earnings before income taxes and noncontrolling interest: | ||||||||||||
Domestic | $ | 513,805 | $ | 690,545 | $ | 537,009 | ||||||
Foreign | 233,535 | 113,534 | 117,627 | |||||||||
Total earnings before income taxes and noncontrolling interest | $ | 747,340 | $ | 804,079 | $ | 654,636 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
Temporary differences and carryforwards that result in deferred tax assets and liabilities were as follows: | ||||||||||||
(In thousands) | December 31, 2013 | December 31, 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Employee benefits | $ | 145,070 | $ | 119,434 | ||||||||
Legal matters | 31,409 | 30,683 | ||||||||||
Accounts receivable allowances | 136,760 | 120,718 | ||||||||||
Inventories | 21,169 | 31,791 | ||||||||||
Financial instruments | — | 16,108 | ||||||||||
Other reserves | 17,684 | 15,882 | ||||||||||
Tax credits | 8,220 | 14,676 | ||||||||||
Net operating losses carryforwards | 303,918 | 293,251 | ||||||||||
Intangible assets | 44,819 | 62,584 | ||||||||||
Capital loss carryforward | 16,003 | 18,645 | ||||||||||
Convertible debt | 51,513 | 40,549 | ||||||||||
Other | 32,005 | 66,093 | ||||||||||
808,570 | 830,414 | |||||||||||
Less: Valuation allowance | (266,668 | ) | (249,382 | ) | ||||||||
Total deferred tax assets | 541,902 | 581,032 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Plant and equipment | 126,513 | 103,222 | ||||||||||
Intangibles | 442,700 | 371,880 | ||||||||||
Clean energy investments | 25,939 | 15,754 | ||||||||||
Financial instruments | 64,424 | — | ||||||||||
Other | 24,953 | 48,715 | ||||||||||
Total deferred tax liabilities | 684,529 | 539,571 | ||||||||||
Deferred tax (liabilities) assets, net | $ | (142,627 | ) | $ | 41,461 | |||||||
Statutory Tax Rate to Effective Tax Rate Reconciliation | ' | |||||||||||
A reconciliation of the statutory tax rate to the effective tax rate is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes and credits | 1 | % | 1.1 | % | 1.1 | % | ||||||
Foreign rate differential | (13.0 | )% | (7.5 | )% | (13.1 | )% | ||||||
Other foreign items | 1.2 | % | (2.0 | )% | 2.6 | % | ||||||
Uncertain tax positions | (0.6 | )% | (3.4 | )% | (4.5 | )% | ||||||
Foreign tax credits, net | (2.6 | )% | (3.2 | )% | (5.7 | )% | ||||||
Valuation allowance | 4.7 | % | 2.9 | % | (0.2 | )% | ||||||
Clean energy and research credits (1) | (5.7 | )% | (2.5 | )% | (0.4 | )% | ||||||
Other | (3.8 | )% | (0.4 | )% | 2.9 | % | ||||||
Effective tax rate | 16.2 | % | 20 | % | 17.7 | % | ||||||
Schedule of Unrecognized Tax Benefits | ' | |||||||||||
A reconciliation of the unrecognized tax benefits is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Unrecognized tax benefit — beginning of year | $ | 132,336 | $ | 162,885 | $ | 203,350 | ||||||
Additions for current year tax positions | 4,090 | 5,684 | 964 | |||||||||
Additions for prior year tax positions | 5,280 | — | 5,048 | |||||||||
Reductions for prior year tax positions | — | (5,849 | ) | (7,878 | ) | |||||||
Settlements | (368 | ) | (764 | ) | (7,434 | ) | ||||||
Reductions due to expirations of statute of limitations | (11,770 | ) | (29,620 | ) | (22,293 | ) | ||||||
Foreign currency translation | — | — | (8,872 | ) | ||||||||
Addition due to acquisition | 43,155 | — | — | |||||||||
Unrecognized tax benefit — end of year | $ | 172,723 | $ | 132,336 | $ | 162,885 | ||||||
StockBased_Incentive_Plan_Tabl
Stock-Based Incentive Plan (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock Option Activity | ' | ||||||
The following table summarizes stock option activity: | |||||||
Number of Shares | Weighted | ||||||
Under Option | Average | ||||||
Exercise Price | |||||||
per Share | |||||||
Outstanding at December 31, 2010 | 23,840,049 | $ | 15.99 | ||||
Options granted | 4,943,178 | 22.4 | |||||
Options exercised | (4,514,170 | ) | 15.09 | ||||
Options forfeited | (669,801 | ) | 19.05 | ||||
Outstanding at December 31, 2011 | 23,599,256 | $ | 17.42 | ||||
Options granted | 3,130,843 | 23.37 | |||||
Options exercised | (9,360,396 | ) | 15.4 | ||||
Options forfeited | (753,086 | ) | 20.24 | ||||
Outstanding at December 31, 2012 | 16,616,617 | $ | 19.54 | ||||
Options granted | 2,182,035 | 32.92 | |||||
Options exercised | (4,367,871 | ) | 17.8 | ||||
Options forfeited | (866,900 | ) | 23.12 | ||||
Outstanding at December 31, 2013 | 13,563,881 | $ | 22.05 | ||||
Vested and expected to vest at December 31, 2013 | 12,769,967 | $ | 21.8 | ||||
Options exercisable at December 31, 2013 | 8,005,682 | $ | 18.82 | ||||
Status of Company's Nonvested Restricted Stock and Restricted Stock Unit Awards and Changes | ' | ||||||
A summary of the status of the Company’s nonvested restricted stock and restricted stock unit awards, including performance based restricted stock, as of December 31, 2013 and the changes during the year ended December 31, 2013 are presented below: | |||||||
Number of Restricted | Weighted Average | ||||||
Stock Awards | Grant-Date | ||||||
Fair Value Per Share | |||||||
Nonvested at December 31, 2012 | 2,498,316 | $ | 22.47 | ||||
Granted | 1,862,236 | 30.98 | |||||
Released | (819,797 | ) | 21.81 | ||||
Forfeited | (218,919 | ) | 26.78 | ||||
Nonvested at December 31, 2013 | 3,321,836 | $ | 27.13 | ||||
Stock-Based Compensation Plans, Valuation Assumptions | ' | ||||||
The assumptions used are as follows: | |||||||
Year Ended December 31, | |||||||
2013 | 2012 | 2011 | |||||
Volatility | 23.90% | 29.70% | 33.00% | ||||
Risk-free interest rate | 1.10% | 1.00% | 2.40% | ||||
Expected term of options (years) | 6.1 | 5.9 | 6 | ||||
Forfeiture rate | 5.50% | 5.50% | 5.50% | ||||
Weighted average grant date fair value per option | $8.49 | $7.00 | $8.13 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Reconciliation of Segment Information to Total Consolidated Information | ' | |||||||||||||||
Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information. | ||||||||||||||||
(In thousands) | Generics | Specialty | Corporate / | Consolidated | ||||||||||||
Segment | Segment | Other(1) | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Total revenues | ||||||||||||||||
Third party | $ | 5,900,624 | $ | 1,008,519 | $ | — | $ | 6,909,143 | ||||||||
Intersegment | 5,673 | 19,334 | (25,007 | ) | — | |||||||||||
Total | $ | 5,906,297 | $ | 1,027,853 | $ | (25,007 | ) | $ | 6,909,143 | |||||||
Segment profitability | $ | 1,656,323 | $ | 461,552 | $ | (982,346 | ) | $ | 1,135,530 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
Total revenues | ||||||||||||||||
Third party | $ | 5,946,203 | $ | 849,907 | $ | — | $ | 6,796,110 | ||||||||
Intersegment | 3,088 | 36,991 | (40,079 | ) | — | |||||||||||
Total | $ | 5,949,291 | $ | 886,898 | $ | (40,079 | ) | $ | 6,796,110 | |||||||
Segment profitability | $ | 1,706,783 | $ | 319,243 | $ | (916,677 | ) | $ | 1,109,349 | |||||||
Year Ended December 31, 2011 | ||||||||||||||||
Total revenues | ||||||||||||||||
Third party | $ | 5,544,975 | $ | 584,850 | $ | — | $ | 6,129,825 | ||||||||
Intersegment | 2,480 | 70,005 | (72,485 | ) | — | |||||||||||
Total | $ | 5,547,455 | $ | 654,855 | $ | (72,485 | ) | $ | 6,129,825 | |||||||
Segment profitability | $ | 1,607,910 | $ | 240,440 | $ | (842,901 | ) | $ | 1,005,449 | |||||||
____________ | ||||||||||||||||
(1) | Includes certain corporate general and administrative and R&D expenses; litigation settlements, net; certain intercompany transactions, including eliminations; amortization of intangible assets and certain purchase accounting items; impairment charges; and other expenses not directly attributable to segments. | |||||||||||||||
Net Revenues Classified Based on Therapeutic Product Categories | ' | |||||||||||||||
The Company’s net revenues are generated via the sale of products in the following therapeutic categories: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
Allergy | $ | 850,222 | $ | 741,487 | $ | 476,990 | ||||||||||
Anti-infectives | 1,080,334 | 1,034,332 | 1,005,278 | |||||||||||||
Cardiovascular | 1,162,280 | 1,156,348 | 1,037,644 | |||||||||||||
Central Nervous System | 1,393,339 | 1,473,928 | 1,214,046 | |||||||||||||
Dermatological | 247,881 | 157,296 | 143,769 | |||||||||||||
Endocrine and Metabolic | 568,337 | 645,936 | 535,383 | |||||||||||||
Gastrointestinal | 365,849 | 418,934 | 492,683 | |||||||||||||
Respiratory System | 259,653 | 229,249 | 250,692 | |||||||||||||
Other (1) | 928,711 | 892,736 | 949,792 | |||||||||||||
$ | 6,856,606 | $ | 6,750,246 | $ | 6,106,277 | |||||||||||
____________ | ||||||||||||||||
(1) | Other consists of numerous therapeutic classes, none of which individually exceeds 5% of consolidated net revenues. | |||||||||||||||
Net Revenues Classified Based on Geographic Location of Customers | ' | |||||||||||||||
The Company’s principal geographic markets are North America, Europe, and Rest of World. Net revenues are classified based on the geographic location of the customers and are as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||||||
North America | ||||||||||||||||
United States | $ | 3,937,031 | $ | 3,909,518 | $ | 3,242,985 | ||||||||||
Other | 160,710 | 202,809 | 206,899 | |||||||||||||
Europe (1) | 1,974,764 | 1,694,236 | 1,781,184 | |||||||||||||
Rest of World | 784,101 | 943,683 | 875,209 | |||||||||||||
$ | 6,856,606 | $ | 6,750,246 | $ | 6,106,277 | |||||||||||
____________ | ||||||||||||||||
(1) | Net revenues in France consisted of approximately 10%, 9% and 11% of consolidated net revenues for the years ended December 31, 2013, 2012 and 2011, respectively. |
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments [Abstract] | ' | |||
Schedule Of Operating Leases | ' | |||
Future minimum lease payments under operating lease commitments are as follows: | ||||
(In thousands) | ||||
December 31, | ||||
2014 | $ | 38,292 | ||
2015 | 30,535 | |||
2016 | 18,320 | |||
2017 | 9,858 | |||
2018 | 6,767 | |||
Thereafter | 17,662 | |||
$ | 121,434 | |||
Supplementary_Financial_Inform1
Supplementary Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
Three-Month Period Ended | ||||||||||||||||
31-Mar-13 | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | |||||||||||||
Total revenues | $ | 1,631,490 | $ | 1,701,701 | $ | 1,767,426 | $ | 1,808,526 | ||||||||
Gross profit | 693,490 | 742,384 | 808,518 | 795,951 | ||||||||||||
Net earnings | 107,544 | 178,616 | 159,423 | 180,949 | ||||||||||||
Net earnings attributable to Mylan Inc. common shareholders | 106,882 | 177,689 | 158,908 | 180,232 | ||||||||||||
Earnings per share(1): | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.47 | $ | 0.42 | $ | 0.48 | ||||||||
Diluted | $ | 0.27 | $ | 0.46 | $ | 0.4 | $ | 0.45 | ||||||||
Share prices(2): | ||||||||||||||||
High | $ | 31.01 | $ | 31.87 | $ | 38.95 | $ | 44.5 | ||||||||
Low | $ | 27.54 | $ | 27.96 | $ | 30.37 | $ | 37.87 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
Three-Month Period Ended | ||||||||||||||||
31-Mar-12 | June 30, 2012 | 30-Sep-12 | 31-Dec-12 | |||||||||||||
Total revenues | $ | 1,583,655 | $ | 1,687,814 | $ | 1,801,786 | $ | 1,722,854 | ||||||||
Gross profit | 670,229 | 702,637 | 793,122 | 742,316 | ||||||||||||
Net earnings | 129,469 | 139,173 | 212,086 | 162,160 | ||||||||||||
Net earnings attributable to Mylan Inc. common shareholders | 129,079 | 138,550 | 211,257 | 161,964 | ||||||||||||
Earnings per share(1): | ||||||||||||||||
Basic | $ | 0.3 | $ | 0.33 | $ | 0.52 | $ | 0.4 | ||||||||
Diluted | $ | 0.3 | $ | 0.33 | $ | 0.51 | $ | 0.39 | ||||||||
Share prices(2): | ||||||||||||||||
High | $ | 23.69 | $ | 23.54 | $ | 24.55 | $ | 28.3 | ||||||||
Low | $ | 20.75 | $ | 20.64 | $ | 21.54 | $ | 23.44 | ||||||||
____________ | ||||||||||||||||
(1) | The sum of earnings per share for the quarters may not equal earnings per share for the total year due to changes in the average number of common shares outstanding. | |||||||||||||||
(2) | Closing prices are as reported on the NASDAQ Stock Market. |
Nature_of_Operations_Narrative
Nature of Operations (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segments | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of reportable segments | 2 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2011 | Sep. 15, 2008 | Sep. 15, 2008 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 15, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum | Maximum | Old Warrants | Old Warrants | Old Warrants | New Warrants | Convertible Debt | Convertible Debt | Convertible Debt | Cardinal Health Inc | Cardinal Health Inc | Cardinal Health Inc | McKesson Corporation | McKesson Corporation | McKesson Corporation | Working Capital Facilities | Receivables Facility | Receivables Facility | Machinery and equipment | Machinery and equipment | Buildings and improvements | Buildings and improvements | Accounts Receivable | Accounts Receivable | ||||
Maximum | Cash Convertible Notes | Cash Convertible Notes | Cash Convertible Notes | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 14.00% | 13.00% | 14.00% | 13.00% | 11.00% | ' | ' | ' | ' | ' | ' | ' | 41.00% | 38.00% |
Concentration risk, number of customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'three customers | ' |
Total allowances for doubtful accounts | $24,600,000 | $23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, estimated service life (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '18 years | '15 years | '39 years | ' | ' |
Depreciation expense | 152,300,000 | 160,200,000 | 152,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible asset, estimated useful life, in years | ' | ' | ' | '5 years | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings, weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable securitization facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 439,797,000 | 298,987,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 374,000,000 | 180,000,000 | ' | ' | ' | ' | ' | ' |
Accounts receivable from securitization | 723,100,000 | 556,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales allowances, current | 1,240,000,000 | 977,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued sales allowances and other adjustments | 281,112,000 | 202,891,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 573,963,000 | 575,000,000 | 575,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of warrants issued | ' | ' | ' | ' | ' | ' | ' | 43,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrants issued | ' | ' | ' | ' | ' | ' | 20 | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exchanged in amended transaction | ' | ' | ' | ' | ' | 41,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 5,100,000 | 300,000 | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased during period, value | $999,999,000 | $999,893,000 | $349,998,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased during period, shares | 28,500,000 | 41,400,000 | 14,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings per share | 1,000,000 | 4,800,000 | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Basic And Diluted Earnings Per Common Share Attributable To Mylan Inc.) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net earnings attributable to Mylan Inc. common shareholders | $180,232 | $158,908 | $177,689 | $106,882 | $161,964 | $211,257 | $138,550 | $129,079 | $623,711 | $640,850 | $536,810 | ||||||||
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 383,327 | 415,210 | 430,839 | ||||||||
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | ' | ' | ' | ' | ' | ' | ' | ' | 11,127 | 5,026 | 7,946 | ||||||||
Basic earnings per common share attributable to Mylan Inc. common shareholders | $0.48 | [1] | $0.42 | [1] | $0.47 | [1] | $0.27 | [1] | $0.40 | [1] | $0.52 | [1] | $0.33 | [1] | $0.30 | [1] | $1.63 | $1.54 | $1.25 |
Total dilutive shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 394,454 | 420,236 | 438,785 | ||||||||
Diluted earnings per common share attributable to Mylan Inc. | $0.45 | [1] | $0.40 | [1] | $0.46 | [1] | $0.27 | [1] | $0.39 | [1] | $0.51 | [1] | $0.33 | [1] | $0.30 | [1] | $1.58 | $1.52 | $1.22 |
[1] | The sum of earnings per share for the quarters may not equal earnings per share for the total year due to changes in the average number of common shares outstanding. |
Acquisitions_and_Other_Transac2
Acquisitions and Other Transactions (Agila Specialties) (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 04, 2013 | Dec. 31, 2013 | Dec. 04, 2013 | Dec. 04, 2013 | Dec. 04, 2013 | Dec. 04, 2013 | |
Agila Specialties | Agila Specialties | Agila Specialties | Agila Specialties | Agila Specialties | Agila Specialties | ||||
Product rights and licenses | Customer relationships | Equity method investments | Maximum | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition purchase price | ' | ' | ' | $1,430,000,000 | ' | ' | ' | ' | ' |
Purchase consideration, cash paid | 1,261,853,000 | 0 | 80,510,000 | 3,400,000 | ' | ' | ' | ' | ' |
Purchase consideration, contingent consideration | 665,000,000 | ' | ' | 250,000,000 | ' | ' | ' | ' | ' |
Purchase consideration, contingent consideration, maximum | ' | ' | ' | ' | ' | ' | ' | ' | 461,000,000 |
Rate used to discount net cash inflows to present values | ' | ' | ' | 13.00% | ' | ' | ' | ' | ' |
Research and development in process, expect completion cost | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' |
Identified intangible assets | ' | ' | ' | 280,000,000 | ' | 221,000,000 | 59,000,000 | ' | ' |
Acquired intangible assets, weighted average useful life, in years | ' | ' | ' | ' | ' | '8 years | '5 years | ' | ' |
Equity method investment | ' | ' | ' | 153,400,000 | ' | ' | ' | 125,000,000 | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Purchase price allocation, goodwill | 4,288,124,000 | 3,515,655,000 | 3,517,935,000 | 884,200,000 | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | $49,800,000 | ' | ' | ' | ' |
Acquisition_and_Other_Transact
Acquisition and Other Transactions (Schedule of Purchase Price Allocation) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 04, 2013 |
Agila Specialties | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Current assets (excluding inventories) | ' | ' | ' | $39,000,000 |
Inventories | ' | ' | ' | 45,100,000 |
Property, plant and equipment | ' | ' | ' | 143,800,000 |
Identified intangible assets | ' | ' | ' | 280,000,000 |
In-process research and development | ' | ' | ' | 436,000,000 |
Goodwill | 4,288,124,000 | 3,515,655,000 | 3,517,935,000 | 884,200,000 |
Other assets, including equity method investment | ' | ' | ' | 153,400,000 |
Total assets acquired | ' | ' | ' | 1,981,500,000 |
Current liabilities | ' | ' | ' | -234,700,000 |
Deferred tax liabilities | ' | ' | ' | -193,200,000 |
Other non-current liabilities | ' | ' | ' | -119,900,000 |
Net assets acquired | ' | ' | ' | $1,433,700,000 |
Acquisitions_and_Other_Transac3
Acquisitions and Other Transactions (Pro Forma Financial Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' |
Basic (in USD per share) | 383,327 | 415,210 | 430,839 |
Diluted (in USD per share) | 394,454 | 420,236 | 438,785 |
Agila Specialties | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Total revenues | 7,109 | 7,036 | ' |
Net earnings attributable to Mylan Inc. common shareholders | 443 | 530 | ' |
Basic | 1.16 | 1.28 | ' |
Diluted | 1.12 | 1.26 | ' |
Acquisitions_and_Other_Transac4
Acquisitions and Other Transactions (Respiratory Delivery Platform) (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 23, 2011 | Dec. 23, 2011 | |
In-process research and development | In-process research and development | Respiratory delivery platform | Respiratory delivery platform | ||||
In-process research and development | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Acquisition purchase price | ' | ' | ' | ' | ' | $348,000,000 | ' |
Purchase consideration, cash paid | 1,261,853,000 | 0 | 80,510,000 | ' | ' | 22,000,000 | ' |
Purchase consideration, assumed liabilities | ' | ' | ' | ' | ' | 4,000,000 | ' |
Purchase consideration, contingent consideration | 665,000,000 | ' | ' | ' | ' | 322,000,000 | ' |
Purchase price allocation, IPR&D | ' | ' | ' | ' | ' | 338,000,000 | ' |
Purchase price allocation, fixed assets | ' | ' | ' | ' | ' | 8,000,000 | ' |
Purchase price allocation, goodwill | $4,288,124,000 | $3,515,655,000 | $3,517,935,000 | ' | ' | $2,000,000 | ' |
Rate used to discount net cash inflows to present values | ' | ' | ' | 10.00% | 10.00% | ' | 12.50% |
Acquisitions_and_Other_Transac5
Acquisitions and Other Transactions (Other Acquisitions and Collaborative Agreements) (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
Generics Segment | Generics Segment | Generics Segment | Other acquisitions | Other acquisitions | Other acquisitions | Other acquisitions | Other acquisitions | ||||
businesses | In-process research and development | India | Generics Segment | ||||||||
other_companies | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of businesses acquired | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 4 | ' |
Purchase consideration, cash paid | ' | ' | ' | ' | ' | ' | $76,000,000 | $59,000,000 | ' | ' | ' |
Purchase price allocation, goodwill | 4,288,124,000 | 3,515,655,000 | 3,517,935,000 | 3,939,015,000 | 3,194,148,000 | 3,196,428,000 | ' | ' | ' | ' | 20,000,000 |
Acquisition purchase price | ' | ' | ' | ' | ' | ' | ' | 165,000,000 | ' | ' | ' |
Purchase consideration, assumed liabilities | ' | ' | ' | ' | ' | ' | ' | 106,000,000 | ' | ' | ' |
Purchase price allocation, identified intangible assets | ' | ' | ' | ' | ' | ' | ' | 130,000,000 | 30,000,000 | ' | ' |
Purchase price allocation, fixed assets | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' |
Balance_Sheet_Components_Narra
Balance Sheet Components (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 04, 2013 |
Agila Specialties | Clean Energy Partnerships | Clean Energy Partnerships | Other current liabilities | Other long-term obligations | Other long-term obligations | Other assets | Other assets | Other assets | Equity method investments | |||
Clean Energy Partnerships | Clean Energy Partnerships | Agila Specialties | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current liabilities | $665,000,000 | ' | $250,000,000 | ' | ' | $250,000,000 | $414,600,000 | $379,200,000 | ' | ' | ' | ' |
Restricted cash | 129,500,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 401,700,000 | 71,700,000 | ' |
Other long-term obligations | 1,265,375,000 | 771,111,000 | ' | 415,400,000 | 78,700,000 | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Other assets, including equity method investment | ' | ' | $153,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | $125,000,000 |
Balance_Sheet_Components_Inven
Balance Sheet Components (Inventories) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet Components [Abstract] | ' | ' |
Raw materials | $484,648 | $455,958 |
Work in process | 310,050 | 268,191 |
Finished goods | 869,995 | 801,093 |
Inventories | $1,664,693 | $1,525,242 |
Balance_Sheet_Components_Prope
Balance Sheet Components (Property, Plant and Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $2,725,835 | $2,484,011 |
Accumulated depreciation | 1,062,759 | 1,086,795 |
Property, plant and equipment, net | 1,663,076 | 1,397,216 |
Land and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 72,700 | 73,857 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 747,003 | 665,058 |
Machinery and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,698,411 | 1,436,904 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $207,721 | $308,192 |
Balance_Sheet_Components_Other
Balance Sheet Components (Other Current Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet Components [Abstract] | ' | ' |
Legal and professional accruals, including litigation accruals | $146,051 | $122,083 |
Payroll and employee benefit plan accruals | 288,954 | 266,650 |
Accrued sales allowances | 281,112 | 202,891 |
Accrued interest | 68,466 | 72,590 |
Fair value of financial instruments | 74,312 | 29,051 |
Other | 530,368 | 290,281 |
Other current liabilities | $1,389,263 | $983,546 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' | ' |
Amortization expense | $363.70 | $386.40 | $357.80 |
Expected amortization expense, 2014 | 386 | ' | ' |
Expected amortization expense, 2015 | 360 | ' | ' |
Expected amortization expense, 2016 | 276 | ' | ' |
Expected amortization expense, 2017 | 231 | ' | ' |
Expected amortization expense, 2018 | 182 | ' | ' |
Impairment charge, in-process research and development | 18 | 41.6 | ' |
Acquired in-process research and development assets reclassified to product rights and licenses | 6.5 | 33 | ' |
Product rights and licenses | ' | ' | ' |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' | ' |
Payment to acquire intangible assets | ' | $70 | ' |
Product rights and licenses | Dermatological | ' | ' | ' |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' | ' |
Number of products acquired | 2 | ' | ' |
In-process research and development | ' | ' | ' |
Intangible Assets Excluding Goodwill [Line Items] | ' | ' | ' |
Discount rate used in valuation of in-process research and development | 10.00% | 10.00% | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Changes in Carrying Amount Of Goodwill) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill [Line Items] | ' | ' | ' | |
Goodwill, gross, beginning balance | $3,900,655 | $3,902,935 | ' | |
Accumulated impairment losses, beginning balance | -385,000 | -385,000 | ' | |
Goodwill, net, beginning balance | 4,288,124 | 3,515,655 | 3,517,935 | |
Goodwill acquired | 903,998 | [1] | ' | ' |
Goodwill trasnfers | 0 | [2] | ' | ' |
Foreign currency translation | -131,529 | -2,280 | ' | |
Goodwill, gross, ending balance | 4,673,124 | 3,900,655 | ' | |
Accumulated impairment losses, ending balance | -385,000 | -385,000 | ' | |
Goodwill, net, ending balance | 4,288,124 | 3,515,655 | 3,517,935 | |
Generics Segment | ' | ' | ' | |
Goodwill [Line Items] | ' | ' | ' | |
Goodwill, gross, beginning balance | 3,194,148 | 3,196,428 | ' | |
Accumulated impairment losses, beginning balance | 0 | 0 | ' | |
Goodwill, net, beginning balance | 3,939,015 | 3,194,148 | 3,196,428 | |
Goodwill acquired | 903,998 | [1] | ' | ' |
Goodwill trasnfers | -27,602 | [2] | ' | ' |
Foreign currency translation | -131,529 | -2,280 | ' | |
Goodwill, gross, ending balance | 3,939,015 | 3,194,148 | ' | |
Accumulated impairment losses, ending balance | 0 | 0 | ' | |
Goodwill, net, ending balance | 3,939,015 | 3,194,148 | 3,196,428 | |
Specialty Segment | ' | ' | ' | |
Goodwill [Line Items] | ' | ' | ' | |
Goodwill, gross, beginning balance | 706,507 | 706,507 | ' | |
Accumulated impairment losses, beginning balance | -385,000 | -385,000 | ' | |
Goodwill, net, beginning balance | 349,109 | 321,507 | 321,507 | |
Goodwill acquired | 0 | [1] | ' | ' |
Goodwill trasnfers | 27,602 | [2] | ' | ' |
Foreign currency translation | 0 | 0 | ' | |
Goodwill, gross, ending balance | 734,109 | 706,507 | ' | |
Accumulated impairment losses, ending balance | -385,000 | -385,000 | ' | |
Goodwill, net, ending balance | $349,109 | $321,507 | $321,507 | |
[1] | See Note 3. | |||
[2] | As a result of the January 1, 2013 reorganization of certain components between the Generics and Specialty segments, the Company was required to reassign a portion of the carrying amount of goodwill to the Specialty segment. |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Components of Intangible Assets) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Intangible Assets Excluding Goodwill [Line Items] | ' | ' | ||
Finite-lived intangible assets, original cost | $3,850,110 | $3,687,644 | ||
Finite-lived intangible assets, accumulated amortization | 2,171,267 | 1,889,096 | ||
Finite-lived intangible assets, net book value | 1,678,843 | 1,798,548 | ||
In-process research and development | 839,045 | 425,909 | ||
Intangible assets, gross, excluding goodwill | 4,689,155 | 4,113,553 | ||
Intangible assets, net book value, exclduing goodwill | 2,517,888 | 2,224,457 | ||
Patents and technologies | ' | ' | ||
Intangible Assets Excluding Goodwill [Line Items] | ' | ' | ||
Finite-lived intangible asset, estimated useful life, in years | '20 years | '20 years | ||
Finite-lived intangible assets, original cost | 116,631 | 116,631 | ||
Finite-lived intangible assets, accumulated amortization | 93,761 | 88,288 | ||
Finite-lived intangible assets, net book value | 22,870 | 28,343 | ||
Product rights and licenses | ' | ' | ||
Intangible Assets Excluding Goodwill [Line Items] | ' | ' | ||
Finite-lived intangible asset, estimated useful life, in years | '10 years | '10 years | ||
Finite-lived intangible assets, original cost | 3,559,505 | 3,459,980 | ||
Finite-lived intangible assets, accumulated amortization | 2,018,111 | 1,749,424 | ||
Finite-lived intangible assets, net book value | 1,541,394 | 1,710,556 | ||
Other | ' | ' | ||
Intangible Assets Excluding Goodwill [Line Items] | ' | ' | ||
Finite-lived intangible asset, estimated useful life, in years | '8 years | '8 years | ||
Finite-lived intangible assets, original cost | 173,974 | [1] | 111,033 | [1] |
Finite-lived intangible assets, accumulated amortization | 59,395 | [1] | 51,384 | [1] |
Finite-lived intangible assets, net book value | $114,579 | [1] | $59,649 | [1] |
[1] | Other intangibles consist principally of customer lists and contracts. |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Product Rights and License by Therapeutic Category) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | $1,678,843 | $1,798,548 | ||
Product rights and licenses | ' | ' | ||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | 1,541,394 | 1,710,556 | ||
Therapeutic class disclosure threshold | 5.00% | 5.00% | ||
Product rights and licenses | Allergy | ' | ' | ||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | 95,911 | 111,386 | ||
Product rights and licenses | Anti-infectives | ' | ' | ||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | 194,220 | 145,109 | ||
Product rights and licenses | Antineoplastic | ' | ' | ||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | 147,414 | 51,251 | ||
Product rights and licenses | Cardiovascular | ' | ' | ||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | 235,777 | 309,062 | ||
Product rights and licenses | Central Nervous System | ' | ' | ||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | 211,205 | 273,102 | ||
Product rights and licenses | Dermatological | ' | ' | ||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | 79,576 | 93,644 | ||
Product rights and licenses | Endocrine and Metabolic | ' | ' | ||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | 72,400 | 80,702 | ||
Product rights and licenses | Gastrointestinal | ' | ' | ||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | 95,184 | 121,823 | ||
Product rights and licenses | Respiratory System | ' | ' | ||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | 147,448 | 218,658 | ||
Product rights and licenses | Other | ' | ' | ||
Schedule of Product Rights and Licenses by Therapeutic Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, net | $262,259 | [1] | $305,819 | [1] |
[1] | Other consists of numerous therapeutic classes, none of which individually exceeds 5% of total product rights and licenses. |
Financial_Instruments_and_Risk2
Financial Instruments and Risk Management (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 18, 2013 | Dec. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 18, 2013 | Dec. 31, 2013 | Sep. 16, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Apr. 03, 2013 | Dec. 31, 2012 | Jun. 25, 2013 | Dec. 31, 2013 | Dec. 04, 2013 | Dec. 31, 2013 | |||
Contingent consideration | Contingent consideration | Change during period, fair value disclosure | Net Investment Hedging Relationships | Net Investment Hedging Relationships | Net Investment Hedging Relationships | 2016 Senior Notes (1.800% coupon) | 2023 Senior Notes (3.125% coupon) | Senior Notes | Senior Notes | Purchased cash convertible note hedge | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Agila Specialties | Agila Specialties | ||||||
Minimum | Maximum | 2016 Senior Notes (1.800% coupon) | 2023 Senior Notes (3.125% coupon) | 2016 Senior Notes (1.800% coupon) | Terminated | Effective November 2013 | Effective November 2013 | Effective December 2014 to August 2015 | Effective December 2014 to August 2015 | Floating Rate | Floating Rate | Floating Rate | Interest rate swaps | ||||||||||||||||
Terminated | Terminated | ||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest rate cash flow hedge loss reclassified to net earnings | ' | ' | $13,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000 | ' | ' | ' | ' | ' | ' | ' | ' | $41,200,000 | ||
Notional amount of derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000,000 | 500,000,000 | 500,000,000 | ' | 930,000,000 | 1,070,000,000 | ' | 1,800,000,000 | 850,000,000 | 750,000,000 | 0 | ' | ' | ||
Loss on cash flow hedge ineffectiveness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturity, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ||
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | [1] | 3.13% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.41% | 0.57% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Face amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair value of credit risk derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Pre-tax net losses on cash flow hedges to be reclassified from AOCE into earnings in next twelve months | 54,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amount of gains recognized in earnings on derivatives | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Rate used to discount net cash inflows to present values | ' | ' | ' | 0.80% | 11.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' | ||
Accretion expense | 32,300,000 | 30,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Adjustment to contingent consideration liability | ' | ' | ' | ' | ' | $3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.20% plus, in each case, accrued and unpaid interest |
Financial_Instruments_and_Risk3
Financial Instruments and Risk Management (Derivatives Designated as Hedging Instruments Fair Values of Derivative Instruments) (Details) (Designated as Hedging Instrument, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $183,405 | $36,647 |
Liability Derivatives, Fair Value | 68,949 | 25,686 |
Prepaid expenses and other current assets | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 90,305 | 36,647 |
Other assets | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 93,100 | ' |
Other current liabilities | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | 15,826 | 9,823 |
Other current liabilities | Foreign currency forward contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | $53,123 | $15,863 |
Financial_Instruments_and_Risk4
Financial Instruments and Risk Management (Derivatives Not Designated as Hedging Instruments Fair Values of Derivative Instruments) (Details) (Not Designated as Hedging Instrument, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $1,309,405 | $642,118 |
Liability Derivatives, Fair Value | 1,308,362 | 639,665 |
Prepaid expenses and other current assets | Foreign currency forward contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 6,405 | 5,818 |
Other assets | Purchased cash convertible note hedge | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 1,303,000 | 636,300 |
Other current liabilities | Foreign currency forward contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | 5,362 | 3,365 |
Long-term debt | Cash conversion feature of Cash Convertible Notes | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | $1,303,000 | $636,300 |
Financial_Instruments_and_Risk5
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Consolidated Statements of Operations Derivatives in Fair Value Hedging Relationships) (Details) (Fair Value Hedging Relationships, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of (Loss) or Gain Recognized in Earnings on Derivatives | ($17,933) | $19,562 | $42,648 |
Amount of Gain or (Loss) Recognized in Earnings on Hedging Items | 32,900 | -6,873 | -29,773 |
Interest expense | Interest rate swaps | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of (Loss) or Gain Recognized in Earnings on Derivatives | -17,933 | 19,562 | 42,648 |
Interest expense | 2016 Senior Notes (1.800% coupon) | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Hedging Items | 448 | ' | ' |
Interest expense | 2018 Senior Notes (6.000% coupon) | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Hedging Items | 17,073 | -6,873 | -29,773 |
Interest expense | 2023 Senior Notes (3.125% coupon) | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Hedging Items | $15,379 | ' | ' |
Financial_Instruments_and_Risk6
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Consolidated Statements of Operations Derivatives in Cash Flow Hedging Relationships) (Details) (Cash Flow Hedging Relationships, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of (Loss) or Gain Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | $52,832 | ($33,704) | ($39,617) |
Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) | -62,776 | -46,603 | -21,211 |
Amount of Gain Excluded from the Assessment of Hedge Effectiveness | 61,636 | 58,024 | 13,432 |
Foreign currency forward contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of (Loss) or Gain Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | -83,784 | -25,536 | -55,453 |
Foreign currency forward contracts | Net revenues | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) | -60,493 | -44,217 | -5,492 |
Foreign currency forward contracts | Other (expense) income, net | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain Excluded from the Assessment of Hedge Effectiveness | 61,636 | 58,024 | 13,432 |
Interest rate swaps | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of (Loss) or Gain Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | 136,616 | -8,168 | 15,836 |
Interest rate swaps | Interest expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) | -1,465 | -2,386 | -15,719 |
Interest rate swaps | Other (expense) income, net | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) | ($818) | $0 | $0 |
Financial_Instruments_and_Risk7
Financial Instruments and Risk Management (Effect of Derivative Instruments On The Consolidated Statements Of Operations Derivatives in Net Investment Hedging Relationships) (Details) (Net Investment Hedging Relationships, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Loss Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | $0 | $0 | ($11,596) |
Foreign currency borrowings | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Loss Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | $0 | $0 | ($11,596) |
Financial_Instruments_and_Risk8
Financial Instruments and Risk Management (Effect of Derivative Instruments on the Consolidated Statements of Operations Derivatives Not Designated as Hedging Instruments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $2,173 | ($8,429) | $20,740 |
Foreign currency forward contracts | Other (expense) income, net | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 2,173 | -8,429 | 20,740 |
Cash conversion feature of Cash Convertible Notes | Other (expense) income, net | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | -667,000 | -176,300 | 12,400 |
Purchased cash convertible note hedge | Other (expense) income, net | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $667,000 | $176,300 | ($12,400) |
Financial_Instruments_and_Risk9
Financial Instruments and Risk Management (Financial Assets and Liabilities Carried at Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | $0 | $135,209 |
Trading securities | 16,622 | 10,913 |
Available-for-sale securities | 27,006 | 22,928 |
Foreign exchange derivative assets | 6,405 | 5,818 |
Total assets at recurring fair value measurement | 1,536,438 | 847,815 |
Foreign exchange derivative liabilities | 58,485 | 19,228 |
Total liabilities at recurring fair value measurement | 2,041,959 | 1,044,548 |
Purchased cash convertible note hedge | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible debt, fair value disclosures | 1,303,000 | 636,300 |
Interest rate swap derivatives | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap derivative liabilities | 15,826 | 9,823 |
Cash conversion feature of Cash Convertible Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible debt, fair value disclosures | 1,303,000 | 636,300 |
Contingent consideration | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | 664,648 | 379,197 |
Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 135,209 |
Equity securities — exchange traded funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 16,622 | 10,913 |
Available-for-sale fixed income investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 26,802 | 22,826 |
U.S. Treasuries | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 12,827 | 11,085 |
Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 10,689 | 8,189 |
Agency mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 701 | 1,050 |
Other | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 2,585 | 2,502 |
Total available-for-sale equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 204 | 102 |
Biosciences industry | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 204 | 102 |
Interest rate swap derivatives | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap derivative assets | 183,405 | 36,647 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 135,209 |
Trading securities | 16,622 | 10,913 |
Total assets at recurring fair value measurement | 16,826 | 146,224 |
Level 1 | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 135,209 |
Level 1 | Equity securities — exchange traded funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 16,622 | 10,913 |
Level 1 | Total available-for-sale equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 204 | 102 |
Level 1 | Biosciences industry | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 204 | 102 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange derivative assets | 6,405 | 5,818 |
Total assets at recurring fair value measurement | 1,519,612 | 701,591 |
Foreign exchange derivative liabilities | 58,485 | 19,228 |
Total liabilities at recurring fair value measurement | 1,377,311 | 665,351 |
Level 2 | Purchased cash convertible note hedge | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible debt, fair value disclosures | 1,303,000 | 636,300 |
Level 2 | Interest rate swap derivatives | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap derivative liabilities | 15,826 | 9,823 |
Level 2 | Cash conversion feature of Cash Convertible Notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible debt, fair value disclosures | 1,303,000 | 636,300 |
Level 2 | Available-for-sale fixed income investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 26,802 | 22,826 |
Level 2 | U.S. Treasuries | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 12,827 | 11,085 |
Level 2 | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 10,689 | 8,189 |
Level 2 | Agency mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 701 | 1,050 |
Level 2 | Other | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 2,585 | 2,502 |
Level 2 | Interest rate swap derivatives | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap derivative assets | 183,405 | 36,647 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities at recurring fair value measurement | 664,648 | 379,197 |
Level 3 | Contingent consideration | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | $664,648 | $379,197 |
Recovered_Sheet1
Financial Instruments and Risk Management (Schedule of Available-for-sale Securities Reconciliation) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $26,533 | $21,276 |
Gross Unrealized Gains | 490 | 1,652 |
Gross Unrealized Losses | -17 | 0 |
Fair Value | 27,006 | 22,928 |
Debt securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 26,533 | 21,276 |
Gross Unrealized Gains | 286 | 1,550 |
Gross Unrealized Losses | -17 | 0 |
Fair Value | 26,802 | 22,826 |
Equity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 0 | 0 |
Gross Unrealized Gains | 204 | 102 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $204 | $102 |
Recovered_Sheet2
Financial Instruments and Risk Management (Maturities of Available-for-sale Debt Securities at Fair Value) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Mature within one year | $605 |
Mature in one to five years | 10,254 |
Mature in five years and later | 15,943 |
Available-for-sale securities, debt securities | $26,802 |
Debt_Receivables_Facility_Narr
Debt (Receivables Facility) (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Dec. 31, 2013 |
Receivables Facility | Receivables Facility | Receivables Facility | Receivables Facility | |||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' |
Accounts receivable securitization facility maximum borrowing capacity | ' | ' | $400,000,000 | ' | $300,000,000 | $400,000,000 |
Receivables Facility, maximum commitment limit | ' | ' | ' | ' | 500,000,000 | ' |
Maturity period of the agreement, years | ' | ' | ' | ' | '3 years | ' |
Securitized accounts receivable | 723,100,000 | 556,500,000 | ' | ' | ' | ' |
Short-term borrowings | $439,797,000 | $298,987,000 | $374,000,000 | $180,000,000 | ' | ' |
Interest rate on borrowings | ' | ' | 0.93% | ' | ' | ' |
Debt_Senior_Credit_Facilities_
Debt (Senior Credit Facilities) (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 27, 2013 | Nov. 14, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2011 | Jun. 27, 2013 | Jun. 27, 2013 | |
Revolving Facility | Revolving Facility | U.S. Term Loans | Line of credit | Line of credit | Line of credit | Loans payable | Loans payable | Loans payable | Loans payable | Loans payable | Subfacility for letters of credit | Subfacility for swingline borrowings | ||||
Revolving Facility | Revolving Facility | Revolving Facility | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | Line of credit | Line of credit | |||||||
Revolving Facility | Revolving Facility | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | $1,500,000,000 | $1,250,000,000 | ' | ' | ' | ' | ' | $150,000,000 | $125,000,000 |
Revolving Facility, amount outstanding | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Facility, interest rate during period | ' | ' | ' | ' | ' | ' | 1.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | 7,586,461,000 | 5,431,948,000 | 60,000,000 | 0 | 1,156,250,000 | ' | ' | ' | ' | ' | 0 | 1,156,250,000 | 1,250,000,000 | ' | ' |
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,130,000,000 | 23,400,000 | ' | ' | ' | ' | ' |
Write-off of deferred financing fees | $8,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Senior_Notes_Narrative_De
Debt (Senior Notes) (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 13, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 13, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 13, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 13, 2013 | Jun. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 12-May-10 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2011 | |||||||||||||||||||||
2016 Senior Notes (1.800% coupon) | U.S. Term Loans | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Loans payable | Loans payable | Loans payable | Loans payable | Loans payable | ||||||||||||||||||||||||
2016 Senior Notes (1.350% coupon) | 2016 Senior Notes (1.350% coupon) | 2016 Senior Notes (1.350% coupon) | 2019 Senior Notes (2.550% coupon) | 2019 Senior Notes (2.550% coupon) | 2019 Senior Notes (2.550% coupon) | 2023 Senior Notes (4.200% coupon) | 2023 Senior Notes (4.200% coupon) | 2023 Senior Notes (4.200% coupon) | 2043 Senior Notes (5.400% coupon) | 2043 Senior Notes (5.400% coupon) | 2043 Senior Notes (5.400% coupon) | 2043 Senior Notes (5.400% coupon) | Senior Notes issued in November 2013 | 2016 Senior Notes (1.800% coupon) | 2016 Senior Notes (1.800% coupon) | 2016 Senior Notes (1.800% coupon) | 2018 Senior Notes (2.600% coupon) | 2018 Senior Notes (2.600% coupon) | 2018 Senior Notes (2.600% coupon) | 2017 Senior Notes (7.625% coupon) | 2017 Senior Notes (7.625% coupon) | 2017 Senior Notes (7.625% coupon) | Redemption premium | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | ||||||||||||||||||||||||||
2017 Senior Notes (7.625% coupon) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Long-term debt, gross | $6,334,095,000 | ' | ' | ' | ' | $500,000,000 | ' | ' | $500,000,000 | ' | ' | $500,000,000 | ' | ' | $500,000,000 | ' | ' | ' | ' | $500,000,000 | ' | ' | $650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | 1.35% | [1] | ' | ' | 2.55% | [2] | ' | ' | 4.20% | [3] | ' | ' | ' | 5.40% | [3] | ' | ' | ' | 1.80% | [2] | ' | ' | 2.60% | [4] | ' | ' | ' | 7.63% | [5] | ' | ' | ' | ' | ' | ' | ||||||||||||||
Equivalent percentage of redeemed amount | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Long-term debt | 7,586,461,000 | 5,431,948,000 | ' | 1,156,250,000 | 499,713,000 | [1] | ' | 0 | [1] | 498,789,000 | [2] | ' | 0 | [2] | 498,074,000 | [3] | ' | 0 | [3] | 496,914,000 | [3] | ' | ' | 0 | [3] | 1,990,000,000 | 499,241,000 | [2] | ' | 0 | [2] | 648,774,000 | [4] | ' | 0 | [4] | 0 | [5] | 550,000,000 | [5] | ' | ' | ' | ' | 0 | 1,156,250,000 | 1,250,000,000 | |||||||
Unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,130,000,000 | 23,400,000 | ' | ' | ' | |||||||||||||||||||||
Debt instrument, interest rate at period end | ' | ' | 1.41% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Fair value adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Total redemption amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 608,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||
Redemption premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $63,900,000 | ' | ' | $58,800,000 | ' | ' | ' | ' | ' | |||||||||||||||||||||
[1] | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.125% plus, in each case, accrued and unpaid interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.20% plus, in each case, accrued and unpaid interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.25% plus, in each case, accrued and unpaid interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.30% plus, in each case, accrued and unpaid interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.50% plus, in each case, accrued and unpaid interest |
Debt_Cash_Convertible_Notes_Na
Debt (Cash Convertible Notes) (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2011 | Sep. 15, 2008 | Sep. 15, 2008 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 15, 2008 | Dec. 31, 2013 |
Old Warrants | Old Warrants | Old Warrants | New Warrants | Cash Convertible Notes | Cash Convertible Notes | Cash Convertible Notes | Cash Convertible Notes | Cash Convertible Notes | |
Maximum | Convertible Debt | Convertible Debt | Convertible Debt | Convertible Debt | |||||
Maximum | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | $573,963,000 | $575,000,000 | $575,000,000 | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' |
Effective interest rate | ' | ' | ' | ' | ' | 9.50% | ' | ' | ' |
Number of common stock issuable for warrants | ' | ' | 43.2 | ' | ' | ' | ' | ' | ' |
Exercise price of warrants issued | ' | 20 | ' | 30 | ' | ' | ' | ' | ' |
Warrants exchanged in amended transaction | 41 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid per warrant for amendment | 3.66 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for amendment of warrant agreement | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of observed share price to conversion reference price | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' |
Reference Principal Amount | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' |
Percent of closing price of common stock and conversion reference rate | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% |
Trading days | ' | ' | ' | ' | '20 days | ' | ' | ' | ' |
Consecutive trading days | ' | ' | ' | ' | '30 days | ' | ' | ' | ' |
Conversion reference price | ' | ' | ' | ' | ' | $13.32 | ' | ' | ' |
Conversion reference rate, per reference principal amount | ' | ' | ' | ' | ' | 75.0751 | ' | ' | ' |
Debt_Fair_Value_Narrative_Deta
Debt (Fair Value) (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Billions, unless otherwise specified | ||
Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Fair value of long-term debt | $5.85 | $3.43 |
Convertible Debt | Convertible Notes Payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Fair value of long-term debt | $1.88 | $1.22 |
Debt_Summary_of_Longterm_Debt_
Debt (Summary of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 15, 2008 | Dec. 31, 2013 | Jun. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 13, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 12-May-10 | Dec. 31, 2013 | Jun. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 09, 2010 | Dec. 31, 2013 | Nov. 13, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 12-May-10 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 12, 2012 | Dec. 31, 2013 | Nov. 13, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | U.S. Term Loans | Revolving Facility | Revolving Facility | Loans payable | Loans payable | Loans payable | Convertible Debt | Convertible Debt | Convertible Debt | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | ||||||||||||||||||||||||||||||||
U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | Cash Convertible Notes | Cash Convertible Notes | Cash Convertible Notes | 2016 Senior Notes (1.800% coupon) | 2016 Senior Notes (1.800% coupon) | 2016 Senior Notes (1.800% coupon) | 2016 Senior Notes (1.350% coupon) | 2016 Senior Notes (1.350% coupon) | 2016 Senior Notes (1.350% coupon) | 2017 Senior Notes (7.625% coupon) | 2017 Senior Notes (7.625% coupon) | 2017 Senior Notes (7.625% coupon) | 2018 Senior Notes (2.600% coupon) | 2018 Senior Notes (2.600% coupon) | 2018 Senior Notes (2.600% coupon) | 2018 Senior Notes (6.000% coupon) | 2018 Senior Notes (6.000% coupon) | 2018 Senior Notes (6.000% coupon) | 2019 Senior Notes (2.550% coupon) | 2019 Senior Notes (2.550% coupon) | 2019 Senior Notes (2.550% coupon) | 2020 Senior Notes (7.875% coupon) | 2020 Senior Notes (7.875% coupon) | 2020 Senior Notes (7.875% coupon) | 2023 Senior Notes (3.125% coupon) | 2023 Senior Notes (3.125% coupon) | 2023 Senior Notes (3.125% coupon) | 2023 Senior Notes (4.200% coupon) | 2023 Senior Notes (4.200% coupon) | 2023 Senior Notes (4.200% coupon) | 2043 Senior Notes (5.400% coupon) | 2043 Senior Notes (5.400% coupon) | 2043 Senior Notes (5.400% coupon) | Other | Other | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | 1.80% | [1] | ' | ' | 1.35% | [2] | ' | ' | ' | 7.63% | [3] | ' | 2.60% | [4] | ' | ' | ' | 6.00% | [3] | ' | 2.55% | [1] | ' | ' | ' | 7.88% | [3] | ' | ' | 3.13% | [1] | ' | 4.20% | [5] | ' | ' | 5.40% | [5] | ' | ' | ' | ||||||||||||||||||||
Long-term debt | $7,586,461 | $5,431,948 | $1,156,250 | $60,000 | $0 | $0 | $1,156,250 | $1,250,000 | $1,828,301 | $1,136,768 | ' | $499,241 | [1] | ' | $0 | [1] | $499,713 | [2] | ' | $0 | [2] | $0 | [3] | $550,000 | [3] | ' | $648,774 | [4] | ' | $0 | [4] | $811,313 | [3] | $826,974 | [3] | ' | $498,789 | [1] | ' | $0 | [1] | $1,012,003 | [3] | $1,013,372 | [3] | ' | $733,207 | [1] | $748,452 | [1] | ' | $498,074 | [5] | ' | $0 | [5] | $496,914 | [5] | ' | $0 | [5] | $132 | $132 | ||||||||||
Long-term debt, current maturities | 2 | 94,752 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Long-term debt, excluding current maturities | $7,586,459 | $5,337,196 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | 0.13% | ' | ' | 0.50% | ' | ' | 0.30% | ' | ' | 0.50% | ' | ' | 0.20% | ' | ' | 0.50% | ' | ' | 0.20% | ' | ' | 0.25% | ' | ' | 0.25% | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
[1] | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.20% plus, in each case, accrued and unpaid interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.125% plus, in each case, accrued and unpaid interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.50% plus, in each case, accrued and unpaid interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.30% plus, in each case, accrued and unpaid interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Instrument is callable by the Company at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus 0.25% plus, in each case, accrued and unpaid interest |
Debt_Interest_Rates_on_Outstan
Debt (Interest Rates on Outstanding Borrowings Under Term Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2011 | Dec. 31, 2012 | Jan. 17, 2012 | Dec. 31, 2012 | Mar. 19, 2012 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | U.S. Term Loans | ||||
Loans payable | Loans payable | Loans payable | Swapped to Fixed Rate through January 2014 | Swapped to Fixed Rate through January 2014 | Swapped to Fixed Rate through March 2014 | Swapped to Fixed Rate through March 2014 | Floating Rate | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Long-term debt | $7,586,461 | $5,431,948 | $1,156,250 | $0 | $1,156,250 | $1,250,000 | $500,000 | [1] | $500,000 | $350,000 | [1] | $350,000 | $306,250 |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR + 1.75% | ||
Debt instrument, interest rate at period end | ' | ' | ' | ' | ' | ' | 2.35% | [1] | ' | 2.20% | [1] | ' | 1.96% |
Derivative, fixed interest rate | ' | ' | ' | ' | ' | ' | ' | 0.60% | ' | 0.45% | ' | ||
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ||
[1] | Effective January 2012, $500 million of the U.S. Term Loans had been swapped to a fixed rate of 0.60% plus the specified spread under the Senior Credit Agreement through January 2014. Effective March 2012, an additional $350 million of the U.S. Term Loans had been swapped to a fixed rate of 0.45% plus the specified spread under the Senior Credit Agreement through March 2014. As of December 31, 2012, the specified spread under the Senior Credit Agreement was 175 basis points. These swaps were designated as cash flow hedges of the variability in interest expense related to our variable rate debt. |
Debt_Summary_of_Cash_Convertib
Debt (Summary of Cash Convertible Notes) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 15, 2008 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Net debt carrying amount | $7,586,461 | $5,431,948 | ' |
Cash Convertible Notes | Convertible Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Outstanding principal | 573,963 | 575,000 | 575,000 |
Equity component carrying amount | 1,303,300 | 636,300 | ' |
Unamortized discount | 48,962 | 74,532 | ' |
Net debt carrying amount | 1,828,301 | 1,136,768 | ' |
Cash Convertible Notes | Call option | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Purchased call options | $1,303,300 | $636,300 | ' |
Debt_Minimum_Repayments_on_Out
Debt (Minimum Repayments on Outstanding Borrowings) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $2 |
2015 | 574,093 |
2016 | 1,000,000 |
2017 | 0 |
2018 | 1,510,000 |
Thereafter | 3,250,000 |
Total | $6,334,095 |
Comprehensive_Earnings_Accumul
Comprehensive Earnings (Accumulated Other Comprehensive Loss) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity [Abstract] | ' | ' |
Net unrealized gains on marketable securities, net of tax | $300 | $1,033 |
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | -8,699 | -13,890 |
Net unrecognized gains (losses) on derivatives, net of tax | 84,788 | -30,820 |
Foreign currency translation adjustment | -316,520 | -42,821 |
Accumulated other comprehensive loss | ($240,131) | ($86,498) |
Comprehensive_Earnings_Compone
Comprehensive Earnings (Components of Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | ($30,820) | ' | ' |
Net unrealized gains on marketable securities, net of tax, beginning of period | 1,033 | ' | ' |
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, beginning of period | -13,890 | ' | ' |
Foreign currency translation adjustment, beginning of period | -42,821 | ' | ' |
Accumulated other comprehensive loss, net of tax, beginning of period | -86,498 | ' | ' |
Net revenues | 6,856,606 | 6,750,246 | 6,106,277 |
Interest expense | 313,336 | 308,699 | 335,944 |
Other (expense) income, net | -74,854 | 3,429 | -14,869 |
Net other comprehensive earnings (loss), before tax | 747,340 | 804,079 | 654,636 |
Other comprehensive earnings (loss), before tax | -86,198 | 4,024 | -275,451 |
Income tax related to items of other comprehensive (loss) earnings, derivatives | 120,808 | 161,145 | 115,833 |
Net unrecognized gains (losses) on derivatives, net of tax, end of period | 84,788 | -30,820 | ' |
Net unrealized gains on marketable securities, net of tax, end of period | 300 | 1,033 | ' |
Net unrealized gains on marketable securities, net of tax, end of period | -8,699 | -13,890 | ' |
Foreign currency translation adjustment, end of period | -316,520 | -42,821 | ' |
Accumulated other comprehensive loss, net of tax, end of period | -240,131 | -86,498 | ' |
Change in unrecognized loss and prior service cost related to defined benefit plans | 8,198 | -10,930 | -2,015 |
Net unrecognized gain (loss) on derivatives | 180,431 | 18,487 | -49,062 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | -1,128 | -72 | 50 |
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | -30,820 | ' | ' |
Other comprehensive earnings (loss) before reclassifications, before tax | 117,655 | ' | ' |
Other comprehensive earnings (loss), before tax | 180,431 | ' | ' |
Net unrecognized gains (losses) on derivatives, net of tax, end of period | 84,788 | -30,820 | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | ' | -28,116 | -70,273 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | ' | -46,603 | -21,211 |
Net unrecognized gain (loss) on derivatives | ' | 18,487 | -49,062 |
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net other comprehensive earnings (loss), before tax | -62,776 | ' | ' |
Income tax related to items of other comprehensive (loss) earnings, derivatives | -64,823 | ' | ' |
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net revenues | -60,493 | ' | ' |
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Interest expense | -1,465 | ' | ' |
Other (expense) income, net | -818 | ' | ' |
Gains and Losses on Marketable Securities | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net unrealized gains on marketable securities, net of tax, beginning of period | 1,033 | ' | ' |
Other comprehensive earnings (loss) before reclassifications, before tax | -1,244 | ' | ' |
Other comprehensive earnings (loss), before tax | -1,128 | ' | ' |
Net unrealized gains on marketable securities, net of tax, end of period | 300 | 1,033 | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | ' | -1 | 228 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | ' | 71 | 178 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | ' | -72 | 50 |
Gains and Losses on Marketable Securities | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Other (expense) income, net | -116 | ' | ' |
Net other comprehensive earnings (loss), before tax | -116 | ' | ' |
Income tax related to items of other comprehensive (loss) earnings, derivatives | 395 | ' | ' |
Defined Benefit Plan Items | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, beginning of period | -13,890 | ' | ' |
Other comprehensive earnings (loss) before reclassifications, before tax | 9,697 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | ' | -354 | -106 |
Other comprehensive earnings (loss), before tax | 8,198 | ' | ' |
Net unrealized gains on marketable securities, net of tax, end of period | -8,699 | -13,890 | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments and Tax | ' | -13,293 | -2,998 |
Other Comprehensive Income (Loss), Reclassification of Defined Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Costs, before Tax | ' | -2,009 | -877 |
Change in unrecognized loss and prior service cost related to defined benefit plans | ' | -10,930 | -2,015 |
Defined Benefit Plan Items | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 338 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 1,161 | ' | ' |
Net other comprehensive earnings (loss), before tax | 1,499 | ' | ' |
Income tax related to items of other comprehensive (loss) earnings, derivatives | -3,007 | ' | ' |
Foreign Currency Translation Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Foreign currency translation adjustment, beginning of period | -42,821 | ' | ' |
Other comprehensive earnings (loss) before reclassifications, before tax | -273,699 | ' | ' |
Other comprehensive earnings (loss), before tax | -273,699 | ' | ' |
Foreign currency translation adjustment, end of period | -316,520 | ' | ' |
Foreign Currency Translation Adjustment | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net other comprehensive earnings (loss), before tax | 0 | ' | ' |
Income tax related to items of other comprehensive (loss) earnings, derivatives | 0 | ' | ' |
Accumulated Other Comprehensive Earnings (Loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss, net of tax, beginning of period | -86,498 | ' | ' |
Other comprehensive earnings (loss) before reclassifications, before tax | -147,591 | ' | ' |
Other comprehensive earnings (loss), before tax | -86,198 | ' | ' |
Accumulated other comprehensive loss, net of tax, end of period | -240,131 | ' | ' |
Accumulated Other Comprehensive Earnings (Loss) | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Other (expense) income, net | -116 | ' | ' |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 338 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 1,161 | ' | ' |
Net other comprehensive earnings (loss), before tax | -61,393 | ' | ' |
Income tax related to items of other comprehensive (loss) earnings, derivatives | 67,435 | ' | ' |
Accumulated Other Comprehensive Earnings (Loss) | Foreign currency forward contracts | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net revenues | -60,493 | ' | ' |
Accumulated Other Comprehensive Earnings (Loss) | Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Interest expense | -1,465 | ' | ' |
Other (expense) income, net | ($818) | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Amount of unrecognized deferred tax liability | $310,000,000 | ' | ' | ' |
Valuation allowance, amount | 266,668,000 | 249,382,000 | ' | ' |
Change in valuation allowance, deferred tax asset | 17,300,000 | ' | ' | ' |
Net operating loss carryforwards | 2,600,000,000 | ' | ' | ' |
Unrecognized tax benefit | 172,723,000 | 132,336,000 | 162,885,000 | 203,350,000 |
Unrecognized tax benefits that impact effective tax rate | 120,400,000 | 126,900,000 | ' | ' |
Accrued interest and penalties | 64,400,000 | 14,800,000 | ' | ' |
Interest expense (income) related to uncertain tax positions | 500,000 | -9,100,000 | -700,000 | ' |
Estimated change in unrecognized tax benefits possible within next 12 months, lower bound | 15,000,000 | ' | ' | ' |
State and local jurisdiction | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | 1,900,000,000 | ' | ' | ' |
Foreign country | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | 700,000,000 | ' | ' | ' |
Capital loss carryforward | 47,000,000 | ' | ' | ' |
Carried forward indefinitely | Foreign country | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | $400,000,000 | ' | ' | ' |
Percentage | State and local jurisdiction | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Net operating loss carryforward, limitation on use | '20% of taxable income | ' | ' | ' |
Monetary | State and local jurisdiction | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Net operating loss carryforward, limitation on use | '$3.0 million each taxable year | ' | ' | ' |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Provision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax provision (benefit), Federal, current | $89,449 | $167,172 | $96,725 |
Income tax provision (benefit), Federal, deferred | -41,090 | -30,111 | 28,138 |
Income tax provision (benefit), Federal | 48,359 | 137,061 | 124,863 |
Income tax provision (benefit), State and Puerto Rico, current | 18,025 | 27,805 | 8,111 |
Income tax provision (benefit), State and Puerto Rico, deferred | -1,935 | -8,151 | 1,819 |
Income tax provision (benefit), State and Puerto Rico | 16,090 | 19,654 | 9,930 |
Income tax provision (benefit), Foreign, current | 100,467 | 75,431 | 68,605 |
Income tax provision (benefit), Foreign, deferred | -44,108 | -71,001 | -87,565 |
Income tax provision (benefit), Foreign | 56,359 | 4,430 | -18,960 |
Income tax provision | 120,808 | 161,145 | 115,833 |
Earnings (loss) before income taxes and noncontrolling interest: | ' | ' | ' |
Earnings before income taxes and noncontrolling interest, domestic | 513,805 | 690,545 | 537,009 |
Earnings before income taxes and noncontrolling interest, foreign | 233,535 | 113,534 | 117,627 |
Earnings before income taxes and noncontrolling interest | $747,340 | $804,079 | $654,636 |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Deferred tax assets, employee benefits | $145,070 | $119,434 |
Deferred tax assets, legal matters | 31,409 | 30,683 |
Deferred tax assets, accounts receivable allowances | 136,760 | 120,718 |
Deferred tax assets, inventories | 21,169 | 31,791 |
Deferred tax assets, financial instruments | 0 | 16,108 |
Deferred tax assets, other reserves | 17,684 | 15,882 |
Deferred tax assets, tax credits | 8,220 | 14,676 |
Deferred tax assets, net operating losses carryforward | 303,918 | 293,251 |
Deferred tax assets, intangible assets | 44,819 | 62,584 |
Deferred tax assets, capital loss carryforward | 16,003 | 18,645 |
Deferred tax assets, convertible debt | 51,513 | 40,549 |
Deferred tax assets, other | 32,005 | 66,093 |
Total deferred tax assets, gross | 808,570 | 830,414 |
Valuation allowance | -266,668 | -249,382 |
Total deferred tax assets | 541,902 | 581,032 |
Deferred tax liabilities: | ' | ' |
Deferred tax liabilities, plant and equipment | 126,513 | 103,222 |
Deferred tax liabilities, intangibles | 442,700 | 371,880 |
Deferred tax liabilities, clean energy investments | 25,939 | 15,754 |
Deferred tax liabilities, financial instruments | 64,424 | 0 |
Deferred tax liabilities, other | 24,953 | 48,715 |
Total deferred tax liabilities | 684,529 | 539,571 |
Deferred tax assets (liabilities), net | ($142,627) | $41,461 |
Income_Taxes_Statutory_Tax_Rat
Income Taxes (Statutory Tax Rate to Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes and credits | 1.00% | 1.10% | 1.10% |
Foreign rate differential | -13.00% | -7.50% | -13.10% |
Other foreign items | 1.20% | -2.00% | 2.60% |
Uncertain tax positions | -0.60% | -3.40% | -4.50% |
Foreign tax credits, net | -2.60% | -3.20% | -5.70% |
Valuation allowance | 4.70% | 2.90% | -0.20% |
Clean energy and research credits | -5.70% | -2.50% | -0.40% |
Other | -3.80% | -0.40% | 2.90% |
Effective tax rate | 16.20% | 20.00% | 17.70% |
Income_Taxes_Schedule_of_Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Unrecognized tax benefit — beginning of year | $172,723 | $132,336 | $162,885 | $203,350 |
Additions for current year tax positions | 4,090 | 5,684 | 964 | ' |
Additions for prior year tax positions | 5,280 | 0 | 5,048 | ' |
Reductions for prior year tax positions | 0 | -5,849 | -7,878 | ' |
Settlements | -368 | -764 | -7,434 | ' |
Reductions due to expirations of statute of limitations | -11,770 | -29,620 | -22,293 | ' |
Foreign currency translation | 0 | 0 | -8,872 | ' |
Addition due to acquisition | 43,155 | 0 | 0 | ' |
Unrecognized tax benefit — end of year | $172,723 | $132,336 | $162,885 | $203,350 |
Preferred_and_Common_Stock_Nar
Preferred and Common Stock (Narrative) (Details) (USD $) | 0 Months Ended | 263 Months Ended | ||||
Nov. 15, 2010 | Nov. 19, 2007 | Nov. 17, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1985 | |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | ' | ' | ' | 5,000,000 |
Preferred stock, par value | ' | ' | ' | ' | ' | $0.50 |
Preferred stock, shares issued during period | ' | ' | 0 | ' | ' | ' |
Convertible preferred stock, shares issued | ' | 2,139,000 | ' | ' | ' | ' |
Convertible preferred stock dividend rate, percentage | 6.50% | 6.50% | ' | ' | ' | ' |
Issuance of common stock | ' | 55,440,000 | ' | 543,978,030 | 539,664,386 | ' |
Conversion of stock, shares converted | 125,234,172 | ' | ' | ' | ' | ' |
Convertible Preferred Stock | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Value of issued common stock, per share | ' | 1,000 | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Value of issued common stock, per share | ' | 14 | ' | ' | ' | ' |
StockBased_Incentive_Plan_Narr
Stock-Based Incentive Plan (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of restricted stock awards, granted | 1,862,236 | ' |
Vest ratably over three years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of restricted stock awards, granted | 1,150,871 | ' |
Vest in three years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of restricted stock awards, granted | 628,951 | ' |
Vest after one year | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of restricted stock awards, granted | 47,420 | ' |
Vest after two years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of restricted stock awards, granted | 34,994 | ' |
Restricted shares, restricted units and performance shares | Vest ratably over three years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option award vesting period, in years | '3 years | ' |
Restricted shares, restricted units and performance shares | Vest in three years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option award vesting period, in years | '3 years | ' |
Restricted shares, restricted units and performance shares | Vest after two years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option award vesting period, in years | '2 years | ' |
Long Term Incentive Plan 2003 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock shares reserved for issuance to employees | 55,300,000 | ' |
Total unrecognized compensation expense, net of estimated forfeitures | $63.90 | ' |
Weighted-average period over which total unrecognized compensation expense expected to be recognized (years) | '1 year 7 months 12 days | ' |
Intrinsic value of stock-based awards exercised and restricted stock units converted | 96.5 | 111.7 |
Long Term Incentive Plan 2003 | Stock Options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option award expiration period, in years | '10 years | ' |
Average remaining contractual term for options outstanding, in years | '6 years 6 months 8 days | ' |
Average remaining contractual term for options vested and expected to vest, in years | '6 years 4 months 28 days | ' |
Average remaining contractual term for options exercisable, in years | '5 years 2 months 20 days | ' |
Aggregate intrinsic value for options outstanding | 289.6 | ' |
Aggregate intrinsic value for options vested and expected to vest | 275.8 | ' |
Aggregate intrinsic value for options exercisable | $196.80 | ' |
Long Term Incentive Plan 2003 | Minimum | Stock Options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option award vesting period, in years | '3 years | ' |
Long Term Incentive Plan 2003 | Maximum | Stock Options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option award vesting period, in years | '4 years | ' |
StockBased_Incentive_Plan_Stoc
Stock-Based Incentive Plan (Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Number of shares under option, outstanding at beginning of period | 16,616,617 | 23,599,256 | 23,840,049 |
Weightedaverage exercise price per share, outstanding at beginning of period | $19.54 | $17.42 | $15.99 |
Number of shares under option, options granted | 2,182,035 | 3,130,843 | 4,943,178 |
Weighted average exercise price per share - options granted | $32.92 | $23.37 | $22.40 |
Number of shares under option, options exercised | -4,367,871 | -9,360,396 | -4,514,170 |
Weighted average exercise price per share, options exercised | $17.80 | $15.40 | $15.09 |
Number of shares under option, options forfeited | -866,900 | -753,086 | -669,801 |
Weighted average exercise price per share , options forfeited | $23.12 | $20.24 | $19.05 |
Number of shares under option, outstanding at end of period | 13,563,881 | 16,616,617 | 23,599,256 |
Weighted average exercise price per share, outstanding at end of period | $22.05 | $19.54 | $17.42 |
Number of shares under option, vested and expected to vest at period end | 12,769,967 | ' | ' |
Weighted average exercise price per share, vested and expected to vest at period end | $21.80 | ' | ' |
Number of shares under option, options exercisable at period end | 8,005,682 | ' | ' |
Weighted average exercise price per share, options exercisable at period end | $18.82 | ' | ' |
StockBased_Incentive_Plan_Stoc1
Stock-Based Incentive Plan (Stock-Based Compensation Plans, Nonvested, Changes During the Year) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Number of restricted stock awards, granted | 1,862,236 |
Restricted Stock Awards | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Number of restricted stock awards, nonvested beginning balance | 2,498,316 |
Weighted average grant-date fair value per share, nonvested beginning balance | 22.47 |
Number of restricted stock awards, granted | 1,862,236 |
Weighted average grant-date fair value per share, granted | 30.98 |
Number of restricted stock awards, released | -819,797 |
Weighted average grant-date fair value per share, released | 21.81 |
Number of restricted stock awards, forfeited | -218,919 |
Weighted average grant-date fair value per share, forfeited | 26.78 |
Number of restricted stock awards, nonvested ending balance | 3,321,836 |
Weighted average grant-date fair value per share, nonvested ending balance | 27.13 |
StockBased_Incentive_Plan_Valu
Stock-Based Incentive Plan (Valuation Assumptions) (Details) (Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Volatility | 23.90% | 29.70% | 33.00% |
Risk-free interest rate | 1.10% | 1.00% | 2.40% |
Expected term of options (years) | '6 years 1 month 0 days | '5 years 10 months 15 days | '6 years 0 months 0 days |
Forfeiture rate | 5.50% | 5.50% | 5.50% |
Weighted average grant date fair value per option | $8.49 | $7 | $8.13 |
Employee_Benefits_Narrative_De
Employee Benefits (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accrued benefit obligation | $60.40 | $61.20 | ' |
Total employer contributions | 79 | 68.4 | 55 |
Multiemployer plans, withdrawal obligation | 27 | ' | ' |
Contribution recognized as expenses | ' | $1.80 | $4.20 |
Multiemployer plans, period contributions percentage in excess of total contribution | ' | ' | 'true |
Pension plan funded percentage critical status threshold | 'Less than 65 percent | ' | ' |
Effective for fund in critical status | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Multiemployer plan, contribution rate increase | ' | 0.1 | 0.1 |
Base Salary | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution plan, maximum annual contribution per employee, percent | 50.00% | ' | ' |
Deferred Bonus | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution plan, maximum annual contribution per employee, percent | 100.00% | ' | ' |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segments | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Segment Information to Total Consolidated Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | $1,808,526 | $1,767,426 | $1,701,701 | $1,631,490 | $1,722,854 | $1,801,786 | $1,687,814 | $1,583,655 | $6,909,143 | $6,796,110 | $6,129,825 | |||
Segment profitability | ' | ' | ' | ' | ' | ' | ' | ' | 1,135,530 | 1,109,349 | 1,005,449 | |||
Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,909,143 | 6,796,110 | 6,129,825 | |||
Intersegment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Corporate / Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -25,007 | [1] | -40,079 | [1] | -72,485 | [1] |
Segment profitability | ' | ' | ' | ' | ' | ' | ' | ' | -982,346 | [1] | -916,677 | [1] | -842,901 | [1] |
Generics Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,624 | 5,946,203 | 5,544,975 | |||
Generics Segment | Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,906,297 | 5,949,291 | 5,547,455 | |||
Segment profitability | ' | ' | ' | ' | ' | ' | ' | ' | 1,656,323 | 1,706,783 | 1,607,910 | |||
Generics Segment | Intersegment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,673 | 3,088 | 2,480 | |||
Specialty Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,008,519 | 849,907 | 584,850 | |||
Specialty Segment | Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,027,853 | 886,898 | 654,855 | |||
Segment profitability | ' | ' | ' | ' | ' | ' | ' | ' | 461,552 | 319,243 | 240,440 | |||
Specialty Segment | Intersegment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | $19,334 | $36,991 | $70,005 | |||
[1] | Includes certain corporate general and administrative and R&D expenses; litigation settlements, net; certain intercompany transactions, including eliminations; amortization of intangible assets and certain purchase accounting items; impairment charges; and other expenses not directly attributable to segments. |
Segment_Information_Net_Revenu
Segment Information (Net Revenues Classified Based on Therapeutic Product Categories) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | $1,808,526 | $1,767,426 | $1,701,701 | $1,631,490 | $1,722,854 | $1,801,786 | $1,687,814 | $1,583,655 | $6,909,143 | $6,796,110 | $6,129,825 | |||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,856,606 | 6,750,246 | 6,106,277 | |||
Allergy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 850,222 | 741,487 | 476,990 | |||
Anti-infectives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,080,334 | 1,034,332 | 1,005,278 | |||
Cardiovascular | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,162,280 | 1,156,348 | 1,037,644 | |||
Central Nervous System | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,393,339 | 1,473,928 | 1,214,046 | |||
Dermatological | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 247,881 | 157,296 | 143,769 | |||
Endocrine and Metabolic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 568,337 | 645,936 | 535,383 | |||
Gastrointestinal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 365,849 | 418,934 | 492,683 | |||
Respiratory System | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 259,653 | 229,249 | 250,692 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | $928,711 | [1] | $892,736 | [1] | $949,792 | [1] |
Net Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Therapeutic class disclosure threshold | 5.00% | ' | ' | ' | 5.00% | ' | ' | ' | 5.00% | 5.00% | 5.00% | |||
[1] | Other consists of numerous therapeutic classes, none of which individually exceeds 5% of consolidated net revenues. |
Segment_Information_Net_Revenu1
Segment Information (Net Revenues Classified Based on Geographic Location of Customers) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | $1,808,526 | $1,767,426 | $1,701,701 | $1,631,490 | $1,722,854 | $1,801,786 | $1,687,814 | $1,583,655 | $6,909,143 | $6,796,110 | $6,129,825 | |||
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,856,606 | 6,750,246 | 6,106,277 | |||
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,937,031 | 3,909,518 | 3,242,985 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 160,710 | 202,809 | 206,899 | |||
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,974,764 | 1,694,236 | 1,781,184 | |||
Rest of World | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | $784,101 | $943,683 | $875,209 | |||
Net Revenues | France | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | [1] | 9.00% | [1] | 11.00% | [1] |
[1] | (1) Net revenues in France consisted of approximately 10%, 9% and 11% of consolidated net revenues for the years ended December 31, 2013, 2012 and 2011, respectively. |
Commitments_Narrative_Details
Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supply Commitment [Line Items] | ' | ' | ' |
Lease expenses | $40.50 | $39.30 | $36.30 |
Other current liabilities | 665 | ' | ' |
Generic Biologic Compounds Collaboration | ' | ' | ' |
Supply Commitment [Line Items] | ' | ' | ' |
Other commitment | $50 | ' | ' |
Commitments_Schedule_of_Operat
Commitments (Schedule of Operating Leases) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments [Abstract] | ' |
2014 | $38,292 |
2015 | 30,535 |
2016 | 18,320 |
2017 | 9,858 |
2018 | 6,767 |
Thereafter | 17,662 |
Total operating lease minimum commitments | $121,434 |
Contingencies_Lorazepam_and_Cl
Contingencies (Lorazepam and Clorazepate) (Narrative) (Details) (Lorazepam and Clorazepate, USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
In Millions, unless otherwise specified | Feb. 06, 2008 | Dec. 31, 2013 | Jun. 01, 2005 | Jun. 01, 2005 | Jun. 01, 2005 | Feb. 06, 2008 | Feb. 06, 2008 | Feb. 06, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | 30-May-12 | Feb. 06, 2008 |
Found in violation of antitrust laws | Health insurers | Judgment reflects trebling of compensatory damages | Original verdict | Original verdict plus punitive damages | Self-funded customers voluntarily dismissed | Self-funded customers | Bond | Bond | ||||
drugs | insurers | plantiffs | plantiffs | plantiffs | ||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency accrual | ' | ' | $12 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of drugs | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of plaintiffs | ' | ' | ' | ' | 4 | 3 | ' | ' | 755 | 1,387 | ' | ' |
Damages awarded | 69 | ' | ' | ' | ' | ' | 11 | 58 | ' | ' | ' | ' |
Damages sought | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voluntary remittitur from plaintiffs | ' | 8.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bond | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66.60 | $74.50 |
Contingencies_Pricing_and_Medi
Contingencies (Pricing and Medicaid Litigation) (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loss Contingencies [Line Items] | ' | ' |
Other current liabilities | $1,389,263,000 | $983,546,000 |
Pricing and Medicaid Litigation | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss contingency accrual | 56,000,000 | 50,000,000 |
Loss contingency accrual, payments | 0 | ' |
Pricing and Medicaid Litigation | Indemnification agreement | Mylan Specialty | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Other current liabilities | $64,100,000 | ' |
Pricing and Medicaid Litigation | New York | Counties | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Number of plaintiffs | 40 | ' |
Contingencies_Modafinil_Antitr
Contingencies (Modafinil Antitrust Litigation and FTC Inquiry) (Narrative) (Details) (Modafinil Antitrust Litigation and FTC Inquiry, Other drug manufacturers) | 0 Months Ended |
Apr. 27, 2006 | |
other_drug_manufacturers | |
Modafinil Antitrust Litigation and FTC Inquiry | Other drug manufacturers | ' |
Loss Contingencies [Line Items] | ' |
Number of defendants | 4 |
Contingencies_Minocycline_Narr
Contingencies (Minocycline) (Narrative) (Details) (Minocycline, Other parties) | 0 Months Ended |
Jul. 23, 2013 | |
defendants | |
Minocycline | Other parties | ' |
Loss Contingencies [Line Items] | ' |
Number of defendants | 8 |
Contingencies_EU_Commission_Pr
Contingencies (EU Commission Proceedings) (Narrative) (Details) (EU Commission Proceedings) | 1 Months Ended | 12 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Jun. 19, 2013 | Dec. 31, 2013 | Jul. 08, 2009 |
EUR (€) | USD ($) | Antitrust Proceedings | |
other_companies | |||
Loss Contingencies [Line Items] | ' | ' | ' |
Number of defendants | ' | ' | 4 |
Damages awarded | € 7.80 | ' | ' |
Loss contingency accrual, provision | ' | $10.30 | ' |
Contingencies_South_African_Co
Contingencies (South African Competition Commission) (Narrative) (Details) (South African Competition Commission) | 0 Months Ended |
Feb. 23, 2013 | |
South African Competition Commission | ' |
Loss Contingencies [Line Items] | ' |
Number of complaints | 2 |
Contingencies_Product_Liabilit
Contingencies (Product Liability) (Narrative) (Details) (Product Liability, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Product Liability | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss contingency accrual | $13.80 | $21.60 |
Contingencies_Intellectual_Pro
Contingencies (Intellectual Property) (Narrative) (Details) (Intellectual Property, USD $) | 0 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | 24-May-11 | Dec. 31, 2013 |
increase | ||
Intellectual Property | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Bond | $10 | ' |
Number of times damages may be increased in cases of willful infringement | ' | 3 |
Supplementary_Financial_Inform2
Supplementary Financial Information (Quarterly Financial Data ) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revenues | $1,808,526 | $1,767,426 | $1,701,701 | $1,631,490 | $1,722,854 | $1,801,786 | $1,687,814 | $1,583,655 | $6,909,143 | $6,796,110 | $6,129,825 | ||||||||
Gross profit | 795,951 | 808,518 | 742,384 | 693,490 | 742,316 | 793,122 | 702,637 | 670,229 | 3,040,343 | 2,908,304 | 2,563,364 | ||||||||
Net earnings | 180,949 | 159,423 | 178,616 | 107,544 | 162,160 | 212,086 | 139,173 | 129,469 | 626,532 | 642,934 | 538,803 | ||||||||
Net earnings attributable to Mylan Inc. common shareholders | $180,232 | $158,908 | $177,689 | $106,882 | $161,964 | $211,257 | $138,550 | $129,079 | $623,711 | $640,850 | $536,810 | ||||||||
Basic (in USD per share) | $0.48 | [1] | $0.42 | [1] | $0.47 | [1] | $0.27 | [1] | $0.40 | [1] | $0.52 | [1] | $0.33 | [1] | $0.30 | [1] | $1.63 | $1.54 | $1.25 |
Diluted (in USD per share) | $0.45 | [1] | $0.40 | [1] | $0.46 | [1] | $0.27 | [1] | $0.39 | [1] | $0.51 | [1] | $0.33 | [1] | $0.30 | [1] | $1.58 | $1.52 | $1.22 |
Share prices, high | $44.50 | [2] | $38.95 | [2] | $31.87 | [2] | $31.01 | [2] | $28.30 | [2] | $24.55 | [2] | $23.54 | [2] | $23.69 | [2] | ' | ' | ' |
Share prices, low | $37.87 | [2] | $30.37 | [2] | $27.96 | [2] | $27.54 | [2] | $23.44 | [2] | $21.54 | [2] | $20.64 | [2] | $20.75 | [2] | ' | ' | ' |
[1] | The sum of earnings per share for the quarters may not equal earnings per share for the total year due to changes in the average number of common shares outstanding. | ||||||||||||||||||
[2] | Closing prices are as reported on the NASDAQ Stock Market. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for doubtful accounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Beginning balance | $23,037 | $18,925 | $23,900 |
Additions Charged to Costs and Expenses | 5,004 | 7,921 | 3,983 |
Additions Charged to Other Accounts | 110 | 95 | 370 |
Deductions | -3,552 | -3,904 | -9,328 |
Ending balance | 24,599 | 23,037 | 18,925 |
Valuation allowance for deferred tax assets | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Beginning balance | 249,382 | 231,436 | 232,147 |
Additions Charged to Costs and Expenses | 53,189 | 23,996 | 14,845 |
Additions Charged to Other Accounts | -13,350 | ' | ' |
Deductions | -22,553 | -6,050 | -15,556 |
Ending balance | $266,668 | $249,382 | $231,436 |