Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 25, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MYLAN INC. | ' |
Entity Central Index Key | '0000069499 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filler Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 373,731,253 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Net sales | $1,703 | $1,619.40 |
Other revenues | 12.6 | 12.1 |
Total revenues | 1,715.60 | 1,631.50 |
Cost of sales | 977.8 | 938 |
Gross profit | 737.8 | 693.5 |
Operating expenses: | ' | ' |
Research and development | 118 | 126.5 |
Selling, general and administrative | 377.7 | 351.4 |
Litigation settlements, net | 3.1 | 1.8 |
Total operating expenses | 498.8 | 479.7 |
Earnings from operations | 239 | 213.8 |
Interest expense | 82.7 | 78 |
Other (expense) income, net | -4.6 | 3.4 |
Earnings before income taxes and noncontrolling interest | 151.7 | 139.2 |
Income tax provision | 35.1 | 31.7 |
Net earnings | 116.6 | 107.5 |
Net earnings attributable to the noncontrolling interest | -0.7 | -0.6 |
Net earnings attributable to Mylan Inc. common shareholders | $115.90 | $106.90 |
Earnings per common share attributable to Mylan Inc. common shareholders: | ' | ' |
Basic (in USD per share) | $0.31 | $0.27 |
Diluted (in USD per share) | $0.29 | $0.27 |
Weighted average common shares outstanding: | ' | ' |
Basic | 372.3 | 393.2 |
Diluted | 396.7 | 399 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Earnings (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net earnings | $116.60 | $107.50 |
Other comprehensive earnings (loss), before tax: | ' | ' |
Foreign currency translation adjustment | 97.2 | -140.4 |
Change in unrecognized (loss) gain and prior service cost related to defined benefit plans | -1.5 | 0.3 |
Net unrecognized (loss) gain on derivatives | -27.4 | 25.8 |
Net unrealized loss on marketable securities | 0 | -0.3 |
Other comprehensive earnings (loss), before tax | 68.3 | -114.6 |
Income tax (benefit) provision | -12.4 | 7.3 |
Other comprehensive earnings (loss), net of tax | 80.7 | -121.9 |
Comprehensive earnings (loss) | 197.3 | -14.4 |
Comprehensive earnings attributable to the noncontrolling interest | -0.7 | -0.6 |
Comprehensive earnings (loss) attributable to Mylan Inc. common shareholders | $196.60 | ($15) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $243 | $291.30 |
Accounts receivable, net | 1,678.60 | 1,820.30 |
Inventories | 1,737.90 | 1,664.70 |
Deferred income tax benefit | 223 | 248.9 |
Prepaid expenses and other current assets | 459.7 | 446.1 |
Total current assets | 4,342.20 | 4,471.30 |
Property, plant and equipment, net | 1,705 | 1,663.10 |
Intangible assets, net | 2,462.50 | 2,517.90 |
Goodwill | 4,359.60 | 4,288.10 |
Deferred income tax benefit | 85.4 | 77.8 |
Other assets | 2,400.30 | 2,218.10 |
Total assets | 15,355 | 15,236.30 |
Current liabilities: | ' | ' |
Trade accounts payable | 928.5 | 1,072.80 |
Short-term borrowings | 370.5 | 439.8 |
Income taxes payable | 45.1 | 49.7 |
Current portion of long-term debt and other long-term obligations | 53.3 | 3.6 |
Deferred income tax liability | 2.6 | 0.8 |
Other current liabilities | 1,249.30 | 1,389.40 |
Total current liabilities | 2,649.30 | 2,956.10 |
Long-term debt | 7,780.60 | 7,586.50 |
Other long-term obligations | 1,264.80 | 1,265.30 |
Deferred income tax liability | 468.6 | 468.5 |
Total liabilities | 12,163.30 | 12,276.40 |
Mylan Inc. shareholders’ equity | ' | ' |
Common stock — par value $0.50 per share | 272.6 | 272 |
Additional paid-in capital | 4,122.30 | 4,103.60 |
Retained earnings | 2,801 | 2,685.10 |
Accumulated other comprehensive loss | -159.4 | -240.1 |
Total Mylan Inc. shareholders' equity, before treasury stock | 7,036.50 | 6,820.60 |
Noncontrolling interest | 17.4 | 18.1 |
Less: Treasury stock — at cost | 3,862.20 | 3,878.80 |
Total equity | 3,191.70 | 2,959.90 |
Total liabilities and equity | $15,355 | $15,236.30 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 545,100,341 | 543,978,030 |
Treasury stock, number of shares | 171,634,634 | 172,373,900 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net earnings | $116.60 | $107.50 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 135.2 | 128.9 |
Stock-based compensation expense | 15.4 | 12.1 |
Change in estimated sales allowances | 131.1 | -67.2 |
Deferred income tax benefit | -8.4 | -31.5 |
Other non-cash items | 72.7 | 45.2 |
Litigation settlements, net | 3.1 | 1.8 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 49.1 | 76.7 |
Inventories | -88 | -118.9 |
Trade accounts payable | -32.7 | 5.9 |
Income taxes | -33.5 | 23.1 |
Other operating assets and liabilities, net | -92.5 | -96 |
Net cash provided by operating activities | 268.1 | 87.6 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -72.3 | -53.1 |
Change in restricted cash | 0 | -53.1 |
Cash paid for acquisitions, net | 0 | -32.1 |
Purchase of marketable securities | -4.8 | -2.5 |
Proceeds from sale of marketable securities | 4.9 | 2.8 |
Payments for product rights and other, net | -129 | -4.3 |
Net cash used in investing activities | -201.2 | -142.3 |
Cash flows from financing activities: | ' | ' |
Payment of financing fees | -2.3 | -5 |
Purchase of common stock | 0 | -500 |
Change in short-term borrowings, net | -71.1 | 185.1 |
Proceeds from issuance of long-term debt | 200 | 525 |
Payment of long-term debt | -260 | -239.4 |
Proceeds from exercise of stock options | 21.9 | 28.1 |
Taxes paid related to net share settlement of equity awards | -21.8 | 0 |
Other items, net | 18.7 | 12.8 |
Net cash (used in) provided by financing activities | -114.6 | 6.6 |
Effect on cash of changes in exchange rates | -0.6 | -7.5 |
Net decrease in cash and cash equivalents | -48.3 | -55.6 |
Cash and cash equivalents — beginning of period | 291.3 | 350 |
Cash and cash equivalents — end of period | $243 | $294.40 |
General
General | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General | ' |
General | |
The accompanying unaudited Condensed Consolidated Financial Statements (“interim financial statements”) of Mylan Inc. and subsidiaries (“Mylan” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q; therefore, as permitted under these rules, certain footnotes and other financial information included in audited financial statements were condensed or omitted. The interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the interim results of operations, comprehensive earnings, financial position and cash flows for the periods presented. | |
These interim financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. The December 31, 2013 Condensed Consolidated Balance Sheet was derived from audited financial statements. | |
The interim results of operations, comprehensive earnings and cash flows for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full fiscal year or any other future period. The Company computed its provision for income taxes using an estimated effective tax rate for the full year with consideration of certain discrete tax items which occurred within the interim period. The estimated annual effective tax rate for 2014 includes an estimate of the full-year effect of foreign tax credits that the Company anticipates it will claim against its 2014 United States (“U.S.”) tax liabilities. |
Revenue_Recognition_and_Accoun
Revenue Recognition and Accounts Receivable | 3 Months Ended |
Mar. 31, 2014 | |
Accounts Receivable, Net [Abstract] | ' |
Revenue Recognition and Accounts Receivable | ' |
Revenue Recognition and Accounts Receivable | |
Mylan recognizes net sales when title and risk of loss pass to its customers and when provisions for estimates, including discounts, sales allowances, price adjustments, returns, chargebacks and other promotional programs are reasonably determinable. Accounts receivable are presented net of allowances relating to these provisions. No revisions were made to the methodology used in determining these provisions during the three months ended March 31, 2014. Such allowances were $1.35 billion and $1.24 billion at March 31, 2014 and December 31, 2013, respectively. Other current liabilities include $308.3 million and $281.1 million at March 31, 2014 and December 31, 2013, respectively, for certain sales allowances and other adjustments that are paid to indirect customers. | |
Through its wholly owned subsidiary Mylan Pharmaceuticals Inc. (“MPI”), the Company has access to a $400 million accounts receivable securitization facility (the “Receivables Facility”). The receivables underlying any borrowings are included in accounts receivable, net, in the Condensed Consolidated Balance Sheets. As of March 31, 2014 and December 31, 2013, there were $517.4 million and $723.1 million of securitized accounts receivable. |
Acquisitions
Acquisitions | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Acquisitions | ' | |||||||||||
Acquisitions | ||||||||||||
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 following table summarizes the preliminary fair values of the tangible and identifiable intangible assets acquired and liabilities assumed at acquisition date, with the excess being allocated to goodwill. At March 31, 2014, certain amounts have not been finalized including the determination of certain contingent consideration, certain contingent liabilities, including income and non-income based tax contingencies and deferred income taxes. The finalization of these matters may result in changes to goodwill and the Company expects to finalize such matters during 2014. The preliminary allocation of the $1.43 billion purchase price to the assets acquired and liabilities assumed for Agila is as follows: | ||||||||||||
(In millions) | Preliminary Purchase Price Allocation as of December 4, 2013 (a) | Measurement Period Adjustments (b) | Preliminary Purchase Price Allocation as of March 31, 2014 (as adjusted) | |||||||||
Current assets (excluding inventories) | $ | 39 | $ | 6.5 | $ | 45.5 | ||||||
Inventories | 45.1 | (7.8 | ) | 37.3 | ||||||||
Property, plant and equipment | 143.8 | 2.4 | 146.2 | |||||||||
Identified intangible assets | 280 | — | 280 | |||||||||
In-process research and development | 436 | — | 436 | |||||||||
Other assets (including equity method investment) | 153.4 | (0.6 | ) | 152.8 | ||||||||
Goodwill | 884.2 | 48.6 | 932.8 | |||||||||
Total assets acquired | 1,981.50 | 49.1 | 2,030.60 | |||||||||
Current liabilities | (234.7 | ) | (7.3 | ) | (242.0 | ) | ||||||
Deferred tax liabilities | (193.2 | ) | (38.0 | ) | (231.2 | ) | ||||||
Other non-current liabilities | (119.9 | ) | (3.8 | ) | (123.7 | ) | ||||||
Net assets acquired | $ | 1,433.70 | $ | — | $ | 1,433.70 | ||||||
____________ | ||||||||||||
(a) As previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||||
(b) | The measurement period adjustments are related to 1) certain working capital adjustments to reflect facts and circumstances existing as of the acquisition date and; 2) adjustments related to deferred taxes to reflect the allocation of assets and liabilities to various legal entities. These adjustments did not have a significant impact on the Company’s previously reported consolidated financial statements and accordingly, the Company has not retrospectively adjusted those financial statements. | |||||||||||
The amount allocated to in-process research and development (“IPR&D”) represents an estimate of the fair value of purchased in-process technology for research projects that, as of the closing date of the acquisition, had not reached technological feasibility and had no alternative future use. The fair value of 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”). Payments for product rights and other, net on the Condensed Consolidated Statements of Cash Flows includes payments totaling $120 million to acquire certain commercialization rights in the U.S. and other countries. The goodwill of $933 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. 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. | ||||||||||||
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, 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. | ||||||||||||
Three months ended | ||||||||||||
(In millions, except per share amounts) | March 31, | |||||||||||
2013 | ||||||||||||
Total revenues | $ | 1,693.90 | ||||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 84 | ||||||||||
Earnings per common share attributable to Mylan Inc. common shareholders | ||||||||||||
Basic | $ | 0.21 | ||||||||||
Diluted | $ | 0.21 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 393.2 | |||||||||||
Diluted | 399 | |||||||||||
StockBased_Incentive_Plan
Stock-Based Incentive Plan | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
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, 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 (“SAR”), restricted shares and units, performance awards (“PSU”), 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. | |||||||
In February 2014, Mylan’s Compensation Committee and the independent members of the Board of Directors adopted the One-Time Special Performance-Based Five-Year Realizable Value Incentive Program (the “2014 Program”) under the 2003 Plan. Under the 2014 Program, certain key employees received a one-time, performance-based incentive award (the “Awards”) either in the form of a grant of SAR or PSU. The Awards were granted in February 2014 and contain a five-year cliff-vesting feature based on the achievement of various performance targets, external market conditions and the employee’s continued services. | |||||||
The following table summarizes stock option and SAR (“stock awards”) activity: | |||||||
Number of Shares | Weighted | ||||||
Under Stock Awards | Average | ||||||
Exercise Price | |||||||
per Share | |||||||
Outstanding at December 31, 2013 | 13,563,881 | $ | 22.05 | ||||
Granted | 5,350,684 | 52.84 | |||||
Exercised | (1,133,171 | ) | 19.62 | ||||
Forfeited | (167,209 | ) | 26.72 | ||||
Outstanding at March 31, 2014 | 17,614,185 | $ | 31.54 | ||||
Vested and expected to vest at March 31, 2014 | 16,933,782 | $ | 31.55 | ||||
Exercisable at March 31, 2014 | 8,592,857 | $ | 19.85 | ||||
As of March 31, 2014, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had average remaining contractual terms of 7.43 years, 7.39 years and 5.49 years, respectively. Also, at March 31, 2014, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had aggregate intrinsic values of $327.7 million, $315.3 million and $249.0 million respectively. | |||||||
A summary of the status of the Company’s nonvested restricted stock and restricted stock unit awards, including PSUs, as of March 31, 2014 and the changes during the three months ended March 31, 2014 are presented below: | |||||||
Number of | Weighted Average | ||||||
Restricted | Grant-Date | ||||||
Stock Awards | Fair Value per Share | ||||||
Nonvested at December 31, 2013 | 3,321,836 | $ | 27.13 | ||||
Granted | 2,035,060 | 40.21 | |||||
Released | (1,108,362 | ) | 25.34 | ||||
Forfeited | (111,249 | ) | 27.14 | ||||
Nonvested at March 31, 2014 | 4,137,285 | $ | 34.06 | ||||
As of March 31, 2014, the Company had $171.9 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 3.33 years. The total intrinsic value of stock-based awards exercised and restricted stock units converted during the three months ended March 31, 2014 and 2013 was $96.3 million and $41.5 million, respectively. | |||||||
Under the 2014 Program, approximately 4.4 million SARs and 1.5 million PSUs were granted. The fair value of the Awards were determined using a Monte Carlo simulation as both the SARs and PSUs contain the same performance and market conditions. The Monte Carlo simulation involves a series of random trials that result in different future stock price paths over the contractual life of the SAR or PSU based on appropriate probability distributions. Conditions are imposed on each Monte Carlo simulation to determine the extent to which the performance conditions would have been met, and therefore the extent to which the Awards would have vested, for the particular stock price path. Once the Company determines that it is probable that the performance targets will be met, compensation expense is recorded for these awards. Each SAR or PSU is equal to one common share with the maximum value of each Award upon vesting subject to varying limitations. | |||||||
The key assumptions used in the valuation of the Awards are as follows: | |||||||
2014 | |||||||
Volatility | 29.4 | % | |||||
Risk-free interest rate | 1.6 | % | |||||
Expected term (years) | 5 | ||||||
Forfeiture rate | 5.5 | % | |||||
Weighted average grant date fair value per stock appreciation right | $ | 9.43 | |||||
Weighted average grant date fair value per performance award | $ | 34.58 | |||||
Balance_Sheet_Components
Balance Sheet Components | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Balance Sheet Components [Abstract] | ' | |||||||
Balance Sheet Components | ' | |||||||
Balance Sheet Components | ||||||||
Selected balance sheet components consist of the following: | ||||||||
(In millions) | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Inventories: | ||||||||
Raw materials | $ | 550.4 | $ | 484.6 | ||||
Work in process | 321.4 | 310.1 | ||||||
Finished goods | 866.1 | 870 | ||||||
$ | 1,737.90 | $ | 1,664.70 | |||||
Property, plant and equipment: | ||||||||
Land and improvements | $ | 84.5 | $ | 72.7 | ||||
Buildings and improvements | 803.9 | 747 | ||||||
Machinery and equipment | 1,691.40 | 1,698.40 | ||||||
Construction in progress | 235.2 | 207.7 | ||||||
2,815.00 | 2,725.80 | |||||||
Less accumulated depreciation | 1,110.00 | 1,062.70 | ||||||
$ | 1,705.00 | $ | 1,663.10 | |||||
Other current liabilities: | ||||||||
Legal and professional accruals, including litigation accruals | $ | 146.2 | $ | 146.1 | ||||
Payroll and employee benefit plan accruals | 199.4 | 289 | ||||||
Accrued sales allowances | 308.3 | 281.1 | ||||||
Accrued interest | 69.3 | 68.5 | ||||||
Fair value of financial instruments | 9.2 | 74.3 | ||||||
Other | 516.9 | 530.4 | ||||||
$ | 1,249.30 | $ | 1,389.40 | |||||
The value of contingent consideration included in other current liabilities is $250 million at March 31, 2014 and December 31, 2013. Contingent consideration included in other long-term obligations is $423.1 million and $414.6 million at March 31, 2014 and December 31, 2013, respectively. Included in prepaid expenses and other current assets is $131.5 million and $129.5 million of restricted cash at March 31, 2014 and December 31, 2013, respectively. An additional $100 million of restricted cash is classified as a component of other long-term assets at March 31, 2014 and December 31, 2013, principally related to amounts deposited in escrow, or restricted amounts, 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 $390.7 million and $401.7 million at March 31, 2014 and December 31, 2013, respectively, and are included in other assets in the Condensed Consolidated Balance Sheets. Liabilities related to these investments totaled $413.6 million and $415.4 million at March 31, 2014 and December 31, 2013, respectively. At March 31, 2014, $370.8 million of these liabilities are included in other long-term obligations and $42.8 million are included in other current liabilities in the Condensed 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. and is accounted for using the equity method of accounting. Sagent Agila was established to allow for the development, manufacturing and distribution of certain generic injectable products in the U.S. market. The initial term of the venture expires upon the tenth anniversary of the formation. The equity method investment included in other assets totaled $119.3 million and $123.2 million at March 31, 2014 and December 31, 2013, respectively, in the Condensed Consolidated Balance Sheets. The results of Sagent Agila were not material to Mylan’s Condensed Consolidated Financial Statements. |
Earnings_per_Common_Share_Attr
Earnings per Common Share Attributable to Mylan Inc. | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings per Common Share Attributable to Mylan Inc. | ' | |||||||
Earnings per Common Share Attributable to Mylan Inc. | ||||||||
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 certain anti-dilution provisions. In 2011, the Company entered into amendments with the counterparties to exchange the original warrants with an exercise price of $20.00 (the “Old Warrants”) for 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. Both the Old and New Warrants meet the definition of derivatives under the Financial Accounting Standards Board’s (“FASB”) guidance regarding accounting for derivative instruments and hedging activities; however, because these instruments have been determined to be indexed to the Company’s own common stock and meet the criteria for equity classification under the FASB’s guidance regarding contracts in an entity’s own equity, the warrants have been recorded in shareholders’ equity in the Condensed 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 three months ended March 31, 2014 and March 31, 2013, 16.9 million warrants and 0.7 million warrants, respectively, were included in the calculation of diluted earnings per share. | ||||||||
Basic and diluted earnings per common share attributable to Mylan Inc. are calculated as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In millions, except per share amounts) | 2014 | 2013 | ||||||
Basic earnings attributable to Mylan Inc. common shareholders (numerator): | ||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 115.9 | $ | 106.9 | ||||
Shares (denominator): | ||||||||
Weighted average common shares outstanding | 372.3 | 393.2 | ||||||
Basic earnings per common share attributable to Mylan Inc. common shareholders | $ | 0.31 | $ | 0.27 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In millions, except per share amounts) | 2014 | 2013 | ||||||
Diluted earnings attributable to Mylan Inc. common shareholders (numerator): | ||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 115.9 | $ | 106.9 | ||||
Shares (denominator): | ||||||||
Weighted average common shares outstanding | 372.3 | 393.2 | ||||||
Stock-based awards and warrants | 24.4 | 5.8 | ||||||
Total dilutive shares outstanding | 396.7 | 399 | ||||||
Diluted earnings per common share attributable to Mylan Inc. common shareholders | $ | 0.29 | $ | 0.27 | ||||
Additional stock options, SARs and restricted stock awards were outstanding during the periods ended March 31, 2014 and 2013, 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 awards represented 2.5 million shares for the three months ended March 31, 2014 and 2.3 million shares for the three months ended March 31, 2013, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||
Goodwill and Intangible Assets | ||||||||||||||
The changes in the carrying amount of goodwill for the three months ended March 31, 2014 are as follows: | ||||||||||||||
(In millions) | Generics | Specialty | Total | |||||||||||
Segment | Segment | |||||||||||||
Balance at December 31, 2013: | ||||||||||||||
Goodwill | $ | 3,939.00 | $ | 734.1 | $ | 4,673.10 | ||||||||
Accumulated impairment losses | — | (385.0 | ) | (385.0 | ) | |||||||||
3,939.00 | 349.1 | 4,288.10 | ||||||||||||
Purchase price allocation adjustment (1) | 48.6 | — | 48.6 | |||||||||||
Foreign currency translation | 22.9 | — | 22.9 | |||||||||||
$ | 4,010.50 | $ | 349.1 | $ | 4,359.60 | |||||||||
Balance at March 31, 2014: | ||||||||||||||
Goodwill | $ | 4,010.50 | $ | 734.1 | $ | 4,744.60 | ||||||||
Accumulated impairment losses | — | (385.0 | ) | (385.0 | ) | |||||||||
$ | 4,010.50 | $ | 349.1 | $ | 4,359.60 | |||||||||
____________ | ||||||||||||||
(1) | See Note 3. | |||||||||||||
Intangible assets consist of the following components at March 31, 2014 and December 31, 2013: | ||||||||||||||
(In millions) | Weighted | Original | Accumulated | Net Book | ||||||||||
Average Life | Cost | Amortization | Value | |||||||||||
(Years) | ||||||||||||||
March 31, 2014 | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Patents and technologies | 20 | $ | 116.6 | $ | 95.1 | $ | 21.5 | |||||||
Product rights and licenses | 10 | 3,600.00 | 2,118.30 | 1,481.70 | ||||||||||
Other (1) | 8 | 174.2 | 63.8 | 110.4 | ||||||||||
3,890.80 | 2,277.20 | 1,613.60 | ||||||||||||
In-process research and development | 848.9 | — | 848.9 | |||||||||||
$ | 4,739.70 | $ | 2,277.20 | $ | 2,462.50 | |||||||||
December 31, 2013 | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Patents and technologies | 20 | $ | 116.6 | $ | 93.8 | $ | 22.8 | |||||||
Product rights and licenses | 10 | 3,559.50 | 2,018.10 | 1,541.40 | ||||||||||
Other (1) | 8 | 174 | 59.4 | 114.6 | ||||||||||
3,850.10 | 2,171.30 | 1,678.80 | ||||||||||||
In-process research and development | 839.1 | — | 839.1 | |||||||||||
$ | 4,689.20 | $ | 2,171.30 | $ | 2,517.90 | |||||||||
____________ | ||||||||||||||
(1) | Other intangible assets consist principally of customer lists and contracts. | |||||||||||||
Amortization expense, which is classified primarily within cost of sales in the Condensed Consolidated Statements of Operations, for the three months ended March 31, 2014 and 2013, was $92.6 million and $91.5 million, respectively. Amortization expense is expected to be approximately $269 million for the remainder of 2014 and $351 million, $269 million, $224 million and $176 million for the years ended December 31, 2015 through 2018, respectively. | ||||||||||||||
Indefinite-lived intangible assets, such as the Company’s IPR&D assets, are tested at least annually for impairment, but they may also 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. During the three months ended March 31, 2013, the Company recorded impairment charges related to IPR&D assets of $5.1 million. | ||||||||||||||
During the three months ended March 31, 2014 and 2013, approximately $6.9 million and $6.5 million, respectively, were reclassified from acquired IPR&D to product rights and licenses. |
Financial_Instruments_and_Risk
Financial Instruments and Risk Management | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 and interest rate 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 Condensed Consolidated Balance Sheets. Any gains or losses on the foreign exchange forward contracts are recognized in earnings in the period incurred in the Condensed Consolidated Statements of Operations. | ||||||||||||||||
The Company has also entered into forward contracts to hedge forecasted foreign currency denominated sales from certain international subsidiaries. These contracts are designated as cash flow hedges to manage foreign currency transaction risk and are measured at fair value and reported as current assets or current liabilities on the Condensed Consolidated Balance Sheets. Any changes in fair value are included in earnings or deferred through accumulated other comprehensive earnings (“AOCE”), depending on the nature and effectiveness of the offset. | ||||||||||||||||
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 in the Condensed 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 variability in future cash flows attributable to changes in interest rates. Any changes in fair value are included in earnings or deferred through AOCE, depending on the nature and effectiveness of the offset. Any ineffectiveness in a cash flow hedging relationship is recognized immediately in earnings in the Condensed Consolidated Statements of Operations. | ||||||||||||||||
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 Condensed 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. | ||||||||||||||||
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 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 Condensed 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 common stock, and have been recorded in shareholders’ equity in the Company’s Condensed Consolidated Balance Sheets, the instruments are exempt from the scope of the FASB’s guidance regarding accounting for derivative instruments and hedging activities and are not subject to the fair value provisions set forth therein. | ||||||||||||||||
At March 31, 2014, the convertible note hedge had a total fair value of $1.54 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 Condensed 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 Condensed Consolidated Financial Statements. | ||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Interest rate swaps | Prepaid expenses and other current assets | $ | 61.1 | Prepaid expenses and other current assets | $ | 90.3 | ||||||||||
Interest rate swaps | Other assets | 55 | Other assets | 93.1 | ||||||||||||
Total | $ | 116.1 | $ | 183.4 | ||||||||||||
Liability Derivatives | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Interest rate swaps | Other current liabilities | $ | 0.4 | Other current liabilities | $ | 15.8 | ||||||||||
Foreign currency forward contracts | Other current liabilities | 4.3 | Other current liabilities | 53.1 | ||||||||||||
Total | $ | 4.7 | $ | 68.9 | ||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Asset Derivatives | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Foreign currency forward contracts | Prepaid expenses and other current assets | $ | 3.2 | Prepaid expenses and other current assets | $ | 6.4 | ||||||||||
Purchased cash convertible note hedge | Other assets | 1,535.10 | Other assets | 1,303.00 | ||||||||||||
Total | $ | 1,538.30 | $ | 1,309.40 | ||||||||||||
Liability Derivatives | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Foreign currency forward contracts | Other current liabilities | $ | 4.5 | Other current liabilities | $ | 5.4 | ||||||||||
Cash conversion feature of Cash Convertible Notes | Long-term debt | 1,535.10 | Long-term debt | 1,303.00 | ||||||||||||
Total | $ | 1,539.60 | $ | 1,308.40 | ||||||||||||
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | ||||||||||||||||
Derivatives in Fair Value Hedging Relationships | ||||||||||||||||
Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||||||||
Recognized in Earnings | Recognized in Earnings on | |||||||||||||||
on Derivatives | Derivatives | |||||||||||||||
(In millions) | Three Months Ended | |||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Interest rate swaps | Interest expense | $ | 24.1 | $ | (1.8 | ) | ||||||||||
Total | $ | 24.1 | $ | (1.8 | ) | |||||||||||
Location of (Loss) or Gain | Amount of (Loss) or Gain | |||||||||||||||
Recognized in Earnings | Recognized in Earnings on | |||||||||||||||
on Hedged Items | Hedged Items | |||||||||||||||
(In millions) | Three Months Ended | |||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
2018 Senior Notes (6.000% coupon) | Interest expense | $ | 1.1 | $ | 5.3 | |||||||||||
2023 Senior Notes (3.125% coupon) | Interest expense | (16.5 | ) | — | ||||||||||||
Total | $ | (15.4 | ) | $ | 5.3 | |||||||||||
The Effect of Derivative Instruments on the Condensed 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) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||
Foreign currency forward contracts | $ | (50.9 | ) | $ | 4.7 | |||||||||||
Interest rate swaps | (42.5 | ) | 4.7 | |||||||||||||
Total | $ | (93.4 | ) | $ | 9.4 | |||||||||||
Location of Loss Reclassified | Amount of Loss | |||||||||||||||
from AOCE into Earnings | Reclassified from AOCE | |||||||||||||||
(Effective Portion) | into Earnings (Effective Portion) | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||
Foreign currency forward contracts | Net sales | $ | (77.7 | ) | $ | (9.1 | ) | |||||||||
Interest rate swaps | Interest expense | (0.2 | ) | (0.7 | ) | |||||||||||
Total | $ | (77.9 | ) | $ | (9.8 | ) | ||||||||||
Location of Gain | Amount of Gain Excluded from the Assessment of Hedge Effectiveness | |||||||||||||||
Excluded from the | Three Months Ended | |||||||||||||||
Assessment of | March 31, | |||||||||||||||
(In millions) | Hedge Effectiveness | 2014 | 2013 | |||||||||||||
Foreign currency forward contracts | Other (expense) income, net | $ | 86.4 | $ | 8.1 | |||||||||||
Total | $ | 86.4 | $ | 8.1 | ||||||||||||
At March 31, 2014, the Company expects that approximately $32 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 Condensed Consolidated Statements of Operations | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Location of Gain | Amount of Gain or (Loss) | |||||||||||||||
or (Loss) Recognized | Recognized in | |||||||||||||||
in Earnings on Derivatives | Earnings on Derivatives | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||
Foreign currency forward contracts | Other (expense) income, net | $ | 4.6 | $ | (11.2 | ) | ||||||||||
Cash conversion feature of Cash Convertible Notes | Other (expense) income, net | (231.8 | ) | (55.3 | ) | |||||||||||
Purchased cash convertible note hedge | Other (expense) income, net | 231.8 | 55.3 | |||||||||||||
Total | $ | 4.6 | $ | (11.2 | ) | |||||||||||
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: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Recurring fair value measurements | ||||||||||||||||
Financial Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 94.7 | $ | — | $ | — | $ | 94.7 | ||||||||
Total cash equivalents | 94.7 | — | — | 94.7 | ||||||||||||
Trading securities: | ||||||||||||||||
Equity securities — exchange traded funds | 16.8 | — | — | 16.8 | ||||||||||||
Total trading securities | 16.8 | — | — | 16.8 | ||||||||||||
Available-for-sale fixed income investments: | ||||||||||||||||
U.S. Treasuries | — | 0.7 | — | 0.7 | ||||||||||||
Corporate bonds | — | 11.1 | — | 11.1 | ||||||||||||
Agency mortgage-backed securities | — | 13.2 | — | 13.2 | ||||||||||||
Other | — | 2.4 | — | 2.4 | ||||||||||||
Total available-for-sale fixed income investments | — | 27.4 | — | 27.4 | ||||||||||||
Available-for-sale equity securities: | ||||||||||||||||
Biosciences industry | 0.1 | — | — | 0.1 | ||||||||||||
Total available-for-sale equity securities | 0.1 | — | — | 0.1 | ||||||||||||
Foreign exchange derivative assets | — | 3.2 | — | 3.2 | ||||||||||||
Interest rate swap derivative assets | — | 116.1 | — | 116.1 | ||||||||||||
Purchased cash convertible note hedge | — | 1,535.10 | — | 1,535.10 | ||||||||||||
Total assets at recurring fair value measurement | $ | 111.6 | $ | 1,681.80 | $ | — | $ | 1,793.40 | ||||||||
Financial Liabilities | ||||||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 8.8 | $ | — | $ | 8.8 | ||||||||
Interest rate swap derivative liabilities | — | 0.4 | — | 0.4 | ||||||||||||
Cash conversion feature of Cash Convertible Notes | — | 1,535.10 | — | 1,535.10 | ||||||||||||
Contingent consideration | — | — | 673.1 | 673.1 | ||||||||||||
Total liabilities at recurring fair value measurement | $ | — | $ | 1,544.30 | $ | 673.1 | $ | 2,217.40 | ||||||||
December 31, 2013 | ||||||||||||||||
(In millions) | 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 | 16.6 | — | — | 16.6 | ||||||||||||
Total trading securities | 16.6 | — | — | 16.6 | ||||||||||||
Available-for-sale fixed income investments: | ||||||||||||||||
U.S. Treasuries | — | 12.8 | — | 12.8 | ||||||||||||
Corporate bonds | — | 10.7 | — | 10.7 | ||||||||||||
Agency mortgage-backed securities | — | 0.7 | — | 0.7 | ||||||||||||
Other | — | 2.6 | — | 2.6 | ||||||||||||
Total available-for-sale fixed income investments | — | 26.8 | — | 26.8 | ||||||||||||
Available-for-sale equity securities: | ||||||||||||||||
Biosciences industry | 0.2 | — | — | 0.2 | ||||||||||||
Total available-for-sale equity securities | 0.2 | — | — | 0.2 | ||||||||||||
Foreign exchange derivative assets | — | 6.4 | — | 6.4 | ||||||||||||
Interest rate swap derivative assets | — | 183.4 | — | 183.4 | ||||||||||||
Purchased cash convertible note hedge | — | 1,303.00 | — | 1,303.00 | ||||||||||||
Total assets at recurring fair value measurement | $ | 16.8 | $ | 1,519.60 | $ | — | $ | 1,536.40 | ||||||||
Financial Liabilities | ||||||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 58.5 | $ | — | $ | 58.5 | ||||||||
Interest rate swap derivative liabilities | — | 15.8 | — | 15.8 | ||||||||||||
Cash conversion feature of Cash Convertible Notes | — | 1,303.00 | — | 1,303.00 | ||||||||||||
Contingent consideration | — | — | 664.6 | 664.6 | ||||||||||||
Total liabilities at recurring fair value measurement | $ | — | $ | 1,377.30 | $ | 664.6 | $ | 2,041.90 | ||||||||
For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including the LIBOR yield curve, foreign exchange forward prices and bank price quotes. Below is a summary of valuation techniques for Level 1 and Level 2 financial assets and liabilities: | ||||||||||||||||
• | Cash equivalents — valued at observable net asset value prices. | |||||||||||||||
• | Trading securities — valued at the active quoted market price from broker or dealer quotations or transparent pricing sources at the reporting date. | |||||||||||||||
• | Available-for-sale fixed income investments — valued at the quoted market price from broker or dealer quotations or transparent pricing sources at the reporting date. | |||||||||||||||
• | Available-for-sale equity securities — valued using quoted stock prices from 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 March 31, 2014 and December 31, 2013, which was calculated as the present value of the estimated future net cash flows using a market rate of return. Discount rates ranging from 0.7% to 11.1% were utilized in the valuation. For the contingent consideration related to 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 three months ended March 31, 2014 and March 31, 2013, accretion of $8.4 million and $7.7 million was recorded in interest expense. A fair value adjustment to decrease the liability by approximately $1.9 million during the three months ended March 31, 2013, was recorded as a component of selling, general and administrative (“SG&A”) 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. |
Debt
Debt | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Debt | ' | ||||||||||
Debt | |||||||||||
Long-Term Debt | |||||||||||
A summary of long-term debt is as follows: | |||||||||||
(In millions) | Coupon | March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||||
Revolving Facility | $ | — | $ | 60 | |||||||
Cash Convertible Notes | 3.75 | % | 2,066.80 | 1,828.30 | |||||||
2016 Senior Notes (a) | 1.8 | % | 499.3 | 499.2 | |||||||
2016 Senior Notes (b) | 1.35 | % | 499.7 | 499.7 | |||||||
2018 Senior Notes (c) | 2.6 | % | 648.8 | 648.8 | |||||||
2018 Senior Notes (d) | 6 | % | 810.7 | 811.4 | |||||||
2019 Senior Notes (a) | 2.55 | % | 498.8 | 498.8 | |||||||
2020 Senior Notes (d) | 7.875 | % | 1,011.70 | 1,012.00 | |||||||
2023 Senior Notes (a) | 3.125 | % | 749.7 | 733.2 | |||||||
2023 Senior Notes (e) | 4.2 | % | 498.1 | 498.1 | |||||||
2043 Senior Notes (e) | 5.4 | % | 496.9 | 496.9 | |||||||
Other | 0.1 | 0.1 | |||||||||
Total long-term debt | $ | 7,780.60 | $ | 7,586.50 | |||||||
____________ | |||||||||||
(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 0.30% 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 0.50% 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. | ||||||||||
Exchange Offer | |||||||||||
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. 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. | |||||||||||
In connection with the senior notes offering, the Company entered into a registration rights agreement with the initial purchasers of the senior 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 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 and the exchange offer was completed on March 4, 2014. | |||||||||||
Cash Convertible Notes | |||||||||||
Below is the summary of the components of the Cash Convertible Notes: | |||||||||||
(In millions) | March 31, 2014 | December 31, | Balance Sheet Classification | ||||||||
2013 | |||||||||||
Outstanding principal | $ | 574 | $ | 574 | Long-term debt | ||||||
Equity component carrying amount | 1,535.10 | 1,303.30 | Long-term debt | ||||||||
Unamortized discount | (42.3 | ) | (49.0 | ) | Long-term debt | ||||||
Net debt carrying amount | $ | 2,066.80 | $ | 1,828.30 | |||||||
Purchased call options | $ | 1,535.10 | $ | 1,303.30 | Other assets | ||||||
As of March 31, 2014, because the closing price of Mylan’s common stock for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day in the March 31, 2014 period was more than 130% of the applicable conversion reference price of $13.32, the $574 million of Cash Convertible Notes were convertible. Although de minimis conversions have been requested, the Company’s experience is that convertible debentures are not normally converted by investors until close to their maturity date. 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 credit 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. | |||||||||||
Receivables Facility | |||||||||||
As of March 31, 2014 and December 31, 2013, the Company’s short-term borrowings under the Receivables Facility were $280 million and $374 million, respectively in the Condensed Consolidated Balance Sheets. | |||||||||||
Fair Value | |||||||||||
At March 31, 2014 and December 31, 2013, the fair value of the Senior Notes was approximately $5.89 billion and $5.85 billion, respectively. At March 31, 2014 and December 31, 2013, the fair value of the Cash Convertible Notes was approximately $2.11 billion and $1.88 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. | |||||||||||
Mandatory minimum repayments remaining on the outstanding borrowings under the Revolving Facility and notes at notional amounts at March 31, 2014 are as follows for each of the periods ending December 31: | |||||||||||
(In millions) | Total | ||||||||||
2014 | $ | — | |||||||||
2015 | 574 | ||||||||||
2016 | 1,000.00 | ||||||||||
2017 | — | ||||||||||
2018 | 1,450.00 | ||||||||||
Thereafter | 3,250.00 | ||||||||||
Total | $ | 6,274.00 | |||||||||
Comprehensive_Earnings
Comprehensive Earnings | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||
Comprehensive Earnings | ' | |||||||||||||||||||||||||
Comprehensive Earnings | ||||||||||||||||||||||||||
Accumulated other comprehensive loss, as reflected on the Condensed Consolidated Balance Sheets, is comprised of the following: | ||||||||||||||||||||||||||
(In millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Net unrealized gains on marketable securities, net of tax | $ | 0.3 | $ | 0.3 | ||||||||||||||||||||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (9.7 | ) | (8.7 | ) | ||||||||||||||||||||||
Net unrecognized gains on derivatives, net of tax | 69.3 | 84.8 | ||||||||||||||||||||||||
Foreign currency translation adjustment | (219.3 | ) | (316.5 | ) | ||||||||||||||||||||||
$ | (159.4 | ) | $ | (240.1 | ) | |||||||||||||||||||||
Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
(In millions) | Foreign currency forward contracts | Interest rate swaps | Total | |||||||||||||||||||||||
Balance at December 31, 2013, net of tax | $ | 84.8 | $ | 0.3 | $ | (8.7 | ) | $ | (316.5 | ) | $ | (240.1 | ) | |||||||||||||
Other comprehensive earnings (loss) before reclassifications, before tax | (105.3 | ) | — | (1.7 | ) | 97.2 | (9.8 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax: | ||||||||||||||||||||||||||
Gain (loss) on foreign exchange forward contracts classified as cash flow hedges, included in net sales | (77.7 | ) | (77.7 | ) | (77.7 | ) | ||||||||||||||||||||
Gain (loss) on interest rate swaps classified as cash flow hedges, included in interest expense | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||
Amortization of actuarial gain (loss) included in SG&A expenses | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | (77.9 | ) | — | (0.2 | ) | — | (78.1 | ) | ||||||||||||||||||
Net other comprehensive earnings (loss), before tax | (27.4 | ) | — | (1.5 | ) | 97.2 | 68.3 | |||||||||||||||||||
Income tax provision | 11.9 | — | 0.5 | — | 12.4 | |||||||||||||||||||||
Balance at March 31, 2014, net of tax | $ | 69.3 | $ | 0.3 | $ | (9.7 | ) | $ | (219.3 | ) | $ | (159.4 | ) | |||||||||||||
Three Months Ended March 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 | ||||||||||||||||||||||
(In millions) | Foreign currency forward contracts | Interest rate swaps | Total | |||||||||||||||||||||||
Balance at December 31, 2012, net of tax | $ | (30.8 | ) | $ | 1 | $ | (13.9 | ) | $ | (42.8 | ) | $ | (86.5 | ) | ||||||||||||
Other comprehensive (loss) earnings before reclassifications, before tax | 16 | (0.3 | ) | — | (140.4 | ) | (124.7 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax: | ||||||||||||||||||||||||||
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net revenues | (9.1 | ) | (9.1 | ) | (9.1 | ) | ||||||||||||||||||||
Loss on interest rate swaps classified as cash flow hedges, included in interest expense | (0.7 | ) | (0.7 | ) | (0.7 | ) | ||||||||||||||||||||
Amortization of actuarial gain (loss) included in SG&A expenses | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | (9.8 | ) | — | (0.3 | ) | — | (10.1 | ) | ||||||||||||||||||
Net other comprehensive earnings (loss), before tax | 25.8 | (0.3 | ) | 0.3 | (140.4 | ) | (114.6 | ) | ||||||||||||||||||
Income tax (benefit) provision | (7.3 | ) | 0.1 | (0.1 | ) | — | (7.3 | ) | ||||||||||||||||||
Balance at March 31, 2013, net of tax | $ | (12.3 | ) | $ | 0.8 | $ | (13.7 | ) | $ | (183.2 | ) | $ | (208.4 | ) | ||||||||||||
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Shareholders' Equity | ' | |||||||||||
Shareholders’ Equity | ||||||||||||
A summary of the changes in shareholders’ equity for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||
(In millions) | Total Mylan Inc. Shareholders' Equity | Noncontrolling Interest | Total | |||||||||
December 31, 2013 | $ | 2,941.80 | $ | 18.1 | $ | 2,959.90 | ||||||
Net earnings | 115.9 | 0.7 | 116.6 | |||||||||
Other comprehensive earnings, net of tax | 80.7 | — | 80.7 | |||||||||
Stock option activity | 21.9 | — | 21.9 | |||||||||
Stock compensation expense | 15.4 | — | 15.4 | |||||||||
Issuance of restricted stock, net of shares withheld | (20.1 | ) | — | (20.1 | ) | |||||||
Tax benefit of stock option plans | 18.7 | — | 18.7 | |||||||||
Other | — | (1.4 | ) | (1.4 | ) | |||||||
March 31, 2014 | $ | 3,174.30 | $ | 17.4 | $ | 3,191.70 | ||||||
(In millions) | Total Mylan Inc. Shareholders' Equity | Noncontrolling Interest | Total | |||||||||
December 31, 2012 | $ | 3,340.70 | $ | 15.1 | $ | 3,355.80 | ||||||
Net earnings | 106.9 | 0.6 | 107.5 | |||||||||
Other comprehensive loss, net of tax | (121.9 | ) | — | (121.9 | ) | |||||||
Common stock share repurchase | (500.0 | ) | — | (500.0 | ) | |||||||
Stock option activity | 28.1 | — | 28.1 | |||||||||
Stock compensation expense | 12.1 | — | 12.1 | |||||||||
Issuance of restricted stock, net of shares withheld | (7.3 | ) | — | (7.3 | ) | |||||||
Tax benefit of stock option plans | 12.9 | — | 12.9 | |||||||||
March 31, 2013 | $ | 2,871.50 | $ | 15.7 | $ | 2,887.20 | ||||||
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 active pharmaceutical ingredients (“API”). The Specialty segment engages mainly in the development 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 research and development (“R&D”) expenses and direct SG&A expenses. Certain general and administrative and R&D expenses not allocated to the segments, net charges for litigation settlements, impairment charges and other expenses not directly attributable to the segments, are reported in Corporate/Other. Additionally, amortization of intangible assets and other purchase accounting related items, as well as any other significant special items, are included in Corporate/Other. As a result of changes to the organization structure at the end of 2013, certain R&D and selling and marketing expenses that were previously a component of the Specialty segment profitability are included within the Generics segment profitability beginning in 2014. Items below the earnings from operations line on the Company’s Condensed Consolidated Statements of Operations are not presented by segment, since they are excluded from the measure of segment profitability. The Company does not report depreciation expense, total assets and capital expenditures by segment, as such information is not used by the chief operating decision maker. | |||||||||||||||||
The accounting policies of the segments are the same as those described in the “Summary of Significant Accounting Policies” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. 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 millions) | Generics Segment | Specialty Segment | Corporate / | Consolidated | |||||||||||||
Other(1) | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Total revenues | |||||||||||||||||
Third party | $ | 1,514.50 | $ | 201.1 | $ | — | $ | 1,715.60 | |||||||||
Intersegment | 1.3 | 1.7 | (3.0 | ) | — | ||||||||||||
Total | $ | 1,515.80 | $ | 202.8 | $ | (3.0 | ) | $ | 1,715.60 | ||||||||
Segment profitability | $ | 388.2 | $ | 99.5 | $ | (248.7 | ) | $ | 239 | ||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Total revenues | |||||||||||||||||
Third party | $ | 1,412.80 | $ | 218.7 | $ | — | $ | 1,631.50 | |||||||||
Intersegment | 0.6 | 7.9 | (8.5 | ) | — | ||||||||||||
Total | $ | 1,413.40 | $ | 226.6 | $ | (8.5 | ) | $ | 1,631.50 | ||||||||
Segment profitability | $ | 392.1 | $ | 89.8 | $ | (268.1 | ) | $ | 213.8 | ||||||||
____________ | |||||||||||||||||
(1) | Includes certain corporate general and administrative and R&D expenses; net charges for litigation settlements; certain intercompany transactions, including eliminations; amortization of intangible assets and certain purchase accounting items; impairment charges; and other expenses not directly attributable to segments. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Legal Proceedings | |
The Company is involved in various disputes, governmental and/or regulatory inquiries and proceedings and litigation matters that arise from time to time, some of which are described below. The Company is also party to certain litigation matters 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 common 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 SG&A expenses in the Company’s Condensed Consolidated Statements of Operations. | |
Lorazepam and Clorazepate | |
On June 1, 2005, a jury verdict was rendered against Mylan, MPI, and co-defendants Cambrex Corporation and Gyma Laboratories in the U.S. District Court for the District of Columbia in the amount of approximately $12.0 million, which has been accrued for by the Company. The jury found that Mylan and its co-defendants willfully violated Massachusetts, Minnesota and Illinois state antitrust laws in connection with API supply agreements entered into between the Company and its API supplier (Cambrex) and broker (Gyma) for two drugs, Lorazepam and Clorazepate, in 1997, and subsequent price increases on these drugs in 1998. The case was brought by four health insurers who opted out of earlier class action settlements agreed to by the Company in 2001 and represents the last remaining antitrust claims relating to Mylan’s 1998 price increases for Lorazepam and Clorazepate. Following the verdict, the Company filed a motion for judgment as a matter of law, a motion for a new trial, a motion to dismiss two of the insurers and a motion to reduce the verdict. On December 20, 2006, the Company’s motion for judgment as a matter of law and motion for a new trial were denied and the remaining motions were denied on January 24, 2008. In post-trial filings, the plaintiffs requested that the verdict be trebled and that request was granted on January 24, 2008. On February 6, 2008, a judgment was issued against Mylan and its co-defendants in the total amount of approximately $69.0 million, which, in the case of three of the plaintiffs, reflects trebling of the compensatory damages in the original verdict (approximately $11.0 million in total) and, in the case of the fourth plaintiff, reflects their amount of the compensatory damages in the original jury verdict plus doubling this compensatory damage award as punitive damages assessed against each of the defendants (approximately $58.0 million in total), some or all of which may be subject to indemnification obligations by Mylan. Plaintiffs are also seeking an award of attorneys’ fees and litigation costs in unspecified amounts and prejudgment interest of approximately $8.0 million. The Company and its co-defendants appealed to the U.S. Court of Appeals for the D.C. Circuit and have challenged the verdict as legally erroneous on multiple grounds. The appeals were held in abeyance pending a ruling on the motion for prejudgment interest, which has been granted. Mylan has contested this ruling along with the liability finding and other damages awards as part of its appeal, which was filed in the Court of Appeals for the D.C. Circuit. On January 18, 2011, the Court of Appeals issued a judgment remanding the case to the District Court for further proceedings based on lack of diversity with respect to certain plaintiffs. On June 13, 2011, Mylan filed a certiorari petition with the U.S. Supreme Court requesting review of the judgment of the D.C. Circuit. On October 3, 2011, the certiorari petition was denied. The case is now proceeding before the District Court. On January 14, 2013, following limited court-ordered jurisdictional discovery, the plaintiffs filed a fourth amended complaint containing additional factual averments with respect to the diversity of citizenship of the parties, along with a motion to voluntarily dismiss 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 (“AWP”) 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, Illinois, 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 Wisconsin and Missouri actions, which are contingent upon the execution of definitive settlement documents. The Company had accrued approximately $56.0 million at March 31, 2014 and December 31, 2013. There were no settlement payments made during the three months ended March 31, 2014. 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 have been accrued. However, the range of reasonably possible loss above the amount accrued 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 March 31, 2014, the Company has accrued approximately $63.3 million in other current liabilities, which represents its estimate of the remaining amount of anticipated income tax benefits due to Merck KGaA. 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. 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 has closed and 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 other drug manufacturers, 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. Those lawsuits have been consolidated in the U.S. District Court for 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, the Northern District of Illinois, and the District of Rhode Island by plaintiffs which purport to represent indirect purchasers of branded or generic Actos® and Actoplus Met®. These actions allege violations of state and federal competition laws in connection with the defendants’ settlements of patent litigation in 2010 relating to Actos® and Actoplus Met®. | |
European Commission Proceedings | |
On or around July 8, 2009, the European Commission (the “Commission”) stated that it had initiated antitrust proceedings pursuant to Article 11(6) of Regulation No. 1/2003 and Article 2(1) of Regulation No. 773/2004 to explore possible infringement of Articles 81 and 82 EC and Articles 53 and 54 of the 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 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 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 Commission issued a decision finding that Generics [U.K.] Limited, as well as the companies noted above, had violated European Union (“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 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. The Company had accrued approximately $10.3 million related to this matter at March 31, 2014 and December 31, 2013. There are no assurances that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued. However, the range of reasonably possible loss above the amount accrued 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. A decision remains pending. | |
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 $15.1 million at March 31, 2014 and $13.8 million at December 31, 2013. There are no assurances that settlements reached and/or adverse judgments received, if any, will not exceed amounts accrued . However, the range of reasonably possible loss above the amount accrued 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 any case involving an at-risk launch could have a material adverse effect on our financial position, 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. |
General_Policies
General (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting Policy | ' |
The accompanying unaudited Condensed Consolidated Financial Statements (“interim financial statements”) of Mylan Inc. and subsidiaries (“Mylan” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q; therefore, as permitted under these rules, certain footnotes and other financial information included in audited financial statements were condensed or omitted. The interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the interim results of operations, comprehensive earnings, financial position and cash flows for the periods presented. |
Revenue_Recognition_and_Accoun1
Revenue Recognition and Accounts Receivable (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounts Receivable, Net [Abstract] | ' |
Revenue Recognition Policy | ' |
Mylan recognizes net sales when title and risk of loss pass to its customers and when provisions for estimates, including discounts, sales allowances, price adjustments, returns, chargebacks and other promotional programs are reasonably determinable. Accounts receivable are presented net of allowances relating to these provisions. |
Earnings_per_Common_Share_Attr1
Earnings per Common Share Attributable to Mylan Inc. (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ' |
Earnings per Share Policy | ' |
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. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Indefinite-Lived Intangible Assets Policy | ' |
Indefinite-lived intangible assets, such as the Company’s IPR&D assets, are tested at least annually for impairment, but they may also 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. |
Financial_Instruments_and_Risk1
Financial Instruments and Risk Management (Policies) | 3 Months Ended | |
Mar. 31, 2014 | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |
Fair Value of Financial Instruments Policy | ' | |
Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: | ||
• | Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. | |
• | Level 2: Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities. | |
• | Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. | |
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value. |
Segment_Information_Policies
Segment Information (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Segment Reporting [Abstract] | ' |
Segment Reporting Policy | ' |
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 active pharmaceutical ingredients (“API”). The Specialty segment engages mainly in the development 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 research and development (“R&D”) expenses and direct SG&A expenses. Certain general and administrative and R&D expenses not allocated to the segments, net charges for litigation settlements, impairment charges and other expenses not directly attributable to the segments, are reported in Corporate/Other. Additionally, amortization of intangible assets and other purchase accounting related items, as well as any other significant special items, are included in Corporate/Other. As a result of changes to the organization structure at the end of 2013, certain R&D and selling and marketing expenses that were previously a component of the Specialty segment profitability are included within the Generics segment profitability beginning in 2014. Items below the earnings from operations line on the Company’s Condensed Consolidated Statements of Operations are not presented by segment, since they are excluded from the measure of segment profitability. The Company does not report depreciation expense, total assets and capital expenditures by segment, as such information is not used by the chief operating decision maker. | |
The accounting policies of the segments are the same as those described in the “Summary of Significant Accounting Policies” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Intersegment revenues are accounted for at current market values and are eliminated at the consolidated level. |
Contingencies_Policies
Contingencies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Costs Policy | ' |
Legal costs are recorded as incurred and are classified in SG&A expenses in the Company’s Condensed Consolidated Statements of Operations. |
Acquisitions_Tables
Acquisitions (Tables) (Agila Specialties) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Agila Specialties | ' | |||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Schedule of Purchase Price Allocation | ' | |||||||||||
The preliminary allocation of the $1.43 billion purchase price to the assets acquired and liabilities assumed for Agila is as follows: | ||||||||||||
(In millions) | Preliminary Purchase Price Allocation as of December 4, 2013 (a) | Measurement Period Adjustments (b) | Preliminary Purchase Price Allocation as of March 31, 2014 (as adjusted) | |||||||||
Current assets (excluding inventories) | $ | 39 | $ | 6.5 | $ | 45.5 | ||||||
Inventories | 45.1 | (7.8 | ) | 37.3 | ||||||||
Property, plant and equipment | 143.8 | 2.4 | 146.2 | |||||||||
Identified intangible assets | 280 | — | 280 | |||||||||
In-process research and development | 436 | — | 436 | |||||||||
Other assets (including equity method investment) | 153.4 | (0.6 | ) | 152.8 | ||||||||
Goodwill | 884.2 | 48.6 | 932.8 | |||||||||
Total assets acquired | 1,981.50 | 49.1 | 2,030.60 | |||||||||
Current liabilities | (234.7 | ) | (7.3 | ) | (242.0 | ) | ||||||
Deferred tax liabilities | (193.2 | ) | (38.0 | ) | (231.2 | ) | ||||||
Other non-current liabilities | (119.9 | ) | (3.8 | ) | (123.7 | ) | ||||||
Net assets acquired | $ | 1,433.70 | $ | — | $ | 1,433.70 | ||||||
____________ | ||||||||||||
(a) As previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||||
(b) | The measurement period adjustments are related to 1) certain working capital adjustments to reflect facts and circumstances existing as of the acquisition date and; 2) adjustments related to deferred taxes to reflect the allocation of assets and liabilities to various legal entities. These adjustments did not have a significant impact on the Company’s previously reported consolidated financial statements and accordingly, the Company has not retrospectively adjusted those financial statements. | |||||||||||
Business Acquisition, Pro Forma Information for Agila Acquisition | ' | |||||||||||
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, 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. | ||||||||||||
Three months ended | ||||||||||||
(In millions, except per share amounts) | March 31, | |||||||||||
2013 | ||||||||||||
Total revenues | $ | 1,693.90 | ||||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 84 | ||||||||||
Earnings per common share attributable to Mylan Inc. common shareholders | ||||||||||||
Basic | $ | 0.21 | ||||||||||
Diluted | $ | 0.21 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 393.2 | |||||||||||
Diluted | 399 | |||||||||||
StockBased_Incentive_Plan_Tabl
Stock-Based Incentive Plan (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock Awards Activity | ' | ||||||
The following table summarizes stock option and SAR (“stock awards”) activity: | |||||||
Number of Shares | Weighted | ||||||
Under Stock Awards | Average | ||||||
Exercise Price | |||||||
per Share | |||||||
Outstanding at December 31, 2013 | 13,563,881 | $ | 22.05 | ||||
Granted | 5,350,684 | 52.84 | |||||
Exercised | (1,133,171 | ) | 19.62 | ||||
Forfeited | (167,209 | ) | 26.72 | ||||
Outstanding at March 31, 2014 | 17,614,185 | $ | 31.54 | ||||
Vested and expected to vest at March 31, 2014 | 16,933,782 | $ | 31.55 | ||||
Exercisable at March 31, 2014 | 8,592,857 | $ | 19.85 | ||||
Nonvested Restricted Stock and Restricted Stock Unit, Including Performance Units, Activity | ' | ||||||
A summary of the status of the Company’s nonvested restricted stock and restricted stock unit awards, including PSUs, as of March 31, 2014 and the changes during the three months ended March 31, 2014 are presented below: | |||||||
Number of | Weighted Average | ||||||
Restricted | Grant-Date | ||||||
Stock Awards | Fair Value per Share | ||||||
Nonvested at December 31, 2013 | 3,321,836 | $ | 27.13 | ||||
Granted | 2,035,060 | 40.21 | |||||
Released | (1,108,362 | ) | 25.34 | ||||
Forfeited | (111,249 | ) | 27.14 | ||||
Nonvested at March 31, 2014 | 4,137,285 | $ | 34.06 | ||||
Stock-Based Compensation Plans, Valuation Assumptions | ' | ||||||
The key assumptions used in the valuation of the Awards are as follows: | |||||||
2014 | |||||||
Volatility | 29.4 | % | |||||
Risk-free interest rate | 1.6 | % | |||||
Expected term (years) | 5 | ||||||
Forfeiture rate | 5.5 | % | |||||
Weighted average grant date fair value per stock appreciation right | $ | 9.43 | |||||
Weighted average grant date fair value per performance award | $ | 34.58 | |||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Balance Sheet Components [Abstract] | ' | |||||||
Inventories | ' | |||||||
Selected balance sheet components consist of the following: | ||||||||
(In millions) | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Inventories: | ||||||||
Raw materials | $ | 550.4 | $ | 484.6 | ||||
Work in process | 321.4 | 310.1 | ||||||
Finished goods | 866.1 | 870 | ||||||
$ | 1,737.90 | $ | 1,664.70 | |||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment: | ||||||||
Land and improvements | $ | 84.5 | $ | 72.7 | ||||
Buildings and improvements | 803.9 | 747 | ||||||
Machinery and equipment | 1,691.40 | 1,698.40 | ||||||
Construction in progress | 235.2 | 207.7 | ||||||
2,815.00 | 2,725.80 | |||||||
Less accumulated depreciation | 1,110.00 | 1,062.70 | ||||||
$ | 1,705.00 | $ | 1,663.10 | |||||
Other Current Liabilities | ' | |||||||
Other current liabilities: | ||||||||
Legal and professional accruals, including litigation accruals | $ | 146.2 | $ | 146.1 | ||||
Payroll and employee benefit plan accruals | 199.4 | 289 | ||||||
Accrued sales allowances | 308.3 | 281.1 | ||||||
Accrued interest | 69.3 | 68.5 | ||||||
Fair value of financial instruments | 9.2 | 74.3 | ||||||
Other | 516.9 | 530.4 | ||||||
$ | 1,249.30 | $ | 1,389.40 | |||||
Earnings_per_Common_Share_Attr2
Earnings per Common Share Attributable to Mylan Inc. (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Basic and Diluted Earnings per Common Share Attributable to Mylan Inc. | ' | |||||||
Basic and diluted earnings per common share attributable to Mylan Inc. are calculated as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In millions, except per share amounts) | 2014 | 2013 | ||||||
Basic earnings attributable to Mylan Inc. common shareholders (numerator): | ||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 115.9 | $ | 106.9 | ||||
Shares (denominator): | ||||||||
Weighted average common shares outstanding | 372.3 | 393.2 | ||||||
Basic earnings per common share attributable to Mylan Inc. common shareholders | $ | 0.31 | $ | 0.27 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In millions, except per share amounts) | 2014 | 2013 | ||||||
Diluted earnings attributable to Mylan Inc. common shareholders (numerator): | ||||||||
Net earnings attributable to Mylan Inc. common shareholders | $ | 115.9 | $ | 106.9 | ||||
Shares (denominator): | ||||||||
Weighted average common shares outstanding | 372.3 | 393.2 | ||||||
Stock-based awards and warrants | 24.4 | 5.8 | ||||||
Total dilutive shares outstanding | 396.7 | 399 | ||||||
Diluted earnings per common share attributable to Mylan Inc. common shareholders | $ | 0.29 | $ | 0.27 | ||||
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Changes in Carrying Amount of Goodwill | ' | |||||||||||||
The changes in the carrying amount of goodwill for the three months ended March 31, 2014 are as follows: | ||||||||||||||
(In millions) | Generics | Specialty | Total | |||||||||||
Segment | Segment | |||||||||||||
Balance at December 31, 2013: | ||||||||||||||
Goodwill | $ | 3,939.00 | $ | 734.1 | $ | 4,673.10 | ||||||||
Accumulated impairment losses | — | (385.0 | ) | (385.0 | ) | |||||||||
3,939.00 | 349.1 | 4,288.10 | ||||||||||||
Purchase price allocation adjustment (1) | 48.6 | — | 48.6 | |||||||||||
Foreign currency translation | 22.9 | — | 22.9 | |||||||||||
$ | 4,010.50 | $ | 349.1 | $ | 4,359.60 | |||||||||
Balance at March 31, 2014: | ||||||||||||||
Goodwill | $ | 4,010.50 | $ | 734.1 | $ | 4,744.60 | ||||||||
Accumulated impairment losses | — | (385.0 | ) | (385.0 | ) | |||||||||
$ | 4,010.50 | $ | 349.1 | $ | 4,359.60 | |||||||||
____________ | ||||||||||||||
(1) | See Note 3. | |||||||||||||
Components of Intangible Assets | ' | |||||||||||||
Intangible assets consist of the following components at March 31, 2014 and December 31, 2013: | ||||||||||||||
(In millions) | Weighted | Original | Accumulated | Net Book | ||||||||||
Average Life | Cost | Amortization | Value | |||||||||||
(Years) | ||||||||||||||
March 31, 2014 | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Patents and technologies | 20 | $ | 116.6 | $ | 95.1 | $ | 21.5 | |||||||
Product rights and licenses | 10 | 3,600.00 | 2,118.30 | 1,481.70 | ||||||||||
Other (1) | 8 | 174.2 | 63.8 | 110.4 | ||||||||||
3,890.80 | 2,277.20 | 1,613.60 | ||||||||||||
In-process research and development | 848.9 | — | 848.9 | |||||||||||
$ | 4,739.70 | $ | 2,277.20 | $ | 2,462.50 | |||||||||
December 31, 2013 | ||||||||||||||
Amortized intangible assets: | ||||||||||||||
Patents and technologies | 20 | $ | 116.6 | $ | 93.8 | $ | 22.8 | |||||||
Product rights and licenses | 10 | 3,559.50 | 2,018.10 | 1,541.40 | ||||||||||
Other (1) | 8 | 174 | 59.4 | 114.6 | ||||||||||
3,850.10 | 2,171.30 | 1,678.80 | ||||||||||||
In-process research and development | 839.1 | — | 839.1 | |||||||||||
$ | 4,689.20 | $ | 2,171.30 | $ | 2,517.90 | |||||||||
____________ | ||||||||||||||
(1) | Other intangible assets consist principally of customer lists and contracts. |
Financial_Instruments_and_Risk2
Financial Instruments and Risk Management (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | |||||||||||||||
Financial Assets and Liabilities Carried at Fair Value | ' | |||||||||||||||
Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
(In millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Recurring fair value measurements | ||||||||||||||||
Financial Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 94.7 | $ | — | $ | — | $ | 94.7 | ||||||||
Total cash equivalents | 94.7 | — | — | 94.7 | ||||||||||||
Trading securities: | ||||||||||||||||
Equity securities — exchange traded funds | 16.8 | — | — | 16.8 | ||||||||||||
Total trading securities | 16.8 | — | — | 16.8 | ||||||||||||
Available-for-sale fixed income investments: | ||||||||||||||||
U.S. Treasuries | — | 0.7 | — | 0.7 | ||||||||||||
Corporate bonds | — | 11.1 | — | 11.1 | ||||||||||||
Agency mortgage-backed securities | — | 13.2 | — | 13.2 | ||||||||||||
Other | — | 2.4 | — | 2.4 | ||||||||||||
Total available-for-sale fixed income investments | — | 27.4 | — | 27.4 | ||||||||||||
Available-for-sale equity securities: | ||||||||||||||||
Biosciences industry | 0.1 | — | — | 0.1 | ||||||||||||
Total available-for-sale equity securities | 0.1 | — | — | 0.1 | ||||||||||||
Foreign exchange derivative assets | — | 3.2 | — | 3.2 | ||||||||||||
Interest rate swap derivative assets | — | 116.1 | — | 116.1 | ||||||||||||
Purchased cash convertible note hedge | — | 1,535.10 | — | 1,535.10 | ||||||||||||
Total assets at recurring fair value measurement | $ | 111.6 | $ | 1,681.80 | $ | — | $ | 1,793.40 | ||||||||
Financial Liabilities | ||||||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 8.8 | $ | — | $ | 8.8 | ||||||||
Interest rate swap derivative liabilities | — | 0.4 | — | 0.4 | ||||||||||||
Cash conversion feature of Cash Convertible Notes | — | 1,535.10 | — | 1,535.10 | ||||||||||||
Contingent consideration | — | — | 673.1 | 673.1 | ||||||||||||
Total liabilities at recurring fair value measurement | $ | — | $ | 1,544.30 | $ | 673.1 | $ | 2,217.40 | ||||||||
December 31, 2013 | ||||||||||||||||
(In millions) | 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 | 16.6 | — | — | 16.6 | ||||||||||||
Total trading securities | 16.6 | — | — | 16.6 | ||||||||||||
Available-for-sale fixed income investments: | ||||||||||||||||
U.S. Treasuries | — | 12.8 | — | 12.8 | ||||||||||||
Corporate bonds | — | 10.7 | — | 10.7 | ||||||||||||
Agency mortgage-backed securities | — | 0.7 | — | 0.7 | ||||||||||||
Other | — | 2.6 | — | 2.6 | ||||||||||||
Total available-for-sale fixed income investments | — | 26.8 | — | 26.8 | ||||||||||||
Available-for-sale equity securities: | ||||||||||||||||
Biosciences industry | 0.2 | — | — | 0.2 | ||||||||||||
Total available-for-sale equity securities | 0.2 | — | — | 0.2 | ||||||||||||
Foreign exchange derivative assets | — | 6.4 | — | 6.4 | ||||||||||||
Interest rate swap derivative assets | — | 183.4 | — | 183.4 | ||||||||||||
Purchased cash convertible note hedge | — | 1,303.00 | — | 1,303.00 | ||||||||||||
Total assets at recurring fair value measurement | $ | 16.8 | $ | 1,519.60 | $ | — | $ | 1,536.40 | ||||||||
Financial Liabilities | ||||||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 58.5 | $ | — | $ | 58.5 | ||||||||
Interest rate swap derivative liabilities | — | 15.8 | — | 15.8 | ||||||||||||
Cash conversion feature of Cash Convertible Notes | — | 1,303.00 | — | 1,303.00 | ||||||||||||
Contingent consideration | — | — | 664.6 | 664.6 | ||||||||||||
Total liabilities at recurring fair value measurement | $ | — | $ | 1,377.30 | $ | 664.6 | $ | 2,041.90 | ||||||||
Fair Value Hedging Relationships | ' | |||||||||||||||
Derivatives, Fair Value [Line Items] | ' | |||||||||||||||
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | ' | |||||||||||||||
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | ||||||||||||||||
Derivatives in Fair Value Hedging Relationships | ||||||||||||||||
Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||||||||
Recognized in Earnings | Recognized in Earnings on | |||||||||||||||
on Derivatives | Derivatives | |||||||||||||||
(In millions) | Three Months Ended | |||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Interest rate swaps | Interest expense | $ | 24.1 | $ | (1.8 | ) | ||||||||||
Total | $ | 24.1 | $ | (1.8 | ) | |||||||||||
Location of (Loss) or Gain | Amount of (Loss) or Gain | |||||||||||||||
Recognized in Earnings | Recognized in Earnings on | |||||||||||||||
on Hedged Items | Hedged Items | |||||||||||||||
(In millions) | Three Months Ended | |||||||||||||||
March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
2018 Senior Notes (6.000% coupon) | Interest expense | $ | 1.1 | $ | 5.3 | |||||||||||
2023 Senior Notes (3.125% coupon) | Interest expense | (16.5 | ) | — | ||||||||||||
Total | $ | (15.4 | ) | $ | 5.3 | |||||||||||
Cash Flow Hedging Relationships | ' | |||||||||||||||
Derivatives, Fair Value [Line Items] | ' | |||||||||||||||
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | ' | |||||||||||||||
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||
Amount of (Loss) or Gain | ||||||||||||||||
Recognized in AOCE | ||||||||||||||||
(Net of Tax) on Derivative | ||||||||||||||||
(Effective Portion) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||
Foreign currency forward contracts | $ | (50.9 | ) | $ | 4.7 | |||||||||||
Interest rate swaps | (42.5 | ) | 4.7 | |||||||||||||
Total | $ | (93.4 | ) | $ | 9.4 | |||||||||||
Location of Loss Reclassified | Amount of Loss | |||||||||||||||
from AOCE into Earnings | Reclassified from AOCE | |||||||||||||||
(Effective Portion) | into Earnings (Effective Portion) | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||
Foreign currency forward contracts | Net sales | $ | (77.7 | ) | $ | (9.1 | ) | |||||||||
Interest rate swaps | Interest expense | (0.2 | ) | (0.7 | ) | |||||||||||
Total | $ | (77.9 | ) | $ | (9.8 | ) | ||||||||||
Location of Gain | Amount of Gain Excluded from the Assessment of Hedge Effectiveness | |||||||||||||||
Excluded from the | Three Months Ended | |||||||||||||||
Assessment of | March 31, | |||||||||||||||
(In millions) | Hedge Effectiveness | 2014 | 2013 | |||||||||||||
Foreign currency forward contracts | Other (expense) income, net | $ | 86.4 | $ | 8.1 | |||||||||||
Total | $ | 86.4 | $ | 8.1 | ||||||||||||
Designated as Hedging Instruments | ' | |||||||||||||||
Derivatives, Fair Value [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 | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Interest rate swaps | Prepaid expenses and other current assets | $ | 61.1 | Prepaid expenses and other current assets | $ | 90.3 | ||||||||||
Interest rate swaps | Other assets | 55 | Other assets | 93.1 | ||||||||||||
Total | $ | 116.1 | $ | 183.4 | ||||||||||||
Liability Derivatives | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Interest rate swaps | Other current liabilities | $ | 0.4 | Other current liabilities | $ | 15.8 | ||||||||||
Foreign currency forward contracts | Other current liabilities | 4.3 | Other current liabilities | 53.1 | ||||||||||||
Total | $ | 4.7 | $ | 68.9 | ||||||||||||
Not Designated as Hedging Instruments | ' | |||||||||||||||
Derivatives, Fair Value [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 | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Foreign currency forward contracts | Prepaid expenses and other current assets | $ | 3.2 | Prepaid expenses and other current assets | $ | 6.4 | ||||||||||
Purchased cash convertible note hedge | Other assets | 1,535.10 | Other assets | 1,303.00 | ||||||||||||
Total | $ | 1,538.30 | $ | 1,309.40 | ||||||||||||
Liability Derivatives | ||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
(In millions) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||
Foreign currency forward contracts | Other current liabilities | $ | 4.5 | Other current liabilities | $ | 5.4 | ||||||||||
Cash conversion feature of Cash Convertible Notes | Long-term debt | 1,535.10 | Long-term debt | 1,303.00 | ||||||||||||
Total | $ | 1,539.60 | $ | 1,308.40 | ||||||||||||
Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | ' | |||||||||||||||
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
Location of Gain | Amount of Gain or (Loss) | |||||||||||||||
or (Loss) Recognized | Recognized in | |||||||||||||||
in Earnings on Derivatives | Earnings on Derivatives | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||
Foreign currency forward contracts | Other (expense) income, net | $ | 4.6 | $ | (11.2 | ) | ||||||||||
Cash conversion feature of Cash Convertible Notes | Other (expense) income, net | (231.8 | ) | (55.3 | ) | |||||||||||
Purchased cash convertible note hedge | Other (expense) income, net | 231.8 | 55.3 | |||||||||||||
Total | $ | 4.6 | $ | (11.2 | ) | |||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Debt Instrument [Line Items] | ' | ||||||||||
Summary of Long-Term Debt | ' | ||||||||||
A summary of long-term debt is as follows: | |||||||||||
(In millions) | Coupon | March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||||
Revolving Facility | $ | — | $ | 60 | |||||||
Cash Convertible Notes | 3.75 | % | 2,066.80 | 1,828.30 | |||||||
2016 Senior Notes (a) | 1.8 | % | 499.3 | 499.2 | |||||||
2016 Senior Notes (b) | 1.35 | % | 499.7 | 499.7 | |||||||
2018 Senior Notes (c) | 2.6 | % | 648.8 | 648.8 | |||||||
2018 Senior Notes (d) | 6 | % | 810.7 | 811.4 | |||||||
2019 Senior Notes (a) | 2.55 | % | 498.8 | 498.8 | |||||||
2020 Senior Notes (d) | 7.875 | % | 1,011.70 | 1,012.00 | |||||||
2023 Senior Notes (a) | 3.125 | % | 749.7 | 733.2 | |||||||
2023 Senior Notes (e) | 4.2 | % | 498.1 | 498.1 | |||||||
2043 Senior Notes (e) | 5.4 | % | 496.9 | 496.9 | |||||||
Other | 0.1 | 0.1 | |||||||||
Total long-term debt | $ | 7,780.60 | $ | 7,586.50 | |||||||
____________ | |||||||||||
(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 0.30% 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 0.50% 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. | ||||||||||
Minimum Repayments on Outstanding Borrowings | ' | ||||||||||
Mandatory minimum repayments remaining on the outstanding borrowings under the Revolving Facility and notes at notional amounts at March 31, 2014 are as follows for each of the periods ending December 31: | |||||||||||
(In millions) | Total | ||||||||||
2014 | $ | — | |||||||||
2015 | 574 | ||||||||||
2016 | 1,000.00 | ||||||||||
2017 | — | ||||||||||
2018 | 1,450.00 | ||||||||||
Thereafter | 3,250.00 | ||||||||||
Total | $ | 6,274.00 | |||||||||
Cash Convertible Notes | Convertible Debt | ' | ||||||||||
Debt Instrument [Line Items] | ' | ||||||||||
Summary of Long-Term Debt | ' | ||||||||||
Below is the summary of the components of the Cash Convertible Notes: | |||||||||||
(In millions) | March 31, 2014 | December 31, | Balance Sheet Classification | ||||||||
2013 | |||||||||||
Outstanding principal | $ | 574 | $ | 574 | Long-term debt | ||||||
Equity component carrying amount | 1,535.10 | 1,303.30 | Long-term debt | ||||||||
Unamortized discount | (42.3 | ) | (49.0 | ) | Long-term debt | ||||||
Net debt carrying amount | $ | 2,066.80 | $ | 1,828.30 | |||||||
Purchased call options | $ | 1,535.10 | $ | 1,303.30 | Other assets | ||||||
Comprehensive_Earnings_Tables
Comprehensive Earnings (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||||||||
Accumulated other comprehensive loss, as reflected on the Condensed Consolidated Balance Sheets, is comprised of the following: | ||||||||||||||||||||||||||
(In millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Net unrealized gains on marketable securities, net of tax | $ | 0.3 | $ | 0.3 | ||||||||||||||||||||||
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | (9.7 | ) | (8.7 | ) | ||||||||||||||||||||||
Net unrecognized gains on derivatives, net of tax | 69.3 | 84.8 | ||||||||||||||||||||||||
Foreign currency translation adjustment | (219.3 | ) | (316.5 | ) | ||||||||||||||||||||||
$ | (159.4 | ) | $ | (240.1 | ) | |||||||||||||||||||||
Components of Other Comprehensive Loss | ' | |||||||||||||||||||||||||
Components of accumulated other comprehensive loss, before tax, consist of the following, for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
(In millions) | Foreign currency forward contracts | Interest rate swaps | Total | |||||||||||||||||||||||
Balance at December 31, 2013, net of tax | $ | 84.8 | $ | 0.3 | $ | (8.7 | ) | $ | (316.5 | ) | $ | (240.1 | ) | |||||||||||||
Other comprehensive earnings (loss) before reclassifications, before tax | (105.3 | ) | — | (1.7 | ) | 97.2 | (9.8 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax: | ||||||||||||||||||||||||||
Gain (loss) on foreign exchange forward contracts classified as cash flow hedges, included in net sales | (77.7 | ) | (77.7 | ) | (77.7 | ) | ||||||||||||||||||||
Gain (loss) on interest rate swaps classified as cash flow hedges, included in interest expense | (0.2 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||
Amortization of actuarial gain (loss) included in SG&A expenses | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | (77.9 | ) | — | (0.2 | ) | — | (78.1 | ) | ||||||||||||||||||
Net other comprehensive earnings (loss), before tax | (27.4 | ) | — | (1.5 | ) | 97.2 | 68.3 | |||||||||||||||||||
Income tax provision | 11.9 | — | 0.5 | — | 12.4 | |||||||||||||||||||||
Balance at March 31, 2014, net of tax | $ | 69.3 | $ | 0.3 | $ | (9.7 | ) | $ | (219.3 | ) | $ | (159.4 | ) | |||||||||||||
Three Months Ended March 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 | ||||||||||||||||||||||
(In millions) | Foreign currency forward contracts | Interest rate swaps | Total | |||||||||||||||||||||||
Balance at December 31, 2012, net of tax | $ | (30.8 | ) | $ | 1 | $ | (13.9 | ) | $ | (42.8 | ) | $ | (86.5 | ) | ||||||||||||
Other comprehensive (loss) earnings before reclassifications, before tax | 16 | (0.3 | ) | — | (140.4 | ) | (124.7 | ) | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax: | ||||||||||||||||||||||||||
Loss on foreign exchange forward contracts classified as cash flow hedges, included in net revenues | (9.1 | ) | (9.1 | ) | (9.1 | ) | ||||||||||||||||||||
Loss on interest rate swaps classified as cash flow hedges, included in interest expense | (0.7 | ) | (0.7 | ) | (0.7 | ) | ||||||||||||||||||||
Amortization of actuarial gain (loss) included in SG&A expenses | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | (9.8 | ) | — | (0.3 | ) | — | (10.1 | ) | ||||||||||||||||||
Net other comprehensive earnings (loss), before tax | 25.8 | (0.3 | ) | 0.3 | (140.4 | ) | (114.6 | ) | ||||||||||||||||||
Income tax (benefit) provision | (7.3 | ) | 0.1 | (0.1 | ) | — | (7.3 | ) | ||||||||||||||||||
Balance at March 31, 2013, net of tax | $ | (12.3 | ) | $ | 0.8 | $ | (13.7 | ) | $ | (183.2 | ) | $ | (208.4 | ) | ||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Summary of Changes in Shareholders' Equity | ' | |||||||||||
A summary of the changes in shareholders’ equity for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||
(In millions) | Total Mylan Inc. Shareholders' Equity | Noncontrolling Interest | Total | |||||||||
December 31, 2013 | $ | 2,941.80 | $ | 18.1 | $ | 2,959.90 | ||||||
Net earnings | 115.9 | 0.7 | 116.6 | |||||||||
Other comprehensive earnings, net of tax | 80.7 | — | 80.7 | |||||||||
Stock option activity | 21.9 | — | 21.9 | |||||||||
Stock compensation expense | 15.4 | — | 15.4 | |||||||||
Issuance of restricted stock, net of shares withheld | (20.1 | ) | — | (20.1 | ) | |||||||
Tax benefit of stock option plans | 18.7 | — | 18.7 | |||||||||
Other | — | (1.4 | ) | (1.4 | ) | |||||||
March 31, 2014 | $ | 3,174.30 | $ | 17.4 | $ | 3,191.70 | ||||||
(In millions) | Total Mylan Inc. Shareholders' Equity | Noncontrolling Interest | Total | |||||||||
December 31, 2012 | $ | 3,340.70 | $ | 15.1 | $ | 3,355.80 | ||||||
Net earnings | 106.9 | 0.6 | 107.5 | |||||||||
Other comprehensive loss, net of tax | (121.9 | ) | — | (121.9 | ) | |||||||
Common stock share repurchase | (500.0 | ) | — | (500.0 | ) | |||||||
Stock option activity | 28.1 | — | 28.1 | |||||||||
Stock compensation expense | 12.1 | — | 12.1 | |||||||||
Issuance of restricted stock, net of shares withheld | (7.3 | ) | — | (7.3 | ) | |||||||
Tax benefit of stock option plans | 12.9 | — | 12.9 | |||||||||
March 31, 2013 | $ | 2,871.50 | $ | 15.7 | $ | 2,887.20 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Reconciliation of Segment Information to Total Consolidated Information | ' | ||||||||||||||||
Presented in the table below is segment information for the periods identified and a reconciliation of segment information to total consolidated information. | |||||||||||||||||
(In millions) | Generics Segment | Specialty Segment | Corporate / | Consolidated | |||||||||||||
Other(1) | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Total revenues | |||||||||||||||||
Third party | $ | 1,514.50 | $ | 201.1 | $ | — | $ | 1,715.60 | |||||||||
Intersegment | 1.3 | 1.7 | (3.0 | ) | — | ||||||||||||
Total | $ | 1,515.80 | $ | 202.8 | $ | (3.0 | ) | $ | 1,715.60 | ||||||||
Segment profitability | $ | 388.2 | $ | 99.5 | $ | (248.7 | ) | $ | 239 | ||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Total revenues | |||||||||||||||||
Third party | $ | 1,412.80 | $ | 218.7 | $ | — | $ | 1,631.50 | |||||||||
Intersegment | 0.6 | 7.9 | (8.5 | ) | — | ||||||||||||
Total | $ | 1,413.40 | $ | 226.6 | $ | (8.5 | ) | $ | 1,631.50 | ||||||||
Segment profitability | $ | 392.1 | $ | 89.8 | $ | (268.1 | ) | $ | 213.8 | ||||||||
____________ | |||||||||||||||||
(1) | Includes certain corporate general and administrative and R&D expenses; net charges for litigation settlements; certain intercompany transactions, including eliminations; amortization of intangible assets and certain purchase accounting items; impairment charges; and other expenses not directly attributable to segments. |
Revenue_Recognition_and_Accoun2
Revenue Recognition and Accounts Receivable (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Revenue Recognition And Accounts Receivable [Line Items] | ' | ' |
Sales allowances, current | $1,350,000,000 | $1,240,000,000 |
Accrued sales allowances and other adjustments | 308,300,000 | 281,100,000 |
Securitized accounts receivable | 517,400,000 | 723,100,000 |
Receivables Facility | ' | ' |
Revenue Recognition And Accounts Receivable [Line Items] | ' | ' |
Accounts receivable securitization facility maximum borrowing capacity | $400,000,000 | ' |
Acquisitions_Agila_Specialties
Acquisitions (Agila Specialties) (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 04, 2013 | Mar. 31, 2014 | Dec. 04, 2013 | Dec. 04, 2013 | Dec. 04, 2013 | Dec. 04, 2013 | ||
Agila Specialties | Agila Specialties | Agila Specialties | Agila Specialties | Agila Specialties | Agila Specialties | |||||
Equity method investments | Product rights and licenses | Customer relationships | Maximum | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Acquisition purchase price | ' | ' | ' | $1,430,000,000 | ' | ' | ' | ' | ' | |
Purchase consideration, cash paid | 0 | 32,100,000 | ' | 3,400,000 | ' | ' | ' | ' | ' | |
Purchase consideration, contingent consideration | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | |
Purchase consideration, contingent consideration, maximum | ' | ' | ' | ' | ' | ' | ' | ' | 461,000,000 | |
Rate used to discount net cash inflows to present value | ' | ' | ' | 13.00% | ' | ' | ' | ' | ' | |
Research and development in process, expect completion cost | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | |
Identified intangible assets | ' | ' | ' | 280,000,000 | [1] | 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 | [1] | 152,800,000 | 125,000,000 | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | |
Payments to acquire certain commercialization rights | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | |
Purchase price allocation, goodwill | 4,359,600,000 | ' | 4,288,100,000 | 884,200,000 | [1] | 932,800,000 | ' | ' | ' | ' |
Amount of goodwill expected to be tax deductible | ' | ' | ' | ' | $0 | ' | ' | ' | ' | |
[1] | (a) As previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. |
Acquisitions_Schedule_of_Purch
Acquisitions (Schedule of Purchase Price Allocation) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 04, 2013 | ||
In Millions, unless otherwise specified | Agila Specialties | Agila Specialties | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ||
Current assets (excluding inventories) | ' | ' | $45.50 | $39 | [1] | |
Current assets (excluding inventories), measurement period adjustments | ' | ' | 6.5 | [2] | ' | |
Inventories | ' | ' | 37.3 | 45.1 | [1] | |
Inventories, measurement period adjustments | ' | ' | -7.8 | [2] | ' | |
Property, plant and equipment | ' | ' | 146.2 | 143.8 | [1] | |
Property, plant and equipment, measurement period adjustments | ' | ' | 2.4 | [2] | ' | |
Identified intangible assets | ' | ' | 280 | 280 | [1] | |
Identified intangible assets, measurement period adjustments | ' | ' | 0 | [2] | ' | |
In-process research and development | ' | ' | 436 | 436 | [1] | |
In-process research and development, measurement period adjustments | ' | ' | 0 | [2] | ' | |
Other assets (including equity method investment) | ' | ' | 152.8 | 153.4 | [1] | |
Other assets (including equity method investment), measurement period adjustments | ' | ' | -0.6 | [2] | ' | |
Goodwill | 4,359.60 | 4,288.10 | 932.8 | 884.2 | [1] | |
Goodwill, measurement period adjustments | ' | ' | 48.6 | [2] | ' | |
Total assets acquired | ' | ' | 2,030.60 | 1,981.50 | [1] | |
Total assets, measurement period adjustments | ' | ' | 49.1 | [2] | ' | |
Current liabilities | ' | ' | -242 | -234.7 | [1] | |
Current liabilities, measurement period adjustments | ' | ' | -7.3 | [2] | ' | |
Deferred tax liabilities | ' | ' | -231.2 | -193.2 | [1] | |
Deferred tax liabilities, measurement period adjustments | ' | ' | -38 | [2] | ' | |
Other non-current liabilities | ' | ' | -123.7 | -119.9 | [1] | |
Other non-current liabilities, measurement period adjustments | ' | ' | -3.8 | [2] | ' | |
Net assets acquired | ' | ' | 1,433.70 | 1,433.70 | [1] | |
Net assets, measurement period adjustments | ' | ' | $0 | [2] | ' | |
[1] | (a) As previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||
[2] | (b) The measurement period adjustments are related to 1) certain working capital adjustments to reflect facts and circumstances existing as of the acquisition date and; 2) adjustments related to deferred taxes to reflect the allocation of assets and liabilities to various legal entities. These adjustments did not have a significant impact on the Company’s previously reported consolidated financial statements and accordingly, the Company has not retrospectively adjusted those financial statements. |
Acquisitions_Pro_Forma_Financi
Acquisitions (Pro Forma Financial Information) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition [Line Items] | ' | ' |
Basic | 372.3 | 393.2 |
Diluted | 396.7 | 399 |
Agila Specialties | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total revenues | ' | 1,693.90 |
Net earnings attributable to Mylan Inc. common shareholders | ' | 84 |
Basic (in USD per share) | ' | 0.21 |
Diluted (in USD per share) | ' | 0.21 |
StockBased_Incentive_Plan_Narr
Stock-Based Incentive Plan (Narrative) (Details) (Long-Term Incentive Plan 2003, USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
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 | $171.90 | ' |
Weighted-average period over which total unrecognized compensation expense expected to be recognized, in years | '3 years 3 months 28 days | ' |
Intrinsic value of stock-based awards exercised and restricted stock units converted | 96.3 | 41.5 |
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 stock awards outstanding, in years | '7 years 5 months 5 days | ' |
Average remaining contractual term for stock awards vested and expected to vest, in years | '7 years 4 months 20 days | ' |
Average remaining contractual term for stock awards exercisable, in years | '5 years 5 months 25 days | ' |
Aggregate intrinsic value for stock awards outstanding | 327.7 | ' |
Aggregate intrinsic value for stock awards vested and expected to vest | 315.3 | ' |
Aggregate intrinsic value for stock awards exercisable | $249 | ' |
Minimum | Stock options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option award vesting period, in years | '3 years | ' |
Maximum | Stock options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option award vesting period, in years | '4 years | ' |
2014 Program | Stock appreciation rights | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares granted in the current period | 4,400,000 | ' |
2014 Program | Performance awards | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares granted in the current period | 1,500,000 | ' |
StockBased_Incentive_Plan_Stoc
Stock-Based Incentive Plan (Stock Awards) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Number of shares under stock awards, outstanding at beginning of period | 13,563,881 |
Weighted average exercise price per share, outstanding at beginning of period | $22.05 |
Number of shares under stock awards, granted | 5,350,684 |
Weighted average exercise price per share, granted | $52.84 |
Number of shares under stock awards, exercised | -1,133,171 |
Weighted average exercise price per share, exercised | $19.62 |
Number of shares under stock awards, forfeited | -167,209 |
Weighted average exercise price per share, forfeited | $26.72 |
Number of shares under stock awards, outstanding at end of period | 17,614,185 |
Weighted average exercise price per share, outstanding at end of period | $31.54 |
Number of shares under stock awards, vested and expected to vest at end of period | 16,933,782 |
Weighted average exercise price per share, vested and expected to vest at end of period | $31.55 |
Number of shares under stock awards, options exercisable at end of period | 8,592,857 |
Weighted average exercise price per share, options exercisable at end of period | $19.85 |
StockBased_Incentive_Plan_Nonv
Stock-Based Incentive Plan (Nonvested Restricted Stock, Restricted Stock Units and PSUs Activity) (Details) (Restricted Stock Awards, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
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 of period | 3,321,836 |
Weighted average grant-date fair value per share, nonvested beginning of period | $27.13 |
Number of restricted stock awards, granted | 2,035,060 |
Weighted average grant-date fair value per share, granted | $40.21 |
Number of restricted stock awards, released | -1,108,362 |
Weighted average grant-date fair value per share, released | $25.34 |
Number of restricted stock awards, forfeited | -111,249 |
Weighted average grant-date fair value per share, forfeited | $27.14 |
Number of restricted stock awards, nonvested end of period | 4,137,285 |
Weighted average grant-date fair value per share, nonvested end of period | $34.06 |
StockBased_Incentive_Plan_Stoc1
Stock-Based Incentive Plan Stock-Based Incentive Plan (Valuation Assumptions) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Volatility | 29.40% |
Risk-free interest rate | 1.60% |
Expected term (years) | '5 years |
Performance awards | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Forfeiture rate | 5.50% |
Weighted average grant date fair value | 34.58 |
Stock appreciation rights | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted average grant date fair value | 9.43 |
Balance_Sheet_Components_Narra
Balance Sheet Components (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 04, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 04, 2013 |
In Millions, unless otherwise specified | 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 | Other assets | Other assets | Equity method investments | ||
Clean Energy Partnerships | Clean Energy Partnerships | Sagent Agila | Sagent Agila | Agila Specialties | ||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current liabilities, contingent consideration | ' | ' | $250 | ' | ' | $250 | $423.10 | $414.60 | ' | ' | ' | ' | ' | ' |
Restricted cash | 131.5 | 129.5 | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' |
Equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 390.7 | 401.7 | 119.3 | 123.2 | ' |
Other liabilities | ' | ' | ' | 413.6 | 415.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other liabilities, noncurrent | 1,264.80 | 1,265.30 | ' | 370.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current liabilities | $1,249.30 | $1,389.40 | ' | $42.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Balance_Sheet_Components_Inven
Balance Sheet Components (Inventories) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Balance Sheet Components [Abstract] | ' | ' |
Raw materials | $550.40 | $484.60 |
Work in process | 321.4 | 310.1 |
Finished goods | 866.1 | 870 |
Inventories | $1,737.90 | $1,664.70 |
Balance_Sheet_Components_Prope
Balance Sheet Components (Property, Plant and Equipment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $2,815 | $2,725.80 |
Accumulated depreciation | 1,110 | 1,062.70 |
Property, plant and equipment, net | 1,705 | 1,663.10 |
Land and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 84.5 | 72.7 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 803.9 | 747 |
Machinery and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,691.40 | 1,698.40 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $235.20 | $207.70 |
Balance_Sheet_Components_Other
Balance Sheet Components (Other Current Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Balance Sheet Components [Abstract] | ' | ' |
Legal and professional accruals, including litigation accruals | $146.20 | $146.10 |
Payroll and employee benefit plan accruals | 199.4 | 289 |
Accrued sales allowances | 308.3 | 281.1 |
Accrued interest | 69.3 | 68.5 |
Fair value of financial instruments | 9.2 | 74.3 |
Other | 516.9 | 530.4 |
Other current liabilities | $1,249.30 | $1,389.40 |
Earnings_per_Common_Share_Attr3
Earnings per Common Share Attributable to Mylan Inc. (Narrative) (Details) (USD $) | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2011 | Sep. 15, 2008 | Sep. 15, 2008 | Sep. 30, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 15, 2008 |
Old warrants | Old warrants | Old warrants | New warrants | Convertible Debt | Convertible Debt | Convertible Debt | |||
Maximum | Cash Convertible Notes | Cash Convertible Notes | Cash Convertible Notes | ||||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt instrument | ' | ' | ' | ' | ' | ' | $574 | $574 | $575 |
Warrant, number of shares of common stock called by warrants | ' | ' | ' | ' | 43.2 | ' | ' | ' | ' |
Warrants issued, exercise price per share | ' | ' | ' | 20 | ' | 30 | ' | ' | ' |
Number of warrants exchanged | ' | ' | 41 | ' | ' | ' | ' | ' | ' |
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 16.9 | 0.7 | ' | ' | ' | ' | ' | ' | ' |
Anti-dilutive stock options or restricted stock awards excluded from computation of earnings per share | 2.5 | 2.3 | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_Common_Share_Attr4
Earnings per Common Share Attributable to Mylan Inc. (Basic and Diluted Earnings Per Common Share Attributable To Mylan Inc.) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net earnings attributable to Mylan Inc. common shareholders | $115.90 | $106.90 |
Weighted average common shares outstanding | 372.3 | 393.2 |
Basic earnings per common share attributable to Mylan Inc. common shareholders | $0.31 | $0.27 |
Weighted average number diluted shares outstanding adjustment, stock-based awards and warrants | 24.4 | 5.8 |
Total dilutive shares outstanding | 396.7 | 399 |
Diluted earnings per common share attributable to Mylan Inc. common shareholders | $0.29 | $0.27 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization expense | $92.60 | $91.50 |
Expected amortization expense, remainder of 2014 | 269 | ' |
Expected amortization expense, 2015 | 351 | ' |
Expected amortization expense, 2016 | 269 | ' |
Expected amortization expense, 2017 | 224 | ' |
Expected amortization expense, 2018 | 176 | ' |
Impairment charges, in-process research and development | ' | 5.1 |
Acquired in-process research and development assets reclassified to amortizable intangible assets | $6.90 | $6.50 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | ' | ' | |
Goodwill, gross, beginning balance | $4,673.10 | ' | |
Accumulated impairment losses, beginning balance | -385 | ' | |
Goodwill, net, beginning balance | 4,359.60 | 4,288.10 | |
Purchase price allocation adjustment | 48.6 | [1] | ' |
Foreign currency translation | 22.9 | ' | |
Goodwill, gross, ending balance | 4,744.60 | ' | |
Accumulated impairment losses, ending balance | -385 | ' | |
Goodwill, net, ending balance | 4,359.60 | 4,288.10 | |
Generics Segment | ' | ' | |
Goodwill [Line Items] | ' | ' | |
Goodwill, gross, beginning balance | 3,939 | ' | |
Accumulated impairment losses, beginning balance | 0 | ' | |
Goodwill, net, beginning balance | 4,010.50 | 3,939 | |
Purchase price allocation adjustment | 48.6 | [1] | ' |
Foreign currency translation | 22.9 | ' | |
Goodwill, gross, ending balance | 4,010.50 | ' | |
Accumulated impairment losses, ending balance | 0 | ' | |
Goodwill, net, ending balance | 4,010.50 | 3,939 | |
Specialty Segment | ' | ' | |
Goodwill [Line Items] | ' | ' | |
Goodwill, gross, beginning balance | 734.1 | ' | |
Accumulated impairment losses, beginning balance | -385 | ' | |
Goodwill, net, beginning balance | 349.1 | 349.1 | |
Purchase price allocation adjustment | 0 | [1] | ' |
Foreign currency translation | 0 | ' | |
Goodwill, gross, ending balance | 734.1 | ' | |
Accumulated impairment losses, ending balance | -385 | ' | |
Goodwill, net, ending balance | $349.10 | $349.10 | |
[1] | (1)Â See Note 3. |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets (Components of Intangible Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Intangible Assets by Major Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, original cost | $3,890.80 | $3,850.10 | ||
Finite-lived intangible assets, accumulated amortization | 2,277.20 | 2,171.30 | ||
Finite-lived intangible assets, net book value | 1,613.60 | 1,678.80 | ||
In-process research and development | 848.9 | 839.1 | ||
Intangible assets, gross, excluding goodwill | 4,739.70 | 4,689.20 | ||
Intangible assets, net book value, excluding goodwill | 2,462.50 | 2,517.90 | ||
Patents and technologies | ' | ' | ||
Intangible Assets by Major Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, estimated useful life, in years | '20 years | '20 years | ||
Finite-lived intangible assets, original cost | 116.6 | 116.6 | ||
Finite-lived intangible assets, accumulated amortization | 95.1 | 93.8 | ||
Finite-lived intangible assets, net book value | 21.5 | 22.8 | ||
Product rights and licenses | ' | ' | ||
Intangible Assets by Major Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, estimated useful life, in years | '10 years | '10 years | ||
Finite-lived intangible assets, original cost | 3,600 | 3,559.50 | ||
Finite-lived intangible assets, accumulated amortization | 2,118.30 | 2,018.10 | ||
Finite-lived intangible assets, net book value | 1,481.70 | 1,541.40 | ||
Other | ' | ' | ||
Intangible Assets by Major Class [Line Items] | ' | ' | ||
Finite-lived intangible assets, estimated useful life, in years | '8 years | '8 years | ||
Finite-lived intangible assets, original cost | 174.2 | [1] | 174 | [1] |
Finite-lived intangible assets, accumulated amortization | 63.8 | [1] | 59.4 | [1] |
Finite-lived intangible assets, net book value | $110.40 | [1] | $114.60 | [1] |
[1] | Other intangible assets consist principally of customer lists and contracts. |
Financial_Instruments_and_Risk3
Financial Instruments and Risk Management (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Derivative [Line Items] | ' | ' |
Pre-tax net losses on cash flow hedges to be reclassified from AOCE into earnings in next twelve months | $32,000,000 | ' |
Accretion expense | 8,400,000 | 7,700,000 |
Contingent consideration | Minimum | ' | ' |
Derivative [Line Items] | ' | ' |
Rate used to discount net cash inflows to present value | 0.70% | ' |
Contingent consideration | Maximum | ' | ' |
Derivative [Line Items] | ' | ' |
Rate used to discount net cash inflows to present value | 11.10% | ' |
Changes during the period | ' | ' |
Derivative [Line Items] | ' | ' |
Adjustment to contingent consideration liability | ' | 1,900,000 |
Purchased cash convertible note hedge | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of credit risk derivatives | $1,540,000,000 | ' |
Financial_Instruments_and_Risk4
Financial Instruments and Risk Management (Derivatives Designated As Hedging Instruments Fair Values of Derivative Instruments) (Details) (Designated as Hedging Instruments, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $116.10 | $183.40 |
Liability Derivatives, Fair Value | 4.7 | 68.9 |
Prepaid expenses and other current assets | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 61.1 | 90.3 |
Other assets | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 55 | 93.1 |
Other current liabilities | Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | 0.4 | 15.8 |
Other current liabilities | Foreign currency forward contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | $4.30 | $53.10 |
Financial_Instruments_and_Risk5
Financial Instruments and Risk Management (Derivatives Not Designated As Hedging Instruments Fair Values of Derivative Instruments) (Details) (Not Designated as Hedging Instruments, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | $1,538.30 | $1,309.40 |
Liability Derivatives, Fair Value | 1,539.60 | 1,308.40 |
Prepaid expenses and other current assets | Foreign currency forward contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 3.2 | 6.4 |
Other assets | Purchased cash convertible note hedge | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives, Fair Value | 1,535.10 | 1,303 |
Other current liabilities | Foreign currency forward contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | 4.5 | 5.4 |
Long-term debt | Cash conversion feature of Cash Convertible Notes | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | $1,535.10 | $1,303 |
Financial_Instruments_and_Risk6
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Fair Value Hedging Relationships) (Details) (Fair Value Hedging Relationships, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $24.10 | ($1.80) |
Amount of (Loss) or Gain Recognized in Earnings on Hedged Items | -15.4 | 5.3 |
Interest expense | Interest rate swaps | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 24.1 | -1.8 |
Interest expense | 2018 Senior Notes (6.000% coupon) | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of (Loss) or Gain Recognized in Earnings on Hedged Items | 1.1 | 5.3 |
Interest expense | 2023 Senior Notes (3.125% coupon) | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of (Loss) or Gain Recognized in Earnings on Hedged Items | ($16.50) | $0 |
Financial_Instruments_and_Risk7
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations Derivatives in Cash Flow Hedging Relationships) (Details) (Cash Flow Hedging Relationships, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of (Loss) or Gain Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | ($93.40) | $9.40 |
Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) | -77.9 | -9.8 |
Amount of Gain Excluded from the Assessment of Hedge Effectiveness | 86.4 | 8.1 |
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) | -50.9 | 4.7 |
Foreign currency forward contracts | Net sales | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) | -77.7 | -9.1 |
Foreign currency forward contracts | Other (expense) income, net | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain Excluded from the Assessment of Hedge Effectiveness | 86.4 | 8.1 |
Interest rate swaps | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of (Loss) or Gain Recognized in AOCE (Net of Tax) on Derivative (Effective Portion) | -42.5 | 4.7 |
Interest rate swaps | Interest expense | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Loss Reclassified from AOCE into Earnings (Effective Portion) | ($0.20) | ($0.70) |
Financial_Instruments_and_Risk8
Financial Instruments and Risk Management (Effect Of Derivative Instruments on the Condensed Consolidated Statements of Operations, Derivatives Not Designated as Hedging Instruments) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $4.60 | ($11.20) |
Foreign currency forward contracts | Other (expense) income, net | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 4.6 | -11.2 |
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 | -231.8 | -55.3 |
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 | $231.80 | $55.30 |
Financial_Instruments_and_Risk9
Financial Instruments and Risk Management (Financial Assets and Liabilities Carried at Fair Value) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | $94.70 | $0 |
Trading securities | 16.8 | 16.6 |
Foreign exchange derivative assets | 3.2 | 6.4 |
Total assets at recurring fair value measurement | 1,793.40 | 1,536.40 |
Foreign exchange derivative liabilities | 8.8 | 58.5 |
Total liabilities at recurring fair value measurement | 2,217.40 | 2,041.90 |
Purchased cash convertible note hedge | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Convertible debt, fair value disclosures | 1,535.10 | 1,303 |
Interest rate swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap derivative liabilities | 0.4 | 15.8 |
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 | 1,535.10 | 1,303 |
Contingent consideration | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | 673.1 | 664.6 |
Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 94.7 | 0 |
Equity securities — exchange traded funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 16.8 | 16.6 |
Available-for-sale fixed income investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 27.4 | 26.8 |
U.S. Treasuries | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0.7 | 12.8 |
Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 11.1 | 10.7 |
Agency mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 13.2 | 0.7 |
Other | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 2.4 | 2.6 |
Total available-for-sale equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0.1 | 0.2 |
Biosciences industry | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0.1 | 0.2 |
Interest rate swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap derivative assets | 116.1 | 183.4 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 94.7 | 0 |
Trading securities | 16.8 | 16.6 |
Total assets at recurring fair value measurement | 111.6 | 16.8 |
Level 1 | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 94.7 | 0 |
Level 1 | Equity securities — exchange traded funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading securities | 16.8 | 16.6 |
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 | 0.1 | 0.2 |
Level 1 | Biosciences industry | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0.1 | 0.2 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign exchange derivative assets | 3.2 | 6.4 |
Total assets at recurring fair value measurement | 1,681.80 | 1,519.60 |
Foreign exchange derivative liabilities | 8.8 | 58.5 |
Total liabilities at recurring fair value measurement | 1,544.30 | 1,377.30 |
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 | 1,535.10 | 1,303 |
Level 2 | Interest rate swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap derivative liabilities | 0.4 | 15.8 |
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 | 1,535.10 | 1,303 |
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 | 27.4 | 26.8 |
Level 2 | U.S. Treasuries | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 0.7 | 12.8 |
Level 2 | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 11.1 | 10.7 |
Level 2 | Agency mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 13.2 | 0.7 |
Level 2 | Other | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 2.4 | 2.6 |
Level 2 | Interest rate swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate swap derivative assets | 116.1 | 183.4 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total liabilities at recurring fair value measurement | 673.1 | 664.6 |
Level 3 | Contingent consideration | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | $673.10 | $664.60 |
Debt_Summary_of_LongTerm_Debt_
Debt (Summary of Long-Term Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 15, 2008 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 18, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 13, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 18, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 09, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 13, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | 12-May-10 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 12, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 13, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 18, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
In Millions, unless otherwise specified | Revolving Facility | Revolving Facility | 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 | |||||||||||||||||||||||||||||
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) | 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] | ' | ' | 2.60% | [3] | ' | ' | 6.00% | [4] | ' | ' | 2.55% | [1] | ' | ' | 7.88% | [4] | ' | ' | 3.13% | [1] | ' | ' | 4.20% | [5] | ' | ' | 5.40% | [5] | ' | ' | ||||||||||||||||||
Net debt carrying amount | ' | ' | $0 | $60 | $2,066.80 | $1,828.30 | ' | $499.30 | [1] | $499.20 | [1] | ' | $499.70 | [2] | $499.70 | [2] | ' | $648.80 | [3] | $648.80 | [3] | ' | $810.70 | [4] | $811.40 | [4] | ' | $498.80 | [1] | $498.80 | [1] | ' | $1,011.70 | [4] | $1,012 | [4] | ' | $749.70 | [1] | $733.20 | [1] | ' | $498.10 | [5] | $498.10 | [5] | ' | $496.90 | [5] | $496.90 | [5] | ' | $0.10 | $0.10 | |||||||||
Long-term debt, excluding current maturities | $7,780.60 | $7,586.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Equivalent percentage of redeemed amount | ' | ' | ' | ' | ' | ' | ' | 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% | ' | ' | 0.30% | ' | ' | 0.50% | ' | ' | 0.20% | ' | ' | 0.50% | ' | ' | 0.20% | ' | ' | 0.25% | ' | ' | 0.25% | ' | ' | ' | ' | |||||||||||||||||||||||||||
[1] | (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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | (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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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] | (c)Â 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] | (e)Â 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_Exchange_Offer_Narrative_
Debt (Exchange Offer) (Narrative) (Details) (USD $) | Mar. 31, 2014 | Jun. 18, 2013 | Jun. 18, 2013 | ||
In Millions, unless otherwise specified | Senior Notes | Senior Notes | |||
2016 Senior Notes (1.800% coupon) | 2018 Senior Notes (2.600% coupon) | ||||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long-term debt, gross | $6,274 | $500 | $650 | ||
Debt instrument, interest rate, stated percentage | ' | 1.80% | [1] | 2.60% | [2] |
[1] | (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. | ||||
[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 0.50% plus, in each case, accrued and unpaid interest. |
Debt_Cash_Convertible_Notes_Na
Debt (Cash Convertible Notes) (Narrative) (Details) (Cash Convertible Notes, USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 15, 2008 | |
Debt Instrument [Line Items] | ' | ' | ' |
Trading days | '20 days | ' | ' |
Consecutive trading days | '30 days | ' | ' |
Convertible Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Ratio of observed share price to conversion reference price | 130.00% | ' | ' |
Conversion reference price | $13.32 | ' | ' |
Outstanding principal | $574,000,000 | $574,000,000 | $575,000,000 |
Reference principal amount | $1,000 | ' | ' |
Conversion reference rate, per reference principal amount | 75.0751 | ' | ' |
Debt_Summary_of_Cash_Convertib
Debt (Summary of Cash Convertible Notes) (Details) (Cash Convertible Notes, USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 15, 2008 |
In Millions, unless otherwise specified | |||
Convertible Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Outstanding principal | $574 | $574 | $575 |
Equity component carrying amount | 1,535.10 | 1,303.30 | ' |
Unamortized discount | -42.3 | -49 | ' |
Net debt carrying amount | 2,066.80 | 1,828.30 | ' |
Call Options | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Purchased call options | $1,535.10 | $1,303.30 | ' |
Debt_Receivables_Facility_Narr
Debt (Receivables Facility) (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Short-term borrowings | $370.50 | $439.80 |
Receivables Facility | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term borrowings | $280 | $374 |
Debt_Fair_Value_Narrative_Deta
Debt (Fair Value) (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Fair value of long-term debt | $5.89 | $5.85 |
Convertible Debt | Convertible Notes Payable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Fair value of long-term debt | $2.11 | $1.88 |
Debt_Minimum_Repayments_on_Out
Debt (Minimum Repayments on Outstanding Borrowings) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $0 |
2015 | 574 |
2016 | 1,000 |
2017 | 0 |
2018 | 1,450 |
Thereafter | 3,250 |
Total | $6,274 |
Comprehensive_Earnings_Accumul
Comprehensive Earnings (Accumulated Other Comprehensive Loss) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Equity [Abstract] | ' | ' |
Net unrealized gains on marketable securities, net of tax | $0.30 | $0.30 |
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | -9.7 | -8.7 |
Net unrecognized gains (losses) on derivatives, net of tax | 69.3 | 84.8 |
Foreign currency translation adjustment | -219.3 | -316.5 |
Accumulated other comprehensive loss | ($159.40) | ($240.10) |
Comprehensive_Earnings_Compone
Comprehensive Earnings (Components Of Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net unrecognized gains (losses) on derivatives, net of tax, beginning of period | $84.80 | ' | ' | ' |
Net unrealized gains on marketable securities, net of tax, beginning of period | 0.3 | ' | ' | ' |
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax | -9.7 | ' | -8.7 | ' |
Foreign currency translation adjustment, beginning of period | -316.5 | ' | ' | ' |
Accumulated other comprehensive loss, net of tax, beginning of period | -240.1 | ' | ' | ' |
Net sales | 1,703 | 1,619.40 | ' | ' |
Interest expense | -82.7 | -78 | ' | ' |
Net other comprehensive earnings (loss) on derivatives, before tax | -151.7 | -139.2 | ' | ' |
Other comprehensive earnings (loss), before tax | 68.3 | -114.6 | ' | ' |
Income tax (benefit) provision | -35.1 | -31.7 | ' | ' |
Net unrecognized gains (losses) on derivatives, net of tax, end of period | 69.3 | ' | ' | ' |
Net unrealized gains on marketable securities, net of tax, end of period | 0.3 | ' | ' | ' |
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | -9.7 | ' | -8.7 | ' |
Foreign currency translation adjustment, end of period | -219.3 | ' | ' | ' |
Accumulated other comprehensive loss, net of tax, end of period | -159.4 | ' | ' | ' |
Stock compensation expense | 15.4 | 12.1 | ' | ' |
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 | 84.8 | -30.8 | ' | ' |
Other comprehensive earnings (loss) before reclassifications, before tax | -105.3 | 16 | ' | ' |
Other comprehensive earnings (loss), before tax | -27.4 | 25.8 | ' | ' |
Net unrecognized gains (losses) on derivatives, net of tax, end of period | 69.3 | -12.3 | ' | ' |
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 | 0.3 | 1 | ' | ' |
Other comprehensive earnings (loss) before reclassifications, before tax | 0 | -0.3 | ' | ' |
Other comprehensive earnings (loss), before tax | ' | -0.3 | ' | ' |
Net unrealized gains on marketable securities, net of tax, end of period | 0.3 | 0.8 | ' | ' |
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 | -9.7 | -13.7 | -8.7 | -13.9 |
Other comprehensive earnings (loss) before reclassifications, before tax | -1.7 | 0 | ' | ' |
Other comprehensive earnings (loss), before tax | -1.5 | 0.3 | ' | ' |
Net unrecognized losses and prior service cost related to defined benefit plans, net of tax, end of period | -9.7 | -13.7 | -8.7 | -13.9 |
Foreign Currency Translation Adjustment | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Foreign currency translation adjustment, beginning of period | -316.5 | -42.8 | ' | ' |
Other comprehensive earnings (loss) before reclassifications, before tax | 97.2 | -140.4 | ' | ' |
Other comprehensive earnings (loss), before tax | 97.2 | -140.4 | ' | ' |
Foreign currency translation adjustment, end of period | -219.3 | -183.2 | ' | ' |
Accumulated Other Comprehensive Earnings (Loss) | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive loss, net of tax, beginning of period | -240.1 | -86.5 | ' | ' |
Other comprehensive earnings (loss) before reclassifications, before tax | -9.8 | -124.7 | ' | ' |
Other comprehensive earnings (loss), before tax | 68.3 | -114.6 | ' | ' |
Accumulated other comprehensive loss, net of tax, end of period | -159.4 | -208.4 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Earnings | Gains and Losses on Derivatives in Cash Flow Hedging Relationships | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net other comprehensive earnings (loss) on derivatives, before tax | -77.9 | -9.8 | ' | ' |
Income tax (benefit) provision | 11.9 | -7.3 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Earnings | Gains and Losses on Derivatives in Cash Flow Hedging Relationships | Foreign currency forward contracts | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net sales | -77.7 | -9.1 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Earnings | Gains and Losses on Derivatives in Cash Flow Hedging Relationships | Interest rate swaps | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Interest expense | -0.2 | -0.7 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Earnings | Gains and Losses on Marketable Securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Income tax (benefit) provision | ' | 0.1 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Earnings | Defined Benefit Plan Items | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss), reclassification adjustment from AOCE, pension and other postretirement benefit plans, for net gain (loss), before tax | -0.2 | -0.3 | ' | ' |
Net other comprehensive earnings (loss) on derivatives, before tax | -0.2 | -0.3 | ' | ' |
Income tax (benefit) provision | 0.5 | -0.1 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Earnings | Accumulated Other Comprehensive Earnings (Loss) | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Other comprehensive income (loss), reclassification adjustment from AOCE, pension and other postretirement benefit plans, for net gain (loss), before tax | -0.2 | ' | ' | ' |
Net other comprehensive earnings (loss) on derivatives, before tax | -78.1 | -10.1 | ' | ' |
Income tax (benefit) provision | 12.4 | -7.3 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Earnings | Accumulated Other Comprehensive Earnings (Loss) | Foreign currency forward contracts | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net sales | -77.7 | -9.1 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Earnings | Accumulated Other Comprehensive Earnings (Loss) | Interest rate swaps | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Interest expense | ($0.20) | ($0.70) | ' | ' |
Shareholders_Equity_Summary_Of
Shareholders' Equity (Summary Of Change In Shareholders' Equity) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Stockholders' equity attributable to noncontrolling interest, beginning balance | $18.10 | ' |
Shareholders' equity, beginning balance | 2,959.90 | 3,355.80 |
Net earnings | 116.6 | 107.5 |
Other comprehensive earnings, net of tax | 80.7 | -121.9 |
Common stock share repurchase | ' | -500 |
Stock option activity | 21.9 | 28.1 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 15.4 | 12.1 |
Issuance of restricted stock, net of shares withheld | -20.1 | -7.3 |
Tax benefit of stock option plans | 18.7 | 12.9 |
Other | -1.4 | ' |
Stockholders' equity attributable to noncontrolling interest, ending balance | 17.4 | ' |
Shareholders' equity, ending balance | 3,191.70 | 2,887.20 |
Total Mylan Inc. Shareholders' Equity | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Shareholders' equity attributable to Mylan Inc., beginning balance | 2,941.80 | 3,340.70 |
Net earnings | 115.9 | 106.9 |
Other comprehensive earnings, net of tax | 80.7 | -121.9 |
Common stock share repurchase | ' | -500 |
Stock option activity | 21.9 | 28.1 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 15.4 | 12.1 |
Issuance of restricted stock, net of shares withheld | -20.1 | -7.3 |
Tax benefit of stock option plans | 18.7 | 12.9 |
Shareholders' equity attributable to Mylan Inc., ending balance | 3,174.30 | 2,871.50 |
Noncontrolling Interest | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Stockholders' equity attributable to noncontrolling interest, beginning balance | 18.1 | 15.1 |
Net earnings | 0.7 | 0.6 |
Other | -1.4 | ' |
Stockholders' equity attributable to noncontrolling interest, ending balance | $17.40 | $15.70 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
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 | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenues | $1,715.60 | $1,631.50 | ||
Segment profitability | 239 | 213.8 | ||
Intersegment | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenues | 0 | 0 | ||
Operating Segment | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenues | 1,715.60 | 1,631.50 | ||
Corporate / Other | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenues | -3 | [1] | -8.5 | [1] |
Segment profitability | -248.7 | [1] | -268.1 | [1] |
Generics Segment | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenues | 1,514.50 | 1,412.80 | ||
Generics Segment | Intersegment | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenues | 1.3 | 0.6 | ||
Generics Segment | Operating Segment | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenues | 1,515.80 | 1,413.40 | ||
Segment profitability | 388.2 | 392.1 | ||
Specialty Segment | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenues | 201.1 | 218.7 | ||
Specialty Segment | Intersegment | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenues | 1.7 | 7.9 | ||
Specialty Segment | Operating Segment | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total revenues | 202.8 | 226.6 | ||
Segment profitability | $99.50 | $89.80 | ||
[1] | Includes certain corporate general and administrative and R&D expenses; net charges for litigation settlements; certain intercompany transactions, including eliminations; amortization of intangible assets and certain purchase accounting items; impairment charges; and other expenses not directly attributable to segments. |
Contingencies_Lorazepam_and_Cl
Contingencies (Lorazepam and Clorazepate) (Narrative) (Details) (Lorazepam and Clorazepate, USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||
In Millions, unless otherwise specified | Feb. 06, 2008 | Mar. 31, 2014 | Jun. 01, 2005 | Jun. 01, 2005 | Jun. 01, 2005 | Feb. 06, 2008 | Feb. 06, 2008 | Feb. 06, 2008 | Mar. 31, 2014 | Mar. 31, 2014 | 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 | Surety bond | Surety 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 | ' | ' |
Judgment issued | 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 $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ' | ' |
Other current liabilities | $1,249,300,000 | $1,389,400,000 |
Pricing and Medicaid Litigation | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss contingency accrual | 56,000,000 | 56,000,000 |
Loss contingency accrual, payments | 0 | ' |
Pricing and Medicaid Litigation | Mylan Specialty | Indemnification agreement | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Other current liabilities | $63,300,000 | ' |
Pricing and Medicaid Litigation | New York | Counties | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Number of plaintiffs | 40 | ' |
Contingencies_Modafinil_Antitr
Contingencies (Modafinil Antitrust Litigation and FTC Inquiry) (Narrative) (Details) (Modafinil Antitrust Litigation and FTC Inquiry, Other drug manufacturers) | 0 Months Ended |
Apr. 27, 2006 | |
other_drug_manufacturers | |
Modafinil Antitrust Litigation and FTC Inquiry | Other drug manufacturers | ' |
Loss Contingencies [Line Items] | ' |
Number of defendants | 4 |
Contingencies_European_Commiss
Contingencies (European Commission Proceedings) (Narrative) (Details) (European Commission Proceedings) | 1 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Jun. 19, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 08, 2009 |
EUR (€) | USD ($) | USD ($) | Antitrust Proceedings | |
other_companies | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Number of defendants | ' | ' | ' | 4 |
Damages awarded | € 7.80 | ' | ' | ' |
Loss contingency accrual | ' | $10.30 | $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 $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Product Liability | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss contingency accrual | $15.10 | $13.80 |
Contingencies_Intellectual_Pro
Contingencies (Intellectual Property) (Narrative) (Details) (Intellectual Property, USD $) | 0 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | 24-May-11 | Mar. 31, 2014 |
increase | ||
Intellectual Property | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Bond | $10 | ' |
Number of times damages may be increased in cases of willful infringement | ' | 3 |