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Debt | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Debt | Debt For additional information, see Note 11 Debt in Viatris’ 2022 Form 10-K. Short-Term Borrowings The following table summarizes the Company’s short-term borrowings:
(In millions) | March 31, 2023 |  | December 31, 2022
Receivables Facility | 197.0 |  |  | — |
Other | 7.6 |  |  | — |
Short-term borrowings | $ | 204.6 |  |  | $ | — |
Receivables Facility and Note Securitization Facility The Company has a $400 million Receivables Facility, which expires in April 2025 and a $200 million Note Securitization Facility which expires in August 2023. Under the terms of each of the Receivables Facility and Note Securitization Facility, certain of our accounts receivable secure the amounts borrowed and cannot be used to pay our other debts or liabilities. The amount that we may borrow at a given point in time is determined based on the amount of qualifying accounts receivable that are present at such point in time. Amounts outstanding under either facility are included as a component of short-term borrowings, while the accounts receivables securing these obligations remain as a component of accounts receivable, net, in our condensed consolidated balance sheets. Long-Term Debt Effective April 28, 2023, we executed an amendment to the Revolving Facility to convert the benchmark interest rate from LIBOR to an adjusted SOFR, with no change in the applicable interest rate margins. A summary of long-term debt is as follows:
($ in millions) | Interest Rate as of March 31, 2023 |  | March 31, 2023 |  | December 31, 2022
Current portion of long-term debt: |  |  |  |  |
2023 Senior Notes (a) * | 3.125 | % |  | — |  |  | 750.6 |
2023 Senior Notes * | 4.200 | % |  | 499.8 |  |  | 499.8 |
Other |  |  | 0.7 |  |  | 0.7 |
Deferred financing fees |  |  | (0.4) |  |  | (0.6) |
Current portion of long-term debt |  |  | $ | 500.1 |  |  | $ | 1,250.5 |
Non-current portion of long-term debt: |  |  |  |  |
2024 Euro Senior Notes ** | 2.250 | % |  | 1,083.3 |  |  | 1,069.8 |
2024 Euro Senior Notes **** | 1.023 | % |  | 821.8 |  |  | 813.5 |
2025 Euro Senior Notes * | 2.125 | % |  | 541.5 |  |  | 534.8 |
2025 Senior Notes *** | 1.650 | % |  | 758.6 |  |  | 759.6 |
2026 Senior Notes ** | 3.950 | % |  | 2,243.7 |  |  | 2,243.2 |
2027 Euro Senior Notes **** | 1.362 | % |  | 955.7 |  |  | 945.9 |
2027 Senior Notes *** | 2.300 | % |  | 774.0 |  |  | 775.3 |
2028 Euro Senior Notes ** | 3.125 | % |  | 808.7 |  |  | 798.5 |
2028 Senior Notes * | 4.550 | % |  | 749.0 |  |  | 748.9 |
2030 Senior Notes *** | 2.700 | % |  | 1,510.9 |  |  | 1,512.8 |
2032 Euro Senior Notes **** | 1.908 | % |  | 1,459.8 |  |  | 1,444.4 |
2040 Senior Notes *** | 3.850 | % |  | 1,648.9 |  |  | 1,650.6 |
2043 Senior Notes * | 5.400 | % |  | 497.4 |  |  | 497.4 |
2046 Senior Notes ** | 5.250 | % |  | 999.9 |  |  | 999.9 |
2048 Senior Notes * | 5.200 | % |  | 747.8 |  |  | 747.8 |
2050 Senior Notes *** | 4.000 | % |  | 2,199.6 |  |  | 2,200.8 |
YEN Term Loan Facility | Variable |  | 301.1 |  |  | 305.1 |
Other |  |  | 1.6 |  |  | 2.0 |
Deferred financing fees |  |  | (33.9) |  |  | (35.1) |
Long-term debt |  |  | $ | 18,069.4 |  |  | $ | 18,015.2 |
____________ (a) In the first quarter of 2020, the Company terminated interest rate swaps designated as a fair value hedge resulting in net proceeds of approximately $45 million. The fair value adjustment was amortized to interest expense over the remaining term of the notes, which were repaid at maturity in the first quarter of 2023. * Instrument was issued by Mylan Inc. ** Instrument was originally issued by Mylan N.V.; now held by Utah Acquisition Sub Inc. *** Instrument was issued by Viatris Inc. **** Instrument was issued by Upjohn Finance B.V. At March 31, 2023 and December 31, 2022, the aggregate fair value of the Company’s outstanding notes was approximately $15.04 billion and $15.36 billion, respectively. The fair values of the outstanding 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 notional amount of outstanding long-term debt at March 31, 2023 were as follows for each of the periods ending December 31:
(In millions) | Total
2023 | $ | 500 |
2024 | 1,897 |
2025 | 1,292 |
2026 | 2,551 |
2027 | 1,671 |
Thereafter | 10,118 |
Total | $ | 18,029 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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