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Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of Long-Term Debt

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.

Minimum Repayments on Outstanding Borrowings

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

Schedule of Short-term Debt

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					$	—

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