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Subsidiary Guarantors
6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidating Financial Statements
Subsidiary Guarantors
The following tables present unaudited condensed consolidating financial information for (a) the Company (for purposes of this discussion and these tables, “Parent Guarantor”); (b) Mylan Inc., the issuer of certain Senior Notes (for the purposes of this discussion and these tables, the “Issuer”) (Refer to Note 12 Debt for further discussion of the Senior Note issuances); and (c) all other subsidiaries of the Parent Guarantor on a combined basis, none of which guaranteed the Cash Convertible Notes or guarantee the Senior Notes (“Non-Guarantor Subsidiaries”). The consolidating adjustments primarily relate to eliminations of investments in subsidiaries and intercompany balances and transactions. The unaudited condensed consolidating financial statements present investments in subsidiaries using the equity method of accounting. Mylan Inc. is an indirect wholly owned subsidiary of the Company and the Company fully and unconditionally guaranteed on a senior unsecured basis the Senior Notes issued by Mylan Inc.

In addition, the Company’s 3.000% Senior Notes due December 2018 and the 3.750% Senior Notes due December 2020 (collectively, the “December 2015 Senior Notes”) and June 2016 Senior Notes are guaranteed on a senior unsecured basis by Mylan Inc. In connection with the offering of the December 2015 Senior Notes and June 2016 Senior Notes, the Company entered into separate registration rights agreements pursuant to which the Company and Mylan Inc. will use commercially reasonable efforts to file a registration statement with respect to an offer to exchange each series of the December 2015 Senior Notes and June 2016 Senior Notes for new notes with the same aggregate principal amount and terms substantially identical in all material respects and to cause the exchange offer registration statement to be declared effective by the SEC and to consummate the exchange offer not later than 365 days following the respective dates of issuance of the December 2015 Senior Notes and the June 2016 Senior Notes.
The following financial information presents the related unaudited Condensed Consolidating Statements of Operations for the three and six months ended June 30, 2016 and 2015, the unaudited Condensed Consolidating Statements of Comprehensive Earnings for the three and six months ended June 30, 2016 and 2015, the unaudited Condensed Consolidating Balance Sheets as of June 30, 2016 and December 31, 2015 and the unaudited Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2016 and 2015. This unaudited condensed consolidating financial information has been prepared and presented in accordance with SEC Regulation S-X Rule 3-10 “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.”
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
Three Months Ended June 30, 2016
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net sales
$

 
$

 
$

 
$
2,539.9

 
$

 
$
2,539.9

Other revenues

 

 

 
20.8

 

 
20.8

Total revenues

 

 

 
2,560.7

 

 
2,560.7

Cost of sales

 

 

 
1,389.0

 

 
1,389.0

Gross profit

 

 

 
1,171.7

 

 
1,171.7

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Research and development

 

 

 
179.5

 

 
179.5

Selling, general and administrative
19.8

 
187.4

 

 
374.2

 

 
581.4

Litigation settlements, net

 

 

 
(0.1
)
 

 
(0.1
)
Total operating expenses
19.8

 
187.4

 

 
553.6

 

 
760.8

(Losses) earnings from operations
(19.8
)
 
(187.4
)
 

 
618.1

 

 
410.9

Interest expense
31.1

 
43.9

 

 
15.3

 

 
90.3

Other expense (income), net
90.8

 
(97.5
)
 

 
124.2

 

 
117.5

(Losses) earnings before income taxes
(141.7
)
 
(133.8
)
 

 
478.6

 

 
203.1

Income tax provision

 
4.9

 

 
29.8

 

 
34.7

Earnings of equity interest subsidiaries
310.1

 
457.7

 

 

 
(767.8
)
 

Net earnings attributable to Mylan N.V. ordinary shareholders
$
168.4

 
$
319.0

 
$

 
$
448.8

 
$
(767.8
)
 
$
168.4

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net sales
$

 
$

 
$

 
$
4,716.0

 
$

 
$
4,716.0

Other revenues

 

 

 
36.0

 

 
36.0

Total revenues

 

 

 
4,752.0

 

 
4,752.0

Cost of sales

 

 

 
2,673.3

 

 
2,673.3

Gross profit

 

 

 
2,078.7

 

 
2,078.7

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Research and development

 

 

 
433.1

 

 
433.1

Selling, general and administrative
32.9

 
365.1

 

 
732.7

 

 
1,130.7

Litigation settlements, net

 

 

 
(1.6
)
 

 
(1.6
)
Total operating expenses
32.9

 
365.1

 

 
1,164.2

 

 
1,562.2

(Losses) earnings from operations
(32.9
)
 
(365.1
)
 

 
914.5

 

 
516.5

Interest expense
44.4

 
85.4

 

 
30.8

 

 
160.6

Other expense (income), net
84.9

 
(201.4
)
 

 
250.3

 

 
133.8

(Losses) earnings before income taxes
(162.2
)
 
(249.1
)
 

 
633.4

 

 
222.1

Income tax provision

 
13.9

 

 
25.9

 

 
39.8

Earnings of equity interest subsidiaries
344.5

 
614.3

 

 

 
(958.8
)
 

Net earnings attributable to Mylan N.V. ordinary shareholders
$
182.3

 
$
351.3

 
$

 
$
607.5

 
$
(958.8
)
 
$
182.3

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
Three Months Ended June 30, 2015
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net sales
$

 
$

 
$

 
$
2,357.0

 
$

 
$
2,357.0

Other revenues

 

 

 
14.7

 

 
14.7

Total revenues

 

 

 
2,371.7

 

 
2,371.7

Cost of sales

 

 

 
1,363.6

 

 
1,363.6

Gross profit

 

 

 
1,008.1

 

 
1,008.1

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Research and development

 

 

 
168.2

 

 
168.2

Selling, general and administrative

 
216.1

 

 
348.1

 

 
564.2

Litigation settlements, net

 

 

 
(0.9
)
 

 
(0.9
)
Total operating expenses

 
216.1

 

 
515.4

 

 
731.5

(Losses) earnings from operations

 
(216.1
)
 

 
492.7

 

 
276.6

Interest expense
11.9

 
66.6

 

 
15.4

 

 
93.9

Other expense, net

 

 

 
2.0

 

 
2.0

(Losses) earnings before income taxes
(11.9
)
 
(282.7
)
 

 
475.3

 

 
180.7

Income tax (benefit) provision

 
(8.0
)
 

 
20.8

 

 
12.8

Earnings of equity interest subsidiaries
179.8

 
465.4

 

 

 
(645.2
)
 

Net earnings
167.9

 
190.7

 

 
454.5

 
(645.2
)
 
167.9

Net earnings attributable to noncontrolling interest
(0.1
)
 

 

 
(0.1
)
 
0.1

 
(0.1
)
Net earnings attributable to Mylan N.V. ordinary shareholders
$
167.8

 
$
190.7

 
$

 
$
454.4

 
$
(645.1
)
 
$
167.8

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
Six Months Ended June 30, 2015
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net sales
$

 
$

 
$

 
$
4,211.6

 
$

 
$
4,211.6

Other revenues

 

 

 
31.8

 

 
31.8

Total revenues

 

 

 
4,243.4

 

 
4,243.4

Cost of sales

 

 

 
2,405.2

 

 
2,405.2

Gross profit

 

 

 
1,838.2

 

 
1,838.2

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Research and development

 

 

 
338.1

 

 
338.1

Selling, general and administrative

 
417.1

 

 
630.3

 

 
1,047.4

Litigation settlements, net

 

 

 
16.8

 

 
16.8

Total operating expenses

 
417.1

 

 
985.2

 

 
1,402.3

(Losses) earnings from operations

 
(417.1
)
 

 
853.0

 

 
435.9

Interest expense
11.9

 
130.3

 

 
31.2

 

 
173.4

Other expense, net

 

 

 
20.5

 

 
20.5

(Losses) earnings before income taxes
(11.9
)
 
(547.4
)
 

 
801.3

 

 
242.0

Income tax (benefit) provision

 
(41.9
)
 

 
59.4

 

 
17.5

Earnings of equity interest subsidiaries
236.4

 
748.3

 

 

 
(984.7
)
 

Net earnings
224.5

 
242.8

 

 
741.9

 
(984.7
)
 
224.5

Net earnings attributable to noncontrolling interest
(0.1
)
 

 

 
(0.1
)
 
0.1

 
(0.1
)
Net earnings attributable to Mylan N.V. ordinary shareholders
$
224.4

 
$
242.8

 
$

 
$
741.8

 
$
(984.6
)
 
$
224.4


UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS
Three Months Ended June 30, 2016
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net earnings
$
168.4

 
$
319.0

 
$

 
$
448.8

 
$
(767.8
)
 
$
168.4

Other comprehensive (loss) earnings, before tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
(147.1
)
 
(1.5
)
 

 
(145.5
)
 
147.0

 
(147.1
)
Change in unrecognized loss and prior service cost related to defined benefit plans
(0.1
)
 

 

 
(0.2
)
 
0.2

 
(0.1
)
Net unrecognized gain (loss) on derivatives
3.4

 
6.3

 

 
(2.9
)
 
(3.4
)
 
3.4

Net unrealized gain on marketable securities
6.6

 
6.2

 

 
0.4

 
(6.6
)
 
6.6

Other comprehensive (loss) earnings, before tax
(137.2
)
 
11.0

 

 
(148.2
)
 
137.2

 
(137.2
)
Income tax provision (benefit)
3.6

 
4.7

 

 
(1.0
)
 
(3.7
)
 
3.6

Other comprehensive (loss) earnings, net of tax
(140.8
)
 
6.3

 

 
(147.2
)
 
140.9

 
(140.8
)
Comprehensive earnings attributable to Mylan N.V. ordinary shareholders
$
27.6

 
$
325.3

 
$

 
$
301.6

 
$
(626.9
)
 
$
27.6

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS
Six Months Ended June 30, 2016
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net earnings
$
182.3

 
$
351.3

 
$

 
$
607.5

 
$
(958.8
)
 
$
182.3

Other comprehensive earnings (loss), before tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
354.9

 
(1.5
)
 

 
356.4

 
(354.9
)
 
354.9

Change in unrecognized (loss) gain and prior service cost related to defined benefit plans
(0.4
)
 
0.2

 

 
(0.6
)
 
0.4

 
(0.4
)
Net unrecognized (loss) gain on derivatives
(45.7
)
 
(52.1
)
 

 
6.4

 
45.7

 
(45.7
)
Net unrealized gain on marketable securities
11.0

 
10.0

 

 
0.9

 
(10.9
)
 
11.0

Other comprehensive earnings (loss), before tax
319.8

 
(43.4
)
 

 
363.1

 
(319.7
)
 
319.8

Income tax (benefit) provision
(13.2
)
 
(15.6
)
 

 
2.4

 
13.2

 
(13.2
)
Other comprehensive earnings (loss), net of tax
333.0

 
(27.8
)
 

 
360.7

 
(332.9
)
 
333.0

Comprehensive earnings attributable to Mylan N.V. ordinary shareholders
$
515.3

 
$
323.5

 
$

 
$
968.2

 
$
(1,291.7
)
 
$
515.3

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS
Three Months Ended June 30, 2015
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net earnings
$
167.9

 
$
190.7

 
$

 
$
454.5

 
$
(645.2
)
 
$
167.9

Other comprehensive earnings (loss), before tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
224.3

 

 

 
224.3

 
(224.3
)
 
224.3

Change in unrecognized gain and prior service cost related to defined benefit plans
3.8

 
0.1

 

 
3.7

 
(3.8
)
 
3.8

Net unrecognized gain (loss) on derivatives
51.3

 
57.1

 

 
(5.8
)
 
(51.3
)
 
51.3

Net unrealized loss on marketable securities
(0.3
)
 

 

 
(0.3
)
 
0.3

 
(0.3
)
Other comprehensive earnings, before tax
279.1

 
57.2

 

 
221.9

 
(279.1
)
 
279.1

Income tax provision (benefit)
19.8

 
21.3

 

 
(1.5
)
 
(19.8
)
 
19.8

Other comprehensive earnings, net of tax
259.3

 
35.9

 

 
223.4

 
(259.3
)
 
259.3

Comprehensive earnings
427.2

 
226.6

 

 
677.9

 
(904.5
)
 
427.2

Comprehensive earnings attributable to the noncontrolling interest
(0.1
)
 

 

 
(0.1
)
 
0.1

 
(0.1
)
Comprehensive earnings attributable to Mylan N.V. ordinary shareholders
$
427.1

 
$
226.6

 
$

 
$
677.8

 
$
(904.4
)
 
$
427.1

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS
Six Months Ended June 30, 2015
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net earnings
$
224.5

 
$
242.8

 
$

 
$
741.9

 
$
(984.7
)
 
$
224.5

Other comprehensive (loss) earnings, before tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
(378.3
)
 

 

 
(378.3
)
 
378.3

 
(378.3
)
Change in unrecognized gain and prior service cost related to defined benefit plans
3.9

 
0.1

 

 
3.8

 
(3.9
)
 
3.9

Net unrecognized gain on derivatives
16.8

 
6.2

 

 
10.6

 
(16.8
)
 
16.8

Net unrealized loss on marketable securities
(0.2
)
 

 

 
(0.2
)
 
0.2

 
(0.2
)
Other comprehensive (loss) earnings, before tax
(357.8
)
 
6.3

 

 
(364.1
)
 
357.8

 
(357.8
)
Income tax provision
6.8

 
2.7

 

 
4.1

 
(6.8
)
 
6.8

Other comprehensive (loss) earnings, net of tax
(364.6
)
 
3.6

 

 
(368.2
)
 
364.6

 
(364.6
)
Comprehensive (loss) earnings
(140.1
)
 
246.4

 

 
373.7

 
(620.1
)
 
(140.1
)
Comprehensive earnings attributable to the noncontrolling interest
(0.1
)
 

 

 
(0.1
)
 
0.1

 
(0.1
)
Comprehensive (loss) earnings attributable to Mylan N.V. ordinary shareholders
$
(140.2
)
 
$
246.4

 
$

 
$
373.6

 
$
(620.0
)
 
$
(140.2
)
UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET
As of June 30, 2016
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
27.7

 
$

 
$
6,334.2

 
$

 
$
6,361.9

Accounts receivable, net

 
11.1

 

 
2,906.3

 

 
2,917.4

Inventories

 

 

 
2,191.3

 

 
2,191.3

Intercompany receivables
1,775.5

 
350.0

 

 
9,330.8

 
(11,456.3
)
 

Prepaid expenses and other current assets
4.0

 
240.7

 

 
471.4

 

 
716.1

Total current assets
1,779.5

 
629.5

 

 
21,234.0

 
(11,456.3
)
 
12,186.7

Property, plant and equipment, net

 
325.4

 

 
1,732.2

 

 
2,057.6

Investments in subsidiaries
16,433.0

 
15,786.8

 

 

 
(32,219.8
)
 

Intercompany notes and interest receivable

 
9,713.4

 

 
18.5

 
(9,731.9
)
 

Intangible assets, net

 
0.5

 

 
7,716.0

 

 
7,716.5

Goodwill

 
17.1

 

 
5,813.1

 

 
5,830.2

Other assets

 
92.4

 

 
952.9

 

 
1,045.3

Total assets
$
18,212.5

 
$
26,565.1

 
$

 
$
37,466.7

 
$
(53,408.0
)
 
$
28,836.3

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Trade accounts payable
$

 
$
54.5

 
$

 
$
963.1

 
$

 
$
1,017.6

Short-term borrowings

 

 

 
55.9

 

 
55.9

Income taxes payable

 
14.4

 

 
107.0

 

 
121.4

Current portion of long-term debt and other long-term obligations

 
587.1

 

 
67.6

 

 
654.7

Intercompany payables
350.0

 
11,106.3

 

 

 
(11,456.3
)
 

Other current liabilities
103.3

 
290.0

 

 
1,531.7

 

 
1,925.0

Total current liabilities
453.3

 
12,052.3

 

 
2,725.3

 
(11,456.3
)
 
3,774.6

Long-term debt
7,427.9

 
5,342.3

 

 
2.6

 

 
12,772.8

Intercompany notes payable

 
18.5

 

 
9,713.4

 
(9,731.9
)
 

Other long-term obligations

 
52.0

 

 
1,905.6

 

 
1,957.6

Total liabilities
7,881.2

 
17,465.1

 

 
14,346.9

 
(21,188.2
)
 
18,505.0

 
 
 
 
 
 
 
 
 
 
 
 
Total equity
10,331.3

 
9,100.0

 

 
23,119.8

 
(32,219.8
)
 
10,331.3

 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
18,212.5

 
$
26,565.1

 
$

 
$
37,466.7

 
$
(53,408.0
)
 
$
28,836.3

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2015
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
870.5

 
$

 
$
365.5

 
$

 
$
1,236.0

Accounts receivable, net

 
14.4

 

 
2,674.7

 

 
2,689.1

Inventories

 

 

 
1,951.0

 

 
1,951.0

Intercompany receivables
1,097.5

 
283.2

 

 
8,936.4

 
(10,317.1
)
 

Other current assets
0.3

 
244.8

 

 
351.5

 

 
596.6

Total current assets
1,097.8

 
1,412.9

 

 
14,279.1

 
(10,317.1
)
 
6,472.7

Property, plant and equipment, net

 
324.4

 

 
1,659.5

 

 
1,983.9

Investments in subsidiaries
9,947.7

 
8,007.7

 

 

 
(17,955.4
)
 

Intercompany notes and interest receivable

 
9,704.4

 

 
18.7

 
(9,723.1
)
 

Intangible assets, net

 
0.5

 

 
7,221.4

 

 
7,221.9

Goodwill

 
17.1

 

 
5,363.0

 

 
5,380.1

Other assets

 
135.3

 

 
1,073.8

 

 
1,209.1

Total assets
$
11,045.5

 
$
19,602.3

 
$

 
$
29,615.5

 
$
(37,995.6
)
 
$
22,267.7

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Trade accounts payable
$

 
$
33.5

 
$

 
$
1,076.1

 
$

 
$
1,109.6

Short-term borrowings

 

 

 
1.3

 

 
1.3

Income taxes payable

 

 

 
92.4

 

 
92.4

Current portion of long-term debt and other long-term obligations

 
1,010.1

 

 
66.9

 

 
1,077.0

Intercompany payables
283.2

 
10,033.9

 

 

 
(10,317.1
)
 

Other current liabilities
2.0

 
320.1

 

 
1,519.8

 

 
1,841.9

Total current liabilities
285.2

 
11,397.6

 

 
2,756.5

 
(10,317.1
)
 
4,122.2

Long-term debt
994.5

 
5,298.4

 

 
2.7

 

 
6,295.6

Intercompany notes payable

 
18.7

 

 
9,704.4

 
(9,723.1
)
 

Other long-term obligations

 
122.2

 

 
1,961.9

 

 
2,084.1

Total liabilities
1,279.7

 
16,836.9

 

 
14,425.5

 
(20,040.2
)
 
12,501.9

 
 
 
 
 
 
 
 
 
 
 
 
Total equity
9,765.8

 
2,765.4

 

 
15,190.0

 
(17,955.4
)
 
9,765.8

 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
11,045.5

 
$
19,602.3

 
$

 
$
29,615.5

 
$
(37,995.6
)
 
$
22,267.7


UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2016
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
$
(34.7
)
 
$
(318.4
)
 
$

 
$
850.2

 
$

 
$
497.1

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(42.1
)
 

 
(78.9
)
 

 
(121.0
)
Change in restricted cash

 
(49.5
)
 

 
(1.1
)
 

 
(50.6
)
Purchase of marketable securities

 
(3.9
)
 

 
(13.4
)
 

 
(17.3
)
Proceeds from sale of marketable securities

 

 

 
10.9

 

 
10.9

Cash paid for acquisitions, net

 
(917.9
)
 

 
(25.4
)
 

 
(943.3
)
Investments in affiliates

 
(48.4
)
 

 

 
48.4

 

Loans to affiliates
(6,485.6
)
 
(2,689.8
)
 

 
2,722.3

 
6,453.1

 

Repayments of loans from affiliates
62.8

 
34.0

 

 
7.1

 
(103.9
)
 

Payments for product rights and other, net

 
(0.2
)
 

 
(179.8
)
 

 
(180.0
)
Net cash (used in) provided by investing activities
(6,422.8
)
 
(3,717.8
)
 

 
2,441.7

 
6,397.6

 
(1,301.3
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Payments of financing fees
(92.3
)
 

 

 

 

 
(92.3
)
Change in short-term borrowings, net

 

 

 
54.7

 

 
54.7

Proceeds from issuance of long-term debt
6,478.8

 

 

 

 

 
6,478.8

Payments of long-term debt

 
(500.0
)
 

 

 

 
(500.0
)
Proceeds from exercise of stock options
6.8

 

 

 

 

 
6.8

Taxes paid related to net share settlement of equity awards
(12.7
)
 

 

 

 

 
(12.7
)
Contingent consideration payments

 

 

 
(15.5
)
 

 
(15.5
)
Capital contribution from affiliates

 

 

 
48.4

 
(48.4
)
 

Payments on borrowings from affiliates
(29.5
)
 
(69.9
)
 

 
(4.5
)
 
103.9

 

Proceeds from borrowings from affiliates
105.0

 
3,763.3

 

 
2,584.8

 
(6,453.1
)
 

Acquisition of noncontrolling interest

 

 

 
(0.2
)
 

 
(0.2
)
Other items, net
1.4

 

 

 
(0.6
)
 

 
0.8

Net cash provided by financing activities
6,457.5

 
3,193.4

 

 
2,667.1

 
(6,397.6
)
 
5,920.4

Effect on cash of changes in exchange rates

 

 

 
9.7

 

 
9.7

Net (decrease) increase in cash and cash equivalents

 
(842.8
)
 

 
5,968.7

 

 
5,125.9

Cash and cash equivalents — beginning of period

 
870.5

 

 
365.5

 

 
1,236.0

Cash and cash equivalents — end of period
$

 
$
27.7

 
$

 
$
6,334.2

 
$

 
$
6,361.9

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2015
(In millions)
Mylan N.V. (Parent Guarantor)
 
Mylan Inc. (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
$

 
$
(726.2
)
 
$

 
$
1,107.9

 
$

 
$
381.7

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(37.1
)
 

 
(84.9
)
 

 
(122.0
)
Change in restricted cash

 

 

 
(11.2
)
 

 
(11.2
)
Purchase of marketable securities

 
(28.9
)
 

 
(22.7
)
 

 
(51.6
)
Proceeds from sale of marketable securities

 

 

 
21.6

 

 
21.6

Investments in affiliates

 
(257.9
)
 

 

 
257.9

 

Loans to affiliates
(33.1
)
 
(2,583.7
)
 

 
(3,446.5
)
 
6,063.3

 

Repayments of loans from affiliates

 
196.4

 

 
20.8

 
(217.2
)
 

Payments for product rights and other, net

 

 

 
(104.6
)
 

 
(104.6
)
Net cash used in investing activities
(33.1
)
 
(2,711.2
)
 

 
(3,627.5
)
 
6,104.0

 
(267.8
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Payments of financing fees
(60.9
)
 
(22.7
)
 

 

 

 
(83.6
)
Change in short-term borrowings, net

 

 

 
105.6

 

 
105.6

Proceeds from convertible note hedge

 
667.9

 

 

 

 
667.9

Proceeds from issuance of long-term debt

 
305.0

 

 

 

 
305.0

Payments of long-term debt

 
(973.6
)
 

 

 

 
(973.6
)
Proceeds from exercise of stock options
33.1

 
53.3

 

 

 

 
86.4

Taxes paid related to net share settlement of equity awards

 
(25.8
)
 

 
(5.9
)
 

 
(31.7
)
Capital contribution from affiliates

 

 

 
257.9

 
(257.9
)
 

Proceeds from borrowings from affiliates
60.9

 
3,479.6

 

 
2,522.8

 
(6,063.3
)
 

Payments on borrowings from affiliates

 
(20.8
)
 

 
(196.4
)
 
217.2

 

Acquisition of noncontrolling interest

 

 

 
(10.6
)
 

 
(10.6
)
Other items, net

 
48.0

 

 

 

 
48.0

Net cash provided by financing activities
33.1

 
3,510.9

 

 
2,673.4

 
(6,104.0
)
 
113.4

Effect on cash of changes in exchange rates

 

 

 
(13.1
)
 

 
(13.1
)
Net increase in cash and cash equivalents

 
73.5

 

 
140.7

 

 
214.2

Cash and cash equivalents — beginning of period
0.1

 
112.9

 

 
112.5

 

 
225.5

Cash and cash equivalents — end of period
$
0.1

 
$
186.4

 
$

 
$
253.2

 
$

 
$
439.7

Supplemental disclosures of cash flow information —
 
 
 
 
 
 
 
 
 
 
 
Non-cash transactions:
 
 
 
 
 
 
 
 
 
 
 
Ordinary shares issued for acquisition
$
6,305.8

 
$

 
$

 
$

 
$

 
$
6,305.8