Subsidiary Guarantors (Tables)

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Income Statement

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended June 30, 2017

(In millions)	Mylan N.V.			Mylan Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Net sales	$	—		$	—		$	—	$	2,926.5		$	—		$	2,926.5
Other revenues	—			—			—		35.7			—			35.7
Total revenues	—			—			—		2,962.2			—			2,962.2
Cost of sales	—			—			—		1,736.8			—			1,736.8
Gross profit	—			—			—		1,225.4			—			1,225.4
Operating expenses:
Research and development	—			—			—		181.1			—			181.1
Selling, general and administrative	13.3			136.8			—		470.8			—			620.9
Litigation settlements and other contingencies, net	—			—			—		(50.0		)	—			(50.0		)
Total operating expenses	13.3			136.8			—		601.9			—			752.0
(Losses) earnings from operations	(13.3		)	(136.8		)	—		623.5			—			473.4
Interest expense	94.7			25.7			—		15.9			—			136.3
Other (income) expense, net	(113.5		)	(59.5		)	—		185.4			—			12.4
Earnings (losses) before income taxes	5.5			(103.0		)	—		422.2			—			324.7
Income tax provision	0.6			2.5			—		24.6			—			27.7
Earnings of equity interest subsidiaries	292.1			444.9			—		—			(737.0		)	—
Net earnings	$	297.0		$	339.4		$	—	$	397.6		$	(737.0	)	$	297.0

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Six Months Ended June 30, 2017

(In millions)	Mylan N.V.			Mylan Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Net sales	$	—		$	—		$	—	$	5,613.9		$	—		$	5,613.9
Other revenues	—			—			—		67.8			—			67.8
Total revenues	—			—			—		5,681.7			—			5,681.7
Cost of sales	—			—			—		3,371.3			—			3,371.3
Gross profit	—			—			—		2,310.4			—			2,310.4
Operating expenses:
Research and development	—			—			—		398.6			—			398.6
Selling, general and administrative	25.9			293.3			—		933.0			—			1,252.2
Litigation settlements and other contingencies, net	—			—			—		(41.0		)	—			(41.0		)
Total operating expenses	25.9			293.3			—		1,290.6			—			1,609.8
(Losses) earnings from operations	(25.9		)	(293.3		)	—		1,019.8			—			700.6
Interest expense	192.3			51.1			—		31.1			—			274.5
Other (income) expense, net	(209.0		)	(116.8		)	—		355.6			—			29.8
(Losses) earnings before income taxes	(9.2		)	(227.6		)	—		633.1			—			396.3
Income tax (benefit) provision	(1.0		)	5.7			—		28.2			—			32.9
Earnings of equity interest subsidiaries	371.6			658.9			—		—			(1,030.5		)	—
Net earnings	$	363.4		$	425.6		$	—	$	604.9		$	(1,030.5	)	$	363.4

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended June 30, 2016

(In millions)	Mylan N.V.			Mylan Inc.			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 and other contingencies, 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 from operations	(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	$	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.			Mylan Inc.			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 and other contingencies, 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	$	182.3		$	351.3		$	—	$	607.5		$	(958.8	)	$	182.3

Condensed Consolidating Statement of Comprehensive Earnings

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS

Three Months Ended June 30, 2017

(In millions)	Mylan N.V.			Mylan Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings	$	297.0		$	339.4		$	—	$	397.6		$	(737.0	)	$	297.0
Other comprehensive earnings (loss), before tax:
Foreign currency translation adjustment	974.7			—			—		974.7			(974.7		)	974.7
Change in unrecognized gain and prior service cost related to defined benefit plans	1.1			0.1			—		1.0			(1.1		)	1.1
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships	1.3			1.8			—		(0.5		)	(1.3		)	1.3
Net unrecognized loss on derivatives in net investment hedging relationships	(121.2		)	—			—		—			—			(121.2		)
Net unrealized gain (loss) on marketable securities	4.7			4.8			—		(0.1		)	(4.7		)	4.7
Other comprehensive earnings, before tax	860.6			6.7			—		975.1			(981.8		)	860.6
Income tax provision (benefit)	3.1			(2.4		)	—		5.5			(3.1		)	3.1
Other comprehensive earnings, net of tax	857.5			9.1			—		969.6			(978.7		)	857.5
Comprehensive earnings	$	1,154.5		$	348.5		$	—	$	1,367.2		$	(1,715.7	)	$	1,154.5

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS

Six Months Ended June 30, 2017

(In millions)	Mylan N.V.			Mylan Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings	$	363.4		$	425.6		$	—	$	604.9		$	(1,030.5	)	$	363.4
Other comprehensive earnings (loss), before tax:
Foreign currency translation adjustment	1,408.9			—			—		1,408.9			(1,408.9		)	1,408.9
Change in unrecognized gain and prior service cost related to defined benefit plans	1.3			0.2			—		0.9			(1.1		)	1.3
Net unrecognized gain on derivatives in cash flow hedging relationships	33.7			3.6			—		30.1			(33.7		)	33.7
Net unrecognized loss on derivatives in net investment hedging relationships	(131.1		)	—			—		—			—			(131.1		)
Net unrealized gain (loss) on marketable securities	12.4			12.6			—		(0.2		)	(12.4		)	12.4
Other comprehensive earnings, before tax	1,325.2			16.4			—		1,439.7			(1,456.1		)	1,325.2
Income tax provision (benefit)	17.1			(6.0		)	—		22.8			(16.8		)	17.1
Other comprehensive earnings, net of tax	1,308.1			22.4			—		1,416.9			(1,439.3		)	1,308.1
Comprehensive earnings	$	1,671.5		$	448.0		$	—	$	2,021.8		$	(2,469.8	)	$	1,671.5

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS

Three Months Ended June 30, 2016

(In millions)	Mylan N.V.			Mylan Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings	$	168.4		$	319.0		$	—	$	448.8		$	(767.8	)	$	168.4
Other comprehensive earnings (loss), 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 (loss) gain 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 earnings (loss), before tax	(137.2		)	11.0			—		(148.2		)	137.2			(137.2		)
Income tax (benefit) provision	3.6			4.7			—		(1.0		)	(3.7		)	3.6
Other comprehensive earnings (loss), net of tax	(140.8		)	6.3			—		(147.2		)	140.9			(140.8		)
Comprehensive earnings	$	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.			Mylan Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings	$	182.3		$	351.3		$	—	$	607.5		$	(958.8	)	$	182.3
Other comprehensive (loss) earnings, 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	$	515.3		$	323.5		$	—	$	968.2		$	(1,291.7	)	$	515.3

Condensed Consolidating Balance Sheet

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

As of June 30, 2017

(In millions)	Mylan N.V.		Mylan Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Assets
Current assets:
Cash and cash equivalents	$	—	$	1.8	$	—	$	611.0	$	—		$	612.8
Accounts receivable, net	—		10.8		—		2,940.2		—			2,951.0
Inventories	—		—		—		2,610.2		—			2,610.2
Intercompany receivables	281.9		441.4		—		11,879.7		(12,603.0		)	—
Prepaid expenses and other current assets	1.1		229.2		—		561.6		—			791.9
Total current assets	283.0		683.2		—		18,602.7		(12,603.0		)	6,965.9
Property, plant and equipment, net	—		343.1		—		2,023.1		—			2,366.2
Investments in subsidiaries	18,765.3		10,661.6		—		—		(29,426.9		)	—
Intercompany notes and interest receivable	7,527.0		10,041.4		—		1,566.3		(19,134.7		)	—
Intangible assets, net	—		—		—		15,202.0		—			15,202.0
Goodwill	—		17.1		—		9,783.9		—			9,801.0
Other assets	4.6		33.9		—		1,132.6		—			1,171.1
Total assets	$	26,579.9	$	21,780.3	$	—	$	48,310.6	$	(61,164.6	)	$	35,506.2
LIABILITIES AND EQUITY
Liabilities
Current liabilities:
Trade accounts payable	$	0.5	$	21.4	$	—	$	1,111.5	$	—		$	1,133.4
Short-term borrowings	—		—		—		6.1		—			6.1
Income taxes payable	—		—		—		34.0		—			34.0
Current portion of long-term debt and other long-term obligations	—		648.0		—		378.2		—			1,026.2
Intercompany payables	462.3		12,100.1		—		40.6		(12,603.0		)	—
Other current liabilities	60.9		328.3		—		2,580.8		—			2,970.0
Total current liabilities	523.7		13,097.8		—		4,151.2		(12,603.0		)	5,169.7
Long-term debt	11,676.1		2,254.2		—		95.3		—			14,025.6
Intercompany notes payable	1,547.2		3,236.3		—		14,351.2		(19,134.7		)	—
Other long-term obligations	—		57.7		—		3,420.3		—			3,478.0
Total liabilities	13,747.0		18,646.0		—		22,018.0		(31,737.7		)	22,673.3
Total equity	12,832.9		3,134.3		—		26,292.6		(29,426.9		)	12,832.9
Total liabilities and equity	$	26,579.9	$	21,780.3	$	—	$	48,310.6	$	(61,164.6	)	$	35,506.2

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2016

(In millions)	Mylan N.V.		Mylan Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Assets
Current assets:
Cash and cash equivalents	$	0.3	$	12.3	$	—	$	986.2	$	—		$	998.8
Accounts receivable, net	—		12.3		—		3,298.6		—			3,310.9
Inventories	—		—		—		2,456.4		—			2,456.4
Intercompany receivables	215.9		416.0		—		10,506.6		(11,138.5		)	—
Prepaid expenses and other current assets	—		256.4		—		500.0		—			756.4
Total current assets	216.2		697.0		—		17,747.8		(11,138.5		)	7,522.5
Property, plant and equipment, net	—		360.3		—		1,961.9		—			2,322.2
Investments in subsidiaries	15,606.2		8,277.8		—		—		(23,884.0		)	—
Intercompany notes and interest receivable	7,952.3		9,817.3		—		16.7		(17,786.3		)	—
Intangible assets, net	—		—		—		14,447.8		—			14,447.8
Goodwill	—		17.1		—		9,214.8		—			9,231.9
Other assets	5.2		51.9		—		1,144.7		—			1,201.8
Total assets	$	23,779.9	$	19,221.4	$	—	$	44,533.7	$	(52,808.8	)	$	34,726.2
LIABILITIES AND EQUITY
Liabilities
Current liabilities:
Trade accounts payable	$	3.9	$	69.6	$	—	$	1,274.6	$	—		$	1,348.1
Short-term borrowings	—		—		—		46.4		—			46.4
Income taxes payable	—		—		—		97.7		—			97.7
Current portion of long-term debt and other long-term obligations	—		0.2		—		289.8		—			290.0
Intercompany payables	416.0		10,722.5		—		—		(11,138.5		)	—
Other current liabilities	90.9		388.8		—		2,778.8		—			3,258.5
Total current liabilities	510.8		11,181.1		—		4,487.3		(11,138.5		)	5,040.7
Long-term debt	12,151.5		2,897.6		—		153.8		—			15,202.9
Intercompany notes payable	—		3,870.9		—		13,915.4		(17,786.3		)	—
Other long-term obligations	—		58.1		—		3,306.9		—			3,365.0
Total liabilities	12,662.3		18,007.7		—		21,863.4		(28,924.8		)	23,608.6
Total equity	11,117.6		1,213.7		—		22,670.3		(23,884.0		)	11,117.6
Total liabilities and equity	$	23,779.9	$	19,221.4	$	—	$	44,533.7	$	(52,808.8	)	$	34,726.2

Condensed Consolidating Statement of Cash Flows

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2017

(In millions)	Mylan N.V.			Mylan Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash (used in) provided by operating activities	$	(190.0	)	$	(235.4	)	$	—	$	1,446.1		$	—		$	1,020.7
Cash flows from investing activities:
Capital expenditures	—			(26.6		)	—		(82.7		)	—			(109.3		)
Change in restricted cash	—			—			—		12.6			—			12.6
Purchase of marketable securities	—			—			—		(6.2		)	—			(6.2		)
Proceeds from the sale of assets	—			—			—		31.1			—			31.1
Proceeds from the sale of marketable securities	—			—			—		6.2			—			6.2
Cash paid for acquisitions, net	(71.6		)	—			—		—			—			(71.6		)
Investments in affiliates	—			(16.0		)	—		—			16.0			—
Dividends from affiliates	106.4			—			—		—			(106.4		)	—
Loans to affiliates	(119.2		)	(224.4		)	—		(1,734.1		)	2,077.7			—
Repayments of loans from affiliates	1,051.2			0.3			—		533.2			(1,584.7		)	—
Payments for product rights and other, net	—			(0.2		)	—		(478.8		)	—			(479.0		)
Net cash provided by (used in) investing activities	966.8			(266.9		)	—		(1,718.7		)	402.6			(616.2		)
Cash flows from financing activities:
Payments of financing fees	(8.1		)	—			—		—			—			(8.1		)
Change in short-term borrowings, net	—			—			—		(42.7		)	—			(42.7		)
Proceeds from issuance of long-term debt	554.5			—			—		1.2			—			555.7
Payments of long-term debt	(1,325.0		)	—			—		(1.6		)	—			(1,326.6		)
Proceeds from exercise of stock options	8.9			—			—		—			—			8.9
Taxes paid related to net share settlement of equity awards	(7.4		)	—			—		—			—			(7.4		)
Contingent consideration payments	—			—			—		(10.1		)	—			(10.1		)
Capital contribution from affiliates	—			—			—		16.0			(16.0		)	—
Capital payments to affiliates	—			—			—		(106.4		)	106.4			—
Payments on borrowings from affiliates	—			(1,254.0		)	—		(330.7		)	1,584.7			—
Proceeds from borrowings from affiliates	—			1,753.1			—		324.6			(2,077.7		)	—
Other items, net	—			(7.3		)	—		6.8			—			(0.5		)
Net cash (used in) provided by financing activities	(777.1		)	491.8			—		(142.9		)	(402.6		)	(830.8		)
Effect on cash of changes in exchange rates	—			—			—		40.3			—			40.3
Net decrease in cash and cash equivalents	(0.3		)	(10.5		)	—		(375.2		)	—			(386.0		)
Cash and cash equivalents — beginning of period	0.3			12.3			—		986.2			—			998.8
Cash and cash equivalents — end of period	$	—		$	1.8		$	—	$	611.0		$	—		$	612.8

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2016

(In millions)	Mylan N.V.			Mylan Inc.			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		)
Cash paid for acquisitions, net	—			(917.9		)	—		(25.4		)	—			(943.3		)
Purchase of marketable securities	—			(3.9		)	—		(13.4		)	—			(17.3		)
Proceeds from the sale of marketable securities	—			—			—		10.9			—			10.9
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