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Subsidiary Guarantors
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidating Financial Statements
Subsidiary Guarantors
The following tables present condensed consolidating financial information for (a) Mylan N.V., the issuer of the 2.500% Senior Notes due 2019, 3.750% Senior Notes due 2020, 3.150% Senior Notes due 2021, 3.950% Senior Notes due 2026 and 5.250% Senior Notes due 2046 (collectively, the “Mylan N.V. Senior Notes”), which are guaranteed on a senior unsecured basis by Mylan Inc.; (b) Mylan Inc., the issuer of the 3.125% Senior Notes due 2023, 4.200% Senior Notes due 2023, 4.550% Senior Notes due 2028, 5.400% Senior Notes due 2043 and 5.200% Senior Notes due 2048 (collectively, the “Mylan Inc. Senior Notes”), which are guaranteed on a senior unsecured basis by Mylan N.V.; and (c) all other subsidiaries of the Company on a combined basis, none of which guarantee the Mylan N.V. Senior Notes or guarantee the Mylan Inc. Senior Notes (“Non-Guarantor Subsidiaries”). The consolidating adjustments primarily relate to eliminations of investments in subsidiaries and intercompany balances and transactions. The condensed consolidating financial statements present investments in subsidiaries using the equity method of accounting.
The following financial information presents the unaudited Condensed Consolidating Statements of Operations for the three and six months ended June 30, 2018 and 2017, the unaudited Condensed Consolidating Statements of Comprehensive Earnings for the three and six months ended June 30, 2018 and 2017, the unaudited Condensed Consolidating Balance Sheets as of June 30, 2018 and December 31, 2017 and the unaudited Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2018 and 2017. 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.”
The Company has revised its condensed consolidating balance sheet as previously presented in the 2017 Form 10-K to appropriately present intercompany activity relating to certain subsidiaries which were included in the Mylan Inc. column. The Company overstated the line items investment in subsidiaries and total equity within the Mylan Inc. column with a corresponding offset to the elimination column. Specifically, the balance sheet caption investment in subsidiaries has been revised from the previously reported amount of $15.3 billion as of December 31, 2017 to $13.7 billion with an offset to total equity. There is no impact to the consolidated financial statements of Mylan N.V. as previously filed in the 2017 Form 10-K.
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
Three Months Ended June 30, 2018
(In millions)
Mylan N.V.
 
Mylan Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net sales
$

 
$

 
$

 
$
2,755.5

 
$

 
$
2,755.5

Other revenues

 

 

 
52.8

 

 
52.8

Total revenues

 

 

 
2,808.3

 

 
2,808.3

Cost of sales

 

 

 
1,845.8

 

 
1,845.8

Gross profit

 

 

 
962.5

 

 
962.5

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Research and development

 

 

 
206.7

 

 
206.7

Selling, general and administrative
9.7

 
119.4

 

 
494.2

 

 
623.3

Litigation settlements and other contingencies, net

 

 

 
(46.4
)
 

 
(46.4
)
Total operating expenses
9.7

 
119.4

 

 
654.5

 

 
783.6

(Loss) earnings from operations
(9.7
)
 
(119.4
)
 

 
308.0

 

 
178.9

Interest expense
88.6

 
41.1

 

 
9.5

 

 
139.2

Other (income) expense, net
(49.6
)
 
(68.3
)
 

 
138.9

 

 
21.0

(Loss) earnings before income taxes
(48.7
)
 
(92.2
)
 

 
159.6

 

 
18.7

Income tax (benefit) provision
(8.0
)
 
13.1

 

 
(23.9
)
 

 
(18.8
)
Earnings of equity interest subsidiaries
78.2

 
82.2

 

 

 
(160.4
)
 

Net earnings (loss)
$
37.5

 
$
(23.1
)
 
$

 
$
183.5

 
$
(160.4
)
 
$
37.5

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
Six Months Ended June 30, 2018
(In millions)
Mylan N.V.
 
Mylan Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net sales
$

 
$

 
$

 
$
5,405.9

 
$

 
$
5,405.9

Other revenues

 

 

 
86.9

 

 
86.9

Total revenues

 

 

 
5,492.8

 

 
5,492.8

Cost of sales

 

 

 
3,546.0

 

 
3,546.0

Gross profit

 

 

 
1,946.8

 

 
1,946.8

Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Research and development

 

 

 
411.6

 

 
411.6

Selling, general and administrative
19.5

 
250.1

 

 
961.2

 

 
1,230.8

Litigation settlements and other contingencies, net

 
7.0

 

 
(37.2
)
 

 
(30.2
)
Total operating expenses
19.5

 
257.1

 

 
1,335.6

 

 
1,612.2

(Loss) earnings from operations
(19.5
)
 
(257.1
)
 

 
611.2

 

 
334.6

Interest expense
182.1

 
68.0

 

 
20.8

 

 
270.9

Other (income) expense, net
(163.6
)
 
(126.0
)
 

 
324.1

 

 
34.5

(Loss) earnings before income taxes
(38.0
)
 
(199.1
)
 

 
266.3

 

 
29.2

Income tax benefit
(15.3
)
 
(4.6
)
 

 
(75.5
)
 

 
(95.4
)
Earnings of equity interest subsidiaries
147.3

 
73.9

 

 

 
(221.2
)
 

Net earnings (loss)
$
124.6

 
$
(120.6
)
 
$

 
$
341.8

 
$
(221.2
)
 
$
124.6


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

 

 
470.4

 

 
620.5

Litigation settlements and other contingencies, net

 

 

 
(50.0
)
 

 
(50.0
)
Total operating expenses
13.3

 
136.8

 

 
601.5

 

 
751.6

(Loss) earnings from operations
(13.3
)
 
(136.8
)
 

 
623.9

 

 
473.8

Interest expense
94.7

 
25.7

 

 
15.9

 

 
136.3

Other (income) expense, net
(113.5
)
 
(59.5
)
 

 
185.8

 

 
12.8

Earnings (loss) 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

 

 
932.1

 

 
1,251.3

Litigation settlements and other contingencies, net

 

 

 
(41.0
)
 

 
(41.0
)
Total operating expenses
25.9

 
293.3

 

 
1,289.7

 

 
1,608.9

(Loss) earnings from operations
(25.9
)
 
(293.3
)
 

 
1,020.7

 

 
701.5

Interest expense
192.3

 
51.1

 

 
31.1

 

 
274.5

Other (income) expense, net
(209.0
)
 
(116.8
)
 

 
356.5

 

 
30.7

(Loss) 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 COMPREHENSIVE EARNINGS
Three Months Ended June 30, 2018
(In millions)
Mylan N.V.
 
Mylan Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net earnings (loss)
$
37.5

 
$
(23.1
)
 
$

 
$
183.5

 
$
(160.4
)
 
$
37.5

Other comprehensive (loss) earnings, before tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
(1,088.7
)
 

 

 
(1,088.7
)
 
1,088.7

 
(1,088.7
)
Change in unrecognized gain and prior service cost related to defined benefit plans
2.8

 

 

 
2.8

 
(2.8
)
 
2.8

Net unrecognized (loss) gain on derivatives in cash flow hedging relationships
(62.2
)
 
1.9

 

 
(64.1
)
 
62.2

 
(62.2
)
Net unrecognized gain on derivatives in net investment hedging relationships
119.1

 
0.6

 

 

 
(0.6
)
 
119.1

Net unrealized gain (loss) on marketable securities
0.3

 
0.6

 

 
(0.3
)
 
(0.3
)
 
0.3

Other comprehensive (loss) earnings, before tax
(1,028.7
)
 
3.1

 

 
(1,150.3
)
 
1,147.2

 
(1,028.7
)
Income tax benefit
(20.9
)
 
(0.4
)
 

 
(20.5
)
 
20.9

 
(20.9
)
Other comprehensive (loss) earnings, net of tax
(1,007.8
)
 
3.5

 

 
(1,129.8
)
 
1,126.3

 
(1,007.8
)
Comprehensive loss
$
(970.3
)
 
$
(19.6
)
 
$

 
$
(946.3
)
 
$
965.9

 
$
(970.3
)
UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS
Six Months Ended June 30, 2018
(In millions)
Mylan N.V.
 
Mylan Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net earnings (loss)
$
124.6

 
$
(120.6
)
 
$

 
$
341.8

 
$
(221.2
)
 
$
124.6

Other comprehensive (loss) earnings, before tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
(826.8
)
 

 

 
(826.8
)
 
826.8

 
(826.8
)
Change in unrecognized (loss) gain and prior service cost related to defined benefit plans
(1.5
)
 
0.1

 

 
(1.6
)
 
1.5

 
(1.5
)
Net unrecognized (loss) gain on derivatives in cash flow hedging relationships
(94.2
)
 
3.8

 

 
(98.0
)
 
94.2

 
(94.2
)
Net unrecognized gain on derivatives in net investment hedging relationships
59.9

 
0.6

 

 

 
(0.6
)
 
59.9

Net unrealized loss on marketable securities
(0.1
)
 

 

 
(0.1
)
 
0.1

 
(0.1
)
Other comprehensive (loss) earnings, before tax
(862.7
)
 
4.5

 

 
(926.5
)
 
922.0

 
(862.7
)
Income tax benefit
(32.1
)
 
(0.8
)
 

 
(31.3
)
 
32.1

 
(32.1
)
Other comprehensive (loss) earnings, net of tax
(830.6
)
 
5.3

 

 
(895.2
)
 
889.9

 
(830.6
)
Comprehensive loss
$
(706.0
)
 
$
(115.3
)
 
$

 
$
(553.4
)
 
$
668.7

 
$
(706.0
)
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, 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 unrealized 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, 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 unrealized 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 BALANCE SHEET
As of June 30, 2018
(In millions)
Mylan N.V.
 
Mylan Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.2

 
$
6.0

 
$

 
$
324.0

 
$

 
$
330.2

Accounts receivable, net

 
8.6

 

 
2,809.6

 

 
2,818.2

Inventories

 

 

 
2,561.0

 

 
2,561.0

Intercompany receivables
346.5

 
508.8

 

 
12,116.6

 
(12,971.9
)
 

Prepaid expenses and other current assets
13.5

 
65.5

 

 
509.4

 

 
588.4

Total current assets
360.2

 
588.9

 

 
18,320.6

 
(12,971.9
)
 
6,297.8

Property, plant and equipment, net

 
272.7

 

 
1,913.5

 

 
2,186.2

Investments in subsidiaries
19,021.8

 
12,878.1

 

 

 
(31,899.9
)
 

Intercompany notes and interest receivable
6,680.9

 
10,498.8

 

 
2,707.2

 
(19,886.9
)
 

Intangible assets, net

 

 

 
14,152.8

 

 
14,152.8

Goodwill

 
17.1

 

 
9,863.5

 

 
9,880.6

Other assets
4.4

 
51.9

 

 
697.8

 

 
754.1

Total assets
$
26,067.3

 
$
24,307.5

 
$

 
$
47,655.4

 
$
(64,758.7
)
 
$
33,271.5

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
61.0

 
$

 
$
1,281.1

 
$

 
$
1,342.1

Short-term borrowings
39.0

 

 

 
186.4

 

 
225.4

Income taxes payable

 

 

 
26.7

 

 
26.7

Current portion of long-term debt and other long-term obligations
1,132.6

 
0.1

 

 
64.0

 

 
1,196.7

Intercompany payables
847.9

 
12,124.0

 

 

 
(12,971.9
)
 

Other current liabilities
51.3

 
243.0

 

 
1,778.0

 

 
2,072.3

Total current liabilities
2,070.8

 
12,428.1

 

 
3,336.2

 
(12,971.9
)
 
4,863.2

Long-term debt
9,528.4

 
3,785.9

 

 
5.7

 

 
13,320.0

Intercompany notes payable
2,259.4

 
2,769.7

 

 
14,857.8

 
(19,886.9
)
 

Other long-term obligations

 
50.6

 

 
2,829.0

 

 
2,879.6

Total liabilities
13,858.6

 
19,034.3

 

 
21,028.7

 
(32,858.8
)
 
21,062.8

 
 
 
 
 
 
 
 
 
 
 
 
Total equity
12,208.7

 
5,273.2

 

 
26,626.7

 
(31,899.9
)
 
12,208.7

 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
26,067.3

 
$
24,307.5

 
$

 
$
47,655.4

 
$
(64,758.7
)
 
$
33,271.5

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET
As of December 31, 2017
(In millions)
Mylan N.V.
 
Mylan Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
0.2

 
$

 
$
291.9

 
$

 
$
292.1

Accounts receivable, net

 
1.0

 

 
3,611.4

 

 
3,612.4

Inventories

 

 

 
2,542.7

 

 
2,542.7

Intercompany receivables
317.2

 
462.1

 

 
11,828.5

 
(12,607.8
)
 

Prepaid expenses and other current assets
5.6

 
171.1

 

 
589.4

 

 
766.1

Total current assets
322.8

 
634.4

 

 
18,863.9

 
(12,607.8
)
 
7,213.3

Property, plant and equipment, net

 
294.1

 

 
2,045.0

 

 
2,339.1

Investments in subsidiaries
19,736.5

 
13,683.3

 

 

 
(33,419.8
)
 

Intercompany notes and interest receivable
7,822.6

 
10,271.2

 

 
2,186.3

 
(20,280.1
)
 

Intangible assets, net

 

 

 
15,245.8

 

 
15,245.8

Goodwill

 
17.1

 

 
10,188.6

 

 
10,205.7

Other assets
4.9

 
56.5

 

 
741.0

 

 
802.4

Total assets
$
27,886.8

 
$
24,956.6

 
$

 
$
49,270.6

 
$
(66,307.7
)
 
$
35,806.3

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
45.3

 
$

 
$
1,407.2

 
$

 
$
1,452.5

Short-term borrowings

 

 

 
46.5

 

 
46.5

Income taxes payable

 

 

 
112.9

 

 
112.9

Current portion of long-term debt and other long-term obligations
1,097.8

 
649.1

 

 
62.0

 

 
1,808.9

Intercompany payables
664.7

 
11,911.5

 

 
31.6

 
(12,607.8
)
 

Other current liabilities
35.5

 
397.0

 

 
2,532.0

 

 
2,964.5

Total current liabilities
1,798.0

 
13,002.9

 

 
4,192.2

 
(12,607.8
)
 
6,385.3

Long-term debt
10,614.3

 
2,244.5

 

 
6.5

 

 
12,865.3

Intercompany notes payable
2,166.9

 
3,312.7

 

 
14,800.5

 
(20,280.1
)
 

Other long-term obligations

 
57.3

 

 
3,190.8

 

 
3,248.1

Total liabilities
14,579.2

 
18,617.4

 

 
22,190.0

 
(32,887.9
)
 
22,498.7

 
 
 
 
 
 
 
 
 
 
 
 
Total equity
13,307.6

 
6,339.2

 

 
27,080.6

 
(33,419.8
)
 
13,307.6

 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
27,886.8

 
$
24,956.6

 
$

 
$
49,270.6

 
$
(66,307.7
)
 
$
35,806.3


UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2018
(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
$
(111.4
)
 
$
(644.2
)
 
$

 
$
1,807.6

 
$

 
$
1,052.0

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(11.2
)
 

 
(64.7
)
 

 
(75.9
)
Purchase of available for sale securities and other investments

 

 

 
(44.4
)
 

 
(44.4
)
Proceeds from the sale of marketable securities

 
36.3

 

 
29.0

 

 
65.3

Cash paid for acquisitions, net

 

 

 
(63.3
)
 

 
(63.3
)
Investments in affiliates

 
(13.2
)
 

 

 
13.2

 

Dividends from affiliates
61.0

 

 

 

 
(61.0
)
 

Loans to affiliates
(434.7
)
 

 

 
(3,739.1
)
 
4,173.8

 

Repayments of loans from affiliates
1,689.0

 

 

 
2,867.3

 
(4,556.3
)
 

Payments for product rights and other, net

 
(0.3
)
 

 
(614.1
)
 

 
(614.4
)
Net cash provided by (used in) investing activities
1,315.3

 
11.6

 

 
(1,629.3
)
 
(430.3
)
 
(732.7
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
Payments of financing fees

 
(18.3
)
 

 
(0.1
)
 

 
(18.4
)
Purchase of ordinary shares
(432.0
)
 

 

 

 

 
(432.0
)
Change in short-term borrowings, net
39.0

 

 

 
140.0

 

 
179.0

Proceeds from issuance of long-term debt
496.5

 
2,079.2

 

 
1.5

 

 
2,577.2

Payments of long-term debt
(1,446.5
)
 
(1,150.0
)
 

 
(2.1
)
 

 
(2,598.6
)
Proceeds from exercise of stock options
13.7

 

 

 

 

 
13.7

Taxes paid related to net share settlement of equity awards
(10.1
)
 

 

 

 

 
(10.1
)
Contingent consideration payments

 

 

 
(0.2
)
 

 
(0.2
)
Capital contribution from affiliates

 

 

 
13.2

 
(13.2
)
 

Capital payments to affiliates

 

 

 
(61.0
)
 
61.0

 

Payments on borrowings from affiliates
(1,173.7
)
 
(2,772.6
)
 

 
(610.0
)
 
4,556.3

 

Proceeds from borrowings from affiliates
1,309.4

 
2,476.5

 

 
387.9

 
(4,173.8
)
 

Other items, net

 

 

 
(0.5
)
 

 
(0.5
)
Net cash (used in) provided by financing activities
(1,203.7
)
 
614.8

 

 
(131.3
)
 
430.3

 
(289.9
)
Effect on cash of changes in exchange rates

 

 

 
(15.1
)
 

 
(15.1
)
Net increase (decrease) in cash, cash equivalents and restricted cash
0.2

 
(17.8
)
 

 
31.9

 

 
14.3

Cash, cash equivalents and restricted cash — beginning of period

 
23.8

 

 
346.1

 

 
369.9

Cash, cash equivalents and restricted cash — end of period
$
0.2

 
$
6.0

 
$

 
$
378.0

 
$

 
$
384.2

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
)
Purchase of available for sale securities and other investments

 

 

 
(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
)
 

 
(1,731.3
)
 
402.6

 
(628.8
)
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

 

 

 
40.7

 

 
40.7

Net decrease in cash, cash equivalents and restricted cash
(0.3
)
 
(10.5
)
 

 
(387.4
)
 

 
(398.2
)
Cash, cash equivalents and restricted cash — beginning of period
0.3

 
85.4

 

 
1,061.3

 

 
1,147.0

Cash, cash equivalents and restricted cash — end of period
$

 
$
74.9

 
$

 
$
673.9

 
$

 
$
748.8


The following tables provide a reconciliation of cash and cash equivalents, as reported on our unaudited condensed consolidating balance sheets, to cash, cash equivalents and restricted cash, as reported on our unaudited condensed consolidating statements of cash flows (in millions):
 
June 30, 2018
 
Mylan N.V.
 
Mylan Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash and cash equivalents
$
0.2

 
$
6.0

 
$

 
$
324.0

 
$

 
$
330.2

Restricted cash, included in prepaid expenses and other current assets

 

 

 
54.0

 

 
54.0

Cash, cash equivalents and restricted cash
$
0.2

 
$
6.0

 
$

 
$
378.0

 
$

 
$
384.2

 
December 31, 2017
 
Mylan N.V.
 
Mylan Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash and cash equivalents
$

 
$
0.2

 
$

 
$
291.9

 
$

 
$
292.1

Restricted cash, included in prepaid expenses and other current assets

 
23.6

 

 
54.2

 

 
77.8

Cash, cash equivalents and restricted cash
$

 
$
23.8

 
$

 
$
346.1

 
$

 
$
369.9

 
June 30, 2017
 
Mylan N.V.
 
Mylan Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash and cash equivalents
$

 
$
1.8

 
$

 
$
611.0

 
$

 
$
612.8

Restricted cash, included in prepaid expenses and other current assets

 
73.1

 

 
62.9

 

 
136.0

Cash, cash equivalents and restricted cash
$

 
$
74.9

 
$

 
$
673.9

 
$

 
$
748.8