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Debt
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
    The Company had no short-term borrowings as of September 30, 2020 and December 31, 2019. The following provides an overview of the Company’s short-term credit facilities.
Receivables Facility and Note Securitization Facility
The Company has the $400 million Receivables Facility which expires in April 2022. The Company also has the $200 million Note Securitization Facility which expires on August 30, 2021. Borrowings outstanding under the Receivables Facility bear interest at a commercial paper rate plus 0.925% and under the Note Securitization Facility at a rate per annum quoted from time to time by MUFG Bank, Ltd. plus 1.00% and are included as a component of short-term borrowings, while the accounts receivable securing these obligations remain as a component of accounts receivable, net, in our condensed consolidated balance sheets. In addition, the agreements governing the Receivables Facility and Note Securitization Facility contain various customary affirmative and negative covenants, and customary default and termination provisions with which the Company was compliant as of September 30, 2020. As of September 30, 2020, the Company had no amounts outstanding under the Receivables Facility or the Note Securitization Facility.
Commercial Paper Program
The Company maintains a $1.65 billion commercial paper program (the “Commercial Paper Program”) to support its working capital requirements and for general corporate purposes. There were no commercial paper notes (the “CP Notes”) outstanding under this program as of September 30, 2020 and December 31, 2019. Amounts available under the Commercial
Paper Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the CP Notes outstanding under the Commercial Paper Program at any time not to exceed $1.65 billion. The Company’s Revolving Credit Facility (as defined below) will be available to pay the CP Notes, if necessary. The maturities of the CP Notes will vary but will not exceed 364 days from the date of issue. The Commercial Paper Program will terminate upon the consummation of the Combination. We expect that Viatris will establish a commercial paper program on substantially similar terms following the consummation of the Combination.
Long-Term Debt
A summary of long-term debt is as follows:
(In millions)Interest Rate as of September 30, 2020September 30,
2020		December 31,
2019
Current portion of long-term debt:
2020 Floating Rate Euro Notes (a) **
— 560.6 
2020 Euro Senior Notes **
1.250 %878.9 840.1 
2020 Senior Notes **
3.750 %50.0 50.0 
2021 Senior Notes **
3.150 %2,249.6 — 
Other6.5 8.3 
Deferred financing fees(2.4)(1.4)
Current portion of long-term debt$3,182.6 $1,457.6 
Non-current portion of long-term debt:
2021 Senior Notes **
3.150 %— 2,249.2 
2023 Senior Notes (b) *
3.125 %785.4 771.8 
2023 Senior Notes *
4.200 %499.3 499.1 
2024 Euro Senior Notes **
2.250 %1,170.4 1,119.3 
2025 Euro Senior Notes *
2.125 %585.1 559.6 
2026 Senior Notes **
3.950 %2,239.3 2,238.1 
2028 Euro Senior Notes **
3.125 %872.7 834.3 
2028 Senior Notes *
4.550 %748.5 748.4 
2043 Senior Notes *
5.400 %497.3 497.2 
2046 Senior Notes **
5.250 %999.9 999.8 
2048 Senior Notes *
5.200 %747.7 747.7 
Other5.5 8.9 
Deferred financing fees(49.6)(59.1)
Long-term debt$9,101.5 $11,214.3 
____________
(a)    The 2020 Floating Rate Euro Notes were repaid at maturity in the second quarter of 2020. The instrument bore interest at a rate of three-month EURIBOR plus 0.50% per annum, reset quarterly.
(b)    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 will be amortized to interest expense over the remaining term of the notes.
*     Instrument was issued by Mylan Inc.
**     Instrument was issued by Mylan N.V.
For additional information, see Note 10 Debt in Mylan N.V.’s 2019 Form 10-K.
Revolving Credit Facility
The Company has a $2.0 billion revolving credit facility which is scheduled to expire in July 2023 (the “Revolving Credit Facility”). The Revolving Credit Facility contains a maximum consolidated leverage ratio financial covenant requiring maintenance of a maximum ratio of 3.75 to 1.00 for consolidated total indebtedness as of the end of any quarter to consolidated EBITDA for the trailing four quarters as defined in the related credit agreements (“maximum leverage ratio”). On June 16, 2020, the Company entered into an amendment to the Revolving Credit Facility to temporarily increase the maximum leverage ratio to 4.25 to 1.00 after the March 31, 2020 reporting period through the December 31, 2020 reporting period with a maximum leverage ratio of 3.75 to 1.00 thereafter. The Company is in compliance at September 30, 2020 and expects to remain in compliance for the next twelve months. The Revolving Credit Facility will terminate upon completion of the Combination.
Fair Value
At September 30, 2020 and December 31, 2019, the aggregate fair value of the Company’s outstanding notes was approximately $13.7 billion and $13.4 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 September 30, 2020 were as follows for each of the periods ending December 31:
(In millions)Total
2020$929 
20212,250 
2022— 
20231,250 
20241,172 
Thereafter6,715 
Total$12,316