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Revenue Recognition and Accounts Receivable
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition and Accounts Receivable Revenue Recognition and Accounts Receivable
The Company recognizes revenue in accordance with the ASC 606. Under ASC 606, the Company recognizes net revenue for product sales when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenues are recorded net of provisions for variable consideration, including discounts, rebates, governmental rebate programs, price adjustments, returns, chargebacks, promotional programs and other sales allowances. Accruals for these provisions are presented in the condensed consolidated financial statements as reductions in determining net sales and as a contra asset in accounts receivable, net (if settled via credit) and other current liabilities (if paid in cash).
Our net sales may be impacted by wholesaler and distributor inventory levels of our products, which can fluctuate throughout the year due to the seasonality of certain products, pricing, the timing of product demand, purchasing decisions and other factors. Such fluctuations may impact the comparability of our net sales between periods.
Consideration received from licenses of intellectual property is recorded as other revenues. Royalty or profit share amounts, which are based on sales of licensed products or technology, are recorded when the customer’s subsequent sales or usages occur. Such consideration is included in other revenue in the condensed consolidated statements of operations.
The following table presents the Company’s net sales by product category for each of our reportable segments for the three months ended March 31, 2021 and 2020, respectively:

(In millions)Three Months Ended March 31, 2021
Product CategoryDeveloped MarketsGreater ChinaJANZEmerging MarketsTotal
Brands$1,403.7 $590.9 $284.0 $446.0 $2,724.6 
Complex Gx and Biosimilars312.0 — 8.9 8.0 328.9 
Generics855.9 1.0 189.0 300.7 1,346.6 
Total$2,571.6 $591.9 $481.9 $754.7 $4,400.1 
(In millions)Three Months Ended March 31, 2020
Product CategoryDeveloped MarketsGreater ChinaJANZEmerging MarketsTotal
Brands$891.5 $14.7 $90.6 $64.7 $1,061.5 
Complex Gx and Biosimilars241.6 0.1 8.4 3.2 253.3 
Generics853.3 0.3 144.2 275.6 1,273.4 
Total$1,986.4 $15.1 $243.2 $343.5 $2,588.2 

The following table presents net sales on a consolidated basis for select key products for the three months ended March 31, 2021:
(In millions)Total
Select Key Global Products
Lipitor ®
$464.6 
Norvasc ®227.7 
Lyrica ®187.8 
Viagra ®139.6 
EpiPen® Auto-Injectors103.7 
Celebrex ®
89.0 
Effexor ®
76.6 
Zoloft ®
76.6 
Creon ®69.9 
Xalabrands57.9 
Select Key Segment Products
Amitiza ®$45.9 
Xanax ®45.1 
Dymista ®40.3 
Yupelri ®36.9 
____________
(a)The Company does not disclose net sales for any products considered competitively sensitive.
(b)Products disclosed may change in future periods, including as a result of seasonality, competition or new product introductions.
Variable Consideration and Accounts Receivable
The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the three months ended March 31, 2021 and 2020, respectively:
Three Months Ended
March 31,
(In millions)20212020
Gross sales$7,567.0 $4,424.0 
Gross to net adjustments:
Chargebacks(1,318.0)(854.4)
Rebates, promotional programs and other sales allowances(1,568.5)(845.6)
Returns(113.0)(59.0)
Governmental rebate programs(167.4)(76.8)
Total gross to net adjustments$(3,166.9)$(1,835.8)
Net sales$4,400.1 $2,588.2 
No significant revisions were made to the methodology used in determining these provisions or the nature of the provisions during the three months ended March 31, 2021. Such allowances were comprised of the following at March 31, 2021 and December 31, 2020, respectively:
(In millions)March 31,
2021		December 31,
2020
Accounts receivable, net$1,706.5 $1,802.9 
Other current liabilities1,196.6 1,211.8 
Total$2,903.1 $3,014.7 
Accounts receivable, net was comprised of the following at March 31, 2021 and December 31, 2020, respectively:
(In millions)March 31,
2021		December 31,
2020
Trade receivables, net$3,889.6 $3,891.3 
Other receivables639.4 952.5 
Accounts receivable, net$4,529.0 $4,843.8 
Accounts Receivable Factoring Arrangements
We have entered into accounts receivable factoring agreements with financial institutions to sell certain of our non-U.S. accounts receivable. These transactions are accounted for as sales and result in a reduction in accounts receivable because the agreements transfer effective control over and risk related to the receivables to the buyers. Our factoring agreements do not allow for recourse in the event of uncollectibility, and we do not retain any interest in the underlying accounts receivable once sold. We derecognized $114.5 million and $153.0 million of accounts receivable as of March 31, 2021 and December 31, 2020, respectively, under these factoring arrangements.