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Debt
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
The Company had $36.9 million and $1.10 billion of short-term borrowings as of March 31, 2021 and December 31, 2020, respectively.
(In millions)March 31,
2021		December 31,
2020
Commercial paper notes$30.0 $651.3 
Receivables Facility— 248.4 
Note Securitization Facility— 200.0 
Other6.9 1.2 
Short-term borrowings$36.9 $1,100.9 
For additional information, see Note 10 Debt in Viatris’ 2020 Form 10-K.
Long-Term Debt
A summary of long-term debt is as follows:
($ in millions)Interest Rate as of March 31, 2021March 31,
2021		December 31,
2020
Current portion of long-term debt:
2021 Senior Notes **
3.150 %2,249.9 2,249.7 
Other6.0 8.0 
Deferred financing fees(0.6)(1.4)
Current portion of long-term debt$2,255.3 $2,256.3 
Non-current portion of long-term debt:
2022 Euro Senior Notes ****
0.816 %889.8 928.8 
2022 Senior Notes ***
1.125 %1,007.3 1,008.8 
2023 Senior Notes (a) *
3.125 %777.7 781.6 
2023 Senior Notes *
4.200 %499.4 499.3 
2024 Euro Senior Notes **
2.250 %1,171.5 1,219.9 
2024 Euro Senior Notes ****
1.023 %905.1 944.6 
2025 Euro Senior Notes *
2.125 %585.7 609.9 
2025 Senior Notes ***
1.650 %766.2 767.1 
2026 Senior Notes **
3.950 %2,240.1 2,239.7 
2027 Euro Senior Notes ****
1.362 %1,051.6 1,097.4 
2027 Senior Notes ***
2.300 %784.8 786.1 
2028 Euro Senior Notes **
3.125 %873.7 909.7 
2028 Senior Notes *
4.550 %748.6 748.6 
2030 Senior Notes ***
2.700 %1,526.2 1,528.0 
2032 Euro Senior Notes ****
1.908 %1,603.5 1,672.6 
2040 Senior Notes ***
3.850 %1,661.8 1,663.3 
2043 Senior Notes *
5.400 %497.3 497.3 
2046 Senior Notes **
5.250 %999.9 999.9 
2048 Senior Notes *
5.200 %747.7 747.7 
2050 Senior Notes ***
4.000 %2,208.3 2,209.3 
USD Term Loan600.0 600.0 
Other2.3 17.4 
Deferred financing fees(46.3)(47.8)
Long-term debt$22,102.2 $22,429.2 
____________
(a)    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 is being amortized to interest expense over the remaining term of the notes.
*    Instrument was issued by Mylan Inc.
**    Instrument was originally issued by Mylan N.V. now held by Utah Acquisition Sub Inc.
***     Instrument was issued by Viatris Inc.
****     Instrument was issued by Upjohn Finance B.V.
For additional information, see Note 10 Debt in Viatris’ 2020 Form 10-K.
Term Loan and Revolving Facility
In June 2020, Viatris entered into (i) the $600 million Term Loan Agreement and (ii) the $4.0 billion Revolving Facility with various syndicates of banks. The Term Loan Agreement matures on May 16, 2022 and the Revolving Facility matures on November 16, 2023.
Both the Term Loan Agreement and the Revolving Facility contain customary affirmative covenants for facilities of this type, including among others, covenants pertaining to the delivery of financial statements, notices of default and certain material events, maintenance of corporate existence and rights, property, and insurance and compliance with laws, as well as customary negative covenants for facilities of this type, including limitations on the incurrence of subsidiary indebtedness, liens, mergers and certain other fundamental changes, investments and loans, acquisitions, transactions with affiliates, payments of dividends and other restricted payments and changes in our lines of business.
The Term Loan Agreement and the Revolving Facility contain a maximum consolidated leverage ratio financial covenant requiring maintenance of a maximum ratio of 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. The maximum leverage ratio is 4.25 to 1.00 for the first four full fiscal quarters following the close of the Combination and 3.75 to 1.00 thereafter, except in circumstances as defined in the related credit agreements.
Fair Value
At March 31, 2021 and December 31, 2020, the aggregate fair value of the Company’s outstanding notes was approximately $24.4 billion and $25.9 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 March 31, 2021 were as follows for each of the periods ending December 31:
(In millions)Total
2021$2,250 
20222,480 
20231,250 
20242,053 
20251,337 
Thereafter14,293 
Total$23,663