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Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
For additional information, see Note 10 Debt in Viatris’ 2021 Form 10-K.
Short-Term Borrowings
The Company had $500.4 million and $1.49 billion of short-term borrowings as of September 30, 2022 and December 31, 2021, respectively.
(In millions)September 30,
2022		December 31,
2021
Commercial paper notes$300.4 $1,173.4 
Receivables Facility— 318.5 
Note Securitization Facility200.0 — 
Other— 1.1 
Short-term borrowings$500.4 $1,493.0 
Receivables Facility
In August 2022, the Note Securitization Facility was amended to extend its maturity to August 2023.
The Company has a $400 million Receivables Facility, which originally was to expire on April 22, 2022. On April 22, 2022, the Company entered into an agreement to extend the expiration date of the Receivables Facility to April 22, 2025.
Under the terms of the Receivables Facility, our subsidiary, MPI, sells certain accounts receivable to Mylan Securitization LLC (“Mylan Securitization”), a wholly-owned special purpose entity which in turn sells a percentage ownership interest in the receivables to financial institutions and commercial paper conduits sponsored by financial institutions. Mylan Securitization’s assets have been pledged to MUFG Bank, Ltd., as agent, in support of its obligations under the Receivables Facility. Any amounts outstanding under the facility are recorded as borrowings and the underlying receivables are included in accounts receivable, net, in the condensed consolidated balance sheets.
Long-Term Debt
A summary of long-term debt is as follows:
($ in millions)Interest Rate as of September 30, 2022September 30,
2022		December 31,
2021
Current portion of long-term debt:
2022 Euro Senior Notes (a) ****
0.816 %$— $856.6 
2022 Senior Notes (b) ***
1.125 %— 1,002.9 
2023 Senior Notes (c) *
3.125 %754.5 — 
Other0.8 0.9 
Deferred financing fees(0.3)(0.1)
Current portion of long-term debt$755.0 $1,860.3 
Non-current portion of long-term debt:
2023 Senior Notes (c) *
3.125 %— 766.1 
2023 Senior Notes *
4.200 %499.7 499.6 
2024 Euro Senior Notes **
2.250 %979.4 1,135.8 
2024 Euro Senior Notes ****
1.023 %746.5 871.6 
2025 Euro Senior Notes *
2.125 %489.6 567.8 
2025 Senior Notes ***
1.650 %760.5 763.4 
2026 Senior Notes **
3.950 %2,242.8 2,241.4 
2027 Euro Senior Notes ****
1.362 %867.9 1,013.0 
2027 Senior Notes ***
2.300 %776.7 780.8 
2028 Euro Senior Notes **
3.125 %731.0 847.4 
2028 Senior Notes *
4.550 %748.9 748.7 
2030 Senior Notes ***
2.700 %1,514.7 1,520.5 
2032 Euro Senior Notes ****
1.908 %1,326.6 1,546.6 
2040 Senior Notes ***
3.850 %1,652.2 1,657.1 
2043 Senior Notes *
5.400 %497.4 497.3 
2046 Senior Notes **
5.250 %999.9 999.9 
2048 Senior Notes *
5.200 %747.8 747.8 
2050 Senior Notes ***
4.000 %2,201.9 2,205.1 
YEN Term Loan FacilityVariable276.4 347.6 
Revolving FacilityVariable700.0 — 
Other1.7 1.9 
Deferred financing fees(37.1)(42.3)
Long-term debt$18,724.5 $19,717.1 
____________
(a)    The 2022 Euro Senior Notes were repaid at maturity in the second quarter of 2022.
(b)    The 2022 Senior Notes were repaid at maturity in the second quarter of 2022.
(c)    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.
At September 30, 2022 and December 31, 2021, the aggregate fair value of the Company’s outstanding notes was approximately $14.36 billion and $22.01 billion, respectively. The fair values of the outstanding notes were valued at quoted market prices from broker or dealer quotations and were classified as Level 2 in the fair value hierarchy.
Mandatory minimum repayments remaining on the notional amount of outstanding long-term debt at September 30, 2022 were as follows for each of the periods ending December 31:
(In millions)Total
2022$— 
20231,250 
20241,715 
20251,240 
20263,226 
Thereafter11,493 
Total$18,924