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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Borrowings
The Company did not have any short-term borrowings as of December 31, 2022 and had $1.49 billion of short-term borrowings as of December 31, 2021.
(In millions)December 31, 2022December 31, 2021
Commercial paper notes$— $1,173.4 
Receivables Facility— 318.5 
Other— 1.1 
Short-term borrowings$— $1,493.0 
The following provides an overview of the Company’s short-term credit facilities.
Receivables Facility and Note Securitization Facility
The Company has a $400 million Receivables Facility which expires in April 2025 and a $200 million Note Securitization Facility which expires in August 2023. Under the terms of each of the Receivables Facility and Note Securitization Facility, certain of our accounts receivable secure the amounts borrowed and cannot be used to pay our other debts or liabilities. The amount that we may borrow at a given point in time is determined based on the amount of qualifying accounts receivable that are present at such point in time.
Borrowings outstanding under the Receivables Facility bear interest at the applicable base rate plus 0.775% and under the Note Securitization Facility at the relevant base rate plus 0.85% 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 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 December 31, 2022. As of December 31, 2022 and 2021, the Company had $474.9 million and $388.9 million, respectively, of accounts receivable balances sold to its subsidiary Mylan Securitization under the Receivables Facility.
Long-Term Debt
A summary of long-term debt is as follows:
($ in millions)Interest Rate as of December 31, 2022December 31,
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 %750.6 — 
2023 Senior Notes *4.200 %499.8 — 
Other0.7 0.9 
Deferred financing fees(0.6)(0.1)
Current portion of long-term debt$1,250.5 $1,860.3 
Non-current portion of long-term debt:
2023 Senior Notes (c) *
3.125 %— 766.1 
2023 Senior Notes *4.200 %— 499.6 
2024 Euro Senior Notes **2.250 %1,069.8 1,135.8 
2024 Euro Senior Notes ****1.023 %813.5 871.6 
2025 Euro Senior Notes *2.125 %534.8 567.8 
2025 Senior Notes ***1.650 %759.6 763.4 
2026 Senior Notes **3.950 %2,243.2 2,241.4 
2027 Euro Senior Notes ****1.362 %945.9 1,013.0 
2027 Senior Notes ***2.300 %775.3 780.8 
2028 Euro Senior Notes **3.125 %798.5 847.4 
2028 Senior Notes *4.550 %748.9 748.7 
2030 Senior Notes ***2.700 %1,512.8 1,520.5 
2032 Euro Senior Notes ****1.908 %1,444.4 1,546.6 
2040 Senior Notes ***3.850 %1,650.6 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 %2,200.8 2,205.1 
YEN Term Loan FacilityVariable305.1 347.6 
Other2.0 1.9 
Deferred financing fees(35.1)(42.3)
Long-term debt$18,015.2 $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.
Senior Notes
Upjohn Senior Notes
In connection with the Combination, in June 2020, Viatris and Upjohn Finance B.V. completed privately placed debt offerings of $7.45 billion aggregate principal amount of the Unregistered Upjohn U.S. Dollar Notes and €3.60 billion aggregate principal amount of the Upjohn Euro Notes, respectively.
The Unregistered Upjohn U.S. Dollar Notes were issued pursuant to an indenture dated June 22, 2020 in a private offering exempt from the registration requirements of the Securities. In October 2021, substantially all of the then-outstanding $7.45 billion aggregate principal amount of Unregistered Upjohn U.S. Dollar Notes were exchanged for Registered Upjohn Notes registered under the Securities Act in the same aggregate principal amount and with terms substantially identical in all material respects with the corresponding series of Unregistered Upjohn U.S. Dollar Notes.
The Upjohn Euro Notes were issued pursuant to an indenture dated June 23, 2020 in a private offering exempt from the registration requirements of the Securities Act. Viatris and Upjohn Finance B.V. are U.S. dollar functional entities.
The net proceeds from the offerings of the Upjohn Senior Notes, together with the proceeds from the $600 million USD Term Loan Facility, were utilized to fund the $12 billion cash payment by Viatris to Pfizer as partial consideration for Pfizer’s contribution of the Upjohn Business to Viatris and related transaction fees and expenses.
Assumptions and Guarantees of Senior Unsecured Notes
Viatris Inc. is the issuer of the Upjohn U.S. Dollar Notes, which are fully and unconditionally guaranteed on a senior unsecured basis by Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc.
Upjohn Finance B.V. is the issuer of the Upjohn Euro Notes, which are fully and unconditionally guaranteed on a senior unsecured basis by Viatris Inc., Mylan Inc., Mylan II B.V. and Utah Acquisition Sub Inc.

Following the Combination, Utah Acquisition Sub Inc. is the issuer of the Utah U.S. Dollar Notes and the Utah Euro Notes, which are each fully and unconditionally guaranteed on a senior unsecured basis by Mylan Inc., Viatris Inc. and Mylan II B.V.
Mylan Inc. is the issuer of the Mylan Inc. U.S. Dollar Notes and the Mylan Inc. Euro Notes, which are each fully and unconditionally guaranteed on a senior unsecured basis by Mylan II B.V., Viatris Inc. and Utah Acquisition Sub Inc.
YEN Term Loan Facility and 2021 Revolving Facility
In July 2021, Viatris entered into (i) the ¥40 billion YEN Term Loan Facility and (ii) the $4.0 billion 2021 Revolving Facility with various syndicates of banks. The YEN Term Loan Facility and the 2021 Revolving Facility will mature in July 2026 and contain customary affirmative covenants for facilities of this type, including 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 a financial covenant, which set the Maximum Leverage Ratio as of the end of any quarter at 4.25 to 1.00 for each quarter ending after June 30, 2021 through and including June 30, 2022, 4.0 to 1.00 for each quarter ending after June 30, 2022 through and including December 31, 2022 and 3.75 to 1.00 thereafter, except in circumstances as defined in the related credit agreement, and other 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. Up to $1.65 billion of the 2021 Revolving Facility will be available to repay outstanding borrowings under our Commercial Paper Program if necessary.
Fair Value
At December 31, 2022 and 2021, the aggregate fair value of the Company’s outstanding notes was approximately $15.36 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 December 31, 2022 were as follows for each of the periods ending December 31:
(In millions)Total
2023$1,250 
20241,873 
20251,285 
20262,555 
20271,660 
Thereafter10,091 
Total$18,714