XML 44 R19.htm IDEA: XBRL DOCUMENT v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
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 2024. 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 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 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, 2023. As of December 31, 2023 and 2022, the Company had $564.5 million and $474.9 million, respectively, of accounts receivable balances sold to its subsidiary Mylan Securitization LLC under the Receivables Facility.
Long-Term Debt
A summary of long-term debt is as follows:
($ in millions)Interest Rate as of December 31, 2023December 31,
2023		December 31,
2022
Current portion of long-term debt:
2023 Senior Notes (a) *
3.125 %— 750.6 
2023 Senior Notes (b) *
4.200 %— 499.8 
2024 Euro Senior Notes ****1.023 %831.5 — 
2024 Euro Senior Notes **2.250 %1,103.5 — 
Other0.4 0.7 
Deferred financing fees(0.7)(0.6)
Current portion of long-term debt$1,934.7 $1,250.5 
Non-current portion of long-term debt:
2024 Euro Senior Notes **2.250 %— 1,069.8 
2024 Euro Senior Notes ****1.023 %— 813.5 
2025 Euro Senior Notes *2.125 %551.7 534.8 
2025 Senior Notes ***1.650 %755.7 759.6 
2026 Senior Notes **3.950 %2,245.1 2,243.2 
2027 Euro Senior Notes ****1.362 %967.2 945.9 
2027 Senior Notes ***2.300 %769.8 775.3 
2028 Euro Senior Notes **3.125 %824.1 798.5 
2028 Senior Notes *4.550 %749.1 748.9 
2030 Senior Notes ***2.700 %1,505.0 1,512.8 
2032 Euro Senior Notes ****1.908 %1,478.4 1,444.4 
2040 Senior Notes ***3.850 %1,644.0 1,650.6 
2043 Senior Notes *5.400 %497.5 497.4 
2046 Senior Notes **5.250 %999.9 999.9 
2048 Senior Notes *5.200 %747.8 747.8 
2050 Senior Notes ***4.000 %2,196.3 2,200.8 
YEN Term Loan FacilityVariable283.6 305.1 
Other2.4 2.0 
Deferred financing fees(29.5)(35.1)
Long-term debt$16,188.1 $18,015.2 
____________    
(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 was amortized to interest expense over the remaining term of the notes, which were repaid at maturity in the first quarter of 2023.
(b)    The 2023 Senior Notes were repaid at maturity in the fourth quarter of 2023.
*     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
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 Revolving Facility
In July 2021, Viatris entered into (i) the ¥40 billion YEN Term Loan Facility and (ii) the $4.0 billion Revolving Facility with various syndicates of banks. The YEN Term Loan Facility and the 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 3.75 to 1.00 for the quarter ended March 31, 2023 and each quarter ending 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 Revolving Facility may be used to support borrowings under our Commercial Paper Program.
Effective April 28, 2023, we executed an amendment to the Revolving Facility to convert the benchmark interest rate from LIBOR to an adjusted SOFR, with no change in the applicable interest rate margins.
Fair Value
At December 31, 2023 and 2022, the aggregate fair value of the Company’s outstanding notes was approximately $15.25 billion and $15.36 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, 2023 were as follows for each of the years ending December 31:
(In millions)Total
2024$1,932 
20251,302 
20262,534 
20271,688 
20281,578 
Thereafter8,580 
Total$17,614