Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt

For additional information, see Note 10 Debt in Viatris’ 2023 Form 10-K.

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. Amounts outstanding under either facility 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 condensed consolidated balance sheets.

Long-Term Debt

A summary of long-term debt is as follows:

($ in millions)	Interest Rate as of March 31, 2024		March 31, 2024		December 31, 2023
Current portion of long-term debt:
2024 Euro Senior Notes **	2.250	%	1,078.7		1,103.5
2024 Euro Senior Notes ****	1.023	%	810.9		831.5
Other			0.6		0.4
Deferred financing fees			(0.5)		(0.7)
Current portion of long-term debt			$	1,889.7	$	1,934.7
Non-current portion of long-term debt:
2025 Euro Senior Notes *	2.125	%	539.3		551.7
2025 Senior Notes ***	1.650	%	754.8		755.7
2026 Senior Notes **	3.950	%	2,245.6		2,245.1
2027 Euro Senior Notes ****	1.362	%	943.3		967.2
2027 Senior Notes ***	2.300	%	768.4		769.8
2028 Euro Senior Notes **	3.125	%	805.7		824.1
2028 Senior Notes *	4.550	%	749.1		749.1
2030 Senior Notes ***	2.700	%	1,503.0		1,505.0
2032 Euro Senior Notes ****	1.908	%	1,442.4		1,478.4
2040 Senior Notes ***	3.850	%	1,642.3		1,644.0
2043 Senior Notes *	5.400	%	497.5		497.5
2046 Senior Notes **	5.250	%	999.9		999.9
2048 Senior Notes *	5.200	%	747.8		747.8
2050 Senior Notes ***	4.000	%	2,195.1		2,196.3
YEN Term Loan Facility	Variable		264.3		283.6
Other			2.4		2.4
Deferred financing fees			(28.4)		(29.5)
Long-term debt			$	16,072.5	$	16,188.1

____________

*    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 March 31, 2024 and December 31, 2023, the aggregate fair value of the Company’s outstanding notes was approximately $15.09 billion and $15.25 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, 2024 were as follows for each of the periods ending December 31:

(In millions)	Total
2024	$	1,888
2025	1,289
2026	2,514
2027	1,667
2028	1,559
Thereafter	8,549
Total	$	17,466