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Debt
 9 Months Ended
Sep. 30, 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. The Company also had a $200 million Note Securitization Facility which expired in August 2024 and was not renewed. Under the terms of the Receivables Facility, certain of our accounts receivable secure the amounts borrowed and cannot be used to pay our other debts or liabilities. The amount that we may borrow at a given point in time is determined based on the amount of qualifying accounts receivable that are present at such point in time. Amounts outstanding under the Receivables Facility are included as a component of short-term borrowings, while the accounts receivable securing these obligations remain as a component of accounts receivable, net, in our condensed consolidated balance sheets.
Long-Term Debt
A summary of long-term debt is as follows:
($ in millions)Interest Rate as of September 30, 2024September 30,
2024		December 31,
2023
Current portion of long-term debt:
2024 Euro Senior Notes **
2.250 %1,113.4 1,103.5 
2024 Euro Senior Notes (a) ****
1.023 %— 831.5 
2025 Euro Senior Notes (b)*
2.125 %325.0 — 
Other0.6 0.4 
Deferred financing fees(0.3)(0.7)
Current portion of long-term debt$1,438.7 $1,934.7 
Non-current portion of long-term debt:
2025 Euro Senior Notes (b)*
2.125 %— 551.7 
2025 Senior Notes (b)***
1.650 %— 755.7 
2026 Senior Notes (b)**
3.950 %1,672.4 2,245.1 
2027 Euro Senior Notes ****
1.362 %969.3 967.2 
2027 Senior Notes ***
2.300 %765.6 769.8 
2028 Euro Senior Notes **
3.125 %831.8 824.1 
2028 Senior Notes *
4.550 %749.2 749.1 
2030 Senior Notes ***
2.700 %1,499.0 1,505.0 
2032 Euro Senior Notes ****
1.908 %1,482.8 1,478.4 
2040 Senior Notes ***
3.850 %1,638.9 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 %747.9 747.8 
2050 Senior Notes ***
4.000 %2,192.8 2,196.3 
YEN Term Loan FacilityVariable278.5 283.6 
Other3.0 2.4 
Deferred financing fees(25.2)(29.5)
Long-term debt$14,303.4 $16,188.1 
____________
(a)    The 2024 Euro Senior Notes were repaid at maturity in the second quarter of 2024.
(b)    Refer to Senior Notes Repayment section below for additional details.
*    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 Repayment
On September 16, 2024, Viatris and Mylan Inc. completed cash tender offers for their then-outstanding 1.650% Senior Notes due 2025 (the “2025 Senior Notes”) and 2.125% Senior Notes due 2025 (the “2025 Euro Senior Notes”), respectively. Viatris paid $422.3 million to repurchase $432.0 million aggregate principal amount of the 2025 Senior Notes at a repurchase price equal to 97.8% of the aggregate principal amount of the 2025 Senior Notes accepted for tender, and also paid accrued and unpaid interest. Mylan Inc. paid €206.9 million to repurchase €208.1 million aggregate principal amount of the 2025 Euro Senior Notes at a repurchase price equal to 99.4% of the aggregate principal amount of the 2025 Euro Senior Notes accepted for tender, and also paid accrued and unpaid interest. On September 20, 2024, Utah Acquisition Sub Inc. also completed a cash tender offer for its then-outstanding 3.950% Senior Notes due 2026 (the “2026 Senior Notes” and, together with the 2025 Senior Notes and the 2025 Euro Senior Notes, the “Senior Notes”) and paid $572.5 million to repurchase $575.0 million aggregate principal amount at a repurchase price equal to 99.6% of the aggregate principal amount of the 2026 Senior Notes accepted for tender, and also paid accrued and unpaid interest.

On September 16, 2024, after completing the tender offer, the Company irrevocably deposited with the trustee under the indenture governing the 2025 Senior Notes, U.S. government obligations in an amount sufficient to fund the payment of accrued and unpaid interest and the remaining $318.0 million aggregate principal amount as it becomes due. After the deposit of such funds with the trustee, the Company’s obligations under the 2025 Senior Notes Indenture with respect to the 2025 Senior Notes were satisfied and discharged. In addition, on September 16, 2024, after completing the tender offer, Mylan Inc. issued a notice of redemption for the remaining €291.9 million aggregate principal amount of the 2025 Euro Senior Notes and such redemption was completed on October 16, 2024.

The tender offers and satisfaction and discharge of the Senior Notes were completed using cash and cash equivalents on hand and accounted for as a debt extinguishment. The total gain recognized on the debt extinguishment (net of the write off of related unamortized deferred financing fees) for the three and nine months ended September 30, 2024 was $16.7 million and is included within Other Income, Net in the condensed consolidated statements of operations.

2024 Revolving Facility
On September 27, 2024, Viatris entered into a $3.5 billion amended and restated revolving credit agreement (the “2024 Revolving Facility”) with a syndicate of banks. The 2024 Revolving Facility amended and restated the 2021 Revolving Facility. The 2024 Revolving Facility has substantially identical terms to the 2021 Revolving Facility with the following exceptions: 1) the maturity of the 2024 Revolving Facility is September 2029 and 2) the pricing was adjusted to reflect current market prices.

The 2024 Revolving Facility contains 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 a financial covenant, which require maintenance of a Maximum Leverage Ratio no greater than 3.75 to 1.00 as of the last day of any fiscal quarter, 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.
Fair Value
At September 30, 2024 and December 31, 2023, the aggregate fair value of the Company’s outstanding notes was approximately $13.40 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 September 30, 2024 were as follows for each of the periods ending December 31:
(In millions)Total
2024$1,114 
2025 (a)
325 
20261,953 
20271,696 
20281,585 
Thereafter8,592 
Total$15,265