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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_____________to___________                 
Commission File Number 333-199861
MYLAN N.V.
(Exact name of registrant as specified in its charter)
Netherlands 98-1493528
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
Building 4, Trident Place, Mosquito Way, Hatfield, Hertfordshire, AL10 9UL, England
(Address of principal executive offices)
+44 (0) 1707-853-000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Trading Symbol(s): Name of each exchange on which registered:
Ordinary shares, nominal value €0.01 MYL The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of July 31, 2020, there were 516,946,981 of the issuer’s €0.01 nominal value ordinary shares outstanding.


MYLAN N.V. AND SUBSIDIARIES
INDEX TO FORM 10-Q
For the Quarterly Period Ended
June 30, 2020
  
Page
PART I — FINANCIAL INFORMATION
ITEM 1. Condensed Consolidated Financial Statements (unaudited)
3
4
5
6
8
9
ITEM 2.
ITEM 3.
ITEM 4.
PART II — OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 5.
ITEM 6.
2

PART I — FINANCIAL INFORMATION

MYLAN N.V. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited; in millions, except per share amounts)
  Three Months Ended Six Months Ended
June 30, June 30,
  2020 2019 2020 2019
Revenues:
Net sales $ 2,695.9    $ 2,818.2    $ 5,284.1    $ 5,278.8   
Other revenues 35.3    33.3    66.3    68.2   
Total revenues 2,731.2    2,851.5    5,350.4    5,347.0   
Cost of sales 1,705.5    1,918.9    3,418.6    3,609.2   
Gross profit 1,025.7    932.6    1,931.8    1,737.8   
Operating expenses:
Research and development 156.3    147.6    270.5    320.2   
Selling, general and administrative 719.4    668.6    1,324.8    1,276.5   
Litigation settlements and other contingencies, net 15.8    20.9    17.6    21.6   
Total operating expenses 891.5    837.1    1,612.9    1,618.3   
Earnings from operations 134.2    95.5    318.9    119.5   
Interest expense 116.2    131.2    236.1    262.4   
Other (income) expense, net (2.0)   16.4    32.1    23.7   
Earnings (Loss) before income taxes 20.0    (52.1)   50.7    (166.6)  
Income tax (benefit) provision (19.4)   116.4    (9.5)   26.9   
Net earnings (loss) $ 39.4    $ (168.5)   $ 60.2    $ (193.5)  
Earnings (Loss) per ordinary share:
Basic $ 0.08    $ (0.33)   $ 0.12    $ (0.38)  
Diluted $ 0.08    $ (0.33)   $ 0.12    $ (0.38)  
Weighted average ordinary shares outstanding:
Basic 516.9    515.5    516.7    515.3   
Diluted 517.2    515.5    517.1    515.3   


See Notes to Condensed Consolidated Financial Statements
3


MYLAN N.V. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Earnings (Loss)
(Unaudited; in millions)
  Three Months Ended Six Months Ended
June 30, June 30,
  2020 2019 2020 2019
Net earnings (loss) $ 39.4    $ (168.5)   $ 60.2    $ (193.5)  
Other comprehensive earnings (loss), before tax:
Foreign currency translation adjustment 452.0    196.6    (204.6)   (141.9)  
Change in unrecognized gain and prior service cost related to defined benefit plans 6.6    —    5.0    0.2   
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships 18.7    9.4    (32.7)   35.4   
Net unrecognized (loss) gain on derivatives in net investment hedging relationships (47.3)   (36.3)   (5.0)   21.8   
Net unrealized gain on marketable securities 0.6    0.2    0.8    0.6   
Other comprehensive earnings (loss), before tax 430.6    169.9    (236.5)   (83.9)  
Income tax provision (benefit) 2.0    1.1    (8.8)   12.9   
Other comprehensive earnings (loss), net of tax 428.6    168.8    (227.7)   (96.8)  
Comprehensive earnings (loss) $ 468.0    $ 0.3    $ (167.5)   $ (290.3)  



See Notes to Condensed Consolidated Financial Statements
4


MYLAN N.V. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited; in millions, except share and per share amounts)
June 30,
2020
December 31,
2019
ASSETS
Assets
Current assets:
Cash and cash equivalents $ 323.6    $ 475.6   
Accounts receivable, net 2,753.2    3,058.8   
Inventories 2,785.7    2,670.9   
Prepaid expenses and other current assets 602.1    552.0   
Total current assets 6,464.6    6,757.3   
Property, plant and equipment, net 2,037.5    2,149.6   
Intangible assets, net 10,955.9    11,649.9   
Goodwill 9,523.3    9,590.6   
Deferred income tax benefit 749.4    703.1   
Other assets 424.7    405.0   
Total assets $ 30,155.4    $ 31,255.5   
LIABILITIES AND EQUITY
Liabilities
Current liabilities:
Accounts payable $ 1,256.7    $ 1,528.1   
Income taxes payable 288.0    213.0   
Current portion of long-term debt and other long-term obligations 3,198.4    1,508.1   
Other current liabilities 2,228.2    2,319.9   
Total current liabilities 6,971.3    5,569.1   
Long-term debt 8,994.4    11,214.3   
Deferred income tax liability 1,542.2    1,627.5   
Other long-term obligations 901.3    960.8   
Total liabilities 18,409.2    19,371.7   
Equity
Mylan N.V. shareholders’ equity
Ordinary shares — nominal value €0.01 per ordinary share
Shares authorized: 1,200,000,000
Shares issued: 541,545,308 and 540,746,871 as of June 30, 2020 and December 31, 2019
6.1    6.1   
Additional paid-in capital 8,673.2    8,643.5   
Retained earnings 6,091.5    6,031.1   
Accumulated other comprehensive loss (2,024.9)   (1,797.2)  
12,745.9    12,883.5   
Less: Treasury stock — at cost
Ordinary shares: 24,598,074 as of June 30, 2020 and December 31, 2019
999.7    999.7   
Total equity 11,746.2    11,883.8   
Total liabilities and equity $ 30,155.4    $ 31,255.5   

See Notes to Condensed Consolidated Financial Statements
5


MYLAN N.V. AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
(Unaudited; in millions, except share amounts)
Additional Paid-In Capital Retained
Earnings
Accumulated Other Comprehensive Loss Total
Equity
  Ordinary Shares Treasury Stock
  Shares Cost Shares Cost
Balance at March 31, 2020 541,542,294    $ 6.1    $ 8,657.9    $ 6,051.9    24,598,074    $ (999.7)   $ (2,453.5)   $ 11,262.7   
Net earnings —    —    —    39.4    —    —    —    39.4   
Other comprehensive earnings, net of tax —    —    —    —    —    —    428.6    428.6   
Issuance of restricted stock and stock options exercised, net 3,014    —    —    —    —    —    —    —   
Share-based compensation expense —    —    15.3    —    —    —    —    15.3   
Other —    —    —    0.2    —    —    —    0.2   
Balance at June 30, 2020 541,545,308    $ 6.1    $ 8,673.2    $ 6,091.5    24,598,074    $ (999.7)   $ (2,024.9)   $ 11,746.2   
Additional Paid-In Capital Retained
Earnings
Accumulated Other Comprehensive Loss Total
Equity
Ordinary Shares Treasury Stock
Shares Cost Shares Cost
Balance at December 31, 2019 540,746,871    $ 6.1    $ 8,643.5    $ 6,031.1    24,598,074    $ (999.7)   $ (1,797.2)   $ 11,883.8   
Net earnings —    —    —    60.2    —    —    —    60.2   
Other comprehensive loss, net of tax —    —    —    —    —    —    (227.7)   (227.7)  
Issuance of restricted stock and stock options exercised, net 798,437    —    0.6    —    —    —    —    0.6   
Taxes related to the net share settlement of equity awards —    —    (5.6)   —    —    —    —    (5.6)  
Share-based compensation expense —    —    34.7    —    —    —    —    34.7   
Other —    —    —    0.2    —    —    —    0.2   
Balance at June 30, 2020 541,545,308    $ 6.1    $ 8,673.2    $ 6,091.5    24,598,074    $ (999.7)   $ (2,024.9)   $ 11,746.2   
See Notes to Condensed Consolidated Financial Statements
6


Additional Paid-In Capital Retained
Earnings
Accumulated Other Comprehensive Loss Total
Equity
  Ordinary Shares Treasury Stock
  Shares Cost Shares Cost
Balance at March 31, 2019 539,943,344    $ 6.0    $ 8,606.5    $ 5,989.3    23,490,867    $ (999.7)   $ (1,710.5)   $ 11,891.6   
Net loss —    —    —    (168.5)   —    —    —    (168.5)  
Other comprehensive earnings, net of tax —    —    —    —    —    —    168.8    168.8   
Issuance of restricted stock and stock options exercised, net 516,652    —    1.6    —    —    —    —    1.6   
Taxes related to the net share settlement of equity awards —    —    (7.6)   —    —    —    —    (7.6)  
Share-based compensation expense —    —    16.8    —    —    —    —    16.8   
Cancellation of restricted stock —    0.1    —    —    1,107,207    —    —    0.1   
Balance at June 30, 2019 540,459,996    $ 6.1    $ 8,617.3    $ 5,820.8    24,598,074    $ (999.7)   $ (1,541.7)   $ 11,902.8   
Additional Paid-In Capital Retained
Earnings
Accumulated Other Comprehensive Loss Total
Equity
Ordinary Shares Treasury Stock
Shares Cost Shares Cost
Balance at December 31, 2018 539,289,665    $ 6.0    $ 8,591.4    $ 6,010.7    23,490,867    $ (999.7)   $ (1,441.3)   $ 12,167.1   
Net loss —    —    —    (193.5)   —    —    —    (193.5)  
Other comprehensive loss, net of tax —    —    —    —    —    —    (96.8)   (96.8)  
Issuance of restricted stock and stock options exercised, net 1,170,331    —    3.9    —    —    —    —    3.9   
Taxes related to the net share settlement of equity awards —    —    (12.8)   —    —    —    —    (12.8)  
Share-based compensation expense —    —    34.8    —    —    —    —    34.8   
Cancellation of restricted stock —    0.1    —    —    1,107,207    —    —    0.1   
Cumulative effect of the adoption of new accounting standards —    —    —    3.6    —    —    (3.6)   —   
Balance at June 30, 2019 540,459,996    $ 6.1    $ 8,617.3    $ 5,820.8    24,598,074    $ (999.7)   $ (1,541.7)   $ 11,902.8   


See Notes to Condensed Consolidated Financial Statements
7


MYLAN N.V. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited; in millions)
Six Months Ended
June 30,
  2020 2019
Cash flows from operating activities:
Net earnings (loss) $ 60.2    $ (193.5)  
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization 830.7    1,001.9   
Share-based compensation expense 34.7    34.8   
Deferred income tax benefit (119.7)   (57.8)  
Loss from equity method investments 34.5    33.2   
Other non-cash items 97.4    63.5   
Litigation settlements and other contingencies, net 26.6    24.4   
Changes in operating assets and liabilities:
Accounts receivable 122.6    198.9   
Inventories (275.8)   (326.8)  
Accounts payable (234.5)   (71.6)  
Income taxes 49.3    (94.8)  
Other operating assets and liabilities, net 44.6    17.0   
Net cash provided by operating activities 670.6    629.2   
Cash flows from investing activities:
Cash paid for acquisitions, net —    (7.1)  
Capital expenditures (87.9)   (97.2)  
Purchase of available for sale securities and other investments (90.2)   (12.7)  
Proceeds from the sale of marketable securities 33.1    12.5   
Payments for product rights and other, net (76.4)   (129.5)  
Proceeds from the sale of assets 1.3    —   
Net cash used in investing activities (220.1)   (234.0)  
Cash flows from financing activities:
Proceeds from issuance of long-term debt 33.2    5.5   
Payments of long-term debt (589.0)   (555.5)  
Change in short-term borrowings, net —    24.3   
Taxes paid related to net share settlement of equity awards (7.1)   (8.3)  
Contingent consideration payments (43.6)   (38.8)  
Payments of financing fees (1.2)   (2.1)  
Proceeds from exercise of stock options 0.6    4.0   
Other items, net (2.0)   (1.0)  
Net cash used in financing activities (609.1)   (571.9)  
Effect on cash of changes in exchange rates (7.8)   0.1   
Net decrease in cash, cash equivalents and restricted cash (166.4)   (176.6)  
Cash, cash equivalents and restricted cash — beginning of period 491.1    389.3   
Cash, cash equivalents and restricted cash — end of period $ 324.7    $ 212.7   
See Notes to Condensed Consolidated Financial Statements
8


MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

1.General
The accompanying unaudited condensed consolidated financial statements (“interim financial statements”) of Mylan N.V. and subsidiaries (“Mylan” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q; therefore, as permitted under these rules, certain footnotes and other financial information included in audited financial statements were condensed or omitted. The interim financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the interim results of operations, comprehensive earnings, financial position, equity and cash flows for the periods presented.
The global spread of the coronavirus disease 2019 (“COVID-19”) has created significant volatility, uncertainty and economic disruption affecting the markets we serve in North America, Europe and Rest of World, including Asia. Certain significant impacts of COVID-19 on our business are discussed in these notes to the condensed consolidated financial statements.
These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto in Mylan N.V.’s Annual Report on Form 10-K for the year ended December 31, 2019, as amended (the “2019 Form 10-K”). The December 31, 2019 condensed consolidated balance sheet was derived from audited financial statements.
The interim results of operations and comprehensive earnings (loss) for the three and six months ended June 30, 2020, and cash flows for the six months ended June 30, 2020, are not necessarily indicative of the results to be expected for the full fiscal year or any other future period.

2.Revenue Recognition and Accounts Receivable
        The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes net revenue for product sales when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Revenues are recorded net of provisions for variable consideration, including discounts, rebates, governmental rebate programs, price adjustments, returns, chargebacks, promotional programs and other sales allowances. Accruals for these provisions are presented in the condensed consolidated financial statements as reductions in determining net sales and as a contra asset in accounts receivable, net (if settled via credit) and other current liabilities (if paid in cash).
        Our net sales may be impacted by wholesaler and distributor inventory levels of our products, which can fluctuate throughout the year due to the seasonality of certain products, pricing, the timing of product demand, customer purchasing decisions and other factors. Such fluctuations may impact the comparability of our net sales between periods.
        Consideration received from licenses of intellectual property is recorded as other revenues. Royalty or profit share amounts, which are based on sales of licensed products or technology, are recorded when the customer’s subsequent sales or usages occur. Such consideration is included in other revenue in the condensed consolidated statements of operations.
9

MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
        The following table presents the Company’s net sales by therapeutic franchise for each of our reportable segments for the three and six months ended June 30, 2020 and 2019, respectively:
(In millions) North America Europe Rest of World Total
Three Months Ended June 30, 2020
Central Nervous System & Anesthesia $ 161.0    $ 193.8    $ 69.3    $ 424.1   
Infectious Disease 38.3    50.6    254.5    343.4   
Respiratory & Allergy 324.9    125.8    41.5    492.2   
Cardiovascular 59.8    118.2    31.3    209.3   
Gastroenterology 41.8    148.2    101.9    291.9   
Diabetes & Metabolism 51.5    74.5    25.9    151.9   
Dermatology 24.4    64.9    17.2    106.5   
Women’s Healthcare 95.5    58.8    33.2    187.5   
Oncology 170.3    22.2    39.2    231.7   
Immunology 9.9    27.5    8.8    46.2   
Other (1)
61.6    50.5    99.1    211.2   
Total $ 1,039.0    $ 935.0    $ 721.9    $ 2,695.9   
Six Months Ended June 30, 2020
Central Nervous System & Anesthesia $ 302.2    $ 419.5    $ 129.7    $ 851.4   
Infectious Disease 83.4    122.9    484.2    690.5   
Respiratory & Allergy 605.5    259.2    91.2    955.9   
Cardiovascular 125.9    247.1    64.5    437.5   
Gastroenterology 79.2    299.4    160.9    539.5   
Diabetes & Metabolism 116.6    151.6    53.4    321.6   
Dermatology 54.6    142.2    36.9    233.7   
Women’s Healthcare 179.9    120.1    50.9    350.9   
Oncology 299.4    40.8    63.8    404.0   
Immunology 19.0    53.1    17.0    89.1   
Other (1)
128.8    101.0    180.2    410.0   
Total $ 1,994.5    $ 1,956.9    $ 1,332.7    $ 5,284.1   
10

MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(In millions) North America Europe Rest of World Total
Three Months Ended June 30, 2019
Central Nervous System & Anesthesia $ 135.2    $ 214.7    $ 92.9    $ 442.8   
Infectious Disease 30.5    61.9    297.1    389.5   
Respiratory & Allergy 258.2    121.9    56.2    436.3   
Cardiovascular 48.9    131.7    40.6    221.2   
Gastroenterology 30.7    159.2    102.9    292.8   
Diabetes & Metabolism 83.8    81.9    37.0    202.7   
Dermatology 25.5    80.3    21.0    126.8   
Women’s Healthcare 90.2    60.2    24.2    174.6   
Oncology 246.9    20.3    35.2    302.4   
Immunology 9.0    13.8    10.9    33.7   
Other (1)
64.5    43.7    87.2    195.4   
Total $ 1,023.4    $ 989.6    $ 805.2    $ 2,818.2   
Six Months Ended June 30, 2019
Central Nervous System & Anesthesia $ 270.9    $ 405.0    $ 156.9    $ 832.8   
Infectious Disease 48.6    120.7    512.7    682.0   
Respiratory & Allergy 496.8    229.7    99.9    826.4   
Cardiovascular 95.8    232.4    74.8    403.0   
Gastroenterology 64.9    287.0    180.4    532.3   
Diabetes & Metabolism 234.8    139.1    76.2    450.1   
Dermatology 39.4    141.9    41.4    222.7   
Women’s Healthcare 169.1    104.8    39.3    313.2   
Oncology 371.7    37.9    64.2    473.8   
Immunology 19.1    21.0    17.3    57.4   
Other (1)
135.2    165.4    184.5    485.1   
Total $ 1,946.3    $ 1,884.9    $ 1,447.6    $ 5,278.8   
____________
(1) Other consists of numerous therapeutic franchises, none of which individually exceeds 5% of consolidated net sales.
Variable Consideration and Accounts Receivable
        The following table presents a reconciliation of gross sales to net sales by each significant category of variable consideration during the three and six months ended June 30, 2020 and 2019, respectively:
Three Months Ended Six Months Ended
June 30, June 30,
(In millions) 2020 2019 2020 2019
Gross sales $ 4,457.6    $ 4,631.0    $ 8,881.6    $ 8,789.5   
Gross to net adjustments:
Chargebacks (795.5)   (751.6)   (1,649.9)   (1,455.3)  
Rebates, promotional programs and other sales allowances (820.4)   (874.5)   (1,666.0)   (1,730.7)  
Returns (57.6)   (75.2)   (116.6)   (121.0)  
Governmental rebate programs (88.2)   (111.5)   (165.0)   (203.7)  
Total gross to net adjustments $ (1,761.7)   $ (1,812.8)   $ (3,597.5)   $ (3,510.7)  
Net sales $ 2,695.9    $ 2,818.2    $ 5,284.1    $ 5,278.8   
11

MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
        No significant revisions were made to the methodology used in determining these provisions or the nature of the provisions during the three and six months ended June 30, 2020. Such allowances were comprised of the following at June 30, 2020 and December 31, 2019, respectively:
(In millions) June 30,
2020
December 31,
2019
Accounts receivable, net $ 1,349.8    $ 1,512.0   
Other current liabilities 694.4    796.5   
Total $ 2,044.2    $ 2,308.5   
Accounts receivable, net was comprised of the following at June 30, 2020 and December 31, 2019, respectively:
(In millions) June 30,
2020
December 31,
2019
Trade receivables, net $ 2,440.8    $ 2,640.1   
Other receivables 312.4    418.7   
Accounts receivable, net $ 2,753.2    $ 3,058.8   
Receivables Facility and Note Securitization Facility
Through its wholly owned subsidiary Mylan Pharmaceuticals Inc., the Company has access to a $400 million accounts receivable securitization facility (the “Receivables Facility”) and a $200 million note securitization facility (the “Note Securitization Facility”). The receivables underlying any borrowings are included in accounts receivable, net, in the condensed consolidated balance sheets. There were $409.5 million and $407.0 million of securitized accounts receivable at June 30, 2020 and December 31, 2019, respectively.
On August 4, 2020, the Company entered into (i) an amendment to the Receivables Facility to permit the occurrence of the Combination and to make certain other updates and (ii) an amendment to the Note Securitization Facility to extend the maturity date to August 30, 2021.

We have entered into accounts receivable factoring agreements with financial institutions to sell certain of our non-U.S. accounts receivable. These transactions are accounted for as sales and result in a reduction in accounts receivable because the agreements transfer effective control over and risk related to the receivables to the buyers. Our factoring agreements do not allow for recourse in the event of uncollectibility, and we do not retain any interest in the underlying accounts receivable once sold. We derecognized $131.9 million and $90.1 million of accounts receivable as of June 30, 2020 and December 31, 2019, respectively, under these factoring arrangements.

3.Recent Accounting Pronouncements
Adoption of New Accounting Standards and Amended SEC Rules
        In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses (“ASU 2016-13”), which requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. In May 2019, the FASB issued ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief (“ASU 2019-05”). ASU 2019-05 provides transition relief for ASU 2016-13 by providing entities with an alternative to irrevocably elect the fair value option for eligible financial assets measured at amortized cost upon adoption of ASU 2016-13. The Company applied the provisions of ASU 2016-13 and its subsequent revisions as of January 1, 2020 and the adoption did not have a material impact on its condensed consolidated financial statements and disclosures.
        In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-03”), which adds to and modifies certain disclosure requirements for fair value measurements including a requirement to disclose changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and a requirement to disclose the range and weighted average used to develop significant inputs for Level 3 fair value measurements.
12

MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
The Company applied the provisions of ASU 2018-13 as of January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s disclosures.
        In August 2018, the FASB issued Accounting Standards Update 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). The objective of this update is to clarify and align the accounting and capitalization of implementation costs for hosting arrangements, regardless of whether they convey a license to the hosted software. The updated guidance will require an entity in a hosting arrangement that is a service contract, to follow guidance in ASC 350 Topic 350, Intangibles-Goodwill and Other, to determine which implementation costs to capitalize as an asset and which costs to expense. The Company applied the provisions of ASU 2018-15 as of January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements and disclosures.
        In November 2018, the FASB issued Accounting Standards Update 2018-18, Collaborative Arrangements (Topic 808)—Clarifying the Interaction between Topic 808 and Topic 606 (“ASU 2018-18”). The amendments in ASU 2018-18 make targeted improvements to U.S. GAAP for collaborative arrangements by clarifying that certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. In those situations, all the guidance in Topic 606 should be applied, including recognition, measurement, presentation, and disclosure requirements. In addition, unit-of-account guidance in Topic 808 was aligned with the guidance in Topic 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of Topic 606. The Company applied the provisions of ASU 2018-18 as of January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements and disclosures.
        In March 2020, the SEC amended Rule 3-10 of Regulation S-X regarding the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered. Among other things, the amendments narrow the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamline the alternative disclosures required in lieu of those financial statements. The effective date of the amendment is January 4, 2021 with earlier voluntary compliance permitted. We have chosen to voluntarily comply with the amended rules effective during the three months ended March 31, 2020 and have included the required disclosures as a component of Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-Q as permitted by the amendments.
Accounting Standards Issued Not Yet Adopted
        In January 2020, the FASB issued Accounting Standards Update 2020-01, Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 (“ASU 2020-01”), which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. In addition, ASU 2020-01 states that for the purpose of applying paragraph 815-10-15-141(a) an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. ASU 2020-01 will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 with early adoption in any interim period permitted. The Company is currently assessing the impact of the adoption of this guidance on its condensed consolidated financial statements and disclosures.
        In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. Entities can apply the provisions of ASU 2020-04 immediately, as applicable, and generally the provisions of the guidance are available through December 31, 2022 as entities transition away from reference rates that are expected to be discontinued. The Company is currently assessing the impact of the adoption of this guidance on its condensed consolidated financial statements and disclosures.
13

MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
        In addition, the following recently issued accounting standards have not been adopted. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as amended, for additional information and their potential impacts.
Accounting Standard Update Effective Date
ASU 2018-14: Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20) Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans
January 1, 2021

4.Acquisitions and Other Transactions
Upjohn Business Combination Agreement
        On July 29, 2019, the Company, Pfizer Inc. (“Pfizer”), Upjohn Inc., a wholly-owned subsidiary of Pfizer (“Upjohn” or “Newco”), and certain other affiliated entities entered into a Business Combination Agreement (as amended, the “Business Combination Agreement”) pursuant to which the Company will combine with Pfizer’s Upjohn Business (the “Upjohn Business”) in a Reverse Morris Trust transaction (the “Combination”). Newco, which will be the parent entity of the combined Upjohn Business and Mylan business, will be renamed “Viatris” effective as of the closing of the Combination. The Upjohn Business is a global, primarily off-patent branded and generic established medicines business, which includes 20 primarily off-patent solid oral dose legacy brands, such as Lyrica, Lipitor, Celebrex and Viagra.
        Prior to the Combination and pursuant to a Separation and Distribution Agreement (as amended, the “Separation Agreement”), dated as of July 29, 2019, between Pfizer and Newco, Pfizer will, among other things, transfer to Newco substantially all of the assets and liabilities comprising the Upjohn Business (the “Separation”) and, thereafter, Pfizer will distribute to Pfizer stockholders all of the issued and outstanding shares of Newco (the “Distribution”). When the Distribution and Combination are completed, Pfizer stockholders as of the record date of the Distribution will own 57% of the outstanding shares of Newco common stock, and Mylan shareholders as of immediately before the Combination will own 43% of the outstanding shares of Newco common stock, in each case on a fully diluted basis. Newco will make a cash payment to Pfizer equal to $12 billion, to be funded with the proceeds of debt incurred by Newco, as partial consideration for the contribution of the Upjohn Business from Pfizer to Newco.
        The consummation of the Combination is subject to the satisfaction (or, if applicable, valid waiver) of various conditions, including (a) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder and the receipt of regulatory approvals in certain other jurisdictions, (b) the consummation of the Separation and the Distribution in accordance with the terms of the Separation Agreement, (c) the approval of the Combination by Mylan shareholders, (d) the absence of any legal restraint (including legal actions or proceedings pursued by U.S. state authorities in the relevant states) preventing the consummation of the transactions, (e) in the case of Pfizer’s and Newco’s obligations to consummate the transactions, (i) the distribution of $12 billion in cash from Upjohn to Pfizer in accordance with the terms of the Separation Agreement and (ii) the receipt by Pfizer of a U.S. Internal Revenue Service (“IRS”) ruling and tax opinion of its tax counsel with respect to the Combination, and (f) other customary closing conditions.
On March 17, 2020, Pfizer received the IRS ruling with respect to the Combination, which is generally binding, unless the relevant facts or circumstances change prior to closing. On June 30, 2020, Mylan’s shareholders voted to approve the Combination at the extraordinary general meeting of shareholders.
        On May 29, 2020, Mylan, Pfizer, Newco and certain of their affiliates entered into Amendment No. 1 to the Business Combination Agreement (the “BCA Amendment”), and Pfizer and Newco entered into Amendment No. 2 to the Separation and Distribution Agreement (the “SDA Amendment” and, together with the BCA Amendment, the “Amendments”). In light of the ongoing regulatory review process, including delays related to the COVID-19 pandemic, the Amendments provide, among other things, that the closing of the Combination shall not occur prior to October 1, 2020 (unless otherwise agreed to by Mylan and Pfizer) and that the Outside Date (as defined in the Business Combination Agreement) shall be December 31, 2020. Mylan and Pfizer expect the closing of the Combination to occur in the fourth quarter of 2020.
On June 16, 2020, Upjohn entered into a revolving credit agreement (the “Upjohn Revolving Credit Agreement”), by and among Upjohn, certain lenders and issuing banks from time to time party thereto and Bank of America, N.A., as administrative agent (in such capacity, the “Upjohn Revolving Administrative Agent”). The Upjohn Revolving Credit
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MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
Agreement contains a revolving credit facility (the “Upjohn Revolving Credit Facility”) under which Upjohn may obtain extensions of credit in an aggregate principal amount not to exceed $4.0 billion, in U.S. dollars or alternative currencies including Euro, Sterling, Yen and any other currency that is approved by the Upjohn Revolving Administrative Agent and each lender under the Upjohn Revolving Credit Facility. The Upjohn Revolving Credit Facility will be available to Upjohn upon (a) its delivery of a certificate certifying that (i) the conditions to the consummation of the Combination have been satisfied or waived or are expected to be satisfied or waived on the date of funding of such facility or within one business day thereafter and (ii) the distribution by Pfizer to its stockholders of its shares of Upjohn’s common stock, by way of either, at Pfizer’s option, a spin-off or a split-off, pursuant to the Separation Agreement is expected to be, the Combination is expected to be, and the contribution of the Upjohn Business to Upjohn has been or is expected to be consummated on the Upjohn Revolver Closing Date (as defined below) or within one business day thereafter (an “RMT Condition Certificate”) and (b) the satisfaction of certain customary conditions (the date such conditions are satisfied or waived being referred to as the “Upjohn Revolver Closing Date”). Subject to satisfaction of the foregoing conditions, up to $1.5 billion under the Upjohn Revolving Credit Facility will be available to Upjohn in a single draw on the Upjohn Revolver Closing Date for the sole purpose of funding a portion of the cash payment of $12.0 billion by Upjohn to Pfizer as partial consideration for Pfizer’s contribution of the Upjohn Business to Upjohn, as required by the Separation Agreement.

On June 16, 2020, Upjohn entered into a delayed draw term loan credit agreement (the “Upjohn Term Loan Credit Agreement”), by and among Upjohn, Mizuho Bank, Ltd. and MUFG Bank, Ltd., as administrative agent. The Upjohn Term Loan Credit Agreement provides for an 18-month $600.0 million principal amount delayed draw senior unsecured term loan facility (the “Upjohn Term Loan Credit Facility”).
The Upjohn Term Loan Credit Facility will be available to Upjohn upon its delivery of an RMT Condition Certificate and upon satisfaction of certain customary conditions. Upjohn intends to borrow the full $600.0 million aggregate principal amount available under the Upjohn Term Loan Credit Facility in order to fund a portion of the cash payment to Pfizer and related transaction fees and expenses, as required by the Separation Agreement.
On June 22, 2020, Upjohn completed a private offering of $7.45 billion aggregate principal amount of Upjohn’s senior, U.S. dollar-denominated notes (the “Upjohn U.S. Dollar Notes”) and on June 23, 2020, Upjohn Finance B.V. (“Finco”), a wholly-owned financing subsidiary of Upjohn, completed a private offering of €3.60 billion aggregate principal amount of Finco’s senior, euro-denominated notes (the “Upjohn Euro Notes” and, together with the Upjohn U.S. Dollar Notes, the “Upjohn Notes”), which are guaranteed on a senior unsecured basis by Upjohn. Upjohn intends to use the net proceeds from the offerings of the Upjohn Notes, together with the net proceeds from the Upjohn Term Loan Credit Facility, to fund in full the $12.0 billion cash payment to Pfizer and related transaction fees and expenses. The Upjohn Notes are initially guaranteed on a senior unsecured basis by Pfizer, which guarantees will be automatically and unconditionally terminated and released without consent of holders upon the consummation of the Distribution. Upon the consummation of the Combination, the Mylan entities (which will be subsidiaries of Upjohn following the Combination) that are issuers or guarantors of the outstanding senior unsecured notes issued by Mylan N.V. or Mylan Inc. ( the “Mylan Notes”) will become guarantors of the Upjohn Notes, substantially concurrently with Upjohn becoming a guarantor of the Mylan Notes.
Upjohn had previously obtained commitments for the initial financing of the transaction in the form of a bridge loan from certain financial institutions. The bridge loan was subject to customary terms and conditions including a financial covenant. The commitments under the bridge loan commitment letter dated as of July 29, 2019 were reduced concurrently with the effectiveness of the Upjohn Revolving Credit Agreement and Upjohn Term Loan Credit Agreement, and were fully terminated upon the completion of each offering of Upjohn Notes.

Under the terms of the Business Combination Agreement and Separation Agreement, Mylan will be obligated to reimburse Pfizer for 43% of certain financing related costs if the Combination does not close and Viatris will be obligated to reimburse Pfizer for all such financing related costs if the Combination closes. As a result of the completion of the financing transactions described above, Mylan recorded an $85.0 million charge during the three months ended June 30, 2020, which is included as a component of selling, general and administrative expenses (“SG&A”) in the condensed consolidated statements of operations to reflect Mylan’s obligation to reimburse Pfizer for 43% of those financing related costs.
In connection with the Separation Agreement and the Business Combination Agreement, Pfizer, Upjohn and Mylan previously agreed to review and negotiate a potential transfer of Pfizer’s Meridian Medical Technologies business (the “Meridian Business”) to Upjohn. The Meridian Business is Mylan’s supplier of EpiPen® Auto-Injectors pursuant to an agreement that had an expiration date of December 31, 2020 (the “EpiPen Supply Agreement”). Instead of proceeding with the transfer of the Meridian Business, Pfizer and Mylan agreed subsequent to June 30, 2020 to extend the EpiPen Supply Agreement for an additional four-year period through December 31, 2024, with an option for Mylan (or Upjohn) to further extend the term for an additional one-year period thereafter. Mylan and Pfizer have also reached a preliminary agreement on the
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Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
general terms under which Pfizer would transfer certain Pfizer assets that currently form part of a pre-existing strategic collaboration between Pfizer and Mylan for generic drugs in Japan to Mylan or, following the Combination, to Viatris. Any such proposed transaction would be subject to the finalization and execution of a definitive agreement that would contain customary closing conditions including, but not limited to, receipt of any necessary regulatory approvals.

5.Share-Based Incentive Plan
The Company’s shareholders have approved the 2003 Long-Term Incentive Plan (as amended, the “2003 Plan”). Under the 2003 Plan, 55,300,000 ordinary shares are reserved for issuance to key employees, consultants, independent contractors and non-employee directors of the Company through a variety of incentive awards, including: stock options, stock appreciation rights (“SAR”), restricted ordinary shares and units, performance awards (“PSU”), other stock-based awards and short-term cash awards. Stock option awards are granted with an exercise price equal to the fair market value of the ordinary shares underlying the stock options at the date of the grant, generally become exercisable over periods ranging from three to four years, and generally expire in ten years.
The following table summarizes stock option and SAR (together, “stock awards”) activity:
Number of Shares Under Stock Awards Weighted Average Exercise Price per Share
Outstanding at December 31, 2019 6,347,709    $ 36.97   
Granted 737,673    17.61   
Exercised (27,615)   21.13   
Forfeited (285,591)   25.01   
Outstanding at June 30, 2020 6,772,176    $ 35.42   
Vested and expected to vest at June 30, 2020 6,568,741    $ 35.71   
Exercisable at June 30, 2020 5,154,492    $ 38.76   
As of June 30, 2020, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had average remaining contractual terms of 5.5 years, 5.4 years and 4.4 years, respectively. Also, at June 30, 2020, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had no aggregate intrinsic values.
A summary of the status of the Company’s nonvested restricted stock unit awards, including PSUs (collectively, “restricted stock awards”), as of June 30, 2020 and the changes during the six months ended June 30, 2020 are presented below:
Number of Restricted Stock Awards Weighted Average Grant-Date Fair Value per Share
Nonvested at December 31, 2019 4,105,689    $ 34.42   
Granted 2,945,085    17.48   
Released (1,104,737)   36.57   
Forfeited (252,227)   43.02   
Nonvested at June 30, 2020 5,693,810    $ 24.86   
As of June 30, 2020, the Company had $94.2 million of total unrecognized compensation expense, net of estimated forfeitures, related to all of its stock-based awards, which we expect to recognize over the remaining weighted average vesting period of 1.6 years. The total intrinsic value of stock awards exercised and restricted stock units released during the six months ended June 30, 2020 and 2019 was $19.1 million and $36.7 million, respectively.

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Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
6.Pensions and Other Postretirement Benefits
Defined Benefit Plans
The Company sponsors various defined benefit pension plans in several countries. Benefits provided generally depend on length of service, pay grade and remuneration levels. The Company maintains two fully frozen defined benefit pension plans in the U.S., and employees in the U.S. and Puerto Rico are generally provided retirement benefits through defined contribution plans.
The Company also sponsors other postretirement benefit plans including plans that provide for postretirement supplemental medical coverage. Benefits from these plans are provided to employees and their spouses and dependents who meet various minimum age and service requirements. In addition, the Company sponsors other plans that provide for life insurance benefits and postretirement medical coverage for certain officers and management employees.
Net Periodic Benefit Cost
Components of net periodic benefit cost for the three and six months ended June 30, 2020 and 2019 were as follows:
Pension and Other Postretirement Benefits
Three Months Ended Six Months Ended
June 30, June 30,
(In millions) 2020 2019 2020 2019
Service cost $ 5.3    $ 5.3    $ 10.6    $ 10.6   
Interest cost 2.9    3.9    5.8    7.7   
Expected return on plan assets (3.4)   (3.1)   (6.8)   (6.1)  
Amortization of prior service costs —    0.2    —    0.5   
Recognized net actuarial losses (gains) 0.1    (0.2)   0.3    (0.4)  
Net periodic benefit cost $ 4.9    $ 6.1    $ 9.9    $ 12.3   
The Company is making the minimum mandatory contributions to its U.S. defined benefit pension plans in the 2020 plan year. The Company expects to make total benefit payments of approximately $35.2 million from pension and other postretirement benefit plans in 2020. The Company anticipates making contributions to pension and other postretirement benefit plans of approximately $35.1 million in 2020.

7.Balance Sheet Components
Selected balance sheet components consist of the following:
Cash and restricted cash
(In millions) June 30,
2020
December 31,
2019
June 30,
2019
Cash and cash equivalents $ 323.6    $ 475.6