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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 September 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 October 30, 2020, there were 541,545,862 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
September 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 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 Nine Months Ended
September 30, September 30,
  2020 2019 2020 2019
Revenues:
Net sales $ 2,948.1  $ 2,928.2  $ 8,232.2  $ 8,207.0 
Other revenues 24.0  33.5  90.3  101.7 
Total revenues 2,972.1  2,961.7  8,322.5  8,308.7 
Cost of sales 1,813.6  1,889.3  5,232.2  5,498.5 
Gross profit 1,158.5  1,072.4  3,090.3  2,810.2 
Operating expenses:
Research and development 129.8  167.9  400.3  488.1 
Selling, general and administrative 658.4  632.7  1,983.2  1,909.2 
Litigation settlements and other contingencies, net 18.9  (51.9) 36.5  (30.3)
Total operating expenses 807.1  748.7  2,420.0  2,367.0 
Earnings from operations 351.4  323.7  670.3  443.2 
Interest expense 117.3  128.9  353.4  391.3 
Other (income) expense, net (7.5) 9.0  24.6  32.7 
Earnings (Loss) before income taxes 241.6  185.8  292.3  19.2 
Income tax provision (benefit) 55.9  (4.0) 46.4  22.9 
Net earnings (loss) $ 185.7  $ 189.8  $ 245.9  $ (3.7)
Earnings (Loss) per ordinary share:
Basic $ 0.36  $ 0.37  $ 0.48  $ (0.01)
Diluted $ 0.36  $ 0.37  $ 0.48  $ (0.01)
Weighted average ordinary shares outstanding:
Basic 516.9  516.0  516.8  515.5 
Diluted 517.7  516.2  517.3  515.5 


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 Nine Months Ended
September 30, September 30,
  2020 2019 2020 2019
Net earnings (loss) $ 185.7  $ 189.8  $ 245.9  $ (3.7)
Other comprehensive earnings (loss), before tax:
Foreign currency translation adjustment 687.7  (748.9) 483.1  (890.8)
Change in unrecognized (loss) gain and prior service cost related to defined benefit plans (1.6) (0.7) 3.4  (0.5)
Net unrecognized gain (loss) on derivatives in cash flow hedging relationships 32.5  (10.6) (0.2) 24.8 
Net unrecognized (loss) gain on derivatives in net investment hedging relationships (114.7) 111.8  (119.7) 133.6 
Net unrealized gain on marketable securities —  0.1  0.8  0.7 
Other comprehensive earnings (loss), before tax 603.9  (648.3) 367.4  (732.2)
Income tax provision (benefit) 2.8  1.2  (6.0) 14.1 
Other comprehensive earnings (loss), net of tax 601.1  (649.5) 373.4  (746.3)
Comprehensive earnings (loss) $ 786.8  $ (459.7) $ 619.3  $ (750.0)



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)
September 30,
2020
December 31,
2019
ASSETS
Assets
Current assets:
Cash and cash equivalents $ 664.5  $ 475.6 
Accounts receivable, net 2,964.1  3,058.8 
Inventories 3,022.0  2,670.9 
Prepaid expenses and other current assets 684.1  552.0 
Total current assets 7,334.7  6,757.3 
Property, plant and equipment, net 2,058.3  2,149.6 
Intangible assets, net 10,965.8  11,649.9 
Goodwill 9,817.3  9,590.6 
Deferred income tax benefit 658.1  703.1 
Other assets 408.9  405.0 
Total assets $ 31,243.1  $ 31,255.5 
LIABILITIES AND EQUITY
Liabilities
Current liabilities:
Accounts payable $ 1,447.8  $ 1,528.1 
Short-term borrowings 0.3  — 
Income taxes payable 343.3  213.0 
Current portion of long-term debt and other long-term obligations 3,237.8  1,508.1 
Other current liabilities 2,246.2  2,319.9 
Total current liabilities 7,275.4  5,569.1 
Long-term debt 9,101.5  11,214.3 
Deferred income tax liability 1,417.4  1,627.5 
Other long-term obligations 900.9  960.8 
Total liabilities 18,695.2  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: 541,550,055 and 540,746,871 as of September 30, 2020 and December 31, 2019
6.1  6.1 
Additional paid-in capital 8,688.3  8,643.5 
Retained earnings 6,277.0  6,031.1 
Accumulated other comprehensive loss (1,423.8) (1,797.2)
13,547.6  12,883.5 
Less: Treasury stock — at cost
Ordinary shares: 24,598,074 as of September 30, 2020 and December 31, 2019
999.7  999.7 
Total equity 12,547.9  11,883.8 
Total liabilities and equity $ 31,243.1  $ 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 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 
Net earnings —  —  —  185.7  —  —  —  185.7 
Other comprehensive earnings, net of tax —  —  —  —  —  —  601.1  601.1 
Issuance of restricted stock and stock options exercised, net 4,747  —  —  —  —  —  —  — 
Share-based compensation expense —  —  15.1  —  —  —  —  15.1 
Other —  —  —  (0.2) —  —  —  (0.2)
Balance at September 30, 2020 541,550,055  $ 6.1  $ 8,688.3  $ 6,277.0  24,598,074  $ (999.7) $ (1,423.8) $ 12,547.9 
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 —  —  —  245.9  —  —  —  245.9 
Other comprehensive earnings, net of tax —  —  —  —  —  —  373.4  373.4 
Issuance of restricted stock and stock options exercised, net 803,184  —  0.6  —  —  —  —  0.6 
Taxes related to the net share settlement of equity awards —  —  (5.6) —  —  —  —  (5.6)
Share-based compensation expense —  —  49.8  —  —  —  —  49.8 
Balance at September 30, 2020 541,550,055  $ 6.1  $ 8,688.3  $ 6,277.0  24,598,074  $ (999.7) $ (1,423.8) $ 12,547.9 
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 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 
Net earnings —  —  —  189.8  —  —  —  189.8 
Other comprehensive loss, net of tax —  —  —  —  —  —  (649.5) (649.5)
Issuance of restricted stock and stock options exercised, net 279,505  —  4.2  —  —  —  —  4.2 
Share-based compensation expense —  —  16.1  —  —  —  —  16.1 
Balance at September 30, 2019 540,739,501  $ 6.1  $ 8,637.6  $ 6,010.6  24,598,074  $ (999.7) $ (2,191.2) $ 11,463.4 
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 —  —  —  (3.7) —  —  —  (3.7)
Other comprehensive loss, net of tax —  —  —  —  —  —  (746.3) (746.3)
Issuance of restricted stock and stock options exercised, net 1,449,836  —  8.1  —  —  —  —  8.1 
Taxes related to the net share settlement of equity awards —  —  (12.8) —  —  —  —  (12.8)
Share-based compensation expense —  —  50.9  —  —  —  —  50.9 
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 September 30, 2019 540,739,501  $ 6.1  $ 8,637.6  $ 6,010.6  24,598,074  $ (999.7) $ (2,191.2) $ 11,463.4 


See Notes to Condensed Consolidated Financial Statements
7


MYLAN N.V. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited; in millions)
Nine Months Ended
September 30,
  2020 2019
Cash flows from operating activities:
Net earnings (loss) $ 245.9  $ (3.7)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization 1,263.0  1,471.6 
Share-based compensation expense 49.8  50.9 
Deferred income tax benefit (210.4) (158.0)
Loss from equity method investments 37.4  43.6 
Other non-cash items 134.3  124.2 
Litigation settlements and other contingencies, net 43.6  13.5 
Changes in operating assets and liabilities:
Accounts receivable (27.3) (20.7)
Inventories (532.4) (477.6)
Accounts payable (99.7) (83.2)
Income taxes 115.2  (60.2)
Other operating assets and liabilities, net 176.2  216.6 
Net cash provided by operating activities 1,195.6  1,117.0 
Cash flows from investing activities:
Cash paid for acquisitions, net —  (148.7)
Capital expenditures (126.1) (139.6)
Purchase of available for sale securities and other investments (96.1) (19.5)
Proceeds from the sale of marketable securities 38.6  19.1 
Payments for product rights and other, net (97.3) (146.5)
Proceeds from the sale of assets 2.1  24.3 
Net cash used in investing activities (278.8) (410.9)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 33.2  6.4 
Payments of long-term debt (588.9) (657.1)
Non-contingent payments for product rights (139.5) — 
Change in short-term borrowings, net 0.3  (1.9)
Taxes paid related to net share settlement of equity awards (7.1) (8.4)
Contingent consideration payments (48.5) (47.8)
Payments of financing fees (1.8) (2.7)
Proceeds from exercise of stock options 0.6  8.0 
Other items, net (3.1) (1.1)
Net cash used in financing activities (754.8) (704.6)
Effect on cash of changes in exchange rates 14.0  (16.4)
Net increase (decrease) in cash, cash equivalents and restricted cash 176.0  (14.9)
Cash, cash equivalents and restricted cash — beginning of period 491.1  389.3 
Cash, cash equivalents and restricted cash — end of period $ 667.1  $ 374.4 
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 nine months ended September 30, 2020, and cash flows for the nine months ended September 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 nine months ended September 30, 2020 and 2019, respectively:
(In millions) North America Europe Rest of World Total
Three Months Ended September 30, 2020
Central Nervous System & Anesthesia $ 181.8  $ 211.5  $ 81.1  $ 474.4 
Infectious Disease 37.3  197.2  272.6  507.1 
Respiratory & Allergy 284.9  103.1  74.4  462.4 
Cardiovascular 58.5  125.6  38.4  222.5 
Gastroenterology 41.8  166.2  91.7  299.7 
Diabetes & Metabolism 70.8  80.1  36.3  187.2 
Dermatology 33.2  72.8  20.3  126.3 
Women’s Healthcare 96.0  60.5  34.0  190.5 
Oncology 171.4  30.4  40.0  241.8 
Immunology 7.9  35.2  10.2  53.3 
Other (1)
45.2  41.2  96.5  182.9 
Total $ 1,028.8  $ 1,123.8  $ 795.5  $ 2,948.1 
Nine Months Ended September 30, 2020
Central Nervous System & Anesthesia $ 484.0  $ 631.0  $ 210.8  $ 1,325.8 
Infectious Disease 120.7  320.1  756.8  1,197.6 
Respiratory & Allergy 890.4  362.3  165.6  1,418.3 
Cardiovascular 184.4  372.7  102.9  660.0 
Gastroenterology 121.0  465.6  252.6  839.2 
Diabetes & Metabolism 187.4  231.7  89.7  508.8 
Dermatology 87.8  215.0  57.2  360.0 
Women’s Healthcare 275.9  180.6  84.9  541.4 
Oncology 470.8  71.2  103.8  645.8 
Immunology 26.9  88.3  27.2  142.4 
Other (1)
174.0  142.2  276.7  592.9 
Total $ 3,023.3  $ 3,080.7  $ 2,128.2  $ 8,232.2 
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 September 30, 2019
Central Nervous System & Anesthesia $ 155.5  $ 214.3  $ 87.0  $ 456.8 
Infectious Disease 28.7  179.0  270.3  478.0 
Respiratory & Allergy 308.5  98.2  66.6  473.3 
Cardiovascular 63.3  126.2  41.3  230.8 
Gastroenterology 30.0  147.9  95.9  273.8 
Diabetes & Metabolism 91.3  68.9  34.2  194.4 
Dermatology 38.2  75.8  29.3  143.3 
Women’s Healthcare 100.4  60.5  26.1  187.0 
Oncology 196.1  22.0  42.8  260.9 
Immunology 12.3  20.3  10.3  42.9 
Other (1)
64.3  32.8  89.9  187.0 
Total $ 1,088.6  $ 1,045.9  $ 793.7  $ 2,928.2 
Nine Months Ended September 30, 2019
Central Nervous System & Anesthesia $ 426.4  $ 619.3  $ 243.9  $ 1,289.6 
Infectious Disease 77.3  299.7  783.0  1,160.0 
Respiratory & Allergy 805.3  327.9  166.5  1,299.7 
Cardiovascular 159.1  358.6  116.1  633.8 
Gastroenterology 94.9  434.9  276.3  806.1 
Diabetes & Metabolism 326.1  208.0  110.4  644.5 
Dermatology 77.6  217.7  70.7  366.0 
Women’s Healthcare 269.5  165.3  65.4  500.2 
Oncology 567.8  59.9  107.0  734.7 
Immunology 31.4  41.3  27.6  100.3 
Other (1)
199.6  198.1  274.4  672.1 
Total $ 3,035.0  $ 2,930.7  $ 2,241.3  $ 8,207.0 
____________
(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 nine months ended September 30, 2020 and 2019, respectively:
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2020 2019 2020 2019
Gross sales $ 4,986.4  $ 5,051.5  $ 13,868.0  $ 13,841.0 
Gross to net adjustments:
Chargebacks (967.0) (913.5) (2,616.9) (2,368.8)
Rebates, promotional programs and other sales allowances (926.3) (979.2) (2,592.3) (2,709.9)
Returns (76.6) (82.3) (193.2) (203.3)
Governmental rebate programs (68.4) (148.3) (233.4) (352.0)
Total gross to net adjustments $ (2,038.3) $ (2,123.3) $ (5,635.8) $ (5,634.0)
Net sales $ 2,948.1  $ 2,928.2  $ 8,232.2  $ 8,207.0 
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 nine months ended September 30, 2020. Such allowances were comprised of the following at September 30, 2020 and December 31, 2019, respectively:
(In millions) September 30,
2020
December 31,
2019
Accounts receivable, net $ 1,502.6  $ 1,512.0 
Other current liabilities 697.9  796.5 
Total $ 2,200.5  $ 2,308.5 
Accounts receivable, net was comprised of the following at September 30, 2020 and December 31, 2019, respectively:
(In millions) September 30,
2020
December 31,
2019
Trade receivables, net $ 2,587.8  $ 2,640.1 
Other receivables 376.3  418.7 
Accounts receivable, net $ 2,964.1  $ 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 $480.6 million and $407.0 million of securitized accounts receivable at September 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 (as defined below) 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 $123.0 million and $90.1 million of accounts receivable as of September 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 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.
In addition, the following recently issued accounting standard has not been adopted. Refer to the 2019 Form 10-K for additional information and its potential impact.
13

MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
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 Inc. (“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 September 14, 2020, the European Commission (the “Commission”) approved the divestiture buyers with which Mylan entered into agreements for the sale of certain of Mylan’s products in Europe, which was a requirement of the Commission’s conditional approval of the Combination in April 2020.
On October 30, 2020, Mylan and Pfizer announced that the U.S. Federal Trade Commission (the “FTC”) accepted a proposed consent order, which concluded the FTC’s review of the proposed Combination. The parties have now obtained all required antitrust clearances for the Combination. The Combination is expected to close on November 16, 2020.
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.
14

MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
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 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 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 $30.0 million and $115.0 million of expenses during the three and nine months ended September 30, 2020, respectively, 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
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MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
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 in the third quarter of 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 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.
Other Transactions
During the three months ended September 30, 2020 the Company entered into an agreement to acquire the related intellectual property and commercialization rights of Aspen Global Incorporated’s (“Aspen”) thrombosis business in Europe for € 641.9 million, subject to customary closing conditions and European regulatory clearances. The portfolio consists of well-established injectable anticoagulants sold in Europe under the brand names, and variations of the brand names, Arixtra, Fraxiparine, Mono-Embolex and Orgaran.
Upon closing of the transaction, the Company will make a payment of €263.2 million to Aspen with the remaining payment of €378.7 million due on June 25, 2021. The Commission approved the transaction on October 15, 2020, and the closing is expected to be completed in the fourth quarter of 2020.

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 814,351  17.37 
Exercised (27,615) 21.13 
Forfeited (337,285) 25.37 
Outstanding at September 30, 2020 6,797,160  $ 35.26 
Vested and expected to vest at September 30, 2020 6,589,725  $ 35.57 
Exercisable at September 30, 2020 5,159,754  $ 38.75 
As of September 30, 2020, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had average remaining contractual terms of 5.3 years, 5.2 years and 4.2 years, respectively. Also, at September 30, 2020, stock awards outstanding, stock awards vested and expected to vest and stock awards exercisable had no aggregate intrinsic values.
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MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
A summary of the status of the Company’s nonvested restricted stock unit awards, including PSUs (collectively, “restricted stock awards”), as of September 30, 2020 and the changes during the nine months ended September 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 2,978,412  17.46 
Released (1,104,737) 36.57 
Forfeited (306,108) 39.50 
Nonvested at September 30, 2020 5,673,256  $ 24.83 
As of September 30, 2020, the Company had $78.9 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 1.5 years. The total intrinsic value of stock awards exercised and restricted stock units released during the nine months ended September 30, 2020 and 2019 was $19.1 million and $37.9 million, respectively.

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 nine months ended September 30, 2020 and 2019 were as follows:
Pension and Other Postretirement Benefits
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2020 2019 2020 2019
Service cost $ 5.3  $ 5.3  $ 15.9  $ 15.9 
Interest cost 2.9  3.8  8.7  11.5 
Expected return on plan assets (3.3) (3.0) (10.1) (9.1)
Amortization of prior service costs —  0.3  —  0.8 
Recognized net actuarial losses (gains) 0.1  (0.2) 0.4  (0.6)
Net periodic benefit cost $ 5.0  $ 6.2  $ 14.9  $ 18.5 
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.
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MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

7.Balance Sheet Components
Selected balance sheet components consist of the following:
Cash and restricted cash
(In millions) September 30,
2020
December 31,
2019
September 30,
2019
Cash and cash equivalents $ 664.5  $ 475.6  $ 358.9 
Restricted cash, included in prepaid expenses and other current assets 2.6  15.5  15.5 
Cash, cash equivalents and restricted cash $ 667.1  $ 491.1  $ 374.4 
Inventories
(In millions) September 30,
2020
December 31,
2019
Raw materials $ 892.6  $ 886.8 
Work in process 426.6  417.2 
Finished goods 1,702.8  1,366.9 
Inventories $ 3,022.0  $ 2,670.9 
Prepaid and other current assets
(In millions) September 30,
2020
December 31, 2019
Prepaid expenses $ 189.1  $ 156.7 
Restricted cash 2.6  15.5 
Available-for-sale fixed income securities 39.1  26.8 
Fair value of financial instruments 51.1  43.3 
Equity securities 40.9  39.0 
Other current assets 361.3  270.7 
Prepaid expenses and other current assets $ 684.1  $ 552.0 
Prepaid expenses consist primarily of prepaid rent, insurance and other individually insignificant items.
Property, plant and equipment, net
(In millions) September 30,
2020
December 31, 2019
Machinery and equipment $ 2,603.1  $ 2,523.7 
Buildings and improvements 1,219.8  1,197.3 
Construction in progress 271.9  277.3 
Land and improvements 125.5  124.6 
Gross property, plant and equipment 4,220.3  4,122.9 
Accumulated depreciation 2,162.0  1,973.3 
Property, plant and equipment, net $ 2,058.3  $ 2,149.6 
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MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
Other assets
(In millions) September 30,
2020
December 31, 2019
Equity method investments, clean energy investments $ 57.6  $ 92.2 
Operating lease right-of-use assets 227.9  254.6 
Other long-term assets 123.4  58.2 
Other assets $ 408.9  $ 405.0 
Accounts payable
(In millions) September 30,
2020
December 31,
2019
Trade accounts payable $ 900.8  $ 1,061.9 
Other payables 547.0  466.2 
Accounts payable $ 1,447.8  $ 1,528.1 
Other current liabilities
(In millions) September 30,
2020
December 31, 2019
Accrued sales allowances $ 697.9  $ 796.5 
Legal and professional accruals, including litigation accruals 117.5  138.2 
Payroll and employee benefit liabilities 503.2  467.1 
Contingent consideration 124.8  120.4 
Accrued interest 179.1  59.1 
Restructuring 17.1  26.0 
Equity method investments, clean energy investments 50.1  47.7 
Fair value of financial instruments 17.1  12.9 
Operating lease liability 68.5  76.7 
Other 470.9  575.3 
Other current liabilities $ 2,246.2  $ 2,319.9 
Other long-term obligations
(In millions) September 30,
2020
December 31, 2019
Employee benefit liabilities $ 412.2  $ 408.9 
Contingent consideration 88.4  130.3 
Equity method investments, clean energy investments 13.5  57.2 
Tax related items, including contingencies 137.3  109.6 
Operating lease liability 156.9  175.7 
Other 92.6  79.1 
Other long-term obligations $ 900.9  $ 960.8 

8.Equity Method Investments
The Company currently has three equity method investments in limited liability companies that own refined coal production plants (the “clean energy investments”) whose activities qualify for income tax credits under Section 45 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).
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MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
During the three months ended September 30, 2020 and 2019, the Company reduced its long-term obligations for its three investments as a result of lower than anticipated production levels and lower expected future variable debt payments to the respective project sponsor. The Company recognized a net gain of approximately $15 million and $7 million, respectively, which was recognized as a component of the net loss of the equity method investments in the condensed consolidated statements of operations.
Summarized financial information, in the aggregate, for the Company’s significant equity method investments on a 100% basis for the three and nine months ended September 30, 2020 and 2019 are as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2020 2019 2020 2019
Total revenues $ 113.5  $ 101.6  $ 288.8  $ 274.1 
Gross loss (1.4) (1.1) (3.6) (3.1)
Operating and non-operating expense 5.2  5.2  14.4  14.3 
Net loss $ (6.6) $ (6.3) $ (18.0) $ (17.4)
The Company’s net losses from its equity method investments include amortization expense related to the excess of the cost basis of the Company’s investment over the underlying assets of each individual investee. For the three months ended September 30, 2020 and 2019, the Company recognized net losses from equity method investments of $2.9 million and $10.4 million, respectively. For the nine months ended September 30, 2020 and 2019, the Company recognized net losses from equity method investments of $37.4 million and $43.6 million, respectively, which were recognized as a component of other expense, net in the condensed consolidated statements of operations. The Company recognizes the income tax credits and benefits from the clean energy investments as part of its provision for income taxes.

9.Earnings (Loss) per Ordinary Share
Basic earnings (loss) per ordinary share is computed by dividing net earnings (loss) by the weighted average number of ordinary shares outstanding during the period. Diluted earnings (loss) per ordinary share is computed by dividing net earnings (loss) by the weighted average number of ordinary shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities or instruments, if the impact is dilutive.
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MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
Basic and diluted earnings (loss) per ordinary share are calculated as follows:
  Three Months Ended Nine Months Ended
September 30, September 30,
(In millions, except per share amounts) 2020 2019 2020 2019
Basic earnings (loss) (numerator):
Net earnings (loss) $ 185.7  $ 189.8  $ 245.9  $ (3.7)
Shares (denominator):
Weighted average ordinary shares outstanding 516.9  516.0  516.8  515.5 
Basic earnings (loss) per ordinary share $ 0.36  $ 0.37  $ 0.48  $ (0.01)
Diluted earnings (loss) (numerator):
Net earnings (loss) $ 185.7  $ 189.8  $ 245.9  $ (3.7)
Shares (denominator):
Weighted average ordinary shares outstanding 516.9  516.0  516.8  515.5 
Share-based awards 0.8  0.2  0.5  — 
Total dilutive shares outstanding 517.7  516.2  517.3  515.5 
Net earnings (loss) per diluted ordinary share
$ 0.36  $ 0.37  $ 0.48  $ (0.01)
Additional stock awards and restricted stock awards were outstanding during the three and nine months ended September 30, 2020 and 2019, but were not included in the computation of diluted earnings per ordinary share for each respective period because the effect would be anti-dilutive. Excluded shares at September 30, 2020 include certain share-based compensation awards whose performance conditions had not been fully met. Such excluded shares and anti-dilutive awards represented 8.8 million shares and 9.8 million shares for the three and nine months ended September 30, 2020, respectively, and 10.0 million shares and 9.9 million shares for the three and nine months ended September 30, 2019, respectively.

21

MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
10.Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 are as follows:
(In millions) North America Segment Europe Segment Rest of World Segment Total
Balance at December 31, 2019:
Goodwill $ 3,708.4  $ 4,548.6  $ 1,718.6  $ 9,975.6 
Accumulated impairment losses (385.0) —  —  (385.0)
3,323.4  4,548.6  1,718.6  9,590.6 
Foreign currency translation 33.8  197.5  (4.6) 226.7 
$ 3,357.2  $ 4,746.1  $ 1,714.0  $ 9,817.3 
Balance at September 30, 2020:
Goodwill $ 3,742.2  $ 4,746.1  $ 1,714.0  $ 10,202.3 
Accumulated impairment losses (385.0) —  —  (385.0)
$ 3,357.2  $ 4,746.1  $ 1,714.0  $ 9,817.3 

Intangible assets consist of the following components at September 30, 2020 and December 31, 2019:
(In millions) Weighted Average Life (Years) Original Cost Accumulated Amortization Net Book Value
September 30, 2020
Product rights, licenses and other (1)
15 $ 20,738.7  $ 9,890.1  $ 10,848.6 
In-process research and development 117.2  —  117.2 
$ 20,855.9  $ 9,890.1  $ 10,965.8 
December 31, 2019
Product rights, licenses and other (1)
15 $ 20,109.1  $ 8,579.5  $ 11,529.6 
In-process research and development 120.3  —  120.3 
$ 20,229.4  $ 8,579.5  $ 11,649.9 
____________
(1)Represents amortizable intangible assets. Other intangible assets consists principally of customer lists and contractual rights.
During the three and nine months ended September 30, 2019, the Company recognized impairment charges of $1.9 million and $71.8 million, respectively, which have been recorded as a component of amortization expense, primarily for the impairment of certain finite-lived and in-process research and development (“IPR&D”) assets acquired as part of the acquisition of the non-sterile, topicals-focused business of Renaissance Acquisition Holdings, LLC. No impairment charges were recognized during the three and nine months ended September 30, 2020. The impairment testing involved calculating the fair value of the assets based upon detailed valuations employing the income approach which utilized Level 3 inputs, as defined in Note 11 Financial Instruments and Risk Management. These valuations reflect, among other things, the impact of changes to the development programs, the projected development and regulatory time frames and the current competitive environment. Changes in any of the Company’s assumptions may result in a further reduction to the estimated fair values of these assets and could result in additional future impairment charges.
The Company reviews goodwill for impairment annually on April 1st or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. As a result of the decline in the Company’s share price during the first quarter of 2020, and the general uncertainty and volatility in the economic environments in which the Company operates, including the impacts of the COVID-19 pandemic, the Company performed an interim goodwill impairment test as of March 31, 2020. The Company performed the annual goodwill impairment test as of April 1, 2020. There were no significant changes from the interim goodwill test performed at March 31, 2020 and the results were consistent with the interim goodwill impairment test.
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MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
The Company has performed both the interim and annual goodwill impairment tests on a quantitative basis for its four reporting units, North America Generics, North America Brands, Europe and Rest of World. In estimating each reporting unit’s fair value, the Company performed an extensive valuation analysis, utilizing both income and market-based approaches, except for the North America Brands reporting unit where the fair value was estimated utilizing the income approach. The determination of the fair value of the reporting units requires the Company to make significant estimates and assumptions that affect the reporting unit’s expected future cash flows. These estimates and assumptions, utilizing Level 3 inputs, primarily include, but are not limited to, market multiples, control premiums, the discount rate, terminal growth rates, operating income before depreciation and amortization, and capital expenditures forecasts.
As of March 31, 2020 and April 1, 2020, the allocation of the Company’s total goodwill was as follows: North America Generics $2.60 billion, North America Brands $0.65 billion, Europe $4.43 billion and Rest of World $1.65 billion.
As of March 31, 2020 and April 1, 2020, the Company determined that the fair value of the North America Generics, North America Brands and Rest of World reporting units was substantially in excess of the respective unit’s carrying value. However, when compared to the April 1, 2019 test, the fair value of our overall business declined because of future forecasts and the decline in our share price.
For the Europe reporting unit, the estimated fair value exceeded its carrying value by approximately $1.3 billion or 11.0% for both the interim and annual goodwill impairment test. The excess fair value for the Europe reporting unit is consistent with the result of the Company’s 2019 annual impairment test. As it relates to the income approach for the Europe reporting unit at March 31, 2020 and April 1, 2020, the Company forecasted cash flows for the next 5 years. During the forecast period, the revenue compound annual growth rate was approximately 7.5%. A terminal year value was calculated with a 2.0% revenue growth rate applied. The discount rate utilized was 11.0% and the estimated tax rate was 25.5%. Under the market-based approach, we utilized an estimated range of market multiples of 8.0 to 9.5 times EBITDA plus a control premium of 15.0%. If all other assumptions are held constant, a reduction in the terminal value growth rate by 3.5% or an increase in discount rate by 3.5% would result in an impairment charge for the Europe reporting unit.
Due to the inherent uncertainty involved in making these estimates, actual results could differ from those estimates. In addition, changes in underlying assumptions, especially as it relates to the key assumptions detailed, could have a significant impact on the fair value of the reporting units.
Amortization expense, which is classified primarily within cost of sales in the condensed consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 totaled:
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2020 2019 2020 2019
Intangible asset amortization expense $ 368.1  $ 405.6  $ 1,070.9  $ 1,210.3 
IPR&D intangible asset impairment charges —  —  —  29.5 
Finite-lived intangible asset impairment charges —  1.9  —  42.3 
Total intangible asset amortization expense (including impairment charges) $ 368.1  $ 407.5  $ 1,070.9  $ 1,282.1 
Intangible asset amortization expense over the remainder of 2020 and for the years ended December 31, 2021 through 2024 is estimated to be as follows (excludes the potential impact of the Combination):
(In millions)
2020 $ 369 
2021 1,404 
2022 1,333 
2023 1,166 
2024 1,052 

23

MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
11.Financial Instruments and Risk Management
The Company is exposed to certain financial risks relating to its ongoing business operations. The primary financial risks that are managed by using derivative instruments are foreign currency risk and interest rate risk.
Foreign Currency Risk Management
In order to manage certain foreign currency risks, the Company enters into foreign exchange forward contracts to mitigate risk associated with changes in spot exchange rates of mainly non-functional currency denominated assets or liabilities. The foreign exchange forward contracts are measured at fair value and reported as current assets or current liabilities on the condensed consolidated balance sheets. Any gains or losses on the foreign exchange forward contracts are recognized in earnings in the period incurred in the condensed consolidated statements of operations.
The Company has also entered into forward contracts to hedge forecasted foreign currency denominated sales from certain international subsidiaries. These contracts are designated as cash flow hedges to manage foreign currency transaction risk and are measured at fair value and reported as current assets or current liabilities on the condensed consolidated balance sheets. Any changes in the fair value of designated cash flow hedges are deferred in accumulated other comprehensive earnings (“AOCE”) and are reclassified into earnings when the hedged item impacts earnings.
Net Investment Hedges
The Company may hedge the foreign currency risk associated with certain net investment positions in foreign subsidiaries by either borrowing directly in foreign currencies and designating all or a portion of the foreign currency debt as a hedge of the applicable net investment position or entering into foreign currency swaps that are designated as hedges of net investments.
The Company has designated certain Euro borrowings as a hedge of its investment in certain Euro-functional currency subsidiaries in order to manage foreign currency translation risk. Borrowings designated as net investment hedges are marked-to-market using the current spot exchange rate as of the end of the period, with gains and losses included in the foreign currency translation component of AOCE until the sale or substantial liquidation of the underlying net investments. In addition, the Company manages the related foreign exchange risk of the Euro borrowings not designated as net investment hedges through certain Euro denominated financial assets and forward currency swaps.
The following table summarizes the principal amounts of the Company’s outstanding Euro borrowings and the notional amounts of the Euro borrowings designated as net investment hedges:
Notional Amount Designated as a Net Investment Hedge
(in millions) Principal Amount September 30,
2020
December 31,
2019
2.250% Euro Senior Notes due 2024 1,000.0  1,000.0  1,000.0 
3.125% Euro Senior Notes due 2028 750.0  750.0  750.0 
1.250% Euro Senior Notes due 2020 750.0  104.0  104.0 
2.125% Euro Senior Notes due 2025 500.0  500.0  500.0 
Total 3,000.0  2,354.0  2,354.0 
Interest Rate Risk Management
The Company enters into interest rate swaps from time to time in order to manage interest rate risk associated with the Company’s fixed-rate and floating-rate debt. Interest rate swaps that meet specific accounting criteria are accounted for as fair value or cash flow hedges. All derivative instruments used to manage interest rate risk are measured at fair value and reported as current assets or current liabilities in the condensed consolidated balance sheets. For fair value hedges, the changes in the fair value of both the hedging instrument and the underlying debt obligations are included in interest expense. For cash flow hedges, the change in fair value of the hedging instrument is deferred through AOCE and is reclassified into earnings when the hedged item impacts earnings.
24

MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
Credit Risk Management
The Company regularly reviews the creditworthiness of its financial counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements. The Company is not subject to any obligations to post collateral under derivative instrument contracts. Certain derivative instrument contracts entered into by the Company are governed by master agreements, which contain credit-risk-related contingent features that would allow the counterparties to terminate the contracts early and request immediate payment should the Company trigger an event of default on other specified borrowings. The Company records all derivative instruments on a gross basis in the condensed consolidated balance sheets. Accordingly, there are no offsetting amounts that net assets against liabilities.
The Effect of Derivative Instruments in the Condensed Consolidated Balance Sheets
Fair Values of Derivative Instruments
Derivatives Designated as Hedging Instruments
  Asset Derivatives
  September 30, 2020 December 31, 2019
(In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value
Interest rate swaps Prepaid expenses and other current assets $ —  Prepaid expenses and other current assets $ 22.3 
Foreign currency forward contracts Prepaid expenses and other current assets 12.5  Prepaid expenses and other current assets 12.5 
Total $ 12.5  $ 34.8 
  Liability Derivatives
  September 30, 2020 December 31, 2019
(In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value
Foreign currency forward contracts Other current liabilities —  Other current liabilities — 
Total $ —  $ — 

The Effect of Derivative Instruments in the Condensed Consolidated Balance Sheets
Fair Values of Derivative Instruments
Derivatives Not Designated as Hedging Instruments
  Asset Derivatives
  September 30, 2020 December 31, 2019
(In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value
Foreign currency forward contracts Prepaid expenses and other current assets $ 38.6  Prepaid expenses and other current assets $ 8.5 
Total $ 38.6  $ 8.5 
  Liability Derivatives
  September 30, 2020 December 31, 2019
(In millions) Balance Sheet Location Fair Value Balance Sheet Location Fair Value
Foreign currency forward contracts Other current liabilities $ 17.1  Other current liabilities $ 12.9 
Total $ 17.1  $ 12.9 
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MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
The Effect of Derivative Instruments in the Condensed Consolidated Statement of Operations
Derivatives in Fair Value Hedging Relationships
  Location of Gain (Loss)
Recognized in Earnings
on Derivatives
Amount of Gain (Loss) Recognized in Earnings on Derivatives
(In millions) Three Months Ended Nine Months Ended
September 30, September 30,
2020 2019 2020 2019
Interest rate swaps Interest expense $ —  $ 3.3  $ 22.1  $ 24.3 
Total $ —  $ 3.3  $ 22.1  $ 24.3 
  Location of Gain (Loss)
Recognized in Earnings
on Hedged Items
Amount of Gain (Loss) Recognized in Earnings on Hedged Items
(In millions) Three Months Ended Nine Months Ended
September 30, September 30,
2020 2019 2020 2019
2023 Senior Notes (3.125% coupon) Interest expense $ —  $ (3.3) $ (22.1) $ (24.3)
Total $ —  $ (3.3) $ (22.1) $ (24.3)
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 amount included in the above tables represents the fair value adjustment recognized at the date the interest rate swaps were settled.
The Effect of Derivative Instruments in the Condensed Consolidated Statements of Comprehensive Earnings (Loss)
Derivatives in Cash Flow Hedging Relationships
  Amount of Gain (Loss) Recognized in AOCE (Net of Tax) on Derivative
  Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2020 2019 2020 2019
Foreign currency forward contracts $ 29.5  $ (8.4) $ (0.5) $ 10.9 
Total $ 29.5  $ (8.4) $ (0.5) $ 10.9 
The Effect of Derivative Instruments in the Condensed Consolidated Statements of Comprehensive Earnings (Loss)
Derivatives in Net Investment Hedging Relationships
  Amount of Gain (Loss) Recognized in AOCE
(Net of Tax) on Derivative
  Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2020 2019 2020 2019
Foreign currency borrowings and forward contracts $ (109.0) $ 106.2  $ (113.8) $ 126.9 
Total $ (109.0) $ 106.2  $ (113.8) $ 126.9 
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MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
The Effect of Derivative Instruments in the Condensed Consolidated Statement of Operations
Derivatives in Cash Flow Hedging Relationships
  Location of Gain (Loss) Reclassified from AOCE into Earnings Amount of Gain (Loss) Reclassified from AOCE into Earnings
  Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2020 2019 2020 2019
Foreign currency forward contracts Net sales $ 5.1  $ 0.4  $ 2.3  $ (1.2)
Interest rate swaps Interest expense (1.2) (1.8) (3.4) (5.4)
Total $ 3.9  $ (1.4) $ (1.1) $ (6.6)
At September 30, 2020, the Company expects that approximately $39.0 million of pre-tax net losses on cash flow hedges will be reclassified from AOCE into earnings during the next twelve months.
The Effect of Derivative Instruments in the Condensed Consolidated Statement of Operations
Derivatives Not Designated as Hedging Instruments
  Location of Gain (Loss) Recognized in Earnings on Derivatives Amount of Gain (Loss) Recognized in Earnings on Derivatives
  Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2020 2019 2020 2019
Foreign currency option and forward contracts Other expense, net $ 9.8  $ 15.5  $ 22.9  $ (12.0)
Total $ 9.8  $ 15.5  $ 22.9  $ (12.0)
Fair Value Measurement
Fair value is based on the price that would be received from the sale of an identical asset or paid to transfer an identical liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, a fair value hierarchy has been established that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:
Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.
Level 2: Observable market-based inputs other than quoted prices in active markets for identical assets or liabilities.
Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers counterparty credit risk in its assessment of fair value.
Financial assets and liabilities carried at fair value are classified in the tables below in one of the three categories described above:
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MYLAN N.V. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
  September 30, 2020
(In millions) Level 1 Level 2 Level 3 Total
Recurring fair value measurements
Financial Assets
Cash equivalents: