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Property and Equipment (Policies)	12 Months Ended
Property and Equipment (Policies)	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment is stated on the basis of cost. Provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives (12 to 50 years for buildings and three to 25 years for equipment). We review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Impairment is determined by comparing projected undiscounted cash flows to be generated by the asset to its carrying value. If an impairment is identified, a loss is recorded equal to the excess of the asset’s net book value over its fair value, and the cost basis is adjusted.

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenue	$ 22,319.5	$ 21,493.3	$ 19,973.8
Costs, expenses, and other:
Cost of sales	4,721.2	4,681.7	4,447.7
Research and development	5,595.0	5,051.2	5,096.2
Marketing, selling, and administrative	6,213.8	5,975.1	5,982.4
Acquired in-process research and development (Note 3)	239.6	1,983.9	1,112.6
Asset impairment, restructuring, and other special charges (Note 5)	575.6	266.9	1,331.6
Other—net, (income) expense (Note 18)	(291.6)	(145.6)	(301.5)
Costs, expenses, and other	17,053.6	17,813.2	17,669.0
Income before income taxes	5,265.9	3,680.1	2,304.8
Income taxes (Note 14)	628.0	529.5	2,391.2
Net income (loss) from continuing operations	4,637.9	3,150.6	(86.4)
Net income (loss) from discontinued operations (Note 19)	3,680.5	81.4	(117.7)
Net income (loss)	$ 8,318.4	$ 3,232.0	$ (204.1)
Earnings (loss) per share:
Earnings (loss) from continuing operations - basic (in usd per share)	$ 4.98	$ 3.07	$ (0.08)
Earnings (loss) from discontinued operations - basic (in usd per share)	3.95	0.07	(0.11)
Earnings (loss) per share - basic (in usd per share)	8.93	3.14	(0.19)
Earnings (loss) from continuing operations - diluted (in usd per share)	4.96	3.05	(0.08)
Earnings (loss) from discontinued operations - diluted (in usd per share)	3.93	0.08	(0.11)
Earnings (loss) per share - diluted (in usd per share)	$ 8.89	$ 3.13	$ (0.19)
Shares used in calculation of earnings (loss) per share:
Basic (in shares)	931,059	1,027,721	1,052,023
Diluted (in shares)	935,684	1,033,667	1,052,023

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 22.4	$ 24.1
Issued (in shares)	958,056	1,057,639
Authorized (in shares)	3,200,000	3,200,000

Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Changes in Accumulated Postemployment Benefit Obligations

We use a measurement date of December 31 to develop the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at December 31 for our defined benefit pension and retiree health benefit plans, which were as follows:



	Defined Benefit Pension Plans						Retiree Health Benefit Plans
	2019			2018			2019			2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	13,427.1		$	14,839.7		$	1,540.0		$	1,718.7
Service cost	250.4			292.7			36.3			41.5
Interest cost	486.0			458.5			58.0			57.3
Actuarial (gain) loss	2,631.7			(1,386.5		)	54.3			(176.9		)
Benefits paid	(584.2		)	(579.4		)	(87.3		)	(82.8		)
Plan amendments	—			17.6			—			(14.1		)
Curtailment (gain) loss	(16.8		)	(43.9		)	(0.5		)	2.5
Foreign currency exchange rate changes and other adjustments	56.8			(171.6		)	0.6			(6.2		)
Benefit obligation at end of year	16,251.0			13,427.1			1,601.4			1,540.0

Schedule of Changes in Fair Value of Plan Assets



Change in plan assets:
Fair value of plan assets at beginning of year	10,932.6		11,713.0		2,398.1		2,372.4
Actual return on plan assets	2,012.0		(360.1	)	444.1		32.6
Employer contribution	429.9		319.0		13.2		75.9
Benefits paid	(584.2	)	(579.4	)	(87.3	)	(82.8	)
Foreign currency exchange rate changes and other adjustments	67.7		(159.9	)	0.1		—
Fair value of plan assets at end of year	12,858.0		10,932.6		2,768.2		2,398.1

Schedule of Net Funded Status



Funded status	(3,393.0		)	(2,494.5		)	1,166.8			858.1
Unrecognized net actuarial (gain) loss	6,177.6			5,011.3			(111.6		)	140.6
Unrecognized prior service (benefit) cost	17.4			25.0			(236.4		)	(299.9		)
Net amount recognized	$	2,802.0		$	2,541.8		$	818.8		$	698.8

Schedule of Amounts Recognized in Balance Sheet



Amounts recognized in the consolidated balance sheet consisted of:
Other noncurrent assets	$	163.3		$	193.7		$	1,381.3		$	1,043.6
Other current liabilities	(65.3		)	(64.2		)	(7.3		)	(7.3		)
Accrued retirement benefits	(3,491.0		)	(2,624.0		)	(207.2		)	(178.2		)
Accumulated other comprehensive (income) loss before income taxes	6,195.0			5,036.3			(348.0		)	(159.3		)
Net amount recognized	$	2,802.0		$	2,541.8		$	818.8		$	698.8

Schedule of Assumptions Used

The following represents our weighted-average assumptions as of December 31:



	Defined Benefit Pension Plans						Retiree Health Benefit Plans
(Percents)	2019		2018		2017		2019		2018		2017
Discount rate for benefit obligation	3.0	%	4.0	%	3.4	%	3.3	%	4.4	%	3.7	%
Discount rate for net benefit costs	4.0		3.4		3.9		4.4		3.7		4.3
Rate of compensation increase for benefit obligation	3.3		3.4		3.4
Rate of compensation increase for net benefit costs	3.4		3.4		3.4
Expected return on plan assets for net benefit costs	7.4		7.4		7.4		6.0		8.0		8.0

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:



	2020		2021		2022		2023		2024		2025-2029
Defined benefit pension plans	$	614.5	$	621.8	$	641.0	$	652.3	$	682.4	$	3,712.1
Retiree health benefit plans	93.7		93.8		92.9		91.7		94.3		469.8

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

Amounts relating to defined benefit pension plans with projected benefit obligations in excess of plan assets were as follows at December 31:



	2019		2018
Projected benefit obligation	$	14,039.7	$	11,584.2
Fair value of plan assets	10,483.4		8,895.6

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Amounts relating to defined benefit pension plans and retiree health benefit plans with accumulated benefit obligations in excess of plan assets were as follows at December 31:



	Defined Benefit Pension Plans				Retiree Health Benefit Plans
	2019		2018		2019		2018
Accumulated benefit obligation	$	13,063.7	$	10,837.8	$	214.4	$	189.4
Fair value of plan assets	10,483.4		8,895.6		—		—

Schedule of Net Benefit Costs

Net pension and retiree health benefit expense included the following components:



	Defined Benefit Pension Plans									Retiree Health Benefit Plans
	2019			2018			2017			2019			2018			2017
Components of net periodic (benefit) cost:
Service cost	$	250.4		$	292.7		$	320.8		$	36.3		$	41.5		$	46.4
Interest cost	486.0			458.5			411.6			58.0			57.3			52.9
Expected return on plan assets	(839.6		)	(842.1		)	(773.6		)	(144.3		)	(177.9		)	(160.7		)
Amortization of prior service (benefit) cost	6.1			4.6			5.6			(62.9		)	(79.5		)	(90.0		)
Recognized actuarial loss	284.9			332.5			286.8			1.9			6.1			18.4
Curtailment (gain) loss	2.2			1.3			93.5			—			(29.3		)	65.5
Special termination benefit	—			—			317.2			—			—			37.5
Net periodic (benefit) cost	$	190.0		$	247.5		$	661.9		$	(111.0	)	$	(181.8	)	$	(30.0	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The following represents the amounts recognized in other comprehensive income (loss) for the years ended December 31, 2019, 2018, and 2017:



	Defined Benefit Pension Plans									Retiree Health Benefit Plans
	2019			2018			2017			2019			2018			2017
Actuarial gain (loss) arising during period	$	(1,461.0	)	$	182.8		$	(898.1	)	$	246.1		$	37.5		$	261.3
Plan amendments during period	—			(17.6		)	—			—			14.1			—
Curtailment gain (loss)	19.0			45.2			3.2			—			(31.8		)	(39.7		)
Amortization of prior service (benefit) cost included in net income	6.1			4.6			5.6			(62.9		)	(79.5		)	(90.0		)
Amortization of net actuarial loss included in net income	284.9			332.5			286.8			1.9			6.1			18.4
Foreign currency exchange rate changes and other	(7.7		)	47.1			(108.8		)	3.6			(0.1		)	(3.3		)
Total other comprehensive income (loss) during period	$	(1,158.7	)	$	594.6		$	(711.3	)	$	188.7		$	(53.7	)	$	146.7

Schedule of Allocation of Plan Assets

The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2019 by asset category were as follows:



				Fair Value Measurements Using
Asset Class	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Investments Valued at Net Asset Value⁽¹⁾
Defined Benefit Pension Plans
Public equity securities:
U.S.	$	794.2		$	532.5	$	—		$	—	$	261.7
International	2,439.2			1,046.8		—			—		1,392.4
Fixed income:
Developed markets	3,661.4			4.8		2,658.9			—		997.7
Developed markets - repurchase agreements	(1,659.1		)	—		(1,659.1		)	—		—
Emerging markets	648.0			18.5		277.4			4.1		348.0
Private alternative investments:
Hedge funds	2,897.9			—		—			—		2,897.9
Equity-like funds	2,279.3			—		—			16.8		2,262.5
Real estate	570.3			166.2		—			—		404.1
Other	1,226.8			62.9		222.6			6.6		934.7
Total	$	12,858.0		$	1,831.7	$	1,499.8		$	27.5	$	9,499.0

Retiree Health Benefit Plans
Public equity securities:
U.S.	$	76.5		$	52.1	$	—		$	—	$	24.4
International	152.6			60.8		—			—		91.8
Fixed income:
Developed markets	82.7			—		56.3			—		26.4
Emerging markets	58.5			—		27.0			0.4		31.1
Private alternative investments:
Hedge funds	250.8			—		—			—		250.8
Equity-like funds	187.4			—		—			1.6		185.8
Cash value of trust owned insurance contract	1,832.2			—		1,832.2			—		—
Real estate	31.3			16.2		—			—		15.1
Other	96.2			11.4		7.9			0.7		76.2
Total	$	2,768.2		$	140.5	$	1,923.4		$	2.7	$	701.6

⁽¹⁾Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2018 by asset category were as follows:



				Fair Value Measurements Using
Asset Class	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Investments Valued at Net Asset Value⁽¹⁾
Defined Benefit Pension Plans
Public equity securities:
U.S.	$	617.7		$	409.1	$	—		$	—	$	208.6
International	2,117.8			828.8		—			1.8		1,287.2
Fixed income:
Developed markets	2,933.4			17.2		2,173.3			—		742.9
Developed markets - repurchase agreements	(1,225.5		)	—		(1,225.5		)	—		—
Emerging markets	565.2			3.4		255.8			6.1		299.9
Private alternative investments:
Hedge funds	2,795.3			—		—			—		2,795.3
Equity-like funds	1,893.5			—		—			16.8		1,876.7
Real estate	505.7			147.1		—			—		358.6
Other	729.5			213.0		83.7			—		432.8
Total	$	10,932.6		$	1,618.6	$	1,287.3		$	24.7	$	8,002.0

Retiree Health Benefit Plans
Public equity securities:
U.S.	$	59.9		$	41.0	$	—		$	—	$	18.9
International	127.0			50.5		—			0.2		76.3
Fixed income:
Developed markets	69.1			—		61.5			—		7.6
Emerging markets	53.5			—		25.5			0.6		27.4
Private alternative investments:
Hedge funds	245.8			—		—			—		245.8
Equity-like funds	169.2			—		—			1.7		167.5
Cash value of trust owned insurance contract	1,574.7			—		1,574.7			—		—
Real estate	27.7			14.7		—			—		13.0
Other	71.2			38.1		(3.8		)	—		36.9
Total	$	2,398.1		$	144.3	$	1,657.9		$	2.5	$	593.4

⁽¹⁾Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

Financial Instruments (Narrative) (Details) € in Millions, ¥ in Millions, £ in Millions, SFr in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 JPY (¥)	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 GBP (£)	Dec. 31, 2019 CHF (SFr)
Derivative [Line Items]
Average remaining maturity of foreign currency derivatives	12 months
Maximum remaining maturity of foreign currency derivatives	30 days
Foreign currency-denominated notes, designated as hedge	$ 4,100,000,000	$ 2,650,000,000
Variable rate	11.00%			11.00%	11.00%	11.00%	11.00%
Losses expected to be reclassified in the next 12 months	$ 16,300,000
Unrealized losses from equity securities	395,300,000	(20,100,000)
Other-than-temporary impairment losses recognized during the year	$ 0	0	$ 0
Percentage of nonperforming assets	56.00%
Accounts receivable derecognized	$ 678,800,000	696,200,000
Buy USD Sell Euro
Derivative [Line Items]
Derivative liability, notional amount	447,900,000
Derivative asset, notional amount \| €					€ 402.9
Buy Euro Sell USD
Derivative [Line Items]
Derivative liability, notional amount \| €					€ 1,810.0
Derivative asset, notional amount	2,020,000,000.00
Buy USD Sell Japanese Yen
Derivative [Line Items]
Derivative liability, notional amount	308,300,000
Derivative asset, notional amount \| ¥				¥ 33,490
Buy Swiss Francs Sell USD
Derivative [Line Items]
Derivative liability, notional amount \| SFr							SFr 101.4
Derivative asset, notional amount	103,500,000
Buy GBP Sell USD
Derivative [Line Items]
Derivative liability, notional amount \| £						£ 236.2
Derivative asset, notional amount	310,900,000
Currency Swap
Derivative [Line Items]
Derivative liability, notional amount	1,450,000,000
Swap Swiss Francs to USD
Derivative [Line Items]
Derivative liability, notional amount	1,000,000,000.00
Forward-starting interest rate swaps
Derivative [Line Items]
Derivative asset, notional amount	396,000,000.0
Foreign Currency Denominated Debt
Derivative [Line Items]
Long-term debt	5,490,000,000	$ 3,400,000,000
Cash flow hedges \| Designated as Hedging Instrument \| Forward-starting interest rate swaps
Derivative [Line Items]
Derivative, notional amount	$ 1,000,000,000.00

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows from Operating Activities
Net income (loss)	$ 8,318.4	$ 3,232.0	$ (204.1)
Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities:
Gain related to disposal or sale	(309.8)	0.0	0.0
Depreciation and amortization	1,232.6	1,609.0	1,567.3
Change in deferred income taxes	62.4	326.8	(787.9)
Stock-based compensation expense	312.4	279.5	281.3
Acquired in-process research and development (Note 3)	239.6	1,983.9	1,112.6
Other non-cash operating activities, net	348.7	472.0	441.5
Other changes in operating assets and liabilities, net of acquisitions and divestitures:
Receivables—(increase) decrease	(127.2)	(996.7)	(357.0)
Inventories—(increase) decrease	(258.7)	7.8	(253.9)
Other assets—(increase) decrease	(602.3)	(980.0)	(590.1)
Income taxes payable—increase (decrease)	(221.3)	(125.3)	3,489.6
Accounts payable and other liabilities—increase (decrease)	(477.7)	(284.5)	916.3
Net Cash Provided by Operating Activities	4,836.6	5,524.5	5,615.6
Cash Flows from Investing Activities
Purchases of property and equipment	(1,033.9)	(1,210.6)	(1,076.8)
Proceeds from sales and maturities of short-term investments	136.6	2,552.5	4,852.5
Purchases of short-term investments	(42.7)	(112.2)	(3,389.7)
Proceeds from sales of noncurrent investments	609.8	3,509.5	2,586.0
Purchases of noncurrent investments	(247.5)	(837.9)	(4,611.6)
Purchases of in-process research and development	(319.6)	(1,807.6)	(1,086.8)
Cash paid for acquisitions, net of cash acquired (Note 3 and 19)	(6,917.7)	0.0	(882.1)
Other investing activities, net	(248.7)	(187.7)	(175.1)
Net Cash Provided by (Used for) Investing Activities	(8,082.9)	1,906.0	(3,783.6)
Cash Flows from Financing Activities
Dividends paid	(2,409.8)	(2,311.8)	(2,192.1)
Net change in short-term borrowings	995.4	(2,197.9)	1,397.5
Proceeds from issuance of long-term debt	6,556.4	2,477.7	2,232.0
Repayments of long-term debt	(2,866.4)	(1,009.1)	(630.6)
Purchases of common stock	(4,400.0)	(4,150.7)	(299.8)
Net proceeds from Elanco initial public offering (Note 19)	0.0	1,659.7	0.0
Other financing activities, net	(200.1)	(372.8)	(364.4)
Net Cash Provided by (Used for) Financing Activities	(2,324.5)	(5,904.9)	142.6
Effect of exchange rate changes on cash and cash equivalents	(89.9)	(63.6)	(20.5)
Net increase (decrease) in cash and cash equivalents	(5,660.7)	1,462.0	1,954.1
Cash and cash equivalents at beginning of year (includes $677.5 (2019), $324.4 (2018), and $258.8 (2017) of discontinued operations)	7,998.2	6,536.2	4,582.1
Cash and Cash Equivalents at End of Year (includes $677.5 (2018) and $324.4 (2017) of discontinued operations)	2,337.5	7,320.7
Cash and Cash Equivalents at End of Year (includes $677.5 (2018) and $324.4 (2017) of discontinued operations)		7,998.2	6,536.2
Elanco \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities:
Gain related to disposal or sale	(3,680.5)	0.0	0.0
Cash Flows from Investing Activities
Cash distributed to Elanco upon disposition	(374.0)	0.0	0.0
Legacy Antibiotic Medicines and a Manufacturing Facility in Suzhou, China \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities:
Gain related to disposal or sale	(309.8)	0.0	0.0
Cash Flows from Investing Activities
Cash received for sale of antibiotic business in China	$ 354.8	$ 0.0	$ 0.0

Collaborations and Other Arrangements (Net Product Revenue) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 6,114.0	$ 5,476.6	$ 5,636.7	$ 5,092.2	$ 5,637.6	$ 5,306.9	$ 5,585.0	$ 4,963.8	$ 22,319.5	$ 21,493.3	$ 19,973.8
Basaglar®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue									1,112.6	801.2	432.1
Jardiance
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue									944.2	658.3	447.5
Trajenta®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue									$ 590.6	$ 574.7	$ 537.9

Financial Instruments (Schedule of Contractual Maturities) (Details) $ in Millions	Dec. 31, 2019 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Total	$ 570.6
Less Than 1 Year	91.2
1-5 Years	276.5
6-10 Years	80.4
More Than 10 Years	$ 122.5

Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt

Debt at December 31 consisted of the following:



	2019			2018
Short-term commercial paper borrowings	$	1,494.2		$	498.9
0.15 to 7.13 percent long-term notes (due 2022-2059)	13,638.5			9,640.8
Other long-term debt	12.9			10.1
Unamortized debt issuance costs	(73.6		)	(28.4		)
Fair value adjustment on hedged long-term notes	245.2			177.2
Total debt	15,317.2			10,298.6
Less current portion	(1,499.3		)	(1,102.2		)
Long-term debt	$	13,817.9		$	9,196.4

Schedule of Maturities of Long-term Debt

The aggregate amounts of maturities on long-term debt for the next five years are as follows:



	2020		2021		2022		2023		2024
Maturities on long-term debt	$	7.0	$	5.9	$	1,424.7	$	1.9	$	619.6

Schedule of Additional Borrowings Disclosures

The aggregate amount of cash payments for interest on borrowings, net of capitalized interest, are as follows:



	2019		2018		2017
Cash payments for interest on borrowings	$	305.5	$	223.8	$	192.7

Inventories

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories

We use the last-in, first-out (LIFO) method for the majority of our inventories located in the continental U.S. Other inventories are valued by the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost. Inventories measured using LIFO must be valued at the lower of cost or market. Inventories measured using FIFO must be valued at the lower of cost or net realizable value.

Inventories at December 31 consisted of the following:



	2019		2018
Finished products	$	647.3	$	577.8
Work in process	2,067.6		2,057.8
Raw materials and supplies	424.6		426.1
Total (approximates replacement cost)	3,139.5		3,061.7
Increase to LIFO cost	51.2		36.4
Inventories	$	3,190.7	$	3,098.1

Inventories valued under the LIFO method comprised $1.20 billion and $1.37 billion of total inventories at December 31, 2019 and 2018, respectively.

Acquisitions and Divestiture (Asset Acquisitions) (Details) - USD ($) $ in Millions	1 Months Ended															3 Months Ended								9 Months Ended	12 Months Ended
	Sep. 30, 2019	Jul. 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Oct. 31, 2018	Jul. 31, 2018	Jun. 30, 2018	Apr. 30, 2018	Nov. 30, 2017	Aug. 31, 2017	Jul. 31, 2017	Mar. 31, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Acquired IPR&D																$ 0.0	$ 77.7	$ 25.0	$ 136.9	$ 329.4	$ 30.0	$ 1,624.5	$ 0.0		$ 239.6	$ 1,983.9	$ 1,112.6
AC Immune SA
Business Acquisition [Line Items]
Acquired IPR&D	$ 30.2				$ 96.9																			$ 127.1
ImmuNext, Inc.
Business Acquisition [Line Items]
Acquired IPR&D				$ 40.0
Avidity Biosciences, Inc.
Business Acquisition [Line Items]
Acquired IPR&D			$ 25.0
Centrexion Therapeutics Corporation
Business Acquisition [Line Items]
Acquired IPR&D		$ 47.5
Sigilon Therapeutics
Business Acquisition [Line Items]
Acquired IPR&D											$ 66.9
AurKa Pharma, Inc.
Business Acquisition [Line Items]
Acquired IPR&D										$ 81.8
ARMO BioSciences, Inc. (ARMO)
Business Acquisition [Line Items]
Acquired IPR&D										$ 1,475.8
Anima Biotech
Business Acquisition [Line Items]
Acquired IPR&D									$ 30.0
SIGA Technologies, Inc.
Business Acquisition [Line Items]
Acquired IPR&D								$ 80.0
Chugai Pharmaceutical Company
Business Acquisition [Line Items]
Acquired IPR&D								$ 50.0
NextCure, Inc.
Business Acquisition [Line Items]
Acquired IPR&D							$ 28.1
Dicerna Pharmaceuticals, Inc.
Business Acquisition [Line Items]
Acquired IPR&D						$ 148.7
Hydra Biosciences
Business Acquisition [Line Items]
Acquired IPR&D						$ 22.6
CoLucid Pharmaceuticals, Inc. (CoLucid)
Business Acquisition [Line Items]
Acquired IPR&D															$ 857.6
KeyBioscience AG
Business Acquisition [Line Items]
Acquired IPR&D														$ 55.0
Nektar Therapeutics
Business Acquisition [Line Items]
Acquired IPR&D													$ 150.0
CureVac AG
Business Acquisition [Line Items]
Acquired IPR&D												$ 50.0

Goodwill and Other Intangibles (Schedule of Estimated Amortization Expense) (Details) $ in Millions	Dec. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 234.3
2021	235.2
2022	227.3
2023	215.6
2024	$ 165.7

Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Lessee, lease, remaining lease term (up to)	13 years
Lease expense	$ 172.8
Rent expense		$ 175.7	$ 177.4

Goodwill and Other Intangibles (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-lived intangible assets:
Goodwill, impairment loss	$ 0	$ 0	$ 0
Remaining amortization period	10 years
Minimum
Finite-lived intangible assets:
Finite-lived intangible asset, useful life	3 years
Maximum
Finite-lived intangible assets:
Finite-lived intangible asset, useful life	20 years

Other - Net, (Income) Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Nonoperating Income (Expense) [Abstract]
Interest expense	$ 400.6	$ 242.5	$ 225.0
Interest income	(80.4)	(159.3)	(166.4)
Debt extinguishment loss (Note 11)	252.5	0.0	0.0
Gain on sale of antibiotic business in China (Note 3)	(309.8)	0.0	0.0
Retirement benefit	(209.9)	(240.5)	(249.0)
Other (income) expense	(344.6)	11.7	(111.1)
Other–net, (income) expense	$ (291.6)	$ (145.6)	$ (301.5)

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the activity related to each component of other comprehensive income (loss):



	Continuing Operations
(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)			Unrealized Net Gains (Losses) on Securities			Defined Benefit Pension and Retiree Health Benefit Plans			Effective Portion of Cash Flow Hedges			Discontinued Operations			Accumulated Other Comprehensive Loss
Beginning balance at January 1, 2017 ⁽¹⁾	$	(1,686.6	)	$	224.0		$	(3,352.0	)	$	(210.9	)	$	(200.3	)	$	(5,225.8	)
Other comprehensive income (loss) before reclassifications	525.6			(15.7		)	(532.1		)	8.5			127.7			114.0
Net amount reclassified from accumulated other comprehensive loss	8.1			(110.6		)	151.9			9.6			1.5			60.5
Net other comprehensive income (loss)	533.7			(126.3		)	(380.2		)	18.1			129.2			174.5
Reclassifications of stranded tax effects (Note 1)	(38.8		)	15.8			(579.1		)	(41.5		)	—			(643.6		)
Balance at December 31, 2017⁽²⁾	(1,191.7		)	113.5			(4,311.3		)	(234.3		)	(71.1		)	(5,694.9		)
Reclassification due to adoption of new accounting standard⁽³⁾	—			(128.9		)	—			—			—			(128.9		)
Other comprehensive income (loss) before reclassifications	(378.0		)	24.5			250.7			(16.3		)	12.2			(106.9		)
Net amount reclassified from accumulated other comprehensive loss	—			(31.2		)	207.9			11.7			2.1			190.5
Net other comprehensive income (loss)	(378.0		)	(6.7		)	458.6			(4.6		)	14.3			83.6
Balance at December 31, 2018⁽⁴⁾	(1,569.7		)	(22.1		)	(3,852.7		)	(238.9		)	(56.8		)	(5,740.2		)
Other comprehensive income (loss) before reclassifications	(46.2		)	28.9			(967.6		)	14.5			(27.2		)	(997.6		)
Net amount reclassified from accumulated other comprehensive loss	(62.1		)	(1.9		)	181.7			12.5			84.0			214.2
Net other comprehensive income (loss)	(108.3		)	27.0			(785.9		)	27.0			56.8			(783.4		)
Ending balance at December 31, 2019	$	(1,678.0	)	$	4.9		$	(4,638.6	)	$	(211.9	)	$	—		$	(6,523.6	)

⁽¹⁾Accumulated other comprehensive loss as of January 1, 2017 consists of $5.27 billion of accumulated other comprehensive loss attributable to controlling interest and $48.2 million of accumulated other comprehensive income attributable to noncontrolling interest.

⁽²⁾Accumulated other comprehensive loss as of December 31, 2017 consists of $5.72 billion of accumulated other comprehensive loss attributable to controlling interest and $23.7 million of accumulated other comprehensive income attributable to noncontrolling interest.

⁽³⁾This reclassification consists of $105.2 million of accumulated other comprehensive loss attributable to controlling interest and $23.7 million of accumulated other comprehensive loss attributable to noncontrolling interest. Refer to Note 1 for further details regarding the reclassification due to the adoption of ASU 2016-01.

⁽⁴⁾Accumulated other comprehensive loss as of December 31, 2018 consists of $5.73 billion of accumulated other comprehensive loss attributable to controlling interest and $11.0 million of accumulated other comprehensive loss attributable to noncontrolling interest.

The tax effects on the net activity related to each component of other comprehensive income (loss) for the years ended December 31, were as follows:



Tax benefit (expense)	2019			2018			2017
Foreign currency translation gains/losses	$	(18.4	)	$	51.6		$	170.8
Unrealized net gains/losses on securities	(7.4		)	2.1			55.0
Defined benefit pension and retiree health benefit plans	184.1			(85.3		)	186.6
Effective portion of cash flow hedges	(7.3		)	1.3			(9.7		)
Benefit/(provision) for income taxes allocated to other comprehensive income (loss) items	$	151.0		$	(30.3	)	$	402.7

Schedule of Amounts Recognized in Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive loss were as follows:



Details about Accumulated Other Comprehensive Loss Components	Year Ended December 31,									Affected Line Item in the Consolidated Statements of Operations
	2019			2018			2017
Amortization of retirement benefit items:
Prior service benefits, net	$	(56.8	)	$	(74.9	)	$	(84.4	)	Other—net, (income) expense
Actuarial losses	286.8			338.6			305.2			Other—net, (income) expense
Total before tax	230.0			263.7			220.8
Tax benefit	(48.3		)	(55.8		)	(68.9		)	Income taxes
Net of tax	181.7			207.9			151.9

Unrealized gains/losses on available-for-sale securities:
Realized gains, net	(2.4		)	(39.5		)	(170.2		)	Other—net, (income) expense
Tax expense	0.5			8.3			59.6			Income taxes
Net of tax	(1.9		)	(31.2		)	(110.6		)

Other, net of tax	(49.6		)	11.7			17.7			Other—net, (income) expense
Reclassifications from continuing operations (net of tax)	130.2			188.4			59.0
Reclassifications from discontinued operations (net of tax)	84.0			2.1			1.5			Net income (loss) from discontinued operations
Total reclassifications for the period, net of tax	$	214.2		$	190.5		$	60.5

Collaborations and Other Arrangements (Significant Milestones Achieved) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development	$ 5,595.0	$ 5,051.2	$ 5,096.2
Milestone Payments, Development and Regulatory, Expensed \| Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development	20.0	30.0
U.S. \| Milestone Payments, Development and Regulatory, Capitalized (Deferred) \| Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, terms	$ 100.0
Europe \| Milestone Payments, Development and Regulatory, Capitalized (Deferred) \| Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, terms		65.0
Japan \| Milestone Payments, Development and Regulatory, Capitalized (Deferred) \| Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, terms		$ 15.0

Retirement Benefits

12 Months Ended

Dec. 31, 2019

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Retirement Benefits



	Defined Benefit Pension Plans						Retiree Health Benefit Plans
	2019			2018			2019			2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	13,427.1		$	14,839.7		$	1,540.0		$	1,718.7
Service cost	250.4			292.7			36.3			41.5
Interest cost	486.0			458.5			58.0			57.3
Actuarial (gain) loss	2,631.7			(1,386.5		)	54.3			(176.9		)
Benefits paid	(584.2		)	(579.4		)	(87.3		)	(82.8		)
Plan amendments	—			17.6			—			(14.1		)
Curtailment (gain) loss	(16.8		)	(43.9		)	(0.5		)	2.5
Foreign currency exchange rate changes and other adjustments	56.8			(171.6		)	0.6			(6.2		)
Benefit obligation at end of year	16,251.0			13,427.1			1,601.4			1,540.0



Change in plan assets:
Fair value of plan assets at beginning of year	10,932.6		11,713.0		2,398.1		2,372.4
Actual return on plan assets	2,012.0		(360.1	)	444.1		32.6
Employer contribution	429.9		319.0		13.2		75.9
Benefits paid	(584.2	)	(579.4	)	(87.3	)	(82.8	)
Foreign currency exchange rate changes and other adjustments	67.7		(159.9	)	0.1		—
Fair value of plan assets at end of year	12,858.0		10,932.6		2,768.2		2,398.1



Funded status	(3,393.0		)	(2,494.5		)	1,166.8			858.1
Unrecognized net actuarial (gain) loss	6,177.6			5,011.3			(111.6		)	140.6
Unrecognized prior service (benefit) cost	17.4			25.0			(236.4		)	(299.9		)
Net amount recognized	$	2,802.0		$	2,541.8		$	818.8		$	698.8



Amounts recognized in the consolidated balance sheet consisted of:
Other noncurrent assets	$	163.3		$	193.7		$	1,381.3		$	1,043.6
Other current liabilities	(65.3		)	(64.2		)	(7.3		)	(7.3		)
Accrued retirement benefits	(3,491.0		)	(2,624.0		)	(207.2		)	(178.2		)
Accumulated other comprehensive (income) loss before income taxes	6,195.0			5,036.3			(348.0		)	(159.3		)
Net amount recognized	$	2,802.0		$	2,541.8		$	818.8		$	698.8

The unrecognized net actuarial loss (gain) and unrecognized prior service cost (benefit) have not yet been recognized in net periodic pension costs and were included in accumulated other comprehensive loss at December 31, 2019.

Market variables associated with the remeasurement, specifically a decrease in the discount rate partially offset by higher return on plan assets, were the primary drivers for the $2.89 billion increase in the benefit obligation in 2019.

In July 2018, we announced that we would amend our defined benefit pension and retiree health benefit plans to freeze or reduce benefits for certain employees effective January 1, 2019. We remeasured the impacted pension and retiree health plans’ benefit obligations as of July 31, 2018, which resulted in a net curtailment gain of $28.0 million, which was recorded in asset impairment, restructuring, and other special charges. Market variables associated with this remeasurement, specifically an increase in the discount rate, were the primary driver for the $1.59 billion decrease in the benefit obligations in 2018.

The workforce reduction plan initiated in 2017 included a curtailment loss of $159.0 million and a special termination benefit of $354.7 million, of which $446.7 million was recorded in asset impairment, restructuring,

and other special charges and $67.0 million was recorded in discontinued operations, as a result of a remeasurement as of October 31, 2017. The special termination benefits related to early retirement incentives offered as part of a voluntary early retirement program for the U.S. plan in the fourth quarter of 2017. This program allowed certain employees the opportunity to voluntarily leave the Company.

The following represents our weighted-average assumptions as of December 31:



	Defined Benefit Pension Plans						Retiree Health Benefit Plans
(Percents)	2019		2018		2017		2019		2018		2017
Discount rate for benefit obligation	3.0	%	4.0	%	3.4	%	3.3	%	4.4	%	3.7	%
Discount rate for net benefit costs	4.0		3.4		3.9		4.4		3.7		4.3
Rate of compensation increase for benefit obligation	3.3		3.4		3.4
Rate of compensation increase for net benefit costs	3.4		3.4		3.4
Expected return on plan assets for net benefit costs	7.4		7.4		7.4		6.0		8.0		8.0

We annually evaluate the expected return on plan assets in our defined benefit pension and retiree health benefit plans. In evaluating the expected rate of return, we consider many factors, with a primary analysis of current and projected market conditions; asset returns and asset allocations; and the views of leading financial advisers and economists. We may also review our historical assumptions compared with actual results, as well as the assumptions and trend rates utilized by similar plans, where applicable.

Given the design of our retiree health benefit plans, healthcare-cost trend rates do not have a material impact on our financial condition or results of operations.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:



	2020		2021		2022		2023		2024		2025-2029
Defined benefit pension plans	$	614.5	$	621.8	$	641.0	$	652.3	$	682.4	$	3,712.1
Retiree health benefit plans	93.7		93.8		92.9		91.7		94.3		469.8

Amounts relating to defined benefit pension plans with projected benefit obligations in excess of plan assets were as follows at December 31:



	2019		2018
Projected benefit obligation	$	14,039.7	$	11,584.2
Fair value of plan assets	10,483.4		8,895.6

Amounts relating to defined benefit pension plans and retiree health benefit plans with accumulated benefit obligations in excess of plan assets were as follows at December 31:



	Defined Benefit Pension Plans				Retiree Health Benefit Plans
	2019		2018		2019		2018
Accumulated benefit obligation	$	13,063.7	$	10,837.8	$	214.4	$	189.4
Fair value of plan assets	10,483.4		8,895.6		—		—

The total accumulated benefit obligation for our defined benefit pension plans was $15.17 billion and $12.57 billion at December 31, 2019 and 2018, respectively.

Net pension and retiree health benefit expense included the following components:



	Defined Benefit Pension Plans									Retiree Health Benefit Plans
	2019			2018			2017			2019			2018			2017
Components of net periodic (benefit) cost:
Service cost	$	250.4		$	292.7		$	320.8		$	36.3		$	41.5		$	46.4
Interest cost	486.0			458.5			411.6			58.0			57.3			52.9
Expected return on plan assets	(839.6		)	(842.1		)	(773.6		)	(144.3		)	(177.9		)	(160.7		)
Amortization of prior service (benefit) cost	6.1			4.6			5.6			(62.9		)	(79.5		)	(90.0		)
Recognized actuarial loss	284.9			332.5			286.8			1.9			6.1			18.4
Curtailment (gain) loss	2.2			1.3			93.5			—			(29.3		)	65.5
Special termination benefit	—			—			317.2			—			—			37.5
Net periodic (benefit) cost	$	190.0		$	247.5		$	661.9		$	(111.0	)	$	(181.8	)	$	(30.0	)

The following represents the amounts recognized in other comprehensive income (loss) for the years ended December 31, 2019, 2018, and 2017:



	Defined Benefit Pension Plans									Retiree Health Benefit Plans
	2019			2018			2017			2019			2018			2017
Actuarial gain (loss) arising during period	$	(1,461.0	)	$	182.8		$	(898.1	)	$	246.1		$	37.5		$	261.3
Plan amendments during period	—			(17.6		)	—			—			14.1			—
Curtailment gain (loss)	19.0			45.2			3.2			—			(31.8		)	(39.7		)
Amortization of prior service (benefit) cost included in net income	6.1			4.6			5.6			(62.9		)	(79.5		)	(90.0		)
Amortization of net actuarial loss included in net income	284.9			332.5			286.8			1.9			6.1			18.4
Foreign currency exchange rate changes and other	(7.7		)	47.1			(108.8		)	3.6			(0.1		)	(3.3		)
Total other comprehensive income (loss) during period	$	(1,158.7	)	$	594.6		$	(711.3	)	$	188.7		$	(53.7	)	$	146.7

We have defined contribution savings plans that cover our eligible employees worldwide. The purpose of these plans is generally to provide additional financial security during retirement by providing employees with an incentive to save. Our contributions to the plans are based on employee contributions and the level of our match. Expenses under the plans totaled $145.2 million, $132.6 million, and $147.0 million for the years ended December 31, 2019, 2018, and 2017, respectively.

We provide certain other postemployment benefits primarily related to disability benefits and accrue for the related cost over the service lives of employees. Expenses associated with these benefit plans for the years ended December 31, 2019, 2018, and 2017 were not material.

Benefit Plan Investments

Our benefit plan investment policies are set with specific consideration of return and risk requirements in relationship to the respective liabilities. U.S. and Puerto Rico plans represent approximately 80 percent of our global investments. Given the long-term nature of our liabilities, these plans have the flexibility to manage an above-average degree of risk in the asset portfolios. At the investment-policy level, there are no specifically prohibited investments. However, within individual investment manager mandates, restrictions and limitations are contractually set to align with our investment objectives, ensure risk control, and limit concentrations.

We manage our portfolio to minimize concentration of risk by allocating funds within asset categories. In addition, within a category we use different managers with various management objectives to eliminate any significant concentration of risk.

Our global benefit plans may enter into contractual arrangements (derivatives) to implement the local investment policy or manage particular portfolio risks. Derivatives are principally used to increase or decrease exposure to a particular public equity, fixed income, commodity, or currency market more rapidly or less expensively than could be accomplished through the use of the cash markets. The plans utilize both exchange-traded and over-the-counter instruments. The maximum exposure to either a market or counterparty credit loss is limited to the carrying value of the receivable, and is managed within contractual limits. We expect all of our counterparties to meet their obligations. The gross values of these derivative receivables and payables are not material to the global asset portfolio, and their values are reflected within the tables below.

The defined benefit pension and retiree health benefit plan allocation for the U.S. and Puerto Rico currently comprises approximately 70 percent growth investments and 30 percent fixed-income investments. The growth investment allocation encompasses U.S. and international public equity securities, hedge funds, private equity-like investments, and real estate. These portfolio allocations are intended to reduce overall risk by providing diversification, while seeking moderate to high returns over the long term.

Public equity securities are well diversified and invested in U.S. and international small-to-large companies across various asset managers and styles. The remaining portion of the growth portfolio is invested in private alternative investments.

Fixed-income investments primarily consist of fixed-income securities in U.S. treasuries and agencies, emerging market debt obligations, corporate bonds, mortgage-backed securities, commercial mortgage-backed obligations, and any related repurchase agreements.

Hedge funds are privately owned institutional investment funds that generally have moderate liquidity. Hedge funds seek specified levels of absolute return regardless of overall market conditions, and generally have low correlations to public equity and debt markets. Hedge funds often invest substantially in financial market instruments (stocks, bonds, commodities, currencies, derivatives, etc.) using a very broad range of trading activities to manage portfolio risks. Hedge fund strategies focus primarily on security selection and seek to be neutral with respect to market moves. Common groupings of hedge fund strategies include relative value, tactical, and event driven. Relative value strategies include arbitrage, when the same asset can simultaneously be bought and sold at different prices, achieving an immediate profit. Tactical strategies often take long and short positions to reduce or eliminate overall market risks while seeking a particular investment opportunity. Event strategy opportunities can evolve from specific company announcements such as mergers and acquisitions, and typically have little correlation to overall market directional movements. Our hedge fund investments are made through limited partnership interests in fund-of-funds structures and directly into hedge funds. Plan holdings in hedge funds are valued based on net asset values (NAVs) calculated by each fund or general partner, as applicable, and we have the ability to redeem these investments at NAV.

Private equity-like investment funds typically have low liquidity and are made through long-term partnerships or joint ventures that invest in pools of capital invested in primarily non-publicly traded entities. Underlying investments include venture capital (early stage investing), buyout, special situations, private debt, and private real estate investments. Private equity management firms typically acquire and then reorganize private companies to create increased long term value. Private equity-like funds usually have a limited life of approximately 10-15 years, and require a minimum investment commitment from their limited partners. Our private equity-like investments are made both directly into funds and through fund-of-funds structures to ensure broad diversification of management styles and assets across the portfolio. Plan holdings in private equity-like investments are valued using the value reported by the partnership, adjusted for known cash flows and significant events through our reporting date. Values provided by the partnerships are primarily based on analysis of and judgments about the underlying investments. Inputs to these valuations include underlying NAVs, discounted cash flow valuations, comparable market valuations, and may also include adjustments for currency, credit, liquidity and other risks as applicable. The vast majority of these private partnerships provide us with annual audited financial statements including their compliance with fair valuation procedures consistent with applicable accounting standards.

Real estate is composed of public holdings. Real estate investments in registered investment companies that trade on an exchange are classified as Level 1 on the fair value hierarchy. Real estate investments in funds measured at fair value on the basis of NAV provided by the fund manager are classified as such. These NAVs are developed with inputs including discounted cash flow, independent appraisal, and market comparable analyses.

Other assets include cash and cash equivalents and mark-to-market value of derivatives.

The cash value of the trust-owned insurance contract is primarily invested in investment-grade publicly traded equity and fixed-income securities.

Other than hedge funds, private equity-like investments, and a portion of the real estate holdings, which are discussed above, we determine fair values based on a market approach using quoted market values, significant other observable inputs for identical or comparable assets or liabilities, or discounted cash flow analyses.

The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2019 by asset category were as follows:



				Fair Value Measurements Using
Asset Class	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Investments Valued at Net Asset Value⁽¹⁾
Defined Benefit Pension Plans
Public equity securities:
U.S.	$	794.2		$	532.5	$	—		$	—	$	261.7
International	2,439.2			1,046.8		—			—		1,392.4
Fixed income:
Developed markets	3,661.4			4.8		2,658.9			—		997.7
Developed markets - repurchase agreements	(1,659.1		)	—		(1,659.1		)	—		—
Emerging markets	648.0			18.5		277.4			4.1		348.0
Private alternative investments:
Hedge funds	2,897.9			—		—			—		2,897.9
Equity-like funds	2,279.3			—		—			16.8		2,262.5
Real estate	570.3			166.2		—			—		404.1
Other	1,226.8			62.9		222.6			6.6		934.7
Total	$	12,858.0		$	1,831.7	$	1,499.8		$	27.5	$	9,499.0

Retiree Health Benefit Plans
Public equity securities:
U.S.	$	76.5		$	52.1	$	—		$	—	$	24.4
International	152.6			60.8		—			—		91.8
Fixed income:
Developed markets	82.7			—		56.3			—		26.4
Emerging markets	58.5			—		27.0			0.4		31.1
Private alternative investments:
Hedge funds	250.8			—		—			—		250.8
Equity-like funds	187.4			—		—			1.6		185.8
Cash value of trust owned insurance contract	1,832.2			—		1,832.2			—		—
Real estate	31.3			16.2		—			—		15.1
Other	96.2			11.4		7.9			0.7		76.2
Total	$	2,768.2		$	140.5	$	1,923.4		$	2.7	$	701.6

⁽¹⁾Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

No material transfers between Level 1, Level 2, or Level 3 occurred during the year ended December 31, 2019. The activity in the Level 3 investments during the year ended December 31, 2019 was not material.

The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2018 by asset category were as follows:



				Fair Value Measurements Using
Asset Class	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Investments Valued at Net Asset Value⁽¹⁾
Defined Benefit Pension Plans
Public equity securities:
U.S.	$	617.7		$	409.1	$	—		$	—	$	208.6
International	2,117.8			828.8		—			1.8		1,287.2
Fixed income:
Developed markets	2,933.4			17.2		2,173.3			—		742.9
Developed markets - repurchase agreements	(1,225.5		)	—		(1,225.5		)	—		—
Emerging markets	565.2			3.4		255.8			6.1		299.9
Private alternative investments:
Hedge funds	2,795.3			—		—			—		2,795.3
Equity-like funds	1,893.5			—		—			16.8		1,876.7
Real estate	505.7			147.1		—			—		358.6
Other	729.5			213.0		83.7			—		432.8
Total	$	10,932.6		$	1,618.6	$	1,287.3		$	24.7	$	8,002.0

Retiree Health Benefit Plans
Public equity securities:
U.S.	$	59.9		$	41.0	$	—		$	—	$	18.9
International	127.0			50.5		—			0.2		76.3
Fixed income:
Developed markets	69.1			—		61.5			—		7.6
Emerging markets	53.5			—		25.5			0.6		27.4
Private alternative investments:
Hedge funds	245.8			—		—			—		245.8
Equity-like funds	169.2			—		—			1.7		167.5
Cash value of trust owned insurance contract	1,574.7			—		1,574.7			—		—
Real estate	27.7			14.7		—			—		13.0
Other	71.2			38.1		(3.8		)	—		36.9
Total	$	2,398.1		$	144.3	$	1,657.9		$	2.5	$	593.4

⁽¹⁾Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

No material transfers between Level 1, Level 2, or Level 3 occurred during the year ended December 31, 2018. The activity in the Level 3 investments during the year ended December 31, 2018 was not material.

In 2020, we expect to contribute approximately $40 million to our defined benefit pension plans to satisfy minimum funding requirements for the year. Additional discretionary contributions are not expected to be significant.

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following effects of risk-management instruments were recognized in other–net, (income) expense:



	2019			2018			2017
Fair value hedges:
Effect from hedged fixed-rate debt	$	112.1		$	(40.9	)	$	(14.1	)
Effect from interest rate contracts	(112.1		)	40.9			14.1
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	15.9			14.8			14.8
Cross-currency interest rate swaps	(17.1		)	—			—
Net losses on foreign currency exchange contracts not designated as hedging instruments	61.9			100.0			97.9
Total	$	60.7		$	114.8		$	112.7

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:



	2019			2018		2017
Net investment hedges:
Foreign currency-denominated notes	$	40.1		$	110.4	$	(361.5	)
Cross-currency interest rate swaps	47.4			96.8		(126.6		)
Foreign currency exchange contracts	—			5.7		—
Cash flow hedges:
Forward-starting interest rate swaps	31.6			—		13.0
Cross-currency interest rate swaps	(8.3		)	—		—

Fair Value, Assets Measured on Recurring Basis

The following tables summarize certain fair value information at December 31 for assets and liabilities measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments:



					Fair Value Measurements Using
Description	Carrying Amount		Cost⁽¹⁾		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
December 31, 2019
Cash equivalents	$	1,025.4	$	1,025.4	$	1,025.4	$	—	$	—	$	1,025.4
Short-term investments:
U.S. government and agency securities	$	7.2	$	7.2	$	7.2	$	—	$	—	$	7.2
Corporate debt securities	81.4		81.1		—		81.4		—		81.4
Asset-backed securities	2.6		2.6		—		2.6		—		2.6
Other securities	9.8		9.8		—		—		9.8		9.8
Short-term investments	$	101.0
Noncurrent investments:
U.S. government and agency securities	$	77.2	$	76.3	$	77.2	$	—	$	—	$	77.2
Corporate debt securities	271.1		267.8		—		271.1		—		271.1
Mortgage-backed securities	101.1		99.6		—		101.1		—		101.1
Asset-backed securities	30.0		29.6		—		30.0		—		30.0
Other securities	60.0		27.4		—		—		60.0		60.0
Marketable equity securities	718.6		254.4		718.6		—		—		718.6
Equity investments without readily determinable fair values⁽²⁾	405.0
Equity method investments⁽²⁾	299.4
Noncurrent investments	$	1,962.4

December 31, 2018
Cash equivalents	$	5,727.1	$	5,727.1	$	5,727.1	$	—	$	—	$	5,727.1
Short-term investments:
U.S. government and agency securities	$	16.9	$	17.1	$	16.9	$	—	$	—	$	16.9
Corporate debt securities	62.2		62.6		—		62.2		—		62.2
Asset-backed securities	7.6		7.7		—		7.6		—		7.6
Other securities	1.5		1.5		—		1.5		—		1.5
Short-term investments	$	88.2
Noncurrent investments:
U.S. government and agency securities	$	149.1	$	153.6	$	149.1	$	—	$	—	$	149.1
Corporate debt securities	568.0		587.8		—		568.0		—		568.0
Mortgage-backed securities	111.4		114.5		—		111.4		—		111.4
Asset-backed securities	27.7		27.9		—		27.7		—		27.7
Other securities	87.8		29.7		—		—		87.8		87.8
Marketable equity securities	357.5		238.3		357.5		—		—		357.5
Equity investments without readily determinable fair values⁽²⁾	414.7
Equity method investments⁽²⁾	289.2
Noncurrent investments	$	2,005.4

⁽¹⁾For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.

⁽²⁾Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.

Fair Value, Liabilities Measured on Recurring Basis



				Fair Value Measurements Using
Description	Carrying Amount			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value
Short-term commercial paper borrowings
December 31, 2019	$	(1,494.2	)	$	—	$	(1,491.6	)	$	—	$	(1,491.6	)
December 31, 2018	(498.9		)	—		(497.6		)	—		(497.6		)

Long-term debt, including current portion
December 31, 2019	$	(13,823.0	)	$	—	$	(15,150.0	)	$	—	$	(15,150.0	)
December 31, 2018	(9,799.7		)	—		(9,989.4		)	—		(9,989.4		)

Fair Value, by Balance Sheet Grouping



				Fair Value Measurements Using
Description	Carrying Amount			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value
December 31, 2019
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other noncurrent assets	$	72.0		$	—	$	72.0		$	—	$	72.0
Interest rate contracts designated as cash flow hedges:
Other noncurrent assets	43.3			—		43.3			—		43.3
Cross-currency interest rate contracts designated as net investment hedges:
Other noncurrent assets	45.1			—		45.1			—		45.1
Other current liabilities	(21.4		)	—		(21.4		)	—		(21.4		)
Other noncurrent liabilities	(5.7		)	—		(5.7		)	—		(5.7		)
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets	3.0					3.0					3.0
Other noncurrent liabilities	(20.1		)	—		(20.1		)	—		(20.1		)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	18.4			—		18.4			—		18.4
Other current liabilities	(11.9		)	—		(11.9		)	—		(11.9		)

December 31, 2018
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other noncurrent assets	4.5			—		4.5			—		4.5
Other current liabilities	(22.3		)	—		(22.3		)	—		(22.3		)
Other noncurrent liabilities	(19.0		)	—		(19.0		)	—		(19.0		)
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables	69.2			—		69.2			—		69.2
Other noncurrent assets	8.2			—		8.2			—		8.2
Other current liabilities	(9.2		)	—		(9.2		)	—		(9.2		)
Cross-currency interest rate contracts not designated as hedging instruments:
Other noncurrent liabilities	(25.8		)	—		(25.8		)	—		(25.8		)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	11.3			—		11.3			—		11.3
Other current liabilities	(16.3		)	—		(16.3		)	—		(16.3		)

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of December 31, 2019:



	Maturities by Period
	Total		Less Than 1 Year		1-5 Years		6-10 Years		More Than 10 Years
Fair value of debt securities	$	570.6	$	91.2	$	276.5	$	80.4	$	122.5

Available-for-sale Securities

A summary of the fair value of available-for-sale securities in an unrealized gain or loss position and the amount of unrealized gains and losses in accumulated other comprehensive loss follows:



	2019		2018
Unrealized gross gains	$	10.3	$	0.8
Unrealized gross losses	4.0		29.0
Fair value of securities in an unrealized gain position	429.5		84.3
Fair value of securities in an unrealized loss position	141.1		858.6

Gain (Loss) on Investments

Activity related to our investment portfolio, substantially all of which related to equity and available-for-sale securities, was as follows:



	2019		2018		2017
Proceeds from sales	$	655.5	$	5,668.0	$	5,769.3
Realized gross gains on sales	40.0		11.8		176.0
Realized gross losses on sales	7.9		51.3		5.8

Collaborations and Other Arrangements (Milestones (Deferred) Capitalized) (Details) - Milestone Payments, Development and Regulatory, Capitalized (Deferred), Cumulative $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Trajenta®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, terms	$ 446.4
Jardiance
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, terms	289.0
Basaglar®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, terms	$ (250.0)

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

In December 2017, the President of the U.S. signed into law the 2017 Tax Act. The 2017 Tax Act included significant changes to the U.S. corporate income tax system, such as the reduction in the corporate income tax rate from 35 percent to 21 percent, transition to a territorial tax system, changes to business related exclusions, deductions and credits, and modifications to international tax provisions, including a one-time repatriation transition tax (also known as the ‘Toll Tax’) on unremitted foreign earnings and a global intangible low-taxed income (GILTI) provision, the new U.S. minimum tax on the earnings of our foreign subsidiaries. In 2017, we recognized a provisional amount of $1.91 billion, which was included as a component of income tax expense from continuing operations. This amount represented approximately $3.6 billion attributable to the Toll Tax, partially offset by the changes in deferred taxes resulting from the transition to a U.S. territorial system, including the re-measurement of deferred taxes. In 2018, we recorded $313.3 million of income tax benefit, mainly attributable to measurement period adjustments to the Toll Tax and GILTI.

Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting based on enacted tax laws and rates. Deferred taxes related to GILTI are also recognized for the future tax effects of temporary differences.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position, based on its technical merits, will be sustained upon examination by the taxing authority. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate resolution.

Following is the composition of income tax expense:



	2019			2018			2017
Current:
Federal⁽¹⁾	$	280.2		$	169.6		$	3,181.0
Foreign	299.8			106.8			47.5
State	(14.4		)	4.7			(5.4		)
Total current tax expense	565.6			281.1			3,223.1
Deferred:
Federal⁽²⁾	141.3			(3.7		)	(601.2		)
Foreign	(24.1		)	248.7			(230.9		)
State	(54.8		)	3.4			0.2
Total deferred tax (benefit) expense	62.4			248.4			(831.9		)
Income taxes	$	628.0		$	529.5		$	2,391.2

⁽¹⁾ The 2019 current tax expense includes $153.1 million of tax benefit from utilization of net operating loss carryforwards. The 2018 and 2017 current tax expense includes $201.5 million and $3.25 billion of tax expense, respectively, related to effects of the 2017 Tax Act.

⁽²⁾ The 2018 and 2017 deferred tax benefit includes $26.2 million and $1.33 billion of tax benefit, respectively, related to the effects of the 2017 Tax Act.

Significant components of our deferred tax assets and liabilities as of December 31 were as follows:



	2019			2018
Deferred tax assets:
Purchases of intangible assets	$	2,512.4		$	2,627.7
Compensation and benefits	934.3			781.6
Tax credit carryforwards and carrybacks	455.8			359.4
Tax loss carryforwards and carrybacks	318.8			248.2
Sales rebates and discounts	197.3			45.5
Operating lease liabilities	140.6			—
Product return reserves	98.1			95.3
Other comprehensive loss on hedging transactions	59.6			68.9
Debt	53.9			40.3
Other	835.7			646.3
Total gross deferred tax assets	5,606.5			4,913.2
Valuation allowances	(616.5		)	(574.8		)
Total deferred tax assets	4,990.0			4,338.4
Deferred tax liabilities:
Earnings of foreign subsidiaries	(1,776.4		)	(1,745.3		)
Intangibles	(1,298.0		)	(86.9		)
Inventories	(686.4		)	(681.3		)
Prepaid employee benefits	(305.9		)	(240.1		)
Property and equipment	(274.1		)	(260.9		)
Financial instruments	(139.4		)	(22.8		)
Operating lease assets	(124.7		)	—
Total deferred tax liabilities	(4,604.9		)	(3,037.3		)
Deferred tax assets - net	$	385.1		$	1,301.1

The deferred tax asset and related valuation allowance amounts for U.S. federal and state net operating losses and tax credits shown above have been reduced for differences between financial reporting and tax return filings.

At December 31, 2019, based on filed tax returns we have tax credit carryforwards and carrybacks of $799.2 million available to reduce future income taxes; $149.3 million, if unused, will expire by 2026, and $55.6 million, if unused, will expire between 2032 and 2038. The remaining portion of the tax credit carryforwards is

related to federal tax credits of $86.6 million, international tax credits of $114.7 million, and state tax credits of $393.0 million, all of which are substantially reserved.

At December 31, 2019, based on filed tax returns we had net operating losses and other carryforwards for international and U.S. federal income tax purposes of $949.7 million: $181.4 million will expire by 2024; $345.4 million will expire between 2025 and 2039; and $422.9 million of the carryforwards will never expire. Net operating losses and other carryforwards for international and U.S. federal income tax purposes are partially reserved. Deferred tax assets related to state net operating losses of $116.1 million and other state carryforwards of $3.6 million are fully reserved as of December 31, 2019.

Domestic and Puerto Rican companies contributed approximately 44 percent, 15 percent, and 16 percent for the years ended December 31, 2019, 2018, and 2017, respectively, to consolidated income before income taxes. We have a subsidiary operating in Puerto Rico under a tax incentive grant effective through the end of 2031.

The 2017 Tax Act introduced international tax provisions that fundamentally change the U.S. taxation of foreign earnings. As a result, substantially all of the unremitted earnings of our foreign subsidiaries are considered to not be indefinitely reinvested for continued use in our foreign operations. At December 31, 2019, we had accrued an immaterial amount of foreign withholding taxes and state income taxes that would be owed upon future distributions of unremitted earnings of our foreign subsidiaries that are not indefinitely reinvested. For the amount considered to be indefinitely reinvested, it is not practicable to determine the amount of the related deferred income tax liability due to the complexities in the tax laws and assumptions we would have to make.

Cash payments of U.S. federal, state, and foreign income taxes, net of refunds, were as follows:



	2019		2018		2017
Cash payments of income taxes	$	1,180.5	$	1,076.7	$	221.5

The 2017 Tax Act provided an election to taxpayers subject to the Toll Tax to make payments over an eight-year period. We made this election; therefore, we have included Toll Tax payments accordingly.

Following is a reconciliation of the income tax expense applying the U.S. federal statutory rate to income before income taxes to reported income tax expense:



	2019			2018			2017
Income tax at the U.S. federal statutory tax rate	$	1,105.8		$	772.8		$	806.7
Add (deduct):
International operations, including Puerto Rico	(242.0		)	(627.1		)	(480.8		)
General business credits	(108.8		)	(87.4		)	(66.8		)
Non-deductible acquired IPR&D⁽¹⁾	—			309.9			300.1
2017 Tax Act	—			175.3			1,914.0
Other	(127.0		)	(14.0		)	(82.0		)
Income taxes	$	628.0		$	529.5		$	2,391.2

⁽¹⁾Non-deductible acquired IPR&D was related to ARMO in 2018 and CoLucid in 2017. See Note 3 for additional information related to acquisitions.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:



	2019			2018			2017
Beginning balance at January 1	$	2,034.6		$	1,000.8		$	843.3
Additions based on tax positions related to the current year	187.2			798.2			133.8
Additions for tax positions of prior years	425.3			410.9			93.8
Reductions for tax positions of prior years	(100.3		)	(115.4		)	(59.3		)
Settlements	(260.5		)	(33.2		)	(2.4		)
Lapses of statutes of limitation	(161.5		)	(20.5		)	(19.3		)
Changes related to the impact of foreign currency translation	(16.2		)	(6.2		)	10.9
Ending balance at December 31	$	2,108.6		$	2,034.6		$	1,000.8

The total amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate was $1.53 billion and $1.48 billion at December 31, 2019 and 2018, respectively.

We file income tax returns in the U.S. federal jurisdiction and various state, local, and non-U.S. jurisdictions. We are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations in most major taxing jurisdictions for years before 2011.

The U.S. examination of tax years 2013-2015 began in 2016, and certain matters were effectively settled during the second quarter of 2019. As a result, our gross uncertain tax positions were reduced by approximately $200 million, we made a cash payment of approximately $125 million, and our consolidated results were benefited by an immaterial reduction in tax expense. During the fourth quarter of 2019, certain matters for tax year 2015 were effectively settled upon conclusion of the Internal Revenue Service's (IRS) examination which resulted in an immaterial reduction in tax expense and gross uncertain tax positions. Also in the fourth quarter of 2019, the IRS began its examination of tax years 2016-2018.

We recognize both accrued interest and penalties related to unrecognized tax benefits in income tax expense. We recognized income tax (benefit) expense related to interest and penalties as follows:



	2019			2018		2017
Income tax (benefit) expense	$	(26.4	)	$	25.1	$	22.8

At December 31, 2019 and 2018, our accruals for the payment of interest and penalties totaled $150.8 million and $183.9 million, respectively.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Additional Stock-Based Compensation Disclosures

Stock-based compensation expense and the related tax benefits were as follows:



	2019		2018		2017
Stock-based compensation expense	$	306.8	$	253.5	$	256.3
Tax benefit	64.4		53.2		64.1

Share-based Compensation Awards, Fair Value Assumptions Used

The weighted-average fair values of the SVA units granted during the years ended December 31, 2019, 2018, and 2017 were $95.01, $48.51, and $66.25, respectively, determined using the following assumptions:



(Percents)	2019		2018		2017
Expected dividend yield	2.50	%	2.50	%	2.50	%
Risk-free interest rate	2.46		2.31		1.38
Volatility	21.00		22.26		22.91

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations in Consolidated Condensed Financial Statements

The following table sets summarizes revenue and net income (loss) from discontinued operations:



	2019		2018		2017
Revenue from discontinued operations	$	580.0	$	3,062.4	$	2,897.5
Net income (loss) from discontinued operations	3,680.5		81.4		(117.7		)

The following table presents the major classes of assets and liabilities from discontinued operations at December 31, 2018:



	December 31, 2018
Inventories	$	1,013.7
Other current assets	1,215.4
Current assets of discontinued operations	$	2,229.1

Goodwill	$	2,980.9
Other intangibles, net	2,453.0
Property and equipment, net	923.4
Other assets	126.8
Noncurrent assets of discontinued operations	$	6,484.1

Current liabilities of discontinued operations	$	692.8

Long-term debt	$	2,443.3
Other liabilities	299.0
Noncurrent liabilities of discontinued operations	$	2,742.3

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 205
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Borrowings (Schedule of Debt Maturities) (Details) $ in Millions	Dec. 31, 2019 USD ($)
Debt Disclosure [Abstract]
2020	$ 7.0
2021	5.9
2022	1,424.7
2023	1.9
2024	$ 619.6

Selected Quarterly Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



2019	Fourth			Third		Second			First
Revenue	$	6,114.0		$	5,476.6	$	5,636.7		$	5,092.2
Cost of sales	1,282.6			1,175.0		1,124.9			1,138.7
Operating expenses⁽¹⁾	3,279.5			2,793.2		2,988.5			2,747.6
Acquired IPR&D	—			77.7		25.0			136.9
Asset impairment, restructuring, and other special charges⁽²⁾	151.7			—		—			423.9
Income before income taxes	1,663.1			1,405.8		1,465.9			731.1
Income taxes	167.4			151.9		138.7			170.0
Net income from continuing operations	1,495.7			1,253.9		1,327.2			561.1
Net Income from discontinued operations	—			—		—			3,680.5
Net income	1,495.7			1,253.9		1,327.2			4,241.6
EPS from continuing operations - basic	1.64			1.37		1.44			0.57
EPS from discontinued operations - basic	—			—		—			3.76
EPS—basic	1.64			1.37		1.44			4.33
EPS from continuing operations - diluted	1.64			1.37		1.44			0.57
EPS from discontinued operations - diluted	—			—		—			3.74
EPS—diluted	1.64			1.37		1.44			4.31
Dividends paid per share	0.6450			0.6450		0.6450			0.6450

2018	Fourth			Third		Second			First
Revenue	$	5,637.6		$	5,306.9	$	5,585.0		$	4,963.8
Cost of sales	1,129.9			1,152.9		1,234.3			1,164.6
Operating expenses⁽¹⁾	3,085.5			2,738.1		2,756.6			2,446.2
Acquired IPR&D⁽³⁾	329.4			30.0		1,624.5			—
Asset impairment, restructuring, and other special charges	192.7			42.9		(25.5		)	56.8
Income before income taxes	931.6			1,341.1		41.7			1,365.7
Income taxes⁽⁴⁾	(189.8		)	247.5		273.3			198.5
Net income (loss) from continuing operations	1,121.4			1,093.6		(231.6		)	1,167.2
Net Income (loss) from discontinued operations	3.7			55.9		(28.3		)	50.2
Net income (loss)	1,125.1			1,149.5		(259.9		)	1,217.4
Earnings (loss) per share from continuing operations - basic	1.11			1.07		(0.22		)	1.11
Earnings (loss) per share from discontinued operations - basic	—			0.06		(0.03		)	0.05
Earnings (loss) per share—basic	1.11			1.13		(0.25		)	1.16
Earnings (loss) per share from continuing operations - diluted	1.10			1.07		(0.22		)	1.11
Earnings (loss) per share from discontinued operations - diluted	—			0.05		(0.03		)	0.05
Earnings (loss) per share—diluted	1.10			1.12		(0.25		)	1.16
Dividends paid per share	0.5625			0.5625		0.5625			0.5625

⁽¹⁾Includes research and development and marketing, selling, and administrative expenses.

⁽²⁾ Asset impairment, restructuring, and other special charges in the first quarter of 2019 were primarily associated with the accelerated vesting of Loxo employee equity awards as a result of the closing of the acquisition of Loxo. See Note 5 for further discussion.

⁽³⁾ Acquired IPR&D charges in the second quarter of 2018 were primarily due to the ARMO acquisition. See Note 3 for further discussion.

⁽⁴⁾Income taxes in the fourth quarter of 2018 were a tax benefit primarily due to adjustments associated with U.S. tax reform. See Note 14 for further discussion.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

At December 31, property and equipment consisted of the following:



	2019			2018
Land	$	169.5		$	165.5
Buildings	7,067.3			7,116.6
Equipment	7,913.3			7,792.3
Construction in progress	1,884.4			1,588.6
	17,034.5			16,663.0
Less accumulated depreciation	(9,161.6		)	(8,666.9		)
Property and equipment, net	$	7,872.9		$	7,996.1

Depreciation expense related to property and equipment was as follows:



	2019		2018		2017
Depreciation expense	$	814.7	$	797.1	$	681.7

Long-lived Assets by Geographic Areas



	2019		2018
Long-lived assets⁽¹⁾:
U.S. and Puerto Rico	$	5,595.4	$	5,425.0
Ireland	1,454.8		1,351.3
Other foreign countries	1,758.3		1,769.9
Long-lived assets	$	8,808.5	$	8,546.2

⁽¹⁾Long-lived assets consist of property and equipment, net, operating lease assets, and certain other noncurrent assets.

Revenue (Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue	$ 6,114.0	$ 5,476.6	$ 5,636.7	$ 5,092.2	$ 5,637.6	$ 5,306.9	$ 5,585.0	$ 4,963.8	$ 22,319.5	$ 21,493.3	$ 19,973.8
U.S.
Disaggregation of Revenue [Line Items]
Revenue									12,722.6	12,391.9	11,414.4
Europe
Disaggregation of Revenue [Line Items]
Revenue									3,765.0	3,663.1	3,390.6
Japan
Disaggregation of Revenue [Line Items]
Revenue									2,547.6	2,407.4	2,339.5
Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									$ 3,284.3	$ 3,030.9	$ 2,829.3

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished products	$ 647.3	$ 577.8
Work in process	2,067.6	2,057.8
Raw materials and supplies	424.6	426.1
Total (approximates replacement cost)	3,139.5	3,061.7
Increase to LIFO cost	51.2	36.4
Inventories	3,190.7	3,098.1
LIFO Inventory Amount	$ 1,200.0	$ 1,370.0

Income Taxes (Schedule of Deferred Tax Asset and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Purchases of intangible assets	$ 2,512.4	$ 2,627.7
Compensation and benefits	934.3	781.6
Tax credit carryforwards and carrybacks	455.8	359.4
Tax loss carryforwards and carrybacks	318.8	248.2
Sales rebates and discounts	197.3	45.5
Operating lease liabilities	140.6
Product return reserves	98.1	95.3
Other comprehensive loss on hedging transactions	59.6	68.9
Debt	53.9	40.3
Other	835.7	646.3
Total gross deferred tax assets	5,606.5	4,913.2
Valuation allowances	(616.5)	(574.8)
Total deferred tax assets	4,990.0	4,338.4
Deferred tax liabilities:
Earnings of foreign subsidiaries	(1,776.4)	(1,745.3)
Intangibles	(1,298.0)	(86.9)
Inventories	(686.4)	(681.3)
Prepaid employee benefits	(305.9)	(240.1)
Property and equipment	(274.1)	(260.9)
Financial instruments	(139.4)	(22.8)
Operating lease assets	(124.7)
Total deferred tax liabilities	(4,604.9)	(3,037.3)
Deferred tax assets, net	$ 385.1	$ 1,301.1

Property and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment is stated on the basis of cost. Provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives (12 to 50 years for buildings and three to 25 years for equipment). We review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Impairment is determined by comparing projected undiscounted cash flows to be generated by the asset to its carrying value. If an impairment is identified, a loss is recorded equal to the excess of the asset’s net book value over its fair value, and the cost basis is adjusted.

At December 31, property and equipment consisted of the following:



	2019			2018
Land	$	169.5		$	165.5
Buildings	7,067.3			7,116.6
Equipment	7,913.3			7,792.3
Construction in progress	1,884.4			1,588.6
	17,034.5			16,663.0
Less accumulated depreciation	(9,161.6		)	(8,666.9		)
Property and equipment, net	$	7,872.9		$	7,996.1

Depreciation expense related to property and equipment was as follows:



	2019		2018		2017
Depreciation expense	$	814.7	$	797.1	$	681.7

Capitalized interest costs were not material for the years ended December 31, 2019, 2018, and 2017.

The following table summarizes long-lived assets by geographical area:



	2019		2018
Long-lived assets⁽¹⁾:
U.S. and Puerto Rico	$	5,595.4	$	5,425.0
Ireland	1,454.8		1,351.3
Other foreign countries	1,758.3		1,769.9
Long-lived assets	$	8,808.5	$	8,546.2

⁽¹⁾Long-lived assets consist of property and equipment, net, operating lease assets, and certain other noncurrent assets.

Goodwill and Other Intangibles (Schedule of Finite-lived and Indefinite-lived Intangible Assets other than Goodwill) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Finite-lived intangible assets:
Carrying Amount, Gross	$ 3,244.4	$ 2,166.7
Accumulated Amortization	(1,296.4)	(1,098.7)
Carrying Amount, Net	1,948.0	1,068.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Carrying Amount, Gross	7,914.4	2,166.7
Accumulated Amortization	(1,296.4)	(1,098.7)
Carrying Amount, Net	6,618.0	1,068.0
Acquired IPR&D
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	4,670.0	0.0
Marketed products
Finite-lived intangible assets:
Carrying Amount, Gross	3,150.2	2,077.2
Accumulated Amortization	(1,244.6)	(1,069.0)
Carrying Amount, Net	1,905.6	1,008.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(1,244.6)	(1,069.0)
Other intangibles
Finite-lived intangible assets:
Carrying Amount, Gross	94.2	89.5
Accumulated Amortization	(51.8)	(29.7)
Carrying Amount, Net	42.4	59.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (51.8)	$ (29.7)

Contingencies (Details) R$ in Millions, $ in Millions		1 Months Ended					3 Months Ended	12 Months Ended
Contingencies (Details) R$ in Millions, $ in Millions	Sep. 30, 2019 USD ($)	Feb. 19, 2020 patent	Dec. 31, 2019 request patent demand	Jul. 31, 2019 BRL (R$)	Jul. 31, 2018 BRL (R$)	Jun. 30, 2018 case	Jun. 30, 2020 patent	Dec. 31, 2019 request patent lawsuit demand
Dr Reddy's Lab
Loss Contingencies [Line Items]
Claims settled and dismissed, limited initial market entry, supply term			21 days
Claims settled and dismissed \| case						2
Japanese Administrative Proceedings
Loss Contingencies [Line Items]
Number of demands \| demand			3					3
Number of patents			2					2
Emgality Patent Litigation
Loss Contingencies [Line Items]
Number of patents			9					9
Insulin Pricing Litigation and Proceedings, House of Representatives’ Committee on Energy and Commerce
Loss Contingencies [Line Items]
Number of requests for information \| request			2					2
Brazil \| Employee Litigation
Loss Contingencies [Line Items]
Damages awarded, value	$ 125			R$ 500	R$ 500
Number of lawsuits \| lawsuit								30
Subsequent Event \| Emgality Patent Litigation
Loss Contingencies [Line Items]
Number of patents		9
Number of patents, claims dismissed		6
Forecast \| Emgality Patent Litigation
Loss Contingencies [Line Items]
Number of patents, claims decision expected							3

Income Taxes (Schedule of Income Tax (Benefit) Expense Related to Interest and Penalties) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (26.4)	$ 25.1	$ 22.8

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 763,800,000

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of Impact of Leases to Consolidated Condensed Financial Statements

Supplemental balance sheet information related to operating leases as of December 31, 2019 was as follows:




Weighted-average remaining lease term	8 years
Weighted-average discount rate	3.6	%

Supplemental cash flow information related to operating leases during the year ended December 31, 2019 was as follows:




Operating cash flows from operating leases	$	153.6
Right-of-use assets obtained in exchange for new operating lease liabilities	81.2

Schedule of Maturities of Operating Lease Liabilities

The annual minimum lease payments of our operating lease liabilities as of December 31, 2019 were as follows:




Year 1	$	138.1
Year 2	111.0
Year 3	82.3
Year 4	60.6
Year 5	55.7
After Year 5	272.7
Total lease payments	720.4
Less imputed interest	112.0
Total	$	608.4

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land	$ 169.5	$ 165.5
Buildings	7,067.3	7,116.6
Equipment	7,913.3	7,792.3
Construction in progress	1,884.4	1,588.6
Property and equipment, gross	17,034.5	16,663.0
Less accumulated depreciation	(9,161.6)	(8,666.9)
Property and equipment, net	$ 7,872.9	$ 7,996.1

Borrowings (Narrative) (Details) $ in Millions	1 Months Ended		2 Months Ended	12 Months Ended
Borrowings (Narrative) (Details) $ in Millions	Nov. 30, 2019 USD ($)	Feb. 28, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Nov. 30, 2019 JPY (¥)	Nov. 30, 2019 EUR (€)
Debt Instrument [Line Items]
Weighted average interest rate			1.65%	1.65%
Line of credit facility, remaining borrowing capacity			$ 5,210.0	$ 5,210.0
Long-term debt			$ 13,817.9	13,817.9	$ 9,196.4
Loss on extinguishment of debt				$ 252.5	$ 0.0	$ 0.0
Description of derivative activity volume percent			11.00%	11.00%
Debt instrument, interest rate, effective percentage			2.88%	2.88%	3.13%
Maturity Date, 2023
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 3,000.0	$ 3,000.0
Maturity Date, 2019
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			2,000.0	$ 2,000.0
Debt instrument, term				364 days
Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 356.6	$ 4,450.0
Senior Notes \| Senior Notes Due March 2029
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,150.0
Stated interest rate		3.38%
Senior Notes \| Senior Notes Due March 2039
Debt Instrument [Line Items]
Debt instrument, face amount		$ 850.0
Stated interest rate		3.88%
Senior Notes \| Senior Notes Due March 2049
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,500.0
Stated interest rate		3.95%
Senior Notes \| Senior Notes Due March 2059
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,000.0
Stated interest rate		4.15%
Senior Notes \| Senior Notes Due November 2049
Debt Instrument [Line Items]
Debt instrument, face amount \| ¥							¥ 7,640,000,000
Stated interest rate	0.97%						0.97%	0.97%
Senior Notes \| Senior Notes Due November 2029
Debt Instrument [Line Items]
Debt instrument, face amount \| ¥							¥ 22,920,000,000
Stated interest rate	0.42%						0.42%	0.42%
Senior Notes \| Senior Notes Due November 2034
Debt Instrument [Line Items]
Debt instrument, face amount \| ¥							¥ 9,280,000,000
Stated interest rate	0.56%						0.56%	0.56%
Notes Payable
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 1,750.0
Payments for repurchase and redemption of notes payable	2,270.0
Repurchase aggregate principal amount	2,000.0
Long-term debt	$ 2,010.0
Loss on extinguishment of debt			$ 252.5
Notes Payable \| Senior Notes Due November 2031
Debt Instrument [Line Items]
Debt instrument, face amount \| €								€ 600,000,000.0
Stated interest rate	0.625%						0.625%	0.625%
Notes Payable \| Senior Notes Due November 2049
Debt Instrument [Line Items]
Debt instrument, face amount \| €								€ 1,000,000,000.00
Stated interest rate	1.70%						1.70%	1.70%

Collaborations and Other Arrangements

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborations and Other Arrangements

We often enter into collaborative and other similar arrangements to develop and commercialize drug candidates. Collaborative activities may include research and development, marketing and selling (including promotional activities and physician detailing), manufacturing, and distribution. These arrangements often require milestone and royalty or profit-share payments, contingent upon the occurrence of certain future events linked to the success of the asset in development, as well as expense reimbursements from or payments to the collaboration partner. See Note 2 for amounts of collaboration and other revenue recognized from these types of arrangements.

Operating expenses for costs incurred pursuant to these arrangements are reported in their respective expense line item, net of any payments due to or reimbursements due from our collaboration partners, with such reimbursements being recognized at the time the party becomes obligated to pay. Each collaboration is unique in nature, and our more significant arrangements are discussed below.

Boehringer Ingelheim Diabetes Collaboration

We and Boehringer Ingelheim have a global agreement to jointly develop and commercialize a portfolio of diabetes compounds. Currently, included in the collaboration are Boehringer Ingelheim’s oral diabetes products: Trajenta, Jentadueto, Jardiance, Glyxambi, Synjardy, and Trijardy^® XR as well as our basal insulin, Basaglar. Jentadueto is included in the Trajenta product family. Glyxambi, Synjardy, and Trijardy XR are included in the Jardiance product family.

The table below summarizes significant milestones (deferred) capitalized for the compounds included in this collaboration:



Product Family	Milestones (Deferred) Capitalized⁽¹⁾
Trajenta⁽²⁾	$	446.4
Jardiance⁽³⁾	289.0
Basaglar	(250.0		)

⁽¹⁾In connection with the regulatory approvals of Basaglar in the U.S., Europe, and Japan, milestone payments received were recorded as contract liabilities and are being amortized through the term of the collaboration (2029) to collaboration and other revenue. In connection with the regulatory approvals of Trajenta and Jardiance, milestone payments made were capitalized as intangible assets and are being amortized to cost of sales through the term of the collaboration. This represents the cumulative amounts that have been (deferred) or capitalized from the start of this collaboration through the end of the reporting period.

⁽²⁾The collaboration agreement with Boehringer Ingelheim for Trajenta ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto.

⁽³⁾The collaboration agreement with Boehringer Ingelheim for Jardiance ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto.

Through December 31, 2019, in the most significant markets, we and Boehringer Ingelheim shared equally the ongoing development costs, commercialization costs, and agreed upon gross margin for any product resulting from the collaboration. We recorded our portion of the gross margin associated with Boehringer Ingelheim's products as collaboration and other revenue. We recorded our sales of Basaglar to third parties as net product revenue with the payments made to Boehringer Ingelheim for their portion of the gross margin recorded as cost of sales. For all compounds under this collaboration, we recorded our portion of the development and commercialization costs as research and development expense and marketing, selling, and administrative expense, respectively. Each company was entitled to potential performance payments depending on the sales of the molecules it contributes to the collaboration. These performance payments may have resulted in the owner of the molecule retaining a greater share of the agreed upon gross margin of that product. Subject to achieving these thresholds, in a given period, our reported revenue for Trajenta and Jardiance may have been reduced by any performance payments we make related to these products. Similarly, performance payments we may have received related to Basaglar effectively reduced Boehringer Ingelheim's share of the gross margin, which reduced our cost of sales.

Effective January 1, 2020, we and Boehringer Ingelheim modernized the alliance. In the most significant markets, we and Boehringer Ingelheim share equally the ongoing development costs and commercialization costs for the Jardiance product family. We receive a royalty on net sales of Boehringer Ingelheim's products in the most significant markets and recognize the royalty as collaboration and other revenue. We pay to Boehringer Ingelheim a royalty on net sales for Basaglar in the U.S. We record our sales of Basaglar to third parties as net product revenue with the royalty payments made to Boehringer Ingelheim recorded as cost of sales. For the Jardiance product family, we record our portion of the development and commercialization costs as research and development expense and marketing, selling, and administrative expense, respectively. Boehringer Ingelheim is entitled to potential performance payments depending on the net sales of the Jardiance product family; therefore, our reported revenue for Jardiance may be reduced by any potential performance payments we make related to this product. Beginning January 1, 2021, the royalty received by us related to the Jardiance product family may also be increased or decreased depending on whether net sales for this product family exceed or fall below certain thresholds.

The following table summarizes our net product revenue recognized with respect to Basaglar and collaboration and other revenue recognized with respect to the Trajenta and Jardiance families of products:



	2019		2018		2017
Basaglar	$	1,112.6	$	801.2	$	432.1
Jardiance	944.2		658.3		447.5
Trajenta	590.6		574.7		537.9

Olumiant

We have a worldwide license and collaboration agreement with Incyte Corporation (Incyte), which provides us the development and commercialization rights to its Janus tyrosine kinase (JAK) inhibitor compound, now known as Olumiant, and certain follow-on compounds, for the treatment of inflammatory and autoimmune diseases. Incyte has the right to receive tiered, double-digit royalty payments on future global sales with rates ranging up to 20 percent. The agreement calls for payments by us to Incyte associated with certain development, success-based regulatory, and sales-based milestones.

The following table summarizes our significant milestones achieved:



Year	Event	Classification	Amount
2018	Regulatory approval in the U.S.	Intangible asset	$	100.0
2018	Began Phase III testing for systemic lupus erythematosus (SLE)	R&D Expense	20.0
2017	Regulatory approval in Europe	Intangible asset	65.0
	Regulatory approval in Japan	Intangible asset	15.0
	Began Phase III testing for atopic dermatitis	R&D expense	30.0

As of December 31, 2019, Incyte is eligible to receive up to $130.0 million of additional payments from us contingent upon certain development and success-based regulatory milestones. Incyte is also eligible to receive up to $150.0 million of potential sales-based milestones.

The agreement provided Incyte with options to co-develop the compound subject to the collaboration on an indication-by-indication basis by funding 30 percent of the associated development costs from the initiation of a Phase IIb trial through regulatory approval in exchange for increased tiered royalties ranging up to percentages in the high twenties. Incyte previously exercised its option to co-develop Olumiant in rheumatoid arthritis, atopic dermatitis, alopecia areata, and SLE; however, it opted-out of co-development of all indications as of January 1, 2019. As a result, we will solely fund all further development and pay a lower royalty rate to Incyte on sales.

We record our sales of Olumiant to third parties as net product revenue with the royalty payments made to Incyte recorded as cost of sales. The following table summarizes our net product revenue recognized with respect to Olumiant:



	2019		2018		2017
Olumiant	$	426.9	$	202.5	$	45.8

Tanezumab

We have a collaboration agreement with Pfizer Inc. (Pfizer) to jointly develop and globally commercialize tanezumab for the treatment of osteoarthritis pain, chronic low back pain and cancer pain. Under the agreement, the companies share equally the ongoing development costs and, if successful, in gross margins and certain commercialization expenses. As of December 31, 2019, Pfizer is eligible to receive up to $350.0 million in success-based regulatory milestones and up to $1.23 billion in a series of sales-based milestones, contingent upon the commercial success of tanezumab.

Property and Equipment (Schedule of Depreciation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 814.7	$ 797.1	$ 681.7

Financial Instruments (Schedule of Investment Portfolio Activity) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Proceeds from sales	$ 655.5	$ 5,668.0	$ 5,769.3
Realized gross gains on sales	40.0	11.8	176.0
Realized gross losses on sales	$ 7.9	$ 51.3	$ 5.8

Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Our stock-based compensation expense consists of performance awards (PAs), shareholder value awards (SVAs), and restricted stock units (RSUs). We recognize the fair value of stock-based compensation as expense over the requisite service period of the individual grantees, which generally equals the vesting period. We provide newly issued shares of our common stock and treasury stock to satisfy the issuance of PA, SVA, and RSU shares.

Stock-based compensation expense and the related tax benefits were as follows:



	2019		2018		2017
Stock-based compensation expense	$	306.8	$	253.5	$	256.3
Tax benefit	64.4		53.2		64.1

At December 31, 2019, stock-based compensation awards may be granted under the 2002 Lilly Stock Plan for not more than 54.6 million additional shares.

Performance Award Program

PAs are granted to officers and management and are payable in shares of our common stock. The number of PA shares actually issued, if any, varies depending on the achievement of certain pre-established earnings-per-share targets over a two-year period. PA shares are accounted for at fair value based upon the closing stock price on the date of grant and fully vest at the end of the measurement period. The fair values of PAs granted for the years ended December 31, 2019, 2018, and 2017 were $112.09, $71.63, and $73.54, respectively. The number of shares ultimately issued for the PA program is dependent upon the EPS achieved during the vesting period. Pursuant to this program, approximately 1.2 million shares, 0.9 million shares, and 1.3 million shares were issued during the years ended December 31, 2019, 2018, and 2017, respectively. Approximately 1.1 million shares are expected to be issued in 2020. As of December 31, 2019, the total remaining unrecognized compensation cost related to nonvested PAs was $63.2 million, which will be amortized over the weighted-average remaining requisite service period of 12 months.

Shareholder Value Award Program

SVAs are granted to officers and management and are payable in shares of our common stock. The number of shares actually issued, if any, varies depending on our stock price at the end of the three-year vesting period compared to pre-established target stock prices. We measure the fair value of the SVA unit on the grant date using a Monte Carlo simulation model. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. Expected volatilities utilized in the model are based on implied volatilities from traded options on our stock, historical volatility of our stock price, and other factors. Similarly, the dividend yield is based on historical experience and our estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair values of the SVA units granted during the years ended December 31, 2019, 2018, and 2017 were $95.01, $48.51, and $66.25, respectively, determined using the following assumptions:



(Percents)	2019		2018		2017
Expected dividend yield	2.50	%	2.50	%	2.50	%
Risk-free interest rate	2.46		2.31		1.38
Volatility	21.00		22.26		22.91

Pursuant to this program, approximately 1.0 million shares, 0.7 million shares, and 1.1 million shares were issued during the years ended December 31, 2019, 2018, and 2017, respectively. Approximately 0.8 million shares are expected to be issued in 2020. As of December 31, 2019, the total remaining unrecognized compensation cost related to nonvested SVAs was $56.1 million, which will be amortized over the weighted-average remaining requisite service period of 20 months.

Restricted Stock Units

RSUs are granted to certain employees and are payable in shares of our common stock. RSU shares are accounted for at fair value based upon the closing stock price on the date of grant. The corresponding expense is amortized over the vesting period, typically three years. The fair values of RSU awards granted during the years ended December 31, 2019, 2018, and 2017 were $108.43, $70.95, and $72.47, respectively. The number of shares ultimately issued for the RSU program remains constant with the exception of forfeitures. Pursuant to this program, 1.5 million, 1.3 million, and 1.4 million shares were granted and approximately 0.8 million, 1.0 million, and 0.9 million shares were issued during the years ended December 31, 2019, 2018, and 2017, respectively. Approximately 0.7 million shares are expected to be issued in 2020. As of December 31, 2019, the total remaining unrecognized compensation cost related to nonvested RSUs was $134.9 million, which will be amortized over the weighted-average remaining requisite service period of 27 months.

Leases (Impact of Leases to Consolidated Condensed Financial Statements) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Weighted-average remaining lease term	8 years
Weighted-average discount rate	3.60%
Operating cash flows from operating leases	$ 153.6
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 81.2

Asset Impairment, Restructuring, and Other Special Charges

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Asset Impairment, Restructuring, And Other Special Charges

Asset Impairment, Restructuring, and Other Special Charges

The components of the charges included in asset impairment, restructuring, and other special charges in our consolidated statements of operations are described below:



	2019		2018		2017
Severance	$	77.8	$	127.8	$	601.0
Pension and post-retirement medical charges associated with U.S. voluntary early retirement program (see Note 15)	—		—		446.7
Asset impairment and other special charges	497.8		139.1		283.9
Total asset impairment, restructuring, and other special charges	$	575.6	$	266.9	$	1,331.6

Severance costs recognized during the years ended December 31, 2019, 2018 and 2017 were incurred as a result of actions taken to reduce our cost structure. Severance costs recognized in 2017 were primarily associated with the U.S. voluntary early retirement program. During 2017, severance costs recognized in the U.S. and outside the U.S. were $368.3 million and $232.7 million, respectively. Substantially all of the severance costs incurred in 2017 and 2018 have been paid. Substantially all of the severance costs incurred during the year ended December 31, 2019 are expected to be paid in the next 12 months.

Asset impairment and other special charges recognized during the year ended December 31, 2019 consisted of $400.7 million related to the acquisition of Loxo, substantially all of which is associated with the accelerated vesting of Loxo employee equity awards. In addition, we incurred an asset impairment charge related to our decision to close and sell a research and development facility located in the United Kingdom (U.K). The facility was written down to its estimated fair value, which was based primarily on recent sales of similar assets.

Asset impairment and other special charges recognized during the year ended December 31, 2018 resulted primarily from asset impairment and other special charges related to the sale of the Posilac^® (rbST) brand and the associated Augusta, Georgia manufacturing site.

Asset impairment and other special charges recognized during the year ended December 31, 2017 resulted primarily from asset impairments related to lower projected revenue for Posilac (rbST). The assets associated with Posilac (rbST) were written down to their fair values, which were determined based upon a discounted cash flow valuation. Impairment charges were recorded for the associated fixed assets and intangible asset of $151.5 million and $50.0 million, respectively. In addition, we incurred approximately $43.4 million of costs associated with the temporary shut down of our Puerto Rico facility following Hurricane Maria.

Financial Instruments (Schedule of Short-term and Long-term Classification) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	$ (1,494.2)	$ (498.9)
Carrying Amount
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	(13,823.0)	(9,799.7)
Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	(15,150.0)	(9,989.4)
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	0.0	0.0
Significant Other Observable Inputs (Level 2) \| Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	(15,150.0)	(9,989.4)
Significant Unobservable Inputs (Level 3) \| Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	0.0	0.0
Commercial Paper \| Carrying Amount
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	(1,494.2)	(498.9)
Commercial Paper \| Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	(1,491.6)	(497.6)
Commercial Paper \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	0.0	0.0
Commercial Paper \| Significant Other Observable Inputs (Level 2) \| Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	(1,491.6)	(497.6)
Commercial Paper \| Significant Unobservable Inputs (Level 3) \| Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	$ 0.0	$ 0.0

Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended								12 Months Ended
	Jul. 31, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Defined benefit obligation, period increase (decrease)										$ 2,890.0	$ (1,590.0)
Curtailment gain	$ 28.0
Asset impairment, restructuring, and other special charges		$ 151.7	$ 0.0	$ 0.0	$ 423.9	$ 192.7	$ 42.9	$ (25.5)	$ 56.8	575.6	266.9	$ 1,331.6
Expense under the plans										145.2	132.6	147.0
Total accumulated benefit obligation for our defined benefit pension plans		$ 15,170.0				$ 12,570.0				$ 15,170.0	$ 12,570.0
Percentage of global investments in plan assets										80.00%
Expected contribution										$ 40.0
Marketable equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets, target allocation		70.00%								70.00%
Developed markets
Defined Benefit Plan Disclosure [Line Items]
Plan assets, target allocation		30.00%								30.00%
2017 Workforce Reduction Plan \| Contract Termination
Defined Benefit Plan Disclosure [Line Items]
Curtailment (gain) loss												159.0
Special termination benefit												354.7
Asset impairment, restructuring, and other special charges												446.7
2017 Workforce Reduction Plan \| Contract Termination \| Discontinued Operations
Defined Benefit Plan Disclosure [Line Items]
Special termination benefit												$ 67.0

Other - Net, (Income) Expense (Tables)

12 Months Ended

Dec. 31, 2019

Nonoperating Income (Expense) [Abstract]

Schedule of Other Nonoperating Income (Expense)

Other–net, (income) expense consisted of the following:



	2019			2018			2017
Interest expense	$	400.6		$	242.5		$	225.0
Interest income	(80.4		)	(159.3		)	(166.4		)
Debt extinguishment loss (Note 11)	252.5			—			—
Gain on sale of antibiotic business in China (Note 3)	(309.8		)	—			—
Retirement benefit	(209.9		)	(240.5		)	(249.0		)
Other (income) expense	(344.6		)	11.7			(111.1		)
Other–net, (income) expense	$	(291.6	)	$	(145.6	)	$	(301.5	)

Revenue (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table summarizes our revenue recognized in our consolidated statements of operations:



	2019		2018		2017
Net product revenue	$	20,377.3	$	19,866.4	$	18,776.5
Collaboration and other revenue⁽¹⁾	1,942.2		1,626.9		1,197.3
Revenue	$	22,319.5	$	21,493.3	$	19,973.8

⁽¹⁾Collaboration and other revenue associated with prior period transfers of intellectual property was $301.5 million, $303.2 million, and $144.9 million during the years ended 2019, 2018, and 2017, respectively.

The following table summarizes revenue by product:



	U.S.⁽¹⁾						Outside U.S.
	2019		2018		2017		2019		2018		2017
Revenue—to unaffiliated customers:
Endocrinology:
Trulicity^®	$	3,155.2	$	2,515.8	$	1,609.8	$	972.7	$	683.3	$	419.9
Humalog^{® (2)}	1,669.7		1,787.8		1,717.8		1,151.0		1,208.7		1,147.4
Forteo^®	645.5		757.9		965.2		759.1		817.7		783.8
Humulin^®	879.7		910.2		884.6		410.4		421.2		450.7
Basaglar^®	876.2		622.8		311.1		236.3		178.5		121.0
Jardiance⁽³⁾	565.9		400.2		290.4		378.3		258.1		157.0
Trajenta ⁽⁴⁾	224.8		224.2		213.2		365.8		350.5		324.7
Other Endocrinology	293.7		292.7		380.9		230.1		272.5		307.7
Total Endocrinology	8,310.7		7,511.6		6,373.0		4,503.7		4,190.5		3,712.2
Oncology:
Alimta^®	1,219.5		1,131.0		1,034.3		896.4		1,001.9		1,028.2
Cyramza^®	335.3		291.5		278.8		589.9		529.9		479.6
Verzenio^®	454.8		248.5		21.0		124.9		6.6		—
Erbitux^®	487.9		531.6		541.7		55.4		103.8		104.2
Other Oncology	111.0		200.6		174.6		339.3		215.1		149.6
Total Oncology	2,608.5		2,403.2		2,050.4		2,005.9		1,857.3		1,761.6
Immunology:
Taltz^®	1,016.8		738.7		486.0		349.6		198.7		73.2
Olumiant^®	42.2		6.7		—		384.7		195.9		45.8
Total Immunology	1,059.0		745.4		486.0		734.3		394.6		119.0
Neuroscience:
Cymbalta^®	49.6		54.3		114.9		675.8		653.7		642.2
Zyprexa^®	41.0		36.2		75.5		377.6		435.1		505.7
Strattera^®	30.8		89.7		284.9		211.7		361.1		333.3
Emgality^®	154.9		4.9		—		7.7		—		—
Other Neuroscience	80.2		92.3		115.7		93.6		93.4		98.9
Total Neuroscience	356.5		277.4		591.0		1,366.4		1,543.3		1,580.1
Other:
Cialis ^®	231.7		1,129.2		1,358.6		658.8		722.7		964.5
Other	156.2		325.1		555.4		327.7		393.0		422.0
Total Other	387.9		1,454.3		1,914.0		986.5		1,115.7		1,386.5
Revenue	$	12,722.6	$	12,391.9	$	11,414.4	$	9,596.8	$	9,101.4	$	8,559.4

Numbers may not add due to rounding.

⁽¹⁾ U.S. revenue includes revenue in Puerto Rico.

⁽²⁾Humalog revenue includes insulin lispro.

⁽³⁾Jardiance revenue includes Glyxambi^®and Synjardy^®.

⁽⁴⁾Trajenta revenue includes Jentadueto^®.

The following table summarizes revenue by geographical area:



	2019		2018		2017
Revenue—to unaffiliated customers⁽¹⁾:
U.S.	$	12,722.6	$	12,391.9	$	11,414.4
Europe	3,765.0		3,663.1		3,390.6
Japan	2,547.6		2,407.4		2,339.5
Other foreign countries	3,284.3		3,030.9		2,829.3
Revenue	$	22,319.5	$	21,493.3	$	19,973.8

Numbers may not add due to rounding.

⁽¹⁾Revenue is attributed to the countries based on the location of the customer.

Schedule of Amounts Recorded for Contract Liabilities

The following table summarizes contract liability balances:



	2019		2018
Contract liabilities	$	264.6	$	294.9

Income Taxes (Schedule of Composition of Income Tax Expense) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal									$ 280.2	$ 169.6	$ 3,181.0
Foreign									299.8	106.8	47.5
State									(14.4)	4.7	(5.4)
Total current tax expense									565.6	281.1	3,223.1
Deferred:
Federal									141.3	(3.7)	(601.2)
Foreign									(24.1)	248.7	(230.9)
State									(54.8)	3.4	0.2
Total deferred tax (benefit) expense									62.4	248.4	(831.9)
Income taxes	$ 167.4	$ 151.9	$ 138.7	$ 170.0	$ (189.8)	$ 247.5	$ 273.3	$ 198.5	628.0	529.5	2,391.2
Current federal tax expense, utilization of net operating loss carryforward									$ 153.1
Current federal tax expense, effect of 2017 Tax Act										201.5	3,250.0
Deferred federal income tax benefit, effect of 2017 Tax Act										$ 26.2	$ 1,330.0

Goodwill and Other Intangibles (Policies)	12 Months Ended
Goodwill and Other Intangibles (Policies)	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Other indefinite-lived intangible assets are reviewed for impairment at least annually, or more frequently if impairment indicators are present, by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If we conclude it is more likely than not that the fair value is less than the carrying amount, a quantitative test that compares the fair value of the intangible asset to its carrying value is performed to determine the amount of any impairment. Finite-lived intangible assets are reviewed for impairment when an indicator of impairment is present. When required, a comparison of fair value to the carrying amount of assets is performed to determine the amount of any impairment. When determining the fair value of indefinite-lived acquired IPR&D as well as the fair value of finite-lived intangible assets for impairment testing purposes, we utilize the "income method" discussed above.Goodwill results from excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not amortized but is reviewed for impairment at least annually, or more frequently if impairment indicators are present, by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If we conclude it is more likely than not that the fair value is less than the carrying amount, a quantitative test that compares the fair value to its carrying value is performed to determine the amount of any impairment.For transactions other than a business combination, we capitalize milestone payments incurred at or after the product has obtained regulatory approval for marketing.The costs of acquired IPR&D projects acquired directly in a transaction other than a business combination are capitalized if the projects have an alternative future use; otherwise, they are expensed immediately. The fair values of acquired IPR&D projects acquired in business combinations, if any, are capitalized as other intangible assets. Several methods may be used to determine the estimated fair value of other intangibles acquired in a business combination. We utilize the “income method,” which is a Level 3 fair value measurement and applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected revenues and estimated costs. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products, analyst expectations, and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each asset independently. The acquired IPR&D assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are tested for impairment and amortized over the remaining useful life or written off, as appropriate.

Income Taxes (Schedule of Cash Payments of Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Cash payments of income taxes	$ 1,180.5	$ 1,076.7	$ 221.5

Goodwill and Other Intangibles (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 225.8	$ 361.3	$ 462.2

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
2017 Tax Act provision				$ 1,910.0
2017 Tax Act benefit				$ 3,600.0
2017 Tax Act, deferred taxes related to GILTI			$ 313.3
Domestic and Puerto Rican companies contribution		44.00%	15.00%	16.00%
Unrecognized tax benefits that would impact effective tax rate		$ 1,530.0	$ 1,480.0
Accruals for the payment of interest and penalties		150.8	$ 183.9
Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		799.2
Operating loss carryforwards		949.7
Expiration in 6 Years
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		149.3
Expiration in 12 to 18 Years
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		55.6
Designated Unusable \| Internal Revenue Service (IRS)
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		86.6
Designated Unusable \| Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		114.7
Designated Unusable \| State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		393.0
Deferred tax assets related to state net operating losses		116.1
Other state carryforwards		3.6
Expiration within 5 years
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		181.4
Expiration 5 to 20 Years
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		345.4
No Expiration
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 422.9
Tax Years 2013 to 2015
Operating Loss Carryforwards [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 200.0
Payments for income tax settlements	$ 125.0

Stock-Based Compensation (Schedule of Assumptions Used) (Details) - Shareholder Value Awards	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	2.50%	2.50%	2.50%
Risk-free interest rate	2.46%	2.31%	1.38%
Volatility	21.00%	22.26%	22.91%

Collaborations and Other Arrangements (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Collaborative Arrangements and Non-collaborative Arrangement Transactions

The following table summarizes our significant milestones achieved:



Year	Event	Classification	Amount
2018	Regulatory approval in the U.S.	Intangible asset	$	100.0
2018	Began Phase III testing for systemic lupus erythematosus (SLE)	R&D Expense	20.0
2017	Regulatory approval in Europe	Intangible asset	65.0
	Regulatory approval in Japan	Intangible asset	15.0
	Began Phase III testing for atopic dermatitis	R&D expense	30.0



	2019		2018		2017
Basaglar	$	1,112.6	$	801.2	$	432.1
Jardiance	944.2		658.3		447.5
Trajenta	590.6		574.7		537.9

The table below summarizes significant milestones (deferred) capitalized for the compounds included in this collaboration:



Product Family	Milestones (Deferred) Capitalized⁽¹⁾
Trajenta⁽²⁾	$	446.4
Jardiance⁽³⁾	289.0
Basaglar	(250.0		)

⁽²⁾The collaboration agreement with Boehringer Ingelheim for Trajenta ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto.

⁽³⁾The collaboration agreement with Boehringer Ingelheim for Jardiance ends upon expiration of the compound patent and any supplementary protection certificates or extensions thereto.

The following table summarizes our net product revenue recognized with respect to Olumiant:



	2019		2018		2017
Olumiant	$	426.9	$	202.5	$	45.8

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2019	Feb. 13, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Entity File Number	001-06351
Entity Registrant Name	Eli Lilly and Company
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-0470950
Entity Address, Address Line One	Lilly Corporate Center
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46285
City Area Code	317
Local Phone Number	276-2000
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 93,167
Entity Common Stock, Shares Outstanding (in shares)		956,382,203
Document Annual Report	true
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0000059478
Current Fiscal Year End Date	--12-31
Common Stock (no par value)
Document Information [Line Items]
Title of 12(b) Security	Common Stock (no par value)
Trading Symbol	LLY
Security Exchange Name	NYSE
1.000% Notes due 2022
Document Information [Line Items]
Title of 12(b) Security	1.000% Notes due 2022
Trading Symbol	LLY22
Security Exchange Name	NYSE
7 1/8% Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	7 1/8% Notes due 2025
Trading Symbol	LLY25
Security Exchange Name	NYSE
1.625% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	1.625% Notes due 2026
Trading Symbol	LLY26
Security Exchange Name	NYSE
2.125% Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	2.125% Notes due 2030
Trading Symbol	LLY30
Security Exchange Name	NYSE
0.625% Notes due 2031
Document Information [Line Items]
Title of 12(b) Security	0.625% Notes due 2031
Trading Symbol	LLY31
Security Exchange Name	NYSE
6.77% Notes due 2036
Document Information [Line Items]
Title of 12(b) Security	6.77% Notes due 2036
Trading Symbol	LLY36
Security Exchange Name	NYSE
1.700% Notes due 2049
Document Information [Line Items]
Title of 12(b) Security	1.700% Notes due 2049
Trading Symbol	LLY49A
Security Exchange Name	NYSE

Acquisitions and Divestiture (Policies)	12 Months Ended
Acquisitions and Divestiture (Policies)	Dec. 31, 2019
Business Combinations [Abstract]
Business Combinations Policy	Under this method, the assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated financial statements. The determination of estimated fair value required management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets, where applicable, has been recorded as goodwill. The results of operations of Loxo have been included in our consolidated financial statements from the date of acquisition.Upon acquisition, the acquired IPR&D charges related to these products were immediately expensed because the products had no alternative future use.

Borrowings

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Borrowings

Debt at December 31 consisted of the following:



	2019			2018
Short-term commercial paper borrowings	$	1,494.2		$	498.9
0.15 to 7.13 percent long-term notes (due 2022-2059)	13,638.5			9,640.8
Other long-term debt	12.9			10.1
Unamortized debt issuance costs	(73.6		)	(28.4		)
Fair value adjustment on hedged long-term notes	245.2			177.2
Total debt	15,317.2			10,298.6
Less current portion	(1,499.3		)	(1,102.2		)
Long-term debt	$	13,817.9		$	9,196.4

The weighted-average effective borrowing rate on outstanding commercial paper at December 31, 2019 was 1.65 percent.

At December 31, 2019, we had a total of $5.21 billion of unused committed bank credit facilities, which consisted primarily of a $3.00 billion credit facility that expires in December 2024 and a $2.00 billion 364-day facility that expires in December 2020, both of which are available to support our commercial paper program. We have not drawn against the $3.00 billion and $2.00 billion facilities. Of the remaining committed bank credit facilities, the outstanding balances as of as December 31, 2019 and December 31, 2018 were not material. Compensating balances and commitment fees are not material, and there are no conditions that are probable of occurring under which the lines may be withdrawn.

In February 2019, we issued $1.15 billion of 3.38 percent fixed-rate notes due in March 2029, $850.0 million of 3.88 percent fixed-rate notes due in March 2039, $1.50 billion of 3.95 percent fixed-rate notes due in March 2049, and $1.00 billion of 4.15 percent fixed-rate notes due in March 2059, with interest to be paid semi-annually. We used the net proceeds of $4.45 billion from the offering to repay commercial paper that was issued in connection with the acquisition of Loxo and for general corporate purposes.

In November 2019, we issued euro-denominated notes consisting of €600.0 million of 0.625 percent fixed-notes due November 2031 and €1.00 billion of 1.70 percent fixed-rate notes due in November 2049 with interest to be paid annually. We paid $2.27 billion, comprised of $1.75 billion of net cash proceeds from the offering and proceeds from commercial paper, to purchase and redeem certain higher interest rate U.S. dollar denominated notes with an aggregate principal amount of $2.00 billion and a net carrying value of $2.01 billion, resulting in a debt extinguishment loss of $252.5 million. This loss was included in other-net, (income) expense in our consolidated statement of operations during the year ended December 31, 2019.

In November 2019, we issued Japanese Yen-denominated notes consisting of ¥22.92 billion of 0.42 percent fixed-rate notes due in November 2029, ¥9.28 billion of 0.56 percent fixed-rate notes due in November 2034, and ¥7.64 billion of 0.97 percent fixed-rate notes due in November 2049, with interest to be paid semi-annually. We used the net cash proceeds from the offering of $356.6 million for general corporate purposes, including to repay outstanding commercial paper.

The aggregate amounts of maturities on long-term debt for the next five years are as follows:



	2020		2021		2022		2023		2024
Maturities on long-term debt	$	7.0	$	5.9	$	1,424.7	$	1.9	$	619.6

We have converted approximately 11 percent of our long-term fixed-rate notes to floating rates through the use of interest rate swaps. The weighted-average effective borrowing rates based on long-term debt obligations and interest rates at December 31, 2019 and 2018, including the effects of interest rate swaps for hedged debt obligations, were 2.88 percent and 3.13 percent, respectively.

The aggregate amount of cash payments for interest on borrowings, net of capitalized interest, are as follows:



	2019		2018		2017
Cash payments for interest on borrowings	$	305.5	$	223.8	$	192.7

In accordance with the requirements of derivatives and hedging guidance, the portion of our fixed-rate debt obligations that is hedged as a fair value hedge is reflected in the consolidated balance sheets as an amount

equal to the sum of the debt’s carrying value plus the fair value adjustment representing changes in fair value of the hedged debt attributable to movements in market interest rates subsequent to the inception of the hedge.

Discontinued Operations (Discontinued Operations in Financial Statements) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from discontinued operations	$ 6,114.0	$ 5,476.6	$ 5,636.7	$ 5,092.2	$ 5,637.6	$ 5,306.9	$ 5,585.0	$ 4,963.8	$ 22,319.5	$ 21,493.3	$ 19,973.8
Net income (loss) from discontinued operations	$ 0.0	$ 0.0	$ 0.0	$ 3,680.5	$ 3.7	$ 55.9	$ (28.3)	$ 50.2	3,680.5	81.4	(117.7)
Elanco \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue from discontinued operations									580.0	3,062.4	2,897.5
Net income (loss) from discontinued operations									$ 3,680.5	$ 81.4	$ (117.7)

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Shareholders' Equity (Details) - USD ($) $ in Millions	12 Months Ended
Shareholders' Equity (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2018
Statement [Line Items]
Purchase for treasury	$ 4,400.0	$ 4,150.0	$ 359.8
Preferred stock, shares authorized (in shares)	5,000,000.0
Shares issued (in shares)	0	0
Shares held in employee trust (in shares)	50,000,000.0	50,000,000
Employee benefit trust	$ 3,013.2	$ 3,013.2
2018 Repurchase Program
Statement [Line Items]
Remaining authorized repurchase amount	$ 1,500.0
Stock repurchase program, authorized amount				$ 8,000.0

Other Comprehensive Income (Loss) (Schedule of Tax Effects) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit/(provision) for income taxes allocated to other comprehensive income (loss) items	$ 151.0	$ (30.3)	$ 402.7
Foreign Currency Translation Gains (Losses)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit/(provision) for income taxes allocated to other comprehensive income (loss) items	(18.4)	51.6	170.8
Unrealized Net Gains (Losses) on Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit/(provision) for income taxes allocated to other comprehensive income (loss) items	(7.4)	2.1	55.0
Defined Benefit Pension and Retiree Health Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit/(provision) for income taxes allocated to other comprehensive income (loss) items	184.1	(85.3)	186.6
Effective Portion of Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit/(provision) for income taxes allocated to other comprehensive income (loss) items	$ (7.3)	$ 1.3	$ (9.7)

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net income (loss)	$ 8,318.4	$ 3,232.0	$ (204.1)
Other comprehensive income (loss) from continuing operations:
Change in foreign currency translation gains (losses)	(89.9)	(429.6)	362.9
Change in net unrealized gains (losses) on securities	34.4	(8.8)	(181.3)
Change in defined benefit pension and retiree health benefit plans (Note 15)	(970.0)	544.0	(566.8)
Change in effective portion of cash flow hedges	34.3
Change in effective portion of cash flow hedges		(6.0)	27.8
Other comprehensive income (loss) from continuing operations before income taxes	(991.2)	99.6	(357.4)
Benefit (provision) for income taxes related to other comprehensive income (loss) from continuing operations	151.0	(30.3)	402.7
Net other comprehensive income (loss)	(783.4)	83.6	174.5
Comprehensive income (loss)	7,535.0	3,315.6	(29.6)
Continuing Operations
Other comprehensive income (loss) from continuing operations:
Net other comprehensive income (loss)	(840.2)	69.3	45.3
Discontinued Operations
Other comprehensive income (loss) from continuing operations:
Net other comprehensive income (loss)	$ 56.8	$ 14.3	$ 129.2

Discontinued Operations (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions			1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 11, 2019	Sep. 24, 2018	Aug. 31, 2018	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interests					$ 1,080.4		$ 92.2
Elanco
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received		$ 4,200.0
Additional paid in capital		$ 629.2
Noncontrolling interests					1,020.0
Elanco \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposition of ownership interest	80.20%
Gain related to disposition				$ 3,700.0
Cash provided by operating activities, discontinued operations					500.0	$ 300.0
Cash used in investing activities, discontinued operations					$ 130.0	$ 960.0
Transitional services agreement, term	24 months
Elanco
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of stock sold		19.80%
Proceeds from issuance of debt		$ 2,000.0
Elanco \| Term Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt instrument, face amount			$ 500.0
Debt instrument, term			3 years
IPO \| Elanco
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Initial public offering (in shares)		72.3
Sale of stock, price per share (in usd per share)		$ 24

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per share (in usd per share)	$ 2.68	$ 2.33	$ 2.12

Contingencies (Policies)	12 Months Ended
Contingencies (Policies)	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Litigation accruals, environmental liabilities, and the related estimated insurance recoverables are reflected on a gross basis as liabilities and assets, respectively, on our consolidated balance sheets. With respect to the product liability claims currently asserted against us, we have accrued for our estimated exposures to the extent they are both probable and reasonably estimable based on the information available to us. We accrue for certain product liability claims incurred but not filed to the extent we can formulate a reasonable estimate of their costs. We estimate these expenses based primarily on historical claims experience and data regarding product usage. Legal defense costs expected to be incurred in connection with significant product liability loss contingencies are accrued when both probable and reasonably estimable.

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies We are a party to various legal actions and government investigations. The most significant of these are described below. It is not possible to determine the outcome of these matters, and we cannot reasonably estimate the maximum potential exposure or the range of possible loss in excess of amounts accrued for any of these matters; however, we believe that, except as noted below with respect to the Alimta patent litigation and administrative proceedings, the resolution of all such matters will not have a material adverse effect on our consolidated financial position or liquidity, but could possibly be material to our consolidated results of operations in any one accounting period. Litigation accruals, environmental liabilities, and the related estimated insurance recoverables are reflected on a gross basis as liabilities and assets, respectively, on our consolidated balance sheets. With respect to the product liability claims currently asserted against us, we have accrued for our estimated exposures to the extent they are both probable and reasonably estimable based on the information available to us. We accrue for certain product liability claims incurred but not filed to the extent we can formulate a reasonable estimate of their costs. We estimate these expenses based primarily on historical claims experience and data regarding product usage. Legal defense costs expected to be incurred in connection with significant product liability loss contingencies are accrued when both probable and reasonably estimable. Patent Litigation Alimta Patent Litigation and Administrative Proceedings A number of manufacturers are seeking approvals in the U.S., a number of countries in Europe, and Japan to market generic forms of Alimta prior to the expiration of our vitamin regimen patents, alleging that those patents are invalid, not infringed, or both. We believe our Alimta vitamin regimen patents are valid and enforceable against these generic manufacturers. However, it is not possible to determine the ultimate outcome of the proceedings, and accordingly, we can provide no assurance that we will prevail. An unfavorable outcome in the U.S. could have a material adverse impact on our future consolidated results of operations, liquidity, and financial position. We expect that a loss of exclusivity for Alimta in any of the below jurisdictions would result in a rapid and severe decline in future revenue for the product in the relevant market. U.S. Patent Litigation and Administrative Proceedings We filed a lawsuit in the U.S. District Court for the District of Delaware against Eagle Pharmaceuticals, Inc. (Eagle) in response to its application to market a product using an alternative form of pemetrexed (the active ingredient in Alimta). In December 2019, we and Eagle reached an agreement to settle all pending litigation, allowing Eagle a limited initial entry into the market with its product starting February 2022 (up to an approximate three-week supply) and subsequent unlimited entry starting April 2022. Alimta is protected by a vitamin regimen patent (2021) plus pediatric exclusivity through May 2022. In June 2018, the U.S. District Court for the Southern District of Indiana ruled in our favor in two similar cases, finding Dr. Reddy's Laboratories' (Dr. Reddy) and Hospira, Inc.'s (Hospira) proposed products would infringe our method of use patent under the doctrine of equivalents. The district court also ruled that the use of Hospira’s proposed product would literally infringe our method of use patent. In August 2019, the U.S. Court of Appeals for the Federal Circuit affirmed the district court’s ruling that the use of Dr. Reddy’s and Hospira’s proposed products would infringe our patent under the doctrine of equivalents but reversed the finding of literal infringement with respect to Hospira’s product. In November 2019, the court denied Dr. Reddy and Hospira’s petition for rehearing of the court’s doctrine of equivalents ruling. Dr. Reddy and Hospira have petitioned the U.S. Supreme Court to review the case. We have lawsuits pending alleging infringement against Actavis LLC (Actavis) and Apotex Inc. (Apotex) in response to their applications to market products using alternative forms of pemetrexed. In December 2019, the U.S. District Court for the Southern District of Indiana granted our motion for summary judgment of infringement under the doctrine of equivalents and denied Apotex’s motion. Apotex has appealed. The lawsuit against Actavis has been stayed, pending the conclusion of the Dr. Reddy and Hospira appeals (described above). European Patent Litigation Legal proceedings are ongoing in various national courts throughout Europe. We are aware that several companies have received approval to market generic versions of pemetrexed in major European markets (including generics currently on the market at risk in France, Germany, and the Netherlands) and that additional generic competitors may choose to launch at risk. We will continue to seek to remove any generic pemetrexed products launched at risk in European markets and seek damages with respect to such launches, and defend our patents against validity challenges. Japanese Administrative Proceedings Three separate sets of demands for invalidation of our two Japanese vitamin regimen patents, involving several companies, have been filed with the Japanese Patent Office (JPO). The JPO rejected a demand for invalidation by Sawai Pharmaceutical Co., Ltd., which was affirmed on appeal in 2017. In July 2018, the JPO issued written decisions dismissing demands brought by Nipro Corporation (Nipro) for invalidation of our two Japanese vitamin regimen patents. In November 2019, the IP High Court in Tokyo affirmed the dismissal of Nipro’s demand for invalidation. The JPO scheduled a hearing in March 2020 concerning the demands brought by Hospira. If upheld through all challenges, these patents would provide intellectual property protection for Alimta until June 2021. Notwithstanding our patents, generic versions of Alimta received regulatory approval in Japan starting in February 2016. We do not currently anticipate that generic versions of Alimta will proceed to pricing approval. Jardiance Patent Litigation Boehringer Ingelheim, our partner in marketing and development of Jardiance, initiated U.S. patent litigation in the U.S. District Court of Delaware involving Jardiance, Glyxambi, and Synjardy in accordance with the procedures set out in the Drug Price Competition and Patent Term Restoration Act of 1984 (the Hatch-Waxman Act). Several companies submitted Abbreviated New Drug Applications seeking approval to market generic versions of Jardiance prior to the expiration of the relevant patents, alleging certain patents, including in some allegations the compound patent, are invalid or would not be infringed. Trial is scheduled in April 2021. Taltz Patent Litigation We have been named as a defendant in litigation filed by Genentech, Inc. in the U.S. District Court for the Southern District of California seeking a ruling that Genentech’s patent would be infringed by our continued sales of Taltz. Separately, the U.S. Patent and Trademark Office (USPTO) has granted our request to initiate a post grant review (PGR) to examine the validity of Genentech’s patent asserted against us in the litigation. We expect USPTO’s decision on the merits in the fourth quarter of 2020. The litigation in the U.S. District Court for the Southern District of California has been stayed pending the outcome of the PGR. We have also been named as defendant in litigation filed by Genentech in Germany asserting infringement of a related Genentech patent and seeking a similar ruling of patent infringement by sales of Taltz in Germany. We expect a trial to assess Genentech's infringement claims could take place in late 2020 or early 2021. We have ongoing litigation in the U.K. in which Genentech has asserted similar claims regarding Genentech’s corresponding U.K. patent. We believe all of these lawsuits are without merit and we are vigorously defending against them. Emgality Patent Litigation We have been named as a defendant in litigation filed by Teva Pharmaceuticals International GMBH and Teva Pharmaceuticals USA, Inc. (collectively, Teva) in the U.S. District Court for the District of Massachusetts seeking a ruling that various claims in nine different Teva patents would be infringed by our launch and continued sales of Emgality for the prevention of migraine in adults. We believe this lawsuit is without merit and are defending against it vigorously. Separately, the USPTO granted our request to initiate an inter partes review (IPR) to reexamine the validity of the nine Teva patents asserted against us in the litigation. In February 2020, the USPTO ruled in our favor and found that all claims asserted against us in six of Teva's nine patents were invalid. We expect the USPTO to issue a decision on the remaining three Teva patents in the second quarter of 2020. The litigation in the U.S. District Court for the District of Massachusetts has been stayed pending the outcome of the USPTO's decision on all nine of Teva's patents. Product Liability Litigation Cymbalta Product Liability Litigation We were named as a defendant in a purported class-action lawsuit in the U.S. District Court for the Central District of California (now called Strafford et al. v. Eli Lilly and Company) involving Cymbalta. The plaintiffs, purporting to represent a class of persons who purchased and/or paid for Cymbalta, asserted claims under the consumer protection statutes of California, Massachusetts, Missouri, and New York, and sought declaratory, injunctive, and monetary relief for various alleged economic injuries arising from their purchases. After the district court denied the plaintiffs' motions for class certification, plaintiffs voluntarily dismissed their claims. The plaintiffs subsequently appealed to the U.S. Court of Appeals for the Ninth Circuit. In November 2017, the U.S. Court of Appeals for the Ninth Circuit dismissed the appeal for lack of jurisdiction. In July 2018, the U.S. District Court for the Central District of California denied the plaintiffs’ motion to reopen the case. The plaintiffs appealed this denial to the U.S. Court of Appeals for the Ninth Circuit and in January 2020, the Ninth Circuit affirmed the district court’s decision. The plaintiffs have filed a petition for rehearing before the Ninth Circuit. Other Matters Brazil Litigation – Cosmopolis Facility Labor Attorney Litigation Our subsidiary in Brazil, Eli Lilly do Brasil Limitada (Lilly Brasil), is named in a lawsuit brought by the Labor Attorney for the 15th Region in the Labor Court of Paulinia, State of Sao Paulo, Brazil, alleging possible harm to employees and former employees caused by exposure to heavy metals at a former Lilly Brasil manufacturing facility in Cosmopolis, Brazil, operated by the company between 1977 and 2003. In May 2014, the labor court judge ruled against Lilly Brasil, ordering it to undertake several actions of unspecified financial impact, including paying lifetime health coverage for the employees and contractors who worked at the Cosmopolis facility more than six months during the affected years and their children born during and after this period. We appealed this decision. In July 2018, the appeals court affirmed the labor court's ruling with the total financial impact of the ruling estimated to be approximately 500 million Brazilian real (approximately $125 million as of December 31, 2019). The appeals court restricted the broad health coverage awarded by the labor court to health problems that claimants could show arose from exposure to the alleged contamination. In August 2019, Lilly Brasil filed an appeal to the superior labor court. In September 2019, the appeals court stayed a number of elements of its prior decision, including the obligation to provide health coverage for contractors, their children, and children of employees who worked at the Cosmopolis facility, pending the determination of Lilly Brasil’s appeal to the superior labor court. In June 2019, the Labor Attorney filed an application in the labor court for enforcement of the healthcare coverage granted by the appeals court in its July 2018 ruling and requested restrictions on Lilly Brasil’s assets in Brazil. In July 2019, the labor court issued a ruling requiring either a freeze of Lilly Brasil’s immovable property or, alternatively, a security deposit of 500 million Brazilian real (approximately $125 million as of December 31, 2019). Lilly Brasil filed a writ of mandamus challenging this ruling, but the court has stayed its decision on this writ and instead directed the parties to attend conciliation hearings, a process which is ongoing. The labor court also stayed the Labor Attorney’s application to enforce the previous healthcare coverage ruling until after the appeals court ruled on the various motions pending before it. If the conciliation hearings are unsuccessful, once concluded, we intend to file a motion to strike the Labor Attorney’s application to enforce the previous healthcare coverage given the appeals court’s stay in September 2019 of a number of elements of its prior decision described above. Individual Former Employee Litigation We are also named in approximately 30 lawsuits filed in the same labor court by individual former employees making similar claims. These lawsuits are each at various stages in the litigation process, with judgments being handed down in approximately half of the lawsuits, nearly all of which are on appeal in the labor courts. We believe all of these lawsuits are without merit and are defending against them vigorously. Pricing Litigation, Investigations, and Inquiries Litigation We, along with Sanofi and Novo Nordisk, are named as defendants in a consolidated purported class action lawsuit, In re. Insulin Pricing Litigation, in the U.S. District Court of New Jersey relating to insulin pricing. Plaintiffs seek damages under various state consumer protection laws and the Federal Racketeer Influenced and Corrupt Organization Act (federal RICO Act). Separately, we, along with Sanofi and Novo Nordisk, are named as defendants in MSP Recovery Claims, Series, LLC et al. v. Sanofi Aventis U.S. LLC et al., in the same court, seeking damages under various state consumer protection laws, common law fraud, unjust enrichment, and the federal RICO Act. Also, in the same court, we, along with Sanofi and Novo Nordisk, had been named as defendants in a purported class action lawsuit, Prof’l Drug Co., Inc. & FWK Holdings, LLC v. Novo Nordisk Inc. et al., seeking damages under the federal and New Jersey RICO Acts. Plaintiffs in that matter voluntarily dismissed their lawsuit in January 2020. The Minnesota Attorney General’s Office filed a complaint against us, Sanofi, and Novo Nordisk, State of Minnesota v. Sanofi-Aventis U.S. LLC et al., in the U.S. District Court of New Jersey, alleging unjust enrichment, and violations of various Minnesota state consumer protection laws and the federal RICO Act. Additionally, the Kentucky Attorney General’s Office filed a complaint against us, Sanofi, and Novo Nordisk, Commonwealth of Kentucky v. Novo Nordisk, Inc. et al., in Kentucky state court, alleging violations of the Kentucky consumer protection law, false advertising, and unjust enrichment. Harris County in Texas filed a complaint against us, Sanofi, Novo Nordisk, Express Scripts, CVS, Optum, and Aetna, County of Harris Texas v. Eli Lilly & Co., et al., in federal court in the Southern District of Texas, alleging violations of the federal RICO Act and RICO conspiracy, federal and state anti-trust law, and the state deceptive trade practices-consumer protection act. Harris County also alleges common law claims such as, fraud, unjust enrichment, and civil conspiracy. This lawsuit relates to our insulins as well as Trulicity. We believe all of these claims are without merit and are defending against them vigorously. Investigations, Subpoenas, and Inquiries We have received a subpoena from the New York Attorney General’s Office and civil investigative demands from the Washington, New Mexico, and Colorado Attorney General Offices relating to the pricing and sale of our insulin products. The Offices of the Attorney General in Mississippi, Washington D.C., California, Florida, Hawaii, and Nevada have requested information relating to the pricing and sale of our insulin products. We also received interrogatories from the California Attorney General's Office regarding our competition in the long-acting insulin market. We received two requests from the House of Representatives’ Committee on Energy and Commerce and a request from the Senate’s Committee on Health, Education, Labor, and Pensions, seeking certain information related to the pricing of insulin products, among other issues. We also received requests from the House of Representatives’ Committee on Oversight and Reform and the Senate’s Committee on Finance, which seek detailed commercial information and business records. We are cooperating with all of these aforementioned requests and investigations. Product Liability Insurance Because of the nature of pharmaceutical products, it is possible that we could become subject to large numbers of additional product liability and related claims in the future. Due to a very restrictive market for product liability insurance, we are self-insured for product liability losses for all our currently and previously marketed products.

Financial Instruments (Policies)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Concentration Risk, Credit Risk

Financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest-bearing investments. Wholesale distributors of life-science products account for a substantial portion of our trade receivables; collateral is generally not required. We seek to mitigate the risk associated with this concentration through our ongoing credit-review procedures and insurance. A large portion of our cash is held by a few major financial institutions. We monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations. Major financial institutions represent the largest component of our investments in corporate debt securities. In accordance with documented corporate risk-management policies, we monitor the amount of credit exposure to any one financial institution or corporate issuer. We are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings.

Investment

We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value.

Our equity investments are accounted for using three different methods depending on the type of equity investment:


•	Investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method, with our share of earnings or losses reported in other-net, (income) expense.


•	For equity investments that do not have readily determinable fair values, we measure these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any change in recorded value is recorded in other-net, (income) expense.


•	Our public equity investments are measured and carried at fair value. Any change in fair value is recognized in other-net, (income) expense.

We review equity investments other than public equity investments for indications of impairment and observable price changes on a regular basis.

Derivatives

Our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets, liabilities, and transactions being hedged. Management reviews the correlation and effectiveness of our derivatives on a quarterly basis.

For derivative instruments that are designated and qualify as fair value hedges, the derivative instrument is marked to market with gains and losses recognized currently in income to offset the respective losses and gains recognized on the underlying exposure. For derivative instruments that are designated and qualify as cash flow hedges, gains and losses are reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period the hedged transaction affects earnings. For derivative and non-derivative instruments that are designated and qualify as net investment hedges, the foreign currency translation gains or losses due to spot rate fluctuations are reported as a component of accumulated other comprehensive loss. Derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in earnings during the period of change.

We may enter into foreign currency forward or option contracts to reduce the effect of fluctuating currency exchange rates (principally the euro, British pound, and the Japanese yen). Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures. Forward and option contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies. These contracts are recorded at fair value with the gain or loss recognized in other–net, (income) expense. We may enter into foreign currency forward and option contracts and currency swaps as fair value hedges of firm commitments.We also may enter into forward-starting interest rate swaps, which we designate as cash flow hedges, as part of any anticipated future debt issuances in order to reduce the risk of cash flow volatility from future changes in interest rates. The change in fair value of these instruments is recorded as part of other comprehensive income (loss), and upon completion of a debt issuance and termination of the swap, is amortized to interest expense over the life of the underlying debt.

In the normal course of business, our operations are exposed to fluctuations in interest rates which can vary the costs of financing, investing, and operating. We seek to address a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. Our primary interest-rate risk exposure results from changes in short-term U.S. dollar interest rates. In an effort to manage interest-rate exposures, we strive to achieve an acceptable balance between fixed- and floating-rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance.

Interest rate swaps or collars that convert our fixed-rate debt to a floating rate are designated as fair value hedges of the underlying instruments. Interest rate swaps or collars that convert floating-rate debt to a fixed rate are designated as cash flow hedges. Interest expense on the debt is adjusted to include the payments made or received under the swap agreements. Cash proceeds from or payments to counterparties resulting from the termination of interest rate swaps are classified as operating activities in our consolidated statements of cash flows.

Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Goodwill

Goodwill results from excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not amortized but is reviewed for impairment at least annually, or more frequently if impairment indicators are present, by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If we conclude it is more likely than not that the fair value is less than the carrying amount, a quantitative test that compares the fair value to its carrying value is performed to determine the amount of any impairment. The change in goodwill during 2019 was primarily related to our acquisition of Loxo. See Note 3 for further discussion.

No impairments occurred with respect to the carrying value of goodwill for the years ended December 31, 2019, 2018, and 2017.

Other Intangibles

The components of intangible assets other than goodwill at December 31 were as follows:



	2019							2018
Description	Carrying Amount, Gross		Accumulated Amortization			Carrying Amount, Net		Carrying Amount, Gross		Accumulated Amortization			Carrying Amount, Net
Finite-lived intangible assets:
Marketed products	$	3,150.2	$	(1,244.6	)	$	1,905.6	$	2,077.2	$	(1,069.0	)	$	1,008.2
Other	94.2		(51.8		)	42.4		89.5		(29.7		)	59.8
Total finite-lived intangible assets	3,244.4		(1,296.4		)	1,948.0		2,166.7		(1,098.7		)	1,068.0
Indefinite-lived intangible assets:
Acquired IPR&D	4,670.0		—			4,670.0		—		—			—
Other intangibles	$	7,914.4	$	(1,296.4	)	$	6,618.0	$	2,166.7	$	(1,098.7	)	$	1,068.0

Marketed products consist of the amortized cost of the rights to assets acquired in business combinations and approved for marketing in a significant global jurisdiction (U.S., Europe, and Japan) and capitalized milestone payments. For transactions other than a business combination, we capitalize milestone payments incurred at or after the product has obtained regulatory approval for marketing.

Other finite-lived intangibles consist primarily of the amortized cost of licensed platform technologies that have alternative future uses in research and development, manufacturing technologies, and customer relationships from business combinations.

Acquired IPR&D consists of the related costs capitalized, adjusted for subsequent impairments, if any. The costs of acquired IPR&D projects acquired directly in a transaction other than a business combination are capitalized if the projects have an alternative future use; otherwise, they are expensed immediately. The fair values of acquired IPR&D projects acquired in business combinations, if any, are capitalized as other intangible assets.

Several methods may be used to determine the estimated fair value of other intangibles acquired in a business combination. We utilize the “income method,” which is a Level 3 fair value measurement and applies a probability weighting that considers the risk of development and commercialization to the estimated future net cash flows that are derived from projected revenues and estimated costs. These projections are based on factors such as relevant market size, patent protection, historical pricing of similar products, analyst expectations, and expected industry trends. The estimated future net cash flows are then discounted to the present value using an appropriate discount rate. This analysis is performed for each asset independently. The acquired IPR&D assets are treated as indefinite-lived intangible assets until completion or abandonment of the projects, at which time the assets are tested for impairment and amortized over the remaining useful life or written off, as appropriate.

See Note 3 for further discussion of intangible assets acquired in recent business combinations and Note 4 for additional discussion of recent capitalized milestone payments. The increases in marketed products and acquired IPR&D intangible assets in 2019 were primarily related to our acquisition of Loxo.

Other indefinite-lived intangible assets are reviewed for impairment at least annually, or more frequently if impairment indicators are present, by first assessing qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If we conclude it is more likely than not that the fair value is less than the carrying amount, a quantitative test that compares the fair value of the intangible asset to its carrying value is performed to determine the amount of any impairment. Finite-lived intangible assets are reviewed for impairment when an indicator of impairment is present. When required, a comparison of fair value to the carrying amount of assets is performed to determine the amount of any impairment. When determining the fair value of indefinite-lived acquired IPR&D as well as the fair value of finite-lived intangible assets for impairment testing purposes, we utilize the "income method" discussed above.

Intangible assets with finite lives are capitalized and are amortized over their estimated useful lives, ranging from three to 20 years. As of December 31, 2019, the remaining weighted-average amortization period for finite-lived intangible assets was approximately 10 years.

Amortization expense related to finite-lived intangible assets was as follows:



	2019		2018		2017
Amortization expense	$	225.8	$	361.3	$	462.2

The estimated amortization expense for each of the next five years associated with our finite-lived intangible assets as of December 31, 2019 is as follows:



	2020		2021		2022		2023		2024
Estimated amortization expense	$	234.3	$	235.2	$	227.3	$	215.6	$	165.7

Amortization expense is included in either cost of sales, marketing, selling, and administrative or research and development depending on the nature of the intangible asset being amortized.

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Other Comprehensive Income (Loss)

The following table summarizes the activity related to each component of other comprehensive income (loss):



	Continuing Operations
(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)			Unrealized Net Gains (Losses) on Securities			Defined Benefit Pension and Retiree Health Benefit Plans			Effective Portion of Cash Flow Hedges			Discontinued Operations			Accumulated Other Comprehensive Loss
Beginning balance at January 1, 2017 ⁽¹⁾	$	(1,686.6	)	$	224.0		$	(3,352.0	)	$	(210.9	)	$	(200.3	)	$	(5,225.8	)
Other comprehensive income (loss) before reclassifications	525.6			(15.7		)	(532.1		)	8.5			127.7			114.0
Net amount reclassified from accumulated other comprehensive loss	8.1			(110.6		)	151.9			9.6			1.5			60.5
Net other comprehensive income (loss)	533.7			(126.3		)	(380.2		)	18.1			129.2			174.5
Reclassifications of stranded tax effects (Note 1)	(38.8		)	15.8			(579.1		)	(41.5		)	—			(643.6		)
Balance at December 31, 2017⁽²⁾	(1,191.7		)	113.5			(4,311.3		)	(234.3		)	(71.1		)	(5,694.9		)
Reclassification due to adoption of new accounting standard⁽³⁾	—			(128.9		)	—			—			—			(128.9		)
Other comprehensive income (loss) before reclassifications	(378.0		)	24.5			250.7			(16.3		)	12.2			(106.9		)
Net amount reclassified from accumulated other comprehensive loss	—			(31.2		)	207.9			11.7			2.1			190.5
Net other comprehensive income (loss)	(378.0		)	(6.7		)	458.6			(4.6		)	14.3			83.6
Balance at December 31, 2018⁽⁴⁾	(1,569.7		)	(22.1		)	(3,852.7		)	(238.9		)	(56.8		)	(5,740.2		)
Other comprehensive income (loss) before reclassifications	(46.2		)	28.9			(967.6		)	14.5			(27.2		)	(997.6		)
Net amount reclassified from accumulated other comprehensive loss	(62.1		)	(1.9		)	181.7			12.5			84.0			214.2
Net other comprehensive income (loss)	(108.3		)	27.0			(785.9		)	27.0			56.8			(783.4		)
Ending balance at December 31, 2019	$	(1,678.0	)	$	4.9		$	(4,638.6	)	$	(211.9	)	$	—		$	(6,523.6	)

The tax effects on the net activity related to each component of other comprehensive income (loss) for the years ended December 31, were as follows:



Tax benefit (expense)	2019			2018			2017
Foreign currency translation gains/losses	$	(18.4	)	$	51.6		$	170.8
Unrealized net gains/losses on securities	(7.4		)	2.1			55.0
Defined benefit pension and retiree health benefit plans	184.1			(85.3		)	186.6
Effective portion of cash flow hedges	(7.3		)	1.3			(9.7		)
Benefit/(provision) for income taxes allocated to other comprehensive income (loss) items	$	151.0		$	(30.3	)	$	402.7

Except for the tax effects of foreign currency translation gains and losses related to our foreign currency-denominated notes, cross-currency interest rate swaps, and other foreign currency exchange contracts designated as net investment hedges (see Note 7), income taxes were not provided for foreign currency translation. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders' equity rather than in the consolidated statements of operations.

Reclassifications out of accumulated other comprehensive loss were as follows:



Details about Accumulated Other Comprehensive Loss Components	Year Ended December 31,									Affected Line Item in the Consolidated Statements of Operations
	2019			2018			2017
Amortization of retirement benefit items:
Prior service benefits, net	$	(56.8	)	$	(74.9	)	$	(84.4	)	Other—net, (income) expense
Actuarial losses	286.8			338.6			305.2			Other—net, (income) expense
Total before tax	230.0			263.7			220.8
Tax benefit	(48.3		)	(55.8		)	(68.9		)	Income taxes
Net of tax	181.7			207.9			151.9

Unrealized gains/losses on available-for-sale securities:
Realized gains, net	(2.4		)	(39.5		)	(170.2		)	Other—net, (income) expense
Tax expense	0.5			8.3			59.6			Income taxes
Net of tax	(1.9		)	(31.2		)	(110.6		)

Other, net of tax	(49.6		)	11.7			17.7			Other—net, (income) expense
Reclassifications from continuing operations (net of tax)	130.2			188.4			59.0
Reclassifications from discontinued operations (net of tax)	84.0			2.1			1.5			Net income (loss) from discontinued operations
Total reclassifications for the period, net of tax	$	214.2		$	190.5		$	60.5

Financial Instruments

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value.

Our equity investments are accounted for using three different methods depending on the type of equity investment:


•	Investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method, with our share of earnings or losses reported in other-net, (income) expense.


•	For equity investments that do not have readily determinable fair values, we measure these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any change in recorded value is recorded in other-net, (income) expense.


•	Our public equity investments are measured and carried at fair value. Any change in fair value is recognized in other-net, (income) expense.

We review equity investments other than public equity investments for indications of impairment and observable price changes on a regular basis.

We may enter into foreign currency forward or option contracts to reduce the effect of fluctuating currency exchange rates (principally the euro, British pound, and the Japanese yen). Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures. Forward and option contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies. These contracts are recorded at fair value with the gain or loss recognized in other–net, (income) expense. We may enter into foreign currency forward and option contracts and currency swaps as fair value hedges of firm commitments. Forward contracts generally have maturities not exceeding 12 months. At December 31, 2019, we had outstanding foreign currency forward commitments to purchase 447.9 million U.S. dollars and sell 402.9 million euro; commitments to purchase 1.81 billion euro and sell 2.02 billion U.S. dollars; commitments to purchase 308.3 million U.S. dollars and sell 33.49 billion Japanese yen, commitments to purchase 101.4 million Swiss francs and sell 103.5 million U.S. dollars, and commitments to purchase 236.2 million British pounds and sell 310.9 million U.S. dollars which all settled within 30 days.

Foreign currency exchange risk is also managed through the use of foreign currency debt and cross-currency interest rate swaps. Our foreign currency-denominated notes had carrying amounts of $5.49 billion and $3.40 billion as of December 31, 2019 and 2018, respectively, of which $4.10 billion and $2.65 billion have been designated as, and are effective as, economic hedges of net investments in certain of our euro-denominated foreign operations as of December 31, 2019 and 2018, respectively. At December 31, 2019, we had outstanding cross currency swaps with notional amounts of $1.45 billion swapping U.S. dollars to euro, $1.00 billion swapping swiss francs to U.S. dollars, and $396.0 million swapping U.S. dollars to British pounds, which have settlement dates ranging through 2028. Our cross-currency interest rate swaps, for which a majority convert a portion of our U.S. dollar-denominated floating rate debt to foreign-denominated floating rate debt, have also been designated as, and are effective as, economic hedges of net investments.

We also may enter into forward-starting interest rate swaps, which we designate as cash flow hedges, as part of any anticipated future debt issuances in order to reduce the risk of cash flow volatility from future changes in interest rates. The change in fair value of these instruments is recorded as part of other comprehensive income (loss), and upon completion of a debt issuance and termination of the swap, is amortized to interest expense over the life of the underlying debt. As of December 31, 2019, the total notional amounts of forward-starting interest rate contracts in designated cash flow hedging instruments were $1.00 billion, which have settlement dates ranging between 2023 and 2025.

The Effect of Risk Management Instruments on the Consolidated Statements of Operations

The following effects of risk-management instruments were recognized in other–net, (income) expense:



	2019			2018			2017
Fair value hedges:
Effect from hedged fixed-rate debt	$	112.1		$	(40.9	)	$	(14.1	)
Effect from interest rate contracts	(112.1		)	40.9			14.1
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	15.9			14.8			14.8
Cross-currency interest rate swaps	(17.1		)	—			—
Net losses on foreign currency exchange contracts not designated as hedging instruments	61.9			100.0			97.9
Total	$	60.7		$	114.8		$	112.7

During the years ended December 31, 2019 and 2018, the amortization of losses related to the portion of our risk management hedging instruments, fair value hedges, and cash flow hedges that was excluded from the assessment of effectiveness was not material.

During the year ended December 31, 2017, net losses related to ineffectiveness, as well as net losses related to the portion of our risk-management hedging instruments, fair value hedges, and cash flow hedges that were excluded from the assessment of effectiveness, were not material.

The Effect of Risk-Management Instruments on Other Comprehensive Income (Loss)

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:



	2019			2018		2017
Net investment hedges:
Foreign currency-denominated notes	$	40.1		$	110.4	$	(361.5	)
Cross-currency interest rate swaps	47.4			96.8		(126.6		)
Foreign currency exchange contracts	—			5.7		—
Cash flow hedges:
Forward-starting interest rate swaps	31.6			—		13.0
Cross-currency interest rate swaps	(8.3		)	—		—

In 2020, we expect to reclassify $16.3 million of net losses on cash flow hedges from accumulated other comprehensive loss to other–net, (income) expense. During the year ended December 31, 2019 and 2018, the amounts excluded from the assessment of hedge effectiveness recognized in other comprehensive income (loss) were not material.

Fair Value of Financial Instruments



					Fair Value Measurements Using
Description	Carrying Amount		Cost⁽¹⁾		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
December 31, 2019
Cash equivalents	$	1,025.4	$	1,025.4	$	1,025.4	$	—	$	—	$	1,025.4
Short-term investments:
U.S. government and agency securities	$	7.2	$	7.2	$	7.2	$	—	$	—	$	7.2
Corporate debt securities	81.4		81.1		—		81.4		—		81.4
Asset-backed securities	2.6		2.6		—		2.6		—		2.6
Other securities	9.8		9.8		—		—		9.8		9.8
Short-term investments	$	101.0
Noncurrent investments:
U.S. government and agency securities	$	77.2	$	76.3	$	77.2	$	—	$	—	$	77.2
Corporate debt securities	271.1		267.8		—		271.1		—		271.1
Mortgage-backed securities	101.1		99.6		—		101.1		—		101.1
Asset-backed securities	30.0		29.6		—		30.0		—		30.0
Other securities	60.0		27.4		—		—		60.0		60.0
Marketable equity securities	718.6		254.4		718.6		—		—		718.6
Equity investments without readily determinable fair values⁽²⁾	405.0
Equity method investments⁽²⁾	299.4
Noncurrent investments	$	1,962.4

December 31, 2018
Cash equivalents	$	5,727.1	$	5,727.1	$	5,727.1	$	—	$	—	$	5,727.1
Short-term investments:
U.S. government and agency securities	$	16.9	$	17.1	$	16.9	$	—	$	—	$	16.9
Corporate debt securities	62.2		62.6		—		62.2		—		62.2
Asset-backed securities	7.6		7.7		—		7.6		—		7.6
Other securities	1.5		1.5		—		1.5		—		1.5
Short-term investments	$	88.2
Noncurrent investments:
U.S. government and agency securities	$	149.1	$	153.6	$	149.1	$	—	$	—	$	149.1
Corporate debt securities	568.0		587.8		—		568.0		—		568.0
Mortgage-backed securities	111.4		114.5		—		111.4		—		111.4
Asset-backed securities	27.7		27.9		—		27.7		—		27.7
Other securities	87.8		29.7		—		—		87.8		87.8
Marketable equity securities	357.5		238.3		357.5		—		—		357.5
Equity investments without readily determinable fair values⁽²⁾	414.7
Equity method investments⁽²⁾	289.2
Noncurrent investments	$	2,005.4

⁽¹⁾For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.

⁽²⁾Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.



				Fair Value Measurements Using
Description	Carrying Amount			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value
Short-term commercial paper borrowings
December 31, 2019	$	(1,494.2	)	$	—	$	(1,491.6	)	$	—	$	(1,491.6	)
December 31, 2018	(498.9		)	—		(497.6		)	—		(497.6		)

Long-term debt, including current portion
December 31, 2019	$	(13,823.0	)	$	—	$	(15,150.0	)	$	—	$	(15,150.0	)
December 31, 2018	(9,799.7		)	—		(9,989.4		)	—		(9,989.4		)



				Fair Value Measurements Using
Description	Carrying Amount			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value
December 31, 2019
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other noncurrent assets	$	72.0		$	—	$	72.0		$	—	$	72.0
Interest rate contracts designated as cash flow hedges:
Other noncurrent assets	43.3			—		43.3			—		43.3
Cross-currency interest rate contracts designated as net investment hedges:
Other noncurrent assets	45.1			—		45.1			—		45.1
Other current liabilities	(21.4		)	—		(21.4		)	—		(21.4		)
Other noncurrent liabilities	(5.7		)	—		(5.7		)	—		(5.7		)
Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets	3.0					3.0					3.0
Other noncurrent liabilities	(20.1		)	—		(20.1		)	—		(20.1		)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	18.4			—		18.4			—		18.4
Other current liabilities	(11.9		)	—		(11.9		)	—		(11.9		)

December 31, 2018
Risk-management instruments
Interest rate contracts designated as fair value hedges:
Other noncurrent assets	4.5			—		4.5			—		4.5
Other current liabilities	(22.3		)	—		(22.3		)	—		(22.3		)
Other noncurrent liabilities	(19.0		)	—		(19.0		)	—		(19.0		)
Cross-currency interest rate contracts designated as net investment hedges:
Other receivables	69.2			—		69.2			—		69.2
Other noncurrent assets	8.2			—		8.2			—		8.2
Other current liabilities	(9.2		)	—		(9.2		)	—		(9.2		)
Cross-currency interest rate contracts not designated as hedging instruments:
Other noncurrent liabilities	(25.8		)	—		(25.8		)	—		(25.8		)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	11.3			—		11.3			—		11.3
Other current liabilities	(16.3		)	—		(16.3		)	—		(16.3		)

Risk-management instruments above are disclosed on a gross basis. There are various rights of setoff associated with certain of the risk-management instruments above that are subject to enforceable master netting arrangements or similar agreements. Although various rights of setoff and master netting arrangements or similar agreements may exist with the individual counterparties to the risk-management instruments above, individually, these financial rights are not material.

We determine our Level 1 and Level 2 fair value measurements based on a market approach using quoted market values, significant other observable inputs for identical or comparable assets or liabilities, or discounted cash flow analyses. Level 3 fair value measurements for other investment securities are determined using unobservable inputs, including the investments' cost adjusted for impairments and price

changes from orderly transactions. The fair values of equity method investments and investments measured under the measurement alternative for equity investments that do not have readily determinable fair values are not readily available.

The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of December 31, 2019:



	Maturities by Period
	Total		Less Than 1 Year		1-5 Years		6-10 Years		More Than 10 Years
Fair value of debt securities	$	570.6	$	91.2	$	276.5	$	80.4	$	122.5

The net unrealized gains (losses) recognized in our consolidated statements of operations for equity securities were $395.3 million and $(20.1) million for the years ended December 31, 2019 and 2018, respectively.

We adjust our equity investments without readily determinable fair values based upon changes in the equity instruments' values resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Downward adjustments resulting from an impairment are recorded based upon impairment considerations, including the financial condition and near term prospects of the issuer, general market conditions, and industry specific factors. Adjustments recorded for the years ended December 31, 2019 and 2018 were not material.

A summary of the fair value of available-for-sale securities in an unrealized gain or loss position and the amount of unrealized gains and losses in accumulated other comprehensive loss follows:



	2019		2018
Unrealized gross gains	$	10.3	$	0.8
Unrealized gross losses	4.0		29.0
Fair value of securities in an unrealized gain position	429.5		84.3
Fair value of securities in an unrealized loss position	141.1		858.6

We periodically assess our investment in available-for-sale securities for other-than-temporary impairment losses. Other-than-temporary impairment losses were not material in 2019, and there were no other-than-temporary impairment losses in 2018 or 2017.

For debt securities, the amount of credit losses are determined by comparing the difference between the present value of future cash flows expected to be collected on these securities and the amortized cost. Factors considered in assessing credit losses include the position in the capital structure, vintage and amount of collateral, delinquency rates, current credit support, and geographic concentration.

As of December 31, 2019, the available-for-sale securities in an unrealized loss position include primarily fixed-rate debt securities of varying maturities, which are sensitive to changes in the yield curve and other market conditions. Approximately 56 percent of the fixed-rate debt securities in a loss position are investment-grade debt securities. As of December 31, 2019, we do not intend to sell, and it is not more likely than not that we will be required to sell, the securities in a loss position before the market values recover or the underlying cash flows have been received, and there is no indication of default on interest or principal payments for any of our debt securities.

Activity related to our investment portfolio, substantially all of which related to equity and available-for-sale securities, was as follows:



	2019		2018		2017
Proceeds from sales	$	655.5	$	5,668.0	$	5,769.3
Realized gross gains on sales	40.0		11.8		176.0
Realized gross losses on sales	7.9		51.3		5.8

Realized gains and losses on sales of available-for-sale investments are computed based upon specific identification of the initial cost adjusted for any other-than-temporary declines in fair value that were recorded in earnings.

Accounts Receivable Factoring Arrangements

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 $678.8 million and $696.2 million of accounts receivable as of December 31, 2019 and 2018, respectively, under these factoring arrangements. The costs of factoring such accounts receivable on our consolidated results of operations for the years ended December 31, 2019, 2018, and 2017 were not material.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity During 2019, 2018, and 2017, we repurchased $4.40 billion, $4.15 billion and $359.8 million, respectively, of shares associated with our share repurchase programs. As of December 31, 2019, we had $1.50 billion remaining under our $8.00 billion share repurchase program that our board authorized in June 2018. We have 5.0 million authorized shares of preferred stock. As of December 31, 2019 and 2018, no preferred stock was issued. We have an employee benefit trust that held 50.0 million shares of our common stock at both December 31, 2019 and 2018, to provide a source of funds to assist us in meeting our obligations under various employee benefit plans. The cost basis of the shares held in the trust was $3.01 billion at both December 31, 2019 and 2018, and is shown as a reduction of shareholders’ equity. Any dividend transactions between us and the trust are eliminated. Stock held by the trust is not considered outstanding in the computation of EPS. The assets of the trust were not used to fund any of our obligations under these employee benefit plans during the years ended December 31, 2019, 2018, and 2017.

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents (Note 7)		$ 7,998.2
Cash and cash equivalents (Note 7)	$ 2,337.5	7,320.7
Short-term investments (Note 7)	101.0	88.2
Accounts receivable, net of allowances of $22.4 (2019) and $24.1 (2018)	4,547.3	4,593.9
Other receivables	994.2	1,182.9
Inventories (Note 6)	3,190.7	3,098.1
Prepaid expenses and other	2,538.9	2,036.7
Current assets of discontinued operations (Note 19)	0.0	2,229.1
Total current assets	13,709.6	20,549.6
Investments (Note 7)	1,962.4	2,005.4
Goodwill (Note 8)	3,679.4	1,366.6
Other intangibles, net (Note 8)	6,618.0	1,068.0
Deferred tax assets (Note 14)	2,572.6	2,613.7
Property and equipment, net (Note 9)	7,872.9	7,996.1
Operating lease assets (Note 10)	532.1
Other noncurrent assets	2,339.1	1,824.9
Noncurrent assets of discontinued operations (Note 19)	0.0	6,484.1
Total assets	39,286.1	43,908.4
Current Liabilities
Short-term borrowings and current maturities of long-term debt (Note 11)	1,499.3	1,102.2
Accounts payable	1,405.3	1,207.1
Employee compensation	915.5	955.6
Sales rebates and discounts	4,933.6	4,849.5
Dividends payable	671.5	650.8
Income taxes payable (Note 14)	160.6	393.4
Other current liabilities	2,189.4	2,036.7
Current liabilities of discontinued operations (Note 19)	0.0	692.8
Total current liabilities	11,775.2	11,888.1
Other Liabilities
Long-term debt (Note 11)	13,817.9	9,196.4
Noncurrent operating lease liabilities (Note 10)	486.7
Accrued retirement benefits (Note 15)	3,698.2	2,802.2
Long-term income taxes payable (Note 14)	3,607.2	3,700.0
Other noncurrent liabilities	1,014.3	1,357.6
Deferred tax liabilities (Note 14)	2,187.5	1,312.7
Noncurrent liabilities of discontinued operations (Note 19)	0.0	2,742.3
Total other liabilities	24,811.8	21,111.2
Commitments and Contingencies (Note 16)
Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)
Common stock—no par value Authorized shares: 3,200,000 Issued shares: 958,056 (2019) and 1,057,639 (2018)	598.8	661.0
Additional paid-in capital	6,685.3	6,583.6
Retained earnings	4,920.4	11,395.9
Employee benefit trust	(3,013.2)	(3,013.2)
Accumulated other comprehensive loss (Note 17)	(6,523.6)	(5,729.2)
Cost of common stock in treasury	(60.8)	(69.4)
Total Eli Lilly and Company shareholders' equity	2,606.9	9,828.7
Noncontrolling interests	92.2	1,080.4
Total equity	2,699.1	10,909.1
Total liabilities and equity	$ 39,286.1	$ 43,908.4

Revenue (Summary of Revenue Recognized) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue	$ 6,114.0	$ 5,476.6	$ 5,636.7	$ 5,092.2	$ 5,637.6	$ 5,306.9	$ 5,585.0	$ 4,963.8	$ 22,319.5	$ 21,493.3	$ 19,973.8
Net product revenue
Disaggregation of Revenue [Line Items]
Revenue									20,377.3	19,866.4	18,776.5
Collaboration and other revenue
Disaggregation of Revenue [Line Items]
Revenue									1,942.2	1,626.9	1,197.3
Collaboration and other revenue associated with prior period transfers of intellectual property
Disaggregation of Revenue [Line Items]
Revenue									$ 301.5	$ 303.2	$ 144.9

Other Comprehensive Income (Loss) (Schedule of Component of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2018	Jan. 01, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 10,909.1
Reclassification of stranded tax effects and Adoption of new accounting standards				$ (128.9)
Other comprehensive income (loss) before reclassifications	(997.6)	$ (106.9)	$ 114.0
Net amount reclassified from accumulated other comprehensive loss	214.2	190.5	60.5
Net other comprehensive income (loss)	(783.4)	83.6	174.5
Reclassifications of stranded tax effects (Note 1)			(643.6)
Ending balance	2,699.1	10,909.1
Accumulated other comprehensive income (loss)	(6,523.6)	(5,729.2)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(5,740.2)	(5,694.9)	(5,225.8)
Ending balance	(6,523.6)	(5,740.2)	(5,694.9)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(5,729.2)	(5,718.6)	(5,274.0)
Reclassification of stranded tax effects and Adoption of new accounting standards				(105.2)
Reclassifications of stranded tax effects (Note 1)			(643.6)
Ending balance	(6,523.6)	(5,729.2)	(5,718.6)
Accumulated other comprehensive income (loss)		(5,730.0)	(5,720.0)		$ (5,270.0)
AOCI Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reclassification of stranded tax effects and Adoption of new accounting standards				(23.7)
Accumulated other comprehensive income (loss)		11.0	23.7		$ 48.2
Continuing Operations
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net other comprehensive income (loss)	(840.2)	69.3	45.3
Continuing Operations \| Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,569.7)	(1,191.7)	(1,686.6)
Reclassification of stranded tax effects and Adoption of new accounting standards				0.0
Other comprehensive income (loss) before reclassifications	(46.2)	(378.0)	525.6
Net amount reclassified from accumulated other comprehensive loss	(62.1)	0.0	8.1
Net other comprehensive income (loss)	(108.3)	(378.0)	533.7
Reclassifications of stranded tax effects (Note 1)			(38.8)
Ending balance	(1,678.0)	(1,569.7)	(1,191.7)
Continuing Operations \| Unrealized Net Gains (Losses) on Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(22.1)	113.5	224.0
Reclassification of stranded tax effects and Adoption of new accounting standards				(128.9)
Other comprehensive income (loss) before reclassifications	28.9	24.5	(15.7)
Net amount reclassified from accumulated other comprehensive loss	(1.9)	(31.2)	(110.6)
Net other comprehensive income (loss)	27.0	(6.7)	(126.3)
Reclassifications of stranded tax effects (Note 1)			15.8
Ending balance	4.9	(22.1)	113.5
Continuing Operations \| Defined Benefit Pension and Retiree Health Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,852.7)	(4,311.3)	(3,352.0)
Reclassification of stranded tax effects and Adoption of new accounting standards				0.0
Other comprehensive income (loss) before reclassifications	(967.6)	250.7	(532.1)
Net amount reclassified from accumulated other comprehensive loss	181.7	207.9	151.9
Net other comprehensive income (loss)	(785.9)	458.6	(380.2)
Reclassifications of stranded tax effects (Note 1)			(579.1)
Ending balance	(4,638.6)	(3,852.7)	(4,311.3)
Continuing Operations \| Effective Portion of Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(234.3)	(210.9)
Reclassification of stranded tax effects and Adoption of new accounting standards				0.0
Other comprehensive income (loss) before reclassifications		(16.3)	8.5
Net amount reclassified from accumulated other comprehensive loss		11.7	9.6
Net other comprehensive income (loss)		(4.6)	18.1
Reclassifications of stranded tax effects (Note 1)			(41.5)
Ending balance			(234.3)
Continuing Operations \| Effective Portion of Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(238.9)
Other comprehensive income (loss) before reclassifications	14.5
Net amount reclassified from accumulated other comprehensive loss	12.5
Net other comprehensive income (loss)	27.0
Ending balance	(211.9)	(238.9)
Discontinued Operations
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net other comprehensive income (loss)	56.8	14.3	129.2
Discontinued Operations \| Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(56.8)	(71.1)	(200.3)
Reclassification of stranded tax effects and Adoption of new accounting standards				$ 0.0
Other comprehensive income (loss) before reclassifications	(27.2)	12.2	127.7
Net amount reclassified from accumulated other comprehensive loss	84.0	2.1	1.5
Net other comprehensive income (loss)	56.8	14.3	129.2
Reclassifications of stranded tax effects (Note 1)			0.0
Ending balance	$ 0.0	$ (56.8)	$ (71.1)

Financial Instruments (Schedule of Fair Value Measurement) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Noncurrent investments:
Noncurrent investments	$ 1,962.4	$ 2,005.4
Carrying Amount
Statement [Line Items]
Cash equivalents	1,025.4	5,727.1
Short-term investments:
Debt securities	101.0	88.2
Noncurrent investments:
Equity investments without readily determinable fair values	405.0	414.7
Noncurrent investments	1,962.4	2,005.4
Cost
Statement [Line Items]
Cash equivalents	1,025.4	5,727.1
Fair Value
Statement [Line Items]
Cash equivalents	1,025.4	5,727.1
Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Statement [Line Items]
Cash equivalents	1,025.4	5,727.1
Fair Value \| Significant Other Observable Inputs (Level 2)
Statement [Line Items]
Cash equivalents	0.0	0.0
Fair Value \| Significant Unobservable Inputs (Level 3)
Statement [Line Items]
Cash equivalents	0.0	0.0
U.S. government and agency securities \| Carrying Amount
Short-term investments:
Debt securities	7.2	16.9
Noncurrent investments:
Noncurrent investments, debt securities	77.2	149.1
U.S. government and agency securities \| Cost
Short-term investments:
Debt securities	7.2	17.1
Noncurrent investments:
Noncurrent investments, debt securities	76.3	153.6
U.S. government and agency securities \| Fair Value
Short-term investments:
Debt securities	7.2	16.9
Noncurrent investments:
Noncurrent investments, debt securities	77.2	149.1
U.S. government and agency securities \| Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Short-term investments:
Debt securities	7.2	16.9
Noncurrent investments:
Noncurrent investments, debt securities	77.2	149.1
U.S. government and agency securities \| Fair Value \| Significant Other Observable Inputs (Level 2)
Short-term investments:
Debt securities	0.0	0.0
Noncurrent investments:
Noncurrent investments, debt securities	0.0	0.0
U.S. government and agency securities \| Fair Value \| Significant Unobservable Inputs (Level 3)
Short-term investments:
Debt securities	0.0	0.0
Noncurrent investments:
Noncurrent investments, debt securities	0.0	0.0
Corporate debt securities \| Carrying Amount
Short-term investments:
Debt securities	81.4	62.2
Noncurrent investments:
Noncurrent investments, debt securities	271.1	568.0
Corporate debt securities \| Cost
Short-term investments:
Debt securities	81.1	62.6
Noncurrent investments:
Noncurrent investments, debt securities	267.8	587.8
Corporate debt securities \| Fair Value
Short-term investments:
Debt securities	81.4	62.2
Noncurrent investments:
Noncurrent investments, debt securities	271.1	568.0
Corporate debt securities \| Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Short-term investments:
Debt securities	0.0	0.0
Noncurrent investments:
Noncurrent investments, debt securities	0.0	0.0
Corporate debt securities \| Fair Value \| Significant Other Observable Inputs (Level 2)
Short-term investments:
Debt securities	81.4	62.2
Noncurrent investments:
Noncurrent investments, debt securities	271.1	568.0
Corporate debt securities \| Fair Value \| Significant Unobservable Inputs (Level 3)
Short-term investments:
Debt securities	0.0	0.0
Noncurrent investments:
Noncurrent investments, debt securities	0.0	0.0
Asset-backed securities \| Carrying Amount
Short-term investments:
Debt securities	2.6	7.6
Noncurrent investments:
Noncurrent investments, debt securities	30.0	27.7
Asset-backed securities \| Cost
Short-term investments:
Debt securities	2.6	7.7
Noncurrent investments:
Noncurrent investments, debt securities	29.6	27.9
Asset-backed securities \| Fair Value
Short-term investments:
Debt securities	2.6	7.6
Noncurrent investments:
Noncurrent investments, debt securities	30.0	27.7
Asset-backed securities \| Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Short-term investments:
Debt securities	0.0	0.0
Noncurrent investments:
Noncurrent investments, debt securities	0.0	0.0
Asset-backed securities \| Fair Value \| Significant Other Observable Inputs (Level 2)
Short-term investments:
Debt securities	2.6	7.6
Noncurrent investments:
Noncurrent investments, debt securities	30.0	27.7
Asset-backed securities \| Fair Value \| Significant Unobservable Inputs (Level 3)
Short-term investments:
Debt securities	0.0	0.0
Noncurrent investments:
Noncurrent investments, debt securities	0.0	0.0
Other securities \| Carrying Amount
Short-term investments:
Debt securities	9.8	1.5
Other securities \| Cost
Short-term investments:
Debt securities	9.8	1.5
Other securities \| Fair Value
Short-term investments:
Debt securities	9.8	1.5
Other securities \| Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Short-term investments:
Debt securities	0.0	0.0
Other securities \| Fair Value \| Significant Other Observable Inputs (Level 2)
Short-term investments:
Debt securities	0.0	1.5
Other securities \| Fair Value \| Significant Unobservable Inputs (Level 3)
Short-term investments:
Debt securities	9.8	0.0
Mortgage-backed securities \| Carrying Amount
Noncurrent investments:
Noncurrent investments, debt securities	101.1	111.4
Mortgage-backed securities \| Cost
Noncurrent investments:
Noncurrent investments, debt securities	99.6	114.5
Mortgage-backed securities \| Fair Value
Noncurrent investments:
Noncurrent investments, debt securities	101.1	111.4
Mortgage-backed securities \| Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Noncurrent investments:
Noncurrent investments, debt securities	0.0	0.0
Mortgage-backed securities \| Fair Value \| Significant Other Observable Inputs (Level 2)
Noncurrent investments:
Noncurrent investments, debt securities	101.1	111.4
Mortgage-backed securities \| Fair Value \| Significant Unobservable Inputs (Level 3)
Noncurrent investments:
Noncurrent investments, debt securities	0.0	0.0
Other securities \| Carrying Amount
Noncurrent investments:
Equity securities	60.0	87.8
Other securities \| Cost
Noncurrent investments:
Equity securities	27.4	29.7
Other securities \| Fair Value
Noncurrent investments:
Equity securities	60.0	87.8
Other securities \| Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Noncurrent investments:
Equity securities	0.0	0.0
Other securities \| Fair Value \| Significant Other Observable Inputs (Level 2)
Noncurrent investments:
Equity securities	0.0	0.0
Other securities \| Fair Value \| Significant Unobservable Inputs (Level 3)
Noncurrent investments:
Equity securities	60.0	87.8
Marketable equity securities \| Carrying Amount
Noncurrent investments:
Equity securities	718.6	357.5
Marketable equity securities \| Cost
Noncurrent investments:
Equity securities	254.4	238.3
Marketable equity securities \| Fair Value
Noncurrent investments:
Equity securities	718.6	357.5
Marketable equity securities \| Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Noncurrent investments:
Equity securities	718.6	357.5
Marketable equity securities \| Fair Value \| Significant Other Observable Inputs (Level 2)
Noncurrent investments:
Equity securities	0.0	0.0
Marketable equity securities \| Fair Value \| Significant Unobservable Inputs (Level 3)
Noncurrent investments:
Equity securities	0.0	0.0
Equity method investments \| Carrying Amount
Noncurrent investments:
Equity method investments	$ 299.4	$ 289.2

Asset Impairment, Restructuring, and Other Special Charges (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unusual or Infrequent Item [Line Items]
Severance									$ 77.8	$ 127.8	$ 601.0
Asset impairment and other special charges									497.8	139.1	283.9
Asset impairment, restructuring, and other special charges	$ 151.7	$ 0.0	$ 0.0	$ 423.9	$ 192.7	$ 42.9	$ (25.5)	$ 56.8	575.6	266.9	1,331.6
United States
Unusual or Infrequent Item [Line Items]
Pension and post-retirement medical charges associated with U.S. voluntary early retirement program (see Note 15)									$ 0.0	$ 0.0	$ 446.7

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

We determine if an arrangement is a lease at inception. We have leases with terms up to 13 years for corporate offices, research and development facilities, vehicles, and equipment, including some of which have options to extend and/or early-terminate the leases. We determine the lease term by assuming the exercise of any renewal and/or early-termination options that are reasonably assured.

Beginning January 1, 2019, operating lease right-of-use assets have been presented in operating lease assets in our consolidated balance sheet, and the current and long-term portions of operating lease liabilities are included in other current liabilities and noncurrent operating lease liabilities, respectively, in our consolidated balance sheet. Short-term leases, which are deemed at inception to have a lease term of 12 months or less, are not recorded on the consolidated balance sheet.

Operating lease assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Lease expense for operating lease assets, which is recognized on a straight-line basis over the lease term, was $172.8 million during the year ended December 31, 2019. Variable lease payments, which represent non-lease components such as maintenance, insurance and taxes, and which vary due to changes in facts or circumstances occurring after the commencement date other than the passage of time, are expensed in the period in which the payment obligation is incurred and were not material during the year ended December 31, 2019. Short-term lease expense was not material during the year ended December 31, 2019.

Supplemental balance sheet information related to operating leases as of December 31, 2019 was as follows:




Weighted-average remaining lease term	8 years
Weighted-average discount rate	3.6	%

Supplemental cash flow information related to operating leases during the year ended December 31, 2019 was as follows:




Operating cash flows from operating leases	$	153.6
Right-of-use assets obtained in exchange for new operating lease liabilities	81.2

The annual minimum lease payments of our operating lease liabilities as of December 31, 2019 were as follows:




Year 1	$	138.1
Year 2	111.0
Year 3	82.3
Year 4	60.6
Year 5	55.7
After Year 5	272.7
Total lease payments	720.4
Less imputed interest	112.0
Total	$	608.4

Rental expense for all leases, including contingent rentals (not material), was $175.7 million and $177.4 million for the years ended December 31, 2018 and 2017, respectively.

Finance leases are included in property and equipment, short-term borrowings and current maturities of long-term debt, and long-term debt in our consolidated balance sheets. Finance leases are not material to our consolidated financial statements.

Leases

Supplemental balance sheet information related to operating leases as of December 31, 2019 was as follows:




Weighted-average remaining lease term	8 years
Weighted-average discount rate	3.6	%

Supplemental cash flow information related to operating leases during the year ended December 31, 2019 was as follows:




Operating cash flows from operating leases	$	153.6
Right-of-use assets obtained in exchange for new operating lease liabilities	81.2

The annual minimum lease payments of our operating lease liabilities as of December 31, 2019 were as follows:




Year 1	$	138.1
Year 2	111.0
Year 3	82.3
Year 4	60.6
Year 5	55.7
After Year 5	272.7
Total lease payments	720.4
Less imputed interest	112.0
Total	$	608.4

Rental expense for all leases, including contingent rentals (not material), was $175.7 million and $177.4 million for the years ended December 31, 2018 and 2017, respectively.

Revenue (Contract Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 264.6	$ 294.9

Discontinued Operations

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On September 24, 2018, Elanco completed its initial public offering (IPO) resulting in the issuance of 72.3 million shares of its common stock, which represented 19.8 percent of Elanco's outstanding shares, at $24 per share.

In connection with the completion of the IPO, through a series of equity and other transactions, we transferred to Elanco the animal health businesses that formed its business. In exchange, Elanco transferred to us consideration of approximately $4.2 billion, which consisted primarily of the net proceeds from the IPO and the net proceeds from a $2.00 billion debt offering and a $500.0 million three-year term loan facility entered into by Elanco in August 2018. The consideration that we received was used for debt repayment, dividends, and share repurchases. The excess of the net proceeds from the IPO over the net book value of our divested interest was $629.2 million and was recorded in additional paid-in capital. As of December 31, 2018, the noncontrolling interest of $1.02 billion associated with Elanco was reflected in noncontrolling interests in the consolidated balance sheet.

Through March 11, 2019, we continued to consolidate Elanco, as we retained control over Elanco. We completed the disposition of our remaining 80.2 percent ownership of Elanco common stock through a tax-free exchange offer that closed on on March 11, 2019 (the disposition date). The earnings attributable to the divested, noncontrolling interest for the period from the IPO until disposition were not material.

As a result of the disposition, in the first quarter of 2019, we recognized a gain related to the disposition of approximately $3.7 billion, and we presented Elanco, including the gain related to the disposition, as discontinued operations in our consolidated financial statements for all periods presented.

The following table sets summarizes revenue and net income (loss) from discontinued operations:



	2019		2018		2017
Revenue from discontinued operations	$	580.0	$	3,062.4	$	2,897.5
Net income (loss) from discontinued operations	3,680.5		81.4		(117.7		)

The following table presents the major classes of assets and liabilities from discontinued operations at December 31, 2018:



	December 31, 2018
Inventories	$	1,013.7
Other current assets	1,215.4
Current assets of discontinued operations	$	2,229.1

Goodwill	$	2,980.9
Other intangibles, net	2,453.0
Property and equipment, net	923.4
Other assets	126.8
Noncurrent assets of discontinued operations	$	6,484.1

Current liabilities of discontinued operations	$	692.8

Long-term debt	$	2,443.3
Other liabilities	299.0
Noncurrent liabilities of discontinued operations	$	2,742.3

The gain related to the disposition of Elanco in the consolidated statement of cash flows includes the operating results of Elanco through the disposition date, which were not material. Net cash flows of our discontinued operations for operating and investing activities for the year ended December 31, 2019 were not material. Net cash provided by operating activities related to our discontinued operations was approximately $500 million and $300 million for the years ended December 31, 2018 and 2017, respectively. Net cash used by investing activities related to our discontinued operations was approximately $130 million and $960 million for the years ended December 31, 2018 and 2017, respectively.

We entered into a transitional services agreement (TSA) with Elanco that is designed to facilitate the orderly transfer of various services to Elanco. The TSA relates primarily to administrative services, which are generally to be provided over 24 months from the disposition date. This agreement is not material and does not confer upon us the ability to influence the operating and/or financial policies of Elanco subsequent to the disposition date.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Discontinued operations cash	$ 0.0	$ 677.5	$ 324.4	$ 258.8

Retirement Benefits (Schedule of Benefit Obligations and Plan Assets and Funded Status) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Pension Plans
Change in benefit obligation:
Benefit obligation at beginning of year	$ 13,427.1	$ 14,839.7
Service cost	250.4	292.7	$ 320.8
Interest cost	486.0	458.5	411.6
Actuarial (gain) loss	2,631.7	(1,386.5)
Benefits paid	(584.2)	(579.4)
Plan amendments	0.0	17.6
Curtailment (gain) loss	(16.8)	(43.9)
Foreign currency exchange rate changes and other adjustments	56.8	(171.6)
Benefit obligation at end of year	16,251.0	13,427.1	14,839.7
Change in plan assets:
Fair value of plan assets at beginning of year	10,932.6	11,713.0
Actual return on plan assets	2,012.0	(360.1)
Employer contribution	429.9	319.0
Benefits paid	(584.2)	(579.4)
Foreign currency exchange rate changes and other adjustments	67.7	(159.9)
Fair value of plan assets at end of year	12,858.0	10,932.6	11,713.0
Funded status	(3,393.0)	(2,494.5)
Unrecognized net actuarial (gain) loss	6,177.6	5,011.3
Unrecognized prior service (benefit) cost	17.4	25.0
Net amount recognized	2,802.0	2,541.8
Retiree Health Benefit Plans
Change in benefit obligation:
Benefit obligation at beginning of year	1,540.0	1,718.7
Service cost	36.3	41.5	46.4
Interest cost	58.0	57.3	52.9
Actuarial (gain) loss	54.3	(176.9)
Benefits paid	(87.3)	(82.8)
Plan amendments	0.0	(14.1)
Curtailment (gain) loss	(0.5)	2.5
Foreign currency exchange rate changes and other adjustments	0.6	(6.2)
Benefit obligation at end of year	1,601.4	1,540.0	1,718.7
Change in plan assets:
Fair value of plan assets at beginning of year	2,398.1	2,372.4
Actual return on plan assets	444.1	32.6
Employer contribution	13.2	75.9
Benefits paid	(87.3)	(82.8)
Foreign currency exchange rate changes and other adjustments	0.1	0.0
Fair value of plan assets at end of year	2,768.2	2,398.1	$ 2,372.4
Funded status	1,166.8	858.1
Unrecognized net actuarial (gain) loss	(111.6)	140.6
Unrecognized prior service (benefit) cost	(236.4)	(299.9)
Net amount recognized	$ 818.8	$ 698.8

Revenue

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue

The following table summarizes our revenue recognized in our consolidated statements of operations:



	2019		2018		2017
Net product revenue	$	20,377.3	$	19,866.4	$	18,776.5
Collaboration and other revenue⁽¹⁾	1,942.2		1,626.9		1,197.3
Revenue	$	22,319.5	$	21,493.3	$	19,973.8

We recognize revenue primarily from two different types of contracts, product sales to customers (net product revenue) and collaborations and other arrangements. Revenue recognized from collaborations and other arrangements will include our share of profits from the collaboration, as well as royalties, upfront and milestone payments we receive under these types of contracts. See Note 4 for additional information related to our collaborations and other arrangements. Collaboration and other revenue disclosed above includes the revenue from the Trajenta^® and Jardiance^® families of products resulting from our collaboration with Boehringer Ingelheim discussed in Note 4. Substantially all of the remainder of collaboration and other revenue is related to contracts accounted for as contracts with customers.

Net Product Revenue

Revenue from sales of products is recognized at the point where the customer obtains control of the goods and we satisfy our performance obligation, which generally is at the time we ship the product to the customer. Payment terms differ by jurisdiction and customer, but payment terms in most of our major jurisdictions typically range from 30 to 70 days from date of shipment. Revenue for our product sales has not been adjusted for the effects of a financing component as we expect, at contract inception, that the period between when we transfer control of the product and when we receive payment will be one year or less. Any exceptions are either not material or we collect interest for payments made after the due date. Provisions for rebates, discounts, and returns are established in the same period the related sales are recognized. We generally ship product shortly after orders are received; therefore, we generally only have a few days of orders received but not yet shipped at the end of any reporting period. Shipping and handling activities are considered to be fulfillment activities and are not considered to be a separate performance obligation. We exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are imposed on our sales of product and collected from a customer.

Most of our products are sold to wholesalers that serve pharmacies, physicians and other health care professionals, and hospitals. For the years ended December 31, 2019, 2018, and 2017, our three largest wholesalers each accounted for between 14 percent and 21 percent of consolidated total revenue. Further, they each accounted for between 19 percent and 25 percent of accounts receivable as of December 31, 2019 and 2018.

Significant judgments must be made in determining the transaction price for our sales of products related to anticipated rebates, discounts and returns. The following describe the most significant of these judgments:

Sales Rebates and Discounts - Background and Uncertainties

•

We initially invoice our customers at contractual list prices. Contracts with direct and indirect customers may provide for various rebates and discounts that may differ in each contract. As a consequence, to determine the appropriate transaction price for our product sales at the time we recognize a sale to a direct customer, we must estimate any rebates or discounts that ultimately will be due to the direct customer and other customers in the distribution chain under the terms of our contracts. Significant judgments are required in making these estimates.


•	The rebate and discount amounts are recorded as a deduction to arrive at our net product revenue. Sales rebates and discounts that require the use of judgment in the establishment of the accrual

include managed care, Medicare, Medicaid, chargebacks, long-term care, hospital, patient assistance programs, and various other programs. We estimate these accruals using an expected value approach.

•

The largest of our sales rebate and discount amounts are rebates associated with sales covered by managed care, Medicare, Medicaid, chargeback, and patient assistance programs in the U.S. In determining the appropriate accrual amount, we consider our historical rebate payments for these programs by product as a percentage of our historical sales as well as any significant changes in sales trends (e.g., patent expiries and product launches), an evaluation of the current contracts for these programs, the percentage of our products that are sold via these programs, and our product pricing. Although we accrue a liability for rebates related to these programs at the time we record the sale, the rebate related to that sale is typically paid up to six months later. Because of this time lag, in any particular period our rebate adjustments may incorporate revisions of accruals for several periods.

•

Most of our rebates outside the U.S. are contractual or legislatively mandated and are estimated and recognized in the same period as the related sales. In some large European countries, government rebates are based on the anticipated budget for pharmaceutical payments in the country. An estimate of these rebates, updated as governmental authorities revise budgeted deficits, is recognized in the same period as the related sale.

Sales Returns - Background and Uncertainties

•

When product sales occur, to determine the appropriate transaction price for our sales, we estimate a reserve for future product returns related to those sales using an expected value approach. This estimate is based on several factors, including: historical return rates, expiration date by product (on average, approximately 24 months after the initial sale of a product to our customer), and estimated levels of inventory in the wholesale and retail channels, as well as any other specifically-identified anticipated returns due to known factors such as the loss of patent exclusivity, product recalls and discontinuances, or a changing competitive environment. We maintain a returns policy that allows U.S. customers to return product for dating issues within a specified period prior to and subsequent to the product's expiration date. Following the loss of exclusivity for a patent-dependent product, we expect to experience an elevated level of product returns as product inventory remaining in the wholesale and retail channels expires. Adjustments to the returns reserve have been and may in the future be required based on revised estimates to our assumptions. We record the return amounts as a deduction to arrive at our net product revenue. Once the product is returned, it is destroyed; we do not record a right of return asset. Our returns policies outside the U.S. are generally more restrictive than in the U.S. as returns are not allowed for reasons other than failure to meet product specifications in many countries. Our reserve for future product returns for product sales outside the U.S. is not material.

•

As a part of our process to estimate a reserve for product returns, we regularly review the supply levels of our significant products sold to major wholesalers in the U.S. and in major markets outside the U.S., primarily by reviewing periodic inventory reports supplied by our major wholesalers and available prescription volume information for our products, or alternative approaches. We attempt to maintain U.S. wholesaler inventory levels at an average of approximately one month or less on a consistent basis across our product portfolio. Causes of unusual wholesaler buying patterns include actual or anticipated product-supply issues, weather patterns, anticipated changes in the transportation network, redundant holiday stocking, and changes in wholesaler business operations. In the U.S., the current structure of our arrangements provides us with data on inventory levels at our wholesalers; however, our data on inventory levels in the retail channel is more limited. Wholesaler stocking and destocking activity historically has not caused any material changes in the rate of actual product returns.


•	Actual product returns have been less than 2 percent of our net revenue over each of the past three years and have not fluctuated significantly as a percentage of revenue, although fluctuations are more likely in periods following loss of patent exclusivity for major products in the U.S. market.

Adjustments to Revenue

Adjustments to revenue recognized as a result of changes in estimates for the judgments described above for our most significant U.S. sales returns, rebates, and discounts liability balances for products shipped in previous periods were approximately 2 percent and 1 percent of U.S revenue during 2019 and 2018, respectively.

Collaboration and Other Arrangements

We recognize several types of revenue from our collaborations and other arrangements, which we discuss in general terms immediately below and more specifically in Note 4 for each of our material collaborations and other arrangements. Our collaborations and other arrangements are not contracts with customers but are evaluated to determine whether any aspects of the arrangements are contracts with customers.


•	Revenue related to products we sell pursuant to these arrangements is included in net product revenue, while other sources of revenue (e.g., royalties and profit sharing from our partner) are included in collaboration and other revenue.


•	Initial fees and developmental milestones we receive in collaborative and other similar arrangements from the partnering of our compounds under development are generally deferred and amortized into income through the expected product approval date.


•	Profit-sharing due from our collaboration partners, which is based upon gross margins reported to us by our partners, is recognized as collaboration and other revenue as earned.


•	Royalty revenue from licensees, which is based on sales to third-parties of licensed products and technology, is recorded when the third-party sale occurs and the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). This royalty revenue is included in collaboration and other revenue.

•

For arrangements involving multiple goods or services (e.g., research and development, marketing and selling, manufacturing, and distribution), each required good or service is evaluated to determine whether it is distinct. If a good or service does not qualify as distinct, it is combined with the other non-distinct goods or services within the arrangement and these combined goods or services are treated as a single performance obligation for accounting purposes. The arrangement's transaction price is then allocated to each performance obligation based on the relative standalone selling price of each performance obligation. For arrangements that involve variable consideration where we have sold intellectual property, we recognize revenue based on estimates of the amount of consideration we believe we will be entitled to receive from the other party, subject to a constraint. These estimates are adjusted to reflect the actual amounts to be collected when those facts and circumstances become known.


•	Significant judgments must be made in determining the transaction price for our sales of intellectual property. Because of the risk that products in development will not receive regulatory approval, we generally do not recognize any contingent payments that would be due to us upon or after regulatory approval.


•	We have entered into arrangements whereby we transferred rights to products and committed to supply for a period of time. For those arrangements for which we concluded that the obligations were not distinct, any amounts received upfront are being amortized to revenue as net product revenue over the period of the supply arrangement as the performance obligation is satisfied.

Contract Liabilities

Our contract liabilities result from arrangements where we have received payment in advance of performance under the contract and do not include sales returns, rebates, and discounts. Changes in contract liabilities are generally due to either receipt of additional advance payments or our performance under the contract.

The following table summarizes contract liability balances:



	2019		2018
Contract liabilities	$	264.6	$	294.9

The contract liabilities balances disclosed above as of December 31, 2019 and 2018 were primarily related to the remaining license period of symbolic intellectual property and obligations to supply product for a defined period of time.

During the years ended December 31, 2019 and 2018, revenue recognized from contract liabilities as of the beginning of the year was not material. Revenue expected to be recognized in the future from contract liabilities as the related performance obligations are satisfied is not expected to be material in any one year.

Disaggregation of Revenue

The following table summarizes revenue by product:



	U.S.⁽¹⁾						Outside U.S.
	2019		2018		2017		2019		2018		2017
Revenue—to unaffiliated customers:
Endocrinology:
Trulicity^®	$	3,155.2	$	2,515.8	$	1,609.8	$	972.7	$	683.3	$	419.9
Humalog^{® (2)}	1,669.7		1,787.8		1,717.8		1,151.0		1,208.7		1,147.4
Forteo^®	645.5		757.9		965.2		759.1		817.7		783.8
Humulin^®	879.7		910.2		884.6		410.4		421.2		450.7
Basaglar^®	876.2		622.8		311.1		236.3		178.5		121.0
Jardiance⁽³⁾	565.9		400.2		290.4		378.3		258.1		157.0
Trajenta ⁽⁴⁾	224.8		224.2		213.2		365.8		350.5		324.7
Other Endocrinology	293.7		292.7		380.9		230.1		272.5		307.7
Total Endocrinology	8,310.7		7,511.6		6,373.0		4,503.7		4,190.5		3,712.2
Oncology:
Alimta^®	1,219.5		1,131.0		1,034.3		896.4		1,001.9		1,028.2
Cyramza^®	335.3		291.5		278.8		589.9		529.9		479.6
Verzenio^®	454.8		248.5		21.0		124.9		6.6		—
Erbitux^®	487.9		531.6		541.7		55.4		103.8		104.2
Other Oncology	111.0		200.6		174.6		339.3		215.1		149.6
Total Oncology	2,608.5		2,403.2		2,050.4		2,005.9		1,857.3		1,761.6
Immunology:
Taltz^®	1,016.8		738.7		486.0		349.6		198.7		73.2
Olumiant^®	42.2		6.7		—		384.7		195.9		45.8
Total Immunology	1,059.0		745.4		486.0		734.3		394.6		119.0
Neuroscience:
Cymbalta^®	49.6		54.3		114.9		675.8		653.7		642.2
Zyprexa^®	41.0		36.2		75.5		377.6		435.1		505.7
Strattera^®	30.8		89.7		284.9		211.7		361.1		333.3
Emgality^®	154.9		4.9		—		7.7		—		—
Other Neuroscience	80.2		92.3		115.7		93.6		93.4		98.9
Total Neuroscience	356.5		277.4		591.0		1,366.4		1,543.3		1,580.1
Other:
Cialis ^®	231.7		1,129.2		1,358.6		658.8		722.7		964.5
Other	156.2		325.1		555.4		327.7		393.0		422.0
Total Other	387.9		1,454.3		1,914.0		986.5		1,115.7		1,386.5
Revenue	$	12,722.6	$	12,391.9	$	11,414.4	$	9,596.8	$	9,101.4	$	8,559.4

Numbers may not add due to rounding.

⁽¹⁾ U.S. revenue includes revenue in Puerto Rico.

⁽²⁾Humalog revenue includes insulin lispro.

⁽³⁾Jardiance revenue includes Glyxambi^®and Synjardy^®.

⁽⁴⁾Trajenta revenue includes Jentadueto^®.

The following table summarizes revenue by geographical area:



	2019		2018		2017
Revenue—to unaffiliated customers⁽¹⁾:
U.S.	$	12,722.6	$	12,391.9	$	11,414.4
Europe	3,765.0		3,663.1		3,390.6
Japan	2,547.6		2,407.4		2,339.5
Other foreign countries	3,284.3		3,030.9		2,829.3
Revenue	$	22,319.5	$	21,493.3	$	19,973.8

Numbers may not add due to rounding.

⁽¹⁾Revenue is attributed to the countries based on the location of the customer.

Revenue (Narrative) (Details)	12 Months Ended
Revenue (Narrative) (Details)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in Accounting Estimate [Line Items]
Revenue, performance obligation, payment terms, days from date of shipment, minimum	30 days
Revenue, performance obligation, payment terms, days from date of shipment, maximum	70 days
Revenue, performance obligation, payment terms, financing component, period between transfer of control and payment receipt (or less)	1 year
Revenue, performance obligation, sales rebate payment period (up to)	6 months
Revenue, performance obligation, sales returns, product expiration date	24 months
Revenue, performance obligation, sales returns, average inventory level (or less)	1 month
Revenue, performance obligation, sales returns, percentage of net revenue (less than)	0.02	0.02	0.02
U.S. \| Sales returns, rebates, and discounts
Change in Accounting Estimate [Line Items]
Revenue, information used to determine revenue recognized, change in accounting estimate, percent	2.00%	1.00%
Revenue Benchmark \| Minimum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage		15.00%	14.00%
Revenue Benchmark \| Maximum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage		20.00%	21.00%
Accounts Receivable \| Minimum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage		19.00%
Accounts Receivable \| Maximum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage		25.00%
Three Largest Wholesales \| Revenue Benchmark \| Minimum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage	14.00%
Three Largest Wholesales \| Revenue Benchmark \| Maximum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage	21.00%
Three Largest Wholesales \| Accounts Receivable \| Minimum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage	19.00%
Three Largest Wholesales \| Accounts Receivable \| Maximum
Change in Accounting Estimate [Line Items]
Concentration risk, percentage	25.00%

Borrowings (Schedule of Long-term Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Short-term commercial paper borrowings	$ 1,494.2	$ 498.9
0.15 to 7.13 percent long-term notes (due 2022-2059)	13,638.5	9,640.8
Other long-term debt	12.9	10.1
Unamortized debt issuance costs	(73.6)	(28.4)
Fair value adjustment on hedged long-term notes	245.2	177.2
Total debt	15,317.2	10,298.6
Less current portion	(1,499.3)	(1,102.2)
Long-term debt	$ 13,817.9	$ 9,196.4
Minimum
Debt Instrument [Line Items]
Stated interest rate	0.15%
Maximum
Debt Instrument [Line Items]
Stated interest rate	7.13%

Goodwill and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-lived Intangible Assets other than Goodwill

The components of intangible assets other than goodwill at December 31 were as follows:



	2019							2018
Description	Carrying Amount, Gross		Accumulated Amortization			Carrying Amount, Net		Carrying Amount, Gross		Accumulated Amortization			Carrying Amount, Net
Finite-lived intangible assets:
Marketed products	$	3,150.2	$	(1,244.6	)	$	1,905.6	$	2,077.2	$	(1,069.0	)	$	1,008.2
Other	94.2		(51.8		)	42.4		89.5		(29.7		)	59.8
Total finite-lived intangible assets	3,244.4		(1,296.4		)	1,948.0		2,166.7		(1,098.7		)	1,068.0
Indefinite-lived intangible assets:
Acquired IPR&D	4,670.0		—			4,670.0		—		—			—
Other intangibles	$	7,914.4	$	(1,296.4	)	$	6,618.0	$	2,166.7	$	(1,098.7	)	$	1,068.0

Schedule of Indefinite-lived Intangible Assets other than Goodwill

The components of intangible assets other than goodwill at December 31 were as follows:



	2019							2018
Description	Carrying Amount, Gross		Accumulated Amortization			Carrying Amount, Net		Carrying Amount, Gross		Accumulated Amortization			Carrying Amount, Net
Finite-lived intangible assets:
Marketed products	$	3,150.2	$	(1,244.6	)	$	1,905.6	$	2,077.2	$	(1,069.0	)	$	1,008.2
Other	94.2		(51.8		)	42.4		89.5		(29.7		)	59.8
Total finite-lived intangible assets	3,244.4		(1,296.4		)	1,948.0		2,166.7		(1,098.7		)	1,068.0
Indefinite-lived intangible assets:
Acquired IPR&D	4,670.0		—			4,670.0		—		—			—
Other intangibles	$	7,914.4	$	(1,296.4	)	$	6,618.0	$	2,166.7	$	(1,098.7	)	$	1,068.0

Finite-lived Intangible Assets Amortization Expense

Amortization expense related to finite-lived intangible assets was as follows:



	2019		2018		2017
Amortization expense	$	225.8	$	361.3	$	462.2

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated amortization expense for each of the next five years associated with our finite-lived intangible assets as of December 31, 2019 is as follows:



	2020		2021		2022		2023		2024
Estimated amortization expense	$	234.3	$	235.2	$	227.3	$	215.6	$	165.7

Selected Quarterly Data (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Data (unaudited)



2019	Fourth			Third		Second			First
Revenue	$	6,114.0		$	5,476.6	$	5,636.7		$	5,092.2
Cost of sales	1,282.6			1,175.0		1,124.9			1,138.7
Operating expenses⁽¹⁾	3,279.5			2,793.2		2,988.5			2,747.6
Acquired IPR&D	—			77.7		25.0			136.9
Asset impairment, restructuring, and other special charges⁽²⁾	151.7			—		—			423.9
Income before income taxes	1,663.1			1,405.8		1,465.9			731.1
Income taxes	167.4			151.9		138.7			170.0
Net income from continuing operations	1,495.7			1,253.9		1,327.2			561.1
Net Income from discontinued operations	—			—		—			3,680.5
Net income	1,495.7			1,253.9		1,327.2			4,241.6
EPS from continuing operations - basic	1.64			1.37		1.44			0.57
EPS from discontinued operations - basic	—			—		—			3.76
EPS—basic	1.64			1.37		1.44			4.33
EPS from continuing operations - diluted	1.64			1.37		1.44			0.57
EPS from discontinued operations - diluted	—			—		—			3.74
EPS—diluted	1.64			1.37		1.44			4.31
Dividends paid per share	0.6450			0.6450		0.6450			0.6450

2018	Fourth			Third		Second			First
Revenue	$	5,637.6		$	5,306.9	$	5,585.0		$	4,963.8
Cost of sales	1,129.9			1,152.9		1,234.3			1,164.6
Operating expenses⁽¹⁾	3,085.5			2,738.1		2,756.6			2,446.2
Acquired IPR&D⁽³⁾	329.4			30.0		1,624.5			—
Asset impairment, restructuring, and other special charges	192.7			42.9		(25.5		)	56.8
Income before income taxes	931.6			1,341.1		41.7			1,365.7
Income taxes⁽⁴⁾	(189.8		)	247.5		273.3			198.5
Net income (loss) from continuing operations	1,121.4			1,093.6		(231.6		)	1,167.2
Net Income (loss) from discontinued operations	3.7			55.9		(28.3		)	50.2
Net income (loss)	1,125.1			1,149.5		(259.9		)	1,217.4
Earnings (loss) per share from continuing operations - basic	1.11			1.07		(0.22		)	1.11
Earnings (loss) per share from discontinued operations - basic	—			0.06		(0.03		)	0.05
Earnings (loss) per share—basic	1.11			1.13		(0.25		)	1.16
Earnings (loss) per share from continuing operations - diluted	1.10			1.07		(0.22		)	1.11
Earnings (loss) per share from discontinued operations - diluted	—			0.05		(0.03		)	0.05
Earnings (loss) per share—diluted	1.10			1.12		(0.25		)	1.16
Dividends paid per share	0.5625			0.5625		0.5625			0.5625

⁽¹⁾Includes research and development and marketing, selling, and administrative expenses.

⁽³⁾ Acquired IPR&D charges in the second quarter of 2018 were primarily due to the ARMO acquisition. See Note 3 for further discussion.

⁽⁴⁾Income taxes in the fourth quarter of 2018 were a tax benefit primarily due to adjustments associated with U.S. tax reform. See Note 14 for further discussion.

Our common stock is listed under the ticker symbol LLY on the New York Stock Exchange (NYSE).

Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 2,034.6	$ 1,000.8	$ 843.3
Additions based on tax positions related to the current year	187.2	798.2	133.8
Additions for tax positions of prior years	425.3	410.9	93.8
Reductions for tax positions of prior years	(100.3)	(115.4)	(59.3)
Settlements	(260.5)	(33.2)	(2.4)
Lapses of statutes of limitation	(161.5)	(20.5)	(19.3)
Changes related to the impact of foreign currency translation, decrease	(16.2)	(6.2)
Changes related to the impact of foreign currency translation, increase			10.9
Ending balance	$ 2,108.6	$ 2,034.6	$ 1,000.8

Summary of Significant Accounting Policies and Implementation of New Financial Accounting Standards (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 11, 2019	Jan. 01, 2019	Jan. 01, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Advertising expense	$ 1,100.0	$ 900.0	$ 700.0
Advertising expense, percentage of revenue	5.00%	5.00%	5.00%
Operating lease, right-of-use asset	$ 532.1				$ 530.0
contract liabilities, reclassifed	264.6	$ 294.9
Operating lease, liability	608.4				595.0
Retained earnings	4,920.4	11,395.9
Accumulated other comprehensive loss	6,523.6	5,729.2
Deferred tax assets	$ 385.1	$ 1,301.1
Discontinued Operations, Disposed of by Sale \| Elanco
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposition of ownership interest				80.20%
Accounting Standards Update 2016-02
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
contract liabilities, reclassifed					$ (65.0)
Accounting Standards Update 2014-09
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Retained earnings						$ 5.0
Accounting Standards Update 2016-01
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Retained earnings						105.0
Accumulated other comprehensive loss						105.0
Accounting Standards Update 2016-16
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Retained earnings						700.0
Deferred tax assets						2,500.0
Deferred tax liabilities						$ 1,800.0
Accounting Standards Update 2018-02
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Retained earnings			$ 643.6

Other-Net, (Income) Expense

12 Months Ended

Dec. 31, 2019

Nonoperating Income (Expense) [Abstract]

Other-Net, (Income) Expense

Other–Net, (Income) Expense

Other–net, (income) expense consisted of the following:



	2019			2018			2017
Interest expense	$	400.6		$	242.5		$	225.0
Interest income	(80.4		)	(159.3		)	(166.4		)
Debt extinguishment loss (Note 11)	252.5			—			—
Gain on sale of antibiotic business in China (Note 3)	(309.8		)	—			—
Retirement benefit	(209.9		)	(240.5		)	(249.0		)
Other (income) expense	(344.6		)	11.7			(111.1		)
Other–net, (income) expense	$	(291.6	)	$	(145.6	)	$	(301.5	)

For the years ended December 31, 2019 and 2017, other income was primarily related to net gains on investments (Note 7).

Stock-Based Compensation (Schedule of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 306.8	$ 253.5	$ 256.3
Tax benefit	$ 64.4	$ 53.2	$ 64.1

Consolidated Statements of Shareholders' Equity Statement - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Employee Benefit Trust	Accumulated Other Comprehensive Loss	Common Stock in Treasury	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2016		1,101,586					711
Beginning balance at Dec. 31, 2016		$ 688.5	$ 5,640.6	$ 16,046.3	$ (3,013.2)	$ (5,274.0)	$ (80.5)	$ 72.8
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)				(204.1)				30.5
Other comprehensive income (loss), net of tax						199.0		(24.5)
Cash dividends declared				(2,234.6)
Retirement of treasury shares (in shares)		(4,390)					(4,390)
Retirement of treasury shares		$ (2.7)		(357.1)			$ 359.8
Purchase of treasury shares	$ (359.8)		60.0				$ (359.8)
Purchase of treasury shares (in shares)							4,390
Issuance of stock under employee stock plans, net (in shares)		3,476					(47)
Issuance of stock under employee stock plans, net		$ 2.1	(164.1)				$ 4.7
Stock-based compensation			281.3
Reclassification of stranded tax effects (Note 1)	(643.6)			643.6		(643.6)
Other								(3.1)
Ending balance (in shares) at Dec. 31, 2017		1,100,672					664
Ending balance at Dec. 31, 2017		$ 687.9	5,817.8	13,894.1	(3,013.2)	(5,718.6)	$ (75.8)	75.7
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)				3,232.0				3.7
Other comprehensive income (loss), net of tax						85.6		(2.0)
Cash dividends declared				(2,372.0)
Retirement of treasury shares (in shares)		(45,882)					(45,882)
Retirement of treasury shares		$ (28.7)		(4,122.0)			$ 4,150.7
Purchase of treasury shares	(4,150.0)						$ (4,150.7)
Purchase of treasury shares (in shares)							45,882
Issuance of stock under employee stock plans, net (in shares)		2,849					(60)
Issuance of stock under employee stock plans, net		$ 1.8	(139.0)				$ 6.4
Stock-based compensation			279.5
Sale of Elanco Stock (Note 19)			629.2			9.0		1,017.2
Other			(3.9)					(14.2)
Ending balance (in shares) at Dec. 31, 2018		1,057,639					604
Ending balance at Dec. 31, 2018	10,909.1	$ 661.0	6,583.6	11,395.9	(3,013.2)	(5,729.2)	$ (69.4)	1,080.4
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)				8,318.4				37.7
Other comprehensive income (loss), net of tax						(794.4)		11.0
Cash dividends declared				(2,430.5)
Retirement of treasury shares (in shares)		(102,640)					(102,640)
Retirement of treasury shares		$ (64.1)		(12,363.4)			$ 12,427.5
Purchase of treasury shares	(4,400.0)						$ (4,400.0)
Purchase of treasury shares (in shares)							37,639
Issuance of stock under employee stock plans, net (in shares)		3,057					(74)
Issuance of stock under employee stock plans, net		$ 1.9	(210.7)				$ 8.6
Stock-based compensation			312.4
Acquisition of common stock in exchange offer (in shares)							65,001
Acquisition of common stock in exchange offer							$ (8,027.5)
Deconsolidation of Elanco								(1,028.9)
Other								(8.0)
Ending balance (in shares) at Dec. 31, 2019		958,056					530
Ending balance at Dec. 31, 2019	$ 2,699.1	$ 598.8	$ 6,685.3	$ 4,920.4	$ (3,013.2)	$ (6,523.6)	$ (60.8)	$ 92.2

Acquisitions and Divestiture (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date:



Estimated Fair Value at February 15, 2019
Acquired IPR&D⁽¹⁾	$	4,670.0
Finite-lived intangibles⁽²⁾	980.0
Deferred income taxes	(1,032.8		)
Other assets and liabilities - net	(26.4		)
Total identifiable net assets	4,590.8
Goodwill⁽³⁾	2,326.9
Total consideration transferred - net of cash acquired	$	6,917.7

⁽¹⁾$4.60 billion of the acquired IPR&D relates to selpercatinib (LOXO-292).

⁽²⁾Contract-based intangibles (primarily related to Vitrakvi) which are being amortized to cost of sales on a straight-line basis over their estimated useful lives, were expected to have a weighted average useful life of approximately 12 years from the acquisition date.

⁽³⁾The goodwill recognized from this acquisition is attributable primarily to future unidentified projects and products and the assembled workforce for Loxo and is not deductible for tax purposes.

Schedule of Research and Development Assets Acquired Other than Through Business Combination

The following table and narrative summarize our asset acquisitions during 2019, 2018, and 2017.



Counterparty	Compound(s),Therapy, or Asset	Acquisition Month	Phase of Development⁽¹⁾	Acquired IPR&D Expense
AC Immune SA	Tau aggregation inhibitor small molecules for the potential treatment of Alzheimer's disease and other neurodegenerative diseases	January 2019 & September 2019⁽²⁾	Pre-clinical	$	127.1
ImmuNext, Inc.	Novel immunometabolism target	March 2019	Pre-clinical	40.0
Avidity Biosciences, Inc.	Potential new medicines in immunology and other select indications	April 2019	Pre-clinical	25.0
Centrexion Therapeutics Corporation	CNTX-0290, a novel, small molecule somatostatin receptor type 4 agonist	July 2019	Phase I	47.5

Sigilon Therapeutics	Encapsulated cell therapies for the potential treatment of type 1 diabetes	April 2018	Pre-clinical	66.9
AurKa Pharma, Inc.	AK-01, an Aurora kinase A inhibitor	June 2018	Phase I	81.8
ARMO BioSciences, Inc. (ARMO)	Cancer therapy - pegilodecakin	June 2018	Phase III	1,475.8
Anima Biotech	Translation inhibitors for selected neuroscience targets	July 2018	Pre-clinical	30.0
SIGA Technologies, Inc.	Priority Review Voucher	October 2018	Not applicable	80.0
Chugai Pharmaceutical Company	OWL833, an oral non-peptidic GLP-1 receptor agonist	October 2018	Pre-clinical	50.0
NextCure, Inc.	Immuno-oncology cancer therapies	November 2018	Pre-clinical⁽³⁾	28.1
Dicerna Pharmaceuticals, Inc.	Cardio-metabolic disease, neurodegeneration, and pain	December 2018	Pre-clinical	148.7
Hydra Biosciences	TRPA1 antagonists program for the potential treatment of chronic pain syndromes	December 2018	Pre-clinical	22.6

CoLucid Pharmaceuticals, Inc. (CoLucid)	Oral therapy for the acute treatment of migraine - lasmiditan	March 2017	Phase III	857.6
KeyBioscience AG	Multiple molecules for treatment of metabolic disorders	July 2017	Phase II	55.0
Nektar Therapeutics	Immunological therapy - NKTR-358	August 2017	Phase I	150.0
CureVac AG	Cancer vaccines	November 2017	Pre-clinical	50.0

⁽¹⁾The phase of development presented is as of the date of the arrangement and represents the phase of development of the most advanced asset acquired, where applicable.

⁽²⁾We recognized acquired IPR&D expenses of $96.9 million in January 2019 upon entering into a license agreement and $30.2 million in September 2019 upon entering into an amendment to the license agreement.

⁽³⁾This research and development collaboration agreement has been terminated, to be effective March 2020.

Retirement Benefits (Schedule of Components in Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Amounts recognized in the consolidated balance sheet consisted of:
Accrued retirement benefits	$ (3,698.2)	$ (2,802.2)
Defined Benefit Pension Plans
Amounts recognized in the consolidated balance sheet consisted of:
Other noncurrent assets	163.3	193.7
Other current liabilities	(65.3)	(64.2)
Accrued retirement benefits	(3,491.0)	(2,624.0)
Accumulated other comprehensive (income) loss before income taxes	6,195.0	5,036.3
Net amount recognized	2,802.0	2,541.8
Retiree Health Benefit Plans
Amounts recognized in the consolidated balance sheet consisted of:
Other noncurrent assets	1,381.3	1,043.6
Other current liabilities	(7.3)	(7.3)
Accrued retirement benefits	(207.2)	(178.2)
Accumulated other comprehensive (income) loss before income taxes	(348.0)	(159.3)
Net amount recognized	$ 818.8	$ 698.8

Inventories (Policies)	12 Months Ended
Inventories (Policies)	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventories	We use the last-in, first-out (LIFO) method for the majority of our inventories located in the continental U.S. Other inventories are valued by the first-in, first-out (FIFO) method. FIFO cost approximates current replacement cost.

Income Taxes (Schedule of Reconciliation of Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax at the U.S. federal statutory tax rate									$ 1,105.8	$ 772.8	$ 806.7
Add (deduct):
International operations, including Puerto Rico									(242.0)	(627.1)	(480.8)
General business credits									(108.8)	(87.4)	(66.8)
Non-deductible acquired IPR&D									0.0	309.9	300.1
2017 Tax Act									0.0	175.3	1,914.0
Other									(127.0)	(14.0)	(82.0)
Income taxes	$ 167.4	$ 151.9	$ 138.7	$ 170.0	$ (189.8)	$ 247.5	$ 273.3	$ 198.5	$ 628.0	$ 529.5	$ 2,391.2

Property and Equipment (Narrative) (Details)	12 Months Ended
Property and Equipment (Narrative) (Details)	Dec. 31, 2019
Building \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	12 years
Building \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	50 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years

Discontinued Operations (Major Classes of Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets of discontinued operations	$ 0.0	$ 2,229.1
Noncurrent assets of discontinued operations	0.0	6,484.1
Current liabilities of discontinued operations	0.0	692.8
Noncurrent liabilities of discontinued operations	$ 0.0	2,742.3
Elanco \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventories		1,013.7
Other current assets		1,215.4
Current assets of discontinued operations		2,229.1
Goodwill		2,980.9
Other intangibles, net		2,453.0
Property and equipment, net		923.4
Other assets		126.8
Noncurrent assets of discontinued operations		6,484.1
Current liabilities of discontinued operations		692.8
Long-term debt		2,443.3
Other liabilities		299.0
Noncurrent liabilities of discontinued operations		$ 2,742.3

Asset Impairment, Restructuring, and Other Special Charges (Tables)

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Schedule of Other Operating Cost and Expense, by Component

The components of the charges included in asset impairment, restructuring, and other special charges in our consolidated statements of operations are described below:



	2019		2018		2017
Severance	$	77.8	$	127.8	$	601.0
Pension and post-retirement medical charges associated with U.S. voluntary early retirement program (see Note 15)	—		—		446.7
Asset impairment and other special charges	497.8		139.1		283.9
Total asset impairment, restructuring, and other special charges	$	575.6	$	266.9	$	1,331.6

Financial Instruments (Schedule of AFS Unrealized Gain (Loss)) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gross gains	$ 10.3	$ 0.8
Unrealized gross losses	4.0	29.0
Fair value of securities in an unrealized gain position	429.5	84.3
Fair value of securities in an unrealized loss position	$ 141.1	$ 858.6

Borrowings (Schedule of Cash Payments for Interest on Borrowings) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Cash payments for interest on borrowings	$ 305.5	$ 223.8	$ 192.7

Acquisitions and Divestiture (Purchase Price Allocation) (Details) - USD ($) $ in Millions	Feb. 15, 2019	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill		$ 3,679.4	$ 1,366.6
Loxo Oncology, Inc.
Business Acquisition [Line Items]
Acquired IPR&D	$ 4,670.0
Finite-lived intangibles	980.0
Deferred income taxes	(1,032.8)
Other assets and liabilities - net	(26.4)
Total identifiable net assets	4,590.8
Goodwill	2,326.9
Total consideration transferred - net of cash acquired	$ 6,917.7
Contract-based intangibles \| Loxo Oncology, Inc.
Business Acquisition [Line Items]
Weighted average useful life	12 years
Selpercatinib (LOXO-292) \| Loxo Oncology, Inc.
Business Acquisition [Line Items]
Acquired IPR&D	$ 4,600.0

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	54.6
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Weighted average grant date fair value (in usd per share)	$ 112.09	$ 71.63	$ 73.54
Shares issued in period (in shares)	1.2	0.9	1.3
Shares expected to be issued (in shares)	1.1
Total compensation cost not yet recognized	$ 63.2
Period for recognition of the compensation cost not yet recognized	12 months
Shareholder Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Weighted average grant date fair value (in usd per share)	$ 95.01	$ 48.51	$ 66.25
Shares issued in period (in shares)	1.0	0.7	1.1
Shares expected to be issued (in shares)	0.8
Total compensation cost not yet recognized	$ 56.1
Period for recognition of the compensation cost not yet recognized	20 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Weighted average grant date fair value (in usd per share)	$ 108.43	$ 70.95	$ 72.47
Shares issued in period (in shares)	0.8	1.0	0.9
Shares expected to be issued (in shares)	0.7
Total compensation cost not yet recognized	$ 134.9
Period for recognition of the compensation cost not yet recognized	27 months
Grants in period (in shares)	1.5	1.3	1.4

Stock-Based Compensation (Policies)	12 Months Ended
Stock-Based Compensation (Policies)	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based Compensation, Option and Incentive Plans	We recognize the fair value of stock-based compensation as expense over the requisite service period of the individual grantees, which generally equals the vesting period. We provide newly issued shares of our common stock and treasury stock to satisfy the issuance of PA, SVA, and RSU shares.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Following is the composition of income tax expense:



	2019			2018			2017
Current:
Federal⁽¹⁾	$	280.2		$	169.6		$	3,181.0
Foreign	299.8			106.8			47.5
State	(14.4		)	4.7			(5.4		)
Total current tax expense	565.6			281.1			3,223.1
Deferred:
Federal⁽²⁾	141.3			(3.7		)	(601.2		)
Foreign	(24.1		)	248.7			(230.9		)
State	(54.8		)	3.4			0.2
Total deferred tax (benefit) expense	62.4			248.4			(831.9		)
Income taxes	$	628.0		$	529.5		$	2,391.2

⁽²⁾ The 2018 and 2017 deferred tax benefit includes $26.2 million and $1.33 billion of tax benefit, respectively, related to the effects of the 2017 Tax Act.

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of December 31 were as follows:



	2019			2018
Deferred tax assets:
Purchases of intangible assets	$	2,512.4		$	2,627.7
Compensation and benefits	934.3			781.6
Tax credit carryforwards and carrybacks	455.8			359.4
Tax loss carryforwards and carrybacks	318.8			248.2
Sales rebates and discounts	197.3			45.5
Operating lease liabilities	140.6			—
Product return reserves	98.1			95.3
Other comprehensive loss on hedging transactions	59.6			68.9
Debt	53.9			40.3
Other	835.7			646.3
Total gross deferred tax assets	5,606.5			4,913.2
Valuation allowances	(616.5		)	(574.8		)
Total deferred tax assets	4,990.0			4,338.4
Deferred tax liabilities:
Earnings of foreign subsidiaries	(1,776.4		)	(1,745.3		)
Intangibles	(1,298.0		)	(86.9		)
Inventories	(686.4		)	(681.3		)
Prepaid employee benefits	(305.9		)	(240.1		)
Property and equipment	(274.1		)	(260.9		)
Financial instruments	(139.4		)	(22.8		)
Operating lease assets	(124.7		)	—
Total deferred tax liabilities	(4,604.9		)	(3,037.3		)
Deferred tax assets - net	$	385.1		$	1,301.1

Schedule of Additional Income Tax Disclosures

Cash payments of U.S. federal, state, and foreign income taxes, net of refunds, were as follows:



	2019		2018		2017
Cash payments of income taxes	$	1,180.5	$	1,076.7	$	221.5

Schedule of Effective Income Tax Rate Reconciliation

Following is a reconciliation of the income tax expense applying the U.S. federal statutory rate to income before income taxes to reported income tax expense:



	2019			2018			2017
Income tax at the U.S. federal statutory tax rate	$	1,105.8		$	772.8		$	806.7
Add (deduct):
International operations, including Puerto Rico	(242.0		)	(627.1		)	(480.8		)
General business credits	(108.8		)	(87.4		)	(66.8		)
Non-deductible acquired IPR&D⁽¹⁾	—			309.9			300.1
2017 Tax Act	—			175.3			1,914.0
Other	(127.0		)	(14.0		)	(82.0		)
Income taxes	$	628.0		$	529.5		$	2,391.2

⁽¹⁾Non-deductible acquired IPR&D was related to ARMO in 2018 and CoLucid in 2017. See Note 3 for additional information related to acquisitions.

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:



	2019			2018			2017
Beginning balance at January 1	$	2,034.6		$	1,000.8		$	843.3
Additions based on tax positions related to the current year	187.2			798.2			133.8
Additions for tax positions of prior years	425.3			410.9			93.8
Reductions for tax positions of prior years	(100.3		)	(115.4		)	(59.3		)
Settlements	(260.5		)	(33.2		)	(2.4		)
Lapses of statutes of limitation	(161.5		)	(20.5		)	(19.3		)
Changes related to the impact of foreign currency translation	(16.2		)	(6.2		)	10.9
Ending balance at December 31	$	2,108.6		$	2,034.6		$	1,000.8

We recognize both accrued interest and penalties related to unrecognized tax benefits in income tax expense. We recognized income tax (benefit) expense related to interest and penalties as follows:



	2019			2018		2017
Income tax (benefit) expense	$	(26.4	)	$	25.1	$	22.8

Revenue (Disaggregation of Revenue by Product) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue	$ 6,114.0	$ 5,476.6	$ 5,636.7	$ 5,092.2	$ 5,637.6	$ 5,306.9	$ 5,585.0	$ 4,963.8	$ 22,319.5	$ 21,493.3	$ 19,973.8
U.S.
Disaggregation of Revenue [Line Items]
Revenue									12,722.6	12,391.9	11,414.4
Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									9,596.8	9,101.4	8,559.4
Endocrinology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									8,310.7	7,511.6	6,373.0
Endocrinology \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									4,503.7	4,190.5	3,712.2
Trulicity® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									3,155.2	2,515.8	1,609.8
Trulicity® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									972.7	683.3	419.9
Humalog® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									1,669.7	1,787.8	1,717.8
Humalog® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									1,151.0	1,208.7	1,147.4
Forteo® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									645.5	757.9	965.2
Forteo® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									759.1	817.7	783.8
Humulin® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									879.7	910.2	884.6
Humulin® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									410.4	421.2	450.7
Basaglar®
Disaggregation of Revenue [Line Items]
Revenue									1,112.6	801.2	432.1
Basaglar® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									876.2	622.8	311.1
Basaglar® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									236.3	178.5	121.0
Jardiance®
Disaggregation of Revenue [Line Items]
Revenue									944.2	658.3	447.5
Jardiance® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									565.9	400.2	290.4
Jardiance® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									378.3	258.1	157.0
Trajenta®
Disaggregation of Revenue [Line Items]
Revenue									590.6	574.7	537.9
Trajenta® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									224.8	224.2	213.2
Trajenta® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									365.8	350.5	324.7
Other Endocrinology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									293.7	292.7	380.9
Other Endocrinology \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									230.1	272.5	307.7
Oncology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									2,608.5	2,403.2	2,050.4
Oncology \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									2,005.9	1,857.3	1,761.6
Alimta® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									1,219.5	1,131.0	1,034.3
Alimta® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									896.4	1,001.9	1,028.2
Cyramza® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									335.3	291.5	278.8
Cyramza® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									589.9	529.9	479.6
Verzenio® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									454.8	248.5	21.0
Verzenio® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									124.9	6.6	0.0
Erbitux® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									487.9	531.6	541.7
Erbitux® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									55.4	103.8	104.2
Other Oncology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									111.0	200.6	174.6
Other Oncology \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									339.3	215.1	149.6
Immunology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									1,059.0	745.4	486.0
Immunology \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									734.3	394.6	119.0
Taltz® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									1,016.8	738.7	486.0
Taltz® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									349.6	198.7	73.2
Olumiant®
Disaggregation of Revenue [Line Items]
Revenue									426.9	202.5	45.8
Olumiant® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									42.2	6.7	0.0
Olumiant® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									384.7	195.9	45.8
Neuroscience \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									356.5	277.4	591.0
Neuroscience \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									1,366.4	1,543.3	1,580.1
Cymbalta® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									49.6	54.3	114.9
Cymbalta® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									675.8	653.7	642.2
Zyprexa® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									41.0	36.2	75.5
Zyprexa® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									377.6	435.1	505.7
Strattera® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									30.8	89.7	284.9
Strattera® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									211.7	361.1	333.3
Emgality® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									154.9	4.9	0.0
Emgality® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									7.7	0.0	0.0
Other Neuroscience \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									80.2	92.3	115.7
Other Neuroscience \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									93.6	93.4	98.9
Other \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									387.9	1,454.3	1,914.0
Other \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									986.5	1,115.7	1,386.5
Cialis ® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									231.7	1,129.2	1,358.6
Cialis ® \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									658.8	722.7	964.5
Other \| U.S.
Disaggregation of Revenue [Line Items]
Revenue									156.2	325.1	555.4
Other \| Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue									$ 327.7	$ 393.0	$ 422.0

Retirement Benefits (Schedule of Weighted Average Assumptions) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Discount rate for benefit obligation	3.00%	4.00%	3.40%
Discount rate for net benefit costs	4.00%	3.40%	3.90%
Rate of compensation increase for benefit obligation	3.30%	3.40%	3.40%
Rate of compensation increase for net benefit costs	3.40%	3.40%	3.40%
Expected return on plan assets for net benefit costs	7.40%	7.40%	7.40%
Retiree Health Benefit Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items]
Discount rate for benefit obligation	3.30%	4.40%	3.70%
Discount rate for net benefit costs	4.40%	3.70%	4.30%
Expected return on plan assets for net benefit costs	6.00%	8.00%	8.00%

Summary of Significant Accounting Policies and Implementation of New Financial Accounting Standards

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Implementation of New Financial Accounting Standards

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The accounts of all wholly-owned and majority-owned subsidiaries are included in the consolidated financial statements. Where our ownership of consolidated subsidiaries is less than 100 percent, the noncontrolling shareholders’ interests are reflected as a separate component of equity. All intercompany balances and transactions have been eliminated.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. We issued our financial statements by filing with the Securities and Exchange Commission (SEC) and have evaluated subsequent events up to the time of the filing of our Form 10-K.

Certain reclassifications have been made to prior periods in the consolidated financial statements and accompanying notes to conform with the current presentation.

All per-share amounts, unless otherwise noted in the footnotes, are presented on a diluted basis.

On March 11, 2019, we completed the disposition of our remaining 80.2 percent ownership of Elanco Animal Health Incorporated (Elanco) common stock through a tax-free exchange offer. As a result, Elanco has been presented as discontinued operations in our consolidated financial statements for all periods presented.

Following the completion of the disposition of Elanco, we now operate as a single operating segment engaged in the discovery, development, manufacturing, marketing, and sales of pharmaceutical products worldwide. A global research and development organization and a supply chain organization are responsible for the discovery, development, manufacturing, and supply of our products. Regional commercial organizations market, distribute, and sell the products. The business is also supported by global corporate staff functions. Our determination that we operate as a single segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods.

Research and Development Expenses and Acquired In-Process Research and Development (IPR&D)

Research and development expenses include the following:


•	Research and development costs, which are expensed as incurred.


•	Milestone payment obligations incurred prior to regulatory approval of the product, which are accrued when the event requiring payment of the milestone occurs.

Acquired IPR&D expense includes the initial costs of externally developed IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use.

Earnings Per Share (EPS)

We calculate basic EPS based on the weighted-average number of common shares outstanding and incremental shares from potential participating securities. We calculate diluted EPS based on the weighted-average number of common shares outstanding, including incremental shares from our stock-based compensation programs.

Foreign Currency Translation

Operations in our subsidiaries outside the United States (U.S.) are recorded in the functional currency of each subsidiary which is determined by a review of the environment where each subsidiary primarily generates and expends cash. The results of operations for our subsidiaries outside the U.S. are translated from functional currencies into U.S. dollars using the weighted average currency rate for the period. Assets and liabilities are

translated using the period end exchange rates. The U.S. dollar effects that arise from translating the net assets of these subsidiaries are recorded in other comprehensive income (loss).

Advertising Expenses

Costs associated with advertising are expensed as incurred and are included in marketing, selling, and administrative expenses. Advertising expenses, comprised primarily of television, radio, print media, and Internet advertising, totaled approximately $1.1 billion, $900 million, and $700 million in 2019, 2018, and 2017, respectively, which was less than 5 percent of revenue each year.

Other Significant Accounting Policies

Our other significant accounting policies are described in the remaining appropriate notes to the consolidated financial statements.

Implementation of New Financial Accounting Standards

Effective January 1, 2019 we adopted Accounting Standards Update 2016-02, Leases, using the modified retrospective approach, applied at the beginning of the period of adoption, and we elected the package of transitional practical expedients. The adoption of this standard resulted in recording of operating lease assets of approximately $530 million, which included reclassifying approximately $65 million of deferred rent and lease incentives, net of prepaid rent, as a component of the operating lease assets as of January 1, 2019. The adoption also resulted in recording operating lease liabilities of approximately $595 million as of January 1, 2019. Our accounting for finance leases remained substantially unchanged. The standard did not have an impact on our consolidated statements of operations.

Effective January 1, 2018, we adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers, and other related updates. This standard requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We applied this standard to contracts for which performance was not substantially complete as of the date of adoption. For those contracts that were modified prior to the date of adoption, we reflected the aggregate effect of those modifications when determining the appropriate accounting under the new standard. We don’t believe the effect of applying this practical expedient resulted in material differences. We applied this standard through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Upon adoption, the cumulative effect of applying this standard resulted in an increase of approximately $5 million to retained earnings as of January 1, 2018. Revenue presented for periods prior to 2018 was accounted for under previous standards and has not been adjusted. Revenue and net income for 2018 did not differ materially from amounts that would have resulted from application of the previous standards.

Effective January 1, 2018, we adopted Accounting Standards Update 2016-01 (ASU 2016-01), Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. This standard requires entities to recognize changes in the fair value of equity investments with readily determinable fair values in net income (except for investments accounted for under the equity method of accounting or those that result in consolidation of the investee). We applied the new standard through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Upon adoption, we reclassified from accumulated other comprehensive loss the after-tax amount of net unrealized gains resulting in an increase to retained earnings of approximately $105 million. Adoption of this standard did not result in a material change in net income in the year of adoption.

Effective January 1, 2018, we adopted Accounting Standards Update 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory. This standard requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time of transfer. We adopted this standard using a modified retrospective approach. Upon adoption, the cumulative effect of applying this standard resulted in an increase of approximately $700 million to retained earnings, $2.5 billion to deferred tax assets, and $1.8 billion to deferred tax liabilities as of January 1, 2018. Adoption of this standard did not result in a material change in net income in the year of adoption.

We elected to early adopt Accounting Standards Update 2018-02, Income Statement-Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, as of December 31, 2017, which allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (2017 Tax Act - see Note 14). This standard allowed us to reclassify the effect of remeasuring deferred tax liabilities and assets

related to items within accumulated other comprehensive loss using the then newly enacted 21 percent federal corporate income tax rate. The provisional effect of this early adoption was a reclassification from accumulated other comprehensive loss, which resulted in an increase to retained earnings of $643.6 million as of December 31, 2017.

Income Taxes (Policies)	12 Months Ended
Income Taxes (Policies)	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Tax	Deferred taxes are recognized for the future tax effects of temporary differences between financial and income tax reporting based on enacted tax laws and rates. Deferred taxes related to GILTI are also recognized for the future tax effects of temporary differences. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position, based on its technical merits, will be sustained upon examination by the taxing authority. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate resolution.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References

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+ Details

Collaborations and Other Arrangements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Olumiant® \| Royalty Payments Received
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations percent	20.00%
Olumiant® \| Milestone Payments, Development and Regulatory
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, terms	$ 130.0
Olumiant® \| Milestone Payments, Sales-based
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, terms	$ 150.0
Olumiant® \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations percent	30.00%
Tanezumab \| Milestone Payments, Development and Regulatory
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, terms	$ 350.0
Tanezumab \| Milestone Payments, Sales-based
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, terms	$ 1,230.0

Acquisitions and Divestiture (Narrative) (Details) $ / shares in Units, $ in Millions		1 Months Ended		3 Months Ended								11 Months Ended	12 Months Ended
	Jan. 10, 2020 USD ($) $ / shares	Oct. 31, 2019 USD ($) medicine	Feb. 28, 2019 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Acquired IPR&D				$ 0.0	$ 77.7	$ 25.0	$ 136.9	$ 329.4	$ 30.0	$ 1,624.5	$ 0.0		$ 239.6	$ 1,983.9	$ 1,112.6
Gain related to disposition													309.8	0.0	0.0
Loxo Oncology, Inc.
Business Acquisition [Line Items]
Consideration transferred			$ 6,920.0
Revenue												$ 136.7
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Legacy Antibiotic Medicines and a Manufacturing Facility in Suzhou, China
Business Acquisition [Line Items]
Gain related to disposition													$ 309.8	$ 0.0	$ 0.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Legacy Antibiotic Medicines and a Manufacturing Facility in Suzhou, China \| Eddingpharm
Business Acquisition [Line Items]
Number of legacy antibiotic medicines rights sold \| medicine		2
Proceeds from divestiture of businesses, net of cash divested		$ 354.8
Disposal group, not discontinued operation, payment to be received		$ 40.3
Gain related to disposition				$ 309.8
Subsequent Event \| Dermira
Business Acquisition [Line Items]
Consideration transferred	$ 1,100.0
Cash paid per acquiree share (in usd per share) \| $ / shares	$ 18.75

Selected Quarterly Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 6,114.0	$ 5,476.6	$ 5,636.7	$ 5,092.2	$ 5,637.6	$ 5,306.9	$ 5,585.0	$ 4,963.8	$ 22,319.5	$ 21,493.3	$ 19,973.8
Cost of sales	1,282.6	1,175.0	1,124.9	1,138.7	1,129.9	1,152.9	1,234.3	1,164.6	4,721.2	4,681.7	4,447.7
Operating expenses	3,279.5	2,793.2	2,988.5	2,747.6	3,085.5	2,738.1	2,756.6	2,446.2
Acquired IPR&D	0.0	77.7	25.0	136.9	329.4	30.0	1,624.5	0.0	239.6	1,983.9	1,112.6
Asset impairment, restructuring, and other special charges	151.7	0.0	0.0	423.9	192.7	42.9	(25.5)	56.8	575.6	266.9	1,331.6
Income before income taxes	1,663.1	1,405.8	1,465.9	731.1	931.6	1,341.1	41.7	1,365.7
Income taxes	167.4	151.9	138.7	170.0	(189.8)	247.5	273.3	198.5	628.0	529.5	2,391.2
Net income (loss) from continuing operations	1,495.7	1,253.9	1,327.2	561.1	1,121.4	1,093.6	(231.6)	1,167.2	4,637.9	3,150.6	(86.4)
Net income (loss) from discontinued operations	0.0	0.0	0.0	3,680.5	3.7	55.9	(28.3)	50.2	$ 3,680.5	$ 81.4	$ (117.7)
Net income	$ 1,495.7	$ 1,253.9	$ 1,327.2	$ 4,241.6	$ 1,125.1	$ 1,149.5	$ (259.9)	$ 1,217.4
Earnings (loss) from continuing operations - basic (in usd per share)	$ 1.64	$ 1.37	$ 1.44	$ 0.57	$ 1.11	$ 1.07	$ (0.22)	$ 1.11	$ 4.98	$ 3.07	$ (0.08)
Earnings (loss) from discontinued operations - basic (in usd per share)	0	0	0	3.76	0	0.06	(0.03)	0.05	3.95	0.07	(0.11)
Earnings (loss) per share - basic (in usd per share)	1.64	1.37	1.44	4.33	1.11	1.13	(0.25)	1.16	8.93	3.14	(0.19)
Earnings (loss) from continuing operations - diluted (in usd per share)	1.64	1.37	1.44	0.57	1.10	1.07	(0.22)	1.11	4.96	3.05	(0.08)
Earnings (loss) from discontinued operations - diluted (in usd per share)	0	0	0	3.74	0	0.05	(0.03)	0.05	3.93	0.08	(0.11)
Earnings (loss) per share - diluted (in usd per share)	1.64	1.37	1.44	4.31	1.10	1.12	(0.25)	1.16	$ 8.89	$ 3.13	$ (0.19)
Dividends paid per share (in usd per share)	$ 0.6450	$ 0.6450	$ 0.6450	$ 0.6450	$ 0.5625	$ 0.5625	$ 0.5625	$ 0.5625

Summary of Significant Accounting Policies and Implementation of New Financial Accounting Pronouncements (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Research and Development Expense and Acquired In-Process Research and Development

Research and Development Expenses and Acquired In-Process Research and Development (IPR&D)

Research and development expenses include the following:


•	Research and development costs, which are expensed as incurred.


•	Milestone payment obligations incurred prior to regulatory approval of the product, which are accrued when the event requiring payment of the milestone occurs.

Earnings Per Share

Earnings Per Share (EPS)

Foreign Currency Translation

translated using the period end exchange rates. The U.S. dollar effects that arise from translating the net assets of these subsidiaries are recorded in other comprehensive income (loss).

Advertising Expenses

Costs associated with advertising are expensed as incurred and are included in marketing, selling, and administrative expenses.

Implementation of New Financial Accounting Pronouncements

Implementation of New Financial Accounting Standards

Retirement Benefits (Schedule of Expected Benefit Payments, Contributions and Expense) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation		$ 14,039.7	$ 11,584.2
Fair value of plan assets		10,483.4	8,895.6
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Fair value of plan assets		10,483.4	8,895.6
Components of net periodic (benefit) cost:
Curtailment (gain) loss	$ (28.0)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax [Abstract]
Total other comprehensive income (loss) during period		(970.0)	544.0	$ (566.8)
Defined Benefit Pension Plans
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2020		614.5
2021		621.8
2022		641.0
2023		652.3
2024		682.4
2025-2029		3,712.1
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Fair value of plan assets		10,483.4	8,895.6
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation		13,063.7	10,837.8
Fair value of plan assets		10,483.4	8,895.6
Components of net periodic (benefit) cost:
Service cost		250.4	292.7	320.8
Interest cost		486.0	458.5	411.6
Expected return on plan assets		(839.6)	(842.1)	(773.6)
Amortization of prior service (benefit) cost		6.1	4.6	5.6
Recognized actuarial loss		284.9	332.5	286.8
Curtailment (gain) loss		2.2	1.3	93.5
Special termination benefit		0.0	0.0	317.2
Net periodic (benefit) cost		190.0	247.5	661.9
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax [Abstract]
Actuarial gain (loss) arising during period		(1,461.0)	182.8	(898.1)
Plan amendments during period		0.0	(17.6)	0.0
Curtailment gain (loss)		19.0	45.2	3.2
Amortization of prior service (benefit) cost included in net income		6.1	4.6	5.6
Amortization of net actuarial loss included in net income		284.9	332.5	286.8
Foreign currency exchange rate changes and other		(7.7)	47.1	(108.8)
Total other comprehensive income (loss) during period		(1,158.7)	594.6	(711.3)
Retiree Health Benefit Plans
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2020		93.7
2021		93.8
2022		92.9
2023		91.7
2024		94.3
2025-2029		469.8
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Fair value of plan assets		0.0	0.0
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation		214.4	189.4
Fair value of plan assets		0.0	0.0
Components of net periodic (benefit) cost:
Service cost		36.3	41.5	46.4
Interest cost		58.0	57.3	52.9
Expected return on plan assets		(144.3)	(177.9)	(160.7)
Amortization of prior service (benefit) cost		(62.9)	(79.5)	(90.0)
Recognized actuarial loss		1.9	6.1	18.4
Curtailment (gain) loss		0.0	(29.3)	65.5
Special termination benefit		0.0	0.0	37.5
Net periodic (benefit) cost		(111.0)	(181.8)	(30.0)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax [Abstract]
Actuarial gain (loss) arising during period		246.1	37.5	261.3
Plan amendments during period		0.0	14.1	0.0
Curtailment gain (loss)		0.0	(31.8)	(39.7)
Amortization of prior service (benefit) cost included in net income		(62.9)	(79.5)	(90.0)
Amortization of net actuarial loss included in net income		1.9	6.1	18.4
Foreign currency exchange rate changes and other		3.6	(0.1)	(3.3)
Total other comprehensive income (loss) during period		$ 188.7	$ (53.7)	$ 146.7

Acquisitions and Divestiture

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions and Divestiture

In February 2019, we completed the acquisition of Loxo Oncology, Inc. (Loxo). This transaction, as further discussed in this note below in Acquisition of a Business, was accounted for as a business combination under the acquisition method of accounting. Under this method, the assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated financial statements. The determination of estimated fair value required management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets, where applicable, has been recorded as goodwill. The results of operations of Loxo have been included in our consolidated financial statements from the date of acquisition.

We acquired assets in development in 2019, 2018, and 2017, which are further discussed in this note below in Asset Acquisitions. Upon acquisition, the acquired IPR&D charges related to these products were immediately expensed because the products had no alternative future use. For the years ended December 31, 2019, 2018, and 2017, we recorded acquired IPR&D charges of $239.6 million, $1.98 billion, and $1.11 billion, respectively.

Acquisition of a Business

Loxo Acquisition

Overview of Transaction

In February 2019, we acquired all shares of Loxo for a purchase price of $6.92 billion, net of cash acquired. The accelerated vesting of Loxo employee equity awards was recognized as transaction expense included in asset impairment, restructuring, and other special charges during the year ended December 31, 2019 (see Note 5).

Under the terms of the agreement, we acquired a pipeline of investigational medicines, including selpercatinib (LOXO-292), an oral RET inhibitor granted Breakthrough Therapy designation by the U.S. Food and Drug Administration, and LOXO-305, an oral BTK inhibitor.

Assets Acquired and Liabilities Assumed

The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date:



Estimated Fair Value at February 15, 2019
Acquired IPR&D⁽¹⁾	$	4,670.0
Finite-lived intangibles⁽²⁾	980.0
Deferred income taxes	(1,032.8		)
Other assets and liabilities - net	(26.4		)
Total identifiable net assets	4,590.8
Goodwill⁽³⁾	2,326.9
Total consideration transferred - net of cash acquired	$	6,917.7

⁽¹⁾$4.60 billion of the acquired IPR&D relates to selpercatinib (LOXO-292).

Our consolidated statement of operations for the year ended December 31, 2019 includes Loxo revenues of $136.7 million, primarily due to regulatory approval and sales milestones received. We are unable to provide the results of operations for the year ended December 31, 2019 attributable to Loxo as those operations were substantially integrated into our legacy business.

Pro forma information has not been included because this acquisition did not have a material impact on our results of operations for the years ended December 31, 2019 and 2018.

Asset Acquisitions

The following table and narrative summarize our asset acquisitions during 2019, 2018, and 2017.



Counterparty	Compound(s),Therapy, or Asset	Acquisition Month	Phase of Development⁽¹⁾	Acquired IPR&D Expense
AC Immune SA	Tau aggregation inhibitor small molecules for the potential treatment of Alzheimer's disease and other neurodegenerative diseases	January 2019 & September 2019⁽²⁾	Pre-clinical	$	127.1
ImmuNext, Inc.	Novel immunometabolism target	March 2019	Pre-clinical	40.0
Avidity Biosciences, Inc.	Potential new medicines in immunology and other select indications	April 2019	Pre-clinical	25.0
Centrexion Therapeutics Corporation	CNTX-0290, a novel, small molecule somatostatin receptor type 4 agonist	July 2019	Phase I	47.5

Sigilon Therapeutics	Encapsulated cell therapies for the potential treatment of type 1 diabetes	April 2018	Pre-clinical	66.9
AurKa Pharma, Inc.	AK-01, an Aurora kinase A inhibitor	June 2018	Phase I	81.8
ARMO BioSciences, Inc. (ARMO)	Cancer therapy - pegilodecakin	June 2018	Phase III	1,475.8
Anima Biotech	Translation inhibitors for selected neuroscience targets	July 2018	Pre-clinical	30.0
SIGA Technologies, Inc.	Priority Review Voucher	October 2018	Not applicable	80.0
Chugai Pharmaceutical Company	OWL833, an oral non-peptidic GLP-1 receptor agonist	October 2018	Pre-clinical	50.0
NextCure, Inc.	Immuno-oncology cancer therapies	November 2018	Pre-clinical⁽³⁾	28.1
Dicerna Pharmaceuticals, Inc.	Cardio-metabolic disease, neurodegeneration, and pain	December 2018	Pre-clinical	148.7
Hydra Biosciences	TRPA1 antagonists program for the potential treatment of chronic pain syndromes	December 2018	Pre-clinical	22.6

CoLucid Pharmaceuticals, Inc. (CoLucid)	Oral therapy for the acute treatment of migraine - lasmiditan	March 2017	Phase III	857.6
KeyBioscience AG	Multiple molecules for treatment of metabolic disorders	July 2017	Phase II	55.0
Nektar Therapeutics	Immunological therapy - NKTR-358	August 2017	Phase I	150.0
CureVac AG	Cancer vaccines	November 2017	Pre-clinical	50.0

⁽¹⁾The phase of development presented is as of the date of the arrangement and represents the phase of development of the most advanced asset acquired, where applicable.

⁽³⁾This research and development collaboration agreement has been terminated, to be effective March 2020.

In connection with these arrangements, our partners may be entitled to future royalties and/or commercial milestones based on sales should products be approved for commercialization and/or milestones based on the successful progress of compounds through the development process.

Divestiture

In October 2019, we completed a transaction in which we sold the rights in China for two legacy antibiotic medicines, as well as a manufacturing facility in Suzhou, China to Eddingpharm, a China-based specialty pharmaceutical company. In connection with the sale, we received net cash proceeds of $354.8 million from Eddingpharm in 2019, with an additional payment of $40.3 million due to us in 2020. We accounted for the transaction as the sale of a business. We recorded a gain of $309.8 million in Other—net, (income) expense upon closing the transaction in 2019.

Subsequent Event - Dermira, Inc. (Dermira) Acquisition

On January 10, 2020, we announced an agreement to acquire Dermira for a purchase price of $18.75 per share, or approximately $1.1 billion. The acquisition will expand our immunology pipeline with the addition of lebrikizumab, a novel, investigational, monoclonal antibody designed to bind IL-13 with high affinity that is being evaluated in a Phase III clinical development program for the treatment of moderate-to-severe atopic dermatitis. Lebrikizumab was granted Fast Track designation from the U.S. Food and Drug Administration (FDA). The FDA's fast track designation is designed to expedite the development and review of new therapies to treat serious conditions and address unmet medical needs. The acquisition will also expand our portfolio of marketed dermatology medicines with the addition of Qbrexza^® (glycopyrronium) cloth, a medicated cloth approved by the FDA for the topical treatment of primary axillary hyperhidrosis (uncontrolled excessive underarm sweating). The transaction is not subject to any financing condition and is expected to close by the end of the first quarter of 2020, subject to customary closing conditions, including receipt of required regulatory approvals and the tender of a majority of the outstanding shares of Dermira's common stock.

Inventories (Tables)

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories at December 31 consisted of the following:



	2019		2018
Finished products	$	647.3	$	577.8
Work in process	2,067.6		2,057.8
Raw materials and supplies	424.6		426.1
Total (approximates replacement cost)	3,139.5		3,061.7
Increase to LIFO cost	51.2		36.4
Inventories	$	3,190.7	$	3,098.1

Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Year 1	$ 138.1
Year 2	111.0
Year 3	82.3
Year 4	60.6
Year 5	55.7
After Year 5	272.7
Total lease payments	720.4
Less imputed interest	112.0
Total	$ 608.4	$ 595.0

Financial Instruments (Schedule of Effect of Risk Management) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flow Hedge [Abstract]
Total	$ 60.7	$ 114.8	$ 112.7
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	40.1
Foreign currency exchange contracts
Cash Flow Hedge [Abstract]
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	0.0
Forward-starting interest rate swaps
Cash Flow Hedge [Abstract]
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	31.6
Cross-currency interest rate swaps
Cash Flow Hedge [Abstract]
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	47.4
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(8.3)
Cash flow hedges \| Forward-starting interest rate swaps
Cash Flow Hedge [Abstract]
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)		0.0	13.0
Cash flow hedges \| Cross-currency interest rate swaps
Cash Flow Hedge [Abstract]
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)		0.0	0.0
Net investment hedges
Cash Flow Hedge [Abstract]
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)		110.4	(361.5)
Net investment hedges \| Foreign currency exchange contracts
Cash Flow Hedge [Abstract]
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)		5.7	0.0
Net investment hedges \| Cross-currency interest rate swaps
Cash Flow Hedge [Abstract]
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)		96.8	(126.6)
Designated as Hedging Instrument \| Hedged Fixed Rate Debt
Fair Value Hedge [Abstract]
Effect from hedged fixed-rate debt	112.1	(40.9)	(14.1)
Designated as Hedging Instrument \| Interest Rate Contract
Fair Value Hedge [Abstract]
Effect from interest rate contracts	(112.1)	40.9	14.1
Cash Flow Hedge [Abstract]
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	15.9
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss		14.8	14.8
Designated as Hedging Instrument \| Cross-currency interest rate swaps
Cash Flow Hedge [Abstract]
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	(17.1)
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss		0.0	0.0
Not Designated as Hedging Instrument \| Foreign currency exchange contracts
Cash Flow Hedge [Abstract]
Net losses on foreign currency exchange contracts not designated as hedging instruments	$ 61.9	$ 100.0	$ 97.9

Property and Equipment (Schedule of Geographic Information) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 8,808.5	$ 8,546.2
U.S. and Puerto Rico
Property, Plant and Equipment [Line Items]
Long-lived assets	5,595.4	5,425.0
Ireland
Property, Plant and Equipment [Line Items]
Long-lived assets	1,454.8	1,351.3
Other foreign countries
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 1,758.3	$ 1,769.9

Other Comprehensive Income (Loss) (Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other, net (income) expense									$ (344.6)	$ 11.7	$ (111.1)
Total before tax									(5,265.9)	(3,680.1)	(2,304.8)
Income taxes	$ 167.4	$ 151.9	$ 138.7	$ 170.0	$ (189.8)	$ 247.5	$ 273.3	$ 198.5	628.0	529.5	2,391.2
Reclassifications from continuing operations (net of tax)	(1,495.7)	(1,253.9)	(1,327.2)	(561.1)	(1,121.4)	(1,093.6)	231.6	(1,167.2)	(4,637.9)	(3,150.6)	86.4
Reclassifications from discontinued operations (net of tax)	0.0	0.0	0.0	(3,680.5)	(3.7)	(55.9)	28.3	(50.2)	(3,680.5)	(81.4)	117.7
Net of tax	$ (1,495.7)	$ (1,253.9)	$ (1,327.2)	$ (4,241.6)	$ (1,125.1)	$ (1,149.5)	$ 259.9	$ (1,217.4)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassifications from continuing operations (net of tax)									130.2	188.4	59.0
Reclassifications from discontinued operations (net of tax)									84.0	2.1	1.5
Net of tax									214.2	190.5	60.5
Amortization of retirement benefit items \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax									230.0	263.7	220.8
Income taxes									(48.3)	(55.8)	(68.9)
Net of tax									181.7	207.9	151.9
Prior service benefits, net \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other, net (income) expense									(56.8)	(74.9)	(84.4)
Actuarial losses \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other, net (income) expense									286.8	338.6	305.2
Unrealized gains/losses on available-for-sale securities \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other, net (income) expense									(2.4)	(39.5)	(170.2)
Income taxes									0.5	8.3	59.6
Net of tax									(1.9)	(31.2)	(110.6)
Other, net of tax \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other, net (income) expense									$ (49.6)	$ 11.7	$ 17.7

Asset Impairment, Restructuring, and Other Special Charges (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 77.8	$ 127.8	$ 601.0
Asset impairment and other special charges	497.8	$ 139.1	283.9
Asset impairment charges			151.5
Impairment of intangibles			50.0
United States
Restructuring Cost and Reserve [Line Items]
Severance costs			368.3
Outside US
Restructuring Cost and Reserve [Line Items]
Severance costs			232.7
Puerto Rico
Restructuring Cost and Reserve [Line Items]
Asset impairment and other special charges			$ 43.4
Loxo Oncology, Inc.
Restructuring Cost and Reserve [Line Items]
Asset impairment and other special charges	$ 400.7

Financial Instruments (Schedule of Risk Management Instruments) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Carrying Amount \| Not Designated as Hedging Instrument \| Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent liabilities		$ (25.8)
Carrying Amount \| Not Designated as Hedging Instrument \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other receivables	$ 18.4	11.3
Other current liabilities	(11.9)	(16.3)
Fair Value \| Not Designated as Hedging Instrument \| Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent liabilities		(25.8)
Fair Value \| Not Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent liabilities		0.0
Fair Value \| Not Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent liabilities		(25.8)
Fair Value \| Not Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent liabilities		0.0
Fair Value \| Not Designated as Hedging Instrument \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other receivables	18.4	11.3
Other current liabilities	(11.9)	(16.3)
Fair Value \| Not Designated as Hedging Instrument \| Foreign currency exchange contracts \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other receivables	0.0	0.0
Other current liabilities	0.0	0.0
Fair Value \| Not Designated as Hedging Instrument \| Foreign currency exchange contracts \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other receivables	18.4	11.3
Other current liabilities	(11.9)	(16.3)
Fair Value \| Not Designated as Hedging Instrument \| Foreign currency exchange contracts \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other receivables	0.0	0.0
Other current liabilities	0.0	0.0
Fair value hedges \| Designated as Hedging Instrument \| Interest Rate Contract \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities		0.0
Fair value hedges \| Designated as Hedging Instrument \| Interest Rate Contract \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities		(22.3)
Fair value hedges \| Designated as Hedging Instrument \| Interest Rate Contract \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities		0.0
Fair value hedges \| Carrying Amount \| Designated as Hedging Instrument \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	72.0	4.5
Other current liabilities		(22.3)
Other noncurrent liabilities		(19.0)
Fair value hedges \| Fair Value \| Designated as Hedging Instrument \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	72.0	4.5
Other current liabilities		(22.3)
Other noncurrent liabilities		(19.0)
Fair value hedges \| Fair Value \| Designated as Hedging Instrument \| Interest Rate Contract \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	0.0	0.0
Other noncurrent liabilities		0.0
Fair value hedges \| Fair Value \| Designated as Hedging Instrument \| Interest Rate Contract \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	72.0	4.5
Other noncurrent liabilities		(19.0)
Fair value hedges \| Fair Value \| Designated as Hedging Instrument \| Interest Rate Contract \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	0.0	0.0
Other noncurrent liabilities		0.0
Cash flow hedges \| Carrying Amount \| Designated as Hedging Instrument \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	43.3
Cash flow hedges \| Carrying Amount \| Designated as Hedging Instrument \| Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	3.0
Other noncurrent liabilities	(20.1)
Cash flow hedges \| Fair Value \| Designated as Hedging Instrument \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	43.3
Cash flow hedges \| Fair Value \| Designated as Hedging Instrument \| Interest Rate Contract \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	0.0
Cash flow hedges \| Fair Value \| Designated as Hedging Instrument \| Interest Rate Contract \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	43.3
Cash flow hedges \| Fair Value \| Designated as Hedging Instrument \| Interest Rate Contract \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	0.0
Cash flow hedges \| Fair Value \| Designated as Hedging Instrument \| Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	3.0
Other noncurrent liabilities	(20.1)
Cash flow hedges \| Fair Value \| Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets
Other noncurrent liabilities	0.0
Cash flow hedges \| Fair Value \| Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	3.0
Other noncurrent liabilities	(20.1)
Cash flow hedges \| Fair Value \| Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets
Other noncurrent liabilities	0.0
Net investment hedges \| Carrying Amount \| Designated as Hedging Instrument \| Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	45.1	8.2
Other receivables		69.2
Other current liabilities	(21.4)	(9.2)
Other noncurrent liabilities	(5.7)
Net investment hedges \| Fair Value \| Designated as Hedging Instrument \| Cross-currency interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	45.1	8.2
Other receivables		69.2
Other current liabilities	(21.4)	(9.2)
Other noncurrent liabilities	(5.7)
Net investment hedges \| Fair Value \| Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	0.0	0.0
Other receivables		0.0
Other current liabilities	0.0	0.0
Other noncurrent liabilities	0.0
Net investment hedges \| Fair Value \| Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	45.1	8.2
Other receivables		69.2
Other current liabilities	(21.4)	(9.2)
Other noncurrent liabilities	(5.7)
Net investment hedges \| Fair Value \| Designated as Hedging Instrument \| Cross-currency interest rate swaps \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	0.0	0.0
Other receivables		0.0
Other current liabilities	0.0	$ 0.0
Other noncurrent liabilities	$ 0.0