0000059478-23-000162 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 24, 2023
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Entity File Number	001-6351
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 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 Common Stock, Shares Outstanding		949,272,933
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000059478
Current Fiscal Year End Date	--12-31
Quarterly Report	true
Transition Report	false
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
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
0.500% Notes due 2033
Document Information [Line Items]
Title of 12(b) Security	0.500% Notes due 2033
Trading Symbol	LLY33
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
1.625% Notes due 2043
Document Information [Line Items]
Title of 12(b) Security	1.625% Notes due 2043
Trading Symbol	LLY43
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
1.125% Notes due 2051
Document Information [Line Items]
Title of 12(b) Security	1.125% Notes due 2051
Trading Symbol	LLY51
Security Exchange Name	NYSE
1.375% Notes due 2061
Document Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2061
Trading Symbol	LLY61
Security Exchange Name	NYSE

Consolidated Condensed Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue (Note 2)	$ 6,960.0	$ 7,810.0
Costs, expenses, and other:
Cost of sales	1,626.7	2,072.1
Research and development	1,985.1	1,610.1
Marketing, selling, and administrative	1,749.2	1,557.9
Acquired in-process research and development (Note 3)	105.0	165.6
Other–net, (income) expense (Note 10)	(35.7)	350.7
Costs, expenses, and other	5,430.3	5,756.4
Income before income taxes	1,529.7	2,053.6
Income taxes (Note 6)	184.8	150.7
Net income	$ 1,344.9	$ 1,902.9
Earnings per share:
Basic (in dollars per share)	$ 1.49	$ 2.11
Diluted (in dollars per share)	$ 1.49	$ 2.10
Shares used in calculation of earnings per share:
Basic (in shares)	901.0	903.7
Diluted (in shares)	903.3	906.4

Consolidated Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,344.9	$ 1,902.9
Other comprehensive income, net of tax (Note 9)	67.3	117.8
Comprehensive income	$ 1,412.2	$ 2,020.7

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents (Note 5)	$ 3,545.9	$ 2,067.0
Short-term investments (Note 5)	123.4	144.8
Accounts receivable, net of allowances of $14.0 (2023) and $16.0 (2022)	7,526.2	6,896.0
Other receivables	1,495.9	1,662.9
Inventories	4,544.8	4,309.7
Prepaid expenses and other current assets	3,575.2	2,954.1
Total current assets	20,811.4	18,034.5
Investments (Note 5)	2,750.4	2,901.8
Goodwill	4,073.1	4,073.0
Other intangibles, net	7,087.1	7,206.6
Deferred tax assets	3,406.7	2,792.9
Property and equipment, net of accumulated depreciation of $10,486.0 (2023) and $10,233.4 (2022)	10,546.2	10,144.0
Other noncurrent assets	4,488.1	4,337.0
Total assets	53,163.0	49,489.8
Current Liabilities
Short-term borrowings and current maturities of long-term debt	3.1	1,501.1
Accounts payable	2,015.9	1,930.6
Employee compensation	739.7	1,059.8
Sales rebates and discounts	9,529.5	8,784.1
Dividends payable	0.0	1,017.2
Income taxes payable	1,528.3	475.1
Other current liabilities	2,193.5	2,370.3
Total current liabilities	16,010.0	17,138.2
Other Liabilities
Long-term debt	18,880.5	14,737.5
Accrued retirement benefits (Note 7)	1,313.0	1,305.1
Long-term income taxes payable	3,842.1	3,709.6
Other noncurrent liabilities	1,822.5	1,824.0
Total other liabilities	25,858.1	21,576.2
Commitments and Contingencies (Note 8)
Eli Lilly and Company Shareholders' Equity
Common stock	593.5	594.1
Additional paid-in capital	6,793.1	6,921.4
Retained earnings	10,639.3	10,042.6
Employee benefit trust	(3,013.2)	(3,013.2)
Accumulated other comprehensive loss (Note 9)	(3,777.3)	(3,844.6)
Cost of common stock in treasury	(45.0)	(50.5)
Total Eli Lilly and Company shareholders' equity	11,190.4	10,649.8
Noncontrolling interests	104.5	125.6
Total equity	11,294.9	10,775.4
Total liabilities and equity	$ 53,163.0	$ 49,489.8

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Receivables, Net, Current [Abstract]
Accounts receivable, allowances	$ 14.0	$ 16.0
Property and equipment, accumulated depreciation	$ 10,486.0	$ 10,233.4

Consolidated Condensed Statements of Equity - 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 Interests

Beginning balance (in shares) at Dec. 31, 2021

954,116

Beginning balance (in shares) at Dec. 31, 2021

^[1]

463

Beginning balance at Dec. 31, 2021

$ 596.3

$ 6,833.4

$ 8,958.5

$ (3,013.2)

$ (4,343.1)

$ (52.7)

^[1]

$ 175.6

Increase (Decrease) in Shareholders' Equity [Roll Forward]

Net income (loss)

1,902.9

(36.6)

Other comprehensive income, net of tax

$ 117.8

117.8

Retirement of treasury shares (in shares)

(5,607)

^[1]

Retirement of treasury shares

$ (3.5)

(1,496.5)

$ 1,500.0

^[1]

Purchase of treasury shares (in shares)

^[1]

5,607

Purchase of treasury shares

^[1]

$ (1,500.0)

Issuance of stock under employee stock plans, net (in shares)

2,096

(13)

^[1]

Issuance of stock under employee stock plans, net

$ 1.3

(278.1)

$ 2.2

^[1]

Stock-based compensation

101.0

Other

4.5

(7.8)

Ending balance (in shares) at Mar. 31, 2022

950,605

Ending balance (in shares) at Mar. 31, 2022

^[1]

450

Ending balance at Mar. 31, 2022

$ 594.1

6,656.3

9,369.4

(3,013.2)

(4,225.3)

$ (50.5)

^[1]

131.2

Beginning balance (in shares) at Dec. 31, 2022

950,632

Beginning balance (in shares) at Dec. 31, 2022

^[1]

450

Beginning balance at Dec. 31, 2022

10,775.4

$ 594.1

6,921.4

10,042.6

(3,013.2)

(3,844.6)

$ (50.5)

^[1]

125.6

Increase (Decrease) in Shareholders' Equity [Roll Forward]

Net income (loss)

1,344.9

10.0

Other comprehensive income, net of tax

67.3

Retirement of treasury shares (in shares)

(2,299)

^[1]

Retirement of treasury shares

$ (1.4)

(748.6)

$ 750.0

^[1]

Purchase of treasury shares (in shares)

^[1]

2,299

Purchase of treasury shares

^[1]

$ (750.0)

Issuance of stock under employee stock plans, net (in shares)

1,336

(48)

^[1]

Issuance of stock under employee stock plans, net

$ 0.8

(259.5)

$ 8.8

^[1]

Stock-based compensation

131.2

Other

0.4

$ (3.3)

(31.1)

Ending balance (in shares) at Mar. 31, 2023

949,669

Ending balance (in shares) at Mar. 31, 2023

^[1]

402

Ending balance at Mar. 31, 2023

$ 11,294.9

$ 593.5

$ 6,793.1

$ 10,639.3

$ (3,013.2)

$ (3,777.3)

$ (45.0)

^[1]

$ 104.5

[1]	As of March 31, 2023, there was $2.50 billion remaining under our $5.00 billion share repurchase program authorized in May 2021.

Consolidated Condensed Statements of Equity (Parenthetical) - USD ($)	Mar. 31, 2023	May 31, 2021
Statement of Stockholders' Equity [Abstract]
Stock repurchase program, remaining authorized amount	$ 2,500,000,000
Stock repurchase program, authorized amount		$ 5,000,000,000

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net income	$ 1,344.9	$ 1,902.9
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:
Depreciation and amortization	362.3	435.7
Change in deferred income taxes	(559.4)	(506.6)
Stock-based compensation expense	131.2	101.0
Net investment losses	14.2	426.1
Acquired in-process research and development (Note 3)	105.0	165.6
Other changes in operating assets and liabilities, net of acquisitions and divestitures	164.1	(34.3)
Other operating activities, net	168.3	32.6
Net Cash Provided by Operating Activities	1,730.6	2,523.0
Cash Flows from Investing Activities
Purchases of property and equipment	(668.5)	(365.4)
Proceeds from sales and maturities of short-term investments	61.5	26.7
Purchases of short-term investments	(23.0)	(14.6)
Proceeds from sales of and distributions from noncurrent investments	281.9	81.4
Purchases of noncurrent investments	(146.0)	(116.7)
Purchases of in-process research and development	(235.0)	(515.6)
Other investing activities, net	40.3	(133.4)
Net Cash Used for Investing Activities	(688.8)	(1,037.6)
Cash Flows from Financing Activities
Dividends paid	(1,017.2)	(885.5)
Net change in short-term borrowings	(1,498.0)	499.7
Proceeds from issuance of long-term debt	3,958.5	0.0
Repayments of long-term debt	0.0	(710.1)
Purchases of common stock	(750.0)	(1,500.0)
Other financing activities, net	(281.0)	(282.4)
Net Cash Provided by (Used for) Financing Activities	412.3	(2,878.3)
Effect of exchange rate changes on cash and cash equivalents	24.8	33.6
Net increase (decrease) in cash and cash equivalents	1,478.9	(1,359.3)
Cash and cash equivalents at January 1	2,067.0	3,818.5
Cash and Cash Equivalents at March 31	$ 3,545.9	$ 2,459.2

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the accompanying unaudited consolidated condensed financial statements in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States (GAAP). In our opinion, the consolidated condensed financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for a fair presentation of the results of operations for the periods shown. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. We issued our financial statements by filing them with the Securities and Exchange Commission and have evaluated subsequent events up to the time of the filing of this Quarterly Report on Form 10-Q. All per-share amounts, unless otherwise noted in the footnotes, are presented on a diluted basis; that is, based on the weighted-average number of common shares outstanding plus the effect of incremental shares from our stock-based compensation programs. We 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 costs are expensed as incurred. Research and development costs consist of expenses incurred in performing research and development activities, including but not limited to, compensation and benefits, facilities and overhead expense, clinical trial expense, and fees paid to contract research organizations. Acquired IPR&D includes the initial costs and development milestones incurred related to externally developed IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use. Development milestones are milestone payment obligations that are incurred prior to regulatory approval of the compound and are expensed when the event triggering an obligation to pay the milestone occurs. Reclassifications Certain reclassifications have been made to prior periods in the consolidated condensed financial statements and accompanying notes to conform with the current presentation. Development milestone payments related to externally developed IPR&D projects, acquired directly in a transaction other than a business combination, were previously included in cash flows from operating activities in the consolidated condensed statements of cash flows and are now included in purchases of IPR&D in cash flows from investing activities. The reclassification resulted in an increase to net cash provided by operating activities and net cash used in investing activities of $23.8 million for the three months ended March 31, 2022.

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

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


	Three Months Ended March 31,
	2023		2022
Net product revenue	$	6,238.2	$	7,132.9
Collaboration and other revenue(1)	721.8		677.1
Revenue	$	6,960.0	$	7,810.0

(1) Collaboration and other revenue associated with prior period transfers of intellectual property was $25.1 million and $53.2 million during the three months ended March 31, 2023 and 2022, respectively.

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 includes our share of profits from the collaborations, 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 Jardiance® and Trajenta® 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.

Adjustments to Revenue

Adjustments to increase revenue recognized as a result of changes in estimates for our most significant United States (U.S.) sales returns, rebates, and discounts liability balances for products shipped in previous periods were less than 1 percent of U.S. revenue during each of the three months ended March 31, 2023 and 2022.

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:


	March 31, 2023		December 31, 2022
Contract liabilities	$	220.3	$	219.2

During the three months ended March 31, 2023 and 2022, revenue recognized from contract liabilities as of the beginning of the respective 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 for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023						2022
	U.S.		Outside U.S.		Total		U.S.		Outside U.S.		Total
Revenue—to unaffiliated customers:
Diabetes:
Trulicity®	$	1,547.4	$	429.7	$	1,977.1	$	1,313.9	$	427.4	$	1,741.3
Jardiance(1)	329.4		248.1		577.5		229.8		189.7		419.4
Mounjaro®	536.4		32.0		568.5		—		—		—
Humalog® (2)	271.6		189.3		460.9		368.9		249.3		618.2
Humulin®	198.8		53.2		252.0		190.4		82.8		273.2
Basaglar®	135.4		73.9		209.3		119.3		72.2		191.5
Other diabetes	56.0		89.2		145.1		54.3		90.2		144.6
Total diabetes	3,075.0		1,115.4		4,190.4		2,276.6		1,111.6		3,388.2

Oncology:
Verzenio®	461.1		289.8		750.9		301.5		167.9		469.4
Cyramza®	100.6		136.1		236.8		79.2		151.1		230.3
Erbitux®	118.8		11.1		129.9		109.7		13.0		122.7
Alimta®	20.1		38.1		58.2		254.3		89.7		343.9
Other oncology	52.8		127.5		180.2		39.0		147.5		186.7
Total oncology	753.4		602.6		1,356.0		783.7		569.2		1,353.0

Immunology:
Taltz®	312.2		214.8		527.0		307.2		180.8		488.1
Olumiant® (3)	42.3		186.5		228.9		71.3		184.3		255.6
Other immunology	—		22.0		22.0		—		4.5		4.5
Total immunology	354.5		423.3		777.8		378.5		369.6		748.1

Neuroscience:
Emgality®	108.7		45.6		154.3		108.3		41.0		149.3

Other neuroscience	35.8		170.4		206.2		45.1		203.4		248.4
Total neuroscience	144.5		216.0		360.5		153.4		244.4		397.7


Other:
Forteo®	70.7		51.7		122.3		70.2		67.3		137.4
Cialis®	7.6		92.7		100.3		6.9		210.8		217.7
COVID-19 antibodies(4)	—		—		—		1,455.2		14.7		1,469.8
Other	30.5		22.2		52.8		50.1		47.8		98.1
Total other	108.7		166.6		275.3		1,582.4		340.6		1,923.0
Revenue	$	4,436.2	$	2,523.9	$	6,960.0	$	5,174.6	$	2,635.4	$	7,810.0

Numbers may not add due to rounding.

(1) Jardiance revenue includes Glyxambi®, Synjardy®, and Trijardy® XR.

(2) Humalog revenue includes insulin lispro.

(3) Olumiant revenue includes sales for baricitinib that were made pursuant to Emergency Use Authorization (EUA) or similar regulatory authorizations.

(4) COVID-19 antibodies include sales for bamlanivimab administered alone, for bamlanivimab and etesevimab administered together, and for bebtelovimab and were made pursuant to EUAs or similar regulatory authorizations.

The following table summarizes revenue by geographical area:


	Three Months Ended March 31,
	2023		2022
Revenue—to unaffiliated customers(1):
U.S.	$	4,436.2	$	5,174.6
Europe	1,090.9		1,067.3
Japan	387.2		410.2
China	372.7		406.5
Other foreign countries	673.1		751.5
Revenue	$	6,960.0	$	7,810.0

Numbers may not add due to rounding.

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

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Acquisitions and Divestitures

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

We engage in various forms of business development activities to enhance our product pipeline, including acquisitions, collaborations, investments, and licensing arrangements. 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.

In December 2022, we completed the acquisition of Akouos, Inc. (Akouos). This transaction, as further discussed 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 condensed 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 this acquisition is included in our consolidated condensed financial statements from the date of acquisition.

We also acquired assets in development which are further discussed below in Asset Acquisitions. Upon each acquisition, the cost allocated to acquired IPR&D was immediately expensed if the compound has no alternative future use. Milestone payment obligations incurred prior to regulatory approval of the compound are expensed as acquired IPR&D when the event triggering an obligation to pay the milestone occurs. We recognized acquired IPR&D charges of $105.0 million and $165.6 million for the three months ended March 31, 2023 and 2022, respectively.

Acquisition of a Business

Akouos Acquisition

Overview of Transaction

In December 2022, we acquired all shares of Akouos for a purchase price that included $12.50 per share in cash (or an aggregate of $327.2 million, net of cash acquired) plus one non-tradable contingent value right (CVR) per share. The CVR entitles the Akouos shareholders up to an additional $3.00 per share in cash (or an aggregate of approximately $122 million) payable, subject to certain terms and conditions, upon the achievement of certain specified milestones.

Under the terms of the agreement, we acquired potential gene therapy treatments for hearing loss and other inner ear conditions. The lead gene therapies in clinical development that we acquired included GJB2 (which encodes connexin 26) for a common form of monogenic deafness and hearing loss; AK-OTOF for hearing loss due to mutations in the otoferlin gene; AK-CLRN1 for Usher Type 3A, an autosomal recessive disorder characterized by progressive loss of both hearing and vision; and AK-antiVEGF for vestibular schwannoma.

Assets Acquired and Liabilities Assumed

Our access to Akouos information was limited prior to the acquisition. As a consequence, we are in the process of determining fair values and tax bases of a significant portion of the assets acquired and liabilities assumed, including the identification and valuation of intangible assets and tax exposures. The final determination of these amounts will be completed as soon as possible but no later than one year from the acquisition date. The final determination may result in asset and liability fair values and tax bases that differ from the preliminary estimates and require changes to the preliminary amounts recognized.

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


Estimated Fair Value at December 1, 2022
Cash	$	153.2
Acquired IPR&D(1)	184.0
Goodwill(2)	181.2

Other assets and liabilities, net	28.9
Acquisition date fair value of consideration transferred	547.3
Less:
Cash acquired	(153.2)
Fair value of CVR liability(3)	(66.9)
Cash paid, net of cash acquired	$	327.2

(1) Acquired IPR&D intangibles primarily relate to GJB2.

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

(3) See Note 5 for a discussion on the estimation of the CVR liability.

The results of operations attributable to Akouos for the three months ended March 31, 2023 were immaterial.

Pro forma information has not been included as this acquisition did not have a material impact on our consolidated condensed statements of operations for the three months ended March 31, 2022.

Asset Acquisitions

In February 2022, we acquired a Priority Review Voucher from BioMarin Pharmaceutical Inc. for $110.0 million. We recognized no other significant acquired IPR&D charges during the three months ended March 31, 2023 and 2022.

Subsequent Events - Divestitures

In April 2023, we entered into an agreement to sell the rights of the olanzapine portfolio, including Zyprexa®, to Cheplapharm Arzneimittel GmbH. Under the terms of the agreement, we will receive $1.05 billion in cash upon successful closing of the transaction and an additional $305 million in cash upon the one year anniversary of closing. We are also eligible to receive milestone payments of up to $50 million in aggregate.

In April 2023, we entered into an agreement to sell the rights of Baqsimi® to Amphastar Pharmaceuticals, Inc. Under the terms of the agreement, we will receive $500 million in cash upon successful closing of the transaction and an additional $125 million in cash upon the one year anniversary of closing. We are also eligible to receive sales-based milestone payments of up to $450 million in aggregate.

These transactions are subject to customary closing conditions and regulatory approval.

Acquisitions and Divestitures

Acquisition of a Business

Akouos Acquisition

Overview of Transaction

Assets Acquired and Liabilities Assumed

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


Estimated Fair Value at December 1, 2022
Cash	$	153.2
Acquired IPR&D(1)	184.0
Goodwill(2)	181.2

Other assets and liabilities, net	28.9
Acquisition date fair value of consideration transferred	547.3
Less:
Cash acquired	(153.2)
Fair value of CVR liability(3)	(66.9)
Cash paid, net of cash acquired	$	327.2

(1) Acquired IPR&D intangibles primarily relate to GJB2.

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

(3) See Note 5 for a discussion on the estimation of the CVR liability.

The results of operations attributable to Akouos for the three months ended March 31, 2023 were immaterial.

Pro forma information has not been included as this acquisition did not have a material impact on our consolidated condensed statements of operations for the three months ended March 31, 2022.

Asset Acquisitions

Subsequent Events - Divestitures

These transactions are subject to customary closing conditions and regulatory approval.

Collaborations and Other Arrangements

3 Months Ended

Mar. 31, 2023

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 as well as 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: Jardiance, Glyxambi, Synjardy, Trijardy XR, Trajenta, and Jentadueto® as well as our basal insulins, Basaglar and Rezvoglar®. Glyxambi, Synjardy, and Trijardy XR are included in the Jardiance product family. Jentadueto is included in the Trajenta product family. Rezvoglar is included in the Basaglar product family.

In connection with the regulatory approvals of Jardiance, Trajenta, and Basaglar in the U.S., Europe, and Japan, milestone payments made for Jardiance and Trajenta were capitalized as intangible assets and are being amortized to cost of sales, and milestone payments received for Basaglar were recorded as contract liabilities and are being amortized to collaboration and other revenue. The milestones pertaining to Jardiance and Trajenta are being amortized through their respective term under the collaboration, which, depending on country or region, is determined based on the latest to occur of (a) a defined number of years following launch date, (b) the expiration of the compound patent, or (c) the expiration of marketing authorization exclusivity. The milestones pertaining to Basaglar are being amortized through 2029. The table below summarizes the net milestones capitalized with respect to the Jardiance and Trajenta families of products and the net milestones deferred with respect to the Basaglar product family as of March 31, 2023 and December 31, 2022:


	Net Milestones Capitalized (Deferred)(1)
	March 31, 2023		December 31, 2022
Jardiance	$	111.2	$	116.2
Trajenta	57.3		63.5
Basaglar	(126.0)		(130.6)

(1) This represents the amounts that have been capitalized (deferred) from the start of this collaboration through the end of the reporting period, net of amount amortized.

For the Jardiance product family, we and Boehringer Ingelheim generally share equally the ongoing development and commercialization costs in the most significant markets, and we record our portion of the development and commercialization costs as research and development expense and marketing, selling, and administrative expense, respectively. 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. 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 family. 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. We pay to Boehringer Ingelheim a royalty on net sales for the Basaglar product family in the U.S. We record our sales of the Basaglar product family to third parties as net product revenue with the royalty payments made to Boehringer Ingelheim recorded as cost of sales.

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


	Three Months Ended March 31,
	2023		2022
Jardiance	$	577.5	$	419.4
Basaglar	209.3		191.5
Trajenta	85.8		92.0

Olumiant

We have a worldwide license and collaboration agreement with Incyte Corporation (Incyte), which provides us the development and commercialization rights to baricitinib, which is branded and trademarked as Olumiant, and certain follow-on compounds, for the treatment of inflammatory and autoimmune diseases and COVID-19. Incyte has the right to receive tiered, double digit royalty payments on worldwide net sales with rates ranging up to 20 percent. Incyte has the right to receive an additional royalty ranging up to the low teens on worldwide net sales for the treatment of COVID-19 that exceed a specified aggregate worldwide net sales threshold. The agreement calls for payments by us to Incyte associated with certain development, success-based regulatory, and sales-based milestones.

In connection with the regulatory approvals of Olumiant in the U.S., Europe, and Japan, as well as achievement of a sales-based milestone, milestone payments of $330.0 million were capitalized as intangible assets as of March 31, 2023 and December 31, 2022 and are being amortized to cost of sales through the term of the collaboration. This represents the cumulative amounts that have been capitalized from the start of this collaboration through the end of each reporting period.

As of March 31, 2023, Incyte is eligible to receive up to $100.0 million of additional payments from us in potential sales-based milestones.

We record our sales of Olumiant, including sales of baricitinib that were made pursuant to EUA or similar regulatory authorizations, 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:


	Three Months Ended March 31,
	2023		2022
Olumiant	$	228.9	$	255.6

COVID-19 Antibodies

We have a worldwide license and collaboration agreement with AbCellera Biologics Inc. (AbCellera) to co-develop therapeutic antibodies for the potential prevention and treatment of COVID-19, including bamlanivimab and bebtelovimab, for which we hold development and commercialization rights. AbCellera has the right to receive tiered royalty payments on worldwide net sales of bamlanivimab and bebtelovimab with percentages ranging in the mid-teens to mid-twenties. Royalty payments made to AbCellera were recorded as cost of sales.

Pursuant to EUAs or similar regulatory authorizations, we recognized net product revenue associated with our sales of our COVID-19 antibodies of $1.47 billion, primarily related to bebtelovimab, for the three months ended March 31, 2022. We did not have sales of our COVID-19 antibodies during the three months ended March 31, 2023.

Lebrikizumab

We have a worldwide license agreement with F. Hoffmann-La Roche Ltd and Genentech, Inc. (collectively, Roche), which provides us the worldwide development and commercialization rights to lebrikizumab. Roche has the right to receive tiered royalty payments on future worldwide net sales ranging in percentages from high single digits to high teens if the product is successfully commercialized. As of March 31, 2023, Roche is eligible to receive up to $160.0 million of payments from us contingent upon the achievement of success-based regulatory milestones and up to $1.03 billion in a series of sales-based milestones, contingent upon the commercial success of lebrikizumab.

We have a license agreement with Almirall, S.A. (Almirall), under which Almirall licensed the rights to develop and commercialize lebrikizumab for the treatment or prevention of dermatology indications, including, but not limited to, atopic dermatitis in Europe. We have the right to receive tiered royalty payments on future net sales in Europe ranging in percentages from low double digits to low twenties if the product is successfully commercialized. As of March 31, 2023, we are eligible to receive payments of $65.0 million from Almirall contingent upon the achievement of success-based regulatory milestones and up to $1.25 billion in a series of sales-based milestones, contingent upon the commercial success of lebrikizumab. During the three months ended March 31, 2023 and 2022, collaboration and other revenue recognized was not material.

Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Financial Instruments

Investments in Equity and Debt Securities

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 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 three months ended March 31, 2023 and 2022 were not material.

The net losses recognized in our consolidated condensed statements of operations for equity securities were $13.7 million and $425.4 million for the three months ended March 31, 2023 and 2022, respectively. The net gains (losses) recognized for the three months ended March 31, 2023 and 2022 on equity securities sold during the respective periods were not material.

As of March 31, 2023, we had approximately $950 million of unfunded commitments to invest in venture capital funds, which we anticipate will be paid over a period of up to 10 years.

We record our available-for-sale debt securities at fair value, with changes in fair value reported as a component of accumulated other comprehensive income (loss). We periodically assess our investment in available-for-sale securities for impairment losses and credit losses. 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. Impairment and credit losses related to available-for-sale securities were not material for the three months ended March 31, 2023 and 2022.

The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of March 31, 2023:


	Maturities by Period
	Total		Less Than 1 Year		1-5 Years		6-10 Years		More Than 10 Years
Fair value of debt securities	$	648.1	$	76.0	$	219.4	$	115.5	$	237.2

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


	March 31, 2023		December 31, 2022
Unrealized gross gains	$	1.8	$	0.6
Unrealized gross losses	39.0		49.2
Fair value of securities in an unrealized gain position	120.5		46.8
Fair value of securities in an unrealized loss position	512.4		568.7

As of March 31, 2023, 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 99 percent of the fixed-rate debt securities in a loss position are investment-grade debt securities. As of March 31, 2023, 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 a material default on interest or principal payments for our debt securities.

Activity related to our available-for-sale securities was as follows:


	Three Months Ended March 31,
	2023		2022
Proceeds from sales	$	27.6	$	35.2
Realized gross gains on sales	0.2		0.1
Realized gross losses on sales	0.7		0.8

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.

Fair Value of Investments

The following table summarizes certain fair value information at March 31, 2023 and December 31, 2022 for investment assets 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
	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
March 31, 2023
Cash equivalents(2)	$	2,343.1	$	2,343.1	$	2,330.2	$	12.9	$	—	$	2,343.1

Short-term investments:
U.S. government and agency securities	$	23.1	$	23.5	$	23.1	$	—	$	—	$	23.1
Corporate debt securities	50.1		50.2		—		50.1		—		50.1

Asset-backed securities	2.8		2.8		—		2.8		—		2.8
Other securities	47.4		47.4		—		28.0		19.4		47.4

Short-term investments	$	123.4

Noncurrent investments:
U.S. government and agency securities	$	145.2	$	157.5	$	145.2	$	—	$	—	$	145.2

Corporate debt securities	214.8		232.5		—		214.8		—		214.8
Mortgage-backed securities	155.3		165.2		—		155.3		—		155.3
Asset-backed securities	56.8		58.2		—		56.8		—		56.8
Other securities	204.0		22.7		—		113.8		90.2		204.0
Marketable equity securities	624.0		475.6		624.0		—		—		624.0
Equity investments without readily determinable fair values(3)	516.6
Equity method investments(3)	833.7
Noncurrent investments	$	2,750.4

December 31, 2022
Cash equivalents(2)	$	657.4	$	657.4	$	650.4	$	7.0	$	—	$	657.4

Short-term investments:
U.S. government and agency securities	$	30.8	$	31.1	$	30.8	$	—	$	—	$	30.8
Corporate debt securities	53.4		53.5		—		53.4		—		53.4

Asset-backed securities	2.0		2.0		—		2.0		—		2.0
Other securities	58.6		58.6		—		39.1		19.5		58.6

Short-term investments	$	144.8

Noncurrent investments:
U.S. government and agency securities	$	146.4	$	163.2	$	146.4	$	—	$	—	$	146.4
Corporate debt securities	213.9		235.8		—		213.9		—		213.9
Mortgage-backed securities	149.2		161.5		—		149.2		—		149.2
Asset-backed securities	50.6		52.5		—		50.6		—		50.6
Other securities	398.6		34.5		—		311.0		87.6		398.6
Marketable equity securities	683.6		484.7		683.6		—		—		683.6
Equity investments without readily determinable fair values(3)	478.4
Equity method investments(3)	781.1
Noncurrent investments	$	2,901.8

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

(2) 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.

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

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. Fair values are not readily available for certain equity investments measured under the measurement alternative.

Debt

In February 2023, we issued $750.0 million of 5.000 percent fixed-rate notes due in 2026, which are callable at par after one year, $1.00 billion of 4.700 percent fixed-rate notes due in 2033, $1.25 billion of 4.875 percent fixed-rate notes due in 2053, and $1.00 billion of 4.950 percent fixed-rate notes due in 2063, all with interest to be paid semi-annually. We used the net cash proceeds from the offering of $3.96 billion for general business purposes, including the repayment of outstanding commercial paper.

Fair Value of Debt

The following table summarizes certain fair value information at March 31, 2023 and December 31, 2022 for our short-term and long-term debt:


			Fair Value Measurements Using
	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
March 31, 2023	$	—	$	—	$	—	$	—	$	—
December 31, 2022	(1,498.0)		—		(1,492.0)		—		(1,492.0)
Long-term debt, including current portion
March 31, 2023	$	(18,883.6)	$	—	$	(16,654.6)	$	—	$	(16,654.6)
December 31, 2022	(14,740.6)		—		(12,329.3)		—		(12,329.3)

Risk Management and Related Financial Instruments

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. The majority of our cash is held by a few major financial institutions that have been identified as Global Systemically Important Banks (G-SIBs) by the Financial Stability Board. G-SIBs are subject to rigorous regulatory testing and oversight and must meet certain capital requirements. We monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations. In accordance with documented corporate risk-management policies, we monitor the amount of credit exposure to any one financial institution or corporate issuer based on credit rating of our counterparty. We are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect significant counterparties to fail to meet their obligations given their investment grade credit ratings.

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 $423.4 million and $422.1 million of accounts receivable as of March 31, 2023 and December 31, 2022, respectively, under these factoring arrangements. The costs of factoring such accounts receivable on our consolidated condensed results of operations for the three months ended March 31, 2023 and 2022 were not material.

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 income (loss) (see Note 9) 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 income (loss) (see Note 9). 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, Chinese yuan, Japanese yen, and Swiss franc). 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. Forward contracts generally have maturities not exceeding 12 months. At March 31, 2023, we had outstanding foreign currency forward commitments as follows, all of which have settlement dates within 180 days:

March 31, 2023

Purchase

Sell

Currency

Amount
(in millions)

Currency

Amount
(in millions)

U.S. dollars

2,410.5

Euro

2,231.4

Euro

3,667.4

U.S. dollars

3,948.6

U.S. dollars

229.8

Chinese yuan

1,574.7

British pounds

216.7

U.S. dollars

265.8

Foreign currency exchange risk is also managed through the use of foreign currency debt, cross-currency interest rate swaps, and foreign currency forward contracts. Our foreign currency-denominated notes had carrying amounts of $6.97 billion and $6.83 billion as of March 31, 2023 and December 31, 2022, respectively, of which $5.58 billion and $5.45 billion have been designated as, and are effective as, economic hedges of net investments in certain of our foreign operations as of March 31, 2023 and December 31, 2022, respectively. At March 31, 2023, we had outstanding cross-currency swaps with notional amounts of $1.02 billion swapping U.S. dollars to euro and $1.00 billion swapping Swiss francs to U.S. dollars 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 fixed-rate debt to foreign-denominated fixed-rate debt, have also been designated as, and are effective as, economic hedges of net investments. At March 31, 2023, we had outstanding foreign currency forward contracts to sell 1.38 billion euro and to sell 1.82 billion Chinese yuan with settlement dates ranging through 2023, which have been designated as, and are effective as, economic hedges of net investments.

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 condensed statements of cash flows. At March 31, 2023, all of our total long-term debt is at a fixed rate. We have converted approximately 12 percent of our long-term fixed-rate notes to floating rates through the use of interest rate swaps.

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) (see Note 9) 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 March 31, 2023, 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 through 2025.

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

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


	Three Months Ended March 31,
	2023		2022
Fair value hedges:
Effect from hedged fixed-rate debt	$	35.3	$	(94.6)
Effect from interest rate contracts	(35.3)		94.6
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	3.8		4.1
Cross-currency interest rate swaps	(12.9)		8.3
Net gains on foreign currency exchange contracts not designated as hedging instruments	(52.8)		(6.1)
Total	$	(61.9)	$	6.3

During the three months ended March 31, 2023 and 2022, 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.

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:


	Three Months Ended March 31,
	2023		2022
Net investment hedges:
Foreign currency-denominated notes	$	(131.8)	$	54.4
Cross-currency interest rate swaps	(11.8)		10.8
Foreign currency forward contracts	(46.1)		—
Cash flow hedges:
Forward-starting interest rate swaps	23.8		122.5
Cross-currency interest rate swaps	(7.8)		17.1

During the next 12 months, we expect to reclassify $13.1 million of pretax net losses on cash flow hedges from accumulated other comprehensive loss to other–net, (income) expense. During the three months ended March 31, 2023 and 2022, the amounts excluded from the assessment of hedge effectiveness recognized in other comprehensive income (loss) were not material.

Fair Value of Risk-Management Instruments

The following table summarizes certain fair value information at March 31, 2023 and December 31, 2022 for risk management assets and liabilities measured at fair value on a recurring basis:


			Fair Value Measurements Using
	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
March 31, 2023
Risk-management instruments:
Interest rate contracts designated as fair value hedges:

Other noncurrent assets	$	2.7	$	—	$	2.7	$	—	$	2.7
Other current liabilities	(9.9)		—		(9.9)		—		(9.9)
Other noncurrent liabilities	(91.8)		—		(91.8)		—		(91.8)


Interest rate contracts designated as cash flow hedges:
Other noncurrent assets	228.6		—		228.6		—		228.6

Cross-currency interest rate contracts designated as net investment hedges:
Other receivables	55.6		—		55.6		—		55.6



Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets	58.2		—		58.2		—		58.2

Foreign exchange contracts designated as net investment hedges:
Other receivables	0.9		—		0.9		—		0.9
Other current liabilities	(13.1)		—		(13.1)		—		(13.1)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	63.7		—		63.7		—		63.7
Other current liabilities	(32.0)		—		(32.0)		—		(32.0)


Contingent consideration liabilities:
Other current liabilities	(40.1)		—		—		(40.1)		(40.1)
Other noncurrent liabilities	(71.8)		—		—		(71.8)		(71.8)


			Fair Value Measurements Using
	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, 2022
Risk-management instruments:
Interest rate contracts designated as fair value hedges:



Other noncurrent liabilities	$	(134.3)	$	—	$	(134.3)	$	—	$	(134.3)
Interest rate contracts designated as cash flow hedges:
Other receivables	162.9		—		162.9		—		162.9
Other noncurrent assets	246.0		—		246.0		—		246.0

Cross-currency interest rate contracts designated as net investment hedges:
Other receivables	67.6		—		67.6		—		67.6



Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets	53.1		—		53.1		—		53.1

Foreign exchange contracts designated as hedging instruments:
Other current liabilities	(38.3)		—		(38.3)		—		(38.3)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	26.6		—		26.6		—		26.6
Other current liabilities	(21.5)		—		(21.5)		—		(21.5)
Contingent consideration liabilities:
Other current liabilities	(39.5)		—		—		(39.5)		(39.5)
Other noncurrent liabilities	(70.6)		—		—		(70.6)		(70.6)

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.

Contingent consideration liabilities relate to our liabilities arising in connection with the CVRs issued as a result of acquisitions of businesses. The fair values of the CVR liabilities were estimated using a discounted cash flow analysis and Level 3 inputs, including projections representative of a market participant's view of the expected cash payments associated with the agreed upon regulatory milestones based on probabilities of technical success, timing of the potential milestone events for the compounds, and estimated discount rates.

- 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

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate was 12.1 percent for the three months ended March 31, 2023, reflecting the tax impact of the new Puerto Rico tax regime, partially offset by a net discrete tax benefit. The effective tax rate was 7.3 percent for the three months ended March 31, 2022, reflecting the favorable tax impact of net investment losses on equity securities. The U.S. examination of tax years 2016-2018 began in 2019 and remains ongoing. While it is reasonably possible that the Internal Revenue Service examination of these tax years could conclude within the next 12 months, final resolution of certain matters is dependent upon several factors, including the potential for formal administrative proceedings. As a result, an estimate of the range of reasonably possible changes in unrecognized tax benefits cannot be made.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Retirement Benefits

3 Months Ended

Mar. 31, 2023

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

Retirement Benefits

Net pension and retiree health (benefit) cost included the following components:


	Defined Benefit Pension Plans
	Three Months Ended March 31,
	2023		2022
Components of net periodic (benefit) cost:
Service cost	$	70.4	$	89.1
Interest cost	161.1		100.5
Expected return on plan assets	(263.3)		(239.5)
Amortization of prior service cost	0.6		0.7
Recognized actuarial loss	30.0		87.0

Net periodic (benefit) cost	$	(1.2)	$	37.8


	Retiree Health Benefit Plans
	Three Months Ended March 31,
	2023		2022
Components of net periodic benefit:
Service cost	$	7.7	$	11.2
Interest cost	15.4		9.4
Expected return on plan assets	(45.5)		(37.9)
Amortization of prior service benefit	(13.2)		(13.7)
Recognized actuarial (gain) loss	(0.9)		0.2

Net periodic benefit	$	(36.5)	$	(30.8)

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

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-Section 50
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies We are involved in various lawsuits, claims, government investigations and other legal proceedings that arise in the ordinary course of business. These claims or proceedings can involve various types of parties, including governments, competitors, customers, suppliers, service providers, licensees, employees, or shareholders, among others. These matters may involve patent infringement, antitrust, securities, pricing, sales and marketing practices, environmental, commercial, contractual rights, licensing obligations, health and safety matters, consumer fraud, employment matters, product liability and insurance coverage, among others. The resolution of these matters often develops over a long period of time and expectations can change as a result of new findings, rulings, appeals or settlement arrangements. Legal proceedings that are significant or that we believe could become significant or material are described below. We believe the legal proceedings in which we are named as defendants are without merit and we are defending against them vigorously. It is not possible to determine the final 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 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. 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 litigation liability insurance, we are self-insured for litigation liability losses for all our currently and previously marketed products. Patent Litigation Alimta European Patent Litigation In Europe, Alimta (pemetrexed) was protected by a patent through June 2021. A number of legal proceedings that were initiated prior to patent expiration are ongoing. Emgality Patent Litigation We are a named 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 three different Teva patents would be infringed by our launch and continued sales of Emgality for the prevention of migraine in adults. Following a trial, in November 2022, a jury returned a verdict in favor of Teva. The parties have filed post-trial motions on which the court will rule and then enter final judgment in the case. We intend to appeal the jury verdict if necessary. Pursuant to agreement by the parties, the award, if any, will not become due until completion of the appeal process. This matter is ongoing. In June 2021, we were named as a defendant in a second litigation filed by Teva in the U.S. District Court for the District of Massachusetts seeking a ruling that two of Teva's patents, which are directed toward use of the active ingredient in Emgality to treat migraine, would be infringed by our continued sales of Emgality. We challenged these two patents by filing requests for Inter Partes Review with the Patent Trial and Appeal Board (PTAB) and in October 2022, the PTAB granted our requests. The corresponding district court litigation is stayed while this PTAB proceeding is ongoing. Jardiance Patent Litigation In November 2018, Boehringer Ingelheim, our partner in marketing and development of Jardiance, initiated U.S. patent litigation in the U.S. District Court for the District of Delaware alleging infringement arising from submissions of Abbreviated New Drug Applications (ANDA) by a number of generic companies seeking approval to market generic versions of 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). Particularly with respect to Jardiance, the generic companies' ANDAs seek approval to market generic versions of Jardiance prior to the expiration of the relevant patents, and allege that certain patents, including in some allegations the compound patent, are invalid or would not be infringed. We are not a party to this litigation. This litigation has been stayed. Zyprexa Canada Patent Litigation Beginning in the mid-2000s, several generic companies in Canada challenged the validity of our Zyprexa compound patent. In 2012, the Canadian Federal Court of Appeals denied our appeal of a lower court's decision that certain patent claims were invalid for lack of utility. In 2013, Apotex Inc. and Apotex Pharmachem Inc. (collectively, Apotex) brought claims against us in the Ontario Superior Court of Justice at Toronto for damages related to our enforcement of the Zyprexa compound patent under Canadian regulations governing patented drugs. Apotex seeks compensation based on novel legal theories under the Statute of Monopolies, Trademark Act, and common law. In March 2021, the Ontario Superior Court granted our motion for summary judgment, thereby dismissing Apotex's case. Apotex appealed that ruling to the Court of Appeal for Ontario in April 2021. In August 2022, the Court dismissed the appeal and in October 2022, Apotex appealed the decision. In April 2023, the Supreme Court of Canada denied Apotex's appeal petition, and this matter is closed. Environmental Proceedings Under the Comprehensive Environmental Response, Compensation, and Liability Act, commonly known as "Superfund," we have been designated as one of several potentially responsible parties with respect to the cleanup of fewer than 10 sites. Under Superfund, each responsible party may be jointly and severally liable for the entire amount of the cleanup. Other Matters 340B Litigation and Investigations We are the plaintiff in a lawsuit filed in January 2021 in the U.S. District Court for the Southern District of Indiana against the U.S. Department of Health and Human Services (HHS), the Secretary of HHS, the Health Resources and Services Administration (HRSA), and the Administrator of HRSA. The lawsuit challenges HHS's December 30, 2020 advisory opinion stating that drug manufacturers are required to deliver discounts under the 340B program to all contract pharmacies and HHS's Administrative Dispute Resolution regulations. We seek a declaratory judgment that the defendants violated the Administrative Procedure Act and the U.S. Constitution, a preliminary injunction enjoining implementation of the administrative dispute resolution process created by defendants and, with it, their application of the advisory opinion, and other related relief. In March 2021, the court entered an order preliminarily enjoining the government's enforcement of the administrative dispute resolution process against us. In May 2021, HRSA notified us that it determined that our policy was contrary to the 340B statute. In response, in May 2021, we amended our complaint to bring claims related to HRSA's determination and filed a motion for preliminary injunction and temporary restraining order requesting that the U.S. District Court for the Southern District of Indiana enjoin defendants from taking any action against us relating to the 340B drug pricing program until after the court issues a final judgment on the aforementioned litigation. In May 2021, the court denied our motion for a temporary restraining order but deferred resolution of our motion for preliminary injunction. In June 2021, the defendants withdrew the HHS December 30, 2020 advisory opinion. In July 2021, the court held oral argument on the parties' cross motions for summary judgment, the defendants' motion to dismiss, and our motion for preliminary injunction related to HRSA's May 2021 enforcement letter. In October 2021, the court denied the defendants' motion to dismiss, and granted in part and denied in part the parties' cross motions for summary judgment. Both parties filed notices of appeal related to the court's summary judgment order. In October 2022, the U.S. Court of Appeals for the Seventh Circuit held oral argument. This matter is ongoing. In January 2021, we, along with other pharmaceutical manufacturers, were named as a defendant in a petition currently pending before the HHS Administrative Dispute Resolution Panel. Petitioner seeks declaratory and other injunctive relief related to the 340B program. As described above, the U.S. District Court for the Southern District of Indiana has entered a preliminary injunction enjoining the government's enforcement of this administrative dispute resolution process against us. In July 2021, we, along with Sanofi-Aventis U.S., LLC (Sanofi), Novo Nordisk Inc. (Novo Nordisk), and AstraZeneca Pharmaceuticals LP (AstraZeneca), were named as a defendant in a purported class action lawsuit filed in the U.S. District Court for the Western District of New York by Mosaic Health, Inc. alleging antitrust and unjust enrichment claims related to the defendants' 340B distribution programs. We, with Sanofi, Novo Nordisk, and AstraZeneca, filed a motion to dismiss the lawsuit, which was granted in September 2022. In October 2022, the plaintiffs filed a motion for leave to amend their complaint. This matter is ongoing. We received a civil investigative subpoena in February 2021 from the Office of the Attorney General for the State of Vermont relating to the sale of pharmaceutical products to Vermont covered entities under the 340B program. We are cooperating with this subpoena. Branchburg Manufacturing Facility In May 2021, we received a subpoena from the U.S. Department of Justice requesting the production of certain documents relating to our manufacturing site in Branchburg, New Jersey. We are cooperating with the subpoena. Brazil Litigation – Cosmopolis Facility Labor Attorney Litigation First initiated in 2008, our subsidiary in Brazil, Eli Lilly do Brasil Limitada (Lilly Brasil), is named in a Public Civil Action brought by the Labor Public Attorney (LPA) for the 15th Region in the Labor Court of Paulinia, State of Sao Paulo, Brazil, (the Labor Court) alleging possible harm to employees and former employees caused by alleged exposure to soil and groundwater contaminants 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 remedial and compensatory actions including health coverage for a class of individuals and certain of their children. In July 2018, the appeals court (TRT) generally affirmed our appeal of the Labor Court's ruling, which included a liquidated award of 300 million Brazilian reais, which, when adjusted for inflation and the addition of pre and post judgment interest using the current Central Bank of Brazil's special system of clearance and custody rate, is approximately 1.15 billion Brazilian reais (approximately $226 million as of March 31, 2023). In August 2019, Lilly Brasil filed an appeal to the superior labor court (TST) and in June 2021, the TRT published its decision on the admissibility of Lilly Brasil's appeal, allowing the majority of the elements, which were allowed to proceed in June 2021; elements not proceeding are subject to an interlocutory appeal to the TST that was filed in June 2021. In September 2019, the TRT stayed a number of elements of its trial court decision pending the determination of Lilly Brasil's appeal to the TST. A mediation hearing is scheduled for May 2023. In June 2019 and September 2020, the LPA filed applications in the Labor Court for enforcement of certain remedies granted by the TRT in its July 2018 decision, requested restrictions on Lilly Brasil’s assets in Brazil, and required Lilly Brasil and Antibióticos do Brasil Ltda. (ABL) to submit a list of potential beneficiaries of the Public Civil Action. In July 2019, the Labor Court issued a ruling requiring a freeze of Lilly Brasil’s immovable property or, alternatively, a security deposit or lien of 500 million Brazilian reais, which ruling in June 2021 was limited in scope and the security was reduced to 100 million Brazilian reais (approximately $20 million as of March 31, 2023). ABL and LPA appealed the June 2021 Labor Court ruling to the TST, which appeal is under review. The Labor Court is currently assessing the status of Lilly Brasil’s and ABL’s compliance with such portion of the July 2018 TRT decision and an inspection in the industrial plant is expected. These matters are ongoing. Individual Former Employee Litigation Lilly Brasil is also named in various pending lawsuits filed in the Labor Court by individual former employees making related claims. These individual lawsuits are at various stages in the litigation process. Puerto Rico Tax Matter In May 2013, the Municipality of Carolina in Puerto Rico (Municipality) filed a lawsuit against us alleging noncompliance with respect to a contract with the Municipality and seeking a declaratory judgment. In December 2020, the Puerto Rico Appellate Court (AP) reversed the summary judgment previously granted by the Court of First Instance (CFI) in our favor, dismissing the Municipality's complaint in its entirety. The AP remanded the case to the CFI for trial on the merits. The trial began in May 2022; however, the Municipality filed a new motion requesting the CFI to award damages. The request was denied by the CFI in our favor and the Municipality filed for revision at the AP, which we opposed, staying the case. In February 2023, the AP denied the Municipality's motion for revision. This matter is ongoing. Average Manufacturer Price Litigation In November 2014, we, along with another pharmaceutical manufacturer, were named as co-defendants in United States et al. ex rel. Streck v. Takeda Pharm. Am., Inc., et al., which was filed in November 2014 and unsealed in the U.S. District Court for the Northern District of Illinois. The complaint alleges that the defendants should have treated certain credits from distributors as retroactive price increases and included such increases in calculating average manufacturer prices. Following a trial in August 2022, the jury returned a verdict in favor of the plaintiff. The case is proceeding with post-trial motions after which the court will enter final judgment in the case. This matter is ongoing. Health Choice Alliance We are named as a defendant in two lawsuits filed in Texas and New Jersey state courts in October 2019 seeking damages under the Texas Medicaid Fraud Prevention Act and New Jersey Medicaid False Claims Act, respectively, for certain patient support programs related to our products Humalog, Humulin, and Forteo. The Texas state court action has been stayed. The New Jersey state court action was dismissed with prejudice pending an ongoing appeal before the Appellate Division of the New Jersey Superior Court. This matter is ongoing. Pricing Litigation We, along with Sanofi, Novo Nordisk, and in some matters certain pharmacy benefit managers, have been named in lawsuits related to insulin pricing that assert various theories, including consumer protection, fraud, false advertising, unjust enrichment, civil conspiracy, federal and state RICO statutes, deceptive trade practices, and unfair competition claims. These lawsuits include In re. Insulin Pricing Litigation, a putative consumer class action (U.S. District Court for the District of New Jersey, 2017); MSP Recovery Claims, Series, LLC et al. v. Sanofi Aventis U.S. LLC et al. (U.S. District Court for the District of New Jersey, 2018); FWK Holdings, LLC v. Novo Nordisk Inc., et al., a putative class action brought by direct purchasers of insulin (U.S. District Court for the District of New Jersey, 2020), and suits brought by the State of Minnesota (U.S. District Court for the District of New Jersey, 2018), State of Kentucky (Franklin County Circuit Court, 2019), State of Mississippi (U.S. District Court for the Southern District of Mississippi, 2021), State of Arkansas (U.S. District Court for the Eastern District of Arkansas, 2022), County of Albany, New York (U.S. District Court for the Northern District of New York, 2022), State of Montana (U.S. District Court for the District of Montana, 2022), State of Kansas (U.S. District Court for the District of Kansas, 2022), State of Illinois (U.S. District Court for the Northern District of Illinois, 2022), State of California (Los Angeles County Superior Court, 2023), Jackson County, Missouri in a putative class action on behalf of Missouri counties and municipalities (Jackson County Circuit Court, 2023), the Government of Puerto Rico (Court of First Instance Superior Court, San Juan, 2023), and Lake County, Illinois (U.S. District Court for the Northern District of Illinois, 2023). These lawsuits are at various stages in the litigation process. Investigations, Subpoenas, and Inquiries In connection with the pricing and sale of our insulin and other products, we have been subject to various investigations and received subpoenas, civil investigative demand requests, information requests, interrogatories, and other inquiries from various governmental entities. These include subpoenas from the New York and Vermont Attorney General Offices, civil investigative demands from the Washington, New Mexico, Colorado, Louisiana, Texas and Ohio Attorney General Offices, the U.S. Department of Justice and the U.S. Federal Trade Commission, as well as information requests from the Mississippi, Washington D.C., California, Florida, Hawaii, and Nevada Attorney General Offices. In January 2022, the Michigan Attorney General filed a petition in Michigan state court seeking authorization to investigate Lilly for potential violations of the Michigan Consumer Protection Act (MCPA), and a complaint seeking a declaratory judgment that the Attorney General has authority to investigate Lilly's sale of insulin under the MCPA. The court authorized the proposed investigation and the issuance of civil investigative subpoenas. In April 2022, the parties entered into a stipulation providing that the State of Michigan will not issue any civil investigative subpoena to us under the MCPA until the declaratory judgment action is resolved. In July 2022, the court dismissed the case in its entirety. The Michigan Attorney General filed a notice of appeal to the Michigan Court of Appeals, which remains pending. We received a request in January 2019 from the House of Representatives' Committee on Oversight and Reform seeking commercial information and business records related to the pricing of insulin products, among other issues. We also received similar requests from the Senate Finance Committee and the Senate Committee on Health, Education, Labor, and Pensions, and separate requests from the House Committee on Energy and Commerce majority and minority members. In January 2021, the Senate Finance Committee released a report summarizing the findings of its investigation. In December 2021, the House of Representatives' Committee on Oversight and Reform majority and minority staffs released separate reports with findings from their investigations into drug pricing, including of insulin products. We are cooperating with all of the aforementioned investigations, subpoenas, and inquiries. Research Corporation Technologies, Inc. In April 2016, we were named as a defendant in litigation filed by Research Corporation Technologies, Inc. (RCT) in the U.S. District Court for the District of Arizona. RCT is seeking damages for breach of contract, unjust enrichment, and conversion related to processes used to manufacture certain products, including Humalog and Humulin. In October 2021, the court issued a summary judgment decision in favor of RCT on certain issues, including with respect to a disputed royalty. Both parties filed motions for reconsideration, which were denied. We filed supplemental summary judgment motions. In November 2022, the court stayed proceedings so the parties can pursue mediation. The stay was lifted in April 2023. A trial date has not been set. Potential damages payable under the litigation, if finally awarded after an appeal, could be material but are not currently reasonably estimable. This matter is ongoing

Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Statement of Comprehensive Income [Abstract]

Other Comprehensive Income (Loss)

The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended March 31, 2023 and 2022:



(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2023	$	(1,874.2)	$	(37.1)	$	(2,062.3)	$	129.0	$	(3,844.6)

Other comprehensive income (loss) before reclassifications	72.8		8.1		(16.8)		12.7		76.8
Net amount reclassified from accumulated other comprehensive loss	(25.2)		0.7		13.0		2.0		(9.5)
Net other comprehensive income (loss)	47.6		8.8		(3.8)		14.7		67.3

Balance at March 31, 2023	$	(1,826.6)	$	(28.3)	$	(2,066.1)	$	143.7	$	(3,777.3)



(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2022	$	(1,550.2)	$	3.7	$	(2,583.6)	$	(213.0)	$	(4,343.1)

Other comprehensive income (loss) before reclassifications	(25.0)		(21.3)		(6.6)		109.4		56.5
Net amount reclassified from accumulated other comprehensive loss	—		(0.5)		58.6		3.2		61.3
Net other comprehensive income (loss)	(25.0)		(21.8)		52.0		112.6		117.8

Balance at March 31, 2022	$	(1,575.2)	$	(18.1)	$	(2,531.6)	$	(100.4)	$	(4,225.3)

The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows:


	Three Months Ended March 31,
Tax benefit (expense)	2023		2022
Foreign currency translation gains/losses	$	46.5	$	(13.7)
Net unrealized gains/losses on available-for-sale securities	(2.6)		6.7
Defined benefit pension and retiree health benefit plans	(4.0)		(28.4)
Net unrealized gains/losses on cash flow hedges	(3.9)		(29.9)
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	$	36.0	$	(65.3)

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 5), 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 condensed statements of operations.

Reclassifications out of accumulated other comprehensive loss were as follows:


Details about Accumulated Other Comprehensive Loss Components	Three Months Ended March 31,				Affected Line Item in the Consolidated Condensed Statements of Operations

	2023		2022
Amortization of retirement benefit items:
Prior service benefits, net	$	(12.6)	$	(13.0)		Other–net, (income) expense
Actuarial losses, net	29.1		87.2			Other–net, (income) expense
Total before tax	16.5		74.2
Tax benefit	(3.5)		(15.6)			Income taxes
Net of tax	13.0		58.6

Other, net of tax	(22.5)		2.7			Other–net, (income) expense

Total reclassifications, net of tax	$	(9.5)	$	61.3

Other–Net, (Income) Expense

3 Months Ended

Mar. 31, 2023

Nonoperating Income (Expense) [Abstract]

Other–Net, (Income) Expense

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


	Three Months Ended March 31,
	2023		2022
Interest expense	$	102.8	$	84.9
Interest income	(34.2)		(7.0)
Net investment losses on equity securities (Note 5)	13.7		425.4
Retirement benefit plans	(115.8)		(93.3)

Other (income) expense	(2.2)		(59.3)
Other–net, (income) expense	$	(35.7)	$	350.7

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Research and Development Expenses and Acquired In-Process Research and Development (IPR&D)	Research and Development Expenses and Acquired In-Process Research and Development (IPR&D) Research and development costs are expensed as incurred. Research and development costs consist of expenses incurred in performing research and development activities, including but not limited to, compensation and benefits, facilities and overhead expense, clinical trial expense, and fees paid to contract research organizations. Acquired IPR&D includes the initial costs and development milestones incurred related to externally developed IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use. Development milestones are milestone payment obligations that are incurred prior to regulatory approval of the compound and are expensed when the event triggering an obligation to pay the milestone occurs.
Reclassifications	ReclassificationsCertain reclassifications have been made to prior periods in the consolidated condensed financial statements and accompanying notes to conform with the current presentation. Development milestone payments related to externally developed IPR&D projects, acquired directly in a transaction other than a business combination, were previously included in cash flows from operating activities in the consolidated condensed statements of cash flows and are now included in purchases of IPR&D in cash flows from investing activities.
Business Combinations	Under this method, the assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated condensed 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 this acquisition is included in our consolidated condensed financial statements from the date of acquisition.Upon each acquisition, the cost allocated to acquired IPR&D was immediately expensed if the compound has no alternative future use. Milestone payment obligations incurred prior to regulatory approval of the compound are expensed as acquired IPR&D when the event triggering an obligation to pay the milestone occurs.
Investments in Equity and Debt Securities	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 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.We record our available-for-sale debt securities at fair value, with changes in fair value reported as a component of accumulated other comprehensive income (loss). We periodically assess our investment in available-for-sale securities for impairment losses and credit losses. 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.
Description of Derivative Risk Management	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 income (loss) (see Note 9) 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 income (loss) (see Note 9). 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, Chinese yuan, Japanese yen, and Swiss franc). 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. 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 condensed statements of cash flows.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) (see Note 9) and, upon completion of a debt issuance and termination of the swap, is amortized to interest expense over the life of the underlying debt.
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.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 litigation liability insurance, we are self-insured for litigation liability losses for all our currently and previously marketed products.

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

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


	Three Months Ended March 31,
	2023		2022
Net product revenue	$	6,238.2	$	7,132.9
Collaboration and other revenue(1)	721.8		677.1
Revenue	$	6,960.0	$	7,810.0

The following table summarizes revenue by product for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023						2022
	U.S.		Outside U.S.		Total		U.S.		Outside U.S.		Total
Revenue—to unaffiliated customers:
Diabetes:
Trulicity®	$	1,547.4	$	429.7	$	1,977.1	$	1,313.9	$	427.4	$	1,741.3
Jardiance(1)	329.4		248.1		577.5		229.8		189.7		419.4
Mounjaro®	536.4		32.0		568.5		—		—		—
Humalog® (2)	271.6		189.3		460.9		368.9		249.3		618.2
Humulin®	198.8		53.2		252.0		190.4		82.8		273.2
Basaglar®	135.4		73.9		209.3		119.3		72.2		191.5
Other diabetes	56.0		89.2		145.1		54.3		90.2		144.6
Total diabetes	3,075.0		1,115.4		4,190.4		2,276.6		1,111.6		3,388.2

Oncology:
Verzenio®	461.1		289.8		750.9		301.5		167.9		469.4
Cyramza®	100.6		136.1		236.8		79.2		151.1		230.3
Erbitux®	118.8		11.1		129.9		109.7		13.0		122.7
Alimta®	20.1		38.1		58.2		254.3		89.7		343.9
Other oncology	52.8		127.5		180.2		39.0		147.5		186.7
Total oncology	753.4		602.6		1,356.0		783.7		569.2		1,353.0

Immunology:
Taltz®	312.2		214.8		527.0		307.2		180.8		488.1
Olumiant® (3)	42.3		186.5		228.9		71.3		184.3		255.6
Other immunology	—		22.0		22.0		—		4.5		4.5
Total immunology	354.5		423.3		777.8		378.5		369.6		748.1

Neuroscience:
Emgality®	108.7		45.6		154.3		108.3		41.0		149.3

Other neuroscience	35.8		170.4		206.2		45.1		203.4		248.4
Total neuroscience	144.5		216.0		360.5		153.4		244.4		397.7


Other:
Forteo®	70.7		51.7		122.3		70.2		67.3		137.4
Cialis®	7.6		92.7		100.3		6.9		210.8		217.7
COVID-19 antibodies(4)	—		—		—		1,455.2		14.7		1,469.8
Other	30.5		22.2		52.8		50.1		47.8		98.1
Total other	108.7		166.6		275.3		1,582.4		340.6		1,923.0
Revenue	$	4,436.2	$	2,523.9	$	6,960.0	$	5,174.6	$	2,635.4	$	7,810.0

Numbers may not add due to rounding.

(1) Jardiance revenue includes Glyxambi®, Synjardy®, and Trijardy® XR.

(2) Humalog revenue includes insulin lispro.

(3) Olumiant revenue includes sales for baricitinib that were made pursuant to Emergency Use Authorization (EUA) or similar regulatory authorizations.

The following table summarizes revenue by geographical area:


	Three Months Ended March 31,
	2023		2022
Revenue—to unaffiliated customers(1):
U.S.	$	4,436.2	$	5,174.6
Europe	1,090.9		1,067.3
Japan	387.2		410.2
China	372.7		406.5
Other foreign countries	673.1		751.5
Revenue	$	6,960.0	$	7,810.0

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:


	March 31, 2023		December 31, 2022
Contract liabilities	$	220.3	$	219.2

Acquisitions and Divestitures (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of the amounts recognized for assets acquired and liabilities assumed

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


Estimated Fair Value at December 1, 2022
Cash	$	153.2
Acquired IPR&D(1)	184.0
Goodwill(2)	181.2

Other assets and liabilities, net	28.9
Acquisition date fair value of consideration transferred	547.3
Less:
Cash acquired	(153.2)
Fair value of CVR liability(3)	(66.9)
Cash paid, net of cash acquired	$	327.2

(1) Acquired IPR&D intangibles primarily relate to GJB2.

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

(3) See Note 5 for a discussion on the estimation of the CVR liability.

Collaborations and Other Arrangements (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of significant milestones and revenue recognized

The table below summarizes the net milestones capitalized with respect to the Jardiance and Trajenta families of products and the net milestones deferred with respect to the Basaglar product family as of March 31, 2023 and December 31, 2022:


	Net Milestones Capitalized (Deferred)(1)
	March 31, 2023		December 31, 2022
Jardiance	$	111.2	$	116.2
Trajenta	57.3		63.5
Basaglar	(126.0)		(130.6)

(1) This represents the amounts that have been capitalized (deferred) from the start of this collaboration through the end of the reporting period, net of amount amortized.


	Three Months Ended March 31,
	2023		2022
Jardiance	$	577.5	$	419.4
Basaglar	209.3		191.5
Trajenta	85.8		92.0

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


	Three Months Ended March 31,
	2023		2022
Olumiant	$	228.9	$	255.6

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of the contractual maturities of our investments in debt securities measured at fair value

The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of March 31, 2023:


	Maturities by Period
	Total		Less Than 1 Year		1-5 Years		6-10 Years		More Than 10 Years
Fair value of debt securities	$	648.1	$	76.0	$	219.4	$	115.5	$	237.2

Schedule of the fair value of available-for-sale securities in an unrealized gain or loss position

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


	March 31, 2023		December 31, 2022
Unrealized gross gains	$	1.8	$	0.6
Unrealized gross losses	39.0		49.2
Fair value of securities in an unrealized gain position	120.5		46.8
Fair value of securities in an unrealized loss position	512.4		568.7

Schedule of activity related to our available-for-sale securities

Activity related to our available-for-sale securities was as follows:


	Three Months Ended March 31,
	2023		2022
Proceeds from sales	$	27.6	$	35.2
Realized gross gains on sales	0.2		0.1
Realized gross losses on sales	0.7		0.8

Schedule of fair value information, assets


					Fair Value Measurements Using
	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
March 31, 2023
Cash equivalents(2)	$	2,343.1	$	2,343.1	$	2,330.2	$	12.9	$	—	$	2,343.1

Short-term investments:
U.S. government and agency securities	$	23.1	$	23.5	$	23.1	$	—	$	—	$	23.1
Corporate debt securities	50.1		50.2		—		50.1		—		50.1

Asset-backed securities	2.8		2.8		—		2.8		—		2.8
Other securities	47.4		47.4		—		28.0		19.4		47.4

Short-term investments	$	123.4

Noncurrent investments:
U.S. government and agency securities	$	145.2	$	157.5	$	145.2	$	—	$	—	$	145.2

Corporate debt securities	214.8		232.5		—		214.8		—		214.8
Mortgage-backed securities	155.3		165.2		—		155.3		—		155.3
Asset-backed securities	56.8		58.2		—		56.8		—		56.8
Other securities	204.0		22.7		—		113.8		90.2		204.0
Marketable equity securities	624.0		475.6		624.0		—		—		624.0
Equity investments without readily determinable fair values(3)	516.6
Equity method investments(3)	833.7
Noncurrent investments	$	2,750.4

December 31, 2022
Cash equivalents(2)	$	657.4	$	657.4	$	650.4	$	7.0	$	—	$	657.4

Short-term investments:
U.S. government and agency securities	$	30.8	$	31.1	$	30.8	$	—	$	—	$	30.8
Corporate debt securities	53.4		53.5		—		53.4		—		53.4

Asset-backed securities	2.0		2.0		—		2.0		—		2.0
Other securities	58.6		58.6		—		39.1		19.5		58.6

Short-term investments	$	144.8

Noncurrent investments:
U.S. government and agency securities	$	146.4	$	163.2	$	146.4	$	—	$	—	$	146.4
Corporate debt securities	213.9		235.8		—		213.9		—		213.9
Mortgage-backed securities	149.2		161.5		—		149.2		—		149.2
Asset-backed securities	50.6		52.5		—		50.6		—		50.6
Other securities	398.6		34.5		—		311.0		87.6		398.6
Marketable equity securities	683.6		484.7		683.6		—		—		683.6
Equity investments without readily determinable fair values(3)	478.4
Equity method investments(3)	781.1
Noncurrent investments	$	2,901.8

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

(2) 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.

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

Schedule of fair value information, liabilities

The following table summarizes certain fair value information at March 31, 2023 and December 31, 2022 for our short-term and long-term debt:


			Fair Value Measurements Using
	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
March 31, 2023	$	—	$	—	$	—	$	—	$	—
December 31, 2022	(1,498.0)		—		(1,492.0)		—		(1,492.0)
Long-term debt, including current portion
March 31, 2023	$	(18,883.6)	$	—	$	(16,654.6)	$	—	$	(16,654.6)
December 31, 2022	(14,740.6)		—		(12,329.3)		—		(12,329.3)

Schedule of derivative instruments

At March 31, 2023, we had outstanding foreign currency forward commitments as follows, all of which have settlement dates within 180 days:

March 31, 2023

Purchase

Sell

Currency

Amount
(in millions)

Currency

Amount
(in millions)

U.S. dollars

2,410.5

Euro

2,231.4

Euro

3,667.4

U.S. dollars

3,948.6

U.S. dollars

229.8

Chinese yuan

1,574.7

British pounds

216.7

U.S. dollars

265.8

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

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


	Three Months Ended March 31,
	2023		2022
Fair value hedges:
Effect from hedged fixed-rate debt	$	35.3	$	(94.6)
Effect from interest rate contracts	(35.3)		94.6
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	3.8		4.1
Cross-currency interest rate swaps	(12.9)		8.3
Net gains on foreign currency exchange contracts not designated as hedging instruments	(52.8)		(6.1)
Total	$	(61.9)	$	6.3

Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), net investment hedges

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


	Three Months Ended March 31,
	2023		2022
Net investment hedges:
Foreign currency-denominated notes	$	(131.8)	$	54.4
Cross-currency interest rate swaps	(11.8)		10.8
Foreign currency forward contracts	(46.1)		—
Cash flow hedges:
Forward-starting interest rate swaps	23.8		122.5
Cross-currency interest rate swaps	(7.8)		17.1

Schedule of effective portion of risk-management instruments that was recognized in other comprehensive income (loss), cash flow hedges

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


	Three Months Ended March 31,
	2023		2022
Net investment hedges:
Foreign currency-denominated notes	$	(131.8)	$	54.4
Cross-currency interest rate swaps	(11.8)		10.8
Foreign currency forward contracts	(46.1)		—
Cash flow hedges:
Forward-starting interest rate swaps	23.8		122.5
Cross-currency interest rate swaps	(7.8)		17.1

Schedule of fair value, by balance sheet grouping

The following table summarizes certain fair value information at March 31, 2023 and December 31, 2022 for risk management assets and liabilities measured at fair value on a recurring basis:


			Fair Value Measurements Using
	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
March 31, 2023
Risk-management instruments:
Interest rate contracts designated as fair value hedges:

Other noncurrent assets	$	2.7	$	—	$	2.7	$	—	$	2.7
Other current liabilities	(9.9)		—		(9.9)		—		(9.9)
Other noncurrent liabilities	(91.8)		—		(91.8)		—		(91.8)


Interest rate contracts designated as cash flow hedges:
Other noncurrent assets	228.6		—		228.6		—		228.6

Cross-currency interest rate contracts designated as net investment hedges:
Other receivables	55.6		—		55.6		—		55.6



Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets	58.2		—		58.2		—		58.2

Foreign exchange contracts designated as net investment hedges:
Other receivables	0.9		—		0.9		—		0.9
Other current liabilities	(13.1)		—		(13.1)		—		(13.1)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	63.7		—		63.7		—		63.7
Other current liabilities	(32.0)		—		(32.0)		—		(32.0)


Contingent consideration liabilities:
Other current liabilities	(40.1)		—		—		(40.1)		(40.1)
Other noncurrent liabilities	(71.8)		—		—		(71.8)		(71.8)


			Fair Value Measurements Using
	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, 2022
Risk-management instruments:
Interest rate contracts designated as fair value hedges:



Other noncurrent liabilities	$	(134.3)	$	—	$	(134.3)	$	—	$	(134.3)
Interest rate contracts designated as cash flow hedges:
Other receivables	162.9		—		162.9		—		162.9
Other noncurrent assets	246.0		—		246.0		—		246.0

Cross-currency interest rate contracts designated as net investment hedges:
Other receivables	67.6		—		67.6		—		67.6



Cross-currency interest rate contracts designated as cash flow hedges:
Other noncurrent assets	53.1		—		53.1		—		53.1

Foreign exchange contracts designated as hedging instruments:
Other current liabilities	(38.3)		—		(38.3)		—		(38.3)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	26.6		—		26.6		—		26.6
Other current liabilities	(21.5)		—		(21.5)		—		(21.5)
Contingent consideration liabilities:
Other current liabilities	(39.5)		—		—		(39.5)		(39.5)
Other noncurrent liabilities	(70.6)		—		—		(70.6)		(70.6)

Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2023

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

Schedule of net pension and retiree health (benefit) cost

Net pension and retiree health (benefit) cost included the following components:


	Defined Benefit Pension Plans
	Three Months Ended March 31,
	2023		2022
Components of net periodic (benefit) cost:
Service cost	$	70.4	$	89.1
Interest cost	161.1		100.5
Expected return on plan assets	(263.3)		(239.5)
Amortization of prior service cost	0.6		0.7
Recognized actuarial loss	30.0		87.0

Net periodic (benefit) cost	$	(1.2)	$	37.8


	Retiree Health Benefit Plans
	Three Months Ended March 31,
	2023		2022
Components of net periodic benefit:
Service cost	$	7.7	$	11.2
Interest cost	15.4		9.4
Expected return on plan assets	(45.5)		(37.9)
Amortization of prior service benefit	(13.2)		(13.7)
Recognized actuarial (gain) loss	(0.9)		0.2

Net periodic benefit	$	(36.5)	$	(30.8)

Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

Statement of Comprehensive Income [Abstract]

Schedule of components of other comprehensive income (loss)

The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended March 31, 2023 and 2022:



(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2023	$	(1,874.2)	$	(37.1)	$	(2,062.3)	$	129.0	$	(3,844.6)

Other comprehensive income (loss) before reclassifications	72.8		8.1		(16.8)		12.7		76.8
Net amount reclassified from accumulated other comprehensive loss	(25.2)		0.7		13.0		2.0		(9.5)
Net other comprehensive income (loss)	47.6		8.8		(3.8)		14.7		67.3

Balance at March 31, 2023	$	(1,826.6)	$	(28.3)	$	(2,066.1)	$	143.7	$	(3,777.3)



(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2022	$	(1,550.2)	$	3.7	$	(2,583.6)	$	(213.0)	$	(4,343.1)

Other comprehensive income (loss) before reclassifications	(25.0)		(21.3)		(6.6)		109.4		56.5
Net amount reclassified from accumulated other comprehensive loss	—		(0.5)		58.6		3.2		61.3
Net other comprehensive income (loss)	(25.0)		(21.8)		52.0		112.6		117.8

Balance at March 31, 2022	$	(1,575.2)	$	(18.1)	$	(2,531.6)	$	(100.4)	$	(4,225.3)

The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows:


	Three Months Ended March 31,
Tax benefit (expense)	2023		2022
Foreign currency translation gains/losses	$	46.5	$	(13.7)
Net unrealized gains/losses on available-for-sale securities	(2.6)		6.7
Defined benefit pension and retiree health benefit plans	(4.0)		(28.4)
Net unrealized gains/losses on cash flow hedges	(3.9)		(29.9)
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	$	36.0	$	(65.3)

Schedule of reclassifications out of accumulated other comprehensive loss

Reclassifications out of accumulated other comprehensive loss were as follows:


Details about Accumulated Other Comprehensive Loss Components	Three Months Ended March 31,				Affected Line Item in the Consolidated Condensed Statements of Operations

	2023		2022
Amortization of retirement benefit items:
Prior service benefits, net	$	(12.6)	$	(13.0)		Other–net, (income) expense
Actuarial losses, net	29.1		87.2			Other–net, (income) expense
Total before tax	16.5		74.2
Tax benefit	(3.5)		(15.6)			Income taxes
Net of tax	13.0		58.6

Other, net of tax	(22.5)		2.7			Other–net, (income) expense

Total reclassifications, net of tax	$	(9.5)	$	61.3

Other–Net, (Income) Expense (Tables)

3 Months Ended

Mar. 31, 2023

Nonoperating Income (Expense) [Abstract]

Schedule of other–net, (income) expense

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


	Three Months Ended March 31,
	2023		2022
Interest expense	$	102.8	$	84.9
Interest income	(34.2)		(7.0)
Net investment losses on equity securities (Note 5)	13.7		425.4
Retirement benefit plans	(115.8)		(93.3)

Other (income) expense	(2.2)		(59.3)
Other–net, (income) expense	$	(35.7)	$	350.7

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
Basis of Presentation (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Reclassification [Line Items]
Increase in net cash provided by operating activities	$ 1,730.6	$ 2,523.0
Increase in net cash used in investing activities	$ (688.8)	(1,037.6)
Revision of Prior Period, Reclassification, Adjustment
Reclassification [Line Items]
Increase in net cash provided by operating activities		23.8
Increase in net cash used in investing activities		$ 23.8

Revenue (Summary of Revenue Recognized) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 6,960.0	$ 7,810.0
Net product revenue
Disaggregation of Revenue [Line Items]
Revenue	6,238.2	7,132.9
Collaboration and other revenue
Disaggregation of Revenue [Line Items]
Revenue	721.8	677.1
Collaboration and other revenue associated with prior period transfers of intellectual property
Disaggregation of Revenue [Line Items]
Revenue	$ 25.1	$ 53.2

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Adjustments to Revenue) (Details)	3 Months Ended
Revenue (Adjustments to Revenue) (Details)	Mar. 31, 2023	Mar. 31, 2022
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 (less than)	1.00%	1.00%

Revenue (Contract Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 220.3	$ 219.2

Revenue (Disaggregation of Revenue by Product) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 6,960,000,000	$ 7,810,000,000
U.S.
Disaggregation of Revenue [Line Items]
Revenue	4,436,200,000	5,174,600,000
Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,523,900,000	2,635,400,000
Diabetes
Disaggregation of Revenue [Line Items]
Revenue	4,190,400,000	3,388,200,000
Diabetes \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	3,075,000,000	2,276,600,000
Diabetes \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,115,400,000	1,111,600,000
Trulicity®
Disaggregation of Revenue [Line Items]
Revenue	1,977,100,000	1,741,300,000
Trulicity® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,547,400,000	1,313,900,000
Trulicity® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	429,700,000	427,400,000
Jardiance
Disaggregation of Revenue [Line Items]
Revenue	577,500,000	419,400,000
Jardiance \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	329,400,000	229,800,000
Jardiance \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	248,100,000	189,700,000
Mounjaro®
Disaggregation of Revenue [Line Items]
Revenue	568,500,000	0
Mounjaro® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	536,400,000	0
Mounjaro® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	32,000,000.0	0
Humalog®
Disaggregation of Revenue [Line Items]
Revenue	460,900,000	618,200,000
Humalog® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	271,600,000	368,900,000
Humalog® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	189,300,000	249,300,000
Humulin®
Disaggregation of Revenue [Line Items]
Revenue	252,000,000.0	273,200,000
Humulin® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	198,800,000	190,400,000
Humulin® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	53,200,000	82,800,000
Basaglar®
Disaggregation of Revenue [Line Items]
Revenue	209,300,000	191,500,000
Basaglar® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	135,400,000	119,300,000
Basaglar® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	73,900,000	72,200,000
Other diabetes
Disaggregation of Revenue [Line Items]
Revenue	145,100,000	144,600,000
Other diabetes \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	56,000,000.0	54,300,000
Other diabetes \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	89,200,000	90,200,000
Oncology
Disaggregation of Revenue [Line Items]
Revenue	1,356,000,000	1,353,000,000
Oncology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	753,400,000	783,700,000
Oncology \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	602,600,000	569,200,000
Verzenio®
Disaggregation of Revenue [Line Items]
Revenue	750,900,000	469,400,000
Verzenio® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	461,100,000	301,500,000
Verzenio® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	289,800,000	167,900,000
Cyramza®
Disaggregation of Revenue [Line Items]
Revenue	236,800,000	230,300,000
Cyramza® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	100,600,000	79,200,000
Cyramza® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	136,100,000	151,100,000
Erbitux®
Disaggregation of Revenue [Line Items]
Revenue	129,900,000	122,700,000
Erbitux® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	118,800,000	109,700,000
Erbitux® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	11,100,000	13,000,000.0
Alimta®
Disaggregation of Revenue [Line Items]
Revenue	58,200,000	343,900,000
Alimta® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	20,100,000	254,300,000
Alimta® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	38,100,000	89,700,000
Other oncology
Disaggregation of Revenue [Line Items]
Revenue	180,200,000	186,700,000
Other oncology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	52,800,000	39,000,000.0
Other oncology \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	127,500,000	147,500,000
Immunology
Disaggregation of Revenue [Line Items]
Revenue	777,800,000	748,100,000
Immunology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	354,500,000	378,500,000
Immunology \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	423,300,000	369,600,000
Taltz®
Disaggregation of Revenue [Line Items]
Revenue	527,000,000.0	488,100,000
Taltz® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	312,200,000	307,200,000
Taltz® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	214,800,000	180,800,000
Olumiant®
Disaggregation of Revenue [Line Items]
Revenue	228,900,000	255,600,000
Olumiant® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	42,300,000	71,300,000
Olumiant® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	186,500,000	184,300,000
Other immunology
Disaggregation of Revenue [Line Items]
Revenue	22,000,000.0	4,500,000
Other immunology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	0	0
Other immunology \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	22,000,000.0	4,500,000
Neuroscience
Disaggregation of Revenue [Line Items]
Revenue	360,500,000	397,700,000
Neuroscience \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	144,500,000	153,400,000
Neuroscience \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	216,000,000.0	244,400,000
Emgality®
Disaggregation of Revenue [Line Items]
Revenue	154,300,000	149,300,000
Emgality® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	108,700,000	108,300,000
Emgality® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	45,600,000	41,000,000.0
Other neuroscience
Disaggregation of Revenue [Line Items]
Revenue	206,200,000	248,400,000
Other neuroscience \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	35,800,000	45,100,000
Other neuroscience \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	170,400,000	203,400,000
Other
Disaggregation of Revenue [Line Items]
Revenue	275,300,000	1,923,000,000
Other \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	108,700,000	1,582,400,000
Other \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	166,600,000	340,600,000
Forteo®
Disaggregation of Revenue [Line Items]
Revenue	122,300,000	137,400,000
Forteo® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	70,700,000	70,200,000
Forteo® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	51,700,000	67,300,000
Cialis®
Disaggregation of Revenue [Line Items]
Revenue	100,300,000	217,700,000
Cialis® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	7,600,000	6,900,000
Cialis® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	92,700,000	210,800,000
COVID-19 antibodies
Disaggregation of Revenue [Line Items]
Revenue	0	1,469,800,000
COVID-19 antibodies \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	0	1,455,200,000
COVID-19 antibodies \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	0	14,700,000
Other
Disaggregation of Revenue [Line Items]
Revenue	52,800,000	98,100,000
Other \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	30,500,000	50,100,000
Other \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	$ 22,200,000	$ 47,800,000

Revenue (Disaggregation of Revenue by Geographical Area) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 6,960.0	$ 7,810.0
U.S.
Disaggregation of Revenue [Line Items]
Revenue	4,436.2	5,174.6
Europe
Disaggregation of Revenue [Line Items]
Revenue	1,090.9	1,067.3
Japan
Disaggregation of Revenue [Line Items]
Revenue	387.2	410.2
China
Disaggregation of Revenue [Line Items]
Revenue	372.7	406.5
Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue	$ 673.1	$ 751.5

- Definition

+ References

+ Details

Acquisitions and Divestitures (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended			3 Months Ended
	Apr. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) right $ / shares	Feb. 28, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Business Acquisition [Line Items]
Acquired in-process research and development (Note 3)				$ 105.0	$ 165.6
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Olanzapine Portfolio \| Subsequent Event
Business Acquisition [Line Items]
Cash proceeds	$ 1,050.0
Additional cash proceeds	305.0
Milestone payment received	50.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Baqsimi® \| Subsequent Event
Business Acquisition [Line Items]
Cash proceeds	500.0
Additional cash proceeds	125.0
Milestone payment received	$ 450.0
BioMarin Pharmaceutical Inc
Business Acquisition [Line Items]
Acquired IPR&D expense			$ 110.0
Akouos Acquisition
Business Acquisition [Line Items]
Business acquisition, share price (in dollars per share) \| $ / shares		$ 12.50
Cash paid, net of cash acquired		$ 327.2
Consideration transferred, number of contingent value rights \| right		1,000,000
Contingent value right, additional price per share (up to) (in dollars per share) \| $ / shares		$ 3,000,000.00
Contingent value right, additional price per share, aggregate amount		$ 122.0

Acquisitions and Divestitures (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions		1 Months Ended
	Dec. 01, 2022	Dec. 31, 2022	Mar. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 4,073.0	$ 4,073.1
Akouos Acquisition
Business Acquisition [Line Items]
Cash	$ 153.2
Acquired IPR&D	184.0
Goodwill	181.2
Other assets and liabilities, net	28.9
Acquisition date fair value of consideration transferred	547.3
Cash acquired	(153.2)
Fair value of CVR liability	$ (66.9)
Cash paid, net of cash acquired		$ 327.2

Acquisitions and Divestitures (Asset Acquisitions) (Details) $ in Millions	1 Months Ended
	Feb. 28, 2022 USD ($)
BioMarin Pharmaceutical Inc
Business Acquisition [Line Items]
Acquired IPR&D expense	$ 110.0

Collaborations and Other Arrangements (Milestones (Deferred) Capitalized) (Details) - Milestone Payments, Development and Regulatory, Capitalized (Deferred), Cumulative - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Jardiance
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements	$ 111.2	$ 116.2
Trajenta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements	57.3	63.5
Basaglar®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements	$ (126.0)	$ (130.6)

Collaborations and Other Arrangements (Net Product Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 6,960.0	$ 7,810.0
Jardiance
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	577.5	419.4
Basaglar®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	209.3	191.5
Trajenta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	85.8	92.0
Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 228.9	$ 255.6

- Definition

+ References

+ Details

Collaborations and Other Arrangements (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 6,960,000,000	$ 7,810,000,000
Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	228,900,000	255,600,000
COVID-19 antibodies
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 0	$ 1,469,800,000
Royalty Agreement Terms \| Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations percent (up to)	20.00%
Milestone Payments, Capitalized as Intangible Assets \| Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements	$ 330,000,000		$ 330,000,000
Milestone Payments, Sales-based \| Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements	100,000,000
Milestone Payments, Sales-based \| Lebrikizumab
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements	1,250,000,000
Milestone Payments, Sales-based \| Lebrikizumab \| Roche
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements	1,030,000,000.00
Milestone Payments, Development and Regulatory \| Lebrikizumab
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements	65,000,000
Milestone Payments, Development and Regulatory \| Lebrikizumab \| Roche
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements	$ 160,000,000

Financial Instruments (Narrative) (Details) € in Millions, ¥ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net investment losses on equity securities		$ 13,700,000	$ 425,400,000
Unfunded commitments to invest in venture capital funds		$ 950,000,000
Unfunded commitments to invest in venture capital funds, anticipated payment period		10 years
Percentage of nonperforming assets		99.00%
Accounts receivable derecognized		$ 423,400,000				$ 422,100,000
Average remaining maturity of foreign currency derivatives		12 months
Maximum remaining maturity of foreign currency derivatives		180 days
Foreign currency-denominated notes, designated as hedge		$ 5,580,000,000				5,450,000,000
Variable rate		12.00%		12.00%	12.00%
Losses expected to be reclassified in the next 12 months		$ 13,100,000
Swap U.S. Dollars to Euro
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, notional amount		1,020,000,000.00
Swap Swiss Francs to U.S. Dollars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, notional amount		1,000,000,000
Sell Euro
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount \| €				€ 1,380
Sell Chinese Yuan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount \| ¥					¥ 1,820
Forward-starting interest rate swaps \| Cash Flow Hedging \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount		1,000,000,000
Foreign Currency Denominated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		$ 6,970,000,000				$ 6,830,000,000
5.0% Notes Due 2026 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 750,000,000
Stated interest rate	5.00%
4.7% Notes Due 2033 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 1,000,000,000
Stated interest rate	4.70%
4.875% Notes Due 2053 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 1,250,000,000
Stated interest rate	4.875%
4.95% Notes Due 2063 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 1,000,000,000
Stated interest rate	4.95%
Senior Notes Due 2026, 2033, 2053 And 2063 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from issuance of debt	$ 3,960,000,000

Financial Instruments (Schedule of Contractual Maturities) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Total	$ 648.1
Less Than 1 Year	76.0
1-5 Years	219.4
6-10 Years	115.5
More Than 10 Years	$ 237.2

Financial Instruments (Unrealized Gains and Losses) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gross gains	$ 1.8	$ 0.6
Unrealized gross losses	39.0	49.2
Fair value of securities in an unrealized gain position	120.5	46.8
Fair value of securities in an unrealized loss position	$ 512.4	$ 568.7

Financial Instruments (Realized Gains and Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Proceeds from sales	$ 27.6	$ 35.2
Realized gross gains on sales	0.2	0.1
Realized gross losses on sales	$ 0.7	$ 0.8

Financial Instruments (Schedule of Short-term and Long-term Classification) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-Term Debt	$ (18,883.6)	$ (14,740.6)
Carrying Amount \| Commercial Paper
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	0.0	(1,498.0)
Estimate of Fair Value Measurement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-Term Debt	(16,654.6)	(12,329.3)
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-Term Debt	0.0	0.0
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-Term Debt	(16,654.6)	(12,329.3)
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-Term Debt	0.0	0.0
Estimate of Fair Value Measurement \| Commercial Paper
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	0.0	(1,492.0)
Estimate of Fair Value Measurement \| Commercial Paper \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	0.0	0.0
Estimate of Fair Value Measurement \| Commercial Paper \| Significant Other Observable Inputs (Level 2)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	0.0	(1,492.0)
Estimate of Fair Value Measurement \| Commercial Paper \| Significant Unobservable Inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	$ 0.0	$ 0.0

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Financial Instruments (Schedule of Foreign Currency Forward Commitments) (Details) - Mar. 31, 2023 € in Millions, ¥ in Millions, £ in Millions, $ in Millions	USD ($)	EUR (€)	CNY (¥)	GBP (£)
Buy USD Sell Euro
Offsetting Assets [Line Items]
Derivative liability, notional amount	$ 2,410.5
Derivative asset, notional amount \| €		€ 2,231.4
Buy Euros Sell U.S. Dollars
Offsetting Assets [Line Items]
Derivative liability, notional amount \| €		€ 3,667.4
Derivative asset, notional amount	3,948.6
Buy US Dollar Sell Chinese Yuan
Offsetting Assets [Line Items]
Derivative liability, notional amount	229.8
Derivative asset, notional amount \| ¥			¥ 1,574.7
Buy GBP Sell USD
Offsetting Assets [Line Items]
Derivative liability, notional amount \| £				£ 216.7
Derivative asset, notional amount	$ 265.8

Financial Instruments (Schedule of Effect of Risk Management) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flow hedges:
Total	$ (61.9)	$ 6.3
Hedged Fixed Rate Debt
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(131.8)	54.4
Cross-currency interest rate swaps
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(11.8)	10.8
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(7.8)	17.1
Foreign Exchange Contract
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(46.1)	0.0
Forward-starting interest rate swaps
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	23.8	122.5
Designated as Hedging Instrument \| Hedged Fixed Rate Debt
Fair value hedges:
Effect from hedged fixed-rate debt	35.3	(94.6)
Designated as Hedging Instrument \| Interest Rate Contracts
Fair value hedges:
Effect from interest rate contracts	(35.3)	94.6
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	3.8	4.1
Designated as Hedging Instrument \| Cross-currency interest rate swaps
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	(12.9)	8.3
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Cash flow hedges:
Net gains on foreign currency exchange contracts not designated as hedging instruments	$ (52.8)	$ (6.1)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate, percentage	12.10%	7.30%

Retirement Benefits (Components of Net Periodic (Benefit) Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 70.4	$ 89.1
Interest cost	161.1	100.5
Expected return on plan assets	(263.3)	(239.5)
Amortization of prior service cost	0.6	0.7
Recognized actuarial (gain) loss	30.0	87.0
Net periodic (benefit) cost	(1.2)	37.8
Retiree Health Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	7.7	11.2
Interest cost	15.4	9.4
Expected return on plan assets	(45.5)	(37.9)
Amortization of prior service cost	(13.2)	(13.7)
Recognized actuarial (gain) loss	(0.9)	0.2
Net periodic (benefit) cost	$ (36.5)	$ (30.8)

Contingencies (Details) R$ in Millions, $ in Millions	1 Months Ended			3 Months Ended
Contingencies (Details) R$ in Millions, $ in Millions	Jun. 30, 2021 BRL (R$) patent	Jul. 31, 2019 BRL (R$)	Jul. 31, 2018 BRL (R$)	Mar. 31, 2023 USD ($) patent site	Mar. 31, 2023 BRL (R$) patent site	Oct. 31, 2019 lawsuit
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Number of sites jointly and severally liable for cleanup (fewer than) \| site				10	10
Humalog, Humulin and Forteo
Loss Contingencies [Line Items]
Number of pending lawsuits \| lawsuit						2
Emgality Patent Litigation
Loss Contingencies [Line Items]
Number of patents \| patent	2			3	3
Employee Litigation, July 2018 Ruling \| Brazil
Loss Contingencies [Line Items]
Damages awarded, value			R$ 300	$ 226	R$ 1,150
Employee Litigation, July 2019 Ruling \| Brazil
Loss Contingencies [Line Items]
Damages awarded, value	R$ 100	R$ 500		$ 20

Other Comprehensive Income (Loss) (AOCI) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 10,775.4
Other comprehensive income (loss) before reclassifications	76.8	$ 56.5
Net amount reclassified from accumulated other comprehensive loss	(9.5)	61.3
Net other comprehensive income (loss)	67.3	117.8
Ending balance	11,294.9
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3,844.6)	(4,343.1)
Ending balance	(3,777.3)	(4,225.3)
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,874.2)	(1,550.2)
Other comprehensive income (loss) before reclassifications	72.8	(25.0)
Net amount reclassified from accumulated other comprehensive loss	(25.2)	0.0
Net other comprehensive income (loss)	47.6	(25.0)
Ending balance	(1,826.6)	(1,575.2)
Net Unrealized Gains (Losses) on Available-For-Sale Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(37.1)	3.7
Other comprehensive income (loss) before reclassifications	8.1	(21.3)
Net amount reclassified from accumulated other comprehensive loss	0.7	(0.5)
Net other comprehensive income (loss)	8.8	(21.8)
Ending balance	(28.3)	(18.1)
Defined Benefit Pension and Retiree Health Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,062.3)	(2,583.6)
Other comprehensive income (loss) before reclassifications	(16.8)	(6.6)
Net amount reclassified from accumulated other comprehensive loss	13.0	58.6
Net other comprehensive income (loss)	(3.8)	52.0
Ending balance	(2,066.1)	(2,531.6)
Net unrealized gains/losses on cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	129.0	(213.0)
Other comprehensive income (loss) before reclassifications	12.7	109.4
Net amount reclassified from accumulated other comprehensive loss	2.0	3.2
Net other comprehensive income (loss)	14.7	112.6
Ending balance	$ 143.7	$ (100.4)

Other Comprehensive Income (Loss) (Tax Effect) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	$ 36.0	$ (65.3)
Foreign Currency Translation Gains (Losses)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	46.5	(13.7)
Net unrealized gains/losses on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	(2.6)	6.7
Defined Benefit Pension and Retiree Health Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	(4.0)	(28.4)
Net unrealized gains/losses on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	$ (3.9)	$ (29.9)

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123586238&loc=d3e39076-109324

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123586238&loc=d3e38679-109324

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=126968391&loc=d3e640-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Other Comprehensive Income (Loss) (Reclassification) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other–net, (income) expense	$ 2.2	$ 59.3
Total before tax	1,529.7	2,053.6
Tax benefit	(184.8)	(150.7)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	(9.5)	61.3
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	16.5	74.2
Tax benefit	(3.5)	(15.6)
Total reclassifications, net of tax	13.0	58.6
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	(12.6)	(13.0)
Actuarial losses, net \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other–net, (income) expense	29.1	87.2
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	$ (22.5)	$ 2.7

Other–Net, (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Nonoperating Income (Expense) [Abstract]
Interest expense	$ 102.8	$ 84.9
Interest income	(34.2)	(7.0)
Net investment losses on equity securities (Note 5)	13.7	425.4
Retirement benefit plans	(115.8)	(93.3)
Other (income) expense	(2.2)	(59.3)
Other–net, (income) expense	$ (35.7)	$ 350.7

Financial Instruments (Schedule of Fair Value Measurement) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	$ 2,750.4	$ 2,901.8
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	2,343.1	657.4
Short-term investments	123.4	144.8
Equity investments without readily determinable fair values	516.6	478.4
Equity method investments	833.7	781.1
Noncurrent investments	2,750.4	2,901.8
Carrying Amount \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	23.1	30.8
Noncurrent investments	145.2	146.4
Carrying Amount \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	50.1	53.4
Noncurrent investments	214.8	213.9
Carrying Amount \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	155.3	149.2
Carrying Amount \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	2.8	2.0
Noncurrent investments	56.8	50.6
Carrying Amount \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	47.4	58.6
Carrying Amount \| Other securities, noncurrent investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	204.0	398.6
Carrying Amount \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	624.0	683.6
Cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	2,343.1	657.4
Cost \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	23.5	31.1
Noncurrent investments	157.5	163.2
Cost \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	50.2	53.5
Noncurrent investments	232.5	235.8
Cost \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	165.2	161.5
Cost \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	2.8	2.0
Noncurrent investments	58.2	52.5
Cost \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	47.4	58.6
Cost \| Other securities, noncurrent investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	22.7	34.5
Cost \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	475.6	484.7
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	2,343.1	657.4
Estimate of Fair Value Measurement \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	23.1	30.8
Noncurrent investments	145.2	146.4
Estimate of Fair Value Measurement \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	50.1	53.4
Noncurrent investments	214.8	213.9
Estimate of Fair Value Measurement \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	155.3	149.2
Estimate of Fair Value Measurement \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	2.8	2.0
Noncurrent investments	56.8	50.6
Estimate of Fair Value Measurement \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	47.4	58.6
Estimate of Fair Value Measurement \| Other securities, noncurrent investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	204.0	398.6
Estimate of Fair Value Measurement \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	624.0	683.6
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	2,330.2	650.4
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	23.1	30.8
Noncurrent investments	145.2	146.4
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other securities, noncurrent investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0.0	0.0
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	624.0	683.6
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12.9	7.0
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	50.1	53.4
Noncurrent investments	214.8	213.9
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	155.3	149.2
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	2.8	2.0
Noncurrent investments	56.8	50.6
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	28.0	39.1
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Other securities, noncurrent investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	113.8	311.0
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	19.4	19.5
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Other securities, noncurrent investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	90.2	87.6
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 0.0	$ 0.0