10-Q Filing

ELANCO ANIMAL HEALTH INC CIK: 1739104 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001739104-22-000010`
Period End Date	20220331
Filing Date	20220509
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	elan-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 32 Cash Flow Statement 56 Stockholders Equity 16 Comprehensive Income 12

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.00M	USD	Point-in-time
Accounts receivable, net of allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$12.00M	USD	Point-in-time
Property and equipment, net of accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.04B	USD	Point-in-time
Property and equipment, net of accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$670.00M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$638.00M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$342.00M	USD	Point-in-time
Accounts receivable, net of allowances of $12 (2022 and 2021)	`AccountsReceivableNetCurrent`	$973.00M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowances of $12 (2022 and 2021)	`AccountsReceivableNetCurrent`	$833.00M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$195.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	5.00B	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	5.00B	shares	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$219.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	473.12M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	474.09M	shares	Point-in-time
Inventories	`InventoryNet`	$1.34B	USD	Point-in-time
Inventories	`InventoryNet`	$1.37B	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$315.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	473.12M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	474.09M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$237.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.28B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.19B	USD	Point-in-time
Goodwill	`Goodwill`	$6.17B	USD	Point-in-time
Goodwill	`Goodwill`	$6.12B	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$5.39B	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$5.59B	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$559.00M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$387.00M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $670 (2022) and $1,041 (2021)	`PropertyPlantAndEquipmentNet`	$987.00M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $670 (2022) and $1,041 (2021)	`PropertyPlantAndEquipmentNet`	$1.06B	USD	Point-in-time
Total assets	`Assets`	$16.48B	USD	Point-in-time
Total assets	`Assets`	$16.25B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$418.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$402.00M	USD	Point-in-time
Employee compensation	`EmployeeRelatedLiabilitiesCurrent`	$111.00M	USD	Point-in-time
Employee compensation	`EmployeeRelatedLiabilitiesCurrent`	$185.00M	USD	Point-in-time
Sales rebates and discounts	`ContractWithCustomerLiabilityCurrent`	$316.00M	USD	Point-in-time
Sales rebates and discounts	`ContractWithCustomerLiabilityCurrent`	$295.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$61.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$294.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$438.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$430.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.31B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.64B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$6.03B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$6.07B	USD	Point-in-time
Accrued retirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$270.00M	USD	Point-in-time
Accrued retirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$271.00M	USD	Point-in-time
Deferred taxes	`DeferredIncomeTaxLiabilitiesNet`	$747.00M	USD	Point-in-time
Deferred taxes	`DeferredIncomeTaxLiabilitiesNet`	$745.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$261.00M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$242.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$8.64B	USD	Point-in-time
Total liabilities	`Liabilities`	$8.95B	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, no par value, 1,000,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value, 1,000,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value, 5,000,000,000 shares authorized, 474,091,024 and 473,119,786 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	-	USD	Point-in-time
Common stock, no par value, 5,000,000,000 shares authorized, 474,091,024 and 473,119,786 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.70B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.70B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-949.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-901.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-186.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-209.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$7.54B	USD	Point-in-time
Total equity	`StockholdersEquity`	$8.48B	USD	Point-in-time
Total equity	`StockholdersEquity`	$8.01B	USD	Point-in-time
Total equity	`StockholdersEquity`	$7.61B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$16.48B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$16.25B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.23B	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.24B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$509.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$569.00M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$81.00M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$89.00M	USD	1 Quarter
Marketing, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$320.00M	USD	1 Quarter
Marketing, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$348.00M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$137.00M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$147.00M	USD	1 Quarter
Asset impairment, restructuring and other special charges	`RestructuringSettlementAndImpairmentProvisions`	$46.00M	USD	1 Quarter
Asset impairment, restructuring and other special charges	`RestructuringSettlementAndImpairmentProvisions`	$108.00M	USD	1 Quarter
Interest expense, net of capitalized interest	`InterestExpense`	$61.00M	USD	1 Quarter
Interest expense, net of capitalized interest	`InterestExpense`	$52.00M	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-9.00M	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Costs, expenses and other	`CostsAndExpenses`	$1.32B	USD	1 Quarter
Costs, expenses and other	`CostsAndExpenses`	$1.15B	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-80.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$71.00M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-19.00M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$23.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-61.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$48.00M	USD	1 Quarter
Basic (usd per share)	`EarningsPerShareBasic`	$-0.12	USD	1 Quarter
Basic (usd per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Diluted (usd per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Diluted (usd per share)	`EarningsPerShareDiluted`	$-0.12	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	488.00M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	486.70M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	486.70M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	492.20M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-61.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$48.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$202.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$176.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-11.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-32.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$15.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$14.00M	USD	1 Quarter
Asset impairment and write-down charges	`AssetImpairmentChargesIncludingInventoryWriteDown`	$28.00M	USD	1 Quarter
Asset impairment and write-down charges	`AssetImpairmentChargesIncludingInventoryWriteDown`	$9.00M	USD	1 Quarter
Gain on sale of assets	`GainLossOnSaleOfOtherAssets`	-	USD	1 Quarter
Gain on sale of assets	`GainLossOnSaleOfOtherAssets`	$-1.00M	USD	1 Quarter
Inventory fair value step-up amortization	`BusinessCombinationInventoriesStepUpFairValueAdjustment`	-	USD	1 Quarter
Inventory fair value step-up amortization	`BusinessCombinationInventoriesStepUpFairValueAdjustment`	$62.00M	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$183.00M	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$331.00M	USD	1 Quarter
Other non-cash operating activities, net	`OtherOperatingActivitiesCashFlowStatement`	$13.00M	USD	1 Quarter
Other non-cash operating activities, net	`OtherOperatingActivitiesCashFlowStatement`	$10.00M	USD	1 Quarter
Net Cash Provided by (Used for) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$22.00M	USD	1 Quarter
Net Cash Provided by (Used for) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-62.00M	USD	1 Quarter
Net purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.00M	USD	1 Quarter
Net purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.00M	USD	1 Quarter
Cash paid for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Cash paid for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$-73.00M	USD	1 Quarter
Purchases of intangible assets	`PaymentsToAcquireIntangibleAssets`	$33.00M	USD	1 Quarter
Purchases of intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchases of software	`PaymentsForSoftware`	$5.00M	USD	1 Quarter
Purchases of software	`PaymentsForSoftware`	$7.00M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$3.00M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$7.00M	USD	1 Quarter
Net Cash Provided by (Used for) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.00M	USD	1 Quarter
Net Cash Provided by (Used for) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$10.00M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	$150.00M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLinesOfCredit`	$63.00M	USD	1 Quarter
Repayments of long-term borrowings	`RepaymentsOfSeniorDebt`	$20.00M	USD	1 Quarter
Repayments of long-term borrowings	`RepaymentsOfSeniorDebt`	$89.00M	USD	1 Quarter
Repayments of revolving credit facility	`RepaymentsOfLinesOfCredit`	$100.00M	USD	1 Quarter
Repayments of revolving credit facility	`RepaymentsOfLinesOfCredit`	$163.00M	USD	1 Quarter
Other net financing transactions with Lilly	`ProceedsFromPaymentsToTransactionsWithParent`	$-11.00M	USD	1 Quarter
Other net financing transactions with Lilly	`ProceedsFromPaymentsToTransactionsWithParent`	-	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-17.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-11.00M	USD	1 Quarter
Net Cash Provided by (Used for) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$2.00M	USD	1 Quarter
Net Cash Provided by (Used for) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-200.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-5.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-25.00M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-296.00M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$9.00M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$638.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$342.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$506.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$515.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$638.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$342.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$506.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$515.00M	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquity`	$7.54B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$8.48B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$8.01B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$7.61B	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-61.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$48.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$23.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-405.00M	USD	1 Quarter
Stock compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$15.00M	USD	1 Quarter
Stock compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$14.00M	USD	1 Quarter
Issuance of stock under employee stock plans, net	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$18.00M	USD	1 Quarter
Issuance of stock under employee stock plans, net	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$11.00M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$7.54B	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$8.48B	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$8.01B	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$7.61B	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-61.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$48.00M	USD	1 Quarter
Unrealized gain on derivatives for cash flow hedges, net of taxes	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$109.00M	USD	1 Quarter
Unrealized gain on derivatives for cash flow hedges, net of taxes	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$53.00M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-85.00M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-466.00M	USD	1 Quarter
Defined benefit pension and retiree health benefit plans, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$1.00M	USD	1 Quarter
Defined benefit pension and retiree health benefit plans, net of taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-8.00M	USD	1 Quarter
Other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTax`	$23.00M	USD	1 Quarter
Other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTax`	$-405.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$71.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-466.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.