2023 Q3 Form 10-Q Financial Statement
#000173910423000013 Filed on August 07, 2023
Income Statement
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| Revenue | $1.068B | $1.057B |
| YoY Change | 3.89% | -10.2% |
| Cost Of Revenue | $487.0M | $434.0M |
| YoY Change | 3.18% | -10.33% |
| Gross Profit | $581.0M | $623.0M |
| YoY Change | 4.5% | -10.1% |
| Gross Profit Margin | 54.4% | 58.94% |
| Selling, General & Admin | $313.0M | $353.0M |
| YoY Change | 5.03% | 2.92% |
| % of Gross Profit | 53.87% | 56.66% |
| Research & Development | $86.00M | $81.00M |
| YoY Change | 10.26% | -1.22% |
| % of Gross Profit | 14.8% | 13.0% |
| Depreciation & Amortization | $173.0M | $177.0M |
| YoY Change | 35.16% | 3.51% |
| % of Gross Profit | 29.78% | 28.41% |
| Operating Expenses | $399.0M | $434.0M |
| YoY Change | 6.12% | 2.12% |
| Operating Profit | $182.0M | $189.0M |
| YoY Change | 1.11% | -29.48% |
| Interest Expense | $72.00M | $74.00M |
| YoY Change | 20.0% | 10.45% |
| % of Operating Profit | 39.56% | 39.15% |
| Other Income/Expense, Net | -$9.000M | -$23.00M |
| YoY Change | 12.5% | |
| Pretax Income | -$1.097B | -$79.00M |
| YoY Change | 2511.9% | 338.89% |
| Income Tax | -$1.000M | $18.00M |
| % Of Pretax Income | ||
| Net Earnings | -$1.096B | -$97.00M |
| YoY Change | 2136.73% | 340.91% |
| Net Earnings / Revenue | -102.62% | -9.18% |
| Basic Earnings Per Share | -$2.22 | -$0.20 |
| Diluted Earnings Per Share | -$2.22 | -$0.20 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 492.7M shares | 492.6M shares |
| Diluted Shares Outstanding | 492.7M shares | 492.6M shares |
Balance Sheet
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $369.0M | $367.0M |
| YoY Change | -19.78% | -27.61% |
| Cash & Equivalents | $369.0M | $367.0M |
| Short-Term Investments | ||
| Other Short-Term Assets | $371.0M | $370.0M |
| YoY Change | 13.8% | 9.47% |
| Inventory | $1.690B | $1.690B |
| Prepaid Expenses | ||
| Receivables | $911.0M | $1.000B |
| Other Receivables | $224.0M | $225.0M |
| Total Short-Term Assets | $3.565B | $3.652B |
| YoY Change | 13.03% | 10.43% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $992.0M | $1.007B |
| YoY Change | 5.98% | 4.79% |
| Goodwill | $4.902B | $6.040B |
| YoY Change | -14.24% | 2.41% |
| Intangibles | $4.475B | $4.678B |
| YoY Change | -6.11% | -7.53% |
| Long-Term Investments | $28.00M | $27.00M |
| YoY Change | 0.0% | -12.9% |
| Other Assets | $410.0M | $419.0M |
| YoY Change | 9.04% | 11.44% |
| Total Long-Term Assets | $10.78B | $12.14B |
| YoY Change | -8.61% | -1.22% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $3.565B | $3.652B |
| Total Long-Term Assets | $10.78B | $12.14B |
| Total Assets | $14.34B | $15.80B |
| YoY Change | -4.04% | 1.25% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $296.0M | $354.0M |
| YoY Change | -15.43% | -8.29% |
| Accrued Expenses | ||
| YoY Change | ||
| Deferred Revenue | $356.0M | $332.0M |
| YoY Change | 19.46% | 16.9% |
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $39.00M | $39.00M |
| YoY Change | -90.1% | -30.36% |
| Total Short-Term Liabilities | $1.265B | $1.284B |
| YoY Change | -21.57% | -4.04% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $5.870B | $6.023B |
| YoY Change | 6.59% | 0.27% |
| Other Long-Term Liabilities | $432.0M | $411.0M |
| YoY Change | 92.0% | 69.83% |
| Total Long-Term Liabilities | $6.302B | $6.434B |
| YoY Change | 9.94% | 2.96% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $1.265B | $1.284B |
| Total Long-Term Liabilities | $6.302B | $6.434B |
| Total Liabilities | $8.210B | $8.376B |
| YoY Change | 0.09% | -1.0% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$2.147B | -$1.051B |
| YoY Change | 120.88% | 13.87% |
| Common Stock | $0.00 | $0.00 |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $6.134B | $7.420B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $14.34B | $15.80B |
| YoY Change | -4.04% | 1.25% |
Cashflow Statement
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$1.096B | -$97.00M |
| YoY Change | 2136.73% | 340.91% |
| Depreciation, Depletion And Amortization | $173.0M | $177.0M |
| YoY Change | 35.16% | 3.51% |
| Cash From Operating Activities | $198.0M | $61.00M |
| YoY Change | 4.76% | -80.45% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $33.00M | $42.00M |
| YoY Change | -171.74% | -227.27% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$3.000M | -$1.000M |
| YoY Change | -133.33% | -75.0% |
| Cash From Investing Activities | -$36.00M | -$43.00M |
| YoY Change | -2.7% | 16.22% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -157.0M | 39.00M |
| YoY Change | -7.1% | -140.63% |
| NET CHANGE | ||
| Cash From Operating Activities | 198.0M | 61.00M |
| Cash From Investing Activities | -36.00M | -43.00M |
| Cash From Financing Activities | -157.0M | 39.00M |
| Net Change In Cash | 5.000M | 57.00M |
| YoY Change | -129.41% | -68.16% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $198.0M | $61.00M |
| Capital Expenditures | $33.00M | $42.00M |
| Free Cash Flow | $165.0M | $19.00M |
| YoY Change | -29.79% | -94.49% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
3900000 | shares | |
| CY2023Q2 | us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
35000000 | usd |
| CY2022Q2 | us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
86000000 | usd |
| us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
75000000 | usd | |
| us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
126000000 | usd | |
| CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
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Assets Current
AssetsCurrent
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Assets Current
AssetsCurrent
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Goodwill
Goodwill
|
6040000000 | usd |
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Goodwill
Goodwill
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Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
4678000000 | usd |
| CY2022Q4 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
4842000000 | usd |
| CY2023Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
419000000 | usd |
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Other Assets Noncurrent
OtherAssetsNoncurrent
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378000000 | usd |
| CY2023Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
1007000000 | usd |
| CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
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Assets
Assets
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Assets
Assets
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Accounts Payable Current
AccountsPayableCurrent
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Accounts Payable Current
AccountsPayableCurrent
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Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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| CY2023Q2 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
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39000000 | usd |
| CY2022Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
388000000 | usd |
| CY2023Q2 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
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559000000 | usd |
| CY2022Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
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600000000 | usd |
| CY2023Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
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| CY2022Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
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1702000000 | usd |
| CY2023Q2 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
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| CY2022Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
5448000000 | usd |
| CY2023Q2 | us-gaap |
Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
|
658000000 | usd |
| CY2022Q4 | us-gaap |
Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
|
662000000 | usd |
| CY2023Q2 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
411000000 | usd |
| CY2022Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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390000000 | usd |
| CY2023Q2 | us-gaap |
Liabilities
Liabilities
|
8376000000 | usd |
| CY2022Q4 | us-gaap |
Liabilities
Liabilities
|
8202000000 | usd |
| CY2023Q2 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
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| CY2022Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
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| CY2022Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
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| CY2023Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
5000000000 | shares |
| CY2023Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
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| CY2023Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
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| CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
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| CY2022Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
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| CY2023Q2 | us-gaap |
Common Stock Value
CommonStockValue
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| CY2022Q4 | us-gaap |
Common Stock Value
CommonStockValue
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Additional Paid In Capital
AdditionalPaidInCapital
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Additional Paid In Capital
AdditionalPaidInCapital
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Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
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| CY2023Q2 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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| CY2022Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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| CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
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| CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
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Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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Stockholders Equity
StockholdersEquity
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Net Income Loss
NetIncomeLoss
|
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| CY2022Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
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| CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
3000000 | usd |
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Stockholders Equity
StockholdersEquity
|
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Net Income Loss
NetIncomeLoss
|
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Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
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| CY2022Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
13000000 | usd |
| CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
7125000000 | usd |
| CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
7289000000 | usd |
| CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
103000000 | usd |
| CY2023Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
82000000 | usd |
| CY2023Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
6000000 | usd |
| CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
7480000000 | usd |
| CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-97000000 | usd |
| CY2023Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
29000000 | usd |
| CY2023Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
8000000 | usd |
| CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
7420000000 | usd |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
6000000 | usd | |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
350000000 | usd | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
21000000 | usd | |
| elan |
Asset Impairment Charges Including Inventory Write Down
AssetImpairmentChargesIncludingInventoryWriteDown
|
0 | usd | |
| elan |
Proceeds From Derivative Instrument Operating Activities
ProceedsFromDerivativeInstrumentOperatingActivities
|
0 | usd | |
| elan |
Proceeds From Derivative Instrument Operating Activities
ProceedsFromDerivativeInstrumentOperatingActivities
|
132000000 | usd | |
| us-gaap |
Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
|
384000000 | usd | |
| us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
2000000 | usd | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
250000000 | usd | |
| elan |
Payments To Acquire Property Plant Equipment And Software
PaymentsToAcquirePropertyPlantEquipmentAndSoftware
|
66000000 | usd | |
| elan |
Payments To Acquire Property Plant Equipment And Software
PaymentsToAcquirePropertyPlantEquipmentAndSoftware
|
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| us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
14000000 | usd | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-98000000 | usd | |
| us-gaap |
Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
|
0 | usd | |
| us-gaap |
Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
|
425000000 | usd | |
| us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
250000000 | usd | |
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Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
563000000 | usd | |
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Repayments Of Senior Debt
RepaymentsOfSeniorDebt
|
32000000 | usd | |
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Repayments Of Senior Debt
RepaymentsOfSeniorDebt
|
528000000 | usd | |
| us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
0 | usd | |
| us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
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Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-5000000 | usd | |
| us-gaap |
Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
|
-17000000 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
213000000 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-296000000 | usd | |
| us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-9000000 | usd | |
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Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-19000000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
22000000 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-131000000 | usd | |
| CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
345000000 | usd |
| CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
638000000 | usd |
| CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
367000000 | usd |
| us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div><span style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1. Basis of Presentation and Summary of Significant Accounting Policies</span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with the SEC requirements for interim reporting. As permitted under those rules, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the U.S. (GAAP) have been condensed or omitted. The information included in this Form 10-Q should be read in conjunction with our consolidated financial statements and accompanying notes for the year ended December 31, 2022 included in our </span><span style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1739104/000173910423000004/elan-20221231.htm#iabf0ca0eda714084ad9b96b0b7cac563_70" style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">2022 Form 10-K</a></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. In addition, results for interim periods should not be considered indicative of results for any other interim period or for the full year ending December 31, 2023 or any other future period. </span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In our opinion, the financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for 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. Certain reclassifications of prior year information have been made to conform to the current year's presentation.</span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The significant accounting policies set forth in Note 4 to the consolidated financial statements in our </span><span style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1739104/000173910423000004/elan-20221231.htm#iabf0ca0eda714084ad9b96b0b7cac563_70" style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">2022 Form 10-K</a></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> appropriately represent, in all material respects, the current status of our accounting policies.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:117%">Revision of Previously Issued Consolidated Financial Statements</span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the preparation of our financial statements as of and for the year ended December 31, 2022, a cumulative error was identified and corrected relating to the valuation allowance for taxes for a Southeast Asia affiliate. While immaterial to prior years, correcting this cumulative error in 2022 would have caused the 2022 financial statements to be materially misstated. In conjunction with making these corrections, we made other adjustments to the prior years to revise uncorrected errors. The appropriate revisions to our historical condensed consolidated financial statements and the notes thereto are reflected herein. Further information is included in Note 2 and Note 21 to the consolidated financial statements in our </span><span style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/1739104/000173910423000004/elan-20221231.htm#iabf0ca0eda714084ad9b96b0b7cac563_70" style="color:#0071cd;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">2022 Form 10-K</a></span>. | ||
| CY2023Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1057000000 | usd |
| CY2021Q4 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
316000000 | usd |
| elan |
Contract With Customer Liability Revenue Recognized Including Current Year Additions
ContractWithCustomerLiabilityRevenueRecognizedIncludingCurrentYearAdditions
|
355000000 | usd | |
| elan |
Contract With Customer Liability Increase From Cash Receipts
ContractWithCustomerLiabilityIncreaseFromCashReceipts
|
387000000 | usd | |
| CY2023Q2 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
332000000 | usd |
| CY2023Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1057000000 | usd |
| CY2022Q1 | us-gaap |
Contract With Customer Asset Gross
ContractWithCustomerAssetGross
|
55000000 | usd |
| CY2023Q2 | us-gaap |
Restructuring Charges
RestructuringCharges
|
0 | usd |
| CY2022Q2 | us-gaap |
Restructuring Charges
RestructuringCharges
|
-1000000 | usd |
| us-gaap |
Restructuring Charges
RestructuringCharges
|
0 | usd | |
| us-gaap |
Restructuring Charges
RestructuringCharges
|
-7000000 | usd | |
| CY2023Q2 | us-gaap |
Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
|
35000000 | usd |
| CY2022Q2 | us-gaap |
Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
|
26000000 | usd |
| us-gaap |
Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
|
75000000 | usd | |
| us-gaap |
Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
|
50000000 | usd | |
| CY2023Q2 | us-gaap |
Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
|
0 | usd |
| CY2022Q2 | us-gaap |
Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
|
59000000 | usd |
| us-gaap |
Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
|
0 | usd | |
| us-gaap |
Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
|
81000000 | usd | |
| CY2023Q2 | us-gaap |
Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
|
0 | usd |
| CY2022Q2 | us-gaap |
Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
|
-2000000 | usd |
| us-gaap |
Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
|
0 | usd | |
| us-gaap |
Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
|
-2000000 | usd | |
| CY2023Q2 | us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
35000000 | usd |
| CY2022Q2 | us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
86000000 | usd |
| us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
75000000 | usd | |
| us-gaap |
Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
|
126000000 | usd | |
| CY2022Q4 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
36000000 | usd |
| us-gaap |
Payments For Restructuring
PaymentsForRestructuring
|
28000000 | usd | |
| CY2023Q2 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
8000000 | usd |
| us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
-2000000 | usd | |
| us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
900000 | shares | |
| CY2023Q2 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
834000000 | usd |
| CY2022Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
783000000 | usd |
| CY2023Q2 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
773000000 | usd |
| CY2022Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
683000000 | usd |
| CY2023Q2 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
141000000 | usd |
| CY2022Q4 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
130000000 | usd |
| CY2023Q2 | us-gaap |
Inventory Gross
InventoryGross
|
1748000000 | usd |
| CY2022Q4 | us-gaap |
Inventory Gross
InventoryGross
|
1596000000 | usd |
| CY2023Q2 | us-gaap |
Inventory Lifo Reserve
InventoryLIFOReserve
|
58000000 | usd |
| CY2022Q4 | us-gaap |
Inventory Lifo Reserve
InventoryLIFOReserve
|
58000000 | usd |
| CY2023Q2 | us-gaap |
Inventory Net
InventoryNet
|
1690000000 | usd |
| CY2022Q4 | us-gaap |
Inventory Net
InventoryNet
|
1538000000 | usd |
| CY2023Q2 | us-gaap |
Deferred Finance Costs Net
DeferredFinanceCostsNet
|
56000000 | usd |
| CY2022Q4 | us-gaap |
Deferred Finance Costs Net
DeferredFinanceCostsNet
|
64000000 | usd |
| CY2023Q2 | us-gaap |
Long Term Debt
LongTermDebt
|
6062000000 | usd |
| CY2022Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
5836000000 | usd |
| CY2023Q2 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
39000000 | usd |
| CY2022Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
388000000 | usd |
| CY2023Q2 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
6023000000 | usd |
| CY2022Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
5448000000 | usd |
| CY2023Q2 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
29000000 | usd |
| CY2022Q2 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
1000000 | usd |
| us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
59000000 | usd | |
| CY2023Q2 | us-gaap |
Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
|
108000000 | usd |
| CY2023Q2 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
27000000 | usd |
| CY2022Q4 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
27000000 | usd |
| CY2023Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
18000000 | usd |
| CY2022Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-4000000 | usd |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
23000000 | usd | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
20000000 | usd | |
| CY2023Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.230 | |
| CY2022Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.286 | |
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.799 | ||
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.323 | ||
| CY2023Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
18000000 | usd |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
23000000 | usd | |
| CY2023Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.230 | |
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.799 | ||
| CY2022Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-4000000 | usd |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
20000000 | usd | |
| CY2022Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.286 | |
| us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.323 | ||
| CY2022Q2 | elan |
Interest Rate Cash Flow Hedge Gain Loss Stranded Tax Benefits Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossStrandedTaxBenefitsReclassifiedToEarningsNet
|
17000000 | usd |
| CY2023Q2 | elan |
Lessee Operating Lease Lease Not Yet Commenced Liability To Be Paid
LesseeOperatingLeaseLeaseNotYetCommencedLiabilityToBePaid
|
378000000 | usd |
| CY2023Q2 | us-gaap |
Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
|
P25Y | |
| CY2023Q2 | elan |
Tax Incremental Financing Estimated Total Incentive To Be Funded
TaxIncrementalFinancingEstimatedTotalIncentiveToBeFunded
|
64000000 | usd |
| CY2021Q4 | elan |
Tax Incremental Financing Commitment Amount
TaxIncrementalFinancingCommitmentAmount
|
64000000 | usd |
| CY2022Q4 | elan |
Tax Incremental Financing Expect To Refund Within Next Three Months
TaxIncrementalFinancingExpectToRefundWithinNextThreeMonths
|
15000000 | usd |
| CY2023Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
492600000 | shares |
| CY2022Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
488400000 | shares |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
491800000 | shares | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
488200000 | shares | |
| CY2023Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
0 | shares |
| CY2022Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
0 | shares |
| CY2023Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
492600000 | shares |
| CY2022Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
488400000 | shares |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
492700000 | shares | |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
492100000 | shares | |
| CY2023Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2000000 | shares |
| CY2022Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3200000 | shares |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1800000 | shares | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1600000 | shares | |
| CY2023Q2 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
| CY2023Q2 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
| CY2023Q2 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
| CY2023Q2 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false |
