Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document Information [Line Items] | ' |
Document Type | '6-K |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Trading Symbol | 'ICLR |
Entity Registrant Name | 'ICON PLC /ADR/ |
Entity Central Index Key | '0001060955 |
Current Fiscal Year End Date | '--12-31 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $81,313 | $182,519 |
Short term investments - available for sale | 94,059 | 138,317 |
Accounts receivable, net | 382,924 | 342,581 |
Unbilled revenue | 139,739 | 113,239 |
Other receivables | 14,572 | 14,415 |
Deferred tax asset | 20,653 | 28,644 |
Prepayments and other current assets | 32,176 | 24,664 |
Income taxes receivable | 32,661 | 9,049 |
Total current assets | 798,097 | 853,428 |
Other Assets: | ' | ' |
Property, plant and equipment, net | 160,170 | 160,830 |
Goodwill | 507,238 | 357,523 |
Non-current other assets | 9,500 | 6,732 |
Non-current income taxes receivable | 13,527 | 25,172 |
Non-current deferred tax asset | 9,514 | 7,421 |
Intangible assets | 27,694 | 31,354 |
Total Assets | 1,525,740 | 1,442,460 |
Current Liabilities: | ' | ' |
Accounts payable | 10,903 | 4,594 |
Payments on account | 290,754 | 297,347 |
Other liabilities | 194,728 | 194,812 |
Income taxes payable | 6,201 | 4,416 |
Total current liabilities | 502,586 | 501,169 |
Other Liabilities: | ' | ' |
Non-current other liabilities | 7,717 | 11,198 |
Non-current government grants | 1,282 | 1,359 |
Non-current income taxes payable | 4,646 | 5,288 |
Non-current deferred tax liability | 11,176 | 12,867 |
Shareholders' Equity: | ' | ' |
Ordinary shares, par value 6 euro cents per share; 100,000,000 shares authorized, 61,897,155 shares issued and outstanding at June 30, 2014 and 61,587,257 shares issued and outstanding at December 31, 2013 | 5,185 | 5,168 |
Additional paid-in capital | 302,480 | 279,572 |
Capital redemption reserve | 124 | 100 |
Accumulated other comprehensive income | 1,331 | 1,960 |
Retained earnings | 689,213 | 623,779 |
Total Shareholders' Equity | 998,333 | 910,579 |
Total Liabilities and Shareholders' Equity | $1,525,740 | $1,442,460 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (EUR €) | Jun. 30, 2014 | Dec. 31, 2013 |
Ordinary shares, par value | € 0.06 | € 0.06 |
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 |
Ordinary shares, shares issued | 61,897,155 | 61,587,257 |
Ordinary shares, shares outstanding | 61,897,155 | 61,587,257 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Gross revenue | $506,404 | $469,626 | $982,948 | $888,685 |
Reimbursable expenses | -130,384 | -135,407 | -257,294 | -237,677 |
Net revenue | 376,020 | 334,219 | 725,654 | 651,008 |
Costs and expenses: | ' | ' | ' | ' |
Direct costs | 227,188 | 214,231 | 443,328 | 416,592 |
Selling, general and administrative expense | 87,622 | 77,548 | 166,570 | 153,112 |
Depreciation and amortization | 12,922 | 11,520 | 24,470 | 22,976 |
Restructuring and other items | ' | 4,621 | ' | 9,033 |
Total costs and expenses | 327,732 | 307,920 | 634,368 | 601,713 |
Income from operations | 48,288 | 26,299 | 91,286 | 49,295 |
Interest income | 259 | 274 | 607 | 455 |
Interest expense | -297 | -374 | -554 | -740 |
Income before provision for income taxes | 48,250 | 26,199 | 91,339 | 49,010 |
Provision for income taxes | -7,467 | -3,720 | -14,361 | -7,486 |
Net income | $40,783 | $22,479 | $76,978 | $41,524 |
Net income per Ordinary Share: | ' | ' | ' | ' |
Basic | $0.66 | $0.37 | $1.24 | $0.69 |
Diluted | $0.64 | $0.36 | $1.22 | $0.67 |
Weighted average number of Ordinary Shares outstanding: | ' | ' | ' | ' |
Basic | 61,934,923 | 60,724,296 | 61,855,783 | 60,555,945 |
Diluted | 63,343,269 | 61,898,903 | 63,290,292 | 61,607,757 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $76,978 | $41,524 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Loss on disposal of property, plant and equipment | 68 | 222 |
Depreciation expense | 20,032 | 19,372 |
Amortization of intangibles | 4,438 | 3,604 |
Amortization of grants | -159 | -116 |
Share compensation expense | 9,751 | 5,466 |
Deferred taxes | 4,361 | -1,892 |
Changes in assets and liabilities: | ' | ' |
Increase in accounts receivable | -15,765 | -12,853 |
Increase in unbilled revenue | -7,526 | -25,222 |
Increase in other receivables | -104 | -3,070 |
Increase in prepayments and other current assets | -5,090 | -4,872 |
Increase in other non current assets | -1,437 | -850 |
(Decrease) /increase in payments on account | -37,689 | 52,615 |
(Decrease)/increase in other current liabilities | -50,208 | 6,134 |
Increase in other non-current liabilities | 785 | 366 |
Decrease in income taxes payable | -11,504 | -5,608 |
(Decrease)/increase in accounts payable | -3,187 | 5,397 |
Net cash (used in)/provided by operating activities | -16,256 | 80,217 |
Cash flows from investing activities: | ' | ' |
Purchase of property, plant and equipment | -12,966 | -17,206 |
Purchase of subsidiary undertakings | -121,101 | -78,661 |
Cash acquired with subsidiary undertakings | 3,518 | 1,039 |
Purchase of short term investments | -48,972 | -71,227 |
Sale of short term investments | 93,569 | 63,826 |
Change in restricted cash, net | ' | -2,250 |
Net cash used in investing activities | -85,952 | -104,479 |
Cash flows from financing activities: | ' | ' |
Proceeds from exercise of share options | 12,272 | 10,548 |
Share issuance costs | -11 | -59 |
Tax benefit from the exercise of share options | 771 | 193 |
Repurchase of ordinary shares | -11,532 | ' |
Share repurchase costs | -12 | ' |
Net cash provided by financing activities | 1,488 | 10,682 |
Effect of exchange rate movements on cash | -486 | -2,200 |
Net decrease in cash and cash equivalents | -101,206 | -15,780 |
Cash and cash equivalents at beginning of period | 182,519 | 114,047 |
Cash and cash equivalents at end of period | $81,313 | $98,267 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Shareholders' Equity and Comprehensive Income (USD $) | Total | Ordinary Shares | Additional Paid-in Capital | Capital Redemption Reserve | Accumulated Other Comprehensive Income | Retained Earnings |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2013 | $910,579 | $5,168 | $279,572 | $100 | $1,960 | $623,779 |
Balance (in shares) at Dec. 31, 2013 | 61,587,257 | 61,587,257 | ' | ' | ' | ' |
Comprehensive Income: | ' | ' | ' | ' | ' | ' |
Net income | 76,978 | ' | ' | ' | ' | 76,978 |
Currency translation adjustment | -1,286 | ' | ' | ' | -1,286 | ' |
Currency impact of long term funding | 144 | ' | ' | ' | 144 | ' |
Tax on currency impact of long term funding | 175 | ' | ' | ' | 175 | ' |
Unrealized capital gain - investments | 338 | ' | ' | ' | 338 | ' |
Total comprehensive income | 76,349 | ' | ' | ' | -629 | 76,978 |
Exercise of share options (in shares) | ' | 511,199 | ' | ' | ' | ' |
Exercise of share options | 12,265 | 41 | 12,224 | ' | ' | ' |
Issue of restricted share units (in shares) | ' | 89,889 | ' | ' | ' | ' |
Issue of restricted share units | 7 | ' | 7 | ' | ' | ' |
Share issuance costs | -11 | ' | -11 | ' | ' | ' |
Non-cash stock compensation expense | 9,917 | ' | 9,917 | ' | ' | ' |
Repurchase of ordinary shares | -11,532 | -24 | ' | 24 | ' | -11,532 |
Repurchase of ordinary shares (in shares) | ' | -291,190 | ' | ' | ' | ' |
Share repurchase costs | -12 | ' | ' | ' | ' | -12 |
Tax benefit on exercise of options | 771 | ' | 771 | ' | ' | ' |
Balance at Jun. 30, 2014 | $998,333 | $5,185 | $302,480 | $124 | $1,331 | $689,213 |
Balance (in shares) at Jun. 30, 2014 | 61,897,155 | 61,897,155 | ' | ' | ' | ' |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Basis of Presentation | ' |
1. Basis of Presentation | |
These condensed consolidated financial statements, which have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”), have not been audited. The condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the operating results and financial position for the periods presented. The preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures in the condensed consolidated financial statements. Actual results could differ from those estimates. | |
The condensed consolidated financial statements should be read in conjunction with the accounting policies and notes to the consolidated financial statements included in ICON’s Form 20-F for the year ended December 31, 2013. Operating results for the six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal period ending December 31, 2014. |
Goodwill
Goodwill | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Goodwill | ' | ||||||||
2. Goodwill | |||||||||
Six months ended | Year ended | ||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Opening balance | $ | 357,523 | $ | 315,441 | |||||
Current period acquisitions | 149,098 | 36,922 | |||||||
Foreign exchange movement | 617 | 5,160 | |||||||
Closing balance | $ | 507,238 | $ | 357,523 |
Business_Combinations
Business Combinations | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations | ' | ||||
3. Business Combinations | |||||
Acquisitions – Aptiv Solutions | |||||
On May 7, 2014 the Company acquired 100% of the common stock of Aptiv Solutions (“Aptiv”), a global biopharmaceutical and medical device development services company and leader in adaptive clinical trials for a cash consideration of $143.5 million including certain payments to be made on behalf of the company on completion totalling $22.4 million. Aptiv offers full-service clinical trial consulting and regulatory support for drugs, medical devices and diagnostics with a specific focus on strategy to increase product development efficiency and productivity. It is a market leader in the integrated design and execution of adaptive clinical trials for exploratory and late phase development as well as being an industry leader in medical device and diagnostic development in key medical technology segments. In addition to boosting the Company’s service capabilities, Aptiv Solutions will also strengthen the Company’s international presence through the addition of over 850 highly qualified and experienced professionals in the United States, Europe and Japan. | |||||
The acquisition of Aptiv Solutions has been accounted for as a business combination in accordance with FASB ASC 805 Business Combinations. The following table summarizes the preliminary estimated fair values of the assets acquired and the liabilities assumed: | |||||
May 7, | |||||
2014 | |||||
(in thousands) | |||||
Property, plant and equipment | $ | 6,924 | |||
Goodwill* | 149,098 | ||||
Cash and cash equivalents | 3,518 | ||||
Accounts receivable | 24,463 | ||||
Unbilled revenue | 19,217 | ||||
Prepayments and other current assets | 3,404 | ||||
Non-current assets | 1,332 | ||||
Other liabilities | (37,146 | ) | |||
Payments on account | (31,094 | ) | |||
Non-current other liabilities | (18,615 | ) | |||
Net assets acquired | $ | 121,101 | |||
Cash consideration | $ | 143,500 | |||
Adjustments to cash consideration | (22,399 | ) | |||
Net assets acquired | $ | 121,101 | |||
* Goodwill represents the acquisition of an established workforce with experience in clinical trial consulting and regulatory support for drugs, medical devices and diagnostics with a specific focus on strategy to increase product development efficiency and productivity. Goodwill related to the US portion of the business acquired is tax deductible. We are completing the purchase price allocation which will result in an element of the purchase price currently recorded as goodwill being ascribed to separately identifiable intangible assets. | |||||
Prior Period Acquisitions - Clinical Trial Services Division of Cross Country Healthcare, Inc. | |||||
On February 15, 2013 the Company acquired the clinical trial services division of Cross Country Healthcare Inc. for an initial cash consideration of $51.9 million. The agreement provided for further consideration of up to $3.75 million which may become payable if certain performance milestones are achieved during the period ended December 31, 2013. Cross Country Healthcare’s Clinical Trial Services division includes US resourcing providers, ClinForce and Assent Consulting, whose services include contract staffing, permanent placement and functional service provision. The division also includes AKOS, a leading US and EU provider of pharmacovigilance and drug safety services. ClinForce and Assent have been combined with ICON’s functional service provision (“FSP”) division, DOCS, creating a leader in global resourcing and FSP, while AKOS will enhance the services offered by ICON’s medical and safety services team. Certain operating margin perfomance milestones in relation to ClinForce and Assent Consulting were not achieved during the period ended December 31, 2013 resulting in a reduction of $3.75 million to the contingent consideration. | |||||
The acquisition agreement also provided for certain working capital targets to be achieved by the clinical trial services division of Cross Country Healthcare, Inc on completion. In October 2013 the Company received $0.2 million on completion of this review. | |||||
The acquisition of the clinical trial services division of Cross Country Healthcare, Inc has been accounted for as a business combination in accordance with FASB ASC 805 Business Combinations. The following table summarizes the fair values of the assets acquired and the liabilities assumed: | |||||
February 15, | |||||
2013 | |||||
(in thousands) | |||||
Property, plant and equipment | $ | 339 | |||
Goodwill* | 36,922 | ||||
Intangible asset – customer relationships | 3,300 | ||||
Intangible asset – order backlog | 600 | ||||
Cash and cash equivalents | 1,039 | ||||
Accounts receivable | 9,200 | ||||
Unbilled revenue | 2,128 | ||||
Prepayments and other current assets | 465 | ||||
Non-current assets | 6 | ||||
Other liabilities | (2,285 | ) | |||
Non-current other liabilities | (16 | ) | |||
Net assets acquired | $ | 51,698 | |||
Cash consideration | $ | 51,897 | |||
Working capital adjustment | (199 | ) | |||
Net assets acquired | $ | 51,698 | |||
* Goodwill represents the acquisition of an established workforce with experience in the clinical research industry, thereby allowing the Company to enhance its capabilities in global resourcing and FSP and also medical and safety services. Goodwill related to the US portion of the business acquired is tax deductible. |
Restructuring_and_other_items
Restructuring and other items | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restructuring and other items | ' | ||||||||||||||||
4. Restructuring and other items | |||||||||||||||||
Restructuring and other items recognized comprise: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June | June | June | June | ||||||||||||||
30, | 30, | 30, | 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Restructuring charges | $ | - | $ | 4,621 | $ | - | $ | 9,033 | |||||||||
Total | $ | - | $ | 4,621 | $ | - | $ | 9,033 | |||||||||
Prior Period Restructuring Charges | |||||||||||||||||
Restructuring and other items of $9.0 million were recorded during the year ended December 31, 2013. During Q1 and Q2 2013 the Company conducted a review of its operations. This review resulted in the adoption of an initial restructuring plan, which included the closure of its Phase I facility in Omaha, Nebraska. This followed the expansion of the Company’s Phase I facility in San Antonio, Texas and the consolidation of the Company’s US Phase I capabilities in this location. The restructuring plan also included resource rationalizations in certain areas of the business to improve resource utilization. A further restructuring plan was also adopted during 2013 which resulted in resource rationalizations in order to improve operating efficiencies and reduce expenses. Details of the movement in this restructuring plan recognized are as follows: | |||||||||||||||||
Workforce | Office | ||||||||||||||||
Reductions | Consolidations | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Q1 Plan - Initial provision recognized | $ | 3,903 | $ | 509 | $ | 4,412 | |||||||||||
Q2 Plan - Initial provision recognized | 4,228 | 393 | 4,621 | ||||||||||||||
Residual balance from prior periods | - | 130 | 130 | ||||||||||||||
Total provision recognized | 8,131 | 1,032 | 9,163 | ||||||||||||||
Cash payments | (6,544 | ) | (199 | ) | (6,743 | ) | |||||||||||
Amounts released | (93 | ) | - | (93 | ) | ||||||||||||
Foreign exchange movement | (3 | ) | - | (3 | ) | ||||||||||||
Provision at December 31, 2013 | $ | 1,491 | $ | 833 | $ | 2,324 | |||||||||||
Cash payments | (769 | ) | (296 | ) | (1,065 | ) | |||||||||||
Amounts released | - | (142 | ) | (142 | ) | ||||||||||||
Foreign exchange movement | (8 | ) | 11 | 3 | |||||||||||||
Provision at June 30, 2014 | $ | 714 | $ | 406 | $ | 1,120 |
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
5. Income Taxes | |||||||||||||||||
Income taxes recognized during the three and six months ended June 30, 2014 comprise: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Provision for income taxes before restructuring and other items | $ | 7,467 | $ | 4,315 | $ | 14,361 | $ | 9,336 | |||||||||
Tax impact of restructuring and other items | - | (595 | ) | - | (1,850 | ) | |||||||||||
Provision for income taxes after restructuring and other items | $ | 7,467 | $ | 3,720 | $ | 14,361 | $ | 7,486 | |||||||||
As at June 30, 2014 the Company maintains a $7.2 million liability (December 31, 2013: $6.7 million) for unrecognized tax benefit, which is comprised of $6.2 million (December 31, 2013: $5.8 million) related to items generating unrecognized tax benefits and $1.0 million (December 31, 2013: $0.9 million) for interest and related penalties to such items. The Company recognizes interest accrued on unrecognized tax benefits as an additional income tax expense. | |||||||||||||||||
The Company has analyzed filing positions in all of the significant federal, state and foreign jurisdictions where it is required to file income tax returns, as well as open tax years in these jurisdictions. The only periods subject to examination by the major tax jurisdictions where the Company does business are 2008 through 2013 tax years. The Company does not believe that the outcome of any examination will have a material impact on its financial statements. |
Net_income_per_ordinary_share
Net income per ordinary share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Net income per ordinary share | ' | ||||||||||||||||
6. Net income per ordinary share | |||||||||||||||||
Basic net income per ordinary share has been computed by dividing net income available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share is computed by adjusting the weighted average number of ordinary shares outstanding during the period for all potentially dilutive ordinary shares outstanding during the period and adjusting net income for any changes in income or loss that would result from the conversion of such potential ordinary shares. There is no difference in net income used for basic and diluted net income per ordinary share. | |||||||||||||||||
The reconciliation of the number of shares used in the computation of basic and diluted net income per ordinary share is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average number of ordinary shares outstanding for basic net income per ordinary share | 61,934,923 | 60,724,296 | 61,855,783 | 60,555,945 | |||||||||||||
Effect of dilutive share options outstanding | 1,408,346 | 1,174,607 | 1,434,509 | 1,051,812 | |||||||||||||
Weighted average number of ordinary shares for diluted net income per ordinary share | 63,343,269 | 61,898,903 | 63,290,292 | 61,607,757 |
Sharebased_Awards
Share-based Awards | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Share-based Awards | ' | ||||||||||||||||||||||||
7. Share-based Awards | |||||||||||||||||||||||||
Share Options | |||||||||||||||||||||||||
On July 21, 2008 the Company adopted the Employee Share Option Plan 2008 (the “2008 Employee Plan”) pursuant to which the Compensation and Organization Committee of the Company’s Board of Directors may grant options to any employee, or any director holding a salaried office or employment with the Company or a Subsidiary for the purchase of ordinary shares. On the same date, the Company also adopted the Consultants Share Option Plan 2008 (the “2008 Consultants Plan”), pursuant to which the Compensation and Organization Committee of the Company’s Board of Directors may grant options to any consultant, adviser or non-executive director retained by the Company or any Subsidiary for the purchase of ordinary shares. | |||||||||||||||||||||||||
Each option granted under the 2008 Employee Plan or the 2008 Consultants Plan (together the “2008 Option Plans”) will be an employee stock option, or NSO, as described in Section 422 or 423 of the Internal Revenue Code. Each grant of an option under the 2008 Options Plans will be evidenced by a Stock Option Agreement between the optionee and the Company. The exercise price will be specified in each Stock Option Agreement, however option prices will not be less than 100% of the fair market value of an ordinary share on the date the option is granted. | |||||||||||||||||||||||||
An aggregate of 6.0 million ordinary shares have been reserved under the 2008 Employee Plan, as reduced by any shares issued or to be issued pursuant to options granted under the 2008 Consultants Plan, under which a limit of 400,000 shares applies. Further, the maximum number of ordinary shares with respect to which options may be granted under the 2008 Employee Option Plan, during any calendar year to any employee shall be 400,000 ordinary shares. There is no individual limit under the 2008 Consultants Plan. No options may be granted under the 2008 Option Plans after July 21, 2018. | |||||||||||||||||||||||||
On January 17, 2003 the Company adopted the Share Option Plan 2003 (the “2003 Share Option Plan”) pursuant to which the Compensation and Organization Committee of the Board could grant options to officers and other employees of the Company or its subsidiaries for the purchase of ordinary shares. An aggregate of 6.0 million ordinary shares were reserved under the 2003 Share Option Plan; and, in no event could the number of ordinary shares issued pursuant to options awarded under this plan exceed 10% of the outstanding shares, as defined in the 2003 Share Option Plan, at the time of the grant, unless the Board expressly determined otherwise. Further, the maximum number of ordinary shares with respect to which options could be granted under the 2003 Share Option Plan during any calendar year to any employee was 400,000 ordinary shares. The 2003 Share Option Plan expired on January 17, 2013. No new options may be granted under this plan. | |||||||||||||||||||||||||
Share option awards are granted with an exercise price equal to the market price of the Company’s shares at date of grant. Share options typically vest over a period of five years from date of grant and expire eight years from date of grant. The maximum contractual term of options outstanding at June 30, 2014 is eight years. | |||||||||||||||||||||||||
The following table summarizes option activity for the six months ended June 30, 2014: | |||||||||||||||||||||||||
Options | Weighted | Weighted | |||||||||||||||||||||||
Outstanding | Average | Weighted | Average | ||||||||||||||||||||||
Number of Shares | Exercise | Average | Remaining | ||||||||||||||||||||||
Price | Fair | Contractual | |||||||||||||||||||||||
Value | Life | ||||||||||||||||||||||||
Outstanding at December 31, 2013 | 2,973,788 | $ | 24.2 | $ | 9.57 | ||||||||||||||||||||
Granted | 362,955 | $ | 45.76 | $ | 14.07 | ||||||||||||||||||||
Exercised | (511,199 | ) | $ | 23.99 | $ | 9.41 | |||||||||||||||||||
Forfeited | (138,888 | ) | $ | 21.1 | $ | 8.69 | |||||||||||||||||||
Outstanding at June 30, 2014 | 2,686,656 | $ | 27.31 | $ | 10.25 | 4.69 | |||||||||||||||||||
Exercisable at June 30, 2014 | 1,382,008 | $ | 24.95 | $ | 8.01 | 3.28 | |||||||||||||||||||
The Company has granted options with fair values ranging from $5.88 to $15.03 per option or a weighted average fair value of $9.97 per option. The Company issues ordinary shares for all options exercised. The total amount of fully vested share options which remained outstanding at June 30, 2014, was 1,382,008. Fully vested share options at June 30, 2014, have an average remaining contractual term of 3.28 years, an average exercise price of $24.95 and a total intrinsic value of $30.6 million. The total intrinsic value of options exercised during the six months ended June 30, 2014 was $10.9 million (June 30, 2013: $7.8 million). | |||||||||||||||||||||||||
The following table summarizes the movement in non-vested share options for the six months ended June 30, 2014: | |||||||||||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Fair Value | |||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||
Non vested outstanding at December 31, 2013 | 1,468,081 | $ | 23.45 | $ | 9.45 | ||||||||||||||||||||
Granted | 362,955 | $ | 45.76 | $ | 14.07 | ||||||||||||||||||||
Vested | (432,755 | ) | $ | 23.24 | $ | 9.32 | |||||||||||||||||||
Forfeited | (93,633 | ) | $ | 22.36 | $ | 9.37 | |||||||||||||||||||
Non vested outstanding at June 30, 2014 | 1,304,648 | $ | 29.81 | $ | 10.79 | ||||||||||||||||||||
Fair value of Stock Options Assumptions | |||||||||||||||||||||||||
The weighted average fair value of options granted during the three months ended June 30, 2014 and June 30, 2013 was calculated using the Black-Scholes option pricing model. The weighted average fair values and assumptions used were as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Weighted average fair value | $ | 12.24 | $ | 12.06 | |||||||||||||||||||||
Assumptions: | |||||||||||||||||||||||||
Expected volatility | 31 | % | 41 | % | |||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||||||||||
Risk-free interest rate | 1.55 | % | 0.87 | % | |||||||||||||||||||||
Expected life | 5 years | 5 years | |||||||||||||||||||||||
Expected volatility is based on the historical volatility of our common stock over a period equal to the expected term of the options; the expected life represents the weighted average period of time that options granted are expected to be outstanding given consideration to vesting schedules and our historical experience of past vesting and termination patterns. The risk-free rate is based on the U.S. government zero-coupon bonds yield curve in effect at time of the grant for periods corresponding with the expected life of the option. | |||||||||||||||||||||||||
Restricted Share Units and Performance Share Units | |||||||||||||||||||||||||
On July 21, 2008 the Company adopted the 2008 Employees Restricted Share Unit Plan (the “2008 RSU Plan”) pursuant to which the Compensation and Organization Committee of the Company’s Board of Directors may select any employee, or any director holding a salaried office or employment with the Company, or a Subsidiary to receive an award under the plan. An aggregate of 1.0 million ordinary shares have been reserved for issuance under the 2008 RSU Plan. | |||||||||||||||||||||||||
On April 23, 2013 the Company adopted the 2013 Employees Restricted Share Unit Plan (the “2013 RSU Plan”) pursuant to which the Compensation and Organization Committee of the Company’s Board of Directors may select any employee, or any director holding a salaried office or employment with the Company, or a Subsidiary to receive Restricted Share Units (“RSUs”) and/or Performance Share Units (“PSUs”) under the plan. An aggregate of 1.6 million ordinary shares have been reserved for issuance under the 2013 RSU Plan. The shares are awarded at zero cost and vest over a service period. Awards under the 2013 RSU Plan may be settled in cash or shares at the option of the Company. | |||||||||||||||||||||||||
The Company has awarded RSUs and PSUs to certain key individuals of the Group. The following table summarizes RSU and PSU activity for the six months ended June 30, 2014: | |||||||||||||||||||||||||
PSU | PSU | PSU | RSU | RSU | RSU | ||||||||||||||||||||
Outstanding | Weighted | Weighted | Outstanding | Weighted | Weighted | ||||||||||||||||||||
Number of | Average | Average | Number of | Average | Average | ||||||||||||||||||||
Shares | Fair Value | Remaining Contractual | Shares | Fair Value | Remaining Contractual | ||||||||||||||||||||
Life | Life | ||||||||||||||||||||||||
Outstanding at December 31, 2013 | 353,244 | $ | 33.04 | 2.35 | 846,459 | $ | 27.05 | 1.77 | |||||||||||||||||
Granted | 346,108 | $ | 39.51 | 491,736 | $ | 41.18 | |||||||||||||||||||
Shares vested | - | - | (89,889 | ) | $ | 28.16 | |||||||||||||||||||
Forfeited | (7,837 | ) | $ | 20.22 | (43,841 | ) | $ | 28.45 | |||||||||||||||||
Outstanding at June 30, 2014 | 691,515 | 39.66 | 2.28 | 1,204,465 | $ | 32.59 | 1.93 | ||||||||||||||||||
The fair value of RSUs vested for the six months ended June 30, 2014 totaled $2.5 million (December 31, 2013: $1.1 million). | |||||||||||||||||||||||||
No PSUs vested during either the first six months of 2014 or the full year 2013. | |||||||||||||||||||||||||
The PSUs vest based on service and specified EPS targets over the period 2013 – 2016. Since 2013, we granted 348,910 PSUs (net of forfeitures). Depending on the actual amount of EPS from 2013 to 2016, up to an additional 342,605 PSUs may also be granted. | |||||||||||||||||||||||||
Non-cash stock compensation expense | |||||||||||||||||||||||||
Non-cash stock compensation expense for the three and six months ended June 30, 2014 has been allocated as follows: | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Direct costs | $ | 3,144 | $ | 1,693 | $ | 5,373 | $ | 3,012 | |||||||||||||||||
Selling, general and administrative | 2,562 | 1,379 | 4,378 | 2,454 | |||||||||||||||||||||
$ | 5,706 | $ | 3,072 | $ | 9,751 | $ | 5,466 | ||||||||||||||||||
Total non-cash stock compensation expense not yet recognized at June 30, 2014 amounted to $64.7 million. The weighted average period over which this is expected to be recognized is 2.7 years. Total tax benefit recognized in additional paid in capital related to the non-cash compensation expense amounted to $0.8 million for the six months ended June 30, 2014 (June 30, 2013: $0.2 million). |
Share_Capital
Share Capital | 6 Months Ended |
Jun. 30, 2014 | |
Share Capital | ' |
8. Share Capital | |
Share Repurchase Program | |
At the Company’s Annual General Meeting on July 22, 2013, the Company was given authority to repurchase (whether by way of redemption or otherwise) up to 10% of the outstanding shares in the Company. The authority allowed the Company to repurchase shares if the market conditions were favourable. Pursuant to this authority, on May 8, 2014, the Company entered into a share repurchase plan, to acquire shares by way of redemption, in accordance with Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934. | |
The repurchase plan gave a broker authority to acquire the Company’s ordinary shares from time to time on the open market or in privately negotiated transactions in accordance with agreed terms and limitations. The acquisition of shares pursuant to the repurchase plan is to be effected by way of redemption and cancellation of those shares, in accordance with the Memorandum & Articles of the Company. | |
The plan was designed to allow acquisitions by the broker during periods when the Company would ordinarily not be permitted to do so because it may be in possession of material non-public or price-sensitive information, applicable insider trading laws or self-imposed trading blackout periods. The Company’s prior instructions to the broker in respect of these periods are irrevocable and the trading decisions in respect of the repurchase plan are at the discretion of the broker and will be made independently of, and uninfluenced by, the Company. The Company confirms that on entering the repurchase plan it had no material non-public, price-sensitive or inside information regarding the Company or its securities. Furthermore, the Company will not enter into additional plans whilst in possession of such information. The timing and actual number of shares repurchased by way of the redemption will be dependent on market conditions, legal and regulatory requirements and the other terms and limitations contained in the plans. In addition, acquisitions under the repurchase plan may be suspended or discontinued in certain circumstances in accordance with the agreed terms. Therefore, there can be no assurance as to the timing or number of shares that may be acquired under the repurchase plan. | |
During the three months ended June 30, 2014, 291,190 ordinary shares were redeemed by the Company under the repurchase plan for a total consideration of $11.5 million. All ordinary shares that were redeemed under the repurchase plan are cancelled in accordance with the Memorandum & Articles of the Company and the nominal value of these shares transferred to a capital redemption reserve fund as required under Irish Company Law. |
Business_Segment_Information
Business Segment Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Segment Information | ' | ||||||||||||||||
9. Business Segment Information | |||||||||||||||||
The Company determines and presents operating segments based on the information that is internally provided to the Chief Executive Officer and Chief Financial Officer, who together are considered the Company’s chief operating decision maker, in accordance with FASB ASC 280-10 Disclosures about Segments of an Enterprise and Related Information. | |||||||||||||||||
The Company is a contract research organization (“CRO”), providing outsourced development services on a global basis to the pharmaceutical, biotechnology and medical device industries. It specializes in the strategic development, management and analysis of programs that support all stages of the clinical development process - from compound selection to Phase I-IV clinical studies. The Company has the expertise and capability to conduct clinical trials in most major therapeutic areas on a global basis and has the operational flexibility to provide development services on a stand-alone basis or as part of an integrated “full service” solution. The Company has expanded predominately through internal growth, together with a number of strategic acquisitions to enhance its expertise and capabilities in certain areas of the clinical development process. The Company also provides laboratory services through its central laboratory business, which includes the Company’s central laboratories located in Dublin, New York, India, Singapore and China. | |||||||||||||||||
The Company's areas of operation outside of Ireland include the United States, United Kingdom, France, Germany, Italy, Spain, The Netherlands, Sweden, Turkey, Poland, Czech Republic, Lithuania, Latvia, Russia, Ukraine, Hungary, Israel, Romania, Switzerland, Canada, Mexico, Brazil, Colombia, Argentina, Chile, Peru, India, China, South Korea, Japan, Thailand, Taiwan, Singapore, The Philippines, Australia, New Zealand, and South Africa. | |||||||||||||||||
Segment information as at June 30, 2014 and December 31, 2013 and for the three months and six months ended June 30, 2014 and June 30, 2013 is as follows: | |||||||||||||||||
a) The distribution of net revenue by geographical area was as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | (in thousands) | ||||||||||||||||
Ireland | $ | 88,724 | $ | 69,337 | $ | 174,085 | $ | 130,331 | |||||||||
Rest of Europe | 98,130 | 84,822 | 184,531 | 169,858 | |||||||||||||
U.S. | 147,370 | 139,458 | 289,049 | 274,933 | |||||||||||||
Rest of World | 41,796 | 40,602 | 77,989 | 75,886 | |||||||||||||
Total | $ | 376,020 | $ | 334,219 | $ | 725,654 | $ | 651,008 | |||||||||
* All sales shown for Ireland are export sales. | |||||||||||||||||
b) The distribution of income from operations, including restructuring and other items, by geographical area was as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Ireland | $ | 26,736 | $ | 12,827 | $ | 54,870 | $ | 24,843 | |||||||||
Rest of Europe | 7,970 | 3,531 | 14,371 | 7,317 | |||||||||||||
U.S. | 9,646 | 7,740 | 16,340 | 13,277 | |||||||||||||
Rest of World | 3,936 | 2,201 | 5,705 | 3,858 | |||||||||||||
Total | $ | 48,288 | $ | 26,299 | $ | 91,286 | $ | 49,295 | |||||||||
c) The distribution of income from operations, excluding restructuring and other items, by geographical area was as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Ireland | $ | 26,736 | $ | 13,556 | $ | 54,870 | $ | 25,897 | |||||||||
Rest of Europe | 7,970 | 5,198 | 14,371 | 10,755 | |||||||||||||
U.S. | 9,646 | 9,579 | 16,340 | 17,369 | |||||||||||||
Rest of World | 3,936 | 2,587 | 5,705 | 4,307 | |||||||||||||
Total | $ | 48,288 | $ | 30,920 | $ | 91,286 | $ | 58,328 | |||||||||
d) The distribution of property, plant and equipment, net, by geographical area was as follows: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Ireland | $ | 99,016 | $ | 103,868 | |||||||||||||
Rest of Europe | 19,096 | 14,630 | |||||||||||||||
U.S. | 33,476 | 33,947 | |||||||||||||||
Rest of World | 8,582 | 8,385 | |||||||||||||||
Total | $ | 160,170 | $ | 160,830 | |||||||||||||
e) The distribution of depreciation and amortization by geographical area was as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Ireland | $ | 5,257 | $ | 4,836 | $ | 10,406 | $ | 9,825 | |||||||||
Rest of Europe | 1,376 | 1,688 | 2,699 | 3,422 | |||||||||||||
U.S. | 5,410 | 3,987 | 9,613 | 7,705 | |||||||||||||
Rest of World | 879 | 1,009 | 1,752 | 2,024 | |||||||||||||
Total | $ | 12,922 | $ | 11,520 | $ | 24,470 | $ | 22,976 | |||||||||
f) The distribution of total assets by geographical area was as follows: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Ireland | $ | 496,148 | $ | 581,568 | |||||||||||||
Rest of Europe | 344,450 | 321,661 | |||||||||||||||
U.S. | 630,474 | 486,232 | |||||||||||||||
Rest of World | 54,668 | 52,999 | |||||||||||||||
Total | $ | 1,525,740 | $ | 1,442,460 |
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Goodwill | ' | ||||||||
Six months ended | Year ended | ||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Opening balance | $ | 357,523 | $ | 315,441 | |||||
Current period acquisitions | 149,098 | 36,922 | |||||||
Foreign exchange movement | 617 | 5,160 | |||||||
Closing balance | $ | 507,238 | $ | 357,523 |
Business_Combinations_Tables
Business Combinations (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Aptiv Solutions | ' | ||||
Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||
The following table summarizes the preliminary estimated fair values of the assets acquired and the liabilities assumed: | |||||
May 7, | |||||
2014 | |||||
(in thousands) | |||||
Property, plant and equipment | $ | 6,924 | |||
Goodwill* | 149,098 | ||||
Cash and cash equivalents | 3,518 | ||||
Accounts receivable | 24,463 | ||||
Unbilled revenue | 19,217 | ||||
Prepayments and other current assets | 3,404 | ||||
Non-current assets | 1,332 | ||||
Other liabilities | (37,146 | ) | |||
Payments on account | (31,094 | ) | |||
Non-current other liabilities | (18,615 | ) | |||
Net assets acquired | $ | 121,101 | |||
Cash consideration | $ | 143,500 | |||
Adjustments to cash consideration | (22,399 | ) | |||
Net assets acquired | $ | 121,101 | |||
* Goodwill represents the acquisition of an established workforce with experience in clinical trial consulting and regulatory support for drugs, medical devices and diagnostics with a specific focus on strategy to increase product development efficiency and productivity. Goodwill related to the US portion of the business acquired is tax deductible. We are completing the purchase price allocation which will result in an element of the purchase price currently recorded as goodwill being ascribed to separately identifiable intangible assets. | |||||
Clinical Trial Services | ' | ||||
Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||
The following table summarizes the fair values of the assets acquired and the liabilities assumed: | |||||
February 15, | |||||
2013 | |||||
(in thousands) | |||||
Property, plant and equipment | $ | 339 | |||
Goodwill* | 36,922 | ||||
Intangible asset – customer relationships | 3,300 | ||||
Intangible asset – order backlog | 600 | ||||
Cash and cash equivalents | 1,039 | ||||
Accounts receivable | 9,200 | ||||
Unbilled revenue | 2,128 | ||||
Prepayments and other current assets | 465 | ||||
Non-current assets | 6 | ||||
Other liabilities | (2,285 | ) | |||
Non-current other liabilities | (16 | ) | |||
Net assets acquired | $ | 51,698 | |||
Cash consideration | $ | 51,897 | |||
Working capital adjustment | (199 | ) | |||
Net assets acquired | $ | 51,698 | |||
* Goodwill represents the acquisition of an established workforce with experience in the clinical research industry, thereby allowing the Company to enhance its capabilities in global resourcing and FSP and also medical and safety services. Goodwill related to the US portion of the business acquired is tax deductible. |
Restructuring_and_other_items_
Restructuring and other items (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Recognized Restructuring and Other Items, Net | ' | ||||||||||||||||
Restructuring and other items recognized comprise: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June | June | June | June | ||||||||||||||
30, | 30, | 30, | 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Restructuring charges | $ | - | $ | 4,621 | $ | - | $ | 9,033 | |||||||||
Total | $ | - | $ | 4,621 | $ | - | $ | 9,033 | |||||||||
Prior Period Restructuring Charges | ' | ||||||||||||||||
Details of the movement in this restructuring plan recognized are as follows: | |||||||||||||||||
Workforce | Office | ||||||||||||||||
Reductions | Consolidations | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Q1 Plan - Initial provision recognized | $ | 3,903 | $ | 509 | $ | 4,412 | |||||||||||
Q2 Plan - Initial provision recognized | 4,228 | 393 | 4,621 | ||||||||||||||
Residual balance from prior periods | - | 130 | 130 | ||||||||||||||
Total provision recognized | 8,131 | 1,032 | 9,163 | ||||||||||||||
Cash payments | (6,544 | ) | (199 | ) | (6,743 | ) | |||||||||||
Amounts released | (93 | ) | - | (93 | ) | ||||||||||||
Foreign exchange movement | (3 | ) | - | (3 | ) | ||||||||||||
Provision at December 31, 2013 | $ | 1,491 | $ | 833 | $ | 2,324 | |||||||||||
Cash payments | (769 | ) | (296 | ) | (1,065 | ) | |||||||||||
Amounts released | - | (142 | ) | (142 | ) | ||||||||||||
Foreign exchange movement | (8 | ) | 11 | 3 | |||||||||||||
Provision at June 30, 2014 | $ | 714 | $ | 406 | $ | 1,120 |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Taxes Recognized During Period | ' | ||||||||||||||||
Income taxes recognized during the three and six months ended June 30, 2014 comprise: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Provision for income taxes before restructuring and other items | $ | 7,467 | $ | 4,315 | $ | 14,361 | $ | 9,336 | |||||||||
Tax impact of restructuring and other items | - | (595 | ) | - | (1,850 | ) | |||||||||||
Provision for income taxes after restructuring and other items | $ | 7,467 | $ | 3,720 | $ | 14,361 | $ | 7,486 |
Net_income_per_ordinary_share_
Net income per ordinary share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Reconciliation of Number of Shares Used in Computation of Basic and Diluted Net Income Per Ordinary Share | ' | ||||||||||||||||
The reconciliation of the number of shares used in the computation of basic and diluted net income per ordinary share is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average number of ordinary shares outstanding for basic net income per ordinary share | 61,934,923 | 60,724,296 | 61,855,783 | 60,555,945 | |||||||||||||
Effect of dilutive share options outstanding | 1,408,346 | 1,174,607 | 1,434,509 | 1,051,812 | |||||||||||||
Weighted average number of ordinary shares for diluted net income per ordinary share | 63,343,269 | 61,898,903 | 63,290,292 | 61,607,757 |
Sharebased_Awards_Tables
Share-based Awards (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||||||||||
The following table summarizes option activity for the six months ended June 30, 2014: | |||||||||||||||||||||||||
Options | Weighted | Weighted | |||||||||||||||||||||||
Outstanding | Average | Weighted | Average | ||||||||||||||||||||||
Number of Shares | Exercise | Average | Remaining | ||||||||||||||||||||||
Price | Fair | Contractual | |||||||||||||||||||||||
Value | Life | ||||||||||||||||||||||||
Outstanding at December 31, 2013 | 2,973,788 | $ | 24.2 | $ | 9.57 | ||||||||||||||||||||
Granted | 362,955 | $ | 45.76 | $ | 14.07 | ||||||||||||||||||||
Exercised | (511,199 | ) | $ | 23.99 | $ | 9.41 | |||||||||||||||||||
Forfeited | (138,888 | ) | $ | 21.1 | $ | 8.69 | |||||||||||||||||||
Outstanding at June 30, 2014 | 2,686,656 | $ | 27.31 | $ | 10.25 | 4.69 | |||||||||||||||||||
Exercisable at June 30, 2014 | 1,382,008 | $ | 24.95 | $ | 8.01 | 3.28 | |||||||||||||||||||
Summary of Movement in Non-Vested Share Options | ' | ||||||||||||||||||||||||
The following table summarizes the movement in non-vested share options for the six months ended June 30, 2014: | |||||||||||||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Fair Value | |||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||
Non vested outstanding at December 31, 2013 | 1,468,081 | $ | 23.45 | $ | 9.45 | ||||||||||||||||||||
Granted | 362,955 | $ | 45.76 | $ | 14.07 | ||||||||||||||||||||
Vested | (432,755 | ) | $ | 23.24 | $ | 9.32 | |||||||||||||||||||
Forfeited | (93,633 | ) | $ | 22.36 | $ | 9.37 | |||||||||||||||||||
Non vested outstanding at June 30, 2014 | 1,304,648 | $ | 29.81 | $ | 10.79 | ||||||||||||||||||||
Schedule of Weighted Average Fair Values and Assumptions Used | ' | ||||||||||||||||||||||||
The weighted average fair values and assumptions used were as follows: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Weighted average fair value | $ | 12.24 | $ | 12.06 | |||||||||||||||||||||
Assumptions: | |||||||||||||||||||||||||
Expected volatility | 31 | % | 41 | % | |||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||||||||||
Risk-free interest rate | 1.55 | % | 0.87 | % | |||||||||||||||||||||
Expected life | 5 years | 5 years | |||||||||||||||||||||||
Summary of RSU and PSU Activity | ' | ||||||||||||||||||||||||
The following table summarizes RSU and PSU activity for the six months ended June 30, 2014: | |||||||||||||||||||||||||
PSU | PSU | PSU | RSU | RSU | RSU | ||||||||||||||||||||
Outstanding | Weighted | Weighted | Outstanding | Weighted | Weighted | ||||||||||||||||||||
Number of | Average | Average | Number of | Average | Average | ||||||||||||||||||||
Shares | Fair Value | Remaining Contractual | Shares | Fair Value | Remaining Contractual | ||||||||||||||||||||
Life | Life | ||||||||||||||||||||||||
Outstanding at December 31, 2013 | 353,244 | $ | 33.04 | 2.35 | 846,459 | $ | 27.05 | 1.77 | |||||||||||||||||
Granted | 346,108 | $ | 39.51 | 491,736 | $ | 41.18 | |||||||||||||||||||
Shares vested | - | - | (89,889 | ) | $ | 28.16 | |||||||||||||||||||
Forfeited | (7,837 | ) | $ | 20.22 | (43,841 | ) | $ | 28.45 | |||||||||||||||||
Outstanding at June 30, 2014 | 691,515 | 39.66 | 2.28 | 1,204,465 | $ | 32.59 | 1.93 | ||||||||||||||||||
Schedule of Non-cash Stock Compensation Expense | ' | ||||||||||||||||||||||||
Non-cash stock compensation expense for the three and six months ended June 30, 2014 has been allocated as follows: | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Direct costs | $ | 3,144 | $ | 1,693 | $ | 5,373 | $ | 3,012 | |||||||||||||||||
Selling, general and administrative | 2,562 | 1,379 | 4,378 | 2,454 | |||||||||||||||||||||
$ | 5,706 | $ | 3,072 | $ | 9,751 | $ | 5,466 |
Business_Segment_Information_T
Business Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Distribution of Net Revenue by Geographical Area | ' | ||||||||||||||||
a) The distribution of net revenue by geographical area was as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | (in thousands) | ||||||||||||||||
Ireland | $ | 88,724 | $ | 69,337 | $ | 174,085 | $ | 130,331 | |||||||||
Rest of Europe | 98,130 | 84,822 | 184,531 | 169,858 | |||||||||||||
U.S. | 147,370 | 139,458 | 289,049 | 274,933 | |||||||||||||
Rest of World | 41,796 | 40,602 | 77,989 | 75,886 | |||||||||||||
Total | $ | 376,020 | $ | 334,219 | $ | 725,654 | $ | 651,008 | |||||||||
* All sales shown for Ireland are export sales. | |||||||||||||||||
Distribution of Income from Operations by Geographical Area | ' | ||||||||||||||||
b) The distribution of income from operations, including restructuring and other items, by geographical area was as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Ireland | $ | 26,736 | $ | 12,827 | $ | 54,870 | $ | 24,843 | |||||||||
Rest of Europe | 7,970 | 3,531 | 14,371 | 7,317 | |||||||||||||
U.S. | 9,646 | 7,740 | 16,340 | 13,277 | |||||||||||||
Rest of World | 3,936 | 2,201 | 5,705 | 3,858 | |||||||||||||
Total | $ | 48,288 | $ | 26,299 | $ | 91,286 | $ | 49,295 | |||||||||
c) The distribution of income from operations, excluding restructuring and other items, by geographical area was as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Ireland | $ | 26,736 | $ | 13,556 | $ | 54,870 | $ | 25,897 | |||||||||
Rest of Europe | 7,970 | 5,198 | 14,371 | 10,755 | |||||||||||||
U.S. | 9,646 | 9,579 | 16,340 | 17,369 | |||||||||||||
Rest of World | 3,936 | 2,587 | 5,705 | 4,307 | |||||||||||||
Total | $ | 48,288 | $ | 30,920 | $ | 91,286 | $ | 58,328 | |||||||||
Distribution of Property, Plant and Equipment, Net, by Geographical Area | ' | ||||||||||||||||
d) The distribution of property, plant and equipment, net, by geographical area was as follows: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Ireland | $ | 99,016 | $ | 103,868 | |||||||||||||
Rest of Europe | 19,096 | 14,630 | |||||||||||||||
U.S. | 33,476 | 33,947 | |||||||||||||||
Rest of World | 8,582 | 8,385 | |||||||||||||||
Total | $ | 160,170 | $ | 160,830 | |||||||||||||
Distribution of Depreciation and Amortization by Geographical Area | ' | ||||||||||||||||
e) The distribution of depreciation and amortization by geographical area was as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Ireland | $ | 5,257 | $ | 4,836 | $ | 10,406 | $ | 9,825 | |||||||||
Rest of Europe | 1,376 | 1,688 | 2,699 | 3,422 | |||||||||||||
U.S. | 5,410 | 3,987 | 9,613 | 7,705 | |||||||||||||
Rest of World | 879 | 1,009 | 1,752 | 2,024 | |||||||||||||
Total | $ | 12,922 | $ | 11,520 | $ | 24,470 | $ | 22,976 | |||||||||
Distribution of Total Assets by Geographical Area | ' | ||||||||||||||||
f) The distribution of total assets by geographical area was as follows: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Ireland | $ | 496,148 | $ | 581,568 | |||||||||||||
Rest of Europe | 344,450 | 321,661 | |||||||||||||||
U.S. | 630,474 | 486,232 | |||||||||||||||
Rest of World | 54,668 | 52,999 | |||||||||||||||
Total | $ | 1,525,740 | $ | 1,442,460 |
Goodwill_Detail
Goodwill (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ' | ' |
Opening balance | $357,523 | $315,441 |
Current period acquisitions | 149,098 | 36,922 |
Foreign exchange movement | 617 | 5,160 |
Closing balance | $507,238 | $357,523 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Feb. 15, 2013 | Dec. 31, 2013 | Oct. 30, 2013 | Feb. 15, 2013 | Dec. 31, 2013 | 7-May-14 | 7-May-14 | |
Clinical Trial Services | Clinical Trial Services | Clinical Trial Services | Clinical Trial Services | Clinical Trial Services | Aptiv Solutions | Aptiv Solutions | |
Maximum | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of common stock acquired | ' | ' | ' | ' | ' | ' | 100.00% |
Cash consideration | $51,897,000 | ' | ' | ' | ' | $143,500,000 | ' |
Adjustments to cash consideration | ' | -3,750,000 | ' | ' | ' | 22,399,000 | ' |
Additional consideration | ' | ' | ' | ' | 3,750,000 | ' | ' |
Working capital adjustment | ' | ' | $199,000 | $199,000 | ' | ' | ' |
Summary_of_Estimates_of_Fair_V
Summary of Estimates of Fair Values of Assets Acquired and Liabilities Assumed of Clinical Trial Services Division of Cross Country Healthcare, Inc. (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 15, 2013 | Dec. 31, 2013 | Oct. 30, 2013 | Feb. 15, 2013 | Feb. 15, 2013 | Feb. 15, 2013 | 7-May-14 | 7-May-14 | ||
In Thousands, unless otherwise specified | Clinical Trial Services | Clinical Trial Services | Clinical Trial Services | Clinical Trial Services | Clinical Trial Services | Clinical Trial Services | Aptiv Solutions | Aptiv Solutions | |||||
Customer relationships acquired | Order Backlog | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property, plant and equipment | ' | ' | ' | ' | ' | ' | $339 | ' | ' | ' | $6,924 | ||
Goodwill | 507,238 | 357,523 | 315,441 | ' | ' | ' | 36,922 | [1] | ' | ' | ' | 149,098 | [2] |
Intangible asset | ' | ' | ' | ' | ' | ' | ' | 3,300 | 600 | ' | ' | ||
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | 1,039 | ' | ' | ' | 3,518 | ||
Accounts receivable | ' | ' | ' | ' | ' | ' | 9,200 | ' | ' | ' | 24,463 | ||
Unbilled revenue | ' | ' | ' | ' | ' | ' | 2,128 | ' | ' | ' | 19,217 | ||
Prepayments and other current assets | ' | ' | ' | ' | ' | ' | 465 | ' | ' | ' | 3,404 | ||
Non-current assets | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | 1,332 | ||
Other liabilities | ' | ' | ' | ' | ' | ' | -2,285 | ' | ' | ' | -37,146 | ||
Payments on account | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,094 | ||
Non-current other liabilities | ' | ' | ' | ' | ' | ' | -16 | ' | ' | ' | -18,615 | ||
Net assets acquired | ' | ' | ' | ' | ' | ' | 51,698 | ' | ' | ' | 121,101 | ||
Cash consideration | ' | ' | ' | 51,897 | ' | ' | ' | ' | ' | 143,500 | ' | ||
Adjustments to cash consideration | ' | ' | ' | ' | 3,750 | ' | ' | ' | ' | -22,399 | ' | ||
Working capital adjustment | ' | ' | ' | ' | ' | -199 | -199 | ' | ' | ' | ' | ||
Net assets acquired | ' | ' | ' | ' | ' | ' | $51,698 | ' | ' | ' | $121,101 | ||
[1] | Goodwill represents the acquisition of an established workforce with experience in the clinical research industry, thereby allowing the Company to enhance its capabilities in global resourcing and FSP and also medical and safety services. Goodwill related to the US portion of the business acquired is tax deductible. | ||||||||||||
[2] | Goodwill represents the acquisition of an established workforce with experience in clinical trial consulting and regulatory support for drugs, medical devices and diagnostics with a specific focus on strategy to increase product development efficiency and productivity. Goodwill related to the US portion of the business acquired is tax deductible. We are completing the purchase price allocation which will result in an element of the purchase price currently recorded as goodwill being ascribed to separately identifiable intangible assets. |
Recognized_Restructuring_and_O
Recognized Restructuring and Other Items, Net (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring charges | $4,621 | $9,033 | $9,163 |
Total | $4,621 | $9,033 | ' |
Recovered_Sheet1
Restructuring and Other Items - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring and other charges | $9 |
Details_of_Movement_in_Restruc
Details of Movement in Restructuring Provisions Recognized (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Residual balance from prior periods | ' | ' | ' | $130 |
Initial provision recognized | 4,621 | ' | 9,033 | 9,163 |
Cash payments | ' | -1,065 | ' | -6,743 |
Amounts released | ' | -142 | ' | -93 |
Foreign exchange movement | ' | 3 | ' | -3 |
Closing provision | ' | 1,120 | ' | 2,324 |
1st Quarter 2013 Restructuring Plan | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Initial provision recognized | ' | ' | ' | 4,412 |
2nd Quarter 2013 Restructuring Plan | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Initial provision recognized | ' | ' | ' | 4,621 |
Workforce Reduction | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Initial provision recognized | ' | ' | ' | 8,131 |
Cash payments | ' | -769 | ' | -6,544 |
Amounts released | ' | ' | ' | -93 |
Foreign exchange movement | ' | -8 | ' | -3 |
Closing provision | ' | 714 | ' | 1,491 |
Workforce Reduction | 1st Quarter 2013 Restructuring Plan | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Initial provision recognized | ' | ' | ' | 3,903 |
Workforce Reduction | 2nd Quarter 2013 Restructuring Plan | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Initial provision recognized | ' | ' | ' | 4,228 |
Office Consolidations | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Residual balance from prior periods | ' | ' | ' | 130 |
Initial provision recognized | ' | ' | ' | 1,032 |
Cash payments | ' | -296 | ' | -199 |
Amounts released | ' | -142 | ' | ' |
Foreign exchange movement | ' | 11 | ' | ' |
Closing provision | ' | 406 | ' | 833 |
Office Consolidations | 1st Quarter 2013 Restructuring Plan | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Initial provision recognized | ' | ' | ' | 509 |
Office Consolidations | 2nd Quarter 2013 Restructuring Plan | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Initial provision recognized | ' | ' | ' | $393 |
Income_Taxes_Recognized_During
Income Taxes Recognized During Period (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reconciliation of Provision of Income Taxes [Line Items] | ' | ' | ' | ' |
Provision for income taxes before restructuring and other items | $7,467 | $4,315 | $14,361 | $9,336 |
Tax impact of restructuring and other items | ' | -595 | ' | -1,850 |
Provision for income taxes after restructuring and other items | $7,467 | $3,720 | $14,361 | $7,486 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Minimum | Maximum | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ' | ' | ' | ' |
Liability for unrecognized tax benefit | $7.20 | $6.70 | ' | ' |
Items generating unrecognized tax benefits | 6.2 | 5.8 | ' | ' |
Interest and related penalties | $1 | $0.90 | ' | ' |
Tax year subject to examination by major tax jurisdictions | ' | ' | '2008 | '2013 |
Reconciliation_of_Number_of_Sh
Reconciliation of Number of Shares Used in Computation of Basic and Diluted Net Income Per Ordinary Share (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' | ' | ' |
Weighted average number of ordinary shares outstanding for basic net income per ordinary share | 61,934,923 | 60,724,296 | 61,855,783 | 60,555,945 |
Effect of dilutive share options outstanding | 1,408,346 | 1,174,607 | 1,434,509 | 1,051,812 |
Weighted average number of ordinary shares for diluted net income per ordinary share | 63,343,269 | 61,898,903 | 63,290,292 | 61,607,757 |
Sharebased_Awards_Additional_I
Share-based Awards - Additional Information (Detail) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 18 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 23, 2013 | Apr. 23, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Employee Stock Plan, 2008 Plan | Employee Stock Plan, 2008 Plan | Employee Stock Plan, 2008 Plan | Employee Stock Plan, 2003 Plan | Employee Stock Plan, 2003 Plan | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Restricted Stock Units 2008 | Restricted Stock Units 2013 | Restricted Stock Units 2013 | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Performance Share Unit (PSUs) | Performance Share Unit (PSUs) | PSUs Based on Service and EPS Targets | PSUs Based on Service and EPS Targets | PSUs Based on Service and EPS Targets | |||
Individual Employee | Minimum | Individual Employee | Minimum | Maximum | Minimum | Maximum | |||||||||||||||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of option price for fair value of ordinary share | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary shares which have been reserved for issuance | ' | ' | 6,000,000 | 400,000 | ' | 6,000,000 | 400,000 | ' | ' | ' | ' | 1,000,000 | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum number of award as percentage of shares outstanding | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares vesting period | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares expiration period | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual term of options outstanding | ' | ' | ' | ' | ' | ' | ' | '4 years 8 months 9 days | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.88 | $15.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value per option | ' | ' | ' | ' | ' | ' | ' | $9.97 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable - number of shares | ' | ' | ' | ' | ' | ' | ' | 1,382,008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable - weighted average remaining contractual life | ' | ' | ' | ' | ' | ' | ' | '3 years 3 months 11 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable - weighted average exercise price | ' | ' | ' | ' | ' | ' | ' | $24.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fully vested total intrinsic value | ' | ' | ' | ' | ' | ' | ' | $30,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of option exercised | ' | ' | ' | ' | ' | ' | ' | 10,900,000 | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of shares awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of stock units vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 1,100,000 | ' | ' | ' | ' | ' |
Stock units vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,889 | ' | 0 | 0 | ' | ' | ' |
Stock units granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 491,736 | ' | 346,108 | ' | 348,910 | ' | ' |
Stock units to be granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 342,605 |
Cumulative EPS vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013 | '2016 |
Non-cash stock compensation expense not yet recognized | 64,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation expense, weighted average period (years) | '2 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit on exercise of options | $771,000 | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (Employee Stock Option, USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Employee Stock Option | ' | ' | ' |
Options Outstanding Number of Shares | ' | ' | ' |
Outstanding at beginning of period | ' | ' | 2,973,788 |
Granted | ' | ' | 362,955 |
Exercised | ' | ' | -511,199 |
Forfeited | ' | ' | -138,888 |
Outstanding at end of period | 2,686,656 | ' | 2,686,656 |
Exercisable at end of period | 1,382,008 | ' | 1,382,008 |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding at beginning of period | ' | ' | $24.20 |
Granted | ' | ' | $45.76 |
Exercised | ' | ' | $23.99 |
Forfeited | ' | ' | $21.10 |
Outstanding at end of period | $27.31 | ' | $27.31 |
Exercisable at end of period | $24.95 | ' | $24.95 |
Weighted Average Fair Value | ' | ' | ' |
Outstanding at beginning of period | ' | ' | $9.57 |
Granted | $12.24 | $12.06 | $14.07 |
Exercised | ' | ' | $9.41 |
Forfeited | ' | ' | $8.69 |
Outstanding at end of period | $10.25 | ' | $10.25 |
Exercisable at end of period | $8.01 | ' | $8.01 |
Weighted Average Remaining Contractual Life | ' | ' | ' |
Outstanding at end of period | ' | ' | '4 years 8 months 9 days |
Exercisable at end of period | ' | ' | '3 years 3 months 11 days |
Summary_of_Movement_in_NonVest
Summary of Movement in Non-Vested Share Options (Detail) (Employee Stock Option, USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Employee Stock Option | ' | ' | ' |
Options Outstanding Number of Shares | ' | ' | ' |
Beginning Balance | ' | ' | 1,468,081 |
Granted | ' | ' | 362,955 |
Vested | ' | ' | -432,755 |
Forfeited | ' | ' | -93,633 |
Ending Balance | 1,304,648 | ' | 1,304,648 |
Weighted Average Exercise Price | ' | ' | ' |
Beginning balance | ' | ' | $23.45 |
Granted | ' | ' | $45.76 |
Vested | ' | ' | $23.24 |
Forfeited | ' | ' | $22.36 |
Ending balance | $29.81 | ' | $29.81 |
Weighted Average Fair Value | ' | ' | ' |
Beginning Balance | ' | ' | $9.45 |
Granted | $12.24 | $12.06 | $14.07 |
Vested | ' | ' | $9.32 |
Forfeited | ' | ' | $9.37 |
Ending Balance | $10.79 | ' | $10.79 |
Schedule_of_Weighted_Average_F
Schedule of Weighted Average Fair Values and Assumptions Used (Detail) (Employee Stock Option, USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Employee Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average fair value | $12.24 | $12.06 | $14.07 |
Assumptions: | ' | ' | ' |
Expected volatility | 31.00% | 41.00% | ' |
Dividend yield | 0.00% | 0.00% | ' |
Risk-free interest rate | 1.55% | 0.87% | ' |
Expected life | '5 years | '5 years | ' |
Summary_of_RSU_and_PSU_Activit
Summary of RSU and PSU Activity (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Performance Share Unit (PSUs) | ' | ' |
Outstanding Number of Shares | ' | ' |
Outstanding at beginning of period | 353,244 | ' |
Granted | 346,108 | ' |
Shares vested | 0 | 0 |
Forfeited | -7,837 | ' |
Outstanding at ending of period | 691,515 | 353,244 |
Weighted Average Fair Value | ' | ' |
Outstanding at beginning of period | $33.04 | ' |
Granted | $39.51 | ' |
Forfeited | $20.22 | ' |
Outstanding at end of period | $39.66 | $33.04 |
Weighted Average Remaining Contractual Life | ' | ' |
Outstanding at end of period | '2 years 3 months 11 days | '2 years 4 months 6 days |
Restricted Stock Units (RSUs) | ' | ' |
Outstanding Number of Shares | ' | ' |
Outstanding at beginning of period | 846,459 | ' |
Granted | 491,736 | ' |
Shares vested | -89,889 | ' |
Forfeited | -43,841 | ' |
Outstanding at ending of period | 1,204,465 | 846,459 |
Weighted Average Fair Value | ' | ' |
Outstanding at beginning of period | $27.05 | ' |
Granted | $41.18 | ' |
Shares vested | $28.16 | ' |
Forfeited | $28.45 | ' |
Outstanding at end of period | $32.59 | $27.05 |
Weighted Average Remaining Contractual Life | ' | ' |
Outstanding at end of period | '1 year 11 months 5 days | '1 year 9 months 7 days |
Schedule_of_Noncash_Stock_Comp
Schedule of Non-cash Stock Compensation Expense (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $5,706 | $3,072 | $9,751 | $5,466 |
Direct costs | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 3,144 | 1,693 | 5,373 | 3,012 |
Selling, general and administrative | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $2,562 | $1,379 | $4,378 | $2,454 |
Share_Capital_Additional_Infor
Share Capital - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jul. 22, 2013 |
Maximum | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' |
Percentage of shares outstanding authorized to be repurchased | ' | 10.00% |
Ordinary shares redeemed | 291,190 | ' |
Ordinary shares redeemed, value | $11.50 | ' |
Distribution_of_Net_Revenue_by
Distribution of Net Revenue by Geographical Area (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenue | $376,020 | $334,219 | $725,654 | $651,008 |
Ireland | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenue | 88,724 | 69,337 | 174,085 | 130,331 |
Rest Of Europe | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenue | 98,130 | 84,822 | 184,531 | 169,858 |
United States | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenue | 147,370 | 139,458 | 289,049 | 274,933 |
Rest of World | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net Revenue | $41,796 | $40,602 | $77,989 | $75,886 |
Distribution_of_Income_from_Op
Distribution of Income from Operations, including Restructuring and Other Items, by Geographical Area (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from operations | $48,288 | $26,299 | $91,286 | $49,295 |
Ireland | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from operations | 26,736 | 12,827 | 54,870 | 24,843 |
Rest Of Europe | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from operations | 7,970 | 3,531 | 14,371 | 7,317 |
United States | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from operations | 9,646 | 7,740 | 16,340 | 13,277 |
Rest of World | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from operations | $3,936 | $2,201 | $5,705 | $3,858 |
Distribution_of_Income_from_Op1
Distribution of Income from Operations, excluding Restructuring and Other Items, by Geographical Area (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from operations, excluding restructuring and other items | $48,288 | $30,920 | $91,286 | $58,328 |
Ireland | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from operations, excluding restructuring and other items | 26,736 | 13,556 | 54,870 | 25,897 |
Rest Of Europe | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from operations, excluding restructuring and other items | 7,970 | 5,198 | 14,371 | 10,755 |
United States | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from operations, excluding restructuring and other items | 9,646 | 9,579 | 16,340 | 17,369 |
Rest of World | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income from operations, excluding restructuring and other items | $3,936 | $2,587 | $5,705 | $4,307 |
Distribution_of_Property_Plant
Distribution of Property, Plant and Equipment, Net, by Geographical Area (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | $160,170 | $160,830 |
Ireland | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 99,016 | 103,868 |
Rest Of Europe | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 19,096 | 14,630 |
United States | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 33,476 | 33,947 |
Rest of World | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | $8,582 | $8,385 |
Distribution_of_Depreciation_a
Distribution of Depreciation and Amortization by Geographical Area (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | $12,922 | $11,520 | $24,470 | $22,976 |
Ireland | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 5,257 | 4,836 | 10,406 | 9,825 |
Rest Of Europe | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 1,376 | 1,688 | 2,699 | 3,422 |
United States | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | 5,410 | 3,987 | 9,613 | 7,705 |
Rest of World | ' | ' | ' | ' |
Segment Reporting Disclosure [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | $879 | $1,009 | $1,752 | $2,024 |
Distribution_of_Total_Assets_b
Distribution of Total Assets by Geographical Area (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Assets | $1,525,740 | $1,442,460 |
Ireland | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 496,148 | 581,568 |
Rest Of Europe | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 344,450 | 321,661 |
United States | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 630,474 | 486,232 |
Rest of World | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $54,668 | $52,999 |