Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 04, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | Q | ||
Entity Registrant Name | Quintiles Transnational Holdings Inc. | ||
Entity Central Index Key | 1,478,242 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 119,384,993 | ||
Entity Public Float | $ 5,835,192,138 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Service revenues | $ 4,326,419,000 | $ 4,165,822,000 | $ 3,808,340,000 |
Reimbursed expenses | 1,411,200,000 | 1,294,176,000 | 1,291,205,000 |
Total revenues | 5,737,619,000 | 5,459,998,000 | 5,099,545,000 |
Costs of revenue, service costs | 2,725,586,000 | 2,684,106,000 | 2,471,426,000 |
Costs of revenue, reimbursed expenses | 1,411,200,000 | 1,294,176,000 | 1,291,205,000 |
Selling, general and administrative | 920,985,000 | 882,338,000 | 860,510,000 |
Restructuring costs | 30,752,000 | 8,988,000 | 14,071,000 |
Impairment charges | 2,484,000 | 0 | 0 |
Income from operations | 646,612,000 | 590,390,000 | 462,333,000 |
Interest income | (4,317,000) | (3,410,000) | (3,937,000) |
Interest expense | 101,792,000 | 100,589,000 | 123,508,000 |
Loss on extinguishment of debt | 7,780,000 | 19,831,000 | |
Other expense (income), net | 2,362,000 | (8,978,000) | (185,000) |
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | 538,995,000 | 502,189,000 | 323,116,000 |
Income tax expense | 158,989,000 | 150,056,000 | 95,965,000 |
Income before equity in earnings (losses) of unconsolidated affiliates | 380,006,000 | 352,133,000 | 227,151,000 |
Equity in earnings (losses) of unconsolidated affiliates | 8,298,000 | 4,368,000 | (1,124,000) |
Net income | 388,304,000 | 356,501,000 | 226,027,000 |
Net (income) loss attributable to noncontrolling interests | (1,099,000) | (118,000) | 564,000 |
Net income attributable to Quintiles Transnational Holdings Inc. | $ 387,205,000 | $ 356,383,000 | $ 226,591,000 |
Earnings per share attributable to common shareholders: | |||
Basic | $ 3.15 | $ 2.78 | $ 1.83 |
Diluted | $ 3.08 | $ 2.72 | $ 1.77 |
Weighted average common shares outstanding: | |||
Basic | 123,038 | 127,994 | 124,147 |
Diluted | 125,630 | 131,083 | 127,862 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 388,304 | $ 356,501 | $ 226,027 |
Comprehensive income adjustments: | |||
Unrealized (losses) gains on marketable securities, net of income taxes of ($168), ($376) and $2,016 | (268) | (600) | 3,225 |
Unrealized (losses) gains on derivative instruments, net of income taxes of ($3,679), ($1,767) and ($751) | (9,523) | (5,067) | 358 |
Defined benefit plan adjustments, net of income taxes of $318, ($2,981) and ($131) | (36) | (7,237) | 2,278 |
Foreign currency translation, net of income taxes of ($5,581), ($2,101) and ($2,465) | (60,024) | (47,807) | (22,663) |
Reclassification adjustments: | |||
Gains on marketable securities included in net income, net of income taxes of ($1,927) | (3,077) | ||
Losses on derivative instruments included in net income, net of income taxes of $5,826, $4,022 and $4,991 | 12,443 | 4,608 | 8,089 |
Amortization of prior service costs and losses included in net income, net of income taxes of $355, $275 and $389 | 618 | 468 | 655 |
Comprehensive income | 331,514 | 297,789 | 217,969 |
Comprehensive loss (income) attributable to noncontrolling interests | 3,416 | (121) | 551 |
Comprehensive income attributable to Quintiles Transnational Holdings Inc. | $ 334,930 | $ 297,668 | $ 218,520 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Unrealized (losses) gains on marketable securities, income taxes | $ (168) | $ (376) | $ 2,016 |
Unrealized (losses) gains on derivative instruments, income taxes | (3,679) | (1,767) | (751) |
Defined benefit plan adjustment, income taxes | 318 | (2,981) | (131) |
Foreign currency translation, income taxes | (5,581) | (2,101) | (2,465) |
Gains on marketable securities included in net income, income taxes | (1,927) | ||
Losses on derivative instruments included in net income, income taxes | 5,826 | 4,022 | 4,991 |
Amortization of prior service costs and losses included in net income, income taxes | $ 355 | $ 275 | $ 389 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 977,151 | $ 867,358 |
Restricted cash | 2,478 | 2,882 |
Trade accounts receivable and unbilled services, net | 1,165,749 | 975,255 |
Prepaid expenses | 50,624 | 44,628 |
Deferred income taxes | 100,978 | 118,515 |
Income taxes receivable | 34,089 | 45,357 |
Other current assets and receivables | 80,916 | 92,088 |
Total current assets | 2,411,985 | 2,146,083 |
Property and equipment, net | 188,393 | 190,297 |
Investments in debt, equity and other securities | 32,911 | 34,503 |
Investments in and advances to unconsolidated affiliates | 52,382 | 31,508 |
Goodwill | 719,740 | 464,434 |
Other identifiable intangibles, net | 368,106 | 280,243 |
Deferred income taxes | 42,684 | 35,972 |
Deposits and other assets | 110,115 | 112,913 |
Total assets | 3,926,316 | 3,295,953 |
Current liabilities: | ||
Accounts payable | 145,484 | 108,743 |
Accrued expenses | 760,757 | 733,644 |
Unearned income | 584,646 | 543,305 |
Income taxes payable | 35,173 | 55,694 |
Current portion of long-term debt and obligations held under capital leases | 48,513 | 826 |
Other current liabilities | 19,603 | 29,688 |
Total current liabilities | 1,594,176 | 1,471,900 |
Long-term debt and obligations held under capital leases, less current portion | 2,419,293 | 2,282,612 |
Deferred income taxes | 65,702 | 61,797 |
Other liabilities | 182,826 | 183,656 |
Total liabilities | $ 4,261,997 | $ 3,999,965 |
Commitments and contingencies (Note 1) | ||
Shareholders’ deficit: | ||
Common stock and additional paid-in capital, 300,000 shares authorized, $0.01 par value, 119,378 and 124,129 shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 8,784 | $ 143,828 |
Accumulated deficit | (461,635) | (788,798) |
Accumulated other comprehensive loss | (111,366) | (59,091) |
Deficit attributable to Quintiles Transnational Holdings Inc.’s shareholders | (564,217) | (704,061) |
Noncontrolling interests | 228,536 | 49 |
Total shareholders’ deficit | (335,681) | (704,012) |
Total liabilities and shareholders’ deficit | $ 3,926,316 | $ 3,295,953 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, shares issued | 119,378,000 | 124,129,000 | ||
Common stock, shares outstanding | 119,377,731 | 124,129,340 | 129,651,907 | 115,763,510 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 388,304 | $ 356,501 | $ 226,027 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 127,742 | 121,013 | 107,504 |
Amortization of debt issuance costs and discount | 9,170 | 6,688 | 21,825 |
Amortization of accumulated other comprehensive loss on terminated interest rate swaps | 7,881 | ||
Share-based compensation | 37,758 | 30,001 | 22,826 |
Gain on disposals of property and equipment, net | (710) | (975) | (1,153) |
Impairment of long-lived assets | 2,484 | ||
(Earnings) loss from unconsolidated affiliates | (8,265) | (4,346) | 1,004 |
Loss (gain) on investments, net | 1,012 | (4,797) | (183) |
Provision for (benefit from) deferred income taxes | 18,351 | (6,168) | (24,236) |
Excess income tax benefits from share-based award activities | (39,071) | (20,303) | (16,204) |
Changes in operating assets and liabilities: | |||
Accounts receivable and unbilled services | (246,028) | (78,630) | (151,681) |
Prepaid expenses and other assets | 14,436 | (40,832) | (18,576) |
Accounts payable and accrued expenses | 104,350 | 45,804 | 107,047 |
Unearned income | 53,847 | 19,943 | 71,852 |
Income taxes payable and other liabilities | 4,430 | 7,855 | 47,319 |
Net cash provided by operating activities | 475,691 | 431,754 | 393,371 |
Investing activities: | |||
Acquisition of property, equipment and software | (78,391) | (82,650) | (88,347) |
Acquisition of businesses, net of cash acquired | 31,725 | (92,201) | (144,970) |
Proceeds from disposition of property and equipment | 2,491 | 1,611 | 2,021 |
Proceeds from sale of equity securities | 5,861 | 60 | |
Investments in and advances to unconsolidated affiliates, net of payments received | (12,350) | (4,472) | (7,353) |
Termination of interest rate swaps | (10,981) | ||
Other | 551 | (1,263) | 2,413 |
Net cash used in investing activities | (66,955) | (173,114) | (236,176) |
Financing activities: | |||
Proceeds from issuance of debt | 2,248,500 | 275,000 | 2,060,755 |
Payment of debt issuance costs | (22,028) | (1,455) | (2,607) |
Repayment of debt | (2,056,780) | (30,157) | (2,444,600) |
Proceeds from revolving credit facility | 150,000 | ||
Repayment of revolving credit facility | (150,000) | ||
Principal payments on capital lease obligations | (4,296) | (2,612) | (3,812) |
Contingent consideration paid | (3,000) | (3,000) | |
Issuance of common stock | 525,000 | ||
Payment of common stock issuance costs | (105) | (35,439) | |
Stock issued under employee stock purchase and option plans | 64,297 | 35,228 | 12,539 |
Repurchase of common stock | (515,010) | (415,131) | (6,434) |
Repurchase of stock options | (8,415) | (50,649) | |
Excess income tax benefits from share-based award activities | 39,071 | 20,303 | 16,204 |
Net cash (used in) provided by financing activities | (249,246) | (130,344) | 70,957 |
Effect of foreign currency exchange rate changes on cash | (49,697) | (39,081) | (17,737) |
Increase (decrease) in cash and cash equivalents | 109,793 | 89,215 | 210,415 |
Cash and cash equivalents at beginning of period | 867,358 | 778,143 | 567,728 |
Cash and cash equivalents at end of period | $ 977,151 | $ 867,358 | $ 778,143 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT - USD ($) $ in Thousands | Total | (Accumulated Deficit) [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Noncontrolling Interest [Member] |
Beginning Balance, Value at Dec. 31, 2012 | $ (1,359,044) | $ (1,371,772) | $ 7,695 | $ 1,158 | $ 3,396 | $ 479 |
Issuance of common stock, Value | 537,539 | 141 | 537,398 | |||
Stock issuance costs | (35,439) | (35,439) | ||||
Repurchase of common stock, Value | (6,434) | (2) | (6,432) | |||
Repurchase of stock options | (59,064) | (59,064) | ||||
Share-based compensation | 20,784 | 20,784 | ||||
Income tax benefits from share-based award activities | 16,204 | 16,204 | ||||
Net income | 226,027 | 226,591 | (564) | |||
Unrealized gain (loss) on marketable securities, net of tax | 3,225 | 3,225 | ||||
Unrealized gain (loss) on derivative instruments, net of tax | 358 | 358 | ||||
Defined benefit plan adjustments, net of tax | 2,278 | 2,278 | ||||
Foreign currency translation, net of tax | (22,663) | (22,676) | 13 | |||
Reclassification adjustments, net of tax | 8,744 | 8,744 | ||||
Ending Balance, Value at Dec. 31, 2013 | (667,485) | (1,145,181) | (376) | 1,297 | 476,847 | (72) |
Issuance of common stock, Value | 35,302 | 21 | 35,281 | |||
Stock issuance costs | (105) | (105) | ||||
Repurchase of common stock, Value | (415,131) | (76) | (415,055) | |||
Share-based compensation | 25,315 | 25,315 | ||||
Income tax benefits from share-based award activities | 20,303 | 20,303 | ||||
Net income | 356,501 | 356,383 | 118 | |||
Unrealized gain (loss) on marketable securities, net of tax | (600) | (600) | ||||
Unrealized gain (loss) on derivative instruments, net of tax | (5,067) | (5,067) | ||||
Defined benefit plan adjustments, net of tax | (7,237) | (7,237) | ||||
Foreign currency translation, net of tax | (47,807) | (47,810) | 3 | |||
Reclassification adjustments, net of tax | 1,999 | 1,999 | ||||
Ending Balance, Value at Dec. 31, 2014 | (704,012) | (788,798) | (59,091) | 1,242 | 142,586 | 49 |
Issuance of common stock, Value | 64,614 | 31 | 64,583 | |||
Repurchase of common stock, Value | (515,010) | (60,042) | (79) | (454,889) | ||
Share-based compensation | 31,582 | 31,582 | ||||
Income tax benefits from share-based award activities | 39,071 | 39,071 | ||||
Q2 Solutions business combination | 423,268 | 423,268 | ||||
Noncontrolling interest related to Q2 Solutions transaction | (231,903) | 231,903 | ||||
Deferred tax impact of the Q2 Solutions transaction | (6,708) | (6,708) | ||||
Net income | 388,304 | 387,205 | 1,099 | |||
Unrealized gain (loss) on marketable securities, net of tax | (268) | (268) | ||||
Unrealized gain (loss) on derivative instruments, net of tax | (9,523) | (9,523) | ||||
Defined benefit plan adjustments, net of tax | (36) | (36) | ||||
Foreign currency translation, net of tax | (60,024) | (55,509) | (4,515) | |||
Reclassification adjustments, net of tax | 13,061 | 13,061 | ||||
Ending Balance, Value at Dec. 31, 2015 | $ (335,681) | $ (461,635) | $ (111,366) | $ 1,194 | $ 7,590 | $ 228,536 |
CONSOLIDATED STATEMENTS OF SHA9
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Stockholders Equity [Abstract] | |||
Beginning Balance, Shares | 124,129,340 | 129,651,907 | 115,763,510 |
Issuance of common stock, Shares | 3,104,187 | 2,068,608 | 14,041,620 |
Repurchase of common stock, Shares | 7,855,796 | 7,591,175 | 153,223 |
Ending Balance, Shares | 119,377,731 | 124,129,340 | 129,651,907 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies The Company Conducting business in approximately 100 countries with approximately 36,100 employees, Quintiles Transnational Holdings Inc. (together with its subsidiaries, the “Company”) is a provider of pharmaceutical development services and commercial outsourcing services that helps its biopharmaceutical customers, as well as customers in the broader healthcare industry, to make decisions regarding drug development, commercialization and drug therapy choices. The Company also offers a number of services designed to address the outcomes and analytical needs of the broader healthcare industry. Reclassifications Certain immaterial prior period amounts have been reclassified to conform to the current presentation including the reclassification of debt issuance costs related to non-revolving debt from deposits and other assets to a direct reduction to the carrying amount of the long-term debt on the balance sheet. These changes had no effect on previously reported total revenues, net income, comprehensive income, shareholders’ deficit or cash flows. Principles of Consolidation The accompanying consolidated financial statements include the accounts and operations of the Company and its subsidiaries. Amounts pertaining to the noncontrolling ownership interests held in third parties in the operating results and financial position of the Company’s majority-owned subsidiaries are reported as noncontrolling interests. Intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These estimates are based on historical experience and various other assumptions believed reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes changes to the estimates and related disclosures as experience develops or new information becomes known. Actual results may differ from those estimates. Foreign Currencies The Company’s financial statements are reported in United States dollars and, accordingly, the Company’s results of operations are impacted by fluctuations in exchange rates that affect the translation of its revenues and expenses denominated in foreign currencies into United States dollars for purposes of reporting its consolidated financial results. Assets and liabilities recorded in foreign currencies on the books of foreign subsidiaries are translated at the exchange rate on the balance sheet date. Revenues, costs and expenses are translated at average rates of exchange during the year. Translation adjustments resulting from this process are charged or credited to the accumulated other comprehensive income (loss) (“AOCI”) component of shareholders’ deficit. The Company is subject to foreign currency transaction risk for fluctuations in exchange rates during the period of time between the consummation and cash settlement of a transaction. The Company earns revenue from its service contracts over a period of several months and, in some cases, over a period of several years. Accordingly, exchange rate fluctuations during this period may affect the Company’s profitability with respect to such contracts. Other expense (income), net includes foreign currency net (gains) losses for 2015, 2014 and 2013 of approximately ($4.6) million, $4.9 million and $4.0 million, respectively. Cash Equivalents, Restricted Cash and Investments The Company considers all highly liquid investments with an initial maturity of three months or less when purchased to be cash equivalents. The Company’s restricted cash primarily consisted of amounts collateralizing standby letters of credit issued in favor of certain suppliers and health insurance funds. Investments in marketable equity securities are classified as available-for-sale and measured at fair market value with net unrealized gains and losses recorded in the AOCI component of shareholders’ deficit until realized. The fair market value is based on the closing price as quoted by the respective stock exchange. In addition, the Company has investments in equity securities of companies for which there are not readily available market values and for which the Company does not exercise significant influence or control; such investments are accounted for using the cost method. Any gains or losses from the sales of investments or other-than-temporary declines in fair value are computed by specific identification. Equity Method Investments The Company’s investments in and advances to unconsolidated affiliates are accounted for under the equity method if the Company exercises significant influence or has an investment in a limited partnership that is considered to be greater than minor. These investments and advances are classified as investments in and advances to unconsolidated affiliates on the accompanying consolidated balance sheets. The Company records its pro rata share of the earnings, adjusted for accretion of basis difference, of these investments in equity in earnings of unconsolidated affiliates on the accompanying consolidated statements of income. The Company reviews its investments in and advances to unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Derivatives The Company uses derivative instruments to manage exposures to interest rates and foreign currencies. Derivatives are recorded on the balance sheet at fair value at each balance sheet date utilizing pricing models for non-exchange-traded contracts. At inception, the Company designates whether or not the derivative instrument is an effective hedge of an asset, liability or firm commitment which is then classified as either a cash flow hedge or a fair value hedge. If determined to be an effective cash flow hedge, changes in the fair value of the derivative instrument are recorded as a component of AOCI until realized. We include the impact from these hedges in the same line item as the hedged item on the consolidated statements of cash flows. Changes in fair value of effective fair value hedges are recorded in earnings as an offset to the changes in the fair value of the related hedged item. Hedge ineffectiveness, if any, is immediately recognized in earnings. Changes in the fair values of derivative instruments that are not an effective hedge are recognized in earnings. The Company has entered, and may in the future enter, into derivative contracts (swaps, forwards, calls or puts, warrants, for example) related to its debt, investments in marketable equity securities and forecasted foreign currency transactions. Billed and Unbilled Services and Unearned Income In general, prerequisites for billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the performance of services under the contract. Unbilled services arise when services have been rendered for which revenue has been recognized but the customers have not been billed. In some cases, payments received are in excess of revenue recognized. Payments received in advance of services being provided are deferred as unearned income on the consolidated balance sheet. As the contracted services are subsequently performed and the associated revenue is recognized, the unearned income balance is reduced by the amount of the revenue recognized during the period. Allowance for Doubtful Accounts The Company’s allowance for doubtful accounts is determined based on a variety of factors that affect the potential collectability of the related receivables, including length of time the receivables are past due, customer credit ratings, financial stability of the customer, specific one-time events and past customer history. In addition, in circumstances where the Company is made aware of a specific customer’s inability to meet its financial obligations, a specific allowance is established. The accounts are individually evaluated on a regular basis and appropriate reserves are established as deemed appropriate based on the above criteria. Receivables Financing Facility Advances received under the Company’s receivables financing facility are accounted for as borrowings secured by the receivables and included in net cash provided by financing activities. The Company services the collateralized accounts receivable and the cash flows for the underlying receivables are included in cash provided by operating activities. The collateralized accounts receivable are included in trade accounts receivable and unbilled services, net. Business Combinations Business combinations are accounted for using the acquisition method, and accordingly, the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree are recorded at their estimated fair values on the date of the acquisition. Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. When a business combination involves contingent consideration, the Company recognizes a liability equal to the estimated fair value of the contingent consideration obligation at the date of the acquisition. Subsequent changes in the estimated fair value of the contingent consideration are recognized in earnings in the period of the change. Long-Lived Assets Property and equipment are stated at cost and are depreciated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if related to leased property, as follows: Buildings and leasehold improvements 3 - 40 years Equipment 3 - 10 years Furniture and fixtures 5 - 10 years Motor vehicles 3 - 5 years Definite-lived identifiable intangible assets are amortized primarily using an accelerated method that reflects the pattern in which the Company expects to benefit from the use of the asset over its estimated remaining useful life as follows: Trademarks and trade names 2 - 6 years Non-compete agreements 3 years Contract backlog and customer relationships 1 - 10 years Software and related assets 2 - 9 years Goodwill and indefinite-lived identifiable intangible assets, which consist of certain trade names, are not amortized but evaluated for impairment annually, or more frequently if events or changes in circumstances indicate an impairment. Included in software and related items is the capitalized cost of internal-use software used in supporting the Company’s business. Qualifying costs incurred during the application development stage are capitalized and amortized over their estimated useful lives. The Company recognized $37.7 million, $33.1 million and $32.2 million of amortization expense in 2015, 2014 and 2013, respectively, related to software and related assets. The carrying values of property, equipment and intangible and other long-lived assets are reviewed for recoverability if the facts and circumstances suggest that a potential impairment may have occurred. If this review indicates that carrying values will not be recoverable, as determined based on undiscounted cash flow projections, the Company will record an impairment charge to reduce carrying values to estimated fair value. During 2015, the Company recognized a $2.5 million impairment charge for long-lived assets related to a facility closure in Japan. There were no events, facts or circumstances in 2014 and 2013 that resulted in any impairment charges to the Company’s property, equipment, intangible or other long-lived assets. Revenue Recognition The Company recognizes revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the service offering has been delivered to the customer; (3) the collection of the fees is probable; and (4) the arrangement consideration is fixed or determinable. The Company’s arrangements are primarily service contracts that range in duration from a few months to several years. Most contracts may be terminated upon 30 to 90 days notice by the customer, however, in the event of termination, contract provisions typically require payment for services rendered through the date of termination, as well as for subsequent services rendered to close out the contract. In some cases, contracts provide for consideration that is contingent upon the occurrence of uncertain future events. The Company recognizes contingent revenue when the contingency has been resolved and all other criteria for revenue recognition have been met. The Company treats cash payments to customers as incentives to induce the customers to enter into such a service agreement with the Company. The related asset is amortized as a reduction of revenue over the period the services are performed. The Company records revenues net of any tax assessments by governmental authorities, such as value added taxes, that are imposed on and concurrent with specific revenue generating transactions. The Company does not recognize revenue with respect to start-up activities including contract and scope negotiation, feasibility analysis and conflict of interest review associated with contracts. The costs for these activities are expensed as incurred. For the arrangements that include multiple elements, arrangement consideration is allocated to units of accounting based on the relative selling price. The best evidence of selling price of a unit of accounting is vendor-specific objective evidence (“VSOE”), which is the price the Company charges when the deliverable is sold separately. When VSOE is not available to determine selling price, management uses relevant third-party evidence (“TPE”) of selling price, if available. When neither VSOE nor TPE of selling price exists, management uses its best estimate of selling price considering all relevant information that is available without undue cost and effort. The majority of the Company’s contracts within the Product Development segment are service contracts for clinical research that represent a single unit of accounting. The Company recognizes revenue on its clinical research services contracts as services are performed primarily on a proportional performance basis, generally using output measures that are specific to the service provided. Examples of output measures include among others, number of investigators enrolled, number of site initiation visits and number of monitoring visits completed. Revenue is determined by dividing the actual units of work completed by the total units of work required under the contract and multiplying that ratio by the total contract value. The total contract value, or total contractual payments, represents the aggregate contracted price for each of the agreed upon services to be provided. Changes in the scope of work are common, especially under long-term contracts, and generally result in a change in contract value. Once the customer has agreed to the changes in scope and renegotiated pricing terms, the contract value is amended and revenue is recognized, as described above. To the extent that contracts involve multiple elements, the Company follows the allocation methodology described above and recognizes revenue for each unit of accounting on a proportional performance basis. The Company derives the majority of its revenues in its Integrated Healthcare Services segment from providing commercialization services on a fee-for-service basis to customers within the biopharmaceutical industry. Fees on these arrangements are billed based on a contractual per-diem or hourly rate basis. The Company recognizes revenue on commercialization services contracts primarily on a time and materials basis. Some of the Company’s commercialization contracts are multiple element arrangements, with elements including recruiting, training and deployment of sales representatives. The nature of the terms of these multiple element arrangements will vary based on the customized needs of the Company’s customers. For contracts that have multiple elements, the Company follows the allocation methodology described above and recognizes revenue for each unit of accounting on a time and materials basis. The Company’s commercialization contracts sometimes include variable fees that are based on a percentage of product sales (royalty payments). The Company recognizes revenue on royalty payments when the variable components become fixed or determinable and all other revenue recognition criteria have been met, which generally only occurs upon the sale of the underlying product(s) and upon the Company’s receipt of information necessary to make a reasonable estimate. Reimbursed Expenses The Company includes reimbursed expenses in total revenues and costs of revenue as the Company is deemed to be the primary obligor in the applicable arrangements. These costs include such items as payments to investigators and travel expenses for the Company’s clinical monitors and sales representatives. Expenses Costs of revenue include reimbursed expenses, compensation and benefits for billable employees, depreciation of assets used in generating revenue and other expenses directly related to service contracts such as courier fees and laboratory supplies for the Company’s laboratory services, professional services and travel expenses. Selling, general and administrative expenses primarily include costs related to administrative functions such as compensation and benefits, travel, professional services, training and expenses for advertising, information technology, facilities and depreciation and amortization. Concentration of Credit Risk Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and cash equivalent balances with high-quality financial institutions and, consequently, the Company believes that such funds are subject to minimal credit risk. Investment policies have been implemented that limit purchases of marketable securities to investment grade securities. Substantially all service revenues for Product Development and Integrated Healthcare Services are earned by performing services under contracts with various pharmaceutical, biotechnology, medical device and healthcare companies. The concentration of credit risk is equal to the outstanding accounts receivable and unbilled services balances, less the unearned income related thereto, and such risk is subject to the financial and industry conditions of the Company’s customers. The Company does not require collateral or other securities to support customer receivables. Credit losses have been immaterial and reasonably within management’s expectations. No customer accounted for 10.0% or more of consolidated service revenues in 2015, 2014 or 2013. Research and Development Costs Research and development costs consist primarily of employee compensation and related expenses and information technology contract services and are charged to expense as incurred. The following is a summary of the research and development expenses (in thousands): Year Ended December 31, 2015 2014 2013 Internally developed software applications and computer technology $ 3,198 $ 4,980 $ 3,955 Funding of customer's research and development activity 139 811 1,000 $ 3,337 $ 5,791 $ 4,955 Advertising Costs Advertising costs, which include the development and production of advertising materials and the communication of these materials, are charged to expense as incurred. The Company incurred approximately $12.8 million, $16.0 million and $14.8 million in advertising expense in 2015, 2014 and 2013, respectively. Restructuring Costs Restructuring costs, which primarily include termination benefits and facility closure costs, are recorded at estimated fair value. Key assumptions in determining the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations and the timing of employees leaving the Company. Contingencies The Company records accruals for claims, suits, investigations and proceedings when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company reviews claims, suits, investigations and proceedings at least quarterly and records or adjusts accruals related to such matters to reflect the impact and status of any settlements, rulings, advice of counsel or other information pertinent to a particular matter. Legal costs associated with contingencies are charged to expense as incurred. The Company is party to legal proceedings incidental to its business. While the outcome of these matters could differ from management’s expectations, the Company does not believe the resolution of these matters has a reasonable possibility of having a material adverse effect to the Company’s financial statements. Income Taxes Income tax expense includes United States federal, state and international income taxes. Certain items of income and expense are not reported in income tax returns and financial statements in the same year. The income tax effects of these differences are reported as deferred income taxes. Valuation allowances are provided to reduce the related deferred income tax assets to an amount which will, more likely than not, be realized. Beginning in 2013, the undistributed earnings of most of the Company’s foreign subsidiaries are considered to be indefinitely reinvested outside of the United States. Accordingly, a deferred income tax liability has not been provided related to those undistributed earnings. Interest and penalties related to unrecognized income tax benefits are recognized as a component of income tax expense as discussed further in Note 16. Employee Stock Compensation The Company accounts for share-based compensation for stock options and stock appreciation rights (“SARs”) under the fair value method and uses the Black-Scholes-Merton model to estimate the value of such share-based awards granted to its employees and non-executive directors. Expected volatility is based upon the historical volatility of a peer group for a period equal to the expected term, as the Company does not have adequate history to calculate its own volatility and believes the expected volatility will approximate the historical volatility of the peer group. Prior to the completion of the Company’s initial public offering (“IPO”) on May 14, 2013, the expected dividends were based on the historical dividends paid by the Company, excluding dividends that resulted from activities that the Company deemed to be one-time in nature. Following the IPO, the Company does not currently anticipate paying dividends. The expected term represents the period of time the grants are expected to be outstanding. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of the grant. The Company accounts for its share-based compensation for restricted stock units (“RSUs”) and performance awards based on the closing market price of the Company’s common stock on the date of grant. The Company recognized share-based compensation expense of $37.8 million, $30.0 million and $22.8 million in 2015, 2014 and 2013, respectively. Share-based compensation expense is included in selling, general and administrative expenses on the accompanying consolidated statements of income which is consistent with the classification of all other compensation costs incurred for the employees who were granted the share-based awards. The associated future income tax benefit recognized was $8.9 million, $7.6 million and $8.1 million in 2015, 2014 and 2013, respectively. As of December 31, 2015, there was approximately $38.8 million of total unrecognized share-based compensation expense related to outstanding non-vested share-based compensation arrangements, which the Company expects to recognize over a weighted average period of 1.3 years. Earnings Per Share The calculation of earnings per share is based on the weighted average number of common shares or common stock equivalents outstanding during the applicable period. The dilutive effect of common stock equivalents is excluded from basic earnings per share and is included in the calculation of diluted earnings per share. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan (see Note 17) and unvested RSUs. Recently Issued Accounting Standards In November 2015, the FASB issued new accounting guidance which requires entities to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. The new standard will be effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company expects to early adopt this new accounting guidance on January 1, 2016. As of December 31, 2015, the Company had approximately $101.0 million and $148,000 of current deferred income tax assets and current deferred income tax liabilities, respectively. In September 2015, the FASB issued new guidance that will change the requirements for reporting measurement period adjustments to provisional amounts initially recognized in connection with a business combination. Currently, an acquiring entity is required to retrospectively adjust, in prior period financial statements, the provisional amounts to reflect new information obtained during the measurement period. Under the new guidance, adjustments to the provisional amounts will be reflected in the financial statements for the reporting period in which the adjustments are determined, including by recognizing in current period earnings the full effect of changes in depreciation, amortization or other income effects. The new guidance requires that the acquiring entity either present separately on the face of the current period income statement or disclose in the notes to the current period financial statements, by line item, the amount of the adjustments made during the current period. The Company will adopt the new guidance on January 1, 2016, as required. The adoption is not expected to have a material impact on the Company’s financial statements. In February 2015, the FASB issued new accounting guidance which changes the analysis in determining whether an entity is considered a variable interest entity (“VIE”) and the identification of the primary beneficiary of the VIE to determine whether the VIE should be included in an entity’s consolidated financial statements. The Company will adopt the new accounting guidance on January 1, 2016, as required. The adoption of the new accounting guidance is not expected to have a material effect on the Company’s financial statements. In May 2014, the FASB and the International Accounting Standards Board issued a converged standard on the recognition of revenue from contracts with customers. The objective of the new standard is to establish a single comprehensive revenue recognition model that is designed to create greater comparability of financial statements across industries and jurisdictions. Under the new standard, companies will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will require expanded disclosures on revenue recognition including information about changes in assets and liabilities that result from contracts with customers. Companies have an option to use either a retrospective approach or a cumulative effect adjustment approach to implement the new guidance. The new standard will be effective for annual reporting periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of this new standard on its consolidated financial statements, the date of adoption, and the transition approach to implement the new guidance. |
Accounts Receivable and Unbille
Accounts Receivable and Unbilled Services | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable and Unbilled Services | 2. Accounts Receivable and Unbilled Services Accounts receivable and unbilled services consist of the following (in thousands): December 31, 2015 2014 Trade: Billed $ 553,652 $ 444,941 Unbilled services 614,381 532,312 1,168,033 977,253 Allowance for doubtful accounts (2,284 ) (1,998 ) $ 1,165,749 $ 975,255 Substantially all of the Company’s trade accounts receivable and unbilled services are due from companies in the pharmaceutical, biotechnology, medical device and healthcare industries and are a result of contract research, sales, marketing, healthcare consulting and health information management services provided by the Company on a global basis. The percentage of accounts receivable and unbilled services by region is as follows: December 31, 2015 2014 Americas: United States 58 % 55 % Other 1 2 Americas 59 57 Europe and Africa: United Kingdom 23 23 Other 10 11 Europe and Africa 33 34 Asia-Pacific: Japan 3 4 Other 5 5 Asia-Pacific 8 9 100 % 100 % |
Investments-Debt, Equity and Ot
Investments-Debt, Equity and Other Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Investments-Debt, Equity and Other Securities | 3. Investments – Debt, Equity and Other Securities The following is a summary of the Company’s debt, equity and other securities (in thousands): December 31, 2015 2014 Marketable securities $ 395 $ 831 Cost method 32,516 33,672 $ 32,911 $ 34,503 Investments in Marketable Securities: The following is a summary of available-for-sale securities (in thousands): December 31, 2015 December 31, 2014 Gross Gross Amortized Unrealized Market Amortized Unrealized Market Cost Loss Value Cost Loss Value Marketable equity $ 1,103 $ (708 ) $ 395 $ 1,103 $ (272 ) $ 831 The Company recognized a $5.0 million gain from the sale of marketable equity securities in 2014. The Company did not recognize any gains from the sale of marketable equity securities in 2015 and 2013. The Company did not recognize any losses from the sale of marketable equity securities in 2015, 2014 and 2013. The net after-tax adjustment to unrealized holding gains (losses) on available-for-sale securities included in the AOCI component of shareholders’ deficit was ($438,000), ($170,000) and $3.5 million in 2015, 2014 and 2013, respectively. The Company’s policy is to continually review declines in fair value of marketable equity securities for declines that may be other than temporary. As part of this review, the Company considers the financial statements of the investee, analysts’ reports, duration of the decline in fair value and general market factors. The Company did not recognize any such losses in 2015, 2014 and 2013. Investments – Cost Method The Company has investments in equity securities of companies for which there are not readily available market values and for which the Company does not exercise significant influence or control. These investments are accounted for using the cost method. Below is a summary of the Company’s portfolio of cost method investments (in thousands): December 31, 2015 2014 Equity investments $ 32,516 $ 32,516 Convertible notes — 1,156 $ 32,516 $ 33,672 On February 25, 2011, the Company and the Samsung Group entered into an agreement to form a joint venture intended to provide biopharmaceutical contract manufacturing services in South Korea. The Company committed to invest up to $30.0 million for a noncontrolling interest and has funded all of this commitment. As of December 31, 2015 and 2014, the Company has an approximately 2.2% and 3.0%, respectively, ownership interest in the joint venture. In December 2011, the Company and Intarcia Therapeutics (“Intarcia”) entered into an alliance to develop a new therapy for type 2 diabetes whereby Intarcia will use the Company to conduct Phase III pivotal clinical trials and a cardiovascular outcomes clinical trial. Under the alliance, the Company provided Intarcia a customer incentive of $12.5 million and acquired $5.0 million of preferred stock of Intarcia. The customer incentive is being amortized in proportion to the revenues earned as a reduction of revenue recorded under the service arrangements. As of December 31, 2015 and 2014, the customer incentive of $2.5 million and $7.1 million, respectively, was recorded in deposits and other assets on the accompanying consolidated balance sheets. The $5.0 million investment in preferred stock of Intarcia is recorded in “investments — debt, equity and other securities” on the accompanying consolidated balance sheets. The Company reviews the carrying value of each individual investment at each balance sheet date to determine whether or not an other-than-temporary decline in fair value has occurred. The Company employs alternative valuation techniques including the following: (i) the review of financial statements including assessments of liquidity, (ii) the review of valuations available to the Company prepared by independent third parties used in raising capital, (iii) the review of publicly available information including press releases and (iv) direct communications with the investee’s management, as appropriate. If the review indicates that such a decline in fair value has occurred, the Company adjusts the carrying value to the estimated fair value of the investment and recognizes a loss for the amount of the adjustment. |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2015 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | 4. Investments in and Advances to Unconsolidated Affiliates The Company accounts for its investments in and advances to unconsolidated affiliates under the equity method of accounting and records its pro rata share of its losses or earnings from these investments in equity in earnings (losses) of unconsolidated affiliates. The following is a summary of the Company’s investments in and advances to unconsolidated affiliates (in thousands): December 31, 2015 2014 NovaQuest Pharma Opportunities Fund III, L.P. $ 39,785 $ 22,633 NovaQuest Pharma Opportunities Fund IV, L.P. 2,524 — Cenduit TM 9,478 8,271 Other 595 604 $ 52,382 $ 31,508 NovaQuest Pharma Opportunities Funds The Company has committed to invest up to $50 million as a limited partner in NovaQuest Pharma Opportunities Fund III, L.P. (“Fund III”). As of December 31, 2015, the Company has funded approximately $34.7 million and has approximately $15.3 million of remaining funding commitments. As of December 31, 2015 and 2014, the Company had a 10.9% ownership interest in Fund III. In February 2015, the Company committed to invest up to $20 million as a limited partner in a new private equity fund, NovaQuest Pharma Opportunities Fund IV, L.P. (“Fund IV”). As of December 31, 2015, the Company has funded approximately $2.7 million and has approximately $17.3 million of remaining funding commitments. As of December 31, 2015, the Company had a 2.3% ownership interest in Fund IV. Cenduit™ In May 2007, the Company and Thermo Fisher Scientific Inc. (“Thermo Fisher”) completed the formation of a joint venture, Cenduit™. The Company contributed its Interactive Response Technology operations in India and the United States. Thermo Fisher contributed its Fisher Clinical Services Interactive Response Technology operations in three locations — the United Kingdom, the United States and Switzerland. Additionally, each company contributed $3.5 million in initial capital. The Company and Thermo Fisher each own 50% of Cenduit™. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 5. Derivatives As of December 31, 2015, the Company held the following derivative positions: (i) forward exchange contracts to protect against foreign exchange movements for certain forecasted foreign currency cash flows related to service contracts and (ii) interest rate swaps to hedge the exposure to variability in interest payments on variable interest rate debt. The Company does not use derivative financial instruments for speculative or trading purposes. As of December 31, 2015, the Company had 15 open foreign exchange forward contracts to hedge certain forecasted foreign currency cash flow transactions occurring in 2016 with notional amounts totaling $117.5 million. As of December 31, 2014, the Company had 13 open foreign exchange forward contracts to hedge certain forecasted foreign currency cash flow transactions occurring in 2015 with notional amounts totaling $76.0 million. These contracts were executed to hedge the risk of the potential volatility in the cash flows resulting from fluctuations in currency exchange rates during the first nine months of 2016. These transactions are accounted for as cash flow hedges, as such, the effective portion of the gain or loss on the contracts is recorded as unrealized gains (losses) on derivatives included in the AOCI component of shareholders’ deficit. These hedges are highly effective. As of December 31, 2015 and 2014, the Company had recorded gross unrealized losses of $5.2 million and $4.6 million, respectively, related to foreign exchange forward contracts. Upon expiration of the hedge instruments in 2016, the Company will reclassify the unrealized holding gains and losses on the derivative instruments included in AOCI into earnings. The unrealized losses are included in other current liabilities on the accompanying consolidated balance sheets as of December 31, 2015 and 2014, respectively. On June 9, 2011, the Company entered into six interest rate swaps which expired between September 30, 2013 and March 31, 2016 in an effort to limit its exposure to changes in the variable interest rate on its senior secured credit facilities. During May 2015, in conjunction with the debt refinancing described in Note 10, the Company terminated the remaining open interest rate swaps for a cash payment to the counterparty of $12.4 million, which included $1.4 million of accrued interest. Since the hedged forecasted cash transactions continue to be probable of occurring, the accumulated loss ($3.1 million at December 31, 2015) related to the terminated interest rate swaps in AOCI will be reclassified to earnings as a component of interest expense in the same periods as the hedged forecasted transactions occur over the next three months. On June 3, 2015, the Company entered into seven forward starting interest rate swaps with a notional value of $440.0 million in an effort to limit its exposure to changes in the variable interest rate on its senior secured credit facilities. Interest on the swaps begins to accrue on June 30, 2016 and the interest rate swaps expire between March 31, 2017 and March 31, 2020. The critical terms of the interest rate swaps are substantially the same as those of the Company’s senior secured credit facilities, including quarterly interest settlements. These interest rate swaps are being accounted for as cash flow hedges as these transactions were executed to hedge the Company’s interest payments, and these hedges are deemed to be highly effective. As such, changes in the fair value of these derivative instruments are recorded as unrealized gains (losses) on derivatives included in AOCI. The fair value of these interest rate swaps represents the present value of the anticipated net payments the Company will make to the counterparty, which, when they occur, are reflected as interest expense on the consolidated statements of income. These payments, together with the variable rate of interest incurred on the underlying debt, result in a fixed rate of interest of 2.1% plus the applicable margin on the affected borrowings. These interest rate swaps will result in a total debt mix of approximately 50% fixed rate debt and 50% variable rate debt. The Company expects that $3.2 million of unrealized losses will be reclassified out of AOCI and will form the interest rate swap component of the 2.1% fixed rate of interest incurred over the next 12 months as the underlying net payments are settled. The fair values of the Company’s derivative instruments designated as hedging instruments and the line items on the accompanying consolidated balance sheets to which they were recorded are summarized in the following table (in thousands): December 31, Balance Sheet Classification 2015 2014 Foreign exchange forward contracts Other current liabilities $ 5,194 $ 4,635 Interest rate swaps Other current liabilities $ 5,698 $ 14,424 The effect of the Company’s cash flow hedging instruments on other comprehensive income (loss) is summarized in the following table (in thousands): Year Ended December 31, 2015 2014 2013 Foreign exchange forward contracts $ (559 ) $ (8,585 ) $ 3,485 Interest rate swaps 5,626 10,381 9,202 Total $ 5,067 $ 1,796 $ 12,687 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: · Level 1 — Quoted prices in active markets for identical assets or liabilities. · Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. · Level 3 — Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Recurring Fair Value Measurements The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured on a recurring basis as of December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Total Assets: Marketable equity securities $ 395 $ — $ — $ 395 Total $ 395 $ — $ — $ 395 Liabilities: Foreign exchange forward contracts $ — $ 5,194 $ — $ 5,194 Interest rate swaps — 5,698 — 5,698 Contingent consideration — — 4,374 4,374 Total $ — $ 10,892 $ 4,374 $ 15,266 The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured on a recurring basis as of December 31, 2014 (in thousands): Level 1 Level 2 Level 3 Total Assets: Marketable equity securities $ 831 $ — $ — $ 831 Total $ 831 $ — $ — $ 831 Liabilities: Foreign exchange forward contracts $ — $ 4,635 $ — $ 4,635 Interest rate swaps — 14,424 — 14,424 Contingent consideration — — 1,452 1,452 Total $ — $ 19,059 $ 1,452 $ 20,511 Below is a summary of the valuation techniques used in determining fair value: Marketable equity securities — The Company values marketable equity securities utilizing quoted market prices. Foreign exchange forward contracts — The Company values foreign exchange forward contracts using quoted market prices for identical instruments in less active markets or using other observable inputs. Interest rate swaps — The Company values interest rate swaps using market inputs with mid-market pricing as a practical expedient for bid-ask spread. Contingent consideration — The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. Key assumptions used to estimate the fair value of contingent consideration include revenue, net new business and operating forecasts and the probability of achieving the specific targets. The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the year ended December 31 (in thousands): Contingent Consideration – Accrued Expenses and Other Liabilities 2015 2014 2013 Balance as of January 1 $ 1,452 $ 13,014 $ 3,521 Initial estimate of contingent consideration — — 14,300 Contingent consideration paid (3,000 ) (3,000 ) — Revaluations included in earnings 5,922 (8,562 ) (4,807 ) Balance as of December 31 $ 4,374 $ 1,452 $ 13,014 The revaluation for the contingent consideration is recognized in other expense (income), net on the accompanying consolidated statements of income. Non-recurring Fair Value Measurements Certain assets are carried on the accompanying consolidated balance sheets at cost and are not remeasured to fair value on a recurring basis. These assets include cost and equity method investments and loans that are written down to fair value for declines which are deemed to be other-than-temporary, and goodwill and identifiable intangible assets which are tested for impairment annually and when a triggering event occurs. As of December 31, 2015, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaling approximately $1,172.7 million and were identified as Level 3. These assets are comprised of cost and equity method investments of $84.9 million, goodwill of $719.7 million and other identifiable intangibles, net of $368.1 million. Cost and Equity Method Investments — The inputs available for valuing investments in non-public portfolio companies are generally not easily observable. The valuation of non-public investments requires significant judgment by the Company due to the absence of quoted market values, inherent lack of liquidity and the long-term nature of such assets. When a triggering event occurs, the Company considers a wide range of available market data when assessing the estimated fair value. Such market data includes observations of the trading multiples of public companies considered comparable to the private companies being valued as well as publicly disclosed merger transactions involving comparable private companies. In addition, valuations are adjusted to account for company-specific issues, the lack of liquidity inherent in a non-public investment and the fact that comparable public companies are not identical to the companies being valued. Such valuation adjustments are necessary because in the absence of a committed buyer and completion of due diligence similar to that performed in an actual negotiated sale process, there may be company-specific issues that are not fully known that may affect value. Further, a variety of additional factors are reviewed by the Company, including, but not limited to, financing and sales transactions with third parties, current operating performance and future expectations of the particular investment, changes in market outlook and the third party financing environment. Because of the inherent uncertainty of valuations, estimated valuations may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material. Goodwill — Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets resulting from business combinations. The Company performs a qualitative analysis to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its book value. This includes a qualitative analysis of macroeconomic conditions, industry and market considerations, internal cost factors, financial performance, fair value history and other company specific events. If this qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the book value for the respective reporting unit, the Company applies a two-step impairment test in which the Company determines whether the estimated fair value of the reporting unit is in excess of its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the estimated fair value of the reporting unit, the Company performs the second step of the impairment test to determine the implied estimated fair value of the reporting unit’s goodwill. The Company determines the implied estimated fair value of goodwill by determining the present value of the estimated future cash flows for each reporting unit and comparing the reporting unit’s risk profile and growth prospects to selected, reasonably similar publicly traded companies. No indication of impairment was identified during the Company’s annual review. Definite-lived Intangible Assets — If a triggering event occurs, the Company determines the estimated fair value of definite-lived intangible assets by determining the present value of the expected cash flows. Indefinite-lived Intangible Asset — The Company performs a qualitative analysis to determine whether it is more likely than not that the estimated fair value of the indefinite-lived intangible asset is less than its carrying value. If this qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the carrying value of the indefinite-lived intangible asset, the Company determines the estimated fair value of the indefinite-lived intangible asset (trade name) by determining the present value of the estimated royalty payments on an after-tax basis that it would be required to pay the owner for the right to use such trade name. If the carrying amount exceeds the estimated fair value, an impairment loss is recognized in an amount equal to the excess. No indication of impairment was identified during the Company’s annual review. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 7. Property and Equipment The major classes of property and equipment were as follows (in thousands): December 31, 2015 2014 Land, buildings and leasehold improvements $ 187,405 $ 185,940 Equipment 257,119 240,227 Furniture and fixtures 52,840 54,615 Motor vehicles 13,348 15,443 510,712 496,225 Less accumulated depreciation (322,319 ) (305,928 ) $ 188,393 $ 190,297 |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | 8. Goodwill and Identifiable Intangible Assets As of December 31, 2015, the Company has approximately $368.1 million of identifiable intangible assets, of which approximately $128.2 million, relating to trade names, is deemed to be indefinite-lived and, accordingly, is not being amortized. Amortization expense associated with identifiable definite-lived intangible assets was as follows (in thousands): Year Ended December 31, 2015 2014 2013 Amortization expense $ 66,545 $ 58,457 $ 51,450 Estimated amortization expense for existing identifiable intangible assets is expected to be approximately $61.7 million, $50.2 million, $39.2 million, $32.5 million and $20.8 million for the years ending December 31, 2016, 2017, 2018, 2019 and 2020, respectively. Estimated amortization expense can be affected by various factors, including future acquisitions or divestitures of product and/or licensing and distribution rights or impairments. The following is a summary of identifiable intangible assets (in thousands): As of December 31, 2015 As of December 31, 2014 Gross Accumulated Net Gross Accumulated Net Amount Amortization Amount Amount Amortization Amount Definite-lived identifiable intangible assets: Product licensing and distribution rights and customer relationships $ 224,149 $ (75,606 ) $ 148,543 $ 123,227 $ (54,413 ) $ 68,814 Trademarks, trade names and other 14,620 (6,081 ) 8,539 18,571 (6,399 ) 12,172 Software and related assets 279,266 (196,489 ) 82,777 260,052 (170,471 ) 89,581 $ 518,035 $ (278,176 ) $ 239,859 $ 401,850 $ (231,283 ) $ 170,567 Indefinite-lived identifiable intangible assets: Trade names $ 128,247 $ — $ 128,247 $ 109,676 $ — $ 109,676 Accumulated amortization of identifiable intangible assets includes the impact of amortization expense, foreign exchange fluctuations and disposals of software and related assets. The following is a summary of goodwill by segment for the years ended December 31, 2015 and 2014 (in thousands): Integrated Product Healthcare Development Services Consolidated Balance as of December 31, 2013 $ 351,144 $ 58,482 $ 409,626 Business combinations — 62,778 62,778 Impact of foreign currency fluctuations and other (4,536 ) (3,434 ) (7,970 ) Balance as of December 31, 2014 346,608 117,826 464,434 Business combinations 262,377 — 262,377 Impact of foreign currency fluctuations and other (6,879 ) (192 ) (7,071 ) Balance as of December 31, 2015 $ 602,106 $ 117,634 $ 719,740 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 9. Accrued Expenses Accrued expenses consist of the following (in thousands): December 31, 2015 2014 Compensation, including bonuses, fringe benefits and payroll taxes $ 400,748 $ 403,250 Restructuring 13,564 6,083 Interest 5,115 274 Contract related 271,076 255,530 Other 70,254 68,507 $ 760,757 $ 733,644 |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Credit Arrangements | 10. Credit Arrangements The following is a summary of the Company’s revolving credit facilities at December 31, 2015: Facility Interest Rates $500.0 million (revolving credit facility) London Interbank Offer Rate (“LIBOR”) (0.61% at December 31, 2015) plus 1.75% $25.0 million (receivables financing facility) LIBOR Market Index Rate (0.43% at December 31, 2015) plus 0.85% to 1.35% depending upon the Company’s debt rating £10.0 million (approximately $14.8 million) general banking facility with a European headquartered bank Bank’s base rate (0.5% at December 31, 2015) plus 1% During 2014, the Company borrowed and repaid $150.0 million from its then outstanding revolving credit facility. The Company did not have any outstanding borrowings under any of the revolving credit facilities at December 31, 2015 or 2014. At December 31, 2015, there were bank guarantees totaling approximately £3.9 million (approximately $5.8 million) issued against the availability of the general banking facility with a European headquartered bank through their operations in the United Kingdom. Long-term debt consists of the following (in thousands): December 31, 2015 2014 4.875% Senior Notes due 2023 $ 800,000 $ — Term Loan A due 2020 (LIBOR plus 1.75%, or 2.36% at December 31, 2015) 828,750 — Term Loan B due 2022 (the greater of LIBOR or 0.75% plus 2.50%, or 3.25% at December 31, 2015) 597,000 — Term Loan B-3 due 2018 (the greater of three month LIBOR or 1.25% plus 2.50%, or 3.75% at December 31, 2014) — 2,030,606 Receivables financing facility due 2018 (LIBOR plus 1.05%, or 1.48% at December 31, 2015) 275,000 275,000 2,500,750 2,305,606 Less: unamortized discount (24,020 ) (12,379 ) Less: unamortized debt issuance costs (8,955 ) (9,879 ) Less: current portion (48,500 ) (750 ) $ 2,419,275 $ 2,282,598 Contractual maturities of long-term debt at December 31, 2015 are as follows (in thousands): 2016 $ 48,500 2017 48,500 2018 323,500 2019 48,500 2020 664,750 Thereafter 1,367,000 $ 2,500,750 The estimated fair value of the Company’s long-term debt approximates its carrying value as of December 31, 2015 and 2014. The estimated fair value of the long-term debt is primarily based on rates in which the debt is traded among banks. Senior Secured Credit Agreement 2015 Senior Secured Credit Agreement On May 12, 2015, the Company through its wholly-owned subsidiary, Quintiles Transnational, entered into new senior secured credit facilities (the “New Facilities”) totaling $1.95 billion. The New Facilities consist of a five-year $500.0 million revolving credit facility (the “New Revolver”) and $1.45 billion of term loans ($850 million in New Term Loan A due 2020 (the “New Term Loan A”) and $600 million in New Term Loan B due in 2022 (the “New Term Loan B”)). In addition, Quintiles Transnational issued $800 million of 4.875% senior unsecured notes due 2023 (the “Senior Notes”) in a private placement. The New Facilities and the Senior Notes are referred to collectively as the “New Debt.” Annual maturities on the New Term Loan A and the New Term Loan B are 5% and 1%, respectively, of the respective original principal amount with the remaining balance to be repaid on their respective maturity dates. Beginning with the fiscal year ending December 31, 2016, the Company will be required to make mandatory repayments on New Term Loan A and New Term Loan B of 50% of excess cash flow (as defined in the credit agreement covering the New Facilities, subject to a reduction to 25% or 0% depending upon the Company’s leverage ratio). Mandatory repayments will be allocated pro rata between New Term Loan A and New Term Loan B (subject to increases in the amount of New Term Loan A repayments with amounts declined by New Term Loan B lenders), and applied, first, to reduce the next eight quarterly amortization installments in direct order of maturity, and, second, to reduce all remaining amortization installments pro rata. The Company will also be required to make mandatory repayments with 100% of the net cash proceeds of certain asset dispositions, subject to thresholds and reinvestment rights. Any amounts outstanding under the New Facilities may be voluntarily repaid at any time without penalty. The new senior secured credit facilities arrangements are collateralized by substantially all of the assets of Quintiles Transnational and the assets of Quintiles Transnational’s domestic subsidiaries including 100% of the equity interests of substantially all of Quintiles Transnational’s domestic subsidiaries and 65% of the equity interests of substantially all of the first-tier foreign subsidiaries of Quintiles Transnational and its domestic subsidiaries. Interest on the Senior Notes is paid semiannually on May 15 and November 15 of each year until maturity. The Senior Notes are unsecured senior obligations of Quintiles Transnational and are effectively subordinated in right of payment to all secured obligations of Quintiles Transnational, to the extent of the value of any collateral. The Company used the proceeds from the New Debt (i) to repay the then outstanding Term Loan B-3 (defined below) which was due in 2018, (ii) to pay related fees and expenses including $11.0 million of breakage fees associated with the terminated interest rate swaps discussed further in Note 5, and (iii) for general corporate purposes including the share repurchase discussed further in Note 12. 2014 Revolving Credit Facility Amendment On November 7, 2014, the Company entered into an amendment to its then outstanding senior secured credit agreement that increased its revolving credit facility from $300.0 million to $400.0 million and extended the maturity date for most of the then outstanding revolving credit facility by six months. The other terms of the then outstanding senior secured credit agreement were not altered by the amendment. On May 12, 2015, the Company’s then outstanding revolving credit facility was replaced with the New Revolver (defined and discussed above). 2013 Senior Secured Credit Agreement On December 20, 2013, the Company entered into an amendment to its then outstanding senior secured credit agreement to provide a Term Loan B-3 (the “Term Loan B-3”) with a syndicate of banks for an aggregate principal amount of $2.061 billion due in 2018. The proceeds from the Term Loan B-3 were used to repay the then outstanding balances of the Company’s term loan B-1 and term loan B-2 and related fees and expenses. On May 12, 2015, the Term Loan B-3 was repaid with the proceeds of the New Debt (defined and discussed above). Receivables Financing Facility On December 5, 2014, the Company entered into a four-year arrangement to securitize certain of its accounts receivable. Under the receivables financing facility, certain of the Company’s accounts receivable are sold on a non-recourse basis by certain of its consolidated subsidiaries to another of its consolidated subsidiaries, a bankruptcy-remote special purpose entity (“SPE”). The SPE obtained a term loan and revolving loan commitment from a third party lender, secured by liens on the assets of the SPE, to finance the purchase of the accounts receivable, which included a $275.0 million term loan and a $25.0 million revolving loan commitment. The revolving loan commitment may be increased by an additional $35.0 million as amounts are repaid under the term loan. Quintiles Transnational has guaranteed the performance of the obligations of existing and future subsidiaries that sell and service the accounts receivable under the receivables financing facility. The assets of the SPE are not available to satisfy any of the Company’s obligations or any obligations of its subsidiaries. As of December 31, 2015, $25.0 million of revolving loans were available under the receivables financing facility. The Company used the proceeds from the term loan under the receivables financing facility to repay in full the amount outstanding on the then outstanding revolving credit facility under its then outstanding senior secured credit agreement ($150.0 million), to repay $25.0 million of the then outstanding Term Loan B-3, to pay related fees and expenses and the remainder was used for general working capital purposes. Loss on Extinguishment of Debt On May 12, 2015, the then outstanding Term Loan B-3 was repaid with the proceeds of the New Debt (defined and discussed above). In connection with this refinancing transaction, in 2015 the Company recognized a $7.8 million loss on extinguishment of debt which included $1.1 million of unamortized debt issuance costs, $1.3 million of unamortized discount and $5.4 million of related fees and expenses. On December 20, 2013, the balance of a then outstanding term loan was repaid with the proceeds from Term Loan B-3 (defined and discussed above). In 2013, in connection with the repayment of debt, the Company recognized a $3.3 million loss on extinguishment of debt which included approximately $1.6 million of unamortized debt issuance costs, approximately $1.6 million of unamortized discount and approximately $25,000 of related fees and expenses. In May 2013, the Company used $50.0 million of cash to pay down indebtedness under its then outstanding term loan B-1. In connection with this pay down of indebtedness, the Company recognized a $1.0 million loss on extinguishment of debt which included approximately $930,000 of unamortized debt issuance costs and $112,000 of unamortized discount. Also in May 2013, the Company used $308.9 million of cash to pay all amounts then outstanding under a term loan (including accrued interest and related fees and expenses). In connection with the repayment of debt, the Company recognized a $15.5 million loss on extinguishment of debt which included approximately $4.7 million of unamortized debt issuance costs, $4.7 million of unamortized discount and $6.1 million of related fees and expenses. Restrictive Covenants The credit agreement governing the Quintiles Transnational senior secured credit facilities contains usual and customary restrictive covenants (subject to significant exceptions) that place limitations on Quintiles Transnational’s ability, and the ability of Quintiles Transnational’s restricted subsidiaries, to incur liens; engage in acquisitions, loans and other investments; incur additional indebtedness; merge, dissolve, liquidate or consolidate with or into other persons; sell or otherwise dispose of assets; declare dividends, including to Quintiles Transnational Holdings Inc., and make other restricted payments; engage in businesses that are not related to Quintiles Transnational’s and its restricted subsidiaries’ existing business; transact with affiliates; enter into agreements that restrict subsidiaries from paying intercompany dividends or completing intercompany property transfers or that restrict the ability to create liens in favor of Quintiles Transnational’s lenders; amend or otherwise modify organizational documents or terms and conditions of junior financing documents, if any; change the fiscal year of Quintiles Transnational; prepay, redeem or purchase junior financing, if any; designate any other indebtedness as “designated senior indebtedness” or “senior secured financing”; and engage in sale and leaseback transactions. The credit agreement also contains one financial covenant, which is a total leverage ratio that provides for a maximum ratio of consolidated total debt to consolidated EBITDA, as defined in the credit agreement, for any period of four consecutive fiscal quarters, measured as of the end of such period, of 5.75 to 1.00, and applies at any time that the Term Loan A or New Revolver commitments remain outstanding. Violations of the financial covenant will not entitle the Term Loan B lenders to take any enforcement action prior to an acceleration of the New Revolver and the Term Loan A and, subject to customary limitations, may be cured with an equity contribution. The agreement governing the Senior Notes limits Quintiles Transnational’s and its restricted subsidiaries’ (as defined in the agreement) ability to create liens and enter into sale and lease-back transactions. The agreement governing the receivables financing facility contains certain usual and customary covenants and termination events for a securitization transaction, including certain financial reporting covenants and requirements to maintain the existence of the SPE separate from Quintiles Transnational and its other affiliates. An occurrence of an event of default or a termination event under this facility may give rise to the right of the third party lender to terminate this facility. In 2015, 2014 and 2013, the Company was in compliance with its restrictive covenants. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | 11. Leases The Company leases facilities under operating leases, many of which contain renewal and escalation clauses. The Company also leases certain equipment under operating leases. The leases expire at various dates through 2029 with options to cancel certain leases at various intervals. Rental expenses under these agreements were $109.4 million, $114.6 million and $125.6 million in 2015, 2014 and 2013, respectively. The Company leases certain assets, primarily vehicles, under capital leases. Capital lease amortization is included with costs of revenue and accumulated depreciation on the accompanying financial statements. The following is a summary of future minimum payments under capital and operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2015 (in thousands): Capital Operating Leases Leases 2016 $ 15 $ 84,747 2017 18 62,485 2018 — 41,907 2019 — 29,201 2020 — 25,713 Thereafter — 111,267 Total minimum lease payments 33 $ 355,320 Amounts representing interest (2 ) Present value of net minimum payments 31 Current portion (13 ) Long-term capital lease obligations $ 18 |
Shareholders' Deficit
Shareholders' Deficit | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Deficit | 12. Shareholders’ Deficit Initial Public Offering On May 9, 2013, the Company’s common stock began trading on the New York Stock Exchange (“NYSE”) under the symbol “Q.” On May 14, 2013, the Company completed its IPO of its common stock at a price to the public of $40.00 per share. The Company issued and sold 13,125,000 shares of common stock in the IPO. The selling shareholders offered and sold 14,111,841 shares of common stock in the IPO, including 3,552,631 shares that were offered and sold by the selling shareholders pursuant to the full exercise of the underwriters’ option to purchase additional shares. The IPO raised proceeds to the Company of approximately $489.5 million, after deducting underwriting discounts, commissions and related expenses. The Company did not receive any of the proceeds from the sale of the shares sold by the selling shareholders. Preferred Stock The Company is authorized to issue 1.0 million shares of preferred stock, $0.01 per share par value. No shares of preferred stock were issued and outstanding as of December 31, 2015 or 2014. Equity Repurchases Since 2013, the Company has repurchased approximately $995.6 million of its equity securities as discussed further below. Equity Repurchase Program On October 30, 2013, the Company’s Board of Directors (the “Board”) approved an equity repurchase program (the “Repurchase Program”) authorizing the repurchase of up to $125.0 million of either the Company’s common stock or vested in-the-money employee stock options, or a combination thereof. During 2015, the Board increased the share repurchase authorization under the Repurchase Program by $600.0 million which increased the total amount that has been authorized under the Repurchase Program to $725.0 million. The Repurchase Program does not obligate the Company to repurchase any particular amount of common stock or vested in-the-money employee stock options, and it could be modified, suspended or discontinued at any time. The timing and amount of repurchases are determined by the Company’s management based on a variety of factors such as the market price of the Company’s common stock, the Company’s corporate requirements, and overall market conditions. Purchases of the Company’s common stock may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or in privately negotiated transactions. The Company may also repurchase shares of its common stock pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act, which would permit shares of the Company’s common stock to be repurchased when the Company might otherwise be precluded from doing so by law. Repurchases of vested in-the-money employee stock options were made through transactions between the Company and its employees (other than its executive officers, who were not eligible to participate in the program), and this aspect of the Repurchase Program expired in November 2013. The Repurchase Program for common stock does not have an end date. Below is a summary of the share repurchases made under the Repurchase Program (in thousands except share data): Year Ended December 31, 2015 2014 2013 Number of shares repurchased 7,855,796 300 153,223 Aggregate purchase price $ 515,010 $ 14 $ 6,434 Average price per share $ 65.56 $ 47.51 $ 42.01 In addition, in 2013, the Company repurchased 2.0 million of vested in-the-money employee stock options at fair value for an aggregate purchase price of $59.1 million (representing an average market price per share of $43.42 and an average exercise price per option of $13.74). As of December 31, 2015, the Company has remaining authorization under the Repurchase Program to repurchase up to $144.5 million of its common stock. Other Equity Repurchases On May 28, 2014, the Company completed the repurchase of 3,287,209 shares of its common stock for $50.23 per share from TPG Quintiles Holdco, L.P., one of its existing shareholders, in a private transaction for an aggregate purchase price of approximately $165.1 million. The repurchase price per share of common stock was equal to 98% of the closing market price of the Company’s common stock on the NYSE on May 27, 2014 (which was $51.26). The repurchase of shares from its existing shareholder was authorized in compliance with the Company’s related party transactions approval policy. The Company funded this private repurchase transaction with cash on hand. This private repurchase transaction was separate from and in addition to the Repurchase Program. On November 10, 2014, the Company completed the repurchase of 4,303,666 shares of its common stock for $58.09 per share, which was the price per share the underwriter paid to selling shareholders, for an aggregate purchase price of approximately $250.0 million. The Company funded this repurchase transaction with a combination of cash on hand and a $150.0 million draw on its revolving credit facility. This repurchase transaction was separate from and in addition to the Repurchase Program. Noncontrolling Interests As discussed further in Note 14, the Company’s contribution of its businesses to the joint venture was recorded at book value (carryover basis) because the Company maintains control of these businesses. As a result, Quest Diagnostics Incorporated (“Quest”) noncontrolling interest in Q 2 |
Management Fees
Management Fees | 12 Months Ended |
Dec. 31, 2015 | |
Management Fees Disclosure [Abstract] | |
Management Fees | 13. Management Fees In January 2008, pursuant to a management agreement with affiliates of certain of the Company’s shareholders, the Company agreed to pay an annual management service fee of $5.0 million in the aggregate to (i) GF Management Company, LLC (“GFM”); (ii) Bain Capital Partners, LLC; (iii) TPG Capital, LP; (iv) 3i Corporation; (v) Cassia Fund Management Pte Ltd; and (vi) Aisling Capital, LLC (“Aisling Capital”). In 2013, the management agreement was terminated, and the Company paid a $25.0 million fee in connection with the termination. In 2013, the Company expensed $27.7 million in management fees under this agreement. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | 14. Business Combinations Quest Diagnostics Incorporated On July 1, 2015, the Company and Quest closed on a joint venture transaction that resulted in the combination of their respective global clinical trials laboratory operations. The joint venture transaction was effected through the creation of two primary new legal entities that the Company controls. Both the Company’s and Quest’s clinical trials laboratory operations were contributed to these new legal entities. The Company accounted for the contribution of the Quest businesses as a business combination. Quest was issued a 40% equity interest in the legal entities, the fair value of which was $423.3 million (40% of the fair value of all operations contributed by both parties) and represents the purchase price paid by the Company for the clinical trials laboratory operations that Quest contributed to the joint venture transaction. The resulting combined capabilities are designed to provide its customers with globally scaled end-to-end clinical trials laboratory services and the combined business is referred to and marketed as Q 2 2 2 Encore Health Resources On July 1, 2014, the Company completed the acquisition of Encore Health Resources, LLC (“Encore”) effected through a merger for approximately $91.5 million in cash (net of approximately $2.2 million of acquired cash). Encore has operations in the United States, and its business is primarily focused on providing electronic health records (“EHR”) implementation and advisory services to healthcare providers. As part of its Integrated Healthcare Services segment, the Company acquired Encore to enhance its EHR expertise. Novella Clinical Inc. On September 16, 2013, the Company completed the acquisition of Novella Clinical Inc. (“Novella”) through the purchase of 100% of Novella’s outstanding stock for approximately $146.6 million in cash (net of approximately $26.2 million of acquired cash) plus potential annual earn-out payments totaling up to $21.0 million contingent upon the achievement of certain revenue and net new business targets for approximately three years following closing. The Company initially recognized a liability of approximately $14.3 million as the estimated acquisition date fair value of the earn-out. Changes in the fair value of the earn-out subsequent to the acquisition date are recognized in earnings in the period of the change. Novella has operations primarily in the United States and Europe and is a clinical research organization focused primarily on emerging oncology customers as well as those in the medical device and diagnostics sectors. As part of its Product Development segment, the Company acquired Novella to complement its clinical service offerings through its focus on emerging companies and by adding expertise in oncology and medical devices. Accounting for Acquisitions Acquisitions are accounted for as business combinations and, accordingly, the assets acquired and the liabilities assumed have been recorded at their respective estimated fair values as of the acquisition date. The Company accounted for the contribution of the Quest businesses as a business combination and consolidated the related new legal entities in its financial statements with a noncontrolling interest for the portion owned by Quest. The Company recorded goodwill, primarily attributable to assembled workforce and expected synergies. This business combination is part of the Product Development segment and the resulting goodwill is not deductible for income tax purposes. The Company is continuing to evaluate the initial fair value measurement of the assets acquired and liabilities assumed in the Q 2 The following table summarizes the estimated fair value of the net assets acquired at the date of the acquisitions (in thousands): Quest Encore Novella Assets acquired: Cash and cash equivalents $ 31,783 $ 2,223 $ 26,190 Accounts receivable and unbilled services 6,186 17,714 28,644 Prepaid expenses 1,185 — — Other current assets 4,426 443 1,441 Property and equipment 16,422 289 9,616 Goodwill 261,710 62,778 116,542 Other identifiable intangibles 125,900 14,150 42,740 Deferred income tax asset – long-term — 396 — Other long-term assets 266 — 2,203 Liabilities assumed: Accounts payable and accrued expenses (12,790 ) (4,206 ) (12,716 ) Unearned income — (31 ) (7,782 ) Other current liabilities — — (132 ) Deferred income tax liability – long-term (10,412 ) — (18,364 ) Other long-term liabilities (1,408 ) — (1,334 ) Net assets acquired $ 423,268 $ 93,756 $ 187,048 The other identifiable intangible assets consisted of the following (in thousands): Quest Encore Novella Customer relationships $ 74,000 $ 8,800 $ 20,800 Backlog 32,900 800 14,000 Trade names 19,000 1,100 7,500 Non-compete agreements — 450 440 Software — 3,000 — Total other identifiable intangibles $ 125,900 $ 14,150 $ 42,740 Amortized over a weighted average useful life (in years) 9 8 7 The acquired Quest trade name is an indefinite-lived intangible asset that is not amortized. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 15. Restructuring 2015 Plans In February 2015 , the Board In 2015, the Company has recognized approximately $11.8 million, $8.9 million and $749,000 of restructuring costs related to this plan for activities in the Product Development segment, Integrated Healthcare Services segment and corporate activities, respectively. Also, in connection with consummating the joint venture transaction with Quest, during the third quarter of 2015, a restructuring plan was approved to reduce facility overcapacity and eliminate redundant roles. These actions are expected to continue throughout 2016 and 2017, and are expected to consist of severance, facility closure and other exit-related costs of approximately $14.0 million. During 2015, the Company has recognized approximately $8.7 million of restructuring costs related to this plan for activities in the Product Development segment. 2014 Plans In 2014, the Board approved restructuring plans of approximately $13 million to better align resources with the Company’s strategic direction, which resulted in a reduction of approximately 250 positions. Since the start of these plans in 2014, the Company recognized approximately $11.0 million of restructuring costs related to these plans including reversals. All of the restructuring costs are related to severance and lease costs. Of the $11.0 million in total restructuring costs recognized for these plans, approximately $8.0 million and $3.0 million were related to activities in the Product Development and Integrated Healthcare Services segments, respectively. 2013 Plan In February 2013, the Board approved a restructuring plan of up to $15.0 million to migrate the delivery of services, primarily in the Product Development segment, and to reduce anticipated overcapacity in selected areas, primarily in the Integrated Healthcare Services segment, which resulted in a reduction of approximately 400 positions. Since February 2013, the Company has recognized approximately $13.6 million of restructuring costs related to this plan including reversals. All of the restructuring costs are related to severance costs. Of the $13.6 million in total restructuring costs recognized for this plan, approximately $8.4 million, $4.7 million and $500,000 were related to activities in the Product Development segment, Integrated Healthcare Services segment and corporate activities, respectively. The following amounts were recorded for the restructuring plans (in thousands): Severance and Related Costs Exit Costs Total Balance at December 31, 2013 $ 5,276 $ 198 $ 5,474 Expense, net of reversals 8,421 567 8,988 Payments (7,998 ) (160 ) (8,158 ) Foreign currency translation (221 ) — (221 ) Balance at December 31, 2014 5,478 605 6,083 Expense, net of reversals 29,843 909 30,752 Payments (22,943 ) (723 ) (23,666 ) Foreign currency translation and other (199 ) 594 395 Balance at December 31, 2015 $ 12,179 $ 1,385 $ 13,564 The reversals were due to changes in estimates primarily resulting from the redeployment of staff and higher than expected voluntary terminations. Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management. The Company expects the majority of the restructuring accruals at December 31, 2015 will be paid in 2016 and 2017. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes The components of income before income taxes and equity in earnings of unconsolidated affiliates are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Domestic $ 68,455 $ 96,917 $ 68,425 Foreign 470,540 405,272 254,691 $ 538,995 $ 502,189 $ 323,116 The components of income tax expense attributable to continuing operations are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Current expense (benefit): Federal $ 47,311 $ 58,403 $ 38,573 State 3,559 4,618 (4,309 ) Foreign 109,273 95,010 83,744 160,143 158,031 118,008 Deferred (benefit) expense: Federal and state 4,613 (4,549 ) (15,807 ) Foreign (5,767 ) (3,426 ) (6,236 ) (1,154 ) (7,975 ) (22,043 ) $ 158,989 $ 150,056 $ 95,965 The differences between the Company’s consolidated income tax expense attributable to continuing operations and the expense computed at the 35% United States statutory income tax rate were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Federal income tax expense at statutory rate $ 188,648 $ 175,766 $ 113,091 State and local income taxes, net of federal benefit 1,682 2,312 (1,088 ) Research and development (12,634 ) (16,765 ) (12,788 ) Foreign nontaxable interest income (9,351 ) (10,217 ) (9,751 ) Gain on note settlement — — 10,794 United States taxes recorded on foreign earnings 38,246 18,631 (1,616 ) Foreign rate differential (49,288 ) (30,734 ) (10,753 ) Tax contingencies (8,304 ) 4,043 (1,012 ) Other 9,990 7,020 9,088 $ 158,989 $ 150,056 $ 95,965 Prior to June 2013, the Company had not considered the majority of the undistributed earnings of its foreign subsidiaries to be indefinitely reinvested. Management reevaluated this assertion following the IPO, as a portion of the IPO proceeds were used to pay down debt held in the United States as well as the fact the Company does not anticipate paying dividends to shareholders in the foreseeable future, which had been significant in the past. Given the Company’s current debt balance, and related interest expense and the change in approach related to payment of dividends, the Company expects to be able to support the cash needs of the domestic subsidiaries without repatriating cash from the affected foreign subsidiaries. The Company expects to utilize the cash generated outside of the United States to fund growth outside of the United States. As a result of the assertion change, the Company recorded an $8.1 million income tax benefit in the second quarter of 2013 to reverse the deferred income tax liability previously recorded on undistributed foreign earnings prior to 2013 that are now considered indefinitely reinvested outside of the United States. Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $862.3 million at December 31, 2015. Approximately $283.9 million of this total is not considered to be indefinitely reinvested and would be taxable upon repatriation. The Company has recorded a deferred income tax liability, net of foreign income tax credits that would be generated upon repatriation, of $34.9 million as of December 31, 2015 associated with those earnings based upon the United States federal income tax rate. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to both United States income taxes (subject to an adjustment for foreign tax credits, if available) and withholding taxes payable to the various countries in which the Company’s foreign subsidiaries are located. If the approximately $578.4 million of indefinitely reinvested earnings were repatriated to the United States, it would generate an estimated $94.6 million of additional tax liability for the Company. The income tax effects of temporary differences from continuing operations that give rise to significant portions of deferred income tax (liabilities) assets are presented below (in thousands): December 31, 2015 2014 Deferred income tax liabilities: Undistributed foreign earnings $ (36,624 ) $ (27,717 ) Depreciation and amortization (53,171 ) (65,614 ) Other (11,830 ) (15,346 ) Total deferred income tax liabilities (101,625 ) (108,677 ) Deferred income tax assets: Net operating loss, capital loss and tax credit carryforwards 41,707 43,535 Accrued expenses and unearned income 23,315 34,048 Employee benefits 123,775 130,217 Other 12,801 17,784 201,598 225,584 Valuation allowance for deferred income tax assets (22,162 ) (24,695 ) Total deferred income tax assets 179,436 200,889 Net deferred income tax assets $ 77,811 $ 92,212 The Company has net operating loss and capital loss carryforwards of approximately $44.9 million in various entities within the United Kingdom which have no expiration date and has $40.7 million of net operating loss and capital loss carryforwards from various foreign jurisdictions which have different expiration periods. The Company has United States net operating loss carryforwards of $16.6 million, which were obtained through the acquisitions of Novella, Expression Analysis, Inc., and Advion BioSciences, Inc. in 2013, 2012, and 2011, respectively, and expire through 2023. These losses are subject to IRC Section 382 limitations; however, management expects all losses to be utilized during the carryforward periods. In addition, the Company has approximately $44.0 million of United States state operating loss carryforwards which expire through 2035. In 2015, the Company decreased its valuation allowance $2.5 million to $22.2 million at December 31, 2015 from $24.7 million at December 31, 2014. The valuation allowance is primarily related to loss carryforwards in various foreign and state jurisdictions. A reconciliation of the beginning and ending amount of gross unrecognized income tax benefits is presented below (in thousands): Year Ended December 31, 2015 2014 2013 Balance at January 1 $ 40,821 $ 54,936 $ 43,393 Additions based on tax positions related to the current year 2,068 2,807 4,493 Additions for income tax positions of prior years 8,838 1,588 12,854 Impact of changes in exchange rates (608 ) (376 ) (71 ) Settlements with tax authorities (121 ) (135 ) (1,052 ) Reductions for income tax positions of prior years (1,945 ) (6,023 ) (3,520 ) Reductions due to the lapse of the applicable statute of limitations (19,387 ) (11,976 ) (1,161 ) Balance at December 31 $ 29,666 $ 40,821 $ 54,936 As of December 31, 2015, the Company had total gross unrecognized income tax benefits of $29.7 million associated with over 50 jurisdictions in which the Company conducts business. This amount includes $29.3 million of unrecognized benefits that, if recognized, would reduce the Company’s effective income tax rate. This amount excludes $2.9 million of accrued interest and penalties. The Company’s policy for recording interest and penalties relating to uncertain income tax positions is to record them as a component of income tax expense in the accompanying consolidated statements of income. In 2015, 2014 and 2013, the amount of interest and penalties recorded as a (reduction)/addition to income tax expense in the accompanying consolidated statements of income was ($2.0) million, $1.3 million and $843,000, respectively. As of December 31, 2015 and 2014, the Company accrued approximately $2.9 million and $4.8 million, respectively, of interest and penalties. The Company believes that it is reasonably possible that a decrease of up to $8.1 million in gross unrecognized income tax benefits for federal, state and foreign exposure items may be necessary within the next 12 months due to lapse of statutes of limitations or uncertain tax positions being effectively settled. The Company believes that it is reasonably possible that a decrease of up to $160,000 in gross unrecognized benefits for foreign items may be necessary within the next 12 months due to payments. For the remaining uncertain income tax positions, it is difficult at this time to estimate the timing of the resolution. The Company conducts business globally and, as a result, files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The following table summarizes the tax years that remain open for examination by tax authorities in the most significant jurisdictions in which the Company operates: United States 2012-2014 India 2006-2015 Japan 2010-2014 United Kingdom 2014 In certain of the jurisdictions noted above, the Company operates through more than one legal entity, each of which has different open years subject to examination. The table above presents the open years subject to examination for the most material of the legal entities in each jurisdiction. Additionally, it is important to note that tax years are technically not closed until the statute of limitations in each jurisdiction expires. In the jurisdictions noted above, the statute of limitations can extend beyond the open years subject to examination. Due to the geographic breadth of the Company’s operations, numerous tax audits may be ongoing throughout the world at any point in time. Income tax liabilities are recorded based on estimates of additional income taxes which will be due upon the conclusion of these audits. Estimates of these income tax liabilities are made based upon prior experience and are updated in light of changes in facts and circumstances. However, due to the uncertain and complex application of income tax regulations, it is possible that the ultimate resolution of audits may result in liabilities which could be materially different from these estimates. In such an event, the Company will record additional income tax expense or income tax benefit in the period in which such resolution occurs. The Company had a tax holiday for Quintiles East Asia Pte. Ltd. in Singapore through June 2015, provided the Company maintains specific levels of spending and employment. The income tax benefit of this holiday was approximately $2.0 million, $2.4 million and $798,000 in 2015, 2014 and 2013, respectively. The Company also had a tax holiday for Outcome Europe Sarl in Switzerland for 2013. The income tax benefit of this holiday was approximately $64,000 in 2013. The tax holiday in 2015 and 2014 increased earnings per share by approximately $0.02. The tax holidays in 2013 did not have a notable impact on earnings per share. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 17. Employee Benefit Plans The Company has numerous employee retirement benefit plans, which cover substantially all eligible employees in the countries where the plans are offered either voluntarily or statutorily. Contributions are primarily discretionary, except in some countries where contributions are contractually required. Defined Contribution Plans Defined contribution or profit sharing style plans are offered in Austria, Belgium, Bulgaria, Canada, the Czech Republic, Denmark, Finland, France, Germany, Hungary, India, Ireland, Israel, Malaysia, the Netherlands, Poland, Slovakia, South Africa, Sweden, Switzerland, Thailand, the United States and the United Kingdom. In some cases these plans are required by local laws or regulations. In the United States, the Company has a 401(k) Plan under which the Company matches employee deferrals at varying percentages, set at the discretion of the Board. In 2015, 2014 and 2013, the Company expensed $36.3 million, $31.2 million and $26.1 million, respectively, related to matching contributions. Defined Benefit Plans Defined benefit plans are offered in Austria, France, Germany, Greece, India, Indonesia, Israel, Japan, Mexico, Philippines, Poland, Turkey and the United Kingdom. The following table summarizes the components of pension expense related to these defined benefit plans (in thousands): Year Ended December 31, 2015 2014 2013 Service cost $ 15,486 $ 12,944 $ 13,227 Interest cost 3,453 3,821 3,684 Expected return on plan assets (3,555 ) (4,277 ) (3,442 ) Amortization of prior service costs — 107 336 Amortization of actuarial losses 973 636 708 $ 16,357 $ 13,231 $ 14,513 The Company expects to recognize approximately $870,000 in its pension expense in 2016 related to the amortization of net actuarial losses. The weighted average assumptions used in determining pension expense were as follows: Year Ended December 31, 2015 2014 2013 Discount rate 2.46 % 3.01 % 3.06 % Rate of compensation increases 4.32 % 4.36 % 4.74 % Expected return on plan assets 4.05 % 5.21 % 5.33 % The following table summarizes financial information about the Company’s defined benefit plans (in thousands): December 31, 2015 2014 Projected benefit obligation January 1 $ 147,127 $ 135,110 Service costs 15,486 12,944 Interest cost 3,453 3,821 Expected return on plan assets (3,555 ) (4,277 ) Actuarial (gains) losses (2,306 ) 16,396 Business combination 1,746 — Benefits paid (6,325 ) (7,409 ) Foreign currency fluctuations and other (1,732 ) (9,458 ) Projected benefit obligation December 31 $ 153,894 $ 147,127 Plan assets at fair value, January 1 $ 88,420 $ 82,787 Actual return on plan assets 1,312 10,004 Contributions 5,982 8,594 Business combination 1,966 — Benefits paid (6,325 ) (7,409 ) Foreign currency fluctuations and other (4,212 ) (5,556 ) Plan assets at fair value, December 31 $ 87,143 $ 88,420 Unfunded balance $ 66,751 $ 58,707 The accumulated benefit obligation for all defined benefit plans was approximately $139.1 million and $127.9 million as of December 31, 2015 and 2014, respectively. As of December 31, 2015, the projected benefit obligation and accumulated benefit obligation for the defined benefit plans with accumulated benefit obligations in excess of plan assets were $94.6 million and $82.9 million, respectively, and were primarily related to unfunded plans. As of December 31, 2014, the projected benefit obligation and accumulated benefit obligation for the defined benefit plans with accumulated benefit obligations in excess of plan assets were $83.4 million and $66.4 million, respectively, and were primarily related to unfunded plans. As of December 31, 2015 and 2014, the projected benefit obligation exceeded the fair value of the plan assets for each defined benefit plan except for the defined benefit plans in the United Kingdom. The following table summarizes the amounts recognized in the consolidated balance sheets related to the defined benefit plans (in thousands): December 31, 2015 2014 Deposits and other assets $ 19,185 $ 18,690 Accrued expenses 4,520 6,075 Other long-term liabilities 81,410 71,322 AOCI $ (13,264 ) $ (14,519 ) The following table summarizes the amounts recognized in AOCI related to the defined benefit plans (in thousands): Prior Actuarial Deferred Service Net Income Costs (Gain) Loss Taxes Total Balance as of December 31, 2013 $ (107 ) $ (4,937 ) $ 2,956 $ (2,088 ) Reclassification adjustments included in pension expense: Amortization 107 636 (275 ) 468 Amounts arising during the period: Actuarial changes in benefit obligation — (10,218 ) 2,981 (7,237 ) Balance as of December 31, 2014 — (14,519 ) 5,662 (8,857 ) Reclassification adjustments included in pension expense: Amortization — 973 (355 ) 618 Amounts arising during the period: Actuarial changes in benefit obligation — 282 (318 ) (36 ) Balance as of December 31, 2015 $ — $ (13,264 ) $ 4,989 $ (8,275 ) The following table summarizes the weighted average assumptions used in determining the pension obligations: December 31, 2015 2014 Discount rate 2.50 % 2.46 % Rate of compensation increases 4.37 % 4.32 % The discount rate represents the interest rate used to determine the present value of the future cash flows currently expected to be required to settle the Company’s defined benefit plan obligations. The discount rates are derived using weighted average yield curves on AA-rated corporate bonds. The cash flows from the Company’s expected benefit obligation payments are then matched to the yield curve to derive the discount rates. The Company’s assumption for the expected return on plan assets was determined by the weighted average of the long-term expected rate of return on each of the asset classes invested as of the balance sheet date. For plan assets invested in government bonds, the expected return was based on the yields on the relevant indices as of the balance sheet date. There is considerable uncertainty for the expected return on plan assets invested in equity and diversified growth funds. The expected return on these plan assets was based on the expected return on long-term fixed interest rate government bonds as of the balance sheet date with a premium of 3% to 5% added to reflect the expected long-term returns expected from these types of investments. The investment objective for defined benefit plan assets is to meet the plan’s benefit obligations and maintaining adequate funding, while minimizing the potential for future required Company contributions. The defined benefit plans in the United Kingdom, India and Israel are funded. The plan assets of the defined benefit plans in India and Israel are held in a fund which holds debt investments, primarily government bonds in accordance with local laws and regulations. The plan assets of the defined benefit plan in the United Kingdom, which are held in a trust, are primarily held in funds which hold investments in government bonds, equity investments and diversified growth funds. The equity investments are diversified to include domestic (United Kingdom) and global equity investments. A “horizon based” approach is used to determine the asset allocation. Funds intended to meet the plan’s benefit obligation payments in a horizon period are invested in low risk assets such as bond investments. Funds intended to meet the plan’s benefit obligation payments outside of the horizon period are invested in more volatile assets which are expected to provide a higher return such as equity investments and diversified growth funds. The target allocation percentage for 2016 is approximately 45-55% in bond investments, 25-35% in equity investments and 15-25% in diversified growth funds. However, the trustees may reallocate the plan assets between equity investments and bond investments depending upon the actual investment performances. The Company’s plan assets have been identified within the fair value hierarchy as Level 2. Funds are valued using the net asset value reported by the managers of the funds. The following table summarizes the fair value of the Company’s defined benefit plans assets (in thousands): December 31, 2015 2014 Funds that hold debt investments primarily government bonds $ 49,355 $ 47,473 Funds that hold United Kingdom equity investments 15,700 19,547 Funds that hold global equity investments 6,277 8,255 Diversified growth fund 15,248 12,569 Other 563 576 Total $ 87,143 $ 88,420 The Company estimates that it will make contributions totaling approximately $5.5 million to the defined benefit plans in 2016. The following table summarizes the Company’s expected benefit payments under the defined benefit plans for each of the next five years and the aggregate of the five years thereafter (in thousands): 2016 $ 6,684 2017 6,615 2018 7,096 2019 7,802 2020 9,092 Years 2021 through 2025 66,117 $ 103,406 Stock Incentive Plans The stock incentive plans provide incentives to eligible employees, officers and directors in the form of non-qualified stock options, incentive stock options, SARs, restricted stock, RSUs, performance shares, performance units, covered annual incentive awards, cash-based awards and other share-based awards, in each case subject to the terms of the stock incentive plans. As of December 31, 2015, there were 7,372,127 shares available for future grants under the stock incentive plans. The following assumptions were used to estimate the fair value of stock options and SARs: Year Ended December 31, 2015 2014 2013 Expected volatility 26 – 41% 26 – 43% 18 – 47% Weighted average expected volatility 34% 36% 40% Expected dividends 0.0% 0.0% 0.0 - 5.45% Expected term (in years) 3.7 – 6.7 1.5 – 6.7 0.25 – 6.4 Risk-free interest rate 1.06 – 2.04% 0.28 – 2.21% 0.04 – 2.24% Stock Options The option price is determined by the Board at the date of grant and the options expire 10 years from the date of grant. The vesting schedule for options granted to employees is either (i) 20% per year beginning on the first anniversary of the date of grant; (ii) 25% per year beginning on the first anniversary of the date of grant; or (iii) 33% on the third anniversary of the date of grant and 67% on the fourth anniversary of the date of grant. Options granted to our non-employee directors vest either (i) 100% on the first anniversary of the date of grant; or (ii) 34% on the first anniversary of the date of grant and 33% on the second and third anniversaries of the date of grant. The Company’s stock option activity in 2015 is as follows: Weighted Number Average Aggregate of Exercise Intrinsic Options Price Value (in thousands) Outstanding at December 31, 2014 9,124,954 $ 29.15 $ 271,216 Granted 993,600 $ 65.05 Exercised (3,013,190 ) $ 19.41 Canceled (457,365 ) $ 42.08 Outstanding at December 31, 2015 6,647,999 $ 38.04 $ 203,679 The weighted average fair value per share of the options granted in 2015, 2014 and 2013 was $21.96, $18.72 and $14.39, respectively. The total intrinsic value of options exercised was approximately $143.7 million, $77.3 million and $27.1 million in 2015, 2014 and 2013, respectively. The Company received cash of approximately $58.5 million, $33.1 million and $12.5 million in 2015, 2014 and 2013, respectively, from options exercised. Selected information regarding the Company’s stock options as of December 31, 2015 is as follows: Options Outstanding Options Exercisable Weighted Weighted Average Weighted Number Exercise Average Remaining Number Average of Price Exercise Life of Exercise Options Range Price (in Years) Options Price 1,063,999 $ 5.76 - $ 21.69 $ 17.58 4.19 947,799 $ 17.14 1,069,630 $ 22.01 - $ 23.83 $ 23.79 6.32 661,630 $ 23.79 867,197 $ 24.59 - $ 30.07 $ 25.07 6.30 545,947 $ 24.97 1,241,087 $ 40.00 - $ 40.00 $ 40.00 7.10 421,837 $ 40.00 1,208,586 $ 42.74 - $ 53.26 $ 50.76 8.00 261,334 $ 50.30 1,197,500 $ 57.00 - $ 77.11 $ 63.44 8.87 58,375 $ 57.43 The weighted average remaining contractual life of the options outstanding and exercisable as of December 31, 2015 is 6.89 years and 5.90 years, respectively. The total aggregate intrinsic value of the exercisable stock options and the stock options expected to vest as of December 31, 2015 was approximately $201.0 million. Stock Appreciation Rights The Company’s SARs require the Company to settle in cash an amount equal to the difference between the fair value of the Company’s common stock on the date of exercise and the grant price, multiplied by the number of SARs being exercised. These awards either (i) vest 25% per year or (ii) vest 33% on the third anniversary of the date of grant and 67% on the fourth anniversary of the date of grant. The Company’s SAR activity in 2015 is as follows: Weighted Number Average Aggregate of Grant Intrinsic SARs Price Value (in thousands) Outstanding at December 31, 2014 418,801 $ 43.55 $ 6,417 Granted 176,200 $ 64.93 Exercised (33,262 ) $ 39.61 Canceled (31,038 ) $ 51.00 Outstanding at December 31, 2015 530,701 $ 50.46 $ 9,659 As of December 31, 2015, 2014 and 2013, the weighted average fair value per share of the SARs granted was $29.79, $27.17 and $19.07, respectively. The Company paid approximately $967,000, $408,000 and $83,000 to settle exercised SARs in 2015, 2014 and 2013, respectively. The weighted average remaining contractual life of the SARs outstanding and exercisable as of December 31, 2015 is 8.1 years and 7.4 years, respectively. The total aggregate intrinsic value of the exercisable SARs and the SARs expected to vest as of December 31, 2015 was approximately $9.5 million. Restricted Stock Units The Company’s RSUs will settle in shares of the Company’s common stock within 45 days of the applicable vesting date. RSUs granted to employees vest either (i) 25% per year beginning on the first anniversary of the date of grant; or (ii) 33% on the third anniversary of the date of grant and 67% on the fourth anniversary of the date of grant. RSUs granted to our non-employee directors vest either (i) 100% on the first anniversary of the date of grant; or (ii) 34% on the first anniversary of the date of grant and 33% on the second and third anniversaries of the date of grant. The Company’s RSU activity in 2015 is as follows: Weighted Average Number Grant-Date of Fair RSUs Value Non-vested at December 31, 2014 93,667 $ 45.89 Granted 276,922 $ 65.61 Vested (918 ) $ 47.87 Canceled (10,118 ) $ 62.77 Non-vested at December 31, 2015 359,553 $ 60.60 As of December 31, 2015, there are 359,553 RSUs outstanding with an intrinsic value of approximately $24.7 million. Performance Units In March 2015, the Company awarded performance units that contain both service and performance based vesting criteria. Vesting occurs if the recipient remains employed and depends on the degree to which the Company achieves certain cumulative adjusted diluted earnings per share goals during a three-year performance period (as defined in the award agreements). The fair value of these awards is equal to the closing price of the Company’s common stock on the grant date. The Company’s performance units activity in 2015 is as follows: Weighted Number Average of Grant-Date Performance Fair Units Value Non-vested at December 31, 2014 — $ — Granted 51,977 $ 64.93 Canceled (2,310 ) $ 64.93 Non-vested at December 31, 2015 49,667 $ 64.93 As of December 31, 2015, there are 49,667 performance units outstanding with an intrinsic value of approximately $3.4 million. Employee Stock Purchase Plan The Company sponsors an Employee Stock Purchase Plan (“ESPP”) which allows eligible employees to authorize payroll deductions of up to 10% of their base salary to be applied toward the purchase of full shares of the Company’s common stock on the last day of the offering period. Offering periods under the ESPP are six months in duration. The first two offering periods for the ESPP began March 1, 2014 and September 1, 2014, respectively. In November 2014, the ESPP was amended to change the start of the offering periods to begin on April 1 and October 1 of each year, beginning April 1, 2015. Participating employees purchase shares on the last day of each offering period at a discount of 15% of the closing price of the common stock on such date as reported on the NYSE. The aggregate number of shares of the Company’s common stock that may be issued under the ESPP may not exceed 2,500,000 shares and no one employee may purchase any shares under the ESPP having a collective fair market value greater than $25,000 in any one calendar year. The shares available for purchase under the ESPP will be drawn from authorized but unissued shares of common stock. During 2015 and 2014, the Company issued 90,079 shares and 46,032 shares, respectively, of common stock for purchases under the ESPP. Other The Company sponsors a supplemental non-qualified deferred compensation plan, covering certain management employees, and maintains other statutory indemnity plans as required by local laws or regulations. As of December 31, 2015 and 2014, the Company had a severance accrual included in accrued expenses on the accompanying consolidated balance sheets of $3.3 million and $6.3 million, respectively. The Company recognizes obligations associated with severance related to contractual termination benefits at fair value on the date that it is probable that the affected employees will be entitled to the benefit and the amount can reasonably be estimated. The severance accrual is related to cost reduction programs that will result in severance for approximately 270 positions, which are expected to lower operating costs and improve profitability. In 2015, the Company recognized approximately $1.0 million of net reversals related to these cost reduction programs, primarily as a result of affected individuals transferring into other positions within the Company. Of the $1.0 million decrease from net reversals recognized for these cost reduction programs, approximately $837,000 and $205,000 were related to activities in the Product Development segment and Integrated Healthcare Services segment, respectively. The Company expects the majority of the severance accrual at December 31, 2015 will be paid in 2016. The following amounts were recorded for the severance associated with cost reduction programs (in thousands): Balance at December 31, 2014 $ 6,274 Expense, net of reversals (1,042 ) Payments (1,873 ) Foreign currency translation (22 ) Balance at December 31, 2015 $ 3,337 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. Related Party Transactions As the Company has done in prior years, the Company reimbursed its former Executive Chairman, who retired effective December 31, 2015 but remains a director of the Company, for business-related travel services he provided for himself and other Company employees with the use of his own airplane. In 2015, 2014 and 2013, the Company expensed approximately $1.3 million, $1.8 million and $2.7 million, respectively, for such business-related travel expenses. In the second quarter of 2013, the Company paid a $1.5 million fee in connection with the modification of the agreement for the business usage of the airplane that limited reimbursements to $2.5 million per year. The Company’s reimbursement obligations terminated effective December 31, 2015 in connection with its former Executive Chairman’s retirement. In January 2010, the Company entered into a collaboration agreement with a related party, HUYA Bioscience International, LLC (“HUYA”), to fund up to $2.3 million of its research and development activity for a specific compound. Under the agreement, the Company had the potential to receive additional consideration which contractually would not exceed $16.5 million excluding interest if certain events had occurred. In February 2015, the Company and HUYA agreed to terminate the collaboration agreement. In connection with the termination, HUYA paid the Company $5.0 million to satisfy all of HUYA’s various payment obligations under the collaboration agreement. During 2015, 2014 and 2013, the Company entered into a number of contracts with HUYA, primarily in Asia, in which the Company will provide up to approximately $31.7 million, $416,000 and $19.2 million, respectively, of services on a fee for services basis at arm’s length and at market rates. In 2015, 2014 and 2013, the Company provided approximately $6.9 million, $2.3 million and $772,000, respectively, of services under these agreements. During 2014, HUYA subleased office space in Japan from the Company. The nine month sublease ended in September 2014 and the Company recognized $76,000 in sublease income during 2014. The Company has entered into other transactions with related parties including investments in and advances to unconsolidated affiliates which are discussed in Note 4 and management fees which are discussed in Note 13. |
Operations by Geographic Locati
Operations by Geographic Location | 12 Months Ended |
Dec. 31, 2015 | |
Operations By Geographic Location [Abstract] | |
Operations by Geographic Location | 19. Operations by Geographic Location The table below presents the Company’s operations by geographical location. The Company attributes revenues to geographical locations based upon where the services are performed. The Company’s operations within each geographical region are further broken down to show each country which accounts for 10% or more of the totals (in thousands): Year Ended December 31, 2015 2014 2013 Service revenues: Americas: United States $ 1,787,918 $ 1,589,402 $ 1,351,160 Other 185,583 194,597 181,814 Americas 1,973,501 1,783,999 1,532,974 Europe and Africa: United Kingdom 409,920 402,184 362,242 Other 1,050,070 1,121,354 1,139,262 Europe and Africa 1,459,990 1,523,538 1,501,504 Asia-Pacific: Japan 442,957 471,831 438,882 Other 449,971 386,454 334,980 Asia-Pacific 892,928 858,285 773,862 Total service revenues 4,326,419 4,165,822 3,808,340 Reimbursed expenses 1,411,200 1,294,176 1,291,205 Total revenues $ 5,737,619 $ 5,459,998 $ 5,099,545 As of December 31, 2015 2014 Property, equipment and software, net: Americas: United States $ 169,674 $ 167,890 Other 1,204 1,774 Americas 170,878 169,664 Europe and Africa: United Kingdom 46,042 48,409 Other 16,615 15,782 Europe and Africa 62,657 64,191 Asia-Pacific: Japan 12,660 20,752 Other 24,975 25,271 Asia-Pacific 37,635 46,023 Total property, equipment and software, net $ 271,170 $ 279,878 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segments | 20. Segments The following table presents the Company’s operations by reportable segment. The Company is managed through two reportable segments, Product Development and Integrated Healthcare Services. Product Development, which primarily serves biopharmaceutical customers engaged in research and development, provides clinical research and clinical trial services. Integrated Healthcare Services provides commercialization services to biopharmaceutical customers and research, analytics, real-world and late phase research, and other services to both biopharmaceutical customers and the broader healthcare market. Certain costs are not allocated to the Company’s segments and are reported as general corporate and unallocated expenses. These costs primarily consist of share-based compensation and expenses for corporate overhead functions such as finance, human resources, information technology, facilities and legal, as well as certain expenses incurred during 2013, including the $25.0 million fee incurred in connection with the termination of the management agreement with affiliates of certain shareholders and the $1.5 million fee paid in connection with the modification of an agreement for the business usage of an airplane owned by GFM, a company owned by the Company’s former Executive Chairman who retired effective December 31, 2015 but remains a director of the Company. The Company does not allocate restructuring or impairment charges to its segments. Information presented below is in thousands: Year Ended December 31, 2015 2014 2013 Service revenues Product Development $ 3,191,630 $ 3,097,831 $ 2,919,730 Integrated Healthcare Services 1,134,789 1,067,991 888,610 Total service revenues 4,326,419 4,165,822 3,808,340 Costs of revenue, service costs Product Development 1,828,734 1,820,937 1,752,800 Integrated Healthcare Services 896,852 863,169 718,626 Total costs of revenue, service costs 2,725,586 2,684,106 2,471,426 Selling, general and administrative Product Development 648,297 631,678 604,663 Integrated Healthcare Services 153,896 140,019 127,860 General corporate and unallocated 118,792 110,641 127,987 Total selling, general and administrative 920,985 882,338 860,510 Income from operations Product Development 714,599 645,216 562,267 Integrated Healthcare Services 84,041 64,803 42,124 General corporate and unallocated (118,792 ) (110,641 ) (127,987 ) Restructuring costs (30,752 ) (8,988 ) (14,071 ) Impairment charges (2,484 ) — — Total income from operations $ 646,612 $ 590,390 $ 462,333 As of December 31, 2015 2014 2013 Assets Product Development $ 3,343,502 $ 2,786,692 $ 2,571,502 Integrated Healthcare Services 405,411 330,689 299,284 General corporate and unallocated 177,403 178,572 183,437 Total assets $ 3,926,316 $ 3,295,953 $ 3,054,223 Year Ended December 31, 2015 2014 2013 Expenditures to acquire long-lived assets Product Development $ 67,660 $ 68,187 $ 69,375 Integrated Healthcare Services 8,667 8,279 17,398 General corporate and unallocated 2,064 6,184 1,574 Total expenditures to acquire long-lived assets $ 78,391 $ 82,650 $ 88,347 Year Ended December 31, 2015 2014 2013 Depreciation and amortization expense Product Development $ 100,913 $ 95,168 $ 82,047 Integrated Healthcare Services 21,961 20,821 20,475 General corporate and unallocated 4,868 5,024 4,982 Total depreciation and amortization expense $ 127,742 $ 121,013 $ 107,504 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 21. Earnings Per Share The following table reconciles the basic to diluted weighted average shares outstanding (in thousands): Year Ended December 31, 2015 2014 2013 Basic weighted average common shares outstanding 123,038 127,994 124,147 Effect of dilutive stock options and share awards 2,592 3,089 3,715 Diluted weighted average common shares outstanding 125,630 131,083 127,862 The following table shows the weighted average number of outstanding share-based awards not included in the computation of diluted earnings per share as the effect of including such share-based awards in the computation would be anti-dilutive (in thousands): Year Ended December 31, 2015 2014 2013 Weighted average shares subject to anti-dilutive share-based awards 1,058 1,241 1,765 Share-based awards will have a dilutive effect under the treasury method only when the respective period’s average market value of the Company’s common stock exceeds the exercise proceeds. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Comprehensive Income | 22. Comprehensive Income Below is a summary of the components of AOCI (in thousands): Foreign Currency Translation Marketable Securities Derivative Instruments Defined Benefit Plans Income Taxes Total Balance at December 31, 2012 $ 19,312 $ 467 $ (33,542 ) $ (8,235 ) $ 29,693 $ 7,695 Other comprehensive (loss) income before reclassifications (25,141 ) 5,241 (393 ) 2,147 1,331 (16,815 ) Reclassification adjustments — — 13,080 1,044 (5,380 ) 8,744 Balance at December 31, 2013 (5,829 ) 5,708 (20,855 ) (5,044 ) 25,644 (376 ) Other comprehensive (loss) income before reclassifications (49,911 ) (976 ) (6,834 ) (10,218 ) 7,225 (60,714 ) Reclassification adjustments — (5,004 ) 8,630 743 (2,370 ) 1,999 Balance at December 31, 2014 (55,740 ) (272 ) (19,059 ) (14,519 ) 30,499 (59,091 ) Other comprehensive (loss) income before reclassifications (61,090 ) (436 ) (13,202 ) 282 9,110 (65,336 ) Reclassification adjustments — — 18,269 973 (6,181 ) 13,061 Balance at December 31, 2015 $ (116,830 ) $ (708 ) $ (13,992 ) $ (13,264 ) $ 33,428 $ (111,366 ) Below is a summary of the (gains) losses reclassified from AOCI into the consolidated statements of income and the affected financial statement line item (in thousands): Affected Financial Statement Year Ended December 31, Reclassification Adjustments Line Item 2015 2014 2013 Marketable securities Other expense (income), net $ — $ (5,004 ) $ — Total before income taxes — (5,004 ) — Income tax expense — (1,927 ) — Total net of income taxes $ — $ (3,077 ) $ — Derivative instruments: Interest rate swaps Interest expense $ 12,333 $ 12,424 $ 12,582 Foreign exchange forward contracts Service revenues 5,936 (3,794 ) 498 Total before income taxes 18,269 8,630 13,080 Income tax benefit 5,826 4,022 4,991 Total net of income taxes $ 12,443 $ 4,608 $ 8,089 Defined benefit plans: Amortization of prior service costs See Note 17 $ — $ 107 $ 336 Amortization of actuarial losses See Note 17 973 636 708 Total before income taxes 973 743 1,044 Income tax benefit 355 275 389 Total net of income taxes $ 618 $ 468 $ 655 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 23. Supplemental Cash Flow Information The following table presents the Company’s supplemental cash flow information (in thousands): Year Ended December 31, 2015 2014 2013 Supplemental Cash Flow Information: Interest paid $ 82,333 $ 93,912 $ 115,494 Income taxes paid, net of refunds 120,804 138,931 70,983 Non-cash Investing Activities: Acquisition of property and equipment utilizing capital leases $ 4,238 $ 2,476 $ 3,761 Fair value of contingent consideration payable in connection with acquisitions — — 14,300 Fair value of consideration transferred in connection with the Q 2 423,268 — — |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 24. Quarterly Financial Data (Unaudited) The following table summarizes the Company’s unaudited quarterly results of operations (in thousands, except per share data): 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Service revenues $ 1,029,974 $ 1,074,366 $ 1,093,480 $ 1,128,599 Income from operations 143,217 158,389 167,023 177,983 Net income 86,431 84,947 108,839 108,087 Net (income) loss attributable to noncontrolling interests (33 ) 4 2,447 (3,517 ) Net income attributable to Quintiles Transnational Holdings Inc. $ 86,398 $ 84,951 $ 111,286 $ 104,570 Basic earnings per share (1) $ 0.69 $ 0.69 $ 0.91 $ 0.86 Diluted earnings per share (1) $ 0.68 $ 0.67 $ 0.89 $ 0.85 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Service revenues $ 1,005,288 $ 1,035,476 $ 1,061,013 $ 1,064,045 Income from operations 141,316 141,000 149,142 158,932 Net income 90,214 85,110 92,733 88,444 Net (income) loss attributable to noncontrolling interests (31 ) 10 (79 ) (18 ) Net income attributable to Quintiles Transnational Holdings Inc. $ 90,183 $ 85,120 $ 92,654 $ 88,426 Basic earnings per share (1) $ 0.69 $ 0.66 $ 0.73 $ 0.70 Diluted earnings per share (1) $ 0.68 $ 0.64 $ 0.71 $ 0.69 (1) The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | 25. Subsequent Event In February 2016, the Board approved a restructuring plan for approximately $22 million, primarily for severance and other exit costs, to align its resources and reduce overcapacity. Some of these actions are subject to certain legal and regulatory requirements. These actions, if implemented, are expected to occur in 2016. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | (2) Financial Statement Schedules Schedule I—Condensed Financial Information of Registrant QUINTILES TRANSNATIONAL HOLDINGS INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF INCOME Year Ended December 31, 2015 2014 2013 (in thousands) Selling, general and administrative $ 715 $ 1,509 $ 2 Loss from operations (715 ) (1,509 ) (2 ) Interest income (24 ) (52 ) (6 ) Interest expense — — 9,242 Loss on extinguishment of debt — — 15,501 Other expense, net 7 8 — Loss before income taxes and equity in earnings of subsidiary (698 ) (1,465 ) (24,739 ) Income tax benefit (530 ) (810 ) (9,347 ) Loss before equity in earnings of subsidiary (168 ) (655 ) (15,392 ) Equity in earnings of subsidiary 387,373 357,038 241,983 Net income $ 387,205 $ 356,383 $ 226,591 QUINTILES TRANSNATIONAL HOLDINGS INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2015 2014 2013 (in thousands) Net income $ 387,205 $ 356,383 $ 226,591 Comprehensive income adjustments: Unrealized (losses) gains on marketable securities, net of income taxes of ($168), ($376) and $2,016 (268 ) (600 ) 3,225 Unrealized (losses) gains on derivative instruments, net of income taxes of ($3,679), ($1,767) and ($751) (9,523 ) (5,067 ) 358 Defined benefit plan adjustments, net of income taxes of $318, ($2,981) and ($131) (36 ) (7,237 ) 2,278 Foreign currency translation, net of income taxes of ($5,581), ($2,101) and ($2,465) (55,509 ) (47,810 ) (22,676 ) Reclassification adjustments: Gains on marketable securities included in net income, net of income taxes of ($1,927) — (3,077 ) — Losses on derivative instruments included in net income, net of income taxes of $5,826, $4,022 and $4,991 12,443 4,608 8,089 Amortization of prior service costs and losses included in net income, net of income taxes of $355, $275 and $389 618 468 655 Comprehensive income $ 334,930 $ 297,668 $ 218,520 QUINTILES TRANSNATIONAL HOLDINGS INC. (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS December 31, 2015 2014 (in thousands, except per share data) ASSETS Current assets: Cash and cash equivalents $ 4,791 $ 11,635 Income taxes receivable 128 546 Other current assets and receivables 16 114 Total current assets 4,935 12,295 Deferred income taxes — 7 Total assets $ 4,935 $ 12,302 LIABILITIES AND SHAREHOLDERS’ DEFICIT Current liabilities: Accounts payable $ 7 $ 21 Accrued expenses — 84 Total current liabilities 7 105 Investment in subsidiary 568,785 716,148 Payable to subsidiary 360 110 Total liabilities 569,152 716,363 Commitments and contingencies Shareholders’ deficit: Common stock and additional paid-in capital, 300,000 shares authorized, $0.01 par value, 119,378 and 124,129 shares issued and outstanding at December 31, 2015 and 2014, respectively 8,784 143,828 Accumulated deficit (461,635 ) (788,798 ) Accumulated other comprehensive loss (111,366 ) (59,091 ) Total shareholders’ deficit (564,217 ) (704,061 ) Total liabilities and shareholders’ deficit $ 4,935 $ 12,302 QUINTILES TRANSNATIONAL HOLDINGS INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2015 2014 2013 (in thousands) Operating activities: Net income $ 387,205 $ 356,383 $ 226,591 Adjustments to reconcile net income to cash provided by operating activities: Amortization of debt issuance costs and discount — — 10,346 Subsidiary loss (income) 56,627 (27,623 ) (119,998 ) (Benefit from) provision for deferred income taxes (335 ) 37 304 Change in operating assets and liabilities: Accounts receivable and unbilled services — 2,994 (2,995 ) Prepaid expenses and other assets — — (21 ) Accounts payable and accrued expenses (69 ) 65 (62 ) Income taxes payable and other liabilities (195 ) (847 ) (9,651 ) Net cash provided by operating activities 443,233 331,009 104,514 Investing activities: Investments in subsidiary, net of payments received — — (179,847 ) Net cash used in investing activities — — (179,847 ) Financing activities: Repayment of debt — — (300,000 ) Issuance of common stock — — 525,000 Payment of common stock issuance costs — (105 ) (35,439 ) Stock issued under employee stock purchase and option plans 64,297 35,228 12,539 Repurchase of common stock (515,010 ) (415,131 ) (6,434 ) Repurchase of stock options — (8,415 ) (50,649 ) Intercompany with subsidiary 636 (2,893 ) (153 ) Net cash (used in) provided by financing activities (450,077 ) (391,316 ) 144,864 (Decrease) increase in cash and cash equivalents (6,844 ) (60,307 ) 69,531 Cash and cash equivalents at beginning of period 11,635 71,942 2,411 Cash and cash equivalents at end of period $ 4,791 $ 11,635 $ 71,942 QUINTILES TRANSNATIONAL HOLDINGS INC. (PARENT COMPANY ONLY) NOTES TO CONDENSED FINANCIAL STATEMENTS The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of Quintiles Transnational Holdings Inc.’s (the “Company”) wholly-owned subsidiary, Quintiles Transnational Corp. (“Quintiles Transnational”) exceed 25% of the consolidated net assets of the Company. The ability of Quintiles Transnational to pay dividends may be limited due to the restrictive covenants in the agreements governing its credit arrangements. These condensed parent company financial statements include the accounts of Quintiles Transnational Holdings, Inc. on a standalone basis (the “Parent”) and the equity method of accounting is used to reflect ownership interest in its subsidiary. Refer to the consolidated financial statements and notes presented elsewhere herein for additional information and disclosures with respect to these financial statements. Since the Parent is part of a group that files a consolidated income tax return, in accordance with ASC 740, a portion of the consolidated amount of current and deferred income tax expense of the Company has been allocated to the Parent. The income tax benefit of $530,000, $810,000 and $9.3 million in 2015, 2014 and 2013, respectively, represents the income tax benefit that will be or were already utilized in the Company’s consolidated United States federal and state income tax returns. If the Parent was not part of these consolidated income tax returns, it would not be able to recognize any income tax benefit, as it generates no revenue against which the losses could be used on a separate filer basis. Below is a summary of the dividends paid to the Parent by Quintiles Transnational in 2015, 2014 and 2013 (in thousands): Amount Paid in December 2015 $ 1,000 Paid in November 2015 223,000 Paid in May 2015 220,000 Total paid in 2015 $ 444,000 Paid in November 2014 $ 234,000 Paid in May 2014 87,000 Paid in January 2014 8,415 Total paid in 2014 $ 329,415 Paid in November and December 2013 $ 116,585 Paid in February 2013 5,400 Total paid in 2013 $ 121,985 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts Deferred Tax Asset Valuation Allowance Information presented below is in thousands: Balance at Additions Beginning Charged to Balance at of Year Expenses Deductions (a) End of Year December 31, 2015 $ 24,695 $ 1,762 $ (4,295 ) $ 22,162 December 31, 2014 $ 29,501 $ 11,084 $ (15,890 ) $ 24,695 December 31, 2013 $ 32,344 $ 3,611 $ (6,454 ) $ 29,501 (a) – Impact of reductions recorded to expense and translation adjustments. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain immaterial prior period amounts have been reclassified to conform to the current presentation including the reclassification of debt issuance costs related to non-revolving debt from deposits and other assets to a direct reduction to the carrying amount of the long-term debt on the balance sheet. These changes had no effect on previously reported total revenues, net income, comprehensive income, shareholders’ deficit or cash flows. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts and operations of the Company and its subsidiaries. Amounts pertaining to the noncontrolling ownership interests held in third parties in the operating results and financial position of the Company’s majority-owned subsidiaries are reported as noncontrolling interests. Intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These estimates are based on historical experience and various other assumptions believed reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes changes to the estimates and related disclosures as experience develops or new information becomes known. Actual results may differ from those estimates. |
Foreign Currencies | Foreign Currencies The Company’s financial statements are reported in United States dollars and, accordingly, the Company’s results of operations are impacted by fluctuations in exchange rates that affect the translation of its revenues and expenses denominated in foreign currencies into United States dollars for purposes of reporting its consolidated financial results. Assets and liabilities recorded in foreign currencies on the books of foreign subsidiaries are translated at the exchange rate on the balance sheet date. Revenues, costs and expenses are translated at average rates of exchange during the year. Translation adjustments resulting from this process are charged or credited to the accumulated other comprehensive income (loss) (“AOCI”) component of shareholders’ deficit. The Company is subject to foreign currency transaction risk for fluctuations in exchange rates during the period of time between the consummation and cash settlement of a transaction. The Company earns revenue from its service contracts over a period of several months and, in some cases, over a period of several years. Accordingly, exchange rate fluctuations during this period may affect the Company’s profitability with respect to such contracts. Other expense (income), net includes foreign currency net (gains) losses for 2015, 2014 and 2013 of approximately ($4.6) million, $4.9 million and $4.0 million, respectively. |
Cash Equivalents, Restricted Cash and Investments | Cash Equivalents, Restricted Cash and Investments The Company considers all highly liquid investments with an initial maturity of three months or less when purchased to be cash equivalents. The Company’s restricted cash primarily consisted of amounts collateralizing standby letters of credit issued in favor of certain suppliers and health insurance funds. Investments in marketable equity securities are classified as available-for-sale and measured at fair market value with net unrealized gains and losses recorded in the AOCI component of shareholders’ deficit until realized. The fair market value is based on the closing price as quoted by the respective stock exchange. In addition, the Company has investments in equity securities of companies for which there are not readily available market values and for which the Company does not exercise significant influence or control; such investments are accounted for using the cost method. Any gains or losses from the sales of investments or other-than-temporary declines in fair value are computed by specific identification. |
Equity Method Investments | Equity Method Investments The Company’s investments in and advances to unconsolidated affiliates are accounted for under the equity method if the Company exercises significant influence or has an investment in a limited partnership that is considered to be greater than minor. These investments and advances are classified as investments in and advances to unconsolidated affiliates on the accompanying consolidated balance sheets. The Company records its pro rata share of the earnings, adjusted for accretion of basis difference, of these investments in equity in earnings of unconsolidated affiliates on the accompanying consolidated statements of income. The Company reviews its investments in and advances to unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. |
Derivatives | Derivatives The Company uses derivative instruments to manage exposures to interest rates and foreign currencies. Derivatives are recorded on the balance sheet at fair value at each balance sheet date utilizing pricing models for non-exchange-traded contracts. At inception, the Company designates whether or not the derivative instrument is an effective hedge of an asset, liability or firm commitment which is then classified as either a cash flow hedge or a fair value hedge. If determined to be an effective cash flow hedge, changes in the fair value of the derivative instrument are recorded as a component of AOCI until realized. We include the impact from these hedges in the same line item as the hedged item on the consolidated statements of cash flows. Changes in fair value of effective fair value hedges are recorded in earnings as an offset to the changes in the fair value of the related hedged item. Hedge ineffectiveness, if any, is immediately recognized in earnings. Changes in the fair values of derivative instruments that are not an effective hedge are recognized in earnings. The Company has entered, and may in the future enter, into derivative contracts (swaps, forwards, calls or puts, warrants, for example) related to its debt, investments in marketable equity securities and forecasted foreign currency transactions. |
Billed and Unbilled Services and Unearned Income | Billed and Unbilled Services and Unearned Income In general, prerequisites for billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the performance of services under the contract. Unbilled services arise when services have been rendered for which revenue has been recognized but the customers have not been billed. In some cases, payments received are in excess of revenue recognized. Payments received in advance of services being provided are deferred as unearned income on the consolidated balance sheet. As the contracted services are subsequently performed and the associated revenue is recognized, the unearned income balance is reduced by the amount of the revenue recognized during the period. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company’s allowance for doubtful accounts is determined based on a variety of factors that affect the potential collectability of the related receivables, including length of time the receivables are past due, customer credit ratings, financial stability of the customer, specific one-time events and past customer history. In addition, in circumstances where the Company is made aware of a specific customer’s inability to meet its financial obligations, a specific allowance is established. The accounts are individually evaluated on a regular basis and appropriate reserves are established as deemed appropriate based on the above criteria. |
Receivables Financing Facility | Receivables Financing Facility Advances received under the Company’s receivables financing facility are accounted for as borrowings secured by the receivables and included in net cash provided by financing activities. The Company services the collateralized accounts receivable and the cash flows for the underlying receivables are included in cash provided by operating activities. The collateralized accounts receivable are included in trade accounts receivable and unbilled services, net. |
Business Combinations | Business Combinations Business combinations are accounted for using the acquisition method, and accordingly, the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree are recorded at their estimated fair values on the date of the acquisition. Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. When a business combination involves contingent consideration, the Company recognizes a liability equal to the estimated fair value of the contingent consideration obligation at the date of the acquisition. Subsequent changes in the estimated fair value of the contingent consideration are recognized in earnings in the period of the change. |
Long-Lived Assets | Long-Lived Assets Property and equipment are stated at cost and are depreciated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if related to leased property, as follows: Buildings and leasehold improvements 3 - 40 years Equipment 3 - 10 years Furniture and fixtures 5 - 10 years Motor vehicles 3 - 5 years Definite-lived identifiable intangible assets are amortized primarily using an accelerated method that reflects the pattern in which the Company expects to benefit from the use of the asset over its estimated remaining useful life as follows: Trademarks and trade names 2 - 6 years Non-compete agreements 3 years Contract backlog and customer relationships 1 - 10 years Software and related assets 2 - 9 years Goodwill and indefinite-lived identifiable intangible assets, which consist of certain trade names, are not amortized but evaluated for impairment annually, or more frequently if events or changes in circumstances indicate an impairment. Included in software and related items is the capitalized cost of internal-use software used in supporting the Company’s business. Qualifying costs incurred during the application development stage are capitalized and amortized over their estimated useful lives. The Company recognized $37.7 million, $33.1 million and $32.2 million of amortization expense in 2015, 2014 and 2013, respectively, related to software and related assets. The carrying values of property, equipment and intangible and other long-lived assets are reviewed for recoverability if the facts and circumstances suggest that a potential impairment may have occurred. If this review indicates that carrying values will not be recoverable, as determined based on undiscounted cash flow projections, the Company will record an impairment charge to reduce carrying values to estimated fair value. During 2015, the Company recognized a $2.5 million impairment charge for long-lived assets related to a facility closure in Japan. There were no events, facts or circumstances in 2014 and 2013 that resulted in any impairment charges to the Company’s property, equipment, intangible or other long-lived assets. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the service offering has been delivered to the customer; (3) the collection of the fees is probable; and (4) the arrangement consideration is fixed or determinable. The Company’s arrangements are primarily service contracts that range in duration from a few months to several years. Most contracts may be terminated upon 30 to 90 days notice by the customer, however, in the event of termination, contract provisions typically require payment for services rendered through the date of termination, as well as for subsequent services rendered to close out the contract. In some cases, contracts provide for consideration that is contingent upon the occurrence of uncertain future events. The Company recognizes contingent revenue when the contingency has been resolved and all other criteria for revenue recognition have been met. The Company treats cash payments to customers as incentives to induce the customers to enter into such a service agreement with the Company. The related asset is amortized as a reduction of revenue over the period the services are performed. The Company records revenues net of any tax assessments by governmental authorities, such as value added taxes, that are imposed on and concurrent with specific revenue generating transactions. The Company does not recognize revenue with respect to start-up activities including contract and scope negotiation, feasibility analysis and conflict of interest review associated with contracts. The costs for these activities are expensed as incurred. For the arrangements that include multiple elements, arrangement consideration is allocated to units of accounting based on the relative selling price. The best evidence of selling price of a unit of accounting is vendor-specific objective evidence (“VSOE”), which is the price the Company charges when the deliverable is sold separately. When VSOE is not available to determine selling price, management uses relevant third-party evidence (“TPE”) of selling price, if available. When neither VSOE nor TPE of selling price exists, management uses its best estimate of selling price considering all relevant information that is available without undue cost and effort. The majority of the Company’s contracts within the Product Development segment are service contracts for clinical research that represent a single unit of accounting. The Company recognizes revenue on its clinical research services contracts as services are performed primarily on a proportional performance basis, generally using output measures that are specific to the service provided. Examples of output measures include among others, number of investigators enrolled, number of site initiation visits and number of monitoring visits completed. Revenue is determined by dividing the actual units of work completed by the total units of work required under the contract and multiplying that ratio by the total contract value. The total contract value, or total contractual payments, represents the aggregate contracted price for each of the agreed upon services to be provided. Changes in the scope of work are common, especially under long-term contracts, and generally result in a change in contract value. Once the customer has agreed to the changes in scope and renegotiated pricing terms, the contract value is amended and revenue is recognized, as described above. To the extent that contracts involve multiple elements, the Company follows the allocation methodology described above and recognizes revenue for each unit of accounting on a proportional performance basis. The Company derives the majority of its revenues in its Integrated Healthcare Services segment from providing commercialization services on a fee-for-service basis to customers within the biopharmaceutical industry. Fees on these arrangements are billed based on a contractual per-diem or hourly rate basis. The Company recognizes revenue on commercialization services contracts primarily on a time and materials basis. Some of the Company’s commercialization contracts are multiple element arrangements, with elements including recruiting, training and deployment of sales representatives. The nature of the terms of these multiple element arrangements will vary based on the customized needs of the Company’s customers. For contracts that have multiple elements, the Company follows the allocation methodology described above and recognizes revenue for each unit of accounting on a time and materials basis. The Company’s commercialization contracts sometimes include variable fees that are based on a percentage of product sales (royalty payments). The Company recognizes revenue on royalty payments when the variable components become fixed or determinable and all other revenue recognition criteria have been met, which generally only occurs upon the sale of the underlying product(s) and upon the Company’s receipt of information necessary to make a reasonable estimate. |
Reimbursed Expenses | Reimbursed Expenses The Company includes reimbursed expenses in total revenues and costs of revenue as the Company is deemed to be the primary obligor in the applicable arrangements. These costs include such items as payments to investigators and travel expenses for the Company’s clinical monitors and sales representatives. |
Expenses | Expenses Costs of revenue include reimbursed expenses, compensation and benefits for billable employees, depreciation of assets used in generating revenue and other expenses directly related to service contracts such as courier fees and laboratory supplies for the Company’s laboratory services, professional services and travel expenses. Selling, general and administrative expenses primarily include costs related to administrative functions such as compensation and benefits, travel, professional services, training and expenses for advertising, information technology, facilities and depreciation and amortization. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and cash equivalent balances with high-quality financial institutions and, consequently, the Company believes that such funds are subject to minimal credit risk. Investment policies have been implemented that limit purchases of marketable securities to investment grade securities. Substantially all service revenues for Product Development and Integrated Healthcare Services are earned by performing services under contracts with various pharmaceutical, biotechnology, medical device and healthcare companies. The concentration of credit risk is equal to the outstanding accounts receivable and unbilled services balances, less the unearned income related thereto, and such risk is subject to the financial and industry conditions of the Company’s customers. The Company does not require collateral or other securities to support customer receivables. Credit losses have been immaterial and reasonably within management’s expectations. No customer accounted for 10.0% or more of consolidated service revenues in 2015, 2014 or 2013. |
Research and Development Costs | Research and Development Costs Research and development costs consist primarily of employee compensation and related expenses and information technology contract services and are charged to expense as incurred. The following is a summary of the research and development expenses (in thousands): Year Ended December 31, 2015 2014 2013 Internally developed software applications and computer technology $ 3,198 $ 4,980 $ 3,955 Funding of customer's research and development activity 139 811 1,000 $ 3,337 $ 5,791 $ 4,955 |
Advertising Costs | Advertising Costs Advertising costs, which include the development and production of advertising materials and the communication of these materials, are charged to expense as incurred. The Company incurred approximately $12.8 million, $16.0 million and $14.8 million in advertising expense in 2015, 2014 and 2013, respectively. |
Restructuring Costs | Restructuring Costs Restructuring costs, which primarily include termination benefits and facility closure costs, are recorded at estimated fair value. Key assumptions in determining the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations and the timing of employees leaving the Company. |
Contingencies | Contingencies The Company records accruals for claims, suits, investigations and proceedings when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company reviews claims, suits, investigations and proceedings at least quarterly and records or adjusts accruals related to such matters to reflect the impact and status of any settlements, rulings, advice of counsel or other information pertinent to a particular matter. Legal costs associated with contingencies are charged to expense as incurred. The Company is party to legal proceedings incidental to its business. While the outcome of these matters could differ from management’s expectations, the Company does not believe the resolution of these matters has a reasonable possibility of having a material adverse effect to the Company’s financial statements. |
Income Taxes | Income Taxes Income tax expense includes United States federal, state and international income taxes. Certain items of income and expense are not reported in income tax returns and financial statements in the same year. The income tax effects of these differences are reported as deferred income taxes. Valuation allowances are provided to reduce the related deferred income tax assets to an amount which will, more likely than not, be realized. Beginning in 2013, the undistributed earnings of most of the Company’s foreign subsidiaries are considered to be indefinitely reinvested outside of the United States. Accordingly, a deferred income tax liability has not been provided related to those undistributed earnings. Interest and penalties related to unrecognized income tax benefits are recognized as a component of income tax expense as discussed further in Note 16. |
Employee Stock Compensation | Employee Stock Compensation The Company accounts for share-based compensation for stock options and stock appreciation rights (“SARs”) under the fair value method and uses the Black-Scholes-Merton model to estimate the value of such share-based awards granted to its employees and non-executive directors. Expected volatility is based upon the historical volatility of a peer group for a period equal to the expected term, as the Company does not have adequate history to calculate its own volatility and believes the expected volatility will approximate the historical volatility of the peer group. Prior to the completion of the Company’s initial public offering (“IPO”) on May 14, 2013, the expected dividends were based on the historical dividends paid by the Company, excluding dividends that resulted from activities that the Company deemed to be one-time in nature. Following the IPO, the Company does not currently anticipate paying dividends. The expected term represents the period of time the grants are expected to be outstanding. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of the grant. The Company accounts for its share-based compensation for restricted stock units (“RSUs”) and performance awards based on the closing market price of the Company’s common stock on the date of grant. The Company recognized share-based compensation expense of $37.8 million, $30.0 million and $22.8 million in 2015, 2014 and 2013, respectively. Share-based compensation expense is included in selling, general and administrative expenses on the accompanying consolidated statements of income which is consistent with the classification of all other compensation costs incurred for the employees who were granted the share-based awards. The associated future income tax benefit recognized was $8.9 million, $7.6 million and $8.1 million in 2015, 2014 and 2013, respectively. As of December 31, 2015, there was approximately $38.8 million of total unrecognized share-based compensation expense related to outstanding non-vested share-based compensation arrangements, which the Company expects to recognize over a weighted average period of 1.3 years. |
Earnings Per Share | Earnings Per Share The calculation of earnings per share is based on the weighted average number of common shares or common stock equivalents outstanding during the applicable period. The dilutive effect of common stock equivalents is excluded from basic earnings per share and is included in the calculation of diluted earnings per share. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan (see Note 17) and unvested RSUs. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In November 2015, the FASB issued new accounting guidance which requires entities to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. The new standard will be effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company expects to early adopt this new accounting guidance on January 1, 2016. As of December 31, 2015, the Company had approximately $101.0 million and $148,000 of current deferred income tax assets and current deferred income tax liabilities, respectively. In September 2015, the FASB issued new guidance that will change the requirements for reporting measurement period adjustments to provisional amounts initially recognized in connection with a business combination. Currently, an acquiring entity is required to retrospectively adjust, in prior period financial statements, the provisional amounts to reflect new information obtained during the measurement period. Under the new guidance, adjustments to the provisional amounts will be reflected in the financial statements for the reporting period in which the adjustments are determined, including by recognizing in current period earnings the full effect of changes in depreciation, amortization or other income effects. The new guidance requires that the acquiring entity either present separately on the face of the current period income statement or disclose in the notes to the current period financial statements, by line item, the amount of the adjustments made during the current period. The Company will adopt the new guidance on January 1, 2016, as required. The adoption is not expected to have a material impact on the Company’s financial statements. In February 2015, the FASB issued new accounting guidance which changes the analysis in determining whether an entity is considered a variable interest entity (“VIE”) and the identification of the primary beneficiary of the VIE to determine whether the VIE should be included in an entity’s consolidated financial statements. The Company will adopt the new accounting guidance on January 1, 2016, as required. The adoption of the new accounting guidance is not expected to have a material effect on the Company’s financial statements. In May 2014, the FASB and the International Accounting Standards Board issued a converged standard on the recognition of revenue from contracts with customers. The objective of the new standard is to establish a single comprehensive revenue recognition model that is designed to create greater comparability of financial statements across industries and jurisdictions. Under the new standard, companies will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will require expanded disclosures on revenue recognition including information about changes in assets and liabilities that result from contracts with customers. Companies have an option to use either a retrospective approach or a cumulative effect adjustment approach to implement the new guidance. The new standard will be effective for annual reporting periods beginning after December 15, 2017. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of this new standard on its consolidated financial statements, the date of adoption, and the transition approach to implement the new guidance. |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Property and Equipment at Cost Using Straight-Line Method | Property and equipment are stated at cost and are depreciated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if related to leased property, as follows: Buildings and leasehold improvements 3 - 40 years Equipment 3 - 10 years Furniture and fixtures 5 - 10 years Motor vehicles 3 - 5 years |
Definite-Lived Identifiable Intangible Assets Amortized | Definite-lived identifiable intangible assets are amortized primarily using an accelerated method that reflects the pattern in which the Company expects to benefit from the use of the asset over its estimated remaining useful life as follows: Trademarks and trade names 2 - 6 years Non-compete agreements 3 years Contract backlog and customer relationships 1 - 10 years Software and related assets 2 - 9 years |
Summary of Research and Development Expenses | The following is a summary of the research and development expenses (in thousands): Year Ended December 31, 2015 2014 2013 Internally developed software applications and computer technology $ 3,198 $ 4,980 $ 3,955 Funding of customer's research and development activity 139 811 1,000 $ 3,337 $ 5,791 $ 4,955 |
Accounts Receivable and Unbil39
Accounts Receivable and Unbilled Services (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable and Unbilled Services | Accounts receivable and unbilled services consist of the following (in thousands): December 31, 2015 2014 Trade: Billed $ 553,652 $ 444,941 Unbilled services 614,381 532,312 1,168,033 977,253 Allowance for doubtful accounts (2,284 ) (1,998 ) $ 1,165,749 $ 975,255 |
Percentage of Accounts Receivable and Unbilled Services by Region | The percentage of accounts receivable and unbilled services by region is as follows: December 31, 2015 2014 Americas: United States 58 % 55 % Other 1 2 Americas 59 57 Europe and Africa: United Kingdom 23 23 Other 10 11 Europe and Africa 33 34 Asia-Pacific: Japan 3 4 Other 5 5 Asia-Pacific 8 9 100 % 100 % |
Investments-Debt, Equity and 40
Investments-Debt, Equity and Other Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of the Company's Debt, Equity and Other Securities | The following is a summary of the Company’s debt, equity and other securities (in thousands): December 31, 2015 2014 Marketable securities $ 395 $ 831 Cost method 32,516 33,672 $ 32,911 $ 34,503 |
Summary of Available-for-Sale Securities | The following is a summary of available-for-sale securities (in thousands): December 31, 2015 December 31, 2014 Gross Gross Amortized Unrealized Market Amortized Unrealized Market Cost Loss Value Cost Loss Value Marketable equity $ 1,103 $ (708 ) $ 395 $ 1,103 $ (272 ) $ 831 |
Summary of the Company's Portfolio of Cost Method Investments | Below is a summary of the Company’s portfolio of cost method investments (in thousands): December 31, 2015 2014 Equity investments $ 32,516 $ 32,516 Convertible notes — 1,156 $ 32,516 $ 33,672 |
Investments in and Advances t41
Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | The following is a summary of the Company’s investments in and advances to unconsolidated affiliates (in thousands): December 31, 2015 2014 NovaQuest Pharma Opportunities Fund III, L.P. $ 39,785 $ 22,633 NovaQuest Pharma Opportunities Fund IV, L.P. 2,524 — Cenduit TM 9,478 8,271 Other 595 604 $ 52,382 $ 31,508 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments Designated as Hedges | The fair values of the Company’s derivative instruments designated as hedging instruments and the line items on the accompanying consolidated balance sheets to which they were recorded are summarized in the following table (in thousands): December 31, Balance Sheet Classification 2015 2014 Foreign exchange forward contracts Other current liabilities $ 5,194 $ 4,635 Interest rate swaps Other current liabilities $ 5,698 $ 14,424 |
Effect of Cash Flow Hedging Instruments on Other Comprehensive Income (Loss) | The effect of the Company’s cash flow hedging instruments on other comprehensive income (loss) is summarized in the following table (in thousands): Year Ended December 31, 2015 2014 2013 Foreign exchange forward contracts $ (559 ) $ (8,585 ) $ 3,485 Interest rate swaps 5,626 10,381 9,202 Total $ 5,067 $ 1,796 $ 12,687 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured on a recurring basis as of December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Total Assets: Marketable equity securities $ 395 $ — $ — $ 395 Total $ 395 $ — $ — $ 395 Liabilities: Foreign exchange forward contracts $ — $ 5,194 $ — $ 5,194 Interest rate swaps — 5,698 — 5,698 Contingent consideration — — 4,374 4,374 Total $ — $ 10,892 $ 4,374 $ 15,266 The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured on a recurring basis as of December 31, 2014 (in thousands): Level 1 Level 2 Level 3 Total Assets: Marketable equity securities $ 831 $ — $ — $ 831 Total $ 831 $ — $ — $ 831 Liabilities: Foreign exchange forward contracts $ — $ 4,635 $ — $ 4,635 Interest rate swaps — 14,424 — 14,424 Contingent consideration — — 1,452 1,452 Total $ — $ 19,059 $ 1,452 $ 20,511 |
Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the year ended December 31 (in thousands): Contingent Consideration – Accrued Expenses and Other Liabilities 2015 2014 2013 Balance as of January 1 $ 1,452 $ 13,014 $ 3,521 Initial estimate of contingent consideration — — 14,300 Contingent consideration paid (3,000 ) (3,000 ) — Revaluations included in earnings 5,922 (8,562 ) (4,807 ) Balance as of December 31 $ 4,374 $ 1,452 $ 13,014 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Summary of Major Classes of Property and Equipment | The major classes of property and equipment were as follows (in thousands): December 31, 2015 2014 Land, buildings and leasehold improvements $ 187,405 $ 185,940 Equipment 257,119 240,227 Furniture and fixtures 52,840 54,615 Motor vehicles 13,348 15,443 510,712 496,225 Less accumulated depreciation (322,319 ) (305,928 ) $ 188,393 $ 190,297 |
Goodwill and Identifiable Int45
Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Amortization Expense Associated with Identifiable Definite-Lived Intangible Assets | Amortization expense associated with identifiable definite-lived intangible assets was as follows (in thousands) Year Ended December 31, 2015 2014 2013 Amortization expense $ 66,545 $ 58,457 $ 51,450 |
Summary of Identifiable Intangible Assets | The following is a summary of identifiable intangible assets (in thousands): As of December 31, 2015 As of December 31, 2014 Gross Accumulated Net Gross Accumulated Net Amount Amortization Amount Amount Amortization Amount Definite-lived identifiable intangible assets: Product licensing and distribution rights and customer relationships $ 224,149 $ (75,606 ) $ 148,543 $ 123,227 $ (54,413 ) $ 68,814 Trademarks, trade names and other 14,620 (6,081 ) 8,539 18,571 (6,399 ) 12,172 Software and related assets 279,266 (196,489 ) 82,777 260,052 (170,471 ) 89,581 $ 518,035 $ (278,176 ) $ 239,859 $ 401,850 $ (231,283 ) $ 170,567 Indefinite-lived identifiable intangible assets: Trade names $ 128,247 $ — $ 128,247 $ 109,676 $ — $ 109,676 |
Summary of Goodwill by Segment | The following is a summary of goodwill by segment for the years ended December 31, 2015 and 2014 (in thousands): Integrated Product Healthcare Development Services Consolidated Balance as of December 31, 2013 $ 351,144 $ 58,482 $ 409,626 Business combinations — 62,778 62,778 Impact of foreign currency fluctuations and other (4,536 ) (3,434 ) (7,970 ) Balance as of December 31, 2014 346,608 117,826 464,434 Business combinations 262,377 — 262,377 Impact of foreign currency fluctuations and other (6,879 ) (192 ) (7,071 ) Balance as of December 31, 2015 $ 602,106 $ 117,634 $ 719,740 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consist of the following (in thousands): December 31, 2015 2014 Compensation, including bonuses, fringe benefits and payroll taxes $ 400,748 $ 403,250 Restructuring 13,564 6,083 Interest 5,115 274 Contract related 271,076 255,530 Other 70,254 68,507 $ 760,757 $ 733,644 |
Credit Arrangements (Tables)
Credit Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Company's Credit Facilities | The following is a summary of the Company’s revolving credit facilities at December 31, 2015: Facility Interest Rates $500.0 million (revolving credit facility) London Interbank Offer Rate (“LIBOR”) (0.61% at December 31, 2015) plus 1.75% $25.0 million (receivables financing facility) LIBOR Market Index Rate (0.43% at December 31, 2015) plus 0.85% to 1.35% depending upon the Company’s debt rating £10.0 million (approximately $14.8 million) general banking facility with a European headquartered bank Bank’s base rate (0.5% at December 31, 2015) plus 1% |
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands): December 31, 2015 2014 4.875% Senior Notes due 2023 $ 800,000 $ — Term Loan A due 2020 (LIBOR plus 1.75%, or 2.36% at December 31, 2015) 828,750 — Term Loan B due 2022 (the greater of LIBOR or 0.75% plus 2.50%, or 3.25% at December 31, 2015) 597,000 — Term Loan B-3 due 2018 (the greater of three month LIBOR or 1.25% plus 2.50%, or 3.75% at December 31, 2014) — 2,030,606 Receivables financing facility due 2018 (LIBOR plus 1.05%, or 1.48% at December 31, 2015) 275,000 275,000 2,500,750 2,305,606 Less: unamortized discount (24,020 ) (12,379 ) Less: unamortized debt issuance costs (8,955 ) (9,879 ) Less: current portion (48,500 ) (750 ) $ 2,419,275 $ 2,282,598 |
Contractual Maturities of Long-term Debt | Contractual maturities of long-term debt at December 31, 2015 are as follows (in thousands): 2016 $ 48,500 2017 48,500 2018 323,500 2019 48,500 2020 664,750 Thereafter 1,367,000 $ 2,500,750 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Summary of Future Minimum Lease Payments Under Capital and Operating Leases | The following is a summary of future minimum payments under capital and operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2015 (in thousands): Capital Operating Leases Leases 2016 $ 15 $ 84,747 2017 18 62,485 2018 — 41,907 2019 — 29,201 2020 — 25,713 Thereafter — 111,267 Total minimum lease payments 33 $ 355,320 Amounts representing interest (2 ) Present value of net minimum payments 31 Current portion (13 ) Long-term capital lease obligations $ 18 |
Shareholder's Deficit (Tables)
Shareholder's Deficit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Share Repurchases Made Under Repurchase Program | Below is a summary of the share repurchases made under the Repurchase Program (in thousands except share data): Year Ended December 31, 2015 2014 2013 Number of shares repurchased 7,855,796 300 153,223 Aggregate purchase price $ 515,010 $ 14 $ 6,434 Average price per share $ 65.56 $ 47.51 $ 42.01 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Summary of Estimated Fair Value of Net Assets Acquired at the Date of Acquisitions | The following table summarizes the estimated fair value of the net assets acquired at the date of the acquisitions (in thousands): Quest Encore Novella Assets acquired: Cash and cash equivalents $ 31,783 $ 2,223 $ 26,190 Accounts receivable and unbilled services 6,186 17,714 28,644 Prepaid expenses 1,185 — — Other current assets 4,426 443 1,441 Property and equipment 16,422 289 9,616 Goodwill 261,710 62,778 116,542 Other identifiable intangibles 125,900 14,150 42,740 Deferred income tax asset – long-term — 396 — Other long-term assets 266 — 2,203 Liabilities assumed: Accounts payable and accrued expenses (12,790 ) (4,206 ) (12,716 ) Unearned income — (31 ) (7,782 ) Other current liabilities — — (132 ) Deferred income tax liability – long-term (10,412 ) — (18,364 ) Other long-term liabilities (1,408 ) — (1,334 ) Net assets acquired $ 423,268 $ 93,756 $ 187,048 |
Summary Of Identifiable Intangible Assets | The other identifiable intangible assets consisted of the following (in thousands): Quest Encore Novella Customer relationships $ 74,000 $ 8,800 $ 20,800 Backlog 32,900 800 14,000 Trade names 19,000 1,100 7,500 Non-compete agreements — 450 440 Software — 3,000 — Total other identifiable intangibles $ 125,900 $ 14,150 $ 42,740 Amortized over a weighted average useful life (in years) 9 8 7 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Summary of Amounts Recorded for Restructuring Plans | The following amounts were recorded for the restructuring plans (in thousands): Severance and Related Costs Exit Costs Total Balance at December 31, 2013 $ 5,276 $ 198 $ 5,474 Expense, net of reversals 8,421 567 8,988 Payments (7,998 ) (160 ) (8,158 ) Foreign currency translation (221 ) — (221 ) Balance at December 31, 2014 5,478 605 6,083 Expense, net of reversals 29,843 909 30,752 Payments (22,943 ) (723 ) (23,666 ) Foreign currency translation and other (199 ) 594 395 Balance at December 31, 2015 $ 12,179 $ 1,385 $ 13,564 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes and Equity in Earnings of Unconsolidated Affiliates | The components of income before income taxes and equity in earnings of unconsolidated affiliates are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Domestic $ 68,455 $ 96,917 $ 68,425 Foreign 470,540 405,272 254,691 $ 538,995 $ 502,189 $ 323,116 |
Components of Income Tax Expense Attributable to Continuing Operations | The components of income tax expense attributable to continuing operations are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Current expense (benefit): Federal $ 47,311 $ 58,403 $ 38,573 State 3,559 4,618 (4,309 ) Foreign 109,273 95,010 83,744 160,143 158,031 118,008 Deferred (benefit) expense: Federal and state 4,613 (4,549 ) (15,807 ) Foreign (5,767 ) (3,426 ) (6,236 ) (1,154 ) (7,975 ) (22,043 ) $ 158,989 $ 150,056 $ 95,965 |
Effective Income Tax Rate Reconciliation | The differences between the Company’s consolidated income tax expense attributable to continuing operations and the expense computed at the 35% United States statutory income tax rate were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Federal income tax expense at statutory rate $ 188,648 $ 175,766 $ 113,091 State and local income taxes, net of federal benefit 1,682 2,312 (1,088 ) Research and development (12,634 ) (16,765 ) (12,788 ) Foreign nontaxable interest income (9,351 ) (10,217 ) (9,751 ) Gain on note settlement — — 10,794 United States taxes recorded on foreign earnings 38,246 18,631 (1,616 ) Foreign rate differential (49,288 ) (30,734 ) (10,753 ) Tax contingencies (8,304 ) 4,043 (1,012 ) Other 9,990 7,020 9,088 $ 158,989 $ 150,056 $ 95,965 |
Income Tax Effects of Temporary Differences from Continuing Operations that Give Rise to Significant Portions of Deferred Income Tax (Liabilities) Assets | The income tax effects of temporary differences from continuing operations that give rise to significant portions of deferred income tax (liabilities) assets are presented below (in thousands): December 31, 2015 2014 Deferred income tax liabilities: Undistributed foreign earnings $ (36,624 ) $ (27,717 ) Depreciation and amortization (53,171 ) (65,614 ) Other (11,830 ) (15,346 ) Total deferred income tax liabilities (101,625 ) (108,677 ) Deferred income tax assets: Net operating loss, capital loss and tax credit carryforwards 41,707 43,535 Accrued expenses and unearned income 23,315 34,048 Employee benefits 123,775 130,217 Other 12,801 17,784 201,598 225,584 Valuation allowance for deferred income tax assets (22,162 ) (24,695 ) Total deferred income tax assets 179,436 200,889 Net deferred income tax assets $ 77,811 $ 92,212 |
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Income Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized income tax benefits is presented below (in thousands): Year Ended December 31, 2015 2014 2013 Balance at January 1 $ 40,821 $ 54,936 $ 43,393 Additions based on tax positions related to the current year 2,068 2,807 4,493 Additions for income tax positions of prior years 8,838 1,588 12,854 Impact of changes in exchange rates (608 ) (376 ) (71 ) Settlements with tax authorities (121 ) (135 ) (1,052 ) Reductions for income tax positions of prior years (1,945 ) (6,023 ) (3,520 ) Reductions due to the lapse of the applicable statute of limitations (19,387 ) (11,976 ) (1,161 ) Balance at December 31 $ 29,666 $ 40,821 $ 54,936 |
Summary of Tax Years Open for Examination | The following table summarizes the tax years that remain open for examination by tax authorities in the most significant jurisdictions in which the Company operates: United States 2012-2014 India 2006-2015 Japan 2010-2014 United Kingdom 2014 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Components of Pension Expenses Related to Defined Benefit Plans | The following table summarizes the components of pension expense related to these defined benefit plans (in thousands): Year Ended December 31, 2015 2014 2013 Service cost $ 15,486 $ 12,944 $ 13,227 Interest cost 3,453 3,821 3,684 Expected return on plan assets (3,555 ) (4,277 ) (3,442 ) Amortization of prior service costs — 107 336 Amortization of actuarial losses 973 636 708 $ 16,357 $ 13,231 $ 14,513 |
Weighted Average Assumptions Used in Determining Pension Expense | The weighted average assumptions used in determining pension expense were as follows: Year Ended December 31, 2015 2014 2013 Discount rate 2.46 % 3.01 % 3.06 % Rate of compensation increases 4.32 % 4.36 % 4.74 % Expected return on plan assets 4.05 % 5.21 % 5.33 % |
Financial Information About Defined Benefit Plans | The following table summarizes financial information about the Company’s defined benefit plans (in thousands): December 31, 2015 2014 Projected benefit obligation January 1 $ 147,127 $ 135,110 Service costs 15,486 12,944 Interest cost 3,453 3,821 Expected return on plan assets (3,555 ) (4,277 ) Actuarial (gains) losses (2,306 ) 16,396 Business combination 1,746 — Benefits paid (6,325 ) (7,409 ) Foreign currency fluctuations and other (1,732 ) (9,458 ) Projected benefit obligation December 31 $ 153,894 $ 147,127 Plan assets at fair value, January 1 $ 88,420 $ 82,787 Actual return on plan assets 1,312 10,004 Contributions 5,982 8,594 Business combination 1,966 — Benefits paid (6,325 ) (7,409 ) Foreign currency fluctuations and other (4,212 ) (5,556 ) Plan assets at fair value, December 31 $ 87,143 $ 88,420 Unfunded balance $ 66,751 $ 58,707 |
Summary of Amounts Recognized in Consolidated Balance Sheets | The following table summarizes the amounts recognized in the consolidated balance sheets related to the defined benefit plans (in thousands): December 31, 2015 2014 Deposits and other assets $ 19,185 $ 18,690 Accrued expenses 4,520 6,075 Other long-term liabilities 81,410 71,322 AOCI $ (13,264 ) $ (14,519 ) |
Summary of Amounts Recognized in Accumulated Other Comprehensive Income | The following table summarizes the amounts recognized in AOCI related to the defined benefit plans (in thousands): Prior Actuarial Deferred Service Net Income Costs (Gain) Loss Taxes Total Balance as of December 31, 2013 $ (107 ) $ (4,937 ) $ 2,956 $ (2,088 ) Reclassification adjustments included in pension expense: Amortization 107 636 (275 ) 468 Amounts arising during the period: Actuarial changes in benefit obligation — (10,218 ) 2,981 (7,237 ) Balance as of December 31, 2014 — (14,519 ) 5,662 (8,857 ) Reclassification adjustments included in pension expense: Amortization — 973 (355 ) 618 Amounts arising during the period: Actuarial changes in benefit obligation — 282 (318 ) (36 ) Balance as of December 31, 2015 $ — $ (13,264 ) $ 4,989 $ (8,275 ) |
Weighted Average Assumptions Used in Determining Pension Obligations | The following table summarizes the weighted average assumptions used in determining the pension obligations: December 31, 2015 2014 Discount rate 2.50 % 2.46 % Rate of compensation increases 4.37 % 4.32 % |
Schedule of Fair Value Measurement | The following table summarizes the fair value of the Company’s defined benefit plans assets (in thousands): December 31, 2015 2014 Funds that hold debt investments primarily government bonds $ 49,355 $ 47,473 Funds that hold United Kingdom equity investments 15,700 19,547 Funds that hold global equity investments 6,277 8,255 Diversified growth fund 15,248 12,569 Other 563 576 Total $ 87,143 $ 88,420 |
Schedule of Expected Benefit Payments Under the Defined Benefit Plans | The following table summarizes the Company’s expected benefit payments under the defined benefit plans for each of the next five years and the aggregate of the five years thereafter (in thousands): 2016 $ 6,684 2017 6,615 2018 7,096 2019 7,802 2020 9,092 Years 2021 through 2025 66,117 $ 103,406 |
Estimated Fair Value of Stock Options and SARs | The following assumptions were used to estimate the fair value of stock options and SARs: Year Ended December 31, 2015 2014 2013 Expected volatility 26 – 41% 26 – 43% 18 – 47% Weighted average expected volatility 34% 36% 40% Expected dividends 0.0% 0.0% 0.0 - 5.45% Expected term (in years) 3.7 – 6.7 1.5 – 6.7 0.25 – 6.4 Risk-free interest rate 1.06 – 2.04% 0.28 – 2.21% 0.04 – 2.24% |
Summary of Stock Option Activity | The Company’s stock option activity in 2015 is as follows: Weighted Number Average Aggregate of Exercise Intrinsic Options Price Value (in thousands) Outstanding at December 31, 2014 9,124,954 $ 29.15 $ 271,216 Granted 993,600 $ 65.05 Exercised (3,013,190 ) $ 19.41 Canceled (457,365 ) $ 42.08 Outstanding at December 31, 2015 6,647,999 $ 38.04 $ 203,679 |
Schedule of Stock Options Outstanding and Exercisable | Selected information regarding the Company’s stock options as of December 31, 2015 is as follows: Options Outstanding Options Exercisable Weighted Weighted Average Weighted Number Exercise Average Remaining Number Average of Price Exercise Life of Exercise Options Range Price (in Years) Options Price 1,063,999 $ 5.76 - $ 21.69 $ 17.58 4.19 947,799 $ 17.14 1,069,630 $ 22.01 - $ 23.83 $ 23.79 6.32 661,630 $ 23.79 867,197 $ 24.59 - $ 30.07 $ 25.07 6.30 545,947 $ 24.97 1,241,087 $ 40.00 - $ 40.00 $ 40.00 7.10 421,837 $ 40.00 1,208,586 $ 42.74 - $ 53.26 $ 50.76 8.00 261,334 $ 50.30 1,197,500 $ 57.00 - $ 77.11 $ 63.44 8.87 58,375 $ 57.43 |
Schedule of Stock Appreciation Rights Activity | The Company’s SAR activity in 2015 is as follows: Weighted Number Average Aggregate of Grant Intrinsic SARs Price Value (in thousands) Outstanding at December 31, 2014 418,801 $ 43.55 $ 6,417 Granted 176,200 $ 64.93 Exercised (33,262 ) $ 39.61 Canceled (31,038 ) $ 51.00 Outstanding at December 31, 2015 530,701 $ 50.46 $ 9,659 |
Schedule of Restricted Stock Units Activity | The Company’s RSU activity in 2015 is as follows: Weighted Average Number Grant-Date of Fair RSUs Value Non-vested at December 31, 2014 93,667 $ 45.89 Granted 276,922 $ 65.61 Vested (918 ) $ 47.87 Canceled (10,118 ) $ 62.77 Non-vested at December 31, 2015 359,553 $ 60.60 |
Summary of Performance Units Activity | The Company’s performance units activity in 2015 is as follows: Weighted Number Average of Grant-Date Performance Fair Units Value Non-vested at December 31, 2014 — $ — Granted 51,977 $ 64.93 Canceled (2,310 ) $ 64.93 Non-vested at December 31, 2015 49,667 $ 64.93 |
Summary of Severance Associated with Cost Reduction Programs | The following amounts were recorded for the severance associated with cost reduction programs (in thousands): Balance at December 31, 2014 $ 6,274 Expense, net of reversals (1,042 ) Payments (1,873 ) Foreign currency translation (22 ) Balance at December 31, 2015 $ 3,337 |
Operations by Geographic Loca54
Operations by Geographic Location (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operations By Geographic Location [Abstract] | |
Operations within Geographic Region | The table below presents the Company’s operations by geographical location. The Company attributes revenues to geographical locations based upon where the services are performed. The Company’s operations within each geographical region are further broken down to show each country which accounts for 10% or more of the totals (in thousands): Year Ended December 31, 2015 2014 2013 Service revenues: Americas: United States $ 1,787,918 $ 1,589,402 $ 1,351,160 Other 185,583 194,597 181,814 Americas 1,973,501 1,783,999 1,532,974 Europe and Africa: United Kingdom 409,920 402,184 362,242 Other 1,050,070 1,121,354 1,139,262 Europe and Africa 1,459,990 1,523,538 1,501,504 Asia-Pacific: Japan 442,957 471,831 438,882 Other 449,971 386,454 334,980 Asia-Pacific 892,928 858,285 773,862 Total service revenues 4,326,419 4,165,822 3,808,340 Reimbursed expenses 1,411,200 1,294,176 1,291,205 Total revenues $ 5,737,619 $ 5,459,998 $ 5,099,545 |
Long Lived Assets | As of December 31, 2015 2014 Property, equipment and software, net: Americas: United States $ 169,674 $ 167,890 Other 1,204 1,774 Americas 170,878 169,664 Europe and Africa: United Kingdom 46,042 48,409 Other 16,615 15,782 Europe and Africa 62,657 64,191 Asia-Pacific: Japan 12,660 20,752 Other 24,975 25,271 Asia-Pacific 37,635 46,023 Total property, equipment and software, net $ 271,170 $ 279,878 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenues and Income from Segments to Consolidated | Information presented below is in thousands: Year Ended December 31, 2015 2014 2013 Service revenues Product Development $ 3,191,630 $ 3,097,831 $ 2,919,730 Integrated Healthcare Services 1,134,789 1,067,991 888,610 Total service revenues 4,326,419 4,165,822 3,808,340 Costs of revenue, service costs Product Development 1,828,734 1,820,937 1,752,800 Integrated Healthcare Services 896,852 863,169 718,626 Total costs of revenue, service costs 2,725,586 2,684,106 2,471,426 Selling, general and administrative Product Development 648,297 631,678 604,663 Integrated Healthcare Services 153,896 140,019 127,860 General corporate and unallocated 118,792 110,641 127,987 Total selling, general and administrative 920,985 882,338 860,510 Income from operations Product Development 714,599 645,216 562,267 Integrated Healthcare Services 84,041 64,803 42,124 General corporate and unallocated (118,792 ) (110,641 ) (127,987 ) Restructuring costs (30,752 ) (8,988 ) (14,071 ) Impairment charges (2,484 ) — — Total income from operations $ 646,612 $ 590,390 $ 462,333 |
Reconciliation of Assets from Segment to Consolidated | As of December 31, 2015 2014 2013 Assets Product Development $ 3,343,502 $ 2,786,692 $ 2,571,502 Integrated Healthcare Services 405,411 330,689 299,284 General corporate and unallocated 177,403 178,572 183,437 Total assets $ 3,926,316 $ 3,295,953 $ 3,054,223 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Year Ended December 31, 2015 2014 2013 Expenditures to acquire long-lived assets Product Development $ 67,660 $ 68,187 $ 69,375 Integrated Healthcare Services 8,667 8,279 17,398 General corporate and unallocated 2,064 6,184 1,574 Total expenditures to acquire long-lived assets $ 78,391 $ 82,650 $ 88,347 |
Depreciation and Amortization Expense | Year Ended December 31, 2015 2014 2013 Depreciation and amortization expense Product Development $ 100,913 $ 95,168 $ 82,047 Integrated Healthcare Services 21,961 20,821 20,475 General corporate and unallocated 4,868 5,024 4,982 Total depreciation and amortization expense $ 127,742 $ 121,013 $ 107,504 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Reconciles the Basic to Diluted Weighted Average Shares Outstanding | The following table reconciles the basic to diluted weighted average shares outstanding (in thousands): Year Ended December 31, 2015 2014 2013 Basic weighted average common shares outstanding 123,038 127,994 124,147 Effect of dilutive stock options and share awards 2,592 3,089 3,715 Diluted weighted average common shares outstanding 125,630 131,083 127,862 |
Summary of Weighted-Average Outstanding Stock Options Excluded from Computation of Diluted Earnings Per Share | The following table shows the weighted average number of outstanding share-based awards not included in the computation of diluted earnings per share as the effect of including such share-based awards in the computation would be anti-dilutive (in thousands): Year Ended December 31, 2015 2014 2013 Weighted average shares subject to anti-dilutive share-based awards 1,058 1,241 1,765 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Components of AOCI | Below is a summary of the components of AOCI (in thousands): Foreign Currency Translation Marketable Securities Derivative Instruments Defined Benefit Plans Income Taxes Total Balance at December 31, 2012 $ 19,312 $ 467 $ (33,542 ) $ (8,235 ) $ 29,693 $ 7,695 Other comprehensive (loss) income before reclassifications (25,141 ) 5,241 (393 ) 2,147 1,331 (16,815 ) Reclassification adjustments — — 13,080 1,044 (5,380 ) 8,744 Balance at December 31, 2013 (5,829 ) 5,708 (20,855 ) (5,044 ) 25,644 (376 ) Other comprehensive (loss) income before reclassifications (49,911 ) (976 ) (6,834 ) (10,218 ) 7,225 (60,714 ) Reclassification adjustments — (5,004 ) 8,630 743 (2,370 ) 1,999 Balance at December 31, 2014 (55,740 ) (272 ) (19,059 ) (14,519 ) 30,499 (59,091 ) Other comprehensive (loss) income before reclassifications (61,090 ) (436 ) (13,202 ) 282 9,110 (65,336 ) Reclassification adjustments — — 18,269 973 (6,181 ) 13,061 Balance at December 31, 2015 $ (116,830 ) $ (708 ) $ (13,992 ) $ (13,264 ) $ 33,428 $ (111,366 ) |
Summary of (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item | Below is a summary of the (gains) losses reclassified from AOCI into the consolidated statements of income and the affected financial statement line item (in thousands): Affected Financial Statement Year Ended December 31, Reclassification Adjustments Line Item 2015 2014 2013 Marketable securities Other expense (income), net $ — $ (5,004 ) $ — Total before income taxes — (5,004 ) — Income tax expense — (1,927 ) — Total net of income taxes $ — $ (3,077 ) $ — Derivative instruments: Interest rate swaps Interest expense $ 12,333 $ 12,424 $ 12,582 Foreign exchange forward contracts Service revenues 5,936 (3,794 ) 498 Total before income taxes 18,269 8,630 13,080 Income tax benefit 5,826 4,022 4,991 Total net of income taxes $ 12,443 $ 4,608 $ 8,089 Defined benefit plans: Amortization of prior service costs See Note 17 $ — $ 107 $ 336 Amortization of actuarial losses See Note 17 973 636 708 Total before income taxes 973 743 1,044 Income tax benefit 355 275 389 Total net of income taxes $ 618 $ 468 $ 655 |
Supplemental Cash Flow Inform58
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | The following table presents the Company’s supplemental cash flow information (in thousands): Year Ended December 31, 2015 2014 2013 Supplemental Cash Flow Information: Interest paid $ 82,333 $ 93,912 $ 115,494 Income taxes paid, net of refunds 120,804 138,931 70,983 Non-cash Investing Activities: Acquisition of property and equipment utilizing capital leases $ 4,238 $ 2,476 $ 3,761 Fair value of contingent consideration payable in connection with acquisitions — — 14,300 Fair value of consideration transferred in connection with the Q 2 423,268 — — |
Quarterly Financial Data (Una59
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Results of Operations | The following table summarizes the Company’s unaudited quarterly results of operations (in thousands, except per share data): 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Service revenues $ 1,029,974 $ 1,074,366 $ 1,093,480 $ 1,128,599 Income from operations 143,217 158,389 167,023 177,983 Net income 86,431 84,947 108,839 108,087 Net (income) loss attributable to noncontrolling interests (33 ) 4 2,447 (3,517 ) Net income attributable to Quintiles Transnational Holdings Inc. $ 86,398 $ 84,951 $ 111,286 $ 104,570 Basic earnings per share (1) $ 0.69 $ 0.69 $ 0.91 $ 0.86 Diluted earnings per share (1) $ 0.68 $ 0.67 $ 0.89 $ 0.85 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Service revenues $ 1,005,288 $ 1,035,476 $ 1,061,013 $ 1,064,045 Income from operations 141,316 141,000 149,142 158,932 Net income 90,214 85,110 92,733 88,444 Net (income) loss attributable to noncontrolling interests (31 ) 10 (79 ) (18 ) Net income attributable to Quintiles Transnational Holdings Inc. $ 90,183 $ 85,120 $ 92,654 $ 88,426 Basic earnings per share (1) $ 0.69 $ 0.66 $ 0.73 $ 0.70 Diluted earnings per share (1) $ 0.68 $ 0.64 $ 0.71 $ 0.69 (1) The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)EmployeeCountryCustomer | Dec. 31, 2014USD ($)Customer | Dec. 31, 2013USD ($)Customer | |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of countries | Country | 100 | ||
Number of employees | Employee | 36,100 | ||
Foreign currency net losses | $ (4,600,000) | $ 4,900,000 | $ 4,000,000 |
Capitalized and amortized expense related to software and related assets | 37,700,000 | 33,100,000 | 32,200,000 |
Impairment charges | $ 2,484,000 | 0 | 0 |
Contract termination period | Most contracts may be terminated upon 30 to 90 days notice by the customer, however, in the event of termination, contract provisions typically require payment for services rendered through the date of termination, as well as for subsequent services rendered to close out the contract. | ||
Advertising expense | $ 12,800,000 | 16,000,000 | 14,800,000 |
Share-based compensation expense | 37,758,000 | 30,001,000 | 22,826,000 |
Recognized future income tax benefit | 8,900,000 | 7,600,000 | $ 8,100,000 |
Unrecognized non-vested share-based compensation | $ 38,800,000 | ||
Weighted average period of share-based compensation | 1 year 3 months 18 days | ||
Deferred income tax assets current | $ 100,978,000 | $ 118,515,000 | |
Deferred income tax liabilities, current | $ 148,000 | ||
Customer Concentration Risk [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of customers served | Customer | 0 | 0 | 0 |
Summary of Significant Accoun61
Summary of Significant Accounting Policies - Property and Equipment at Cost Using Straight-Line Method (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Buildings and leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life, Years | 3 years |
Minimum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life, Years | 3 years |
Minimum [Member] | Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life, Years | 5 years |
Minimum [Member] | Motor vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life, Years | 3 years |
Maximum [Member] | Buildings and leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life, Years | 40 years |
Maximum [Member] | Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life, Years | 10 years |
Maximum [Member] | Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life, Years | 10 years |
Maximum [Member] | Motor vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life, Years | 5 years |
Summary of Significant Accoun62
Summary of Significant Accounting Policies - Definite-lived identifiable intangible assets amortized (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Trademarks and trade names [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life, Years | 2 years |
Trademarks and trade names [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life, Years | 6 years |
Non-compete agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life, Years | 3 years |
Contract backlog and customer relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life, Years | 1 year |
Contract backlog and customer relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life, Years | 10 years |
Software and related assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life, Years | 2 years |
Software and related assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life, Years | 9 years |
Summary of Significant Accoun63
Summary of Significant Accounting Policies - Summary of Research and Development Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Research And Development [Line Items] | |||
Research and development expenses | $ 3,337 | $ 5,791 | $ 4,955 |
Software and related assets [Member] | |||
Schedule Of Research And Development [Line Items] | |||
Research and development expenses | 3,198 | 4,980 | 3,955 |
Research and development activity [Member] | |||
Schedule Of Research And Development [Line Items] | |||
Research and development expenses | $ 139 | $ 811 | $ 1,000 |
Accounts Receivable and Unbil64
Accounts Receivable and Unbilled Services - Accounts Receivable and Unbilled Services (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Trade: | ||
Billed | $ 553,652 | $ 444,941 |
Unbilled services | 614,381 | 532,312 |
Trade accounts receivable and unbilled services, gross | 1,168,033 | 977,253 |
Allowance for doubtful accounts | (2,284) | (1,998) |
Trade accounts receivable and unbilled services, net | $ 1,165,749 | $ 975,255 |
Accounts Receivable and Unbil65
Accounts Receivable and Unbilled Services - Percentage of Accounts Receivable and Unbilled Services by Region (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Receivable [Line Items] | ||
Percentage of accounts receivables | 100.00% | 100.00% |
United States [Member] | ||
Accounts Receivable [Line Items] | ||
Percentage of accounts receivables | 58.00% | 55.00% |
Other [Member] | ||
Accounts Receivable [Line Items] | ||
Percentage of accounts receivables | 1.00% | 2.00% |
Americas [Member] | ||
Accounts Receivable [Line Items] | ||
Percentage of accounts receivables | 59.00% | 57.00% |
United Kingdom [Member] | ||
Accounts Receivable [Line Items] | ||
Percentage of accounts receivables | 23.00% | 23.00% |
Other [Member] | ||
Accounts Receivable [Line Items] | ||
Percentage of accounts receivables | 10.00% | 11.00% |
Europe and Africa [Member] | ||
Accounts Receivable [Line Items] | ||
Percentage of accounts receivables | 33.00% | 34.00% |
Japan [Member] | ||
Accounts Receivable [Line Items] | ||
Percentage of accounts receivables | 3.00% | 4.00% |
Other [Member] | ||
Accounts Receivable [Line Items] | ||
Percentage of accounts receivables | 5.00% | 5.00% |
Asia-Pacific [Member] | ||
Accounts Receivable [Line Items] | ||
Percentage of accounts receivables | 8.00% | 9.00% |
Investments - Debt, Equity and
Investments - Debt, Equity and Other Securities - Summary of the Company's Debt, Equity and Other Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments Debt And Equity Securities [Abstract] | ||
Marketable securities | $ 395 | $ 831 |
Cost method | 32,516 | 33,672 |
Total | $ 32,911 | $ 34,503 |
Investments - Debt, Equity an67
Investments - Debt, Equity and Other Securities - Summary of Available-for-Sale Securities (Detail) - Marketable Equity Securities [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 1,103 | $ 1,103 |
Gross Unrealized Loss | (708) | (272) |
Market Value | $ 395 | $ 831 |
Investments - Debt, Equity an68
Investments - Debt, Equity and Other Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 25, 2011 | |
Investments Debt And Equity Securities [Abstract] | ||||
Gains or losses from the sale of marketable equity securities | $ 0 | $ 5,000,000 | $ 0 | |
Net of tax adjustment to unrealized gain (loss) on available-for-sale securities | (438,000) | (170,000) | 3,500,000 | |
Loss on sale of marketable equity securities | $ 0 | $ 0 | $ 0 | |
Investment in joint venture | $ 30,000,000 | |||
Non controlling interest percentage in exchange of investment in joint venture | 2.20% | 3.00% | ||
Customer incentive | $ 12,500,000 | |||
Preferred stock acquired from Intarcia | 5,000,000 | |||
Total customer incentive | 2,500,000 | $ 7,100,000 | ||
Preferred stock investment | $ 5,000,000 |
Investments - Debt, Equity an69
Investments - Debt, Equity and Other Securities - Summary of the Company's Portfolio of Cost Method Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Cost Method Investments [Line Items] | ||
Cost of investments | $ 32,516 | $ 33,672 |
Equity investments [Member] | ||
Schedule Of Cost Method Investments [Line Items] | ||
Cost of investments | $ 32,516 | 32,516 |
Convertible notes [Member] | ||
Schedule Of Cost Method Investments [Line Items] | ||
Cost of investments | $ 1,156 |
Investments in and Advances t70
Investments in and Advances to Unconsolidated Affiliates - Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and Advances to Affiliates | $ 52,382 | $ 31,508 |
NovaQuest Pharma Opportunities Fund lll, L.P [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and Advances to Affiliates | 39,785 | 22,633 |
NovaQuest Pharma Opportunities Fund lV, L.P [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and Advances to Affiliates | 2,524 | |
Cenduit TM [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and Advances to Affiliates | 9,478 | 8,271 |
Other [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in and Advances to Affiliates | $ 595 | $ 604 |
Investments in and Advances t71
Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) $ in Thousands | Dec. 31, 2015USD ($) | Feb. 28, 2015USD ($) | Dec. 31, 2014 | Feb. 25, 2011USD ($) | May. 31, 2007USD ($)Location |
Schedule of Investments [Line Items] | |||||
Amount of initial capital | $ 30,000 | ||||
NovaQuest Pharma Opportunities Fund lll, L.P [Member] | |||||
Schedule of Investments [Line Items] | |||||
Committed to invest fund | $ 50,000 | ||||
Commitment funded | 34,700 | ||||
Funding commitments | $ 15,300 | ||||
Beneficial ownership in common stock | 10.90% | 10.90% | |||
NovaQuest Pharma Opportunities Fund lV, L.P [Member] | |||||
Schedule of Investments [Line Items] | |||||
Committed to invest fund | $ 20,000 | ||||
Commitment funded | $ 2,700 | ||||
Funding commitments | $ 17,300 | ||||
Beneficial ownership in common stock | 2.30% | ||||
Cenduit TM [Member] | |||||
Schedule of Investments [Line Items] | |||||
Ownership interest | 50.00% | ||||
Number of locations | Location | 3 | ||||
Cenduit TM [Member] | United Kingdom [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amount of initial capital | $ 3,500 | ||||
Cenduit TM [Member] | United States [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amount of initial capital | 3,500 | ||||
Cenduit TM [Member] | Switzerland [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amount of initial capital | $ 3,500 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
May. 31, 2015USD ($) | Dec. 31, 2015USD ($)Derivative | Dec. 31, 2014USD ($)Derivative | Jun. 03, 2015USD ($)Agreement | Jun. 09, 2011Agreement | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of foreign exchange forward contracts | Agreement | 7 | 6 | |||
Notional amount | $ 440,000,000 | ||||
Payment to terminate hedge accounting | $ 12,400,000 | ||||
Interest rate cash flow hedge loss to be reclassified during next nine months, net | $ (3,100,000) | ||||
Interest swaps accrual beginning date | Jun. 30, 2016 | ||||
Derivative fixed interest rate | 2.10% | ||||
Interest rate cash flow hedge loss to be reclassified during next 12 months, net | $ (3,200,000) | ||||
Senior Notes [Member] | Variable Rate Debt [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Interest rate swaps effectively converted percent | 50.00% | ||||
Senior Notes [Member] | Fixed Rate Debt [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Interest rate swaps effectively converted percent | 50.00% | ||||
Accrued Interest [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Payment to terminate hedge accounting | $ 1,400,000 | ||||
Foreign Exchange Forward Contracts [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of foreign exchange forward contracts | Derivative | 15 | 13 | |||
Notional amount | $ 117,500,000 | $ 76,000,000 | |||
Losses related to these foreign exchange forward contracts | $ 5,200,000 | $ 4,600,000 | |||
Expiration year of hedge instruments | 2,016 | 2,015 | |||
Six Interest Rate Swaps [Member] | Minimum [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Interest rate swaps expiry date | Sep. 30, 2013 | ||||
Six Interest Rate Swaps [Member] | Maximum [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Interest rate swaps expiry date | Mar. 31, 2016 | ||||
Seven Interest Rate Swaps [Member] | Minimum [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Interest rate swaps expiry date | Mar. 31, 2017 | ||||
Seven Interest Rate Swaps [Member] | Maximum [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Interest rate swaps expiry date | Mar. 31, 2020 |
Derivatives - Summary of Fair V
Derivatives - Summary of Fair Values of Derivative Instruments Designated as Hedges (Detail) - Designated as Hedging Instrument [Member] - Other Current Liabilities [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Foreign Exchange Forward Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability fair value | $ 5,194 | $ 4,635 |
Interest Rate Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability fair value | $ 5,698 | $ 14,424 |
Derivatives - Effect of Cash Fl
Derivatives - Effect of Cash Flow Hedging Instruments on Other Comprehensive Income (Loss) (Detail) - Derivatives Designated As Cash Flow Hedges [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Effect of cash flow hedging instruments on other comprehensive income (loss) | $ 5,067 | $ 1,796 | $ 12,687 |
Foreign Exchange Forward Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Effect of cash flow hedging instruments on other comprehensive income (loss) | (559) | (8,585) | 3,485 |
Interest Rate Swaps [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Effect of cash flow hedging instruments on other comprehensive income (loss) | $ 5,626 | $ 10,381 | $ 9,202 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - Recurring Fair Value Measurements [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 395 | $ 831 |
Fair value of liabilities | 15,266 | 20,511 |
Foreign Exchange Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 5,194 | 4,635 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 5,698 | 14,424 |
Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 4,374 | 1,452 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 395 | 831 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 10,892 | 19,059 |
Level 2 [Member] | Foreign Exchange Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 5,194 | 4,635 |
Level 2 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 5,698 | 14,424 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 4,374 | 1,452 |
Level 3 [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 4,374 | 1,452 |
Marketable Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 395 | 831 |
Marketable Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 395 | $ 831 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis (Detail) - Accounts Payable and Accrued Expenses and Other Liabilities [Member] - Contingent Consideration [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance, Contingent Consideration | $ 1,452 | $ 13,014 | $ 3,521 |
Initial estimate of contingent consideration | 14,300 | ||
Contingent consideration paid | (3,000) | (3,000) | |
Revaluations included in earnings | 5,922 | (8,562) | (4,807) |
Ending Balance, Contingent Consideration | $ 4,374 | $ 1,452 | $ 13,014 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other identifiable intangibles, net | $ 368,106 | $ 280,243 |
Non-recurring Fair Value Measurements [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 1,172,700 | |
Cost and equity method investments | 84,900 | |
Goodwill | 719,700 | |
Other identifiable intangibles, net | $ 368,100 |
Property and Equipment - Summar
Property and Equipment - Summary of Major Classes of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 510,712 | $ 496,225 |
Less accumulated depreciation | (322,319) | (305,928) |
Property and Equipment, Net | 188,393 | 190,297 |
Land, buildings and leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 187,405 | 185,940 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 257,119 | 240,227 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 52,840 | 54,615 |
Motor vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 13,348 | $ 15,443 |
Goodwill and Identifiable Int79
Goodwill and Identifiable Intangible Assets - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Identifiable intangible assets | $ 368.1 |
Identifiable intangible assets related to trade name | 128.2 |
Estimated amortization expense, 2015 | 61.7 |
Estimated amortization expense, 2016 | 50.2 |
Estimated amortization expense, 2017 | 39.2 |
Estimated amortization expense, 2018 | 32.5 |
Estimated amortization expense, 2019 | $ 20.8 |
Goodwill and Identifiable Int80
Goodwill and Identifiable Intangible Assets - Summary of Amortization Expense Associated with Identifiable Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 66,545 | $ 58,457 | $ 51,450 |
Goodwill and Identifiable Int81
Goodwill and Identifiable Intangible Assets - Summary of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | $ 518,035 | $ 401,850 |
Accumulated Amortization | (278,176) | (231,283) |
Net Amount | 239,859 | 170,567 |
Product licensing and distribution rights and customer relationships [Member] | ||
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | 224,149 | 123,227 |
Accumulated Amortization | (75,606) | (54,413) |
Net Amount | 148,543 | 68,814 |
Software and related assets [Member] | ||
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | 279,266 | 260,052 |
Accumulated Amortization | (196,489) | (170,471) |
Net Amount | 82,777 | 89,581 |
Trademarks and trade names [Member] | ||
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | 14,620 | 18,571 |
Accumulated Amortization | (6,081) | (6,399) |
Net Amount | 8,539 | 12,172 |
Trade names [Member] | ||
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | $ 128,247 | $ 109,676 |
Goodwill and Identifiable Int82
Goodwill and Identifiable Intangible Assets - Summary of Goodwill by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 464,434 | $ 409,626 |
Business combinations | 262,377 | 62,778 |
Impact of foreign currency fluctuations and other | (7,071) | (7,970) |
Ending Balance | 719,740 | 464,434 |
Product Development [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 346,608 | 351,144 |
Business combinations | 262,377 | |
Impact of foreign currency fluctuations and other | (6,879) | (4,536) |
Ending Balance | 602,106 | 346,608 |
Integrated Healthcare Services [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 117,826 | 58,482 |
Business combinations | 62,778 | |
Impact of foreign currency fluctuations and other | (192) | (3,434) |
Ending Balance | $ 117,634 | $ 117,826 |
Accrued Expenses - Accrued Expe
Accrued Expenses - Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Compensation, including bonuses, fringe benefits and payroll taxes | $ 400,748 | $ 403,250 |
Restructuring | 13,564 | 6,083 |
Interest | 5,115 | 274 |
Contract related | 271,076 | 255,530 |
Other | 70,254 | 68,507 |
Total | $ 760,757 | $ 733,644 |
Credit Arrangements - Summary o
Credit Arrangements - Summary of Credit Facilities (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2015GBP (£) | |
Revolving credit facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility | $ 500,000,000 | |
Interest Rate Description | London Interbank Offer Rate (“LIBOR”) (0.61% at December 31, 2015) plus 1.75% | |
LIBOR [Member] | Revolving credit facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Rate | 0.61% | 0.61% |
Interest Rate spread on base rate | 1.75% | |
Receivables Financing Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility | $ 25,000,000 | |
Interest Rate Description | LIBOR Market Index Rate (0.43% at December 31, 2015) plus 0.85% to 1.35% depending upon the Company’s debt rating | |
Rate | 0.43% | 0.43% |
Receivables Financing Facility [Member] | LIBOR [Member] | ||
Line Of Credit Facility [Line Items] | ||
Rate | 1.48% | 1.48% |
Interest Rate spread on base rate | 1.05% | |
Receivables Financing Facility [Member] | LIBOR [Member] | Minimum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Interest Rate spread on base rate | 0.85% | |
Receivables Financing Facility [Member] | LIBOR [Member] | Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Interest Rate spread on base rate | 1.35% | |
General Banking Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility | $ 14,800,000 | £ 10,000,000 |
Interest Rate Description | Bank’s base rate (0.5% at December 31, 2015) plus 1% | |
General Banking Facility [Member] | Base Rate | ||
Line Of Credit Facility [Line Items] | ||
Rate | 0.50% | 0.50% |
Interest Rate spread on base rate | 1.00% |
Credit Arrangements - Additiona
Credit Arrangements - Additional Information (Detail) £ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2015GBP (£) | Dec. 31, 2014USD ($) | |
Line Of Credit Facility [Line Items] | |||
Outstanding borrowings | $ 0 | $ 0 | |
Revolving Credit Facility | |||
Line Of Credit Facility [Line Items] | |||
Credit facility repaid | $ 150,000,000 | ||
Outstanding borrowings | 150,000,000 | ||
General Banking Facility [Member] | |||
Line Of Credit Facility [Line Items] | |||
Bank guarantees | $ 5,800,000 | £ 3.9 | |
Term Loan A [Member] | Revolving Credit Facility | |||
Line Of Credit Facility [Line Items] | |||
Debt instrument restrictive covenants, description | The credit agreement also contains one financial covenant, which is a total leverage ratio that provides for a maximum ratio of consolidated total debt to consolidated EBITDA, as defined in the credit agreement, for any period of four consecutive fiscal quarters, measured as of the end of such period, of 5.75 to 1.00, and applies at any time that the Term Loan A or New Revolver commitments remain outstanding. | The credit agreement also contains one financial covenant, which is a total leverage ratio that provides for a maximum ratio of consolidated total debt to consolidated EBITDA, as defined in the credit agreement, for any period of four consecutive fiscal quarters, measured as of the end of such period, of 5.75 to 1.00, and applies at any time that the Term Loan A or New Revolver commitments remain outstanding. | |
Term Loan A [Member] | Revolving Credit Facility | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Total debt to consolidated EBITDA | 575.00% | 575.00% |
Credit Arrangements - Schedule
Credit Arrangements - Schedule of Long-term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,500,750 | $ 2,305,606 |
Less: unamortized discount | (24,020) | (12,379) |
Less: unamortized debt issuance costs | (8,955) | (9,879) |
Less: current portion | (48,500) | (750) |
Long term debt, total | 2,419,275 | 2,282,598 |
4.875% Senior Notes [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 800,000 | |
Term Loan A [Member] | Due in 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 828,750 | |
Term Loan B [Member] | Due in 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 597,000 | |
Term Loan B-3 [Member] | Due in 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,030,606 | |
Receivables Financing Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 275,000 | $ 275,000 |
Credit Arrangements - Schedul87
Credit Arrangements - Schedule of Long-term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2015 | May. 12, 2015 | |
4.875% Senior Notes [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 4.875% | 4.875% |
Debt maturity year | 2,023 | |
Term Loan A [Member] | Due in 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,020 | |
Debt instrument interest rate terms, Description | LIBOR plus 1.75%, or 2.36% at December 31, 2015 | |
Term Loan B [Member] | Due in 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,022 | |
Debt instrument interest rate terms, Description | The greater of LIBOR or 0.75% plus 2.50%, or 3.25% at December 31, 2015 | |
Term Loan B-3 [Member] | Due in 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,018 | |
Debt instrument interest rate terms, Description | The greater of three month LIBOR or 1.25% plus 2.50%, or 3.75% at December 31, 2014 | |
Receivables Financing Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 0.43% | |
Debt maturity year | 2,018 | |
Debt instrument interest rate terms, Description | LIBOR plus 1.05%, or 1.48% at December 31, 2015 | |
LIBOR [Member] | Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 2.36% | |
Interest Rate spread on base rate | 1.75% | |
LIBOR [Member] | Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 3.25% | |
LIBOR [Member] | Term Loan B-3 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 3.75% | |
LIBOR [Member] | Receivables Financing Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 1.48% | |
Interest Rate spread on base rate | 1.05% | |
LIBOR [Member] | Minimum [Member] | Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate spread on base rate | 0.75% | |
LIBOR [Member] | Minimum [Member] | Term Loan B-3 [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate spread on base rate | 1.25% | |
LIBOR [Member] | Minimum [Member] | Receivables Financing Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate spread on base rate | 0.85% | |
LIBOR [Member] | Maximum [Member] | Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate spread on base rate | 2.50% | |
LIBOR [Member] | Maximum [Member] | Term Loan B-3 [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate spread on base rate | 2.50% | |
LIBOR [Member] | Maximum [Member] | Receivables Financing Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate spread on base rate | 1.35% |
Credit Arrangements - Contractu
Credit Arrangements - Contractual Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 48,500 | |
2,017 | 48,500 | |
2,018 | 323,500 | |
2,019 | 48,500 | |
2,020 | 664,750 | |
Thereafter | 1,367,000 | |
Long-term debt | $ 2,500,750 | $ 2,305,606 |
Credit Arrangements - Senior Se
Credit Arrangements - Senior Secured Credit Agreement - Additional Information (Detail) - USD ($) | May. 12, 2015 | Nov. 07, 2014 | Dec. 20, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Line Of Credit Facility [Line Items] | |||||
Outstanding borrowings | $ 0 | $ 0 | |||
Senior Notes [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt Instrument payment frequency | Interest on the Senior Notes is paid semiannually on May 15 and November 15 of each year until maturity. | ||||
Revolving Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | $ 500,000,000 | ||||
Outstanding borrowings | $ 150,000,000 | ||||
Revolving Credit Facility | Minimum [Member] | 2014 Revolving Credit Facility Amendment [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Outstanding borrowings | $ 300,000,000 | ||||
Revolving Credit Facility | Maximum [Member] | 2014 Revolving Credit Facility Amendment [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Credit facility arrangement amended date | Nov. 7, 2014 | ||||
Outstanding borrowings | $ 400,000,000 | ||||
Senior secured credit facilities [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | $ 1,950,000,000 | ||||
Percentage of excess cash flow for loan repayment | 25.00% | ||||
Percentage of repayment from cash proceeds of asset disposition | 100.00% | ||||
Percentage of equity interest of domestic subsidiaries pledged as collateral | 100.00% | ||||
Percentage of equity interest of foreign subsidiaries pledged as collateral | 65.00% | ||||
Senior secured credit facilities [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Percentage of excess cash flow for loan repayment | 0.00% | ||||
Senior secured credit facilities [Member] | Term Loans [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | $ 1,450,000,000 | ||||
Senior secured credit facilities [Member] | Revolving Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | $ 500,000,000 | ||||
Credit facility maturity period | 5 years | ||||
Term Loan A [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Annual Maturities Percentage | 5.00% | ||||
Term Loan A [Member] | Term Loans [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | $ 850,000,000 | ||||
Debt maturity year | 2,020 | ||||
Term Loan B [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Annual Maturities Percentage | 1.00% | ||||
Term Loan B [Member] | Term Loans [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | $ 600,000,000 | ||||
Debt maturity year | 2,022 | ||||
4.875% Senior Notes [Member] | Due in 2023 [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt maturity year | 2,023 | ||||
Notes issued in private placement, amount | $ 800,000,000 | ||||
Debt instrument interest rate stated percentage | 4.875% | 4.875% | |||
Term Loan A and B [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Term loan maturity dates, description | Annual maturities on the New Term Loan A and the New Term Loan B are 5% and 1%, respectively, of the respective original principal amount with the remaining balance to be repaid on their respective maturity dates | ||||
Percentage of excess cash flow for loan repayment | 50.00% | ||||
Term Loan B-3 [Member] | Due in 2018 [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt maturity year | 2,018 | ||||
Termination of interest rate swaps | $ 11,000,000 | ||||
Term Loan B-3 [Member] | Due 2018 [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | $ 2,061,000,000 | ||||
Credit facility due | 2,018 |
Credit Arrangements - Additio90
Credit Arrangements - Additional Information - Detail (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
May. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 20, 2013 | |
Line Of Credit Facility [Line Items] | |||||
Outstanding borrowings | $ 0 | $ 0 | |||
Loss on extinguishment of debt | (7,780,000) | $ (19,831,000) | |||
Unamortized debt issuance cost | 8,955,000 | 9,879,000 | |||
Unamortized discount | 24,020,000 | 12,379,000 | |||
Cash paid to pay down debt | 2,056,780,000 | $ 30,157,000 | 2,444,600,000 | ||
Revolving Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | 500,000,000 | ||||
Outstanding borrowings | $ 150,000,000 | ||||
Term Loans [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Loss on extinguishment of debt | $ 15,500,000 | ||||
Unamortized debt issuance cost | 4,700,000 | ||||
Unamortized discount | 4,700,000 | ||||
Fees and expenses | 6,100,000 | ||||
Cash paid to pay down debt | 308,900,000 | ||||
Term Loan B-1 [Member] | Due 2018 [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Loss on extinguishment of debt | (1,000,000) | ||||
Unamortized debt issuance cost | 930,000,000 | ||||
Unamortized discount | 112,000,000 | ||||
Cash paid to pay down debt | $ 50,000,000 | ||||
Receivables Financing Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Securitization arrangement initiation date | Dec. 5, 2014 | ||||
Credit facility maturity period | 4 years | ||||
Aggregate maximum principal amount | $ 25,000,000 | ||||
Receivables Financing Facility [Member] | Term Loans [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | 275,000,000 | ||||
Receivables Financing Facility [Member] | Revolving Loan Commitment [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | 25,000,000 | ||||
Increase in revolving loan commitment | 35,000,000 | ||||
Term Loan B-3 [Member] | Due 2018 [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | $ 2,061,000,000 | ||||
Repayment of term loan | 25,000,000 | ||||
Loss on extinguishment of debt | 7,800,000 | (3,300,000) | |||
Unamortized debt issuance cost | 1,100,000 | 1,600,000 | |||
Unamortized discount | 1,300,000 | 1,600,000 | |||
Fees and expenses | $ 5,400,000 | $ 25,000,000 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Rental expenses under agreement | $ 109.4 | $ 114.6 | $ 125.6 |
Operating lease year of expiry | 2,029 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments Under Capital and Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
Capital leases, future minimum payments due, 2016 | $ 15 |
Capital leases, future minimum payments due, 2017 | 18 |
Capital leases, total minimum lease payments | 33 |
Capital leases, Amounts representing interest | (2) |
Capital leases, Present value of net minimum payments | 31 |
Capital leases, Current portion | (13) |
Capital leases, Long-term capital lease obligations | 18 |
Operating leases, future minimum payments due, 2016 | 84,747 |
Operating leases, future minimum payments due, 2017 | 62,485 |
Operating leases, future minimum payments due, 2018 | 41,907 |
Operating leases, future minimum payments due, 2019 | 29,201 |
Operating leases, future minimum payments due, 2020 | 25,713 |
Operating leases, future minimum payments due, Thereafter | 111,267 |
Operating leases, total minimum lease payments | $ 355,320 |
Shareholders' Deficit - Additio
Shareholders' Deficit - Additional Information (Detail) - USD ($) | Nov. 10, 2014 | May. 28, 2014 | May. 27, 2014 | May. 14, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Oct. 30, 2013 |
Class Of Stock [Line Items] | |||||||||
Common stock issued | 119,378,000 | 124,129,000 | 119,378,000 | ||||||
Proceeds from issue of common stock through IPO | $ 525,000,000 | ||||||||
Preferred stock, authorized | 1,000,000 | 1,000,000 | |||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||||
Preferred stock, shares issued | 0 | 0 | 0 | ||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | ||||||
Repurchase of common stock, value | $ 515,010,000 | $ 415,131,000 | $ 6,434,000 | $ 995,600,000 | |||||
Equity repurchase program authorized amount | $ 125,000,000 | ||||||||
Repurchase of common stock, Shares | 7,855,796 | 7,591,175 | 153,223 | ||||||
Q2 Solutions | |||||||||
Class Of Stock [Line Items] | |||||||||
Percentage of Quest’s noncontrolling interest in Q2 Solutions | 40.00% | 40.00% | |||||||
Quest’s noncontrolling interest in Q2 Solutions | $ 231,900,000 | ||||||||
Equity Repurchase Program [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Repurchase of common stock, value | 515,010,000 | $ 14,000 | $ 6,434,000 | ||||||
Equity repurchase program authorized amount | 725,000,000 | $ 725,000,000 | |||||||
Equity repurchase program increase in authorized amount | 600,000,000 | ||||||||
Equity available for repurchase under the repurchase program | $ 144,500,000 | $ 144,500,000 | |||||||
Repurchase of common stock, Shares | 7,855,796 | 300 | 153,223 | ||||||
Other Equity Repurchases [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Repurchase of common stock, value | $ 250,000,000 | $ 165,100,000 | |||||||
Repurchase of common stock, Shares | 4,303,666 | 3,287,209 | |||||||
Repurchase of common stock, share price | $ 58.09 | $ 50.23 | $ 51.26 | ||||||
Repurchase price per share percentage | 98.00% | ||||||||
Other Equity Repurchases [Member] | Revolving credit facility [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Credit facility amount used to fund repurchase | $ 150,000,000 | ||||||||
IPO [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock price | $ 40 | ||||||||
Common stock issued | 13,125,000 | ||||||||
Proceeds from issue of common stock through IPO | $ 489,500,000 | ||||||||
Selling Shareholders [Member] | IPO [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Sale of common stock | 14,111,841 | ||||||||
Proceeds from issue of common stock through IPO | $ 0 | ||||||||
Selling Shareholders [Member] | IPO [Member] | Underwriters Option [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Shares offered and sold by selling shareholders pursuant to the full exercise of the underwriters' option to purchase additional shares | 3,552,631 | ||||||||
Stock Options [Member] | |||||||||
Class Of Stock [Line Items] | |||||||||
Equity repurchased -vested in-the-money employee stock options, shares | 2,000,000 | ||||||||
Equity repurchased -vested in-the-money employee stock options, value | $ 59,100,000 | ||||||||
Repurchase vested in-the-money employee stock options, average market price | $ 43.42 | ||||||||
Repurchase of vested in-the-money employee stock options, average exercise price per option | $ 13.74 |
Shareholders' Deficit - Summary
Shareholders' Deficit - Summary of Share Repurchases Made Under Repurchase Program (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 26 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Class Of Stock [Line Items] | ||||
Repurchase of common stock, Shares | 7,855,796 | 7,591,175 | 153,223 | |
Aggregate purchase price | $ 515,010 | $ 415,131 | $ 6,434 | $ 995,600 |
Equity Repurchase Program [Member] | ||||
Class Of Stock [Line Items] | ||||
Repurchase of common stock, Shares | 7,855,796 | 300 | 153,223 | |
Aggregate purchase price | $ 515,010 | $ 14 | $ 6,434 | |
Average price per share | $ 65.56 | $ 47.51 | $ 42.01 |
Management Fees - Additional In
Management Fees - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2013 | Jan. 31, 2008 | |
Management Fees Disclosure [Abstract] | ||
Annual management service fee agreed to pay | $ 5 | |
Termination fee | $ 25 | |
Management service fee | $ 27.7 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 02, 2015 | Jul. 02, 2014 | Sep. 16, 2013 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Business combination, fair value of consideration transferred | $ 423,268 | |||
Quest [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, percentage of voting interests acquired | 40.00% | |||
Business combination, fair value of consideration transferred | $ 423,300 | |||
Encore [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition through merger | $ 91,500 | |||
Date of Acquisition | Jul. 1, 2014 | |||
Cash acquired | $ 2,200 | |||
Novella [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||
Date of Acquisition | Sep. 16, 2013 | |||
Cash acquired | $ 26,200 | |||
Outstanding stock value | 146,600 | |||
Contingent consideration, annual earn out payment | 21,000 | |||
Liability recognized on acquisition | $ 14,300 |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Value of Net Assets Acquired at the Date of Acquisitions (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets acquired: | |||
Goodwill | $ 719,740 | $ 464,434 | $ 409,626 |
Quest [Member] | |||
Assets acquired: | |||
Cash and cash equivalents | 31,783 | ||
Accounts receivable and unbilled services | 6,186 | ||
Prepaid expenses | 1,185 | ||
Other current assets | 4,426 | ||
Property and equipment | 16,422 | ||
Goodwill | 261,710 | ||
Other identifiable intangibles | 125,900 | ||
Other long-term assets | 266 | ||
Liabilities assumed: | |||
Accounts payable and accrued expenses | (12,790) | ||
Deferred income tax liability – long-term | (10,412) | ||
Other long-term liabilities | (1,408) | ||
Net assets acquired | 423,268 | ||
Encore [Member] | |||
Assets acquired: | |||
Cash and cash equivalents | 2,223 | ||
Accounts receivable and unbilled services | 17,714 | ||
Other current assets | 443 | ||
Property and equipment | 289 | ||
Goodwill | 62,778 | ||
Other identifiable intangibles | 14,150 | ||
Deferred income tax asset – long-term | 396 | ||
Liabilities assumed: | |||
Accounts payable and accrued expenses | (4,206) | ||
Unearned income | (31) | ||
Net assets acquired | 93,756 | ||
Novella [Member] | |||
Assets acquired: | |||
Cash and cash equivalents | 26,190 | ||
Accounts receivable and unbilled services | 28,644 | ||
Other current assets | 1,441 | ||
Property and equipment | 9,616 | ||
Goodwill | 116,542 | ||
Other identifiable intangibles | 42,740 | ||
Other long-term assets | 2,203 | ||
Liabilities assumed: | |||
Accounts payable and accrued expenses | (12,716) | ||
Unearned income | (7,782) | ||
Other current liabilities | (132) | ||
Deferred income tax liability – long-term | (18,364) | ||
Other long-term liabilities | (1,334) | ||
Net assets acquired | $ 187,048 |
Business Combinations - Summa98
Business Combinations - Summary Of Identifiable Intangible Assets (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Quest [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | $ 125,900 |
Amortized over a weighted average useful life (in years) | 9 years |
Quest [Member] | Trade names [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | $ 19,000 |
Quest [Member] | Contract backlog and customer relationships [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | 74,000 |
Quest [Member] | Backlog [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | 32,900 |
Encore [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | $ 14,150 |
Amortized over a weighted average useful life (in years) | 8 years |
Encore [Member] | Contract backlog and customer relationships [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | $ 8,800 |
Encore [Member] | Backlog [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | 800 |
Encore [Member] | Finite lived trade name [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | 1,100 |
Encore [Member] | Non-compete agreements [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | 450 |
Encore [Member] | Software and related assets [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | 3,000 |
Novella [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | $ 42,740 |
Amortized over a weighted average useful life (in years) | 7 years |
Novella [Member] | Contract backlog and customer relationships [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | $ 20,800 |
Novella [Member] | Backlog [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | 14,000 |
Novella [Member] | Finite lived trade name [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | 7,500 |
Novella [Member] | Non-compete agreements [Member] | |
Acquired Intangible Assets [Line Items] | |
Total other identifiable intangibles | $ 440 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | 35 Months Ended | |||
Feb. 28, 2013USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Feb. 28, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | $ 30,752,000 | $ 8,988,000 | $ 14,071,000 | |||||
Quest [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Severance, facility closure and other exit-related costs | $ 14,000,000 | |||||||
2015 Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring plan approved | $ 30,000,000 | |||||||
2015 Plan [Member] | Operating Segments [Member] | Product Development [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | 11,800,000 | |||||||
2015 Plan [Member] | Operating Segments [Member] | Product Development [Member] | Quest [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | 8,700,000 | |||||||
2015 Plan [Member] | Operating Segments [Member] | Integrated Healthcare Services [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | 8,900,000 | |||||||
2015 Plan [Member] | Corporate, Non-Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | $ 749,000 | |||||||
2014 Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring plan approved | $ 13,000,000 | |||||||
Restructuring costs | $ 11,000,000 | |||||||
Number of positions reduced | 250 | |||||||
2014 Plan [Member] | Operating Segments [Member] | Product Development [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | 8,000,000 | |||||||
2014 Plan [Member] | Operating Segments [Member] | Integrated Healthcare Services [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | $ 3,000,000 | |||||||
2013 Plan [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring plan approved | $ 15,000,000 | |||||||
Restructuring costs | $ 13,600,000 | |||||||
Number of positions reduced | 400 | |||||||
2013 Plan [Member] | Operating Segments [Member] | Product Development [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | 8,400,000 | |||||||
2013 Plan [Member] | Operating Segments [Member] | Integrated Healthcare Services [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | 4,700,000 | |||||||
2013 Plan [Member] | Corporate, Non-Segment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | $ 500,000 |
Restructuring - Summary of Amou
Restructuring - Summary of Amounts Recorded for Restructuring Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserves, beginning balance | $ 6,083 | $ 5,474 | $ 5,474 | |
Expense, net of reversals | 30,752 | 8,988 | $ 14,071 | |
Payments | (23,666) | (8,158) | ||
Foreign currency translation | (221) | |||
Foreign currency translation and other | 395 | |||
Restructuring reserves, ending balance | 13,564 | 6,083 | 5,474 | 13,564 |
Severance and Related Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserves, beginning balance | 5,478 | 5,276 | 5,276 | |
Expense, net of reversals | 29,843 | 8,421 | ||
Payments | (22,943) | (7,998) | ||
Foreign currency translation | (221) | |||
Foreign currency translation and other | (199) | |||
Restructuring reserves, ending balance | 12,179 | 5,478 | 5,276 | 12,179 |
Exit Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserves, beginning balance | 605 | 198 | 198 | |
Expense, net of reversals | 909 | 567 | ||
Payments | (723) | (160) | ||
Foreign currency translation and other | 594 | |||
Restructuring reserves, ending balance | $ 1,385 | $ 605 | $ 198 | $ 1,385 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes and Equity in Earnings of Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Before Income Taxes [Line Items] | |||
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | $ 538,995 | $ 502,189 | $ 323,116 |
Domestic [Member] | |||
Income Before Income Taxes [Line Items] | |||
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | 68,455 | 96,917 | 68,425 |
Foreign [Member] | |||
Income Before Income Taxes [Line Items] | |||
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | $ 470,540 | $ 405,272 | $ 254,691 |
Income Taxes - Components of102
Income Taxes - Components of Income Tax Expense Attributable to Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||
Federal | $ 47,311 | $ 58,403 | $ 38,573 | |
State | 3,559 | 4,618 | (4,309) | |
Foreign | 109,273 | 95,010 | 83,744 | |
Current Income Tax Expense (Benefit) | 160,143 | 158,031 | 118,008 | |
Federal and state | 4,613 | (4,549) | (15,807) | |
Foreign | (5,767) | (3,426) | (6,236) | |
Deferred Income Tax Expense (Benefit) | (1,154) | (7,975) | (22,043) | |
Income Tax Expense (Benefit) | $ (8,100) | $ 158,989 | $ 150,056 | $ 95,965 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Examination [Line Items] | ||||||
Statutory U.S. tax rate | 35.00% | |||||
Income tax benefit | $ 8,100,000 | $ (158,989,000) | $ (150,056,000) | $ (95,965,000) | ||
Undistributed earnings of foreign subsidiaries | 862,300,000 | |||||
Undistributed earnings of foreign subsidiary, taxable upon repatriation | 283,900,000 | |||||
Deferred income tax liability, net of foreign income tax credits upon repatriation | 34,900,000 | |||||
Indefinitely reinvested undistributed earnings of foreign subsidiaries | 578,400,000 | |||||
Additional tax liability on Indefinitely reinvested undistributed earnings of foreign subsidiaries | 94,600,000 | |||||
Net operating loss carryforwards | 41,707,000 | 43,535,000 | ||||
Decrease in valuation allowances | 24,700,000 | |||||
Unrecognized income tax benefits | 29,700,000 | |||||
Unrecognized benefits | 29,300,000 | |||||
Accrued interest and penalties | 2,900,000 | 4,800,000 | ||||
(Reduction)/Addition of Interest and penalties recorded | (2,000,000) | 1,300,000 | 843,000 | |||
Gross unrecognized income tax benefits | 29,666,000 | 40,821,000 | 54,936,000 | $ 43,393,000 | ||
Quintiles East Asia [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income tax benefit | $ 2,000,000 | $ 2,400,000 | 798,000 | |||
Income tax holiday period | Through June 2015 | |||||
Outcome Europe Sarl [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Income tax benefit | 64,000 | |||||
Earnings per share | $ 0.02 | $ 0.02 | ||||
Minimum [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Decrease in valuation allowances | $ 2,500,000 | |||||
Maximum [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Decrease in valuation allowances | 22,200,000 | |||||
United Kingdom [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Operating Loss and capital loss carryforwards | 44,900,000 | |||||
Foreign Jurisdictions [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Operating Loss and capital loss carryforwards | 40,700,000 | |||||
United States [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Net operating loss carryforwards | $ 44,000,000 | |||||
Net operating loss carryforwards expiration year | 2,035 | |||||
Novella, EA And Advion BioSciences, Inc. [Member] | United States [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Net operating loss carryforwards | $ 16,600,000 | $ 16,600,000 | $ 16,600,000 | |||
Net operating loss carryforwards expiration year | 2,023 | |||||
Federal State And Foreign Tax [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Gross unrecognized income tax benefits | $ 8,100,000 | |||||
Foreign Tax [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Gross unrecognized income tax benefits | $ 160,000 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||
Federal income tax expense at statutory rate | $ 188,648 | $ 175,766 | $ 113,091 | |
State and local income taxes, net of federal benefit | 1,682 | 2,312 | (1,088) | |
Research and development | (12,634) | (16,765) | (12,788) | |
Foreign nontaxable interest income | (9,351) | (10,217) | (9,751) | |
Gain on note settlement | 10,794 | |||
United States taxes recorded on foreign earnings | 38,246 | 18,631 | (1,616) | |
Foreign rate differential | (49,288) | (30,734) | (10,753) | |
Tax contingencies | (8,304) | 4,043 | (1,012) | |
Other | 9,990 | 7,020 | 9,088 | |
Income Tax Expense (Benefit) | $ (8,100) | $ 158,989 | $ 150,056 | $ 95,965 |
Income Taxes - Income Tax Effec
Income Taxes - Income Tax Effects of Temporary Differences from Continuing Operations that Give Rise to Significant Portions of Deferred Income Tax (Liabilities) Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax liabilities: | ||
Undistributed foreign earnings | $ (36,624) | $ (27,717) |
Depreciation and amortization | (53,171) | (65,614) |
Other | (11,830) | (15,346) |
Total deferred income tax liabilities | (101,625) | (108,677) |
Deferred income tax assets: | ||
Net operating loss, capital loss and tax credit carryforwards | 41,707 | 43,535 |
Accrued expenses and unearned income | 23,315 | 34,048 |
Employee benefits | 123,775 | 130,217 |
Other | 12,801 | 17,784 |
Deferred Tax Assets, Gross | 201,598 | 225,584 |
Valuation allowance for deferred income tax assets | (22,162) | (24,695) |
Total deferred income tax assets | 179,436 | 200,889 |
Net deferred income tax assets | $ 77,811 | $ 92,212 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Gross Unrecognized Income Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 40,821 | $ 54,936 | $ 43,393 |
Additions based on tax positions related to the current year | 2,068 | 2,807 | 4,493 |
Additions for income tax positions of prior years | 8,838 | 1,588 | 12,854 |
Impact of changes in exchange rates | (608) | (376) | (71) |
Settlements with tax authorities | (121) | (135) | (1,052) |
Reductions for income tax positions of prior years | (1,945) | (6,023) | (3,520) |
Reductions due to the lapse of the applicable statute of limitations | (19,387) | (11,976) | (1,161) |
Ending balance | $ 29,666 | $ 40,821 | $ 54,936 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years Open for Examination (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
United States [Member] | Earliest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,012 |
United States [Member] | Latest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,014 |
India [Member] | Earliest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,006 |
India [Member] | Latest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,015 |
Japan [Member] | Earliest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,010 |
Japan [Member] | Latest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,014 |
United Kingdom [Member] | Latest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,014 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Contribution Plans And Defined Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution And Defined Benefit Plans [Line Items] | ||||
Expenses related to matching contributions | $ 36,300,000 | $ 31,200,000 | $ 26,100,000 | |
Amortization of actuarial losses | (973,000) | (636,000) | $ (708,000) | |
Accumulated benefit obligation | 139,100,000 | 127,900,000 | ||
Projected benefit obligation related to unfunded plans | 94,600,000 | 83,400,000 | ||
Accumulated benefit obligation related to unfunded plan | $ 82,900,000 | $ 66,400,000 | ||
Minimum [Member] | ||||
Defined Contribution And Defined Benefit Plans [Line Items] | ||||
Long term government bonds premium percentage | 3.00% | |||
Maximum [Member] | ||||
Defined Contribution And Defined Benefit Plans [Line Items] | ||||
Long term government bonds premium percentage | 5.00% | |||
Scenario, Forecast [Member] | ||||
Defined Contribution And Defined Benefit Plans [Line Items] | ||||
Amortization of actuarial losses | $ 870,000 | |||
Estimated employer contribution to defined benefit plan | $ 5,500,000 | |||
Scenario, Forecast [Member] | Bond Investments [Member] | ||||
Defined Contribution And Defined Benefit Plans [Line Items] | ||||
Defined benefit plan, target allocation percentage, minimum | 45.00% | |||
Defined benefit plan, target allocation percentage, maximum | 55.00% | |||
Scenario, Forecast [Member] | Equity Investments [Member] | ||||
Defined Contribution And Defined Benefit Plans [Line Items] | ||||
Defined benefit plan, target allocation percentage, minimum | 25.00% | |||
Defined benefit plan, target allocation percentage, maximum | 35.00% | |||
Scenario, Forecast [Member] | Diversified Growth Funds [Member] | ||||
Defined Contribution And Defined Benefit Plans [Line Items] | ||||
Defined benefit plan, target allocation percentage, minimum | 15.00% | |||
Defined benefit plan, target allocation percentage, maximum | 25.00% |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Components of Pension Expenses Related to Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | |||
Service cost | $ 15,486 | $ 12,944 | $ 13,227 |
Interest cost | 3,453 | 3,821 | 3,684 |
Expected return on plan assets | (3,555) | (4,277) | (3,442) |
Amortization of prior service costs | 107 | 336 | |
Amortization of actuarial losses | 973 | 636 | 708 |
Total pension expense related to defined benefit plans | $ 16,357 | $ 13,231 | $ 14,513 |
Employee Benefit Plans - Weight
Employee Benefit Plans - Weighted Average Assumptions Used in Determining Pension Expense (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | |||
Discount rate | 2.46% | 3.01% | 3.06% |
Rate of compensation increases | 4.32% | 4.36% | 4.74% |
Expected return on plan assets | 4.05% | 5.21% | 5.33% |
Employee Benefit Plans - Financ
Employee Benefit Plans - Financial Information About Defined Benefit Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation January 1 | $ 147,127 | $ 135,110 | |
Service costs | 15,486 | 12,944 | $ 13,227 |
Interest cost | 3,453 | 3,821 | 3,684 |
Expected return on plan assets | (3,555) | (4,277) | (3,442) |
Actuarial (gains) losses | (2,306) | 16,396 | |
Business combination | 1,746 | ||
Benefits paid | (6,325) | (7,409) | |
Foreign currency fluctuations and other | (1,732) | (9,458) | |
Projected benefit obligation December 31 | 153,894 | 147,127 | 135,110 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Plan assets at fair value, January 1 | 88,420 | 82,787 | |
Actual return on plan assets | 1,312 | 10,004 | |
Contributions | 5,982 | 8,594 | |
Business combination | 1,966 | ||
Benefits paid | (6,325) | (7,409) | |
Foreign currency fluctuations and other | (4,212) | (5,556) | |
Plan assets at fair value, December 31 | 87,143 | 88,420 | $ 82,787 |
Unfunded balance | $ 66,751 | $ 58,707 |
Employee Benefit Plans - Sum112
Employee Benefit Plans - Summary of Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Deposits and other assets | $ 19,185 | $ 18,690 | |
Accrued expenses | 4,520 | 6,075 | |
Other long-term liabilities | 81,410 | 71,322 | |
AOCI | (8,275) | (8,857) | $ (2,088) |
Actuarial Net (Gain) Loss [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
AOCI | $ (13,264) | $ (14,519) | $ (4,937) |
Employee Benefit Plans - Sum113
Employee Benefit Plans - Summary of Amounts Recognized in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | $ (8,857) | $ (2,088) | |
Reclassification adjustments included in pension expense: | |||
Amortization | 618 | 468 | |
Amounts arising during the period: | |||
Actuarial changes in benefit obligation | (36) | (7,237) | $ 2,278 |
Ending balance | (8,275) | (8,857) | (2,088) |
Prior Service Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | (107) | ||
Reclassification adjustments included in pension expense: | |||
Amortization | 107 | ||
Amounts arising during the period: | |||
Ending balance | (107) | ||
Actuarial Net (Gain) Loss [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | (14,519) | (4,937) | |
Reclassification adjustments included in pension expense: | |||
Amortization | 973 | 636 | |
Amounts arising during the period: | |||
Actuarial changes in benefit obligation | 282 | (10,218) | |
Ending balance | (13,264) | (14,519) | (4,937) |
Deferred Income Taxes [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Beginning balance | 5,662 | 2,956 | |
Reclassification adjustments included in pension expense: | |||
Amortization | (355) | (275) | |
Amounts arising during the period: | |||
Actuarial changes in benefit obligation | (318) | 2,981 | |
Ending balance | $ 4,989 | $ 5,662 | $ 2,956 |
Employee Benefit Plans - Wei114
Employee Benefit Plans - Weighted Average Assumptions Used in Determining Pension Obligations (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation And Retirement Disclosure [Abstract] | ||
Discount rate | 2.50% | 2.46% |
Rate of compensation increases | 4.37% | 4.32% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Fair Value Measurement (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 87,143 | $ 88,420 | $ 82,787 |
Funds that hold debt investments primarily government bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 49,355 | 47,473 | |
Funds that hold United Kingdom equity investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 15,700 | 19,547 | |
Funds that hold global equity investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 6,277 | 8,255 | |
Diversified Growth Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | 15,248 | 12,569 | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, fair value of plan assets | $ 563 | $ 576 |
Employee Benefit Plans - Sch116
Employee Benefit Plans - Schedule of Expected Benefit Payments Under the Defined Benefit Plans (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Compensation And Retirement Disclosure [Abstract] | |
2,016 | $ 6,684 |
2,017 | 6,615 |
2,018 | 7,096 |
2,019 | 7,802 |
2,020 | 9,092 |
Years 2021 through 2025 | 66,117 |
Total | $ 103,406 |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Incentive Plans - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiry period of options from grant date | 10 years | |||
Percentage of options granted per annum | 20.00% | |||
Weighted average remaining contractual life of the options outstanding | 6 years 10 months 21 days | |||
Weighted average remaining contractual life of the options exercisable | 5 years 10 months 24 days | |||
Aggregate intrinsic value of the exercisable stock options and the stock options expected to vest | $ 201,000,000 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per share of options granted | $ 21.96 | $ 18.72 | $ 14.39 | |
Total intrinsic value of options exercised | $ 143,700,000 | $ 77,300,000 | $ 27,100,000 | |
Proceeds from options exercised | $ 58,500,000 | $ 33,100,000 | $ 12,500,000 | |
Second Anniversary of Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 25.00% | |||
Third Anniversary Of Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 33.00% | |||
Fourth Anniversary Of Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 67.00% | |||
Vesting Scenario One [Member] | First Anniversary Of Grant Date [Member] | Non Employee Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 100.00% | |||
Vesting Scenario Two [Member] | Second Anniversary of Grant Date [Member] | Non Employee Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 33.00% | |||
Vesting Scenario Two [Member] | Third Anniversary Of Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 33.00% | |||
Vesting Scenario Two [Member] | First Anniversary Of Grant Date [Member] | Non Employee Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 34.00% | |||
Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future grant | 7,372,127 | |||
Stock appreciation rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock appreciation rights vesting description | These awards either (i) vest 25% per year or (ii) vest 33% on the third anniversary of the date of grant and 67% on the fourth anniversary of the date of grant. | |||
Fair value of Stock Appreciation Rights granted | $ 29.79 | $ 27.17 | $ 19.07 | |
Cash paid to settle exercised SARs | $ 967,000 | $ 408,000 | $ 83,000 | |
Weighted average remaining contractual life of SARs outstanding | 8 years 1 month 6 days | |||
Weighted average remaining contractual life of SARs exercisable | 7 years 4 months 24 days | |||
Aggregate intrinsic value of exercisable expected to vest | $ 9,500,000 | |||
Number of stock units outstanding | 530,701 | 418,801 | ||
Intrinsic value of stock units outstanding | $ 9,659,000 | $ 6,417,000 | ||
Stock appreciation rights (SARs) [Member] | Third Anniversary Of Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 33.00% | |||
Stock appreciation rights (SARs) [Member] | Fourth Anniversary Of Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 67.00% | |||
Stock appreciation rights (SARs) [Member] | 25% per year [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 25.00% | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 25.00% | |||
Number of days for stock units to settle in common stock from vesting date | 45 days | |||
Number of stock units outstanding | 359,553 | |||
Intrinsic value of stock units outstanding | $ 24,700,000 | |||
Restricted Stock [Member] | Third Anniversary Of Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 33.00% | |||
Restricted Stock [Member] | Fourth Anniversary Of Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of options granted per annum | 67.00% | |||
Restricted Stock [Member] | Vesting Scenario One [Member] | First Anniversary Of Grant Date [Member] | Non Employee Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of RSU granted per annum | 100.00% | |||
Restricted Stock [Member] | Vesting Scenario Two [Member] | Second Anniversary of Grant Date [Member] | Non Employee Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of RSU granted per annum | 33.00% | |||
Restricted Stock [Member] | Vesting Scenario Two [Member] | Third Anniversary Of Grant Date [Member] | Non Employee Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of RSU granted per annum | 33.00% | |||
Restricted Stock [Member] | Vesting Scenario Two [Member] | First Anniversary Of Grant Date [Member] | Non Employee Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of RSU granted per annum | 34.00% | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of Stock Appreciation Rights granted | $ 64.93 | |||
Number of stock units outstanding | 49,667 | |||
Intrinsic value of stock units outstanding | $ 3,400,000 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used to Estimate Value of Share-Based Compensation for Stock Options and Stock Appreciation Rights Issued (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Expected volatility, Minimum | 26.00% | 26.00% | 18.00% |
Expected volatility, Maximum | 41.00% | 43.00% | 47.00% |
Weighted average expected volatility | 34.00% | 36.00% | 40.00% |
Expected dividends | 0.00% | 0.00% | |
Risk-free interest rate, Minimum | 1.06% | 0.28% | 0.04% |
Risk-free interest rate, Maximum | 2.04% | 2.21% | 2.24% |
Minimum [Member] | |||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Expected dividends | 0.00% | ||
Expected term (in years) | 3 years 8 months 12 days | 1 year 6 months | 3 months |
Maximum [Member] | |||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Expected dividends | 5.45% | ||
Expected term (in years) | 6 years 8 months 12 days | 6 years 8 months 12 days | 6 years 4 months 24 days |
Employee Benefit Plans - Sum119
Employee Benefit Plans - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation And Retirement Disclosure [Abstract] | ||
Number of Options Outstanding at Beginning Balance | 9,124,954 | |
Number of Options, Granted | 993,600 | |
Number of Options, Exercised | (3,013,190) | |
Number of Options, Canceled | (457,365) | |
Number of Options Outstanding at Ending Balance | 6,647,999 | |
Weighted Average Exercise Price Outstanding at Beginning Balance | $ 29.15 | |
Weighted Average Exercise Price, Granted | 65.05 | |
Weighted Average Exercise Price, Exercised | 19.41 | |
Weighted Average Exercise Price, Canceled | 42.08 | |
Weighted Average Exercise Price Outstanding at Ending Balance | $ 38.04 | |
Aggregate Intrinsic Value | $ 203,679 | $ 271,216 |
Employee Benefit Plans - Sch120
Employee Benefit Plans - Schedule of Stock Options Outstanding and Exercisable (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Exercise Price Range $5.76 - $21.69 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding | shares | 1,063,999 |
Exercise Price Lower Range Outstanding | $ 5.76 |
Exercise Price Upper Range Outstanding | 21.69 |
Weighted Average Exercise Price Outstanding | $ 17.58 |
Weighted Average Remaining Life Outstanding (in years) | 4 years 2 months 9 days |
Number of Options Exercisable | shares | 947,799 |
Weighted Average Exercise Price | $ 17.14 |
Exercise Price Range $22.10 - $23.83 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding | shares | 1,069,630 |
Exercise Price Lower Range Outstanding | $ 22.01 |
Exercise Price Upper Range Outstanding | 23.83 |
Weighted Average Exercise Price Outstanding | $ 23.79 |
Weighted Average Remaining Life Outstanding (in years) | 6 years 3 months 26 days |
Number of Options Exercisable | shares | 661,630 |
Weighted Average Exercise Price | $ 23.79 |
Exercise Price Range $24.59 - $30.07 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding | shares | 867,197 |
Exercise Price Lower Range Outstanding | $ 24.59 |
Exercise Price Upper Range Outstanding | 30.07 |
Weighted Average Exercise Price Outstanding | $ 25.07 |
Weighted Average Remaining Life Outstanding (in years) | 6 years 3 months 18 days |
Number of Options Exercisable | shares | 545,947 |
Weighted Average Exercise Price | $ 24.97 |
Exercise Price Range $40.00 - $40.00 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding | shares | 1,241,087 |
Exercise Price Lower Range Outstanding | $ 40 |
Exercise Price Upper Range Outstanding | 40 |
Weighted Average Exercise Price Outstanding | $ 40 |
Weighted Average Remaining Life Outstanding (in years) | 7 years 1 month 6 days |
Number of Options Exercisable | shares | 421,837 |
Weighted Average Exercise Price | $ 40 |
Exercise Price Range $42.74 - $53.26 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding | shares | 1,208,586 |
Exercise Price Lower Range Outstanding | $ 42.74 |
Exercise Price Upper Range Outstanding | 53.26 |
Weighted Average Exercise Price Outstanding | $ 50.76 |
Weighted Average Remaining Life Outstanding (in years) | 8 years |
Number of Options Exercisable | shares | 261,334 |
Weighted Average Exercise Price | $ 50.30 |
Exercise Price Range $57.00 - $77.11 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding | shares | 1,197,500 |
Exercise Price Lower Range Outstanding | $ 57 |
Exercise Price Upper Range Outstanding | 77.11 |
Weighted Average Exercise Price Outstanding | $ 63.44 |
Weighted Average Remaining Life Outstanding (in years) | 8 years 10 months 13 days |
Number of Options Exercisable | shares | 58,375 |
Weighted Average Exercise Price | $ 57.43 |
Employee Benefit Plans - Sch121
Employee Benefit Plans - Schedule of Stock Appreciation Rights Activity (Detail) - Stock appreciation rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of SARs Outstanding Beginning Balance | 418,801 | |
Number of SARs Granted | 176,200 | |
Number of SARs Exercised | (33,262) | |
Number of SARs Canceled | (31,038) | |
Number of SARs Outstanding Ending Balance | 530,701 | |
Weighted Average Grant Price Outstanding Beginning Balance | $ 43.55 | |
Weighted Average Grant Price Granted | 64.93 | |
Weighted Average Grant Price Exercised | 39.61 | |
Weighted Average Grant Price Canceled | 51 | |
Weighted Average Grant Price Outstanding Ending Balance | $ 50.46 | |
Aggregate Intrinsic Value | $ 9,659 | $ 6,417 |
Employee Benefit Plans - Sum122
Employee Benefit Plans - Summary of Company's RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Non-vested Beginning Balance | shares | 93,667 |
Number of Units Granted | shares | 276,922 |
Number of Units Vested | shares | (918) |
Number of Units Canceled | shares | (10,118) |
Number of Units Non-vested Ending Balance | shares | 359,553 |
Weighted Average Grant-Date Fair Value Non-vested Beginning Balance | $ / shares | $ 45.89 |
Weighted Average Grant-Date Fair Value Granted | $ / shares | 65.61 |
Weighted Average Grant-Date Fair Value Vested | $ / shares | 47.87 |
Weighted Average Grant-Date Fair Value Canceled | $ / shares | 62.77 |
Weighted Average Grant-Date Fair Value Non-vested Ending Balance | $ / shares | $ 60.60 |
Employee Benefit Plans - Sum123
Employee Benefit Plans - Summary of Company's Performance Units Activity (Detail) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Granted | shares | 51,977 |
Number of Units Canceled | shares | (2,310) |
Number of Units Non-vested Ending Balance | shares | 49,667 |
Weighted Average Grant-Date Fair Value Granted | $ / shares | $ 64.93 |
Weighted Average Grant-Date Fair Value Canceled | $ / shares | 64.93 |
Weighted Average Grant-Date Fair Value Non-vested Ending Balance | $ / shares | $ 64.93 |
Employee Benefit Plans - Employ
Employee Benefit Plans - Employee Stock Purchase Plan and Other - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($)Positionshares | Dec. 31, 2014USD ($)shares | |
Employee Stock Purchase Plan And Cost Reduction Initiative Disclosure [Line Items] | ||
Severance expenses payable | $ 3,337,000 | $ 6,274,000 |
Number of positions expected to be eliminated | Position | 270 | |
Severance expense, net of reversals | $ (1,042,000) | |
Product Development [Member] | ||
Employee Stock Purchase Plan And Cost Reduction Initiative Disclosure [Line Items] | ||
Severance expense, net of reversals | (837,000) | |
Integrated Healthcare Services [Member] | ||
Employee Stock Purchase Plan And Cost Reduction Initiative Disclosure [Line Items] | ||
Severance expense, net of reversals | $ (205,000) | |
Employee Stock Purchase Plan [Member] | ||
Employee Stock Purchase Plan And Cost Reduction Initiative Disclosure [Line Items] | ||
Employee stock purchase plan payroll deductions percent | 10.00% | |
Discount on closing price of share | 15.00% | |
Fair market value of shares under ESPP | $ 25,000 | |
Number of shares issued for purchases under ESPP | shares | 90,079 | 46,032 |
Employee stock purchase plan amendment, description | Offering periods under the ESPP are six months in duration. The first two offering periods for the ESPP began March 1, 2014 and September 1, 2014, respectively. In November 2014, the ESPP was amended to change the start of the offering periods to begin on April 1 and October 1 of each year, beginning April 1, 2015. | |
Employee Stock Purchase Plan [Member] | Maximum [Member] | ||
Employee Stock Purchase Plan And Cost Reduction Initiative Disclosure [Line Items] | ||
Aggregate number of shares that may be issued under ESPP | shares | 2,500,000 |
Employee Benefit Plans - Sum125
Employee Benefit Plans - Summary of Severance Associated with Cost Reduction Programs (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Severance expenses payable, opening balance | $ 6,274 |
Severance expense, net of reversals | (1,042) |
Severance payments | (1,873) |
Severance foreign currency translation | (22) |
Severance expenses payable, ending balance | $ 3,337 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Feb. 28, 2015 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Board of Directors Chairman [Member] | |||||
Related Party Transaction [Line Items] | |||||
Business related travel expense | $ 1,300,000 | $ 1,800,000 | $ 2,700,000 | ||
Payment of fee for modification of agreement relating to business usage of airplane | $ 1,500,000 | ||||
Board of Directors Chairman [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Maximum future annual reimbursements | $ 2,500,000 | ||||
HUYA Bioscience International, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Additional consideration agreement | 16,500,000 | ||||
Gain on termination of collaboration agreement | $ 5,000,000 | ||||
HUYA Bioscience International, LLC [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party fund to research and development activity | 2,300,000 | ||||
Affiliated Entity [Member] | |||||
Related Party Transaction [Line Items] | |||||
Fee for services | 6,900,000 | 2,300,000 | 772,000 | ||
Sublease income | 76,000 | ||||
Affiliated Entity [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Fee for services | $ 31,700,000 | $ 416,000 | $ 19,200,000 |
Operations by Geographic Loc127
Operations by Geographic Location - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Operations By Geographic Location [Abstract] | |
Minimum percentage of revenue account for major country | 10.00% |
Operations by Geographic Loc128
Operations by Geographic Location - Operations Within Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Geographic Information [Line Items] | |||||||||||
Sales Revenue Services Net | $ 1,128,599 | $ 1,093,480 | $ 1,074,366 | $ 1,029,974 | $ 1,064,045 | $ 1,061,013 | $ 1,035,476 | $ 1,005,288 | $ 4,326,419 | $ 4,165,822 | $ 3,808,340 |
Reimbursed expenses | 1,411,200 | 1,294,176 | 1,291,205 | ||||||||
Total revenues | 5,737,619 | 5,459,998 | 5,099,545 | ||||||||
Americas [Member] | |||||||||||
Geographic Information [Line Items] | |||||||||||
Sales Revenue Services Net | 1,973,501 | 1,783,999 | 1,532,974 | ||||||||
Americas [Member] | United States [Member] | |||||||||||
Geographic Information [Line Items] | |||||||||||
Sales Revenue Services Net | 1,787,918 | 1,589,402 | 1,351,160 | ||||||||
Americas [Member] | Other [Member] | |||||||||||
Geographic Information [Line Items] | |||||||||||
Sales Revenue Services Net | 185,583 | 194,597 | 181,814 | ||||||||
Europe and Africa [Member] | |||||||||||
Geographic Information [Line Items] | |||||||||||
Sales Revenue Services Net | 1,459,990 | 1,523,538 | 1,501,504 | ||||||||
Europe and Africa [Member] | Other [Member] | |||||||||||
Geographic Information [Line Items] | |||||||||||
Sales Revenue Services Net | 1,050,070 | 1,121,354 | 1,139,262 | ||||||||
Europe and Africa [Member] | United Kingdom [Member] | |||||||||||
Geographic Information [Line Items] | |||||||||||
Sales Revenue Services Net | 409,920 | 402,184 | 362,242 | ||||||||
Asia-Pacific [Member] | |||||||||||
Geographic Information [Line Items] | |||||||||||
Sales Revenue Services Net | 892,928 | 858,285 | 773,862 | ||||||||
Asia-Pacific [Member] | Other [Member] | |||||||||||
Geographic Information [Line Items] | |||||||||||
Sales Revenue Services Net | 449,971 | 386,454 | 334,980 | ||||||||
Asia-Pacific [Member] | Japan [Member] | |||||||||||
Geographic Information [Line Items] | |||||||||||
Sales Revenue Services Net | $ 442,957 | $ 471,831 | $ 438,882 |
Operations by Geographic Loc129
Operations by Geographic Location - Long Lived Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | $ 271,170 | $ 279,878 |
Americas [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 170,878 | 169,664 |
Americas [Member] | United States [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 169,674 | 167,890 |
Americas [Member] | Other [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 1,204 | 1,774 |
Europe and Africa [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 62,657 | 64,191 |
Europe and Africa [Member] | Other [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 16,615 | 15,782 |
Europe and Africa [Member] | United Kingdom [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 46,042 | 48,409 |
Asia-Pacific [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 37,635 | 46,023 |
Asia-Pacific [Member] | Other [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 24,975 | 25,271 |
Asia-Pacific [Member] | Japan [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | $ 12,660 | $ 20,752 |
Segments - Additional Informati
Segments - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2015Segment | Dec. 31, 2013USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | Segment | 2 | |
Management agreement termination fee | $ 25 | |
Agreement modification fee | $ 1.5 |
Segments - Operations by Report
Segments - Operations by Reportable Segments (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Service revenues | $ 1,128,599,000 | $ 1,093,480,000 | $ 1,074,366,000 | $ 1,029,974,000 | $ 1,064,045,000 | $ 1,061,013,000 | $ 1,035,476,000 | $ 1,005,288,000 | $ 4,326,419,000 | $ 4,165,822,000 | $ 3,808,340,000 |
Costs of revenue, service costs | 2,725,586,000 | 2,684,106,000 | 2,471,426,000 | ||||||||
Selling, general and administrative | 920,985,000 | 882,338,000 | 860,510,000 | ||||||||
Income from operations | $ 177,983,000 | $ 167,023,000 | $ 158,389,000 | $ 143,217,000 | $ 158,932,000 | $ 149,142,000 | $ 141,000,000 | $ 141,316,000 | 646,612,000 | 590,390,000 | 462,333,000 |
Restructuring costs | (30,752,000) | (8,988,000) | (14,071,000) | ||||||||
Impairment charges | (2,484,000) | 0 | 0 | ||||||||
Operating Segments [Member] | Product Development [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Service revenues | 3,191,630,000 | 3,097,831,000 | 2,919,730,000 | ||||||||
Costs of revenue, service costs | 1,828,734,000 | 1,820,937,000 | 1,752,800,000 | ||||||||
Selling, general and administrative | 648,297,000 | 631,678,000 | 604,663,000 | ||||||||
Income from operations | 714,599,000 | 645,216,000 | 562,267,000 | ||||||||
Operating Segments [Member] | Integrated Healthcare Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Service revenues | 1,134,789,000 | 1,067,991,000 | 888,610,000 | ||||||||
Costs of revenue, service costs | 896,852,000 | 863,169,000 | 718,626,000 | ||||||||
Selling, general and administrative | 153,896,000 | 140,019,000 | 127,860,000 | ||||||||
Income from operations | 84,041,000 | 64,803,000 | 42,124,000 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Selling, general and administrative | 118,792,000 | 110,641,000 | 127,987,000 | ||||||||
Income from operations | $ (118,792,000) | $ (110,641,000) | $ (127,987,000) |
Segments - Reconciliation of As
Segments - Reconciliation of Assets from Segments to Consolidated (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Assets | $ 3,926,316 | $ 3,295,953 | $ 3,054,223 |
Operating Segments [Member] | Product Development [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,343,502 | 2,786,692 | 2,571,502 |
Operating Segments [Member] | Integrated Healthcare Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 405,411 | 330,689 | 299,284 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 177,403 | $ 178,572 | $ 183,437 |
Segments - Reconciliation of Ot
Segments - Reconciliation of Other Significant Reconciling Items from Segments to Consolidated (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Expenditures to acquire long-lived assets | $ 78,391 | $ 82,650 | $ 88,347 |
Operating Segments [Member] | Product Development [Member] | |||
Segment Reporting Information [Line Items] | |||
Expenditures to acquire long-lived assets | 67,660 | 68,187 | 69,375 |
Operating Segments [Member] | Integrated Healthcare Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Expenditures to acquire long-lived assets | 8,667 | 8,279 | 17,398 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Expenditures to acquire long-lived assets | $ 2,064 | $ 6,184 | $ 1,574 |
Segments - Depreciation and Amo
Segments - Depreciation and Amortization Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | $ 127,742 | $ 121,013 | $ 107,504 |
Operating Segments [Member] | Product Development [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 100,913 | 95,168 | 82,047 |
Operating Segments [Member] | Integrated Healthcare Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | 21,961 | 20,821 | 20,475 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expense | $ 4,868 | $ 5,024 | $ 4,982 |
Earnings Per Share - Reconciles
Earnings Per Share - Reconciles the Basic to Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Basic weighted average common shares outstanding | 123,038 | 127,994 | 124,147 |
Effect of dilutive stock options and share awards | 2,592 | 3,089 | 3,715 |
Diluted weighted average common shares outstanding | 125,630 | 131,083 | 127,862 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Weighted-Average Outstanding Share-Based Awards Excluded from Computation of Diluted Earnings Per Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Weighted average shares subject to anti-dilutive share-based awards | 1,058 | 1,241 | 1,765 |
Comprehensive Income - Summary
Comprehensive Income - Summary of Components of AOCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 30,499 | $ 25,644 | $ 29,693 |
Other comprehensive (loss) income before reclassifications, tax | 9,110 | 7,225 | 1,331 |
Reclassification adjustments, tax | (6,181) | (2,370) | (5,380) |
Ending Balance | 33,428 | 30,499 | 25,644 |
Beginning Balance | (704,061) | ||
Ending Balance | (564,217) | (704,061) | |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (55,740) | (5,829) | 19,312 |
Other comprehensive (loss) income before reclassifications, before tax | (61,090) | (49,911) | (25,141) |
Ending Balance | (116,830) | (55,740) | (5,829) |
Marketable Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (272) | 5,708 | 467 |
Other comprehensive (loss) income before reclassifications, before tax | (436) | (976) | 5,241 |
Reclassification adjustments, before tax | (5,004) | ||
Ending Balance | (708) | (272) | 5,708 |
Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (19,059) | (20,855) | (33,542) |
Other comprehensive (loss) income before reclassifications, before tax | (13,202) | (6,834) | (393) |
Reclassification adjustments, before tax | 18,269 | 8,630 | 13,080 |
Ending Balance | (13,992) | (19,059) | (20,855) |
Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (14,519) | (5,044) | (8,235) |
Other comprehensive (loss) income before reclassifications, before tax | 282 | (10,218) | 2,147 |
Reclassification adjustments, before tax | 973 | 743 | 1,044 |
Ending Balance | (13,264) | (14,519) | (5,044) |
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (59,091) | (376) | 7,695 |
Other comprehensive (loss) income before reclassifications, net of tax | (65,336) | (60,714) | (16,815) |
Reclassification adjustments, net of tax | 13,061 | 1,999 | 8,744 |
Ending Balance | $ (111,366) | $ (59,091) | $ (376) |
Comprehensive Income - Summa138
Comprehensive Income - Summary of (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before income taxes | $ (5,004) | ||
Income tax expense | (1,927) | ||
Total net of income taxes | (3,077) | ||
Total before income taxes | $ 18,269 | 8,630 | $ 13,080 |
Income tax benefit | 5,826 | 4,022 | 4,991 |
Total net of income taxes | 12,443 | 4,608 | 8,089 |
Amortization of prior service costs | 107 | 336 | |
Amortization of actuarial losses | 973 | 636 | 708 |
Total before income taxes | 973 | 743 | 1,044 |
Income tax benefit | 355 | 275 | 389 |
Total net of income taxes | 618 | 468 | 655 |
Other Nonoperating Expense (Income), Net [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before income taxes | (5,004) | ||
Interest Rate Swaps [Member] | Interest Expense [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before income taxes | 12,333 | 12,424 | 12,582 |
Foreign Exchange Forward Contracts [Member] | Service Revenues [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before income taxes | $ 5,936 | $ (3,794) | $ 498 |
Supplemental Cash Flow Infor139
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information: | |||
Interest paid | $ 82,333 | $ 93,912 | $ 115,494 |
Income taxes paid, net of refunds | 120,804 | 138,931 | 70,983 |
Non-cash Investing Activities: | |||
Acquisition of property and equipment utilizing capital leases | 4,238 | $ 2,476 | 3,761 |
Fair value of contingent consideration payable in connection with acquisitions | $ 14,300 | ||
Fair value of consideration transferred in connection with acquisitions | 423,268 | ||
Q2 Solutions | |||
Non-cash Investing Activities: | |||
Fair value of consideration transferred in connection with acquisitions | $ 423,268 |
Quarterly Financial Data - Unau
Quarterly Financial Data - Unaudited Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||||||||||
Service revenues | $ 1,128,599 | $ 1,093,480 | $ 1,074,366 | $ 1,029,974 | $ 1,064,045 | $ 1,061,013 | $ 1,035,476 | $ 1,005,288 | $ 4,326,419 | $ 4,165,822 | $ 3,808,340 |
Income from operations | 177,983 | 167,023 | 158,389 | 143,217 | 158,932 | 149,142 | 141,000 | 141,316 | 646,612 | 590,390 | 462,333 |
Net income | 108,087 | 108,839 | 84,947 | 86,431 | 88,444 | 92,733 | 85,110 | 90,214 | 388,304 | 356,501 | 226,027 |
Net (income) loss attributable to noncontrolling interests | (3,517) | 2,447 | 4 | (33) | (18) | (79) | 10 | (31) | (1,099) | (118) | 564 |
Net income attributable to Quintiles Transnational Holdings Inc. | $ 104,570 | $ 111,286 | $ 84,951 | $ 86,398 | $ 88,426 | $ 92,654 | $ 85,120 | $ 90,183 | $ 387,205 | $ 356,383 | $ 226,591 |
Basic earnings per share | $ 0.86 | $ 0.91 | $ 0.69 | $ 0.69 | $ 0.70 | $ 0.73 | $ 0.66 | $ 0.69 | $ 3.15 | $ 2.78 | $ 1.83 |
Diluted earnings per share | $ 0.85 | $ 0.89 | $ 0.67 | $ 0.68 | $ 0.69 | $ 0.71 | $ 0.64 | $ 0.68 | $ 3.08 | $ 2.72 | $ 1.77 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ in Millions | Feb. 29, 2016USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Restructuring plan approved | $ 22 |
Schedule I - Condensed Statemen
Schedule I - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Selling, general and administrative | $ 920,985 | $ 882,338 | $ 860,510 | |||||||||
Loss from operations | $ 177,983 | $ 167,023 | $ 158,389 | $ 143,217 | $ 158,932 | $ 149,142 | $ 141,000 | $ 141,316 | 646,612 | 590,390 | 462,333 | |
Interest income | (4,317) | (3,410) | (3,937) | |||||||||
Interest expense | 101,792 | 100,589 | 123,508 | |||||||||
Loss on extinguishment of debt | 7,780 | 19,831 | ||||||||||
Other expense, net | 2,362 | (8,978) | (185) | |||||||||
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | 538,995 | 502,189 | 323,116 | |||||||||
Income tax expense | $ (8,100) | 158,989 | 150,056 | 95,965 | ||||||||
Net income attributable to Quintiles Transnational Holdings Inc. | $ 104,570 | $ 111,286 | $ 84,951 | $ 86,398 | $ 88,426 | $ 92,654 | $ 85,120 | $ 90,183 | 387,205 | 356,383 | 226,591 | |
Parent Company [Member] | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Selling, general and administrative | 715 | 1,509 | 2 | |||||||||
Loss from operations | (715) | (1,509) | (2) | |||||||||
Interest income | (24) | (52) | (6) | |||||||||
Interest expense | 9,242 | |||||||||||
Loss on extinguishment of debt | 15,501 | |||||||||||
Other expense, net | 7 | 8 | ||||||||||
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | (698) | (1,465) | (24,739) | |||||||||
Income tax expense | (530) | (810) | (9,347) | |||||||||
Loss before equity in earnings of subsidiary | (168) | (655) | (15,392) | |||||||||
Equity in earnings of subsidiary | 387,373 | 357,038 | 241,983 | |||||||||
Net income attributable to Quintiles Transnational Holdings Inc. | $ 387,205 | $ 356,383 | $ 226,591 |
Schedule I - Condensed State143
Schedule I - Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net income | $ 108,087 | $ 108,839 | $ 84,947 | $ 86,431 | $ 88,444 | $ 92,733 | $ 85,110 | $ 90,214 | $ 388,304 | $ 356,501 | $ 226,027 |
Comprehensive income adjustments: | |||||||||||
Unrealized gain (loss) on marketable securities, net of tax | (268) | (600) | 3,225 | ||||||||
Unrealized gain (loss) on derivative instruments, net of tax | (9,523) | (5,067) | 358 | ||||||||
Defined benefit plan adjustments, net of income taxes of $318, ($2,981) and ($131) | 36 | 7,237 | (2,278) | ||||||||
Foreign currency translation, net of income taxes of ($5,581), ($2,101) and ($2,465) | (60,024) | (47,807) | (22,663) | ||||||||
Reclassification adjustments: | |||||||||||
Gains on marketable securities included in net income, net of income taxes of ($1,927) | (3,077) | ||||||||||
Losses on derivative instruments included in net income, net of income taxes of $5,826, $4,022 and $4,991 | 12,443 | 4,608 | 8,089 | ||||||||
Amortization of prior service costs and losses included in net income, net of income taxes of $355, $275 and $389 | (618) | (468) | |||||||||
Comprehensive income attributable to Quintiles Transnational Holdings Inc. | 334,930 | 297,668 | 218,520 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net income | 387,205 | 356,383 | 226,591 | ||||||||
Comprehensive income adjustments: | |||||||||||
Unrealized gain (loss) on marketable securities, net of tax | (268) | (600) | 3,225 | ||||||||
Unrealized gain (loss) on derivative instruments, net of tax | (9,523) | (5,067) | 358 | ||||||||
Defined benefit plan adjustments, net of income taxes of $318, ($2,981) and ($131) | (36) | (7,237) | 2,278 | ||||||||
Foreign currency translation, net of income taxes of ($5,581), ($2,101) and ($2,465) | (55,509) | (47,810) | (22,676) | ||||||||
Reclassification adjustments: | |||||||||||
Gains on marketable securities included in net income, net of income taxes of ($1,927) | (3,077) | ||||||||||
Losses on derivative instruments included in net income, net of income taxes of $5,826, $4,022 and $4,991 | 12,443 | 4,608 | 8,089 | ||||||||
Amortization of prior service costs and losses included in net income, net of income taxes of $355, $275 and $389 | 618 | 468 | 655 | ||||||||
Comprehensive income attributable to Quintiles Transnational Holdings Inc. | $ 334,930 | $ 297,668 | $ 218,520 |
Schedule I - Condensed State144
Schedule I - Condensed Statements of Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements, Captions [Line Items] | |||
Unrealized (losses) gains on marketable securities, income taxes | $ (168) | $ (376) | $ 2,016 |
Unrealized (losses) gains on derivative instruments, income taxes | (3,679) | (1,767) | (751) |
Defined benefit plan adjustment, income taxes | 318 | (2,981) | (131) |
Foreign currency translation, income taxes | (5,581) | (2,101) | (2,465) |
Gains on marketable securities included in net income, net of income taxes | 1,927 | ||
Losses on derivative instruments included in net income, income taxes | 5,826 | 4,022 | 4,991 |
Amortization of prior service costs and losses included in net income, income taxes | 355 | 275 | 389 |
Parent Company [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Unrealized (losses) gains on marketable securities, income taxes | (168) | (376) | 2,016 |
Unrealized (losses) gains on derivative instruments, income taxes | (3,679) | (1,767) | (751) |
Defined benefit plan adjustment, income taxes | 318 | (2,981) | (131) |
Foreign currency translation, income taxes | (5,581) | (2,101) | (2,465) |
Gains on marketable securities included in net income, net of income taxes | (1,927) | ||
Losses on derivative instruments included in net income, income taxes | 5,826 | 4,022 | 4,991 |
Amortization of prior service costs and losses included in net income, income taxes | $ 355 | $ 275 | $ 389 |
Schedule I - Condensed Balance
Schedule I - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ||||
Cash and cash equivalents | $ 977,151 | $ 867,358 | $ 778,143 | $ 567,728 |
Income taxes receivable | 34,089 | 45,357 | ||
Other current assets and receivables | 80,916 | 92,088 | ||
Total current assets | 2,411,985 | 2,146,083 | ||
Deferred income taxes | 42,684 | 35,972 | ||
Total assets | 3,926,316 | 3,295,953 | 3,054,223 | |
Current liabilities: | ||||
Accounts payable | 145,484 | 108,743 | ||
Accrued expenses | 760,757 | 733,644 | ||
Total current liabilities | 1,594,176 | 1,471,900 | ||
Total liabilities | $ 4,261,997 | $ 3,999,965 | ||
Commitments and contingencies (Note 1) | ||||
Shareholders’ deficit: | ||||
Common stock and additional paid-in capital, 300,000 shares authorized, $0.01 par value, 119,378 and 124,129 shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 8,784 | $ 143,828 | ||
Accumulated deficit | (461,635) | (788,798) | ||
Accumulated other comprehensive loss | (111,366) | (59,091) | ||
Deficit attributable to Quintiles Transnational Holdings Inc.’s shareholders | (564,217) | (704,061) | ||
Total liabilities and shareholders’ deficit | 3,926,316 | 3,295,953 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 4,791 | 11,635 | $ 71,942 | $ 2,411 |
Income taxes receivable | 128 | 546 | ||
Other current assets and receivables | 16 | 114 | ||
Total current assets | 4,935 | 12,295 | ||
Deferred income taxes | 7 | |||
Total assets | 4,935 | 12,302 | ||
Current liabilities: | ||||
Accounts payable | 7 | 21 | ||
Accrued expenses | 84 | |||
Total current liabilities | 7 | 105 | ||
Investment in subsidiary | 568,785 | 716,148 | ||
Payable to subsidiary | 360 | 110 | ||
Total liabilities | $ 569,152 | $ 716,363 | ||
Commitments and contingencies (Note 1) | ||||
Shareholders’ deficit: | ||||
Common stock and additional paid-in capital, 300,000 shares authorized, $0.01 par value, 119,378 and 124,129 shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 8,784 | $ 143,828 | ||
Accumulated deficit | (461,635) | (788,798) | ||
Accumulated other comprehensive loss | (111,366) | (59,091) | ||
Deficit attributable to Quintiles Transnational Holdings Inc.’s shareholders | (564,217) | (704,061) | ||
Total liabilities and shareholders’ deficit | $ 4,935 | $ 12,302 |
Schedule I - Condensed Balan146
Schedule I - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, shares issued | 119,378,000 | 124,129,000 | ||
Common stock, shares outstanding | 119,377,731 | 124,129,340 | 129,651,907 | 115,763,510 |
Parent Company [Member] | ||||
Condensed Balance Sheet Statements Captions [Line Items] | ||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, shares issued | 119,378,000 | 124,129,000 | ||
Common stock, shares outstanding | 119,378,000 | 124,129,000 |
Schedule I - Condensed State147
Schedule I - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||||||||||
Net income | $ 108,087 | $ 108,839 | $ 84,947 | $ 86,431 | $ 88,444 | $ 92,733 | $ 85,110 | $ 90,214 | $ 388,304 | $ 356,501 | $ 226,027 |
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Amortization of debt issuance costs and discount | 9,170 | 6,688 | 21,825 | ||||||||
(Benefit from) provision for deferred income taxes | 18,351 | (6,168) | (24,236) | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable and unbilled services | (246,028) | (78,630) | (151,681) | ||||||||
Accounts payable and accrued expenses | 104,350 | 45,804 | 107,047 | ||||||||
Investing activities: | |||||||||||
Investments in subsidiary, net of payments received | (12,350) | (4,472) | (7,353) | ||||||||
Net cash used in investing activities | (66,955) | (173,114) | (236,176) | ||||||||
Financing activities: | |||||||||||
Repayment of debt | (2,056,780) | (30,157) | (2,444,600) | ||||||||
Issuance of common stock | 525,000 | ||||||||||
Payment of common stock issuance costs | (105) | (35,439) | |||||||||
Stock issued under employee stock purchase and option plans | 64,297 | 35,228 | 12,539 | ||||||||
Repurchase of common stock | (515,010) | (415,131) | (6,434) | ||||||||
Repurchase of stock options | (8,415) | (50,649) | |||||||||
Net cash (used in) provided by financing activities | (249,246) | (130,344) | 70,957 | ||||||||
Increase (decrease) in cash and cash equivalents | 109,793 | 89,215 | 210,415 | ||||||||
Cash and cash equivalents at beginning of period | 867,358 | 778,143 | 867,358 | 778,143 | 567,728 | ||||||
Cash and cash equivalents at end of period | 977,151 | 867,358 | 977,151 | 867,358 | 778,143 | ||||||
Parent Company [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | 387,205 | 356,383 | 226,591 | ||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Amortization of debt issuance costs and discount | 10,346 | ||||||||||
Subsidiary loss (income) | 56,627 | (27,623) | (119,998) | ||||||||
(Benefit from) provision for deferred income taxes | (335) | 37 | 304 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable and unbilled services | 2,994 | (2,995) | |||||||||
Prepaid expenses and other assets | (21) | ||||||||||
Accounts payable and accrued expenses | (69) | 65 | (62) | ||||||||
Income taxes payable and other liabilities | (195) | (847) | (9,651) | ||||||||
Net cash provided by operating activities | 443,233 | 331,009 | 104,514 | ||||||||
Investing activities: | |||||||||||
Investments in subsidiary, net of payments received | (179,847) | ||||||||||
Net cash used in investing activities | (179,847) | ||||||||||
Financing activities: | |||||||||||
Repayment of debt | (300,000) | ||||||||||
Issuance of common stock | 525,000 | ||||||||||
Payment of common stock issuance costs | (105) | (35,439) | |||||||||
Stock issued under employee stock purchase and option plans | 64,297 | 35,228 | 12,539 | ||||||||
Repurchase of common stock | (515,010) | (415,131) | (6,434) | ||||||||
Repurchase of stock options | (8,415) | (50,649) | |||||||||
Intercompany with subsidiary | 636 | (2,893) | (153) | ||||||||
Net cash (used in) provided by financing activities | (450,077) | (391,316) | 144,864 | ||||||||
Increase (decrease) in cash and cash equivalents | (6,844) | (60,307) | 69,531 | ||||||||
Cash and cash equivalents at beginning of period | $ 11,635 | $ 71,942 | 11,635 | 71,942 | 2,411 | ||||||
Cash and cash equivalents at end of period | $ 4,791 | $ 11,635 | $ 4,791 | $ 11,635 | $ 71,942 |
Schedule I - Additional Informa
Schedule I - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Income tax benefit | $ 8,100 | $ (158,989) | $ (150,056) | $ (95,965) |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Minimum percentage of restricted net assets of consolidated subsidiaries of consolidated net assets | 25.00% | |||
Income tax benefit | $ 530 | $ 810 | $ 9,347 |
Schedule I - Dividends Paid (De
Schedule I - Dividends Paid (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | $ 444,000 | $ 329,415 | $ 121,985 |
Paid in December 2015 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 1,000 | ||
Paid in November 2015 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 223,000 | ||
Paid in May 2015 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | $ 220,000 | ||
Paid in November 2014 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 234,000 | ||
Paid in May 2014 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 87,000 | ||
Paid in January 2014 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | $ 8,415 | ||
Paid in November and December 2013 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 116,585 | ||
Paid in February 2013 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | $ 5,400 |
Schedule II - Valuation and 150
Schedule II - Valuation and Qualifying Accounts (Detail) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 24,695 | $ 29,501 | $ 32,344 |
Addition Charged to Expenses | 1,762 | 11,084 | 3,611 |
Deductions | (4,295) | (15,890) | (6,454) |
Balance at End of Year | $ 22,162 | $ 24,695 | $ 29,501 |